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Connecting
every move
Annual report and accounts 2025
Rightmove makes the move easier
and simpler, by providing the best
platform to access information
andexceptional data.
Our vision is to give
everyone the belief
that they can make
their move
Find out more about our strategy on page 17
Strategic Report
2
Highlights
4
At a glance
5
Investment case
6
Chair’s statement
8
Market overview
10
Business model
13
Chief Executive’s review
17
Our strategy
22
Key performance indicators
24
Financial review
27
Section 172 statement
31
Social responsibility
32
People and Culture
38
Sustainability
39
Environment
40
Carbon Transition Plan
45
Task Force on Climate-related Financial Disclosures
(TCFD) compliance statement
52
Non-financial and sustainability information statement
53
Risk management
59
Going concern and viability statement
Governance
60
Chair’s introduction
60
Governance highlights
62
Delegating and dividing responsibilities –
our governance framework
63
Director and officer biographies
66
Board composition, skills and diversity at a glance
68
2025 Board agenda: considerations and outcomes
71
How the Board monitors and embeds culture
74
Audit Committee report
80
Nomination Committee report
83
Corporate Social Responsibility Committee report
84
Directors’ Remuneration Report
104
Directors’ report
107
Directors’ responsibility statement
108
Independent auditor’s report
Financial Statements
115
Consolidated statement of comprehensive income
116
Consolidated statement of financial position
117
Consolidated statement of cash flows
118
Consolidated statement of changes
inshareholders’equity
119
Notes forming part of the Financial Statements
142
Company statement of financial position
143
Company statement of changes in shareholders’ equity
144
Notes to the Company Financial Statements
Other Information
147
Advisers and shareholder information
View this report online
https://plc.rightmove.co.uk/
Governance Other InformationStrategic Report
Financial Statements
Financial highlights
Revenue
+9%
Revenue of £425.1m (2024: £389.9m), up 9% compared
to2024, reflecting strong uptake of products and packages
from agents and developers
Operating profit
+12%
Operating profit of £287.9m, up 12% compared to 2024
(2024: £256.3m)
Cash returned to shareholders
£219.7m
Cash returned to shareholders through share buybacks
and dividends totalled £219.7m (2024: £181.7m). Interim
dividend of 4.05p and final dividend of 6.59p (2024: 3.70p
and6.1p). Total dividend for 2025 of 10.64p (2024: 9.80p)
Underlying earnings per share
(1)
+11%
Underlying earnings per share of 29.1p, up 2.9p on 2024
(2024: 26.2p)
Underlying operating profit
(2)
+9%
Underlying operating profit of £297.7m, up 9% compared
to2024 (2024: £273.9m)
Basic earnings per share
+15%
Basic earnings per share of 28.1p, up 3.7p on 2024
(2024: 24.4p)
Continued strong
financial results driven
by uptake of our
products and packages
1. Underlying basic EPS is defined as underlying profit (profit for the year before share-based payments charges including the related National Insurance,
transaction-related charges and appropriate tax adjustments), divided by the weighted average number of ordinary shares outstanding during the period.
2. Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance
and transaction-related charges).
Financial highlights
Strategic Report
Annual report and accounts 2025Rightmove2
Governance Other Information
Financial Statements
Operational highlights
Membership
19,272
Membership numbers up 1%/225 compared
to2024(19,047)
Average revenue per advertiser
(2)
£1,621
Average revenue per advertiser (ARPA) up 6%
comparedto2024 (2024: £1,524)
Employee engagement
89%
Of employee respondents believe that Rightmove
isagreatplace to work (2024: 82%)
Traffic time on site
(1)
16.8bn
Time spent on the Rightmove website and apps increased
2% in 2025 (2024: 16.4 billion). Over 80% of all time spent
on UK property portals in 2025 was spent on Rightmove
(2)
1. Source: Google Analytics.
2. Average revenue per advertiser (ARPA) is calculated as revenue from Agency and New Homes advertisers in a given month divided by the total number
ofadvertisers during the month, measured as a monthly average over the year.
Operational highlights
Rightmove remains
the property portal
that consumers turn
to when making
their move
Annual report and accounts 2025Rightmove3
Governance Other InformationStrategic Report
Financial Statements
Rightmove by numbers
(1)
Rightmove
at a glance
Our mission
Our mission is to make the move easier and
simpler, by providing everyone with the best
platform and data to make their move happen.
What we do
Rightmove is the place consumers turn to first
andreturn to most to research and search
theUKproperty market.
Property professionals, such as residential
andcommercial estate and letting agents, or
residential developers and operators, pay a fee
toadvertise their properties and services on
Rightmove, as well as to access tools to enhance
their branding and drive lead generation. Along
with surveyors, lenders and other professionals,
they can buy our unique and extensive property
market data.
Rightmove also offers advertising and lead
generation for partners, including mortgage
lenders/brokers and home services providers.
Where we do it
We operate solely in the UK, from offices in Milton
Keynes, London and Newcastle, with field-based
colleagues operating across the UK.
>69bn
Consumer signals per year
500,000
Recorded sessions per year
c.10,000
Properties uploaded per day
>100m
Historical property
listings
>1bn
Property images
20,000
Minutes user testing
per year
>85,000
Survey responses
per year
Data
Consumer
At a glance
Partner
>75,000
Partner meetings
>80%
Consumer share of time
c.19,000
Core members
>60,000
Rightmove Hub
subscriptions
6 in 10
Rightmove web-users
exclusively visit Rightmove
>3,000
Partners outside core
>80%
Agents with us for >5 years
>8m
Enhanced consumer
profiles
<3%
Largest partner as %
of revenues
1. See sources on page 148.
>50%
Spend above monthly
threshold
>8/10
Tenants found
for rentals
>7/10
Vendor instructions
for resale
96%
Home-mover brand awareness
1 in 2
UK adults use the Rightmove
website at least once a month
>85%
Direct and organic traffic
93%
Net recommend score
Strategic Report
Annual report and accounts 2025Rightmove4
Governance Other Information
Financial Statements
A compelling investment case
Our market data and platform network effects remain best in class. We retain the UK’s largest and deepest
property and consumer dataset and leverage this data and digital scale to deliver exceptional value for all
our stakeholders.
Together with:
A clear, expanding
growth strategy
Targeted investment
Data-backed
innovation
A larger, diversified
Rightmove
Double digit revenue and
profit growth ambition
High cash generation
All surplus cash returned
to shareholders
Experienced Board
and management
Over 25
years has
built…
Gives
confidence
to deliver…
Investment case
Significant value
creation
(1)
1. Based on current internal planning assumptions. Given the long-term horizon, outcomes may differ materially due to a range of risks and uncertainties.
Strong
foundations
UK property market
Large and growing
Digital platform
Low-cost, capital light=
High returns on capital
Sustainable
business model
B2B subscriptions,
delivers in all market
conditions
The leading
UK platform
The central position
in the property
ecosystem
Powerful data and
network effectsunique
First party data drives:
• Partner value
• Iconic consumer brand
• Innovation for all
Annual report and accounts 2025Rightmove5
Governance Other InformationStrategic Report
Financial Statements
Delivering exceptional value
andreturns for 25 years
Dear Shareholder
It is my pleasure to present Rightmove’s results for the year
ended 31 December 2025. In a year marked by strong financial
performance and robust operational delivery, Rightmove also
celebrated its 25
th
birthday – marking a quarter of a century of
helping people across the UK make their move. This milestone
offered a valuable opportunity to reflect on how far the platform
has evolved, the pace of innovation, and the depth of trust we
have built with both consumers and partners as we look ahead
to the next 25 years.
2025 was the busiest year in Rightmove’s history, with property
hunters spending 16.8 billion minutes
(1)
on the platform. As
market conditions began to improve – with falling interest and
mortgage rates helping demand – our partners increasingly
turned to Rightmove for the tools, insights, and products they
needed to support marketing, lead generation, and local market
understanding.
Behind the scenes, innovation across Rightmove accelerated as
we continued to develop new features for consumers and new
products for partners. Artificial intelligence played an increasingly
important role in delivering these solutions. Throughout the
year, we launched several AI – powered products for both
partners and consumers, as well as equipping Rightmovers with
enhanced AI capabilities.
Against this evolving landscape, the Board focused its time
continuing to review, challenge and support the management
team as they assessed progress towards Rightmove’s medium
and long-term strategic ambitions. This included testing the
plans and assumptions relating to both the pace and prioritisation
of investment – as well as the potential for AI to unlock faster
growth and greater cost efficiency – while confirming that the
Group has the right capabilities and expertise in place to deliver
on these ambitions, and continue to provide partners and
consumers the exceptional value they expect from the platform.
Building on this work, we refreshed our strategy to lay the
foundations for the next stage of growth – positioning us to stay
ahead of shifts in technology, AI, and consumer behaviour, and
ensuring we continue to deliver exceptional value for partners,
consumers and all our stakeholders. The vital structural role
Rightmove plays within the UK property market, and the trust
that consumers and partners place in us, positions the business
strongly to navigate a fast-changing environment.
Much was achieved in 2025, and none of it could have happened
without the dedicated Rightmove team, whose work creates
and delivers the value that Rightmove provides to its partners.
I would like to thank them for their continued commitment
and support.
Financial highlights and returns to
shareholders
The Group’s results reflect the innovation in the year, as well as
strength of the business model and our core value proposition.
Revenue grew 9% to £425.1m (2024: £389.9m), delivering
underlying operating profit
(2)
of £297.7m (2024: £273.9m)
and statutory operating profit of £287.9m (2024: £256.3m).
Rightmove continued to generate strong free cash flow and,
in keeping with our policy of returning all surplus cash to our
shareholders, £219.7m (2024: £181.7m) was returned in the
year, £141.1m through the share buyback programme and
Chair’s statement
“The Rightmove platform, data and
network effects continue to deliver
exceptional value for partners,
consumers and all our stakeholders.”
Andrew Fisher
Chair, Rightmove
1. Source: Google Analytics.
2. Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance) and transaction-
related charges.
Strategic Report
Annual report and accounts 2025Rightmove6
Governance Other Information
Financial Statements
£78.6m in dividend payments made in May and October. The
cash
(1)
position at the year-end was £42.9m (2024: £41.2m).
The Board remains confident in Rightmove’s ability to deliver
sustainable returns to shareholders and is recommending a final
dividend of 6.59p per share for 2025 (2024: 6.10p), in line with
our progressive policy. The final dividend will be paid, subject
toshareholder approval, on 22 May 2026, taking the total
dividend for the year to 10.64p (2024: 9.80p).
Board changes
Non-Executive Director and Audit Committee Chair Andrew
Findlay retired from the Board on 1 June 2025. I would like
to thank Andrew for the significant contribution he made
throughout his tenure to both the Board and as a highly
effective Audit Committee Chair.
Following a comprehensive search process, Amanda James
was appointed to the Board as a Non-Executive Director on
9 May 2025 and as Audit Committee Chair on 1 June 2025. She
brings extensive financial and public market experience having
previously been the CFO at Next plc for almost a decade. The
search process was led by the Nomination Committee and
formed part of our long-term succession planning.
Our Governance report has full details on Board appointments
and biographies (see page 63).
Board governance
The Corporate Social Responsibility Committee continued to
oversee the implementation of the People and Culture vision.
Throughout the year, the Committee received updates on a
range of matters including recruitment, performance
management, gender and ethnicity pay and broader inclusion
initiatives. It also reviewed progress on the delivery of our Go
Greener strategy.
The Audit Committee maintained its focus on monitoring
progress in strengthening the internal controls framework in
preparation for reporting under Provision 29 of the Corporate
Governance Code. It also oversaw the internal audit programme.
(See the Audit Committee report onpage74fordetails.)
Looking ahead
Rightmove enters its next 25 years with a clear sense of purpose
and strong momentum.
Amid the changes across the broader market and rapid
evolution of technology and AI, our mission remains steadfast:
to make home moving easier and simpler through Rightmove’s
platform and services, to support our partners’ success, and to
create sustained value for all our stakeholders.
I am very much looking forward to working with our teams in
2026 as we continue to deliver on our strategy to achieve this.
Andrew Fisher
Chair
26 February 2026
Chair’s statement continued
1. Cash includes money market deposits of £5.7m (2024: £5.5m).
2. Cash includes money market deposits of £5.7m (2024: £5.5m). Comscore Mobile Metrix® Mobile App only, total Audience, Custom-defined list of Rightmove
(Mobile App) and Zoopla Property Search (Mobile App), January – December 2025, United Kingdom. Google Analytics.
Helping people across the UK
make their move
Rightmove celebrated its 25
th
birthday this year, and it
was an opportunity to reflect on how far the platform has
evolved, the pace of innovation, andthedepth of trust we
have built with both consumers and partners
>80%
Of all time spent on UK property portals
was on Rightmove in 2025
(2)
Governance Other InformationStrategic Report
Financial Statements
Annual report and accounts 2025Rightmove7
Market overview
One of the largest property markets in the world
As the UK’s leading property platform, Rightmove combines brand equity, consumer engagement, network
effects and established partnerships to capitalise on long-term structural market tailwinds – creating powerful
multiplier effects.
The scale of the UK
property market
Structural tailwinds
>$12trn property market
(1)
>28m homes
(2)
£1.7trn residential mortgage lending
(3)
4
th
largest commercial
sector globally
(4)
Housing shortage: UK adult
population +450k per annum
(5)
versus c200k new home
starts per annum
(6)
Existing homes require modernising
(7)
Digitisation of inefficient,
analogue systems
(8)
1. Savills residential property market estimate $11trn; EPRA commercial property estimate $1.5trn,
asatDecember 2024.
2. Office for National Statistics (ONS), released 23 July 2025, ONS website, statistical bulletin,
Familiesandhouseholds in the UK: 2024.
3. FCA, Mortgage lending statistics – December 2025.
4. EPRA Global Real Estate Total Markets Table, Q3 2025. UK $1.5trn as at 31 Dec 2024, after US, China,
Germany, Japan.
5. United Nations, Department of Economic and Social Affairs, Population Division (2024). ‘World Population
Prospects 2024’, Online Edition. Medium variant, growth 2025-2030.
6. Office for Budget Responsibility, ‘Economic and fiscal outlook’, November 2025.
7. >50% of housing stock is >60 years old – Source: UK government, ‘2024-25 English Housing Survey
HeadlineReport’.
8. 154 days from sale agreed to completion in 2025 (Source: Rightmove).
Strategic Report Governance Other Information
Financial Statements
Annual report and accounts 2025Rightmove8
Market overview continued
Annual report and accounts 2025Rightmove9
Governance Other InformationStrategic Report
Financial Statements
Residential resale:
Transactions
(1)
Key KeyKey
Transactions TransactionsEnquiries per available property
Min (0.9m, 2009)
Commercial:
Resale transactions
(2)
Residential lettings:
Supply/demand
1. Source: HMRC in millions.
2. Source: HMRC in thousands.
Liquid and stable residential and commercial markets
Rightmove’s end-markets offer supportive characteristics: a resale market with an effective floor of 0.9 million
transactions per year and a usual range of 1.0-1.2 million; a lettings market with significant supply/demand imbalance
which supports price growth; and a large and liquid commercial market.
Min (88k, 2009)
0.9
£150k
£200k
£250k
£300k
£350k
£400k
£450k
1.2 1.2 1.2
1.0
1.5
1.3
1.0
1.1
1.2
2008-
2012
2013-
2017
2018 2019 2020 2021 2022 2023 2024 2025
Average Asking Price
0.9
£150k
£200k
£250k
£300k
£350k
£400k
£450k
1.2 1.2 1.2
1.0
1.5
1.3
1.0
1.1
2008-
2012
2013-
2017
2018 2019 2020 2021 2022 2023 2024
Average Asking Price
6
1,000
1,100
1,200
1,300
1,400
1,500
7
9
16
24
22
16
10
2018 2019 2020 2021 2022 2023 2024 2025
Average rent/month (£)
Average rent/month (£)
100
118
126
99
121
124124
119
125
2008-
2012
2013-
2017
2018 2019 2020 2021 2022 2023 2024
125
2025E
Business model
A superior network effect
Rightmove’s unique and scaled digital platform drives powerful network effects, securing its market-leading,
resilient position through all market cycles and industry events.
The Rightmove networkeffect
One platform
Powered by data
Connecting the market
• Find
properties
• Market data
and
services
• Property
financing
The platform to
search and research
nearly the whole
market in one place
Unrivalled exposure,
high-quality leads
and products
generate value
for our partners
Innovation and investment in new products
and tools for consumers and partners
• Access
serious
property
seekers
• Valuation
tools
• Efficiency
products
Consumers –
UK audience
Free use for consumers
Home buyers
Home sellers
Renters
Borrowers
Business owners
Estate agents
New home developers
Commercial
propertyagents
Mortgage lenders
andbrokers
Banks, surveyors and
property investors
Third-party
advertisers
Customers –
our partners
Subscribe to advertise
Strategic Report
Annual report and accounts 2025Rightmove10
Governance Other Information
Financial Statements
Business model continued
Rightmove’s proprietary
data enhanced by AI
Compounding
product effect,
boosted by AI
Rightmove data
With over 25 years of UK property,
consumer and partner insights,
Rightmove’s vast and ever-growing
datasets combine at scale to create
theUK’s living map of property intent
andbehaviour.
How our enhanced data delivers
value to stakeholders
We innovate continuously, using data to
create products that deliver exceptional
returns for partners and outstanding
experiences for consumers. This drives
value for Rightmove and its shareholders,
enabling further investment in innovation
and digitisation.
Data modelling to enhance
data value
We combine data at scale, applying
proprietary and off-the-shelf models
tocreate differentiated products and
features – generating new data that fuels
the next wave of innovation.
25 years of Rightmove data:
>90%proprietary
Properties: c10,000 uploaded every day
Consumer:
>68bn data signals
>7m enhanced profiles
Partner:
>20,000 membership and
>75,000 meetings a year
1. Input
Input layer Output layer Output layer
2. Data modelling
Off-the-shelf AI models are augmented
with Rightmove-specific tuning and feed
into interconnected scoring engines –
such as our vendor propensity model –
driving smarter insight and outcomes
AI enhances the value of Rightmove’s
existing product suite – improving data
foundations and user experience.
Newproducts are AI-enabled from
inception, all driving greater value for
consumers and partners
3. AI-powered products
Data generated is added to our data
hive, enhancing existing products and
informing future developments
4. Feedback loop
Off-the-
shelf AI
+RM fine-
tuned AI
Annual report and accounts 2025Rightmove11
Governance Other InformationStrategic Report
Financial Statements
Business model continued
How we create exceptional value for our stakeholders
Our platform, rich datasets and unrivalled network effects consistently deliver exceptional returns for consumers and partners –
generating exceptional value for all stakeholders.
Customers – our partners
Rightmove’s products, proprietary data and consumer
reach – access to the UK’s largest home-moving audience
– provide partners with unrivalled insights and highly
effective marketing channels, giving their brands and
properties significant exposure and helping them maximise
business returns. We also offer inclusive tools and services
to all partners, including training on our Training Hub,
tailored account manager meetings and access to
bespoke industry data on Rightmove Plus.
Consumers – UK audience
Rightmove is free for consumers and available instantly
whenever they are ready to make their move. It is the only
place where they can see almost the entire UK property
market in one platform. They rely on the platform’s ease,
speed and availability for comprehensive data, insights
andresearch tools to help them make their move –
frompersonalised listings and local information to links
tomortgage brokers, referencing and tenancy services.
Employees
Our employees define Rightmove. We foster an open,
innovative, supportive and values-driven culture, with
colleagues guided by our core behaviours – The Hows
– and focused on delivering and driving continuous
improvement for our partners and consumers. Our
policies and programmes enrich and support ourpeople;
strengthening inclusion while enhancing wellbeing,
retention and recruitment.
Shareholders
Our ambitions, data-led insights and innovation drive
substantial shareholder value. Strong earnings, high cash
conversion and a robust balance sheet enable us to invest
indeveloping new strategic growth areas and increasing
product penetration in our core businesses.,
Suppliers
We take responsibility in all our dealings with businesses,
industry bodies and government organisations, aiming
tobuild open, trusted relationships. We commit to prompt
supplier payment through the Fair Payment Code, and
engage with regulators transparently to ensure full
compliance with all applicable regulations.
Communities and environment
We are committed to supporting the UK’s environmental
agenda and using our platform’s reach to help the property
sector go greener and reduce carbon emissions. We also
support communities through charitable donations
andvolunteering with national, local and customer
charities, and we offer matched funding for all employee
charitable contributions.
Creating
value for all
stakeholders
Strategic Report
Annual report and accounts 2025Rightmove12
Governance Other Information
Financial Statements
Chief Executive’s review
Progress across the platform: delivering results,
accelerating innovation and building for the future
Dear Shareholder
I’m pleased to report that in 2025, Rightmove delivered strong
operational and financial performance across the business. We
achieved higher financial growth, accelerated our platform and
product capabilities, and introduced a record number of new
products for partners and consumers. We continue to deliver
against our mission to give everyone the belief they can make
their move.
In parallel, and against the rapidly evolving backdrop of AI and
shifting technology, we refreshed our strategy to enable us to
stay ahead of how consumer behaviour might evolve, strengthen
our partner-facing operations, and further leverage our
extensive proprietary datasets. We continue adding to our
core pillars for long-term value delivery and business growth.
Delivering exceptional value for all stakeholders,
in all cycles of the property market
Property market activity improved modestly in 2025, with
1.2 million housing transactions (2024: 1.1 million)
(1)
. The early
signs of market recovery in the first half, helped by falling
interest and mortgage rates that boosted consumer affordability
and confidence, slowed in the second half as uncertainty
surrounding the late November budget prompted households
and investors to pause decisions. House price growth reduced,
sales agreed and completions softened, and the average time
for sellers to find a buyer (the property cycle) lengthened to
66 days (2024: 64 days)
(2)
.
In the rental market, tenant demand still outweighed supply
but the number of applicants per available let reduced to 10
(2024: 14). Together with reducing rent fee growth the market
is normalising to more balanced, historically typical levels. New
Homes developers saw signs of improving sales ratios, whilst
new development openings remain subdued. The built-to-rent
market continued to be one of the fastest growing segments
in UK property, with further future penetration expected.
Throughout the year, Rightmove’s broad suite of solutions
continued to offer agents, developers and other partners across
segments the unique and relevant products they needed to
effectively market their brands, generate leads and access
market data. We launched c24% more new products for partners
and features for consumers compared to 2024 that continue to
provide superior outcomes for partners; for example, delivering
7 out of 10 vendor instructions within resale, and 8 out of 10
tenants for lettings properties
(3)
.
Rightmove revenue increased by 9% on 2024, reflecting the
value that our products provide to partners, with many agents
and developers choosing to upgrade and spend above package
thresholds and invest in a broader range of products. Other
business areas also grew strongly at a combined rate of 11%.
The areas that we call ‘strategic growth areas’ (commercial
property, financial services, and rental services) grew at a
combined rate of 25%.
Innovation helping consumers make their move
Buyers, renters, sellers and landlords across the UK continue to
trust Rightmove as the place they turn to help them make their
move, with Rightmove brand awareness remaining very strong.
Google reported that more people begin their property search
with ‘Rightmove’ than with ‘Property’
(4)
, and well over 80% of
all time spent on UK property portals in 2025 was spent on
Rightmove (2025: 89%, 2024: 83%)
(5)
. Platform activity also
increased, with consumers spending more than 16.8 billion
minutes researching the market (2024: 16.4 billion)
(6)
. Over
85% of the traffic to our site and apps was direct and organic
(7)
.
This trust and reach reflects Rightmove’s position as the
place where consumers can access the highest proportion of
residential properties in a single location, combined with the
quality of our platform experience and features. Every day,
we upload around 10,000 new properties, carry out rigorous
data quality checks, and log property, consumer and partner
information against our proprietary unique property reference
number framework. We maintain the UK’s living map of
property information.
“There is a long runway of
opportunity for digitisation
oftheproperty ecosystems
andwecontinue to invest in
innovation andvalue delivery
forourpartners and consumers.”
Johan Svanstrom
Chief Executive Officer, Rightmove
Annual report and accounts 2025Rightmove13
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Financial Statements
Chief Executive’s review continued
In 2025, we continued to enhance and personalise consumer
experience through new features, driving both broader use and
higher frequency engagement with our platform. The expanding
data signals generate richer insights to shape future product
developments for consumers and partners alike. We also
upgraded the Rightmove brand and marketing position, driving
record social audiences and increasing our CRM consumer
relationships to c10 million. Several of the new consumer
features are powered by AI to make the property search and
evaluation journey smarter and more intuitive – read more
about these new features on page 21.
Building success together with our partners
Rightmove’s extensive consumer reach gives our partners
access to the largest UK property audience in one place, enabling
them to promote their brands and properties with leading
visibility. This scale also provides rich consumer data and signals
on property intent, local market segment, and competitive
behaviour as well as real time price level dynamics.
We offer this unique intelligence in several of our partner
products, available in our Rightmove plus and Rightmove Hub
partner tools. These broad and deep solutions enable estate
agents and developers to choose and build the right mix of
brand visibility, buy, sell and renter lead generation, as well as
providing operational efficiency and training tools to drive their
business and growth objectives.
The value partners see in Rightmove is reflected in strong uptake
of products outside of existing package thresholds, alongside
continued high retention (the second highest in 10 years) and
positive sentiment scores.
In October, we launched Online Agent Valuation for Estate
Agents. It is a unique digital product that provides an instant
property valuation estimate and simultaneously helps consumers
and agents build early relationships and save time. The tool also
enriches our platform with more up to date property data and
includes generative AI tooling supporting agent efficiency. This
product is another digital brick in our existing suite of valuation
products for consumers and partners. The product delivered
record first three month revenue for a new launch and we are
very pleased with early feedback from partners using the product.
We upgraded Opportunity Manager for estate agents,
incorporating proprietary Rightmove AI models and further
strengthening behavioural signals which aim to predict potential
vendors from their usage of the Rightmove platform. We provide
estate agency partners with high-value leads, helping them
engage in a timely and proactive manner with consumers active
in the market.
In May, we launched Ascend, a new top-tier package in New
Homes developers, achieving 28% adoption by year end. Ascend
includes exclusive access to new products, including buyer
profiles, which provides developers with an enhanced lead that
delivers a richer, more complete insight into prospective buyers
from their very first interaction, and Appointment Request,
where consumers can see a development’s viewing slot, and
request viewings, direct from the Rightmove platform.
We also launched Direct Appointment Booking for New Homes,
integrating developers’ calendars with the Rightmove platform
so consumers can schedule viewings in real time, with live
availability. Together these appointment solutions streamline
the experience for developers and home movers – reducing
friction, improving conversion, and creating a smoother, faster
journey from initial interest to viewing.
For our Build to Rent partners, we introduced Property Reviews,
which integrates resident feedback directly into Rightmove
property detail pages. This helps renters understand the real
living experience, builds confidence in their decision-making,
and showcases the strengths of partners’ individual developments.
Other enhancements to partner tools and products included a
full refresh of Rightmove Hub, our inclusive training platform,
which now has over 60,000 subscribers, and new functionality
within Rightmove Plus, our business management platform.
Both are included for free within all Core partner subscriptions
and together were accessed more than 28 million times during
the year. They are digital cornerstones of our ‘Building
Success Together’ partner programme, complementing the
>75,000 meetings held with our dedicated account managers
over the year.
Investing in strategic growth areas
During 2025, we made strong progress across our three strategic
growth areas – Financial Services, Commercial Property and
Rental Services. Combined revenue increased 25% to £29.1m,
representing 7% of total Group revenue (2024: £23.4m/6%) and
contributing 16% of 2025 total revenue growth.
Revenue from the Financial Services offering – which provides
consumers with the ability to assess what they can borrow
directly on the platform, from an almost instant mortgage in
principle (MiP) from our lender partner – increased 46% to £6.8m,
as we introduced £34bn of potential lending to our partners
(2024: £24bn)
(8)
. We enhanced our mortgage calculator,
refreshed our instant valuation tool, and launched Mortgages
Property Checker – a global first – giving homebuyers real-time
insight from securing a mortgage on a specific property, even
before viewing. 60% of consumers now attach a property to
their mortgage in principle, increasing certainty and education
for the consumer, enhancing lead quality and buyer conversations
for agent partners, and providing high-intent leads to our
financing partners.
Our Commercial Property platform is dedicated solely to
commercial properties, with commercial users ranging from
FTSE 100 businesses to small advisers. Revenue grew 13% to
£15.3m supported by a 29% increase in partner numbers, and
26% more leads delivered to partners, evidence of the
improving platform and crucial role we have in the UK property
ecosystem. We continued our multi-year programme to refresh
all aspects of the Commercial Property site and overhauled our
bespoke API to ingest Commercial Property-specific data. We
are now updating the search results interface to display with
that enhanced data. Over 60% of all time spent on UK
commercial property portals is on Rightmove
(9)
.
Strategic Report
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Financial Statements
Chief Executive’s review continued
Rental Services revenue grew 35% to £7.1m, reflecting growing
use of the Lead to Keys product and 17% growth in ancillary
sales of utilities, broadband and insurance packages
(10)
. We
upgraded Enhanced Leads for lettings agents, which enriches
tenant enquiries with additional, pre-qualification information
to help lettings agents identify suitable tenants faster, thus
driving efficiency for the branch. It is now integrated into
partners’ CRMs, delivering lead data in real time and directly
into agents’ most used workflows, again supporting efficiency.
Consumer adoption has grown significantly: 50% of all letting
lead senders now use Enhanced Leads, and over 80% of lead
senders are signed in when submitting a lead
(11)
, improving data
quality and conversion through the whole funnel.
A refreshed strategy – accelerating towards the
AI-enabled property marketplace
Our vision remains: to give everyone the belief that they can
make their move by making the moving process easier and
simpler through the Rightmove platform and its unique
combination of data, features and products.
Our strategy is to build the leading digital property market
ecosystem for the entire moving experience, powered by
exceptional data and a high-quality platform. We will continue to
deliver outstanding value to consumers and partners, powered
by great and evolving technology, and in turn create sustained
growth and exceptional returns for shareholders.
Rightmove has a long track record of reliably delivering returns
in a competitive environment and, in the last two years, against
a rapidly evolving backdrop shaped by accelerating advances in
Leveraging the
power of AI
“Rightmove is extremely well
positioned to harness the power
of AI, given the trust it has built
with consumers, its long-established
partner base, extensive and high-
quality platform data, and AI expertise
built on global connections.”
See our products on pages 20 and 21
AI. While we believe that the future of digital search will evolve
in new ways, our ambition is clear. We intend to continue to lead
and futureproof the business and, by leveraging our extensive
and proprietary datasets and attractiveness of our platform to
our partners and consumers, create and capture opportunities,
grow the business and drive the next phase of growth.
We outlined this direction at our Investor Update in November
2025. We had 31 AI initiatives underway at the end of 2025
(12)
,
built on powerful data and platform capabilities, and with several
years of active AI programmes across the entire business. From
this strong foundation, and with AI technology becoming more
production-ready and secure, we will increase investment and
progress in three specific areas.
Firstly, through accelerating consumer-facing innovation across
AI-powered search, our strong mobile apps and further into the
‘beyond Find’ steps of the moving journey, we will create
greater utility, stronger data loops and expanded monetisation
opportunities. Secondly, in scaling AI-powered operations to
deliver seamless experiences and strong productivity gains,
both internally and for our partners. Thirdly, through expanding
strategic R&D capabilities into new growth opportunities.
This investment will deepen Rightmove’s role in digitising the
UK property market ecosystem, enhancing our attractiveness
of our platform to our partners and consumers and enabling
more efficient operations. It will deliver value for consumers and
partners on the platform and generate exceptional long-term
value for all stakeholders.
1. Source: HMRC for historical data in millions.
2. Source: Google Analytics.
3. Source: Rightmove.
4. Source: Google Analytics.
5. Source: Time in minutes spent on Rightmove platforms (site and app): most recent available month of data. Source: SimilarWeb (website), Data.ai (app),
Sensor Tower, December 2025 75% (December 2024: 75%). Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience,
Custom-defined list of Rightmove sites, zoopla.co.uk, primelocation.com, onthemarket.com, United Kingdom, December 2025 89% (December 2024: 83%).
6. Source: Google Analytics.
7. Source: Rightmove.
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Chief Executive’s review continued
Making a difference to communities and the
environment /sustainability
We believe a responsible business is one that supports its
people, customers and communities and creates an environment
where collaborative, values-driven decisions shape long-term
opportunity and resilience. Sustainability and giving back to the
communities in which we operate is a central part of Rightmove’s
values and culture of ‘doing the right thing’.
Through charitable partnerships, employee volunteering
programmes and matched funding for employee-led initiatives,
we continued to support organisations working at both
national and local levels, including many of our partners’
charities of choice.
Rightmove also continued to play its part in the UK’s
environmental sustainability agenda and in supporting the
wider transition of the UK built and construction sectors –
which is responsible for roughly a quarter of national emissions
(13)
– towards a low-carbon future. By leveraging the Rightmove
platform, data insights and reach, we play an active role in
empowering consumers, partners and industry stakeholders
to make greener choices. Our progress in lowering our own
science-based emissions reduction targets, and our carbon
transition planning, is outlined in the Environment section on
page 39.
Moving forward with the Rightmove team
The progress made across our platform in 2025 – delivering
exceptional value to consumers and partners while growing
the business both operationally and financially – would not
have been possible without our talented team of Rightmovers.
They are creative, hardworking and collaborative – united by
our five values, The Hows – and share a strong commitment
to creating value and making a meaningful difference for both
partners and consumers. This is reflected internally in the
latest Have Your Say survey, where 89% of employees said that
Rightmove is ‘a great place to work’, and externally through the
Sunday Times ‘Best Places to Work 2025’ survey, where we
were represented for the second consecutive year.
During the year, we continued to attract and retain the best
talent, elevate performance, and strengthen employee
engagement and enablement. We accelerated our people and
talent strategy, redesigning recruitment processes to ensure
cultural alignment, introducing the Healthy High Performance
Way – a refreshed performance framework that provides clarity
and a shared sense of direction aligned to Company objectives
– and equipping our workforce with AI training and tools. We
expanded our benefits offerings with an electric vehicle
salary-sacrifice scheme, alongside new non-financial
recognition programmes and awards.
Rightmove plays a central and expanding role as a digital market
enabler in the UK property sector, and I am proud of what we
achieved in 2025. We make the move easier for consumers and
partners, delivering long-term exceptional value for our
shareholders.
As we move into 2026, I am excited to be accelerating our
momentum and investing for the long term, and I look forward
to supporting the Rightmove team delivering on our vision.
Johan Svanstrom
Chief Executive Officer
26 February 2026
8. Source: Google Analytics.
9. Source: Google Analytics.
10. Rental Services ancillary revenue – 2025 £2.6m, 2024 £2.2m.
11. Source: Rightmove.
12. Source: Rightmove.
13. Source: UK Green Building Council.
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Financial Statements
Our strategy
Delivering on our strategy
Our strategy is to build the leading digital ecosystem for the entire moving experience, delivering exceptional value to our partners,
endconsumers and all stakeholders. We achieve this through three strategic pillars – core partners, consumers and new growth –
underpinned by the scale and reach of the Rightmove platform, our exceptional proprietary data and the drive of our people.
Core partner
(1)
Increase value to core
advertisers
Consumer
Deepen utility for the
largest home-moving
audience
New growth
(2)
Extend our core
strength to capture
newwallets
To give everyone the belief they can
make their move
Vision
Business
pillars
Growth
enablers
People, Data, Platform
Driven by AI
Build best-in-class foundations to enable the next phase of growth
1. Includes Estate Agency and New Homes.
2. Includes strategic growth areas (Commercial Property, Financial Services, Rental Services).
Annual report and accounts 2025Rightmove17
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Financial Statements
Strategic framework for growth
Accelerating innovation and investment
In 2023, we announced an acceleration of innovation and investment across the strategic growth areas of Commercial Property,
Financial Services and Rental Services. In November 2025, we committed to accelerate investment to advance our ambitions –
drivinggreater value for partners and consumers through consumer innovation, AI-powered operations and exploration
ofnewgrowthopportunities.
Property market segments
Transaction
value chain
Find
Afford
Transact
Move
Lifecycle
= Current focus areas 5. Data services, Third-Party Advertising, Overseas
Outcomes
Improved platform, enhanced network effects, more efficient operations, sustained double-digit growth
2025 Accelerated investment areas
Sales Lettings Sales Leasing
1. Core
2. Commercial Property
3.
Financial
Services
4. Rental
Services
Residential Commercial
Consumer innovation
• Transforming the app experience, with app-native and app-first features,
and AI-powered search, including conversational search
• Accelerating progress beyond traditional property search,
addingfunctionality in Afford, Transact, Move and Lifecycle
AI-powered operations
• Creating an AI-powered developer experience, to enable our teams to
deliver faster and at high quality
• Transforming our partner-facing operations layer, to provide a faster
andmore digital experience for our partners
R&D for new growth
• Exploring new areas of potential monetisation
• Fast-tracking new growth opportunities
Strategic Report
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Financial Statements
Consumer features
2020 2021 2022 2023 2024 2025
Partner products
Strategy in action
Creating innovative products, leveraging AI,
that enhance consumer engagement and
promote partners’ own businesses with
unmatched visibility
During 2025, we continued to build success together with our partners.
Weintroduced over 6,000 new and enhanced products, helping them tailor
their marketing spend to their business objectives and local market dynamics.
Thisflexibility enables partners to choose and create the right mix of brand
visibility, lead generation and operational efficiency tools to drive their
businesses forward.
Everything we do to engage consumers with new features and tools also
provides value to our partners whether – directly, by generating more leads
or offering new ways for them to showcase their business, or indirectly,
byenriching the data and signals around property intent, behaviours
andasking prices that help us deliver more effective products.
The value Rightmove delivered for partners in 2025 was reflected
inthesecond highest partner retention in over 10 years.
Accelerated product cadence
New features and products
2025 Investment in new products
Annual report and accounts 2025Rightmove19
Governance Other InformationStrategic Report
Financial Statements
Strategy in action continued
Products for partners that provide value and generate
opportunities
Products that meet partner needs and are increasingly tailored to sub-segments of the market
Other enhancements to partner products include:
• Premium Price Guide enhancements include agent
personalisation and profiles
• LVA enhancements revamped consumer experience of
thisagent-led product, improving conversion tobooked-
invaluation
• Refreshed Commercial Property Details Page –
integratedinto RM+
• RM+ additions: Chatbot, call assistant, navigation tools,
personalised dashboard, property page tools, self-service
emails, phone and copy invoice (building success together)
Online Agent Valuation
Online Agent Valuation is a digital valuation
product for estate agents. It is unique to UK
portalsand designed to help agents connect
earlierwith prospective sellers who prefer
adigital-first interaction before moving to
anin-person valuation.
It complements our existing product suite
forvaluations and provides digitally derived
valuation estimates to potential vendors,
includingAI-assisted response options.
Through adding more recent data about
apropertyto the platform, it helps both
consumersand agents in one go to save
timeandbuild a relationship.
New Homes:
Direct Appointment
Booking
Connects developers’ calendars
directly to the Rightmove platform,
enabling consumers tobook viewings
at New Home developments in real
time, withlive availability; streamlining
the process for both developers and
home movers.
Build to Rent:
PropertyReviews
Integrates resident feedback directly
into Rightmove for participating
Build-to-Rent partners. HomeViews
ratings and reviews appear on property
detail pages, helping renters understand
the living experience and build
confidence. For partners, B2R Reviews
differentiates developments, highlights
real-life benefits and strengthens trust
with prospective renters.
Estate Agency:
AI-connected
Opportunity Manager
Uses AI to detect behavioural signals
indicating a homeowner browsing on
the Rightmove platform may want to
sell, providing potential valuation leads
to estate agency partners helping them
stay engaged andenabling them to
reach outpromptly.
Rental Services:
EnhancedLeads
Now fully integrated with partners’
CRMs, delivering richer lead data in real
time into agents’ workflows. Increased
adoption means 50% of all letting lead
senders now use Enhanced Leads,
driving >80% of lead senders to be
signed in when submitting a lead.
Strategic Report
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Financial Statements
Strategy in action continued
New features and tools that engage consumers
Improved consumer engagement increases the value partners gain from Rightmove products
Other enhancements to the consumer platform include:
• Collaboration (Phase 1): Allows people (partners, family, friends) to share and comment on shortlisted property lists
withinRightmove, simplifying joint decisions and boosting engagement
• New Maps experience and New Filters Instant valuation refresh
• Updated mortgage calculator with improved affordability ranges
Enhanced Leads: Renters’
Checklist Connected
A real-time, automated assistant and live tracker
thatstreamlines the entire lettings journey for
renterswhose agents use Tenancy Manager.
It reduces admin by automating and tracking each
step – from initial lead through referencing and
contract signing to setting up home services like
broadband – improving transparency and reducing
friction for consumers.
For agents, it enhances lead quality, increases
efficiency and boosts consumer engagement
and conversion, reducing failure points across
the lettings process.
Find: AI Keywords
Semantic matching of text and
images providing a filter list of >200
options enabling consumers to
search by hundreds of smart tags,
e.g. ‘exposed brick’, ‘river views’
or‘underfloor heating’.
Afford/Lifestyle: AI-driven
Renovation Cost Estimator
Expands beyond extension
cost estimates to cover smaller
renovations like bathrooms.
After consumers upload a floor plan,
AI acts as a virtual build partner –
analysing the layout andproducing
low, medium andhigh cost estimates,
helpingconsumers understand likely
renovation costs.
Find: Style with AI
An AI-powered feature, allowing
users to re-imagine property
listings by removing furniture,
adjusting lighting and exploring
renovation potential – making it
easier to picture living there
before a viewing. It boosts
consumer engagement, delivers
richer data and helps unlock new
revenue opportunities.
Mortgages Property
Checker (global first)
Enables homebuyers to receive
real-time information about the
likelihood of getting a mortgage
on a specific property, even
before a viewing and well ahead
of the offer stage. Over 60%
ofconsumers now attach a
property to their mortgage in
principle, which has improved
engagement and conversion
throughout the funnel.
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Financial Statements
Key performance indicators
Financial key performance indicators
1. Underlying operating profit is operating profit before the deduction of share-based payment charges (including the related National Insurance charges) and transaction-related charges.
2. Underlying operating margin is underlying operating profit as a percentage of revenue.
3. Underlying basic earnings per share is defined as profit for the year before share-based payments charges (and related National Insurance) and transaction-related charges, and the appropriate tax adjustments, divided by the weighted
averagenumber of ordinary shares outstanding for the period.
Read more on links to the principal risks, listed below, on pages 55-58.
1
Macroeconomic
environment
2
Competitive
environment
3
New or disruptive technologies and
changing consumer behaviours
4
Cyber security
and IT systems
5
Regulatory
risks
6
Securing and retaining
the right talent
We use the metrics set out below to track our financial performance
Revenue (£m) Underlying operating
profit(£m)
Underlying basic EPS
(Pence per ordinary share)
Cash returned to
shareholders (£m)
2025 performance 2025 performance 2025 performance 2025 performanceRisks Risks Risks Risks
+9
%
+9
%
+11
%
+21
%
1 1 1 12 2 2 23 3 3 3
Revenue grew by 9% year on year
to£425.1m (2024: £389.9m)
Underlying operating profit
(1)
of £297.7m,
up9% compared to 2024 (2024: £273.9m)
with underlying operating margin
(2)
at 70%
(2024: 70%)
Underlying earnings per share
(3)
of 29.1p,
up2.9p on 2024 (2024: 26.2p)
During the year surplus cash flow was
returned to shareholders in the form of
share buybacks and dividends. Total cash
returns were £219.7m (2024: £181.7m)
(seeFinancial review)
0
100
200
300
400
500
304.9
332.6
364.3
389.9
425.1
2021 2022 2023 2024 2025
21.8
23.8
25.2
26.2
29.1
2021 2022 2023 2024 2025
30
20
10
0
238.8
197.7
201.7
181.7
219.7
2021 2022 2023 2024 2025
250
150
200
50
100
0
231
245.4
264.6
273.9
297.9
2021 2022 2023 2024 2025
300
200
100
0
Strategic Report
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Financial Statements
Key performance indicators
Operational key performance indicators
Read more on links to the principal risks, listed below, on pages 55-58.
1
Macroeconomic
environment
2
Competitive
environment
3
New or disruptive technologies
andchanging consumer behaviours
4
Cyber security
and IT systems
5
Regulatory
risks
6
Securing and retaining
the right talent
We use the metrics set out below to track our operational performance
Number of advertisers Average revenue per
advertiser (£ per month)
Traffic – time on site
(measured in billions of minutes)
Employee engagement
2025 performance 2025 performance 2025 performance 2025 performanceRisks Risks Risks Risks
+1% +6% +2% 89%
1 1 1 12 2 2 23 3 3 3
Definition
The total number of UK agency branches/
branch equivalents and new home developer
sites advertising properties on Rightmove
Definition
Revenue from agency and new home partners
in a given month divided by the total number
of advertisers during the month, measured
as a monthly average over the year
Definition
Total time during the year, measured in
billions of minutes, spent on Rightmove’s
platform
Definition
The number of employee respondents
selecting ‘Yes’ as a response to the question
‘Rightmove is a great place to work’ in the
annual employee survey
Strategic link
Core partners
Strategic growth areas
The Rightmove platform
Strategic link
Core partners
The Rightmove platform
Strategic link
Consumers
The Rightmove platform
Strategic link
People
The Rightmove platform
18.3
16.3
15.4
16.4
16.8
2021 2022 2023 2024 2025
20
15
5
10
0
89
87
88
82
89
2021 2022 2023 2024 2025
100
80
40
20
60
0
0
400
800
1,200
1,600
2,000
1,189
1,314
1,431
1,524
1,621
2021 2022 2023 2024 2025
18,969
19,014
18,785
19,047
19,272
2021 2022 2023 2024 2025
20,000
15,000
5,000
10,000
0
Annual report and accounts 2025Rightmove23
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Financial Statements
Financial review
Strong financial performance
across the business
Overview
Revenue increased by £35.2m, growth of 9%, to £425.1m
(2024: £389.9m). This was driven by strong uptake of products
and packages from agents and developers and 25% growth in
the strategic growth areas, comprising Commercial, Mortgages
and Rental Services.
Operating profit of £287.9m increased by 12% on 2024.
Underlying operating profit
(1)
of £297.7m increased by 9%
compared to 2024 (2024: £273.9m), with an underlying
operating profit margin
(2)
of 70% (2024: 70%).
The UK property market saw a modest rise in transactions
to 1.2 million (1.1 million in 2024), while house prices remained
flat. Although more sellers entered the market, buyer caution
persisted, resulting in elevated resale stock levels. This
supported agents through stronger pipelines and enabled new
agents to win mandates; however, near record resale availability
continued to crowd out the New Homes market, where new
development build rates remained subdued.
As a result, New Homes membership declined by 1% year on
year, though this was more than offset by growth in Agency
membership, resulting in a 1% increase in total membership.
New Homes ARPA
(3)
grew 7% as developers competed harder
for buyer attention, driving 9% revenue growth. Agency
revenue also grew 9% due to ARPA
(4)
increasing 6% and
membership up 2%. The Other business units performed
strongly, growing 11%, led by Mortgages and Commercial.
Revenue
Agency
Agency revenues grew 9% to £304.7m, driven mainly by ARPA
growth supported by higher discretionary product spend and
continued package upgrades to Optimiser Edge.
Agency ARPA
(4)
increased 6% (+£90) to £1,530 (2024: £1,440)
with 62% of the increase coming from product growth. Uptake
“Revenue growth driven by increasing
uptake of products by partners across
allbusiness areas.”
Ruaridh Hook
Chief Financial Officer, Rightmove
of the top tier Optimiser Edge package remained strong, with
penetration reaching 35% (2024: 31%).
2025
£m
2024
£m
Change vs
2024 £m
Change vs
2024 %
Agency 304.7 280.0 24.7 9%
New Homes 75.3 69.2 6.1 9%
Other 45.1 40.7 4.4 11%
Total revenue 425.1 389.9 35.2 9%
2025 2024
Change vs
2024
Change vs
2024 %
Agency branches 16,385 16,124 261 2%
New Homes
developments 2,887 2,923 (36) (1%)
Total membership 19,272 19,047 225 1%
As well as upgrades, ARPA also benefited from partners
purchasing incremental products: 52% of agents spent above
their monthly commitment on incremental products, reflecting
thevaluetheysee from our products.
Membership ended the year up 2% at 16,385 branches
(2024: 16,124), supported by strong retention (90%) and
increased new agent formation, reflecting favourable market
conditions for new agents.
Included within Agency, Rental Services grew 35%, driven by
strong growth across the Lead to Keys product.
New Homes
New Homes revenue grew 9% to £75.3m. In a subdued new
homes market, average membership increased 1% over the
year; however, year-end membership fell 1% (36 branches) to
2,887 (2024: 2,923) as new developments coming to market
remained low. New Homes ARPA
(3)
rose 7% (+£148) to £2,135
per development per month (2024: £1,987) as developers
invested more to sell existing developments.
Revenue growth was driven primarily by product and package-
related spend, which contributed 61% of ARPA growth. This
included upgrades to the Advanced package, strong adoption
Revenue
Dec 24
389.9
23.5
7.3
4.4
425.1
ARPA
Customers Other
Dec 25
325
350
375
400
425
Strategic Report
Annual report and accounts 2025Rightmove24
Governance Other Information
Financial Statements
Financial review continued
• £2m depreciation and amortisation primarily from amortisation
of capitalised internal labour relating toproductdevelopment.
• Partially offset by a reduction of £1m in General & Administrative
costs due to a decrease in areas such asrecruitment and
bad debt.
The share-based payments charge increased to £9.8m, up 17%
from 2024 (2024: £8.4m), due to new awards andhigherNational
Insurance. Transaction-related costswere£nil in the current
year (2024: £9.2m).
Operating profit
Operating profit increased 12% to £287.9m, delivering an
operating profit margin of 68% (2024: 66%). The increase was
driven by 9% growth in revenue and the absence of prior year
transaction-related charges, which offset the higher underlying
costs and increased share-based incentive charges.
Underlying operating profit
(1)
of £297.7m increased by
9%/£23.8m compared to 2024 (2024: £273.9m), with an
underlying operating profit margin
(2)
of 70% (2024: 70%).
Earnings per share (EPS)
Basic EPS increased 3.7p to 28.1p (2024: 24.4p) reflecting the
increase in profit and the impact of the share buyback programme
in reducing the weighted average number of ordinary shares in
issue by 2% to 772.4m (2024: 790.2m).
Underlying basic EPS
(6)
(based on underlying operating profit
(1)
)
increased by 11% to 29.1p (2024: 26.2p).
Taxation
Profit before taxation increased 12% to £290.0m, with a tax
charge of £72.9m (2024: £65.7m). The resulting effectivetax
rate for the year was 25.1% (2024: 25.4%), marginally higher
than the UK statutory rate of 25.0%. Rightmove’s total tax
contribution to the UK Exchequer in2025was £178.4m
(2024: £161.0m). Of this, £83.7m (2024: £75.0m) related to taxes
borne by the Group, whiletheremaining £94.7m (2024: £86.0m)
was collected inrespect of payroll taxes and VAT. The increase
in total tax contribution compared to the prior year is primarily
due to the increase in operating profit which impacted both
corporation tax and VAT.
Operating profit
2025
£m
2024
£m
Change vs
2024 £m
Change vs
2024 %
Revenue 425.1 389.9 35.2 9%
Admin costs (137.2) (133.6) (3,6) (3%)
Operating profit 287.9 256.3 31.6 12%
Operating margin 68% 66%
Excluding charges that are not entirely driven by the principal operational activity of the Group:
Share-based payments charges 9.8 8.4 1.4 17%
Transaction-related costs 0.0 9.2 (9.2) (100%)
Underlying operating profit
(1)
297.7 273.9 23.8 9%
Underlying operating margin
(2)
70% 70%
Basic earnings per share 28.1 24.4 3.7 15%
Underlying earnings per share
(6)
29.1 26.2 2.9 11%
of the new top tier Ascend package launched in May – which
reached 28% penetration by year end – and incremental
product purchases above package thresholds.
Other
Other business units’ revenue grew 11% to £45.1m due to
strong performance in Mortgages and Commercial. Mortgages
revenue increased 46%, growth of £2.1m to £6.8m, as more
consumers used the Rightmove Mortgage in Principle product
to assess their affordability. Commercial Real Estate revenue
grew 13%, an increase of £1.8m to £15.3m, reflecting a 29% rise
in membership to 1,227. The impact of lower-ARPA partners
joining reduced ARPA to £1,108 (2024: £1,260).
Data Services, Overseas and Third-Party Advertising collectively
contributed a further £0.5m of growth. The strategic growth
areas (Commercial Property, Financial Services, and Rental
Services) grew at a combined rate of 25%.
Administration costs
Operating costs increased by 3%, from £133.6m to £137.2m,
reflecting £11.4m of underlying cost increases and £1.4m higher
share-based incentives charges, partly offset by the absence
of prior-year transaction-related charges (2024: £9.2m).
Underlying operating costs
(5)
(operating costs excluding
share-based payment charges of £9.8m) were £127.4m
(2024: £116.0m), a 10% increase of £11.4m. This reflects
increases of:
• £5m payroll costs from a 5% increase in average headcount
(900 vs 861), average salary inflation of 4%, and higher
National Insurance payments following the April rate change.
• £4m technology costs due to additional cloud hosting and
migration costs, investment in new systems, and increased
cyber security spend.
• £2m marketing costs reflecting continued investment
inconsumer and partner marketing.
Annual report and accounts 2025Rightmove25
Governance Other InformationStrategic Report
Financial Statements
Summary balance sheet
2025
£m
2024
£m
Change
£m
Property, plant and equipment 9.5 8.4 1.1
Intangible assets 41.1 36.2 4.9
Deferred tax asset 1.0 1.4 (0.4)
Trade and other receivables 32.4 29.0 3.4
Contract assets 1.3 1.3 –
Income tax receivable – 0.9 (0.9)
Money market deposits 5.7 5.5 0.2
Cash 37.2 35.8 1.4
Trade and other payables (32.6) (27.0) (5.6)
Contract liabilities (3.5) (3.2) (0.3)
Income tax payable (0.5) – (0.5)
Lease liabilities (7.2) (6.2) (1.0)
Provisions (1.7) (0.8) (0.9)
Other liabilities (0.4) (0.4) –
Net assets 82.3 80.9 1.4
Rightmove’s balance sheet at 31 December 2025 has total
equity at £82.3m (2024: £80.9m), including cash and money
market deposits of £42.9m (2024: £41.3m).
Property, plant and equipment of £9.5m increased £1.1m
primarily due to an additional lease added for the London office
of £3.0m, as well as usual additions of leased motor vehicles and
computer equipment totalling £2.0m, partially offset by
depreciation of £3.9m.
The increase in intangible assets of £4.9m, to £41.1m, is due to
the impact of capitalised internal labour costs totalling £9.3m,
offset by amortisation of £4.4m.
Trade and other receivables of £32.4m increased by £3.4m
(2024: £29.0m), primarily reflecting higher trade receivables
dueto higher revenues and timing of year-end receipts.
Trade and other payables of £32.6m increased by £5.6m
(2024: £27.0m) mainly due to timing ofinvoicesandVAT payments.
Financial review continued
Lease liabilities increased £1.0m due to the additional London
office lease, partially offset by the unwinding of existing lease
balances over time. Provisions increased £0.9m due to
remeasurement of dilapidations across all property leases.
There are no contingent liabilities.
The closing cash balance, including money market deposits,
was£42.9m (2024: £41.3m).
Cash flow, capital structure and
dividends
Rightmove continues to see strong cash generation at 107%
ofoperating profit
(7)
(2024: 108%) with the slight decline
drivenby working capital movements.
Operating cash flow rose by £30.4m to £308.0m (2024: £277.6m).
Cash used in investing activities decreased by£9.5m to £7.7m
(2024: £17.2m), reflecting the absence ofacquisitions made in
2024, partially offset by higher investment across the business.
Dividends of £78.6m were paid during the year, covering the2024
final dividend and the 2025 interim payment (2024: £74.3m). Cash
returned to shareholders through the share buyback programme
increased £33.7m to £141.1m (2024: £107.4m), with 21.4 million
ordinary shares (3% of outstanding share capital) purchased and
cancelled (2024: 18.8 million, 3%). In total, shareholder
distributions amounted to £219.7m (2024: £181.7m).
The capital allocation policy remains: organic investment
continues to be prioritised, alongside the assessment of
value-accretive M&A opportunities to accelerate strategy
execution. Surplus cash is returned through a progressive
dividend policy linked to earnings growth, with any remaining
funds allocated to share buybacks.
Consistent with this policy, the Directors recommend a final
dividend of 6.59p per ordinary share, bringing the total dividend
for the year to 10.64p – an increase of 9% onthe2024 dividend.
Subject to shareholder approval, thefinaldividend will be paid on
22 May 2026 to shareholders onthe register as of 24 April 2026.
Ruaridh Hook
Chief Financial Officer
26 February 2026
1. Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance), and transaction-
related charges.
2. Underlying operating margin is defined as the underlying operating profit as a percentage of revenue.
3. New Homes ARPA is calculated as revenue from New Homes developers in a given month divided by the total number of developers during the month,
measured as a monthly average over the year.
4. Agency ARPA is calculated as revenue from Agency customers in a given month divided by the total number of advertisers during the month, measured
as a monthly average over the year.
5. Underlying costs are defined as administrative expenses before share-based payments charges (including the related National Insurance), and transaction-
related charges.
6. Underlying basic earnings per share (EPS) is defined as profit for the year before share-based payments charges (including the related National Insurance),
and transaction-related charges and appropriate tax adjustments, divided by the weighted average number of ordinary shares outstanding during the period.
7. Cash generated from operating activities of £308.0m (2024: £277.6m) compared to operating profit as reported in the income statement of £287.9m
(2024: £256.3m).
Strategic Report
Annual report and accounts 2025Rightmove26
Governance Other Information
Financial Statements
What matters to them
How we engage and obtain feedback
Value creation, delivered through:
• Successful business model and delivery
ofstrategy
• Operational performance and strong
financial results
• Total shareholder return (capital and income)
• Effective leadership
• Culture and purpose
• Sustainability
• Transparent communications
• Direct investor feedback to Investor Relations,
Executive and Non-Executive Directors through
regular investor interactions
• Investor Relations and 1:1 meetings with
BoardDirectors
• Corporate governance engagement through
Company Secretary and Investor Relations
• Investor reports and analysis are provided to the
Board regularly
• Investor associations’ voting recommendations
and commentary on general meeting resolutions
• Corporate brokers and financial communications
partners provide investor and analyst feedback
Metrics to measure success
Challenge for Rightmove and actions
• Financial and operational results
• Shareholder returns
• Analyst commentary and consensus
• Investor associations’ voting
recommendations
• Shareholder voting results at the AGM
Ensuring our investors fully understand
ourbusiness model and investment case
We clearly articulate our business model and
investment case in investor meetings, on our investor
website and at investor presentations. We ask
investors for feedback at meetings and in consultations,
for example on our latest Remuneration Policy, and
regularly review and update investor materials. The
business model and investment case are on pages 10
and 5 respectively.
What matters to them
How we engage and obtain feedback
• Value for money
• Product innovation that meets their
needsand provides choice
• Access to products and services that help
grow their businesses
• Efficient, friendly support from
accountmanagers
• Building Success Together programme
• Regular meetings with Account Directors
• Online partner portals Rightmove Plus and
Rightmove Hub
• Free webinars, training sessions and qualifications
• Sentiment monitoring through analysis of data
andresearch
• Estate Agency and New Homes developer
eventsand conferences
Metrics to measure success
Challenge for Rightmove and actions
• Agent sentiment data and analysis
• Direct partner feedback
• Products and upgrades adoption rates
• Financial KPIs: revenue, underlying operating
profit and EPS
Providing partners with innovative products
thathelp them drive their business growth
Building Success Together with agents is at the heart
of our product development. In 2025 the Rightmove
Hub (portal for estate agents) was upgraded and
redesigned, the ‘Game Changers’ campaign for home
movers was launched (to nominate their agent for
going above and beyond during their house move) and
the Seismic tool launched, which helps estate agents
to create sales presentations.
In accordance with Section 172(1) of the Companies Act 2006 (Act), the Directors must act in a way that is most likely to promote the success of the Company for the benefit of its shareholders.
Insodoing, they must consider the principles listed in Section 172 (1) (a) to (f) of the Act. The stakeholders that are most important to Rightmove’s business model and operations are its shareholders,
partners (customers), consumers, employees and suppliers. The table below explains what matters to each stakeholder, how we obtain feedback, how the Board considers this when making decisions,
themetrics used by the Board to measure success and any challenges. A case study of a strategic decision made by the Board in 2025, how the Section 172 factors were considered, and outcomes
isonpage 29. Signposting to further information located in other parts of this report is on page 30.
Shareholders
Why they matter to us
Investor confidence ensures continued access to capital. Maintaining an open and trusted dialogue
withcurrent and potential investors is a priority.
Partners (Customers)
Why they matter to us
Rightmove’s revenue is generated from subscription fees from partners who use our products
andservices to deliver exceptional experiences to their customers.
Stakeholder engagement and Section 172 statement
Section 172 statement
Annual report and accounts 2025Rightmove27
Governance Other InformationStrategic Report
Financial Statements
Section 172 statement continued
What matters to them
How we engage and obtain feedback
• Access to nearly all UK property listings in
one place
• Easy navigation with accurate information
and engaging features
• Platform accessibility, security and reliability
• Interesting and informative content
• Tools that make moving easier and simpler
• Industry metrics: traffic measurement and analysis
of consumer behaviour
• Ad-hoc feature satisfaction surveys
• Feedback through monitoring product usage
• Consumer research and direct engagement
Metrics to measure success
Challenge for Rightmove and actions
• Data and analysis on frequency of site visits
and journeys
• Awareness and preference survey scores
• Web and app usage data and metrics
Ensuring we maintain consumer satisfaction
andbrand loyalty
We continued to innovate in 2025, incorporating AI
to improve search functionality and launching more
personalised features for consumers, such as Style
with AI and AI Keywords search. See Strategy in action
from page 19.
What matters to them
How we engage and obtain feedback
• Fair pay and other benefits
• Training and career development
opportunities
• Diversity, equity, and inclusion
• Positive culture and work/life balance
• Clear Company purpose and strong reputation
• CEO reports and People/Culture updates
• Have Your Say surveys and results
• All-employee Town Halls, with Q&A
• Board Connection sessions (see page 72)
• PODS: strategic progress updates for Key Leaders
• Performance management (see People and Culture
section on page 32)
Metrics to measure success
Challenge for Rightmove and actions
• Have Your Say engagement survey results
• Performance and retention statistics
• ‘Speak up’/Whistleblowing line reports
• Levels of attrition
Ensuring we recruit and retain the best talent
tokeep innovating our platform and products
We invest in talent acquisition, foster a culture aligned
to our values, The Hows (see page 34), and ensure
that fair rewards are offered to attract and retain the
best people.
Consumers
Why they matter to us
Consumer loyalty and trust are central to our business model. Consumers turn to Rightmove first for the
information and data they need to make their move.
Employees
Why they matter to us
Rightmove’s success depends on attracting, developing, and retaining a talented, diverse workforce.
Highly engaged employees deliver the best results and create value for stakeholders.
Strategic Report Governance Other Information
Financial Statements
Annual report and accounts 2025Rightmove28
Section 172 statement continued
Strategic Board decision-making
In 2025, the Board approved accelerated investment
intechnology, product innovation and AI to strengthen
theplatform and drive sustainable growth.
Stakeholder considerations
• Key stakeholders were shareholders, partners, consumers and employees.
• The strategy was shaped at a two-day meeting with the Group Leadership Team
(GLT) and senior leadership, using stakeholder data and analytics. The individual
business cases for each initiative were presented.
• The Board and GLT assessed several metrics including revenue, ARPA, housing
demand, traffic, app usage and margin profile to gauge stakeholder impact.
• The plan was approved by the Board and then communicated to investors on
7 November.
• Anticipated outcomes are increased resilience in the medium term, upskilling for
employees, improved consumer experience and enhanced partner tools.
Section 172 considerations
• Consequences of decisions in the long term: forecasts to 2030 informed decisions
to create sustainable value.
• Interests of employees: regular updates at Town Halls; AI adoption supports
efficiency andskillsdevelopment.
• Impact of operations on the community and environment: strategy execution
supports sustainability-relatedcommitments, monitored by the CSR Committee.
• Shareholders: ongoing engagement with investors at results presentations
androadshowsincreases understanding of the business model.
Outcomes
• Greater sustainable financial growth.
• Enhanced products and AI-driven tools for partners and consumers.
• Improved user experience and expanded commercial offerings.
• Employee skills enhanced through technology integration.
What matters to them
How we engage and obtain feedback
• Payment within agreed terms and adherence
to the Fair Payment Code
• Fair and balanced contractual terms
• Co-operative, transparent relationships
inthelong term
• Compliance with the law, listing and
regulated business rules and alignment
withbest practice
• Robust tender and procurement processes
• Supplier onboarding with distribution
ofRightmove’s Supplier Code of Conduct
• Annual supplier survey
• Audit Committee review of Payment
Practicesreporting
Metrics to measure success
Challenge for Rightmove and actions
• Reporting on the government’s business
Payment Practices and performance
requirements
• Compliance with the Fair Payment Code
• Supplier survey feedback and results
Maintain strong supplier relationships and ensure
timely payments
Implementation of a new procurement finance system
in late 2025, streamlining communication and ordering,
and minimising payment delays. AwardedSilver by the
Fair Payment Code until 2027.
Suppliers
Why they matter to us
Strong, effective relationships with third-party suppliers are essential to our operations
andoverallbusiness success.
Governance Other InformationStrategic Report
Financial Statements
Annual report and accounts 2025Rightmove29
Section 172 statement continued
Further information about the Section 172 factors
Section 172 factors Location of more information Page
The likely consequence of any decision in the long term
• Chair’s statement
• Business model
• Strategy in action
• CEO report
• CFO report
• KPIs
• Risk management
• Viability/going concern
• Corporate governance report
6
10
19
13
24
22
53
59
60
The interests of the Company’s employees
• People and Culture
• Corporate governance report
• Directors’ Remuneration Report
32
60
84
The need to foster business relationships with suppliers,
customers and others
• Business model
• Strategy in action
• CEO report
• CFO report
• Risk management
• Corporate governance report
• Audit Committee report
10
19
13
24
53
60
74
The impact of the Company’s operations on the community
and the environment
• People and Culture
• Environment
32
39
The desirability of the Company maintaining a reputation
for high standards of business conduct
• Risk management
• People and Culture
• Corporate governance report
• Audit Committee report
• Directors’ report
53
32
60
74
104
The need to act fairly as between members of the Company
• Corporate governance report
• Directors’ report
60
104
High standards of business conduct
The Board upholds the highest standards of business
conduct through its corporate governance framework
andpractices, training and policies, including a Conflicts
Register, Code of Conduct, Anti-Bribery and Corruption
Policy and Speak up/Whistleblowing arrangements.
TheRightmove values,The Hows, are role modelled
byleadership.
Rightmove’s Internal Audit function regularly assesses
internal controls and processes for any weaknesses
ornon-compliance. Rightmove’s Risk Committee
meetsatregular intervals and reports on its activities
totheAudit Committee.
Need to act fairly as between members
oftheCompany
The Investor Relations Director and Executive Directors
meet with current and potential shareholders on a regular
basis. The Chair and Non-Executive Directors also meet
with shareholders upon request. A Share Dealing Policy
andCode, a Disclosure Committee and Disclosure
Procedures Manual are in place to ensure compliance
withstatutory and best practice requirements relating
tothe dissemination and control of information.
Please turn to the Governance report on page 60 to see
fulldetails of our governance processes and practices,
tothe Risk management report on page 53 for further
information about risk management and internal controls
and to the Audit Committee report on page 74 for further
information on our internal controls and anti-bribery
andcorruption processes.
The Board remains committed to embedding the principles
of Section 172 into its governance and decision-making
processes. The table to the right has details of where
further information can be found in relation to each
oftheS172 duties in other sections of this report.
Further information can also be found on our
investor website plc.rightmove.co.uk
Strategic Report
Annual report and accounts 2025Rightmove30
Governance Other Information
Financial Statements
Rightmove is a sustainable, responsible business
that generates value for stakeholders.
How we report
Our ESG reporting is streamlined to focus on what
matters most to stakeholders. This report covers:
People and Culture (page 32), and Environment
(page39). Governance disclosures start on page 60.
CSR strategy
Environment
Vision: Go Greener
Talent
Attracting and
retaining
world-class
talent
Performance
Deploying talent
and stimulating
performance
Engagement
Boosting
employee
engagement and
enablement
Greener
Rightmove
Become a Net Zero
business by 2040
and in our direct
operations by 2030
Greener Moves
Become the leading
trusted voice to help
people go greener
People and Culture
Vision: accelerating innovation and growth through
exceptional people and positive culture
Sustainability
Social responsibility
In 2025, Rightmove was
awarded AAA status by MSCI
Awarded ESG Prime status
byInstitutional Shareholder
Services
The use by Rightmove plc of any MSCI ESG Research LLC or its affiliates (“MSCI”)
data, and the use of MSCI logos, trademarks, service marks or index names
herein, do not constitute a sponsorship, endorsement, recommendation, or
promotion of Rightmove plc by MSCI. MSCI services and data are the property
of MSCI or its information providers and are provided ‘as-is’ and without
warranty. MSCI names and logos are trademarks or service marks of MSCI.
Other InformationGovernanceStrategic Report
Annual report and accounts 2025Rightmove31
Financial Statements
People and Culture
People and Culture
Our vision is to help Rightmovers do the best work of their lives, enabling everyone to
reach their full potential, while driving innovation and business success. We strive to make
Rightmove a great place to work, where people feel valued, engaged and empowered,
andtheir contributions positively impact our business, stakeholders, and communities.
Three People and Culture pillars support the business strategy and commercial success:
• All new Rightmovers recruited through
ourRightmove Way of Recruitment.
• Reduced reliance on external agencies,
lowering operational costs.
• Improved onboarding and induction,
contributing to reduced early attrition.
• Enhanced our inclusive recruitment plan
tofeature balanced shortlists, diverse panels
andaccessible interviews.
Attracting and
retaining world-
classtalent
1
• Implemented Healthy High Performance Way
(see page 33) to enhance performance culture.
• Rolled out Microsoft Copilot to 400 colleagues,
equipped engineering teams with GitHub Copilot,
and introduced an AI upskilling framework for
all employees, boosting confidence and
capability in AI.
• Activated our Key Leaders through bi-annual
summits and conducted annual talent reviews
to identify and develop potential successors.
• Enhanced development opportunities with
relaunch of growth plans, externally-led
masterclasses, and the introduction of an
AI Conversation Coach to support manager
development.
Deploying talent
and stimulating
performance
2
• Launched and embedded new Company
values, The Hows, to set the cultural tone
forthe phase ahead.
• Improved employee listening through new
engagement survey, exit interviews approach,
and a new Company Town Hall format.
• Expanded non-financial rewards with new
recognition programmes, appreciation days
and achievement awards.
• Upgraded Rightmove Life, the employee
self-service hub, to boost knowledge, awareness
and cultural alignment and introduced an AI
chatbot for faster query resolution.
Boosting
employee
engagement and
enablement
3
Rightmove was
included for the
second year in
TheSunday Times
Best Places to
Work index
Governance Other InformationStrategic Report
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Annual report and accounts 2025Rightmove32
People and Culture continued
1
Attracting and retaining
world-classtalent
Rightmove way of recruitment
Attracting talent with the right skills and capabilities is critical
todelivering our strategy and creating value for all stakeholders.
In 2025, we strengthened our talent strategy by redesigning
recruitment processes to ensure cultural alignment through
values-based interviews.
Onboarding was elevated with structured manager guides,
candidate feedback surveys and a refreshed induction
programme, How Rightmove Fits Together, connecting
newhires early to our vision and strategy and facilitating
engagement with senior leaders across the business.
Our Inclusive Recruitment Action Plan increased focus on
targeted sourcing, jump-starting recruitment to boost
top-of-funnel diversity, balanced shortlists, diverse interview
panels and accessible interviews to ensure balance throughout
the process.
Rightmove approach to reward and benefits
Our reward and benefits approach is designed to reinforce
performance and engagement. Employees benefit from
competitive pay, up to a 7% pension contribution, private
healthcare, and 27 days of annual leave plus two volunteering
days. Flexibility is supported through hybrid working (up to
three remote days), alongside initiatives such as Bike to Work,
life assurance and interest-free travel and rental deposit loans.
In2025, we enhanced this with an EV salary sacrifice car
scheme, aligning with our commitment to sustainability
andgreen strategies.
Participation in our annual Sharesave scheme continued,
with51% of Group employees currently participating. Every
employee received free Rightmove shares worth £3,000 under
the Share Incentive Plan in 2025, strengthening alignment with
Company success. Rightmove remains proud to be a Living
Wage employer.
2
Deploying talent and stimulating
performance
HealthyHighPerformance Way
In 2025, we transformed performance management with the
launch of the Healthy High Performance Way – designed to
create clarity, accountability and a shared sense of purpose.
This approach connects individual priorities directly to Company
objectives, ensures reviews are supported by measurable
outcomes and places a strong focus on personal growth.
We introduced the framework at a Company-wide Town Hall
alongside the relaunch of our values, The Hows, marking a
change in how we work together, focusing on what our people
deliver and how they deliver it. Practical playbooks, manager
training and employee workshops have equipped everyone
toembrace performance cycles built on meaningful
conversations and continuous feedback. This enables every
Rightmover tothrive and contribute to our collective success.
In our latest engagement survey, 84% of employees agreed
they have the clarity needed to succeed through priorities set
with their manager.
Summary of learning and
development
Average number of hours of learning
per Rightmover
12
Percentage of Rightmovers offered training
100%
Total number of training hours provided
to employees
10,625
Number of mandatory training hours
3,403
Number of technical development
training hours
7,222
Average training cost per employee
£589
AI activation
Training for all employees is focused on creating
afuture-ready workforce through a multi-stream
approach with these new initiatives in 2025:
• Upskilling our workforce by rolling out Microsoft Copilot
to 400 users with training, guidance and support.
• Introducing AI Conversation Coach (an internally
developed AI agent) to support manager conversations.
• Launch of a data and AI apprenticeship programme,
partnering with Multiverse.
• AI upskilling framework, with self-serve AI-focused
development content tailored by persona, rolled out
toall employees.
Metrics to monitor People and
Culture outcomes
Rightmove engagement score
Great Place to Work score
Attrition levels
Diversity, equity and inclusion metrics
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People and Culture continued
Key Leader activation
Our senior leaders participate in biannual summits to deepen
strategic understanding, reinforce accountability and enhance
leadership capability through learning and connection.
Theannual Group Talent Review identifies high-potential
talentfor key leadership roles and supports succession planning
for executive management. Development plans are revisited
throughout the year to enable growth outcomes and promote
internal mobility.
To read more about how the Board and GLT embed
and monitor culture, including Board Connection
sessions, please turn to page 71.
Connecting with employees
In 2025, monthly Town Halls were redesigned to feature
updates on business strategy, new products and initiatives, and
how macroeconomic trends impact Rightmove’s performance.
Each session included recognition of achievements and service
milestones, followed by anopenQ&Awith the Group
Leadership Team.
Divisional meetings complemented these events, and our
popular Swedish inspired ‘Fika’ coffee and cinnamon bun
gatherings also fostered informal connections across all offices.
We create value
We think bigger
We make a difference
We move together
We care deeply
Training and development
Our focus on equipping people through training starts from
dayone. New employees attend How Rightmove Fits Together,
afull-day induction designed to initiate, inform and integrate
Rightmovers for success. To support knowledge development
and set expectations, new joiners also complete a suite
ofmandatory introductory training courses as part
oftheironboarding.
Employees are assigned ongoing annual mandatory training
modules to keep skills current, and through repackaging and
improved communication, we increased on-time completions
this year.
We also refreshed growth plans early in the year, supported
bySquiggly Career sessions to encourage self-reflection and
career planning. Combined with our performance approach,
thisemphasises ongoing career conversations and clear
feedback to support development.
In our year-end engagement survey, 78% of employees agreed
they have access to the learning and development needed
todotheir jobs well,10 points above the UK Tech benchmark
and up nine points on the prior year.
3
Boosting employee engagement
andenablement
Evolving our values
Our culture is anchored in The Hows, Rightmove’s values
that define how we work together. In 2025, these values were
simplified and reframed in partnership with employees and
leadership, and relaunched for greater understanding and
impact. The Hows now shape every stage of the employee
lifecycle, from values-based interviews during recruitment
toperformance assessments that measure alignment.
Leaderschampion these values through visible role modelling,
recognition frameworks and structured engagement, ensuring
they are embedded in daily decision-making and collaboration.
The Rightmove Hows
Participation
83% 2024: 76%
Rightmove engagement score
71%
Great Place toWork score
89% 2024: 82%
Have Your Say results
December 2025
Annual report and accounts 2025Rightmove34
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Learn more about our culture
and values
https://www.rightmove.co.uk/
careers/culture/
People and Culture continued
We connect as a whole Company through summer and winter
parties, which encourage cross-divisional collaboration.
Wecelebrate success with our ‘Golden Gnome’ awards
forindividuals and teams.
Measuring sentiment – Have Your Say
Our six-monthly employee engagement survey, Have Your
Say, was redefined during 2025 with the help of a third-party
specialist tool to improve the quality of data, incorporate
AI-enabled sentiment analysis and to benchmark Rightmove
outcomes against UK and technology peer industries. As part
ofthat process, a new Rightmove engagement metric was
developed, to support oversight.
Informing and equipping our people
In 2025, we strengthened internal communications to reinforce
culture and improve access to resources. Rightmove Life,
ourinternal information hub, was enhanced to provide clear,
centralised information on policies, benefits and performance
tools. We introduced an AI chatbot to help resolve people-
related queries quickly and efficiently.
Communications around all-employee reward programmes,
such as the Share Incentive Plan and Save As You Earn schemes,
were refined to increase understanding and participation.
Diversity, equity and inclusion (DEI)
Our aim is to ensure we have an employee base which
isrepresentative of the wider UK population
Ethnicity data is analysed under the five summary groups
(inlinewith the government’s Race Disparity Audit 2017).
Rightmove employees volunteer information about their
ethnicity, with 92% of our employees providing information,
choosing from24ethnic categories (as defined by ACAS),
withonly 8%ofGroup employees selecting ‘prefer not to say’
orleavingtheanswer blank.
The overall percentage of employees in non-white ethnic
groups has decreased slightly to 18% (2024: 19%). Where
disclosed, 18% (2024: 17%) of Rightmove’s employeesare
non-UK nationals.
Rightmove publishes data on its ethnicity pay gap to
supplement its gender pay gap reporting. The table over the
page isasnapshot from our 2025 gender and ethnicity pay gap
report, showing ethnicity representation in each pay quartile.
Initiatives to support and improve diversity,
equityand inclusion
DEI is embedded at Rightmove in several ways:
• Awareness events, such as Black History Month, International
Women’s Day and Neurodiversity Celebration Week. In 2025,
almost 500 colleagues attended these internally led sessions.
• Hiring practices such as inclusive role design, barrier-free
access to accommodate different needs and abilities, and fair
assessment processes, including balanced interview panels.
• Inclusion groups run by employees, focused on, for example,
Race and Ethnicity, Pride, Neurodiversity andMenopause
Champions.
• Rightmove also supports UK property industry organisations
that support DEI, such as Women in Estate Agency (WiEA)
and Agents Together. During 2025 we became signatories
ofthe WiEA Charter, an important commitment to gender
equality for companies across the property industry.
Our policy is to give full and fair consideration to people with
disabilities for all vacancies. We have inclusive hiring procedures
in place to ensure that people with disabilities are equally
considered. We make reasonable adjustments for people
withdisabilities throughout their career at Rightmove.
Gender diversity
Rightmove is committed to maintaining and strengthening
female representation in senior roles and is a contributor to
theFTSE Women Leaders’ Review. As of 31 December 2025,
female employees made up 50% (2024: 50%) of overall staff.
Abreakdown by gender of the number of Directors and
employees as of 31 December 2025 by various classifications,
as required by the Companies Act, is set out overleaf.
Gender and ethnicity pay gap reporting
Rightmove published its gender pay gap report for 2024 in
March 2025 and will publish its 2025 report in line with statutory
requirements. Rightmove employees are paid in line with their
level and experience at a competitive market rate. Rightmove’s
gender pay gap is driven by the gender mix across the highest
and lowest pay quartiles. Women are less well represented in
the higher-paid senior management roles and across the
sizeable technology teams. Men are under-represented in the
lower-paid customer experience teams. Our gender pay gap
data as of April 2025 is published on the next page.
Wellbeing and mental health
Rightmove promotes mental health and wellbeing through
arange of initiatives. Every office has trained Mental Health
FirstAiders, and dedicated wellbeing pods provide space for
employees to take time out when needed. In 2025, we supported
Mental Health Awareness Week and Baby Loss Awareness Week
with employee-led stories and activities, fostering openness
and support. Community volunteering andacts of kindness
were encouraged via the OnHand app, andwe continued to
make charitable donations to mental healthcharities.
Health and safety outcomes
Rightmove’s Health and Safety Policy and outcomes were
reviewed by the Board during the year. There were no fatalities
or serious injuries reported during the year and there was no
lost time due to work-related incidents or occupational disease.
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Ethnic diversity table
White
Mixed/Multiple
ethnic groups
Asian/
Asian British
Black/African/Caribbean/
Black British Other ethnic groups Prefer not to say
Population of England & Wales (2021 Census) 81.7% 2.9% 9.3% 4.0% 2.1%
All Rightmove 73.3% 3.1% 10.8% 3.8% 2.3% 6.6%
All Rightmove (2024) 78.1% 4.7% 8.8% 3.7% 2.0% 2.7%
Lower quartile 78.8% 5.4% 3.8% 4.3% 1.6% 6.0%
Lower middle quartile 76.8% 8.6% 4.9% 2.2% 2.7% 4.9%
Upper middle quartile 68.6% 15.7% 5.4% 2.2% 2.2% 5.9%
Upper quartile 69.2% 13.5% 1.1% 3.8% 2.7% 9.7%
Please turn to page 67 in the Governance report for details of our Board diversity and our alignment with the FCA’s Listing Rules and the Parker Review.
Gender diversity
Board
Non-Executive
Directors Key Leaders
(1)
Rest of workforce
Women 50% 67% 36% 50%
Men 50% 33% 64% 50%
Total 100% 100% 100% 100%
Difference between men and women’s pay
Mean Median
2025 2024 change 2025 2024 change
Hourly pay gap
(2)
25% 22.30% 2.7% 26.1% 24.70% 1.4%
Bonus pay gap
(3)
32.9% 28.00% 4.9% 25.5% 16.30% 9.2%
1. Key Leaders are a group of senior leaders responsible for helping shape andexecute strategy. They are nominated and agreed upon by the Group Leadership Team.
2. Calculated using Rightmove Group Limited pay data from April 2025.
3. Calculated using 12 months of Rightmove Group Limited bonus pay data to 5 April 2025. Both our mean and median pay gaps continue to be influenced by
gender, with more men participating in the bonus schemes than women.
36%
Key Leaders
Board
Non-Executive Directors
33% 67%
Rest of workforce
50%
Male Female
Male
Female
Male
Female
Male
Female
50%
50%
People and Culture continued
50%
64%
Annual report and accounts 2025Rightmove36
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People and Culture continued
Community and environment investment
Charitable giving in 2025
A Charities and Communities Group ensures that corporate giving reflects
stakeholder priorities, guided by four strategic focus areas and a robust governance
framework. In 2025, we strengthened community impact through sponsorship of a
stage at Milton Keynes Pride, supported environmental and biodiversity projects with
the Canal and River Trust with more than 50 employee volunteers, and joined
Centrepoint’s annual Sleepout to raise funds and awareness for homelessness.
To further encourage social responsibility, every employee is offered two additional
days of paid leave to volunteer their time to good causes, fostering a culture of giving
and community engagement.
£318,826
Charitable donations (2024: £299,680)
£22,319
Of our donations were employee matched funding
Annual report and accounts 2025Rightmove37
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Sustainability
Materiality assessment
Moderate
High
Importance to the business
HighModerate Importance to stakeholders
Material ESG topics
Environment and community
People and culture
Governance, compliance and business conduct
1 Impact of environment and biodiversity
2 Community investment
3 Advocacy
4 Diversity, equity and inclusion
5 Employee wellbeing, health and safety
6 Workplace culture and employee engagement
7 Investment in talent
8 Corporate governance controls
9 Data privacy
10 Customer satisfaction
11 Competitive behaviour
12 Product innovation
13 Artificial intelligence
14 Consumer satisfaction
15 Responsible tax strategy
16 Ethics, integrity and business conduct
17 Data and cyber security
18 Transparency and reporting
19 Human rights and supply chain practices
An ESG materiality assessment was undertaken for the first time in 2025 to ensure Rightmove’s
sustainability strategy focuses on the issues that are most relevant to its stakeholders. Nineteen
ESG topics were identified and ranked by the Group Leadership Team. Stakeholders were then
invited to rank the topics in order of importance to them – the results are shown in the matrix below.
2
1
4
8
14
19
10
18
13
9
11
15
5
12
16
17
7
6
3
Result
The ESG topics in the
top right quadrant ofthe
matrix are those that
areof most importance
to stakeholders and
toRightmove.
Annual report and accounts 2025Rightmove38
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Environment and climate
Environment
Carbon Transition Plan
Rightmove is publishing its first Carbon Transition Plan, to strengthen its climate commitment. Rightmove supports the UK’s Net Zero
target by 2050 through its Go Greener initiative, and aims to achieve Net Zero by 2040 and to reach operational Net Zero by 2030.
Our Go Greener strategy has been simplified:
We are committed to reducing Rightmove’s environmental impact and our
Carbon Transition Plan sets out the strategy and actions to achieve Net Zero.
Become a Net Zero business
by2040with direct operations
achieving Net Zero by 2030
Focus areas:
• Carbon Transition Plan
• Supporting nature and biodiversity charities
• Green volunteering opportunities
• Electric vehicle employee scheme
Greener Rightmove
Become the leading trusted
voicetohelp people go greener
Focus areas:
• Ensure consumer features consider opportunities
to drive awareness of green issues
• Generate relevant content to educate
consumers about greener choices
• Partner education programme
Greener Moves
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Carbon Transition Plan
Strategic ambition
Rightmove will leverage its market-leading position and
advanced data capabilities to support the UK’s green transition,
reducing the Group’s emissions in line with validated Science
Based Targets initiative (SBTi) commitments aligned to the
1.5°C pathway.
Net Zero
(1)
by 2040
Rightmove commits to reducing absolute Scope 1 and Scope 2
GHG emissions by 90% by 2040, from a 2020 base year, and
toreduce absolute Scope 3 GHG emissions 90% by 2040
froma2020 base year.
(2)
Near-term by 2030
The near-term commitment is to reduce absolute Scope 1 and
Scope 2 GHG emissions by 47.6% by 2030, compared to the
2020 base year, and absolute Scope 3 GHG emissions 42%
within the same time frame.
(2)
We will continue to deliver high-quality green datasets to
stakeholders, educate consumers to make informed choices,
andprovide training to partners on upcoming legislative changes.
Business model
Our business model is detailed on pages 10 to 12. We will
continue to refine our strategy to help consumers and customers
leverage technology to reduce environmental impact, while
embedding sustainability across our operations. We believe
ourmodel is well positioned for a low-emission economy.
Rightmove ambition
Our vision
To give everyone the belief they can make their move
Our climate ambition
To become a Net Zero company by 2040
Supported by strong climate governance, SBTi targets and transparent reporting
Carbon Transition Plan at a glance
Engagement strategy
To engage with key stakeholders:
• Government and regulators
• Employees
• Partners and consumers
• Suppliers
• Industry
• Investors
• Communities
Operations
• Create a culture of climate action
• Engage our consumers on energy efficiency
Supply chain
• Encourage our suppliers to adopt
NetZerotargets
Data
• Develop our climate data collection
Implementation strategy
1. Net Zero is defined by SBTi as reducing emissions by at least 90%.
NetZero can be achieved through a combination of emissions
reductionsand emissions removals.
2. Scope 1 – direct GHG emissions from sources owned or controlled
byRightmove (company car fuel).
Scope 2 – indirect GHG emissions from purchased electricity etc
(officelighting and heating).
Scope 3 – other indirect emissions that are a consequence of Rightmove’s
activities (purchased goods and services; capital goods; fuel and energy
related activities; waste; business travel and employee commuting and
homeworking).
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Carbon Transition Plan continued
Renewable energy
Office locations
Supplier engagement
Data centres and
migration to cloud
Homeworking
Minimising business
travel
1
2
3
Reducing our
Scope 3
emissions
Reducing our
Scope 1 and
Scope 2
emissions
Electrifying fleet
Our roadmap supports achieving Net Zero by 2040 through a minimum 90% reduction in absolute emissions, with up to 10% addressed via carbon removal and storage in line with SBTi standards.
2025 2028 2029 2030 2035 2040+
Electric Vehicle Policy for
Company cars in line with
UK legislation
100% electric
vehicles
Full transition to ultra-low
emission vehicles
Move to supplier specific calculations for
purchased goods and services
and capital goods accounting
Develop a supplier engagement plan toachieve 70%
of supplier emissions covered by science-based
targets or equivalent by 2030
Implement and maintain 100% renewable electricity
Encourage employees to have renewableelectricitysupply
25% of domestic air travel journeys to
transfer to rail
Continued air travel
reduction
Sustainable travel through electric
means(train, taxi, car) or flights
utilisingSustainable Aviation Fuel
Achieve 75% of
employees using
renewable energy
Achieve 100% of
employees using
renewable energy
Continued supplier engagement to encourage target commitments
Maintain 100% renewable electricity procurement for offices
Consider how we use space in our office locations and investigate electrified heating technology and low-carbon
refrigerant usage
Pathway to Net Zero
Action
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Carbon Transition Plan continued
Key assumptions and external factors
Achieving our strategic ambition relies on several factors, including external dependencies beyond our control.
Government policy
Policies aimed at reducing GHG
emissions, and the implementation
ofnew housing-related reporting
requirements.
Data quality
Accessing accurate operational
and supplier emissions data is
essential tomanaging the Group’s
climate emissions.
Technology and
innovation
We are dependent on technology,
and will monitor advancements in
energy-efficient technology to
enable decreased emissions.
Consumer preference
Consumer demand for climate
change information and energy-
efficient content.
Global decarbonisation
Global transition to Net Zero and
access to relevant infrastructure
particularly with reference to EVs
andair travel.
Supplier commitment
Rightmove’s supply chain is the
largest source of emissions.
Suppliers must align with our Net
Zero ambition by setting their own
targets andtransition plans.
Global economy
The state of the global economy
influences the Group’s sector,
customers’ behaviour and ability
to advance our climate goals.
Industry collaboration
Industry-wide collaboration
todrivebest practice.
Customer behaviour
Demand for energy-efficient
andvalue-adding products
togetherwith a Net Zero portal.
Impact of AI on our carbon emissions
The majority of our AI products and workloads are run through the Google Cloud Platform, which has a long-term commitment to 100% renewable energy matching and a goal for 24/7 carbon-free
energyby2030.
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Carbon Transition Plan continued
• Engagement with government, public sectorand
civil society
We work with government as they consider new ways to
simplify energy efficiency for consumers.
• Engagement with communities
Part of our strategy is to make green information easily
accessible on Rightmove, with a dedicated section offering
guides on energy-efficiency topics including energy-
efficiency certificates and grants. We partner withtheCanal
and River Trust to support the regeneration ofcanals and
rivers and biodiversity.
• Employee engagement
Every employee helps deliver our climate plan. We promote
energy awareness and launched the Go Greener Group
in2023 to share information regularly.
• Supply chain engagement
Our Supplier Code of Conduct promotes sustainable and
ethical sourcing practices to help reduce carbon emissions.
As part of our Net Zero pathway, we engage with our
highest-spend suppliers to encourage emissions reductions
and the adoption of verified SBTi targets.
• Skills and training
We expect minimal impact on the required skills of our
employees but will continue raising awareness ofclimate
change and offering learning opportunities.
Considering nature
We take responsibility for minimising environmental impacts
and have implemented measures to reduce carbon emissions,
conserve water and increase recycling. All office locations
operate on a zero-waste-to-landfill basis.
We partner with the Canal and River Trust to support its
environmental initiatives and engage employees through
volunteering activities, including habitat maintenance,
vegetation management and litter clearance.
We will continue to monitor the impact of our Transition Plan
onnature and align with the recommendations of the Taskforce
on Nature-related Financial Disclosures, reporting progress
asplans evolve.
Risk management
Our risk management approach, climate-related risks and
opportunities and our climate scenario planning canbefound in
our TCFD report on page 45 and our Riskmanagement report
on page 53.
Our engagement strategy
Ongoing engagement with our stakeholders can be found in our
s172 statement on pages 27 to 30.
• Engagement with the housing industry
As the UK’s largest property portal, Rightmove operates
with relatively low direct emissions. However, given that
the property sector accounts for around 25% of total UK
emissions, we have a significant opportunity to contribute
tothe national Net Zero target by 2050.
Governance Other InformationStrategic Report
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Annual report and accounts 2025Rightmove43
Action – our implementation plan
Since 2022, we have implemented and planned a range of initiatives to reduce emissions.
Summary of actions
Metric Scope Implemented or planned activities Timeline
Migrate Company car fleet to ultra-low
emission vehicles
Scope 1 Base year 2020 – 19%
93% of the car fleet is now ultra-low emission
In progress
To be complete by 2028
Transition Company vehicles to electric vehicles as
infrastructure allows
Planned
Commence by 2030
Procure 100% renewable electricity for
all offices
Scope 2 Maintain renewable tariffs for all office locations Complete
Install energy-efficient lighting Scope 2 All office lighting has been upgraded to LED format Complete
Explore energy-efficient office locations Scope 2 Review on renewal of office leases Planned as required
Migrate data centres to the cloud Scope 3 A significant portion of our data centre requirements
have been migrated to a cloud supplier utilising
renewable electricity
In progress
To be completed in 2026
Supplier engagement programme Scope 3 Develop a supplier engagement plan to achieve 70% of
supplier emissions covered by SBTi or equivalent by 2030
Planned
Business travel Scope 3 Salary sacrifice scheme introduced for employees to lease
an electric vehicle
Implemented
Investment in enhanced video conferencing facilities in all
offices to facilitate virtual meetings
Completed
Encourage domestic air travel journeys to be made by rail
25% of journeys to be rerouted by 2030
Not implemented to date
Homeworking Scope 3 Encourage employees working from home to have a
renewable electricity supply: 75% by 2030 and 100% by 2040
Implemented
Reduce water consumption by 10% Scope 3 Base year – 2020 – 1,523 m
3
2025 – 1,422m
3
Target– 1,370m
3
6.65% reduction achieved
Ongoing
Increase waste recycling Scope 3 Base year 2020 – 44%
2025 – 44%
Target 50%
Ongoing
Carbon Transition Plan continued
Supporting policies
The implementation of our plan is supported by our
policies which include the following:
• Environmental Policy – setting out Rightmove’s
commitment to sustainability and biodiversity
• Supplier Code of Conduct – expectations for suppliers
Financial planning
Climate-related risks and opportunities have not
significantly affected our financial position. Our climate
change scenario analysis (pages 48 and 49) indicates
limited operational and financial impact on the business,
though additional financial planning will be needed
tosupport our Carbon Transition Plan.
Accountability
Metrics and targets
Rightmove’s greenhouse gas emissions, the methodology
used to calculate emissions, detailedprogress against
SBTi targets and carbon removals canbe found in the
TCFD report.
Governance
The Governance framework can be found in our
TCFDreport.
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We recognise that climate change is a major concern for society and our aim is to ensure Rightmove is sustainable by minimising our
environmental impact and becoming a Net Zero business by 2040. Our SBTi near-term and Net Zero targets have been validated and
are shown on page 40.
Rightmove has prepared its TCFD disclosures in line with the guidance in the 2021 updates to the TCFD Final Report and Annex, including the supplementary guidance for all sectors.
At the time of reporting, and in accordance with the UK’s Financial Conduct Authority (FCA) UKLR 6.6.6R(8), the Group has made climate-related financial disclosures consistent with the TCFD
recommendations and supporting recommended disclosures – the table below shows where the disclosures can be found in this report. The non-financial and sustainability information statement
on page 52 provides signposting to all non-financial and sustainability disclosures.
TCFD recommended disclosure Reporting and compliance
Governance
1. Describe the Board’s oversight of climate-related risks and opportunities Climate governance has been integrated into our existing governance processes and is described in the TCFD governance section of this
report, below, in the Corporate Social Responsibility Committee report and in the TCFD risk management section of this report, below.
2. Describe management’s role in assessing and managing climate-related risks
and opportunities
Strategy
3. Describe the climate-related risks and opportunities the organisation has identified over
the short, medium and long term
The key climate-related risks and opportunities are described in the Climate risk section of this report, below.
4. Describe the impact of climate-related risks and opportunities on the organisation’s
businesses, strategy and financial planning
The impact of these risks and opportunities has been modelled and is illustrated below.
The Risk and Audit Committees have reviewed the methodology and analysis of risks and opportunities, which are described below.
5. Describe the resilience of the organisation’s strategy, taking into consideration different
climatescenarios
The resilience of Rightmove to a variety of climate scenarios is set out in the risk register and in the Climate-related risks and opportunities
and Climate-related scenario analysis and impact sections of this report.
Risk Management
6. Describe the organisation’s processes for identifying and assessing
climate-related risks
Rightmove’s approach is described below in the Climate-related risks and opportunities and Climate-related scenario analysis and impact
sections of this report.
7. Describe the organisation’s processes for managing climate-related risks The Group’s risk management framework is set out in the Risk management section on page 53.
8. Describe how processes for identifying, assessing and managing climate-related risks
are integrated into the organisation’s overall risk management
Metrics and Targets
9. Disclose the metrics used by the organisation to assess climate-related risks and
opportunities in line with its strategy and risk management process
The environmental targets and metrics are set out on pages 44, 50 and 51, together with performance against our targets and our actions
to transition to a lower-carbon business model and Net Zero by 2040.
10. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions,
andthe related risks
11. Describe the targets used by the organisation to manage climate-related risks and
opportunities and performance against targets
Task Force on Climate-related Financial Disclosures (TCFD)
compliance statement
Task Force on Climate-related Financial Disclosures (TCFD) compliance statement
Annual report and accounts 2025Rightmove45
Governance Other InformationStrategic Report
Financial Statements
Board oversight of and executive
responsibility for climate-related
risks and opportunities
The Board has overall oversight and responsibility
for Rightmove’s risk management framework, which
supports the identification, assessment and mitigation
of risks including those related to climate – this is
described in detail, together with the Board, Audit
Committee and Risk Committee responsibilities, in the
Risk management report on page 53. Rightmove’s risk
management framework includes ESG and climate-
related risks, which have been established as their own
risk categories and fully integrated into Rightmove’s
risk register. The Board and Audit Committee review
allsignificant and emerging risks semi-annually.
Rightmove’s corporate governance framework can
be found in the Corporate governance report, and
our climate-related governance framework is
shown opposite.
Climate-related governance
framework
A Corporate Social Responsibility (CSR) Committee
isin place to specifically focus on the Group’s Go
Greener strategy, risks and opportunities (see the
CSRCommittee’s report for further details of its work
in 2025). The CSR Committee is chaired by the Chair
ofthe Board and its membership consists of all Board
Directors. The CSR Committee is supported by the
Risk Committee, which is attended regularly by senior
management across the business, and reports on
climate-related disclosures to the Audit Committee.
TCFD
governance
Climate-related governance framework
Board oversight
Risk
Committee
Chief Financial
Officer
Group Leadership
Team
Go Greener Group
Corporate Social
Responsibility
Committee
Audit
Committee
Task Force on Climate-related Financial Disclosures (TCFD) compliance statement continued
Strategic Report
Annual report and accounts 2025Rightmove46
Governance Other Information
Financial Statements
Executive responsibility
The Chief Financial Officer (CFO), who has executive responsibility
for implementing Rightmove’s Go Greener strategy, attends
the Risk Committee and is also a member ofthe CSR Committee,
creating a joined-up focus on climate-related risks and
opportunities. A Go Greener update, including climate-related
metrics and performance, is regularly received by the Risk
Committee, Audit Committee and CSR Committee to monitor
progress against agreed targets.
Remuneration Committee
The Remuneration Committee oversees the annual bonus
award, which included for 2025 employee engagement and Go
Greener targets. These targets are disclosed in the Directors’
Remuneration Report.
Climate strategy
Rightmove’s platform continues to capture over 80% of all time
spent on property portals, which, combined with the evolving
expectations of consumers on environmental matters, puts
Rightmove in a unique position to contribute to the reduction
ofthe UK’s carbon footprint through our platform’s datasets,
which provide insights to consumers, partners, the UK
government and property professionals.
We recognise that we have an important role to play in the UK
government’s drive to Net Zero by 2050 and need to continue
to build climate resilience into our business model and strategy,
as well as to continue to focus on minimising our own emissions.
We are committed to being a Net Zero business by 2040.
Climate-related risks and opportunities
Rightmove is a digital business, with a relatively low environmental
impact and a business model that can be sustained in a
low-carbon environment. To build climate resilience into our
business strategy, the Risk Committee identified the potential
physical and transitional risks, and opportunities for Rightmove
presented by climate change, which remain unchanged for the
current year.
An assessment of the financial impact of these risks and
opportunities under multiple future climate-change scenarios
isshown overleaf. It considered the actions needed to achieve
our commitment to Net Zero by 2040, as well as the impact
ofpotential physical and transitions risks and opportunities.
Theconclusion was that these risks do not have a material
impact on the financial statements, as set out in more detail
inNote 1 to the financial statements and we remain well
positioned to mitigate the risks.
All existing and emerging climate-related risks and reporting
were reviewed by the Risk Committee during the year and
reported to the Audit Committee and to the Board. The financial
analysis of climate-related risks was reviewed by the Audit
Committee and reported to the CSR Committee. The Audit
Committee also considered the impact assessments, concluding
that the potential financial impact of climate-related risks on
the Group’s operations was immaterial, and that the climate-
related risks are not principal risks given the limited impact
that they could have on the business either operationally or
financially: the risks could not seriously affect the performance,
future prospects or reputation of the Group.
Task Force on Climate-related Financial Disclosures (TCFD) compliance statement continued
Rightmove is a digital
business, with a
relatively low
environmental impact
and a business model
that can be sustained
in a low-carbon
environment.
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Governance Other InformationStrategic Report
Financial Statements
Climate-related scenario analysis and financial impact
The TCFD framework’s categorisation of transition and physical climate risks has been used to assess how climate risk factors could
impact Rightmove, which includes the recommended ‘2˚or lower scenario’ in line with the 2015 Paris Agreement.
The Risk Committee considered detailed analysis of the financial impact of climate-related risks to Rightmove’s business; the key
risks and opportunities identified through the financial analysis which could have a financial impact (albeit a limited one) are described
in more detail below:
Description Mitigation/Response Financial impact
Key transition risks EP LP NP
EPC ratings required on property portals may result in our
customers requiring additional resources to complete due
diligence, reducing their capacity to increase marketing
expenditure on Rightmove.
Rightmove already presents EPC information on
properties where this is available.
Property details require additional environmental information. Rightmove would need to adapt its product and platform
design. Regulations that may impact our business are
monitored.
New boiler regulations could impact property stock availability. Regulations that may impact our business are monitored.
Go Greener raises awareness of alternative and
sustainable methods of heating as part of our Greener
Homes strategy.
Key physical risks
Data centre disruption owing to extreme weather. Rightmove has three physical data centres and our
transition to a wholly cloud-based infrastructure is nearing
completion. Disaster recovery and business continuity
plans are in place and regularly tested.
Office availability disruption due to extreme weather. Rightmove operates a hybrid working pattern with
home-working which is sustainable and has little
tonoimpact on productivity.
Key opportunity
Increased direct third-party advertising for eco-friendly
organisations.
Actively sell third-party advertising to climate-friendly
service providers on Rightmove platforms, such as our
partnership with Octopus Energy.
The Group recognises that climate-related risks and opportunities emerge and develop over different and often longer timescales,
therefore our assessment of climate-related risks considers three different timescales:
• Short term (up to 3 years) – climate-related risks which are identified as material within this time frame will be considered and
assessed, in line with our overall risk management process. This timescale aligns to the Group’s viability statement period.
• Medium term (4-9 years) – climate-related risks which are identified as material during this time frame will be monitored and assessed.
• Long term (10+ years) – the Group recognises that it must consider and address longer-term risks as it formulates business strategy.
Task Force on Climate-related Financial Disclosures (TCFD) compliance statement continued
Financial impact
EP
Early policy action
Smooth transition
Short term 0-3 years
The outcome of this scenario is action sufficient
tolimit global warming to well below 2˚C,
aligned to the Paris Agreement
LP
Late policy action
Disruptive transition
Medium term 4-9 years
There is a delay in implementing a response
required to reduce global emissions
NP
No policy action
Business as usual
Longer term 10+ years
Under this scenario there is failure to implement
policy decisions to limit global emissions which
would lead to rising global temperatures
Magnitude
of financial
impact Description
Trivial one-off financial impact
Low one-off financial impact and trivial ongoing
financial impact
Medium one-off financial impact or low ongoing
financial impact
High, but immaterial, one-off financial impact or
medium ongoing financial impact
Strategic Report
Annual report and accounts 2025Rightmove48
Governance Other Information
Financial Statements
Other risks and opportunities
In addition to the primary risks and opportunities outlined
above, others were considered as part of the wider assessment
of climate-related scenario testing, which are shown in full in
our 2023 Annual Report and include: legacy properties become
unavailable to advertise; new environmental legislation reduces
mortgages available; climate change increases heating and
cooling operational costs; and supply chain cost increases.
Ouropportunities include environmental risk data sales.
Aggregated risks
In addition to analysis of the above individual risks, we considered
aggregated risks, of which two, changing consumer behaviour
and new homes, are detailed below. Thecombined financial
impacts of these aggregated risks arenot necessarily additive
as there can be overlap in the resulting impact on Rightmove:
Changing consumer behaviour
Changes in consumer behaviour may result in an increased
demand for environmentally friendly property, which ultimately
affects the way people search for property and may result in
property price changes. The following risks and opportunities
were considered:
• EPC ratings required on property portals
• Property details reporting becomes more onerous for agents
• Requirement for additional ‘green’ search filters on
Rightmove platforms
• Increased direct third-party advertising for eco-friendly
organisations
• Eco-friendly market segmentation
The outcome of the above analysis indicates a low financial
impact to Rightmove in early and no policy action scenarios, and
a positive revenue opportunity in the late policy action scenario.
New homes regulation
This relates to changes in regulation that specifically impact
new homes’ developments. The following risks and
opportunities were considered:
• EPC ratings required on property portals
• Property detail reporting becomes more onerous for agents
• New boiler regulation results in reduced Agency and New
Homes stock on the market
• Increased environmental administration for agents
• Eco-friendly market segmentation
The financial impact of new homes regulation aggregated risks
and opportunities on Rightmove results in a low risk for both the
early and no policy action scenarios and a net positive revenue
opportunity in the late policy action scenario.
Climate-related opportunities
The opportunities for an innovative, digital business are
cumulative and become more significant over time, and include:
• Enhancing property details and search criteria on our
platforms to enable property hunters to identify all relevant
information about a property, including energy efficiency
• Enabling property hunters to use environmental search filters
when looking for a property on our platforms
• Digitising the consumer home-moving journey by adding
transactional functionality to our platforms, for example,
tenant referencing, insurance and utility services
• Providing proprietary data analysis and enhanced property
valuation services and insights into the value of sustainable
home improvements
• Developing more customer tools to increase efficiency
andreduce reliance on physical resources, for example,
enhancements to the Best Price Guide, appointment
bookingand virtual viewings
We will review our scenarios and time frames regularly
toensurerelevance.
Task Force on Climate-related Financial Disclosures (TCFD) compliance statement continued
Governance Other InformationStrategic Report
Financial Statements
Annual report and accounts 2025Rightmove49
Our 2025 emissions
A breakdown of our Group emissions (market-based)
for2025 is shown below:
In the 2025 reporting year, our market-based Scope 2 emissions
were close to zero, as all our offices continue to be powered
by 100% green electricity backed by Renewable Energy
Guarantees of Origin (REGOs). The small residual Scope 2
emissions are associated with the use of electric vehicles in our
fleet, which is expected as we transition away from petrol and
diesel vehicles. Emissions captured under ‘Other Scope 3
categories’ include those related to fuel-and energy-related
activities and waste generated in operations.
Purchased goods and services continue to represent the
largest share of Rightmove’s carbon footprint, accounting for
around 70% of our total Scope 1, 2, and 3 emissions. Marketing
and advertising remain the most material contributors within
this category, reflecting the nature of our business. Our
data-centre emissions are also reducing as we continue to
transition from traditional data-centre infrastructure to
cloud-based services.
Building on this year’s calculation outputs and aligned with our
Carbon Transition Plan, we will begin engaging with our most
significant suppliers within Category 1. A key development in
our approach is the introduction of a new supplier engagement
target: ensuring that 70% of our supplier emissions are covered
by Science Based Targets initiative (SBTi)-aligned or equivalent
commitments by 2030. This will form a central part of our
strategy to reduce value-chain emissions and strengthen
the sustainability of our supply base.
Task Force on Climate-related Financial Disclosures (TCFD) compliance statement continued
Metrics and Targets
Methodology
Rightmove plc is required to report its energy use and carbon emissions in accordance with the Companies (Directors’ Report)
andLimited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The data detailed in the table below represents
emissions and energy use for which Rightmove plc is responsible and has operational control over, including energy used in offices
andfuel used in company vehicles. We have used the main requirements of the Greenhouse Gas Protocol Corporate Standard
tocalculate our emissions, along with the UK Government GHG Conversion Factors for Company Reporting 2025.
There are no overseas operations.
Streamlined Energy & Carbon Reporting (SECR) Compliance Table
2025 2024
2020
(base year)
1
% Change
(2020–2025)
Total Scope 1 and 2 consumption (kWh) 895,974 913,148 852,087 5%
Scope 1 emissions (tCO
2
e) company car travel, refrigerants &
natural gas 112.03 128.56 112.42 0%
Scope 2 emissions (tCO
2
e) electricity (location-based) 76.33 87.13 95.40 (20%)
Scope 2 emissions (tCO
2
e) electricity (market-based) 0.04 0.00 85.70 (99.5%)
Total Scope 1 & Scope 2 emissions (tCO
2
e) (location-based) 188.36 215.69 207.82 (9%)
Total Scope 1 & Scope 2 emissions (tCO
2
e) (market-based) 112.07 128.56 198.12 (43%)
Purchased goods and services 4,088.65 3,939.63
(2)
3,718.96 10%
Capital goods 599.42 865.95
(2)
525.12 14%
Fuel and energy related activities 58.47 60.56 49.92 17%
Waste 0.44 0.45 1.50 (71%)
Business travel 343.75 366.82
(2)
281.13 22%
Employee commuting and homeworking 657.50 680.74 436.06 51%
Total Scope 3 emissions (tCO
2
e) 5,748.23 5,914.15 5,012.69 15%
Total emissions (tCO
2
e) (Scope 1, 2 location-based and 3) 5,936.59 6,129.84 5,220.51 14%
Total emissions (tCO
2
e) (Scope 1, 2 market-based and 3) 5,860.30 6,042.71 5,210.81 12%
tCO
2
e (Scope 1 + 2) per employee (location-based)
(3)
0.21 0.25 0.37 (43%)
tCO
2
e (Scope 1 + 2) per £ million turnover (location-based)
(4)
0.44 0.55 1.01 (56%)
tCO
2
e (Scope 1 + 2) per employee (market-based)
(3)
0.12 0.15 0.36 (67%)
tCO
2
e (Scope 1 + 2) per £ million turnover (market-based)
(4)
0.26 0.33 0.96 (73%)
Scope 2 % Renewable / kWh 100% /431,058 kWh 100% / 420,840 kWh 0% / 409,213 kWh
1. 2020 serves as our baseline year, in alignment with our SBTi commitment.
2. Due to an updated release of the spend-based database used for calculations, known as CEDA, we have decided to recalculate the affected Scope 3 categories
for 2024. This adjustment aims to align with best practices and provide a more comparable year-over-year analysis with 2025.
3. Based on average number of employees throughout the year, 2020: 558, 2024: 861 and 2025: 900.
4. Based on revenue of £205.7m for 2020, £389.9m for 2024 and £425.1m for 2025.
Scope 1 emissions: 2%
Purchased goods
and services: 70%
Scope 2 emissions: 0%
Capital goods : 10%
Business travel: 6%
Employee commuting and
home working: 11%
Other Scope 3 categories
: 1%
Strategic Report
Annual report and accounts 2025Rightmove50
Governance Other Information
Financial Statements
Task Force on Climate-related Financial Disclosures (TCFD) compliance statement continued
We have approved Science Based Targets initiative (SBTi)
targets and are committed to achieving Net Zero by 2040.
Progress against our SBTi near-term and
Net Zero targets
In 2025, our total emissions (Scope 1, 2, and 3 market-based)
increased by 12% compared with our 2020 baseline, driven
largely by the significant growth of the Group over this
period. Employee numbers have risen by 61% and turnover
has more than doubled since 2020, resulting in higher
activity levels and increased spending across purchased
good and services and capital goods, together contributing
most to the 15% rise in Scope 3 emissions. Despite this
expansion, we have made strong progress in decoupling
operational emissions from business growth: Scope 1 and 2
emissions (market-based) have fallen by 43% since 2020,
largely due to the switch to 100% renewable electricity
across all offices. Normalised indicators also show substantial
improvement, with emissions per employee and per
£ million turnover significantly lower than baseline levels.
Operational patterns have evolved since the
pandemic-impacted baseline year, with business travel
and commuting increasing as teams return to more regular
in-person engagement. These shifts have contributed to
rises in relevant Scope 3 categories, while reductions in
waste emissions (-71%) and the near-elimination of
market-based Scope 2 emissions demonstrate ongoing
operational efficiencies. Importantly, our progress places
us firmly on track to meet our 2030 target of reducing
Scope 1 and 2 market-based emissions by 47.6% from the
2020 baseline. Achieving a 43% reduction by 2025 indicates
strong early momentum and provides a solid foundation for
reaching our longer-term ambition.
Our Net Zero
commitments
Environmental targets,
metricsandprogress 2025
Our metrics with progress to date are shown in our
implementation plan in our Carbon Transition Plan onpage 44.
Carbon removal initiatives
In 2025, Rightmove supported one Gold Standard and one Verra
certified carbon projects. The project cost for the Group’s 2025
carbon footprint of 1,172 tCO
2
e greenhouse gases which
includes our operational Scope 3 emissions, was £9,841
(2024: £12,282 to offset 1,281 tCO
2
e greenhouse gases).
Energy efficiency and renewableenergy
We encourage employees to reduce energy use in offices and
at home, such as powering down equipment when not in use.
We promote public transport and virtual meetings and offer
ultra-low emission vehicles for eligible employees. This year,
we introduced a salary sacrifice scheme for electric and hybrid
cars and continue to support participation in the government
Bike2Work scheme. All electricity consumed in our offices
during 2025 was sourced from 100% renewable energy
(2024: 420,840 kWh). For data centres, 269,108 kWh, 66%
of energy came from renewable sources (2024: 398,119 kWh,
92%), with the remainder 138,493 kWh, 34% (2024: 34,196, 8%)
from non-renewable sources.
Actuals
Target Emissions
tCO
2
e
0
50
100
150
200
20402035203020252020
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
20402035203020252020
2
Scope 1 & 2 reduction target
Scope 3 reduction target
Annual report and accounts 2025Rightmove51
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Financial Statements
Annual report and accounts 2025Rightmove51
The charts below show ourprogress
to date:
Non-financial and sustainability information statement
Non-financial and sustainability information statement
The table below shows where information can be found in relation to the requirements of the Companies Act 2006 sections 414CA and 414CB.
Reporting requirement Annual Report section Page(s) Related policies and standards
Environmental matters, including the impact of the business
on the environment and climate-related disclosures
• TCFD statement
• Environment section
• Strategic Report – principal risks and uncertainties
45
39
55
• Environmental Strategy
• Environmental Policy
Employees • People and Culture
• Section 172 statement
• Directors’ Remuneration Report
32
27
84
• Code of Conduct
• Health and Safety Policy
• ‘Speak up’/Whistleblowing Policy and escalation process
• Flexible Working Policy
• Maternity, Paternity and Share Parental Leave Policies
• The Hows (Values)
• Gender and Ethnicity Pay Gap Reports
Social and community matters • People and Culture 32 • Code of Conduct
• Human Rights Policy
• Modern Slavery Policy
• Data Retention Policy
• Privacy Policy
Respect for human rights • Corporate governance report 72 • Code of Conduct
• Human Rights Policy
• Modern Slavery Policy
• Data Retention Policy
• Privacy Policy
Anti-bribery and corruption • Risk management
• Corporate governance report
• Audit Committee report
53
72
79
• Anti-Bribery and Corruption Policy (including Gifts and Hospitality)
• ‘Speak up’/Whistleblowing Policy and escalation process
Business model • Business model
• Strategic Report
• CEO’s review
• Financial review
10
2-59
13
24
Principal risks and uncertainties • Strategic Report – principal risks and uncertainties 55
Non-financial key performance indicators • Strategic Report – operational key performance indicators 23
Strategic Report
Annual report and accounts 2025Rightmove52
Governance Other Information
Financial Statements
Governance framework
Rightmove’s risk governance framework maintains and evolves
the Group’s risk culture, guiding employees in decision-making
to ensure business choices strike an appropriate balance
between risk and return. Decisions are aligned with the Group’s
risk appetite and reflect relevant regulatory changes, including
the revised UK Corporate Governance Code (2024). Overall
governance is provided by the Board, supported by the Audit
and Risk Committees. Their responsibilities include approving
principal risks, monitoring compliance with the Risk Management
Policy and framework, and periodically reviewing risk appetite.
The organisational structure defines clear roles and
responsibilities, ensuring authority and accountability
throughout the business. Board-level engagement and
leadership involvement ensure that escalated issues are
addressed promptly and remediation plans initiated
where required.
Interaction between the executive and non-executive
governance structures is supported through delegated authority
from the Board to the Audit Committee, Executive Directors
and the Leadership Team. This includes a Risk Committee,
chaired by the Head of Audit and Assurance and reporting to the
Chief Financial Officer, who holds executive accountability for
monitoring, assessing and managing the risk environment and
the effectiveness of the risk management framework.
Risk processes align with the Rightmove operating model, with
each business function responsible for identifying, trackingand
managing specific risks. Day-to-day responsibility is delegated
to senior managers, supported by individual accountability for
decision-making, recognising that allemployees play a role in
risk management.
Risk management – ensuring we achieve our strategic
objectives
Management
Internal Audit:
independentreview
Internal Audit provides independent
assurance on business and
compliance functions, evaluates
governance and internal controls,
and promotes strategic risk
management. Its independence
from management is essential for
objectivity, authority andcredibility.
Board
Accountable for managing risk, approving risk policy and framework, setting risk appetite, and reviewing principal risks.
Audit Committee
Supports the Board in overseeing the integrity of the Group’s financial statements and the effectiveness of risk management
andinternal controls. It reviews the effectiveness and independence of internal and external auditors and approves audit plans.
Risk Committee
The Risk Committee oversees the Group risk management
framework, maintains the risk register and principal risks, reviews
risks with business functions, consolidates material risks, monitors
emerging risks and summarises Group risk activity for the Audit
Committee. The AI Committee, a sub-committee of the Risk Committee,
oversees Rightmove’s AI strategy and adoption, ensuring strategic
alignment with the business plan and compliance with statutory
requirements and regulations.
The Audit Committee reviews
regular risk and control reports from
management, Internal Audit and the
Risk Committee, monitors the
timeliness and effectiveness of
corrective actions, and considers
external auditors’ findings on
financial controls. Further details
arein the Audit Committee report
onpage 74.
Compliance:
challengeandsupport
The Compliance function provides
oversight and constructive challenge
to the business, coupled with advice
and support regarding the regulatory
risk profile of the Group.
Business functions:
ownershipof risk and controls
Business functions are accountable
for identifying and managing risks,
including emerging ones, maintaining
effective control and implementing
corrective actions for process or
control deficiencies.
Ensuring we achieve our strategicobjectives
Rightmove manages risks and opportunities associated with thedelivery of its strategic objectives through a robust risk management framework that ensures appropriate controls arein place to mitigate
potential impacts without constraining growth or innovation. Risk management practices are embedded across business activities, supporting a culture thatis risk-aware and agile, enabling proactive
identification andresponse to emerging risks and opportunities.
Risk management
Annual report and accounts 2025Rightmove53
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Financial Statements
Risk management continued
Risk appetite
Decisions across the Group are made with reference to its defined risk appetite and an assessment of the balance between risk
andreturn. Risk appetite is communicated within the Group as ‘the level of risk that the Group is prepared to accept in pursuit
ofitsstrategic objectives and business plan’.
The Group recognises that its appetite for risk varies by activity. The overarching aim is to create and protect value, ensuring that
potential benefits and risks are fully understood before developments are authorised. Proportionate measures to mitigate risks
areestablished and monitored throughout.
The Group’s risk appetite in relation to its key areas of risk is defined below:
Risk area Risk appetite
Strategic risks
These are risks that could impact the Group’s strategy and value proposition,
arising externally from competition, economy, technology and ESG, or internally
from governance, culture, and strategic choices.
The Group acknowledges the inherent risk
indelivering its strategy and annual business
plans but seeks to minimise it.
Operational risks
Operational risks arise from Group’s operations or external influences and
relationships. They include the losses from inadequate or failed internal policies,
processes, systems and decisions or from supplier and customer-related events.
Rightmove has a low appetite for material
operational risks, with policies and controls
inplace to mitigate them. Low-level risks
maybe accepted where mitigation costs
outweigh benefits.
Financial risks
Risks include failure to collect receivables, meet obligations, adverse impacts
from market factors, losses on investments and inaccuracies in price-sensitive
external reporting or key metrics (e.g. customer numbers, ARPA, market share).
The Group has a low appetite for financial risk,
minimising it through strict policies, procedures
and robust controls over actual andforecast
results and cash management.
Legal, regulatory & compliance risks
Risks of financial penalties, regulatory censure, enforcement actions and
reputational damage from failing to identify, assess, manage or comply with
legal and regulatory requirements, including those for FCA-regulated entities.
Risk appetite is low, with zero tolerance
for criminal acts such as fraud, bribery and
corruption. A dedicated Legal and Compliance
team oversees policies, procedures and
controls to mitigate these risks.
Clear responsibilities for risk mitigation and controls management
are defined across the Group. Alignment of activities is achieved
through communication, co-operation andcollaboration,
ensuring reliable and transparent information for risk-based
decisions and effective independent oversight.
The risk management process is underpinned by the Group
RiskManagement Policy, subject to periodic review to ensure
itremains appropriate and delivers against governance
responsibilities.
Risk management framework
andidentification of risks
Rightmove’s risk management framework supports identifying,
assessing and controlling material risks that threaten the
Group’s strategic and business objectives. Its core principle is
topromote risk management as a positive, enabling process –
maximising opportunities while identifying and mitigating
emerging risks.
Material and emerging risks are incorporated into the Group’s
risk register, which is maintained by the Risk Committee through
liaison with the business functions and the Board’s top-down
assessment of the Group’s principal risks.
The risk register captures the assessment of each risk, the related
response and progress against any control actions. It is reviewed
twice a year by the Audit Committee andBoard, who conduct a
robust assessment of current and emerging risks over the
three-year horizon used for the Group’s viability assessment.
Principal and emerging risks facing the Group during 2025 are
detailed in the Principal risksand uncertainties section.
Strategic Report
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Financial Statements
Principal risks and uncertainties
Principal risks and uncertainties
The principal and emerging risks facing the Rightmove Group are assessed in accordance with our risk management framework. Principal risks are those risks which could seriously impact the performance,
prospects or reputation of the Group.
Managing these risks effectively is critical to executing strategy, sustaining shareholder value, protecting reputation and ensuring good governance.
A description of the principal risks and uncertainties faced by the Group in 2025 (in no order of priority), together with the potential impact and monitoring and mitigating activities, is set out on pages
55-58 below.
Macroeconomic environment
The Group earns most of its revenue in the UK and
is influenced to some extent by UK housing market
conditions and consumer confidence, which can
affect property transaction volumes. While
Rightmove’s business model and consumer
engagement mitigate all but extreme market
swings, a severe and prolonged recession could
shrink the customer base and reduce revenues.
Change from prior year
Potential impact
A sharp decline in housing transactions could reduce agency branches or new home developments advertised, which are both key revenue drivers. Political or
macroeconomic uncertainty may lengthen property transaction cycles, strain smaller customers’ cash flows and reduce their marketing budgets, whichcouldlower
demand for the Group’s property advertising products.
Changes in the year
Despite the ongoing economic and political uncertainty during the year, the property market picked up in response to interest rate reductions and1.2 million housing
transactions completed in 2025 in line with the long run average and 10% higher than prior year (2024:1.1 million
(1)
). The macroeconomic impact on Rightmove’s
performance and results wasminimal.
Risk monitoring and mitigation
• Monitoring housing market indicators such as changes in house prices, supply and membership trends.
• Delivering significant and effective exposure for customers’ brands and properties.
• Remain as the primary source of high-quality leads, offering value-adding products and packages that drive customers’ operational efficiencies, reinforcing the value
ofRightmove membership.
• Maintain robust business planning and budgeting, with quarterly reforecasting to adapt to macroeconomic changes.
• Foster a culture of innovation and invest in strategic growth areas (Commercial Property, Rental Services and Financial Services) todiversifyandbuildresilience.
Key
Remains unchanged Slight decrease Slight increase
1. Source: HMRC for historical data in millions.
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Competitive environment
The Group operates in a competitive market with
high returns and low entry barriers, which may lead
to increased competition from existing players and
new entrants. Emerging technologies, particularly
AI, could disrupt the house-moving journey
(seeNew or disruptive technologies risk).
Change from prior year
Potential impact
Increased competition may impact Rightmove’s ability to grow revenues due to a potential loss of audience, advertisers or demand for additional advertising products.
Changes in the year
The competitive landscape is changing through the activities of other UK portal competitors, with increased competition in the last few years, although there has been
limited impact to Rightmove to date with regard to partner and consumer metrics.
Risk monitoring and mitigation
• Robust monitoring of competitive landscape to understand market dynamics.
• Sustained investment and innovation to provide products that support partners’ business growth and meet consumers’ property search and listing requirements.
• Communication of Rightmove’s value to customers.
• Investment in account management teams to help partners operate their businesses efficiently.
• Maintain marketing investment in the Rightmove brand.
New or disruptive technologies
Rightmove operates in a fast-moving online
marketplace. Failure to innovate or to adopt new
technologies, particularly AI, and adapt to changing
partner business models and consumer behaviour
could limit its ability to offer leading products and
services to customers and consumers.
Change from prior year
Potential impact
Failing to innovate on a timely basis could reduce audience engagement, advertisers’ demand and uptake of new products, limiting revenue growth and expected returns.
Changes in the year
AI continued to evolve rapidly and, whilst in its early stages, it could change over time how consumers interact with brands. In 2025, the significant majority of consumers
accessed Rightmove services directly: 38% via the app, 30% via URL. While AI platforms may support early-stage research, moving house still requires trust in a portal like
Rightmove built on decades of housing and consumer data, offering integrated tools beyond property search.
The Group views AI as an emerging channel to enhance the brand discovery and the house-moving experience. Independent assessments on AI opportunities for
Rightmove and the broader property portal market informed the Group’s £60m investment plan (2026– 2028) focused on consumer and partner innovation, AI-driven
operations and new growth areas.
Focus remained on launching new products and features (over 6,000 in the year) and on monitoring the AI landscape, particularly changes in top-of-funnel search, to
guide visibility, integration, and data-sharing strategies.
Risk monitoring and mitigation
• Ongoing engagement with start-ups, prop-tech and global peers to track market innovation while maintaining strategic relationships with cloud vendors.
• Maintain a disciplined product roadmap of product and innovation focused on returns on investment, with regular performance reviews of all products.
• Accelerate innovation in technology and AI and in product teams’ roles, supported by an AI policy and governance framework, to leverage the Group’s UK market focus,
brand strength and proprietary data to deliver long-term value across the complex house-moving process.
• Dedicated learning and development for engineers.
Principal risks and uncertainties continued
Strategic Report
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Financial Statements
Cyber security and IT systems
The Group’s reliance on technology and IT systems
exposes it to cyber-attack risks that could disrupt
platform operations. A security breach, including
data loss or corruption, could disrupt day-to-day
efficiency and functionality.
Change from prior year
Potential impact
Any loss of the Rightmove website availability or misuse of its databases and IT systems could damage the Group’s reputation, erode consumer and customer
confidence, and lead to financial losses from downtime, penalties, fines or lawsuits.
Changes in the year
Whilst the Group did not experience any major disruptions or cyber-attacks in the year, the Information Security team continued to monitor elevated threat activity.
Working with industry bodies and trusted partners, the focus was on ensuring the right steps are being taken to protect against recent activity seen in other sectors.
Focus remained on strengthening security across both the website hosting environment and administrative IT estate to protect partner, consumer and Company data.
Key enhancements included embedding a Software Development Lifecycle (SDLC) for consistent design, development, testing and deployment, and transitioning
thecorporate estate and security controls to a cloud-hosted environment.
Robust third-party assurance was maintained through penetration testing, benchmarking, phishing exercises and an ongoing alignment of current working practices
withthe ISO 27001 standard for information security management, supported by our formal internal controls framework.
Risk monitoring and mitigation
• Board monitoring of cyber risks, including senior management participation in tabletop exercises and cyber insurance programme.
• Regular testing and review of Disaster Recovery and Business Continuity plans.
• Robust, best practice security controls across on-premise, cloud and SaaS environments.
• Secure application development practices embedded into the software cycle.
• Ongoing security testing including penetration testing and continuous monitoring of external threats.
• Internal information security training and phishing simulation to strengthen awareness.
• Enhanced incident response capabilities, combining external managed services with in-house expertise.
• Collaboration with technology teams to anticipate changes in the technology landscape (for example, AI) and to integrate security implications into future plans.
Regulatory risks
Rightmove operates in an increasingly complex
regulatory environment, with risks of non-
compliance with applicable laws, FCA rules for
subsidiaries and regulations governing partners
such as estate and letting agents. As the Group
expands its products and services, new regulatory
requirements might also apply.
Change from prior year
Potential impact
Failure to meet regulatory requirements could lead to reputation damage, legal action and/or financial penalties – all of which could impact both the performance
oftheGroup and returns to shareholders.
Changes in the year
Regular ‘horizon scanning’ to prepare for prospective changes to regulation and legislation. Such changes, which may impact the Group to varying levels, include
theRenters’ Rights Act, Digital Markets, Competition and Consumers Act, Economic Crime and Corporate Transparency Act and the revised UK Corporate
GovernanceCode. A focus on further embedding policies, processes and controls to ensure compliance with recent regulatory changes.
Risk monitoring and mitigation
• Proactive engagement with regulators, legislators, trade bodies and policy makers.
• Employee Code of Conduct, supported by regular review of policies and procedures.
• Group-wide mandatory training programmes, covering anti-bribery, data privacy, competition law, information security and ongoing professional development
andtraining for regulated roles.
• Dedicated internal legal, risk and compliance teams to monitor and respond to regulatory changes, with external specialist support as needed.
• Governance forums receive compliance reports from internal compliance and audit teams and third-party specialist providers.
Principal risks and uncertainties continued
Annual report and accounts 2025Rightmove57
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Financial Statements
Securing and retaining the right talent
The Group’s continued success is dependent on its
ability to attract, recruit, retain and motivate its
highly skilled workforce.
Change from prior year
Potential impact
Failure to recruit or retain talent could hinder the Group’s financial performance and strategic delivery. Loss of key staff could increase the risk that knowledge
andcompetitive advantage are lost.
Changes in the year
Applications rose 15% year-on-year, headcount grew 5% with employee referrals accounting for 9% of hires, and attrition remained stable. Rightmove was again named
a Sunday Times Best Place to Work, with employee sentiment strong: 89% rated it a ‘great place to work’ in the annual Have Your Say survey (up from 82% in 2024).
Talent attraction and retention were strengthened through refreshed Company values and the introduction of the Healthy High Performance Way to support
development and motivation (see People and Culture section).
Risk monitoring and mitigation
• The ability for all employees to participate in the success of the Group through the SIP and SAYE schemes.
• Leveraging insights from engagement surveys, exit interviews and market trends to proactively address retention risks and adapt to changing workforce needs.
• Commitment to diversity, equity and inclusion, that fosters a supportive environment and reduces turnover and builds long-term loyalty.
• Group Talent Review and succession planning for key senior talent to maximise their potential and ensuring a pipeline for critical roles.
• On-demand learning available for all employees via LinkedIn Learning and Pluralsight.
• Regular communication through Company-wide Town Hall meetings and informal Connection sessions for all employees with members of the Group Leadership Team.
• Commitment to flexible working practices, between working at home and in the office.
Emerging risks
Identifying, discussing and evaluating emerging risks is integral to our risk management framework, using tools such as horizon scanning and impact assessments.
These risks are new or evolving, not immediate, and often hard to quantify but may pose significant future opportunities or threats. Examples include rapid AI-driven technological change affecting
consumer behaviour and related cyber threats.
The Board reviews emerging risk and the risk register twice a year.
Principal risks and uncertainties continued
Strategic Report
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Governance Other Information
Financial Statements
Going concern and viability statement
Going concern and viability statement
Based on the going concern assessment in Note 1 to the
financial statements, the Directors have a reasonable expectation
that the Group has sufficient resources to continue in operational
existence for the foreseeable future, and at least for the period
to 30 June 2027. For this reason, theycontinue toadopt the
going concern basis in preparing thefinancial statements.
In assessing the long-term viability of the Group, the Directors
determined that a three-year period to 31 December 2028
isappropriate for the viability statement, given the Group
operates within a fast-moving online digital marketplace, where
projections looking out further than three years become less
meaningful. Three years is also the period considered under the
Group’s current Strategic Business Plan. TheStrategic Business
Plan is built bottom-up by business unitandreviewed by the
Board. The Plan makes certain assumptions about Agency and
New Homes customer numbers, ARPA growth and other revenue
streams; also considering the Group’s cost base, profitability,
cash flow anddividend cover over the three-year period.
Under severe but plausible scenarios, revenue reductions were
modelled based on customer numbers and ARPA, with cost
assumptions including higher marketing, IT, recruitment,
retention, and innovation spend to protect the platform.
Each scenario was stress-tested individually and in combination.
In all cases, the Group remains cash positive over the three-year
period, with sufficient resources to operate without the need
toincur debt.
The Directors also reviewed the reverse stress test which was
undertaken to illustrate the scenario needed to exhaust cash
balances within three years. The possibility of this scenario
arising was deemed highly remote, requiring much more severe
conditions than those modelled above.
Other facts that provide the Directors with comfort around
theGroup’s long-term viability in the face of adverse economic
orcompetitive conditions include: the Group’s diversified
customer base with no single customer constituting more
than3% of Group revenue; the Group’s high operating profit
margins; significant free cash flow; and no external debt.
Confirmation of longer-term viability
In accordance with the requirements of the 2024 UK Corporate
Governance Code, the Directors have assessed the long-term
viability of the Group, considering the Group’s current position
and the potential impact of the principal risks and uncertainties
set out on pages 55 to 58. Based on a robust assessment of the
principal risks facing the Group, including those that would
threaten its business model, future performance, solvency or
liquidity, the Directors have a reasonable expectation thatthe
Group will be able to continue in operation and meetitsliabilities
as they fall due over the three-year periodto31 December 2028.
Scenario Linked principal risk
Economic downturn
As the Group earns most of its revenue in the UK, an economic downturn could weaken
consumer confidence, reducing housing transactions and customers’ cash flow. This may
lower customer numbers or decrease average revenue per advertiser (ARPA).
1 – Macroeconomic environment
Increased competition and/or new or disruptive technologies
Increased competition from new entrants or technologies could reduce revenue by
disrupting market share and altering customer behaviour, leading to fewer customers
or lower average spend.
2 – Competitive environment
3 – New or disruptive technologies
Cyber-attack
A cyber-attack could render Rightmove’s platform unavailable, causing revenue loss and
additional remediation costs.
4 – Cyber security and IT systems
Annual report and accounts 2025Rightmove59
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Financial Statements
Corporate governance report
Board Connection sessions have continued in 2025, allowing
NEDs unique opportunities to assess culture. To see how the
Board has focused on monitoring and embedding culture,
please turn to page 71.
Board performance review
An internal Board and committees’ performance review was
completed, capturing high-quality feedback and setting
improvement objectives. See page 81 for details.
Reporting and AGM
We have streamlined our governance and sustainability
disclosures in this year’s report to enhance stakeholder
relevance. The AGM will be held in person at UBS, London,
on 8 May 2026. Shareholders are welcome to attend, vote and
to raise questions for the Board. All Directors will stand for
re-election except Amanda James, who will stand for election.
Priorities for 2026
Key priorities include preparing for compliance with UK
Corporate Governance Code Provision 29 on internal controls,
implementing the new Remuneration Policy, and advancing
succession plans.
Andrew Fisher
Chair
26 February 2026
Governance highlights
February
Disclosure
Committee
May
Independent
NED
appointment
June
Strategy
meeting
September
Remuneration
Policy review
November
Strategy and
2026 Business
Plan approval
December
Board
performance
review
Established as part of a review
ofour Share Dealing Code, Policy
and arrangements
Independent NED and Audit
Committee Chair Amanda
James appointed and induction
commenced
Read more on page 81
Board and GLT two-day
strategyevent
Remuneration Policy review and
consultation process commenced
Read more from page 84
• GLT present the strategy
for2026 and beyond
• Consideration and approval of
Business Plan and preparations
for an investor presentation
Internal Board and committees’
performance review
Read more in the Nomination
Committee report on page 81
Board composition and successionplanning
Amanda James joined the Board as an Independent Non-
Executive Director (NED) following the AGM on 9 May 2025 and
was appointed Audit Committee Chair on 1 June 2025, following
Andrew Findlay’s retirement. Succession planning has been, and
continues to be, a priority, as two NEDs either approach, or have
met, nine years of tenure. Further details are in the Nomination
Committee report, including Amanda’s appointment process
and induction.
Strategy
A key event in the Board’s annual calendar is the two-day
strategy meeting. The Board and GLT received presentations
from internal experts, external advisers, and guest speakers.
Atthis year’s event in June, there was a focus on priorities to
accelerate value creation for all our stakeholders.
Operation of the Board in 2025
Full details of the Board’s programme during the year, strategic
linkages and the outcomes of decisions can be found in 2025
Board agenda on page 68. The Board’s Section 172 statement,
which explains how the Directors discharged their duties to
promote the success of the Group, can be found in the Strategic
Report on page 27.
Culture, purpose and engagement
We believe that great culture and purpose are important in the
successful delivery of strategy. Strong employee engagement
scores have been recorded in 2025 and Rightmove was
recognised in the Sunday Times Best Places to Work index
for a second consecutive year.
Chair’s introduction
On behalf of the Board, I am pleased to present the Corporate
governance report, which explains how Rightmove is directed
and controlled.
Andrew Fisher
Non-Executive Chair
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Corporate governance report continued
Reporting on the Code
The Board supports the principles and provisions of the
Code issued by the Financial Reporting Council (FRC),
available at www.frc.org.uk. The Board has applied the
principles and complied with each of the provisions of
the Code in 2025. Provision 29 (the declaration on the
effectiveness of the risk management and internal controls
framework) does not come into force until financial year
2026; the substantial progress the Board has made on
preparing for compliance with Provision 29 can be found
in the Audit Committee report on page 78.
Jacqueline de Rojas served on the Board for nine years on
30 December 2025. Provision 10 of the Code states that
a NED remaining in post beyond nine years could impair
independence. At the request of the Chair, Jacqueline agreed
to remain in post whilst succession and recruitment plans for a
new NED and Senior Independent Director (SID) were finalised
and, following consideration during the 2025 performance
review, the Board continues to consider that Jacqueline is
independent. Jacqueline will retire as a NED and as SID at the
end of 2026.
In relation to Provision 5, engagement with the workforce,
three Board Connection sessions were held over the course
of the year (see page 72). The Board believes that this
arrangement works well with Rightmove’s culture, with
strong levels of engagement and high-quality feedback
from our people.
Application of the Code
The application of the UK Corporate
Governance Code 2024 (Code) principles
can be found in the following areasof
this report:
Section 1: Board leadership and company purpose
The skills and experience of Board Directors can befound in
the biographies below. Purpose and how the Board delivers
long-term sustainable success and generates value for
shareholders and other stakeholders can be found in the
Strategic Report. Information about values and culture can be
found in People and Culture and in the CSR Committee report.
This report contains a detailed account of the Board’s programme
in 2025 Board agenda, including linkages to strategy, decisions
and any outcomes. Workforce practices andpolicies and their
alignment to values and strategy are monitored through People
and Culture updates and in other ways (see How the Board
monitors and embeds culture on page 71). Speak up/
Whistleblowing Policy and arrangements are in place, including
a means for the workforce to raise concerns in confidence, and
anonymously, ifthey wish. Please see page 79 for information
about how any conflicts of interest aremanaged.
How the application of the Code
principles shaped positive governance
outcomes in 2025
• Purpose, values, and strategy continue to be aligned to culture,
which has been further developed and strengthened this year.
The People and Culture report has full details of our refreshed
values and culture-enhancing activities.
• Board Connection sessions ensure high-quality workforce
engagement. See How the Board monitors and embeds culture,
on page 72.
• The Internal Audit function further embedded the internal
controls framework and continued to strengthen and enhance
risk management in readiness for compliance with Code Provision
29. See Risk management and the Audit Committee report.
• The Board performance review identifies objectives for
improvement and reviews progress on prior-year objectives.
See the Nomination Committee report on page 81.
• Rightmove’s Board comprises a range ofprofessional
backgrounds, skills andperspective. See the Board biographies
starting on page 63.
• Our Board dynamic encourages open and frank discussions to
ensure that decisions are taken forthelong-term success of
the Group.
• All Directors maintain the highest standards of conduct,
professionalism and integrity and are committed to corporate
governance best practice, evidenced by this report..
• The Board reviewed its corporate governance arrangements
during the year to ensure that theycontinued to be effective.
Section 2: Division of responsibilities
This report contains full details of our corporate governance
framework, independence and how responsibility is divided and
delegated. The division of responsibilities between the Chair
and CEO and the role of the Senior Independent Director are
set out in writing (plc.rightmove.co.uk). The Group Company
Secretary provides support to the Chair and Board on all matters
relating to corporate governance and Board members have full
access to her advice; she ensures that governance processes
meet all required standards and that the Board receives timely,
accurate and clear information.
Section 3: Composition, succession, andevaluation
This report provides details of Board composition, skills,
experience, diversity and length of tenure and the Nomination
Committee report contains information about Board search and
appointment processes, succession planning, and induction, as
well as the outcomes of the Board and committees’ performance
review. All Directors are subject to annual re-election or
election at the AGM.
Section 4: Audit, risk and internal control
Please turn to the report of the Audit Committee, from page
74, where details of our internal controls and risk management
frameworks can be found. The Risk management report, on
page 53, contains details of our principal risks and explains
Rightmove’s risk management approach.
Section 5: Remuneration
The Remuneration Policy and the report of the Remuneration
Committee can be found in the Directors’ Remuneration
Report, on page 84.
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Financial Statements
Board of Directors
The Board is responsible for
setting strategy and ensuring
that Rightmove has a clear vision,
purpose and culture. It oversees
the Group’s conduct and operations
to ensure the delivery of long-term
value for the benefit of shareholders
and other stakeholders
Board roles:
Chair
Chief Executive Officer
Chief Financial Officer
Senior Independent Director
Non-Executive Directors
The full Board and committee terms
of reference, matters reserved
totheBoard and the division
ofresponsibilities can be found
at plc.rightmove.co.uk
Group Leadership
Team (GLT)
Rightmove’s internal
leadership team, led by the
Chief Executive Officer
The GLT is responsible for the
execution of strategy, the
management of day-to-day
operations and the alignment of
values, culture and purpose. GLT
members provide updates to and
maintain regular dialogue with the
Board to facilitate NED support and
to receive constructive challenge
Details of members of the GLT can be
found at plc.rightmove.co.uk
Board committees
The Board retains responsibility for all decisions but delegates some decision-making to its committees.
Committee chairs report to the Board on committee activities at scheduled meetings
Terms of reference can be found at plc.rightmove.co.uk
Please turn to each committee’s report for details of activities in 2025
Other governance forums
Including subsidiary company boards, inclusion groups and Charities and Communities Group
Audit
Committee
Disclosure
Committee
Remuneration
Committee
Corporate
Social
Responsibility
Committee
Nomination
Committee
Key Leader PODs
PODs are meetings of Key Leaders
(senior managers) to review strategic
progress, share knowledge and give updates
on new business products and services
Delegating and dividing responsibilities –
corporate governance framework
A N C R D
Risk Committee
Responsible for the identification and
mitigation of risk. Turn to Risk management
on page 53 for further information
• AI sub-committee: responsible for the
governance of AI processes and policies
Corporate governance report continued
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Corporate governance report continued
Director and officer biographies
Appointment to Board
1 January 2020
Current external commitments
None
Appointment to Board
20 February 2023
Current external commitments Non-Executive Director,
Willhaben Holding GmbH
Appointment to Board
15 September 2024
Current external commitments
None
Previous roles, skills and experience
Andrew has a background in building digital, media and
entrepreneurial businesses and executing high growth strategies.
He also has experience of serving on the boards of a number of
listed companies as a non-executive director.
Andrew was previously CEO and Executive Chair of Shazam.
During his tenure, Shazam became one of the world’s leading
mobile consumer brands. He was also European Managing
Director of Infospace Inc and the founder and Managing Director
of TDLI.com. Andrew was Non-Executive Director, Senior
Independent Director and Remuneration Committee Chair of
Marks and Spencer Group plc until July 2024, a Non-Executive
Director of MoneySupermarket.com Group plc until May 2020 and
Merlin Entertainments plc until 2019. Andrew is a Trustee of the
Royal Marsden Cancer Charity.
Previous roles, skills and experience
Johan brings extensive knowledge of growing established online
marketplace and e-commerce businesses and has many years
of experience as a board director of both public and private
technology companies across multiple countries. Johan most
recently served as a Partner, EQT Growth Advisory Team, part
of EQT, the global investment organisation, where he was part
of investing in and serving on the boards of several growth
technology companies. Prior to that, Johan was a member of the
Expedia Group global leadership team, serving as Global President
of Hotels.com and Expedia Affiliate Network brands between
2013 and 2018, where he grew revenues to over $3bn, leading
teams across four continents. Preceding that, Johan spent eight
years with the Expedia Group in its Asia-Pacific division as a
Managing Director, launching and growing several of the
company’s divisions into leading regional players.
Johan was previously with McDonald’s Corporation, where he
was Head of the Digital Innovations Group, successfully leading
major projects based in the US. Before that, Johan held CEO
and leadership positions in telecommunications and internet
start-ups. Johan is a Swedish national based in the UK and holds
a MSc in Economics from the Stockholm School of Economics.
Previous roles, skills and experience
Ruaridh was Head of Commercial Finance and Financial Planning
&Analysis at Rightmove from 2020, having joined Rightmove
in 2016. As Head of Commercial Finance, he was responsible
for revenue growth, pricing and package strategy and cost
business partnering.
He has a wealth of experience from his time at Rightmove, having
also held roles in Group Reporting, Tax, Treasury and Investor
Relations at the Company.
Prior to Rightmove, Ruaridh worked inCorporate Finance at EY
for over five years, qualifying as a chartered accountant. Before
EY, Ruaridh had business analyst roles at Apollo Leisure and
Ladbrokes. Ruaridh graduated from The University of Edinburgh
with an MA (Hons) in History and is a qualified Chartered
Management Accountant.
Johan Svanstrom
Chief Executive Officer
B C
7/7 2/2
Ruaridh Hook
Chief Financial Officer
B C
7/7 2/ 2
Andrew Fisher OBE
Chair
B N C
7/7 3/3 2/2
Key
N
R A
C
B
Nomination Committee
Remuneration Committee Audit Committee
Corporate Social Responsibility
Committee
Board
Meetings attendedX/X
Annual report and accounts 2025Rightmove63
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Corporate governance report continued
Appointment to Board
9 May 2025
Current external commitments
Non-Executive Director, Auto Trader Group plc and
Non-Executive Director, British Land plc
Previous roles, skills and experience
Amanda was the Chief Financial Officer of NEXT Plc, one of the
UK’s largest FTSE 100 fashion, footwear and home retailers, until
July 2024. She retired from NEXT in 2024 after more than 28 years
with the company. With an extensive background in finance, she
held various roles in NEXT’s finance department before being
appointed CFO and joining the NEXT Board in 2015. Amanda is an
independent Non-Executive Director of Auto Trader Group plc,
where she serves as Audit Committee Chair, and as a member of
the Remuneration, Nomination and CR Committees. Amanda is
also an independent Non-Executive Director of British Land plc,
where she is additionally a member of the Audit Committee.
Amanda James
Independent
Non-Executive Director
B N C A
6/7
*
2/3
*
1/2
*
4/5
*
Appointment to Board
30 December 2016
Current external commitments
Board Member and President Emeritus, techUK; Non-
Executive Director, FDM Group (Holdings) plc; Co-Chair,
Institute of Coding; Chair, Board of Trustees, Bletchley Park
Previous roles, skills and experience
Jacqueline is a recognised technology leader with many years’
experience in the software, technology and digital sectors,
working in enterprise software businesses. She has extensive
knowledge and skills working at the intersection of intelligence,
cyber security and AI. Jacqueline has been employed as achange
agent to promote growth mindset cultures in global enterprise
software companies. She has served as a Non-Executive Director
on the boards of Home Retail Group, AO World plc and Costain
Group plc. Jacqueline currently has NED responsibility for
Employee Voice and serves as Senior Independent Director at
FDM Group plc and she holds responsibility for representing the
sustainability agenda on the board of IFS AB, a global industrial
AI-driven enterprise cloud company in the service management
space. Jacqueline is the co-chair at the Institute of Coding, and
President of Digital Leaders. She is on the board of techUK and has
recently become the first female Chair at the Bletchley Park Trust
and is a passionate advocate for inclusion in the workplace with
a particular focus on encouraging women and girls into digital
careers andstudying STEM subjects. She was awarded a CBE for
services to international trade in the technology industry in 2018.
Jacqueline de Rojas CBE
Senior Independent
Non-Executive Director
B N C R A
7/7 3/3 2/2 5/5 5/5
Appointment to Board
25 July 2023
Current external commitments
Chief Executive Officer, Nexus Black
Previous roles, skills and experience
Kriti is an internationally recognised expert in AI who hasastrong
record of building and transforming successful technology
businesses and products for consumer, B2B and enterprise
companies. Kriti is currently the Chief Executive Officer of Nexus
Black (part of IFS AB). Prior to that, she was theChief Product
Officer, LegalTech, at Thomson Reuters. Kritiwas formerly the
VP of Artificial Intelligence at FTSE 100 software company Sage
Group and led a major product transformation for GfK, a KKR
portfolio company, transforming them from a data and content
provider to a decision intelligence, SaaS platform business.
Kriti was named in the Forbes 30 Under 30 list in 2017 for
advancements in AI and is a Google Anita Borg Scholar. She was
awarded the Prime Minister’s Points of Light award for creating
‘AIfor Good’, an initiative pioneering AI techniques to tackle
arange of social challenges. Her work is frequently featured
inglobalmedia such as the Financial Times, Harvard Business
Review and the BBC. She was appointed a United Nations Young
Leaderin2018.
Kriti Sharma
Independent
Non-Executive Director
B N C A
7/7 3/3 2/2 5/5
* Appointed to the Board, and to the Audit, Nomination and CR Committees on
9 May 2025. Appointed as Audit Committee Chair on1 June 2025.
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Appointment to Board
1 February 2018
Current external commitments
Non-Executive Director and Senior Independent Director
ofProVEN VCT plc, Non-Executive Director of Finsbury
Growth & Income Trust plc, Non-Executive Director
andSenior Independent Director of Premier Foods plc
Appointment to Board
1 June 2019
Current external commitments
Managing Director of Vitruvian Partners LLP
Appointment to Board
28 September 2022
Previous roles, skills and experience
Lorna has extensive experience as a media analyst and investment
adviser to the media sector with strong financial analysis and
leadership skills. She was Executive Director of Numis Corporation
PLC (now Deutsche Numis) and Head of the Media Sector in
Corporate Broking & Advisory until September 2017. She was
afounder of Numis when it launched in 2001 having worked at
Sheppards, as a director of SG Warburg and Executive Director
of WestLB Panmure. Lorna previously served on the Advisory
Panel of TechNation’s Future Fifty programme and as a Cabinet
Ambassador (for Creative Britain) for the Department of Culture,
Media & Sport. She was a Non-Executive Director of M&C
Saatchiplc, Euromoney Institutional Investor plc and Jupiter
UKGrowth plc.
Previous roles, skills and experience
Amit has a strong understanding of the online classified sector
andinnovation across a range of online marketplace businesses,
with extensive knowledge of finance and capital markets. He was
Head of International Developed Equities at Harvard Management
Company and prior to that Head of Equities at the Lakshmi Mittal
Family Office. He previously held senior investment management
roles at Morgan Stanley & Co International plc, Ziff Brothers
Investments and KKR & Co. Amit has an MBA with Distinction
fromHarvard Business School and a bachelor’s degree in
economics with Honours from Harvard College.
Previous roles, skills and experience
Carolyn was Deputy Company Secretary at Superdry plc from
December 2018 to September 2022 and Company Secretary (SPV)
at G4S plc from October 2015 to December 2018. Carolyn has
wide commercial experience, spanning financial services, utilities,
retail and the not-for profit sector. Carolynisthe Group Company
Secretary, head of governance andleads on Sustainability.
Carolyn is a Fellow of the Chartered Governance Institute UK and
Ireland and has a BA (Hons) in Politics and History from Coventry
University. Carolyn is also a voluntary Trustee for the charity
Caudwell Youth.
Lorna Tilbian
Independent Non-
Executive Director
B N C R
7/7 3/3 2/2 5/5
Amit Tiwari
Independent Non-
Executive Director
B N C R
7/7 3/3 2/2 5/5
Carolyn Pollard
Company Secretary
Board departures in 2025
Andrew Findlay retired as a Non-Executive Director
andasAudit Committee Chair on 1 June 2025. During
2025, Andrew attended two Board meetings, two Audit
Committees, one Nomination Committee and one
CSRCommittee.
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Independent NEDs: 63%
Not independent: 37%
Corporate governance report continued
Board composition, skills and diversity
at a glance
Age
60+: 25%
50-59: 37%
40-49: 25%
30-39: 13%
Board independence
Gender diversity
Male: 50%
Female: 50%
Ethnic diversity
Mixed/Multiple Ethnic groups: 12.5%
White British: 62.5%
Asian/Asian British: 25%
Non-Executive Directors’ competencies and skills
Amanda
James
Andrew
Fisher
Jacqueline
de Rojas
Lorna
Tilbian
Amit
Tiwari
Kriti
Sharma
Appointment May – 25 Jan – 20 Dec – 16 Feb – 18 Jun – 19 Jul – 23
M&A/Corporate Transactions
Capital Markets/Investor Relations
Business Growth through Innovation
Governance Expertise
Data Analytics and AI
Digital Security
Online Marketplace Business Models
Voice of the Rightmove Customer
Voice of the Rightmove Consumer
ESG
Risk
Current Executive
Audit/Accounting
Remuneration
Key Core competency Secondary competency
Board diversity
As at 31 December 2025, 37.5% of the Board were from ethnically diverse backgrounds, exceeding the Parker Review target.
We can also report that, in line with UK Listing Rule (UKLR) 22.2.30R, Rightmove achieved the following Board diversity targets:
• 50% of the individuals on the Board of Directors are women (UKLR target is 40%)
• One senior position is held by a woman, Senior Independent Director Jacqueline de Rojas (UKLR target is one senior position)
• Three individuals on the Board are from a minority ethnic background (UKLR target is one individual)
For details of the Board Diversity, Equity and Inclusion Policy, please turn to the Nomination Committee report.
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Further information on the
activities of the following
Board committees:
Nomination Committee page 80
Corporate Social Responsibility
Committee page 83
Audit Committee page 74
Remuneration Committee page 84
Investor relations activity
Meetings with investors take place
throughout the year, as well as
meetings with sell-side analysts.
March
• Full-year results
roadshow
• UK conferences
July/August
• Interim results
and roadshow
February
• Full-year results
presentation
June
• UK conference
December
• UK conference
April
• European
conference
September
• UK and US
conferences
• US roadshow
November
• Investor update and
roadshow
• UK and European conferences
May
• AGM
• US conference
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Gender and ethnicity reporting table (in line with UKLR 22.2.30R) at
31 December 2025
Number of Board
members
Percentage of the
Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
executive
management
(1)
Percentage
ofexecutive
management
(1)
Gender identity reporting table
Men 4 50% 3 5 56%
Women 4 50% 1 4 44%
Not specified/prefer not to say – – – – –
Ethnic background reporting table
White British or other White (including minority
white groups)
5 62.5% 3 8 89%
Mixed/Multiple Ethnic Groups 1 12.5% 1 – –
Asian/Asian British 2 25% – 1 11%
Black/African/Caribbean/Black British – – – – –
Other ethnic group – – – – –
Not specified/prefer not to say – – – – –
Rightmove’s approach to collecting data for the purposes of making these disclosures can be found on page 35.
1. UKLR: the executive committee or most senior executive or managerial body below the board (or where there is no such formal committee or body, the most
senior level ofmanagers reporting to the chief executive), including the company secretary but excluding administrative and support staff.
Growth
enablers
Corporate governance report continued
2025 Board agenda: considerations and outcomes
February
Full-year results
Committee reports
Audit, Remuneration, Nomination, Corporate Social Responsibility
Deep dive/presentations
Product development and technology
Approvals
• Full-year financial results for 2024, recommendation for final dividend
and share buyback
• Risk register and principal risks
• Modern Slavery Act transparency statement
• Tax Strategy
• Market Abuse Regulation (MAR) review – new Disclosure Committee
• Notice of AGM
Key outcomes
The annual financial results were approved, which provided assurance
to shareholders on the ongoing value delivered by their investment.
The recommendation to shareholders on the level of final dividend
and the continuation of the share buyback programme provided returns
to shareholders. Oversight and scrutiny of risks, financial outputs and
KPIs ensured that Rightmove continued to deliver good outcomes for
shareholders and other stakeholders. The MAR review and establishment
of a Disclosure Committee ensured that share dealing and inside
information arrangements continued to be robust. The review and
approval of the Modern Slavery Act transparency statement provided
assurance to external stakeholders that Rightmove’s modern slavery and
supply chain due diligence processes and actions in FY25 were compliant
with statutory requirements and aligned to stakeholder expectations.
Considerations, decisions and key outcomes
The Board oversees strategy and risk and ensures organisational culture
aligns withRightmove’s purpose and values. The Chair, supported by the
Executive Directors and Company Secretary, confirms agendas and ensures
that the Board’s annual programme is strategically aligned.
The Board held seven scheduled meetings in 2025 and held additional meetings to consider other matters where
necessary. The Board’s agendas are driven by an annual programme which ensures that all corporate governance
and statutory requirements, including the application of the Code, are met during each cycle. Board reports
highlight strategic and stakeholder perspectives to aid decision-making. The key items for consideration on the
Board’s agenda at scheduled meetings in 2025 are set out below, showing how they link to our strategic business
pillars, the decisions made and all key outcomes.
Business
drivers
Core partner
Consumer
New growth
People
Platform
Data and AI
Timing of Board meeting/
links to business pillars
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Timing of Board meeting/
links to business pillars
May
AGM
June
Strategy
Committee reports
Audit
Deep dive/presentations
Mortgages
Appointments
Amanda James was appointed
asaNED
AGM
All resolutions were supported
by shareholders.
Approvals
The main principles of the strategy were discussed, for further
development by the GLT and senior leadership. The final strategy
and business plan for 2026 and beyond was considered by the Board
in November.
Appointments
Amanda James was appointed as Audit Committee Chair.
Key outcomes
The Mortgages deep dive provided opportunities for discussion and
scrutiny on an important strategic growth area, which improved outcomes
for shareholders and consumers. The appointment of Amanda James
ensured that the Board’s composition continued to be balanced and that
its skills and experience were strong in financial reporting, controls and
audit. The AGM provided an opportunity for shareholders to meet, ask
questions and engage with members of the Board.
Key outcomes
The strategy event enabled the Board to engage directly with the GLT
and senior leadership, providing challenge and feedback on strategic
plans to ensure alignment. The GLT and senior leaders were given clear
direction, which enabled them to finalise the business plan and prepare
detailed financial information for presentation to the Board in November.
The appointment of an experienced Audit Committee Chair ensured
continued financial governance, scrutiny and financial risk management.
Considerations, decisions, and key outcomes
Considerations, decisions, and key outcomes
Committee reports
Audit
Deep dive/presentations
Cyber security
Approvals
• Half-year financial results,
interim dividend and
continuation of share buyback
• Risk register and principal risks
Key outcomes
The half-year financial results provided continued certainty to shareholders
and other key stakeholders. The approval of the interim dividend and the
continuation of the share buyback programme delivered further returns
to shareholders. The Board’s continued oversight of principal risks and
of executive management’s risk mitigation strategies and processes
benefited all stakeholders.
Considerations, decisions, and key outcomes
Timing of Board meeting/
links to business pillars
July
Half-year results
Timing of Board meeting/
links to business pillars
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Committee reports
Corporate Social Responsibility,
Remuneration
Deep dive/presentations
• Investor Relations
• People and Culture
• Go Greener
Approvals
• Health and Safety Policy
• Google Cloud Platform (GCP)
contract renewal
Committee reports
Audit, Remuneration
Deep dive/presentations
• 2026 Business plan
• Investor update plans
Approvals
• 2026 Business plan
• Investor update and
presentation
• Annual Group insurance renewal
Committee reports
Audit, Nomination
Deep dive/presentations
• Cyber security review
• Board cyber security
response training
• Legal and governance review
Approvals
• Appointment of cyber
breach counsel
Key outcomes
The Board was updated on investor relations activities and sentiment,
supporting the understanding of shareholder views. The Board’s oversight
of health and safety at Rightmove ensured that our office locations
continued to be safe and healthy environments. The approval of the
contract with GCP ensured continuity for our platform and services,
benefiting partners and consumers.
The CSR Committee received detailed People and Culture and Go
Greener updates, ensuring the CSR strategy remained on track.
Key outcomes
A trading update was published and an investor presentation was given on
7 November 2025, keeping shareholders and analysts fully informed about
the strategy, product innovation, AI and projected financial performance.
The annual insurance renewal ensured that appropriate levels of
insurance were maintained, reducing Rightmove’s exposure to risks.
Key outcomes
The Board is updated on Rightmove’s cyber security framework and
activities and can hold management to account. Cyber security response
training reinforces knowledge and preparedness; experienced cyber
breach counsel are in place in the event of a cyber security incident.
The annual legal and governance review ensures that the Board is briefed
about any legislative or best practice changes.
Considerations, decisions and key outcomes
Considerations, decisions and key outcomes
Considerations, decisions and key outcomes
December
Cyber security review
and Board training
Timing of Board meeting/
links to business pillars
September
People and Culture
November
Business plan 2026
Timing of Board meeting/
links to business pillars
Timing of Board meeting/
links to business pillars
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How the Board monitors and embeds culture
Engagement
and follow
through
Oversight and
reporting
Performance
review
Conduct and
behaviours
Board Connection
sessions are Rightmove’s
chosen workforce
engagement method
and were held three
times in 2025
Rightmove Life, an
employee intranet, was
launched in 2025 following
employee feedback,
providing policies, benefits
and information in one
central location
The annual Board
performance review
assesses the Board’s
effectiveness in
overseeing and
embedding culture
Healthy High
Performance Way
framework launched
in 2025, with feedback
bootcamps and senior
leader training
GLT performance is
regularly reviewed using
360-degree feedback
Have Your Say
engagement and inclusion
surveys are issued twice
during the year. See the
People and Culture report
for details
Employee Town Halls
update on strategy,
results, and
performance, and
recognise excellence
and long service
Policies, procedures,
and mandatory training
guide employees,
reinforced by regular
communications
Rightmove
Culture
Key metrics used by the Board to monitor and
assess culture:
• Rightmove engagement metric
• Have Your Say Great Place to Work score
• Attrition levels (reviewed at CSR Committee meetings)
• Speak up/Whistleblowing reports (reviewed annually by
the Audit Committee)
Communications
include messaging
from the CEO,
GLT, and senior
leadership
Consistent
and regular
employee
communications
An independent
whistleblowing line
operates, with
arrangements reviewed
annually by the Audit
Committee
The CEO report provides
People updates at each
Board meeting. People and
Culture updates, including
Have Your Say results,
are received by the CSR
Committee twice a year
FIKA
Coffee and cinnamon bun catch
ups at our three office locations.
Time for everyone to take a
break, socialise, and make
important connections
Our values, The Hows,
evolved during 2025
to ensure they
continued to capture
the spirit of Rightmove
Alignment of purpose,
values and culture through
exemplary leadership and
expectations setting by the
Board, GLT and senior
management
The employee
Code of Conduct
sets high
expectations
and standards
of behaviour
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Board Connection
In response to Code Provision 5, engaging with the
workforce to understand their views, the Board held
three Board Connection sessions with employees during
the year. The sessions were built around themes, which
this year were Remuneration and Reward, International
Women’s Day and Key Leaders. The sessions have been
popular, providing NEDs with direct feedback and
insights. Actions are taken forward by the GLT for
implementation where possible, supporting the
employee voice and further enhancing Rightmove’s
healthy and high performance culture.
Other governance disclosures
Disclosure Committee
In early 2025, a review of Rightmove’s Market Abuse Regulation
arrangements and policies was undertaken. As part of the review,
Rightmove’s Share Dealing Code and Policy were refreshed,
a Disclosure Committee was established, and a Disclosure
Procedures Manual was put in place to further support the
management and dissemination of information.
How conflicts of interest are managed
Under the Companies Act 2006, the Directors have a statutory
duty to avoid situations in which they have, or could have, a
direct or indirect conflict with the interests of the Company.
The Company’s Articles of Association contain provisions for
managing and authorising potential conflicts of interest. The
Board has a Conflicts of Interest Policy in place and continues
to observe the policy and to review the Register of Directors’
Interests at least annually. Any external appointments must be
approved by the Board before they can be accepted.
To safeguard their independence, a Director is not entitled to
vote on any matter in which they may be conflicted or have a
personal interest. If necessary, Directors are required to absent
themselves from a meeting of the Board while such matters are
being discussed and, if there is any doubt, the Chair of the Board
is responsible for determining whether a conflict of interest
exists. No such conflicts of interest arose in 2025.
The interests of the Directors in the share capital of the Company
as at the date of this report, the Directors’ total remuneration
for the year and details of their service contracts and letters of
appointment are set out in the Directors’ Remuneration Report.
As at 31 December 2025, the Directors were deemed to have a
non-beneficial interest in 1,617,723 (2024: 1,833,148) ordinary
shares held by the Rightmove Employee Share Trust.
Speak up/whistleblowing arrangements
Rightmove’s whistleblowing line is operated by an independent
third-party provider. The Speak up/whistleblowing arrangements
were reviewed during the year by the Audit Committee. All
employees undertake whistleblowing training. Please turn to
the Audit Committee report for full details.
Human rights and modern slavery
Rightmove is committed to supporting human rights and is
opposed to all forms of discrimination and human rights abuse,
forced labour and child labour in all areas of its business and
supply chain. Rightmove is committed to preventing slavery and
human trafficking in its business operations and supply chains
and expects the highest standards of ethical behaviours from its
suppliers. Our Supplier Code of Conduct sets out the minimum
standards required from our suppliers in respect of human
rights and employment laws, including modern slavery. During
2025, no instances of modern slavery or human rights abuse
were identified or reported in our business or supply chain.
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Regulated activities compliance
Rightmove Financial Services Limited (RMFS) and Rightmove
Landlord and Tenant Services Limited (RLTS) are authorised
and regulated by the FCA. RMFS is authorised to introduce
Mortgages and RLTS is authorised for Insurance Distribution
and Credit Broking. During 2025, Consumer Duty has been
further embedded in our processes to continue to deliver
good outcomes for consumers.
Safe and secure platforms
Maintaining safe and secure platforms and systems is central
to our operations. Every service innovation or modification to a
platform is tested thoroughly to ensure that it delivers a valuable
service for customers, protects consumer data, and provides
an engaging consumer experience. Due diligence checks are
performed on all prospective Rightmove customers to ensure
that they meet all relevant regulations before they are allowed
to advertise on the Rightmove platform. Automatic detection
systems are in place to identify any anomalous images or text
uploaded to Rightmove in any property adverts, which allows
more effective resolution to any incorrect property listings and
the removal of potentially misleading or incorrect images and
property descriptions. Multi-Factor Authentication is required
for accessing any sensitive data or functionality within our
customer systems. For further information on how we manage
cyber security risk, please turn to the Risk management report.
Data protection
Protecting customer and consumer data continues to be a top
priority at Rightmove. All employees are required to complete
mandatory training on joining Rightmove, and at least annually
thereafter, covering data protection and information security.
Throughout the year, phishing tests are regularly conducted to
maintain employee threat awareness, and performance in these
is regularly reported to management. Policies are reviewed and
updated regularly, and cover Data Protection, Breach Reporting,
Information Security and Appropriate Use of IT. Additional
specialised training is required for employees in technical roles,
and for roles that require access to any sensitive data. The Chief
Information Security Officer is a member of the Group Risk
Committee and co-ordinates actions across the organisation,
to ensure that the Rightmove security posture remains strong.
Rightmove has one Data Protection Officer (DPO) and a Deputy
DPO, who are responsible for data privacy, data breach
prevention and reporting, policy compliance, record keeping
and data subject rights. They are supported by a dedicated
team handling data protection enquiries from consumers
and customers.
Tax transparency and strategy
Rightmove’s approach to taxation forms part of the Group’s
corporate and social responsibility stance and it is committed
to paying the right amount of tax, at the right time. The Group
Tax Strategy is available at plc.rightmove.co.uk. Details
of Rightmove’s total tax contribution are included within the
Financial review.
Payment practices reporting
Rightmove publishes its supplier payment practices and
performance as required. Rightmove’s standard terms of
business are to pay suppliers within 30 days of the invoice
date and this was achieved for over 93% of invoices in 2025.
The average time to payment across all invoices was 19 days.
Rightmove is a signatory to the Fair Payment Code and in 2025
was awarded Silver (until 2027).
The following policies are published at
plc.rightmove.co.uk:
• Modern Slavery Act transparency statements
• Speak up/Whistleblowing Policy
• Code of Conduct for all employees
• Supplier Code of Conduct
• Human Rights Policy
• Environmental Policy
• Board Diversity, Equity and Inclusion Policy
• Anti-Bribery and Corruption Policy (including
governance ofGiftsandHospitality)
• Tax Strategy
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Audit Committee report
Dear Shareholder
I am pleased to present the Committee’s report for the year
ended 31 December 2025. This report outlines the principal
activities of the Committee during the year and updates on the
key areas of review. The Committee’s responsibilities are set
out in the Corporate governance report from page 60 and to
the left of this page.
This is my first report as Chair of the Audit Committee,
having been appointed as a NED and as a member of the Audit
Committee on 9 May, and as Audit Committee Chair on 1 June
2025. Since taking the role, my focus has been on gaining a
clear understanding of the business, getting to know the teams
and building relationships. I received a comprehensive induction
and would like to thank them for their time and support. I would
also like to extend my gratitude and thanks to my predecessor
Andrew Findlay, for his handover and support during the
transition and his invaluable contributions to Rightmove
during his tenure from 2017.
During 2025, the Committee focused on monitoring progress
in strengthening the internal controls framework ahead of the
material-controls declaration required under Provision 29 of
the revised UK Corporate Governance Code, and on overseeing
the internal audit programme. A significant element of this
work involved defining what constitutes a material control,
rather than simply a key control. This process has prompted
constructive discussion at Audit Committee meetings, with
valuable input from all Directors. The Committee has made
good progress in developing a shared understanding of the
controls most critical to Rightmove and now has a draft list
which will continue to be refined and tested during 2026.
Internal Audit focused primarily on leading the project to enhance
the Group’s internal controls framework, which included meeting
with the FRC to discuss Rightmove’s approach and progress.
They also reported on cyber security controls, HR and talent,
PCI DSS (Payment Card Industry Data Security Standard) and
readiness for new legislation. In addition, the Audit Committee
Amanda James
Chair of the Audit Committee
Committee responsibilities
• Assesses the integrity of the Group’s half-year report
and annual financial statements, confirming that the
Annual Report, as a whole, is fair, balanced and
understandable
• Reviews the effectiveness of Rightmove’s risk
management and internal control processes
• Monitors the preparations and readiness for the
reporting under Provision 29 of the Code
• Monitors the Risk Committee and reviews updates
from the business on key risk areas
• Agrees the scope and terms of reference for activities
undertaken by Internal Audit and reviews their findings
• Evaluates the quality, effectiveness and independence
of the external auditor and Internal Audit function
• Agrees the priorities for 2026 and the internal audit
plan, which includes focus on the key risk areas of
compliance, cyber and data security, as well as
enhancing the material controls framework across
thebusiness
also received updates from the Risk Committee on strategic,
regulatory, operational and financial risks.
As part of its annual governance cycle, the Committee reviewed
the Group’s policies for Treasury, Whistleblowing and Non-
Audit Services; reviewed the Tax Strategy statement and Gifts
and Hospitality Register; and oversaw the assessment of
internal and external audit effectiveness.
Looking forward to 2026, the Committee will continue to
focus on the key risks, such as cyber security and regulatory
compliance, and support the Company’s overall risk management
framework. The internal controls framework, audit testing and
progress towards Provision 29 readiness will remain key
priorities for the Committee.
In addition to its annual performance evaluation, the Committee
reviewed its terms of reference against the 2025 UK Corporate
Governance Code. These are published on the Investor Relations
section of the Group’s website at plc.rightmove.co.uk.
Finally, I would like to thank my fellow Committee members and
the management team, particularly our Finance and Internal
Audit teams, for their professionalism and diligence throughout
the year. I would also like to thank EY, our external auditor, for
their continued challenge and assurance. The insight and rigour
provided by both our Internal Audit team and EY have been
instrumental in supporting the Committee’s oversight of
financial reporting and internal control.
I will be available at the AGM to answer any questions about the
work of the Committee.
Amanda James
Chair, Audit Committee
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Corporate governance report continued
Audit Committee membership, meetings
and effectiveness
Audit Committee membership
All Audit Committee members are Independent Non-Executive
Directors with experience relevant to the business, in line with
Provision 24 of the UK Corporate Governance Code (the Code).
Amanda James, as Chair, brings extensive financial experience
from her role as CFO at NEXT; Jacqueline de Rojas offers
technology expertise; and Kriti Sharma extensive AIexperience.
Biographies of Committee members, along with meeting details
and attendance, are set out in the Corporate governance report.
Audit Committee meetings
Regular attendees at the Audit Committee included the
Chair, CEO and CFO, and the external and internal auditors.
Management joined as needed, to ensure effective
communication.
The Committee met privately with external and internal audit
without the presence of management. Auditors had direct
access to the Chair, to raise any concerns outside formal
meetings. Between meetings, the Chair maintained contact
with the CFO, external audit partner, Head of Internal Audit &
Assurance and other management.
After each meeting, the Chair reported key issues discussed
tothe Board and circulated approved minutes.
Audit Committee effectiveness
Committee effectiveness was reviewed during December 2025
as part of the annual Board evaluation. The review concluded
that the Committee continues to operate effectively and provide
appropriate challenge. For full details see page 81 in the
Nomination Committee report.
Financial reporting
Annual and half-year reports
The Committee reviewed the Group’s half-year and annual
financial statements, including accounting policies, application
of reporting standards, governance, compliance (including
TCFD), use of alternative performance measures, key judgements,
auditor observations, and the analysis supporting the going
concern and viability statements.
Significant accounting matters
Revenue recognition remained the key accounting matter,
given transaction volumes and the materiality of revenue in
the income statement. The Committee reviewed revenue
recognition in detail, including policies, processes and controls
to ensure accounting and disclosure remain appropriate.
The Committee also reviewed and considered the going
concern and viability statements in relation to the 2025
financialstatements.
Revenue recognition
Revenue is a key area of external audit focus, particularly
the timing of recognition in relation to the billing of
subscription fees, additional products, and accounting for
material membership offers. As detailed in Note 1 to the
accounts, the Group’s revenue mostly comes from
membership subscriptions for core listing fees and
advertising products on Rightmove’s platforms.
Revenue is recognised over the contract period or at the
point at which advertising products are used. EY used
data analytics and computer-assisted techniques to test
revenue postings and identify anomalies: results were
satisfactory and reported to the Committee.
Going concern & viability
In assessing the viability and going concern statements
(page 59) the Committee reviewed management’s
assessment of the Group’s resilience to principal risks
under severe but plausible stress-test scenarios. These
didnot call into question the business’s viability, and the
Committee confirmed that the three-year viability period
remains appropriate. The Committee was satisfied that
theprocess was sufficiently rigorous.
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Corporate governance report continued
Fair, balanced and understandable
A key governance requirement is that the Annual Report and
Financial Statements, taken as a whole, is fair, balanced and
understandable and provides stakeholders with the information
needed to assess the Group’s position, performance, business
model and strategy.
The Committee reviewed an early draft of the Annual Report
and provided feedback on strategic direction and key messages,
and incorporated these before it was considered for final
comment andapproval.
To assist the Committee in forming its opinion, management
presented a fair, balanced and understandable paper to the
February 2026 Audit Committee. This paper identified the key
themes in the Annual Report and assessed whether each of the
governance requirements were met.
When forming its opinion, the Committee reflected on
information received and on discussions throughout the year.
Their review assessed whether 2025’s key messages were
presented consistently across the Annual Report; with equal
prominence of front half narrative and financial statements,
no bias or omissions, and clear language within a structured
framework. The Committee considered matters including the
questions outlined opposite.
1
Is the report fair?
• Is the full story presented, without omitting sensitive material?
• Are key messages in the narrative aligned with KPIs and reflected in the financial reporting?
• Are the KPIs reported consistently from year to year?
• Is narrative reporting on the business areas consistent withthe financial statements?
2
Is the report balanced?
• Do the front and back sections of the Annual Report convey consistent messages?
• Are threats clearly identified and appropriately highlighted?
• Are alternative performance measures explained with clarity and appropriate prominence?
• Are key judgements reflected in narrative reporting and are significant issues in this Committee report consistent with the
critical judgements and key sources of estimation uncertainty set out in the financial statements?
• How do these judgements compare with risks included in EY’s auditor’s report?
3
Is the report understandable?
• Is the Annual Report structured around a clear, cohesive framework?
• Are important messages appropriately highlighted throughout the Annual Report?
• Is the language simple and the main points clearly drawn out?
• Is the report free of unnecessary detail or clutter?
Conclusion
Following its review, the Committee concluded that the 2025 Annual Report, taken as a whole, is fair, balanced and understandable
and provides shareholders with the information needed to assess the Group’s position, performance, business model and strategy.
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External audit
Tenure and terms of engagement
EY was appointed as auditor of the Group at the 2022 AGM,
following a formal tender, and reappointed at the May 2025
AGM. The audit partner, Anup Sodhi, has served since May 2022.
The Committee reviewed the scope of EY’s statutory audit
andapproved the terms of engagement and fees, whilst
ensuring EY had suitable audit plans in place and that an
appropriate relationship was maintained between the Group
and the external auditor.
The Committee approved the 2025 audit fees and non-audit
fees in relation to the half-year review, which are set out in Note
6 to the financial statements.
The Committee reviewed and discussed EY’s interim review
report and full-year assessment of the 2025 Annual Report and
Accounts. The Committee met with EY both with and without
management present to ensure there were no issues in the
relationship between them, and no issues were noted.
Independence and non-audit services
The Committee reviewed safeguards protecting EY’s
independence. EY confirmed it had considered its independence
in relation to the audit, that it complies with UK regulatory
andprofessional requirements and that its objectivity was
uncompromised. The Committee concluded EY remained
independent and objective.
EY is engaged primarily to carry out the statutory audit work.
For any circumstances where the external auditor is considered
best placed to perform other services, the Board has policies
in place for the provision of non-audit services by the
external auditor.
Corporate governance report continued
These policies ensure that the Group benefits in a cost-effective
manner from the cumulative knowledge and experience of its
auditor, while also ensuring that the auditor maintains the
necessary degree of independence and objectivity. The
non-audit fee policy is reviewed annually bytheCommittee.
Non-audit services policy
• Permitted non-audit services relate to assurance-related
services, such as the half-year review, and other non-
assurance-related services; such as accounting advice, M&A
support, disposals, joint ventures, sustainability audits and
other regulatory reports.
• The half-year review is approved by the Committee each
May, along with the external audit plan.
• Management is authorised to incur additional fees for permitted
non-audit services of up to £15,000 in any financial year,
without any prior approval from the Committee. Thereafter,
all additional fees are to be referred to the Audit Committee
in advance, subject to the cap of 70% of the fees paid for the
audit in the last three consecutive financial years.
Prohibited services policy
• In line with the FRC’s Ethical Standard, services are prohibited
where the auditor’s objectivity and independence may be
compromised. Prohibited services are detailed in the FRC
Revised Ethical Standard 2019 and include tax, accounting,
internal audit and valuation services.
Non-audit fees at Rightmove are typically low. During 2025, EY’s
fees were £68,640 for the half-year review, equal to 17% of the
full-year audit fee of £400,740.
External auditor effectiveness
The Committee places great importance on ensuring that the
external audit is both of high quality and effective. It considered
the effectiveness of the external audit process with reference
to the FRC’s Practice Aid (updated 2019) and Minimum Standard
(issued 2023).
In evaluating the effectiveness of the external audit process,
Audit Quality Indicators (AQIs) were used in a questionnaire
sent to Committee members and a targeted group of
management who regularly interact with the external auditor.
Areas considered in the questionnaire included: audit team
leadership, quality, continuity, experience, technical knowledge,
business understanding, risk identification and planning, as well
as rigour applied and communication.
The Committee also met with EY at various stages during the
2025 audit process, including sessions without management
present, to discuss its remit and any issues.
For 2025, the Committee was satisfied that EY maintained
appropriate focus and challenge on the key audit risks and
haddelivered an efficient and effective audit.
Statement of Compliance with the Competition
and Markets Authority (CMA) Order
The Group confirms that it complied with The Statutory
Audit Services for Large Companies Market Investigation
(Mandatory Use of Competitive Processes and Audit Committee
Responsibilities) Order 2014 (Article 7.1), including the
Committee’s responsibilities in agreeing the audit scope,
fees and authorising non-audit services.
Internal Audit
The aim of Internal Audit is to provide independent and
objective assurance over internal control, risk management
and governance processes. This includes confirming that key
financial, operational, strategic, legal and regulatory controls
operate effectively and the delivery of specialist reviews
focusing on emerging risks across the business.
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Activities during the year
The Audit Committee approved the internal audit plan for 2025
in advance. The primary focus for Internal Audit was to lead the
project to enhance the Group’s internal controls framework
(ICF), in preparation for 2026 reporting in relation to Provision
29 of the revised Corporate Governance Code (2024).
Internal Audit’s key activities during the year built on the prior
year work covering risk assessments, walkthroughs and design
effectiveness testing. Enhancements in 2025 included
implementing new risk software to improve risk management
and assurance, and a control self-assessment process to
strengthen accountability. The self-assessment process
requires control owners to regularly confirm controls operated
effectively and to provide supporting evidence.
Internal Audit introduced rotational effectiveness testing
ofcontrols, with the remediation of any deficiencies found.
They independently audited: HR and talent, cyber security
controls, PCI DSS (Payment Card Industry Data Security
Standard) and readiness for new legislation.
The Head of Internal Audit & Assurance provided regular
updates to the Risk Committee to support identification,
prioritisation and effective management of risks.
The Audit Committee reviewed all audit findings, observations,
control weaknesses and agreed management remediation
actions; as well as monitoring open actions from previous
reviews and management’s progress in completing theseactions.
A key discussion area was the distinction between controls that
are key and those that are material for the purposes of Provision
29. Themes of conversations included first identifying material
risks with reference to the principal risks and risk registers;
having a clear measure of materiality; the type ofmaterial
controls (e.g. stand alone or at a framework level); and how to
measure control effectiveness. For some areas of the business,
these discussions will continue during 2026.
Approach to developing the 2026 internalauditplan
The 2026 plan will continue to focus on auditing the operational
effectiveness of material controls, enhancing reporting of
material controls to the Audit Committee and Board, and
defining the 2026 declaration.
Effectiveness of the internal audit process
The work of Internal Audit provides a key source of additional
independent assurance and support to management and the
Audit Committee regarding the effectiveness of internal
controls. Guidance and recommendations from Internal Audit,
or specialists engaged by them, further enhance the internal
control environment.
At the end of the year, the Audit Committee undertook a review
of the effectiveness of the Internal Audit function during 2025.
Led by the Committee Chair, the evaluation used tailored
questionnaires, which were completed by management, EY
andCommittee members. The evaluation concluded that the
Internal Audit function was operating effectively and integral
torisk management at Rightmove.
Risk management
The Board is accountable for risk management and is supported
by the Audit Committee and the Risk Committee in ensuring the
effectiveness of the Group’s risk management framework.
The Risk Committee received updates on strategic, regulatory,
operational and financial risk from management and risk
owners. The Audit Committee reviewed the work undertaken by
the Risk Committee, which assisted in the Board’s assessment
of the Group’s principal risks and uncertainties. The principal
risks and uncertainties are described on pages 55 to 58. Further
details on theGroup’s approach to risk managementare set out
in the Risk management section of the Strategic Report.
Internal control
The Board is responsible for the Group’s system of internal
controls and maintains an internal controls framework in
accordance with the FRC’s UK Corporate Governance Code
(2024). The system of internal control is designed to manage
rather than eliminate the risk of failure to achieve business
objectives and can only provide reasonable, and not absolute,
assurance against material misstatement or loss.
The Board, advised by the Audit Committee, reviewed the
effectiveness of risk management and internal controls,
considering developments since year end that may affect the
Group’s risk profile. The review assessed all aspects of the
Group’s risk management and internal controls framework,
including control enhancement activity designed to remedy
weaknesses identified. No significant failings or weaknesses
were identified during this review.
The key elements of the risk management and internal controls
framework include:
• A risk management framework that supports the identification,
assessment, management and control of the material and
emerging risks that threaten the achievement ofthe Group’s
strategic and business objectives.
• A strong risk culture, shaped by values and behaviours around
risk awareness, risk taking and risk management. All our
people are responsible for the management of risk, with
ultimate accountability residing with the Board.
• An understanding of how risk appetite informs an assessment
of the balance of risk and return andassociated decision-making.
• Audit Committee reviews of Internal Audit reports that
provide transparency on how risk and governance structures
assessed material risks faced by the Group and track
completion of internal audit actions.
• A review of external audit reports that highlight any internal
control weaknesses.
Corporate governance report continued
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The Board acknowledges the revised UK Corporate Governance
Code (2024), particularly in relation to the new Provision 29,
which will become effective for Rightmove for the financial
period beginning 1 January 2026.
Given the importance of the revised Code, the Board held
deeper discussions on the Group’s principal risks and controls.
These reviews built on the 2024 foundational work developing
the Group-wide internal controls framework (ICF), which
collated, validated and documented key controls, utilising
recently procured GRC (Governance, Risk and Control) tooling.
Identified deficiencies were followed up with management and
remediated. The ICF workstream is led by the in-house Internal
Audit function with support as required from third-party
professional service organisations.
In 2025, Internal Audit introduced measures to strengthen
assurance processes and support the Board in meeting its
obligations under Provision 29. Control owners completed
self-assessments and provided evidence confirming that key
controls operated effectively during the period.
In 2025, testing of the operational effectiveness of internal
controls increased and will continue into 2026. Testing was
performed by the in-house Internal Audit function, with updates
on progress and results provided at each Audit Committee
meeting. As part of the internal controls testing, consideration
was also given to the nature and number of material controls.
These discussions will continue throughout 2026. (See Internal
Audit section for further details.)
The Board was supportive of management’s proactive
engagement with the Financial Reporting Council, in July 2025,
to discuss Rightmove’s progress in meeting the requirements
of the revised Code.
Details of the preparations for Provision 29 of the Code are
further outlined in the Internal Audit section of this report.
Anti-bribery and Speak up/whistleblowing
The Code requires the Committee to review confidential
reporting channels for employee concerns about financial
reporting or other improprieties, ensuring independent,
proportionate investigation and appropriate follow-up.
Rightmove upholds high standards of honesty, openness, and
accountability. Employees can raise concerns confidentially
through the whistleblowing process, including a third-party
‘Speak up’ service provided by Navex Global. The Committee
monitors policy communication to the business, service usage
and incident outcomes.
The Board emphasises the importance of transparent business
practices and high ethical standards, in line with the objectives
of the Bribery Act 2010.
The Group’s Financial Crime Policy outlines expectations for
employees and stakeholders to protect the Group’s reputation
and assets. The Committee reviews this policy annually and
communicates updates to employees who must sign up to the
policy. Rightmove has zero tolerance for bribery; any breach of
the Bribery Act is serious misconduct.
All corporate gifts and hospitality over £100 are recorded in the
Group register. Items exceeding £150 require prior approval,
and the Committee examines the register annually.
Corporate governance report continued
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Nomination Committee report
2025 year in review
Board composition and succession has been a key focus for the
Committee thisyear. In May 2025, following an extensive search
process, Amanda James was appointed as a Non-Executive
Director, andas Audit Committee Chair on 1 June 2025. In
December 2025, Senior Independent Director Jacqueline de
Rojas reached nine years of service. Given the Company’s
growth strategy, the Committee agreed that Jacqueline’s skills
and experience were vital to the Board’s composition during the
initial period of implementation. The Committee agreed that
Jacqueline remained independent in both character and
judgement and would provide stability and contribute to the
Group’s success. A search process was launched to identify a
successor, and Jacqueline agreed to remain in post until the end
of 2026 to help ensure an orderly transition. Succession planning
discussions in2025 focused on reviewing existing Board
competencies to identify the skills, knowledge and experience
needed to support Rightmove’s Executive Directors and GLT
as they continued to execute thestrategy.
Committee membership and attendance
Details of Committee membership and attendance at all
meetings can be found on pages 63 to 65.
Skills and experience
The skills and experience of all Committee members
canbefound on pages 63 to 65.
Effectiveness
Details of the Board and committees’ annual performance
review can be found on page 81.
“The Committee’s main role is to ensure
that the Rightmove Board has a blend
ofskills and experience that fully
supportsthe strategy.”
Andrew Fisher
Chair, Nomination Committee
Review
Board skills and competencies are reviewed and
the search criteria are established. External support
is engaged.
Consider and identify
Preparation of role brief and person specification.
Candidate long lists are drawn up and candidates
are approached to assess interest and suitability.
Assessment and interviews
Formal, multi-stage interviews are held, normally
conducted by the Chair and Chief People Officer,
with other Board and senior management personnel
as appropriate.
Recommendations and
appointment
The Nomination Committee reviews feedback and
makes recommendations to the Board, taking account
of any conflicts of interest or significant time
commitments. The Board then approves the
appointment where appropriate.
Rightmove Board Director search,
selectionandappointment process
Andrew Fisher
Chair of the Nomination Committee
Committee responsibilities
• Reviews the structure, size and composition of the
Board and its committees and makes
recommendations to the Board regarding any changes
• Ensures plans are in place for an orderly succession
tothe Board and senior management, including
thedevelopment of a diverse pipeline, aligned
totheGroup’s strategic priorities
• Prepares and maintains a policy on the promotion
ofdiversity, equal opportunity and inclusion in relation
to the Board and senior management
• Oversees an orderly appointment and induction
process for Directors
• Reviews the directorships and other external
appointments held by Board members, taking account
of time commitments to ensure each Director is able
tofully discharge their duties
• Reports on the process for the annual internal or
external Board performance review, and on the results
of those reviews, including objectives, to ensure
continuous improvement
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Corporate governance report continued
In late 2024 and early 2025, the Committee
led the search for a new Independent
Non-Executive Director (NED) and Audit
Committee Chair.
Following the Committee’s normal process, shown in the
diagram on page 80, and with the assistance of recruitment
consultancy Korn Ferry, Amanda was selected and appointed
asa NED at the conclusion of the AGM on 9 May 2025, and as
Audit Committee Chair with effect from 1 June 2025. Amanda
brought significant financial management and reporting skills
and expertise to Rightmove, having served as Chief Financial
Officer at NEXT plc and presently serving as a NED on the
boards of Autotrader Group plc and British Land plc.
Amanda’s tailored induction was created by the Chief People
Officer, who worked with the Chair and the Group Company
Secretary to create a programme of site visits, meetings and
orientations with fellow Board members and with Rightmove
leaders, including all members of the GLT. Amanda’s induction
strongly focused on financial reporting, audit, risk management
and internal controls, and included a series of meetings with
leaders in the Group Financial Reporting function, Internal Audit
and Assurance, and with leaders in data, cyber security and AI.
Meetings were also arranged with the Group Company Secretary
and with representatives from Rightmove’s externalaudit
firm, EY.
A detailed induction pack was prepared for Amanda to introduce
her to Rightmove, with information about its history, culture,
values, strategic objectives, and its business plan. All key
policies were provided to Amanda, including the Board Diversity,
Equity and Inclusion Policy, Matters Reserved to the Board,
Share Dealing Code and Policy, Speak up/Whistleblowing Policy
and the Anti-Bribery and CorruptionPolicy.
2025 annual Board performance review
andobjective setting
In November, an internal Board and committees’ performance
review was undertaken by the Group Company Secretary,
overseen by the Board Chair. The review was completed by
each Board member using an anonymous questionnaire format
and an analysis of the results was reviewed and discussed at the
Nomination Committee meeting held inDecember 2025.
Objectives and actions were agreed.
Review of 2025 Board objectives
• Objective 1: Consider holding dedicated extended
sessions on specific topics, ensuring these are aligned
to the strategy
• Objective 2: Focus on the key opportunities and threats
facing Rightmove at the Board strategy days
• Objective 3: Ensure the Board continues to both
challenge and support management in their
recommendations
Progress on the objectives agreed at the conclusion of
the externally facilitated review in 2024 were discussed
at the Nomination Committee meeting held in December
2025. Extended discussion time on specific strategic
topics took place during the year, including Executive and
senior leadership succession plans, mortgages and cyber
security. The Board and GLT examined threats to and
opportunities for Rightmove throughout the year and in
detail at the Board strategy days in June 2025 and at the
meeting held in November to consider the 2026 business
plan. The NEDs have been successful in holding
management to account during strategic presentations
given at Board meetings during the year. Additional
support has been provided by the NEDs to the GLT and
to Key Leaders during the year, for example on material
internal controls, cyber security and AI.
Committee activities in 2025
Search for new Non-Executive Director Amanda James
Director tenure and independence were considered as part of
the review. No current Director’s tenure exceeds nine years,
except for Jacqueline de Rojas (see Independence and time
commitments, below). Jacqueline de Rojas, SID, oversaw the
review of the Chair’s performance. Each Director, except for the
Chair, was asked to complete and return a confidential separate
questionnaire with opportunities for freestyle comments to
be made. The SID discussed feedback with individual Board
members where necessary and shared the feedback with the
Chair at a one-to-one meeting inDecember.
The performance review concluded that the Board, each
committee and the Chair had performed well and that each
NED remained independent, except for Andrew Fisher,
who was independent on appointment. The review also
concluded that each NED continued to make a significant
contribution to the Board. Objectives to improve
performance were agreed for 2026:
2026 Board objectives
1
Review performance against new KPIs
foraccelerated product development.
2
Ensure Board agendas focus
onkeystrategic topics.
3
Review talent acquisition plans
toensurethe hiring and retention
ofthebest talent.
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Corporate governance report continued
Annual re-election of Directors
As required by the Code, unless they are stepping down at this
year’s AGM, each Director will offer themselves up forre-election
or election. The Committee considered, aspartof the 2025
internal Board and committees’ performancereview, each
Director’s tenure, performance, continuing contribution and
other external commitments andconcluded that each member
of the Board continued todischarge their duties effectively.
External appointments
Details of all external appointments held by Directors can
be found in the Board biographies on pages 63 to 65. These
appointments are acknowledged to enhance the expertise of
our Board members andprovide them with opportunities to
gain experience, widenperspectives and further enhance skills.
All external appointments are subject to approval by the Board
Chair, priorto being accepted, to ensure that Directors have
sufficienttime to discharge their duties.
Independence and time commitments
The Board has determined that all NEDs are independent in
character and judgement and have enough capacity to meet
their commitments to Rightmove, including during periods
when greater involvement may be required of them. Board
and committee meeting attendance is set out in the Board
biographies on pages 63 to 65. Directors have been able to
meet all Rightmove’s requirements during 2025, which included
additional meetings in November and December, evidenced by
their attendance at and contributions to Board and committee
meetings and discussions, as set out in this Corporate
governance report. Jacqueline de Rojas reached nine years
of tenure in December 2025 and will step down at the end of
2026 to support the transition to a new SID. The Nomination
Committee reviewed Jacqueline’s existing commitments as
part of the 2025 internal Board and committees’ performance
review, and concluded that she continued to be independent.
Non-Executive Director tenure
as at 31 December 2025
Kriti Sharma
Amanda James
Andrew Fisher
Amit Tiwari
Lorna Tilbian
Jacqueline de Rojas
Years
0 1 2 3 4 5 6 7 8 9
Succession planning
The Committee takes a long-term approach to Board, GLT
andsenior management succession planning and continuously
assesses Rightmove’s needs in relation to the skills, knowledge
and expertise it needs to meet its business objectives.
TheCommittee regularly considers the pipeline of talent at
Rightmove for future senior leadership roles. The Committee
focused on succession planning at its September meeting and
held a Board Connection session to meet a group of Key
Leaders inNovember.
Board Diversity, Equity and Inclusion Policy
The Board’s Diversity, Equity and Inclusion (DEI) Policy sets out
its top-level commitment, including objectives which align to
the FCA’s UK Listing Rules, the FTSE Women Leaders Review
and the Parker Review, helping to support the development
of a diverse pipeline of talent. The Nomination Committee is
responsible for ensuring that the Board and senior leadership
have the right balance of skills, experience and diversity, and it
reviewed detailed updates from the Chief People Officer on DEI
initiatives and progress and reviewed the Board DEI Policy at its
September meeting. Full details of Board and senior leadership
diversity can be found on page 67 and details of Rightmove’s
organisational diversity are on page 36.
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Corporate governance report continued
Corporate Social Responsibility
Committee report
2025 year in review
The Committee met twice in 2025, in February and in
September. At its February meeting, the Committee reviewed
Rightmove’s Go Greener strategy progress, and received
People and Culture updates, including the latest Have Your Say
employee engagement survey results. The Committee also
approved the Group’s ESG report and CSR Committee report
for inclusion in the Annual Report and Accounts for 2024.
In September 2025, the Committee continued to oversee the
implementation of the People and Culture vision (see People
and Culture on page 32 for full details). A progress update was
given on that work, including the streamlining of recruitment
practices, and the introduction of new interviewing and
onboarding processes, which have helped to reduce attrition.
The Rightmove values, The Hows, were refreshed and a new
performance management system, Healthy High Performance
Way, was introduced, with additional training andsupport
for managers.
The Committee was pleased to note that, during the year,
Rightmove was included in the Sunday Times Best Places to
Work campaign for the second year in succession, and that both
participation and engagement scores in Have Your Say survey
results have improved.
Gender and ethnicity pay gap reporting was reviewed at each
meeting, including preparations for disability pay gap reporting
in 2027, and action plans to address any imbalances. The CSR
Committee oversees workforce DEI practices and performance,
challenging management where necessary to ensure that
Rightmove continues to be an inclusive workplace, where
employees can thrive and perform attheir best.
The Committee also received an update on Rightmove’s Go
Greener strategy, including progress on carbon reduction and
plans to publish Rightmove’s first ESG materiality assessment
and Carbon Transition Plan, which have each been published in
this Annual Report (from page 39).
Rightmove has also, in line with its CSR strategy, increased its
corporate charitable giving year on year.
Membership
Details of Committee membership and attendance at
allmeetings can be found on pages 63 to 65.
Skills and experience
The skills and experience of all Committee members can
befound in the Board biographies on pages 63 to 65 and
intheBoard competencies and skills matrix on page 66.
Effectiveness
Details of the Board and committees’ annual performance
review can be found on page 81.
“The CSR Committee oversees the
development and execution of social
andenvironmental strategies at Rightmove
to ensure that it continues to operate
inasustainable and responsible way.”
Andrew Fisher
Chair of the CSR Committee
Andrew Fisher
Chair of the CSR Committee
Key responsibilities
• Oversees the development and execution of the
Group’s Corporate Social Responsibility (CSR) strategy,
including policies, metrics and reporting, to ensure
continued alignment with its commitments and
withCompany culture, purpose, legislation
andbestpractice
• Reviews and considers workforce diversity, equity
andinclusion (DEI) and agrees actions where necessary
• Reviews gender and ethnicity pay information and
reporting and agrees actions where necessary
• Reviews the results of employee engagement surveys,
and agrees actions for implementation by the Group
Leadership Team
• Reviews and approves the Sustainability and the CSR
Committee reports for inclusion in the Annual Report
and Accounts
The full Corporate Social Responsibility Committee terms
of reference can be found at plc.rightmove.co.uk
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Directors’ Remuneration Report
Lorna Tilbian
Chair of the Remuneration Committee
Committee responsibilities:
• Makes recommendations to the Board on
Rightmove’sDirectors’ Remuneration Policy and
framework, including the remuneration of the Chair,
Executive Directors, Group Leadership Team and
Company Secretary
• Advises on remuneration structure and benefits below
Board level, ensuring the Board is aware of any related
business risks
• Ensures effective recruitment, retention and fair
reward of Directors and employees in line with the
Remuneration Policy
The remuneration and terms of appointment of the
Non-Executive Directors are determined by the Board
asa whole.
Committee membership:
• Lorna Tilbian (Chair)
• Jacqueline de Rojas
• Amit Tiwari
The full Remuneration Committee terms of reference
canbe found at plc.rightmove.co.uk
Annual Statement by the Chair of the
Remuneration Committee
Dear Shareholders
On behalf of the Remuneration Committee and Board,
Iampleased to present the Directors’ Remuneration Report
forRightmove plc for the year ended 31 December 2025.
We continued to pay within the parameters of the Directors’
Remuneration Policy as approved at the 2023 AGM and are
grateful to our shareholders for the strong support we received
for that Policy and the application of the Policy since. As three
years will have passed since the Policy was approved, we are
seeking approval for a refreshed Directors’ Remuneration
Policyat the upcoming AGM in May 2026.
We have consulted with shareholders representing over 60%
ofthe Company’s share ownership and I would personally like
tothank everyone who shared their views with us.
Review of Directors’ Remuneration Policy
The Remuneration Committee believes that the overall structure
of the existing Policy remains appropriate and isnotproposing
significant changes.
To ensure that the Policy is able to operate for three years,
the Committee proposes increasing the maximum limits for
theannual bonus and PSP. There is currently no plan toutilise
these higher levels, but it is important to preserve flexibility
under the Policy.
The changes proposed under the Policy are as follow:
• For the annual bonus, we are proposing increasing the Policy
limit from 200% to 250% of salary. For 2026, we propose a
maximum annual bonus opportunity of 200% of salary for the
CEO (185% in 2025) and 180% for the CFO (175% in 2025).
• The Committee has also reviewed the levels of deferral
required under the annual bonus. We propose aligning these
with more common market practice by reducing the portion
of the annual bonus which is required to be deferred for two
years from 60% to 50%. The level of deferral will be further
reduced to 25% when the Executive Director has met their
shareholding guidelines.
• For the PSP, we are proposing increasing the Policy limit from
200% to 250% of salary. For 2026, we propose a PSP award
of200% of salary for the CEO and 180% for the CFO (both
unchanged from 2025).
• The level of shareholding which the Executive Directors are
required to build and retain has been increased to 250% of
salary for the CEO and 225% of salary for the CFO. If the level
of PSP award were to exceed these shareholding guidelines
inthe future, the level of shareholding guidelines would be
increased to ensure alignment between the two levels. The
Executive Directors have agreed that they will retain 100% of
shares vesting under the DSBP after selling sufficient shares
to meet any exercise price and to pay any tax liabilities due
(previously 50%).
Remuneration for our Executive Directors
In setting out our 2023 Policy, the Committee stated its belief
that we need to pay at least at the lower quartile of the FTSE 51
– 100 peer group to attract and retain the appropriate levels of
talent and experience. The Committee remains of this view and,
following a thorough benchmarking exercise undertaken by our
advisers, Deloitte, the Committee is acutely aware that our
Executive Directors’ remuneration packages are materially
below the lower quartile for this comparator group. The table
below outlines the median and lower quartile positions for this
peer group during the review.
Johan Svanstrom and Ruaridh Hook have delivered strong results
for the Company and are executing a plan for a stronger
Rightmove and greater shareholder returns. The Committee,
therefore, intends to begin to address the misaligned positioning
on pay in 2026 and to continue to review this over the course of
this Policy period.
Last year, we set out an anticipated salary glidepath for Ruaridh
as he took on the role of Chief Financial Officer. He was brought
in at a below-market level with a view to adjusting his salary as
he settled into the role. Given Ruaridh’s strong performance
inthis role to date, the Committee has confirmed that this
glidepath will continue in 2026.
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Financial Statements
FTSE 51 – 100 lower quartile to median Base salary
Pension
(% of salary)
Annual bonus
opportunity
(% of salary)
PSP (or equivalent)
opportunity
Maximum
total pay
CEO £805k – £900k 8% – 10% 150% – 200% 220% – 250% £3.8m – £5.0m
CFO £515k – £550k 8% – 10% 150% – 170% 200% – 200% £2.2m – £2.6m
Source: Deloitte LLP
Directors’ Remuneration Report continued
Both Johan and Ruaridh received base salary increases of 9%
with effect from 1 January 2026, compared with an average
increase of 5% across the business. Base salaries and total
remuneration remain materially below the lower quartile of the
FTSE 51-100 and so the Committee believes these increases
represent an important step in addressing executive remuneration.
For Ruaridh, this increase is in line with those setout on his
appointment to the role of CFO.
Pension contributions remain at 7% for both Johan and Ruaridh
in 2026, in line with the levels available to the whole employee
population.
In order to begin moving towards our targeted position, Johan’s
annual bonus opportunity for 2026 will increase from 185% of
salary to 200% of salary, and Ruaridh’s will increase from 175%
to 180% of salary. These remain within the limits of the existing
Policy. Subject to shareholder approval, under the new Policy we
will slightly reduce the level of deferral from 60% to 50% of
annual bonus to align more closely with market practice.
Finally, Johan’s and Ruaridh’s PSP opportunities will remain at
200% and 180% of salary, respectively.
To further align themselves with shareholders’ interests, both
Johan and Ruaridh have expressed the intention to use50% of
their 2026 salary increases, net of tax, to purchase shares in the
Company. The Committee is fully supportive ofthis commitment
from Johan and Ruaridh and remains committed to delivering
the majority of our Executive Directors’remuneration package
in shares, with both Executives committed to build and maintain
a shareholding over200% of salary over time.
Incentive pay outcomes in 2025
The Committee reviewed the final performance outcomes
against the annual bonus objectives for 2025, which resulted
inan annual bonus payment of 77.1% of maximum for the
Executive Directors. This outcome reflects strong underlying
operating profit compared with targets (83.6% of maximum for
this element), and maximum achievement against our strategic
goals (primarily share of traffic, as well as employee engagement
and Go Greener). We fell short of target on revenue diversification,
achieving 34.6% of maximum for this element. The Committee
was satisfied that this was a fair reflection of underlying
performance and did not apply discretion to increase or reduce
the formulaic outturn for 2025.
The Committee reviewed performance under the 2023 PSP
award for the three financial years ending 31 December 2025.
Despite positive TSR performance (+21%) over the period,
threshold targets were not met for TSR or EPS and, therefore,
the 2023 PSP award will lapse in full. The Committee did not
apply discretion to increase this formulaic outturn in 2025.
NoPSP was due to vest for Ruaridh Hook in the year.
Performance measures for 2026
incentivepay
The performance measures for the 2026 annual bonus
represent a balance of financial measures and execution against
our strategic priorities. The Committee will continue to use
underlying operating profit as the primary measure for 2026.
Our strategic measures include diversification of revenue
(reflecting the importance of all of our business areas to our
future growth), share of traffic, the launch of AI-powered
features, embedding an AI-enabled culture and employee
engagement, and are set out in full on page 87.
The performance measures for the 2026 PSP awards will
continue to be based on TSR, EPS and revenue, as detailed
onpage 87.
Employee engagement in 2025
The Board engages with employees in relation to their pay and
benefits at Rightmove, including how executive remuneration
aligned with the wider Group pay policy (see page 98). We
continue to hear from employees how special they find
Rightmove’s culture, and collaboration remains at the heart
of our business.
Members of the Committee will be available at the AGM
toanswer any questions you have. I am grateful to all those
whoengaged with us in formulating the Directors’
Remuneration Policy.
Lorna Tilbian
Chair of the Remuneration Committee
The remuneration packages for Johan and Ruaridh in 2026 are set out below:
Base salary Pension
Annual bonus
opportunity
PSP (or equivalent)
opportunity
Maximum total
pay
Johan Svanstrom £695,000 7% of salary 200% of salary 200% of salary £3.5m
Ruaridh Hook £410,000 7% of salary 180% of salary 180% of salary £1.9m
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Financial Statements
Remuneration at a glance
What are the elements
of the Executive
Directors’
remuneration?
Salary Bonus cash
Pension and
other
benefits
Deferred
share bonus
plan
LTIP
Total
remuneration
Fixed Variable
Long termShort term
+ + + + =
Remuneration elements
Fixed pay Annual bonus LTIP
2025 annual bonus % achievement – 77.1% of maximum
Measure Bonus % achieved Weighting (% of max)
UOP
60%50.2%
Revenue diversification
20%6.9%
Share of traffic
15%
Employee engagement
2.5%
Go Greener
2.5%
Total
100%77.1%
LTIP performance shares
The performance award made to the CEO in March 2023 for the period to December 2025 lapsed.
Shareholding requirements
Required to build and hold a shareholding equal to 250% of salary for the CEO and 225% of salary
for the CFO.
Directors’ Remuneration Report continued
2025 remuneration
Amounts shown in £’000
Johan Svanstrom
Chief Executive
Officer
Ruaridh Hook
Chief Financial
Officer
£1,584
£901
0 400 800 1200 1600
£907
£506
£677
£395
Measure
Weighting
(% of max)
Underlying operating profit 60%
Revenue diversification 15%
Share of traffic 15%
Strategic 10%
Total 100%
Measure
Weighting
(% of max)
TSR 50%
Underlying EPS 25%
Revenue 25%
Total 100%
2026 annual bonus measures
Measure
Johan Svanstrom
Chief Executive Officer
Ruaridh Hook
Chief Financial Officer
Salary £695,000 (+9%) £410,000 (+9%)
Pension and
other benefits
7% pension, private medical insurance,
medical cash plan and participation in EV
scheme
7% pension, private medical insurance
and medical cash plan
Annual bonus Max of 200% of salary, 50% deferred for 2
years
Max of 180% of salary, 50% deferred for 2
years
LTIP 200% of salary
3-year vesting period
2-year holding period
180% of salary
3-year vesting period
2-year holding period
2026 remuneration
2026 LTIP measures
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Directors’ Remuneration Report continued
Application of Policy for 2026
Base salaries
The Executive Directors’ salaries for the 2025 and 2026 financial
years are set out in the table below.
Salary from
1 January 2025
Salary from
1 January 2026 Change
Johan Svanstrom £636,480 £695,000 +9.2%
Ruaridh Hook £375,000 £410,000 +9.3%
Benefits and pension
The Executive Directors will continue to be eligible to participate
in benefits on the same basis as other employees, including
private medical insurance, medical cash plan, lifeinsurance of
up to 4x salary and electric vehicle salary sacrifice scheme.
The Executive Directors will continue to participate in the
pension plan during the year on the same terms as other
employees.
Annual bonus
The maximum annual bonus award will be 200% of salary for
the CEO and 180% of salary for the CFO, below the proposed
Policy limit of 250% of salary. 50% of any bonus payable to the
Executive Directors will be deferred in shares under the DSBP.
This level of deferral will be further reduced to 25% when the
Executive Director has met their shareholding guidelines.
The performance measures for 2026 represent a balance of
financial measures and execution against our strategic priorities.
The Committee will continue to use underlying operating profit
as the primary measure for 2026. Measures for the balance of
the bonus include diversification of revenue (reflecting the
importance of all of our business areas to our future growth),
share of traffic and strategic objectives.
Performance measure Weighting
Underlying operating profit
(1)
60%
Revenue diversification
(2)
15%
Share of traffic
(3)
15%
Strategic objectives
(4)
10%
1. Underlying operating profit is defined as operating profit before share-based
payments charges (including the related National Insurance) and
transaction-related charges.
2. Revenue from all business areas outside of Core (Estate Agency and New
Homes), including Commercial, Mortgages, Rental Services, Rental
Operators, Data Services, Third Party and Overseas.
3. Time spent on Rightmove platforms as independently measured by
SimilarWeb.
4. Strategic targets for 2026 include the launch of AI-powered features,
embedding an AI-enabled culture and employee engagement.
The specific targets for the 2026 financial year are commercially
sensitive. The Remuneration Committee remains committed to
transparency around the performance targets used, however,
and will disclose the targets used retrospectively in the 2026
Directors’ Remuneration Report, to the extent that they are
no longer considered commercially sensitive.
PSP
The Committee intends to grant awards under the PSP over
shares worth 200% of salary for the CEO and 180% of salary for
the CFO, below the proposed Policy limit of 250% of salary. The
awards will continue to be subject to a two-year holding period.
The performance measures for the 2026 awards will continue to
be based on TSR, EPS and revenue.
Performance measure Weighting
TSR 50%
Underlying EPS 25%
Revenue 25%
Underlying earnings per share is defined as underlying profit
(profit for the year before share-based payments charges,
including the related National Insurance, transaction-related
charges and appropriate tax adjustments), divided by the
weighted average number of ordinary shares in issue for
the period.
The targets for the 2026 awards are as follows.
TSR performance vs FTSE 350
excluding investment trusts
% of award vesting
(maximum 50%)
Below median 0%
Median 12.5%
Upper quartile or above 50%
Between median and upper quartile Straight-line vesting
Underlying earnings per share for
the year ended 31 December 2028
% of award vesting
(maximum 25%)
Below 32p 0%
32p 6.25%
40p or above 25%
Between 32p and 40p Straight-line vesting
Revenue for the year ended
31 December 2028
% of award vesting
(maximum 25%)
Below £520m 0%
£520m 6.25%
£560m 25%
Between £520m and £560m Straight-line vesting
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Financial Statements
Directors’ Remuneration Report continued
Fees for the Chair and Non-Executive Directors
The Board reviewed Non-Executive Directors’ fees for 2026. The annual fees for the Chair and Non-Executive Directors are shown in
the table below.
Fees from 1 January 2025 Fees from 1 January 2026 Change
Chair £355,000 £367,425 +3.5%
Non-Executive Director (base fee) £75,000 £77,625 +3.5%
Committee Chair
(1)
£20,000 £20,700 +3.5%
Senior Independent Director £18,000 £18,630 +3.5%
1. No additional fee is paid for chairing the Nomination Committee as this role is undertaken by the Chair.
None of the Directors were involved in making decisions around their own remuneration.
Shareholder voting on the Directors’ Remuneration Report and Directors’
Remuneration Policy
At the AGM on 9 May 2025, shareholders again voted overwhelmingly in favour of the Directors’ Remuneration Report, demonstrating
a strong level of shareholder support for Rightmove’s management and their remuneration.
The table below shows full details of the voting outcomes for the Directors’ Remuneration Report at the 2025 AGM and the
Remuneration Policy at the 2023 AGM.
Votes for % votes for Votes against % votes against Votes withheld
(1)
Directors’ Remuneration Report 575,597,334 98.56% 8,420,489 1.44% 21,242
Remuneration Policy (2023) 548,568,121 91.73% 49,465,976 8.27% 102,165
1. A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes cast ‘For’ and ‘Against’ a resolution.
In line with the Company’s commitment to ongoing dialogue with its shareholders, the Committee has corresponded with major
shareholders to invite their feedback on the 2026 remuneration proposals.
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Directors’ Remuneration Report continued
Annual Report on Remuneration
The Annual Report on Remuneration, as set out below, has
been prepared in accordance with the Companies Act 2006; the
Large and Medium-sized Companies and Groups (Accounts and
Reports) 2008 (as amended); The Companies (Miscellaneous
Reporting) Regulations 2018; and the 2024 UK Corporate
Governance Code (the Code).
This section of the report sets out how the 2023 Policy was
applied in 2025, along with changes in Directors’ share interests
during the year. The parts of the report which have been audited
have been highlighted.
Please turn to page 84 for details of the Committee’s purpose
and terms of reference.
Membership and advisers
The following Independent Non-Executive Directors were
members of the Committee during 2025:
• Lorna Tilbian (Chair of the Committee)
• Jacqueline de Rojas
• Amit Tiwari
The Company Secretary acts as Secretary to the Committee.
The Committee met six times during 2025 and attendance
at meetings is shown in the Corporate governance report.
The Committee meets as necessary, but normally at least five
times a year. The quorum for meetings of the Committee is
two members.
The Chair of the Board, CEO and CFO are invited to meetings
when appropriate, although none is involved in discussions
relating to their own remuneration. The Chief People Officer
and Head of Reward are also invited to meetings to provide
advice to the Committee. The Remuneration Committee
appoints an external adviser through a competitive tender
process and regularly reviews the performance of the adviser
to determine that it is satisfied with the quality and independence
of advice provided.
Deloitte LLP (Deloitte) acts as independent adviser to the
Remuneration Committee. Deloitte is a founding member of
theRemuneration Consultants Group and adheres to itsCode
of Conduct.
In 2025, the Company paid fees of £48,200 to Deloitte in respect
of work and advice which was of material assistance to the
Committee. Aside from other remuneration-related support
provided in their role as advisers which was not considered to
be of material assistance to the Committee, Deloitte did not
provide any other services to the Company during the year.
The Committee is satisfied that the advice it receives is
objective and independent.
What has the Committee done during
theyear?
The Committee’s work in 2025 included:
Pay and incentive plan reviews
• Annual review and approval of Executive Directors’ base
salaries and benefits;
• Annual review of Group pay;
• Review and approval of appropriate benchmarks and
performance measures for the 2026 annual bonus and 2026
PSP awards to ensure measures are aligned with strategy and
that targets are achievable and appropriately stretching;
• Approval of share awards granted in March 2025 under the
DSBP and the PSP;
• Ongoing monitoring of remuneration for our Executive
Directors and other senior leaders;
• Approval of RSP awards for members of the Group
Leadership Team and other key individuals; and
• Review of the Directors’ Remuneration Policy for approval
atthe 2026 AGM.
Governance and strategy
• Review of the 2025 AGM voting and feedback from
institutional investors;
• Review and approval of the Directors’ Remuneration Report;
• Review of 2025 business performance against relevant
performance targets to determine annual bonus payments
and vesting of long-term incentives;
• Shareholder consultation on the 2026 Directors’
Remuneration Policy; and
• Review of the Committee’s terms of reference.
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Directors’ Remuneration Report continued
Directors’ Single Figure Remuneration Table (audited)
The remuneration of the Directors of the Company during 2025, compared with that for 2024, is as follows.
Salary or fees
£’000
Benefits
(1)
£’000
Pension
(2)
£’000
Total fixed
remuneration
£’000
Bonus
(3)
£’000
LTIP
(4)
£’000
Total variable pay
£’000
Total remuneration
£’000
Executive Directors
Johan Svanstrom
2025 £636 £3 £38 £677 £907 – £907 £1,584
2024 £624 £2 £37 £663 £929 – £929 £1,592
Ruaridh Hook
(5)
2025 £375 £2 £18 £395 £506 – £506 £901
2024 £110 £1 £7 £118 £164 – £164 £282
Non-Executive Directors
(6)
Andrew Fisher
2025 £355 – – £355 – – – £355
2024 £286 – – £286 – – – £286
Jacqueline de Rojas
2025 £93 – – £93 – – – £93
2024 £83 – – £83 – – – £83
Andrew Findlay
(7)
2025 £40 – – £40 – – – £40
2024 £85
– –
£85
– – –
£85
Amanda James
(8)
2025 £60
– –
£60
– – –
£60
2024 –
– –
–
– – –
–
Kriti Sharma
2025 £75
– –
£75
– – –
£75
2024 £68
– –
£68
– – –
£68
Lorna Tilbian
2025 £95
– –
£95
– – –
£95
2024 £85
– –
£85
– – –
£85
Amit Tiwari
2025 £75
– –
£75
– – –
£75
2024 £68
– –
£68
– – –
£68
Total 2025 £1,804 £5 £56 £1,865 £1,413 – £1,413 £3,278
2024 £1,409 £3 £44 £1,456 £1,093 – £1,093 £2,549
1. Benefits in kind for the Executive Directors relate to private medical insurance and the medical cash plan and, for Johan Svanstrom, participation in the Company’s salary sacrifice EV scheme from 27 October 2025.
2. Johan Svanstrom and Ruaridh Hook participated in the Rightmove pension scheme on the same terms as all employees.
3. The annual bonus amount relates to the accrued payment in respect of the full-year results for the year ended 31 December 2025 including the deferred element (60% of the annual bonus is deferred in shares with a two-year vesting period).
4. No long-term incentive vested with regard to performance over the three-year performance period, ending on 31 December 2025, as the threshold targets for the 2023 PSP were not met. As such, no element of share price appreciation is
included in this table.
5. Ruaridh Hook was appointed as an Executive Director on 15 September 2024. The remuneration shown for 2024 is for his role as an Executive Director from this date.
6. The basic fee for all Non-Executive Directors (excluding the Chair) in 2025 was £75,000, Committee Chairs (excluding Nomination Committee) received an additional fee of £20,000, and the Senior Independent Director received an additional
feeof £18,000. The Chair’s fee was £355,000.
7. Andrew Findlay stood down as a Non-Executive Director on 1 June 2025. The remuneration shown for 2025 is for his role as a Non-Executive Director to this date.
8. Amanda James was appointed as a Non-Executive Director on 9 May 2025. The remuneration shown for 2025 is for her role as a Non-Executive Director from this date.
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Defined contribution pension (audited)
During 2025, the Group operated a stakeholder pension plan for employees under which Rightmove contributed 7% of base salary, subject to the employee contributing a minimum of 4% of base salary.
Johan Svanstrom and Ruaridh Hook were members of the Group pension plan on the same basis as all employees. The Company does not contribute to any personal pension arrangements.
External appointments (audited)
With the approval of the Board in each case, Executive Directors may accept one external appointment as a non-executive director of another listed or similar company and retain any fees received.
Johan Svanstrom undertakes one external appointment as Non-Executive Director of Willhaben Holding Gmbh. Ruaridh Hook did not undertake an external appointment during 2025.
Annual bonus in 2025 (audited)
The maximum annual bonus opportunity for the financial year ended 31 December 2025 was 185% of salary for the CEO and 175% of salary for the CFO. 40% of any annual bonus is payable in cash
and60% is deferred in shares for two years under the DSBP.
The performance measures, targets and outcomes for the annual bonus are as follows.
Measure Target
Weighting
(% of max)
Actual performance
achieved
Resulting bonus
% achieved
Financial targets
Underlying operating profit
(1)
Threshold: £275.0m 60% £297.7m 50.2%
Maximum: £305.0m
Revenue diversification
(2)
Threshold: £63.0m 20% £65.8m 6.9%
Maximum: £71.1m
Strategic targets
Share of traffic
(3)
Threshold: 75% 15% 88.60% 15.0%
Maximum: 80%
Employee engagement
(4)
At least 80% of employees say Rightmove is a great place to work 2.50% 89.00% 2.5%
Go Greener
(5)
Growth in engagement with green content of at least 30% 2.50% 39.90% 2.5%
Total
100% 77.1%
1. Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance) and transaction-related charges.
2. Revenue from all business areas outside of Core (Estate Agency and New Homes), including Commercial, Mortgages, Rental Services, Rental Operators, Data Services, Third Party and Overseas.
3. Time spent on Rightmove platforms, relative to our nearest competitors (OnTheMarket, Zoopla.co.uk and PrimeLocation.com). Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined
list of Rightmove sites, RIGHTMOVE.CO.UK, ZOOPLA.CO.UK, PRIMELOCATION.COM, ONTHEMARKET.COM.
4. Employee engagement is measured by the percentage of employees saying that Rightmove is a great place to work.
5. Our Go Greener measure is engagement with our Greener Homes hub.
The Remuneration Committee determined that the formulaic outturn was appropriate and did not apply discretion to amend the outturn for the annual bonus. Accordingly, a cash bonus of 57.0% and
DSBP of 85.5% of base salary (out of a normal maximum of 74% and 111%, respectively) will be paid to the CEO and a cash bonus of 53.9% and DSBP of 80.9% of base salary (out of a normal maximum
of70% and 105%, respectively) will be paid to the CFO. The DSBP awards will be deferred for two years until March 2028.
Directors’ Remuneration Report continued
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Financial Statements
PSP awards vesting with respect to performance over the three years ending 31 December 2025 (audited)
An award under the PSP was made to Johan Svanstrom in March 2023 over shares worth 175% of salary with respect to performance over a three-year period ended 31 December 2025.
The performance measures, targets and outcomes for the PSP are as follows.
Measure Target
Weighting
(% of max) Actual performance achieved
Resulting bonus
% achieved
Total shareholder return vs FTSE 350 Index Threshold: In line with Index (46.3%) 50% 21.1% (below Index) 0.0%
Maximum: 25% above Index (71.3%)
Earnings per share growth
(1)
Threshold: 24% 50% 22.3% 0.0%
Maximum: 31%
Total 100% 0.0%
1. Underlying basic earnings per share is defined as underlying profit (profit for the year before share-based payments charges, including the related National Insurance, transaction-related charges and appropriate tax adjustments), divided by the
weighted average number of ordinary shares in issue for the period.
The Remuneration Committee determined that the formulaic out-turn was appropriate and did not apply discretion to amend the outturn of the PSP.
Directors’ Remuneration Report continued
Share awards granted during the year (audited)
Awards were granted to Johan Svanstrom and Ruaridh Hook under the PSP on 6 March 2025, which
vest in March 2028 and are exercisable from March 2030. The number of shares under award was
based on the average mid-market price for the three days prior to grant of £6.92733.
Executive Director Basis of grant Number of shares
Face value of
awards
Johan Svanstrom 200% of salary 183,759 £1,272,960
Ruaridh Hook 180% of salary 97,440 £674,999
Vesting of the PSP awards will be based on total shareholder return (TSR) performance over three
financial years ending 31 December 2027 (50%) and underlying earnings per share (25%) and
revenue (25%) for the financial year ending 31 December 2027. The performance targets are
as follows.
TSR performance vs FTSE 350 excluding investment trusts
% of award vesting
(maximum 50%)
Below median 0%
Median 12.5%
Upper quartile or above 50%
Between median and upper quartile Straight-line vesting
Underlying earnings per share
(1)
% of award vesting
(maximum 25%)
Below 30.5p 0%
30.5p 6.25%
40.0p or above 25%
Between 30.5p and 40.0p Straight-line vesting
1. Underlying earnings per share is defined as underlying profit (profit for the year before share-based payments
charges, including the related National Insurance and appropriate tax adjustments), divided by the weighted average
number of ordinary shares in issue for the period.
Revenue
% of award vesting
(maximum 25%)
Below £475m 0%
£475m 6.25%
£550m 25%
Between £475m and £550m Straight-line vesting
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Financial Statements
Dilution (audited)
All existing Executive share-based incentives can be satisfied from shares held in the Rightmove Employee Share Trust (EBT) and shares held in treasury. It is intended that the 2026 share-based incentive
awards will also be settled from shares currently held in the EBT or from shares held in treasury without any requirement to issue further shares.
During 2025, treasury shares were used to satisfy DSBP and PSP exercises of 415,001 shares, representing 0.05% of the issued share capital (less treasury shares) as at 31 December 2025.
Directors’ interests in shares (audited)
The beneficial and family interests of each person who served as a Director during 2025 in the share capital of the Company were as follows.
Interests in ordinary shares of 0.1p Interests in share-based incentives
At 31 December 2025 At 1 January 2025
PSP awards
(unvested,subject
toperformance)
DSBP and RSP awards
(unvested, not subject
toperformance)
PSP, DSBP and RSP awards
(vested but unexercised)
SAYE awards
(unvested, not subject
toperformance)
SAYE awards
(vested but unexercised)
SIP awards
(unvested, not subject
toperformance)
(1)
Executive Directors
Johan Svanstrom 10,000 10,000 561,912 157,875 – 4,140 – 1,609
Ruaridh Hook
(2,3)
15,760 3,280 97,440 47,956 – 2,832 – 2,509
Non-Executive Directors
Andrew Fisher 20,000 20,000 – – – – – –
Jacqueline de Rojas 1,880 1,880 – – – – – –
Andrew Findlay
(4)
– – – – – – – –
Amanda James
(5)
– – – – – – – –
Kriti Sharma – – – – – – – –
Lorna Tilbian – – – – – – – –
Amit Tiwari – – – – – – – –
1. SIP awards are considered unvested until the fifth anniversary of grant when all plan restrictions fall away. Matured SIP shares which are no longer subject to plan restrictions are included within the Director’s beneficial interests but are held in
aSIP trust. We have restated the holding as at 1 January 2025 to include 1,925 matured SIP shares held at that date.
2. Ruaridh Hook holds awards under Rightmove’s Deferred Share Bonus Plan (DSBP), Restricted Share Plan (RSP), SAYE and SIP which relate to his employment prior to being appointed to the role of Chief Financial Officer.
3. Awards under the DSBP and RSP relating to Ruaridh’s employment prior to being appointed vested in 2025 and Ruaridh exercised these on 25 July 2025. Ruaridh sold only sufficient shares to cover tax on these exercises, retaining 5,335 shares
delivered under the DSBP and 5,581 shares delivered under the RSP. On 2 June 2025 and 31 October 2025, he automatically acquired 11 shares and 8 shares respectively under the Dividend Reinvestment Plan on shares acquired under the SAYE.
On 17 November 2025, Ruaridh Hook exercised options granted on 30 September 2022 over 1,195 shares at an exercise price of £4.82 and retained all of the resulting shares. On 21 December 2025, 500 SIP shares granted in December
2022 matured and are now considered beneficial interests.
4. Andrew Findlay’s interest in shares is shown as at 1 June 2025 being the date that he stepped down from the Board.
5. Amanda James’ interest in shares is shown as at 9 May 2025 being the date that she was appointed to the Board.
The Company’s shares in issue (including 10,753,494 shares held in treasury) as at 31 December 2025 were 773,281,827 ordinary shares of 0.1p each (2024: 794,676,864 ordinary shares of 0.1p each).
Theclosing share price of the Company was £5.196 as at 31 December 2025. The lowest and highest share prices during the year were £5.152 and £8.238 respectively.
The Executive Directors are regarded as being interested, for the purposes of the Act, in 1,617,723 ordinary shares of 0.1p each (2024: 1,833,148 ordinary shares of 0.1p each) in the Company held
bytheEBT at 31 December 2025 as they are, together with other employees, potential beneficiaries of the EBT.
The Directors’ beneficial holdings represented 0.006% of the Company’s shares in issue as at 31 December 2025 (2024: 0.004%), excluding shares held in treasury.
There have been no changes to the share interests of continuing Directors between the year end and the date of this report.
Directors’ Remuneration Report continued
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Financial Statements
Share ownership guidelines (audited)
Executive Director share ownership guidelines are set out in the Remuneration Policy on the
Company’s website. The interests of the Executive Directors in office at 31 December 2025
intheshare capital of the Company as a percentage of base salary were as follows.
Base salary
at 1 January
2026
Number of
shares
beneficially
held at
31 December
2025
Number of
vested but
unexercised
share
awards
Number of
unvested
awards not
subject to
performance
Value of
shares at
31 December
2025
(1)
Value of
shares as
% of base
salary
Guideline
met
(200% of
salary)
(2)
Johan Svanstrom £695,000 10,000 – 163,624 £519,565 75% No
Ruaridh Hook £410,000 15,760 – 53,297 £234,201 57% No
1. Based on the closing share price on 31 December 2025 of £5.196 per share; multiplied by the number of beneficially
owned shares plus vested share awards and shares under awards no longer subject to performance on a net of
tax basis.
2. Under the new Policy, the level of shareholding guideline will increase to 250% of salary for the CEO and 225% of
salary for the CFO. Executive Directors are required to retain at least 50% of any PSP awards vesting or exercised
and100% of any vested awards under the DSBP (after selling sufficient shares to meet the exercise price and to pay
any tax liabilities due) until they have met the shareholding guideline, which is typically expected within five years.
Payments to past Directors and payments for loss of office
(audited)
There were no payments to past Directors for loss of office during 2025.
Total remuneration for the Chief Executive Officer
The table below shows the total remuneration figure for the Chief Executive Officer over 10 years
from 1 January 2016 to 31 December 2025. The total remuneration figure includes the annual
bonus and long-term incentive awards that vested based on performance in those years.
Year Executive
Total single figure
£’000
(3)
Annual bonus outturn %
of maximum
Long-term incentive
outturn % of maximum
2025 Johan Svanstrom 1,584 77% 0%
2024 Johan Svanstrom 1,592 85% n/a
2023
(1)
Johan Svanstrom 1,260 79% n/a
Peter Brooks-Johnson 452 79% 50%
2022 Peter Brooks-Johnson 1,400 71% 26%
2021 Peter Brooks-Johnson 1,674 84% 25%
2020 Peter Brooks-Johnson 961 19% 25%
2019 Peter Brooks-Johnson 2,156 65% 85%
2018 Peter Brooks-Johnson 1,490 78% 67%
2017
(2)
Peter Brooks-Johnson 505 60% 100%
Nick McKittrick 1,223 n/a 100%
2016 Nick McKittrick 2,127 92% 100%
1. Peter Brooks-Johnson was Chief Executive Officer from 9 May 2017 and stepped down from the Board
on6 March2023 and received his salary and benefits to the end of his notice period on 9 May 2023. Johan Svanstrom
was appointed as an Executive Director on 20 February 2023 and as Chief Executive Officeron6 March 2023.
2. Nick McKittrick was Chief Executive Officer and a Director until 9 May 2017 and retired from Rightmove
on30 June2017. Peter Brooks-Johnson was appointed Chief Executive Officer on 9 May 2017.
3. The total remuneration figure provided is as disclosed in the relevant year’s DRR.
Directors’ Remuneration Report continued
Total shareholder return
The graph which follows compares the value of £100 invested in Rightmove’s shares and in the
FTSE100 Index over 10 years from 1 January 2016 to 31 December 2025. The FTSE 100 Index
(excluding investment trusts) has been selected as a comparator due to the Company being
a constituent.
10-year performance
0
60
120
180
240
300
2019
2020
2021
2022
2023
2024
2025
2017
2018
FTSE 100
Rightmove
2015
2016
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Directors’ Remuneration Report continued
Percentage change in remuneration of Directors compared with employees
The table which follows sets out the percentage change in the remuneration of all the Directors of the Company compared with the average of all employees between 2024 and 2025, based on the figures
shown in the single figure tables above, and equivalent year-on-year comparisons over a total five-year period.
% increase/(decrease) in remuneration of the Directors compared with the average of all employees
Between 2024 and 2025 Between 2023 and 2024 Between 2022 and 2023 Between 2021 and 2022 Between 2020 and 2021
(6)
Salary or fees Benefits Bonus Salary or fees Benefits Bonus Salary or fees Benefits Bonus Salary or fees Benefits Bonus Salary or fees
6
Benefits Bonus
Johan Svanstrom
(1)
2.0% 9.6% -2.4% 20.6% 56.4% 29.6% 100.0% 100.0% 100.0% – – – – – –
Ruaridh Hook
(2)
242.2% 128.6% 209.9% 100.0% 100.0% 100.0% – – – – – – – – –
Andrew Fisher 24.1% – – 4.0% – – 32.2% – – 3.0% – – 8.0% – –
Jacqueline de Rojas 12.6% – – 6.4% – – 14.9% – – 3.0% – – 16.9% – –
Andrew Findlay
(3)
-53.5% – – 5.6% – – 10.7% – – 3.0% – – 8.0% – –
Amanda James
(4)
100.0% – – – – – – – – – – – – – –
Kriti Sharma
(5)
10.9% – – 138.3% – – 100.0% – – – – – – – –
Lorna Tilbian 11.6% – – 5.6% – – 10.7% – – 3.0% – – 8.0% – –
Amit Tiwari 10.9% – – 4.0% – – 13.6% – – 3.0% – – 8.0% – –
Employees -2.6% 5.5% 95.9% 4.7% 24.6% 21.9% 22.8% 3.9% 0.3% 2.4% 1.9% 34.4% 6.2% 7.8% -4.3%
1. Johan Svanstrom was appointed to the Board on 6 March 2023.
2. Ruaridh Hook was appointed to the Board on 15 September 2024.
3. Andrew Findlay stepped down from the Board on 1 June 2025.
4. Amanda James was appointed to the Board on 9 May 2025.
5. Kriti Sharma joined the Board on 25 July 2023 and has no prior year earnings from Rightmove.
6. All Directors volunteered a 20% reduction in their salaries and fees for the four months from April to July 2020.
Pay ratio information in relation to the total remuneration of the Chief Executive Officer
The table below shows the total remuneration of our Chief Executive Officer compared to the equivalent remuneration for our employees.
We have calculated the full-time equivalent remuneration for all Group employees (as at 31 December 2025) using the government’s preferred Option A and identified the total remuneration figure
atthe25
th
, 50
th
and 75
th
percentile. We then compared each percentile figure against our CEO’s single figure for total remuneration to determine the pay ratios set out below.
The Company believes the median pay ratio is consistent with the pay, reward and progression policies for the Company’s UK employees taken as a whole. Despite the CEO’s total remuneration remaining
almost unchanged, the pay ratio at median has increased slightly compared with 2024, reflecting a slight reduction in median total pay.
Total pay Pay ratio
Year Method CEO’s total remuneration
(1)
25
th
percentile Median 75
th
percentile 25
th
percentile Median 75
th
percentile
2025
(2)
Option A 1,584 39 62 87 41:1 26:1 18:1
2024 Option A 1,592 37 66 90 44:1 24:1 18:1
2023 Option A 1,670 33 59 85 51:1 28:1 20:1
2022 Option A 1,400 31 56 81 46:1 24:1 17:1
2021 Option A 1,674 27 49 72 63:1 34:1 23:1
2020 Option A 961 30 51 73 32:1 19:1 13:1
1. The CEO’s total remuneration comprises salary, benefits, bonus and the value of long-term incentives, including PSP awards. The total remuneration figure provided is as disclosed in the relevant year’s DRR.
2. For 2025, the salary component of total pay and benefits was £36,750 at the 25
th
percentile, £58,140 at median, and £81,600 at the 75
th
percentile.
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Directors’ Remuneration Report continued
Relative importance of the spend on pay
The table below shows the total pay for all Rightmove’s employees compared to other key financial
indicators. Additional information has been provided for context.
Year ended
31 December
2025
Year ended
31 December
2024 % change
Employee costs (refer Note 6)
£69.0m £64.4m 7.1%
Dividends paid to shareholders (refer Note 11)
£78.6m £74.3m 5.8%
Purchase of own shares (refer Note 21)
141,095,000 107,441,000 31.3%
Income tax (refer Note 9)
£72.9m £65.7m 11.0%
Average number of employees (refer Note 6)
(1)
900 861 4.5%
Revenue
£425.1m £389.9m 9.0%
Operating profit
£287.9m £256.3m 12.3%
1. The average number of employees includes Executive Directors and Group employees.
Directors’ Remuneration Policy
Rightmove’s Directors’ Remuneration Policy (the Policy) is set out below. The Policy is subject to a
binding shareholder vote at the 2026 AGM and, if approved, will apply from this date for aperiod of
up to three years.
Our Policy is designed to enable us to attract and retain Directors with the necessary experience
and talent to drive Rightmove’s success and create value for our shareholders. As outlined in the
Remuneration Committee Chair’s annual statement, the Committee undertook a thorough review
of the Policy over the course of 2025 with a view to ensuring it is sufficiently flexible to operate for
the next three years. The Committee has made the following changes compared with the Policy
approved by shareholders at the 2023 AGM:
• Increase the maximum limit for the annual bonus from 200% to 250% of salary. While we do
not propose utilising this additional headroom in 2026, the Committee believes this additional
headroom will provide sufficient flexibility under the Policy for the three years of the Policy.
• The Committee has also reviewed the levels of deferral required under the annual bonus and has
aligned these with more common market practice by reducing the portion of the annual bonus
which is required to be deferred for two years from 60% to 50%. The level of deferral will be
further reduced to 25% when the Executive Director has met their share ownership guidelines.
• Increase the maximum limit for the PSP from 200% to 250% of salary. As with the annual bonus,
we do not propose utilising this additional headroom in 2026 but have increased the limit to
provide greater flexibility.
• The level of shareholding which the Executive Directors are required to build and retain has been
increased to 250% of salary for the CEO and 225% of salary for the CFO. If the level of PSP award
were to exceed these shareholding guidelines in the future, the level of shareholding guidelines
would be increased to ensure alignment between the two levels.
The Remuneration Committee Chair consulted directly with shareholders ahead of finalising the
Policy. In 2025, the Committee consulted with major investors representing over 60% of the
Company’s share ownership on the proposed amendments to the Directors’ Remuneration Policy.
As part of the consultation, shareholders expressed a range of views which the Committee
considered carefully and we are grateful to all those who provided feedback to us. Reflecting the
views of a number of our largest shareholders, we have increased the levels of shareholding guideline
for our Executive Directors, and our Executive Directors have agreed to retain 100% of shares
vesting under the DSBP after selling sufficient shares to meet any exercise price and topay any
tax liabilities due until these guidelines are met.
The Remuneration Committee Chair engages directly with employees each January in relation
totheir pay and benefits and Executive remuneration at Rightmove on behalf of the Committee.
Additionally, the Chief People Officer reports the results and key themes of Rightmove’s engagement
survey to the Board. The Remuneration Committee considered the general employment terms and
benefits within the wider workforce when designing the Directors’ Remuneration Policy.
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Directors’ Remuneration Report continued
The table below provides a full summary of the elements of pay for our Executive Directors.
Base salary
Purpose and link
to strategy
To attract and retain high-calibre executives to execute Rightmove’s strategy.
Operation Base salaries are ordinarily reviewed annually, with changes typically effective from
1 January. The Committee considers the impact of any salary increase on the total
remuneration package.
When considering an Executive Director’s eligibility for a salary increase, the
Remuneration Committee considers any changes in the size and responsibilities of the
role, the level of increases awarded to the wider workforce, individual and Company
performance and broader economic conditions. Periodic reviews of external market
practice will also be undertaken.
Maximum
opportunity
Salary increases will not normally exceed those of the wider workforce in percentage
terms, but increases above this level may be awarded in certain circumstances,
including but not limited to:
• Where a new Executive Director has been appointed at a below-market level
withthe intention that larger salary increases would be awarded as the Executive
Director gains experience;
• Where there has been a significant increase in the scope and responsibility
ofanExecutive Director’s role; and
• Where a larger increase is considered necessary to achieve the target positioning
inthe external market or to reflect significant changes in market practice.
Link to
performance
The Remuneration Committee considers both individual and Company performance
alongside other factors when determining base salary increases.
Benefits
Purpose and link
to strategy
To provide competitive benefits and support employee wellbeing.
Operation The Executive Directors are able to enrol in the same benefits as all employees,
currently including private medical insurance, medical cash plan, life insurance of up
to 4x salary and electric vehicle salary sacrifice scheme. Executive Directors will be
entitled to receive additional benefits on the same terms as those introduced for the
wider workforce.
Other benefits may be provided based on individual circumstances, which may include
relocation costs or allowances and expenses for travel and accommodation.
Reimbursed expenses may include a gross-up to reflect any tax or social security due.
Maximum
opportunity
The value of benefits may vary from year to year depending on the cost to the
Company, including where the benefits are provided by third-party providers.
Link to
performance
Not applicable.
Pension
Purpose and link
to strategy
To provide retirement benefits for employees.
Operation Executive Directors are eligible to receive employer contributions to the Company’s
pension plan (a defined contribution plan), a salary supplement in lieu of pension
benefits or a combination of the above.
Maximum
opportunity
The maximum employer contribution is aligned with the maximum contribution
available to other employees, currently 7% of salary.
Link to
performance
Not applicable.
Annual bonus including Deferred Share Bonus Plan (DSBP)
Purpose and link
to strategy
Alongside other elements of remuneration, to attract and retain high-calibre executives
and to incentivise and reward execution of the business strategy across afinancial
year. Through the DSBP, to align the interests of Executive Directors withthose
of shareholders.
Operation The annual bonus is based on stretching financial, strategic and/or personal objectives
set at the beginning of the year and assessed by the Committee followingthe year end.
50% of any annual bonus will be deferred in shares under the DSBP which vest after
two years subject to continued employment only. The level of deferral will be further
reduced to 25% when the Executive Director has met their share ownership guideline
in full (as determined by the Committee).
Dividend equivalents may be payable on DSBP awards until the first day on which the
underlying shares can be acquired and will ordinarily be paid in shares.
Payments under the annual bonus, including shares awarded under the DSBP, may be
subject to malus and clawback in certain circumstances as set out later in this Policy.
Maximum
opportunity
Maximum of 250% of salary.
In 2026, the maximum annual bonus opportunity will be 200% of salary for the CEO
and 180% for the CFO.
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Directors’ Remuneration Report continued
Annual bonus including Deferred Share Bonus Plan (DSBP)
Link to
performance
Performance measures may include a combination of financial, strategic and/or
personal objectives, with financial measures typically making up the majority
oftheannual bonus.
The precise performance measures, weightings and targets will typically
bereviewedeach year.
Up to 25% of maximum will ordinarily be payable for achieving the threshold
performance targets for financial measures.
For strategic or personal measures, between 0% and 100% of maximum may be
payable based on the Committee’s assessment of the extent to which the relevant
metric or objective has been met.
The Remuneration Committee has the discretion to adjust the formulaic outcome ifit
is not considered to be reflective of underlying financial or non-financial performance
of the business or performance of the individual, or if the formulaic outcome is not
considered appropriate.
Performance Share Plan (PSP)
Purpose and link
to strategy
Alongside other elements of remuneration, to attract and retain high-calibre executives,
to incentivise and reward execution of the business strategy across multiple years and
to align the interests of Executive Directors with those of shareholders.
Operation Awards may take the form of nil-cost options, contingent shares and/or forfeitable
shares. Awards typically vest after three years subject to continued employment and
achievement of performance conditions.
A further holding period will ordinarily apply for two years following vesting. Dividend
equivalents may be payable on vested awards until the first day on which the underlying
shares can be acquired and will ordinarily be paid in shares.
The PSP is based on stretching financial and/or strategic objectives assessed by the
Committee at the end of the performance period (typically three years).
PSP awards may be subject to malus and clawback in certain circumstances as set out
later in this Policy.
Maximum
opportunity
Maximum of 250% of salary.
In 2026, the PSP awards will be 200% of salary for the CEO and 180% for the CFO.
Link to
performance
Performance measures may include a combination of financial, strategic and/or
personal objectives, with financial measures (which may include total shareholder
return) typically making up the majority of the PSP.
The precise performance measures, weightings and targets will typically be reviewed
ahead of each grant.
Up to 25% of awards will ordinarily vest for achieving the threshold performance targets.
The Remuneration Committee has the discretion to adjust the formulaic outcome ifit
is not considered to be reflective of underlying financial or non-financial performance
of the business or performance of the individual, or if the formulaic outcome is not
considered appropriate.
All-employee share plans
Purpose and link
to strategy
To encourage equity ownership across all employees and foster a culture of ownership
and alignment with shareholders.
Operation The Company operates two all-employee share plans: Sharesave and Share Incentive
Plan (SIP).
These plans are operated at the discretion of the Committee, and Executive Directors
will be invited to participate on the same terms as all other qualifying employees.
Maximum
opportunity
Participation limits as set out in the applicable legislation from time to time.
Link to
performance
Not applicable.
Share ownership guidelines
Purpose and link
to strategy
To provide alignment between the Executive Directors and shareholders, includingfor
a period following cessation of employment.
Operation Executive Directors are required to build and maintain a holding of shares in the
Company. This is expected to be built through retaining 50% of any vested awards
under the PSP and 100% of any vested awards under the DSBP, after selling sufficient
shares to meet any exercise price and to pay any tax liabilities due, otherthan in
exceptional circumstances at the discretion of the RemunerationCommittee.
The share ownership guidelines will apply for two years following cessation of
employment (or, if the Committee so determines, following the date on which the
Executive Director steps down from the Board). For the first year, the lower of the full
guideline level or the actual shareholding must be retained; for the second year, the
lower of 50% of the guideline level or the actual shareholding must be retained.
Shares subject to awards which are not (or which are no longer) subject to performance
conditions will count toward the requirement on a net of assumed tax basis.
The Committee retains the discretion to amend or disapply the share ownership
guidelines in exceptional circumstances (e.g. ill health).
Maximum
opportunity
The share ownership guideline is set at 250% of salary for the CEO and 225% of salary
for the CFO. If PSP awards to an Executive Director were increased beyond this, the
level of share ownership guideline would increase commensurately.
Link to
performance
Not applicable.
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Directors’ Remuneration Report continued
Notes to the Policy table
Malus and clawback
Malus and clawback provisions apply to the annual bonus
(including DSBP) and PSP to enable the Company to withhold
orrecover amounts delivered under these schemes.
For any portion of annual bonus paid in cash, these provisions
apply for a period of three years from payment.
The annual bonus and any awards under the DSBP and PSP may
be subject to malus and/or clawback in certain circumstances,
including a material misstatement of the Group’s financial results,
fraud or misconduct, an error in assessing any applicable
performance condition, reputational damage to the Group,
corporate failure, where the behaviour of the participant fails
toreflect the governance or values of the Group, circumstances
where the individual has contributed to a serious downturn in
the financial or operational performance of the Group (PSP only)
or where the Committee in its reasonable opinion determines
such action would be appropriate having regard to any other
circumstances that involve the Group and/or the participant.
Malus and clawback are available until the first anniversary of the
vesting date of DSBP awards (for both cash bonus and DSBP)
and the second anniversary of the vesting date for PSP awards.
The time horizons described in the section above provide
anappropriate period of time for Rightmove to utilise the
provisions, should it be required.
In line with the new UK Corporate Governance Code
requirements, the Committee confirms that there was
noapplication of malus and clawback provisions in the
reporting period.
Discretion available under the Policy
The Committee retains discretion over the operation
andadministration of the annual bonus, DSBP, PSP, Sharesave
and SIP (together the ‘Plans’), consistent with market practice.
The Committee retains the discretion to vary the operation of
the Plans in certain circumstances, such as a change of control,
rights issue, corporate restructuring event, special dividend or
an acquisition or disposal. This includes the timing and extent
towhich awards under the Plans vest or payments are made,
adjustments to the performance measures and/or targets
toensure that the performance conditions remain appropriate,
relevant and consistent with the intended operation of the
Plansand not materially less difficult to satisfy.
Additionally, the Committee has the discretion to adjust the
formulaic outcome under the annual bonus (including DSBP)
andPSP if it is not considered to be reflective of underlying
financial or non-financial performance of the business or
performance of the individual, or if the formulaic outcome is
notconsidered appropriate.
Notwithstanding the restrictions laid out in the Policy, where
the Company has made a commitment to a Director which:
• was in accordance with the prevailing Remuneration Policy
atthe time that the commitment was made; and/or
• was made before the Director became a Director and, in the
opinion of the Remuneration Committee, the payment was
not in consideration for the individual becoming a Director
ofthe Company;
the Company will continue to give effect to it, even if it is
inconsistent with the Remuneration Policy of the Company
which is in effect at that time.
Selection of performance measures
The performance measures used for the annual bonus and PSP
are selected by the Remuneration Committee to reflect the
business priorities over the relevant performance periods as
well as the Group’s key performance indicators and other
indicators of sustainable performance for the longer term.
Targets will typically be set taking into account a number of
internal and external reference points.
These may include the internal business plan, market
expectations (including analyst forecasts), market practice
andthe prevailing economic outlook.
Performance targets do not typically apply to Sharesave
orSIPawards, in line with common practice.
Differences in remuneration between
Executive Directors and other employees
Remuneration for the majority of employees consists of base
salary, benefits, pension and all-employee share plans
(Sharesave and SIP) only. Salary increases for the Executive
Directors will not normally exceed those of thewiderworkforce
in percentage terms, and benefits andpension for the Executive
Directors are aligned with thosefor the wider workforce.
Annual bonus and DSBP opportunities are typically offered only
to leaders, with levels varying based on the nature of the role.
Performance-related pay helps to create a stronger connection
between the value created for shareholders and the reward
forparticipants.
The Committee is committed to fostering a culture of share
ownership among employees. All employees are eligible to
participate in Sharesave and SIP, providing an opportunity for all
employees to build a shareholding in Rightmove, and a number
of leaders additionally participate in the DSBP.
Awards of Restricted Shares have been used tactically to attract
and retain key employees (excluding Executive Directors) and
tofacilitate buy-outs at the discretion of the Committee. PSP
awards are currently only granted to Executive Directors.
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Directors’ Remuneration Report continued
Illustration of the application of the Policy
The charts below illustrate the potential total pay for the Executive Directors under the Policy based on four different performance scenarios: minimum, on-target, maximum and maximum including 50%
share price appreciation.
Assumptions based on application of the Policy for 2026
• Minimum = fixed pay only (salary, benefits and pension).
• Target = fixed pay, target annual bonus (55% of maximum) and 62.5% vesting under the PSP, being the midpoint between threshold and maximum vesting.
• Maximum = fixed pay, maximum annual bonus and 100% vesting under the PSP.
• Maximum + share price appreciation = fixed pay, maximum annual bonus and 100% vesting under the PSP assuming a 50% increase in share price.
• For simplicity, we have excluded the value which may be received for participating in the all-employee share plans.
0
100,000
200,000
300,000
400,000
500,000
Minimum Target Maximum
Maximum + share
price appreciation
Chief Executive Officer Chief Financial Officer
Maximum + share
price appreciation
Minimum Target Maximum
Fixed pay LTIP Share price appreciationBonus
£2,379
£3,526
£4,221
£746
100%
31%
32%
37%
21%
39%
40%
18%
100%
33%
33%
16%
34%
31%
35%
23%
38%
39%
19%
32%
33%
16%
£1,308
£1,917
£2,286
£441
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Directors’ Remuneration Report continued
Policy on recruitment and promotions
On appointment of a new Executive Director or on promotion of an Executive Director, their remuneration package will be set in line with the principles outlined below.
Element of remuneration Policy
Base salary Base salary levels will be set by reference to the role and responsibilities of the individual, together with their relevant skills and experience, taking into account the market rates
forcompanies of comparable size and scope and internal Company relativities.
In some circumstances (e.g. to reflect an individual’s experience at a listed company board level) it may be considered appropriate to set initial salary levels above those of the present
incumbent to attract the desired calibre of executive and subject to an individual’s continued performance in the role.
Alternatively, it may be appropriate to appoint a new Executive Director at a below-market level with the intention that larger salary increases would be awarded as the Executive Director
gains experience.
Benefits Benefits will be in line with the arrangements set out in the Policy table. Where necessary, the Remuneration Committee may approve the payment of relocation costs to facilitate
recruitment, and flexibility is retained for the Company to pay legal fees and other costs incurred by the individual in relation to their appointment.
Pension Pension arrangements will be in line with the arrangements set out in the Policy table.
Annual bonus An annual bonus would operate in the same manner as outlined for the current Executive Directors (as described above and in the Annual Report), although it may be pro-rated to reflect
the employment period during the bonus year at the Remuneration Committee’s discretion.
The annual bonus for a new appointment would ordinarily be assessed on the same performance metrics and targets as for the current Executive Directors on an ongoing basis. Depending
on the timing and nature of appointment, however, it may be necessary to set tailored performance criteria for their first bonus award.
The maximum bonus potential would not exceed 250% of base salary.
Awards will typically be structured in the same way in terms of a cash award and a DSBP award as for other Executive Directors.
PSP and all-employee share plans A new appointee will be eligible to receive PSP awards as outlined in the Policy table.
Share awards may be granted shortly after an appointment (subject to the Company not being in a closed period) and will normally be measured against the performance criteria applicable
for the current cycle. Depending on the timing and nature of appointment, however, it may be necessary to set tailored performance criteria for their first PSP award. Any award granted
outside the normal award and performance cycle may be pro-rated at the Remuneration Committee’s discretion. The two-year post-vesting holding period will usually apply to new
Executive Directors.
The ongoing maximum award would not exceed 250% of base salary. For an internal hire, total awards in respect of any year would not exceed the maximum award limit.
The new appointment would be eligible to participate in the Sharesave and the SIP under the same terms as all other employees.
Buy-out awards To facilitate an external appointment, it may be necessary to buy-out remuneration which would be forfeited from an individual’s previous engagement. When determining
thequantumand structure of any buy-out awards the Remuneration Committee will take into account the following factors:
• the form of remuneration (cash or shares);
• timing of expected payment/vesting of pre-existing awards; and
• expected value (i.e. taking into account the likelihood of achieving the existing performance criteria).
Buy-out awards, if provided, will be granted using the Plans referred to above, to the extent possible, although awards may also be granted outside of these plans if necessary
andaspermitted under the UK Listing Rules. Buy-out awards will not be subject to the annual bonus and long-term incentives limits set out above.
Internal appointments If an internal candidate is promoted to the Board, legacy terms and conditions would normally be honoured, including any outstanding incentive awards.
Other elements may be included in the following circumstances: (i) if an interim appointment is made to fill an Executive Director role on a short-term basis; (ii) if exceptional circumstances require that
theChair or a Non-Executive Director takes on an executive function on a short-term basis; or (iii) if an Executive Director is recruited at a time in the year when it would be inappropriate to provide an
incentive for that year as there would not be sufficient time to assess performance. Subject to the limit on variable remuneration set out above, the quantum in respect of the months employed during
theyear may be transferred to the subsequent year so that reward is provided on a fair and appropriate basis.
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Financial Statements
Service contracts and policy on payments on loss of office
Executive Directors’ service agreements have no fixed terms and provide for 12 months’ notice of termination by the Company or by the Executive Directors. Any proposals for the early termination
bythe Company of the service agreements of Directors are considered by the Remuneration Committee.
The service agreements for the Executive Directors allow for lawful termination of employment by making a payment in lieu of notice or by making phased payments over any remaining unexpired period
of notice. The phased payments may be reduced if, and to the extent that, the Executive Director finds alternative employment.
In addition, any statutory entitlements or sums to settle or compromise claims in connection with the termination would be paid as necessary. The Company may also provide a contribution towards
reasonable legal fees, outplacement services or, if appropriate, repatriation expenses and continue to provide appropriate benefits (for example medical insurance), if considered appropriate by the
Remuneration Committee.
The Executive Directors may be made a payment in lieu of notice, restricted to base salary and benefits (which may include a payment in respect of pension contributions or any applicable salary
supplement). In ‘good leaver’ circumstances, a bonus may be paid subject to achievement of the performance conditions. Any such bonus will normally be pro-rated for the period worked in the year
andpaid at the usual time, although in compassionate circumstances the Committee has discretion to pay the bonus early and/or to waive or vary the application of time pro-rating. The Committee
retains discretion to pay the whole of the bonus for the year of departure and/or the previous year in cash but will only do so in compassionate circumstances.
For awards granted under the DSBP, ‘good leaver’ status may be determined for reasons of death, ill health, disability, redundancy, transfer or sale of the employing company or in other circumstances
atthe discretion of the Remuneration Committee. If defined as a ‘good leaver’, awards will be retained and vest on the original vesting date, except in the event of death or other compassionate good
leaver circumstances, when the Remuneration Committee has the discretion to accelerate vesting.
For awards granted under the PSP, ‘good leaver’ status may be determined for reasons of death, ill health, disability, redundancy, transfer or sale of the employing company, or in other circumstances at
the discretion of the Remuneration Committee. If defined as a ‘good leaver’, awards will remain subject to performance conditions over the original performance period and pro-rated for time, unless
the Remuneration Committee determines to assess performance to the date of cessation (which will be reduced pro-rata to reflect the proportion of the performance period served). TheRemuneration
Committee retains the discretion to disapply time pro-rating in exceptional circumstances and to accelerate the vesting of awards for ‘good leavers’ in the event of death orothercompassionate good
leaver circumstances. PSP awards in the holding period will normally continue on their original terms. The holding period will cease to apply in certain circumstances suchasdeath inservice.
Further details of the Executive Directors’ contracts are summarised below. Copies are available from the Company Secretary.
Date of appointment Date of contract Notice Length of service at 26 February 2026
Johan Svanstrom 20 February 2023 20 October 2022 12 months 3 years
Ruaridh Hook
(1)
15 September 2024 5 September 2024 12 months 1 year and 5 months
1. Ruaridh Hook joined the Group on 3 May 2016 and was appointed to the Board on 15 September 2024. His service with the Group at the date of this report is 9 years and 9 months.
Directors’ Remuneration Report continued
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Directors’ Remuneration Report continued
Policy on external appointments
With the approval of the Board, Executive Directors are permitted to take on one external appointment as a non-executive director of another company and to retain any fees received in respect of such
position. The Board may permit additional appointments to be undertaken in exceptional circumstances.
Remuneration Policy for the Chair and Non-Executive Directors
Fees for the Chair and Non-Executive Directors
Purpose and link to strategy To attract and retain high-calibre Non-Executive Directors to oversee Rightmove’s strategy and execution.
Operation Fees are ordinarily reviewed annually, with changes typically effective from 1 January. The Chair’s fee is set by the Remuneration Committee and the fees for the Non-Executive Directors
(the base fee and any additional fees) are set by the wider Board excluding the Non-Executive Directors.
Fees may be paid in cash and/or shares (which may include a non-performance based nil or nominal cost award over shares which may incorporate a right to dividend equivalents over the
award’s vesting period).
The Chair of the Board receives a fixed fee. Other Non-Executive Directors receive a basic fee and, if relevant, additional fees for additional responsibilities (such as acting as Senior
Independent Director, chairing a Board Committee or membership of a Board Committee).
Fee levels for each role are determined after considering the responsibility of the role, the skills and knowledge required and the expected time commitments. Periodic reviews of external
market practice will also be undertaken.
Where the normal time commitment or responsibilities have been substantially exceeded, an additional fee may be paid at the Board’s discretion.
Maximum opportunity Fees for the Chair and Non-Executive Directors are set out in the Annual Report on Remuneration. Aggregate fees may not exceed the limit in the Company’s Articles of Association
orotherwise approved by shareholders.
Link to performance Not applicable.
Letters of appointment
All Non-Executive Directors have letters of appointment with the Company for an initial period of three years, subject to annual re-appointment at the AGM. Appointments may be terminated by either
party giving to the other not less than three months’ notice in writing.
Further details of the Non-Executive Directors’ letters of appointment are summarised below. Copies are available from the Company Secretary.
Date of appointment Date of letter of appointment Notice Length of service at 26 February 2026
Andrew Fisher (Chair) 1 January 2020 21 November 2019 3 months 6 years and 1 month
Jacqueline de Rojas 30 December 2016 10 October 2016 3 months 9 years and 1 month
Amanda James 9 May 2025 5 March 2025 3 months 9 months
Kriti Sharma 25 July 2023 3 July 2023 3 months 2 years and 7 months
Lorna Tilbian 1 February 2018 15 January 2018 3 months 8 years
Amit Tiwari 1 June 2019 15 May 2019 3 months 6 years and 8 months
Lorna Tilbian
Chair of the Remuneration Committee
26 February 2026
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Financial Statements
The Directors submit their report together with the audited
financial statements for the Company (Number: 06426485)
andits subsidiary companies (the Group) for the year ended
31 December 2025.
The Directors’ report includes these pages, the sections of
theAnnual Report referred to in the Corporate governance
statement and other information below which are incorporated
into the Directors’ report by reference. The Board has included
certain disclosures in the Strategic Report in accordance with
section 414C(11) of the Companies Act 2006 (the Act).
Corporate governance statement
The Disclosure Guidance and Transparency Rules (DTR) require
certain information to be included in a corporate governance
statement in the Directors’ report. Information that fulfils these
requirements can be found in the Governance report and is
incorporated into the Directors’ report by reference.
Strategic Report
The Strategic Report can be found on pages 2-59. The Act
requires this Annual Report to present a fair, balanced and
understandable view of Rightmove’s business during the year
ended 31 December 2025 and of the position of the Group at
the end of the financial period, together with a description of
the principal risks and uncertainties facing the business. For
thepurposes of compliance with DTR 4.1 the required content
of the management report can be found in the Strategic Report
and this Directors’ report, including the sections of the Annual
Report incorporated by reference.
Directors’ duties
A statement of how the Directors have had regard to the
need to foster the Company’s business relationships with
stakeholders, and the effect of that regard, including on principal
decisions taken by the Company, can be found in our Section
172 statement.
Directors
The Directors of the Company as at the date of this report
areAndrew Fisher, Ruaridh Hook, Jacqueline de Rojas,
AmandaJames, Kriti Sharma, Johan Svanstrom, Lorna Tilbian
and Amit Tiwari. Biographies of each Director can be found in
the Governance report.
Share capital and shareholder voting rights
The shares in issue, including 10,753,494 shares of 0.1p held
intreasury (2024: 11,168,495 shares), at the year end amounted
to 773,281,827 shares of 0.1p (2024: 794,676,864 shares), with
a nominal value of £773,282 (2024: £794,677).
The rights and obligations attached to each 0.1p ordinary share
are as set out in the Company’s Articles of Association. The
holders of each ordinary share in the Company are entitled to
receive dividends as declared from time to time and are entitled
to one vote per share at general meetings of the Company.
Other than the usual regulations applicable for UK listed
companies, there are no restrictions on the transfer of the
Company’s shares.
Results and dividends
The Group reported operating profit before tax for the year
of£287.9m (2024: £256.3m). The Directors are recommending
a final dividend for the year of 6.59 pence per share (2024: 6.1p)
amounting to £49.5m (2024: £46.9m).
The interim dividend for 2025 was 4.05p per share (2024: 3.7p)
bringing the total dividend for the year to 10.64p per share
(2024: 9.8p). Subject to shareholder approval at the Annual
General Meeting (AGM) on 8 May 2026, the final dividend will
bepaid on 22 May 2026 to shareholders on the register of
members at the close of business on 24 April 2026.
Share buyback
The Company’s share buyback programme continued during
2025 and of the 10% authority granted by shareholders at the
2025 AGM, a total of 21,395,037 shares (2024: 18,772,755
shares) were purchased in the year to 31 December 2025, being
2.7% (2024: 2.4%) of the shares in issue (excluding shares held
in treasury) at the time the authority was granted. The average
price paid per share was £6.59 (2024: £5.72 per share) with a
total consideration paid (excluding all costs) of £141,095,000
(2024: £107,441,000 ). Since January 2008, 545,772,253 shares
have been purchased in total; 10,753,494 shares were held in
treasury as at 31 December 2025, the remainder of which were
cancelled. A resolution seeking to renew this authority will be
put to shareholders at the AGM on 8 May 2026.
Shares held in trust
As at 31 December 2025, 1,617,723 shares (2024: 1,833,148
shares) were held by the Rightmove Employee Share Trust (EBT)
for the benefit of Group employees. These shares had anominal
value at 31 December 2025 of £1,618 (2024: £1,833) and a market
value of £8,406,000 (2024: £11,765,000). The shares held by the
EBT may be used to satisfy share-based incentives for the
Group’s employee share plans. During 2025, 520,570 shares
(2024: 136,284 shares) were transferred to Group employees
following the exercise of share options under the Sharesave
plan and the Restricted Share Plan.
Additionally, 119,303 shares (2024: 88,502 shares) were
purchased by the EBT for transfer to the Rightmove Share
Incentive Plan Trust (SIP). The terms of the EBT provide that
dividends payable on the shares held by the EBT are waived.
Directors’ report
Directors’ report
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Financial Statements
As at 31 December 2025, 1,558,957 shares (2024: 1,320,429
shares) were held by the SIP for the benefit of Group employees.
These shares had a nominal value at 31 December 2025 of
£1,559 (2024: £1,320 ) and a market value of £8,100,000
(2024: £8,475,000 ). The shares held by the SIP are awarded as
free shares to eligible employees each year and are held in trust
for a period of three years before an employee is entitled to take
ownership of the shares. During the year, 145,130 shares
(2024: 144,388 shares) were transferred to Group employees
under the SIP rules. Additionally, 264,355 shares (2024: 209,088)
were purchased by the SIP to partly satisfy the all-employee
Free Share Award in December 2025.
Research and development
The Group undertakes research and development activity
inorder to develop new products and to continually improve
theexisting property platforms. Further details are disclosed
inNote 2 to the financial statements.
Political and charitable donations
During the year the Group did not make donations to any
political party or other political organisation and did not incur
any political expenditure within the meanings of sections 362
to379 of the Act (2024: £nil). Details of the Group’s charitable
donations are set out in the People and Culture report.
Annual General Meeting
The AGM of the Company will be held at the offices of UBS,
5 Broadgate, London EC2M 2QS on 8 May 2026 at 10am. The
Notice of Annual General Meeting will be published in March 2026.
The resolutions being proposed at the 2026 AGM include the
renewal for a further year of the limited authority of the Directors
to allot unissued share capital of the Company and toissue
shares for cash other than to existing shareholders (inline with
the Pre-Emption Group’s Statement of Principles). A resolution
will also be proposed to renew the Directors’ authority to
purchase a proportion of the Company’s ownshares. The
Company will again seek shareholder approval to hold general
meetings (other than AGMs) at 14 days’ notice. Resolutions will
be proposed to renew these authorities, which would otherwise
expire at the 2026 AGM.
Auditor
A resolution to re-appoint Ernst & Young LLP (EY) as the auditor
of the Group will be proposed in the Notice of AGM (2026). In
accordance with section 489 of the Act, separate resolutions
forthe appointment of EY and for the Audit Committee to
determine the auditor’s remuneration will be proposed.
Audit information
So far as the Directors in office at the date of this report are
aware, there is no relevant audit information of which the auditor
is unaware and each Director has taken all reasonable steps to
make themselves aware of any relevant audit information and
to establish that the auditor is aware ofthatinformation.
Shareholder Nature of holding Total voting rights % of total voting rights
Standard Life Aberdeen Investments
(2)
Indirect 45,307,190 5.94%
Generation Investment Management LLP
(2)
Indirect 45,181,680 5.93%
Axa Investment Managers SA
(2)
Indirect 44,413,780 5.82%
Contracts for difference 376,620 0.05%
Independent Franchise Partners LLP Direct 44,711,233 5.86%
BlackRock Inc Indirect 35,394,973 4.64%
ADR 159,122 0.02%
Securities lending 8,529,538 1.12%
Marathon Asset Management LLP
(2)
Indirect 42,877,709 5.62%
Baillie Gifford & Co
(2)
Indirect 39,681,861 5.20%
Lindsell Train Limited Indirect 35,911,031 4.71%
L1 Capital Pty Ltd Indirect 31,649,270 4.15%
1. The above percentages are based upon the voting rights share capital (being the shares in issue less shares held in treasury) of 762,528,333 as at 26 February 2026.
2. Date of notification preceded the 2025 financial year.
Substantial shareholdings
As at the date of this report, the beneficial interests in3% or
more of the Company’s issued ordinary share capital (excluding
shares held in treasury) held on behalf of the organisations shown
in the table above, had been notified to the Company pursuant
to DTR 5.1. The information provided above was correct as at
the date of notification, where indicated this was not in the 2025
financial year. It should be noted that these holdings are likely
to have changed since theywere notified to the Company.
However, notification of any change is not required until the
next applicable threshold iscrossed.
Articles of Association
Any amendment to the Articles may be made in accordance with
the provisions of applicable English law concerning companies,
specifically the Act (as amended from time to time), by way of
special resolution at a general meeting of the shareholders.
Directors’ report continued
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Financial Statements
Indemnification of Directors
The Articles of Association of the Company allow for a qualifying
third-party indemnity provision for the purposes of s234 of the
Act between the Company and its past and present Directors
and officers, which remains in force at the date of this report.
The Group has also arranged Directors’ and Officers’ insurance
cover in respect of legal action against the Directors. Neither
our indemnity nor the insurance provides cover in the event that
a Director is proven to have acted dishonestly or fraudulently.
The Company has a Share Dealing Code setting out the process
and timing for dealing in shares, which is compliant with the
Market Abuse Regulation. The Share Dealing Code applies
toallDirectors, who are persons discharging managerial
responsibility, and other insiders.
Compensation for loss of office
There are no additional agreements between the Company and
its Directors or employees providing for compensation for loss
of office or employment that occurs because of a takeover bid,
except that provisions of the Company’s share plans may allow
options and awards granted to Directors and employees to vest
on a takeover.
Transactions with related parties
During the year under review neither the Company nor its
subsidiaries entered into any material transactions with any
related parties, other than those disclosed in Note 25 to
thefinancial statements.
Post-balance sheet events
There have been no balance sheet events since the end of the
2025 financial year.
Branches
Neither the Company nor its subsidiaries have branches
outsidethe UK.
Other information
Information Location in Annual Report
Financial instruments and financial risk management Notes 3 and 24, Financial Statements
Appointment, removal and power of Directors Governance report
Future developments of the Group’s business Strategic Report
(1)
Employee engagement Strategic Report: People and Culture
(1)
Employee share schemes Strategic Report: People and Culture
(1)
and Directors’ Remuneration Report
Health and safety and employee-related policies including
diversity and disability
Strategic Report: People and Culture
(1)
Movements in share capital Note 21, Financial Statements
Share-base incentives Note 23, Financial Statements
Long-term incentive plans Directors’ Remuneration Report
Energy and greenhouse gas report Strategic report: TCFD
(1)
Fair, balanced and understandable Audit Committee report and Directors’ statement of responsibilities
Directors’ indemnities Governance report
1. The Board has taken advantage of section 414C(11) of the Act to include disclosures in the Strategic Report on the items indicated above.
The Directors’ report was approved by the Board on 26 February 2026.
Signed on behalf of the Board by:
Johan Svanstrom
Chief Executive Officer
26 February 2026
Directors’ report continued
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Financial Statements
Statement of Directors’ responsibilities in respect of the
Annual Report and the financial statements
Directors’ responsibility statement
The Directors are responsible for preparing the Annual Report
and the Group and parent Company financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and
parent Company financial statements for each financial year.
Under that law they are required to prepare the Group financial
statements in accordance with UK-adopted international
accounting standards and applicable law and have elected to
prepare the parent Company financial statements in accordance
with UK GAAP Financial Reporting Standard 101, ‘Reduced
Disclosure Framework’ (FRS 101). In addition, the Group
financial statements are required under the UK Disclosure
Guidance and Transparency Rules to be prepared in accordance
with UK-adopted international financial reporting standards.
Under company law the Directors must not approve the
financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Group and parent
Company and of the Group’s profit or loss for that period. In
preparing each of the Group and parent Company financial
statements, the Directors are required to:
• present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
• provide additional disclosures when compliance with the
specific requirements of the UK-adopted international
accounting standards is insufficient to enable users to
understand the impact of particular transactions, other
events and conditions on the Group and Company financial
position and financial performance;
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable, relevant
and reliable;
• state whether they have been prepared in accordance with
UK-adopted international accounting standards;
• assess the Group and parent Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern; and
• use the going concern basis of accounting unless they either
intend to liquidate the Group or the parent.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the parent
Company’s transactions and disclose with reasonable accuracy
at any time the financial position of the parent Company and
enable them to ensure that its financial statements comply with
the Companies Act 2006. They are responsible for such internal
controls as they determine are necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error, and have general
responsibility for taking such steps as are reasonably open to
them to safeguard the assets of the Group and to prevent and
detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also
responsible for preparing a Strategic Report, Directors’ Report,
Directors’ Remuneration Report and Corporate Governance
Statement that complies with that law and those regulations.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website. Legislation in the UK governing the
preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
Responsibility statement of the Directors
in respect of the annual financial report
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the
UK-adopted international accounting standards, give a true
and fair view of the assets, liabilities, financial position and
profit or loss of the Company and the undertakings included
in the consolidation taken as a whole; and
• the Strategic Report/Directors’ report includes a fair review
of the development and performance of the business and the
position of the issuer and the undertakings included in the
consolidation taken as a whole, together with a description
of the principal risks and uncertainties that they face.
We consider the Annual Report and Accounts, taken as a
whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Group’s
position and performance, business model and strategy.
Signed on behalf of the Board by:
Johan Svanstrom
Chief Executive Officer
26 February 2026
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Opinion
In our opinion:
• Rightmove plc’s group financial statements and parent
company financial statements (the “financial statements”)
give a true and fair view of the state of the group’s and of the
parent company’s affairs as at 31 December 2025 and of the
group’s profit for the year then ended;
• the group financial statements have been properly
prepared in accordance with UK adopted international
accounting standards;
• the parent company financial statements have been properly
prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and
• the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
We have audited the financial statements of Rightmove plc
(the ‘parent company’) and its subsidiaries (the ‘group’) for
the year ended 31 December 2025 which comprise:
Group Parent company
Consolidated statement
of financial position as at
31 December 2025
Statement of financial position
as at 31 December 2025
Consolidated statement of
comprehensive income for
the year then ended
Statement of changes in
shareholders’ equity for
the year then ended
Consolidated statement of
changes in shareholders’
equity for the year then ended
Related notes 1 to 11 to
the financial statements
including material accounting
policy information
Consolidated statement
of cash flows for the year
then ended
Related notes 1 to 28 to
the financial statements,
including material accounting
policy information
The financial reporting framework that has been applied in
the preparation of the group financial statements is applicable
law and UK adopted international accounting standards. The
financial reporting framework that has been applied in the
preparation of the parent company financial statements is
applicable law and United Kingdom Accounting Standards,
including FRS 101 “Reduced Disclosure Framework” (United
Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described
in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the group and parent in accordance with
the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC’s Ethical
Standard as applied to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard
were not provided to the group or the parent company and we
remain independent of the group and the parent company in
conducting the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our
evaluation of the directors’ assessment of the group and parent
company’s ability to continue to adopt the going concern basis
of accounting included:
• Performing a risk assessment in relation to going concern
during the planning phase of our audit, which we have
updated at interim and again during the year end phase;
• Understanding the process undertaken by management to
perform the going concern assessment, including any
impacts of the macroeconomic environment;
• Obtaining management’s going concern assessment,
including the cash flow forecasts based on board approved
budgets for the going concern period to 30 June 2027;
• Challenging the appropriateness of the duration of the going
concern assessment period to 30 June 2027 and considering
the existence of any significant events or conditions beyond
this period based on our knowledge arising from other areas
of the audit;
• Checking the arithmetical and logical accuracy of
management’s model;
• Assessing for consistency of the forecasts with other areas
of the audit including impairment assessment;
• Agreeing the opening cash position in the model to the
audited 2025 closing position;
• Challenging the completeness of committed cash outflows
in the model;
• Assessing the historical forecasting accuracy of the Group
by comparing actual revenue and profit before tax to forecast
for the previous 3 years;
• Challenging the reasonableness of key assumptions in
relation to revenue performance in management’s base
case, including testing key assumptions in the forecasts by
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reference to historical trends, price changes and changes in
customer numbers;
• Comparing current trading performance to management’s
going concern forecast by obtaining the latest available
management accounts to identify corroboratory or
contradictory evidence in relation to going concern forecasts;
• Challenging the impact of Rightmove’s climate commitments
on the cash flow forecasts;
• Recalculating the results of the sensitivity testing performed
by management to determine the impact of reasonably
possible fluctuations in key assumptions on the Group’s
available liquidity and challenging the severity of
management’s scenarios in the context of the revenue
decline experienced during COVID-19;
• Reperforming management’s reverse stress testing to
challenge whether the likelihood of the level of change in
revenue necessary to cause a liquidity breach could be
considered remote;
• Considering provisions and contingent liabilities that may
affect management’s cash flow forecasts;
• Considering the further mitigating actions available to the
Group, such as reducing marketing and headcount costs and
challenging the feasibility of management being able to
execute such mitigating actions when considering the
likelihood of the reverse stress testing scenario; and
• Reviewing the appropriateness of management’s going
concern disclosure in describing its ability to continue to
operate as a going concern from the date of approval of the
financial statements to 30 June 2027.
We observed that in management’s base case and in the
downside sensitivities that there is liquidity headroom without
the benefit of any identified controllable mitigations. Furthermore,
management’s reverse stress test scenario, which models the
extent of revenue reduction compared to forecast required to
exhaust available liquidity during the going concern assessment
period, is considered by the Directors to be remote.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
group and parent company’s ability to continue as a going
concern for the period to 30 June 2027.
In relation to the group and parent company’s reporting on how
they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the
directors’ statement in the financial statements about whether
the directors considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities of the directors with
respect to going concern are described in the relevant sections
of this report. However, because not all future events or
conditions can be predicted, this statement is not a guarantee
as to the group’s ability to continue as a going concern.
Overview of our audit approach
Audit scope We performed an audit of the complete
financial information of one component
and performed central audit procedures
on specific balances apart from Trade
Receivables, Indirect Taxes, Deferred
Income and Revenue.
Key audit
matters
Revenue recognition
Materiality Overall Group materiality of £14.5m
which represents 5% of profit before
tax.
An overview of the scope of the parent
company and group audits
Tailoring the scope
We have followed a risk-based approach when developing our
audit approach to obtain sufficient appropriate audit evidence
on which to base our audit opinion. We performed risk
assessment procedures to identify and assess risks of material
misstatement of the Group financial statements and identified
significant accounts and disclosures. When identifying
components at which audit work needed to be performed to
respond to the identified risks of material misstatement of the
Group financial statements, we considered our understanding
of the Group and its business environment, the potential impact
of climate change, the applicable financial framework, and the
group’s system of internal control at the entity level, the
existence of centralised processes, applications and any
relevant internal audit results.
We performed centralised audit procedures over account
balances apart from Trade Receivables, Indirect Taxes, Deferred
Income and Revenue.
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We identified one component as individually relevant to the
Group due to significant risk or an area of higher assessed risk of
material misstatement of the group financial statements being
associated with the components.
For this individually relevant component, we identified the
significant accounts where audit work needed to be performed
by applying professional judgement, having considered the
group significant accounts on which centralised procedures will
be performed, the reasons for identifying the financial reporting
component as an individually relevant component and the size
of the component’s account balance relative to the group
significant financial statement account balance.
We then considered whether the remaining group significant
account balances not yet subject to audit procedures, in
aggregate, could give rise to a risk of material misstatement of
the group financial statements. We have concluded no further
scoping of components is required to address these risks.
For the one component selected, we designed and performed
audit procedures on the entire financial information (“a full
scope component”).
Our scoping to address the risk of material misstatement for
each key audit matter is set out in the Key audit matters section
of our report.
Involvement with component teams
All audit work performed for the purpose of the audit was
undertaken by the Group audit team.
Climate change
Stakeholders are increasingly interested in how climate change
will impact Rightmove plc. The Group has determined that the
most significant future impacts from climate change on their
operations will be from transactional risks (customers requiring
additional resources to complete due diligence, and the impact
of new boiler regulations on property stock availability) and
physical risks (such as data centre disruption owing to extreme
weather). These are explained pages 45-49 in the required Task
Force On Climate Related Financial Disclosures. They have also
explained their climate commitments on page 40. All of these
disclosures form part of the “Other information,” rather than
the audited financial statements. Our procedures on these
unaudited disclosures therefore consisted solely of considering
whether they are materially inconsistent with the financial
statements or our knowledge obtained in the course of the
audit or otherwise appear to be materially misstated, in line
with our responsibilities on “Other information”.
In planning and performing our audit we assessed the potential
impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
The Group has explained in Note 1 General information how
they have reflected the impact of climate change in their financial
statements including how this aligns with their commitment to
the aspirations of the Paris Agreement to achieve net zero
emissions by 2040. There are no significant judgements or
estimates relating to climate change in the notes to the financial
statements, as explained in Note 1.
Our audit effort in considering the impact of climate change on
the financial statements was focused on evaluating management’s
assessment of the impact of climate risk, physical and transition,
and their climate commitments. We have focused on the
adequacy of management’s disclosures in the financial
statements and their conclusion that there are no significant
judgements or estimates in relation to climate change that
would impact the financial statements of Rightmove plc. As part
of this evaluation, we performed our own risk assessment to
determine the risks of material misstatement in the financial
statements from climate change which needed to be
considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern and viability
and associated disclosures. Where considerations of climate
change were relevant to our assessment of going concern,
these are described above.
Based on our work we have not identified the impact of climate
change on the financial statements to be a key audit matter or
to impact a key audit matter.
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Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed
risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide
a separate opinion on these matters.
Risk Our response to the risk
Revenue recognition (£425.1m, 2024: £389.9m)
Refer to the Audit Committee Report (page 74); Accounting policies
(page 121); and Note 4 of the Consolidated Financial Statements
(page 127)
The Group reported revenues of £425.1m for the year ended
31 December 2025. The largest revenue streams, being Agency and
New Homes, consist of subscription fees and customer spend on
additional advertising products in respect of properties listed on
Rightmove plc platforms.
There is a risk that revenue is recognised incorrectly, as a result
of fraud/error particularly where topside adjustment entries are
posted. Management reward and incentive schemes based on
achieving profit targets may also place pressure on management
to manipulate revenue recognition.
Walkthroughs and controls
• We performed walkthroughs of each significant class of revenue transactions and assessed the designed effectiveness of key financial reporting
controls, however, we did not test the operating effectiveness of these controls.
• We performed procedures to obtain an understanding of the IT environment and processes relevant to financial reporting, including billing and
revenue recognition.
Revenue Recognition
• We adopted a data analysis approach in relation to revenue and receivables. Our procedures involved analysing full populations of data for all
significant revenue streams and included correlation analysis between invoiced revenue, receivables and cash journals, as well as analysis of credit
notes. Where the postings did not follow our expectation, we investigated and assessed their validity by agreeing a sample of transactions back to
source documentation.
• To support our data analytics procedures, we tested a sample of data inputs against 3
rd
party evidence, such as the contract with the customer,
to challenge whether revenue recognition is in line with IFRS 15.
• In respect of revenue deferred at the balance sheet date, we tested a sample of transactions to determine whether the amount of revenue recognised
in the year, and the amount deferred at the balance sheet date were materially accurate.
• We have performed cut-off testing for a sample of revenue items and credit notes booked either side of the year end date to determine whether
revenue was recognised in the period in which the performance obligation was fulfilled.
Management override
• We performed specific procedures to address the risk of management override, including testing to identify unusual, new or significant transactions
or contractual terms and targeted testing over topside journal entries via consolidation adjustments to revenue.
Key observations communicated to the Audit Committee
Based on our procedures performed, we concluded that revenue recognised in the year, and revenue deferred as at 31 December 2025, is correctly recorded in accordance with the Group’s revenue recognition criteria and UK
adopted international accounting standards.
How we scoped our audit to respond to the risk
We performed full scope audit procedures over this risk in one component, Rightmove Group Limited, which covered 99% of the risk amount.
All audit work performed to address this risk was undertaken by the Group audit team.
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Our application of materiality
We apply the concept of materiality in planning and performing
the audit, in evaluating the effect of identified misstatements
on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually
or in the aggregate, could reasonably be expected to influence
the economic decisions of the users of the financial statements.
Materiality provides a basis for determining the nature and
extent of our audit procedures.
We determined materiality for the Group to be £14.5 million
(2024: £13.4 million), which is 5% of profit before tax (2024: 5%
of adjusted profit before tax). We believe that profit before tax
provides us with the most relevant performance measures to
the stakeholders of the entity. Detailed audit procedures are
performed on material non-recurring items.
We determined materiality for the Parent Company to be
£11.1 million (2024: £10.7 million), which is 2% (2024: 2%)
of net assets.
Starting
basis
Profit before tax
– £290.0m
Materiality
Materiality of £14.5m
(5% of profit before tax)
During the course of our audit, we reassessed initial materiality
and determined that no changes were required to the originally
calculated amount.
Performance materiality
The application of materiality at the individual account or
balance level. It is set at an amount to reduce to an appropriately
low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our
assessment of the Group’s overall control environment,
our judgement was that performance materiality was 75%
(2024: 75%) of our planning materiality, namely £10.9m
(2024: £10.0m). We have set performance materiality at this
percentage due to our assessment of the control environment
and lower likelihood of misstatements.
Audit work was undertaken at component location for the
purpose of responding to the assessed risks of material
misstatement of the group financial statements. The
performance materiality set for each component is based on
the relative scale and risk of the component to the Group as a
whole and our assessment of the risk of misstatement at that
component. In the current year, the performance materiality
allocated to the individual component identified was £10.7m
(2024: £9.9m to £2m).
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit Committee that we would report
to them all uncorrected audit differences in excess of £0.7m
(2024: £0.6m), which is set at 5% of planning materiality, as well
as differences below that threshold that, in our view, warranted
reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the
quantitative measures of materiality discussed above and in
light of other relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the information included in
the annual report set out on pages 1-107, including the Strategic
Report and Governance report other than the financial
statements and our auditor’s report thereon. The directors
are responsible for the other information contained within the
annual report.
Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly
stated in this report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement
of the other information, we are required to report that fact.
We have nothing to report in this regard.
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Opinions on other matters prescribed by
the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of
the audit:
• the information given in the strategic report and the
directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
• the strategic report and the directors’ report have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report
by exception
In the light of the knowledge and understanding of the group and
the parent company and its environment obtained in the course
of the audit, we have not identified material misstatements in
the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
• adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
• the parent company financial statements and the part of the
Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by
law are not made; or
• we have not received all the information and explanations we
require for our audit
Corporate Governance Statement
We have reviewed the directors’ statement in relation to going
concern, longer-term viability and that part of the Corporate
Governance Statement relating to the group and company’s
compliance with the provisions of the UK Corporate Governance
Code specified for our review by the UK Listing Rules.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the
financial statements or our knowledge obtained during the audit:
• Directors’ statement with regards to the appropriateness
of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 59;
• Directors’ explanation as to its assessment of the company’s
prospects, the period this assessment covers and why the
period is appropriate set out on page 59;
• Directors’ statement on whether it has a reasonable
expectation that the group will be able to continue in
operation and meets its liabilities set out on page 59;
• Directors’ statement on fair, balanced and understandable
set out on page 76;
• Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
page 54;
• The section of the annual report that describes the review
of effectiveness of risk management and internal control
systems set out on page 53-54; and
• The section describing the work of the audit committee set
out on page 74-79.
Responsibilities of directors
As explained more fully in the directors’ responsibilities
statement set out on page 107, the directors are responsible
for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal
control as the directors determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the group and parent company’s
ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern
basis of accounting unless the directors either intend to
liquidate the group or the parent company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of
the financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs (UK) will always
detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken
on the basis of these financial statements.
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Explanation as to what extent the audit was
considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect irregularities,
including fraud. The risk of not detecting a material misstatement
due to fraud is higher than the risk of not detecting one resulting
from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through
collusion. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and
detection of fraud rests with both those charged with
governance of the company and management.
• We obtained an understanding of the legal and regulatory
frameworks that are applicable to the group and determined
that the most significant are those that relate to the reporting
framework (UK adopted international accounting standards,
the Companies Act 2006 and UK Corporate Governance
Code), UK Lisiting Rules, the relevant tax compliance
regulations in the UK, FCA compliance for certain of the
Group’s activities, the UK General Data Protection Regulation
(GDPR), The Digital Markets, Competition and Consumers
Act, and ASA CAP Code on Non-Broadcast Advertising.
• We understood how Rightmove plc is complying with those
frameworks by making enquiries of management, internal
audit, those responsible for legal and compliance procedures
and the company secretary. We corroborated our enquiries
through our review of board minutes and papers provided
to the Audit Committee, correspondence received from
regulatory bodies and attendance at meetings of the Audit
Committee, as consideration of the results of our audit
procedures across the Group.
• We assessed the susceptibility of the group’s financial
statements to material misstatement, including how fraud
might occur by meeting with management from various parts
of the business to understand where it considered there was
susceptibility to fraud. We also considered the susceptibility
to management bias relating to performance targets and the
opportunity for management to manage earnings or influence
the perceptions of analysts. We considered the programs and
controls that the Group has established to address risks
identified, or that otherwise prevent, deter and detect fraud;
and how senior management monitors those programs and
controls. Where the risk was considered to be higher, we
performed audit procedures to address each identified fraud
risk. These procedures included the procedures listed for
the Key Audit Matter above, testing topside consolidation
journals and were designed to provide reasonable assurance
that the financial statements were free from fraud or error.
• Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and
regulations. Our procedures involved management enquiries,
review of legal correspondences, journal entry testing, and
review of board meetings minutes.
A further description of our responsibilities for the audit
of the financial statements is located on the Financial
Reporting Council’s website at https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
auditor’s report.
Other matters we are required to address
• Following the recommendation from the audit committee we
were appointed by the company on 6 May 2022 to audit the
financial statements for the year ending 31 December 2022
and subsequent financial periods.
• The period of total uninterrupted engagement including
previous renewals and reappointments is four years, covering
the years ending 31 December 2022 to 31 December 2025
• The audit opinion is consistent with the additional report to
the audit committee.
Use of our report
This report is made solely to the company’s members, as a
body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might
state to the company’s members those matters we are required
to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company and
the company’s members as a body, for our audit work, for this
report, or for the opinions we have formed.
Anup Sodhi (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Luton
26 February 2026
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Consolidated statement of comprehensive income
As at 31 December 2025
2025
2024
Note £000 £000
Revenue
4
425,129
389,882
Administrative expenses
(137,255)
(133,552)
Operating profit
5
287,874
256,330
Underlying operating profit
1
297,689
273,916
Share-based incentive charge
23
(9,815)
(8,356)
Transaction-related charges
5
–
(9,230)
Financial income
7
2, 634
2,617
Financial expenses
8
(557)(547)
Net financial income
2,077
2,070
Profit before tax
289,951
258,400
Income tax expense
9
(72,884)
(65,687)
Profit for the year being total comprehensive income
217,067
192,713
Attributable to:
Equity holders of the Parent
217,067
192,713
Earnings per share (pence)
Basic
10
28.1 24.4
Diluted
10
28.0
24.3
The accompanying notes form part of these financial statements.
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Financial Statements
Consolidated statement of financial position
As at 31 December 2025
2025
2024
Note £000 £000
Non-current assets
Property, plant and equipment
12
9,510
8,385
Intangible assets
13
41,130
36,245
Deferred tax asset
15
1,012
1,449
Total non-current assets
51,652
46,079
Current assets
Trade and other receivables
16
32,372
29,001
Contract assets
4
1,251
1,270
Income tax receivable
–
905
Money market deposits
17
5,683
5,482
Cash and cash equivalents
17
37,223
35,761
Total current assets
76,529
72,419
Total assets 128,181118,498
Current liabilities
Trade and other payables
18
(32,568
)
(27,036)
Lease liabilities
19
(3,562)
(2,497)
Contract liabilities
4
(3,485
)
(3,168)
Income tax payable
(501)
–
Other current liabilities
17
(428)
–
Total current liabilities
(40,544)
(32,701)
Non-current liabilities
Other non-current liabilities
17
–
(417)
Lease liabilities
19
(3,622
)
(3,665)
Provisions
20
(1,717)
(853)
Total non-current liabilities
(5,3 39
)
(4,935)
Total liabilities
(45,883)
(37,636)
Net assets
82,298
80,862
Equity
Share capital
21
774
795
Other reserves
658
637
Retained earnings (net of own shares held)
80,866
79,430
Total equity attributable to the equity holders of the Parent
82,298
80,862
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 26 February 2026 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
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Financial Statements
Consolidated statement of financial position
As at 31 December 2025
Note
2025
£000
2024
£000
Non-current assets
Property, plant and equipment
12
9,510
8,385
Intangible assets
13
41,130
36,245
Deferred tax asset
15
1,012
1,449
Total non-current assets
51,652
46,079
Current assets
Trade and other receivables
16
32,372
29,001
Contract assets
4
1,251
1,270
Income tax receivable
–
905
Money market deposits
17
5,683
5,482
Cash and cash equivalents
17
37,223
35,761
Total current assets
76,529
72,419
Total assets
128,181
118,498
Current liabilities
Trade and other payables
18
(32,568)
(27,036)
Lease liabilities
19
(3,562)
(2,497)
Contract liabilities
4
(3,485)
(3,168)
Income tax payable
(501)
–
Other current liabilities
17
(428)
–
Total current liabilities
(40,544)
(32,701)
Non-current liabilities
Other non-current liabilities
17
–
(417)
Lease liabilities
19
(3,622)
(3,665)
Provisions
20
(1,717)
(853)
Total non-current liabilities
(5,339)
(4,935)
Total liabilities
(45,883)
(37,636)
Net assets
82,298
80,862
Equity
Share capital
21
774
795
Other reserves
658
637
Retained earnings (net of own shares held)
80,866
79,430
Total equity attributable to the equity holders of the Parent
82,298
80,862
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 26 February 2026 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
Consolidated statement of cash flows
As at 31 December 2025
2025
2024
Note £000 £000
Cash flows from operating activities
Profit for the year
217,067
192,713
Adjustments for:
Depreciation charges
12
3,937
3,613
Amortisation charges
13
4,391
2,386
Financial income
7
(2,634
)
(2,617)
Financial expenses
8
557
547
Fair value movements on investment
25
–
3,000
Share-based payments
23
8,539
7,439
Provision charge
20
852
–
Income tax expense
9
72,884
65,687
Operating cash flow before changes in working capital
305,593
272,768
(Increase)/decrease in trade and other receivables
16
(3,446
)
2,429
Increase in trade and other payables
18
5,532
2,299
Decrease/(increase) in contract assets
4
19
(511)
Increase in contract liabilities
4
317
632
Cash generated from operating activities
308,015
277,617
Financial expenses paid
(535
)
(538)
Income taxes paid
(71,181
)
(65,809)
Net cash from operating activities
236,299
211,270
Cash flows used in investing activities
Interest received on cash and cash equivalents
2,435
2,404
Acquisition of property, plant and equipment
12
(903
)
(1,055)
Acquisition of subsidiary, net of cash received
25
–
(7,552)
Acquisition of investment
25
–
(3,000)
Acquisition of intangible assets
13
(9,276
)
(8,023)
Net cash used in investing activities
(7,744
)
(17,226)
2025
2024
Note £000 £000
Cash flows used in financing activities
Dividends
11
(78,565
)
(74,308)
Purchase of own shares for cancellation
21
(141,095
)
(107,441)
Purchase of own shares for share incentive plans
22
(4,036
)
(7,325)
Cost incurred on purchase of own shares
21
(1,021
)
(804)
Payment of principal portion of lease liabilities
19
(3,146
)
(2,781)
Proceeds on exercise of share-based incentives
770
735
Net cash used in financing activities
(227,093
)
(191,924)
Net increase in cash and cash equivalents
1,462
2,120
Cash and cash equivalents at 1 January
17
35,761
33,641
Cash and cash equivalents at 31 December
17
37,223
35,761
The accompanying notes form part of these financial statements.
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Financial Statements
Consolidated statement of changes in shareholders’ equity
For the year ended 31 December 2025
Reverse
Share Own shares Other acquisition Retained Total
capital held reserves reserve earnings equity
Note £000 £000 £000 £000 £000 £000
At 1 January 2024
814
(13,740)
480
138
81,664
69,356
Total comprehensive income
Profit for the year
–
–
–
–
192,713
192,713
Transactions with owners recorded directly in equity
Share-based payments
23
–
–
–
–
7,439
7,439
Tax credit in respect of share-based incentives recognised directly in equity
9
–
–
–
–
497
497
Dividends
11
–
–
–
–
(74,308)
(74,308)
Exercise of share-based awards
22
–
1,103
–
–
(368)
735
Purchase of shares for share incentive plans
22
–
(7,325)
–
–
–
(7,325)
Cancellation of own shares
21
(19)
–
19
–
(107,441)
(107,441)
Costs of share purchases
21
–
–
–
–
(804)
(804)
At 31 December 2024
795
(19,962)
499
138
99,392
80,862
At 1 January 2025
795
(19,962)
499
138
99,392
80,862
Total comprehensive income
Profit for the year
–
–
–
–
217,067
217,067
Transactions with owners recorded directly in equity
Share-based payments
23
–
–
–
–
8,539
8,539
Tax charge in respect of share-based incentives recognised directly in equity
9
–
–
–
–
(223
)
(223)
Dividends
11
–
–
–
–
(78,565
)
(78,565)
Exercise of share-based awards
22
–
3,194
–
–
(2, 424
)
770
Purchase of shares for share incentive plans
22
–
(4,036
)
–
–
–
(4,036)
Cancellation of own shares
21
(21)
–
21
–
(141,095
)
(141,095)
Costs of share purchases
21
–
–
–
–
(1,021
)
(1,021)
At 31 December 2025
774
(20,804
)
520
138
101,670
82,298
The accompanying notes form part of these financial statements.
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Financial Statements
Consolidated statement of changes in shareholders’ equity
For the year ended 31 December 2025
Note
Share
capital
£000
Own shares
held
£000
Other
reserves
£000
Reverse
acquisition
reserve
£000
Retained
earnings
£000
Total
equity
£000
At 1 January 2024
814
(13,740)
480
138
81,664
69,356
Total comprehensive income
Profit for the year
–
–
–
–
192,713
192,713
Transactions with owners recorded directly in equity
Share-based payments
23
–
–
–
–
7,439
7,439
Tax credit in respect of share-based incentives recognised directly in equity
9
–
–
–
–
497
497
Dividends
11
–
–
–
–
(74,308)
(74,308)
Exercise of share-based awards
22
–
1,103
–
–
(368)
735
Purchase of shares for share incentive plans
22
–
(7,325)
–
–
–
(7,325)
Cancellation of own shares
21
(19)
–
19
–
(107,441)
(107,441)
Costs of share purchases
21
–
–
–
–
(804)
(804)
At 31 December 2024
795
(19,962)
499
138
99,392
80,862
At 1 January 2025
795
(19,962)
499
138
99,392
80,862
Total comprehensive income
Profit for the year
–
–
–
–
217,067
217,067
Transactions with owners recorded directly in equity
Share-based payments
23
–
–
–
–
8,539
8,539
Tax charge in respect of share-based incentives recognised directly in equity
9
–
–
–
–
(223)
(223)
Dividends
11
–
–
–
–
(78,565)
(78,565)
Exercise of share-based awards
22
–
3,194
–
–
(2,424)
770
Purchase of shares for share incentive plans
22
–
(4,036)
–
–
–
(4,036)
Cancellation of own shares
21
(21)
–
21
–
(141,095)
(141,095)
Costs of share purchases
21
–
–
–
–
(1,021)
(1,021)
At 31 December 2025
774
(20,804)
520
138
101,670
82,298
The accompanying notes form part of these financial statements.
Notes forming part of the Financial Statements
For the year ended 31 December 2025
1 General information, judgements and estimates
Rightmove plc (the Company) is a public limited company registered in England (Company no. 6426485)
domiciled in the United Kingdom (UK). The consolidated financial statements of the Company as at and
for the year ended 31 December 2025 comprise the Company and its interest in its subsidiaries (together
referred to as ‘the Group’). Its principal business is the operation of the Rightmove platform, which has
the largest audience of any UK property portal (as measured by time on site). The consolidated financial
statements of the Group as at and for the year ended 31 December 2025 are available on the corporate
website at plc.rightmove.co.uk or upon request from the Company Secretary from the Company’s
registered office at 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Milton Keynes, MK7 8LE.
Statement of compliance
The Group financial statements were prepared and approved by the Board of Directors in accordance
with UK-adopted international accounting standards (IFRS). The consolidated financial statements
were authorised for issue by the Board of Directors on 26 February 2026.
Basis of preparation
The Group financial statements were prepared in accordance with UK-adopted international accounting
standards and the requirements of the Companies Act 2006. The financial statements have been
prepared on an historical cost basis except for equity investments which are carried at fair value.
Climate change
In preparing the financial statements, the Directors considered the impact of climate change, particularly
in the context of the climate change risks identified in the Environment section of the Strategic Report
and the Group’s stated target of Net Zero carbon emissions by 2040. These considerations did not have
a material impact on the financial reporting judgements and estimates in the current year. This reflects
the conclusion that climate change is not expected to have a significant impact on the Group’s short-term
or medium-term cash flows, including those considered in the going concern and viability assessments,
impairment assessments of the carrying value of non-current assets and the estimates of future
profitability used in our assessment of the recoverability of deferred tax assets.
Basis of consolidation
Subsidiaries are entities controlled by the Group. Control exists when the Group has existing rights
enabling it to direct any entity’s relevant activities and influence the returns the Group will receive as a
result. Potential voting rights that are currently exercisable or convertible are considered when assessing
control. Subsidiary financial statements are consolidated from the date that control begins until the date
that it ends.
Alternative performance measures
In the analysis of the Group’s financial performance, certain information disclosed in the financial
statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in
accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures
are reported in line with the way in which financial information is analysed by management and designed
to increase comparability of the Group’s year-on-year financial position, based on its operational activity.
The Directors believe that these alternative performance measures, which exclude charges or credits
that are not entirely driven by the principal operational activity of the Group, provide useful information
to investors and enhance the understanding of our results. The charges that are not entirely driven by the
principal operational activity of the Group include costs relating to share-based payments, transaction-
related charges (such as those in relation to acquisitions, investments or bid defence), restructuring and
certain legal and professional costs. The Directors therefore consider underlying operating profit to be
the most appropriate indicator of the performance of the business and year-on-year trends.
The key alternative performance measures presented by the Group are:
• Underlying profit: which is defined as profit for the year before share-based payments charges
(including the related National Insurance), and transaction-related charges and the appropriate
tax adjustments;
• Underlying operating profit: which is defined as operating profit before share-based payments
charges (including the related National Insurance) and transaction-related charges;
• Underlying basic earnings per share (EPS): which is defined as underlying profit divided by the
weighted average number of ordinary shares outstanding during the period;
• Underlying costs: which is defined as administrative expenses before share-based payments
charges (including the related National Insurance), and transaction-related charges; and
• Underlying operating margin: which is defined as the underlying operating profit as a percentage
of revenue.
A reconciliation of the underlying performance measures to the GAAP measures is shown below:
Underlying profit
A reconciliation of the profit for the year to the underlying profit is presented below:
2025 2024
Note £000 £000
Profit for the year
217,067
192,713
Share-based incentives charge
23
8,539
7,439
NI on share-based incentives
23
1,276
917
Transaction-related charges
5
–
6,230
Investment fair value loss
25
–
3,000
Impact on tax charge
(1,994
)
(3,152)
Underlying profit
224,888
207,147
Underlying profit is used instead of profit to calculate the underlying basic earnings per share, which
is underlying profit divided by the weighted average number of ordinary shares outstanding during the
period, whereas earnings per share is profit for the year divided by weighted average number of ordinary
shares outstanding during the period (Note 10).
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Financial Statements
Notes forming part of the Financial Statements (continued)
1 General information, judgements and estimates (continued)
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is presented below:
2025 2024
Note £000 £000
Operating profit
287,874
256,330
Share-based incentives charge
23
8,539
7,439
NI on share-based incentives
23
1,276
917
Transaction-related charges
5
–
6,230
Investment fair value loss
25
–
3,000
Underlying operating profit
297,689
273,916
Underlying operating profit is used to calculate the underlying operating margin, which is underlying
operating profit as a percentage of revenue, whereas the operating margin is calculated as operating
profit as a percentage of revenue.
Underlying costs
A reconciliation of the administrative expenses to the underlying costs is presented below:
Note
2025
2024
£000 £000
Administration expenses
137,255
133,552
Share-based incentives charge
23
(8,539)
(7,439)
NI on share-based incentives
23
(1,276)
(917)
Transaction-related charges
5
–
(6,230)
Investment fair value loss
5
–
(3,000)
Underlying costs
127,440
115,966
Going concern
The Directors have performed a detailed going concern review and tested the Group’s liquidity in a range
of scenarios, as set out below.
Throughout the period, the Group was debt-free, remained highly cash generative and had a cash balance
of £37,223,000 and money market deposits of £5,683,000 at 31 December 2025 (31 December 2024:
cash balance of £35,761,000 and money market deposits of £5,482,000). The Group held a cash balance
of £83,893,000 and money market deposits of £5,713,000 at 25 February 2026.
The Group bought back shares to the value of £141,095,000 during the period (2024: £107,441,000) and
paid dividends totalling £78,565,000 in May and October 2025 (2024: £74,308,000).
In reaching their assessment on going concern, the Directors used the most recent Board-approved
forecasts for the Group for the period to 30 June 2027 (‘the going concern period’). These were modelled
to reflect the expected impact of current economic conditions on trading, as set out in these financial
statements in addition to the Group’s current cash position, any committed payments in relation to the
share buyback programme, and the resilience of its cash flow forecasts.
In stress-testing future cash flows, the Directors modelled a range of scenarios assessing the impact of
reductions in housing transactions of varying severity for the period to 30 June 2027 and modelled the
likely timing of cash inflows from customer inflows during the going concern period.
These included severe but plausible downside scenarios that are considered to pose the greatest threat
to the business model and future performance of the Group, such as: an economic shock, increased
competition and new disruptive technologies, or a cyber threat.
The stress tests included severe but plausible downside scenarios considered to pose the greatest threat
to the Group’s business model and future performance, such as economic shocks, increased competition,
disruptive technologies, and cyber threats. The model assessed changes in key revenue drivers, including
customer numbers and average revenue per advertiser (ARPA) – one scenario being a 29% revenue
reduction. Cost assumptions were also tested in each of the severe but plausible scenarios, factoring in
higher marketing and IT costs, recruitment and retention costs, and increased investment in innovation
and platform security. Scenarios were stress tested individually and in combination. In all cases, the Group
remained cash-positive and debt-free.
The Directors also considered the results of a reverse stress test that illustrated the scenario required to
exhaust cash reserves. The possibility of this scenario arising was assessed to be highly remote, arising
only under extreme conditions, much more severe than those modelled above. The Directors have
identified further mitigating actions in relation to cost savings that could be actioned as necessary.
The Directors are confident that the Group will remain cash positive and will have sufficient funds to
continue to meet its liabilities as they fall due for at least the period to 30 June 2027 and have therefore
prepared the financial statements on a going concern basis.
Judgements and estimates
Preparing the consolidated financial statements in accordance with UK-adopted international accounting
standards and the Companies Act 2006 requires management to exercise judgement and make estimates
and assumptions affecting the application of accounting policies and reported amounts of assets,
liabilities, income and expenses. The estimates and assumptions are based on historical experience
and other reasonable factors that guide judgements on carrying values of asset and liabilities not readily
apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future periods,
if applicable.
Management determined that there are no areas of estimation uncertainty that have a significant risk of
resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial
year, nor any critical judgements in applying accounting policies that have a significant effect on the
amounts recognised in the consolidated financial statements.
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Financial Statements
Notes forming part of the Financial Statements (continued)
1 General information, judgements and estimates (continued)
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is presented below:
Note
2025
£000
2024
£000
Operating profit
287,874
256,330
Share-based incentives charge
23
8,539
7,439
NI on share-based incentives
23
1,276
917
Transaction-related charges
5
–
6,230
Investment fair value loss
25
–
3,000
Underlying operating profit
297,689
273,916
Underlying operating profit is used to calculate the underlying operating margin, which is underlying
operating profit as a percentage of revenue, whereas the operating margin is calculated as operating
profit as a percentage of revenue.
Underlying costs
A reconciliation of the administrative expenses to the underlying costs is presented below:
Note
2025
£000
2024
£000
Administration expenses
137,255
133,552
Share-based incentives charge
23
(8,539)
(7,439)
NI on share-based incentives
23
(1,276)
(917)
Transaction-related charges
5
–
(6,230)
Investment fair value loss
5
–
(3,000)
Underlying costs
127,440
115,966
Going concern
The Directors have performed a detailed going concern review and tested the Group’s liquidity in a range
of scenarios, as set out below.
Throughout the period, the Group was debt-free, remained highly cash generative and had a cash balance
of £37,223,000 and money market deposits of £5,683,000 at 31 December 2025 (31 December 2024:
cash balance of £35,761,000 and money market deposits of £5,482,000). The Group held a cash balance
of £83,893,000 and money market deposits of £5,713,000 at 25 February 2026.
The Group bought back shares to the value of £141,095,000 during the period (2024: £107,441,000) and
paid dividends totalling £78,565,000 in May and October 2025 (2024: £74,308,000).
In reaching their assessment on going concern, the Directors used the most recent Board-approved
forecasts for the Group for the period to 30 June 2027 (‘the going concern period’). These were modelled
to reflect the expected impact of current economic conditions on trading, as set out in these financial
statements in addition to the Group’s current cash position, any committed payments in relation to the
share buyback programme, and the resilience of its cash flow forecasts.
In stress-testing future cash flows, the Directors modelled a range of scenarios assessing the impact of
reductions in housing transactions of varying severity for the period to 30 June 2027 and modelled the
likely timing of cash inflows from customer inflows during the going concern period.
These included severe but plausible downside scenarios that are considered to pose the greatest threat
to the business model and future performance of the Group, such as: an economic shock, increased
competition and new disruptive technologies, or a cyber threat.
The stress tests included severe but plausible downside scenarios considered to pose the greatest threat
to the Group’s business model and future performance, such as economic shocks, increased competition,
disruptive technologies, and cyber threats. The model assessed changes in key revenue drivers, including
customer numbers and average revenue per advertiser (ARPA) – one scenario being a 29% revenue
reduction. Cost assumptions were also tested in each of the severe but plausible scenarios, factoring in
higher marketing and IT costs, recruitment and retention costs, and increased investment in innovation
and platform security. Scenarios were stress tested individually and in combination. In all cases, the Group
remained cash-positive and debt-free.
The Directors also considered the results of a reverse stress test that illustrated the scenario required to
exhaust cash reserves. The possibility of this scenario arising was assessed to be highly remote, arising
only under extreme conditions, much more severe than those modelled above. The Directors have
identified further mitigating actions in relation to cost savings that could be actioned as necessary.
The Directors are confident that the Group will remain cash positive and will have sufficient funds to
continue to meet its liabilities as they fall due for at least the period to 30 June 2027 and have therefore
prepared the financial statements on a going concern basis.
Judgements and estimates
Preparing the consolidated financial statements in accordance with UK-adopted international accounting
standards and the Companies Act 2006 requires management to exercise judgement and make estimates
and assumptions affecting the application of accounting policies and reported amounts of assets,
liabilities, income and expenses. The estimates and assumptions are based on historical experience
and other reasonable factors that guide judgements on carrying values of asset and liabilities not readily
apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future periods,
if applicable.
Management determined that there are no areas of estimation uncertainty that have a significant risk of
resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial
year, nor any critical judgements in applying accounting policies that have a significant effect on the
amounts recognised in the consolidated financial statements.
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information
New and revised standards and interpretations
There were no new standards adopted by the Group that had a material impact during the year.
The IASB issued IAS 21 ‘Effects of Changes in Foreign Exchange Rates’ – Lack of exchangeability,
which became mandatory in the period. This amendment has an immaterial impact on the Group.
The Group has evaluated further amendments to IFRS that will become mandatory in subsequent periods
and assessed that IFRS 18 ‘Presentation and Disclosure in Financial Statements’ will have an impact on the
Group’s presentation that the Group is still assessing. This will be adopted in the year commencing
1 January 2027 when it becomes effective.
Reviews of IFRS 9 and IFRS 7 ‘Amendments to the Classification and Measurement of Financial
Instruments’ are still ongoing but are not expected to have an impact on the Group.
Existing accounting policies
The following accounting policies applied by the Group in these consolidated financial statements are the
same as those applied by the Group in its consolidated financial statements as at and for the prior year
ended 31 December 2024 except for those disclosed above that are applicable from 1 January 2025.
Revenue
Revenue primarily comprises amounts receivable from customers for property products, mainly
Rightmove platform membership, along with tenant referencing and rent guarantee insurance.
It also includes non-property services such as Data Services and Third-Party Advertising.
Revenue is recognised based upon the transaction price specified in a contract with a customer.
It is recognised at the point when the performance obligations are satisfied, through providing
a customer with access to the Rightmove platform, products or other services.
(i) Property products: membership of Rightmove platforms
For membership listing services, customers pay monthly subscriptions to list their properties on the
Rightmove platforms. Contracts for these services are per branch location or branch equivalent for
Agency, Commercial and Overseas customers and per development for New Homes and Build to
Rent customers. They vary in length from one month to five years but are typically for periods of six
to 12 months.
Performance obligations are satisfied, and revenue recognised, from the point at which the customer has
access to the platform to allow them to list their properties. Subscription revenue is spread over the life of
the contract. Agency, Overseas and Commercial services are typically billed monthly in advance, from the
point the customer gains access to the platform, and New Homes and Build to Rent developers are billed
monthly in arrears.
Customers have the option to enhance their property listings and presence on Rightmove through
purchasing additional advertising products. For products that provide enhanced brand exposure over
a period of time, revenue is recognised over the life of the product, from the point the customer gains
access to the product. Invoices are sent monthly, in line with the core listing services. For products with
a one-off usage basis, revenue is recognised at the end of the month during which the customer chose
to apply and use the product.
Discounts may be offered to customers as part of membership or package offers, on a pro-rata basis,
and are taken into consideration in the transaction price for each product.
(ii) Property products: provision of tenant referencing and insurance broking commission
Referencing revenue relates to the supply of tenant referencing services, primarily to lettings agency
customers. Performance obligations are satisfied, and revenue is recognised, at the end of the month
during which the tenant referencing service is completed and the final report is passed to the customer.
Revenue related to insurance broking commission is generated on the sale of rent guarantee insurance to
lettings agents and landlord customers, where Rightmove acts as an agent. Revenue is recognised at the
start date of the insurance policy purchased and represents the commissions earned.
(iii) Non-property products
Data Services revenue relates to fees generated for a variety of different data and valuation products
and tools. Where the contract gives a customer access to use Rightmove’s property tools, revenue is
recognised monthly, over the life of the product, from the point the customer gains access to the tools.
Where the contract is to provide the customer with specific data, revenue is recognised at the point that
the data is transferred to the customer.
Discounts may be offered to customers on a pro-rata basis and are taken into consideration in the
transaction price for each performance obligation.
Third-Party Advertising revenue represents amounts paid by customers to advertise non-property
products on the Rightmove platforms. Performance obligations are met once a customer is actively
advertising on the Rightmove platform. Revenue is recognised monthly over the life of the contract.
A small number of arrangements with Third-Party customers mean that Rightmove is acting as an agent,
in a principal-agency relationship. In any case where the Group is acting as an agent, revenue is recognised
as a net amount, reflecting the margin earned.
Contract assets and liabilities
Contract assets relate to the Group’s rights to consideration for services that have been provided at the
reporting date. Contract assets are transferred to receivables when the rights to consideration have
become unconditional.
Contract liabilities relate to the advance consideration received from Estate Agency, Overseas and
Commercial customers, for which revenue is recognised at the date when the services are provided.
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Financial Statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
Intangible assets
(i) Goodwill
Goodwill arising on a business combination represents the difference between the fair value of
the consideration paid and the fair value of the net identifiable assets acquired and is included in
intangible assets.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is tested annually
for impairment.
(ii) Research and development
The Group undertakes research and development expenditure in view of developing new products
and improving the existing property platforms. Expenditure on research activities, undertaken with the
prospect of gaining new technical knowledge and understanding, is recognised in the income statement
as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique
software products, websites and systems controlled by the Group are capitalised and recognised as
intangible assets when the following criteria are met: it is technically feasible to complete the software
product or website so that it will be available for use; management intends to complete the software
product or website and use or sell it; there is an ability to use or sell the software product or website;
it can be demonstrated how the software product or website will generate probable future economic
benefits; adequate technical, financial and other resources to complete the development and to use
or sell the software product or website are available; and the expenditure attributable to the software
product or website during its development can be reliably measured.
Development costs, which include employee and contractor costs, are capitalised only from the point
that it is probable the development is technically feasible and the software will be used to perform the
function intended. Technological feasibility is typically reached once all research has been completed
and high risks – such as novel, unique, unproven functions and features or technological innovations
– have been investigated and resolved.
Other development expenditures that do not meet these criteria, such as costs related to the preliminary
project stage and post-implementation activities as well as ongoing maintenance and costs associated
with routine upgrades and enhancements, are recognised as an expense as incurred.
Development costs for software, websites and systems are carried at cost less accumulated amortisation
and are amortised on a straight-line basis over their useful lives (not exceeding five years) at the point in
which they come into use. When internal-use software that was previously capitalised is abandoned, the
cost less the accumulated amortisation, if any, is recorded as an expense. Fully amortised capitalised
internal-use software costs are removed from their respective accounts.
(iii) Computer software and licences
Computer software and externally acquired software licences are capitalised and stated at cost less
accumulated amortisation and impairment losses. Amortisation is charged from the date the asset
is available for use. Amortisation is provided to write off the cost less the estimated residual value of
the computer software or licence by equal annual instalments over its estimated useful economic life
as follows:
Computer software 20.0% – 33.3% per annum
Software licences 20.0% – 33.3% per annum
(iv) Customer relationships
The customer relationships identified on the acquisition of Rightmove Landlord & Tenant Services
Limited and HomeViews Platform Limited are valued using the income approach, calculating the multi-
period excess earnings. Amortisation is expensed in the income statement on a straight-line basis over
the estimated useful economic life of 10 years.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Capitalised costs are held as an asset in progress until such point that the asset is brought into use, at
which point it is transferred to the appropriate property, plant and equipment category and depreciation
is charged. Depreciation is provided to write off the cost less the estimated residual value of property,
plant and equipment by equal annual instalments over their estimated useful economic lives as follows:
Office equipment, fixtures and fittings 20.0% per annum
Computer equipment 20.0% – 33.3% per annum
Motor vehicles 25% – 33.3% per annum
Leasehold improvements remaining life of the lease
Business combinations
The Group accounts for business combinations using the acquisition method under IFRS 3 ‘Business
Combinations’.
Impairment
The carrying value of property, plant and equipment, and intangible assets other than goodwill is reviewed
at each reporting date to determine whether there is any indication of impairment. If any such indication
exists, the asset’s recoverable amount is estimated. An impairment loss is recognised for the amount by
which the asset’s carrying amount exceeds its recoverable amount.
Goodwill is not subject to amortisation but is tested for impairment annually and whenever there is an
indication that it might be impaired. An impairment loss is recognised for the amount by which the
carrying value of the asset exceeds its recoverable amount.
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Financial Statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
Intangible assets
(i) Goodwill
Goodwill arising on a business combination represents the difference between the fair value of
the consideration paid and the fair value of the net identifiable assets acquired and is included in
intangible assets.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is tested annually
for impairment.
(ii) Research and development
The Group undertakes research and development expenditure in view of developing new products
and improving the existing property platforms. Expenditure on research activities, undertaken with the
prospect of gaining new technical knowledge and understanding, is recognised in the income statement
as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique
software products, websites and systems controlled by the Group are capitalised and recognised as
intangible assets when the following criteria are met: it is technically feasible to complete the software
product or website so that it will be available for use; management intends to complete the software
product or website and use or sell it; there is an ability to use or sell the software product or website;
it can be demonstrated how the software product or website will generate probable future economic
benefits; adequate technical, financial and other resources to complete the development and to use
or sell the software product or website are available; and the expenditure attributable to the software
product or website during its development can be reliably measured.
Development costs, which include employee and contractor costs, are capitalised only from the point
that it is probable the development is technically feasible and the software will be used to perform the
function intended. Technological feasibility is typically reached once all research has been completed
and high risks – such as novel, unique, unproven functions and features or technological innovations
– have been investigated and resolved.
Other development expenditures that do not meet these criteria, such as costs related to the preliminary
project stage and post-implementation activities as well as ongoing maintenance and costs associated
with routine upgrades and enhancements, are recognised as an expense as incurred.
Development costs for software, websites and systems are carried at cost less accumulated amortisation
and are amortised on a straight-line basis over their useful lives (not exceeding five years) at the point in
which they come into use. When internal-use software that was previously capitalised is abandoned, the
cost less the accumulated amortisation, if any, is recorded as an expense. Fully amortised capitalised
internal-use software costs are removed from their respective accounts.
(iii) Computer software and licences
Computer software and externally acquired software licences are capitalised and stated at cost less
accumulated amortisation and impairment losses. Amortisation is charged from the date the asset
is available for use. Amortisation is provided to write off the cost less the estimated residual value of
the computer software or licence by equal annual instalments over its estimated useful economic life
as follows:
Computer software 20.0% – 33.3% per annum
Software licences 20.0% – 33.3% per annum
(iv) Customer relationships
The customer relationships identified on the acquisition of Rightmove Landlord & Tenant Services
Limited and HomeViews Platform Limited are valued using the income approach, calculating the multi-
period excess earnings. Amortisation is expensed in the income statement on a straight-line basis over
the estimated useful economic life of 10 years.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Capitalised costs are held as an asset in progress until such point that the asset is brought into use, at
which point it is transferred to the appropriate property, plant and equipment category and depreciation
is charged. Depreciation is provided to write off the cost less the estimated residual value of property,
plant and equipment by equal annual instalments over their estimated useful economic lives as follows:
Office equipment, fixtures and fittings 20.0% per annum
Computer equipment 20.0% – 33.3% per annum
Motor vehicles 25% – 33.3% per annum
Leasehold improvements remaining life of the lease
Business combinations
The Group accounts for business combinations using the acquisition method under IFRS 3 ‘Business
Combinations’.
Impairment
The carrying value of property, plant and equipment, and intangible assets other than goodwill is reviewed
at each reporting date to determine whether there is any indication of impairment. If any such indication
exists, the asset’s recoverable amount is estimated. An impairment loss is recognised for the amount by
which the asset’s carrying amount exceeds its recoverable amount.
Goodwill is not subject to amortisation but is tested for impairment annually and whenever there is an
indication that it might be impaired. An impairment loss is recognised for the amount by which the
carrying value of the asset exceeds its recoverable amount.
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
The carrying amounts of the Group’s non-financial assets, other than deferred tax assets, are reviewed
at each reporting date to determine whether there is any indication of impairment. If any such indication
exists, then the asset’s recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair
value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset. For an asset that does not generate largely independent cash
flows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
For the purpose of impairment testing, assets that cannot be tested individually are grouped together
into the smallest group of assets that generate cash inflows from continuing use that are largely
independent of the cash inflows of other assets or groups of assets (the cash-generating unit). The
goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-
generating units (CGUs). Goodwill acquired in a business combination is allocated to groups of CGUs that
are expected to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount. Impairment losses are recognised in the income statement. Impairment losses
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated
to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on
a pro rata basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with original maturities of three
months or less. Where the original maturity exceeds three months, amounts are classified as money
market deposits and presented separately within the balance sheet.
Provisions
A provision is recognised when a past event creates a present legal or constructive obligation, the
amount can be reliably estimated, and it is probable that an outflow of economic benefits will be required
to settle it.
Dilapidation provisions are determined by discounting the expected future cash flows, at a pre-tax rate
that reflects current market assessments of the time value of money and the risks specific to the liability.
Leases
When a contractual arrangement contains a lease, the Group recognises a lease liability and a
corresponding right of use asset at the commencement of the lease.
At the commencement date the lease liability is measured at the present value of the future lease
payments, discounted using the Group’s incremental borrowing rate where the interest rate in the lease
is not readily determined. Subsequently, the lease liability is adjusted by increasing the carrying amount to
reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and
remeasuring the carrying amount to reflect any reassessment or lease modifications.
The lease term is determined from the commencement date of the lease and covers the non-cancellable
term. If the Group has an extension option, which it is considers it reasonably certain to exercise, then the
lease term will be considered to extend beyond that non-cancellable period. Conversely, where the Group
has a termination option that it considers reasonably certain to exercise, the lease term ends at the date
the termination option is exercisable.
At the commencement date the right of use asset is measured at an amount equal to the lease liability
plus any lease payments made before the commencement date and any initial direct costs, less any lease
incentive payments. An estimate of costs to be incurred in restoring an asset, in accordance with the
terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, the right
of use asset is depreciated over the life of the lease term.
An adjustment is also made to the right of use asset to reflect any remeasurement of the corresponding
lease liability. The right of use assets are subject to impairment testing under IAS 36. Short-term leases
and low value leases are not recognised as lease liabilities and right of use assets but are recognised as an
expense straight line over the lease term.
Employee benefits
(i) Pensions
The Group provides access to stakeholder pension schemes (defined contribution pension plans).
Obligations for contributions to defined contribution pension plans are recognised as an employee
benefit expense in the income statement when they are incurred.
(ii) Employee share schemes
The Group provides share-based incentive plans enabling Executive Directors and other employees to
acquire Company shares. The related expense is recognised in the income statement, with a corresponding
increase in equity, over the vesting period during which employees become unconditionally entitled to
equity-settled share-based incentives.
Fair value at the grant date is determined using either the Monte Carlo or Black Scholes pricing model, as
appropriate for each scheme. Measurement inputs include: share price at measurement date; exercise
price; expected volatility (based on historic weighted average volatility adjusted for expected changes due
to publicly available information); weighted average expected life of the instruments (based on historical
experience and option behaviour); expected dividends; and risk-free interest rates (based on government
bonds). Service and non-market performance conditions are excluded from the fair value calculation.
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Financial Statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
For share awards with non-vesting conditions, the grant date fair value reflect these conditions and no
adjustment is made for differences between expected and actual outcomes. If either the employee or
the Company fails to meet a non-vesting condition it is treated as a cancellation and the remaining cost
is recognised immediately in the income statement. For awards with market-related performance criteria
(e.g. TSR), expenses are recognised over the vesting period irrespective of whether the market condition
is satisfied.
Share awards to employees are made by the Company and treated as equity-settled share-based
payments. Share-based awards which are shareholder approved schemes (DSBP and PSP) are settled
via treasury shares for employees. EBT shares are used for the non-shareholder approved schemes (RSP)
and for the SAYE shares. The SIP shares are used to settle the SIP award of free shares to employees.
(iii) Own shares held by the Rightmove Employee Share Trust (EBT)
The Group established an employee benefit trust (EBT) several years ago, originally sponsored and funded
by the parent Company at the time, Rightmove Group Limited. Following the Group’s restructure under a
new topco – the Company Rightmove plc – the EBT remained in the subsidiary Rightmove Group Limited
until 1 January 2023. At this point, the sponsorship of the trust was transferred to Rightmove plc via a
dividend in specie. EBT transactions are now treated as being those of Rightmove plc and charged
directly to equity.
(iv) Own shares held by the Rightmove Share Incentive Plan Trust (SIP)
The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. The SIP
is treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of
Rightmove plc and reflected in the Group’s consolidated financial statements. At a consolidated level,
the SIP’s purchases of shares in the Company are charged directly to equity.
(v) Own shares held by Treasury
The Company bought the treasury shares in 2008 and these shares may be used to satisfy shareholder
approved share-based incentive awards.
(vi) National Insurance (NI) on share-based incentives
Employer’s NI is accrued, where applicable, at a rate of 15.0%, which management expects to be the
prevailing rate when share-based incentives are exercised. In the case of share options, it is accrued
on the difference between the share price at the reporting date and the average exercise price of share
options. In the case of nil-cost performance shares and deferred shares, it is accrued based on the share
price at the reporting date. The NI on share-based incentives in relation to the exercise of the shares is
charged to the income statement over the vesting period of the award.
Treasury shares and shares purchased for cancellation
When share capital recognised as equity is repurchased, the amount of the consideration paid, including
directly attributable costs, is recognised as a deduction from equity. Repurchased shares are either held
in treasury or cancelled.
Financial instruments
Under IFRS 9, on initial recognition, a financial asset is classified and measured at: amortised cost, fair
value through profit or loss or fair value though other comprehensive income.
A financial asset is measured at amortised cost if it meets both of the following conditions: it is held within
a business model whose objective is to hold assets to collect contractual cash flows; and its contractual
terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
Under IFRS 9, trade receivables without a significant financing component are classified and held at
amortised cost, being initially measured at the transaction price and subsequently measured at amortised
cost less any impairment loss.
The Group has elected to measure loss allowances for trade receivables and contract assets at an amount
equal to lifetime expected credit losses (ECLs). Credit losses are measured as the present value of all cash
shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and
the cash flows that the Group expects to receive).
The Group considers credit risk on a financial asset to have increased significantly if it is more than 30 days
past due. Default is assessed on a case-by-case basis when it becomes probable that the customer is
unlikely to meet credit obligations. A financial asset’s gross carrying amount is written off when there is
no reasonable expectation of full or partial recovery. The Group assesses each customer individually to
determine the timing and amount of any write-off, based on recovery expectations. Amounts written-off
are not expected to be significantly recovered; however, written-off financial assets may still be subject to
enforcement actions in line with the Group’s recovery procedures.
Estimated credit losses
are adjusted to include relevant macro economic factors when required. At each
reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired.
A financial asset is credit-impaired when one or more events occur that have a detrimental impact on its
estimated future cash flows.
Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the
Group has transferred its rights to receive cash flows from the asset.
On initial recognition financial liabilities are measured at fair value; they are classified and subsequently
measured at amortised cost. Financial liabilities measured at amortised cost include trade and other
payables and lease liabilities.
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Financial Statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
For share awards with non-vesting conditions, the grant date fair value reflect these conditions and no
adjustment is made for differences between expected and actual outcomes. If either the employee or
the Company fails to meet a non-vesting condition it is treated as a cancellation and the remaining cost
is recognised immediately in the income statement. For awards with market-related performance criteria
(e.g. TSR), expenses are recognised over the vesting period irrespective of whether the market condition
is satisfied.
Share awards to employees are made by the Company and treated as equity-settled share-based
payments. Share-based awards which are shareholder approved schemes (DSBP and PSP) are settled
via treasury shares for employees. EBT shares are used for the non-shareholder approved schemes (RSP)
and for the SAYE shares. The SIP shares are used to settle the SIP award of free shares to employees.
(iii) Own shares held by the Rightmove Employee Share Trust (EBT)
The Group established an employee benefit trust (EBT) several years ago, originally sponsored and funded
by the parent Company at the time, Rightmove Group Limited. Following the Group’s restructure under a
new topco – the Company Rightmove plc – the EBT remained in the subsidiary Rightmove Group Limited
until 1 January 2023. At this point, the sponsorship of the trust was transferred to Rightmove plc via a
dividend in specie. EBT transactions are now treated as being those of Rightmove plc and charged
directly to equity.
(iv) Own shares held by the Rightmove Share Incentive Plan Trust (SIP)
The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. The SIP
is treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of
Rightmove plc and reflected in the Group’s consolidated financial statements. At a consolidated level,
the SIP’s purchases of shares in the Company are charged directly to equity.
(v) Own shares held by Treasury
The Company bought the treasury shares in 2008 and these shares may be used to satisfy shareholder
approved share-based incentive awards.
(vi) National Insurance (NI) on share-based incentives
Employer’s NI is accrued, where applicable, at a rate of 15.0%, which management expects to be the
prevailing rate when share-based incentives are exercised. In the case of share options, it is accrued
on the difference between the share price at the reporting date and the average exercise price of share
options. In the case of nil-cost performance shares and deferred shares, it is accrued based on the share
price at the reporting date. The NI on share-based incentives in relation to the exercise of the shares is
charged to the income statement over the vesting period of the award.
Treasury shares and shares purchased for cancellation
When share capital recognised as equity is repurchased, the amount of the consideration paid, including
directly attributable costs, is recognised as a deduction from equity. Repurchased shares are either held
in treasury or cancelled.
Financial instruments
Under IFRS 9, on initial recognition, a financial asset is classified and measured at: amortised cost, fair
value through profit or loss or fair value though other comprehensive income.
A financial asset is measured at amortised cost if it meets both of the following conditions: it is held within
a business model whose objective is to hold assets to collect contractual cash flows; and its contractual
terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
Under IFRS 9, trade receivables without a significant financing component are classified and held at
amortised cost, being initially measured at the transaction price and subsequently measured at amortised
cost less any impairment loss.
The Group has elected to measure loss allowances for trade receivables and contract assets at an amount
equal to lifetime expected credit losses (ECLs). Credit losses are measured as the present value of all cash
shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and
the cash flows that the Group expects to receive).
The Group considers credit risk on a financial asset to have increased significantly if it is more than 30 days
past due. Default is assessed on a case-by-case basis when it becomes probable that the customer is
unlikely to meet credit obligations. A financial asset’s gross carrying amount is written off when there is
no reasonable expectation of full or partial recovery. The Group assesses each customer individually to
determine the timing and amount of any write-off, based on recovery expectations. Amounts written-off
are not expected to be significantly recovered; however, written-off financial assets may still be subject to
enforcement actions in line with the Group’s recovery procedures.
Estimated credit losses
are adjusted to include relevant macro economic factors when required. At each
reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired.
A financial asset is credit-impaired when one or more events occur that have a detrimental impact on its
estimated future cash flows.
Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the
Group has transferred its rights to receive cash flows from the asset.
On initial recognition financial liabilities are measured at fair value; they are classified and subsequently
measured at amortised cost. Financial liabilities measured at amortised cost include trade and other
payables and lease liabilities.
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled or
expires. The Coadjute Ltd equity investment is measured at fair value on initial recognition and then
subsequently at fair value through profit or loss applying IFRS 9.
Segmental reporting
Rightmove has one reportable segment, being the consolidated result. Whilst the Chief Operating
Decision Maker monitors revenue separately for different business units, they do not separately monitor
business unit profit, operating costs, financial income, financial expenses and income taxes, instead
monitoring these only at a consolidated level.
The Group presents internal financial information that measures business performance to the Chief
Executive Officer, who is the Group’s Chief Operating Decision Maker. This information is used to assess
performance and make decisions on resource allocation. This financial information includes information
on revenue performance and specific monitoring of trade receivable levels for each of the following
business units:
• Agency, which provides resale and lettings property advertising services, rental operators
advertising and rental services on Rightmove’s platforms;
• New Homes, which provides property advertising services to new home developers and housing
associations on Rightmove’s platforms; and
• Other, which comprises Commercial and Overseas property advertising services; and non-property
advertising services which include the Third-Party Advertising and Data Services; and the Financial
Services (Mortgages) business.
All revenues in all periods are derived from third parties. The disaggregated revenue is included within
Note 4.
Financial income and expenses
Financial income comprises interest receivable on cash balances and money market deposits. Interest
income is recognised as it accrues, using the effective interest method.
Financial expenses comprise banking fees and bank charges and the unwinding of the discount on
provisions and lease liabilities.
Taxation
Income tax on the results for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period net of any charge or credit
posted directly to equity, using tax rates enacted or substantively enacted at the reporting date and any
adjustment to tax payable in respect of previous periods.
Deferred tax is provided in respect of temporary difference between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for tax purposes. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax
asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised.
The following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of other assets or liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination; and the differences relating to investments in
subsidiaries to the extent that the parent Company is able to control the reversal and it is probable that
the temporary difference will not reverse in the foreseeable future. The initial recognition exception does
not apply to lease transactions which give rise to equal taxable and deductible temporary differences.
However, as the tax deductions relate to the lease assets, no temporary differences arose on these at
initial recognition.
In accordance with IAS 12, the Group policy in relation to the recognition of deferred tax on the exercise of
share-based incentives is to include the income tax effect of the tax deduction in the income statement,
up to the value of the income tax charge on the cumulative IFRS 2 charge. The remainder of the income
tax effect of the tax deduction is recognised in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and it is the intention to settle these on a net basis.
Dividends
Dividends unpaid at the reporting date are only recognised as a liability (and deduction to equity) to
the extent that they are appropriately authorised and are no longer at the discretion of the Company.
Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.
Earnings per share (EPS)
The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing
the profit or loss attributable to equity holders of the Company by the weighted average number of
ordinary shares outstanding during the year, adjusted for own shares held. For diluted EPS, the weighted
average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive
shares. The Group’s potential dilutive instruments are in respect of share-based incentives granted to
employees, which will be settled by ordinary shares held by the EBT, the SIP and shares held in treasury.
Annual report and accounts 2025Rightmove126
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
3 Risk and capital management
Overview
The Group has exposure to the following risks from its use of financial instruments:
• credit risk
• liquidity risk
• market risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s
objectives, policies and processes for measuring and managing risk and the Group’s management of
capital. Further quantitative disclosures are included throughout these consolidated financial statements.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its
contractual obligations.
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The Group provides credit to customers in the normal course of business. The Group provides its services
to a wide range of customers in the UK and overseas and therefore it has no material concentration of
credit risk.
The majority of the Group’s customers pay via monthly direct debit, minimising the risk of non-payment.
The Group establishes an expected credit loss that represents its estimate of losses in respect of trade
and other receivables, including contract assets. Further details of these are given in Note 24.
The Group’s treasury policy is to monitor cash and deposit balances daily and to manage counterparty risk
by ensuring that no more than £50,000,000 is held with any single institution.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with
its financial liabilities that are settled by delivering cash. The Group’s approach to managing liquidity is to
ensure, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group’s revenue model is largely subscription-based, which results in a regular level of cash
conversion allowing it to service working capital requirements.
The Group ensures it has sufficient cash on demand to meet expected operational expenses, excluding
the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural
disasters. Throughout the year, the Group typically had sufficient cash on demand to meet operational
expenses, before financing activities, for a period of 132 days (2024: 128 days).
Market risk
Market risk is the risk that changes in market prices such as foreign exchange and interest rates will affect
the Group’s income. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
(i) Currency risk
The Group’s sales and more than 89% (2024: 92%) of the Group’s purchases are sterling denominated,
accordingly it has no significant currency risk.
(ii) Interest rate risk
The Group has interest-bearing lease liabilities, although the interest on these is insignificant. The Group
is exposed to interest rate risk on cash and money market deposit balances. The Group has no interest-
bearing financial liabilities.
Capital management
The Board’s policy is to maintain an efficient statement of financial position to uphold investor, creditor
and market confidence while supporting future growth. It expects the Group’s future working capital and
capital expenditure requirements will remain low and accordingly return on capital measures are not key
performance targets. The Board monitors the Company’s shareholders distributions and basic EPS and
returns surplus capital to shareholders through a combination of dividends and share buybacks.
(i) Dividend policy
The Board of Directors has a progressive dividend policy and monitors the level of dividends to ordinary
shareholders relative to the growth in underlying profit. The Board has adopted this policy in to align
shareholder returns with the underlying growth achieved in the profitability of the Company.
The capacity of the Company to make dividend payments is primarily determined by the level of available
retained earnings in the Company, after deduction of own shares held, and the cash resources of the
Group. At 31 December 2025, the Group had cash of £37,223,000 (2024: £35,761,000) and money
market deposits of £5,683,000 (2024: £5,482,000), the majority of which is held by the principal operating
subsidiary, Rightmove Group Limited. The Company is well positioned to fund its future dividends given
the strong cash-generative nature of the business.
In 2025, cash generated from operating activities was £308,015,000 (2024: £277,617,000) representing
an operating cash conversion rate of 107% (2024: 108%) where operating cash conversion is defined as
the cash flow from operating activities divided by the operating profit for the year.
(ii) Share buybacks
The Group purchases its own shares in the market, the timing of which depends on available free cash flow
and market conditions. In 2025, 21,395,037 (2024: 18,772,755) shares were bought back at an average
price of £6.59 (2024: £5.72) and were cancelled (Note 21).
There were no changes in the Group’s approach to capital management during the year. Neither the
Company nor any of its subsidiaries are subject to externally imposed capital requirements.
Annual report and accounts 2025Rightmove127
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
3 Risk and capital management
Overview
The Group has exposure to the following risks from its use of financial instruments:
• credit risk
• liquidity risk
• market risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s
objectives, policies and processes for measuring and managing risk and the Group’s management of
capital. Further quantitative disclosures are included throughout these consolidated financial statements.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its
contractual obligations.
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The Group provides credit to customers in the normal course of business. The Group provides its services
to a wide range of customers in the UK and overseas and therefore it has no material concentration of
credit risk.
The majority of the Group’s customers pay via monthly direct debit, minimising the risk of non-payment.
The Group establishes an expected credit loss that represents its estimate of losses in respect of trade
and other receivables, including contract assets. Further details of these are given in Note 24.
The Group’s treasury policy is to monitor cash and deposit balances daily and to manage counterparty risk
by ensuring that no more than £50,000,000 is held with any single institution.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with
its financial liabilities that are settled by delivering cash. The Group’s approach to managing liquidity is to
ensure, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group’s revenue model is largely subscription-based, which results in a regular level of cash
conversion allowing it to service working capital requirements.
The Group ensures it has sufficient cash on demand to meet expected operational expenses, excluding
the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural
disasters. Throughout the year, the Group typically had sufficient cash on demand to meet operational
expenses, before financing activities, for a period of 132 days (2024: 128 days).
Market risk
Market risk is the risk that changes in market prices such as foreign exchange and interest rates will affect
the Group’s income. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
(i) Currency risk
The Group’s sales and more than 89% (2024: 92%) of the Group’s purchases are sterling denominated,
accordingly it has no significant currency risk.
(ii) Interest rate risk
The Group has interest-bearing lease liabilities, although the interest on these is insignificant. The Group
is exposed to interest rate risk on cash and money market deposit balances. The Group has no interest-
bearing financial liabilities.
Capital management
The Board’s policy is to maintain an efficient statement of financial position to uphold investor, creditor
and market confidence while supporting future growth. It expects the Group’s future working capital and
capital expenditure requirements will remain low and accordingly return on capital measures are not key
performance targets. The Board monitors the Company’s shareholders distributions and basic EPS and
returns surplus capital to shareholders through a combination of dividends and share buybacks.
(i) Dividend policy
The Board of Directors has a progressive dividend policy and monitors the level of dividends to ordinary
shareholders relative to the growth in underlying profit. The Board has adopted this policy in to align
shareholder returns with the underlying growth achieved in the profitability of the Company.
The capacity of the Company to make dividend payments is primarily determined by the level of available
retained earnings in the Company, after deduction of own shares held, and the cash resources of the
Group. At 31 December 2025, the Group had cash of £37,223,000 (2024: £35,761,000) and money
market deposits of £5,683,000 (2024: £5,482,000), the majority of which is held by the principal operating
subsidiary, Rightmove Group Limited. The Company is well positioned to fund its future dividends given
the strong cash-generative nature of the business.
In 2025, cash generated from operating activities was £308,015,000 (2024: £277,617,000) representing
an operating cash conversion rate of 107% (2024: 108%) where operating cash conversion is defined as
the cash flow from operating activities divided by the operating profit for the year.
(ii) Share buybacks
The Group purchases its own shares in the market, the timing of which depends on available free cash flow
and market conditions. In 2025, 21,395,037 (2024: 18,772,755) shares were bought back at an average
price of £6.59 (2024: £5.72) and were cancelled (Note 21).
There were no changes in the Group’s approach to capital management during the year. Neither the
Company nor any of its subsidiaries are subject to externally imposed capital requirements.
Notes forming part of the Financial Statements (continued)
4 Revenue
The Group’s operations and main revenue streams are those described in these annual financial
statements. The Group’s revenue is derived from contracts with customers.
Disaggregation of revenue
In the following table, revenue is disaggregated by property and non-property advertising revenue.
The table also includes a reconciliation of the disaggregated revenue with the Group’s business units.
Agency
New Homes
Other
Total
Year ended 31 December 2025 £000 £000 £000 £000
Revenue stream
Property products
304,744
75,330
21,563
401,637
Non-property products
–
–
23,492
23,492
304,744
75,330
45,055
425,129
Agency
New Homes
Other
Total
Year ended 31 December 2024 £000 £000 £000 £000
Revenue stream
Property products
279,989
69,198
20,118
369,305
Non-property products
–
–
20,577
20,577
279,989
69,198
40,695
389,882
Geographic information
In presenting information geographically, revenue and assets reflect the physical location of customers.
2025
2024
Trade Trade
Revenue receivables Revenue receivables
£000 £000 £000 £000
UK
419,650
24,965
384,112
21,796
Rest of the world
5,479
–
5,770
21
425,129
24,965
389,882
21,817
Contract balances
The contract assets primarily relate to the Group’s rights to consideration for services provided but not
invoiced at the reporting date. The contract assets are transferred to trade receivables when invoiced and
the rights have become unconditional.
The contract liabilities primarily relate to the advance consideration received from Agency, Overseas and
Commercial customers, for which revenue is recognised as or when the services are provided.
The following table provides information about contract assets and contract liabilities from contracts
with customers:
Contract Contract
assets liabilities
£000 £000
Contract balances as at 31 December 2023
759
(2,536)
Performance obligations satisfied in 2023
(759)
–
Performance obligations satisfied in 2024
–
2,470
Accrued/(deferred) during 2024
1,270
(3,102)
Contract balances as at 31 December 2024
1,270
(3,168)
Performance obligations satisfied in 2024
(1,270)
–
Performance obligations satisfied in 2025
–
3,139
Accrued/(deferred) during 2025
1,251
(3,456)
Contract balances as at 31 December 2025
1,251
(3,485)
5 Operating profit
2025
2024
Note £000 £000
Operating profit is stated after charging:
Employee benefits
6
68,967
64,420
Depreciation of property, plant and equipment
12
3,937
3,613
Amortisation of intangibles
13
4,391
2,386
Trade receivables impairment charge
24
413
1,629
Transaction-related charges
25
–
6,230
Investment fair value loss
25
–
3,000
Transaction-related charges in the prior year include legal and professional fees in relation to acquisitions
and investments (Note 25) and costs in relation to bid defence for the unsolicited offer for Rightmove.
2025 2024
Auditor’s remuneration £000 £000
Fees payable to the Company’s auditor in respect of the audit
Audit of the Company’s financial statements
65
60
Audit of the Company’s subsidiaries pursuant to legislation
335
356
Total audit remuneration
400
416
Fees payable to the Company’s auditor in respect of non-audit related services
Half-year review of the condensed financial statements
69
66
Total non-audit remuneration
69
66
There were no other fees payable to Ernst & Young LLP (2024: no other fees payable).
Annual report and accounts 2025Rightmove128
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
6 Employee numbers and costs
The average number of persons employed (including Executive Directors) during the year, analysed by
category, was as follows:
Number of employees
2025
2024
Administration
835
792
Management
65
69
900
861
The aggregate payroll costs of these persons were as follows:
2025
2024
£000 £000
Wages and salaries
57,337
54,529
Social security costs
7,900
6,596
Pension costs
3,730
3,295
68,967
64,420
Share-based payments cost (Note 23)
9,815
8,356
Total
78,782
72,776
Social security costs relate to the National Insurance on wages and salaries. The National Insurance
charge relating to NI on share-based incentives of £1,276,000 (2024: £917,000) is included within the
share-based payments cost shown above.
7 Financial income
2025
2024
£000 £000
Interest income on cash and cash equivalents
2,433
2,359
Interest income on money market deposits
201
258
2,634
2,617
8 Financial expenses
2025
2024
£000 £000
Bank charges
455
397
Interest unwind on lease liabilities (Note 18)
90
138
Interest unwind on dilapidations (Note 20)
12
12
557
547
9 Income tax expense
2025 2024
£000 £000
Current tax expense
Current year
72,799
65,214
Adjustment to current tax charge in respect of prior years 250 (210)
73,049
65,004
Deferred tax (Note 15)
Origination and reversal of temporary differences
341
578
Adjustment to deferred tax in respect of prior years
(506
)
105
(165
)
683
Total income tax expense
72,884
65,687
Income tax recognised directly in equity
2025
2024
£000 £000
Current tax
Share-based incentives
(379
)
(88)
Deferred tax (Note 15)
Share-based incentives
457
(409)
Adjustment to deferred tax in respect of prior years
145
–
602
(409)
Total income tax charge/(credit) recognised directly in equity
223
(497)
Reconciliation of effective tax rate
The Group’s consolidated effective tax rate for the year ended 31 December 2025 is 25.1% (2024: 25.4%)
which is marginally higher than (2024: higher than) the standard rate of corporation tax in the UK due to
the items shown below:
2025 2024
£000 £000
Profit before tax
289,951
258,400
Current tax at 25.0%
72,488
64,600
Non-deductible expenses/(non-taxable income)
197
1,068
Adjustment to deferred tax charge in respect of prior years
(506
)
105
Share-based incentives
455
124
Adjustment to current tax charge in respect of prior years
250
(210)
72,884
65,687
Annual report and accounts 2025Rightmove129
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
6 Employee numbers and costs
The average number of persons employed (including Executive Directors) during the year, analysed by
category, was as follows:
Number of employees
2025
2024
Administration
835
792
Management
65
69
900
861
The aggregate payroll costs of these persons were as follows:
2025
£000
2024
£000
Wages and salaries
57,337
54,529
Social security costs
7,900
6,596
Pension costs
3,730
3,295
68,967
64,420
Share-based payments cost (Note 23)
9,815
8,356
Total
78,782
72,776
Social security costs relate to the National Insurance on wages and salaries. The National Insurance
charge relating to NI on share-based incentives of £1,276,000 (2024: £917,000) is included within the
share-based payments cost shown above.
7 Financial income
2025
£000
2024
£000
Interest income on cash and cash equivalents
2,433
2,359
Interest income on money market deposits
201
258
2,634
2,617
8 Financial expenses
2025
£000
2024
£000
Bank charges
455
397
Interest unwind on lease liabilities (Note 18)
90
138
Interest unwind on dilapidations (Note 20)
12
12
557
547
9 Income tax expense
2025
£000
2024
£000
Current tax expense
Current year
72,799
65,214
Adjustment to current tax charge in respect of prior years
250
(210)
73,049
65,004
Deferred tax (Note 15)
Origination and reversal of temporary differences
341
578
Adjustment to deferred tax in respect of prior years
(506)
105
(165)
683
Total income tax expense
72,884
65,687
Income tax recognised directly in equity
2025
£000
2024
£000
Current tax
Share-based incentives
(379)
(88)
Deferred tax (Note 15)
Share-based incentives
457
(409)
Adjustment to deferred tax in respect of prior years
145
–
602
(409)
Total income tax charge/(credit) recognised directly in equity
223
(497)
Reconciliation of effective tax rate
The Group’s consolidated effective tax rate for the year ended 31 December 2025 is 25.1% (2024: 25.4%)
which is marginally higher than (2024: higher than) the standard rate of corporation tax in the UK due to
the items shown below:
2025
£000
2024
£000
Profit before tax
289,951
258,400
Current tax at 25.0%
72,488
64,600
Non-deductible expenses/(non-taxable income)
197
1,068
Adjustment to deferred tax charge in respect of prior years
(506)
105
Share-based incentives
455
124
Adjustment to current tax charge in respect of prior years
250
(210)
72,884
65,687
Notes forming part of the Financial Statements (continued)
9 Income tax expense (continued)
Factors affecting future tax charge
The deferred tax at 31 December 2025 and 31 December 2024 was calculated based on the enacted tax
rate of 25%, the rate at which the deferred tax is expected to unwind in the future.
10 Earnings per share (EPS)
Pence per share
Note
£000
Basic
Diluted
Year ended 31 December 2025
Profit for the year and EPS
217,067
28.1
28.0
Underlying profit and underlying EPS
1
224,888
29.1
29.0
Year ended 31 December 2024
Profit for the year and EPS
192,713
24.4
24.3
Underlying profit and underlying EPS
1
207,147
26.2
26.1
Weighted average number of ordinary shares (basic)
2024
2025 Number of
Number of shares shares
Issued ordinary shares at 1 January less ordinary shares
held by the EBT and SIP Trust
791,523,287
811,252,473
Less own shares held in treasury at the beginning of the year
(11,168,495)
(11,709,197)
Weighted effect of own shares purchased for cancellation
(8,388,834)
(8,933,806)
Weighted effect of share-based incentives exercised
625,563
363,417
Weighted effect of shares purchased (209,398) (755,421)
Issued ordinary shares at 31 December less ordinary shares
held by treasury, SIP and the EBT
772,382,123
790,217,466
Weighted average number of ordinary shares (diluted)
In calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume
conversion of all potentially dilutive shares. The Group’s potentially dilutive instruments are in respect of
share-based incentives granted to employees.
2024
2025 Number of
Number of shares shares
Weighted average number of ordinary shares (basic)
772,382,123
790,217,466
Dilutive impact of share-based incentives outstanding
2,974,437
2,384,515
775,356,560
792,601,981
The average market value of the Group’s shares for the purposes of calculating the dilutive effect of
share-based incentives was based on quoted market prices during the period in which the share-based
incentives were outstanding.
11 Dividends
Dividends declared and paid by the Company were as follows:
2025
2024
Pence
Pence
per share
£000
per share
£000
2023 final dividend paid
5.70
45,226
2024 interim dividend paid
3.70
29,112
2024 final dividend paid
6.10
47,398
–
–
2025 interim dividend paid
4.05
31,188
–
–
10.15
78,586
9.40
74,338
Unclaimed dividends returned
(21)
–
(30)
Net dividends included in the statement of cash flows
78,565
–
74,308
After the reporting date, a final dividend of 6.59p (2024: 6.10p) per qualifying ordinary share, being
£49,500,000 (2024: £46,900,000), was proposed by the Board of Directors. The final dividend will be paid,
subject to shareholder approval, on 22 May 2026.
The 2024 final dividend of £47,398,000 (6.1p per qualifying share) was paid on 23 May 2025.
The terms of the EBT provide that dividends payable on the ordinary shares held by the EBT are waived.
No provision was made for the final dividend in either year, and there are no income tax consequences.
Annual report and accounts 2025Rightmove130
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
12 Property, plant and equipment
Office
equipment,
Land & fixtures & Computer Leasehold Motor
buildings* fittings equipment improvements vehicles* Total
Group £000 £000 £000 £000 £000 £000
Cost
At 1 January 2025
14,924
2,687
14,292
1,149
4,640
37,692
Additions
–
111
729
63
–
903
Leased asset additions
3,018
–
–
–
1,141
4,159
At 31 December 2025
17,942
2,798
15,021
1,212
5,781
42,754
Depreciation
At 1 January 2025
(10,706)
(1,528) (13,053) (941) (3,079) (29,307)
Charge for year
(1,804
)
(360) (910) (84) (779) (3,937)
At 31 December 2025
(12,510
)
(1,888) (13,963) (1,025) (3,858) (33,244)
Net book value
At 31 December 2025
5,432
910
1,058
187
1,923
9,510
At 31 December 2024
4,218
1,159
1,239
208
1,561
8,385
Office
equipment,
Land & fixtures & Computer Leasehold Motor
buildings* fittings equipment improvements vehicles* Total
Group £000 £000 £000 £000 £000 £000
Cost
At 1 January 2024
14,924
1,937
13,995
1,127
3,096
35,079
Additions
–
749
284
22
–
1,055
Leased asset additions
–
–
–
–
1,544
1,544
Additions from business combinations
-
1
13
–
–
14
At 31 December 2024
14,924
2,687
14,292
1,149
4,640
37,692
Depreciation
At 1 January 2024
(8,927)
(1,208) (12,141) (862) (2,556) (25,694)
Charge for year
(1,779)
(320) (912) (79) (523) (3,613)
At 31 December 2024
(10,706)
(1,528) (13,053) (941) (3,079) (29,307)
Net book value
At 31 December 2024
4,218
1,159
1,239
208
1,561
8,385
* Land & buildings and motor vehicles are right of use assets held under leasing arrangements accounted for in accordance with
IFRS16. Further disclosure is in Note 19.
13 Intangible assets
Computer Software Customer
Goodwill software development relationships Total
£000 £000 £000 £000 £000
Cost
At 1 January 2025
22,680
15,822
2,849
6,366
47,717
Additions
–
6,509
2,767
–
9,276
At 31 December 2025
22,680
22,331
5,616
6,366
56,993
Amortisation
At 1 January 2025
–
(8,931)
–
(2,541)
(11,472)
Charge for year
–
(3,756)
–
(635
)
(4,391)
At 31 December 2025
–
(12,687)
–
(3,176
)
(15,863)
Net book value
At 31 December 2025
22,680
9,644
5,616
3,190
41,130
At 31 December 2024
22,680
6,891
2,849
3,825
36,245
Computer
Software
Customer
Goodwill software development relationships Total
£000 £000 £000 £000 £000
Cost
At 1 January 2024
16,516
8,999
892
4,521
30,928
Additions
–
6,066
1,957
–
8,023
Additions from business combinations
6,164
757
–
1,845
8,766
At 31 December 2024
22,680
15,822
2,849
6,366
47,717
Amortisation
At 1 January 2024
–
(7,165)
–
(1,921)
(9,086)
Charge for year
–
(1,766)
–
(620)
(2,386)
At 31 December 2024
–
(8,931)
–
(2,541)
(11,472)
Net book value
At 31 December 2024
22,680
6,891
2,849
3,825
36,245
Impairment testing for cash-generating units containing goodwill
The goodwill comprises £6.2m recognised on the acquisition of HomeViews Platform Limited in the prior
year (Note 25); £14.1m recognised on the acquisition of Rightmove Landlord & Tenant Services Limited
in 2019; a further £1.7m arising on the acquisition of The Outside View Analytics Limited in May 2016; and
£0.7m of purchased goodwill arising pre-transition to IFRS.
Annual report and accounts 2025Rightmove131
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
12 Property, plant and equipment
Group
Land &
buildings*
£000
Office
equipment,
fixtures &
fittings
£000
Computer
equipment
£000
Leasehold
improvements
£000
Motor
vehicles*
£000
Total
£000
Cost
At 1 January 2025
14,924
2,687
14,292
1,149
4,640
37,692
Additions
–
111
729
63
–
903
Leased asset additions
3,018
–
–
–
1,141
4,159
At 31 December 2025
17,942
2,798
15,021
1,212
5,781
42,754
Depreciation
At 1 January 2025
(10,706)
(1,528)
(13,053)
(941)
(3,079)
(29,307)
Charge for year
(1,804)
(360)
(910)
(84)
(779)
(3,937)
At 31 December 2025
(12,510)
(1,888)
(13,963)
(1,025)
(3,858)
(33,244)
Net book value
At 31 December 2025
5,432
910
1,058
187
1,923
9,510
At 31 December 2024
4,218
1,159
1,239
208
1,561
8,385
Group
Land &
buildings*
£000
Office
equipment,
fixtures &
fittings
£000
Computer
equipment
£000
Leasehold
improvements
£000
Motor
vehicles*
£000
Total
£000
Cost
At 1 January 2024
14,924
1,937
13,995
1,127
3,096
35,079
Additions
–
749
284
22
–
1,055
Leased asset additions
–
–
–
–
1,544
1,544
Additions from business combinations
-
1
13
–
–
14
At 31 December 2024
14,924
2,687
14,292
1,149
4,640
37,692
Depreciation
At 1 January 2024
(8,927)
(1,208)
(12,141)
(862)
(2,556)
(25,694)
Charge for year
(1,779)
(320)
(912)
(79)
(523)
(3,613)
At 31 December 2024
(10,706)
(1,528)
(13,053)
(941)
(3,079)
(29,307)
Net book value
At 31 December 2024
4,218
1,159
1,239
208
1,561
8,385
* Land & buildings and motor vehicles are right of use assets held under leasing arrangements accounted for in accordance with
IFRS16. Further disclosure is in Note 19.
13 Intangible assets
Goodwill
£000
Computer
software
£000
Software
development
£000
Customer
relationships
£000
Total
£000
Cost
At 1 January 2025
22,680
15,822
2,849
6,366
47,717
Additions
–
6,509
2,767
–
9,276
At 31 December 2025
22,680
22,331
5,616
6,366
56,993
Amortisation
At 1 January 2025
–
(8,931)
–
(2,541)
(11,472)
Charge for year
–
(3,756)
–
(635)
(4,391)
At 31 December 2025
–
(12,687)
–
(3,176)
(15,863)
Net book value
At 31 December 2025
22,680
9,644
5,616
3,190
41,130
At 31 December 2024
22,680
6,891
2,849
3,825
36,245
Goodwill
£000
Computer
software
£000
Software
development
£000
Customer
relationships
£000
Total
£000
Cost
At 1 January 2024
16,516
8,999
892
4,521
30,928
Additions
–
6,066
1,957
–
8,023
Additions from business combinations
6,164
757
–
1,845
8,766
At 31 December 2024
22,680
15,822
2,849
6,366
47,717
Amortisation
At 1 January 2024
–
(7,165)
–
(1,921)
(9,086)
Charge for year
–
(1,766)
–
(620)
(2,386)
At 31 December 2024
–
(8,931)
–
(2,541)
(11,472)
Net book value
At 31 December 2024
22,680
6,891
2,849
3,825
36,245
Impairment testing for cash-generating units containing goodwill
The goodwill comprises £6.2m recognised on the acquisition of HomeViews Platform Limited in the prior
year (Note 25); £14.1m recognised on the acquisition of Rightmove Landlord & Tenant Services Limited
in 2019; a further £1.7m arising on the acquisition of The Outside View Analytics Limited in May 2016; and
£0.7m of purchased goodwill arising pre-transition to IFRS.
Notes forming part of the Financial Statements (continued)
13 Intangible assets (continued)
Management performed the annual impairment test. For the purposes of impairment testing, goodwill is
allocated to the Group’s lowest cash-generating unit which is the Agency only business unit. The calculations
used in the cash flow projections are based on the latest three-year business plan which includes revenue
per business unit, which was updated to reflect the most recent developments as at the reporting date.
An allocation of costs is estimated for impairment testing purposes in accordance with IAS 36. The
impairment test performed was a ‘value in use’ assessment which looked at cash flows over the coming
three years. The key assumptions used for modelling purposes were revenue growth rates, the long-term
terminal growth rate of 3% for years outside of the three-year business plan and the pre-tax discount rate
used of 10% (2024: 10%). The result of the impairment testing was that the recoverable amount is
significantly higher than the carrying amount and there is no impairment. This result is not sensitive
to any reasonable possible changes in the key assumptions used.
14 Investments
Registration
Class of Trading
Company
Nature of business
Country of incorporation
number Holding shares status
Rightmove Group Online property
England and Wales
03997679
100%
Ordinary
Trading
Limited advertising
Rightmove Financial
Online rental services
England and Wales
11211259
100%
Ordinary
Trading
Services Limited*
Rightmove Landlord Rental referencing and
England and Wales
07064255
100%
Ordinary Trading
and Tenant Services insurance services
Limited*
HomeViews Residential review
England and Wales
10290376
100%
Ordinary Trading
Platform Limited* services
All the above subsidiaries are included in the Group consolidated financial statements. The registered
office for all subsidiaries of the Group is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Milton
Keynes, MK7 8LE.
Rightmove Group Limited is a direct investment of Rightmove plc, whilst the remaining companies are
indirect as they consolidate into Rightmove Group Limited.
*Audit exemption
The subsidiaries marked above are exempt from the requirements of the Companies Act 2006 relating
to the audit of individual accounts by virtue of Section 479A of that Act.
15 Deferred tax asset and deferred tax liability
Net deferred tax position
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax
authority and the Group settles its current tax assets and liabilities on a net basis. A net deferred tax asset
of £1.0m was recognised in the balance sheet at 31 December 2025 (2024: £1.4m).
2025 2024
£000 £000
Deferred tax asset
4,221
4,659
Deferred tax liability
(3,209
)
(3,210)
At 31 December
1,012
1,449
The deferred tax asset and deferred tax liability are attributable to the following movements:
Share-based Property, plant
incentives and equipment Provisions Total
Deferred tax asset £000 £000 £000 £000
At 1 January 2025
4,084
272
303
4,659
Adjustment in respect of prior year
(183)
70
40
(73)
Recognised in income
362
(60)
(113
)
189
Recognised directly in equity (457)
–
–
(457)
Reallocated from deferred tax liability
–
(97)
–
(97)
At 31 December 2025
3,806
185
230
4,221
At 1 January 2024
2,773
166
206
3,145
Adjustment in respect of prior year
–
(196)
88
(108)
Recognised in income
906
302
9
1,217
Recognised directly in equity
405
–
–
405
At 31 December 2024
4,084
272
303
4,659
Intangibles
Intangibles
Deferred tax liability 2025 2024
£000 £000
At 1 January
(3,210
)
(762)
Prior year adjustment
433
(2)
Arising on business combination
–
(651)
Recognised in income
(726
)
(2,013)
Recognised in income – amortisation
197
218
Reallocated to deferred tax asset
97
–
At 31 December
(3,209
)
(3,210)
The deferred tax as at 31 December 2025 was calculated at 25% (2024: 25%) which represents the average rate at
which the assets and liabilities are expected to reverse in the future, based on substantively enacted UK tax rates.
Annual report and accounts 2025Rightmove132
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
16 Trade and other receivables
2025 2024
Note £000 £000
Trade receivables
26,343
23,331
Less provision for impairment of trade receivables
24
(1,378
)
(1,514)
Net trade receivables
24,965
21,817
Prepayments
6,473
6,251
Interest receivable
286
361
Other debtors
648
572
32,372
29,001
Exposure to credit and currency risks and expected credit losses relating to trade and other receivables
are disclosed in Note 24. The balance of trade receivables as at 1 January 2024 was £25,740,000.
17 Cash and deposits
2025
£000
2024
£000
Cash and cash equivalents 37,223 35,761
Money market deposits 5,683 5,482
42,906 41,243
The cash and cash equivalents balance included: £101,000 (2024: £100,000) which is restricted to use in
accordance with the deeds of the EBT; £5,598,000 (2024: £5,428,000) which is held in a 30-day deposit
account; and £428,000 (2024: £417,000) which is ringfenced for the deferred consideration payable in
February 2026 in relation to the acquisition of HomeViews Platform Limited (Note 25).
All other cash and cash equivalents are available on demand.
Cash balances with an original maturity of less than three months were held in current accounts during
the year and attracted interest at a weighted average rate of 3.1% (2024: 3.9%).
Money market deposits with an original maturity of more than three months and less than a year attracted
interest at a weighted average rate of 3.6% (2024: 4.8%).
18 Trade and other payables
2025
2024
£000 £000
Trade payables
1,826
1,326
Trade accruals
12,474
9,270
Other creditors
2,032
3,033
Other taxation and social security
16,236
13,407
32,568
27,036
19 Leases
The Group leases assets, including land and buildings and motor vehicles, that are held within property, plant
and equipment (Note 12). Information about leases for which the Group is a lessee is presented below.
2025
2024
Analysis of property, plant and equipment between owned and leased assets £000 £000
Net book value of property, plant and equipment owned
2,155
2,606
Net book value of leased right of use assets
7,355
5,779
9,510
8,385
Property Vehicles Total
Net book value of right of use assets £000 £000 £000
At 1 January 2025
4,218
1,561
5,779
Additions
3,018
1,141
4,159
Depreciation charge (1,804)
(779
)
(2,583)
At 31 December 2025
5,432
1,923
7,355
At 1 January 2024
5,997
540
6,537
Additions
–
1,544
1,544
Depreciation charge
(1,779)
(523) (2,302)
At 31 December 2024
4,218
1,561
5,779
2025 2024
Lease liabilities included in the statement of financial position £000 £000
Current
3,562
2,497
Non-current
3,622
3,665
7,184
6,162
2025 2024
Amounts recognised in income statement £000 £000
Interest on lease liabilities
90
138
Expenses relating to short-term leases
145
241
Expenses relating to low-value asset leases
(excl. short-term leases of low-value assets)
17
17
252
396
2025 2024
Amount recognised in the statement of cash flows £000 £000
Total cash outflow for all leases
3,388
3,175
Annual report and accounts 2025Rightmove133
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
16 Trade and other receivables
Note
2025
£000
2024
£000
Trade receivables
26,343
23,331
Less provision for impairment of trade receivables
24
(1,378)
(1,514)
Net trade receivables
24,965
21,817
Prepayments
6,473
6,251
Interest receivable
286
361
Other debtors
648
572
32,372
29,001
Exposure to credit and currency risks and expected credit losses relating to trade and other receivables
are disclosed in Note 24. The balance of trade receivables as at 1 January 2024 was £25,740,000.
17 Cash and deposits
2025
£000
2024
£000
Cash and cash equivalents
37,223
35,761
Money market deposits
5,683
5,482
42,906
41,243
The cash and cash equivalents balance included: £101,000 (2024: £100,000) which is restricted to use in
accordance with the deeds of the EBT; £5,598,000 (2024: £5,428,000) which is held in a 30-day deposit
account; and £428,000 (2024: £417,000) which is ringfenced for the deferred consideration payable in
February 2026 in relation to the acquisition of HomeViews Platform Limited (Note 25).
All other cash and cash equivalents are available on demand.
Cash balances with an original maturity of less than three months were held in current accounts during
the year and attracted interest at a weighted average rate of 3.1% (2024: 3.9%).
Money market deposits with an original maturity of more than three months and less than a year attracted
interest at a weighted average rate of 3.6% (2024: 4.8%).
18 Trade and other payables
2025
£000
2024
£000
Trade payables
1,826
1,326
Trade accruals
12,474
9,270
Other creditors
2,032
3,033
Other taxation and social security
16,236
13,407
32,568
27,036
19 Leases
The Group leases assets, including land and buildings and motor vehicles, that are held within property, plant
and equipment (Note 12). Information about leases for which the Group is a lessee is presented below.
Analysis of property, plant and equipment between owned and leased assets
2025
£000
2024
£000
Net book value of property, plant and equipment owned
2,155
2,606
Net book value of leased right of use assets
7,355
5,779
9,510
8,385
Net book value of right of use assets
Property
£000
Vehicles
£000
Total
£000
At 1 January 2025
4,218
1,561
5,779
Additions
3,018
1,141
4,159
Depreciation charge
(1,804)
(779)
(2,583)
At 31 December 2025
5,432
1,923
7,355
At 1 January 2024
5,997
540
6,537
Additions
–
1,544
1,544
Depreciation charge
(1,779)
(523)
(2,302)
At 31 December 2024
4,218
1,561
5,779
Lease liabilities included in the statement of financial position
2025
£000
2024
£000
Current
3,562
2,497
Non-current
3,622
3,665
7,184
6,162
Amounts recognised in income statement
2025
£000
2024
£000
Interest on lease liabilities
90
138
Expenses relating to short-term leases
145
241
Expenses relating to low-value asset leases
(excl. short-term leases of low-value assets)
17
17
252
396
Amount recognised in the statement of cash flows
2025
£000
2024
£000
Total cash outflow for all leases
3,388
3,175
Notes forming part of the Financial Statements (continued)
19 Leases (continued)
Reconciliation of movement of lease liabilities to cash flows
2025 2024
£000 £000
At 1 January
6,162
7,403
Payment of lease liabilities – capital
(3,146
)
(2,781)
Payment of lease liabilities – interest
(80
)
(141)
Total changes arising from cash flows
(3,226
)
(2,922)
New leases (Note 12)
4,159
1,544
Interest (Note 8)
90
138
Other movements
(1
)
(1)
Total liability relating to other changes
4,248
1,681
Balance as at 31 December
7,184
6,162
20 Provisions
The dilapidations provision is in respect of any of the Group’s leased properties where the Group has
obligations to make good dilapidations. The non-current liabilities are estimated to be payable over
periods from one to five years.
2025
£000
At 1 January
853
Utilised
–
Released –
Charged 852
Unwinding of discount 12
At 31 December 1,717
Current
–
Non-current
1,717
21 Share capital
2025
2024
Amount Number of Amount Number of
£000 shares £000 Shares
In issue ordinary shares
At 1 January
795
794,676,864
814
813,449,619
Purchase and cancellation of shares (21)
(21,395,037
)
(19) (18,772,755)
At 31 December
774
773,281,827
795
794,676,864
All issued shares are fully paid. The nominal value of a share is 0.1p. The holders of ordinary shares are
entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share
at general meetings of the Company. Included within shares in issue at 31 December 2025 are 1,617,723
(2024: 1,833,148) shares held by the EBT, 1,558,957 (2024: 1,320,429) shares held by the SIP and
10,753,494 (2024: 11,168,495) shares held in treasury (Note 22).
In June 2007, Rightmove plc commenced a share buyback programme to purchase its own ordinary
shares. The total number of shares bought back in 2025 was 21,395,037 (2024: 18,772,755) shares
representing 2.7% (2024: 2.4%) of the ordinary shares in issue (excluding shares held in treasury). All the
shares bought back in both years were cancelled. The shares were acquired on the open market at a total
consideration (excluding costs) of £141,095,000 (2024: £107,441,000). The maximum and minimum
prices paid were £8.26 (2024: £6.84) and £4.84 (2024: £5.00) per share respectively. The average price
paid was £6.59 (2024: £5.72).
Costs incurred on purchase of own shares in relation to stamp duty charges and broker expenses for
share buy-backs were £993,000 (2024: £753,000). Costs incurred on purchase of own shares in relation to
stamp duty charges and broker expenses for the SIP award were £14,000 (2024: £14,000) and for the RSP
award were £14,000 (2024: £37,000).
Annual report and accounts 2025Rightmove134
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
22 Reconciliation of movement in capital and reserves
EBT shares SIP shares Treasury
reserve reserve shares Total
Own shares held – £000 £000 £000 £000 £000
Own shares held as at 1 January 2024
(1,860)
(6,321) (5,559) (13,740)
Shares purchased for share incentive plans
(5,910)
(1,415)
–
(7,325)
Shares transferred to SIP
594
(594)
–
–
Share-based incentives exercised in the year
66
713
260
1,039
SIP releases in the year
–
64
–
64
Own shares held as at 31 December 2024
(7,110)
(7,553) (5,299) (19,962)
Own shares held as at 1 January 2025
(7,110)
(7,553)
(5,299)
(19,962)
Shares purchased for share incentive plans
(2,656)
(1,380)
–
(4,036)
Shares transferred to SIP
636
(636)
–
–
Share-based incentives exercised in the year
2,213
753
200
3,166
SIP releases in the year
–
28
–
28
Own shares held as at 31 December 2025 (6,917) (8,788)
(5,099
)
(20,804)
EBT shares SIP shares Treasury
Own shares held – number of shares reserve reserve
shares
Total
Own shares held as at 1 January 2024
1,029,919
1,167,227
11,709,197
13,906,343
Shares purchased for share incentive plans
1,028,015
209,088
–
1,237,103
Shares transferred to SIP
(88,502)
88,502
–
–
Share-based incentives exercised in the year
(136,284)
(132,413) (540,702) (809,399)
SIP releases in the year
–
(11,975)
–
(11,975)
Own shares held as at 31 December 2024
1,833,148
1,320,429
11,168,495
14,322,072
Own shares held as at 1 January 2025
1,833,148
1,320,429
11,168,495
14,322,072
Shares purchased for share incentive plans
424,448
264,355
–
688,803
Shares transferred to SIP (119,303)
119,303
–
–
Share-based incentives exercised in the year (520,570) (132,825)
(415,001
)
(1,068,396)
SIP releases in the year
–
(12,305)
–
(12,305)
Own shares held as at 31 December 2025
1,617,723
1,558,957
10,753,494
13,930,174
(a) EBT shares reserve
This reserve represents the cost of own shares acquired by the EBT less any exercises of share-based
incentives.
At 31 December 2025, the EBT held 1,617,723 (2024: 1,833,148) of the ordinary shares in issue,
representing 0.2% (2024: 0.2%) of the ordinary shares in issue (excluding shares held in treasury). The
market value of the shares held in the EBT at 31 December 2025 was £8,406,000 (2024: £11,765,000).
During the year 520,570 shares were exercised (2024: 136,284).
(b) SIP shares reserve
In November 2014, the Rightmove Share Incentive Plan Trust (SIP) was established. This reserve
represents the cost of acquiring shares less any exercises or releases of SIP awards. Employees of
Rightmove Group Limited and Rightmove plc were offered 564 free shares with effect from 18 December
2025 (2024: 445), subject to a three-year service period. During the year 133,925 shares were exercised
(2024: 132,413) and 11,205 shares (2024: 11,975) were released by the SIP in relation to good leavers and
retirees. 119,303 shares were transferred to the SIP reserve from the EBT (2024: 88,502).
At 31 December 2025, the SIP held 1,558,957 (2024: 1,320,429) of the ordinary shares in issue, representing
0.2% (2024: 0.2%) of the ordinary shares in issue (excluding shares held in treasury). The market value of
the shares held in the SIP at 31 December 2025 was £8,100,000 (2024: £8,475,000).
(c) Treasury shares
The Company bought treasury shares in 2008, at an average price of 47.60 pence, to use to satisfy
shareholder-approved share-based incentive awards. This reserve represents the cost of acquiring
shares held in treasury less any exercises of share-based incentives. At 31 December 2025, the treasury
held 10,753,494 of the ordinary shares in issue. The market value of the shares held in treasury at
31 December 2025 was £55,875,000 (2024: £71,679,000).
Other reserves
Other reserves of £520,000 (2024: £499,000) represents the capital redemption reserve in respect of own
shares bought back and cancelled. The movement of £21,000 (2024: £19,000) is the nominal value of
ordinary shares bought back and cancelled during the year.
Details of share buybacks and cancellation of shares are included in Note 21.
Retained earnings
The loss on the exercise of share-based incentives of £2,424,000 (2024: £368,000) is the difference
between the weighted average value that the own shares, held individually by the EBT, SIP and treasury,
were originally acquired at and the exercise price at which share-based incentives were exercised or
released during the year.
Reverse acquisition reserve
This reserve of £138,000 (2024: £138,000) resulted from the acquisition of Rightmove Group Limited by
Rightmove plc and represents the difference between the value of the shares acquired at 28 January 2008
and the nominal value of the shares issued.
Annual report and accounts 2025Rightmove135
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
22 Reconciliation of movement in capital and reserves
Own shares held – £000
EBT shares
reserve
£000
SIP shares
reserve
£000
Treasury
shares
£000
Total
£000
Own shares held as at 1 January 2024
(1,860)
(6,321)
(5,559)
(13,740)
Shares purchased for share incentive plans
(5,910)
(1,415)
–
(7,325)
Shares transferred to SIP
594
(594)
–
–
Share-based incentives exercised in the year
66
713
260
1,039
SIP releases in the year
–
64
–
64
Own shares held as at 31 December 2024
(7,110)
(7,553)
(5,299)
(19,962)
Own shares held as at 1 January 2025
(7,110)
(7,553)
(5,299)
(19,962)
Shares purchased for share incentive plans
(2,656)
(1,380)
–
(4,036)
Shares transferred to SIP
636
(636)
–
–
Share-based incentives exercised in the year
2,213
753
200
3,166
SIP releases in the year
–
28
–
28
Own shares held as at 31 December 2025
(6,917)
(8,788)
(5,099)
(20,804)
Own shares held – number of shares
EBT shares
reserve
SIP shares
reserve
Treasury
shares
Total
Own shares held as at 1 January 2024
1,029,919
1,167,227
11,709,197
13,906,343
Shares purchased for share incentive plans
1,028,015
209,088
–
1,237,103
Shares transferred to SIP
(88,502)
88,502
–
–
Share-based incentives exercised in the year
(136,284)
(132,413)
(540,702)
(809,399)
SIP releases in the year
–
(11,975)
–
(11,975)
Own shares held as at 31 December 2024
1,833,148
1,320,429
11,168,495
14,322,072
Own shares held as at 1 January 2025
1,833,148
1,320,429
11,168,495
14,322,072
Shares purchased for share incentive plans
424,448
264,355
–
688,803
Shares transferred to SIP
(119,303)
119,303
–
–
Share-based incentives exercised in the year
(520,570)
(132,825)
(415,001)
(1,068,396)
SIP releases in the year
–
(12,305)
–
(12,305)
Own shares held as at 31 December 2025
1,617,723
1,558,957
10,753,494
13,930,174
(a) EBT shares reserve
This reserve represents the cost of own shares acquired by the EBT less any exercises of share-based
incentives.
At 31 December 2025, the EBT held 1,617,723 (2024: 1,833,148) of the ordinary shares in issue,
representing 0.2% (2024: 0.2%) of the ordinary shares in issue (excluding shares held in treasury). The
market value of the shares held in the EBT at 31 December 2025 was £8,406,000 (2024: £11,765,000).
During the year 520,570 shares were exercised (2024: 136,284).
(b) SIP shares reserve
In November 2014, the Rightmove Share Incentive Plan Trust (SIP) was established. This reserve
represents the cost of acquiring shares less any exercises or releases of SIP awards. Employees of
Rightmove Group Limited and Rightmove plc were offered 564 free shares with effect from 18 December
2025 (2024: 445), subject to a three-year service period. During the year 133,925 shares were exercised
(2024: 132,413) and 11,205 shares (2024: 11,975) were released by the SIP in relation to good leavers and
retirees. 119,303 shares were transferred to the SIP reserve from the EBT (2024: 88,502).
At 31 December 2025, the SIP held 1,558,957 (2024: 1,320,429) of the ordinary shares in issue, representing
0.2% (2024: 0.2%) of the ordinary shares in issue (excluding shares held in treasury). The market value of
the shares held in the SIP at 31 December 2025 was £8,100,000 (2024: £8,475,000).
(c) Treasury shares
The Company bought treasury shares in 2008, at an average price of 47.60 pence, to use to satisfy
shareholder-approved share-based incentive awards. This reserve represents the cost of acquiring
shares held in treasury less any exercises of share-based incentives. At 31 December 2025, the treasury
held 10,753,494 of the ordinary shares in issue. The market value of the shares held in treasury at
31 December 2025 was £55,875,000 (2024: £71,679,000).
Other reserves
Other reserves of £520,000 (2024: £499,000) represents the capital redemption reserve in respect of own
shares bought back and cancelled. The movement of £21,000 (2024: £19,000) is the nominal value of
ordinary shares bought back and cancelled during the year.
Details of share buybacks and cancellation of shares are included in Note 21.
Retained earnings
The loss on the exercise of share-based incentives of £2,424,000 (2024: £368,000) is the difference
between the weighted average value that the own shares, held individually by the EBT, SIP and treasury,
were originally acquired at and the exercise price at which share-based incentives were exercised or
released during the year.
Reverse acquisition reserve
This reserve of £138,000 (2024: £138,000) resulted from the acquisition of Rightmove Group Limited by
Rightmove plc and represents the difference between the value of the shares acquired at 28 January 2008
and the nominal value of the shares issued.
Notes forming part of the Financial Statements (continued)
23 Share-based payments
The Group operates a number of share-based incentive schemes for Executive Directors and employees.
All share-based incentives are subject to a service condition. Such conditions are not taken into account
in the fair value of the service received. The fair value of services received in return for share-based
incentives is measured by reference to the fair value of share-based incentives granted.
The Group recognised a total share-based payments charge for the year of £8,539,000 (2024: £7,439,000)
as set out below. The NI charge for the year, relating to all awards, was £1,276,000 (2024: £917,000). The
share price at 31 December 2025 was £5.20 (2024: £6.42).
The total charge in relation to share-based payments was £9,815,000 (2024: £8,356,000):
2025 2024
£000 £000
Sharesave Plan
500
495
Performance Share Plan (PSP)
336
4
Deferred Share Bonus Plan (DSP)
3,244
2,640
Share Incentive Plan (SIP)
1,606
1,436
Restricted Share Plan (RSP)
2,853
2,864
Total share-based payments charge
8,539
7,439
NI on applicable share-based incentives at 15.0%
1,276
917
Total charge in relation to share-based payments
9,815
8,356
Sharesave Plan
The Group operates an HMRC-approved Sharesave Plan, allowing employees of Rightmove plc and
Rightmove Group Limited to purchase ordinary shares in Rightmove plc, at up to 20% less than the
market price at invitation, in three years’ time. Participation requires monthly contributions to a savings
account over the period, which fund the option exercise. No performance criteria apply to Sharesave
options. The assumptions used in the measurement of the fair value at grant date are as follows:
Share price at
Exercise
Dividend
Fair value per
grant date price Option life Volatility Risk-free rate yield option
Grant date (pence) (pence) (years) (%) (%) (%) (pence)
30 September 2022
482.2
482.0
3.0
29.4
5.2
1.8
130.0
29 September 2023
562.2
448.0
3.0
30.2
4.7
1.6
203.0
30 September 2024
617.4
442.0
3.0
31.1
3.75
1.8
232.0
30 September 2025
708.6
602.0
3.0
30.5
3.84
1.7
218.0
The requirement that an employee must save in order to purchase shares under the Sharesave Plan is a
non-vesting condition. This feature has been incorporated into the fair value at grant date by applying a
discount to the valuation obtained from the Black Scholes pricing model. The discount has been
determined by estimating the probability that the employee will stop saving based on expected future
trends in the share price and past employee behaviour.
2025
2024
Weighted
Weighted
average average
exercise price exercise price
Group
Number
(pence)
Number
(pence)
Outstanding at 1 January
926,046
458.4
844,719
483.8
Granted
236,241
602.0
379,287
442.0
Lapsed or cancelled (30,632)
457.9
(114,499)
491.6
Forfeited (79,445)
453.9
(47,177)
465.2
Exercised (156,286)
499.6
(136,284)
540.1
Outstanding at 31 December
895,924
489.5
926,046
458.4
Exercisable at 31 December
74,080
4.85
38,949
5.63
The weighted average market value per ordinary share for Sharesave options exercised in 2025 was
608.1 pence (2024: 572.2 pence). The Sharesave options outstanding at 31 December 2025 have an
exercise price in the range of 442.0 pence to 602.0 pence (2024: 430.0 pence to 574.0 pence) and a
weighted average contractual life of years 1.8 years (2024: 2.0 years).
Performance Share Plan (PSP)
The PSP permits awards of nil-cost options or contingent shares which will only vest in the event of prior
satisfaction of a performance condition.
281,199 PSP awards were made on 6 March 2025 (the grant date) subject to earnings per share (EPS), total
shareholders return (TSR) and revenue performance. Performance will be measured over three financial
years (1 January 2025 – 31 December 2027). The vesting on 6 March 2028 (vesting date) of the 2025
award will be 50% dependent on a relative TSR performance condition measured over the three-year
performance period, with 25% dependent on the satisfaction of an EPS growth target measured over the
three-year performance period and the remaining 25% dependent on revenue growth. Further details of
the awards can be found on page 92 of the Directors’ Remuneration Report.
Annual report and accounts 2025Rightmove136
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
The PSP awards are valued using the Monte Carlo model for the TSR element and the Black Scholes model
for the EPS and revenue elements. The resulting share-based payments charge is recognised evenly over
the three-year vesting period. PSP award holders receive dividends during the vesting period which are
delivered in shares. The assumptions used in the measurement of the fair value at grant date are as
follows:
Share price at
Exercise
Risk-free
Dividend
Fair value
grant date price Expected Option rate yield per option
Grant date (pence) (pence) volatility (%) life (years) (%) (%) (pence)
2 March 2022
(TSR dependent)
684.6
0.0
30.3
3.0
1.7
0.0
247.4
2 March 2022
(EPS dependent)
684.6
0.0
0.0
3.0
0.0
0.0
582.2
10 March 2023
(TSR dependent)
540.8
0.0
32.9
3.0
4.3
0.0
227.8
10 March 2023
(EPS dependent)
540.8
0.0
0.0
3.0
0.0
0.0
460.0
12 March 2024
(TSR dependent)
577.0
0.0
28.3
3.0
4.2
0.0
273.0
12 March 2024
(EPS dependent)
577.0
0.0
0.0
3.0
0.0
0.0
490.0
12 March 2024
(Revenue dependent)
577.0
0.0
0.0
3.0
0.0
0.0
490.0
6 March 2025
(TSR dependent)
(1)
686.0
0.0
31.5
3.0
4.3
0.0
386.2
6 March 2025
(EPS dependent)
(1)
686.0
0.0
0.0
3.0
0.0
0.0
583.1
6 March 2025
(Revenue dependent)
(1)
686.0
0.0
0.0
3.0
0.0
0.0
583.1
1. For details of TSR, EPS and revenue performance conditions refer to page 92 of the Directors’ Remuneration Report.
Expected volatility, impacting only the TSR component, is estimated using historic average share price
volatility at the grant date. The risk-free rate is applied solely to calculate the TSR element’s fair value.
As PSP awards accrue dividends, no dividend yield is included in the valuation. A 15.0% discount rate
(2024: 15.0%) is applied to the grant-date fair value to reflect the two-year post-vesting holding period
and associated lack of liquidity.
2025 2024
Number Number
Outstanding at 1 January
522,499
750,175
Granted
281,199
335,970
Dividends awarded
2,648
5,445
Forfeited
(61,541
)
(506,489)
Exercised
–
(62,602)
Outstanding at 31 December
744,805
522,499
Exercisable at 31 December
–
–
No shares were exercised in 2025. The weighted average exercise price in 2024 was 682.5 pence.
The PSP awards outstanding at 31 December 2025 have a weighted average contractual life of 1.3 years
(2024: 1.5 years).
Deferred Share Bonus Plan (DSP)
In March 2009 a DSP was established allowing Executive Directors and other selected senior management
the opportunity to earn a bonus as a percentage of base salary settled in nil-cost deferred shares. Awards
of shares are contingent on the satisfaction of pre-set internal targets relating to underlying drivers of
revenue growth during the performance period. Rights to the shares are deferred for two years from the
date of the award (the vesting period) and may be forfeited if employment ends. The awards were valued
using the Black Scholes model, with the resulting share-based payments charge recognised evenly over
the combined three-year performance and vesting periods.
The inputs used in the measurement of the fair value of the deferred share awards – which are initially
calculated at the date on which the potential DSP bonus is communicated to Directors and senior
management (the grant date) and are then updated at the date of the actual award – are as follows:
Share price at Exercise Expected Dividend Fair value
award date price term yield per option
Grant date
Award date
(pence) (pence) (years) (%) (pence)
2 March 2022
10 March 2023
540.8
0.0
3.0
1.5
524.0
12 March 2023
12 March 2024
577.0
0.0
3.0
1.6
559.0
12 March 2024
18 March 2025
(1)
577.0
0.0
3.0
1.6
549.0
18 March 2025
(2)
18 March 2026
(3)
677.2
0.0
3.0
1.5
657.0
1. Following the achievement of 85% of the 2024 internal performance targets, 613, 997 nil-cost shares were awarded to
executives and senior management on 18 March 2025 (the award date) with the right to exercise the shares deferred until
March 2027.
2. The share price and fair value are disclosed at grant date.
3. Based on the 2025 internal performance targets, the Remuneration Committee determined that 78% of the maximum award
in respect of the year will be made in March 2026. The number of shares to be awarded will be determined based on the share
price at the award date in March 2026.
Annual report and accounts 2025Rightmove137
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
The PSP awards are valued using the Monte Carlo model for the TSR element and the Black Scholes model
for the EPS and revenue elements. The resulting share-based payments charge is recognised evenly over
the three-year vesting period. PSP award holders receive dividends during the vesting period which are
delivered in shares. The assumptions used in the measurement of the fair value at grant date are as
follows:
Grant date
Share price at
grant date
(pence)
Exercise
price
(pence)
Expected
volatility (%)
Option
life (years)
Risk-free
rate
(%)
Dividend
yield
(%)
Fair value
per option
(pence)
2 March 2022
(TSR dependent)
684.6
0.0
30.3
3.0
1.7
0.0
247.4
2 March 2022
(EPS dependent)
684.6
0.0
0.0
3.0
0.0
0.0
582.2
10 March 2023
(TSR dependent)
540.8
0.0
32.9
3.0
4.3
0.0
227.8
10 March 2023
(EPS dependent)
540.8
0.0
0.0
3.0
0.0
0.0
460.0
12 March 2024
(TSR dependent)
577.0
0.0
28.3
3.0
4.2
0.0
273.0
12 March 2024
(EPS dependent)
577.0
0.0
0.0
3.0
0.0
0.0
490.0
12 March 2024
(Revenue dependent)
577.0
0.0
0.0
3.0
0.0
0.0
490.0
6 March 2025
(TSR dependent)
(1)
686.0
0.0
31.5
3.0
4.3
0.0
386.2
6 March 2025
(EPS dependent)
(1)
686.0
0.0
0.0
3.0
0.0
0.0
583.1
6 March 2025
(Revenue dependent)
(1)
686.0
0.0
0.0
3.0
0.0
0.0
583.1
1. For details of TSR, EPS and revenue performance conditions refer to page 92 of the Directors’ Remuneration Report.
Expected volatility, impacting only the TSR component, is estimated using historic average share price
volatility at the grant date. The risk-free rate is applied solely to calculate the TSR element’s fair value.
As PSP awards accrue dividends, no dividend yield is included in the valuation. A 15.0% discount rate
(2024: 15.0%) is applied to the grant-date fair value to reflect the two-year post-vesting holding period
and associated lack of liquidity.
2025
Number
2024
Number
Outstanding at 1 January
522,499
750,175
Granted
281,199
335,970
Dividends awarded
2,648
5,445
Forfeited
(61,541)
(506,489)
Exercised
–
(62,602)
Outstanding at 31 December
744,805
522,499
Exercisable at 31 December
–
–
No shares were exercised in 2025. The weighted average exercise price in 2024 was 682.5 pence.
The PSP awards outstanding at 31 December 2025 have a weighted average contractual life of 1.3 years
(2024: 1.5 years).
Deferred Share Bonus Plan (DSP)
In March 2009 a DSP was established allowing Executive Directors and other selected senior management
the opportunity to earn a bonus as a percentage of base salary settled in nil-cost deferred shares. Awards
of shares are contingent on the satisfaction of pre-set internal targets relating to underlying drivers of
revenue growth during the performance period. Rights to the shares are deferred for two years from the
date of the award (the vesting period) and may be forfeited if employment ends. The awards were valued
using the Black Scholes model, with the resulting share-based payments charge recognised evenly over
the combined three-year performance and vesting periods.
The inputs used in the measurement of the fair value of the deferred share awards – which are initially
calculated at the date on which the potential DSP bonus is communicated to Directors and senior
management (the grant date) and are then updated at the date of the actual award – are as follows:
Grant date
Award date
Share price at
award date
(pence)
Exercise
price
(pence)
Expected
term
(years)
Dividend
yield
(%)
Fair value
per option
(pence)
2 March 2022
10 March 2023
540.8
0.0
3.0
1.5
524.0
12 March 2023
12 March 2024
577.0
0.0
3.0
1.6
559.0
12 March 2024
18 March 2025
(1)
577.0
0.0
3.0
1.6
549.0
18 March 2025
(2)
18 March 2026
(3)
677.2
0.0
3.0
1.5
657.0
1. Following the achievement of 85% of the 2024 internal performance targets, 613, 997 nil-cost shares were awarded to
executives and senior management on 18 March 2025 (the award date) with the right to exercise the shares deferred until
March 2027.
2. The share price and fair value are disclosed at grant date.
3. Based on the 2025 internal performance targets, the Remuneration Committee determined that 78% of the maximum award
in respect of the year will be made in March 2026. The number of shares to be awarded will be determined based on the share
price at the award date in March 2026.
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
2025 2024
Number Number
Outstanding at 1 January
1,029,410
1,029,016
Awarded
613,997
605,476
Forfeited
(7,129
)
(126,982)
Exercised
(415,001
)
(478,100)
Outstanding at 31 December
1,221,277
1,029,410
Exercisable at 31 December
–
–
The weighted average market value per ordinary share for deferred shares exercised in 2025 was 702.3
pence (2024: 587.9 pence). The weighted average exercise price was nil in both years. The DSP awards
outstanding at 31 December 2025 have a weighted average contractual life of 1.4 years (2024: 1.4 years).
Share Incentive Plan
In 2014, the Group established the Rightmove Share Incentive Plan Trust (SIP). On 18 December 2025,
employees were offered 564 shares (2024: 445 shares), subject to a three-year vesting period. SIP awards
are valued using the Black Scholes model, with the resulting share-based payments charge recognised
evenly over the vesting period. SIP participants receive cash dividends during the vesting period and no
performance criteria apply to exercising SIP options. The assumptions used in the measurement of the
fair value at grant date are as follows:
Share
price at grant
date Exercise price Option Dividend yield Fair value per
Grant date (pence) (pence) life (years) (%) option (pence)
21 December 2022
526.8
0.0
3.0
0.0
526.8
20 December 2023
563.8
0.0
3.0
0.0
563.8
19 December 2024
654.2
0.0
3.0
0.0
654.2
18 December 2025
527.2
0.0
3.0
0.0
527.2
The SIP awards accrue dividends, so there is no dividend yield input into the fair valuation calculation.
2025 2024
Number Number
Outstanding at 1 January
1,303,925
1,159,700
Granted
491,808
374,690
Forfeited
(
111,075)
(82,300)
Exercised
(144,280
)
(148,165)
Outstanding at 31 December
1,540,378
1,303,925
Exercisable at 31 December
384,985
287,935
The weighted average market value per ordinary share for SIP awards released and exercised in 2025
was 651.3 pence (2024: 614.5 pence). The weighted average exercise price in both years was nil.
The SIP options outstanding at 31 December 2025 have a weighted average contractual life of 2.1 years
(2024: 2.1 years).
Restricted Share Plan (RSP)
The RSP grants nil-cost deferred shares to selected senior management, subject only to service
conditions typically ranging from one to four years. Participants are not entitled to dividends on the
awards. Awards are valued using the Black Scholes model, with the resulting share-based payments
charge recognised evenly over the vesting period.
The assumptions used in the measurement of the fair value at grant date of the RSP awards are as follows:
Share price at Dividend Fair value per
grant date Exercise price Option yield option
Grant date (pence) (pence) life (years) (%) (pence)
20 September 2023
586.0
0.0
3.0
1.4
562.0
20 September 2023
586.0
0.0
4.0
1.5
553.0
20 December 2023
563.8
0.0
1.5
1.7
549.0
20 December 2023
563.8
0.0
3.0
1.6
536.0
1 March 2024
566.2
0.0
1.0
1.6
557.0
1 March 2024
566.2
0.0
2.0
1.6
548.0
1 March 2024
566.2
0.0
3.0
1.7
539.0
6 June 2024
565.0
0.0
1.5
1.5
552.0
26 July 2024
560.0
0.0
3.0
2.0
530.0
25 October 2024
618.2
0.0
3.0
1.7
588.0
3 March 2025
699.2
0.0
1.0
1.4
689.0
3 March 2025
699.2
0.0
2.0
1.5
679.0
2 April 2025
690.4
0.0
1.0
1.4
681.0
2 April 2025
690.4
0.0
2.0
1.5
670.0
2 April 2025
690.4
0.0
3.0
1.5
660.0
26 November 2025
539.0
0.0
1.1
1.9
518.0
26 November 2025
539.0
0.0
2.1
2.0
506.0
Annual report and accounts 2025Rightmove138
Governance Other InformationStrategic Report
Financial Statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
2025 2024
Number Number
Outstanding at 1 January
1,272,291
874,442
Awarded
305,145
397,849
Forfeited
(25,892
)
–
Exercised
(366,730
)
–
Outstanding at 31 December
1,184,814
1,272,291
Exercisable at 31 December
44,496
–
The weighted average market value per ordinary share for RSP awards released and exercised in 2025 was
728.3 pence (2024: no shares were exercised). The RSP options outstanding at 31 December 2025 have a
weighted average contractual life of 1.0 years (2024: 1.4 years).
24 Financial instruments
Credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
2025 2024
Note £000 £000
Net trade receivables
16
24,965
21,817
Accrued interest receivable
16
286
361
Contract assets
4
1,251
1,270
Other debtors
16
648
572
Cash and cash equivalents
17
37,223
35,761
Money market deposits
17
5,683
5,482
70,056
65,263
The trade receivables balance is spread across a significant number of different customers with no single
debtor representing more than 3.3% of the total balance due (2024: 3.0%).
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
2025 2024
Note £000 £000
UK
4
24,965
21,796
Rest of the world
4
–
21
16
24,965
21,817
The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was:
2025 2024
Note £000 £000
Property products
23,144
18,441
Other
1,821
3,376
16
24,965
21,817
The Group’s most significant customer accounts for £829,000 (2024: £669,000) of net trade receivables
as at 31 December 2025.
Expected credit loss assessment
For smaller Agency and Overseas customers, expected credit losses are assessed using a provisioning
matrix based on why the trade receivable is past due or, for current debtors, at risk of recovery. Matrix
rates reflect actual credit loss experience over the past three years and are adjusted as needed for current
macro economic factors.
For all other customers the Group applies experienced credit judgement to estimate the expected credit
losses, considering customers’ external ratings, financial statements and other available information.
Overall, credit risk remains minimal as most customers pay in advance on a subscription basis.
Annual report and accounts 2025Rightmove139
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Financial Statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
2025
Number
2024
Number
Outstanding at 1 January
1,272,291
874,442
Awarded
305,145
397,849
Forfeited
(25,892)
–
Exercised
(366,730)
–
Outstanding at 31 December
1,184,814
1,272,291
Exercisable at 31 December
44,496
–
The weighted average market value per ordinary share for RSP awards released and exercised in 2025 was
728.3 pence (2024: no shares were exercised). The RSP options outstanding at 31 December 2025 have a
weighted average contractual life of 1.0 years (2024: 1.4 years).
24 Financial instruments
Credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
Note
2025
£000
2024
£000
Net trade receivables
16
24,965
21,817
Accrued interest receivable
16
286
361
Contract assets
4
1,251
1,270
Other debtors
16
648
572
Cash and cash equivalents
17
37,223
35,761
Money market deposits
17
5,683
5,482
70,056
65,263
The trade receivables balance is spread across a significant number of different customers with no single
debtor representing more than 3.3% of the total balance due (2024: 3.0%).
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Note
2025
£000
2024
£000
UK
4
24,965
21,796
Rest of the world
4
–
21
16
24,965
21,817
The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was:
Note
2025
£000
2024
£000
Property products
23,144
18,441
Other
1,821
3,376
16
24,965
21,817
The Group’s most significant customer accounts for £829,000 (2024: £669,000) of net trade receivables
as at 31 December 2025.
Expected credit loss assessment
For smaller Agency and Overseas customers, expected credit losses are assessed using a provisioning
matrix based on why the trade receivable is past due or, for current debtors, at risk of recovery. Matrix
rates reflect actual credit loss experience over the past three years and are adjusted as needed for current
macro economic factors.
For all other customers the Group applies experienced credit judgement to estimate the expected credit
losses, considering customers’ external ratings, financial statements and other available information.
Overall, credit risk remains minimal as most customers pay in advance on a subscription basis.
Notes forming part of the Financial Statements (continued)
24 Financial instruments (continued)
The following table provides information about the exposure to credit risk and expected credit losses for
trade receivables, including contract assets, as at 31 December 2025. The weighted-average loss rate in
2025 was 5.0%, reflecting a provision for a single customer at the end of 2025 (2024: 6.2%) – without this
single customer provision, the average loss rate would be 4.4% (2024: 4.2%).
Weighted-
Gross carrying
Loss
average loss amount allowance Credit-
2025 rate £000 £000 impaired
Current
0.9%
18,724
(175)
No
Past due 1 – 30 days
3.9%
5,813
(227)
No
Past due 31 – 60 days
8.3%
1,429
(119)
No
Past due 61 – 90 days
12.8%
448
(57)
No
More than 91 days past due
67.8%
1,180
(800)
No
27,594
(1,378)
Weighted- Gross carrying
average loss amount Loss allowance
2024 rate £000
£000
Credit-impaired
Current
1.8%
17,488
(310)
No
Past due 1 – 30 days
8.8%
4,849
(427)
No
Past due 31 – 60 days
8.8%
1,009
(89)
No
Past due 61 – 90 days
19.5%
369
(72)
No
More than 91 days past due
69.5%
886
(616)
No
24,601
(1,514)
The movement in the allowance for impairment in respect of trade receivables during the year was as
follows:
2025
2024
Note £000 £000
At 1 January
1,514
1,249
Charged during the year
413
1,620
Utilised during the year
(549
)
(1,355)
At 31 December
16
1,378
1,514
The allowance accounts in respect of trade receivables are used to record impairment losses unless the
Group is satisfied that no recovery of the amount owing is possible; at that point the amounts considered
irrecoverable are written off against the financial asset directly.
Liquidity risk
The contractual maturities of undiscounted financial liabilities, including undiscounted estimated interest
payments, were:
Carrying Contractual 6 months
6-12
amount cash flows or less months
£000 £000 £000
£000
1-2 years
2-5 years
At 31 December 2025
Trade payables being non-derivative
1,826
(1,826)
(1,826)
–
–
–
financial liabilities (Note 18)
Trade accruals being non-derivative
11,549
(11,549)
(11,549)
–
–
–
financial liabilities (Note 18)
Lease liabilities (Note 19)
7,184
(7,689)
(1,876)
(1,876)
(3,068
)
(869)
Deferred consideration (Note 17)
428
(428)
(428)
–
–
–
Total
20,987
(21,492)
(15,679)
(1,876)
(3,068
)
(869)
At 31 December 2024
Trade payables being non-derivative
financial liabilities
1,326
(1,326)
(1,326)
– – –
Trade accruals being non-derivative
financial liabilities
9,270
(8,170)
(8,170)
– – –
Lease liabilities
6,162
(6,383)
(1,337)
(1,337)
(2,703) (1,006)
Deferred consideration
417
(417)
–
–
(417)
–
Total
17,175
(16,296)
(10,833)
(1,337)
(3,120) (1,006)
It is not expected that the cash flows included in the maturity analysis could occur earlier or at significantly
different amounts and all payments excluding leases (and deferred consideration in 2024) are due within
six months of the balance sheet date.
Currency risk
During 2025, all the Group’s sales and more than 89% (2024: 92.0%) of the Group’s purchases were
sterling denominated and accordingly it has no significant currency risk.
Interest rate risk
The Group has exposure to interest rate risk on its cash and cash equivalent balances and money market
deposit balances. As at 31 December 2025, the Group had total cash of £37,223,000 (2024: £35,761,000)
and money market deposits of £5,683,000 (2024: £5,482,000).
The variation of 100 basis points in the interest rate on cash and cash equivalents (with all other variables
held constant) would increase or decrease pre-tax profit for the year by £0.6m (2024: £0.6m).
Fair values
The fair values of all financial instruments in both years are equal to the carrying values.
Annual report and accounts 2025Rightmove140
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Financial Statements
Notes forming part of the Financial Statements (continued)
25 Business combinations and other acquisitions
HomeViews Platform Limited
In the prior year, on 1 February 2024, the Group acquired the entire ordinary share capital of HomeViews
Platform Limited, a business providing the UK’s biggest community of verified resident reviews of
property developments, with a particular focus on the Build to Rent sector. This augmented our existing
Rental Operators proposition, provided a basis for introducing resident reviews into other business units,
and leveraged the scale benefits that the Rightmove platform and customer base bring to the
HomeViews’ existing market. This acquisition was treated in line with IFRS 3 ‘Business Combinations’.
2024
£000
Cash consideration
8,471
Total consideration
8,471
The following table provides a reconciliation of the amounts included in the consolidated statement of
cash flows:
2024
Net cash flow on acquisition £000
Cash consideration
8,471
Net of cash and cash equivalents acquired
(519)
Net cash cost paid for subsidiary
7,952
Deferred consideration
(400)
Net cash outflow included in the statement of cash flows
7,552
The total cash consideration of £8,471,000 excluded acquisition costs of £590,000, which were
recognised as an expense in the prior periods in the consolidated statement of comprehensive income
(£370,000 in the prior period and £220,000 in the period ending 31 December 2023). These transaction
costs included legal, due diligence fees and stamp duty.
The deferred consideration of £400,000 becomes payable on the second anniversary of the completion
date and has no performance obligations. It accrued £28,000 of interest in the post-acquisition period to
31 December 2025.
The following table details the final fair values of the assets and liabilities acquired at the date of acquisition:
Carrying values
Fair value
pre-acquisition adjustments Fair values
Net assets acquired £000 £000 £000
Non-current assets
Property, plant and equipment
14
–
14
Intangible assets – IT development costs
–
757
757
Intangible assets – customer relationships
–
1,845
1,845
Total non-current assets
14
2,602
2,616
Current assets
Trade and other receivables
150
–
150
Cash and cash equivalents
519
–
519
Total current assets
669
–
669
Current liabilities
Trade and other payables
(328)
–
(328)
Total current liabilities
(328)
–
(328)
Non-current liabilities – deferred tax
–
(650)
(650)
Fair value of net assets acquired
355
1,952
2,307
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Financial Statements
Notes forming part of the Financial Statements (continued)
25 Business combinations and other acquisitions
HomeViews Platform Limited
In the prior year, on 1 February 2024, the Group acquired the entire ordinary share capital of HomeViews
Platform Limited, a business providing the UK’s biggest community of verified resident reviews of
property developments, with a particular focus on the Build to Rent sector. This augmented our existing
Rental Operators proposition, provided a basis for introducing resident reviews into other business units,
and leveraged the scale benefits that the Rightmove platform and customer base bring to the
HomeViews’ existing market. This acquisition was treated in line with IFRS 3 ‘Business Combinations’.
2024
£000
Cash consideration
8,471
Total consideration
8,471
The following table provides a reconciliation of the amounts included in the consolidated statement of
cash flows:
Net cash flow on acquisition
2024
£000
Cash consideration
8,471
Net of cash and cash equivalents acquired
(519)
Net cash cost paid for subsidiary
7,952
Deferred consideration
(400)
Net cash outflow included in the statement of cash flows
7,552
The total cash consideration of £8,471,000 excluded acquisition costs of £590,000, which were
recognised as an expense in the prior periods in the consolidated statement of comprehensive income
(£370,000 in the prior period and £220,000 in the period ending 31 December 2023). These transaction
costs included legal, due diligence fees and stamp duty.
The deferred consideration of £400,000 becomes payable on the second anniversary of the completion
date and has no performance obligations. It accrued £28,000 of interest in the post-acquisition period to
31 December 2025.
The following table details the final fair values of the assets and liabilities acquired at the date of acquisition:
Net assets acquired
Carrying values
pre-acquisition
£000
Fair value
adjustments
£000
Fair values
£000
Non-current assets
Property, plant and equipment
14
–
14
Intangible assets – IT development costs
–
757
757
Intangible assets – customer relationships
–
1,845
1,845
Total non-current assets
14
2,602
2,616
Current assets
Trade and other receivables
150
–
150
Cash and cash equivalents
519
–
519
Total current assets
669
–
669
Current liabilities
Trade and other payables
(328)
–
(328)
Total current liabilities
(328)
–
(328)
Non-current liabilities – deferred tax
–
(650)
(650)
Fair value of net assets acquired
355
1,952
2,307
Notes forming part of the Financial Statements (continued)
25 Business combinations and other acquisitions (continued)
Goodwill
Goodwill arising from the acquisition was recognised as follows:
£000
Total consideration
8,471
Fair value of net assets acquired
(2,307)
Goodwill
6,164
The goodwill figure recognised above includes the knowledge and experience of HomeViews which is
established within the Rental Operators markets, their skilled workforce and the reputation of
the business.
This includes, together with the synergy benefits expected to the Group through leveraging the scale
and reach of the Rightmove customer base, its sales and marketing teams and technological capability.
For the purposes of impairment testing, goodwill is allocated to the relevant lowest cash-generating unit
which is Agency.
The Directors considered the fair value of assets and liabilities acquired and concluded that there were
no other intangible assets to be recognised other than goodwill, computer software and customer
relationships.
Investment in Coadjute Limited
During the prior period, the Group acquired a 7.4% holding in Coadjute Limited, a business providing a
nationwide infrastructure for the property market, connecting buyers, sellers and property professionals
with data, services, and each other. Other investors include Lloyds Banking Group, Nationwide and
NatWest. The potential of a platform like Coadjute to, over time, digitise and transform the house
purchase journey – reducing the time to closure and providing greater visibility of the progress of the
transaction to buyers, sellers and lenders – is immense, but this is a journey that will take time.
For that reason, the investment was strategic and longer-term in its nature and the acquisition cost of
£3.0m was considered, and is still considered, to have a fair value of £nil and was recognised in the income
statement in the prior period as a strategic research-related cost.
26 Related party disclosures
Directors’ transactions
There were no transactions with Directors in either year other than those disclosed in the Directors’
Remuneration Report. Information on the emoluments of the Directors who served during the year,
together with information regarding the beneficial interest of the Directors in the ordinary shares of
Rightmove plc, is included on page 93 of the Directors’ Remuneration Report.
During the year, the Directors in office in total had gains of £164,000 (2024: £297,000) arising on the
exercise of share-based incentive awards. The total share-based payments charge in relation to the
Directors in office was £985,000 (2024: £41,000).
Key management personnel
The actual remuneration of the Directors, who are the key management personnel of the Group, is
disclosed in the Directors’ Remuneration Report, see page 90. The contractual employee benefits are
set out below in aggregate for each of the categories specified in IAS 24 ‘Related Party Disclosures’.
2025
2024
£000 £000
Short-term employee benefits
2,369
2,176
Post-employment benefits
61
68
Share-based payments
985
41
27 Contingent liabilities
The Group has no contingent liabilities in either year.
28 Other
In November, the Group received notice of a potential claim. At this stage, no claim has been received.
The Group is confident of the value it provides to its partners.
29 Subsequent events
Subsequent to the reporting date, the Group committed to a £90m share buyback to be executed
between 2 March and 31 July 2026.
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Financial Statements
Company statement of financial position
As at 31 December 2025
Note
2025
£000
2024
£000
Non-current assets
Investments 4 583,090 575,536
Deferred tax asset 6
704 573
Total non-current assets
583,794 576,109
Current assets
Cash and cash equivalents 7 101 100
Total current assets
101 100
Total assets 583,895 576,209
Current liabilities
Trade and other payables 8 (26,458
)
(42,623)
Total current liabilities (26,458
)
(42,623)
Net assets 557,437 533,586
Equity
Share capital 9
774 795
Other reserves
150,120 142,545
Retained earnings (net of own shares held)
406,543 390,246
Total equity attributable to the equity holders of the Parent
557,437 533,586
The profit for the year of the Company was £239,299,000 (2024: £183,398,000).
The accompanying notes form part of these financial statements.
Registered Company number: 6426485
The financial statements were approved by the Board of Directors on 26 February 2026 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
Annual report and accounts 2025Rightmove143
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Financial Statements
Company statement of financial position
As at 31 December 2025
Note
2025
£000
2024
£000
Non-current assets
Investments
4
583,090
575,536
Deferred tax asset
6
704
573
Total non-current assets
583,794
576,109
Current assets
Cash and cash equivalents
7
101
100
Total current assets
101
100
Total assets
583,895
576,209
Current liabilities
Trade and other payables
8
(26,458)
(42,623)
Total current liabilities
(26,458)
(42,623)
Net assets
557,437
533,586
Equity
Share capital
9
774
795
Other reserves
150,120
142,545
Retained earnings (net of own shares held)
406,543
390,246
Total equity attributable to the equity holders of the Parent
557,437
533,586
The profit for the year of the Company was £239,299,000 (2024: £183,398,000).
The accompanying notes form part of these financial statements.
Registered Company number: 6426485
The financial statements were approved by the Board of Directors on 26 February 2026 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
Company statement of changes in shareholders’ equity
Note
Share capital
£000
Own shares
held
£000
Other
reserves
£000
Reverse
acquisition
reserve
£000
Retained
earnings
£000
Total equity
£000
At 1 January 2024 814 (13,742) 31,609 103,520 409,780 531,981
Total comprehensive income
Profit for the year – – – – 183,398 183,398
Transactions with owners recorded directly in equity
Share-based payments – – – – 41 41
Tax credit in respect of share-based incentives recognised directly in equity – – – – (88) (88)
Share-based payments to subsidiary employees 9 – – 7,397 – – 7,397
Dividends to shareholders 5 – – – – (74,308) (74,308)
Share purchase for RSP 5 – (5,316) – – – (5,316)
Transfer of shares to SIP – (2,009) – – – (2,009)
Exercise of share-based incentives – 1,103 – – (368) 735
Cancellation of own shares 9 (19) – 19 – (107,441) (107,441)
Costs of share purchases – – – – (804) (804)
At 31 December 2024 795 (19,964) 39,025 103,520 410,210 533,586
At 1 January 2025 795 (19,964)
39,025 103,520 410,210 533,586
Total comprehensive income
Profit for the year
– – – – 239,299 239,299
Transactions with owners recorded directly in equity
Share-based payments
– – – – 985 985
Tax credit in respect of share-based incentives recognised directly in equity 6
– – – – (40)
(40)
Share-based payments to subsidiary employees 9
– – 7,554 – – 7,554
Dividends to shareholders 5
– – – – (78,565)
(78,565)
Share purchase for RSP
– (2,021)
– – – (2,021)
Transfer to or purchase of shares for the SIP
– (2,015)
– – – (2,015)
Exercise of share-based incentives
– 3,194 – – (2,424)
770
Cancellation of own shares 9
(21) – 21 – (141,095)
(141,095)
Costs of share purchases
– – – – (1,021)
(1,021)
At 31 December 2025
774 (20,806)
46,600 103,520 427,349 557,437
The accompanying notes form part of these financial statements.
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Financial Statements
Notes to the Company Financial Statements
1 General information, judgements and estimates
Statement of compliance
The financial statements of Rightmove plc (the ‘Company’) were prepared in accordance with Financial
Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the applicable legal requirements
of the Companies Act 2006. The financial statements are prepared based on the historical cost
convention except for certain financial assets and liabilities, which are measured at fair value. Rightmove
plc is a holding company for a group of companies who operate the Rightmove platform, which has the
largest audience of any UK property portal (as measured by time on site).
The Company is a public limited company (company number 6426485), incorporated and domiciled in the
United Kingdom, with shares listed on the London Stock Exchange under the ticker symbol RMG. The
registered office is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Milton Keynes, MK7 8LE.
Basis of preparation
As permitted by FRS 101, the Company takes advantage of the disclosure exemptions available in
relation to:
a. the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111
and 134 to 136 of IAS 1 ‘Presentation of Financial Statements’;
b. the requirements of IAS 7 ‘Statement of Cash Flows’;
c. the requirements of paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes in Accounting
Estimates’, and standards not yet effective;
d. the requirements of paragraphs 17 and 18A of IAS 24 ‘Related Party Disclosures’;
e. The requirements of paragraphs 45(b) and 46 to 52 of ‘IFRS 2 ‘Share-based Payments’;
f. The requirements of IFRS 7 ‘Financial Instruments’ Disclosures’, provided that equivalent
disclosures are included in the consolidated financial statements of the group in which the entity
is consolidated; and
g. the requirements of IAS 24 ‘Related Party Disclosures’ to disclose related party transactions
entered into between two or more members of a group, provided that any subsidiary which
is a party to the transaction is wholly owned by such a member.
Where required, equivalent disclosures are given in the consolidated financial statements of
Rightmove plc.
In accordance with Section 408 of the Companies Act 2006, the Company has taken advantage of the
exemption to present an income statement and statement of comprehensive income.
2 Accounting policies
The material accounting policy information applied in the preparation of these Company financial
statements is the same as that set out in Note 1 to the consolidated financial statements, with
the addition of the following.
Investments
Investments in subsidiaries are stated at cost, less any provision for impairment. Where subsidiary
undertakings incur charges for share-based payments in respect of share options and awards granted by
the Company (see Note 23 of the consolidated financial statements), a capital contribution for the same
amount is recognised as an investment in subsidiary undertakings with a corresponding credit to
shareholders’ equity in other reserves.
The recoverable amount of investments was assessed to determine if there are any indicators of
impairment. There was no impairment as set out in Note 4 to the Company financial statements.
Amounts due from/to subsidiary undertakings
Amounts due from/to subsidiary undertakings are recognised initially at fair value, and subsequently
at amortised cost using the effective interest rate method.
Taxation
Income tax on the results for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period net of any charge or credit
posted directly to equity, using tax rates enacted or substantively enacted at the reporting date and any
adjustment to tax payable in respect of previous periods.
Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for tax purposes. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax
asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances with original maturities of three months or less.
Share-based payments
The Company provides share-based incentive plans allowing Executive Directors and other employees to
acquire shares in the Company. An expense is recognised in the income statement, with a corresponding
increase in equity, over the vesting period.
Notes to the Company Financial Statements (continued)
2 Accounting policies (continued)
Share awards to employees are treated as equity-settled share-based payments. Share-based awards
which are shareholder-approved schemes (DSBP and PSP) are settled via treasury shares, with EBT
shares used for the non-shareholder-approved schemes (RSP) and the SAYE shares. The SIP shares
are used to settle the SIP award of free shares to employees.
For full details of the measurement of the share-based payments and charge for the year, see Note 23
to the consolidated financial statements.
Share capital and employee benefit trust
Ordinary shares are classified as equity. The Company established an employee benefit trust for the
purposes of satisfying certain awards under share-based incentive schemes. Shares in the Company
that are acquired by the trust are deducted from equity until the shares are cancelled or disposed.
The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. This is
treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of
Rightmove plc.
The Company bought treasury shares in 2008 and these shares may be used to satisfy shareholder
approved share-based incentive awards.
Dividend income
Dividends received from investments in subsidiaries are recognised in the income statement when the
right to receive payment is established.
3 Employees
The aggregate payroll costs of the Company were as follows:
2025
£000
2024
£000
Wages and salaries
1,938
1,756
Social security costs
277
173
Pension costs
54
70
Total
2,269
1,999
The average number of employees in the parent Company were 10 (2024: 10), including six Non-Executive
Directors (2024: six) and four employees within management roles (2024: four).
4 Investments
The subsidiaries of the Company as at 31 December 2025 are disclosed in Note 14 to the Group
financial statements:
2025
£000
2024
£000
Investment in subsidiary undertakings
At 1 January
575,536
568,139
Additions – subsidiary share-based payments charge
7,554
7,397
At 31 December
583,090
575,536
In 2008, the Company became the holding company of Rightmove Group Limited (formerly Rightmove
plc, company no. 03997679) and its subsidiaries pursuant to a Scheme of Arrangement under s425 of the
Companies Act 2006, by way of a share-for-share exchange. Following the Scheme of Arrangement, the
Company underwent a court-approved capital reduction. The consolidated assets and liabilities of the
Group immediately after the Scheme were substantially the same as the consolidated assets and liabilities
of the Group immediately prior to the Scheme.
Following the 2008 capital reconstruction, all employee share-based incentives were transferred to the
new holding company, Rightmove plc. Certain Directors’ employment contracts also moved from
Rightmove Group Limited to Rightmove plc, while all other employees remained within its subsidiaries.
Accordingly, the share-based payments charge is allocated between the Company and its subsidiaries,
with £7,554,000 (2024: £7,397,000) recognised in the Company accounts as a capital contribution to
subsidiaries. The recoverable amount of the investment was assessed for impairment by management.
The carrying value was compared to the Group’s market capitalisation, as Rightmove Group Limited
represents 99% of trading operations. No impairment was identified at 31 December 2025, with the
Group’s market capitalisation exceeding the Company’s investment in subsidiaries by almost
seven times.
5 Dividends
The dividends paid and proposed by the Company are set out in Note 11 to the consolidated financial
statements.
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Financial Statements
Notes to the Company Financial Statements
1 General information, judgements and estimates
Statement of compliance
The financial statements of Rightmove plc (the ‘Company’) were prepared in accordance with Financial
Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the applicable legal requirements
of the Companies Act 2006. The financial statements are prepared based on the historical cost
convention except for certain financial assets and liabilities, which are measured at fair value. Rightmove
plc is a holding company for a group of companies who operate the Rightmove platform, which has the
largest audience of any UK property portal (as measured by time on site).
The Company is a public limited company (company number 6426485), incorporated and domiciled in the
United Kingdom, with shares listed on the London Stock Exchange under the ticker symbol RMG. The
registered office is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Milton Keynes, MK7 8LE.
Basis of preparation
As permitted by FRS 101, the Company takes advantage of the disclosure exemptions available in
relation to:
a. the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111
and 134 to 136 of IAS 1 ‘Presentation of Financial Statements’;
b. the requirements of IAS 7 ‘Statement of Cash Flows’;
c. the requirements of paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes in Accounting
Estimates’, and standards not yet effective;
d. the requirements of paragraphs 17 and 18A of IAS 24 ‘Related Party Disclosures’;
e. The requirements of paragraphs 45(b) and 46 to 52 of ‘IFRS 2 ‘Share-based Payments’;
f. The requirements of IFRS 7 ‘Financial Instruments’ Disclosures’, provided that equivalent
disclosures are included in the consolidated financial statements of the group in which the entity
is consolidated; and
g. the requirements of IAS 24 ‘Related Party Disclosures’ to disclose related party transactions
entered into between two or more members of a group, provided that any subsidiary which
is a party to the transaction is wholly owned by such a member.
Where required, equivalent disclosures are given in the consolidated financial statements of
Rightmove plc.
In accordance with Section 408 of the Companies Act 2006, the Company has taken advantage of the
exemption to present an income statement and statement of comprehensive income.
2 Accounting policies
The material accounting policy information applied in the preparation of these Company financial
statements is the same as that set out in Note 1 to the consolidated financial statements, with
the addition of the following.
Investments
Investments in subsidiaries are stated at cost, less any provision for impairment. Where subsidiary
undertakings incur charges for share-based payments in respect of share options and awards granted by
the Company (see Note 23 of the consolidated financial statements), a capital contribution for the same
amount is recognised as an investment in subsidiary undertakings with a corresponding credit to
shareholders’ equity in other reserves.
The recoverable amount of investments was assessed to determine if there are any indicators of
impairment. There was no impairment as set out in Note 4 to the Company financial statements.
Amounts due from/to subsidiary undertakings
Amounts due from/to subsidiary undertakings are recognised initially at fair value, and subsequently
at amortised cost using the effective interest rate method.
Taxation
Income tax on the results for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period net of any charge or credit
posted directly to equity, using tax rates enacted or substantively enacted at the reporting date and any
adjustment to tax payable in respect of previous periods.
Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for tax purposes. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax
asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances with original maturities of three months or less.
Share-based payments
The Company provides share-based incentive plans allowing Executive Directors and other employees to
acquire shares in the Company. An expense is recognised in the income statement, with a corresponding
increase in equity, over the vesting period.
Notes to the Company Financial Statements (continued)
2 Accounting policies (continued)
Share awards to employees are treated as equity-settled share-based payments. Share-based awards
which are shareholder-approved schemes (DSBP and PSP) are settled via treasury shares, with EBT
shares used for the non-shareholder-approved schemes (RSP) and the SAYE shares. The SIP shares
are used to settle the SIP award of free shares to employees.
For full details of the measurement of the share-based payments and charge for the year, see Note 23
to the consolidated financial statements.
Share capital and employee benefit trust
Ordinary shares are classified as equity. The Company established an employee benefit trust for the
purposes of satisfying certain awards under share-based incentive schemes. Shares in the Company
that are acquired by the trust are deducted from equity until the shares are cancelled or disposed.
The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. This is
treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of
Rightmove plc.
The Company bought treasury shares in 2008 and these shares may be used to satisfy shareholder
approved share-based incentive awards.
Dividend income
Dividends received from investments in subsidiaries are recognised in the income statement when the
right to receive payment is established.
3 Employees
The aggregate payroll costs of the Company were as follows:
2025
£000
2024
£000
Wages and salaries 1,938 1,756
Social security costs 277 173
Pension costs
54 70
Total
2,269 1,999
The average number of employees in the parent Company were 10 (2024: 10), including six Non-Executive
Directors (2024: six) and four employees within management roles (2024: four).
4 Investments
The subsidiaries of the Company as at 31 December 2025 are disclosed in Note 14 to the Group
financial statements:
2025
£000
2024
£000
Investment in subsidiary undertakings
At 1 January 575,536 568,139
Additions – subsidiary share-based payments charge
7,554 7,397
At 31 December
583,090 575,536
In 2008, the Company became the holding company of Rightmove Group Limited (formerly Rightmove
plc, company no. 03997679) and its subsidiaries pursuant to a Scheme of Arrangement under s425 of the
Companies Act 2006, by way of a share-for-share exchange. Following the Scheme of Arrangement, the
Company underwent a court-approved capital reduction. The consolidated assets and liabilities of the
Group immediately after the Scheme were substantially the same as the consolidated assets and liabilities
of the Group immediately prior to the Scheme.
Following the 2008 capital reconstruction, all employee share-based incentives were transferred to the
new holding company, Rightmove plc. Certain Directors’ employment contracts also moved from
Rightmove Group Limited to Rightmove plc, while all other employees remained within its subsidiaries.
Accordingly, the share-based payments charge is allocated between the Company and its subsidiaries,
with £7,554,000 (2024: £7,397,000) recognised in the Company accounts as a capital contribution to
subsidiaries. The recoverable amount of the investment was assessed for impairment by management.
The carrying value was compared to the Group’s market capitalisation, as Rightmove Group Limited
represents 99% of trading operations. No impairment was identified at 31 December 2025, with the
Group’s market capitalisation exceeding the Company’s investment in subsidiaries by almost
seven times.
5 Dividends
The dividends paid and proposed by the Company are set out in Note 11 to the consolidated financial
statements.
Annual report and accounts 2025Rightmove146
Governance Other InformationStrategic Report
Financial Statements
Notes to the Company Financial Statements (continued)
6 Deferred tax asset and deferred tax liability
Net deferred tax position
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax
authority and the Company settles its current tax assets and liabilities on a net basis. The Company only
has deferred tax in relation to share-based incentives.
The deferred tax asset is attributable to the following:
Deferred tax asset
2025
£000
2024
£000
At 1 January 573 903
Adjustment in respect of prior year (35
)
–
Recognised in income
206 (242)
Recognised directly in equity
4
(88)
Adjustment in respect of prior year recognised directly in equity
(44)
–
At 31 December 704 573
7 Cash and deposits
2025
£000
2024
£000
Cash and cash equivalents 101 100
101 100
The Company cash and cash equivalents relate to monies held by the employee benefit trust (EBT).
The main trading entity is Rightmove Group Limited which generates the Group cash inflows and makes
payments for all transactions including payments to suppliers and returns of excess cash to shareholders
in line with the capital returns policy.
8 Trade and other payables
2025
£000
2024
£000
Trade accruals 1,515 1,015
Inter-group payables 24,943 41,608
26,458 42,623
Inter-group payables are repayable on demand and accrue interest at 0.5% (2024: 0.5%) above the Bank
of England base rate.
9 Share capital and reserves
The movements on these accounts are disclosed in Notes 21 and 22 to the consolidated financial
statements.
Reverse acquisition reserve
This reserve resulted from the acquisition of Rightmove Group Limited by Rightmove plc and represents
the difference between the value of the shares acquired at 28 January 2008 and the nominal value of the
shares issued.
Other reserves
Awards relating to share-based incentives made to Rightmove Group Limited employees have been
treated as a deemed capital contribution (Note 3). The principal movement in other reserves comprises
£7,554,000 (2024: £7,397,000) in respect of the share-based incentives charge for employees of
Rightmove Group Limited. Other reserves also include £520,000 (2024: £499,000) of capital redemption
reserve, and £21,000 (2024: £19,000) in relation to the nominal value of ordinary shares cancelled during
the year.
10 Related party disclosures
The Company is exempt from disclosing related party transactions with companies that are wholly owned
within the Group. Transactions with related parties which are not wholly owned are disclosed within Note
26 to the Group financial statements, along with remuneration to key management personnel.
11 Subsequent events
Subsequent to the reporting date, the Group committed to a £90m share buyback to be executed
between 2 March and 31 July 2026.
Advisers and shareholder information
Contacts
Registered office
Corporate advisers
Chief Executive Officer:
Johan Svanstrom
Rightmove plc
Financial adviser
Chief Financial Officer:
Company Secretary:
Website:
Ruaridh Hook
Carolyn Pollard
https://plc.rightmove.co.uk
2 Caldecotte Lake
Business Park
Caldecotte Lake Drive
Caldecotte
Milton Keynes
MK7 8LE
UBS Investment Bank
Joint brokers
UBS AG London Branch
Peel Hunt LLP
Registered in
England no. 06426485
Auditor
Ernst & Young LLP
Financial calendar 2026
2025 full-year results
Final dividend record date
27 February 2026
24 April 2026
Bankers
Barclays Bank plc
Santander UK plc
HSBC UK Bank plc
Lloyds Banking Group plc
Annual General Meeting
Final dividend payment
Half-year results
8 May 2026
22 May 2026
31 July 2026
Solicitors
EMW LLP
Linklaters LLP
Herbert Smith Freehills
Kramer LLP
Registrar
MUFG Corporate Markets
Shareholder enquiries
The Company’s registrar is MUFG Corporate Markets. They will be pleased to deal with any questions
regarding your shareholding or dividends. Please notify them of your change of address or other personal
information. Their contact details are below:
Shareholder helpline: 0371 664 0300
Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United
Kingdom will be charged at the applicable international rate. Lines are open between 09:00 – 17:30,
Monday to Friday excluding public holidays in England and Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Investor Centre can be accessed at https://uk.investorcentre.mpms.mufg.com/Login
Address:
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Shareholders can register online to view your holdings using the shareholder portal, a service offered by
MUFG Corporate Markets. The shareholder portal is an online service enabling you to quickly and easily
access and maintain your shareholding online – reducing the need for paperwork and providing 24-hour
access for your convenience. You may:
• View your holding balance and get an indicative valuation
• View the dividend payments you have received
• Cast your proxy vote on the AGM resolutions online
• Update your address
• Register and change bank mandate instructions so that dividends can be paid directly to your bank
account
• Elect to receive shareholder communications electronically
• Access a wide range of shareholder information and download shareholder forms
Annual report and accounts 2025Rightmove147
Governance Other InformationStrategic Report
Financial Statements
Notes to the Company Financial Statements (continued)
6 Deferred tax asset and deferred tax liability
Net deferred tax position
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax
authority and the Company settles its current tax assets and liabilities on a net basis. The Company only
has deferred tax in relation to share-based incentives.
The deferred tax asset is attributable to the following:
Deferred tax asset
2025
£000
2024
£000
At 1 January
573
903
Adjustment in respect of prior year
(35)
–
Recognised in income
206
(242)
Recognised directly in equity
4
(88)
Adjustment in respect of prior year recognised directly in equity
(44)
–
At 31 December
704
573
7 Cash and deposits
2025
£000
2024
£000
Cash and cash equivalents
101
100
101
100
The Company cash and cash equivalents relate to monies held by the employee benefit trust (EBT).
The main trading entity is Rightmove Group Limited which generates the Group cash inflows and makes
payments for all transactions including payments to suppliers and returns of excess cash to shareholders
in line with the capital returns policy.
8 Trade and other payables
2025
£000
2024
£000
Trade accruals
1,515
1,015
Inter-group payables
24,943
41,608
26,458
42,623
Inter-group payables are repayable on demand and accrue interest at 0.5% (2024: 0.5%) above the Bank
of England base rate.
9 Share capital and reserves
The movements on these accounts are disclosed in Notes 21 and 22 to the consolidated financial
statements.
Reverse acquisition reserve
This reserve resulted from the acquisition of Rightmove Group Limited by Rightmove plc and represents
the difference between the value of the shares acquired at 28 January 2008 and the nominal value of the
shares issued.
Other reserves
Awards relating to share-based incentives made to Rightmove Group Limited employees have been
treated as a deemed capital contribution (Note 3). The principal movement in other reserves comprises
£7,554,000 (2024: £7,397,000) in respect of the share-based incentives charge for employees of
Rightmove Group Limited. Other reserves also include £520,000 (2024: £499,000) of capital redemption
reserve, and £21,000 (2024: £19,000) in relation to the nominal value of ordinary shares cancelled during
the year.
10 Related party disclosures
The Company is exempt from disclosing related party transactions with companies that are wholly owned
within the Group. Transactions with related parties which are not wholly owned are disclosed within Note
26 to the Group financial statements, along with remuneration to key management personnel.
11 Subsequent events
Subsequent to the reporting date, the Group committed to a £90m share buyback to be executed
between 2 March and 31 July 2026.
Advisers and shareholder information
Contacts Registered office
Corporate advisers
Chief Executive Officer: Johan Svanstrom Rightmove plc
Financial adviser
Chief Financial Officer:
Company Secretary:
Website:
Ruaridh Hook
Carolyn Pollard
https://plc.rightmove.co.uk
2 Caldecotte Lake
Business Park
Caldecotte Lake Drive
Caldecotte
Milton Keynes
MK7 8LE
UBS Investment Bank
Joint brokers
UBS AG London Branch
Peel Hunt LLP
Registered in
England no. 06426485
Auditor
Ernst & Young LLP
Financial calendar 2026
2025 full-year results
Final dividend record date
27 February 2026
24 April 2026
Bankers
Barclays Bank plc
Santander UK plc
HSBC UK Bank plc
Lloyds Banking Group plc
Annual General Meeting
Final dividend payment
Half-year results
8 May 2026
22 May 2026
31 July 2026
Solicitors
EMW LLP
Linklaters LLP
Herbert Smith Freehills
Kramer
LLP
Registrar
MUFG Corporate Markets
Shareholder enquiries
The Company’s registrar is MUFG Corporate Markets. They will be pleased to deal with any questions
regarding your shareholding or dividends. Please notify them of your change of address or other personal
information. Their contact details are below:
Shareholder helpline: 0371 664 0300
Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United
Kingdom will be charged at the applicable international rate. Lines are open between 09:00 – 17:30,
Monday to Friday excluding public holidays in England and Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Investor Centre can be accessed at https://uk.investorcentre.mpms.mufg.com/Login
Address:
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Shareholders can register online to view your holdings using the shareholder portal, a service offered by
MUFG Corporate Markets. The shareholder portal is an online service enabling you to quickly and easily
access and maintain your shareholding online – reducing the need for paperwork and providing 24-hour
access for your convenience. You may:
• View your holding balance and get an indicative valuation
• View the dividend payments you have received
• Cast your proxy vote on the AGM resolutions online
• Update your address
• Register and change bank mandate instructions so that dividends can be paid directly to your bank
account
• Elect to receive shareholder communications electronically
• Access a wide range of shareholder information and download shareholder forms
Annual report and accounts 2025Rightmove148
Governance Other InformationStrategic Report
Financial Statements
Annual report and accounts 2025Rightmove148
Source of Rightmove by numbers
Figure Source
96% home-mover awareness
YouGov, Profiles, 12 months to 24 March 2024 from We Are Unchained’s The Voice of the Agent 2024.
1 in 2 UK adults use the Rightmove website at least once
a month
Google Analytics, 12 months to December 2025 (unique website users only; excludes app). UK adult population of c.55m (Source: United Nations, Department
of Economic and Social Affairs, Population Division (2024). World Population Prospects 2024, Online Edition. 2025 estimate, medium variant)
>85% direct and organic traffic
Google Analytics, 2025. Comprises consumers directly opening the app on their device, visiting the site via a bookmarked link, typing a Rightmove URL directly into their browser
address bar, clicking through a link to site within their browser history, typing ‘Rightmove’ into a search engine.
93% net recommend score
The Voice of the Agent 2025, YouGov Profiles, 31 August 2025.
>80% consumer time
Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined list of Rightmove sites, zoopla.co.uk, primelocation.com,
onthemarket.com, United Kingdom, December 2025.
6 in 10 Rightmove users exclusive to Rightmove
SimilarWeb (web and mobile only), 1 January – 31 December 2025: Rightmove sites, Zoopla.co.uk, onthemarket.com.
>8m enhanced consumer profiles
Rightmove, December 2025.
>7 / 10 vendor instructions for resale
Street (January -December 2025). Custom-defined list of Rightmove, Zoopla, OnTheMarket.
>8 / 10 tenants found for rentals
RLTS tenant survey (January -December 2025). Question: ‘How did you find the property you are applying for?’. Custom-defined list as above.
c.19,000 Core membership
Rightmove, 2025. Estate Agency branches + New Homes developments.
>3,000 partners outside Core
Rightmove, end-2025. Number of billing entities outside Estate Agency and New Homes.
<3% largest partner as % of revenues
Rightmove, 2025.
>75,000 partner meetings
Rightmove, 2025; all partners.
>60,000 Rightmove Hub subscriptions
Rightmove, unique users with a Rightmove Hub account, as at December 2025.
>80% agents have been with us for ≥5 years
Rightmove. All estate agent partners, as at 1 January 2026.
>50% spend above monthly threshold
Rightmove, independent estate agents, 2025.
>69bn consumer signals per year
Google Analytics, 12 months to 31 December 2025.
20,000 minutes user testing per year
Rightmove, minutes of consumer or partner engagement via UserTesting platform, 2025.
500,000 recorded sessions per year
Rightmove, on-site consumer and partner surveys via Hotjar platform, 2025.
>85,000 survey responses per year
Rightmove, Hotjar, UserTesting, Living Room and external research, 2025.
c.10,000 properties uploaded per day
Rightmove, all properties uploaded, 12 months to 31 December 2025.
>100m historical property listings
Rightmove, as at December 2025.
>1bn property images
Rightmove, as at December 2025.