RELX Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

Underlying Revenue Growth: 7%
Underlying Adjusted Operating Profit Growth: 9%
Adjusted Earnings Per Share Growth: 10% at constant currency
Adjusted Operating Margin: Improved to 34.8%, up by nearly 1 percentage point
Cash Conversion: Strong at 99%
Net Debt: GBP 7.2 billion, with a leverage ratio of 2.0x
Dividend: Proposed increase of 7% to 67.5p per share

2. Strategic Updates and Business Highlights

All four business areas (Risk, Business Services, STM, Legal, and Exhibitions) reported strong performance, with adjusted operating profit growth exceeding revenue growth in each segment.
Risk: 8% revenue growth driven by AI-enabled analytics; 90% of revenue from machine-to-machine interactions.
Business Services: Growth fueled by financial crime compliance and digital fraud solutions.
STM: 5% revenue growth, supported by strong article submissions and new product introductions.
Legal: 9% revenue growth, driven by AI-enabled tools like Lexis+ AI and Protege.
Exhibitions: 8% revenue growth, benefiting from improved event portfolio and digital initiatives.

3. Forward Guidance and Outlook

Continued strong underlying revenue growth expected, with adjusted operating profit growth anticipated to exceed revenue growth across all segments.
Positive momentum is projected to persist, with expectations for strong growth in adjusted earnings per share on a constant currency basis.

4. Bad News, Challenges, or Points of Concern

Print Revenue Decline: Continued reduction in print-related activities, with a revenue decline of over 20%.
Market Competition: Concerns regarding potential competition in the Legal segment from AI-enabled workflow tools offered by other software companies.
Economic Environment: Potential headwinds from the U.S. funding environment affecting STM growth and overall market dynamics.
Autonomous Driving Impact: Uncertainty regarding how the shift towards autonomous driving might affect the auto insurance market, although management sees opportunities for growth in risk analysis.

5. Notable Q&A Insights

Legal Segment Competition: Management emphasized their competitive advantage lies in their unique, comprehensive content and data sets, which are difficult to replicate.
STM Corporate Opportunities: The corporate market is seen as a gradual growth opportunity, with potential for faster uptake in sales cycles compared to academic markets.
Risk Business Dynamics: New sales in the Risk segment are driven by innovative data sources rather than displacing existing products, enhancing efficiency and pricing accuracy for insurance companies.
AI Integration: Management highlighted their long-standing use of AI in Risk and their strategy to embed new AI tools to enhance customer value, reinforcing their competitive position.

Overall, RELX demonstrated strong financial performance in Q4 2025, with positive growth across all business areas, while also facing challenges related to competition and market dynamics. The outlook remains optimistic, with continued investment in innovation and strategic growth initiatives.

RELX — RELX Plc