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 four business areas—Risk, STM, Legal, and Exhibitions—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

• Underlying revenue grew by 7% year-over-year, with adjusted operating profit up 9% and adjusted EPS up 10% at constant currency.

• Adjusted operating margin improved to 34.8%, up nearly 1 percentage point year-over-year.

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

• Free cash flow exceeded GBP 2.3 billion, with a 99% cash conversion rate.

• Dividend per share increased to 67.5p; GBP 1.5 billion spent on share buybacks.

Outlook and guidance

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

• Each segment anticipates continued strong or improving growth trajectories, with upgraded outlook for STM.

• Ongoing shift in business mix toward higher growth analytics and decision tools to drive long-term growth.