Wolters Kluwer 2026 Half-Year Report

Alphen aan den Rijn, August 5, 2026 – Wolters Kluwer, a global leader in professional information solutions, software and services, today releases its half-year 2026 results and reiterated its group-level guidance for the full year. The company is one of Europe's largest listed providers of subscription-based professional information and workflow software, competing globally with peers such as RELX, Thomson Reuters, and Sage in serving regulated knowledge-worker markets across healthcare, tax, legal, and compliance.

For the first six months of 2026, revenue reached €3,033 million, up 4% in constant currencies and 5% organically. Excluding print, which represented 4% of total revenue, organic growth was 6%. Recurring revenues, which accounted for 85% of total revenue, rose 7% organically, while non-recurring revenues declined 3% organically. Recurring cloud software, representing 24% of total revenue, grew 14% organically, continuing a multi-year shift from legacy print and on-premise delivery toward cloud-native subscription models.

Adjusted operating profit was €893 million, up 10% in constant currencies, and the adjusted operating profit margin increased by 100 basis points. Diluted adjusted earnings per share were €2.83, up 14% in constant currencies. Adjusted free cash flow increased 14% in constant currencies to €533 million. Net debt to EBITDA was 2.0x. The company declared an interim dividend of €1.01 per share, equal to 40% of the prior year total dividend, and said it had repurchased €244 million of its 2026 share buyback program of up to €500 million.

Chief Executive Officer and Chair of the Executive Board Stacey Caywood said the company had made "a good start to the year," pointing to 7% organic growth in recurring revenues, solid renewals across the group, and continued progress in rolling out advanced AI solutions. She said more than 90% of U.S. Enterprise customers had adopted UpToDate Expert AI, while internationally the product had been activated at more than 230 sites in 36 countries. Caywood added that newly launched AI offerings for tax and legal professionals were seeing strong early adoption and that recent acquisitions were performing ahead of plan.

Wolters Kluwer left its full-year 2026 outlook unchanged. The company said it continues to expect another year of good organic growth, a margin increase, and high single-digit growth in diluted adjusted EPS in constant currencies. It also expects annual product development spending to rise to 12%-13% of revenues in 2026, with investment weighted toward the second half of the year, a level consistent with peers in the professional information sector that are allocating significant R&D budgets to AI-enhanced workflows.

The company now expects restructuring costs of about €20 million in 2026, adjusted net financing costs of about €105 million in constant currencies, and a benchmark tax rate of 23.5%-24.5%. Capital expenditures are expected at 5.0%-6.0% of total revenues, and the full-year cash conversion ratio is expected to be 95%-100%.

By division, Wolters Kluwer expects Health full-year 2026 organic growth to be in line with 2025, Tax & Accounting to be in line with 2025 with momentum picking up in the second half, Financial & Corporate Compliance to be ahead of 2025, Legal & Regulatory to be ahead of 2025 with a second-half improvement, and Corporate Performance & ESG to be in line with 2025.

The company said it is executing against its 2025-2027 strategic priorities, which are centered on scaling expert solutions, accelerating growth, and evolving capabilities. In the first half, it expanded the rollout of AI-powered products, including UpToDate Expert AI, CCH Axcess agentic AI modules, and the Libra AI Workspace. It also announced an expanded partnership with OpenAI in early June and continued integrations with ambient clinical documentation providers, including Abridge AI scribe and Dragon Copilot, reflecting broader industry demand for AI-assisted tools that reduce administrative burden in clinical and professional settings.

Wolters Kluwer also said it formed a global revenue operations organization during the first half to support data-driven sales processes and AI-powered value capture.

As of June 30, 2026, net debt was €4,024 million, unchanged from December 31, 2025. Gross debt was €5,548 million and included the €500 million Eurobond issued on June 22, 2026, with a 7-year term and a 3.625% annual coupon. The company said the early redemption of the €500 million Eurobond due September 2026 was completed on July 2, 2026. Its €600 million multi-currency revolving credit facility remained undrawn and was extended to mature in 2031.

For the half-year period, adjusted operating cash flow was €812 million, up 17% in constant currencies. Reported operating profit rose 7% to €820 million, while net profit increased 5% to €580 million. Diluted reported earnings per share rose 9% to €2.57.

In Health, revenue increased 5% in constant currencies and organic growth improved to 5%. Clinical Solutions, which accounted for 59% of divisional revenue, delivered 5% organic growth, supported by renewals for the UpToDate enterprise platform in the U.S. and internationally, as well as partnership revenue. Learning, Research & Practice grew 4% organically.

In Tax & Accounting, revenue rose 6% in constant currencies and organic growth was 6%. North America, which represented 58% of divisional revenue, posted 5% organic growth, driven by sustained 18% organic growth in cloud software revenue. In Europe, revenue grew 8% organically, supported by cloud and hybrid-cloud software, including e-invoicing solutions, a segment benefiting from the ongoing rollout of mandatory electronic invoicing requirements across multiple European Union member states. About 250 firms had subscribed to the company's new agentic AI modules by mid-year.

Financial & Corporate Compliance reported a 4% decline in revenue in constant currencies due to the divestment of FRR in December 2025, though organic growth was 4%. Recurring revenues increased 6% organically. Legal Services delivered 5% organic growth, while Financial Services grew 3% organically.

Legal & Regulatory revenue increased 10% in constant currencies, with organic growth of 5%. Excluding print, organic growth was 8%. Digital revenues grew 7%, and software businesses grew 7% organically. The company said Libra's AI Workspace had been rolled out to 10 countries and thousands of users.

Corporate Performance & ESG revenue increased 8% in constant currencies, including the acquisition of StandardFusion on January 9, 2026. Organic growth was 7%. Recurring revenues grew 10% organically, and adjusted operating profit increased 83% in constant currencies. Within the division, EHS & ESG organic growth was 2%, while Corporate Performance, Corporate Tax, and Audit & Assurance grew 10% organically.

On August 4, 2026, after the reporting period ended, Corporate Performance & ESG acquired Marosa, a Europe-based tax automation provider, for €112 million in cash on an enterprise value basis. Wolters Kluwer said Marosa's VAT compliance and other solutions complement its U.S. corporate tax business, CCH SureTax, and will support the development of a broader global indirect tax platform. The move comes as an increasing number of countries adopt real-time and digital indirect tax reporting frameworks, creating demand for multinational compliance software. Marosa reported approximately €10 million in unaudited gross revenues in 2025.

The report was issued from Alphen aan den Rijn, the Netherlands. Wolters Kluwer said the half-year report had not been audited or reviewed by an independent external auditor.