RELX (REL) H1 2025 earnings summary

Executive summary

• Revenue grew 7% year-over-year to £4,741m, with all four business areas contributing to underlying growth and continued operational and strategic progress.

• Adjusted operating profit increased 9% to £1,652m, and adjusted EPS rose 10% at constant currency to 63.5p; interim dividend increased by 7% to 19.5p per share.

• £1,000m of a £1,500m share buyback completed in H1; three acquisitions completed for £262m.

• All segments showed robust growth, with a higher quality growth profile and continued focus on analytics, AI, and digital tools.

• Positive momentum and strong outlook expected to continue for the full year.

Financial highlights

• Revenue: £4,741m (+7% underlying, +2% in GBP); adjusted operating profit: £1,652m (+9% underlying, +4% in GBP); margin improved to 34.8%.

• Adjusted EPS: 63.5p (+10% constant currency, +7% in GBP); reported EPS: 52.9p.

• Free cash flow reached £1,146m, with 100% cash flow conversion; EBITDA margin: 40.2%.

• Net debt: £7,443m; net debt/EBITDA: 2.2x at 30 June 2025.

• Interim dividend: 19.5p (+7%); £1,000m share buyback completed in H1.

Outlook and guidance

• Expect continued strong underlying revenue and adjusted operating profit growth for the full year, with each business area anticipating strong or improving performance.

• Adjusted operating profit growth anticipated to slightly exceed revenue growth across most segments.

• Exhibitions expected to maintain strong growth with margin improvement over prior year.