RELX Plc

Underlying revenue increased 7% and underlying adjusted operating profit increased 9%. Adjusted operating margin improved 70 basis points to 35.5%, and adjusted EPS rose 11% at constant currency to 68.6p. On a constant-currency basis, total revenue growth was 5% and total adjusted operating profit growth was 7%, while in sterling revenue grew 3% and adjusted operating profit grew 5%. Cash conversion was 98%, EBITDA was almost GBP 2 billion, CapEx was GBP 292 million, and total free cash flow was over GBP 1.1 billion. Net debt was GBP 8.7 billion and leverage was 2.3x. For the full year, management expects continued strong underlying revenue growth, with underlying adjusted operating profit growth exceeding revenue growth in Risk, STM and Legal; Exhibitions is expected to deliver strong underlying revenue growth and an improvement in adjusted operating margin over the prior full year, though there is uncertainty around remaining Middle East events.

Erik Engstrom said the first half showed strong financial results and further operational and strategic progress, with positive momentum across the group. He emphasized that growth is being driven by the shift toward higher-growth analytics and decision tools, supported by AI that is helping the company launch products faster and add more customer value. He also said the company’s objectives remain to sustain strong long-term growth in Risk, keep improving STM and Legal, and maintain strong long-term growth in Exhibitions.

Nick Luff highlighted that underlying revenue growth of 7% translated into 9% underlying adjusted operating profit growth, helping margins expand to 35.5%. He said cash conversion was strong at 98%, free cash flow was over GBP 1.1 billion, and the company returned capital through GBP 151 million of dividends and GBP 1.75 billion of share buybacks, while also spending GBP 103 million on acquisitions and receiving GBP 62 million from a disposal. He noted leverage at 2.3x, within the company’s typical 2 to 2.5x range, and increased the interim dividend 7% to 20.9p per share.

Analysts focused on STM article submissions and publication growth, adoption of the new LEAP Space product, and the sustainability of Legal’s acceleration. Management said STM submissions are still growing strongly, but expects that rate to moderate over time from over 20% to low double digits on average; it also said publication growth is intentionally below submission growth because the company is being more selective. On Legal, management said the first conversion to the AI-enabled platform is only the starting point, with additional products like Lex Machina and other add-ons driving further monetization after the upgrade. Questions on token pricing, buybacks, M&A, print decline, Middle East exhibition risk and U.S. science funding policy were answered with reassurance that token costs are manageable, capital allocation is unchanged, print profits are being protected as revenues decline, and the potential policy changes are not expected to materially alter the core long-term growth drivers.