What happened? H1 results Informa just reported H1 results with group underlying revenue growth reaching 7.8% and driven by 10% at Informa Markets (vs. Bloomberg consensus of 8.8%) and 6.4% at Informa Connect (vs. cons. at 6.2%). Informa Festivals saw 5.2% underlying revenue growth (no Bloomberg consensus available) while Informa Academic''s reached 11.9% (vs. Cons. at 8.3%) helped by AI licensing deals. Informa TechTarget was -4.3% (vs. cons. at -4.9%). H1 25 group adj. operating profit margins reached 28.4% up 90bps on last year and ahead of consensus at 27.6% leading to an H1 group EPS of 29.8p, 6% ahead of Bloomberg at 28p. In terms of outlook, management has raised its outlook and now sees FY25 group underlying revenue growth of 6% (vs. 5% before) and Live B2B Division at 8%+ (vs. 7% before). Management confirmed its guidance of FY25 revenues at about GBP4bn, ahead of consensus estimates of EUR3.97bn and despite further weakening of the USDGBP sees adjusted earnings growth of 10%+ in FY25. Management has also increased its share buy back by an additional GBP150m (vs. GBP200m initially announced). BNPP Exane View: We expect a positive share price reaction given the solid H1 revenue and margin performance and the upgraded FY25 guidance. We also believe that raising the share buy back is a strong and positive signal that forward booking and onsite rebooking trends are supportive of a further solid H2 25 and H1 26 performance. Informa trades on PE25 of 14.3x and offers a 7.0% equity FCF yield growing to 8.4% on 2026 numbers.