20-F: RELX Reports Strong 2025 Growth, Driven by AI-Enabled Analytics

RELX PLC delivered robust financial performance in 2025 with underlying revenue growth of 7% and adjusted EPS growth of 10% at constant currency, driven by its shift towards higher-value analytics and AI-enabled decision tools.

Summary

• Total reported revenue increased by 2% to £9,590 million in 2025, up from £9,434 million in 2024.
• Underlying revenue growth, excluding acquisitions, disposals, print and print-related revenue, and exhibition cycling, was a strong 7% across all four business areas.
• Adjusted operating profit rose by 4% to £3,342 million in 2025, compared to £3,199 million in 2024.
• Underlying adjusted operating profit growth was 9%, indicating efficient cost management relative to revenue growth.
• The adjusted operating margin improved by 0.9 percentage points, reaching 34.8% in 2025 from 33.9% in 2024.
• Adjusted earnings per share increased by 7% to 128.5p in 2025 (from 120.1p in 2024), representing a 10% increase at constant currency.
• A full-year dividend of 67.5p per share is proposed, a 7% increase from 63.0p in 2024.
• Net debt increased to £7,201 million as of December 31, 2025, from £6,563 million in 2024, resulting in a Net debt/EBITDA ratio of 2.0x (up from 1.8x).
• Cash flow conversion remained strong at 99% of adjusted operating profit, an improvement from 97% in 2024.
• Capital expenditure amounted to £525 million in 2025, reflecting continued investment in new products and infrastructure.
• £1,500 million was deployed on share buybacks in 2025, with a further £250 million completed in early 2026 and an intention to repurchase up to £2,000 million more in 2026.
• Revenue from print and print-related activities decreased significantly by 23% to £399 million in 2025 (from £517 million in 2024).
• A small portfolio of commercial healthcare products was reclassified from the Scientific, Technical & Medical segment to the Risk segment, with prior period comparatives restated.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong performance, with robust underlying growth across key segments driven by successful AI integration and strategic focus. The increased dividend and share buyback program reflect management's confidence, despite a slight increase in net debt leverage.

Positives

• Strong underlying revenue growth of 7% across all four business areas (Risk, Scientific, Technical & Medical, Legal, and Exhibitions).
• Underlying adjusted operating profit growth of 9% outpaced revenue growth, leading to margin expansion.
• Adjusted operating margin improved by 0.9 percentage points to 34.8%, demonstrating enhanced operational efficiency.
• Adjusted earnings per share grew by 10% at constant currency, reflecting robust profitability.
• Proposed full-year dividend increased by 7% to 67.5p, signaling confidence in future performance and commitment to shareholder returns.
• High cash flow conversion rate of 99% indicates efficient generation of cash from operations.
• Continued significant investment in new products and infrastructure, with capital expenditure of £525 million in 2025, supporting organic growth.
• Successful deployment of AI and Machine Learning techniques is driving customer value and internal efficiencies across segments.
• The Risk segment delivered strong growth, driven by deeply embedded, AI-enabled analytics and decision tools, with notable performance in Financial Crime Compliance and digital Fraud & Identity solutions.
• Scientific, Technical & Medical maintained improved growth, driven by the evolution towards higher-value analytics and tools, including successful rollout of AI-enabled tools like Scopus AI and Sherpath AI.
• The Legal segment showed a further step up in growth, propelled by the adoption of AI-enabled legal analytics and tools such as Lexis+ AI and Protg.
• Exhibitions achieved strong underlying revenue growth and profitability improvement, with increased usage of value-enhancing digital initiatives.
• The company refinanced and increased its committed bank facility to $3.5 billion, maturing in November 2030, which remained undrawn, providing ample liquidity.
• Achieved a AAA MSCI rating for the tenth consecutive year and ranked in the top 1% of over 14,700 companies globally by Sustainalytics, highlighting strong ESG performance.
• All regular employees are paid above the living wage, reflecting a commitment to fair labor practices.

Negatives

• Reported revenue growth of 2% was lower than underlying growth due to the combined impact of disposals, exhibition cycling, and a significant decline in print and print-related activities.
• Revenue from print and print-related activities decreased by 23% to £399 million in 2025, reflecting a strategic reduction in involvement but a drag on overall reported growth.
• Net debt increased to £7,201 million as of December 31, 2025, from £6,563 million in 2024, and the Net debt/EBITDA ratio rose to 2.0x from 1.8x, indicating increased leverage.
• Currency movements had an adverse impact, decreasing group revenue by 2% and adjusted operating profit by 3%.
• The Exhibitions segment experienced a reported revenue decline of 4% due to prior year disposals and event cycling effects.
• Scope 3 (flights) emissions increased by 24% over 2024, although they remain 41% below 2019 levels, indicating a rebound in business travel.

Risks

• Regulatory changes regarding the collection or use of personal data and compromises of data privacy controls could adversely affect business and operations, leading to reputational damage, increased costs, fines, and litigation.
• Intellectual property rights may not be adequately protected under current laws in some jurisdictions, especially from companies leveraging technology tools and AI, potentially impacting demand and pricing of products and services.
• Current and future geopolitical, economic, and market conditions (e.g., acts of war, civil unrest, political conflicts, international sanctions, inflation, interest rates, trading relations) may adversely affect demand for products and services and the ability to operate internationally.
• Failing to maintain research integrity in scientific, technical, and medical primary research products, as well as changes in the payment model (e.g., Open Access), could adversely affect business or financial performance.
• Operating in a highly competitive and dynamic environment, failure to anticipate and quickly adapt to technological innovations (such as AI) or the entrance of new competitors could impact demand for products and services and long-term returns.
• Inability to realize all future anticipated benefits of acquisitions (e.g., revenue growth, accelerated product development, cost savings) could adversely affect return on invested capital, financial condition, or lead to impairment of goodwill or intangibles.
• Compromises of cybersecurity systems and other unauthorized access to databases could adversely affect business, operations, financial performance, damage reputation, and expose the company to loss, fines, penalties, litigation, and increased regulation.
• Changes in economic cycles, trading relations, communicable disease epidemics, severe weather events, natural disasters, terrorism, and lack of venues may impact the ability to organize face-to-face events, reducing revenues and increasing costs.
• Business may be adversely affected by the poor performance, failure, or breach of third parties (e.g., outsourced functions, cloud service providers, large language model providers) to whom business activities are outsourced.
• Disruption or loss of data sources, either due to regulations or data suppliers deciding not to supply them, may impose limits on the collection and use of certain kinds of information and the ability to make such information available to customers.
• A significant failure or interruption of electronic delivery platforms, networks, distribution systems, or infrastructure could adversely affect business and operations.
• Inability to recruit and retain skilled employees and management, particularly those with technology and data analytics capabilities, could adversely affect business performance and the implementation of strategic plans.
• Changes in tax laws or uncertainty over their application and interpretation may adversely affect reported financial results.
• Fluctuations in exchange rates, particularly the US dollar, euro, and yen against sterling, may significantly affect reported financial results.
• Adverse market conditions or downgrades to the credit ratings of debt may affect the availability and cost of funding.
• Changes in the market values of defined benefit pension scheme assets and in the market-related assumptions used to value scheme liabilities could increase future funding requirements.
• Breaches of generally accepted ethical business standards or applicable laws (e.g., anti-bribery, anti-corruption, data protection, use of AI, fraud, sanctions, competition) could adversely affect reputation and financial condition.
• Failure to comply with FTC consent orders entered into in 2006 and 2008, regarding consumer information and security-related issues, could result in civil penalties and adversely affect business, operations, and reputation.
• An emerging risk specific to generative AI is the possibility that models may produce inaccurate or fabricated content, which is mitigated by expert involvement, testing, and verifiable citations.
• Another emerging AI risk in the journal publishing sector is that Generative AI is lowering the cost and effort to produce fraudulent articles, which is combatted with technological tools to identify such submissions.

Future Outlook

RELX expects 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 for 2026. The company anticipates continued positive momentum across the group.

Management Comments

• "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." Erik Engstrom, Chief Executive Officer.
• "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." Erik Engstrom, Chief Executive Officer.
• "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." Erik Engstrom, Chief Executive Officer.
• "Despite the transformation of the company, its increased scale and the increasing competition for talent with these skillsets, the base salaries for Executive Directors have not increased by more than 2.5% annually over the past decade and their maximum incentive levels have not materially changed." Alistair Cox, Chair, Remuneration Committee.
• "The Committee believes that the proposed increases are appropriate having considered the consistently strong financial and TSR performance of the company over the past ten years, the increased size, complexity and geographic focus of the business with a significant US exposure, external benchmarks and the increasingly competitive talent landscape." Alistair Cox, Chair, Remuneration Committee.

Industry Context

StockSavvy.ai notes that RELX's continued strong performance, particularly in its Risk, Scientific, Technical & Medical, and Legal segments, is largely attributable to its aggressive and successful integration of AI and advanced analytics into its core product offerings. This strategy positions RELX favorably against competitors by enhancing customer value and operational efficiency, aligning with the broader industry trend of digital transformation and data-driven decision-making. The reclassification of print-related activities into a separate segment highlights the company's strategic pivot away from traditional formats, a move consistent with the evolving information services landscape.

Comparison to Industry Standards

• Elsevier journal articles accounted for over 18% of global research output and 29% of citations, demonstrating quality significantly ahead of the industry average.
• Elsevier is the global leader in open access publishing, with over 285,000 open access articles published in 2025, a nearly 14% year-on-year increase, and over 960 fully open access journals.
• LexisNexis Risk Solutions' Insurance Market Insights platform delivers data approximately 60-80% faster than industry standards for US auto and property insurers.
• Crypto.com saw a 26% lift in fraud capture rates and a 20% reduction in time spent on manual reviews and investigations after deploying LexisNexis ThreatMetrix.
• Rupp Pfalzgraf increased its average caseload per attorney by 10% since adopting Lexis+ AI, with tasks like drafting third-party insurance coverage opinions taking 2.5 hours instead of 9 hours.
• According to 2025 Business for Societal Impact (B4SI) data, RELX's average volunteering rate of 38% was higher than the 27.2% average for its sector and 24.8% for all sectors.
• 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.
• The proposed increases in executive incentive levels place RELX within the current upper quartile for FTSE 30 companies but below the top end of ranges for incentive levels within this group and significantly below comparable US levels.

Management Changes

Corporate Governance

Legal Proceedings

• Various RELX PLC subsidiaries in the United States have been subject to regulatory actions and legal proceedings related to alleged non-compliance with privacy, data protection, and consumer protection laws, as well as historic data security incidents.
• These actions are generally settled, with a substantial portion of any cash payments reimbursed by insurance and third-party indemnities.
• Regulatory settlements typically require comprehensive data security programs, submissions of regulatory reports, and ongoing monitoring by independent third parties.
• The Risk business deals with individual and class action lawsuits claiming violation of information disclosure statutes, which have been settled or successfully defended, with insurance providers covering substantial cash payments.
• No significant adverse effect on the company's financial position or results of operations is expected from these legal proceedings.
• The company's business, operations, and reputation could be adversely affected by a failure to comply with FTC consent orders from 2006 and 2008 regarding consumer information and security-related issues, potentially resulting in civil penalties.

Related Party Transactions

• Transactions with joint ventures and associates included sales of goods and services totaling £24.4 million in 2025 (compared to £23.3 million in 2024 and £17.4 million in 2023).
• As of December 31, 2025, amounts owed by joint ventures and associates were £8.0 million (compared to £6.6 million in 2024 and £6.6 million in 2023).
• As of December 31, 2025, amounts due to joint ventures and associates were £4.7 million (compared to £1.6 million in 2024 and £2.3 million in 2023).
• Key management personnel remuneration, comprising Executive and Non-Executive Directors of RELX PLC, totaled £19 million in 2025 (compared to £22 million in 2024 and £22 million in 2023).
• The Employee Benefit Trust has waived the right to receive dividends on RELX PLC shares for 2025, 2024, and 2023.

Stakeholder Impact

• Shareholders: Benefit from increased dividends (7% increase to 67.5p) and substantial share buyback programs (£1,500 million in 2025, with £2,000 million planned for 2026), reflecting strong financial performance and commitment to shareholder returns.
• Employees: Benefit from a supportive work environment, significant investment in training and development (£14 million and 500,000 hours in 2025), and a strong focus on inclusion and well-being. All regular employees are paid above the living wage.
• Customers: Benefit from increasingly sophisticated, AI-enabled analytics and decision tools that deliver enhanced value, improve decision-making, and increase productivity across the Risk, Scientific, Technical & Medical, and Legal segments. Digital tools in Exhibitions also enhance customer connections and lead generation.
• Suppliers: Expected to adhere to high ethical standards through the Supplier Code of Conduct, with 6,586 signatories in 2025, and are subject to audits to ensure compliance. RELX aims to pay all suppliers within agreed payment terms (average 26 days in 2025).
• Communities: Benefit from the RELX Cares global community program, supporting education for disadvantaged young people, with £11 million in cash and in-kind donations in 2025 and a 38% employee volunteering rate. Products and services also contribute to societal good (e.g., fraud prevention, scientific advancement, rule of law).
• Creditors/Debt Holders: Debt is unconditionally and fully guaranteed by RELX PLC, and the company maintains ample liquidity and access to debt capital markets, including a $3.5 billion undrawn committed bank facility, ensuring repayment ability.

Next Steps

• Continue rollout, adoption, and usage growth of AI-enabled tools in Scientific, Technical & Medical, including new releases in 2026 like LeapSpace.
• Expand LexisNexis Protg globally across key LexisNexis markets and integrate it into several products.
• Ongoing releases of new functionality in Legal, including General AI and Workflows.
• LexisNexis will integrate its Lexis+ AI capabilities within the Harvey AI platform, with potential joint development of advanced legal workflows and expansion to other regions outside the US.
• Work will continue in 2026 to incorporate feedback and update the RELX Responsible AI Principles.
• Employer cash contributions to defined benefit pension schemes in respect of 2026 are expected to be approximately £2 million.
• A further £250 million in share repurchases has been completed in 2026 as at February 11, 2026.
• RELX PLC announced its intention to repurchase further ordinary shares up to the value of £2,000 million over the remainder of 2026.
• Approval will be sought at the 2026 Annual General Meeting for a new remuneration policy.
• The UK defined benefit pension scheme will close to future benefit accruals with effect from February 28, 2027.
• RELX will launch a new RELX Environmental Challenge Oceans Category, in support of SDG 14 (Life Below Water).
• RELX will launch climate training for colleagues across business areas and introduce new engagement opportunities, in support of SDG 13 (Climate Action).
• RELX will continue to advance tax transparency and responsible tax projects in Africa, aligned with SDG 16 (Peace, Justice and Strong Institutions).
• RELX will establish and implement accessibility best practices for AI-driven user interfaces and AI-generated content, aligned with SDG 10 (Reduced Inequalities).
• RELX will develop an internal AI tool for customer-facing colleagues to quickly access corporate responsibility information, aligned with SDG 17 (Partnership for the Goals).
• RELX will hold a first virtual global RELX Cares Champions Summit to continue advancing its flagship RELX Cares programme across the business in support of SDG 17 (Partnerships for the Goals).
• RELX will introduce a new technology platform to streamline central giving and to improve impact reporting, in support of SDG 17 (Partnerships for the Goals).
• RELX will continue to assess pay competitiveness and pay equity, aligned with SDG 8 (Decent Work and Economic Growth).
• RELX will hold a second virtual well-being summit to convene wellness champions across RELX to share best practice and provide new tools to support physical and mental wellbeing, in support of SDG 3 (Good Health and Well-Being).
• RELX will continue to increase the number of suppliers that are Code signatories and continue using audits to ensure continuous improvement in supplier performance and compliance, in support of SDG 8 (Decent Work and Economic Growth).

Key Dates

Recommendation

The filing showcases RELX's robust financial health and strategic prowess, particularly its successful pivot towards AI-driven analytics and decision tools, which are fueling strong underlying growth across its core segments. The significant increase in dividends and the substantial share buyback program underscore management's confidence in sustained future performance and commitment to enhancing shareholder value. Despite a slight increase in net debt, the company maintains excellent liquidity and a solid investment-grade credit rating. The clear strategic direction, coupled with strong operational execution and a focus on high-growth digital solutions, positions RELX as a compelling long-term investment opportunity.

Keywords

RELX PLC, Financial Results, Revenue Growth, Adjusted Operating Profit, EPS, Dividends, Share Buybacks, AI, Analytics, Risk Solutions, Scientific Technical Medical, Legal, Exhibitions, Cybersecurity, Data Privacy, Corporate Governance, Sustainability, ESG, Debt Securities, American Depositary Shares, Capital Markets