RELX (REL) H2 2025 earnings summary

Executive summary

• Delivered strong financial results in 2025, with underlying revenue growth of 7%, adjusted operating profit up 9%, and adjusted EPS up 10% at constant currency.

• All business segments performed well, with profit growth exceeding revenue growth in each.

• Continued operational and strategic progress, driven by AI-enabled analytics, decision tools, and ongoing product innovation.

Financial highlights

• Adjusted operating margin improved to 34.8%, up nearly one percentage point year-over-year.

• Net profit rose 8% at constant currency to over GBP 2.3 billion.

• Free cash flow reached GBP 2,313m, with a 99% cash flow conversion rate.

• EBITDA exceeded GBP 3.8 billion; CapEx was GBP 555 million (5% of revenue).

• Proposed full-year dividend increase of 7% to 67.5 pence per share.

Outlook and guidance

• Expect continued strong underlying revenue growth, with adjusted operating profit growth outpacing revenue.

• Each segment anticipates continued strong or improving growth trajectories, with adjusted operating profit growth exceeding revenue growth.

• Margin improvement anticipated, supported by cost control and AI-driven efficiencies.