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Wolters Kluwer (A3/BBB+) Posts Steady Q1 Revenue; Credit Metrics Stable

TECHNOLOGY
  • Q1 revenue +6% on both constant FX and organic basis; mostly driven by Recurring revenues (82% of total) +7% organically vs. non-recurring revenues +1% organically. The largest segment, Expert Solutions (58% of total) grew by 8% organically. Not seeing any consensus figures. Growth rates broadly in line with those seen in Q123 (+5% constant FX, +6% organically).
  • “Adj-operating profit margin increased”
  • Credit metrics stable; leverage down 0.1x to 1.4x; “adj-FCF increased in constant currencies”.
  • FY guidance reiterated. EUR spreads yet to stream.
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