Slide 1: Results 2025
Results 2025 Erik Engstrom, CEO, and Nick Luff, CFO 12 February 2026
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 2025
RELX 2025 • Strong financial results • Further operational and strategic progress • Continued positive momentum 4
Slide 5: 2025 financial highlights
2025 financial highlights • Underlying revenue growth +7% • Underlying adjusted operating profit growth +9% • Adjusted EPS growth at constant currency +10% 5
Slide 6: RELX 2025 revenue and adjusted operating profit by segment
RELX 2025 revenue and adjusted operating profit by segment RELX Group revenue RELX Group adjusted operating profit (+7%) (+9%) Exhibitions (+8%) Exhibitions (+9%) Risk (+8%) Risk (+10%) Legal (+12%) Legal (+9%) STM (+5%) STM (+7%) Print & print-related Print & print-related Percentages represent und
Slide 7: Risk
Risk Underlying growth Revenue • Strong fundamentals continuing to drive underlying revenue growth +8% +8% • Business Services strong growth driven by Financial Crime Compliance and digital Fraud & Identity solutions; strong new sales • Insurance strong growth driven by further innovation, supported
Slide 8: Scientific, Technical & Medical
Scientific, Technical & Medical Underlying growth Revenue • Development of analytics continuing to drive underlying revenue growth +4% +5% • Improving momentum, supported by increasing pace of new product introductions; strong new sales • Databases, Tools & Electronic Reference strong growth driven
Slide 9: Legal
Legal Underlying growth Revenue • Further improvement in underlying revenue growth driven by AI-enabled legal +9% +7% analytics and tools • Law Firms & Corporate Legal double-digit growth driven by core platform and integrated agentic legal assistant (Lexis+ AI and Protégé) 2024 2025 • Government &
Slide 10: Exhibitions
Exhibitions Underlying growth Revenue • Strong underlying revenue growth and profitability improvement +11% +8% • Improved ongoing growth profile of event portfolio • Good progress on value-enhancing digital initiatives 2024 2025 • Cost growth below revenue growth; margins significantly above histor
Slide 11: 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 Revenue growth objecti
Slide 12: Nick Luff, CFO
Nick Luff, CFO G@.RELX 12
Slide 13: 2025 financial highlights
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 99%
Slide 14: Revenue
Revenue Restated Change at 2024 2025 Change constant Underlying Year to 31 December GBPm GBPm in GBP currency growth Risk 3,336 3,485 +4% +7% +8% Scientific, Technical & Medical 2,624 2,714 +3% +5% +5% Legal 1,718 1,806 +5% +8% +9% Exhibitions 1,239 1,186 -4% -2% +8% Print & print-related activities
Slide 15: Adjusted operating profit
Adjusted operating profit Restated Change at 2024 2025 Change constant Underlying Year to 31 December GBPm GBPm in GBP currency growth Risk 1,233 1,305 +6% +9% +10% Scientific, Technical & Medical 981 1,035 +6% +7% +7% Legal 381 415 +9% +11% +12% Exhibitions 398 410 +3% +7% +9% Print & print-related
Slide 16: Adjusted operating margin
Adjusted operating margin Restated Year to 31 December 2024 2025 Risk 37.0% 37.4% Scientific, Technical & Medical 37.4% 38.1% Legal 22.2% 23.0% Exhibitions 32.1% 34.6% RELX 33.9% 34.8% 16
Slide 17: Adjusted income statement
Adjusted income statement Change at 2024 2025 Change constant Underlying Year to 31 December GBPm GBPm in GBP currency growth Revenue 9,434 9,590 +2% +4% +7% EBITDA 3,724 3,846 EBITDA margin 39.5% 40.1% Operating profit 3,199 3,342 +4% +7% +9% Operating margin 33.9% 34.8% Net interest expense (296)
Slide 18: Free cash flow
Free cash flow 2024 2025 Year to 31 December GBPm GBPm Adjusted operating profit 3,199 3,342 Depreciation and other amortisation 525 504 EBITDA 3,724 3,846 Capital expenditure (484) (525) Repayment of lease principal (61) (38) Working capital and other items (78) 18 Adjusted cash flow 3,101 3,301 Ca
Slide 19: Uses of free cash flow
Uses of free cash flow 2024 2025 Year to 31 December GBPm GBPm Free cash flow 2,126 2,313 Acquisitions: total consideration (195) (270) Disposals: total consideration 95 11 Dividends (1,121) (1,181) Share buybacks (1,000) (1,500) Other* (68) (106) Currency translation 46 95 Movement in net debt (117
Slide 20: Uses of cash - priorities
Uses of cash - priorities 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. Organic development Average: 484 525 Capex (£m) 307 333 354 362 380 362 337 436 477 c 5% of revenue 1 2 3 4 5 6 7 8 9 10 11 2. Portfolio development 978 878 Average: Acquisition consideration (£m) 207 367 416 255 443
Slide 21: Erik Engstrom, CEO
Erik Engstrom, CEO G@.RELX 21
Slide 22: Summary
Summary 2025 • Strong financial results • Further operational and strategic progress 2026 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 adjusted earnings pe
Slide 23: Appendices
Appendices Slide 24 RELX 2025 revenue by category 25 RELX 2025 revenue by segment 26 Risk revenue split 27 Risk: underlying revenue growth 28 STM revenue split 29 STM: growth and currency analysis 30 Legal revenue split 31 Legal: revenue growth and margin progression 32 Exhibitions revenue split 33
Slide 24: RELX 2025 revenue by category
RELX 2025 revenue by category Format Geography Type Rest of Face- world to-face 21% Transactional* 12% 46% Europe 21% North Subscription Electronic America 54% 84% 58% Print & print-related *Includes long-term contracts with volumetric elements 24
Slide 25: RELX 2025 revenue by segment
RELX 2025 revenue by segment RELX Group (+7%) Exhibitions (+8%) Business Services News & Business Risk (+8%) Government & Academic Insurance Legal (+9%) Law Firms & Corporate Legal Specialised Industry Data Services Government Academic & Government Databases, Tools & Electronic Reference Primary Res
Slide 26: Risk
Risk 2025 revenue £3,485m Geography Type Rest of world Other 8% transactional Europe 13% Subscription 39% Transactional 61% Long-term contracts with North America volumetric elements 79% 26
Slide 27: Risk: underlying revenue growth
Risk: underlying revenue growth +9% +9% +8% +8% +8% +8% +8% +8% +7% +7% Base market growth contribution† +3% Contribution from recent product introductions†† 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted operating margin 35.9% 36.0% 36.6% 36.7% 36.8% 37.0% 37.0% 37.1% 37.2% 37.0%*
Slide 28: Scientific, Technical & Medical
Scientific, Technical & Medical 2025 revenue £2,714m Geography Type Rest of world Transactional 34% North 20% America 43% Europe Subscription 23% 80% 28
Slide 29: Scientific, Technical & Medical: growth and currency analysis
Scientific, Technical & Medical: growth and currency analysis Change at Period Underlying Portfolio constant change in Other Total Change growth changes currency hedge rates currency currency in GBP Revenue +5% 0% +5% 0% -2% -2% +3% FY 2025 Adjusted operating profit +7% 0% +7% 0% -1% -1% +6% Adjuste
Slide 30: Legal
Legal 2025 revenue £1,806m Geography Type Rest of world 10% Transactional 15% Europe 22% North America Subscription 68% 85% 30
Slide 31: Legal: revenue growth and margin progression
Legal: revenue growth and margin progression Underlying revenue Underlying adjusted Adjusted operating growth operating profit growth margin EBITDA margin 2025 +9% +12% 23.0% 36.2% 2024 +7% +9% 22.2% † 36.8% † 2023 +6% +8% 21.2% 34.6% 2022 +5% +8% 20.9% 33.7% 2021 +3% +5% 20.5% 34.4% 2020 +1% +7% 20
Slide 32: Exhibitions
Exhibitions 2025 revenue £1,186m Geography Source Visitors North America and other Rest of world 20% 26% 44% Exhibitors Europe 74% 36% 32
Slide 33: Exhibitions: revenue growth and margin progression
Exhibitions: revenue growth and margin progression 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total reported revenue growth in GBP -4% +22% +6% +10% +4% -71% +48% +78% +17% +11% -4% Impact of currency -5% +13% +5% -2% +2% +1% -7% +2% -2% -5% -2% Revenue growth at constant currency +1% +9
Slide 34: Balance sheet
Balance sheet 31 Dec 2024 31 Dec 2025 GBPm GBPm Fixed assets* Goodwill & acquired intangible assets 9,811 9,327 Internally developed intangible assets 1,569 1,675 Property, plant & equipment, right-of-use assets and investments 432 454 Net pension balance 21 43 Working capital (1,262) (1,177) Net ca
Slide 35: Return on invested capital
Return on invested capital 2024 2025 Year to 31 December GBPm GBPm Adjusted operating profit 3,199 3,342 Tax at effective rate (720) (752) Effective tax rate 22.5% 22.5% Adjusted operating profit after tax 2,479 2,590 Average invested capital* 16,743 16,799 Return on invested capital 14.8% 15.4% * A
Slide 36: Exchange rates and shares outstanding
Exchange rates and shares outstanding At 31 Dec At 31 Dec Average Average 2024 2025 FY 2024 FY 2025 Exchange rates £:$ 1.25 1.35 1.28 1.32 £:€ 1.21 1.15 1.18 1.17 Shares outstanding Total (m) 1,855.9 1,819.0 1,865.9 1,834.4 36
Slide 37: Reported profit: reconciliation of adjusted to reported profit before tax
Reported profit: reconciliation of adjusted to reported profit before tax 2024 2025 Change in Year to 31 December GBPm GBPm GBP Adjusted profit before tax 2,903 3,059 +5% Adjustments: Amortisation of acquired intangible assets (258) (248) Acquisition and disposal related items (69) (54) Disposals an
Slide 38: 2025 key corporate responsibility data
2025 key corporate responsibility data 2021 2022 2023 2024 2025 Revenue (£m) 7,244 8,553 9,161 9,434 9,590 People Percentage of women employees (%) 50 50 51 51 51 Percentage of women managers (%) 44 44 45 46 46 Percentage of women senior leaders (%) 30 31 31 32 31 Community Percentage of employees v
Slide 39: Corporate responsibility - external recognition
Corporate responsibility - external recognition Among best in our peer group; strong ESG performance MSCI ESG ratings AAA rating since 2016 Sustainalytics Top 1% of 14,700+ companies; Top 2% in Media sector Dow Jones Best in Class Indices Included in DJSI World S&P Global Sustainability Yearbook Inc