Core Insights - The article discusses the investment position in WOLTF, indicating a beneficial long position held by the author [1] Group 1 - The author expresses personal opinions regarding WOLTF and clarifies that no compensation is received for the article, aside from Seeking Alpha [1] - The article emphasizes the importance of conducting due diligence and research before making any investment decisions [2] - It highlights that past performance does not guarantee future results, and no specific investment recommendations are provided [3]

The global provider of information-based analytics and decision tools December 2025 | RELX Investor Relations contacts | | | --- | --- | | Paul Sullivan – Head of Investor Relations paul.sullivan@relx.com | James Statham – Director, Investor Relations james.statham@relx.com | | Natalia Gardner – Investor Relations Associate natalia.gardner@relx.com | Kate Whitaker – Investor Relations kate.whitaker@relx.com | 2 DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statem ...

Core Viewpoint - RELX Inc. is currently experiencing a stock price of $39.84, reflecting a slight increase of 0.10%, but has seen a significant decline of 13.28% over the past month and 14.76% over the past year, raising questions about its valuation despite current performance [1] Group 1: Stock Performance - The stock price of RELX Inc. is $39.84, with a recent increase of 0.10% [1] - Over the past month, the stock has decreased by 13.28% [1] - In the past year, the stock has declined by 14.76% [1] Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate market performance against historical earnings and industry standards [3] - RELX Inc. has a P/E ratio of 29.26, which is lower than the aggregate P/E ratio of 36.93 in the Professional Services industry [4] - A lower P/E ratio may suggest that shareholders expect poorer performance compared to industry peers or indicate potential undervaluation [4] Group 3: Investment Considerations - While a low P/E ratio can signal undervaluation, it may also reflect weak growth prospects or financial instability [8] - The P/E ratio should be considered alongside other financial metrics, industry trends, and qualitative factors for a comprehensive analysis [8] - A thorough evaluation of a company's financial health is essential for making informed investment decisions [8]

Core Insights - Auto insurance shopping activity remained robust in Q3 2025, with a year-over-year growth rate of 6.4%, categorized as "Hot" [1] - New policy growth in the auto insurance sector was recorded at 2.8%, classified as "Warm" [1] Industry Trends - The demand for auto insurance continues to show strong momentum, indicating a healthy market environment for insurers [1] - The increase in shopping rates suggests consumers are actively seeking competitive rates and coverage options [1]

Company Overview - RELX is a global provider of information-based analytics and decision tools for professional and business customers, with a presence in over 180 countries and offices in 40 countries [2] - Approximately 40% of RELX's employees are located in North America [2] Financial Performance - Through the first nine months of 2025, RELX's revenues have grown by 7%, with growth across all four segments [1] - The adjusted operating profit through June 30 was 1.652 billion British pounds ($2.17 billion), representing a 9% increase year over year [1] - RELX's balance sheet showed net debt of 7.32 billion British pounds ($9.60 billion), which is 2.2 times EBITDA, indicating a healthy multiple [7] - Analysts have a positive outlook, with eight out of ten rating it a Buy, and a target price of $58.95, which is 47% above its current share price [7] - Expected earnings for RELX in 2025 are $1.71 per ADR, trading at 23.4 times this estimate, the lowest since 2023 [7] Revenue Segmentation - RELX operates through four major segments: Risk (35% of revenue), Scientific, Technical & Medical (30%), Legal (20%), and Exhibitions (13%) [1] Market Performance - RELX's stock hit a new 52-week low of $40.00, down 11% over the past year and 29% since its 52-week high of $56.33 on May 27 [3] - The stock is currently at its lowest level since January 2024 [3] Dividend Information - RELX offers a dividend yield of 2.2%, which is attractive for dividend investors [8]

Core Insights - LexisNexis Risk Solutions has launched Medical Insights from LexisNexis Health Intelligence, a digital health solution aimed at transforming the utilization of medical data in life underwriting [1][2] - The new functionality standardizes and extracts critical insights from electronic health records (EHRs), enabling life insurance carriers to enhance risk assessment and accelerate underwriting decisions [1][2] Key Features - Medical Insights provides structured data from EHRs, including vital signs, lab results, and material conditions, allowing for quicker identification of critical risk data [1][6] - The platform supports triage acceleration, helping underwriting organizations maintain more applicants in accelerated programs and reducing cycle time [6] - It includes features like Clinical Screener and Impairment Identifier, which help assess medical conditions without the need to analyze entire medical records [6] Benefits - The solution mitigates risks associated with misrepresentation and mortality slippage by ensuring critical details are not overlooked [6] - It allows life insurers to automate the underwriting process flexibly, improving decision-making at any stage of digital transformation [6] - By combining medical and non-medical data, Medical Insights enhances segmentation of mortality risk, leading to more precise pricing and accurate mortality predictions [6][5]

Core Insights - The LexisNexis U.S. Home Trends Report highlights the increasing severity and costs associated with climate-driven catastrophes and inflation, leading to higher premiums for consumers [2][5][6] All Peril Trends - All Peril severity increased by 9% from 2023 to 2024, marking the highest increase in seven years, with 2024 witnessing 27 climate disasters causing damages of $1 billion or more, which is 21% above the long-term average [5][6] - Catastrophe claims accounted for 42% of all claims in 2024, with catastrophe losses rising to 64%, indicating a significant trend towards more catastrophic events [5][6] Hail Perils - Hail loss costs were 19% above the seven-year average in 2024, with nearly two-thirds of claims categorized as catastrophic [5][11] - The U.S. experienced 5,373 hail events in 2024, although this was a decrease from 2023, yet loss costs continued to rise [6][11] Wind, Water, Fire and Lightning Perils - Wind claims saw a 30.7% increase in loss costs and a 23.5% rise in severity from 2023 to 2024, driven by Hurricanes Helene and Milton [5][11] - Weather-Related Water loss costs increased by 25.4% from 2023 to 2024, with claims severity up by 29.6% [11] Non-Weather-Related Perils - Non-Weather-Related Water perils experienced a decrease in loss costs by 4.3% and frequency by 9.9%, while severity increased by 6.2% in 2024 [11] - Theft loss costs and frequency decreased by 20% and 20.9%, respectively, while severity rose by 1.1% [11] Geographic Patterns - Colorado had the highest loss cost from catastrophic claims, while Nebraska recorded the highest loss cost for All Peril claims in 2024, primarily due to hail losses [6][11] - States with the highest combined catastrophe and non-catastrophe loss costs included Colorado, Minnesota, Nebraska, Louisiana, and South Dakota [6]

Group 1 - The company reported a strong underlying revenue growth of 7% in the first nine months of the year, indicating positive momentum across the group [1] - The full year outlook remains unchanged at both the group level and for each of the four business areas [2] - In the Risk segment, underlying revenue growth was 8%, while Business Services, which accounts for over 40% of divisional revenue, experienced strong growth driven by financial crime compliance and fraud solutions [2] Group 2 - The Insurance segment, representing around 40% of divisional revenue, also saw strong growth due to the expansion of its solution set and positive market factors [2] - The STM segment achieved an underlying revenue growth of 5%, supported by new product introductions and renewals [2] - Databases, tools, and electronic reference, which represent around 40% of divisional revenue, delivered strong growth [3]

Financial Data and Key Metrics Changes - The company reported a strong underlying revenue growth of 7% for the first nine months of the year, with an unchanged full-year outlook at both the group level and for each of the four business areas [2][4] - In the risk segment, underlying revenue growth was 8%, while business services, which accounts for over 40% of divisional revenue, also showed strong growth driven by Financial Crime Compliance and Fraud and Identity solutions [2][3] - The STM segment experienced a 5% underlying revenue growth, supported by new product introductions and strong article submission growth of over 20% [3][4] - The legal segment reported a 9% underlying revenue growth, with double-digit growth in law firms and corporate legal driven by the success of Lexis+AI [4][5] Business Line Data and Key Metrics Changes - Risk: Underlying revenue growth of 8%, with strong performance in Financial Crime Compliance and Fraud and Identity solutions [2][3] - Business Services: Continued strong growth, particularly in Financial Crime Compliance [2] - STM: Underlying revenue growth of 5%, with significant growth in databases and electronic reference tools [3] - Legal: Underlying revenue growth of 9%, with strong renewals and new sales across all key segments [4] Market Data and Key Metrics Changes - The legal industry is currently in relatively good shape, with law firms showing interest in leveraging new tools for competitive advantage [74] - The company maintains a strong position in the auto insurance market, continuously innovating and adding value without raising prices on existing tools [72] Company Strategy and Development Direction - The company is focused on a higher quality growth profile, driven by a shift towards higher growth analytics and decision tools [2][4] - The strategy includes integrating AI solutions across all relevant touchpoints in the legal ecosystem, enhancing customer accessibility and value [10][51] - The company aims to leverage AI-driven digital tools to add value in both academic and applied research, with a gradual increase in STM growth potential [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term structural growth of the Financial Crime Compliance market, driven by innovation and technology [8][9] - The company anticipates gradual growth in the STM segment, acknowledging the complexity and regulatory nature of the industry [36][37] - Management noted that the legal industry is receptive to new product launches, indicating a positive sales cycle [75] Other Important Information - The company has established partnerships with around 25 legal technology vendors to enhance the accessibility of its AI solutions [10] - The company continues to focus on organic development while remaining open to acquisitions that align with its growth strategy [77] Q&A Session Summary Question: Growth in Financial Crime and Compliance - Management highlighted strong growth in Financial Crime Compliance driven by innovation and a long-term structural growth market [8][9] Question: Legal Product Sales - Management clarified that Protégé is designed to complement existing tools like Harvey, allowing law firms to utilize multiple solutions [10][13] Question: STM Solution Launch - The STM solution is positioned as a next-generation upgrade to ScienceDirect AI, with separate pricing and capabilities [19][20] Question: Legal Industry Financial State - Management indicated that the legal industry is in good shape, with law firms interested in leveraging new tools for competitive advantage [74][75] Question: Capital Allocation Strategy - Management confirmed a focus on organic growth, with buybacks and potential acquisitions considered to enhance development [77]

Financial Data and Key Metrics Changes - The company reported a strong underlying revenue growth of 7% for the first nine months of the year, with an unchanged full-year outlook at both the group level and for each of the four business areas [2][4] - In the risk segment, underlying revenue growth was 8%, while business services, which accounts for over 40% of divisional revenue, also showed strong growth driven by financial crime compliance and fraud solutions [2][3] - The STM segment experienced a 5% underlying revenue growth, supported by new product introductions and strong article submission growth of over 20% [3][4] Business Line Data and Key Metrics Changes - In the insurance sector, which represents around 40% of divisional revenue, strong growth was attributed to the expansion of solution sets and positive market factors [3] - The legal division saw an underlying revenue growth of 9%, with double-digit growth in law firms and corporate legal driven by the success of Lexis+ AI and the Protégé product [4][25] - The exhibitions segment also reported an 8% underlying revenue growth, reflecting improved event portfolio performance and digital initiatives [4] Market Data and Key Metrics Changes - The company continues to see positive momentum across all segments, indicating a healthy market environment for its offerings [2][4] - The legal industry is described as being in relatively good shape, with law firms interested in leveraging new tools for competitive advantage [75] Company Strategy and Development Direction - The company is focused on a long-term growth trajectory with a higher quality growth profile, driven by a shift towards higher growth analytics and decision tools [2][4] - There is an emphasis on integrating AI solutions across all business lines to enhance customer value and improve operational efficiency [10][39] - The company aims to maintain a competitive edge by continuously innovating and introducing new products that add value to customers [72][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term structural growth of the financial crime compliance market, indicating that this growth is expected to continue [8][9] - The company is optimistic about the potential of AI-driven tools to enhance value for customers in both academic and applied research sectors, although growth in the STM segment may take longer to materialize [36][37] - Management noted that the legal industry is receptive to new product launches, which bodes well for future sales [75] Other Important Information - The company maintains a strong position in the auto insurance market, focusing on adding value through innovation rather than raising prices [72] - The company has a diverse portfolio of journals and continues to adapt to changes in open access and copyright regulations [40][49] Q&A Session Summary Question: Growth in financial crime and compliance - Management highlighted strong growth in financial crime compliance driven by innovation and a long-term structural growth market [8][9] Question: Legal product differentiation - Management clarified that Lexis+ AI and Protégé can coexist in law firms, enhancing their legal research capabilities [10][13] Question: STM solution launch timing - Management confirmed that the new STM solution is expected to be available for purchase early next year, with a focus on integrating it with existing products [19][20] Question: Legal industry financial state - Management indicated that the legal industry is in good shape, with law firms interested in leveraging new tools for competitive advantage [75] Question: Capital allocation strategy - Management stated that the focus remains on organic development, with buybacks used to balance capital structure while considering M&A opportunities that align with growth strategies [77]