Financial Data and Key Metrics Changes - Underlying revenue growth was 7%, with underlying adjusted operating profit growth at 9% and adjusted earnings per share growth at 10% at constant currency [1][7] - Adjusted operating margin improved by just under one percentage point to 34.8% [7][10] - Cash conversion remained strong at 99%, with net profit up 8% at constant currency [11][12] Business Line Data and Key Metrics Changes - In Risk, underlying revenue growth was 8% and underlying adjusted operating profit growth was 10% [1][2] - Business Services, representing over 40% of divisional revenue, saw strong growth driven by financial crime compliance and digital fraud solutions [2] - In STM, underlying revenue growth was 5% and underlying adjusted operating profit growth was 7% [3] - Legal segment experienced underlying revenue growth of 9% and adjusted operating profit growth of 12% [4] - Exhibitions delivered underlying revenue growth of 8% and adjusted operating profit growth of 9% [5] Market Data and Key Metrics Changes - The number of articles submitted grew over 20% in 2025, with published articles increasing by 10% [4] - The overall revenue growth at constant currency was 4%, impacted by portfolio effects and a reduction in print-related activities [8][9] Company Strategy and Development Direction - The company continues to focus on operational and strategic progress, with a shift towards higher growth analytics and decision tools [5][6] - The strategic direction remains unchanged, with an emphasis on continuous product innovation and managing cost growth below revenue growth [6][10] - The company aims to sustain strong long-term growth across all business areas, leveraging AI technologies to enhance customer value [6][22] Management's Comments on Operating Environment and Future Outlook - Management expects continued strong underlying revenue growth, with adjusted operating profit growth exceeding revenue growth [1][14] - The company is optimistic about the ongoing demand for primary research publishing and the overall growth trajectory in the legal and risk sectors [25][39] - Management acknowledges potential competition in the legal segment but emphasizes the unique value of their content and analytics [20][21] Other Important Information - The company completed GBP 270 million in acquisitions and a GBP 1.5 billion share buyback, with year-end net debt at GBP 7.2 billion [12][13] - The company plans to return surplus capital through share buybacks, with GBP 2.25 billion announced for 2026 [13] Q&A Session Questions and Answers Question: Concerns about competition in the legal segment - Management noted that the adoption of AI tools is adding value and driving growth, with a significant increase in users of Lexis+ AI [20][21] Question: Outlook for STM and potential growth considerations - Management indicated strong momentum in STM, with an increase in new product introductions and strong new sales [25][39] Question: Differentiation of Protégé AI workflows from competitors - Management emphasized that their offerings are content-enabled, providing a significant competitive advantage due to their unique data sets [32][33] Question: Exposure to autonomous driving in the auto insurance market - Management sees opportunities in the evolving auto insurance market, with enhanced data analytics capabilities [38][39] Question: Strong new sales and their impact on future growth - Management confirmed that while new sales contribute modestly to current revenues, they indicate long-term growth momentum [40]

Financial Data and Key Metrics Changes - The company reported an underlying revenue growth of 7% and an underlying adjusted operating profit growth of 9% at constant currency, with adjusted earnings per share growth of 10% [1][8] - The adjusted operating margin improved by just under one percentage point to 34.8%, with cash conversion remaining strong at 99% [8][12] - Net profit increased by 8% at constant currency, reaching over GBP 2.3 billion, with adjusted earnings per share up 10% at constant currency [12][13] Business Line Data and Key Metrics Changes - In the Risk segment, underlying revenue growth was 8%, and underlying adjusted operating profit growth was 10% [1][2] - Business Services, representing over 40% of divisional revenue, saw strong growth driven by financial crime compliance and digital fraud solutions [2] - In the STM segment, underlying revenue growth was 5%, with underlying adjusted operating profit growth of 7% [3] - The Legal segment experienced a 9% growth in underlying revenue and a 12% growth in underlying adjusted operating profit, driven by the adoption of AI-enabled legal platforms [4][5] - Exhibitions delivered an 8% underlying revenue growth, with adjusted operating profit growth of 9% [5] Market Data and Key Metrics Changes - The number of articles submitted grew by over 20% in 2025, and the number of articles published increased by 10% [4] - The company continues to see strong demand for primary research publishing, with a global increase in scientific researchers [27] Company Strategy and Development Direction - The company aims to sustain strong long-term growth across all business areas, with a focus on higher growth analytics and decision tools [6][8] - The strategic direction remains unchanged, emphasizing continuous product innovation and managing cost growth below revenue growth [6][8] - The company is committed to organic development while remaining open to strategic acquisitions that align with its goals [13][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong underlying revenue growth, with adjusted operating profit growth expected to exceed revenue growth [1][16] - The company is well-positioned to leverage advancements in AI to enhance product offerings and customer value [6][24] - Management acknowledged potential competition in the legal segment but emphasized the unique value of their comprehensive content and analytics [18][22] Other Important Information - The company completed GBP 270 million in acquisitions and a GBP 1.5 billion share buyback, with net debt at GBP 7.2 billion [12][13] - The company proposed a 7% increase in the full-year dividend to 67.5 pence per share [8] Q&A Session Summary Question: Concerns about competition in the legal segment - Management noted that the adoption of AI tools has doubled the customer base for Lexis+ AI, indicating strong demand and value addition [21][22] Question: Outlook for STM and potential growth considerations - Management highlighted continued strong demand for primary research publishing, with no signs of slowdown in submissions or publications [27] Question: Differentiation of Protégé AI workflows from competitors - Management emphasized that their offerings are content-enabled, leveraging unique and curated data sets, which differentiates them from other workflow tools [33][34] Question: Impact of autonomous driving on auto insurance - Management indicated that the evolving auto insurance market presents opportunities for sophisticated risk analysis, with the value at stake increasing [38][39] Question: New sales impact on future growth - Management confirmed that while new sales contribute modestly to current revenues, they signal strong momentum for long-term growth [40]