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RELX (REL) investor relations material

RELX H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary24 Jul, 2025

Executive summary

  • Revenue grew 7% year-over-year to £4,741m, with all business segments contributing to underlying growth and strong operational momentum.

  • Adjusted operating profit increased 9% to £1,652m, with margin improvement to 34.8%.

  • Adjusted EPS rose 10% at constant currency to 63.5p; interim dividend increased by 7% to 19.5p.

  • Three acquisitions completed for £262m; £1bn of £1.5bn share buyback executed.

  • Full-year outlook reaffirmed for strong underlying growth in revenue, profit, and EPS.

Financial highlights

  • Adjusted operating margin improved to 34.8% (up from 34.1%); EBITDA margin 40.2%.

  • Free cash flow for H1 exceeded £1.1bn, with 100% cash flow conversion.

  • Net debt/EBITDA at 2.2x; net debt increased to £7,443m.

  • Adjusted effective tax rate: 22.5%.

  • Capital expenditure was £255m (5.4% of revenue), mainly for product development.

Outlook and guidance

  • Expect another year of strong underlying growth in revenue, adjusted operating profit, and EPS.

  • Each business area expects underlying adjusted operating profit growth to exceed revenue growth.

  • Full-year margin improvement expected in Exhibitions, though second-half margins typically lower due to seasonality.

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Frequently asked questions

RELX PLC is a global provider of information-based analytics and decision tools for professional and business customers. It operates in scientific, technical, medical, legal, and business information sectors. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.

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