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    Adam Berlin • UBS Group

    Adam Berlin's questions to WPP PLC (WPP) leadership

    Adam Berlin's questions to WPP PLC (WPP) leadership • H1 2025

    Question

    Adam Berlin from UBS asked for an explanation of the performance deceleration at the Hogarth production unit, questioning if AI was a factor. He also challenged WPP Media's claim of having 'more data' than competitors and inquired about the significant cut in staff incentives in H1 and the outlook for H2.

    Answer

    CEO Mark Read attributed Hogarth's flat performance to client project timing issues, not AI, which he views as a future growth driver. WPP Media CEO Brian Lesser explained their data advantage comes from 'federated learning' via their Open Intelligence platform, which learns from partners like Google and Amazon without centralizing data. CFO Joanne Wilson noted the H1 incentive cut reflected performance, and while full-year incentives will be down, they will be reviewed to retain talent.

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    Adam Berlin's questions to Pearson PLC (PSO) leadership

    Adam Berlin's questions to Pearson PLC (PSO) leadership • H1 2025

    Question

    Adam Berlin asked about adoption share performance in Higher Education, sought details on the newly acquired eDynamic Learning business, and questioned if the strong H2 growth drivers would persist into 2026.

    Answer

    Tom ap Simon, President of Higher Education, reported a slight increase in adoption share and described eDynamic Learning as a key strategic asset in career and technical education for high schools, which will be part of the Higher Ed division. CEO Omar Abbosh emphasized the strategic fit. CFO Sally Johnson provided financial context for the deal and, while not giving 2026 guidance, acknowledged that the drivers for H2, like new contracts, would have a continuing benefit.

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    Adam Berlin's questions to Pearson PLC (PSO) leadership • H1 2025

    Question

    Adam Berlin of UBS Group inquired about adoption share trends in Higher Education, sought details on the newly acquired eDynamic Learning business, and asked if the strong H2 2025 growth momentum is expected to continue into 2026.

    Answer

    President Tom ap Simon reported a slight increase in Higher Ed adoption share and described eDynamic Learning as a key strategic asset in high school career education. CEO Omar Abbosh reinforced the strategic fit. CFO Sally Johnson provided financial context for the acquisition, noting its high growth and margin profile, and confirmed it will be reported within the Higher Ed segment.

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    Adam Berlin's questions to RELX PLC (RELX) leadership

    Adam Berlin's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Adam Berlin of UBS Group asked about the potential revenue impact from the new NIH open access policy, the strategic rationale for partnering with Harvey in the legal division, and whether improved free cash flow conversion was linked to the print resegmentation.

    Answer

    CEO Erik Engstrom explained that individual policy changes like the NIH's are unlikely to impact STM's overall growth trajectory. He framed the Harvey partnership as a way to add customer value by embedding RELX's trusted content into new use cases. CFO Nick Luff clarified that the strong 100% cash conversion was due to normal timing of payments around the period end, not a structural change from the print resegmentation.

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    Adam Berlin's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Adam Berlin of UBS Group asked about the potential revenue impact from the NIH's new open access policy, the strategic rationale for partnering with Harvey in the Legal division, and whether the strong free cash flow conversion was structurally linked to the print resegmentation.

    Answer

    CEO Erik Engstrom explained that single policy changes like the NIH's are unlikely to materially impact STM's strong growth trajectory. He positioned the Harvey partnership as a customer-centric move to add value by embedding RELX's trusted content into new use cases. CFO Nick Luff clarified that the strong 100% cash conversion was due to normal timing of payments and receipts around the period end, not a structural change from the print business.

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    Adam Berlin's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Adam Berlin of UBS Group asked about the revenue impact of the NIH's new open access policy on the STM division, the strategic rationale for partnering with Harvey in the Legal division, and whether improved free cash flow conversion was linked to the print resegmentation.

    Answer

    CEO Erik Engstrom stated that policy changes from a single body like the NIH are unlikely to materially impact STM's positive trajectory. He explained the Harvey partnership is a customer-centric pilot to add value where Harvey's use cases can benefit from RELX's trusted content. CFO Nick Luff clarified that the print resegmentation had no material impact on working capital and that strong cash conversion was due to normal timing of payments.

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    Adam Berlin's questions to Interpublic Group of Companies Inc (IPG) leadership

    Adam Berlin's questions to Interpublic Group of Companies Inc (IPG) leadership • Q2 2025

    Question

    Adam Berlin of UBS Group AG asked for clarity on the organic growth cadence between Q3 and Q4, the current run-rate of cost savings versus targets, and the potential size of new business tailwinds expected for 2026.

    Answer

    CEO Philippe Krakowsky stated it was too early to quantify the 2026 new business tailwinds but noted the pipeline remains active. He confirmed in-year savings from restructuring are approximately $300 million, with an ongoing run-rate savings of over $300 million. Regarding the second half, he indicated that Q3 and Q4 organic growth would likely be "more or less at the same level" and around flat, consistent with achieving the full-year guidance.

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