Rightmove Plc (RMV.L) 1H26 results review A positive call after the revenue downgrade

Equity Research 31 July 2026 | 3:49PM BST

Rightmove Plc (RMV.L): 1H26 results review: A positive call after the revenue downgrade

A mixed H1 results Adam Berlin | On the one hand, H1 results were disappointing, with Rightmove downgrading its Goldman Sachs International full-year revenue guidance due to declining new home developments. On the call, James Tate the company said they expect these to be down 6-10% by the end of the year. | Goldman Sachs International

But, possibly because this was expected (see our Rightmove preview), investors Pulkit Gubgotra | appear to have focused on some of the positives. For the first time, management Goldman Sachs India SPL have been willing to add leverage to the balance sheet in order to buy back shares. This is a small first step, with leverage only going to 0.5x EBITDA, but shows management are focused on shareholder returns. Second, the agency business is doing better than people expected. They are guiding for agent numbers to be up 1-2% this year, despite rising interest rates. And agency ARPA was strong. Further, the presentation highlighted where some of the investment Rightmove announced last year is going. They showcased some of its new AI-driven products, and made it clear why they are uniquely positioned to offer these services to agents and consumers.

While it is early days, we believe investors will be encouraged by how the investment in technology is driving product innovation, and higher ARPA.

Earnings changes We lower our estimates to reflect the updated guidance and various moving parts. We now expect +6.9% total revenue growth for FY26 (in line with cons) and adj. operating profit growth of +3.1% (cons at +3.2%).

We remain Neutral rated with our 12-month target price now at 521p (from 532p).

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Goldman Sachs Rightmove Plc (RMV.L)

Changes to estimates We update our estimates post results and lower our FY26 revenue growth expectations, now at +6.9% (from +8.0%) in line with cons at +6.9% which is largely driven by our lowered expectations of new home developments for the year at -10.0% now vs. cons at -8.0%. With respect to adjusted EBIT, we now expect the growth to be at +3.1% (vs. cons at +3.2%). We reflect the impact of exceptional costs regarding the ongoing proposed claim against Rightmove by agents in our reported estimates. With respect to below-the-line items, we increase our net interest costs incurred due to a £200mn RCF at 4.75% interest. Lastly, we increase our share buyback assumptions largely in 2027 to reflect the c.£330mn of buybacks announced to be completed by 31 July 2027. Overall, our adjusted EPS estimates change -0.5% to +2.2% over FY26-30E.

Exhibit 1: GS vs. consensus £mn 2H26 FY26 FY27 FY28 Rightmove GS VA Cons Var GS VA Cons Var vs. VA GS VA Cons Var GS VA Cons GS vs Cons Total Revenue 229 230 -1% 454 455 0% 488 489 0% 525 529 -1% Agency 170 169 1% 334 331 1% 360 360 0% 384 390 -2% New Homes 36 36 1% 74 75 0% 75 76 -2% 79 82 -4% Other 22 25 -10% 46 49 -5% 54 52 3% 62 57 9% Total Agents eop (excl overseas) 19,188 19,287 -1% 19,188 19,287 -1% 19,162 19,480 -2% 19,136 19,728 -3% o/w Agency branches 16,590 16,631 0% 16,590 16,631 0% 16,590 16,797 -1% 16,590 16,965 -2% o/w New Homes 2,598 2,656 -2% 2,598 2,656 -2% 2,572 2,683 -4% 2,547 2,763 -8% Total ARPA UK 1,783.3 1,747.1 2% 1,721.1 1,730.9 -1% 1,824.6 1,849.4 -1% 1,934.6 1,971.6 -2% o/w Agency ARPA 1,707.2 1,684.6 1% 1,631.0 1,646.3 -1% 1,733.7 1,778.0 -2% 1,837.8 1,911.3 -4% o/w New Homes ARPA 2,254.6 2,213.3 2% 2,263.1 2,231.1 1% 2,407.9 2,387.3 1% 2,562.0 2,554.4 0% Adj EBIT % % % % Adj EBIT Margin 66.4% 66.7% 67.5% 67.6% 66.5% 65.7% 65.8% 64.9%

Adj. Net Income % % % % Adj. FD EPS…