Alphen aan den Rijn, February 25, 2026, Wolters Kluwer, a global leader in professional information solutions, software and services, today releases its full-year 2025 results.
Highlights
Revenues €6,125 million, up 7% in constant currencies and up 6% organically.
Recurring revenues (83% of total revenues) up 7% organically; non-recurring down 1%.
Cloud software revenues (21% of total revenues) up 15% organically.
Print reduced organic growth by 50 basis points.
Adjusted operating profit €1,687 million, up 9% in constant currencies.
Adjusted operating profit margin increased 40 basis points to 27.5%.
Diluted adjusted EPS €5.29, up 9% in constant currencies.
Adjusted free cash flow €1,348 million, up 10% in constant currencies.
Net-debt-to-EBITDA of 2.0x.
Proposed 2025 dividend €2.52 per share, an increase of 8%.
Announcing 2026 share buyback of up to €500 million, of which €100 million completed in 2026 to date.
Outlook 2026: We expect another year of good organic growth, margin increase, and high single-digit growth in diluted adjusted EPS in constant currencies.
Full-Year Report of the Executive Board
Nancy McKinstry, Retiring CEO and Chair of the Executive Board, commented: "We delivered good organic growth and margin improvement, supported by our expert solutions and other advanced digital platforms. Nearly 70% of our digital revenues are from AI-powered solutions and we are well positioned to drive future growth with advanced AI combined with our deep domain expertise and trusted proprietary content."
Stacey Caywood, Designated CEO and Chair of the Executive Board, added: "I am excited to lead Wolters Kluwer at a time when AI technology offers us new growth opportunities. We have a distinct advantage in our combination of trusted content, modular and integrated platforms, and market-leading, expert-validated AI, enabling us to create significant value for customers and shareholders. My immediate priority is to accelerate our AI offerings, expand partnerships, and intensify our go-to-market capabilities. We plan to step up product development spend in 2026, while simultaneously delivering a further margin increase."
Key Figures, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Business performance, benchmark figures
Revenues
6,125
5,916
+4%
+7%
+6%
Adjusted operating profit
1,687
1,600
+5%
+9%
+7%
Adjusted operating profit margin
27.5%
27.1%
Adjusted net profit
1,225
1,185
+3%
+6%
Diluted adjusted EPS (€)
5.29
4.97
+6%
+9%
Adjusted free cash flow
1,348
1,276
+6%
+10%
Net debt
4,024
3,134
+28%
ROIC
18.0%
18.1%
IFRS reported results
Revenues
6,125
5,916
+4%
Operating profit
1,735
1,441
+20%
Profit for the period
1,308
1,079
+21%
Diluted EPS (€)
5.64
4.52
+25%
Net cash from operating activities
1,668
1,654
+1%
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. Benchmark figures are performance measures used by management. See Note 3 for a reconciliation from IFRS to benchmark figures.
Full-year 2026 outlook
Our guidance for full-year 2026 is provided in the table below. We expect another year of good organic growth, a further margin increase, and high single-digit growth in diluted adjusted EPS in constant currencies. We expect the full-year adjusted operating profit margin to increase while we simultaneously increase annual product development spending to 12-13% of revenues in 2026 to further advance our AI strategy. Our outlook assumes print will decline at a similar rate to prior year.
Full-Year 2026 Outlook
Performance indicators
2026 Guidance
2025 Actual
Adjusted operating profit margin*
Approximately 28.0%
27.5%
Adjusted free cash flow**
€1,300-1,350 million
€1,348 million
ROIC*
18-19%
18.0%
Diluted adjusted EPS growth**
High single-digit growth
9%
*Guidance for adjusted operating profit margin and ROIC is in reporting currency and assumes an average EUR/USD rate in 2026 of €/$1.175. **Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.13). Guidance reflects share repurchases of €500 million in 2026.
In 2025, Wolters Kluwer generated nearly 65% of its revenues and adjusted operating profit in North America. As a rule of thumb, based on our 2025 currency profile, each 1 U.S. cent move in the average €/$ exchange rate for the year causes an opposite change of approximately 4.5 euro cents in diluted adjusted EPS.
Restructuring costs are included in adjusted operating profit. We expect 2026 restructuring costs to be in the range of €10-20 million (FY 2025: €37 million). We expect adjusted net financing costs1 in constant currencies to increase to approximately €110 million (FY 2025: €86 million). The benchmark tax rate on adjusted pre-tax profits is expected to be in the range of 23.5-24.5% (FY 2025: 23.6%). Capital expenditures are expected to be in the range of 5.0%-6.0% of total revenues (FY 2025: 5.0%). We expect the full-year 2026 cash conversion ratio to be within 95%-100% (FY 2025: 103%), due to higher capital expenditures and lower working capital inflows.
Our guidance assumes no additional significant change to the scope of operations. We may make further acquisitions or disposals which can be dilutive to margins, earnings, and ROIC in the near term.
2026 Outlook by division
Health: We expect full-year 2026 organic growth to be in line with prior year (FY 2025: 5%).
Tax & Accounting: We expect full-year 2026 organic growth to be in line with prior year (FY 2025: 7%), with revenue momentum picking up in the second half.
Financial & Corporate Compliance: We expect full-year 2026 organic growth to be ahead of prior year (FY 2025: 3%), with momentum picking up in the second half.
Legal Regulatory: We expect full-year 2026 organic growth to be ahead of prior year (FY 2025: 5%). The first quarter 2026 faces a challenging comparable.
Corporate Performance & ESG: We expect full-year 2026 organic growth to be ahead of prior year (FY 2025: 7%). The first quarter faces a challenging comparable.
Strategy Update
We reaffirm the core elements of our 2025-2027 strategy, but plan to accelerate the pace of AI innovation to capture market opportunities. We will increase our annual investment in product development into the range of 12-13% of revenues in 2026 and beyond, while simultaneously continuing our track record of driving adjusted operating profit margin increases.
Approximately 70% of our digital revenues are from AI-powered solutions today. An increasing proportion of our business comes from cloud-native, AI-powered modular platforms that are integrated into customer workflows. We are stepping up the pace of developing and launching more advanced AI functionality, leveraging our trusted and proprietary content, our deep domain and workflow expertise, and our advanced technology architecture. These advanced AI-powered solutions, including generative and agentic AI, enhance our customers' workflows, productivity, and outcomes, while offering us opportunities to grow through stronger retention, increased upselling, new product offerings, and entering adjacent customer segments. Our proprietary, patent-pending AI-Enablement platform ("Foundation & Beyond" or "FAB") supports the rapid deployment of generative and agentic AI across our cloud solutions. We have also increased developer capacity as a result of internal use of AI by our DXG teams.
In addition to accelerating our AI offerings, our near-term priorities are to foster and scale our strategic partnerships and to intensify our go-to-market approach. Partnerships provide us with opportunities to extend our role in our customers' end-to-end workflows. Stepping up our go-to-market approach will allow us to optimize value capture by using data-driven, scalable sales and revenue processes.
A more detailed description of our strategy and business model can be found in our forthcoming annual report.
Strategic Progress in 2025
In 2025, expert solutions accounted for 59% of total revenues (FY 2024: 59%) and grew 7% organically (FY 2024: 7%). We made significant progress in driving adoption of cloud-based solutions and embedding generative and agentic AI capabilities into our platforms. Cloud software revenues grew 15% organically reaching 46% of total software revenue. Our cloud-native architecture facilitates the rapid integration of advanced AI technologies to support complex professional workflows.
In Health, we launched UpToDate® Expert AI, adding an expert-validated conversational AI interface to our trusted clinical evidence to provide fast and transparent answers to complex medical queries and inform diagnostic decisions.
In Tax & Accounting, we launched CCH Axcess™ Expert AI, using agentic AI to automate complex workflows, enhance decision-making, and deliver productivity gains to our clients.
In Legal & Regulatory, the November 2025 acquisition of Libra has allowed us to move more rapidly into the AI workspace adjacency and support legal professionals with AI-powered drafting, review, and content creation, integrated with our core domain of AI-powered legal research.
The acquisitions of Registered Agent Solutions, Inc. (RASi) in Financial & Corporate Compliance and Brightflag in Legal & Regulatory augment our organic efforts to build out our positions in the higher-growth segments of the mid-sized corporate market for legal services and legal spend management solutions. Both acquisitions are delivering strong growth, ahead of initial expectations.
Financial policy, capital allocation, net debt, and liquidity
Capital allocation and target leverage range
We use our free cash flow to invest in the business organically and through acquisitions, to maintain optimal leverage, and to provide returns to shareholders. We regularly assess our financial position and evaluate the appropriate level of debt in view of our expectations for cash flow, investment plans, interest rates, and capital market conditions.
As we execute our strategic priorities, we aim to maintain leverage in the range of 1.5x to 2.5x. We may temporarily deviate from this range, as our high proportion of recurring revenues and resilient free cash flows give us the ability to rapidly return to this range.
Dividend policy and proposed final dividend 2025
Wolters Kluwer remains committed to a progressive dividend policy, under which we aim to increase the dividend per share in euros each year, independent of currency fluctuations. The payout ratio2 can therefore vary from year to year. Proposed annual increases in the dividend per share consider our financial performance, market conditions, and our need for financial flexibility. The policy considers the characteristics of our business, our expectations for future cash flows, and our plans for organic investment in innovation and productivity, or for acquisitions. We balance these factors with the objective of maintaining a strong balance sheet.
At the 2026 Annual General Meeting of Shareholders, we will propose a final dividend of €1.59 per share, which would result in a total dividend over the 2025 financial year of €2.52 per share, an increase of 8%. Dividends are paid in cash. Shareholders can choose to reinvest interim and final dividends by purchasing additional Wolters Kluwer shares through the Dividend Reinvestment Plan (DRIP) administered by ABN AMRO Bank N.V.
Share buybacks 2025 and 2026
As a matter of policy since 2012, Wolters Kluwer will offset the dilution caused by our annual incentive share issuance with share repurchases (Anti-Dilution Policy). In addition, when appropriate, we return capital to shareholders through share buyback programs. Shares repurchased by the company are added to and held as treasury shares and are either cancelled or utilized to meet future obligations arising from share-based incentive plans.
In 2025, we completed total share repurchases of €1.1 billion (8.6 million shares at an average price of €128.45), including the originally announced 2025 share buyback of €1.0 billion and a further €100 million pulled forward from our intended 2026 share buyback.
Today, we announce our intention to repurchase shares for up to €500 million in 2026. In the year to date, up to and including February 24, 2026, we have already completed €100 million in share repurchases (1,318,031 shares at an average price of €75.79).
Assuming global economic conditions do not deteriorate substantially, we believe this level of share buyback leaves us with sufficient liquidity to support our dividend plans, to sustain organic investment, and to make selective acquisitions. The share repurchase program may be suspended, discontinued, or modified at any time. For the period starting February 27, 2026, up to and including May 4, 2026, we have mandated a third party to execute €60 million in share buybacks on our behalf, within the limits of relevant laws and regulations (in particular Regulation (EU) 596/2014) and the company's Articles of Association. The maximum number of shares which may be repurchased will not exceed the authorization granted by the Annual General Meeting of Shareholders.
Full-Year 2025 Results
Benchmark figures
Group revenues were €6,125 million, up 4% overall. Excluding the effect of currency, revenues were up 7% in constant currencies. Excluding currency and the net effect of acquisitions and divestments, organic revenue growth was 6%, in line with the prior year (FY 2024: 6%). Print decline reduced organic growth by 50 basis points.
Revenues from North America accounted for 63% of total group revenues and grew 5% organically (FY 2024: 6%). Revenues from Europe, 29% of total revenues, grew 6% organically (FY 2024: 5%). Revenues from Asia Pacific and Rest of World, 8% of total revenues, grew 7% organically (FY 2024: 6%).
Adjusted operating profit was €1,687 million (FY 2024: €1,600 million), up 9% in constant currencies. The resulting margin was 27.5%, which was at the top end of our guidance range (27.1%-27.5%). Included in adjusted operating profit were restructuring expenses of €37 million (FY 2024: €28 million).
Investment in product development spending (including capitalized spend) was stable in constant currencies and amounted to 11% of revenues in 2025 (FY 2024: 11%).
Adjusted net financing costs increased to €86 million (FY 2024: €62 million) mainly due to lower interest income on cash balances and higher coupon rates on euro bonds issued in 2025. In 2025, we recorded a €10 million net foreign exchange gain (FY 2024: €9 million loss) mainly due to the currency translation of intercompany balances. Associates contributed €2 million (FY 2024: €2 million). Adjusted profit before tax was €1,603 million (FY 2024: €1,540 million), up 7% in constant currencies.
The benchmark tax rate on adjusted profit before tax increased to 23.6% (FY 2024: 23.1%), mainly due to unfavorable movements in our deferred tax positions. Adjusted net profit was €1,225 million (FY 2024: €1,185 million), an increase of 6% in constant currencies.
Diluted adjusted EPS was €5.29 (FY 2024: €4.97), up 9% in constant currencies. Increases in financing costs and tax were largely offset by a 3% reduction in the diluted weighted average number of shares outstanding to 231.8 million (FY 2024: 238.4 million).
IFRS reported figures
Reported operating profit increased 20% to €1,735 million (FY 2024: €1,441 million), including a gain of €232 million on the divestment of Finance, Risk & Regulatory Reporting (FRR) unit3. The prior year included a net disposal loss of €3 million.
Amortization and impairments of acquired identifiable intangible assets and goodwill increased 6% to €157 million. Reported financing results amounted to a net cost of €88 million (FY 2024: €65 million cost) reflecting the change in adjusted net financing cost.
The reported effective tax rate was reduced to 20.7% (FY 2024: 21.7%) reflecting tax-exempt gains on the divestment of FRR.
Net profit for the year increased 21% overall to €1,308 million (FY 2024: €1,079 million), including the gain on the divestment. Diluted EPS increased 25% overall to €5.64 (FY 2024: €4.52), reflecting the increase in net profit and the reduction in weighted average number of shares outstanding.
Cash flow
Adjusted operating cash flow was €1,743 million (FY 2024: €1,627 million), up 12% in constant currencies. The full-year cash conversion ratio was better than expected at 103% (FY 2024: 102%), mainly due to increased working capital inflows and slightly lower capital expenditures. Capital expenditures were €303 million (FY 2024: €313 million), or 5.0% of revenues (FY 2024: 5.3%), reflecting the completion of certain projects. Working capital inflows amounted to €104 million (FY 2024: €82 million). Cash payments related to leases, including lease interest paid, were €65 million (FY 2024: €70 million). Depreciation of physical assets, amortization and impairment of internally developed software, and depreciation of right-of-use assets totaled €320 million (FY 2024: €330 million).
Net interest paid, excluding lease interest paid, increased to €72 million (FY 2024: €34 million), reflecting higher coupons on euro bonds and lower interest income on cash balances. Income tax paid increased to €358 million (FY 2024: €318 million), reflecting higher income. The net cash effect of restructuring was a €1 million inflow (FY 2024: €7 million inflow). As a result, adjusted free cash flow was €1,348 million (FY 2024: €1,276 million), up 10% in constant currencies.
Total acquisition spending, net of cash acquired and including transaction costs, was €896 million (FY 2024: €342 million) and primarily relates to the acquisitions of RASi in Financial & Corporate Compliance and Brightflag and Libra in Legal & Regulatory.
Dividends paid amounted to €563 million (FY 2024: €521 million). Cash deployed towards share repurchases was €1.1 billion (FY 2024: €1 billion).
Net debt, leverage, credit facility, and liquidity
As of December 31, 2025, net debt was €4,024 million, up from €3,134 million on December 31, 2024. The net-debt-to-EBITDA ratio increased to 2.0x at year end 2025 (2024: 1.6x).
Gross debt of €4,972 million includes the €500 million Eurobond (7-year term; 3.375% annual coupon) issued on March 20, 2025, and the €500 million Eurobond (5-year term; 3.0% annual coupon) issued on June 30, 2025. As of December 31, 2025, net cash available was €891 million4, and our €600 million multi-currency credit facility remained undrawn.
Sustainability
In 2025, we remained focused on attracting, developing, motivating, and retaining talent, in what remain competitive markets for skilled personnel. We implemented programs to support employee engagement, belonging, and well-being, including initiatives that help employees develop skills, build workplace connections, and strengthen their alignment with our strategy and purpose. Our employee engagement and belonging scores, measured by an independent third party, Microsoft Glint, were stable at 78 and 75, respectively, (2024: 78 and 75). The Glint Global Top 25% benchmarks for both measures were also stable. Our adjusted5 gender pay-gap ratio improved to 1.8% (2024: 3.1%). Workforce turnover was broadly stable at 9.9% (2024: 9.8%) with voluntary turnover at 7.1% (2024: 7.1%).
In 2025, our scope 1 and 2 greenhouse gas (GHG) emissions were reduced by 60% overall compared to 2024. This was achieved through an 8% reduction in our global office footprint (m2) compared to year-end 2024 and the purchase of Renewable Energy Certificates (RECs) covering 2025 electricity consumption across all U.S. offices. Compared to the base year (2019), scope 1 and 2 emissions have been reduced by 80%.
In 2025, we assessed the sustainability practices of 50 key suppliers and concluded that the majority of these suppliers demonstrate high carbon maturity with SBTi-validated targets or commitments in place. Many also have established social and governance practices.
In 2025, Wolters Kluwer retained the highest MSCI ESG rating of AAA for the 7th consecutive year (2019-2025) and was ranked in the leading 2% of 962 Software and Services companies by Morningstar Sustainalytics with a ESG risk rating of 11.0 (2024: 11.4).
Divisional Review
Group organic revenue growth was 6%, led by Tax & Accounting and Corporate Performance & ESG. The increase in group adjusted operating profit margin was driven by Tax & Accounting and Health.
Divisional Summary, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
Health
1,596
1,584
+1%
+5%
+5%
Tax & Accounting
1,660
1,561
+6%
+9%
+7%
Financial & Corporate Compliance
1,239
1,228
+1%
+5%
+3%
Legal & Regulatory
1,005
946
+6%
+8%
+5%
Corporate Performance & ESG
625
597
+5%
+7%
+7%
Total revenues
6,125
5,916
+4%
+7%
+6%
Adjusted operating profit
Health
512
480
+7%
+11%
+10%
Tax & Accounting
584
519
+13%
+16%
+14%
Financial & Corporate Compliance
437
433
+1%
+5%
+2%
Legal & Regulatory
183
176
+4%
+5%
+5%
Corporate Performance & ESG
48
61
-23%
-17%
-17%
Corporate
(77)
(69)
+12%
+13%
+13%
Total adjusted operating profit
1,687
1,600
+5%
+9%
+7%
Adjusted operating profit margin
Health
32.1%
30.3%
Tax & Accounting
35.2%
33.2%
Financial & Corporate Compliance
35.2%
35.3%
Legal & Regulatory
18.2%
18.6%
Corporate Performance & ESG
7.5%
10.2%
Total adjusted operating profit margin
27.5%
27.1%
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. See footnote 3 on page 5.
Total recurring revenues, which include subscriptions and other renewing revenue streams, accounted for 83% of total revenues (FY 2024: 82%) and grew 7% organically (FY 2024: 7%). Within recurring revenues, digital and service subscriptions grew 7% organically (FY 2024: 8%). Total non-recurring revenues accounted for 17% of total revenues and declined 1% organically compared to modest growth in the prior year (FY 2024: 1%). Within non-recurring, transactional revenues in Financial & Corporate Compliance increased 2% organically (FY 2024: 5%) while transactional revenues in Legal & Regulatory increased 9% organically (FY 2024: 9%). Other non-recurring revenue streams, which include on-premise software licenses and implementation fees, declined 5% organically (FY 2024: 4% decline). See Appendix 3 for details by division.
Revenues by Type, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Digital and service subscription
4,700
4,458
+5%
+8%
+7%
Print subscription
117
125
-6%
-5%
-5%
Other recurring
293
285
+2%
+6%
+8%
Total recurring revenues
5,110
4,868
+5%
+8%
+7%
Transactional, FCC
343
336
+2%
+6%
+2%
Transactional, Legal & Regulatory
104
100
+4%
+9%
+9%
Print books
115
120
-4%25
-1%
-1%
Other non-recurring
453
492
-8%
-6%
-5%
Total non-recurring revenues
1,015
1,048
-3%
0%
-1%
Total revenues
6,125
5,916
+4%
+7%
+6%
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. Other non-recurring revenues include software licenses, software implementation fees, professional services, and other non-subscription offerings.
Health
Organic growth 5%, led by Clinical Solutions up 7% organically.
Learning, Research & Practice grew 3% organically, led by nursing education solutions.
Margin primarily reflects operational gearing, ongoing mix shift, and efficiency programs.
Health, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
1,596
1,584
+1%
+5%
+5%
Adjusted operating profit
512
480
+7%
+11%
+10%
Adjusted operating profit margin
32.1%
30.3%
Operating profit
480
440
+9%
Net capital expenditure
41
43
Ultimo FTEs
3,571
3,401
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth.
Health revenues increased 5% in constant currencies and 5% organically (FY 2024: 6%).
Adjusted operating profit increased 11% in constant currencies and 10% on an organic basis. The margin increase reflects operational gearing, ongoing mix shift, efficiency programs, and the absence of one-time product write-offs incurred in 2024. IFRS operating profit increased 9% overall, reflecting the increase in adjusted operating profit and a decrease in amortization of acquired identifiable intangible assets.
Clinical Solutions (57% of divisional revenues) delivered 7% organic growth, in line with the prior year (FY 2024: 7%). Organic growth was driven by good renewal rates for UpToDate clinical decision support and drug data solutions by healthcare institutions globally. By the end of 2025, most of our largest U.S. institutional customers (enterprises) had been migrated to the UpToDate Enterprise platform. Our new GenAI conversational interface, UpToDate Expert AI, was commercially launched in October 2025 and is seeing rapid adoption by our Enterprise customers. We expanded our partnership with Abridge for clinical note taking. Our clinical surveillance, compliance, and terminology software solutions achieved good organic growth.
Learning, Research & Practice (43% of divisional revenues) achieved 3% organic growth (FY 2024: 4%). Excluding print, organic growth would have been 7% (2024: 5%). Our medical research unit recorded 3% organic growth (FY 2024: 3%), despite a challenging comparable relating to the New England Journal of Medicine reaching full scale digital distribution. Organic growth in Ovid subscriptions and open access fees were partly offset by declines in print subscriptions and advertising. In learning and practice, organic revenue was 5% (FY 2024: 6%), driven by continued strong performance in our nursing education solutions, including Lippincott CoursePoint+ and Lippincott Ready for NCLEX. In December, we added Expert AI capabilities to CoursePoint+, adding AI-driven personalized improvement plans. Across Learning, Research & Practice, print book revenues declined 7% (FY 2024: 1% growth).
Tax & Accounting
Organic growth 7%, with continued strong growth in North America and Europe.
Recurring revenues rose 7% organically, led by 18% growth in cloud software.
Margin increase reflects operational gearing and cost efficiencies.
Tax & Accounting, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
1,660
1,561
+6%
+9%
+7%
Adjusted operating profit
584
519
+13%
+16%
+14%
Adjusted operating profit margin
35.2%
33.2%
Operating profit
557
497
+12%
Net capital expenditure
71
68
Ultimo FTEs
6,790
7,159
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth.
Tax & Accounting revenues increased 9% in constant currencies and 7% on an organic basis (FY 2024: 7%). Adjusted operating profit increased 16% in constant currencies and 14% organically. The margin increase reflects operational gearing and cost efficiencies.
IFRS operating profit increased 12%, reflecting the development of adjusted operating profit and higher amortization of acquired intangibles.
Tax & Accounting North America (58% of divisional revenues) delivered 8% organic growth (FY 2024: 8%), driven by 19% organic growth in our native cloud software suite, CCH Axcess. Firms continue to migrate to the cloud platform and adopt additional workflow modules. In October 2025, we launched several agentic AI modules that provide significant productivity benefits to firms. We enhanced our cloud-based audit suite, CCH Axcess Audit, with Expert AI capabilities and other features. Organic growth in outsourced professional services slowed against double-digit organic growth in FY 2024. Our U.S. publishing unit delivered solid single-digit organic growth, benefitting from strong print book sales.
Tax & Accounting Europe (38% of divisional revenues) delivered 8% organic growth (FY 2024: 7%), with strong performances across all regions. Organic growth was supported by 17% organic growth in cloud and hybrid-cloud software solutions. Cloud-based financial workflow and pre-accounting solutions (acquired from Isabel Group in 2024) delivered strong double-digit growth in 2025. CCH iFirm, a global cloud-based practice management and compliance software platform, was launched in the UK and Scandinavia under local branding.
Tax & Accounting Asia Pacific & Rest of World (4% of divisional revenues) revenues were broadly stable organically (FY 2024: 1%), with growth in Australia and New Zealand offset by weakness in China. In the fourth quarter, our tax research platform CCH iKnowConnect added Expert AI capabilities.
Financial & Corporate Compliance
Organic growth 3%, led by Legal Services.
Recurring revenues grew 4% organically; non-recurring revenues were broadly stable.
Margin stable, supported by cost efficiencies.
Financial & Corporate Compliance, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
1,239
1,228
+1%
+5%
+3%
Adjusted operating profit
437
433
+1%
+5%
+2%
Adjusted operating profit margin
35.2%
35.3%
Operating profit
625
398
+57%
Net capital expenditure
63
77
Ultimo FTEs
3,126
3,917
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. See footnote 3 on page 5.
Financial & Corporate Compliance revenues increased 5% in constant currencies, including an initial contribution from RASi, acquired March 13, 2025. As expected, organic growth slowed to 3% (FY 2024: 5% pro forma). Recurring revenues (68% of divisional revenues) grew 4% organically (FY 2024: 6%), while non-recurring revenues rose 1% (FY 2024: 3%).
The adjusted operating profit margin was broadly stable, supported by cost efficiencies. IFRS operating profit included a €232 million gain on the divestment of Finance, Risk & Regulatory Reporting (FRR) to Regnology on December 1, 2025, and higher acquisition-related cost.
Our Legal Services group (55% of divisional revenues) delivered 4% organic growth (FY 2024: 7%). Recurring service subscriptions grew 5% organically (FY 2024: 7%), while transactional revenues grew 3% organically (FY 2024: 8%). As expected, the suspension of the enforcement of the Corporate Transparency Act (CTA) in March 2025 resulted in lower recurring and non-recurring revenues from our beneficial ownership (BOI) reporting solution. Other corporate transactions also remained subdued. Recently acquired RASi delivered strong growth and expands our opportunities in the mid-sized U.S. corporate market.
In Financial Services (45% of divisional revenues) organic growth was 1% (FY 2024: 2% pro forma). Recurring revenues increased 3% organically (FY 2024: 5% pro forma), while non-recurring revenues declined 2% (FY 2024: 2% pro forma decline). Lien transactions declined while other lending transactions and non-recurring revenues remained subdued. On December 1, 2025, the divestment of Finance, Risk & Reporting unit was completed.
Legal & Regulatory
Organic growth 5%, with 8% growth in digital and services subscriptions in Europe and the U.S.
Software businesses grew 5% organically, led by practice management software.
Margin reflects strong underlying improvement and the absence of prior year pension gain.
Legal & Regulatory, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
1,005
946
+6%
+8%
+5%
Adjusted operating profit
183
176
+4%
+5%
+5%
Adjusted operating profit margin
18.2%
18.6%
Operating profit
134
145
-7%
Net capital expenditure
54
53
Ultimo FTEs
4,388
4,147
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth.
Legal & Regulatory revenues increased 8% in constant currencies, including initial contributions from the Brightflag, Inisoft, and Libra acquisitions. See Note 8 for details on acquisitions. On an organic basis, revenues grew 5% (FY 2024: 5%).
Adjusted operating profit increased 5% in constant currencies and 5% organically. The absence of the €15 million pension gain recorded in 2024 was to a large extent compensated by underlying margin improvement. Reported IFRS operating profit decreased 7%, reflecting increased amortization of acquired intangibles and higher acquisition-related cost.
Legal & Regulatory Information Solutions (76% of divisional revenues) revenues grew 6% in constant currencies and 5% on an organic basis (FY 2024: 5%). Excluding print, organic growth was 7% (FY 2024: 7%). Digital information solutions and services subscriptions grew 8% organically (FY 2024: 7%) in the U.S. and Europe, driven by strong new sales, renewals, and upselling. During the year, we continued to enhance legal research platforms with AI functionality. In November, we acquired Libra Technology in Germany and began integrating the Libra legal AI assistant into our authoritative, proprietary legal content ahead of Europe-wide roll-out in 2026.
Legal & Regulatory Software (24% of divisional revenues) recorded 5% organic growth (FY 2024: 6%). ELM Solutions (Tymetrix® 360° and Passport®) sustained mid-single-digit organic growth, driven by 9% organic growth in transactional fees linked to legal spend volumes. TyMetrix® 360° was enhanced with analytics and AI-powered legal matter summaries. In June, we acquired Brightflag, which provides enterprise legal spend management software to mid-size and large corporations globally. Our legal practice management solutions, Kleos and Legisway, delivered steady high single-digit organic growth.
Corporate Performance & ESG
Organic growth 7%, driven by recurring cloud software revenues up 18%.
Recurring revenues (74% of division) grew 13% organically; non-recurring declined 7%.
Margin reflects lower license fees and a higher share of services delivered by third parties.
Corporate Performance & ESG, Year ended December 31
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
625
597
+5%
+7%
+7%
Adjusted operating profit
48
61
-23%
-17%
-17%
Adjusted operating profit margin
7.5%
10.2%
Operating profit
16
30
-48%
Net capital expenditure
74
72
Ultimo FTEs
2,551
2,428
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. See footnote 3 on page 5.
Corporate Performance & ESG revenues increased 7% in constant currencies. Organic growth was 7%, an improvement on the prior year (FY 2024: 6% pro forma). Recurring revenues (74% of divisional revenues) grew 13% organically (FY 2024: 13% pro forma1). Non-recurring revenues declined 7% organically (FY 2024: 8% pro forma decline), mainly due to a decline in on-premise license fees as market demand continues to favor cloud-based ...
