RELX (REL) Investor presentation summary

Strategic direction and business model

• Focus on developing advanced analytics and decision tools for professional and business customers, emphasizing organic growth and targeted acquisitions.

• Sustained long-term growth in Risk and Exhibitions, with improving momentum in Scientific, Technical & Medical (STM) and Legal segments.

• Ongoing shift in business mix toward higher-growth analytics and decision tools, leveraging unique content, comprehensive data, and advanced technologies.

• Underlying cost growth is managed below underlying revenue growth, supporting strong earnings and returns.

• Positive societal impact is a core outcome, with products supporting research, healthcare, legal justice, fraud prevention, and market access.

Financial performance and growth

• 2025 revenue reached £9.6bn, with adjusted operating profit of £3.3bn and EBITDA margin of 40.1%.

• Underlying revenue grew by 7%, adjusted operating profit by 9%, and adjusted EPS by 10% at constant currency.

• Cash flow conversion was 99%, with net debt/EBITDA at 2.0x and market capitalization at £45bn as of March 2026.

• Dividend per share increased to 70p, with a payout ratio around 50% of adjusted earnings.

• Capital allocation priorities include organic development, acquisitions, dividends, maintaining leverage, and buybacks.

Segment performance and innovation

• Risk segment led with £3,485m revenue, driven by analytics for fraud prevention, insurance, and compliance, with 8% underlying growth.

• STM segment generated £2,714m, focusing on research platforms, analytics, and databases, with 5% underlying growth.

• Legal segment delivered £1,806m, emphasizing analytics, workflow tools, and generative AI integration, with 9% revenue and 12% profit growth.

• Exhibitions segment achieved £1,186m, supporting in-person and online business connections, with 8% revenue growth.

• All segments are leveraging AI and advanced technology to enhance product value and customer outcomes.