Annual Report 2025
Expert AI
When you have to be right
Wolters Kluwer 2025 Annual Report
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Governance
Sustainability statements Financial statements Other information
Strategic report
Strategic report
4 Wolters Kluwer at a glance
6 Investment case
7 Chief Executive Officer Q&A
9 Strategy and business model
15 2026 Outlook
16 Organization
17 Executive team
19 Health
23 Tax & Accounting
27 Financial & Corporate Compliance
31 Legal & Regulatory
35 Corporate Performance & ESG
39 Group financial review
Governance
46 Corporate governance
51 Risk management
62 Statements by the Executive Board
63 Executive Board
64 Supervisory Board
66 Report of the Supervisory Board
72 Remuneration report
Sustainability statements
92 Sustainability at Wolters Kluwer
93 Sustainability at a glance
94 General disclosures
106 Environmental disclosures
119 Social disclosures
136 Governance disclosures
140 Reference table
142 List of data points that derive from other EU legislation
144 EU Taxonomy
Financial statements
148 2025 Financial statements
149 Consolidated financial statements
153 Notes to the consolidated financial statements
209 Company financial statements
211 Notes to the company financial statements
Other information
218 Independent auditor’s report
225 Limited assurance report of the independent
auditor on the sustainability statements
227 Articles of Association Provisions Governing Profit Appropriation
228 Wolters Kluwer shares and bonds
232 Five-year key figures
233 Glossary
234 Contact information
→ See Strategy and business model for management’s priorities
→ Visit our investor site www.wolterskluwer.com/en/investors
Wolters Kluwer 2025 Annual Report
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We provide AI-powered information
solutions, software, and services for
professionals in healthcare, tax and
accounting, financial and corporate
compliance, legal and regulatory, and
corporate performance and ESG.
Governance
Sustainability statements Financial statements Other information
Strategic report
Wolters Kluwer 2025 Annual Report
3
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Strategic report
4 Wolters Kluwer at a glance
6 Investment case
7 Chief Executive Officer Q&A
9 Strategy and business model
15 2026 Outlook
16 Organization
17 Executive team
19 Health
23 Tax & Accounting
27 Financial & Corporate Compliance
31 Legal & Regulatory
35 Corporate Performance & ESG
39 Group financial review
Strategic report Governance
Sustainability statements Financial statements Other information
Wolters Kluwer
at a glance
We help our customers make
critical decisions every day by
providing AI-powered expert
solutions that leverage our deep
domain knowledge, proprietary
content, and advancedtechnology.
21,100
employees worldwide
40+
countries from
which we operate
78
employee engagement
score (2024: 78)
75
employee belonging
score (2024: 75)
1.8%
adjusted gender pay-gap
ratio (2024: 3.1%)
SBTi validated emissions
reduction targets
Sustainability highlights 2025
63%
of revenues from
North America
180+
countries where
we serve customers
8 flagship offices
14 countries with
significant subsidiaries
Other markets served
Countries not served
Wolters Kluwer 2025 Annual Report
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Strategic report Governance
Sustainability statements Financial statements Other information
€6.1bn
total revenues
+6%
organic growth
83%
recurring revenue
+7%
recurring revenue
organic growth
70%
of digital revenues from
AI-powered solutions
Financial highlights 2025
27.5%
adjusted operating
profit margin
€5.29
diluted adjusted
earnings per share
€1.3bn
adjusted free cash flow
€1.7bn
returned to shareholders
18.0%
return on invested capital
At a glance continued
Nearly 70% of
digital revenues
from AI-powered
solutions
2,000
4,000
6,000
8,000
20252015
Digital
Services
Print
Revenues in millions (€)
0
300
600
900
1200
1500
202520242023202220212020
Software
Services
Adjusted free cash flow in millions (€)
1,348
1,276
1,164
1,220
1,010
907
0.00
1.00
2.00
3.00
4.00
5.00
6.00
202520242023202220212020
Software
Services
Diluted adjusted EPS in (€)
5.29
4.97
4.55
4.14
3.38
3.13
0
5
10
15
20
25
202520242023202220212020
Return on invested capital (%)
18.0
18.1
12.3
13.7
15.5
16.8
10
15
20
25
30
35
202520242023202220212020
Adjusted operating profit margin
(%)
27.5
27.1
24.4
25.3
26.1
26.4
0
2
4
6
8
202520242023202220212020
Organic revenue growth
(%)
5.6
5.8
5.8
6.2
5.7
1.7
Wolters Kluwer 2025 Annual Report
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Strategic report Governance
Sustainability statements Financial statements Other information
Investment case
Market leader in
supporting mission-
critical professional
workflows
Supporting professionals
globally in their critical
decision-making in high-stakes
and regulated domains
Trusted brands; proprietary
expert content
Deep domain
expertise including
thousands
of the world’s experts
Strategic focus on
driving growth through
innovation including AI
Track record of leveraging
advanced technology and AI to
drive new value for customers
Investing
12-13%
of revenues into product
development each year
70% of digital revenues is
AI-powered
Defensive, high quality,
recurring and growing
revenues
83% of revenues from
subscriptions or other
recurring revenue streams
High renewal rates:
90%+
for most core solutions
and services
Integrated into professional
workflows and ecosystems
Attractive markets
offering opportunity
forvalue creation
andexpansion
AI creates new growth
opportunities
Cloud-based integrated
modular solutions enable
up-sell/cross-sell and
extensions
Shortage of professionals creates
opportunities to create value
through automation and other
productivity tools
Strong track record
ofshareholder returns;
disciplined capital
allocation
Maintain net-debt-to EBITDA
within 1.5x-2.5x
Multi-year
track record
of improving adjusted
operating profit margin
andROIC
Continuous operational
excellence integral to strategy
Wolters Kluwer 2025 Annual Report
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Strategic report Governance Sustainability statements Financial statements Other information