The global provider of information-based analytics and decision tools
June 2026
RELX Investor Relations contacts | |
Paul Sullivan - Head of Investor Relations paul.sullivan@relx.com | James Statham - Director, Investor Relations james.statham@relx.com |
Natalia Gardner - Investor Relations Associate natalia.gardner@relx.com | Kate Whitaker - Investor Relations kate.whitaker@relx.com |
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 uncertainties that could cause actual results or outcomes of RELX PLC (together with its subsidiaries, "RELX", "we" or "our") to differ materially from those expressed in any forward-looking statement. We consider any statements that are not historical facts to be "forward-looking statements". The terms "outlook", "estimate", "forecast", "project", "plan", "intend", "expect", "should", "could", "will", "believe", "trends" and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ materially from estimates or forecasts contained in the forward-looking statements include, among others: regulatory and other changes regarding the collection or use of personal data; changes in law and legal interpretation affecting our intellectual property rights and internet communications; current and future geopolitical, economic and market conditions; research integrity issues or changes in the payment model for our scientific, technical and medical research products; competitive factors in the industries in which we operate and demand for our products and services; our inability to realise the future anticipated benefits of acquisitions; compromises of our cybersecurity systems or other unauthorised access to our databases; changes in economic cycles, trading relations, communicable disease epidemics or pandemics, severe weather events, natural disasters and terrorism; failure of third parties to whom we have outsourced business activities; significant failure or interruption of our systems; our inability to retain high-quality employees and management; changes in tax laws and uncertainty in their application; exchange rate fluctuations; adverse market conditions or downgrades to the credit ratings of our debt; changes in the market values of defined benefit pension scheme assets and in the market related assumptions used to value scheme liabilities; breaches of generally accepted ethical business standards or applicable laws; and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Except as may be required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.
RELX is a global provider of information-based analytics and decision tools for professional and business customers, enabling them to make better decisions, get better results and be more productive
RELX global scale and growth 2025
Revenue: £9.6bn
Adjusted operating profit: £3.3bn
EBITDA margin 40.1%
Adjusted operating margin: 34.8%
Cash flow conversion: 99%
Underlying revenue growth
Underlying adjusted operating profit growth Adjusted EPS growth at constant currency
+7%
+9%
+10%
Net debt / EBITDA: 2.0x
1At 1 June 2026
See Annual Report for definitions and reconciliations
>37,000 employees worldwide
Customers in more than 180 countries
Listings in London, Amsterdam and New York (ADR)
Market capitalisation1: £45bn / €52bn / $61bn
Progress and outlook
2025 progress"RELX delivered strong underlying revenue and profit growth and strong new sales in 2025: continued strong growth in Risk; good growth with improving momentum in Scientific, Technical & Medical; a further step up in growth in Legal; and strong ongoing growth in Exhibitions."
"Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers. We develop these products by leveraging deep customer understanding to combine our unique content and comprehensive data sets with advanced technologies."
"The continued evolution of artificial intelligence is enabling us to add more value to our customers, as we embed additional functionality in our products, and to develop and launch products at a faster pace, while continuing to manage cost growth below revenue growth. This evolution has been a key driver of our business for well over a decade, and will remain a key driver of customer value and growth in our business for many years to come."
2026 full year outlookWe 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 per share on a constant currency basis.
RELX revenue by category 2025
Format
Face-to-face 12%
Electronic
84%
Print & print-related
Geography
Rest of world 21%
Europe
21%
North America 58%
Type
Transactional* 46%
Subscription
54%
*Includes long-term contracts with volumetric elements
RELX revenue by format
2000-2025:27%
25%
22%
21%
19%
18%
15%
13%
11%
10% 9% 8%
5%
7% 6%
7% 11%
5%
12%
4%
13%
12%
37% 33% 15% 16% 16%
15% 15%
56% 52% 51% 15% 15% 16%
64% 64% 60% 58% 14% 15%
14%
17%
15%
14%
22%
14%
22%
12%
28%
12%
30%
12%
32%
13%
35%
12%
37%
48%
50%
59%
61%
63%
64%
66%
66%
70%
72%
74%
74%
75%
87%
86%
83%
83%
83%
84%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Electronic Face-to-face Print Print & print-relatedRELX strategic direction
StrategyDevelop 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
Risk
Sustain strong long-term growth profile
STM
Continue on improving growth trajectory
Legal
Continue on improving growth trajectory
Exhibitions
Sustain strong long-term growth profile
Underlying cost growth below underlying revenue growth
Better customer outcomes | Higher growth profile | Strong earnings growth | Improving returns | Positive impact on society
Financial performance
Underlying revenue growth | Underlying adjusted operating profit growth | ||||||||||||||||||||
+3% | +4% | +4% | +4% | +4% | +7% | +9% | +8% | +7% | +7% | +5% | +6% | +6% | +6% | +5% | +13% | +15% | +13% | +10% | +9% | ||
-9% | -18% | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
2024 and prior growth includes print & print-related | 2024 and prior growth includes print & print-related | ||||||||||||||||||||
Adjusted operating margin | EBITDA margin | ||||||||||||||||||||
30.5% | 30.7% | 31.1% | 31.3% | 31.6% | 29.2% | 30.5% | 31.4% | 33.1% | 33.9% | 34.8% | 34.3% | 35.4% | 35.8% | 36.2% | 37.3% | 36.1% | 37.2% | 37.1% | 38.7% | 39.5% | 40.1% |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
Financial performance
-15%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
+7% +7% +7%
+10%
+9%
+8% +8%
+11%
+10%
+17%
Constant currency adjusted EPS growth
Return on invested capital
12.7% 13.0% 12.9% 13.2%
13.6%
14.0% 14.8% 15.4%
10.8%
11.9% 12.5%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Adjusted cash flow conversion
94% 95%
96% 96%
96% 97%
101% 101%
98% 97%
99%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0 p
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Percentages represent growth in GBP
+14%
+9%
+7%
+10%
+21%
+6%
+3%
+8%
+10%
+7% +7%
70 p
Dividend per share (p)
Uses of cash - priorities
1. Organic development Capex (£m) | 2015 307 | 2016 333 | 2017 354 | 2018 362 | 2019 380 | 2020 362 | 2021 337 | 2022 436 | 2023 477 | 2024 484 | 2025 525 | Average: c 5% of revenue |
2. Portfolio development | 978 | 878 | Average: | |||||||||
Acquisition consideration (£m) | 416 | 443 | c £400m | |||||||||
207 | 367 | 123 | 255 | 130 | 195 | 270 | ||||||
3. Dividends Total payout (£m) | 583 | 683 | 762 | 796 | 842 | 880 | 920 | 983 | 1,059 | 1,121 | 1,181 | c 50% of adjusted earnings |
4. Leverage Net debt / EBITDA | 2.2x | 2.2x | 2.2x | 2.4x | 2.5x | 3.3x | 2.4x | 2.1x | 2.0x | 1.8x | 2.0x | Typical range: 2.0-2.5x |
5. Buybacks Deployed (£m) | 500 | 700 | 700 | 700 | 600 | 150 | 0 | 500 | 800 | 1,000 | 1,500 | 2026: £2.25bn |
1 2 3 4 5 6 7 8 9 10 11
1 2 3 4 5 6 7 8 9 10 11
1 2 3 4 5 6 7 8 9 10 11
1 2 3 4 5 6 7 8 9 10 11
Technology at RELX
Build new products and support innovation
Build and
improve our big data, analytics, and technology platforms
Ensure
platforms are increasingly reliable, scalable, secure, and compliant
Support
operational efficiencies via automation and re-tooling
Global Scale$2bn RELX annual technology spend
More than 12,000 technologists at RELX
15+ years of experience with big data and AI/ML
Technology agnostic
Leverage approaches across RELX
Extractive AI at RELX
Relate & Profile & Clean Standardise AnalyseData Sources
Public records
Contributory
Digital identities
Machine generated
Licensed
Proprietary
Delivery method
Machine
to machine Machine
to human
Real-time API services
Batch services
point of execution
Customer single
Unstructured and structured content
Big data platforms
Analysis applications
High-quality data from a wide array of sources in multiple formats
>130bn transactions analysed annually
>105m scientific publication records
>207bn legal and news documents and records
Grid computing with low-cost servers
Linking algorithms that generate high precision and recall
Machine learning algorithms to cluster, link and learn from the data
High speed data ingestion, recall, and processing
Rapid development cycles
Platforms to facilitate AI/ML
Proprietary algorithms
Predictive modelling
Machine learning and artificial intelligence
Modular product suites
Flexible delivery platforms
Generative AI at RELX
Authoritative Content Grounding Generation, Expert Oversight and Validation Trusted Customer SolutionsData Sources
Public records
Contributory
Digital identities
Machine generated
Licensed
Proprietary
Large unlabelled
dataset Refined labelled dataset and
Knowledge Graphs
Linking approaches with high precision and recall
Multi-model approach
Model fine tuning for specific use cases
Guardrails to enforce RELX Responsible AI Principles
Human oversight
Traceability, citations and source document linking
Feedback loops for continuous model refinement
Tailored Insights
Personalised Analyses
User specific workflows
Draft documents
Trust and transparency indicators
Compliance with global regulations
RELX revenue by segment
Risk Provides customers with information-based analytics and decision tools thatmarket position
2025
revenue £m
2025
adjusted operating profit £m
combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency
STM Helps advance science and healthcare by combining high-quality, trusted scientific and medical information and data sets with innovative technologies to deliver critical insights that support better outcomesKey verticals #1
Global #1
3,485 1,305
2,714 1,035
Legal Helps its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal, regulatory and business information with powerful analyticsUS #2
Outside US #1 or
#2
1,806 415
Exhibitions Combines industry expertise, digital tools, and data to help customers connect in-person and online, discover new markets, source products, generate leads and transactGlobal #2
1,186 410
RELX 2025 revenue and adjusted operating profit by segment
Exhibitions (+8%)
Risk (+8%)
Legal (+9%)
STM (+5%)
Print & print-related
RELX Group revenue (+7%)
Exhibitions (+9%)
Risk (+10%)
Legal (+12%)
STM (+7%)
Print & print-related
RELX Group adjusted operating profit (+9%)
Percentages represent underlying growth
RELX 2025 revenue by segment
RELX Group (+7%)
News & Business
Business Services
Risk (+8%)
Government & Academic
Legal (+9%)
Law Firms & Corporate Legal
Insurance
Specialised Industry Data Services
Government
Print & print-related
Percentages represent underlying growth
Academic & Government Primary Research
Databases, Tools & Electronic Reference Corporate Primary Research
STM (+5%)RELX underlying revenue growth by segment
Risk
+9%
+7%
+8%
+8%
+9%
+7%
+8% +8% +8% +8%
+3%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Scientific, Technical & Medical
+4%
+4%
+5%
+2% +2% +2% +2%
+2%
+3%
+4%
+1%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Legal
+9%
+5%
+6%
+7%
+1%
+2% +2% +2%
+2%
+3%
+1%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Exhibitions
+44%
+64%
+30%
+11%
+8%
+5%
+5%
+6% +6% +6%
-69%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2024 and prior growth includes print & print-related

