Rightmove Reaffirms 2026 Guidance As Peers Pull Ahead On Growth

Rightmove has reaffirmed its 2026 financial guidance in an AGM trading update covering the four months to 30 April, holding to a target of 8 to 10% revenue growth, 3 to 5% growth in underlying operating profit, and at least 5% growth in underlying earnings per share.

• Revenue growth guidance held at 8-10% for 2026
• Strategic Growth Areas (Commercial, Mortgages, Rental Services) on track for 20-30% growth
• Over 2,500 technology releases in the four-month period, more than 20% up year on year
• 43 AI initiatives now in flight, up from 31 at end-2025
• LLM referral traffic still under 0.5%, flat since end-2025
• £44m of the £90m buyback completed; ADR programme upgraded to sponsored Level 1 (RTMVY)

The reaffirmation will reassure investors after a difficult run for the UK market leader. Rightmove shares have come under heavy pressure since November's AI investment announcement, with the company also weathering a £250m activist stake taken by Independent Franchise Partners in December and the £1.5bn class action filed by former competition regulator panel member Jeremy Newman in April.

What the update does not change is Rightmove's place in the international peer set. Its 8-10% revenue growth target sits well below Hemnet's reaffirmed long-term ambition of 15-20%, REA Group's 13-14%, Zillow's mid-teens projection, and Scout24's 16-18%. Rightmove now lags the field on top-line growth, an unfamiliar position for a company that has long been the sector's highest-margin player.

The update also offers a data point for the AI disruption debate. Rightmove said referral traffic from large language models accounts for less than 0.5% of visits and has been flat since the end of 2025, with more than 85% of traffic still arriving organically or directly. The numbers chime with CEO Johan Svanström's recent description of AI replacing portals as "unthinkable", reported by The Times in March.

On product, the pace of delivery is accelerating with Rightmove logging over 2,500 technology releases in the period, and April recording the highest monthly total in the company's history. The Online Agent Valuation tool has reached more than 40% penetration of available areas; a ChatGPT app launched in March; and a new paid Commercial suite, Leader Advantage, is live. The company's 'Strategic Growth Areas' (Commercial Property, Mortgages and Rentals) remain on track for 20-30% growth.

Svanström said: "The Rightmove team has executed strongly to date in 2026, with trading in line with expectations and guidance reaffirmed. Early engagement with our AI-powered conversational search tool is positive, indicating long-term potential of this new search format next to the highly trusted and used classic interface."