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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.
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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