Slides
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Results 2025 Erik Engstrom, CEO, and Nick Luff, CFO 12 February 2026
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2 DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC (together with its subsidiaries, “RELX”, “we” or “our”) to differ materially from those expressed in any forward-looking statement. We consider any statements that are not historical facts to be “forward-looking statements”. The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”, “believe”, “trends” and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ materially from estimates or forecasts contained in the forward-looking statements include, among others: regulatory and other changes regarding the collection or use of personal data; changes in law and legal interpretation affecting our intellectual property rights and internet communications; current and future geopolitical, economic and market conditions; research integrity issues or changes in the payment model for our scientific, technical and medical research products; competitive factors in the industries in which we operate and demand for our products and services; our inability to realise the future anticipated benefits of acquisitions; compromises of our cybersecurity systems or other unauthorised access to our databases; changes in economic cycles, trading relations, communicable disease epidemics or pandemics, severe weather events, natural disasters and terrorism; failure of third parties to whom we have outsourced business activities; significant failure or interruption of our systems; our inability to retain high-quality employees and management; changes in tax laws and uncertainty in their application; exchange rate fluctuations; adverse market conditions or downgrades to the credit ratings of our debt; changes in the market values of defined benefit pension scheme assets and in the market related assumptions used to value scheme liabilities; breaches of generally accepted ethical business standards or applicable laws; and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Except as may be required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.
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Erik Engstrom, CEO 3
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RELX 2025 • Strong financial results • Further operational and strategic progress • Continued positive momentum 4
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2025 financial highlights • Underlying revenue growth • Underlying adjusted operating profit growth • Adjusted EPS growth at constant currency +10% +9% +7% 5
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RELX 2025 revenue and adjusted operating profit by segment 6 Risk (+8%) STM (+5%) Legal (+9%) Exhibitions (+8%) Risk (+10%) STM (+7%) Legal (+12%) Exhibitions (+9%) Print & print-related Percentages represent underlying growth RELX Group revenue (+7%) RELX Group adjusted operating profit (+9%) Print & print-related
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Risk • Strong fundamentals continuing to drive underlying revenue growth • Business Services strong growth driven by Financial Crime Compliance and digital Fraud & Identity solutions; strong new sales • Insurance strong growth driven by further innovation, supported by positive market factors; strong new sales • Specialised Industry Data Services growth led by Commodity Intelligence; Government growth driven by analytics and decision tools 2026 outlook: We expect continued strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth 7 Underlying growth +9% +10% 2024 2025 Adjusted operating profit +8% +8% 2024 2025 Revenue 2024 growth includes print & print-related
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Scientific, Technical & Medical • Development of analytics continuing to drive underlying revenue growth • Improving momentum, supported by increasing pace of new product introductions; strong new sales • Databases, Tools & Electronic Reference strong growth driven by higher value- add analytics and decision tools • Primary Research driven by volume growth; article submissions growing very strongly 2026 outlook: We expect good to strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth 8 Underlying growth +5% +7% 2024 2025 Adjusted operating profit +4% +5% 2024 2025 Revenue 2024 growth includes print & print-related
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Legal • Further improvement in underlying revenue growth driven by AI-enabled legal analytics and tools • Law Firms & Corporate Legal double-digit growth driven by core platform and integrated agentic legal assistant (Lexis+ AI and Protégé) • Government & Academic and News & Business driven by extension of analytics and decision tools • Renewals and new sales strong across all key segments 2026 outlook: We expect continued strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth 9 Underlying growth +9% +12% 2024 2025 Adjusted operating profit +7% +9% 2024 2025 Revenue 2024 growth includes print & print-related
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Exhibitions • Strong underlying revenue growth and profitability improvement • Improved ongoing growth profile of event portfolio • Good progress on value-enhancing digital initiatives • Cost growth below revenue growth; margins significantly above historical levels 2026 outlook: We expect continued strong underlying revenue growth with an improvement in adjusted operating margin over the prior full year 10 +11% +8% 2024 2025 Revenue +31% +9% 2024 2025 Adjusted operating profit Underlying growth
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RELX strategic direction 11 Strategy • Develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to professional and business customers across market segments • Primary focus on organic growth, supported by targeted acquisitions Revenue growth objectives Risk • Sustain strong long-term growth profile STM • Continue on improving growth trajectory Legal • Continue on improving growth trajectory Exhibitions • Sustain strong long-term growth profile Cost growth objective • Underlying cost growth below underlying revenue growth Outcomes Better customer outcomes | Higher growth profile | Strong earnings growth | Improving returns | Positive impact on society
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Nick Luff, CFO 12
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2025 financial highlights Income statement highlights • Underlying revenue growth • Underlying adjusted operating profit growth • Adjusted operating profit margin • Adjusted EPS growth at constant currency +7% +9% 34.8% +10% Cash flow and balance sheet highlights • Adjusted cash flow conversion • Net debt / EBITDA • Dividend • Acquisition spend • Share buyback 99% 2.0x 67.5p £270m £1.5bn 13 See 2025 Annual Report and 2025 results press release for definitions and reconciliations
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Revenue Year to 31 December Restated 2024 GBPm 2025 GBPm Change in GBP Change at constant currency Underlying growth Risk 3,336 3,485 +4% +7% +8% Scientific, Technical & Medical 2,624 2,714 +3% +5% +5% Legal 1,718 1,806 +5% +8% +9% Exhibitions 1,239 1,186 -4% -2% +8% Print & print-related activities 517 399 RELX 9,434 9,590 +2% +4% +7% 14
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Adjusted operating profit Year to 31 December Restated 2024 GBPm 2025 GBPm Change in GBP Change at constant currency Underlying growth Risk 1,233 1,305 +6% +9% +10% Scientific, Technical & Medical 981 1,035 +6% +7% +7% Legal 381 415 +9% +11% +12% Exhibitions 398 410 +3% +7% +9% Print & print-related, and unallocated costs 206 177 RELX 3,199 3,342 +4% +7% +9% 15
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Adjusted operating margin Year to 31 December Restated 2024 2025 Risk 37.0% 37.4% Scientific, Technical & Medical 37.4% 38.1% Legal 22.2% 23.0% Exhibitions 32.1% 34.6% RELX 33.9% 34.8% 16
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Adjusted income statement Year to 31 December 2024 GBPm 2025 GBPm Change in GBP Change at constant currency Underlying growth Revenue 9,434 9,590 +2% +4% +7% EBITDA 3,724 3,846 EBITDA margin 39.5% 40.1% Operating profit 3,199 3,342 +4% +7% +9% Operating margin 33.9% 34.8% Net interest expense (296) (283) Effective interest rate 4.4% 3.9% Profit before tax 2,903 3,059 Tax charge (652) (688) Effective tax rate % 22.5% 22.5% Non-controlling interests (10) (13) Net profit 2,241 2,358 +5% +8% Net margin 23.8% 24.6% Earnings per share 120.1p 128.5p +7% +10% 17
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Free cash flow Year to 31 December 2024 GBPm 2025 GBPm Adjusted operating profit 3,199 3,342 Depreciation and other amortisation 525 504 EBITDA 3,724 3,846 Capital expenditure (484) (525) Repayment of lease principal (61) (38) Working capital and other items (78) 18 Adjusted cash flow 3,101 3,301 Cash flow conversion 97% 99% Cash interest paid (251) (261) Cash tax paid (662) (638) Acquisition and disposal related items (62) (89) Free cash flow 2,126 2,313 18
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Uses of free cash flow Year to 31 December 2024 GBPm 2025 GBPm Free cash flow 2,126 2,313 Acquisitions: total consideration (195) (270) Disposals: total consideration 95 11 Dividends (1,121) (1,181) Share buybacks (1,000) (1,500) Other* (68) (106) Currency translation 46 95 Movement in net debt (117) (638) Net debt at 31 December (6,563) (7,201) Net debt / EBITDA 1.8x 2.0x 19 * Includes share option exercise proceeds, share purchases by the employee benefit trust, fair value movements on cross-currency interest rate swaps not designated as hedges, leases, and timing effects of acquisitions, disposals and transactions with non-controlling interests
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1. Organic development Capex (£m) Average: c 5% of revenue 2. Portfolio development Acquisition consideration (£m) Average: c £400m 3. Dividends Total payout (£m) c 50% of adjusted earnings 4. Leverage Net debt / EBITDA Typical range: 2.0-2.5x 5. Buybacks Deployed (£m) 2026: £2.25bn Uses of cash - priorities 2.2x 2.2x 2.2x 2.4x 2.5x 3.3x 2.4x 2.1x 2.0x 1.8x 2.0x 1 2 3 4 5 6 7 8 9 10 11 20 583 683 762 796 842 880 920 983 1,059 1,121 1,181 1 2 3 4 5 6 7 8 9 10 11 207 367 123 978 416 878 255 443 130 195 270 1 2 3 4 5 6 7 8 9 10 11 307 333 354 362 380 362 337 436 477 484 525 1 2 3 4 5 6 7 8 9 10 11 500 700 700 700 600 150 0 500 800 1,000 1,500 1 2 3 4 5 6 7 8 9 10 11 2016 2021 2022 2023 2024 20252017 2018 202020192015
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Erik Engstrom, CEO 21
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Summary • Strong financial results • Further operational and strategic progress 22 • We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis 2025 2026 outlook
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Appendices 23 Slide 24 RELX 2025 revenue by category 25 RELX 2025 revenue by segment 26 Risk revenue split 27 Risk: underlying revenue growth 28 STM revenue split 29 STM: growth and currency analysis 30 Legal revenue split 31 Legal: revenue growth and margin progression 32 Exhibitions revenue split 33 Exhibitions: revenue growth and margin progression 34 Balance sheet 35 Return on invested capital 36 Exchange rates and shares outstanding 37 Reported profit: reconciliation of adjusted to reported profit before tax 38 2025 key corporate responsibility data 39 Corporate responsibility - external recognition
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RELX 2025 revenue by category 24 Face- to-face 12% Electronic 84% Rest of world 21% Europe 21% North America 58% Transactional* 46% Subscription 54% Format Geography Type *Includes long-term contracts with volumetric elementsPrint & print-related
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Government News & Business Law Firms & Corporate Legal RELX 2025 revenue by segment 25 Exhibitions (+8%) Risk (+8%) STM (+5%) Databases, Tools & Electronic Reference Corporate Primary Research Legal (+9%) Insurance Business Services Academic & Government Primary Research Government & Academic Specialised Industry Data Services Percentages represent underlying growth Print & print-related RELX Group (+7%)
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Risk 2025 revenue £3,485m Rest of world 8% Europe 13% North America 79% Transactional 61% Subscription 39% Type 26 Other transactional Long-term contracts with volumetric elements Geography
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Risk: underlying revenue growth † Products more than 5 years old †† Products less than 5 years old * 2024 results restated to reflect business area reporting changes 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Base market growth contribution † Contribution from recent product introductions †† +8% +9% +8%+8% +7% 27 +3% +8% +9% +8% Adjusted operating margin 35.9% 36.0% 36.6% 36.7% 36.8% 37.0% 37.0% 37.1% 37.2% 37.0%* 37.4% +8% +7%
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Scientific, Technical & Medical Rest of world 34% Europe 23% North America 43% Transactional 20% Subscription 80% 28 2025 revenue £2,714m TypeGeography
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Scientific, Technical & Medical: growth and currency analysis Underlying growth Portfolio changes Change at constant currency Period change in hedge rates Other currency Total currency Change in GBP Revenue +5% 0% +5% 0% -2% -2% +3% FY 2025 Adjusted operating profit +7% 0% +7% 0% -1% -1% +6% Adjusted operating margin +0.6% +0.0% +0.6% +0.0% +0.1% +0.1% +0.7% 29
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Legal Rest of world 10% Europe 22% North America 68% Transactional 15% Subscription 85% 30 2025 revenue £1,806m TypeGeography
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Legal: revenue growth and margin progression Underlying revenue growth Underlying adjusted operating profit growth Adjusted operating margin EBITDA margin 2025 +9% +12% 23.0% 36.2% 2024 +7% +9% 22.2%† 36.8% † 2023 +6% +8% 21.2% 34.6% 2022 +5% +8% 20.9% 33.7% 2021 +3% +5% 20.5% 34.4% 2020 +1% +7% 20.1% 32.9% 2019 +2% +8% 20.0% 30.8% 2018 +2% +10% 19.8% 28.9% * 2017 +2% +11% 19.6% 27.9% 2016 +2% +12% 19.2% 27.6% 2015 +1% +7% 19.0% 25.6% 31 † 2024 results restated to reflect business area reporting changes * 2018 and prior EBITDA margins include pre-publication amortisation charge
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Exhibitions Rest of world 44% Europe 36% North America 20% Exhibitors 74% 32 Visitors and other 26% 2025 revenue £1,186m SourceGeography
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Exhibitions: revenue growth and margin progression 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total reported revenue growth in GBP -4% +22% +6% +10% +4% -71% +48% +78% +17% +11% -4% Impact of currency -5% +13% +5% -2% +2% +1% -7% +2% -2% -5% -2% Revenue growth at constant currency +1% +9% +1% +12% +2% -72% +55% +76% +19% +16% -2% Impact of acquisitions/disposals +1% +1% +1% +1% +2% -1% -1% -2% 0% -1% -5% Underlying revenue growth with cycling 0% +8% 0% +11% 0% -71% +56% +78% +19% +17% +3% Impact of cycling events -5% +3% -6% +5% -6% -2% +12% +14% -11% +6% -5% Underlying revenue growth +5% +5% +6% +6% +6% -69% +44% +64% +30% +11% +8% Adjusted operating margin 25.3% 25.7% 25.7% 25.7% 26.1% -45.3% 1.9% 17.0% 28.6% 32.1% 34.6% 33
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Balance sheet 31 Dec 2024 GBPm 31 Dec 2025 GBPm Fixed assets* Goodwill & acquired intangible assets 9,811 9,327 Internally developed intangible assets 1,569 1,675 Property, plant & equipment, right-of-use assets and investments 432 454 Net pension balance 21 43 Working capital (1,262) (1,177) Net capital employed (book value) 10,571 10,322 34 * Net of accumulated depreciation and amortisation
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Return on invested capital Year to 31 December 2024 GBPm 2025 GBPm Adjusted operating profit 3,199 3,342 Tax at effective rate (720) (752) Effective tax rate 22.5% 22.5% Adjusted operating profit after tax 2,479 2,590 Average invested capital* 16,743 16,799 Return on invested capital 14.8% 15.4% 35 * At average FX rates; accumulated amortisation of acquired intangible assets added back
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Exchange rates and shares outstanding At 31 Dec 2024 At 31 Dec 2025 Average FY 2024 Average FY 2025 Exchange rates £:$ 1.25 1.35 1.28 1.32 £:€ 1.21 1.15 1.18 1.17 Shares outstanding Total (m) 1,855.9 1,819.0 1,865.9 1,834.4 36
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Reported profit: reconciliation of adjusted to reported profit before tax Year to 31 December 2024 GBPm 2025 GBPm Change in GBP Adjusted profit before tax 2,903 3,059 +5% Adjustments: Amortisation of acquired intangible assets (258) (248) Acquisition and disposal related items (69) (54) Disposals and other non-operating items (6) 9 Other (13) (16) Reported profit before tax 2,557 2,750 +8% Reported net profit 1,934 2,065 +7% Reported earnings per share 103.6p 112.6p +9% 37
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2025 key corporate responsibility data 38 2021 2022 2023 2024 2025 Revenue (£m) 7,244 8,553 9,161 9,434 9,590 People Percentage of women employees (%) 50 50 51 51 51 Percentage of women managers (%) 44 44 45 46 46 Percentage of women senior leaders (%) 30 31 31 32 31 Community Percentage of employees volunteering (%) 32 36 36 37 38 Socially responsible suppliers (SRS) Number of key suppliers on SRS database 359 724 796 914 954 Number of independent external audits 111 119 125 137 140 Number of signatories to the supplier code of conduct 3,670 4,467 5,322 6,056 6,586 Environment Total on-site energy (MWh) 125,095 117,997 110,750 89,745 55,977 Renewable electricity purchased (MWh) 105,793 98,013 92,621 77,412 50,281 Percentage of electricity from renewable sources (%) 100 100 100 100 100 Waste sent to landfill (t) 150 73 45 44 32 Water usage (m3) 183,575 156,734 142,374 134,716 111,810 Climate change (tCO2e) Scope 1 + Scope 2 (location-based) emissions 49,695 42,481 40,933 32,692 21,466 Scope 3 (flights) Cirium’s EmeraldSky flight emissions methodology 3,402 15,879 16,999 19,172 23,826 See Annual Report for definitions and methodologies
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Corporate responsibility - external recognition Among best in our peer group; strong ESG performance 39 MSCI ESG ratings AAA rating since 2016 Sustainalytics Top 1% of 14,700+ companies; Top 2% in Media sector Dow Jones Best in Class Indices Included in DJSI World S&P Global Sustainability Yearbook Included FTSE4Good Included Euronext Sustainable World 120 Index Included ECPI Included FT Europe’s Climate Leaders 2025 Included STOXX Global ESG Leaders indices Included ISS ESG Corporate Performance Prime status Workplace Pride 2025 Advocate Awarded 39