Interim Resultsfor the half year ended 30 June 2019

26 July 2019

Disclaimer

2

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3

Agenda

1. HY 2019 HighlightsPeter Brooks-Johnson, CEO

2. FinancialsRobyn Perriss, FD

3. Housing market updatePeter Brooks-Johnson, CEO

4. Strategic updatePeter Brooks-Johnson, CEO

5. Q & A

4

1. HY 2019 HighlightsPeter Brooks-Johnson, CEO

Highlights

1. Before share-based payments and NI on share-based incentives 2. Before share-based payments, NI on share-based incentives and no related adjustment for tax3. For Agency and New Homes customers4. Source: Google Analytics

Revenue up to £143.9m(2018: £131.1m)

+10%

Revenue:

Underlying operating profit1

increased to £111.0m (2018: £101.0m)

+10%

Profit:

Underlying basic EPS2

grew to 10.2p (2018: 9.1p)

+12%

EPS:

Interim dividend increased by 0.3p to 2.8p (2018: 2.5p*) per ordinary share

+12%

Dividend:

Free cash flow returned to shareholders through dividends and buybacks (2018: £76.9m)

£54.0m

Cash returned:

As at 30 June 2019 down 1%(31 December 2018: 20,454)

20,209

Advertisers3:

Time in minutes for the 6 months ended 30 June unchanged year on year (2018: 6.5bn)

6.5bn

Site traffic4:

Per month, up £90 (2018: £987)

£1,077

ARPA3:

5

* 2018 comparatives have been restated for ease of comparability to reflect the 10:1 share split effective 31 August 2018

Access to our unique in-market audience of home hunters saw new homes developers spend a record £4.6m on our digital marketing solutions up from £3.8m in H1 2018

Auto Featured Property launched in May with nearly 500 branches now signed up. June saw the early roll out of our next generation digital marketing product, Rightmove Active Extension (RAE)

Further progress helping agents to be more efficient with the launch of a new suite of tools to help agents identify their most valuable markets and a new version of our Best Price Guide

Continued focus on innovating in the rental market; including Version 2 of the Rightmove Tenant Passport including a credit check and agreement to acquire Van Mildert, a tenant referencing company

Penetration of the Enhanced and Optimiser packages has reached 35% of estate agency customers, up from 27% in December 2018

Strategic Highlights

6

7

2. FinancialsRobyn Perriss, FD

Revenue

Source: Rightmove

£ m

illio

ns

220.0

243.3

267.8

131.1

143.9

-5

20

45

70

95

120

145

170

195

220

245

270

2016 2017 2018 H1 2018 H1 2019

8

Revenue bridge

£ m

illio

ns

Revenue

131.1

11.0 0.7 1.1 143.9

0

20

40

60

80

100

120

140

160

Revenue HY2018

ARPA growth Customergrowth

Increase inOther revenue

streams

Revenue HY2019

£842£922

£1,005 £987£1,077

0

2,000

4,000

6,000

8,000

10,000

12,000

2016 2017 2018 H1 2018 H1 2019

20,121 20,427 20,454 20,450 20,209

10

12

14

16

18

20

22

2016 2017 2018 H1 2018 H1 2019

Thousands

Th

ou

san

ds

Agency and New Homes Membership numbers down 1%

• Agency branches down 3% since the start of the year to 16,768

• New Homes developments up 10% to 3,441

• Customers advertising 1.1m UK residential properties on Rightmove

9

ARPA Record absolute ARPA growth

• ARPA up £90 year on year to £1,077(1) per month

• ARPA growth driven by package upgrades and core membership price increases

1: For Agency and New Homes customers

Source: Rightmove

Membership and ARPA

+9%+9%

+10%

£80£83

£90

£ p

er

off

ice

/de

ve

lop

me

nt

pe

r y

ear

1. Before share-based payments and NI on share-based incentives Source: Rightmove

Underlying operating profit1

166.2

184.4

203.3

101.0

111.0

0

50

100

150

200

250

2016 2017 2018 H1 2018 H1 2019

£ m

illio

ns

75.5% 75.8% 75.9% 77.0% 77.1%Margin:

10

Costs1

53.8

58.9

64.5

30.132.9

0

10

20

30

40

50

60

70

2016 2017 2018 H1 2018 H1 2019

£ m

illio

ns

Costs, operating profit and margin

Income statement

Source: Rightmove

6 months ended30 June 2019

£m

6 months ended30 June 2018

£m

Revenue 143.9 131.1

Operating costs (32.9) (30.1)

Underlying operating profit 111.0 101.0

Underlying operating profit margin 77.1% 77.0%

Share-based payments (2.2) (2.1)

NI on share-based incentives (0.6) (0.7)

Operating profit 108.2 98.2

Net financial expense (0.1) (0.1)

Profit before tax 108.1 98.1

Tax (20.6) (18.8)

Profit for the period 87.5 79.3

11

Source: Rightmove

As at 30 June 2019

£m

As at 30 June 2018

£m

Property, plant and equipment 14.1 16.1

Intangible assets 2.9 3.1

Deferred tax assets 3.1 5.5

Total non-current assets 20.1 24.7

Trade and other receivables 25.6 21.1

Contract assets 0.4 0.3

Cash and money market deposits 54.1 28.1

Total current assets 80.1 49.5

Trade and other payables (17.1) (17.8)

Contract liabilities (2.0) (2.0)

Income tax payable (20.5) (18.1)

Lease liabilities (12.6) (13.6)

Provisions (0.7) (1.0)

Total liabilities (52.9) (52.5)

Net assets 47.3 21.7

Share capital 0.9 0.9

Other reserves 0.5 0.5

Retained earnings 45.9 20.3

Total equity 47.3 21.7

12

Balance sheet

Half year 2019

* 2018 comparatives have been restated for ease of comparability to reflect the 10:1 share split effective 31 August 2018Source: Rightmove

13

• £54.0m (2018:£76.9m) returned to shareholders in the period

• 3.6m (2018: 10.0m*) shares bought back and cancelled

• Closing cash and money market deposits of £54.1m (2018: £28.1m)

• Initial consideration of £16.0m in relation to Van Mildert will be financed from existing cash balance

• Interim dividend increased by 0.3p to 2.8p (2018: 2.5p*)

Cash bridge and dividend

19.9

112.2 (4.5)(16.9)

(0.6) (35.5)

(18.6)

(1.1) (0.8) 54.1

0

20

40

60

80

100

120

140

Cash Dec2018

EBITDAbeforeIFRS 2

Workingcapital

Taxpayments

Capex Dividends Sharebuybacks

(inclcosts)

Purchaseof shares

Leasepayments

Cash HY2019

14

3. Housing market updatePeter Brooks-Johnson, CEO

Source: 1. HMRC England, Scotland and Wales 2. Rightmove * Provisional data

15

-2,500,000

-1,500,000

-500,000

500,000

1,500,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

-5.00%

-3.00%

-1.00%

1.00%

3.00%

Cumulative transactions in England, Scotland and Wales1

2018 2019 YTD 2019 vs 2018

Transaction volumes have held up well in the first half, but the hesitancy from H1 will flow through to transaction completions in H2.

-8.0%

-6.0%

-4.0%

-2.0%

0.0%Jan Feb Mar Apr May Jun

Sales agreed in England, Scotland and Wales vs 20182

The housing market is unremarkable, but uncertainty is causing some buyer hesitation

*

*

16 Source: Rightmove

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1-10 11-20 21-30 31-40 41-50 51-60 61-70 71-80 81-90 91-100 100+

Branch stock level

Branch distribution by sales stock

June 2018 June 2019

Longer time to sell has been felt more acutely by low-stock estate agent branches

-2%0%2%4%6%8%

10%12%14%

Jan

18

Fe

b 1

8

Mar

18

Ap

r 1

8

May

18

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

Oct

18

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Mar

19

Ap

r 1

9

May

19

Jun

19

Time to sell (YoY change) • Buyer hesitancy has increased time to secure a buyer by 10% in the first half of 2019 versus 2018

• Anecdotal evidence that time to complete is also increasing

• Low-stock branches are more vulnerable to the cash flow impact of increased transaction times

17 Source: Rightmove

The ban on tenant fees and reduced buy to let has impacted low-stock agents

• Impact of tax changes and stamp duty changes has significantly reduced new lettings stock coming to market

• Many rental agents have plans in place to replace the lost revenue, but the new revenue sources convert to cash later in the process115,000

120,000

125,000

130,000

135,000

140,000

145,000

150,000

155,000

160,000

Jan

-18

Fe

b-1

8

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Available rental properties

0%

10%

20%

30%

40%

50%

60%

70%

80%

1-10 11-20 21-30 31-40 41-50 50+

Branch stock level

Distribution of rental agent branches leaving the industry

18 Sources: HMLR, Rightmove

New home “starts” remain stable at near 8 year highs

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2011 2012 2013 2014 2015 2016 2017 2018 2019

The impact of the housing market on new home "starts"

New home "starts" (12m rolling average) New homes listed on Rightmove (12m rolling average)

• The unremarkable transaction numbers have encouraged developers to continue to grow at their recent high pace of development although “starts” were 10% higher on average in the 5 years before 2008

• Rightmove products, in particular our digital marketing suite are used by developers to maintain and grow sales rates in all but the most supply constrained market conditions

Help to buy introduced

UK housing

transactions reach 1.2m

Article 50 invoked

19

4. Strategic updatePeter Brooks-Johnson, CEO

The three pillars of our strategy:

20

Our aim is to create a simpler and more efficient property marketplace

Making home moving easier in the UK

BUYERSSELLERSRENTERSLANDLORDS

AGENTSDEVELOPERS

• The place consumers ‘turn to first’ and engage with most

• Offer unrivalled exposure, leads and products for our customers

• Innovate to create a better marketplace

The place consumers turn to first and engage with most

Unrivalled exposure, leads and products for our customers

The place consumers ‘turn to first’ and engage with most

Sources: 1. Google Analytics & Rightmove 2. comScore21

Market share of top 4 property portals2

Time1

11.7 11.712.3

6.5 6.5

0

2

4

6

8

10

12

2016 2017 2018 H1 2018 H1 2019

Bill

ion

s o

f M

inu

tes

Visits1

1.5 1.51.6

0.83 0.85

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2016 2017 2018 H1 2018 H1 2019

Bill

ion

s

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Rightmove Zoopla.co.uk Primelocation OTM

ComScore methodology change

Source: Rightmove 1: Estate and rental agents 2: New Homes developers

• 35% of agency branches now taking either the Enhanced or Optimiser package

• Record revenue from digital marketing solutions for new homes developers gaining targeted access to our unique in-market audience of home hunters

• Opportunity to grow revenue through more product sales, product innovation and pricing

• Delivering efficiency savings for our customers allows more spend on marketing

22

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2017 2018 H1 2018 H1 2019

Enhanced package1

Unrivalled exposure, leads and products for our customers

0

1

2

3

4

5

6

7

8

9

2015 2016 2017 2018 H1 2018 H1 2019

£ M

illio

ns

Digital marketing solutions revenue2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2015 2016 2017 2018 H1 2018 H1 2019

Optimiser package1

• Auto Featured Property launched in May

• Nearly 500 branches signed up since launch representing a run rate of over £3m pa

• Delivers double the detail property views at the key points in the marketing lifecycleagents use it to win and retain business

• Aimed at larger stock branches with average stock of branches signed up at over 110 properties

23

Product innovation which delivers growth…

24

Product innovation which delivers growth…

• Active Display launched at the start of 2018 now delivering nearly 50% more impressions for New Homes developers at a run rate of £7m pa

• Next generation digital marketing product Rightmove Active Extension (RAE) in early roll out

• During trialling RAE demonstrated 33x performance of equivalent Google keyword audience

25

… for the long term

Source: Rightmove

Branding products – allow a customer to talk directly about their brand to differentiate themselves

Property products – make an individual property stand out

Direct response products – directly create and channel a potential home seller lead for an agent

+18%

+19%

+22%

+33%

+24%

+29%

+21%

+24%

+11%

+7%

+35%

+20%

+10%

+22%

+21%

Pro

du

ct

rev

en

ue

• The Tenant Passport has been enhanced with an Equifax credit check which also includes an automated anti-money laundering check, identity validation and CIFAS (fraud protection database) check

• Rightmove have agreed to purchase Van Mildert for an initial consideration of £16m subject to FCA regulatory approval. Completion expected by end of October

• Van Mildert will give us in-house tenant referencing capabilities and a market leading Rent Guarantee Insurance product

• Opportunities to leverage the scale of the Rightmove platform and create integration efficiencies across the process for tenants and agents

26

Product innovation which creates change

Search Pre Qualify Enquire Reference

Summary and outlook

• ARPA growth driven by pricing and customers spending more on packages

• Customer numbers 1% lower at 20,209

• Rightmove continues to be the place consumers turn to first

• Second half expected to follow a similar pattern for ARPA and branch numbers with development numbers stable

• More product innovation on track for delivery in 2020

• Confident in delivering the Board’s full year expectations

27

28

5. Q&A

Interim Resultsfor the half year ended 30 June 2019

26 July 2019

APPENDIX

1. Growth in H1 compared to H1 in the previous year

Source: Rightmove

FY 2016 FY 2017 FY 2018 H1 2018 H1 2019

Period end membership

- Agency offices 17,462 17,626 17,328 17,585 16,768

- New Homes developments 2,659 2,801 3,126 2,865 3,441

Total 20,121 20,427 20,454 20,450 20,209

Growth +2% +2% 0% 0%1 (1%)1

- Overseas advertisers 2,476 2,297 2,234 2,412 2,218

ARPA

- Agency 801 879 953 940 1,023

- New Homes developments 1,126 1,201 1,323 1,286 1,346

Total 842 922 1,005 987 1,077

Growth +12% +10% +9% +8%1 +9%1

- Overseas advertisers 200 210 228 228 247

Retention rate

- Agency (% of agents at start still listing at end of period) 89% 89% 88% 94% 92%

- New Homes developments (monthly churn rate) 5.7% 6.7% 4.2% 4.7% 3.8%

- Overseas advertisers (monthly churn rate) 7.4% 7.6% 6.7% 6.5% 4.8%

30

Key performance indicators

Revenue sources

Source: Rightmove

H1 2019 H1 2018

Agency 73% 76%

New Homes 19% 16%

Other 8% 8%

H1 2019percentage of revenue

H1 2018percentage of revenue

31

January 2010 January 2014 January 2018 January 2019 June 2019

Pe

rce

nta

ge

of

Ind

ep

en

de

nt

Est

ate

Ag

en

cy O

ffic

es

Total spend per month

Source: Rightmove32

£1000/m+ £1500/m+

61%

56%

46%

25%

19%

15%

1%9%

Distribution of independent agent spend

Capital Structure

1. 2018 comparatives have been restated for ease of comparability to reflect the 10:1 share split effective 31 August 2018Source: Rightmove

Share capitalH1 2019

mH1 2018 restated

m

In issue at 1 January 907.7 932.7

Purchase and cancellation of own shares (3.6) (10.0)

Total issued share capital 904.1 922.7

Shares held in treasury (14.3) (16.7)

Voting rights share capital 889.8 906.0

Own shares held by the EBT/SIP (3.1) (3.1)

Issued ordinary shares less shares held by the SIP/EBT 886.7 902.9

Weighted average number of shares

Number of shares entitled to a dividend b/fwd 889.8 910.4

Effect of share buybacks (1.8) (6.1)

Effect of share-based incentives exercised 0.4 1.6

Effect of shares purchased by the EBT (0.2) -

Number of shares used in basic EPS calculation 888.2 905.9

Dilutive impact of share-based incentives outstanding 3.6 5.7

Number of shares used in diluted EPS calculation 891.8 911.6

33