Financial Data and Key Metrics Changes - The company reported a strong underlying revenue growth of 7% in the first nine months of 2025, with an unchanged full-year outlook at both the group level and for each of the four business areas [1][5] - In the risk segment, underlying revenue growth was 8%, while business services, which accounts for over 40% of divisional revenues, also showed strong growth driven by Financial Crime Compliance and Fraud and Identity Solutions [2][4] - The STM segment experienced a 5% underlying revenue growth, supported by new product introductions and renewals [2][3] Business Line Data and Key Metrics Changes - In the risk division, Financial Crime Compliance and Fraud and Identity Solutions were highlighted as key growth drivers [2][11] - The Legal division saw an underlying revenue growth of 9%, with strong renewals and new sales across all key segments, particularly in law firms and corporate legal [3][32] - Exhibitions reported an 8% underlying revenue growth, reflecting improvements in the event portfolio and digital initiatives [4][5] Market Data and Key Metrics Changes - The company noted strong growth in the Financial Crime and Compliance market, which is expected to continue due to structural growth factors [11][12] - The legal tech ecosystem is described as significantly larger than the traditional legal research ecosystem, with many law firms utilizing multiple legal technology tools [12][13] Company Strategy and Development Direction - The company is focusing on enhancing its product offerings through AI-driven solutions, aiming to integrate these tools into various customer touchpoints [12][60] - The strategy includes leveraging generative AI to improve internal processes and product offerings, thereby increasing efficiency and reducing costs [48][49] - The company aims to maintain a competitive edge by continuously innovating and providing high-value solutions to its customers [84][88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, emphasizing the importance of innovation and customer value [1][5] - The legal industry is currently in good shape, with positive indicators supporting the sales cycle and budget capacity for new solutions [87][88] - The company anticipates gradual growth in the STM segment, driven by the introduction of new AI tools and the evolving research landscape [45][76] Other Important Information - The company maintains a strong position in the auto insurance market, focusing on value creation through continuous innovation [83][84] - The legal division's renewal discussions are ongoing, with a significant portion of revenue coming from generative AI-inclusive platforms [70][71] Q&A Session Summary Question: Growth in Financial Crime and Compliance - Management highlighted strong growth in Financial Crime and Compliance due to product innovation and long-term market trends [11][12] Question: Legal and Protege Product Sales - Management clarified that Protege is designed to complement existing tools like Harvey, aiming for integration across various legal tech platforms [12][13] Question: Next Generation AI Powered Research Solution - The new AI-powered research solution is expected to transform researcher workflows, similar to advancements made in the legal sector [14][15] Question: Legal Division Growth Expectations - Management indicated that the legal division is on a positive growth trajectory, with expectations for continued improvement in revenue [32][33] Question: AI's Impact on Internal Processes - The company sees generative AI as a significant opportunity for enhancing internal processes and product offerings, leading to cost reductions and efficiency gains [48][49] Question: Open Access and Copyright Regime - Management explained that there are various arrangements for open access articles, allowing flexibility based on customer needs and funding body requirements [49][50] Question: Capital Allocation Strategy - The company plans to balance capital structure through buybacks while focusing on organic growth and potential acquisitions that align with its strategy [90][91]