REG - RELX PLC - RELX 2025 RESULTS

RelxAnnouncement

12/02/2026 07:00

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RNS Number : 6771S  RELX PLC  12 February 2026

12 February 2026

RESULTS FOR THE YEAR TO 31 DECEMBER 2025

RELX, the global provider of information-based analytics and decision tools,
reports results for 2025 and provides outlook for another year of strong
growth in 2026.

 2025 highlights

 Ø Revenue £9,590m (£9,434m), underlying growth +7%

 Ø Adjusted operating profit £3,342m (£3,199m), underlying growth +9%

 Ø Adjusted EPS 128.5p (120.1p), constant currency growth +10%

 Ø Reported operating profit £3,027m (£2,861m)

 Ø Reported EPS 112.6p (103.6p)

 Ø Proposed full year dividend 67.5p (63.0p)

 Ø Net debt/EBITDA 2.0x; adjusted cash flow conversion 99%

 Ø Completed five acquisitions for a total consideration of £270m

 Ø Completed £1,500m share buyback

 2026 outlook

 Ø 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.

Chief Executive Officer, Erik Engstrom, commented:

"RELX delivered strong underlying revenue and profit growth and strong new
sales in 2025: continued strong growth in Risk; good growth with improving
momentum in Scientific, Technical & Medical; a further step up in growth
in Legal; and strong ongoing growth in Exhibitions."

"Our improving long-term growth trajectory continues to be driven by the
ongoing shift in business mix towards higher growth analytics and decision
tools that deliver enhanced value to our customers.  We develop these
products by leveraging deep customer understanding to combine our unique
content and comprehensive data sets with advanced technologies."

"The continued evolution of artificial intelligence is enabling us to add more
value to our customers, as we embed additional functionality in our products,
and to develop and launch products at a faster pace, while continuing to
manage cost growth below revenue growth.  This evolution has been a key
driver of our business for well over a decade, and will remain a key driver of
customer value and growth in our business for many years to come."

Operating and financial review

Revenue £9,590m (£9,434m); underlying growth +7%.

Adjusted operating profit £3,342m (£3,199m); underlying growth +9%:
Continuous process innovation to manage cost growth below revenue growth led
to an improvement in the group adjusted operating margin to 34.8% (33.9%).

Reported operating profit £3,027m (£2,861m): Reported operating profit
includes amortisation of acquired intangible assets of £248m (£258m).

Adjusted profit before tax £3,059m (£2,903m): The adjusted net interest
expense was £283m (£296m). The average interest rate on gross debt was 3.9%
(4.4%).

Reported profit before tax £2,750m (£2,557m). Reported net interest was
£286m (£298m).

Tax: The adjusted tax charge was £688m (£652m). The adjusted effective tax
rate was 22.5% (22.5%). The reported tax charge was £672m (£613m).

Adjusted EPS 128.5p (120.1p); constant currency growth +10%.

Reported EPS 112.6p (103.6p).

Dividend: We are proposing a full year dividend of 67.5p (63.0p), an increase
of +7%. The final dividend proposed by the Board is 48.0p per share (subject
to shareholder approval at the 2026 AGM). If approved, the final dividend will
be paid on 18 June 2026, with an ex-dividend date of 7 May 2026 and a record
date of 8 May 2026. Shareholders appearing on the Register of Members or
holding shares in CREST will automatically receive their dividends in pounds
sterling but have the option to elect to receive their dividends in Euro.
Shareholders who hold shares through Euroclear Nederland (via banks and
brokers) will automatically receive their dividend in Euro but have the option
to elect to receive their dividends in pounds sterling. The closing date for
currency elections is 26 May 2026. Dividend Reinvestment Plans are available
for shares trading on the London Stock Exchange and Euronext Amsterdam
(further information is available at www.relx.com (http://www.relx.com/) ).

 

Portfolio development: In 2025 we completed five acquisitions for a total
consideration of £270m, and two small disposals.

Net debt/EBITDA 2.0x (1.8x): Net debt at 31 December 2025 was £7,201m
(£6,563m). EBITDA was £3,846m (£3,724m). Adjusted cash flow conversion was
99% (97%).

Share buybacks: We deployed £1,500m on share buybacks in 2025. In recognition
of our strong financial position and cash flow we intend to deploy a total of
£2,250m on share buybacks in 2026, of which £250m has already been
completed.

Corporate responsibility: We performed well on our corporate responsibility
priorities in 2025, on our unique contributions to society, and on our key
metrics. Our performance was again recognised by external agencies: RELX
achieved a AAA MSCI rating for a tenth consecutive year, ranked in the top 1%
of over 14,700 companies globally by Sustainalytics, and was included in the
S&P Global Sustainability Yearbook.

 

RELX FINANCIAL SUMMARY

                                                    Year ended 31 December
 Adjusted figures                                   2024     2025     Change   Change at constant currency  Underlying

GBPm
GBPm
in GBP
growth
 Revenue                                             9,434    9,590   +2%      +4%                          +7%
 EBITDA                                              3,724    3,846
 Operating profit                                    3,199    3,342   +4%      +7%                          +9%
 Operating margin                                   33.9%    34.8%
 Net interest expense                                (296)    (283)
 Profit before tax                                   2,903    3,059
 Tax charge                                          (652)    (688)
 Net profit attributable to shareholders             2,241    2,358
 Cash flow                                           3,101    3,301
 Cash flow conversion                               97%      99%
 Return on invested capital                         14.8%    15.4%
 Earnings per share                                 120.1p   128.5p   +7%      +10%

 Dividend                                           2024     2025     Change

in GBP
 Ordinary dividend per share                        63.0p    67.5p    +7%

 Reported figures                                   2024     2025     Change

GBPm
GBPm
in GBP
 Revenue                                             9,434    9,590   +2%
 Operating profit                                    2,861    3,027   +6%
 Net interest expense                                (298)    (286)
 Profit before tax                                   2,557    2,750
 Tax charge                                          (613)    (672)
 Net profit attributable to shareholders             1,934    2,065
 Net margin                                         20.5%    21.5%
 Cash generated from operations                      3,521    3,735
 Net debt                                            6,563    7,201
 Earnings per share                                 103.6p   112.6p   +9%

 

RELX uses adjusted figures as additional performance measures. Adjusted
figures primarily exclude the amortisation of acquired intangible assets and
other items related to acquisitions and disposals, and the associated deferred
tax movements. Underlying revenue growth rates are calculated at constant
currency, and exclude revenue from acquisitions until twelve months after
purchase, revenue of disposals and assets held for sale, print and
print-related revenue and exhibition cycling. Underlying adjusted operating
profit growth rates are calculated on the same basis except that they do not
exclude exhibition cycling. Constant currency growth rates are based on 2024
full-year average and hedge exchange rates. Some figures and sub-totals may
add up to slightly different amounts than the totals due to rounding.
Reconciliations of alternative performance measures are provided on pages 31
and 32.

 ENQUIRIES:  Paul Sullivan (Investors)  Paul Abrahams (Media)

             +44 (0)20 7166 5751        +44 (0)20 7166 5724

 

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

This announcement 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
announcement. 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 announcement or to
reflect the occurrence of unanticipated events.

 

Notes for Editors

 

About RELX

 

RELX is a global provider of information-based analytics and decision tools
for professional and business customers. RELX serves customers in more than
180 countries and territories and has offices in about 40 countries. It
employs more than 37,000 people, around 40% of whom are in North America.

The shares of RELX PLC, the parent company, are traded on the London,
Amsterdam and New York stock exchanges using the following ticker symbols:
London: REL; Amsterdam: REN; New York: RELX. The market capitalisation is
approximately £37bn/€42bn/$50bn.

The RELX 2025 Annual Report is expected to be available on the RELX website at
www.relx.com (http://www.relx.com) from 19 February 2026. Copies of the RELX
2025 Annual Report are expected to be posted to shareholders of RELX PLC on or
around 6 March 2026. Copies of the 2025 Results Announcement are available to
the public on the RELX website and from:

RELX PLC

1-3 Strand

London WC2N 5JR

United Kingdom

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