Relx Plc · LSE:REL
Relx — H1 2025 Earnings Presentation
30 slides from Relx's earnings presentation, Jul 24, 2025
Slide 1: First half results 2025
First half results 2025 Erik Engstrom, CEO, and Nick Luff, CFO 24 July 2025
Slide 2: Disclaimer regarding forward-looking statements
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncer
Slide 3: Erik Engstrom, CEO
Erik Engstrom, CEO G@.RELX
Slide 4: RELX H1 2025
RELX H1 2025 • Strong financial results • Continued operational and strategic progress 4
Slide 5: H1 2025 financial highlights
H1 2025 financial highlights • Underlying revenue growth +7% • Underlying adjusted operating profit growth +9% • Adjusted EPS growth at constant currency +10% • Interim dividend growth +7% Dividend growth calculated in GBP 5
Slide 6: RELX revenue by segment
RELX revenue by segment (H1 2025 underlying revenue growth %) RELX Group (+7%) Exhibitions (+8%) Business Services Risk (+8%) News & Business Government & Academic Insurance Legal (+9%) Law Firms & Corporate Legal Specialised Industry Data Services Government Academic & Government Databases, Tools &
Slide 7: Risk
Risk Underlying growth Revenue • Strong fundamentals continuing to drive underlying revenue growth +8% +8% • Business Services driven by Financial Crime Compliance and digital Fraud & Identity solutions and strong new sales • Insurance driven by further extension of solution sets, positive market fa
Slide 8: Scientific, Technical & Medical
Scientific, Technical & Medical Underlying growth Revenue • Analytics continuing to drive underlying revenue growth +4% +5% • Developing momentum supported by increasing pace of new product introductions; renewals and new sales ahead of prior year • Databases, Tools & Electronic Reference driven by
Slide 9: Legal
Legal Underlying growth Revenue • Further improvement in underlying revenue growth driven by legal analytics +9% +7% • Lexis+ AI, integrated platform leveraging generative AI, continuing on successful growth trajectory • Protégé, next generation AI legal assistant, progressing well H1 2024 H1 2025 A
Slide 10: Exhibitions
Exhibitions Revenue • Strong underlying revenue growth and profitability improvement £m 601 581 • Underlying revenue growth +8%; established strong ongoing growth above pre- pandemic levels • Underlying adjusted operating profit growth +9%; cost growth below revenue H1 2024 H1 2025 growth; margins s
Slide 11: RELX revenue by format
RELX revenue by format 2000-H1 2025: 6% 5% 4% 9% 8% 7% 11% 10% 15% 13% 19% 18% 12% 22% 21% 5% 7% 11% 12% 13% 27% 25% 33% 16% 37% 15% 16% 15% 15% 52% 51% 15% 16% 58% 56% 15% 60% 15% 64% 64% 14% 14% 17% 15% 12% 87% 86% 13% 83% 83% 83% 84% 12% 74% 74% 75% 12% 70% 72% 12% 66% 66% 63% 64% 59% 61% 14% 14%
Slide 12: RELX strategic direction
RELX strategic direction Strategy • Develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to professional and business customers across market segments • Primary focus on organic growth, supported by targeted acquisitions Growth objectives Risk
Slide 13: Nick Luff, CFO
Nick Luff, CFO G@.RELX 13
Slide 14: H1 2025 financial highlights
H1 2025 financial highlights Income statement highlights • Underlying revenue growth +7% • Underlying adjusted operating profit growth +9% • Adjusted operating profit margin 34.8% • Adjusted EPS growth at constant currency +10% Cash flow and balance sheet highlights • Adjusted cash flow conversion 1
Slide 15: Revenue
Revenue Restated Change at 2024 2025 Change constant Underlying 6 months to 30 June GBPm GBPm in GBP currency growth Risk 1,667 1,748 +5% +7% +8% Scientific, Technical & Medical 1,282 1,323 +3% +5% +5% Legal 852 900 +6% +8% +9% Exhibitions 601 581 -3% -1% +8% Print & print-related activities 239 189
Slide 16: Adjusted operating profit
Adjusted operating profit Restated Change at 2024 2025 Change constant Underlying 6 months to 30 June GBPm GBPm in GBP currency growth Risk 621 660 +6% +9% +9% Scientific, Technical & Medical 472 491 +4% +7% +7% Legal 175 188 +7% +10% +11% Exhibitions 223 234 +5% +8% +9% Print & print-related, and u
Slide 17: Adjusted operating margin
Adjusted operating margin Restated 6 months to 30 June 2024 2025 Risk 37.3% 37.8% Scientific, Technical & Medical 36.8% 37.1% Legal 20.5% 20.9% Exhibitions 37.1% 40.3% RELX 34.1% 34.8% 17
Slide 18: Adjusted income statement
Adjusted income statement Change at 2024 2025 Change constant Underlying 6 months to 30 June GBPm GBPm in GBP currency growth Revenue 4,641 4,741 +2% +4% +7% EBITDA 1,841 1,908 EBITDA margin 39.7% 40.2% Operating profit 1,583 1,652 +4% +7% +9% Operating margin 34.1% 34.8% Net interest expense (133)
Slide 19: Free cash flow
Free cash flow 2024 2025 6 months to 30 June GBPm GBPm Adjusted operating profit 1,583 1,652 Depreciation and other amortisation 258 256 EBITDA 1,841 1,908 Capital expenditure (233) (255) Repayment of lease principal (31) (21) Working capital and other items (79) 20 Adjusted cash flow 1,498 1,652 Ca
Slide 20: Uses of free cash flow
Uses of free cash flow 2024 2025 6 months to 30 June GBPm GBPm Free cash flow 1,007 1,146 Acquisitions: total consideration (61) (262) Disposals: total consideration 52 11 Dividends (782) (824) Share buybacks (700) (1,000) Other* (62) (159) Currency translation 19 208 Movement in net debt (527) (880
Slide 21: Erik Engstrom, CEO
Erik Engstrom, CEO G@.RELX 21
Slide 22: Summary
Summary H1 2025 • Strong financial results • Continued operational and strategic progress Full year 2025 outlook • We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjus
Slide 23: Appendices
Appendices Slide 24 RELX revenue by category 25 Risk revenue split 26 STM revenue split 27 Legal revenue split 28 Exhibitions revenue split 29 Balance sheet 30 Exchange rates and shares outstanding 23
Slide 24: RELX revenue by category
RELX revenue by category H1 2025 Format Geography Type Rest of Face- world to-face 20% Transactional* 12% 46% Europe 20% North Subscription Electronic America 54% 84% 60% Print & print-related *Includes long-term contracts with volumetric elements 24
Slide 25: Risk
Risk H1 2025 revenue £1,748m Geography Type Rest of world Other 7% transactional Europe 13% Subscription 39% Transactional 61% Long-term contracts with North America volumetric elements 80% 25
Slide 26: Scientific, Technical & Medical
Scientific, Technical & Medical H1 2025 revenue £1,323m Geography Type Rest of world Transactional 34% North 20% America 44% Europe Subscription 22% 80% 26
Slide 27: Legal
Legal H1 2025 revenue £900m Geography Type Rest of world 10% Transactional 16% Europe 21% North America Subscription 69% 84% 27
Slide 28: Exhibitions
Exhibitions H1 2025 revenue £581m Geography Type Visitors North America and other Rest of world 26% 26% 40% Exhibitors Europe 74% 34% 28
Slide 29: Balance sheet
Balance sheet 30 June 2024 30 June 2025 GBPm GBPm Fixed assets* Goodwill & acquired intangible assets 9,760 9,265 Internally developed intangible assets 1,520 1,560 Property, plant & equipment, right-of-use assets and investments 481 445 Net pension balance 22 21 Working capital (1,135) (1,248) Net
Slide 30: Exchange rates and shares outstanding
Exchange rates and shares outstanding At 31 Dec At 30 June Average H1 Average Average 2024 2025 2024 FY 2024 H1 2025 Exchange rates £:$ 1.25 1.37 1.27 1.28 1.30 £:€ 1.21 1.17 1.17 1.18 1.19 Shares outstanding Total (m) 1,855.9 1,831.8 1,873.1 1,865.9 1,845.1 30