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Wolters Kluwer HY2020 Results Presentation

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Wolters Kluwer HY2020 Results Presentation Wolters Kluwer 2020 Half-Year Results Nancy McKinstry – CEO Kevin Entricken – CFO August 5, 2020 2020 Half-Year Results 1 Forward-looking statements This presentation contains forward-looking statements. These statements may be identified by words such as "expect", "should", "could", "shall", and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions, conditions in the markets in which Wolters Kluwer is engaged, behavior of customers, suppliers and competitors, technological developments, the implementation and execution of new ICT systems or outsourcing, legal, tax, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks related to mergers, acquisitions and divestments. In addition, financial risks, such as currency movements, interest rate fluctuations, liquidity and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Growth rates are cited in constant currencies unless otherwise noted. 2020 Half-Year Results 2 Agenda Introduction Financial Review Operating and Strategic Review Outlook 2020 Appendices 2020 Half-Year Results 3 COVID-19 Since mid-March, we have been focused on protecting our employees and supporting our customers in extraordinary circumstances Employees: ensuring health and safety Customers: providing access and tools . Global work-from-home: approx. 95% of . Health: Supporting the global medical community employees working from home with access to COVID-19 resources and tools . Frequent monitoring of employee welfare and . Tax & Accounting: Offering customers COVID-19 engagement scenario planning tools with Tagetik SmartNow . Virtual collaboration among employees using a . GRC: Enabled US banks to participate in the U.S. standard digital toolset Paycheck Protection Program . Sales and customer service pivoted to virtual and . Legal & Regulatory: Helping companies manage remote way of working health risks with Enablon COVID-19 modules All stakeholders: ensuring business continuity . Global Incident Management Teams provided rapid response at local, regional, and global levels – initially in China, then globally starting early March . IT infrastructure teams provided support for employee and customer work-from-home transition . Balancing business continuity needs while containing costs and sustaining product development 2020 Half-Year Results 4 Financial results First half 2020 results speak to the resilience of our digital businesses and the agility of our response to the crisis Grow Organic growth Increased adjusted Expert +3% free cash flow in Solutions constant currencies Advance Increased adjusted Strong balance Domain operating margin sheet and liquidity Expertise position Drive Increased diluted Consistent returns Operational adjusted EPS in to shareholders Agility constant currencies 2020 Half-Year Results 5 Agenda Introduction Financial Review Operating and Strategic Review Outlook 2020 Appendices 2020 Half-Year Results 6 Half-year 2020 results Organic growth +3%; revenue, margin and cash flow benefitted from one-time factors (€ million, unless otherwise stated) HY 2020 HY 2019 ∆ ∆ CC ∆ OG Revenues 2,294 2,204 +4% +3% +3% Adjusted operating profit 577 497 +16% +14% +14% Adjusted operating profit margin 25.2% 22.5% Diluted adjusted EPS €1.59 €1.28 +24% +18% Adjusted free cash flow 336 300 +12% +10% Net-debt-to-EBITDA ratio 1.5x 1.8x ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.12); ∆ OG: % Organic growth. 2020 Half-Year Results 7 Revenues by division All four divisions affected by COVID-19; GRC growth reflects revenues associated with the PPP* (€ million) HY 2020 HY 2019 ∆ ∆ CC ∆ OG Health 581 552 +5% +3% +3% Tax & Accounting 713 684 +4% +3% +3% Governance, Risk & Compliance 564 518 +9% +6% +6% Legal & Regulatory 436 450 -3% -3% -2% Total revenues 2,294 2,204 +4% +3% +3% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.12); ∆ OG: % Organic growth HY 2020 Revenues by Division ∆ OG: -2% (+2%) Legal & Regulatory Health ∆ OG: +3% (+4%) 19% 25% Governance, Risk & ∆ OG: +6% (+4%) Compliance Tax & ∆ OG: +3% (+6%) Legend: 25% Accounting ∆ OG: % Organic growth HY 2020 (HY 2019) 31% *PPP refers to the U.S. Small Business Association’s Paycheck Protection Program established by the 2020 U.S. Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Wolters Kluwer Compliance Solutions (part of Governance, Risk & Compliance) adapted its TSoftPlus platform to support its bank customers in lending under this program. 2020 Half-Year Results 8 Revenues by media format COVID-19 caused steep declines in print revenues in the first half (€ million) HY 2020 HY 2019 ∆ ∆ CC ∆ OG Digital 1,878 1,736 +8% +7% +6% Services 244 259 -6% -8% -5% Print 172 209 -18% -19% -18% Total revenues 2,294 2,204 +4% +3% +3% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.12); ∆ OG: % Organic growth. Services includes legal representation, consulting, training, events, and other services. HY 2020 Revenues by Media Format ∆ OG: -18% (-8%) Print 7% ∆ OG: -5% (+2%) Services 11% Digital and Services: ∆ OG: +5% (+6%) ∆ OG: +6% (+6%) Digital (93% of total revenues) 82% Legend: ∆ OG: % Organic growth HY 2020 (HY 2019) 2020 Half-Year Results 9 Revenues by type Digital & services subscriptions (71%) sustained 6% organic growth; non-recurring revenues declined 8% organically excluding PPP solution Organic Growth (%) Organic Growth (%) Recurring Revenue Types (81% of total) Non-Recurring Revenue Types (19% of total) 15% 15% 71% of total revenue 10% 10% 7% 6% 6% 6% 6% 5% 5% 0% 0% -5% -5% -10% -10% -15% -15% 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 -20% Digital & services subscription revenues 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 Print subscription revenues LS transactional Other recurring revenues FS transactional excl. PPP Print books* *Print books declined 27% organically in HY 2020 Other non-recurring 2020 Half-Year Results 10 Adjusted operating profit Across the group, margins benefitted from temporary cost reductions, lower restructuring and other one-time factors Margin Margin (€ million) HY 2020 HY 2019 ∆ ∆ CC ∆ OG HY 2020 HY 2019 Health 162 139 +17% +14% +15% 27.9% 25.2% Tax & Accounting 219 193 +14% +12% +12% 30.8% 28.2% Governance, Risk & Compliance 181 152 +19% +16% +16% 32.1% 29.3% Legal & Regulatory 43 41 +5% +6% +7% 9.8% 9.1% Corporate (28) (28) +1% 0% 0% Adjusted operating profit 577 497 +16% +14% +14% 25.2% 22.5% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.12); ∆ OG: % Organic growth. HY 2020 Adjusted Operating Profit1 Legal & Regulatory 1Excluding Corporate 7% Governance, Health Risk & 27% Compliance 30% Tax & Accounting 36% 2020 Half-Year Results 11 COVID-19 response on costs Rapid second-quarter response yielded temporary cost reductions; second half programs require investment but will help protect the full year margin Temporary Cost Reductions Long-Term Sustainable Cost Actions 2Q 2020 Actions 2H 2020 Programs . Froze all travel and put a hold on non-critical . Designing a long-term, structural reduction in hiring company travel to below pre-COVID levels . Reduced advertising and promotional spending . Streamlining selected back office functions . Virtualized, postponed, or cancelled internal and . Renegotiating supplier contracts external meetings, conferences, training, and other events . Reviewing our approach to our real estate footprint . Other short-term cost reductions . Requires up-front investment and restructuring . Sustaining investment in organic product development at 8-10% of revenues . Continuing with key investments in sales & marketing 2020 Half-Year Results 12 Adjusted net profit and EPS Diluted adjusted EPS up +18% in constant currencies, mainly driven by higher adjusted operating profit (€ million, unless otherwise stated) HY 2020 HY 2019 ∆ ∆ CC Revenues 2,294 2,204 +4% +3% Adjusted operating profit 577 497 +16% +14% Adjusted operating profit margin 25.2% 22.5% Adjusted net financing costs (25) (31) Equity-accounted investees, net of tax 5 0 Adjusted profit before tax 557 466 +20% +15% Tax on adjusted profit (131) (115) Benchmark tax rate 23.5% 24.7% Non-controlling interests 0 0 Adjusted net profit 426 351 +21% +16% Diluted weighted average shares (million) 267.6 273.3 Diluted adjusted EPS €1.59 €1.28 +24% +18% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.12). 2020 Half-Year Results 13 Adjusted free cash flow Cash conversion impacted by increased capital expenditure and working capital outflows (€ million, unless otherwise stated) HY 2020 HY 2019 ∆ ∆ CC Adjusted operating profit 577 497 +16% +14% Depreciation and amortization of other intangibles 103 100 Depreciation of right-of-use assets 36 35 Adjusted EBITDA 716 632 +13% +11% Capital expenditure (121) (100) Repayments of lease liabilities (incl. lease interest) (41) (39) Autonomous movements in working capital (69) (46) Adjusted operating cash flow 485 447 +9% +7% Cash conversion ratio 84% 90% Paid financing costs (excl. lease interest) (39) (34) Paid corporate income tax (111)
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