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    Nick Dempsey • Barclays

    Nick Dempsey's questions to Pearson PLC (PSO) leadership

    Nick Dempsey's questions to Pearson PLC (PSO) leadership • H1 2025

    Question

    Nick Dempsey of Barclays asked for details on a paused Pearson VUE contract, the visibility of growth in the Institutional English Language Learning business for H2, and whether flat enrollments are still the base case for Higher Education growth.

    Answer

    CEO Omar Abbosh and President Art Valentine clarified the VUE contract pause is an unusual, customer-specific issue. President of English Language Learning, Sharon Hague, expressed confidence in the H2 institutional business, citing normal seasonality and a strong pipeline in LatAm. President Tom ap Simon highlighted pricing and new study tools as key Higher Ed growth drivers, while CFO Sally Johnson confirmed flat enrollments remain the planning assumption.

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    Nick Dempsey's questions to Pearson PLC (PSO) leadership • H1 2025

    Question

    Nick Dempsey posed three questions regarding a paused Pearson VUE contract, the visibility on H2 growth in the institutional English Language Learning business, and whether the outlook for Higher Education still assumes flattish enrollments.

    Answer

    Art Valentine, President of Assessment & Qualifications, clarified the VUE contract pause was an unusual, customer-specific situation with resumption expected. Sharon Hague, President of English Language Learning, expressed confidence in H2 institutional growth, citing typical academic cycles and expected share gains in LatAm. Tom ap Simon, President of Higher Education, noted growth will come from pricing and product mix, while CFO Sally Johnson confirmed that flattish enrollments remain the base case for planning.

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    Nick Dempsey's questions to RELX PLC (RELX) leadership

    Nick Dempsey's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Nick Dempsey of Barclays Capital asked for the portion of the print revenue decline attributable to disposals, whether tougher comparables in shopping events would impact H2 Risk growth, and if US universities have signaled future spending cuts for 2026 renewals.

    Answer

    CFO Nick Luff stated the focus in print is on profit, which is expected to decline in the high single digits annually, while revenue may see larger steps down from actions like outsourcing. CEO Erik Engstrom explained that Risk growth is primarily driven by the rollout of high-value products, giving it high visibility. He also noted that while some institutions always face budget challenges, it has not historically impacted STM's overall growth rate.

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    Nick Dempsey's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Nick Dempsey of Barclays Capital questioned the drivers of the print revenue decline, the potential impact of tougher auto insurance shopping comps on the Risk division's growth, and whether US universities are signaling future budget pressures.

    Answer

    CFO Nick Luff explained the print revenue decline can come in large steps due to actions like outsourcing, and the focus should be on the more predictable high-single-digit decline in profit. CEO Erik Engstrom stated that Risk's growth is driven by its strong new product pipeline, which provides high visibility, and he expects continued strong growth despite market factors. He also noted that while some universities always face budget issues, it has not historically impacted STM's overall growth rate.

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    Nick Dempsey's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Nick Dempsey of Barclays Capital questioned how much of the print revenue decline was from disposals, whether tougher comps in shopping data would impact Risk growth in H2, and if US universities are signaling future spending cuts.

    Answer

    CFO Nick Luff advised focusing on the print division's profit, which is expected to decline in the high single digits, rather than revenue which can have large step-downs from outsourcing. CEO Erik Engstrom stated that Risk's growth is primarily driven by new product rollouts, not market factors like shopping data, and that they expect continued strong growth. He also noted that while some universities face budget pressure, it has not historically impacted STM's overall growth rate.

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    Nick Dempsey's questions to SES SA (SGBAF) leadership

    Nick Dempsey's questions to SES SA (SGBAF) leadership • Q1 2025

    Question

    Nick Dempsey questioned the starting point for the CVR valuation in the F-4 filing, whether Q1's periodic revenue boost would negatively affect subsequent quarters, and if the SD channel switch-off impact was a one-off for 2025.

    Answer

    CFO Sandeep Jalan explained the CVR valuation follows IFRS rules, representing a discounted net present value of a contingent liability that factors in uncertainties. CEO Adel Al-Saleh added that the most important precedent is the payment from the last clearing. Jalan also confirmed the periodic revenue was included in guidance and does not alter the full-year outlook. Al-Saleh clarified the SD channel switch-off's major impact is concentrated in 2025, with the Media segment's decline expected to return to a mid-single-digit rate from 2026.

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    Nick Dempsey's questions to SES SA (SGBAF) leadership • Q1 2025

    Question

    Nick Dempsey of Barclays questioned the valuation basis for the CVRs in the F-4 filing, the potential for Q1's periodic revenue to negatively impact subsequent quarters, the one-off nature of the SD channel switch-off, and the implications of a potential FCC rulemaking on spectrum sharing and power limits for LEO satellites.

    Answer

    CFO Sandeep Jalan clarified the CVR valuation is an IFRS requirement based on a net present value calculation with uncertainties, and confirmed the periodic revenue was expected and is factored into full-year guidance. CEO Adel Al-Saleh stated the SD switch-off is a 2025 event and that SES is actively engaged with the FCC on spectrum sharing rules, advocating for global consistency.

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    Nick Dempsey's questions to SES SA (SGBAF) leadership • Q3 2024

    Question

    Nick Dempsey of Barclays PLC inquired about SES's confidence in achieving 2025 revenue stability, whether IRIS² CapEx could exceed the standard guidance in peak years, and for a breakdown of Q3's special items.

    Answer

    CEO Adel Al-Saleh expressed high confidence in stabilizing the business in 2025, citing strong 2024 performance and mitigation plans for the Oi bankruptcy impact. He clarified that while IRIS² is an incremental project, its final contract will be structured to maintain investment-grade metrics and dividend commitments. CFO Sandeep Jalan added that the year-to-date EUR 41 million in exceptional costs primarily consisted of M&A-related expenses for the Intelsat deal, along with some restructuring costs.

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