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 and decision tools, and ongoing product innovation.

Financial highlights

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

• Adjusted operating margin improved by nearly 1 percentage point to 34.8%.

• Net profit up 8% at constant currency to over GBP 2.3 billion; EBITDA exceeded GBP 3.8 billion.

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

• Dividend increased by 7% to 67.5 pence per share; GBP 1.5 billion share buyback completed.

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 further margin improvement expected in Exhibitions.

• Upgraded outlook for STM, reflecting improving momentum and new product introductions.