RELX(US:RELX)2026-02-19 15:26Financial Performance - Revenue for 2025 was £9,590m, representing an underlying growth of +7% compared to £9,434m in 2024[6] - Adjusted operating profit increased to £3,342m, reflecting an underlying growth of +9% from £3,199m in 2024[6] - Adjusted earnings per share (EPS) rose to 128.5p, with a constant currency growth of +10% from 120.1p in 2024[8] - Underlying revenue growth for the group was 7%, with all four business areas contributing positively[35] - Total revenue increased to £9,590m in 2025, up 2% from £9,434m in 2024[36] - Adjusted operating profit rose to £3,342m, reflecting a 4% increase from £3,199m in 2024[38] - Free cash flow before dividends was £2,313m, up from £2,126m in 2024[51] - Adjusted operating profit rose to £3,342m in 2025, up from £3,199m in 2024, resulting in an adjusted operating profit after tax of £2,590m[63] - Basic earnings per share (EPS) for 2025 is expected to be 112.6p, up from 103.6p in 2024, representing an increase of about 9.7%[110] - Operating profit for 2025 is forecasted to be £3,027m, compared to £2,861m in 2024, indicating a growth of approximately 5.8%[115] Dividends and Shareholder Returns - The proposed full year dividend is 67.5p, marking a +7% increase from 63.0p in 2024[9] - The proposed final dividend is 48.0p per share, leading to total dividends of 67.5p for the year, a 7% increase from 63.0p in 2024[64] - A total of 39.5m shares were repurchased at an average price of 3,797p, with total consideration amounting to £1,500m[65] Debt and Financial Ratios - Net debt/EBITDA ratio stood at 2.0x, with net debt at £7,201m compared to £6,563m in 2024[9] - Net debt increased to £7,201m, an increase of £638m since December 2024[54] - Gross debt increased to £7,267m in 2025 from £6,544m in 2024, with net debt rising to £7,201m from £6,563m[56] - The effective interest rate on gross bank and bond borrowings decreased to 3.9% in 2025 from 4.4% in 2024, with 66% of borrowings at fixed rates[57] - The ratio of net debt to EBITDA increased to 2.0x in 2025 from 1.8x in 2024, calculated in US dollars[57] Acquisitions and Investments - Five acquisitions were completed in 2025 for a total consideration of £270m, contributing to portfolio development[9] - Total consideration for acquisitions in 2025 was £270m, up from £195m in 2024[52] - The company plans to deploy £2,250m on share buybacks in 2026, with £250m already completed[10] Segment Performance - Strong growth in the Risk segment, with revenue increasing to £3,485m, an underlying growth of +8%[14] - Scientific, Technical & Medical segment revenue grew to £2,714m, with an underlying growth of +5%[20] - Revenue from the Risk segment grew to £3,485 million in 2025, up from £3,336 million in 2024, marking a 4.46% increase[105] - Scientific, Technical & Medical segment revenue increased to £2,714 million in 2025, up from £2,624 million in 2024, a growth of 3.43%[105] - Legal segment revenue reached £1,806 million in 2025, compared to £1,718 million in 2024, indicating a growth of 5.11%[105] Future Outlook - The company expects continued strong underlying revenue growth in 2026, with adjusted operating profit growth exceeding revenue growth[19] - The company expects continued strong underlying revenue growth and adjusted operating profit growth exceeding revenue growth in 2026[27] Cash Flow and Capital Expenditure - Capital expenditure was £525m, representing 5.5% of revenue, compared to 5.1% in 2024[48] - Adjusted cash flow conversion rate improved to 99%, up from 97% in the previous year[47] - Cash generated from operations is projected to increase from GBP 3,521 million in 2024 to GBP 3,735 million in 2025, a growth of 6.1%[86] Pension and Employee Metrics - The Group has a net positive pension accounting balance of £43m as of 31 December 2025, up from £21m in 2024[58] - The company has closed its UK defined benefit pension scheme to future benefit accruals, which will impact future funding requirements[81] - The Group plans to close the UK defined benefit pension scheme to future accrual of benefits effective 28 February 2027, resulting in a £5m accounting charge taken to operating profit[122] - The number of full-time equivalent employees is expected to increase to 37,600 by the end of 2025, up from 36,400 in 2024[138] - The percentage of women employees remains stable at 51% for 2025, while the percentage of women managers is projected to increase to 46%[138] Environmental and Social Responsibility - Total cash and in-kind donations are expected to decrease slightly to £11 million in 2025, down from £12 million in 2024[138] - The total number of days volunteered in company time is projected to decrease to 14,782 days in 2025, down from 16,149 days in 2024[138] - Scope 1 emissions are expected to decrease to 1,966 tCO2e in 2025, down from 2,703 tCO2e in 2024, reflecting a reduction of 27.3%[138] - The total on-site energy consumption is projected to decrease to 55,977 MWh in 2025, down from 89,745 MWh in 2024[138] - The percentage of waste diverted from landfill is expected to remain high at 96% in 2025, slightly down from 97% in 2024[138] - The number of key suppliers on the Socially Responsible Suppliers database is projected to increase to 954 in 2025, up from 914 in 2024[138] - Unique users of the SDG Resource Centre are expected to reach 352,391 in 2025, up from 303,837 in 2024, indicating a growth of 16%[138]