Wilmington (WIL) H2 2026 & Strategy update earnings summary

Executive summary

• Ongoing revenue grew 37% year-over-year, with eight of nine businesses expanding and organic revenue growth steady at 4%.

• Conversia, acquired in December 2025, delivered 26% revenue growth during the period of ownership and 20% pro forma full-year revenue growth, exceeding expectations.

• Repeat revenue held at 80% of ongoing revenue, and annual recurring revenue rose 6%, now comprising 38% of organic revenue and 41% including Conversia.

• Ongoing adjusted EBITDA increased 33% to £29.8m, and adjusted PBT rose 15% to £30.1m.

• The group continues to invest in technology, AI, and M&A, focusing on expanding its RegTech platform and recurring revenue base.

Financial highlights

• Ongoing revenue reached £120.0m, up 37% year-over-year; statutory continuing revenue up 34%.

• Ongoing adjusted EBITDA up 33% to £29.8m; adjusted PBT up 15% to £30.1m.

• Adjusted EPS growth led to a proposed 9% increase in the full-year dividend to 12.5p.

• Net debt is less than 1.7x EBITDA at year-end, with further reduction expected in early 2027.

• Cash conversion of profits at 95%, with Conversia's working capital outflow expected to reverse.

Outlook and guidance

• Current trading is in line with market expectations, with solid Q1 revenues across all businesses.

• FRA (U.S. events business) remains held for sale, with restructuring completed and early signs of growth.

• Health and safety brands report strong revenue growth at the start of FY 2027.

• The RegTech platform is operational across most of the group, supporting future expansion.

• Continued focus on expanding RegTech platform and M&A pipeline.