RELX (REL) Investor presentation summary

Business overview and strategy

• Operates as a global provider of information-based analytics and decision tools, serving professional and business customers in over 180 countries with more than 37,000 employees worldwide.

• Focuses on organic growth, supported by targeted acquisitions, and aims to deliver enhanced value through sophisticated analytics and decision tools.

• Strategic direction emphasizes sustained long-term growth in Risk and Exhibitions, and improving growth in STM and Legal segments.

• Technology and AI are central to product innovation, with over $2bn annual technology spend and more than 12,000 technologists.

• Corporate responsibility and ESG performance are prioritized, with high external ratings and 100% renewable electricity usage since 2021.

Financial performance and outlook

• 2025 revenue reached £9.6bn, adjusted operating profit £3.3bn, EBITDA margin 40.1%, and cash flow conversion 99%.

• Underlying revenue grew 7%, adjusted operating profit 9%, and adjusted EPS 10% at constant currency in 2025.

• Net debt/EBITDA stands at 2.0x, with market capitalization of £45bn as of February 2026.

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

• 2026 outlook expects continued strong underlying growth in revenue, profit, and EPS.

Segment performance and growth

• Risk segment led with £3,485m revenue and 10% adjusted operating profit growth, driven by analytics for fraud prevention, insurance, and compliance.

• STM (Scientific, Technical & Medical) generated £2,714m revenue, focusing on research platforms, analytics, and high-quality content.

• Legal segment delivered £1,806m revenue, with double-digit profit growth, expanding analytics and workflow tools, and integrating generative AI.

• Exhibitions segment reported £1,186m revenue, with strong recovery and growth post-pandemic.

• All segments showed positive underlying revenue and profit growth in 2025.