培生 2026年年度报告和过渡报告

Strategic report Governancereport 2Corporate governance703Directors’ Remuneration Report1174Additional disclosures153 At a glance2025 highlightsBusiness unit overviews AIisacceleratingdemandfortrusted skills assessment andverificationUsing AI to improve efficiency,performance and learningoutcomes 7Financialstatements8Statement of Directors’responsibilities15710Consolidatedfinancialstatements168 Chair’s note Chief Executive’s review Strategic frameworkOurbusinessmodelandvaluedriversEngaging with our stakeholders 2Otherinformation Key performance indicators for2025Financial review 23Five-year summary25Financialkeyperformanceindicators32Additional information for USlisting purposes55Shareholder information Sustainability Risk management 2025 highlights: Powering growth through innovation Business unit overviews Assessment& Qualifications Assessment& Qualifications (A&Q) delivers world-class testing,certification and qualification solutions through four sub-business units,all of which contributed to growth in 2025: Pearson ProfessionalAssessments (formerly known as Pearson VUE), Clinical Assessment,US Student Assessment and UK& International Qualifications. Together,these businesses provide trusted knowledge and skills measurementsforlearners, professionals, enterprises and institutions globally. In 2025,Pearson Professional Assessmentscontinued to lead the globalmarket in large-scale testing services, supporting workforce certificationand reskilling across professional and government sectors. Despiteheadwinds in PDRI driven by US federal government hiring and spendreductions, the business grew, securing new contracts and expandingenterprise partnerships. We also integrated AI to drive efficiencies inassessment generation, and strengthened our global deliveryinfrastructure. commenced the deliveryof the new UK Government Test OperationsServices contract and we expanded our digital offerings, includingincreased adoption of onscreen assessment and ActiveHub, ourflagship teaching and learning platform. Clinical Assessmentdelivered strong growth due to the continuedtraction of our products in the market and digital product growth. Thiswas further supported by the first state-wide adoption of our digitalplatform in Tennessee and our expanded pharmaceutical business. Keyinnovations included the launch ofRevibe, a wearable device designedto support individuals experiencing challenges with focus and attention,the pilot of an AI-powered psychological report writing assistant and therelease ofD-KEFS Advanced, a fully digital neuropsychologyassessment. Across A&Q, priorities for 2026 include continued expansion intoadjacent market opportunities, such as moving up the value chain intohigh-stakes test prep and formative assessments, as well as renewingkey contracts and securing new wins. We are also expandinginternationally, enhancing operational excellence and acceleratinginnovation, particularly through AI. US Student Assessmentadvanced its role as a strategic assessmentpartner to states and districts, delivering comprehensive assessmentsystems spanning formative, interim and summative programmes.Although we lost the contract with New Jersey, we subsequentlyrenewed and extended several key contracts, including Maryland andothers at a late stage of contract completion. We also launched anintegrated partnership with McGraw Hill to embed assessments into coreK12 curricula. Virtual Learning Virtual Learning (VL) delivers high-quality online learning solutions forK12 students through two main offerings: Partner Schools and DistrictPartnerships. Partner Schools provides state-wide, turnkey virtual school solutionsfor public K12 students in the US, integrating courseware, platformtechnology, instructional services and a range of support services todeliver flexible, high-quality online learning. District Partnerships offerscustomisable virtual education solutions for K12 districts. UK& International Qualificationsdelivered strong growth, benefiting fromvolume and international expansion. We In 2025, we made targeted marketing investments to capture demandand completed the launch of a new enrolment portal across thePartner Schools network, helping to remove friction in the enrolmentprocess. We continued to expand our career programmes with newofferings, now available across our Partner Schools network to supportstudents in their transition to the workforce. We opened two newschools, taking our total to 41 across 31states. We also deepened theintegration of AI into our study tools, contributing to higher coursescores and end-of-semester pass rates. Looking ahead to 2026, our focus remains on product and platforminnovation, expanding reach and impact in the sector through strongeducator partnerships, and building on our Early Careers offerings. Wewill continue to enhance access and integration across our InclusiveAccess offerings in the US, while focusing internationally on emergingmarkets, digital expansi