2025
Annual Report
Annual Report 2025
Forward-looking statements
This Annual Report contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US
Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC
(together with its subsidiaries, “RELX”, “we” or “our”) to differ materially from those expressed in any forward-looking statement. We consider any statements that
are not historical facts to be “forward-looking statements”. The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”,
“believe”, “trends” and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ
materially from estimates or forecasts contained in the forward-looking statements include, among others: regulatory and other changes regarding the collection or
use of personal data; changes in law and legal interpretation affecting our intellectual property rights and internet communications; current and future geopolitical,
economic and market conditions; research integrity issues or changes in the payment model for our scientific, technical and medical research products; competitive
factors in the industries in which we operate and demand for our products and services; our inability to realise the future anticipated benefits of acquisitions;
compromises of our cybersecurity systems or other unauthorised access to our databases; changes in economic cycles, trading relations, communicable disease
epidemics or pandemics, severe weather events, natural disasters and terrorism; failure of third parties to whom we have outsourced business activities; significant
failure or interruption of our systems; our inability to retain high-quality employees and management; changes in tax laws and uncertainty in their application;
exchange rate fluctuations; adverse market conditions or downgrades to the credit ratings of our debt; changes in the market values of defined benefit pension
scheme assets and in the market related assumptions used to value scheme liabilities; breaches of generally accepted ethical business standards or applicable laws;
and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this Annual Report. Except as may be required by law, we undertake no obligation to publicly update or
release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of
unanticipated events.
About us
is a global provider of information-based
analytics and decision tools for professional and business
customers, enabling them to make better decisions,
get better results and be more productive.
Our purpose is to benefit society by developing products
that help researchers advance scientific knowledge;
doctors and nurses improve the lives of patients; lawyers
promote the rule of law and achieve justice and fair results
for their clients; businesses and governments prevent
fraud; consumers access financial services and get fair
prices on insurance; and customers learn about markets
Our purpose guides our actions beyond the products that
we develop. It defines us as a company. Every day across
RELX our employees are inspired to undertake initiatives
that make unique contributions to society and the
communities in which we operate.
1
RELX
Annual Report 2025
Contents
Strategic report
Overview
2
2025 highlights
3
Chair’s statement
4
Chief Executive Officer’s report
5
RELX business overview
Market segments
10
Risk
16
Scientific, Technical & Medical
22
Legal
28
Exhibitions
Corporate responsibility
34
Corporate responsibility overview
38
Our unique contributions
42
Corporate responsibility governance
46
Customers
49
People
52
Community
56
Supply chain
59
Environment
Financial review
66
Chief Financial Officer’s report
72
Principal and emerging risks
Governance
Governance
80
Board directors
82
RELX senior executives
84
Chair’s introduction to corporate governance
85
Corporate governance review
97
Report of the Nominations Committee
100 Directors’ remuneration report
121
Report of the Audit Committee
125 Directors’ report
Financial statements
and other information
Financial statements
130 Independent auditor’s report
138 Consolidated financial statements
143
Notes to the consolidated financial statements
186 Five year summary
RELX PLC company only financial statements
188
RELX PLC financial statements
191
Notes to RELX PLC financial statements
Other financial information
196
Financial summary in US dollars
197
Business area analysis in US dollars
198
Alternative performance measures
Sustainability Statement and other
Corporate Responsibility Disclosures
208 Sustainability statement
232 Independent assurance report
235
Taskforce on climate-related financial disclosure
241
Sustainability accounting standards board
242 Global reporting initiative
Shareholder information
245 Shareholder information
248 2026 financial calendar
To download the full Annual Report and for
further information about our company visit
relx.com
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
2
RELX
Annual Report 2025 | Overview
2025 highlights
RELX financial highlights
§
Revenue £9,590m (£9,434m), underlying growth +7%
§
Adjusted operating profit £3,342m (£3,199m), underlying growth +9%
§
Adjusted EPS 128.5p (120.1p), constant currency growth +10%
§
Reported operating profit £3,027m (£2,861m)
§
Reported EPS 112.6p (103.6p)
§
Proposed full-year dividend 67.5p (63.0p)
§
Net debt/EBITDA 2.0x; adjusted cash flow conversion 99%
§
Completed five acquisitions for a total consideration of £270m
§
Completed £1,500m share buyback
Prior year comparatives are represented in brackets.
RELX financial summary
ADJUSTED FIGURES
2024
GBPm
2025
GBPm
Change
in GBP
Change at
constant
currency
Underlying
growth
For the year ended 31 December
Revenue
9,434
9,590
+2%
+4%
+7%
EBITDA
3,724
3,846
Operating profit
3,199
3,342
+4%
+7%
+9%
Operating margin
33.9%
34.8%
Net interest expense
(296)
(283)
Profit before tax
2,903
3,059
Tax charge
(652)
(688)
Net profit attributable to shareholders
2,241
2,358
Cash flow
3,101
3,301
Cash flow conversion
97%
99%
Return on invested capital
14.8%
15.4%
Earnings per share
120.1p
128.5p
+7%
+10%
DIVIDEND
2024
2025
Change
in GBP
For the year ended 31 December
Ordinary dividend per share
63.0p
67.5p
+7%
REPORTED FIGURES
2024
GBPm
2025
GBPm
Change
in GBP
For the year ended 31 December
Revenue
9,434
9,590
+2%
Operating profit
2,861
3,027
+6%
Net interest expense
(298)
(286)
Profit before tax
2,557
2,750
Tax charge
(613)
(672)
Net profit attributable to shareholders
1,934
2,065
Net margin
20.5%
21.5%
Cash generated from operations
3,521
3,735
Net debt
6,563
7,201
Earnings per share
103.6p
112.6p
+9%
RELX corporate responsibility summary
REPORTED FIGURES
2024
2025
Change
For the year ended 31 December
Percentage of women managers
46%
46%
Percentage of employees volunteering
37%
38%
Number of supplier code signatories
6,056
6,586
+9%
Scope 1 + Scope 2 (location-based) emissions (tCO
2
e)
32,692
21,466
-34%
Waste sent to landfill (t)
44
32
-27%
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other
items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 198 to
206. Underlying revenue growth rates are calculated at constant currency, and exclude revenue from acquisitions until 12 months after purchase, revenue of disposals and
assets held for sale, print and print-related revenue and exhibition cycling. Constant currency growth rates are based on 2024 full-year average and hedge exchange rates.
The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together
known as ‘RELX’.
RELX
Annual Report 2025
3
Chair’s statement
RELX has continued to execute our
strategy in 2025, which was reflected
in our strong operational and financial
performance.
Paul Walker, Chair
RELX has continued to execute our strategy in 2025, which was
reflected in our strong operational and financial performance.
All business areas performed well producing underlying revenue
growth of 7%, and underlying adjusted operating profit growth of
9%. Adjusted earnings per share grew 10% at constant currency to
128.5p (120.1p). Reported earnings per share were 112.6p (103.6p).
During the past few months, we have seen share price volatility
across a number of sectors, including software and data services.
Against that backdrop, I remain confident in our ability to continue
to leverage new technologies, deliver enhanced value to
customers and execute our strategy over the long term.
Culture and Employee Engagement
Critical to the success of RELX is its corporate culture. The company
places significant emphasis on how we do business and how we
act with integrity in line with the highest ethical standards. Our
commitment is set out in our statement on purpose, strategy,
values and culture on page 88 of this report and we strive to ensure
decisions taken are aligned with RELX’s values. In addition, the
Board draws insights about culture and employee engagement
from a range of sources including annual employee opinion surveys
and the activities of our dedicated Non-Executive Director
responsible for employee engagement. This facilitates a direct link
to the Board and allows it to further understand and consider the
views of employees. In the 2025 company-wide employee opinion
survey, employee net promoter scores reached record levels as did
employee engagement.
Dividends
In recognition of our strong performance and outlook for the
company we are proposing a 7% increase in the full-year dividend
to 67.5p (63.0p).
Balance sheet
Net debt at 31 December 2025 was £7.2bn (£6.6bn). Net debt/
EBITDA was 2.0x compared with 1.8x in 2024. Capital expenditure
represented 5% of revenues.
Share buybacks
We deployed £1,500m on share buybacks in 2025. In recognition
of our strong financial position and cash flow we intend to deploy
a total of £2,250m on share buybacks in 2026, of which £250m has
already been completed.
The Board
At the 2025 Annual General Meeting (AGM), Robert MacLeod, who
had been on the Board since 2016, retired and Andy Halford was
appointed a Non-Executive Director. Andy is former Chief Financial
Officer at Vodafone, the telecoms group, and Standard Chartered,
the global bank. He also sat as a Non-Executive Director at Marks
and Spencer, the retailer. Alistair Cox succeeded Robert as Chair of
the Remuneration Committee at the conclusion of the AGM. I would
like to thank Robert for the valuable service he has given RELX.
I am delighted to welcome Andy to the Board.
Remuneration Policy
Following an in-depth review, the Board is presenting an updated
Directors’ Remuneration Policy for shareholder consideration.
Governance
Effective governance, and the policies and practices that support it,
are fundamental to RELX’s culture of acting with integrity in all that
we do, and it supports the company’s purpose to benefit society
through its unique contributions. The Board believes that attaining
the highest levels of corporate responsibility helps enable
excellent financial performance. We believe that pursuing both
goals in tandem will result in long-term sustainable shareholder
value creation and will also provide our stakeholders with
confidence that the governance of RELX is appropriate for its size
and profile as a listed company. It also helps manage risks and
opportunities, and ensures that key stakeholders are appropriately
considered in decisions that we make.
We performed well on our corporate responsibility priorities in 2025,
on our unique contributions to society, and on our key metrics. Our
performance was again recognised by external agencies: RELX
achieved a AAA MSCI rating for a tenth consecutive year, ranked in
the top 1% of over 14,700 companies globally by Sustainalytics, and
was included in the S&P Global Sustainability Yearbook.
On behalf of the Board, I would like to thank RELX employees for
their many achievements throughout 2025.
Paul Walker
Chair
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
4
RELX
Annual Report 2025 | Overview
Chief Executive Officer’s report
RELX delivered strong underlying revenue
and profit growth and strong new sales in
2025. Our improving long-term growth
trajectory continues to be driven by the
ongoing shift in business mix towards higher
growth analytics and decision tools that
deliver enhanced value to our customers.
Erik Engstrom, Chief Executive Officer
2025 progress
RELX delivered strong underlying revenue and profit growth and
strong new sales in 2025: continued strong growth in Risk; good
growth with improving momentum in Scientific, Technical &
Medical; a further step up in growth in Legal; and strong ongoing
growth in Exhibitions.
Our improving long-term growth trajectory continues to be driven
by the ongoing shift in business mix towards higher growth
analytics and decision tools that deliver enhanced value to our
customers. We develop these products by leveraging deep
customer understanding to combine our unique content and
comprehensive data sets with advanced technologies.
The continued evolution of artificial intelligence is enabling us to
add more value to our customers, as we embed additional
functionality in our products, and to develop and launch products
at a faster pace, while continuing to manage cost growth below
revenue growth. This evolution has been a key driver of our
business for well over a decade, and will remain a key driver of
customer value and growth in our business for many years to
come.
During the year, we made further operational and strategic
progress. Underlying revenue growth was 7%. Our strategy of
driving continuous process innovation to manage cost growth
below revenue growth led to underlying adjusted operating profit
growth of 9% and an improvement in the group adjusted operating
margin to 34.8% compared with 33.9% in 2024.
Corporate responsibility
We performed well on our corporate responsibility priorities in
2025 and on our key metrics. Our performance was again
recognised by external agencies.
We continued to make progress on our unique contributions which
make a positive impact on society through our products and
services and through the conduct of our business. We also
remained focused on improving our environmental performance
year-on-year. Detailed results are available on pages 59 to 63 of
this report.
2026 Outlook
We continue to see positive momentum across the group, and we
expect another year of strong underlying growth in revenue and
adjusted operating profit, as well as strong growth in adjusted
earnings per share on a constant currency basis.
Erik Engstrom
Chief Executive Officer
Strategy
Outcomes
Cost growth objective
Revenue growth objectives
5
Format
Geography
Type
Face-to-face
12%
Electronic
84%
Rest of world
21%
Europe
21%
North America
58%
Transactional*
46%
Subscription
54%
Print & print-related
RELX
Annual Report 2025
RELX business overview
RELX strategy
Our number one strategic priority is the organic development of increasingly sophisticated information-based analytics and decision tools that
deliver enhanced value to professional and business customers. We do this by leveraging deep customer understanding to build innovative
solutions which combine leading content and data sets with advanced technologies. We aim to achieve leading positions in long-term global growth
markets and leverage our skills, assets and resources across RELX, both to build solutions for our customers and to pursue cost efficiencies. We
continue to transform our core business, building out new products, and expanding into higher growth adjacencies and geographies.
We are supplementing this organic development with selective acquisitions of targeted data sets and analytics, and assets in high-growth markets
that support our organic growth strategies and are natural additions to our existing business.
Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth, technology-enabled
analytics and decision tools that deliver enhanced value to our customers for an increasing number of use cases. When combined with continuous
process innovation to improve organisational agility and to manage cost growth below revenue growth, the result is continued strong earnings
growth with improving returns.
RELX business model
RELX is a global provider of information-based analytics and decision tools for professional and business customers.
These products are generally sold through dedicated sales forces direct to customers and are priced on a subscription or transactional
basis, often under multi-year contracts.
Our products often account for less than 1% of our customers’ total cost base but can have a significant and positive impact on the
economics of the remaining 99%. Our objective is to continue to enhance the value that we deliver to our customers and over time to grow
our own total cost base below our rate of revenue growth on an underlying basis.
Exhibitions
§
Sustain strong long-
term growth profile
2025 Revenue £9,590m
* Includes long-term contracts with volumetric elements
Risk
§
Sustain strong long-
term growth profile
Scientific, Technical & Medical
§
Continue on improving
growth trajectory
Legal
§
Continue on improving
growth trajectory
§
Underlying cost growth below underlying revenue growth
Better customer outcomes
|
Higher growth profile
|
Strong earnings growth
|
Improving returns
|
Positive impact on society
§
Develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value
to professional and business customers across market segments
§
Primary focus on organic growth, supported by targeted acquisitions
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
6
RELX
Annual Report 2025 | Overview
Print
Print & print-related
Face-to-face
Electronic
2001
2000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2018
2017
22%
22%
28%
30%
32%
35%
37%
48%
50%
59%
61%
63%
64%
66%
66%
70%
74%
74%
14%
14%
12%
12%
12%
13%
12%
15%
17%
14%
14%
15%
15%
15%
16%
15%
15%
64%
64%
60%
58%
56%
52%
51%
37%
33%
27%
25%
22%
21%
19%
18%
15%
11%
16%
10%
2021
2022
2024
2023
2025
2020
2019
75%
16%
9%
86%
7%
7%
83%
12%
5%
83%
13%
4%
83%
11%
6%
87%
5%
8%
72%
15%
13%
84%
12%
2025
2022
2023
2024
2021
2025
2022
2023
2024
2021
2025
2022
2023
2024
2021
50
3,670
Percentage of women managers
Total number of supplier code of conduct signatories
Scope 1 + Scope 2 (location-based) emissions (tCO
2
e 1,000s)
42
44%
44%
45%
46%
46%
6,056
6,586
33
21
4,467
5,322
41
People
Socially responsible suppliers
Emissions
2025
2021
2023
2024
2022
+7%
Percentages represent underlying growth
£bn
10
0
+9%
+8%
+7%
+7%
+10%
+9%
39.5%
40.1%
Revenue
+13%
Percentages represent underlying growth
£bn
10
0
+15%
+13%
Adjusted operating profit
11.9%
12.5%
14.0%
Return on invested capital
101%
101%
98%
97%
99%
14.8%
15.4%
+7%
+7%
+9%
+10%
Adjusted cash flow conversion
Percentages represent constant
currency growth
Pence
140
0
+17%
+10%
+11%
Adjusted earnings per share
+6%
Percentages represent growth
Pence
140
0
+10%
+8%
Dividend per share
37.2%
37.1%
38.7%
EBITDA margin
30.5%
31.4%
33.1%
33.9%
34.8%
Adjusted operating margin
2025
2021
2023
2024
2022
2025
2021
2023
2024
2022
2025
2021
2023
2024
2022
2025
2021
2023
2024
2022
2025
2021
2023
2024
2022
2025
2021
2023
2024
2022
2025
2021
2023
2024
2022
Financial KPIs
Corporate responsibility KPIs
Revenue by format
Key performance indicators
RELX’s key performance indicators (KPIs) track progress against long-term priorities. At the group level, given the diverse nature of our
end markets, we look at the continued migration of the business towards higher value-add, technology-enabled analytics, decision tools
and workflow solutions, group level financial metrics, and corporate responsibility and sustainability metrics. In addition, we track KPIs
within each market segment, at the product level, relevant to the performance of the specific business areas. Group financial and
corporate responsibility KPIs are set out below.
▪
Human oversight
▪
Traceability, citations and
source document linking
▪
Feedback loops for
continuous model
refinement
Large unlabelled
dataset
Refined labelled
dataset and
Knowledge Graphs
Authoritative Content Grounding
Generation, Expert Oversight and Validation
Trusted Customer Solutions
▪
Linking approaches
with high precision
and recall
▪
Multi-model approach
▪
Model fine tuning for
specific use cases
▪
Guardrails to enforce
RELX Responsible
AI Principles
User specific
workflows
Tailored
Insights
Personalised
Analyses
Draft documents
Trust and
transparency
indicators
Compliance with
global regulations
Increasing Relevance, Accuracy, Authority, Comprehensiveness, Appropriateness
Decreasing hallucination, irrelevant content, non-attributable content (lack of citations)
7
RELX
Annual Report 2025 | RELX business overview
Harnessing technology across RELX
§
Public records
§
Contributory
§
Digital
identities
§
Machine
generated
§
Licensed
§
Proprietary
Data
Sources
ADDING VALUE WITH GENERATIVE AI
More than 12,000 technologists, over half of whom are software engineers, work at RELX. Annually, the company spends $2bn
on technology. The combination of our rich data sets, technology infrastructure and knowledge of how to use next generation
innovation allow us to create effective solutions for our customers.
Machine
to machine
Machine
to human
Real-time
API services
Batch
services
Profile & Clean
Standardise
Relate &
Analyse
Decreasing content volume
Increasing content quality
Data
Sources
Delivery
method
§
Public records
§
Contributory
§
Digital identities
§
Machine
generated
§
Licensed
§
Proprietary
ADDING VALUE WITH EXTRACTIVE AI
The company has more than 15 years’ experience with big data and extractive, machine to machine, artificial intelligence (AI),
particularly in our Risk segment. The combination of this technology with our rich data sets and deep customer understanding has
allowed us to consistently create higher value-added analytics and decisions tools for our customers.
§
High-quality data from a wide array
of sources in multiple formats
§
Over 130bn transactions analysed
annually
§
More than 105m scientific
publication records
§
More than 207bn legal and news
documents and records
§
Grid computing with low-cost servers
§
Linking algorithms that generate high precision and recall
§
Machine learning algorithms to cluster, link and learn from
the data
§
High speed data ingestion, recall, and processing
§
Rapid development cycles
§
Platforms to facilitate AI/ML
§
Proprietary
algorithms
§
Predictive modelling
§
Machine learning and
artificial intelligence
§
Modular
product suites
§
Flexible delivery
platforms
Unstructured and structured content
Big data platforms
Analysis
applications
Customer single
point of execution
For the past few years, we have been deploying generative AI, particularly in our Legal and STM segments. RELX Generative AI
solutions are built upon multiple fine-tuned Large Language Models leveraging high-quality, trusted content and extensive data
sets, advanced linking and context engineering capabilities, deep customer understanding, and industry expertise to improve
answer quality and enable relevant, accurate, and personalised insights, analysis and workflows. This allows customers to make
important decisions with confidence. Our Generative AI solutions are designed with privacy in mind and incorporate RELX’s
Responsible AI Principles.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
8
RELX
Annual Report 2025 | Overview
Business Services
Insurance
Specialised Industry Data Services
Government
Academic & Government
Primary Research
Corporate Primary Research
Databases, Tools and Electronic Reference
Law Firms &
Corporate Legal
Government &
Academic and
News & Business
Exhibitions
13%
Risk
36%
Legal
19%
STM
28%
Print and print-related
Market segments
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves
customers in more than 180 countries and territories and has offices in about 40 countries. It employs more than 37,000 people,
around 40% of whom are in North America.
RELX revenue by segment
Financial summary by market segment
Market
position
2025
revenue
GBPm
Underlying
growth
2025
adjusted
operating
profit
GBPm
Underlying
growth
Risk
provides customers with information-based analytics
and decision tools that combine public and industry-specific
content with advanced technology and algorithms to assist
them in evaluating and predicting risk and enhancing
operational efficiency
Key verticals #1
3,485
+8%
1,305
+10%
Scientific, Technical & Medical
helps advance science and
healthcare by combining high-quality, trusted scientific and
medical information and data sets with innovative technologies
to deliver critical insights that support better outcomes
Global #1
2,714
+5%
1,035
+7%
Legal
helps its customers improve decision-making, achieve
better outcomes and increase productivity by providing tools
that combine legal, regulatory and business information with
powerful analytics
US #2
Outside US #1
or #2
1,806
+9%
415
+12%
Exhibitions
combines industry expertise, digital tools, and data
to help customers connect in-person and online, discover new
markets, source products, generate leads, and transact
Global #2
1,186
+8%
410
+9%
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other
items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 198
to 206. Underlying revenue growth rates are calculated at constant currency, and exclude revenue from acquisitions until 12 months after purchase, revenue of disposals and
assets held for sale, print and print-related revenue and exhibition cycling. Constant currency growth rates are based on 2024 full-year average and hedge exchange rates.
Remaining print and print-related activities are now reported separately from the four business areas. Also, a small commercial healthcare product portfolio, previously in
Scientific, Technical & Medical, is now reported in Risk. Changes to business area reporting, and the associated restatement of 2024 figures, are explained on pages 144 to 145.
9
RELX
Annual Report 2025
Market
segments
In this section
10
Risk
16
Scientific, Technical & Medical
22
Legal
28
Exhibitions
Market segments
Overview
Corporate responsibility
Financial review
Governance
Financial statements
and other information
10
RELX
Annual Report 2025 | Market segments
Business overview
Risk provides customers with information-based analytics and
decision tools that combine public and industry-specific content
with advanced technology and algorithms to assist them in
evaluating and predicting risk and enhancing operational efficiency.
LexisNexis Risk Solutions, headquartered in Alpharetta, Georgia,
has principal operations in California, Florida, Illinois, New York
and Ohio in North America as well as London and Paris in Europe,
Mumbai and Chennai in India and Laguna and Dumaguete in the
Philippines. It has 11,800 employees and serves customers in
more than 190 countries and territories.
Revenues for the year ended 31 December 2025 were £3,485m,
compared with £3,336m in 2024 and £3,224m in 2023. In 2025,
79% of revenue came from North America, 13% from Europe
and the remaining 8% from the rest of the world. Subscription
revenue represented 39% of the total and transactional revenues,
including long-term contracts with volumetric elements,
represented 61%.
LexisNexis Risk Solutions comprises the following market-facing
industry/sector verticals: Business Services, Insurance, Healthcare,
Specialised Industry Data Services, and Government Solutions.
Business Services
, representing over 40% of revenue, enables
global financial transparency and inclusion by providing holistic
and actionable insights for all risk and compliance segments.
We help customers address some of society’s greatest
challenges, including identifying fraud, cybercrime, bribery,
corruption, global terrorism, trafficking and abusive practices.
The combination of our proprietary insights and advanced
analytics powered by extractive Artificial Intelligence (AI) delivers
actionable intelligence to customers to help improve decisions
and operational efficiency.
The cornerstone of our growth strategy is maximising customer
value across our current markets and through international
expansion.
In 2025, Business Services solidified its position as a platform
provider with industry analyst recognition for both its Dynamic
Decision Platform and RiskNarrative platform. Across solutions,
we were recognised as leaders in 29 industry analyst reports
including: Juniper Research’s Digital ID & Verification in the UK
Market, Everest Group’s Leading 50™ Financial Crime and
Compliance Technology Providers, Burton-Taylor’s Anti-Money
Laundering/Know-Your-Customer Data and Services, and
KuppingerCole’s Leadership Compass reports for Fraud
Reduction Intelligence Platforms in both finance and ecommerce.
In Q1 2025, LexisNexis Risk Solutions closed the acquisition
of IDVerse, a provider of AI-powered automated document
authentication and fraud detection solutions. In Q3 2025, we
launched an updated version that delivers an optimised user
experience. We also launched Fraud Intelligence for Business
score to mitigate fraud losses at account opening and evaluate
fraud risks for small and medium-sized business lenders. We
introduced geofencing to detect VPNs and proxies, helping US
gaming and gambling operators confirm devices comply with
state-specific regulations.
We updated our US consumer content and linking infrastructure
to improve coverage for younger consumers and those new to the
country. This initiative will enable our customers to better serve
these consumer segments and foster a more inclusive economy.
We help customers make better
decisions and manage risk. We help
detect and prevent fraud and money
laundering and deliver insights to
insurance companies. Our digital tools
help industries from aviation to
banking improve their operations.
Risk
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Annual Report 2025 | Risk
Insurance,
representing around 40% of revenue, provides
comprehensive data, analytics and decision tools for personal
auto and home, commercial and life insurance carriers to improve
critical aspects of their business. Information solutions help
insurers assess risks; improve customer acquisition, experience
and retention; identify and intercept fraud; increase efficiency in
pricing and underwriting insurance policies; and settle claims in
the US and other key markets. Industry-leading products provide
real-time information on policy holders, identify insurance
coverage details and lapses in coverage, and give insurers
access to vehicle and behaviour-centric data, standardised
across automakers for the underwriting and claims processes.
Innovative decision tools seamlessly integrate into an insurer’s
workflow and are delivered through a single point of access
within an insurer’s infrastructure.
Insurance solutions drive more consistency and efficiency in
claims, providing data and decisions for challenging total losses
at first notice of loss and throughout the claim life cycle. Insurance
solutions provide comprehensive interior and exterior data for
home and commercial property insurers and offers AI-enabled
insights to fast-track decision-making for new business or
renewal underwriting and claims processes.
We continue to launch solutions for auto, home and commercial
insurers utilising proprietary claims information married with
other attributes to deliver industrywide benchmarking analysis
and actionable, future-focused insights.
Life insurers use predictive models, public and motor vehicle
records, consumer-driven health information, combined medical
and behavioural data and evidence-based ordering across the
policy life cycle to better understand mortality risk, reduce
misrepresentation, improve underwriting processes and make
life insurance more accessible.
Healthcare solutions, formerly reported within STM, support the
payer, provider, pharmacy and life sciences sectors. Consumer,
provider and medical claims data and proprietary smart
tokenisation technology enable the delivery of market-specific
identity access management, provider data management,
healthcare market analysis, clinical research and regulatory
compliance solutions.
Specialised Industry Data Services,
representing just over 10%
of revenue, provides critical business intelligence, data, software
and analytics solutions to professionals in many of the world’s
largest industries. These solutions include: ICIS, an independent
source of data and intelligence for the global commodities,
chemicals and energy markets; Cirium, the aviation analytics
company; Brightmine, a compliance, benchmarking and
pay-equity data and analytics business driving global HR topics;
and Nextens, a provider of workflow solutions, content and
analytics for tax professionals.
Government,
representing just over 5% of revenue, continues to
help US agencies shift from identity verification to authentication
to confront fraud, waste, and abuse. Front-end identity
authentication is central to how the government dispenses
hundreds of billions of dollars in entitlements, stimulus,
benefits and contracts to people and businesses.
LexisNexis Accurint AI Insights is a new, first-to-market
AI solution for public safety, designed specifically for law
enforcement. This advanced tool automates crime trend
identification, providing agencies with rapid analysis and
actionable intelligence. By enabling proactive responses to
emerging threats, Accurint AI Insights streamlines investigative
processes and enhances decision-making. The platform offers
Fraud and Identity Management Portfolio
Financial Crime Compliance Portfolio
We provide digital, physical, device and
behavioural risk signals to help organisations
better assess consumers, prevent fraudulent
transactions, improve operational efficiencies
and protect accounts while minimising friction
for trusted users. Fraud and Identity
introduced new data sources, expanded fraud
truth data and deepened integration of digital
and analogue attributes alongside risk scores.
ThreatMetrix updates provided greater
visibility into fund flows across mule networks
and enabled proactive alerts to recipient
banks about potential mule accounts. We
established new consortia in Hong Kong,
Singapore and the US
Our financial crime compliance offerings
deliver comprehensive solutions for
addressing financial crime risk. In 2025,
Business Services enhanced Firco Continuity
to enable comprehensive compliance audits by
increasing long-term, transaction data
storage, supporting higher volumes and data
retention while sustaining performance.
We integrated the entity resolution filter into
Bridger Insight XG, reducing manual alert
reviews and enabling more efficient
compliance programmes
Credit Portfolio
Our Credit Risk solutions use analytics
and expansive data sets to deliver robust
consumer and business credit assessments
and drive financial inclusion. In 2025,
we incorporated additional affordability
assessment attributes into RiskView UK
to align with the Gambling Commission’s
responsible lending regulations. We
expanded Decision Trust in Latin America
and introduced RiskView Credit Misuse to
help lenders combat first-party fraud
LexisNexis Claims Compass
LexisNexis C.L.U.E.
LexisNexis Total Property Understanding
Our data analytics platform delivers
LexisNexis Claims Datafill, VINsights,
Carrier Discovery, Claims Clarity and
LexisNexis Police Records solutions directly
into insurer workflows to improve the claims
process from first notice of loss, triage,
investigation and resolution, through recovery
LexisNexis Comprehensive Loss
Underwriting Exchange (C.L.U.E.), is a claims
history database that collects and reports up
to seven years of US personal automobile,
property claims and small business
information to inform insurance pricing
and underwriting decisions. Our ongoing
investments to help insurers better segment
and rate customers include incremental
risk event data indicating vehicle damage
Our complete property risk assessment
solution helps home insurance underwriters
more easily identify properties with risk or
coverage opportunities and survey those
priority properties using consumer-friendly,
configurable AI-driven property assessment
technology that delivers actionable insights
into the underwriting workflow
For more information
visit relx.com
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
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Annual Report 2025 | Market segments
Rest of world
8%
Europe
13%
North America
79%
Subscription
39%
Other transactional
Geography
Type
Transactional
61%
Long-term contracts
with volumetric elements
2025 Revenue £3,485m
Transactional activity is driven by growth in insurance quoting
and policy switching, as consumers seek better policy terms. This
activity is stimulated by competition among insurance companies,
increased loss ratios and consumer interest in insurance internet
quoting and policy binding. We see opportunities across the
insurance continuum using data and analytics to play a critical role
in assisting the insurer and consumer decision-making process.
This helps consumers and businesses transact with insurers
throughout the policy life cycle.
We deliver solutions that bridge insurers and automakers,
utilising connectivity and regulated data from connected cars
to insert vehicle data into insurer workflows and empower
consumers with a deeper understanding of driving behaviour.
Our deepening relationships with automakers reflect the need
to better understand consumer loyalty, improve and digitise the
consumer experience through ownership management and
connected services solutions, while creating efficiencies within
automakers’ operations.
In Specialised Industry Data Services, growth in the global
commodities and chemicals markets is led by changing trade
patterns, a drive to embrace sustainability and demand for more
sophisticated supply chain solutions to better utilise precious
resources. The aviation industry continues to focus on digital
transformation, to drive more efficient, effective and profitable
business models in businesses such as airlines, with a
particularly strong focus on CO
2
emissions data and Corporate
Responsibility reporting. The rapidly changing workforce
environment is driving employers to better utilise data and
analytics to attract, retain and develop a diverse workforce which
is further accelerating growth in human resource management.
With over 8,000 federal, state, and local agencies using our
services, the Government business continues its mission of
preventing fraud, fighting crime, reducing risk, and providing
citizens with immediate, equitable access to government systems.
The addition of AI capabilities, underpinned by responsible data
governance, helps our government customers enhance fraud
prevention and data integrity while ensuring secure and efficient
access to services. The Cares Act amplified the demand for
robust online access and highlighted the sophistication of fraud
attempts, underscoring the importance of advanced technologies
like AI in safeguarding public resources. As agencies adopt
private sector innovations, the integration of AI-driven insights
will support more proactive measures against improper
payments and enhances the integrity of government programmes.
The level and timing of demand in this market remain influenced
by government funding and revenue considerations, as well as the
US administration’s priorities.
immediate access to identity and authentication analytics,
combining advanced AI with extensive data expertise to
support public safety agencies in protecting communities
with data-driven insights.
Market opportunities
We operate in markets with strong long-term growth in demand
for high-quality advanced analytics based on industry information
and insight, including: financial crime compliance; business risk;
fraud and identity solutions; due diligence requirements
surrounding customer enrolment; security and privacy
considerations; insurance underwriting transactions;
insurance acquisition, retention and claims handling; provider
data management; patient engagement and population health
strategies; healthcare market analysis, clinical research;
data and advanced analytics for the banking, commodities
and chemicals, aviation and human resources sectors;
and tax and public benefits fraud.
Expansion of mobile and digital use cases and the growing mix
of consumer payment options continue to drive opportunity for
Business Services solutions that support efficiency in risk
decision making. As criminals continuously adjust attack vectors
targeting financial transactions, organisations are utilising
our solutions to evolve their financial crime, compliance and
consumer and business credit, fraud and scam detection and
prevention programmes.
Mounting costs from fraud schemes, anti-money laundering
programmes, fast changing sanctions, anti-bribery and
corruption enforcement, financial transparency and inclusion
initiatives, and heightened regulatory scrutiny also provide
growth opportunities. We are seeing new use cases for our
solutions emerge for corporations, 3D Secure, ecommerce,
travel, gaming/gambling, telecommunications, trade compliance
and new alternative digital payment methods such as digital wallet
applications and Buy Now, Pay Later, particularly mule account
setup detection. Continued rapid digitalisation of emerging
markets provides growth opportunity for fraud and identity in
digital channels. We are also seeing revived demand in third-party
collections and non-prime lending.
In Insurance, growth is supported by customer experience
advances in the auto, home, commercial and life insurance
markets, and the increasing adoption by insurance carriers
of more sophisticated data and analytics in the prospecting,
underwriting and claims evaluation processes to assess risk,
increase competitiveness, improve operating cost efficiency
and address profitability challenges.
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Annual Report 2025 | Risk
Revenue
2025
3,485
3,336
Underlying growth
+8%
2024
GBPm
Adjusted operating profit
2025
1,233
Underlying growth
+10%
2024
GBPm
1,305
Strong fundamentals continuing to drive underlying
revenue growth
Underlying revenue growth of +8%. Strong growth continues to
be driven across segments by our deeply embedded, AI-enabled
analytics and decision tools.
Underlying adjusted operating profit growth was +10%, leading
to an increase in adjusted operating margin.
In Business Services, strong growth continues to be driven by
Financial Crime Compliance and digital Fraud & Identity solutions,
and strong new sales.
We continue to expand our extensive,
differentiated data assets, build out our global fraud
infrastructure, and more deeply integrate advanced authentication
and behavioural intelligence, to address the increasing complexity
of risk decisioning for customers worldwide.
In Insurance, strong growth continues to be driven by further
innovation and adoption of contributory databases and
market-specific solutions, supported by positive market factors
and strong new sales.
We continue to extend our products
across the insurance continuum, and across insurance lines,
while adding data sources and analytics to enhance value for
customers.
Specialised Industry Data Services growth continues to be led
by Commodity Intelligence, and Government growth continues
to be driven by analytics and decision tools.
2026 outlook
We expect continued strong underlying revenue growth with
underlying adjusted operating profit growth exceeding
underlying revenue growth.
2025 financial performance
Restated
2024
GBPm
2025
GBPm
Change
in GBP
Change at
constant
currency
Underlying
growth
Revenue
3,336
3,485
+4%
+7%
+8%
Adjusted operating profit
1,233
1,305
+6%
+9%
+10%
Strategic priorities
Our strategic goals are anchored in helping customers achieve
better business outcomes by offering greater insight into risks and
opportunities associated with individuals, businesses, devices,
and transactions. We provide data and solution tools to help
customers make better risk-adjusted decisions to grow
successfully. We enable this by focusing on: delivering innovative
products; extending our risk management solutions to new
applications; adapting our global competencies to meet local
needs; and investing in technology to complement organic
innovation to continuously expand our analytical capabilities.
LexisNexis Risk Solutions continues to develop sophisticated
extractive AI and Machine Learning (ML) techniques to generate
actionable insights that help our customers make accurate and
timely decisions and to improve our internal efficiencies by
leveraging and adapting extractive AI/generative AI tools.
Our successful deployment of AI and ML techniques both for
our customers and for our internal needs is built on a strong
foundation that is comprised of: a deep understanding of customer
and stakeholder needs, the breadth and depth of our data sets, and
our expertise and domain knowledge that helps us discern which
AI/ML algorithm to use in a given context to solve business
problems most effectively.
Business model, distribution channels and competition
We sell our products direct-to-client, with pricing based on
subscription or transactional with volumetric elements.
We also utilise a robust partner distribution channel.
Principal competitors in Business Services include data and
analytics companies such as the major credit bureaux, which in
many cases address various capabilities within each solution
offering. In Insurance, data and analytics competitors such as
Verisk sell solutions to insurance carriers but largely address
different activities to ours. Principal competitors in the
Government segment include data providers such as the major
credit bureaux. Specialised Industry Data Services competes with
a number of information providers on a service-by-service basis
including S&P Global Platts and Thomson Reuters as well as
various niche and privately owned competitors.
2024 results restated to reflect business area reporting changes
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
60 to 80% faster
Insurance Market Insights delivers data approximately
60 – 80% faster than industry standards
14
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Annual Report 2025 | Market segments
About LexisNexis Insurance Market Insights
The LexisNexis Insurance Market Insights platform provides
US auto and property insurers market intelligence about loss
frequency, claim severity, mix-of-business, claims duration and
customer shopping behaviour. This enables insurers to validate
strategic decisions, measure their results against industry
averages, pivot quickly, and assess the impact of new initiatives
months ahead of standard sources of benchmarking intelligence.
Additionally, insurance companies can drill down further to
analyse specific risk segments by limits, coverage and major
peril, state, metropolitan area, policy type, building age, square
footage and catastrophe indicator to better understand whether a
challenge is isolated to their operations or an industry-wide event.
LexisNexis Risk Solutions leverages its deep proprietary datasets
and industry wide contributory and transactional databases
representing a majority of US auto and property insurance
policies, claims and shopping transactions to deliver Insurance
Market Insights, which can be seamlessly integrated into an
insurance company’s workflow.
Traditional market reporting often lags by six
to 12 months, leaving insurance companies
reactive rather than proactive to market or
organisational trends impacting their business.
Without the opportunity to slice timely
information, insurers end up with limited
views not relevant to the market segments
they serve or channels they use.
Side-by-side data comparisons of internal and external auto
and property insurance trend data are often resource and time
intensive. Varying regulatory rules for other data sources can
result in inconsistencies when comparing benchmarking
information. Insurance Market Insights provides normalised and
consistently calculated results for both the insurer and industry
side-by-side to speed up the process for interpreting results in
the context of macro trends impacting the US insurance sector
and economy.
Utilising the proprietary LexisNexis Risk Solutions extractive
AI and big data processing platform to pull in contributory and
transactional information, Insurance Market Insights closes the
gap by delivering data as quickly as 7-30 days post-event. This
timeliness, approximately 60-80% faster than industry standards,
enables insurers to respond to emerging trends, economic shifts,
and competitive pressures with agility and confidence. For
consistency, normalised insurance company and industry
information supports like-for-like comparison. The platform’s
dashboards offer flexible filtering to drill down into various risk
segments, enabling precise performance evaluation and multiple
options for granular views.
LexisNexis Insurance Market Insights
Supporting US personal auto and property insurance companies
in making more informed decisions
Insurance companies can interpret this information to monitor
their own process changes or strategic moves and optimise
profitability. A US auto insurance company, for example, can add
a new rating element in order to quote and price risk more
effectively. In this use case, while the new rating element can
improve its pricing accuracy, it can also have an unintended effect
in attracting higher frequency business. With benchmarking
from Insurance Market Insights, the insurer can quickly identify
this issue and adjust its pricing to align with their strategy.
As another example, insurance companies are also using
Insurance Market Insights to address the increasing severity of
bodily injury claims, which had a sharp trend upward, increasing
7% in 2025 versus the prior year and over 26% versus 2021.
The impact of the severity increases has been compounded by
moderate frequency increases that have occurred over the last
two years.
LexisNexis Risk Solutions analysis revealed personal property
claim severities are up 30% in 2025 compared to 2024 and 71%
versus 2021. The 2025 increases were heavily driven by the CA
wildfires from Q1 2025. With the detailed analysis of catastrophe
versus non-catastrophe home claims trends and by peril within
Insurance Market Insights, insurers can better understand their
severity trends and the impact of catastrophic claims events so
they can more intelligently serve their customers.
In a rapidly evolving insurance landscape, this
cutting-edge benchmarking and analytics platform
is used by US personal auto and property insurance
companies to evaluate their performance relative to
the industry and make faster, more informed decisions.
Christopher Rice
VP Product Management, LexisNexis Risk Solutions
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Annual Report 2025 | Risk
About ThreatMetrix
LexisNexis ThreatMetrix, powered by the Digital Identity Network,
is a global, cross-industry risk intelligence network that analyses
billions of transactions annually. By linking devices, locations,
behaviours and other digital credentials in real time, ThreatMetrix
helps organisations accurately differentiate between genuine
customers and malicious actors, from a consumer’s first contact
and throughout their entire digital journey.
About Crypto.com
Crypto.com is one of the world’s largest cryptocurrency platforms,
with more than 140m users across more than 100 jurisdictions.
With a mission to accelerate global cryptocurrency adoption, the
company provides a secure and reliable platform to buy, sell and
use digital assets with confidence. Crypto.com is also the industry
leader in regulatory compliance, security and privacy, with more
than a hundred licences, certifications, registration and regulatory
approvals globally. As the business has scaled, growing its user
base by 180% and trading volumes by more than 950% between
2022 and 2025, maintaining the highest standards of security,
privacy and regulatory compliance has remained paramount.
Crypto.com supports the exchange of Bitcoin, Ethereum and 400+
cryptocurrencies (cryptocurrencies available vary by jurisdiction).
The global landscape in the crypto industry
has changed significantly. Third party fraud
and chargebacks used to be the main concerns.
Today, scams which are often sophisticated
and fast moving pose the biggest threats.
As Crypto.com’s platform grew, so did the
volume and complexity of the attacks, from
AI generated identities to social engineering
tactics. While users expect a seamless
experience, they also expect the platform to be
secure. Crypto.com operate in a space where
trust is crucial and can be quickly undermined.
Crypto.com needed a fraud-prevention solution that could keep
pace with its growth and progress toward expanding their global
offering to include stocks, banking services, credit cards and
payment cards, without compromising customer experience.
Crypto.com deployed ThreatMetrix to optimise fraud detection
and increase operation efficiencies by automating onboarding
and transaction workflows. ThreatMetrix utilises real-time
digital identity and behavioural intelligence from one of the
largest cross-industry data networks in the world. This enables
Crypto.com to proactively stop fraudulent activities before they
impact their platform.
ThreatMetrix helps us raise our fraud capture rates
and streamline trusted user experiences so we can
stay focused on scaling our platform and expanding
our global business.
Deyan Tsvetkov
Senior Vice President, Risk Management, Crypto.com
LexisNexis ThreatMetrix:
Strengthening fraud prevention for a rapidly expanding
cryptocurrency platform
26%
Crypto.com saw a 26% lift in fraud capture rates
With rapid growth and ambitious expansion plans in an industry
where instant transactions play an integral role in customer
conversion and satisfaction, Crypto.com benefits from
ThreatMetrix’s ability to easily configure to fit Crypto.com’s
specific speed and volume requirements. The solution also
delivers the responsiveness demanded by a dynamic threat
environment defined by AI-enabled fraud, bots, scams and social
engineering. ThreatMetrix offers the advantages of contributory,
cross-industry digital identity, device and behavioural intelligence
combined with AI-powered models and analytics which help
Crypto.com automate decisions and avoid fraud upfront.
By implementing LexisNexis ThreatMetrix, Crypto.com
significantly boosted its fraud prevention capabilities across
the customer journey, helping them automate decisioning,
streamline onboarding and maintain high standards of
compliance and user experience.
Crypto.com saw a 26% lift in fraud capture rates, a 15% reduction
in fraud losses tied to chargebacks, and a 20% reduction in time
spent on manual reviews and investigations. Return on
investment was achieved in the first six months.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
16
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Annual Report 2025 | Market segments
Business overview
Scientific, Technical & Medical helps advance science and
healthcare by combining high-quality, trusted scientific and
medical information and data sets with innovative technologies
to deliver critical insights that support better outcomes.
Elsevier is headquartered in Amsterdam, with principal sites in
New York, Philadelphia, and St. Louis in North America; London,
Oxford, Frankfurt, Munich, Madrid and Paris in Europe; Beijing,
Shanghai, Chennai, Delhi, Sydney, Singapore and Tokyo in Asia
Pacific, and Rio de Janeiro in South America. It has 9,700
employees with customers in over 170 countries and territories.
Revenues for the year ended 31 December 2025 were £2,714m,
compared with £2,624m in 2024 and £2,581m in 2023. In 2025, 43%
of revenue came from North America, 23% from Europe and the
remaining 34% from the rest of the world. Subscription revenue
represented 80% of total revenue and transactional revenues
represented 20%.
Elsevier’s customers are scientists, research leaders, librarians,
medical researchers, doctors, nurses, allied health professionals
and students, as well as hospitals, academic and research
institutions, research-intensive corporations, funders,
and governments.
Elsevier’s services across Academic & Government, Corporate
and Health markets focus on: Databases, Tools and Electronic
reference and Primary Research. In each of these markets, our
objective is to help impact makers shape human progress to go
further, happen faster, and benefit all.
Databases, Tools and Electronic Reference, together with
Corporate Primary Research, accounts for around 45% of STM
revenues, with Academic & Government Primary Research
accounting for around 55%, all in electronic format.
Databases & Tools & Electronic Reference.
Elsevier’s databases,
tools and electronic reference products help customers and
users solve complex problems and make critical decisions,
and we are enhancing these capabilities with AI across all
our business areas. Solutions include LeapSpace, Scopus/
ScopusAI, ScienceDirect AI, SciVal, Interfolio, Engineering Village
and Pure in Academic & Government; Reaxys/Reaxys AI Search,
Embase AI, PharmaPendium AI and SciBite in Corporate; and
ClinicalKey/ClinicalKey AI, HESI, Sherpath AI, Shadow Health,
ClinicalPath, and Osmosis, for Health.
Elsevier’s research solutions combine quality, curated content
and extensive data sets with responsible AI and large language
model (LLM) technology to help researchers, academic leaders,
policy makers, funders and R&D-led corporations to generate
insights, set and implement research strategies and make
decisions with confidence. This portfolio integrates with and
enhances the systems institutions rely on, with interoperability
driven by Application Programming Interface technologies (APIs).
In early 2025, Elsevier launched a new generative AI tool on
ScienceDirect, the world’s largest platform for peer-reviewed
research used by more than 20m researchers each month.
ScienceDirect AI helps transform the way researchers work by
enabling them to instantly extract, summarise and compare
trusted insights from millions of full-text articles. In November,
Elsevier introduced LeapSpace, a next-generation AI-powered
workspace, combining the broadest collection of trusted scientific
content with responsible AI to help researchers uncover deeper
insights, accelerate innovation, and collaborate seamlessly – in
one secure environment.
We deliver insights that help
universities, research institutions,
governments and funders achieve
their goals. We help researchers
discover and share knowledge,
collaborate, and accelerate innovation.
We help librarians provide trusted,
high-quality information to their
universities. We help innovators
transform the latest knowledge into
new products. We help health
professionals improve patient care,
and educators train the next
generation of doctors and nurses.
Scientific, Technical & Medical
17
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Annual Report 2025 | Scientific, Technical & Medical
For Corporate R&D, Elsevier provides connected, configurable
solutions that combine comprehensive data with analytical and
predictive tools. In 2025, new innovations included Reaxys AI
Search, which enables chemists and R&D teams to explore over
123m chemistry documents, as well as patents and peer-reviewed
journal articles using natural language discovery. New EmbaseAI,
the generative AI-powered version of Embase, the leading
biomedical database, allows users to pose queries in natural
language and receive a summarised response with inline citations
to ensure transparency. PharmaPendium AI, an AI-powered
upgrade to our PharmaPendium solution, empowers regulatory
affairs specialists, drug development professionals, and clinical
researchers by providing easy access to regulatory precedents
from the US Food and Drug Administration and European Medicines
Agency documents, and enables effective regulatory planning as
well as supporting core research on toxicology and drug safety.
In Health, Elsevier’s clinical solutions include digital solutions for
doctors, nurses, care teams and patients. Its clinical reference
platform, ClinicalKey, helps doctors, nurses and students find
clinically-relevant answers through a range of trusted content
across specialities. This includes Elsevier’s vast collection of
medical reference content, including over 2,500 clinical overviews,
over 7.3m images and over 128,000 medical videos in one integrated
platform. ClinicalKey AI combines this content with generative AI
technology. ClinicalPath Oncology presents evidence-based
oncology pathways embedded in the clinical workflow, and the
associated analytics, to help oncology care teams make consistent,
well-informed decisions for high quality care.
Elsevier also serves students of medicine, nursing, and allied
health professions. Sherpath, an adaptive teaching and learning
solution which also offers an AI tool, provides personalised
learning paths at over 800 institutions, supporting more than
500,000 course enrolments, while ClinicalKey Student is used
in over 450 medical schools globally.
In electronic reference, Elsevier provides authoritative reference
content to scientific, technical and medical professionals.
Flagship titles include Gray’s Anatomy, Nelson’s Pediatrics and
Netter’s Atlas of Human Anatomy.
Primary Research.
Elsevier helps researchers validate, improve
and disseminate their scientific findings through its more than
3,000 journals, enhancing the record of scientific knowledge by
applying highest standards of quality and ensuring trusted
research can be accessed, shared and built upon. Elsevier
journals are the foremost publications in their field, including
flagship families of journals like Cell Press and The Lancet.
Research content is distributed and accessed via ScienceDirect,
the world’s largest platform dedicated to peer-reviewed primary
scientific and medical research.
In 2025, Elsevier received more than 4.2m article submissions,
which were rigorously reviewed by our in-house editorial teams
in collaboration with over 37,000 editors and over 1.9m expert
reviewers around the world. The result is over 795,000 articles
enhanced, indexed, certified, published and promoted following
peer review, with the global scientific community accessing
articles over 2.9bn times across its journal platforms.
LeapSpace, a next-generation AI workspace built
on the world’s most comprehensive collection of
scientific content to help researchers uncover
deeper insights, accelerate innovation, and
collaborate seamlessly in one secure
environment. It combines multi-model
responsible AI with transparency and clear trust
markers, industrial-grade data privacy and
security, so that every insight is explainable,
traceable, and grounded in the highest-quality
global science
An expertly curated abstract and citation
database with content from over 31,000
academic journals from 7,000 publishers to help
track and enhance researcher and institutional
data and discover global research in all fields.
Scopus AI helps researchers get deeper
research insights faster, navigate and
understand different disciplines more easily
and support interdisciplinary collaboration
Clinical knowledge solution helping healthcare
professionals and students find the most clinically
relevant answers from comprehensive trusted
content across specialities. ClinicalKey AI
combines the latest and most trusted medical
content with generative AI to help clinicians at the
point of care. The tool integrates with electronic
health records systems
The world’s most advanced 3D anatomy
platform, Complete Anatomy is revolutionising
how students, educators, health professionals
and patients understand and interact with
Anatomy
The world's largest chemical database, Reaxys
combines over a billion chemistry data points from
journals and patents with AI to support innovation
in drug discovery, chemical R&D and academia.
Chemists can quickly access relevant patent,
substance and bioactivity insights, and an
award-winning retrosynthesis tool
SciVal is an analytics solution that provides
insights into the research performance of over
24,700 academic, industry and government
research institutions
For more information
visit relx.com
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
18
RELX
Annual Report 2025 | Market segments
Transactional
20%
Subscription
80%
Geography
Type
Rest of world
34%
Europe
23%
North America
43%
confidence. We have a multi-model approach and adapt AI for
specific domains, such as research, life sciences, clinical care,
health education, through hybrid search, knowledge graphs,
ontologies, large language model and human expertise-based
evaluations to provide users with answers that are precise,
relevant, and useful in real-world settings.
In Primary Research, Elsevier’s priority is to support researchers
by finding a home for every sound science article submitted, and
providing choice in payment model, quality tier, and scientific
discipline. We aim to deliver above industry average journal and
article quality, at below average article download and publishing
cost, leveraging our scale and expertise. Elsevier works with
customers to help them reach their research goals through
excellence in content, service and value. Elsevier is building on its
premium brands, enhancing quality through peer review, and
increasing article volume through new journal launches, the
expansion of open access journals and growth from emerging
markets; and broadening the range and quality of insights across
research solutions.
We continue to improve customer experience while driving
operational efficiency and effectiveness; and collaborate to
advance open science, inclusive research and inclusive health
and support the UN Sustainable Development Goals, through our
business and the Elsevier Foundation.
Business model, distribution channels and competition
In Databases, Tools and Electronic Reference, solutions like
Scopus, Clinical Key and Reaxys, are generally sold direct to
institutional, healthcare and corporate customers through global
sales force. Reference and educational content are sold directly to
institutions and individuals and accessed on Elsevier platforms.
In Primary Research, science and medical research is distributed
via the ScienceDirect platform, supported by two separate
payment models to suit author preferences: pay to read articles
funded by payments for reading made by individuals or
institutions; and pay-to-publish (commonly known as open
access) funded by payments for publishing, made by authors,
their institution or funding bodies. Elsevier offers a range of pay
to read and pay to publish options, both subscription-based and
transactional, to fit the diverse needs of institutions, funders,
and researchers worldwide. Nearly all of Elsevier's over
The latest available long-term comparison with the market
showed that Elsevier journal articles accounted for over 18%
of global research output and 29% of citations, demonstrating
Elsevier’s commitment to quality significantly ahead of the
industry average. Elsevier is the global leader in open access
publishing, with over 285,000 open access articles published in
2025, a year-on-year increase of nearly 14%, and over 960 fully
open access journals following 75 new launches during the year.
Elsevier’s world-leading research platforms make available
4.3m validated open access articles.
Elsevier has also invested in other research solutions, such as
SSRN, an open access online preprint community where
researchers post early-stage research, Scopus Author Profiles
showing preprints to provide an early view into a researcher’s
focus areas and Digital Commons helping academic libraries
showcase and share their institutions’ research via institutional
repositories for greatest impact.
Market opportunities
Scientific, technical and medical information markets have
positive long-term growth characteristics. Investment in R&D
is critical for nations and corporations to create competitive
advantage, drive innovation, economic growth and solve societal
issues. This leads to long-term growth in R&D spending and
sustained increases in researchers worldwide. As people live
longer and aim to live healthier lives, health expenditure and the
number of physicians and nurses also continues to grow strongly.
Strategic priorities
Elsevier’s strategic priorities are to help our customers solve
critical and complex problems, by expanding content quality,
coverage and utility; combining content with analytics and
technology to build integrated solutions and decision tools that
utilise advanced Machine Learning (ML) and AI to improve
productivity and outcomes, and enable insights underpinning
critical decisions, benchmarking and evaluation.
In Databases, Tools and Electronic Reference, Elsevier is applying
advanced linking capabilities and AI to our vast verified research
and healthcare information and data sets, including patent,
research grants, drug information, medical claims data, to
develop products that help our academic & government,
corporate and health customers make critical decisions with
2025 Revenue £2,714m
19
RELX
Annual Report 2025 | Scientific, Technical & Medical
Development of analytics continuing to drive underlying
revenue growth
Underlying revenue growth of +5%. Good growth, with
improving momentum, continues to be driven by the evolution of
the business mix towards higher growth, higher value analytics
and tools.
Underlying adjusted operating profit growth was +7%, resulting
in an increase in adjusted operating margin.
In Databases, Tools & Electronic Reference, strong growth
continues to be driven by higher value-add analytics and
decision tools, with continued rollout, adoption and usage
growth of our AI-enabled tools, such as Scopus AI and Sherpath
AI. We continue to expand our solution sets, built on our
industry-leading trusted content, with a series of new releases
in 2026, the most recent of which is our next generation
end-to-end AI-powered researcher solution, LeapSpace.
In Primary Research, good growth continues to be driven by
volume growth, with article submissions growing very strongly
across the portfolio.
Improving momentum is supported by the increasing pace of
new product introductions, and strong new sales.
2026 outlook
We expect good to strong underlying revenue growth with
underlying adjusted operating profit growth exceeding
underlying revenue growth.
2025 financial performance
Restated
2024
GBPm
2025
GBPm
Change
in GBP
Change at
constant
currency
Underlying
growth
Revenue
2,624
2,714
+3%
+5%
+5%
Adjusted operating profit
981
1,035
+6%
+7%
+7%
Revenue
2025
2,714
2,624
Underlying growth
+5%
2024
GBPm
Adjusted operating profit
2025
1,035
981
Underlying growth
+7%
2024
GBPm
3,000 journals enable open access publishing, with more than
960 dedicated author pays journals, the largest portfolio of open
access titles in the industry. In addition to being the global leader
in quality and pay-to-read, Elsevier also leads in pay-to-publish
(open access).
Elsevier is a founding and driving partner of Research4Life, a United
Nations initiative, providing free or low-cost access to research for
publicly funded institutions in the world’s least resourced countries.
Over 11,500 institutions in 125 countries participate.
Some Elsevier primary research and reference content and some
print-based commercial marketing services in pharmaceutical &
life sciences promotion is sold in a print format. From 2025, print
and print-related activities are managed and reported separately.
Competition within science and medical reference content is
generally on a title-by-title and product-by-product basis,
typically with learned society publishers and professional
information providers, such as Springer Nature, Clarivate and
Wolters Kluwer. Decision tools face similar competition, plus
software companies and customer home-grown solutions.
2024 results restated to reflect business area reporting changes
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
20
RELX
Annual Report 2025 | Market segments
As research output continues to grow globally,
Elsevier’s investments in technology help enhance
the publishing experience for authors, editors and
reviewers, so quality research can continue to
advance human progress.
Arnold Pippel
Senior VP, Customer Experience and Innovation
About Elsevier
As the largest publisher of scientific journals, Elsevier handles
more than 4.2m research submissions each year, spanning
3,000 journals across a network of millions of authors,
reviewers, and tens of thousands of editors. This unparalleled
scale brings complexity, requiring extensive investment and
constant innovation to enhance the user experience while
managing an ever-growing volume of content and safeguarding
research quality and integrity.
In 2025, Elsevier initiated one of the most
ambitious transformations in scientific
publishing, building a next generation
publishing platform designed to deliver an
enhanced end-to-end experience for authors,
editors and reviewers. Key steps in the
publishing workflow of submission and peer
review were completed in 2025. Other editorial
workflows will be addressed in 2026 and
expected to be completed in 2027.
Over several decades, Elsevier’s publishing system grew to
support 3,000 journals, offering extensive configurability
across multiple settings and numerous databases within its
infrastructure. While the scale and diversity of options provided
flexibility and accommodated a wide range of publishing needs
across disciplines, an opportunity emerged to streamline
processes for both authors and reviewers, and in parallel, to
advance efforts to safeguard research integrity against practices
such as citation manipulation and fabricated data or images.
Elsevier set out to completely redesign its publishing platform
with users in mind. At the heart of this transformation is a unified
data lake and architecture, unlocking the power of real-time
data and scalable innovation.
A New Digital Foundation
A key technological advance is Elsevier’s new capability to
deconstruct and identify all the elements of a manuscript,
automatically extracting and linking entities such as titles,
abstracts, author names and embedded figures. Our latest
technology then enables structuring of the manuscript into a rich
digital format, unlocking new capabilities and enhancements.
This streamlines the submission process for authors who now
benefit from automated metadata extraction and real-time error
detection, and lays the groundwork for new integrity checks and
editorial tools.
For example, advanced extraction helps to auto-format
manuscripts for peer review, check for missing items or errors,
and support authors in ensuring all required ethics or integrity
related declarations are present.
By providing the ability to simultaneously view reviewer and
author comments on a single screen, the platform helps editors
+10% faster
The overall editorial process is now faster by more
than 10%
save time and make more confident decisions. At the same time,
reviewers are supported with inline commenting tools and
article-style formatting, enhancing the interactivity and efficiency
of peer review.
The impact has been significant, with author satisfaction
reaching almost 90%. The overall editorial process is now faster
by more than 10%. Early data indicates quality improvements.
For example, acceptance rates for manuscripts undergoing
peer review have risen by approximately five percentage points,
reflecting the benefits of enhanced feedback and collaboration
in the new experience.
Advanced Integrity Toolkit
As in other sectors, science is at risk from fraudulent activity.
Elsevier introduced an advanced ethics toolkit, using numerous
signals and AI-based analysis to flag integrity concerns before and
after publication. These include AI phrasing, authorship changes,
and simultaneous submissions. Human experts validate flagged
cases, ensuring that trust in the scientific record remains robust
and authors get a consolidated view of reviewers' feedback,
including annotation-based comments directly on their
manuscripts, making it easier to address the feedback needed
to improve their manuscript.
Crucially, Elsevier adopted a phased implementation strategy,
introducing innovations incrementally and working in close
partnership with editors and researchers throughout the process
to support adoption. By combining cutting-edge technology with
integrity-focused design and human expertise, Elsevier is
delivering a publishing experience that is not only simpler and
faster, but also more secure and supportive for all users.
Elsevier
Transforming scientific publishing to support
the demands of modern research
21
RELX
Annual Report 2025 | Scientific, Technical & Medical
About Sherpath AI
Sherpath AI is an adaptive digital learning, conversational AI
solution designed to enhance nursing education through
personalised learning paths. Integrated within Sherpath, it
introduces an interactive feature that allows students to ask
questions in natural language and receive evidence-based
answers drawn exclusively from Elsevier’s trusted content.
Already used by over 73,000 students (nearly 15% of all nursing
students) and 6,000 instructors in the US, the tool has helped
answer more than 7m enquiries in 2025. This real-time,
AI-powered interaction deepens understanding, reinforces key
concepts, and creates a more engaging and efficient learning
experience for nursing and health education students.
In 2025, St. Johns River State College (SJR
State) and Georgia Southern University (GSU)
pioneered the use of Sherpath AI, Elsevier’s
artificial intelligence-powered learning
platform, and investigated its potential for
advancing undergraduate nursing education.
The platform leverages responsible generative
AI and Elsevier’s evidence-based content to
deliver personalised, dynamic support for both
educators and students.
For Dr Vanessa Roth, Foundations Instructor at SJR State,
ensuring exam integrity and fostering critical thinking were top
priorities. She faced a significant challenge: test questions were
circulating online.
“I can memorise a test question after seeing it once,” she said. “If I
can do that, students can too. It doesn’t help them when they go on
to harder classes. It’s not helping them build the skills they need.”
Sherpath AI transformed Dr Roth’s approach to assessment.
The platform enabled her to rapidly generate multiple versions of
exams, saving her valuable time in the process.“I was able to write
four different versions of the regular chapter exams, and then one
final, within a month,” she explained. She wanted to write new
questions herself, but the time required to build and validate
exams from scratch was daunting. “Without Sherpath AI, I never
would have slept,” she laughed.
Unlike generic AI tools, Sherpath AI is built on Elsevier’s vast
library of verified nursing education content and includes features
like Osmosis videos, source citations, and alternative ways to
explain difficult concepts. Dr Roth continued,
"It’s tied to my book, so I know the content is accurate."
This not only protected test integrity but also saved considerable
time, allowing Dr. Roth to focus on grading and curriculum
development. Sherpath AI’s adaptive capabilities meant that
exam questions could be refined based on student feedback,
continually improving their relevance and effectiveness.
The impact extended beyond SJR State. At Georgia Southern
University, Sherpath AI was introduced in two undergraduate
nursing courses, reaching over 140 students. Usage data revealed
that students engaged with Sherpath AI most intensively during
exam periods, with weekly queries ranging from 46 to 670 per
course. Notably, students began using Sherpath AI for subjects
beyond those where it was formally introduced, including
pharmacology, obstetrics, and pediatrics. This cross-disciplinary
adoption highlighted the platform’s intuitive design and
broad relevance.
A survey of a sample of students at GSU underscored Sherpath
AI’s positive influence on student learning at that institution.
Over 70% of respondents reported that Sherpath AI “inspires me
to learn new things,” while over 60% said it “makes them feel
more empowered” and “more involved with their studying.”
Additionally, over 65% indicated that Sherpath AI “improved
their performance,” “gave them control over their studies,”
and “enhanced their learning effectiveness.”
Dr Roth’s experience reflects the transformative potential of
Sherpath AI: “I love it. I absolutely love it. It made it so much easier
for me to be able to do my job a lot faster and more efficiently,
because I knew that the questions were good.”
By combining world-class educational content with advanced
AI technology, Sherpath AI helps educators safeguard exam
integrity, nurture critical thinking, and empower students to
take charge of their learning.
I love it. I absolutely love it.
It’s been a lifesaver, honestly.
Dr Vanessa Roth
Foundations Instructor, St. Johns River State College
73,000+
Sherpath AI was used by over 73,000
nursing students in the US in 2025
Sherpath AI
Elevating nursing education with an adaptive digital
and conversational tool
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
22
RELX
Annual Report 2025 | Market segments
Business overview
Legal helps its customers improve decision-making, achieve
better outcomes and increase productivity by providing tools
that combine legal, regulatory and business information with
powerful analytics.
LexisNexis Legal & Professional is headquartered in New York
and has further principal operations in Dayton, Raleigh, and
Toronto in North America, London and Paris in Europe, and cities
in several other countries in Africa and Asia Pacific. It has
11,900 employees worldwide and serves customers in almost
150 countries and territories.
Revenues for the year ended 31 December 2025 were £1,806m,
compared with £1,718m in 2024 and £1,655m in 2023. In 2025,
68% of revenue came from North America, 22% from Europe,
and the remaining 10% from the rest of the world. Subscription
represented 85% of revenue and transactional revenues
represented 15%.
LexisNexis Legal & Professional is organised in market-facing
groups, focused on Law Firms & Corporate Legal, Government &
Academic, and News & Business markets. Content and tools are
tailored to the specific geographic markets served, supported by
global shared services organisations providing platform and
product development, operational and distribution services,
and other support functions.
Law Firms & Corporate Legal
, representing around 70% of
revenue, provides legal professionals across law firms and
corporate legal departments with electronic reference, decision
tools, and analytics to help make better informed decisions in the
practice of law.
Standard products for legal research and analytics include Lexis,
Lexis+, and Lexis+ AI, which provide statutes and case law
combined with analysis and expert commentaries from secondary
sources, such as Matthew Bender, and incorporate the leading
citation service, Shepard’s, advising on the continuing relevance
of case law precedents.
Lexis+ AI was introduced in the US in 2023 and is a generative AI
platform designed to transform legal work. It is built and trained
on one of the world’s largest repositories of accurate and
exclusive legal content, leveraging an extensive collection of
documents and records to provide customers with trusted,
comprehensive legal results with unmatched speed and precision
and backed by verifiable, citable authority. The new Lexis+ AI
technology features conversational search, insightful
summarisation, uploaded document analysis, and intelligent
legal drafting capabilities, all supported by state-of-the-art
encryption and privacy technology to keep sensitive data secure.
In slightly over two years since the launch of Lexis+ AI, we have
gained widespread adoption of the platform – over half of all US
new and renewing customers are adopting Lexis+ AI. In 2025,
Lexis+AI delivered answers to over five million prompts in the
US alone.
LexisNexis Protégé, a new personalised AI Assistant in Lexis+ AI,
was launched in Q1 2025. Protégé is an AI feature of LexisNexis
that integrates with legal document management systems to
deliver uniquely personalised work product in a private, secure
setting. In 2025, Protégé expanded globally across key LexisNexis
markets in the US, Asia-Pacific, Europe, and Africa – and was
integrated into several products in the LexisNexis portfolio.
We help lawyers win cases, manage
their work more efficiently, serve their
clients better, and grow their practices
by deploying advanced analytics and
latest, cutting-edge technology,
including artificial intelligence.
We assist corporations in better
understanding their markets and
monitoring relevant news. We partner
with leading global associations and
customers to help advance the Rule of
Law across the world.
Legal
23
RELX
Annual Report 2025 | Legal
Lexis Create+ is an AI-powered personalised legal drafting tool
that helps users build comprehensive legal drafts right within the
Microsoft Word environment. The drafting, analysis and strategy
can be enhanced with direct integration into customer document
management systems. Lexis Create+ launched in multiple
LexisNexis markets in 2025.
Lexis+ is the core online research platform and is being rolled
out in additional countries and enhanced in existing countries.
New geographical roll-outs in 2025 included France and China.
In existing markets, content and product enhancements
improved our offerings. 2025 enhancements in the UK and
Canada expanded practice areas, added legislative tracking,
and improved customer access.
In 2025, LexisNexis continued to broaden the reach of its decision
tools and analytics through Lex Machina. Litigation Analytics on
Lexis+ AI helps users analyse courts, judges, attorneys, and law
firms. In July of 2025, Lex Machina rolled out a new Party Analytics
feature, offering practitioners even more valuable insights and
more exposure to Lex Machina’s industry-leading analytics
capabilities. Lex Machina also launched a Protégé integration,
enabling customers to enter a question, statement, or prompt
and receive an output of suggested analytics tailored to their
case needs, ensuring fast, data-backed legal insights.
LexisNexis expanded legal news coverage with Law360 in 2025,
publishing over 60,000 news and analysis articles and growing
its readership by over 10%. It also expanded global legal news
coverage with the launch of Law360 Criminal Practice section
covering the full spectrum of criminal law developments. From
a product standpoint, Law360 added new features including
customised news recommendations and enhanced pulse
leaderboard analytics allowing firms to compare themselves
to peers.
In the Intellectual Property (IP) analytics space, a Protégé
integration was launched within the PatentSight+ platform,
enabling users to ask questions in plain language and receive fast,
structured, visual answers drawn from global patent data and
scientifically validated metrics.
LexisNexis Regulatory Compliance is positioned to support our
clients in key regions globally, including the US and UK, assisting
them in maintaining compliance registers across numerous
topics including cybersecurity, banking, gambling and more. The
continuously expanding content portfolio is focusing on key legal
obligations content in highly regulated industries and areas of law.
LexisNexis also supplies software solutions for legal spend
management, matter management, and client engagement.
CounselLink+, a fully integrated Enterprise Legal Management
and Contract Lifecycle Management platform, features
interconnectivity to the LexisNexis portfolio, Practical Guidance
templates within the Contract module, and Ask Legal on Microsoft
Teams. In 2025, CounselLink+ launched a Protégé integration
which can provide matter and invoice summarization and
generate actionable insights. InterAction+, LexisNexis’s legal
Customer Relationship Management platform, continued building
cloud capabilities to enable customer migration.
In 2025, LexisNexis continued to pursue inorganic growth
opportunities and expand its integrations across the global legal
ecosystem. In June 2025, LexisNexis agreed a strategic alliance
with Harvey, an AI platform for legal and professional services,
whereby LexisNexis will integrate its Lexis+ AI capabilities
(powered by LexisNexis content) within the Harvey platform,
further advancing LexisNexis’s strategy of meeting customers
where they work. The alliance also envisages the joint
development of advanced legal workflows and potential expansion
to other regions outside the US.
Lexis+ AI is a generative AI platform designed to
transform legal work through enhanced search,
summarisation and drafting capabilities
Lexis+ is a legal analytics ecosystem that uses
AI and superior search technology to deliver
legal research and news, data-driven insights,
and practical guidance seamlessly into
legal workflows
LexisNexis Protégé is a personalised AI
assistant that reduces repetitive tasks, tackles
complex analyses, and delivers exceptional
work for legal and business professionals
Lex Machina provides Legal Analytics to
law firms and companies, enabling them to
craft successful strategies, win cases,
and close business
CounselLink+ is an award-winning Enterprise
Legal Management (ELM) solution designed for
corporate legal departments, offering enhanced
matter management, legal spend control,
contract lifecycle management and AI-powered
insights to drive efficiency, transparency, and
strategic decision-making
Nexis provides access to an expansive collection
of news, company, legal, and regulatory data
necessary to make smart business decisions
For more information
visit relx.com
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
24
RELX
Annual Report 2025 | Market segments
Geography
Type
Transactional
15%
Subscription
85%
Rest of world
10%
Europe
22%
North America
68%
dexterity and use leading legal analytics tools to tackle complex
research, deliver quality drafts, and track key issues in the
practice of law. In partnership with law schools, LexisNexis
also plays a pivotal role in preparing students to navigate AI in
professional legal environments. Notably, over 25% of student
queries on Lexis+ are made through Protégé which holds a
significant preference advantage over competing AI solutions.
News & Business standard products for business research are
Nexis and Nexis+ AI, which provide access to over 40,000 licensed
sources, including a 45-year news archive across over 50 different
languages. Other core products include Nexis Newsdesk for
media monitoring, and Nexis Diligence+ for risk assessments.
Nexis+ AI, a generative AI platform designed to transform
business research, was launched in 2024 and has continued to
evolve over the course of 2025. The platform enables users to
generate cited, multi-source answers to research questions,
explore LexisNexis news and company data through intuitive
Company Profiles, create time-saving summaries of articles,
filings, analyst reports, and more. With these enhancements,
corporations can now streamline research, uncover insights
faster, and gain a competitive edge.
Market opportunities
Longer-term growth in legal and regulatory markets worldwide is
driven by increasing levels of legislation, regulation, regulatory
complexity and litigation, and an increasing number of lawyers.
Additional market opportunities are presented by the advent of
generative AI and increasing demand for online information
solutions, legal analytics, and other solutions, along with decision
support solutions that improve the quality and productivity of
research, deliver better legal outcomes, and improve business
performance. Notwithstanding this, legal activity and legal
information markets are also influenced by economic conditions
and corporate activity.
Strategic priorities
LexisNexis Legal & Professional’s strategic goal is to enable
better legal outcomes and be the leading provider of workflow and
productivity enhancing information, analytics, and information-
based decision tools in its market. To achieve this, LexisNexis is
focused on introducing next-generation products and solutions on
the Lexis platform and infrastructure; incorporating advanced
technologies including generative AI; embedding LexisNexis
products within hundreds of customer workflows; driving
long-term international growth; and upgrading operational
infrastructure, improving process efficiency, and gradually
improving margins.
LexisNexis is also continuing its mission to advance the Rule of
Law around the world through the efforts of the LexisNexis Rule of
Law Foundation, a non-profit entity that conducts projects globally
to promote transparency of the law, access to legal remedy,
equal treatment under the law, and independent judiciaries.
The Legal mission to advance the Rule of Law globally has
continued to benefit the 5.1bn people who are outside of the
umbrella protections of the Rule of Law. LexisNexis Rule of Law
Foundation, along with the LexisNexis commercial teams, have
contributed to projects to give accurate, quick, and fair answers
to justice needs. These projects include utilising AI in a judgement
writing tool for members of the Ugandan Judiciary; building
and launching, with RELX and LexisNexis South Africa, a tax
transparency tool for Ethiopia; training to introduce Afghani
refugee lawyers to online research tools familiarising them
with the technology and methodologies used in US law schools;
chairing a panel on the future of Rule of Law in 20 years’ time;
providing guidance to professionals on how AI will shape the
justice system; and donating access to LexisNexis products for
non-profit supporting organisations to reduce emissions and,
separately, to assist special prosecutors to build human rights
cases in the Gambia.
Government & Academic and News & Business,
representing
around 30% of revenue, serves customers across government
organisations and law schools as well as providing customers
across industries with news and business information and
insights, including company information and US Public Records.
In Government, LexisNexis legal research and analytics tools
empower legal professionals across major US federal agencies
and state and local government in upholding the Rule of Law.
Products such as Lexis+, Lexis+ AI and Practical Guidance enable
efficient research, while CaseMap helps manage and collaborate
on legal cases. LexisNexis Reed Tech also provides patent data
and document management services to the US Patent and
Trademark Office, with over 50 years of partnership.
In 2025, LexisNexis set a new standard by becoming the first legal
research platform to reach FedRAMP Ready status with Lexis+
for Government, underscoring our commitment to security and
compliance in serving US federal and State agencies.
In Academic markets, LexisNexis actively engages with law
school users with a focus on product features and research
methods, reaching faculty and students across over 210 US law
schools in 2025. Through national marketing and in-person
programmes, LexisNexis helps students and faculty build search
2025 Revenue £1,806m
25
RELX
Annual Report 2025 | Legal
Further improvement in underlying revenue growth driven
by AI-enabled legal analytics and tools
Underlying revenue growth of +9%, a further step up in growth
from 2024. Strong growth continues to be driven by the shift in
business mix towards higher growth, higher value legal
analytics and tools.
Underlying adjusted operating profit growth of +12%, leading to
a further improvement in adjusted operating margin.
In Law Firms & Corporate Legal, double-digit growth is being
driven by the continued adoption of our core AI-enabled legal
research and analytics platform and our integrated agentic
legal assistant (Lexis+ AI and Protégé).
Ongoing releases of
new functionality, including General AI and Workflows, and
deeper integration of our tools on our core platform with its
comprehensive, verified legal content, is enabling us to increase
our value-add and serve an increasing number of use cases.
In Government & Academic and News & Business, good growth
continues to be driven by the further extension of analytics and
decision tools.
Renewals and new sales are strong across all key segments.
2026 outlook
We expect continued strong underlying revenue growth with
underlying adjusted operating profit growth exceeding
underlying revenue growth.
2025 financial performance
Restated
2024
GBPm
2025
GBPm
Change
in GBP
Change at
constant
currency
Underlying
growth
Revenue
1,718
1,806
+5%
+8%
+9%
Adjusted operating profit
381
415
+9%
+11%
+12%
Revenue
2025
1,806
1,718
2024
GBPm
Underlying growth
+9%
Adjusted operating profit
381
Underlying growth
+12%
GBPm
2025
2024
415
Across segments, LexisNexis is focused on the ongoing
development of advanced legal research and practice solutions
that help lawyers make data-driven decisions with greater
accuracy and efficiency. Global functions and presence enable
LexisNexis to effectively launch and scale products such as Lexis+
AI across segments, leveraging shared assets from product
design to back-end functionality.
Business model, distribution channels and competition
LexisNexis Legal & Professional products and services
are generally sold directly to law firms and to corporate,
government and academic customers on a paid subscription
basis, with subscriptions often under multi-year contracts.
Some LexisNexis research and reference content is sold in a print
format. From 2025, print and print-related activities are managed
and reported separately.
Principal competitors for LexisNexis in US legal markets are
Westlaw (Thomson Reuters), CCH (Wolters Kluwer), and
Bloomberg. In news and business information, key competitors
are Bloomberg, Factiva (News Corporation) and Reuters News
(Thomson Reuters).
Significant international competitors include Thomson Reuters,
Wolters Kluwer and Factiva.
2024 results restated to reflect business area reporting changes
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
26
RELX
Annual Report 2025 | Market segments
10%
Rupp Pfalzgraf increased its average caseload per attorney
by 10% since adopting Lexis+ AI.
Lexis+ AI has revolutionised how we work. We’re more
efficient, more competitive, and more prepared than
ever. This isn’t just a tool for today – it’s a foundation for
the future.
R. Anthony Rupp III
Founding Partner
About Lexis+ AI
Lexis+ AI is a generative AI solution designed to transform
legal work. It enables conversational legal research, insightful
summarisation, intelligent legal drafting, and document upload
and analysis capabilities. Answers are grounded in LexisNexis
proprietary legal content and enhanced by Shepard’s Knowledge
Graph, ensuring reliability and completeness. Lexis+ AI is backed
by world-class encryption and data privacy technology.
About Rupp Pfalzgraf
Rupp Pfalzgraf is a full-service law firm based in Buffalo,
New York. Founded in 2000 by three entrepreneurial attorneys,
the firm has grown into a forward-thinking practice serving a
broad range of clients. Known for its innovation, Rupp Pfalzgraf
continuously adopts cutting-edge legal technology to deliver
high-quality services with a client-first focus. The firm has
always prioritised innovation, leveraging technology to enhance
service delivery and maintain a competitive edge.
Legal research, one of the most time-
consuming aspects of practice, posed a
bottleneck – especially when managing
high-volume or complex matters. The
leadership team recognised the need for
AI-powered tools to streamline workflows,
improve accuracy, and enable attorneys to
respond more efficiently.
In 2023, the firm adopted Lexis+ AI to optimise its research and
drafting workflows. Unlike other AI tools, Lexis+ AI met Rupp
Pfalzgraf’s high standards for data security and reliability. The
firm was particularly drawn to the ability to delete user inputs,
which aligned with internal values and privacy policies.
The adoption process was structured and seamless, beginning
with pilot programmes for a select group of attorneys and
eventually expanding across the firm. The results were
transformative. Attorneys now complete complex legal
research in a fraction of the time, with significantly improved
accuracy and confidence. For example, tasks such as drafting
third-party insurance coverage opinions that previously took
up to nine hours now take just two and a half hours.
Lexis+ AI
How Rupp Pfalzgraf increased case capacity while enhancing
service quality, using LexisNexis Legal & Professional’s fully
integrated next generation legal assistant
The impact of Lexis+ AI extended to litigation preparation, oral
arguments, motions drafting and workplace investigations.
Attorneys have reported completing federal court motions
in one-quarter of the original time. The ability to extract,
summarise and compare information quickly has enhanced
both strategic planning and client communication.
Notably, Lexis+ AI has also helped attorneys branch into new
practice areas with confidence. In one instance, a lawyer
unfamiliar with vaccine waiver laws for school districts was
able to deliver accurate results and win the case – something
previously outside their scope.
Rupp Pfalzgraf has embraced Lexis+ AI not just as a tool, but as
a catalyst for cultural change and future growth. The firm now
trains paralegals and clerks to leverage AI in meaningful ways,
expanding capacity across roles.
27
RELX
Annual Report 2025 | Legal
About LexisNexis Protégé
Protégé is an advanced AI assistant designed to enhance
productivity, improve work quality, and help legal and business
professionals unlock new economic value. Protégé marks
a transformative change, allowing users to customise the
assistant to their roles, practice areas, jurisdictions, and styles.
For example, Protégé combines agentic AI with authoritative
content to draft, research and review legal work across litigation,
judicial and transactional workflows, acting like a junior
associate, a law clerk or a drafting assistant, depending on the
user’s role.
Unlike traditional generative AI, Protégé uses agentic AI
technology to navigate complex workflows, break down tasks,
collaborate with the user and review its own work before human
review. Protégé can dynamically suggest or execute next steps
based on user goals, either autonomously or with user guidance.
Protégé is developed with a human in the loop and adheres to the
highest standards of security, compliance and privacy.
LexisNexis Legal & Professional began
experimenting with agentic AI in 2023 and was
among the first to introduce a legal agentic AI
solution with Protégé in January 2025.
Protégé builds on a decade of LexisNexis investment in AI
technologies, robust tools and proprietary content, including
more than $1bn in technology spend. The technology platform
seamlessly integrates the latest AI advancements within a
multi-cloud infrastructure and provides a proprietary framework
for developing legal-tuned agents grounded in LexisNexis
comprehensive, authoritative and enriched legal content.
Agentic systems require robust tools to execute tasks. Protégé
agents leverage the company’s trusted tools including semantic
search, Shepard’s citation validation, caselaw summarisation
and a knowledge graph that interlinks authoritative datasets for
highly relevant, trustworthy AI responses.
LexisNexis AI development combines a multi-model approach
that selects the best model for each customer use case, model
fine-tuning alongside expert legal professionals and model
distillation for high model performance.
Flexible and Adaptable Agentic Framework
In agentic frameworks, models can reason through a series of
steps and use tools to complete workflows. In Protégé, some
workflows are completed autonomously by the agent, while
others involve human-AI collaboration, where user input guides
the agent’s behaviour. The proprietary LexisNexis agentic AI
framework is designed to be adaptable, allowing AI agents to be
tailored to a legal professional’s workflow.
LexisNexis continues to develop this framework, balancing
automation with transparency and user control, enabling users
to see the model’s reasoning and guide its behaviour.
1,000
LexisNexis conducts over 1,000 customer discovery
interactions each week. These insights directly shape
the products our customers use.
LexisNexis Protégé
LexisNexis Legal & Professional’s fully integrated
next generation legal assistant
Agentic performance depends on authoritative content,
firm knowledge, orchestration and governance.
Uniquely, we combine all four. LexisNexis has the
industry’s most trusted content, customer content
integration, mature workflow connectors and
enterprise controls. Protégé is a step-change from
answers to outcomes, significantly expanding
productivity for customers.
Sean Fitzpatrick
CEO LexisNexis North America, UK and Ireland
Legal-Tuned AI Agents
Protégé leverages a diverse set of AI agents within this framework.
Some function as adaptable generalists, for broad tasks such as
analysing customer data or conducting web searches, others
operate as specialists for reviewing contracts or answering
legal questions. By integrating these agents into multi-agent
workflows, Protégé can dynamically manage complex legal work
while delivering more accurate and highly personalised results.
Expansion
Protégé is designed to integrate seamlessly into the existing
workflows of professionals. It is available across the LexisNexis
suite of products, including Lexis+ AI, Lexis Create+, Lex Machina,
PatentSight+ and CounselLink+, as well as in the broader market
ecosystem, including highly used products such as Microsoft
Word and Teams.
Protégé is available across multiple regions including the US, the
UK, Canada and France. It follows the global roll out of Lexis+ AI
in 2024. Both Protégé and Lexis+ AI have been among the
fastest-adopted products in the company’s history.
LexisNexis is expanding Protégé with General AI, giving users a
single search experience that unifies insights from open web
search, proprietary LexisNexis content, and customers’ own
documents. As LexisNexis continues to adopt new technologies
and refine its agile processes, the velocity of innovation, product
development and rollouts is accelerating. The company applies
the principle of extreme re-use, shortening the rollout cycles
from years to weeks.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
28
RELX
Annual Report 2025 | Market segments
Business overview
Exhibitions combines industry expertise, digital tools, and data
to help customers connect in-person and online, discover new
markets, source products, generate leads, and transact.
RX has its headquarters in London and has further principal
offices in Paris and Düsseldorf in Europe, Norwalk (Connecticut),
Mexico City and São Paulo in the Americas, Beijing, Shanghai,
Tokyo and Singapore in Asia, and Sydney, Australia. RX has
3,400 employees worldwide and its portfolio of events serves
41 industry sectors.
Revenues for the year ended 31 December 2025 were £1,186m
compared with £1,239m in 2024 and £1,115m in 2023. In 2025,
20% of RX’s revenue came from North America, 36% from Europe
and the remaining 44% from the rest of the world on an event
location basis.
Six million participants welcomed the opportunity to build their
businesses at RX face-to-face events. RX ran 274 face-to-face
events across 41 industry sectors in 25 countries.
RX organises influential events in key global markets, each
designed to address the specific needs of each industry.
Participants from around the world meet in-person to learn,
network, source products or leads, and trade. RX’s portfolio spans
a broad range of sectors, including travel, chemical ingredients,
renewable energy, life sciences and pharmaceuticals, real estate,
construction, advanced materials, electronic manufacturing,
advanced manufacturing, data analytics, AI & cybersecurity,
transport, jewellery, gifts, comic conventions, physical security,
media, and fitness. RX makes selective launches to increase
presence in attractive sectors (such as Expo Nacional Ferretera
for the hardware and home improvement industry, Mexico) and to
extend successful value propositions into new markets (such as
FIBO expanding into Saudi Arabia).
In 2025, RX extended the continuous improvement, range and
depth of digital and data products offered, increasing their
sophistication and the value delivered to customers. These
products gave buyers and sellers increasingly valuable ways to
achieve their objectives before, during, and after an event. These
products provide new insights for customers and event teams
into customers’ activity, performance, and results at its events,
helping drive their decision-making. RX’s digital platform enables
rapid experimentation and learning by testing new features and
products and handing the outcomes of these tests from one event
to the next. Digital products grew in 2025 with electronic revenue
accounting for 8% of revenue.
Exhibitions
We help customers build their
businesses through face-to-face
events and digital tools, enabling
innovation and supporting the
economic development of local
markets and national economies
around the world.
RELX
Annual Report 2025 | Exhibitions
29
Market opportunities
RX is positioned well for further growth in face-to-face events.
This growth will be complemented by rising adoption of –
and revenue from – data, digital tools, and platforms, both
stand-alone and as part of multi-channel events. These events
and digital tools are a key lever for RX customers’ businesses
and national economies to expand.
Growth in the exhibitions market is influenced by business-to-
business marketing spend and by business investment.
Historically, these have been driven by levels of corporate
profitability, which in turn has followed overall growth in gross
domestic product. Emerging markets and higher growth sectors
provide additional opportunities. RX’s broad geographical
footprint and sector coverage allow it to respond effectively to
changes in global trade and capture growth opportunities as they
emerge. Not all events are held annually and so growth in any
one year is affected by the cycle of non-annual exhibitions.
Strategic priorities
RX’s long-term strategic goal is to provide discernible and
improving value to buyers and sellers by connecting them to build
their businesses, through a mixture of learning, networking,
sourcing products or leads, and completing deals. We deliver this
value through a range of market-leading events, digital tools and
platforms in all major geographic markets and higher growth
sectors. This allows exhibitors to target and reach new customers
quickly and cost-effectively, under one roof and with an integrated
set of digital tools, resulting in measurably higher value and
improved outcomes. RX focuses on five main areas that position
it for long-term success.
Customer value:
RX constantly looks for ways to increase the
value generated for customers, by innovating the offering and
format of its events, continuously evolving every event to the most
attractive segments in the industry, and by deploying digital and
data tools and platforms to enhance and extend the in-person
experience.
Portfolio development:
RX actively shapes its portfolio through
a combination of new launches, strategic partnerships and
selective acquisitions and disposals, targeting the optimal mix
of industry segments, geographic segments, value propositions
and business models.
Best in class go-to-market capabilities:
RX continues to drive
innovative capabilities in all areas critical to its performance,
including sales techniques and the use of analytics to generate
insights both for RX and its customers. RX is enhancing its
marketing efforts through the appointment of a Chief Marketing
Officer and the adoption of AI and social listening technologies, to
continuously attract the most valuable visitors and exhibitors to its
events. RX is also increasing its pricing sophistication, including
for a wider range of visitor segments to reflect the value they gain
from attending an exhibition.
Operational efficiency:
RX operates a lean and agile structure,
able to respond quickly to changing circumstances and customer
needs. RX’s global technology platforms and more specialist
functions allow RX to accelerate revenue growth, while
controlling costs and embedding sustainability throughout the
organisation. RX is improving the effectiveness and efficiency of
these platforms and functions by utilising GenAI tools, in turn
enabling faster deployment of digital products, new events
and process innovation. RX is progressing well towards its
sustainability goals; in 2025 RX published its first Sustainability
Report and began to roll out a sustainability scorecard to help
event teams assess and improve their performance.
Talent:
RX develops talent by building strategically important
capabilities and cultivating communities that collaborate to learn
and share innovation and best practice. This is underpinned by a
strong organisational culture of customer focus, entrepreneurial
thinking, ambition and growth mindset.
RX continually enhances the value of its face-to-face events
using data, analytics, and technology. RX’s digital solutions help
customers to better promote their presence at events, create
more connections between the right buyers and sellers, increase
the value of leads generated, and follow up on the most promising
leads after the event, thereby demonstrably increasing the return
on investment of customer spend at RX events. RX’s digital
solutions constantly evolve based on data and deep customer
insight about the needs and behaviours of buyers and sellers in the
different sectors in which it operates. RX has built a unified global
technology platform and single data lake, enabling near real-time
insights and faster global rollout of high-quality digital services.
In 2025 this included scaling up Colleqt (the visitor-led tool
capturing leads and information digitally instead of via business
cards, bags, and brochures) in France and Japan.
Business model, distribution channels and competition
Over 70% of RX’s revenue is derived from exhibitor fees,
with the balance primarily consisting of admission charges,
conference fees, sponsorship fees and digital tools. RX often
works in collaboration with trade associations, which use the
events to promote access for members to domestic and export
markets, and with governments, for which events can provide
important support to stimulate foreign investment and promote
regional and national economic activity. RX increasingly offers
visitors and exhibitors the opportunity to interact before and
after the show using digital tools and platforms such as online
directories, matchmaking, and mobile apps. RX is more actively
shaping the exhibitor and visitor experience during the show,
using digital tools and real-time recommendations.
RX is one of the largest event organisers globally in a fragmented
industry, holding a global market share of less than 10%. Other
international exhibition organisers include Informa, Clarion and
the larger German Messen, including Messe Frankfurt, Messe
Düsseldorf and Messe Munich. Competition also comes from
industry trade associations and owners of event venues.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
30
RELX
Annual Report 2025 | Market segments
Geography
Source
Rest of world
44%
Europe
36%
North America
20%
Visitors and other
26%
Exhibitors
74%
Location:
France
The world’s property market
Location:
UK
Premier global event
for the travel industry
Location:
UAE
The Middle East’s meeting
place for the travel trade
Location:
US
The North American
jewellery industry’s
premier event
Location:
US
International Security
Conference & Exhibition
Location:
Germany
Innovations for smart sheet
metal working
Location:
France
International exhibition for
personal care ingredients
Location:
Italy
International exhibition for
companies in the industry of
HVAC+R, renewable energy
and energy efficiency
Location:
Japan
Japan’s comprehensive
exhibition for smart and
renewable energy
Location:
US
The East Coast’s largest
pop culture convention
Location:
China
One of the largest business
gifts & home fairs in China
Location:
Germany
International trade show for
fitness, wellness & health
Location:
Brazil
International trade fair for
the building industry
Location:
Netherlands
The world’s dedicated
hydrogen event
Location:
Australia
Australia’s clean energy
event
Location:
France
Europe’s premier in-water
boat fair
Location:
Japan
Asia’s Exhibition for
Electronics R&D,
Manufacturing and
Packaging Technology
Location:
Japan
Japan’s one-stop shop for
office related products
and services
Location:
China
China’s event for suppliers
and buyers in the
housewares industry
Location:
Korea
International maritime and
energy exhibition
Location:
Japan
Japan’s comprehensive
IT exhibition
Location:
Germany
The world’s marketplace for
airlines and the supply chain
to meet
Location:
Brazil
International auto parts,
equipment and services
tradeshow
Location:
France
The International Luxury
Travel Market
2025 Revenue £1,186m
For more information
visit relx.com
RELX
Annual Report 2025 | Exhibitions
31
Revenue
2025
1,239
2024
Underlying growth
+8%
GBPm
1,186
Adjusted operating profit
410
398
GBPm
2025
2024
Underlying growth
+9%
Strong underlying revenue growth and profitability
improvement
Underlying revenue growth of +8%, reflecting the improved
ongoing growth profile of our event portfolio. Reported revenue
includes the effects of prior year disposals and event cycling.
Underlying adjusted operating profit growth of +9%, as we
continue to manage underlying cost growth below underlying
revenue growth, with margins now significantly above
historical levels.
We continue to make good progress on value-enhancing
digital initiatives, with increased usage of our growing range
of digital tools for both exhibitors and attendees at our
face-to-face events.
2026 outlook
We expect continued strong underlying revenue growth with
an improvement in adjusted operating margin over the prior
full year.
2025 financial performance
2024
GBPm
2025
GBPm
Change
in GBP
Change at
constant
currency
Underlying
growth
Revenue
1,239
1,186
-4%
-2%*
+8%
Adjusted operating profit
398
410
+3%
+7%
+9%
* includes cycling effects of -5%
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
32
RELX
Annual Report 2025 | Market segments
x2
Customer usage of the Exhibitor Dashboard has more than
doubled in two years, with 66% of exhibitors now actively
engaging, compared with 28% in 2023.
It’s the easiest way to quantify what you have from the
show. The event is a big investment for us; we’ve got to
be smart and better prepared. Using the data in our
event planning is key to having a successful result.
David Cho
Head of Strategy, Noon Shop, Vision Expo Exhibitor
About Exhibitor Dashboard
Exhibitor Dashboard is RX’s response to its customers’ need for
transparent event data which quantifies the business value RX
delivers. Built in-house by RX, Exhibitor Dashboard seamlessly
integrates data from the company’s registration, matchmaking,
show directory and lead retrieval systems into one clear and
simple to use personal dashboard, so exhibitors can assess their
trade show performance in real-time, and gain critical insights
to improve their return on investment year-on-year.
In an economic environment that demands
accountability, exhibitors are under growing
pressure to justify their investment in trade
shows. They’re not just looking for visibility.
They want to see the business impact:
concrete, actionable proof that events
drive value.
Exhibitor Dashboard was built from the ground up, by listening
closely to our customers and then working cross-functionally
across our Customer Success, Data, Customer Insights,
Digital, Sales, Show, and IT teams. One of the key challenges it
overcomes is bridging the gap between exhibitors’ expectations
and what they can tangibly measure after the event. Too often,
important signals like quality of leads or depth of visitor
engagement were getting lost in the buzz of the show.
The Dashboard gives exhibitors clear and reliable insights into
the value of their event participation by replacing guesswork
with objective, real-time data and analytics. It brings together all
their key event metrics in one place, including leads collected
at the show, profile views, digital engagement and how many
matchmaking recommendations were made based on attendee
registration preferences.
From 12 weeks out, exhibitors can see how their brand is
performing, who is engaging and where interest is building,
helping them optimise their stand displays and tailor their
messaging to customer needs. The dashboard surfaces
valuable data such as company location and industry focus.
It reveals how exhibitors are faring against competitors in their
category. And it gives them actionable insights to improve
customer engagement and lead generation before and during
the show.
Exhibitor Dashboard
Turning event data into informed decisions
After the event, they can use their lead data and analytics to
prioritise their most promising prospects for follow-up, measure
their return on investment and provide clear evidence of the value
their participation delivered.
By diving into the data, exhibitors gain a deep understanding of
their target audience’s preferences and behaviour. Armed with
this knowledge, they can refine their strategies, tailor their
offerings and deliver a more engaging experience, driving
stronger customer connections and boosting conversions at
their next event.
RELX
Annual Report 2025 | Exhibitions
33
140,724
Over four days at FIBO 2025, 140,724 visitors passed
through the TQG hall, underlining the extraordinary
reach and appeal of the activation.
Bringing this project to life means far more than
delivering an event – it is about living our values
in every detail, uniting visions from across the
company, and creating something greater than the
sum of its parts.
Above all, it is our way of honouring our communities,
listening to and fulfilling their needs, reminding us
why we do what we do and how powerful it can be
when people come together with a shared purpose.
Hannah Kloft
Head of Event & Sponsoring, The Quality Group
About FIBO
FIBO is the world-leading business and consumer event for
fitness, wellness and health, taking place each year in Cologne,
Germany. The 2025 event in April connected 992 exhibitors and
partners with 154,890 business professionals and fitness fans,
setting new records for the event’s 40th anniversary year. In
October 2025, FIBO extended its brand into Saudi Arabia with
the debut of FIBO Arabia in Riyadh.
Home to the powerhouse brands ESN and
More Nutrition, German-based The Quality
Group (TQG), is a leading sports nutrition and
dietary supplements holding company with
annual sales of more than €800m in 2024.
In 2024, after several years of prioritising e-commerce and
hosting its own branded events, TQG decided it was the right
moment to return to FIBO. From the outset, the company made it
clear that a standard booth would not meet its brand ambitions.
The group was looking for something unique.
FIBO delivered with one of the show’s most electrifying
consumer activations in its 40 years – an immersive ‘event within
an event’ concept combining the brand freedom and impact of
ESN and More Nutrition’s own events with the global reach and
diverse audience FIBO provides.
The vision came to life in the form of a self-contained 8,000 square
metre TQG hall within FIBO, complete with its own entrances,
staging, sampling areas, athlete and influencer meet ups,
and interactive fitness challenges. The scale of the activation
required close collaboration between the FIBO and TQG teams,
from operations and logistics to digital communications. Crowd
management tools were deployed in partnership with the venue
to ensure visitor flow and safety, while a dedicated landing page
on fibo.com and coordinated social media campaigns extended
engagement beyond the show floor.
So successful was the partnership, that TQG returned in 2025
with an even larger footprint of more than 9,000 sq m. The
expanded concept introduced new elements: a targeted
business-to-business programme for retailers, content-driven
formats to educate consumers, activations across additional
sports disciplines such as Mixed Martial Arts, and entertainment
zones including a silent disco. ESN also took the role of headline
sponsor for the first FIBO Bodybuilding Championship,
further reinforcing its leadership in the sector.
At FIBO 2025, nine out of ten attendees visited the TQG hall.
The partnership not only showcased TQG’s brands but also
created a powerful ripple effect – driving visibility, engagement,
and impact across the entire event.
FIBO
Creating a branded event for The Quality Group within FIBO
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
34
RELX
Annual Report 2025
In this section
35
Corporate responsibility overview
38
Our unique contributions
42
Corporate responsibility governance
46
Customers
49
People
52
Community
56
Supply chain
59
Environment
Corporate
responsibility
Contact details
Your views are important to us.
Please send your comments to:
corporate.responsibility@relx.com
Or write to:
Dr Márcia Balisciano
Chief Sustainability Officer and Global Head of Corporate Responsibility
RELX
1–3 Strand
London
WC2N 5JR
United Kingdom
For more information, visit:
www.relx.com/corporateresponsibility
This report contains the RELX PLC Non-Financial and Sustainability
Information Statement for the purposes of Section 414CA and 414CB of
the Companies Act 2006.
35
RELX
Annual Report 2025 | Introduction
Financial statements
and other information
Governance
Financial review
Corporate responsibility
Market segments
Overview
Corporate responsibility overview
We pursue robust governance of CR issues for which the CEO is
responsible to the Board. Our business area and functional
leaders are accountable for CR performance, supported by clear
objective setting, CR Forum monitoring and engagement from
over 5,300 colleagues in our internal CR networks.
Corporate responsibility begins with the purpose of the company.
RELX is a global provider of information-based analytics and
decision tools for professional and business customers,
enabling them to make better decisions, get better results and
be more productive.
Our purpose is to benefit society by developing products that help
researchers advance scientific knowledge; doctors and nurses
improve the lives of patients; lawyers promote the rule of law and
achieve justice and fair results for their clients; businesses and
governments prevent fraud; consumers access financial services
and get fair prices on insurance; and customers learn about
markets, and complete transactions.
Our purpose guides our actions beyond the products that we
develop. It defines us as a company. Across RELX our employees
are inspired to undertake initiatives that make unique
contributions to society and the communities in which we operate.
We act with high ethical standards, while using our strengths to
make a positive impact on society. To us, Corporate Responsibility
(CR) is not a programme or prescriptive set of activities, it is how
we conduct ourselves and our business on a daily basis. It is the
responsibility of everyone at RELX.
Our focus on CR gives us a long-term sustainable, competitive
advantage. It inspires confidence in our stakeholders, and
provides a licence to operate in the communities in which we live
and work. It underpins our business strategy to deliver improved
outcomes for our customers by combining leading content and
data sets with advanced technologies. It helps us build leading
positions in long-term global growth markets and leverage our
skills and assets.
We align the objectives we set for our unique contributions, and for
key areas that impact all companies such as governance, people,
customers, community, supply chain and environment with the
United Nations Sustainable Development Goals (SDGs) to support
the achievement of these 17 global goals by 2030.
We believe in timely, comprehensive reporting. Key non-financial
metrics, including for environment, people, community and supply
chain are independently assured. CR is an integral part of the
statements of the Chair, CEO and CFO (see pages 3, 4, and 66).
RELX’s Sustainability Statement has been prepared in accordance
with the European Union Corporate Sustainability Reporting
Directive (CSRD) and the European Sustainability Reporting
Standards (ESRS) as adopted by the European Commission
(see pages 208-231).
Corporate responsibility is not an activity.
It is embedded in our values and in how
we operate as a company. It is integral
to our performance and the long-term
sustainability of the business.
Dr Márcia Balisciano
Global Head of Corporate Responsibility, RELX
Commitment to the United Nations Global Compact
The United Nations Global Compact (UNGC) links
businesses around the world with UN agencies, labour and
civil society in support of Ten Principles encompassing
human rights, labour, the environment and anti-corruption.
We work to further UNGC principles within RELX and in our
supply chain. We complete the Enhanced Communication
on Progress annually and our Global Head of Corporate
Responsibility serves on the Board of the Foundation for
the Global Compact.
For more information visit:
www.unglobalcompact.org/
what-is-gc/participants/7909
Sustainable Development Goals (SDGs)
We’re committed to doing our part to advance these
essential objectives for the world. Throughout the Corporate
Responsibility section of this report, SDG icons highlight the
SDGs relevant to the content.
Visit the RELX SDG Resource Centre
www.sdgresources.relx.com
36
RELX
Annual Report 2025 | Corporate responsibility
2025 key corporate responsibility data
2021
2022
2023
2024
2025
Revenue (GBPm)
7,244
8,553
9,161
9,434
9,590
People
Number of full-time equivalent employees (year end)
33,500
35,700
36,500
36,400
37,600
Percentage of women employees (%)^
50
50
51
51
51
Percentage of women managers (%)^
44
44
45
46
46
Percentage of women senior leaders (%)
1
^
30
31
31
32
31
Percentage of ethnic minority US/UK managers (%)^
19
19
20
21
22
Percentage of ethnic minority US/UK senior leaders (%)
1
^
10
12
15
17
19
Community
2
Total cash and in-kind donations (products, services and time (GBPm))^
10
12
12
12
11
Market value of cash and in-kind donations (GBPm)^
21
23
23
23
20
Percentage of employees volunteering (%)
3
^
32
36
36
37
38
Total number of days volunteered in company time^
10,362
12,830
16,529
16,149
14,782
Health and safety (lost time)
4
Incident rate (cases per 1,000 employees)^
0.07
0.17
0.30
0.15
0.19
Frequency rate (cases per 200,000 hours worked)^
0.01
0.02
0.03
0.02
0.02
Severity rate (lost days per 200,000 hours worked)^
0.02
0.36
0.41
0.25
0.28
Number of lost time incidents (>1 day)^
2
5
9
5
7
Socially Responsible Suppliers (SRS)
Number of key suppliers on SRS database
5
^
359
724
796
914
954
Number of independent external audits
6
^
111
119
125
137
140
Number of signatories to the Supplier Code of Conduct
7
^
3,670
4,467
5,322
6,056
6,586
Environment
8
Total on-site energy (MWh)^
125,095
117,997
110,750
89,745
55,977
Renewable electricity purchased (MWh)
9
^
105,793
98,013
92,621
77,412
50,281
Percentage of electricity from renewable sources (%)
9
^
100
100
100
100
100
Waste sent to landfill (t)
10
^
150
73
45
44
32
Percentage of waste diverted from landfill (%)
10
^
93
97
97
97
96
Water usage (m
3
)^
183,575
156,734
142,374
134,716
111,810
Climate change (tCO
2
e)
8
Scope 1 (direct) emissions^
5,644
5,211
4,317
2,703
1,966
Scope 2 (location-based) emissions^
44,051
37,270
36,616
29,989
19,500
Scope 2 (market-based) emissions^
8,321
8,952
8,598
6,971
5,294
Scope 3 (flights) Cirium’s EmeraldSky flight emissions methodology
11
^
3,402
15,879
16,999
19,172
23,826
Scope 1 + Scope 2 (location-based) emissions^
49,695
42,481
40,933
32,692
21,466
Scope 1 + Scope 2 (location-based) + Scope 3 (flights) emissions^
53,097
58,360
57,932
51,864
45,292
Scope 1 + Scope 2 (market-based) + Scope 3 (flights) emissions^
17,367
30,042
29,914
28,846
31,086
Paper
Production paper (t)^
40,910
28,466
22,561
18,949
16,927
Sustainable content (%)
12
^
98
99
100
100
100
SDG Resource Centre
Unique users^
133,832
155,082
220,815
303,837
352,391
New content items^
970
658
822
973
935
1
We define senior leaders as colleagues with a management grade of 17 and above.
2
Reporting period for Community metrics covers 12 months from December 2024 to November 2025.
3
All Group employees can take up to two days off per year, coordinated with line managers, to work on community projects that matter to them. Number of staff volunteering
reflects the number of staff using volunteering hours, as well as those who participated in other Company-sponsored volunteer activities.
4
Accident reporting covers approximately 98% of employees.
5
Key suppliers on the SRS list changes year-on-year based on our business needs and changes in country risk designations.
6
RELX utilises a third-party audit platform, which allows sharing of supplier audits across the platform.
7
Signatories to the RELX Supplier Code of Conduct include suppliers who have signed the Supplier Code and suppliers with an equivalent code.
8
Climate change and environmental data (carbon, energy, water, waste) covers the calendar year.
9
We purchase renewable electricity on green tariffs at locations in the UK and Europe. US Green-e certified Renewable Energy Certificates (RECs) are applied to electricity
consumption in the US. US Green-e certified RECs are also purchased to equal 100% of any non-renewable electricity consumed outside the US, which for 2025 is 19% of
electricity. Only location-based emissions factors are applied on this portion of non-US electricity consumption.
10
Waste sent to/diverted from landfill from reporting locations excluding estimates from non-reporting locations. In the year, the coverage of waste reporting locations
represented 70% of FTEs (74% in 2024).
11
Covers all flights booked through our corporate travel partners in the calendar year. Uses the proprietary Cirium fuel-derived methodology, Emerald Sky.
12
Percentage of paper graded as known and responsible sources by the Book Chain Project or certified to Forest Stewardship Council (FSC) or the Programme for the
Endorsement of Forest Certification (PEFC). Includes less than 0.1% of paper not yet graded or certified.
^
Independently assured. See Independent Assurance Statement.
Reporting guidelines and methodology, business reports are available on
www.relx.com/additional-cr-resources
37
RELX
Annual Report 2025 | Introduction
Financial statements
and other information
Governance
Financial review
Corporate responsibility
Market segments
Overview
2025 Corporate Responsibility recognition
MSCI ESG Ratings
• AAA rating
Sustainalytics ESG Risk Rating
• Top 1% of 14,700+ companies
• Top 2% in our industry (media)
S&P Global Sustainability
Yearbook
• Included
Financial Times Europe’s
Climate Leaders
• Included
ISS Corporate ESG
Performance
• Awarded Prime status
FTSE4Good Index
Included in:
• FTSE4Good UK Index
STOXX Global ESG
Leaders Indices
• Included
ECPI World ESG Indices
• Included
CDP
• Climate programme
SOCOTEC ISO14001
• Group certification
Workplace Pride Global
Benchmark
• Awarded Advocate status
The Science Based Targets
initiative (SBTi)
• Near-term science-based
emissions reduction
targets approved
2025 awards for excellence
Risk
Scientific, Technical & Medical
LexisNexis Risk Solutions’
ThreatMetrix won Best Fraud
Risk, Detection, or Analytics
Solution at the 2025
Regulation Asia Awards
for Excellence
LexisNexis Risk Solutions’
Firco Continuity named
Financial Crime Product of
the Year at the 2025 Risk
Technology Awards
Elsevier’s ClinicalKey AI won
the AI Innovation Award at the
2025 MedTech Breakthrough
Awards
Elsevier’s ScienceDirect AI
was awarded Best
Generative AI solution at
the 2025 CODiE Awards
Legal
Exhibitions
Nexis+ AI awarded Best
Innovation in Generative AI at
the 2025 AI TechAwards
LexisNexis Legal &
Professional recognised
across six categories at the
2025 ALM Awards with
LexisNexis Public Records
and Lexis Create+ securing
top honours
RX CEO, Hugh Jones, awarded
the 2025 Exhibition News
Pioneer Award
RX Global awarded the 2025
UFI Sustainable Development
Award for Best Inclusion
Initiative
Relevant
SDGs
38
RELX
Annual Report 2025 | Corporate responsibility
Through Special Issues on the RELX
SDG Resource Centre, we increase the
visibility of leading research, ensuring
broad access to impactful knowledge
that can drive positive change.
Esther Heuver
Senior Publisher, Elsevier,
Netherlands
Our unique contributions
In the every-day conduct of our business, we make a positive impact on
society through our unique contributions.
Risk
LexisNexis Risk Solutions’ products and services help protect
society by detecting and preventing fraud, helping citizens
securely access vital government benefits, and assisting
law enforcement to keep communities safe.
A number of Risk products help customers recognise trusted
transactions and reduce fraud. LexisNexis ID Compass Platform,
for example, reduces digital fraud by combining physical, digital
and behavioural identity intelligence to verify and authenticate
consumer identities in real time without disruption for businesses
or its customers. ThreatMetrix leverages shared global
intelligence from millions of daily consumer interactions to
identify signals of high fraud risk while BehavioSec uses
behaviour intelligence to differentiate legitimate users from bots
and cybercriminals. In the year, Risk published The Global Fraud
and Identity Landscape Report, highlighting how businesses can
significantly enhance fraud detection by integrating shared digital
identity intelligence and multi-layered security systems to
maintain consumer trust.
2025 marked 25 years of the ADAM programme, developed
by Risk to help the National Center for Missing and Exploited
Children (NCMEC) find missing children. The programme uses
Risk technology to quickly distribute missing child poster alerts to
law enforcement, hospitals, and the public in specific geographic
search areas. Risk launched a new interactive dashboard in the
year, that enables the public to search missing child posters
and filter them by location. ADAM distributed over 1.8m alerts
featuring over 2,030 missing children which helped NCMEC
resolve over 1,440 missing child cases in 2025.
Our data privacy principles, governance structures and
control programmes enable us to comply with data privacy
requirements and protect personally identifiable information.
Universal, sustainable
access to information
Advance science
and health
Protection of
society
Promote the rule of
law & access to justice
Fostering
communities
2025 OBJECTIVE
Deploy financial inclusion flagship
models which allow lenders to more
easily detect fraud and other high-risk
consumer behaviour
2025 PERFORMANCE
Financial inclusion is fundamental to improving the financial
wellbeing of communities around the world. With adequate
wages and access to appropriate financial tools, citizens are
lifted out of poverty, (SDG 1); avoid hunger (SDG 2); have better
health (SDG 3); are more likely to receive quality education
(SDG 4); and more women are likely to aid the financial wellbeing
of their communities (SDG 5), among other SDG benefits.
Worldwide, the World Bank estimates that 1.3bn adults lack
access to formal financial services. Without access to basic
transaction accounts, they lack a traditional credit record
and are excluded from financial opportunities. The problem is
often magnified in low-income countries, given gaps in identity
verification and credit risk assessment.
In the year, Risk advanced an alternative data strategy which
accelerates financial inclusion by enabling businesses to
responsibly underwrite customers who have limited traditional
credit records. Risk deployed an alternative data credit model
in South Africa and Argentina, countries with distinct financial
inclusion challenges. In South Africa, the model leverages
non-traditional data sources such as mobile usage and digital
transactions to assess credit eligibility in underserved
communities. In Argentina, the model is similarly being used to
support financial institutions in navigating economic volatility
by integrating alternative data into credit assessments. These
efforts reflect our commitment to expanding access to financial
services through innovative, data-driven approaches tailored
to local market needs.
39
RELX
Annual Report 2025 | Our unique contributions
Legal
Through its content, data and analytics, LexisNexis Legal &
Professional supports the four components of the Rule of
Law: transparency of law, equality under the law, independent
judiciaries and accessible legal remedy. Its global legal and
news database contains over 207bn documents and records
providing transparency of the law in around 180 countries and
territories, with some 1.9m new legal documents added daily.
The LexisNexis Trust Center was launched in 2025, a centralised
hub designed to provide customers, partners and regulators
with clear, accessible information about the company’s security
posture, privacy practices, governance frameworks, and
compliance commitments. The Trust Center aims to provide
customers and partners around the globe with transparency and
confidence in our technology.
LexisNexis Legal & Professional partners with the International
Bar Association (IBA) on the eyeWitness to Atrocities App, which
allows human rights defenders to document and report human
rights abuses in a secure and verifiable way so information can be
used as admissible evidence in relevant forums. LexisNexis Legal
& Professional’s data hosting capabilities provides a secure
repository for the information. Over 80,000 photos and videos
have been captured through the app since 2015.
The LexisNexis Legal & Professional US Voting Laws and
Legislation Center offers free public access to insights on
proposed bills, codes and real-time updates for the most
accurate data.
LexisNexis Legal & Professional partners with leading industry
associations to recognise individuals and organisations for their
commitment to the Rule of Law. 2025 award honourees include;
Seve Aydin-Izouli and Héctor Estuardo Reyes Chiquín, recipients
of the Union Internationale des Avocats/LexisNexis Rule of Law
Award; and Oluwafunke Adeoye, recipient of the IBA Outstanding
Young Lawyer of the Year Award, jointly established by Legal and
the IBA Young Lawyers Committee, to honour young lawyers who
have demonstrated excellence, commitment to professional and
ethical standards, and dedication to the community at large.
LexisNexis Legal & Professional advances SDG 16 (Peace, Justice
and Strong Institutions) through its products and services that
promote the Rule of Law.
We prioritise individuals’ privacy concerns across all jurisdictions
where we operate. We work with established privacy advocacy
groups, federal and state legislators and other interested parties
and operate within relevant legal, regulatory, ethical and best
practice frameworks. Risk’s products and services align with
SDG 16 (Peace, Justice and Strong Institutions) and SDG 10
(Reduced Inequalities), among others.
Scientific, Technical & Medical
Elsevier advances scientific knowledge and human welfare,
spurs innovation and enables critical decision-making through its
science and health publications. Elsevier published over 795,000
articles in 2025. It is focused on expanding access to content in
places where resources are often scarce. For example, Elsevier
is a leading contributor and founding partner of Research4Life,
a partnership with UN agencies and over 200 publishers through
which we provide core and cutting-edge scientific information
to researchers in over 125 low- and middle-income countries.
Elsevier provides around 14% of the material available in
Research4Life, encompassing approximately 5,500 journals
and 35,000 e-books. In 2025, there were over 942,000 total
Research4Life downloads from Elsevier’s research platform,
ScienceDirect.
SSRN is Elsevier’s preprint and early-stage research platform.
It allows researchers around the world to openly share their work
so that it is freely available to others in their field and the wider
research community, promoting discussion, collaboration and an
exchange of ideas. In 2025, over 1,200 Elsevier journals offered
researchers the opportunity to simultaneously submit a paper
for publication and also post it as a preprint on SSRN.
Elsevier’s 4th Generation University initiative, developed in
partnership with a group of 12 Universities, positions universities
as orchestrators of regional innovation, achieving societal
and economic impact through partnerships with industry,
government, and civil society. More than 50 universities from over
30 countries have joined the 4th Generation University community
to date. The initiative was awarded the Thought Leadership
Industry Catalyst prize at the 2025 Thought Leadership For
Tomorrow Awards for bringing universities together to embrace
local innovation with the aim of tackling pressing challenges and
driving regional economic growth.
Elsevier makes a significant contribution to SDG 3 (Good Health
and Well-Being), SDG 5 (Gender Equality), SDG 10 (Reduced
Inequalities) and SDG 13 (Climate Action).
2025 OBJECTIVE
Advance research by women scientists
in collaboration with the Falling Walls
Foundation, providing access to resources,
networks and training
2025 PERFORMANCE
Elsevier works to build capacity and equity in research and
health for an inclusive and sustainable future. The Elsevier
Foundation partnered with the Falling Walls Foundation to
sponsor the Women’s Impact Award, which celebrates
visionary scientists whose interdisciplinary, and ground-
breaking research advances gender equity and creates
meaningful impact for women and girls. The three 2025
winners, selected from 85 applications, were Colette Wabnitz,
recognised for her work on gender equity in fisheries; Omneya
Attallah, chosen for her work on early detection of breast
cancer in resource limited settings; and Ângela Gonçalves,
awarded the Science Breakthrough of the Year award for her
research on women and healthier aging. In addition, two
workshops for the 2025 cohort of Female Science Talents
Intensive Track which inspires and empowers talented women
researchers to progress careers were held in the year.
Participants came together to discuss science communication,
women’s career paths, industry insights, and purpose-driven
science. This work supports SDG 5, Gender Equality.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
40
RELX
Annual Report 2025 | Corporate responsibility
Exhibitions
Exhibitions helps to foster communities by connecting customers
face to face and digitally, allowing them to learn about markets,
source products and complete transactions. Participants benefit
by making connections and doing business in person, allowing
them to see many customers and suppliers at one time.
Exhibitions foster collaboration, spark innovation and support
progress toward a more inclusive and sustainable global economy.
The PGA Show is RX Global’s golf exhibition. It advanced event
sustainability in the year by aligning with RX’s Net Zero Carbon
Events pledge, integrating waste-reduction, inclusive design
and digital engagements for more than 22,000 attendees and
1,025 exhibiting brands.
KORMARINE, RX’s maritime and energy exhibition welcomed
more than 27,000 visitors and 695 exhibitors from 23 countries to
Busan, South Korea in 2025. This year’s event featured the debut
Next Energy Pavillion focused on future fuels and renewable
energy, highlighting RX’s role in advancing decarbonisation and
innovation in the shipping and energy sectors.
MIPCOM Cannes 2025 featured the sixth edition of the MIP SDG
Awards, honouring Secuoya Studios for its commitment to the
UN SDGs and for driving measurable progress through content
creation and production practices. Presented in partnership
with the United Nations, the 2025 awards recognised leadership
in advancing sustainability and inclusion across the global
media industry.
At the 2025 edition of World Travel Market in London sustainability,
investment and inclusive growth in global tourism were
highlighted, aligning industry investment with purpose-led travel.
Each event connects industries and also accelerates collective
solutions to shared global challenges.
RX events support SDG 9 (Industry Innovation and Infrastructure),
SDG 12 (Responsible Consumption and Production), SDG 17
(Partnerships for the Goals) and SDG 13 (Climate Action) through
our Net Zero Events commitments.
2025 OBJECTIVE
Provide research and training to Afghan
women studying for law degrees in the
United States in association with the
American Bar Association
2025 PERFORMANCE
2025 OBJECTIVE
Create an RX energy and waste emissions
dashboard to monitor performance
and publish RX event energy and
waste emissions
2025 PERFORMANCE
Legal partners with the American Bar Association on their
Afghan Legal Professionals Programme which provides
resettled Afghan legal professionals, particularly women,
access to legal education, accreditation, mentoring and training
that will allow them to pursue law careers in the United States.
Since 2023 LexisNexis Legal & Professional have provided a
bespoke online legal research training course for participants
of the programme.
In 2025, 16 Afghan legal professionals were pursuing US legal
accreditation in Master of Law programmes and preparing for
On World Environment Day 2025 RX published a first
Sustainability Report, with assured 2024 data on RX business
travel, event energy and event waste emissions. Between 2018
and 2024 RX achieved a 35% reduction in event energy
and waste.
This effort builds on RX’s Roadmap to Net Zero in 2040, which
outlines key milestones in the journey to decarbonisation.
Work continued in the year to enhance visibility through the
development of a standardised venue reporting template with
partners across the exhibition industry. This work, expected to
be adopted by The Global Association of the Exhibition Industry
and Net Zero Carbon Events (NZCE), strengthens cross-
organisational data consistency and transparency.
bar examinations. Seven participants graduated in the year,
and Salma Ahmadyar became the first programme participant
to successfully pass the bar exam in Wisconsin and was
admitted to practice law in the year. This work supports SDG 16
(Peace, Justice and Strong Institutions).
A new energy and waste emissions dashboard was launched
in 2025 which enables senior leadership to monitor carbon
performance by business unit and event. This system improves
data integrity, empowers local teams, and ensures alignment
with RX’s NZCE pledge. The dashboard includes real-time
analytics, accelerating RX’s focus on action, translating
measurement into meaningful reduction, innovation and
shared progress across RX shows globally.
41
RELX
Annual Report 2025 | Our unique contributions
2026 objectives
By 2030
Protection of society
– Deploy financial inclusion models which
allow lenders to more easily detect fraud and other high-risk
consumer behaviour, in support of SDG 10 (Reduced Inequalities)
Advance science and health
– Introduce Elsevier Foundation-
Lancet Evidence to Impact Awards to translate critical research
into practice, building capacity with researchers and health
care practitioners in low and middle income countries through
Elsevier content and the Research4Life Country Connectors
programme, in support of SDG 10 (Reduced Inequalities) and
SDG 13 (Climate Action)
Promote the rule of law and access to justice
– Partnership
with Indiana State Bar Association to address shortage of legal
representatives in rural and underserved communities in the
state; convene first virtual Rule of Law Café conference to bring
together stakeholders to highlight key issues, in support of
SDG 16 (Peace, Justice and Strong Institutions)
Fostering communities
– Pilot RX Sustainability scorecard
supported by e-learning, in support of SDG 13 (Climate Action)
Universal, sustainable access to information
– Increase
the number of unique users of the RELX SDG Resource Centre
by at least 20,000 additional unique users
Use our products and expertise to advance the SDGs,
among them:
SDG 3 (Good Health And Well-Being)
SDG 10 (Reduced Inequalities)
SDG 13 (Climate Action)
SDG 16 (Peace, Justice and Strong Institutions)
Enrich the SDG Resource Centre to ensure essential content,
tools and events on the SDGs are freely available to all
RELX SDG Resource Centre, Inspiration Day
and Environmental Challenge
Recognising that across RELX we have products, services, tools
and events that advance the UN’s 17 SDGs, we created the free
RELX SDG Resource Centre in 2017 to advance awareness,
knowledge and implementation of the SDGs. Since 2017, we have
made over 2,700 journal articles and book chapters free to access
via the RELX SDG Resource Centre which would have otherwise
cost more than £5.7m to make open access.
We held the annual RELX SDG Inspiration Day during the year
with a focus on how philanthropy can bridge funding gaps to
advance the SDGs. Thought leaders, corporate representatives,
investors, governments, and NGOs discussed challenges and
opportunities for collaboration. Keynote speakers included 8th
Secretary General of the United Nations, Ban Ki-moon, Comic
Relief co-founder, Sir Lenny Henry and co-founder of Global
Citizen, Michael Sheldrick.
2025 marked the fifteenth year of the RELX Environmental
Challenge, which provides grants for projects that best
demonstrate how they can provide sustainable access to safe
water and sanitation where it is presently at risk. A $50,000 prize
is granted to the first-place entry and a $25,000 prize for the
second-place entry. The winners also receive free access for one
year to ScienceDirect, Elsevier’s database of full text, scientific
information. Projects must have clear practical applicability,
address identified need and advance related issues such as
health, education, or human rights.
The first prize winner this year was Folia Water for their
paper-based water filter with silver antimicrobial technology,
designed to deliver safe drinking water for low-income
Bangladeshi communities. The second prize winner was Rice
University for Solar Thermal Resonant Energy Exchange
Desalination, a fully decentralised, membrane-free, solar
thermal desalination solution, which addresses critical water
scarcity and brine waste management issues.
2025 OBJECTIVE
Increase the number of unique users of the
RELX SDG Resource Centre by 10,000
additional unique users in the year
2025 PERFORMANCE
In 2025, we added 935 new content items to the RELX SDG
Resource Centre bringing the total to 6,729, an increase of 16%
over the previous year. We published more than ten special
issues in 2025 featuring curated articles, book chapters and
other content on critical topics to provide insights for World
Water Day, World Food Day, World Alzheimer’s Day, COP30, and
a philanthropy special collection to coincide with the RELX SDG
Inspiration Day, providing the more than 800 attendees, and
others, with relevant additional resources. There were more than
352,000 unique users in 2025, an increase of 48,500 over 2024.
16%
Increase in unique users of the RELX SDG Resource
Centre since 2024
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
42
RELX
Annual Report 2025 | Corporate responsibility
CR Governance and reporting
Our Board recognises the importance of maintaining high
standards of corporate governance. Our corporate governance
programme supports our ability to deliver consistent financial
performance and value to our stakeholders and aligns with
RELX’s values of doing business with integrity. The Board
oversees RELX’s corporate governance, its role and function
is explained fully in the Corporate governance section (see
pages 80 to 127). The Board and the Audit Committee of the
Board regularly receive presentations from the Chief Compliance
Officer on matters arising under our ethics and compliance
programmes. In addition, the Chief Legal Officer & Company
Secretary, who reports directly to the CEO and the Chair,
maintains responsibility for implementing the ethics
and compliance programmes.
Governing policies set out our stance on key issues. The RELX
Code of Ethics and Business Conduct, the Code of Ethics for Senior
Financial Officers, the Supplier Code of Conduct, Tax Principles,
Privacy Principles, Inclusion Policy, Health and Safety Policy,
Editorial Policy, Responsible Artificial Intelligence Principles,
Quality First Principles and Product Donation Policy are publicly
available at
www.relx.com/cr-downloads
.
Corporate responsibility governance
Our purpose, strategy, values and culture deliver the very highest
standards of corporate governance and responsibility.
A strong privacy programme and
robust data protection practices are
essential to meeting our commitment
to responsible stewardship and
accountability in handling the
personal information entrusted to us.
Fabienne Lornage
Data Protection Officer,
RELX, UK
Our CR governance framework
The CEO has responsibility to the Board for CR. They and
senior management, as well as the CR Forum, chaired by
a senior leader and involving individuals representing
key functions and business areas, set and monitor CR
performance. This includes our annual and longer term
CR objectives, which reflect the views of a range of
internal and external stakeholders. More information can
be found on
www.relx.com/additional-cr-resources
.
The Global Head of Corporate Responsibility provides
formal updates to the Board and engages on key issues
with senior managers, who have CR-related Key
Performance Objectives (see page 104).
Board
CEO
Business area CEOs
CR
Forum
Global Head
of Corporate
Responsibility
and CR Team
Compliance
Committees
RELX CR
networks
Pursuing a Culture of Integrity; the Code of
Ethics and Business Conduct
Doing the Right Thing is more than a phrase at RELX, it embodies
principles that represent RELX’s culture of integrity. This includes
respecting one another, incorporating ethics in all our actions;
growing our business with integrity; holding ourselves and
each other accountable; and taking time to ask questions and
report concerns.
Doing the Right Thing clearly sets out our high ethical
expectations for employees. We expect honesty in our dealings
with others, respecting the law, our policies and colleagues;
and courageously speaking out for what is right. RELX provides
relevant training and resources; enables a culture where people
can feel comfortable speaking up and experience no retaliation
when they do; and ensures concerns are heard and acted on
in a fair and timely manner.
The RELX Code of Ethics and Business Conduct (the Code) is a
foundational document which guides employees, management
and our stakeholders in maintaining the integrity and
accountability of our corporate and individual behaviour. The Code
was most recently updated in 2024 and shared with staff globally
by the CEO. It is at the heart of our compliance activities, which
encompass clear policies and procedures; risk assessments;
training and communication; and robust reporting mechanisms,
investigations, monitoring and auditing of internal controls.
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Annual Report 2025 | Corporate responsibility governance
Data privacy governance
Data is integral to the solutions we provide that further our unique
contributions as a business, including protecting consumers from
the risk of fraud; facilitating secure online transactions; improving
access to financial and government benefits; enhancing
face-to-face connections at exhibitions; and delivering high
quality scientific research and healthcare.
Recognising concerns and sensitivities around personal data,
our commitment to data privacy remained a critical RELX priority
in 2025 and continues to be supported by strong governance,
transparency and accountability. Dedicated privacy teams
implemented requirements for compliance with personal data
protection regulations around the globe. RELX continues to
advocate for privacy laws that protect consumers, bolster
consumer trust and allow businesses to invest in data-driven
activities that serve the public interest. RELX companies in the US
participating in the Data Privacy Framework programme renewed
their self-certification in the year.
We proactively consider privacy concerns in developing and
offering our solutions. Our Privacy Principles, available at
www.relx.com/corporate-responsibility/being-a-
responsible-business/privacy-principles,
guide our approach
to the responsible collection and use of personal data and
are supplemented by privacy policies and impact assessments to
mitigate risks, ensuring we are responding to new requirements,
best practices and expectations.
Our privacy teams undertake activities and training that deepen
employee awareness about personal data protection. For Data
Privacy Day 2025, we celebrated the winners of the annual RELX
Privacy Principles Champions Competition, which recognises the
achievements of employees in protecting personal data and
implementing our Privacy Principles.
2025 OBJECTIVE
Consolidate records of privacy processing
activities
2025 PERFORMANCE
Records of processing activities (ROPAs) internally document
our personal data processing activities as part of our
accountability and compliance measures. In 2025, RELX
privacy teams clarified and consolidated hundreds of ROPAs
and updated the ROPA questionnaires and guidance to
facilitate completion.
This activity aligns with SDG 16 (Peace, Justice and Strong
Institutions).
Our Code encompasses a wide range of issues including fair
competition, anti-bribery, conflicts of interest, employment
practices and human rights, data protection and appropriate
use of company property and information.
To help employees comply with applicable laws, we
supplement the Code with other policies in areas critical to our
business, including anti-bribery, competition, doing business
with government, data privacy and security, trade sanctions
and workplace conduct.
We communicate on compliance issues using a range of media,
including video.
We require cyclical mandatory training on the Code and other
policies for all employees, with in-person and other training
for those in higher risk roles and locations.
99+%� of all compliance courses are completed within
90 days of issuance.
We encourage reporting of violations through multiple
channels, including an anonymous reporting option where
legally allowed.
Compliance Committees oversee investigations and help
ensure remediation and ongoing monitoring as required.
We do not tolerate retaliation for raising Code concerns.
We have a third-party expert evaluate our Compliance
programme every three years and the Code is updated every
three years .
Read our Code of Ethics and Business Conduct at
www.relx.com/cr-downloads
^
Independently assured
Reporting Channels Under the Code
We offer multiple channels to report Code-related concerns,
including managers, human resources, Compliance committee
members and company lawyers. We also provide an Integrity Line,
hosted by an independent third-party, and available to employees,
suppliers and other reporting persons by telephone or online
24 hours a day, 365 days a year, which includes an anonymous
reporting option where legally allowed. The Integrity Line also
includes an Ask A Question feature which allows employees to
seek ethical advice before taking action. More information about
these reporting channels is detailed in the Code, the RELX
Reporting Concerns Policy and supplemental country-specific
Reporting Concerns Notices available on www.relx.com.
These documents prohibit retaliating against individuals who
raise concerns or participate in an investigation.
Reports are investigated and action is taken accordingly if reports
are substantiated. Substantiated reports result in additional
training, coaching, policy changes, control enhancements,
and/or disciplinary action. Report themes are reviewed by senior
leadership to assist in measuring the effectiveness of reporting
channels, identifying risks and areas to allocate Compliance
programme resources. RELX has investigated or is in the process
of investigating 431 reports of alleged Code violations received
in 2025 through the RELX Integrity Line or through the other
Reporting Channels identified in the Code (2024: 372).
Approximately 46% of those reports where the investigation
is complete have been substantiated (2024: 48%).
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
44
RELX
Annual Report 2025 | Corporate responsibility
Cybersecurity governance
The RELX Information Security Policy establishes comprehensive
controls and procedures designed to safeguard the confidentiality,
integrity and availability of company information. The policy
includes a commitment to ongoing enhancement of information
security systems and is supported by a set of interrelated policies
and standards addressing essential facets of information
protection. In 2025, more than 99%
^
of employees were included in
monthly phishing simulation exercises.
During the year, we continued to enhance our security efforts with
additional infrastructure monitoring capabilities both internally
and through third parties. We completed more than 5,000 security
related requests, questionnaires and audits for our customers.
In addition, we engaged third parties to perform independent
audits on a number of our products and services. More than 60%
of the product revenue from our three largest business areas
were covered by a third-party audit. In addition, our UK Risk
products have been ISO27001 certified.
2025 OBJECTIVE
Continued enhancement of our technical
resilience and expansion of products and
applications covered by independent third
party assessments
2025 PERFORMANCE
We invest across our business to enhance our technical
resilience posture. This includes initiatives in application
dependency analysis, defining triage recovery order,
implementation of resilient backups, and recovery testing,
both desk-based and technical. In the year our businesses
completed initial technology implementation and recovery
simulations for key products including Risk’s Accurint,
STM’s ScienceDirect, and Legal’s Lexis+, and we conducted
periodic testing of their resilience posture by performing
recovery simulations.
These activities align with SDG 16 (Peace, Justice and Strong
Institutions).
Public Policy, Anti-Bribery and Sanctions
We engage in public policy discussions that matter to our business
and our customers. We strive to help policy makers around the
world understand our business, innovations and contributions
to the public interest.
Lobbying activities on behalf of RELX Inc. are managed by
the RELX Government Affairs team, and, in coordination with our
legal teams, are vetted, tracked and reported as required by law.
Consistent with our commitment to fostering a culture of integrity
including through good governance, RELX has a supplemental
policy and training for our employees that specifically relate
to engagement with government officials and agencies.
The Code and related supplemental policy also address corporate
political contributions, which are strictly prohibited except in the
US, where such contributions and activities are permitted in
certain states within allowable limits, if they comply with stringent
reporting and disclosure regulations. Corporate political
contributions require senior level review and approval. Corporate
contributions are reported as required by law. Contributions
are made on a bipartisan basis, and no funds are donated for
presidential campaigns or any other federal-level campaigns.
We remained diligent through the year to comply with applicable
bribery and sanctions laws and mitigate risks in these areas.
Our anti-bribery and sanctions programmes include detailed,
risk-based internal policies and procedures on topics such as
doing business with government officials, gift and entertainment
limits, gift registers, and complex sanctions requirements.
Relationships with third parties and acquisition targets are
evaluated for risk using one or more of the following methods,
questionnaires, references, detailed electronic searches, and
Know Your Customer screening tools. We monitor and assess
the implementation of our anti-bribery and sanctions
programmes by continually reviewing and updating our policies
and procedures; conducting risk assessments; and conducting
quality reviews and internal monitoring and audits of the
operational aspects of the programmes. In the year, we took part
in the Private Sector Forum at the Eleventh Session of the
Conference of the States Parties (COSP11) to the United Nations
Convention against Corruption.
The Code supports the principles of the United Nations Global
Compact (UNGC) and stresses our commitment to human rights.
We consider where and how we operate to avoid human trafficking
and modern slavery in our direct operations and our supply chain.
As stated in our Modern Slavery Act Statement, available at
www.relx.com
, we stand against all forms of slavery and
human trafficking. We do not tolerate it in any part of our business,
including our supply chain. Our policies are also informed by the
UN Guiding Principles on Business and Human Rights, the
Universal Declaration of Human Rights, the OECD Guidelines for
Multinational Enterprises, the International Labour Organisation
(ILO) Declaration on Fundamental Principles and Rights at Work
and the Women’s Empowerment Principles.
A responsible taxpayer
Taxation is an important issue for us as well as our stakeholders,
including our shareholders, governments, customers,
suppliers, employees and the global communities in which
we operate. We are transparent about our approach to tax. At
www.relx.com/go/TaxPrinciples
we provide details about
our tax principles and global tax contribution – broken down
by regions and categories – along with our tax risk control
framework. There are also case studies showing how RELX has
made a positive contribution in tax-related areas to benefit
society. RELX is a signatory to the B Team’s Responsible Tax
Principles. The B Team is a group of business leaders committed
to sustainability, equality and accountability.
Globally in 2025, RELX paid £638m in corporate taxes, but also
paid and collected much more in payroll taxes and indirect taxes.
^
Independently assured
45
RELX
Annual Report 2025 | Corporate responsibility governance
2026 objectives
By 2030
Privacy
– Expand role-based privacy training tailored to job
function, aligned with SDG 16 (Peace, Justice and Strong
Institutions)
Security
– Expansion of products and applications covered by
independent third-party assessments, aligned with SDG 16
(Peace, Justice and Strong Institutions)
Responsible tax
– Continue to advance tax transparency and
responsible tax projects in Africa, aligned with SDG 16 (Peace,
Justice and Strong Institutions)
Continued progressive actions that advance excellence
in corporate governance within our business and continue
providing information, tools and analytics that promote
high standards of corporate governance by our customers
2025 OBJECTIVE
Continue to advance tax law codification
pilots and responsible tax practices
in Africa
2025 PERFORMANCE
Taxes provide governments with the essential revenue
necessary for public services that benefit their citizens.
Governments need codified tax laws to know when, how
much and from whom they should be collecting. Citizens need
codified and transparent tax laws to understand their liabilities
and to advocate for fair collection and use of their remittances.
Unfortunately, in many countries around the world, it is
difficult for tax authorities and taxpayers alike to access
tax law in a complete, up-to-date and consolidated form.
During 2025, the RELX tax team discussed the commencement
of a tax law consolidation project with Kenya’s government,
similar to a successful project completed in Ethiopia in 2024.
The Ethiopia tax law project attracted the attention of the World
Bank which has now embarked on an African Tax Legislation
Atlas (ATLA) project, a partnership between the World Bank,
LexisNexis Rule of Law Foundation and the International
Bureau of Fiscal Documentation, to build an innovative
digital repository consolidating Africa’s tax laws to support
transparency, comparative analysis and legal reform.
The ATLA was initiated in November 2025 with several pilot
countries including Ethiopia and Kenya.
In addition, RELX Tax was selected as a responsible tax
champion in the Responsible Tax Practices project, an initiative
of the International Finance Corporation, a member of the
World Bank Group, and the B Team, to enhance responsible
tax practices in Africa. This groundbreaking initiative brings
together responsible tax leaders and their private sector peers
to explore the what, why, and how of responsible tax practices.
The project was launched with a roundtable in Nairobi in
April 2025. As a responsible tax champion, RELX has had
an opportunity to share our insights and experience of
implementing responsible tax practices over the last decade
with participant companies from across Africa.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
46
RELX
Annual Report 2025 | Corporate responsibility
Improving customer outcomes
Our goal is to improve outcomes for our customers by providing
information-based analytics and decision tools for professional
and business customers that benefit their daily work.
Listening to our customers allows us to deepen our understanding
of their needs and drive improvements. We do this through regular
surveys, customer dashboards and feedback mechanisms.
With input from customer insight teams across our company,
we calculated a RELX-wide customer satisfaction metric showing
that in 2025, 87% of customers would recommend working
with RELX.
Digital knowledge and innovation, Artificial
Intelligence across RELX: advancing
customer goals
Across RELX, we work to address customer challenges through
digital innovation. In 2025, electronic products and services
accounted for 84% of revenue, up from 35% in 2005.
Risk
In 2025 Risk launched Medical Insights from LexisNexis Health
Intelligence. The new functionality of the Health Intelligence
platform standardises and extracts key insights from electronic
health records (EHRs), including targeted health data such as
vitals, labs and material conditions. This enhancement goes
beyond the standard EHR summary to allow US life insurance
carriers to more quickly identify key critical risk data within the
EHR to improve mortality outcomes, accelerate underwriting
decisions, enhance risk assessment and advance rules
automation with structured data.
In the year, data from Risk’s ICIS informed a new study on the
impact of European circularity regulation, including the EU
Packaging and Packaging Waste Regulation, on global demand
for recycled plastic, particularly as it affects China’s chemical
industries. A key finding was a strong increase in demand for
recycled content, impacting sourcing strategies and boosting
demand for certified recycled materials globally.
Scientific, Technical & Medical
STM launched ScienceDirect AI which enhances research
integrity and efficiency by providing researchers with precise
summaries, extracting key findings from millions of peer-
reviewed articles. To help clinicians with responsible and effective
use of generative AI tools, Elsevier launched the Gen AI Academy
for Health, an accredited, complementary and self-paced course.
Elsevier also launched a new AI evaluation framework designed
to assess the effectiveness and safety of generative AI tools used
in clinical decision support, including within its ClinicalKey AI
platform. Developed with input from clinical experts, the
framework evaluates AI generated responses for query
comprehension, helpfulness, accuracy, completeness and clinical
safety. It builds on Elsevier’s partnership with the Coalition for
Health AI, which aims to set ethical standards to enhance the
delivery of quality healthcare.
Customers
We deliver information-based analytics and decision tools in a sustainable
way to our customers, driving growth for the long term.
Engaging with our customers helps
us understand their evolving needs
and ensures that our solutions deliver
real value. Customer insights drive
innovation and strengthen trust at the
heart of our partnerships.
John Park
Relationship Manager,
LexisNexis Legal &
Professional, Australia
Legal
Legal launched its AI-powered legal assistant, Protégé, in 2025
which enables legal professionals to interact using voice
commands, making tasks such as legal research, drafting and
case law summarisation faster and more efficient. Features
such as strict data privacy standards, secure vaults, visual case
timelines and workflow suggestions enhance productivity to
help customers make good legal decisions more quickly.
CaseMap+ AI was launched in the year, an advanced litigation
case management platform designed to streamline litigation
processes and enhance strategic decision-making for litigators.
CaseMap+ AI provides them with efficient tools for organising,
analysing, communicating and presenting case information.
Exhibitions
Digital event technology continued to transform the way RX’s
customers connect, learn, and do business, enabling them to
create and capture more value while reducing environmental
impact. RX’s Lead Manager App provides exhibitors with a quick,
easy and reliable way to capture and qualify leads by scanning
attendees’ badges with a mobile phone. Complementing this,
Colleqt QR Code allows attendees to proactively scan QR codes
on exhibitor stands to collect their contact details and product
information quickly and sustainably. Their registration data is
passed automatically to exhibitors to enhance lead generation.
In 2025, exhibitors at RX events collectively captured over
8.9m leads through Lead Manager App.
In the year, RX China continued integrating green innovation
zones, decarbonisation forums, and AI-powered matchmaking,
to support key sectors like smart manufacturing and robotics
while anchoring operations in sustainability.
47
RELX
Annual Report 2025 | Customers
In the year Law360, LexisNexis Legal & Professional’s legal news
service, implemented a policy requiring all articles to be reviewed
by an AI-powered bias indicator tool before publication. The tool
was designed to promote neutrality by identifying potentially
biased language and supports editorial quality.
Accessibility
We strive to empower all people, including persons with
disabilities, by ensuring our products and services are accessible
and easy to use by everyone. Our commitment to accessibility is
embedded across RELX and advances our Inclusion Policy.
We work to ensure we meet the requirements of relevant global
accessibility laws including the European Accessibility Act and
the Americans with Disabilities Act.
We maintain an Accessibility Policy that highlights industry
standards and tools to embed accessibility into our products
and our business operations. We apply best practice from the
RELX Accessibility Policy across hundreds of digital products
and websites. Our minimum standard for our Websites is the
Web Content Accessibility Guidelines (WCAG) 2.1 Level AA.
Our Accessibility Policy is available at
www.relx.com/cr-downloads
.
Elsevier’s ScienceDirect platform was ranked in the top 1% for
most accessible home page by the 2025 WebAIM Million study.
The Health Education Systems Incorporated (HESI) Delivery
Operations team continued to work with students taking the
HESI exam to register to take it remotely via our remote
proctoring vendors. Since 2019, the team has processed more
than 940 candidate accommodation requests, ensuring that
these candidates have an accessible and inclusive experience.
In 2025, Elsevier’s Global Books Digital Archive fulfilled more
than 1,700 disability book accommodation requests. Elsevier
was also recertified in the year as a Global Certified Accessible
publisher by Benetech, a non-profit organisation based in
Palo Alto, California. Elsevier launched PDF tagging in all new
journals and books, which allows assistive technologies like
screen readers to interpret and navigate documents correctly.
Bringing science into society
We work closely with journalists to ensure that research findings
are accurately and effectively communicated to the public, and
that authors receive credit for their work.
Elsevier’s Library Connect programme and Academy, provides
library and information science professionals worldwide with
opportunities for knowledge sharing. In 2025, Library Connect
Academy hosted a GenAI Literacy programme with over 5,500
librarians enrolled. Covering Library and Information Science
(LIS) best practices, trends and technology, The Library Connect
Newsletter had more than 40,000 LIS professionals subscribed
globally and the Library Connect website had over 27,000 visitors.
In the year Elsevier expanded its Geographical Pricing for Open
Access initiative which now includes around 300 gold open access
journals. The initiative helps authors in low- and middle-income
countries publish their research open access through pricing
based on local economic conditions. Since the launch of the pilot
the initiative has seen more than 14,500 articles by authors in
more than 100 low- and middle-income countries accepted by
participating journals.
Editorial standards
Maintaining the integrity of what RELX publishes is vital to the
trust of customers and other stakeholders. Our Editorial Policy,
available to all staff (and publicly available on
www.relx.com/
corporate-responsibility/engaging-others/policies-and-
downloads)
makes clear our respect for human rights, pluralism
of sources, ideas and voices.
Elsevier has dedicated resources and processes to support
research integrity. Elsevier’s Research Integrity and Publishing
Ethics team supports publishers and editors through their
research integrity strategy which focuses on, resolving
post-publication ethics cases for publishers and editors,
detecting unethical practices during the editorial process to
prevent publication and raising awareness within Elsevier and
the communities that we serve on best practices. We also believe
in editorial independence and keep editorial decision making
processes separate from our commercial interests.
2025 OBJECTIVE
Support expanded use of Artificial
Intelligence across RELX by updating the
RELX Responsible AI Principles to reflect
technological advancements
2025 PERFORMANCE
We created the RELX Responsible AI Principles in 2022
and they are publicly available at
www.relx.com/
corporateresponsibility/engaging-others/policies-
anddownloads
. The Principles are accompanied by a
RELX position paper on AI and a dedicated address that
anyone can use to provide feedback or raise queries:
ResponsibleAI@relx.com
Each business area works to implement the Principles, with
dedicated teams responsible for developing policy, processes,
tools, resources and training to support teams working with
data science, machine learning and AI in embedding the
Principles in their day-to-day activities.
We hosted a RELX Responsible AI Summit in the year, with
sessions on agentic AI, responsible AI by design and current
and pending AI legislation. Insights and questions raised at the
summit will be considered by the Responsible AI working group
when updating the principles.
We are committed to updating our RELX Responsible AI
Principles in recognition of the rapidly changing adoption and
use of AI. In 2025 we assembled feedback from organisational
stakeholders on suggested changes to the principles and the
Responsible AI Working Group met to review this information
and propose new language. Work will continue in 2026 to
incorporate feedback and update the principles accordingly.
This activity supports SDG 8 (Decent Work and Economic Growth).
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
48
RELX
Annual Report 2025 | Corporate responsibility
2026 objectives
By 2030
Quality
– Update RELX Responsible AI Principles to keep pace
with evolving technology, aligned with SDG 8 (Decent Work and
Economic Growth)
Accessibility
– Establish and implement accessibility best
practices for AI-driven user interfaces and AI-generated content,
aligned with SDG 10 (Reduced Inequalities)
Customer engagement
– Develop an internal AI tool for customer
facing colleagues to quickly access corporate responsibility
information, aligned with SDG 17 (Partnership for the Goals)
Continue to expand our customer base across our four
business areas through excellence in products and
services, active listening and engagement, editorial
and quality standards, and accessibility. Continue
to be recognised as an advocate for responsible
marketplace practices
In 2025, Elsevier undertook research with people with disabilities,
including users of Editorial Manager, ShadowHealth, and our PDF
journal articles. To improve the accessibility and perceivability of
animated 3D simulations, Elsevier’s Shadow Health Digital Clinical
Experiences is piloting built-in screen reading functionality.
We worked with disability services offices, procurement officials and
instructors across the world to provide Accessibility Conformance
Reports (ACRs). Elsevier launched a new public resource in the
year enabling users to access ACRs for various products detailing
how they meet global accessibility standards and laws, helping
address customer queries and increasing transparency. Legal
undertook work in the year towards a similar online ACR repository.
Customers can also utilise a dedicated accessibility email address
to connect with an accessibility expert and support ACR requests.
In 2025 Accessibility Teams across Risk, Elsevier and Legal
resolved over 600 customer accessibility requests.
2025 OBJECTIVE
Develop a new accessibility design
review process
2025 PERFORMANCE
2025 OBJECTIVE
Engagement with sales professionals
throughout the business on the value of
corporate responsibility for our customers
2025 PERFORMANCE
RELX is committed to creating products that are usable
by everyone including people who experience a disability.
Product teams, supported by a network of Accessibility
Champions, work to ensure digital accessibility is embedded
into the design of products and services from the start to
ensure an optimal experience for disabled users.
In the year we produced a new comprehensive User Experience
Accessibility Design Guide which incorporates accessibility
user personas and tips for ideation; accessibility in detailed
design; expert review; and hand off-review process.
Teams across the business completed self-assessments
against two Software Development Life Cycle (SDLC)
Accessibility Processes, followed by improvement plans.
We also deployed shift left best practices which integrate
accessibility considerations into the earliest stages of the SDLC.
To share our knowledge in this area, Accessibility Specialists
from across RELX presented six sessions at CSUN Assistive
Technology Conference 2025 (photographed right).
Increasingly customers need information from us in areas
ranging from our environmental performance and their share
of our carbon emissions, to the steps we take to ensure an
ethical supply chain. Since 2021 we have received a 160%
increase in customer requests for sustainability data.
In 2025 sales colleagues were surveyed to gain insights on
corporate responsibility related customer requests. Corporate
Responsibility teams shadowed sales colleagues to better
understand their processes and customer engagement
strategies. This cross-functional learning enables Corporate
Responsibility colleagues to create efficient and effective tools
and communications for sales colleagues. In the year customer
and product focused content was produced to highlight RELX’s
Unique Contributions, including a sustainability focused
product story published to coincide with COP30.
Relevant
SDGs
49
RELX
Annual Report 2025 | People
What makes RELX special
Our people tell us, through our annual employee opinion survey,
that they are engaged, motivated and committed and believe RELX
is a great place to work. We attract and retain talented people,
including those whose skills are in high demand.
Our competitive advantage is driven by our purpose, culture,
talent and a combination of behaviours and attributes, including:
§
Knowing our products and exactly how they add value for
our customers
§
Understanding emerging technologies and how they might
be used to add value
§
Being thought leaders
§
Being intellectually curious and eager to learn
§
Being fact based, analytical and data driven
We owe our success to RELX’s talented employees, including
technologists, researchers, event directors, product managers,
data scientists and many others. Our employees count on us to
create a fair, challenging, rewarding and supportive work
environment where they can achieve their potential.
For more information on our people and their working lives in
RELX, please see
www.relx.com/our-business/perspectives
.
Driving performance through culture
In RELX we set an expectation that everyone should take
ownership and be accountable for their actions, decisions and
outcomes. Everyone is encouraged to seek never-ending
performance improvement in every aspect of what they do,
driving execution and achieving results.
This is underpinned by defined and measurable annual goals
for all our people, as part of our Enabling Performance approach
to performance measurement and personal development.
Enabling Performance allows us to review achievement of
goals and identify opportunities for development, recognition
and advancement. This approach encourages regular
and impactful performance, development and career
conversations for all employees.
We recognise the value of leadership, whatever career stage
someone is at: whether this is their first role, or whether they
are leading a business area. We have a common language and
approach to leadership in RELX. For our senior leaders we set
specific behavioural expectations that will help them successfully
navigate their careers in RELX. Exceptional leadership is the
cornerstone of success at RELX.
Our commitment to careers
RELX employees are expected to understand their strengths
and areas for improvement and take individual ownership of,
and accountability for, pursuing their own personal
development. We ask employees to proactively look for
opportunities to build their career. We invest in tools to support
them, especially in identifying appropriate career paths. We aim
to provide our people with resources, tools and support to help
them perform and grow, including online training platforms that
were utilised by 76% of employees during 2025. We are helping
our people build skills for the future such as data analytics,
product and technology development (including AI), and product
ownership and management.
In 2025 we invested over $14m and around 500,000 hours in
centrally deployed training. This included courses, seminars,
one-to-one instruction and tuition reimbursement. Centralised
training is supplemented by additional training in business units.
Our CEO and the RELX business leaders care deeply about
helping our people to develop and actively participate in regular
organisational talent reviews that consider development needs
and opportunities at an individual level.
We also offer NetWorx, a global employee mentorship
programme. This digital mentoring platform recommends
matches based on individual profiles and specific goals, creating
six month long mentoring relationships. In 2025, the platform had
approximately 1,500 active users.
People
We owe our success to our people. They are driven by a strong sense of
purpose, and a supportive work environment where they can achieve
their full potential.
Rito Dipto
Strategic Engagement
Manager, Elsevier, UK
RELX has enabled me to grow in my
vocation while fostering a culture
of trust and psychological safety.
The organisation’s policies have
supported both my professional
ambitions and personal wellbeing,
making me even more committed
to showing up at my best, every day.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
50
RELX
Annual Report 2025 | Corporate responsibility
Integrity at the heart of our business
We embrace integrity and high ethical standards and our RELX
Code of Ethics and Business Conduct provides the guidance
needed to make ethical business decisions. It explains how we
should behave in the workplace and marketplace and describes
how each of us should handle various legal and ethical matters,
providing helpful scenarios. The principles in our Code of Ethics
and Business Conduct are firmly embedded in the company and
we strongly encourage employees to speak up if they are
concerned about potential breaches. We have several channels
they can use, including our Integrity Line, to raise concerns and
have them investigated (see page 43). We see this as an important
factor in ensuring that our actions are in the best interests of our
company, employees, customers and shareholders.
Harnessing our talent
At the heart of our approach to inclusion, is the belief that everyone
should be able to succeed and grow in a business that values them.
Inclusion means feeling heard, contributing equally, with equal
access to opportunity – regardless of personal characteristics.
We encourage and promote inclusion and believe RELX derives
competitive advantage from the breadth of backgrounds, diverse
perspectives, opinions and differing ways of thinking that our
people bring to everything they do.
Inclusion policy
§
Sets out our commitment to an inclusive workforce
(available at
www.relx.com/cr-downloads
)
Employee Resource Groups
§
100+ active networks
External recognition
§
RELX was recognised in multiple categories at the 2025
Comparably awards including Best Leadership Team, Best
Company Outlook and Best Company, Perks and Benefits
RELX Employee Resource Groups (ERGs) encourage colleagues
to collaborate, advocate and engage communities around topics
of mutual interest. ERGs are open to everybody, and help
advance a culture of belonging. This is recognised by allowing
all employees to take two days paid time-off per year for
ERG-sponsored activities. In 2025, employees recorded over
22,300
^
ERG hours. We feature stories about our people and
purpose at
www.relx.com/our-business/perspectives
We are committed to creating an environment where everyone can
thrive, and provide reasonable accommodations and adjustments
to meet individual needs, ensuring everyone can participate fully
in the workplace.
In 2025, the percentage of people managers who are women
remained at 46%, and the number of women in our senior leader
population was 31%. At year end, women comprised 40% of the
Board. Non-Executive Director, Bianca Tetteroo serves as our
Workforce Engagement Director.
Our business relies heavily on technologists and we need to
attract the best talent to support our business ambitions. We
directly employ more than 9,300 technologists, 27% are women.
Health and safety
The importance of employee health and safety is emphasised in the
RELX Code of Ethics and Business Conduct and in the RELX Health
and Safety Policy available at www.relx.com. These documents
commit us to providing a healthy and safe workplace for all
employees and safe products and services for customers. The
CEO is responsible for health and safety on behalf of the Board.
We consult with employees globally on health and safety through
staff and works councils and reinforce good health and safety
practice through regular communications, including a designated
site with relevant information. We also hold regular Health and
Safety Committee meetings.
We monitor and ensure our buildings are maintained and comply
with relevant health and safety laws and standards, in conjunction
with third parties and landlords, where appropriate.
We provide tailored health and safety training to employees
and alongside third parties to help ensure compliance with local
health and safety rules and to promote best practice. This is
particularly important for employees at higher risk of injury in the
workplace. In the US, we engage a third-party specialist to inspect
locations that had increased incident rates. We also provide
employee support following any incident or health concern. There
were no work related deaths reported in 2025 and our frequency
rate (lost time incidents per 200,000 hours worked) was 0.02. The
majority of lost time incidents were due to road traffic accidents,
followed by slips, trips and falls.
For hybrid working, we provide support on health and safety
issues for both office and home working. During the past three
years over 5,900 employees have completed the training through
our Healthy Working programme which includes personalised
risk assessments and action plans.
RELX is also committed to fostering a psychologically safe and
supportive workplace through a comprehensive mental health
and wellbeing framework that spans all business areas. The
framework is rooted in proactive leadership, diverse support
mechanisms, and inclusive programming that addresses the
multifaceted wellbeing needs of employees globally.
2025 OBJECTIVE
Engage colleagues globally through our
Inspiring Inclusion programme
2025 PERFORMANCE
Our 2025 series of virtual events helped colleagues
understand and embrace the diversity of our global business.
The 2025 Belonging virtual conference brought together
employees globally to foster a shared commitment to
advocacy, learning and building an inclusive workplace.
^
Independently assured
51
RELX
Annual Report 2025 | People
2025 OBJECTIVE
Hold virtual wellbeing summit for
champions from across the business
2025 PERFORMANCE
RELX operates in a fast moving and dynamic environment.
We want to help our people to take care of themselves,
mentally and physically, so they can perform with clarity,
focus, stability and energy, and achieve their potential. In
2025 all employees, globally, were invited to participate in a
programme in association with OwnLife, intended to help
them sustain productivity while finding a better work-life
balance, and reducing their risk of burnout.
In 2025, we held our first RELX Wellbeing Summit bringing
together over 100 HR leads, ERG representatives, and
Mental Health First Aiders across 14 countries. The summit
highlighted practical tools for workplace wellbeing
advocates and focused on connection, care, and rejuvenation
for those colleagues that care for others. 94% of summit
attendees discovered useful tools and 100% learnt
something new. Additionally, we have a number of ongoing
wellness programmes such as Living Well, MindLife and
Thrive. Our global Employee Assistance Programme
provides valued professional support when someone needs
more personalised or urgent help with a work-related or a
personal issue. All of this is supported by a wide range of
policies that support employees in bringing their whole self
to work and in managing competing work and life priorities.
2025 OBJECTIVE
Continue to assess pay competitiveness
and pay equity across RELX
2025 PERFORMANCE
In 2025, we continued to monitor pay competitiveness and pay
equity across RELX. Compensation reviews twice a year allow
for pay increases to recognise performance and sustain
market competitiveness and internal equity.
We have robust and well-established reward mechanisms
across RELX, with a strong emphasis on performance, fairness,
equity and market competitiveness. Reward education is
provided for people managers to support them in understanding
key concepts – such as the steps we take to ensure people are
treated equitably – and to facilitate discussing them with
employees. In addition to pay, we have a wide range of employee
benefits that reflect the market norms in the countries in which
we operate. We keep pay equity under constant review, with an
ongoing programme to drive even greater equity and fairness.
2025
RELX people in numbers
FTE employees
37,600
Full-time employees (%)
95%
Part-time employees (%)
5%
Average length of service (years)
8
Total hours worked by all employees in the year
66m
Temporary workers (%)
3%
Contingent workers
1,700
Employees represented by a collective
bargaining agreement (%)
12%
Global HR information system coverage
100%
Turnover
Total turnover rate
11.1%
Voluntary turnover rate
7.2%
Involuntary turnover rate
3.9%
Training and development
Investment in training
$14m
Training hours
500,000
Employee engagement
71%
Reward
Employees with variable pay opportunities
79%
Employees with access to share purchase
programmes (US/UK/NL)
55%
Absence
Absence rate (number of unscheduled absent days
out of total days worked in 2025, UK and NL)
0.87%
US Family Medical Leave Act requests
1,101
Inclusion
Employees who are women
51%
Managers who are women
46%
Senior leaders who are women
31%
2026 objectives
By 2030
Belonging
– Continue to engage colleagues globally through
our Inspiring Inclusion programme, aligned with SDG 10
(Reduced Inequalities)
Wellbeing
– Second virtual well-being summit to convene
wellness champions across RELX to share best practice and
provide new tools to support physical and mental wellbeing,
in support of SDG 3 (Good Health and Well-Being)
Pay equity
– Continue to assess pay competitiveness and pay
equity, aligned with SDG 8 (Decent Work and Economic Growth)
Continued high-performing and satisfied workforce
through talent development, inclusion and well-being
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
52
RELX
Annual Report 2025 | Corporate responsibility
RELX Cares, our global community programme, supports
employee volunteering and giving that makes a positive impact
on society. The mission of RELX Cares is education for
disadvantaged young people that advances one or more of our
unique contributions as a business, including protection of society
and reducing inequalities, advancing science and improving
health outcomes, furthering the Rule of Law and access to justice
and fostering communities. Employees have up to two days’ paid
leave per year for their own community work. A network of
220 RELX Cares Champions ensures the vibrancy of our
community engagement.
In 2025, we held the 15th Recognising Those Who Care Awards to
highlight colleagues who have made outstanding contributions to
RELX Cares. The eight winners of the individual award travelled to
visit charity projects in the Philippines hosted by our colleagues at
Reed Elsevier in the Philippines. In addition, one individual was
awarded extra RELX Cares volunteering days and two individuals
and two teams were given the opportunity to make a donation to
the charity of their choice.
220
A network of 220 RELX Cares Champions ensures the
vibrancy of our community engagement
Community
We help our local and global communities thrive by contributing
to their success.
Volunteering allows us to unite our
collective strength for meaningful
change. Nothing is more rewarding
than seeing our shared efforts
strengthen community bonds and
create tangible impact.
The mission of RELX Cares is education for
disadvantaged young people that furthers
one or more of our unique contributions as
a business, including universal, sustainable
access to information.
Elora Wang
Executive Assistant,
RX, China
2025 OBJECTIVE
Update RELX Cares Champions materials
and continue to increase engagement and
participation
2025 PERFORMANCE
In the year we updated existing assets and created new
materials for RELX Cares Champions, among them the
RELX Cares Champions Handbook to help RELX Cares
Champions understand their role as catalysts in supporting
colleagues to take part in volunteering, giving and other
RELX Cares activities.
We created new downloadable posters to advertise RELX Cares
events, an email signature that tells people they are RELX
Cares Champions, an email template to promote RELX Cares
activities and a RELX Cares T shirt design.
We increased engagement in our flagship programme,
Recognising Those Who Cares with a 17% increase in
applications for the awards which celebrates RELX employees
who have made outstanding contributions to RELX Cares.
We have continued to convene bi-monthly RELX Cares
Champions meetings to engage employees around the world.
The Recognising Those Who Care programme
spotlights colleagues whose passion and
commitment to their communities embodies the spirit
of RELX Cares. Serving as a judge for the awards has
been incredibly rewarding in discovering how the
nominees’ dedication is inspiring our teammates
around the world and making a real difference.
Jonathon Woods
Director, Corporate Communications
LexisNexis Legal & Professional
53
RELX
Annual Report 2025 | Community
Each September, we hold RELX Cares Month to celebrate our
commitment to our communities around the world. During the
Month, over 4,000 colleagues across RELX took part in hundreds
of volunteering and fundraising events. These included employees
in the UK who recorded audio books for sick children; colleagues
from LexisNexis Risk Solutions US who painted skateboards for
disadvantaged children; Elsevier India colleagues who mentored
young people from an educational charity; LexisNexis Legal &
Professional New Zealand who took part in a beach clean-up; and
colleagues at RX China who worked with a charity providing horse
riding for children with special needs.
Giving
Our central donations programme aligns with the RELX Cares
mission. Employees serve as sponsors for charities seeking
funding, which must in turn indicate how they help further one or
more of RELX’s unique contributions.
RELX Cares Champions vote on submissions using decision
criteria such as value to the beneficiary and opportunities for
staff engagement. In 2025, RELX Cares Champions donated
£334,242 to 29 charities supporting over 120,000 young people.
Projects included:
§
In the US, giving underserved Philadelphia teenagers the
chance to take part in outdoor expeditions
§
In Poland, funding social integration and creative programmes
for Ukrainian child refugees
§
In India, providing free education to children in a vulnerable
Delhi resettlement colony
In managing community involvement, we apply the same rigour
as we do to other aspects of our business. Read our methodology
at
www.relx.com/additional-cr-resources
.
We extended our partnership with our global fundraising partner,
Save the Children, until 2027. Since 2022, the partnership has
raised more than £200,000, including through marathon running,
quiz nights and taking part in Save the Children’s Christmas
jumper day, and we have pledged to raise at least another
£80,000 by 2027. The funds support Save the Children’s work in
90 countries, through emergency response and long-term
programmes, the charity has an immediate and lasting impact on
the lives of millions of children around the world.
We donated £5m in cash (including through matching gifts), and
£15m in products, services and staff time (market-value) in 2025.
Some 38% of employees were engaged in volunteering through
RELX Cares. According to 2025 Business for Societal Impact (B4SI)
data, the average volunteering rate was 27.2% for our sector and
24.8% for all sectors.
We encourage in-kind contributions, such as product and
equipment donations, aligned with our Product Donation Policy
(available at www.relx.com/cr-downloads), which included books,
access to content, and discounted charity rates for some products.
Book donations: supporting education
While print is a relatively small portion of our revenue, we
continue to minimise the impact of printed product. We focus
on techniques such as print on demand or print run control
to better match production to demand.
We donate excess product to charity partners such as Book
Aid International and Books for Africa to avoid waste and
benefit communities.
In 2025, RELX donated over 143,000 books with a value
of over $11m to our charity partners.
Book Aid International
RELX has been a Book Aid International partner for over
30 years through regular book donations, financial support,
staff fundraising and volunteering. RELX donations of higher
education and medical books are critical to educating the
next generation around the world.
In 2025, we supported them by donating 16,476 new books
and providing a grant to open a new Children’s Corner in
Bamenda, Cameroon. Every Children’s Corner creates a
vibrant reading space stocked with UK donated and
nationally published books that is staffed by a specially
trained librarian ready to welcome children into a world
of reading. The space is especially valuable in Bamenda,
where children are living with the effects of an eight-year
conflict that has closed schools and forced thousands from
their homes. In these challenging circumstances, the new
Children’s Corner will give hundreds of children the chance
to find respite in stories.
For over 30 years, RELX has joined us in
sharing the power of books with readers
around the world. The hugely valuable books
RELX provides have helped so many midwives,
doctors and nurses qualify and go on to provide
life-saving care and supported countless
students around the world in earning degrees.
RELX’s grants have opened beautiful reading
spaces where children can explore a whole
new world of stories. I would like to thank RELX
for their long-standing support – your gifts are
truly transformational.
Alison Tweed
Chief Executive, Book Aid International
Photo credit: Cynthia R Matonhodze/Book Aid International.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
54
RELX
Annual Report 2025 | Corporate responsibility
Impact
In accordance with the B4SI model, we monitor the short- and
long-term benefits of the projects with which we are involved.
We ask beneficiaries to report on their progress to increase
transparency and engagement.
In addition, we survey RELX Cares volunteers on the impact the
programme has on their work following each volunteer activity.
In 2025, we received over 15,400 responses, 89% of respondents
said their motivation and pride in RELX had increased as a result
of volunteering and 87% said they had experienced a positive
change in behaviour or attitude as a result of volunteering.
In-kind
51%
Cash
26%
Time
23%
What we contributed in 2025 (market value)
Market value cash, in-kind and time donations (GBPm)
Community involvement
Market value cash, in-kind and time donations (GBPm)
2025
2021
2023
2024
2022
21
23
23
20
23
Elsevier Foundation
This year we celebrated 20 years of the Elsevier Foundation
which has donated $18 million in grants to over 100 partners in
more than 70 countries around the world to advance inclusive
research and health. The Foundation shared its first Impact
Report in the year with key statistics and partnership case
studies on research equity, inclusive health and climate
action, including Envisioning Futures: Women’s leadership
and gender equity in Japanese research with RIKEN, the
leading Japanese research institute. They also introduced a
new alumni programme connecting past award winners with
Elsevier editors, featuring them in Elsevier webinars and
amplifying their work through our networks and hosting a
reception for the Elsevier Foundation Awards for Early-Career
Women Scientists in the Developing World alumni at the
Organization for Women in Science for the Developing World
General Assembly in Bogota, Colombia in November 2025.
In 2025 the Elsevier Foundation also launched a partnership
with Swasti, an Indian public health nonprofit, to support
healthcare workers in addressing challenges posed by
climate change through its Climate Care Champions
programme. The $50,000 grant is equipping frontline
healthcare workers with essential skills to manage
climate-induced health impacts. Two districts were chosen
for the pilot based on heat index severity involving 90 health
professionals, who then trained over 2,200 frontline health
workers. Results have led to an increase in accurate
identification of heat-related illnesses and the creation
of a first district Heat Action Plan.
For 20 years, the Elsevier Foundation has
invested in a pragmatic, partnership-driven
approach to advancing inclusive research and
health. By combining our partners’ on-the-
ground expertise with Elsevier’s content, data,
analytics and networks, together we have
created a multiplier effect – delivering greater
impact and contributing to meaningful change.
Ylann Schemm
Executive Director, Elsevier Foundation
55
RELX
Annual Report 2025 | Community
2026 objectives
By 2030
Employee community engagement
– Hold first virtual global
RELX Cares Champions Summit to continue advancing flagship
RELX Cares programme across the business in support of SDG
17 (Partnerships for the Goals)
Philanthropic giving
– Introduce new technology platform to
streamline central giving and to improve impact reporting, in
support of SDG 17 (Partnerships for the Goals)
Through our unique contributions, and investments with
partners, contribute to significant, measurable advancement
of education for disadvantaged young people
Jeffrey P Mladenik and Andrew
Curry-Green Memorial Scholarship
As a lasting memorial to our colleagues Jeffrey Mladenik
and Andrew Curry-Green, who lost their lives on 9/11, we
offer scholarships in their name to children of eligible
employees.
Ayush Tailang (left) son of Sameer Tailang, Principal
Software Engineer for Risk in Atlanta, is passionate about
business and technology. Ayush graduated from high school
with Honors and is now a freshman at the University of
Georgia where he is studying Management Information
Systems at the Terry College of Business. Ayush has earned
an IT specialist certification and consistently places among
the top rank in a range of technology competitions. He is a
member of the National Honor Society and the National
Technical Honor Society. Outside of academics, Ayush
competes in dance tournaments, plays alto-saxophone and
is involved in varsity athletics.
Brooke Healey (right), daughter of Chris Healey, Customer
Success Manager for Risk, graduated from high school with a
4.5 GPA and in the top two percent of her class. She has a passion
for science, particularly environment and earth sciences. She
played varsity volleyball and was also a member of the National
Honor Society, Spanish Honor Society, Maths Honor Society and
the California Scholarship Foundation, where she volunteered
over 100 hours per year, earning her the President’s Volunteer
Service Award. She was also a member of her high school’s
environment club. Brooke is attending the University of
California, Los Angeles and will major in environmental science.
2025 OBJECTIVE
Continue to improve our capability to
respond to disasters and emergencies,
exploring how we can donate our
products and services to further
relief and preparedness
2025 PERFORMANCE
In the year, our Disaster and Emergency Committee brought
together business continuity, corporate responsibility and
philanthropy colleagues for a more collaborative and
coordinated response to emergencies and disasters. During
2025, we donated funds to Save the Children, World Central
Kitchen and The Red Cross to support relief efforts around the
world including for those affected by the Californian wildfires,
earthquakes in Myanmar and Afghanistan, Hurricane Melissa
in Jamaica and Typhoon Fung-wong in the Philippines.
In 2025, RELX was nominated by Save the Children for
Outstanding Support for Children in Emergencies at their
Partnership Awards. We also contributed to a Business for
Societal Impact (B4SI) project, sharing insights on our disaster
response and were cited by B4SI as a best practice company
in disaster relief.
The 2025 RELX SDG Inspiration Day, The Future of
Philanthropy, featured a panel exploring the role of corporate
charity partnerships in disaster response. Panellists
shared insights on maximising impact in times of crisis and
emphasised the importance of integrating preparedness
with recovery strategies, aligning corporate resources with
humanitarian needs, and building resilient partnerships
that address immediate issues whilst also contributing to
sustainable recovery.
RELX’s support of Save the Children’s emergency
fund has enabled us to respond to children’s needs
throughout the year. Despite cuts in overseas aid,
ongoing crises, and the unpredictable geopolitical
landscape, it is thanks to supporters like RELX that we
are meeting those challenges and holding true to our
mission to bring immediate, lasting and positive
change for children.
Lisa Aubrey
Director of Fundraising & Engagement, Save the Children UK
Photo credit: Save the Children Philippines.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
56
RELX
Annual Report 2025 | Corporate responsibility
Managing an ethical
supply chain
RELX has a diverse supply chain with suppliers located in over
150 countries across multiple categories, including technology
(e.g. software, cloud, hardware and telecom), indirect (e.g.
consulting, marketing, contingent labour and travel), and direct
(e.g. data/content and production services, print/paper/bind
and distribution).
Given the importance of an ethical supply chain, we maintain a
Socially Responsible Supplier (SRS) programme encompassing
all our business areas, supported by colleagues with expertise
in operations and procurement and a dedicated Supplier
Environmental, Social, and Governance (ESG) Director from our
global procurement function. The VP Global Procurement
has operational responsibility for ensuring engagement with
suppliers occurs.
Monitoring suppliers
Our Supplier Code of Conduct (Supplier Code) stipulates our
expectations of our suppliers. It incorporates the Ten Principles
of the UN Global Compact and encompasses key topics such
as involuntary labour, non-discrimination, compensation and
working hours, coercion and harassment, data security and
environment. We require suppliers to ensure the standards of
the Code are applied across their own supply chain. Where local
industry standards are higher than applicable legal requirements,
we expect suppliers to meet the higher standards.
Non signatories to our supplier code are primarily new to the SRS
tracking list, and we work with them, and other non-signatories, to
gain agreement to our Supplier Code. In total, at the end of 2025
there were 6,586 signatories to our Supplier Code, or suppliers
with an equivalent code, representing an increase of 9% from
6,056 signatories at the close of 2024.
We engage specialist supply chain auditors to evaluate compliance
with the Supplier Code, and in 2025 there were 140 external audits;
69 onsite and 71 desktop. During 2025, onsite audit locations
included Argentina, Brazil, Canada, China, Egypt, Hungary, India,
Italy, Mauritius, Mexico, Pakistan, Philippines, Singapore,
South Africa, Sri Lanka, United Kingdom, and United States.
Desktop audits involve supplier responses to an online
questionnaire, supporting document uploads, and a risk
assessment. During an onsite audit, the auditor will randomly
select employees from a full roster to interview. This provides
an opportunity to address the awareness and trust in the process.
Interviews are confidential, facility management are not
allowed to be present, and the interviews are anonymised.
In communicating non-compliance to management, the auditor
cannot disclose information which could identify the employee
or employees to avoid retaliation against them, which is forbidden
by the Supplier Code.
Supply chain
We provide our customers with ethically sourced products and services and
insist our suppliers meet the same high standards.
Doug McWhorter
Director, Global Procurement,
RELX, USA
By collaborating with suppliers who
share our values, we generate greater
impact – for our company, our
customers, and the communities
where we live and work.
North America
58.1%
South
America
0.8%
Middle
East
1%
Asia &
Pacific
12.7%
Europe
26.8%
Africa
0.6%
RELX supplier locations (% of supplier spend)
Based on four quarters ending Q3 2025
Read our Supplier Code of Conduct at
www.relx.com/cr-downloads
Available in 16 languages, suppliers must display the Code
in their workplace
SRS tracking list includes suppliers with which; we spend
more than $1m annually; deem critical; or those located
in medium and high-risk countries with which we spend
$100,000+ annually for two consecutive years
We assess risk using our Supplier Risk Tool which contains
11 indicators, including human trafficking information from
US State Department and the Environmental Performance
Index (Yale University and Columbia University in collaboration
with the World Economic Forum). Using the tool, in 2025,
we assessed risk covering over 90% of global spend
SRS tracking list changes year-on-year based on our business
needs and changes in country risk designations; in 2025, there
were 954 suppliers, of which 769 (81%) are signatories to our
Supplier Code or have equivalent standards in place. The
tracking list includes 111 suppliers in high-risk countries and
694 in medium risk countries,
57
RELX
Annual Report 2025 | Supply chain
Responsible Supply Chain Performance
Target
Measure
2021
Actual
2022
Actual
2023
Actual
2024
Actual
2025
Actual
Increase # of suppliers as Code
signatories
Total # of Code signatories
3,670
4,467
5,322
6,056
6,586
Total # of suppliers on tracking list
359
724
796
914
954
Total # of suppliers on tracking list who
were Code signatories (or equivalent)
343
630
690
747
769
% of suppliers on tracking list who were
Code signatories (or equivalent)
96%
87%
87%
82%
81%
Continue using audits to ensure
continuous improvement in
supplier performance
and compliance
# of independent audits
111
119
125
137
140
Onsite
28
28
36
61
69
Desktop
83
91
89
76
71
Continue to advance the US
Supplier Inclusion
Programme
% of total US spend with diverse suppliers
(Veteran, Minority, Woman-owned
businesses)
3%
4%
3%
3%
3%
Incidence of noncompliance identified during an audit leads to a
timeline requiring either immediate remediation or from 30-90
days remediation based on the finding. Audit reports provide a
summary of findings, local law references as relevant, root cause
and explanation of the noncompliance, follow-up methods,
timescale, and recommendations and actions needed to close the
finding. Suppliers upload a Corrective Action Plan (CAP) in the
audit platform for each noncompliance finding and a follow-up
audit is then scheduled to confirm action; auditors work with
suppliers until full compliance is reached. We aim to ensure
supplier remediation but in instances where the supplier fails to
take sufficient action, we will terminate the supplier relationship.
To minimise deforestation risk in our production paper supply
chain, we utilise the Forest Sourcing module of The Book Chain
Project, a shared industry resource for sustainable paper we
helped establish to assess the forest sources of our papers. By
year end 2025, 100% of RELX’s production paper was graded
by The Book Chain Project as known and responsible (sustainable)
sources or certified to FSC or PEFC (less than 0.1% not yet graded
or certified).
During 2025, we held RELX Supplier sessions focused on avoiding
modern slavery, promoting living wages and setting science-
based carbon reduction targets.
Promoting human rights through the
Supplier Code
As stated above, the Supplier Code sets out expectations for our
suppliers’ ethical conduct.
In accordance with the UK’s Modern Slavery Act 2015, our
Supplier Code explicitly prohibits suppliers from participating
in any form of human trafficking or related activity. In 2025,
we updated our RELX Modern Slavery Act Statement (MSA),
available at
www.relx.com
, outlining how we are working
to prevent human trafficking and modern slavery in our direct
operations and throughout our supply chain.
The Supplier Code stipulates that, where required by law,
suppliers will have employment contracts signed with all
employees and require mechanisms for reporting grievances.
It additionally contains a provision on involuntary labour that
states unequivocally that suppliers cannot directly or indirectly
use, participate in, or benefit from, involuntary workers and
human trafficking-related activities. Suppliers have access
to Modern Slavery Awareness training through our audit provider.
In addition, suppliers audited in the year were asked to undergo
further training on freely chosen employment and living wages.
We use a UK Government definition of modern slavery,
particularly ‘the trafficking of people, forced labour, servitude
and slavery.’ In 2025 we did not receive any reports from
employees or suppliers via the Integrity Line that related to
modern slavery.
The Supplier Code states that failure to comply may result
in termination of the business relationship between RELX and
the supplier, it also protects reporting persons from retaliation.
Supplier Code of Conduct signatories
2025
2021
2023
2024
2022
3,670
5,322
6,056
6,586
4,467
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
58
RELX
Annual Report 2025 | Corporate responsibility
2026 objectives
By 2030
Responsible Supply Chain
– Increase number of suppliers
that are Code signatories; continue using audits to ensure
continuous improvement in supplier performance and
compliance, in support of SDG 8 (Decent Work and
Economic Growth)
Reduce supply chain risks related to human rights, labour,
the environment and anti-bribery by ensuring adherence
to our Supplier Code of Conduct through training, auditing
and remediation; drive supply chain innovation, quality and
efficiencies through a strong, diverse network of suppliers
2025 OBJECTIVE
Increase the number of suppliers that are Code Signatories and continue using audits
to ensure continuous improvement in supplier performance and compliance
2025 PERFORMANCE
We are committed to proactive engagement with suppliers
to ensure a Responsible Supply Chain that reflects the
diversity of our communities. During 2025, we increased the
number of suppliers that are signatories to our Supplier Code
to 6,586. Additionally, 140 supplier audits were conducted to
ensure continuous improvement in supplier performance
and compliance.
6,586
Suppliers who have signed the Supplier Code or have
an equivalent code
Relevant
SDGs
59
RELX
Annual Report 2025 | Environment
87%
reduction in Scope 1 and Scope 2 (location-based)
emissions since 2010
97%
reduction in waste sent to landfill since 2018
71%
reduction in on-site energy since 2018
A positive environmental impact through our
products and services
Our products and services, which provide stakeholders globally
with data that informs debate, supports decision-making and
advances environmental research, represent our most significant
environmental impact.
Risk
Risk provides essential data to enable the insurance market to
remain resilient in response to a rapidly changing climate. To
address increased risks of flooding and subsidence, Risk offers
address-level risk scores, available at the point of quote and
visually through its Map View solution. Providing detailed, timely
risk data on a property-by-property basis supports insurers
underwriting decisions and benefits consumers in making
informed decisions about their policies and property choices.
Scientific, Technical & Medical
In the year, Elsevier contributed to the development and
launch of an industry-wide, digital journal carbon calculator
to assess the impact of journal publications using a common
methodology. Elsevier is deploying the tool for a pilot project
with the Royal Danish Library to assist them with carbon
reporting of journal publications.
Legal
LexisNexis Practical Guidance (LPG) strengthens market
understanding of environmental law and policy. Bespoke trackers
cover environmental law topics in legislation, cases, consultations,
and UK/EU divergence. LPG monitors and reports on major
developments and events in the year such as COP30 to ensure
information remains current and actionable. ESG and
sustainability resources expanded in the year on climate change,
environmental policy, and due diligence.
Exhibitions
RX uses its global platforms to amplify sustainability knowledge,
drive responsible consumption and inspire behavioural change.
Environment
We work to reduce our environmental footprint, while developing products
and services that bring stakeholders together to address critical global
environmental issues and provide essential insights.
Caroline Elliott-Grey
Senior Product Manager,
LexisNexis Risk Solutions, UK
With the changing climate we are seeing
the impact of increased flash flooding,
shifts in subsidence and changes in wildfire
patterns. Our products provide customers
with crucial data and tools to understand the
associated risks for property to enable them
to offer sufficient levels of cover.
RX’s portfolio of energy events including World Future Energy
Summit, All Energy and Pollutec help to accelerate the clean
energy transition. In 2025, RX’s Functional Fabric Fair Summer
Edition featured over 150 sustainably certified suppliers,
reflecting growing industry demand for responsible sourcing.
Aluminium China brought together over 490 exhibitors in the
year with themed zones focused on recycling and sustainable
packaging solutions.
Across RELX
The CEO is responsible to the Board for environmental
performance, and the CFO is our most senior environmental
advocate. The CEOs of our business areas are responsible
for complying with relevant environmental policy, legislation and
regulations. The Global Head of Corporate Responsibility engages
with the Board on environmental issues, and we work with
Environmental Champions and dedicated engineering, design
and real estate specialists to improve efficiency wherever
possible in our portfolio.
We measure and report greenhouse gas emissions, implement
decarbonisation strategies for emissions reductions and address
residual emissions with high quality carbon removals, with the
aim to achieve net zero across all carbon scopes by 2040. Details
of our net zero transition road map are available on pages 218-219,
and our Taskforce on Climate-related Financial Disclosure is
available on page 235. We are signatories of We Are Still In, a
network of more than 3,900 organisations committed to
combatting climate change and are members of the Aldersgate
Group, an alliance of leaders from business and civil society that
support actions for a sustainable economy.
In creating and delivering our products and services we have an
impact on the environment through carbon emissions, energy and
water usage. But where we can make the biggest difference is in
our portfolio of environmental research, products and services,
which further knowledge, promote best practice and inspire
meaningful action.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
60
RELX
Annual Report 2025 | Corporate responsibility
Performance
We focus on delivering continuous improvement in our
environmental performance and achieved the environmental
objectives we set for 2025. We reduced our on-site energy
consumption by 38% over 2024, with a reduction of 34% in our
Scope 1 and Scope 2 (location-based) emissions. Scope 3 (flights)
emissions increased by 24% over 2024 as business travel returns
towards expected levels, but is 41% below 2019 emissions.
We reduced water consumption by 17% and continued to purchase
100% sustainable production paper.
Our carbon reduction targets are validated by the Science Based
Targets Initiative as aligned with the 1.5°C criteria and include our
Scope 3 targets:
§
Reduce absolute Scope 3 emissions from purchased goods
and services (incorporating capital goods), business travel and
employee commuting by 30% in 2030 against a 2018 base year
§
60% of suppliers by spend covering purchased goods and
services, fuel and energy related activities, upstream
transportation and distribution and business travel will
have science-based targets by 2027
Our indirect Scope 3 emissions can be found on page 63.
2025 Environmental Performance
Absolute performance
Intensity ratio (absolute/GBPm revenue)
2024
2025
Change
2024
2025
Change
Scope 1 (direct emissions) tCO
2
e
2,703
1,966
-27%
0.29
0.21
-28%
Scope 2 (location-based) emissions tCO
2
e
29,989
19,500
-35%
3.18
2.03
-36%
Scope 2 (market-based) emissions tCO
2
e
6,971
5,294
-24%
0.74
0.55
-25%
Scope 1 + Scope 2 (location-based) emissions tCO
2
e
32,692
21,466
-34%
3.47
2.24
-35%
Total on-site energy (MWh)
89,745
55,977
-38%
9.51
5.84
-39%
Water (m
3
)
134,716
111,810
-17%
14.28
11.66
-18%
Waste sent to landfill (t)*
44
32
-27%
<0.01
<0.01
-27%
Sustainable production paper (%)
100
100
–
–
–
–
* From reporting locations only, excluding estimates from non-reporting locations.
Actual environmental data covers approximately 80% of occupied floor space based on electricity reporting. When we are unable to obtain reliable data, for example from
small serviced offices, we estimate energy consumption and water usage on actual data from our portfolio. In this way, our reported data covers all operations, for which
we have operational control for the calendar year.
Scope 2 (location-based) emissions are calculated using grid average carbon emissions factors for all electricity sources.
Scope 2 (market-based) emissions are calculated using supplier-specific carbon emissions factors (where available) for renewable energy purchases.
New environmental targets to 2030
Focus area
Targets – 2030
2025
performance
Climate
change
Reduce Scope 1 + 2 (location-
based) carbon emissions by 56%
against a 2018 baseline
-74%
Energy
Reduce energy and fuel consumption
of our locations by 65% against a
2018 baseline
-71%
Energy
Continue to purchase renewable
electricity equivalent to 100% of
RELX’s global electricity consumption
100%
Waste*
Maintain waste sent to landfill from
reporting locations at least 95% below
2018 levels
-97%
Production
paper**
Maintain 100% of RELX production
papers to be graded in Book Chain
Project as ‘known and responsible
sources’, or certified to FSC or PEFC
100%
*
From reporting locations, excluding estimated data.
**
Percentage of paper graded as known and responsible sources by the Book Chain
Project or certified by FSC/PEFC. Includes less than 0.1% of paper not yet graded
or certified.
2025 OBJECTIVE
Implement new environmental
targets covering energy, waste and
management system
2025 PERFORMANCE
RELX is committed to achieving net zero by 2040. We have set
near term carbon reduction targets, validated by the Science
Based Targets Initiative (SBTi), to progress this commitment
aligned with the Paris Climate Agreement.
To reduce Scope 3 carbon emissions in our supply chain, the
RELX Global Procurement team instituted a new workstream
in the year to encourage and monitor supplier adoption of
science-based targets.
Our environmental management system was re-certified
to ISO14001 in the year, demonstrating our commitment
to responsible environmental management across our
global operations.
61
RELX
Annual Report 2025 | Environment
Climate change
Our Climate Change Statement supports the scientific
community’s opinion that human activity is contributing to
climate change and highlights our support for the Paris Climate
Agreement which aims to limit climate change to 1.5°C.
The RELX Climate Change Statement is available at
www.relx.com/cr-downloads.
As a signatory to the Climate Pledge, we are part of a community
of more than 630 organisations working to address climate
change by measuring and reporting greenhouse gas emissions
and implementing decarbonisation strategies to achieve
significant emissions reductions.
Since 2010, we have reduced our Scope 1 and 2 location-based
carbon emissions by 87%. We set an internal carbon price which
our business areas must pay for the carbon they emit. In 2025,
it was $50 per ton of CO2.
We have a Net Zero Transition Plan which can be found on page 218.
Water
The majority of our sites use water from municipal supply
and are in developed countries with a high capability for
water adaptation and mitigation.
Our water usage decreased 17% between 2024 and 2025,
primarily due to continued office space consolidation.
We engage with internal water experts who produce water
related content for our customers. In 2025, we offered customers
26 peer-reviewed journals in water science and technology,
including Water Research. We also support water projects
through the RELX Environmental Challenge (see page 41).
Energy
As RELX almost exclusively occupies leased locations with few
opportunities for onsite generation, we rely on green tariffs and
renewable energy certificates (RECs) to purchase renewables
equal to 100% of our global electricity consumption. In 2025,
we purchased green-e certified wind and solar RECs in addition
to green tariffs.
Energy consumption at our offices, representing 62% of the total
on-site energy, decreased in 2025 due to continued office space
consolidation. Energy from our owned data centres, constituting
38% of our total on-site energy consumption, decreased as we
continued to move activity to the cloud. The purpose-built modern
data centres of cloud providers have significantly lower emissions
due to their large scale and measures such as the use of
renewable energy.
We are a member of RE100, a global initiative bringing together
businesses committed to 100% renewable electricity.
2018 is our baseline year for environment targets. Data available on page 36.
Data available on page 61.
Water usage
183,575
156,734
142,374
134,716
2025
2021
2022
2023
2024
111,810
Cubic metres
On-site energy consumption
2025
2021
2022
2023
2024
125,095
117,997
110,750
89,745
55,977
MWh
0
110
tCO
2
e 1,000s
2025
2021
2022
2023
2024
Absolute emissions
Intensity emissions
Scope 1 emissions
Scope 2 (location-based)
emissions
tCO
2
e per GBPm revenue
0
20
2025
2021
2022
2023
2024
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
62
RELX
Annual Report 2025 | Corporate responsibility
Waste
Total waste generated across all locations decreased by 52% in
2025, primarily due to the disposal of venue and warehouse space.
Of waste generated across all locations, we estimate 52%
was recycled and 86% diverted from landfill through recycling,
composting and waste energy generation. Of the waste produced
at our reporting locations, excluding estimates from non-reporting
locations, 57% was recycled. In 2025, waste sent to landfill from
reporting locations, excluding estimates from non-reporting
locations, decreased by 27% due to the continued office space
consolidation projects and changes in waste management
practices, including use of waste-to-energy processing.
Where reliable measurements are not available, we calculate
waste based on weight sampling and by counting waste
containers leaving our premises. Although local municipalities
most often carry out sorting and recycling, we report all waste
as going to landfill unless we have robust evidence. For this
reason, performance against our waste target is linked to our
reporting locations.
We work to reduce packaging waste from our physical products.
In the UK, we provide information on packaging waste in line
with the UK government’s Extended Producer Responsibility
Regulations. As a member of the Biffpack compliance scheme,
we report the amount of obligated packaging (as defined in the
regulations) we generate through selling, pack and fill and
importation of relevant products.
Paper
The quantity of production paper purchased in 2025 decreased
by 11% over 2024 and by 74% since 2010 as we deliver more of our
products online, reflecting a circular economy approach to
conducting our business. In 2025, we reviewed the RELX Paper
Policy maintaining our commitment to avoiding deforestation and
other environmental impacts through the purchase of sustainably
sourced papers.
In 2025, 100% of RELX production papers were graded as
known and responsible sources or certified to FSC or PEFC.
We endeavour to limit any environmental impact and reduce paper
wastage by implementing measures like smaller print runs,
digital over litho printing, print on demand and using lighter
papers where possible.
RELX is a founding member of the Book Chain Project’s paper
module (PREPS) and helped create the PREPS database which
identifies the pulps and forest sources of paper. The RELX
Sustainable Production Paper Policy commits us to purchase
only sustainable papers – graded three or five in Bookchain,
or certified to FSC or PEFC.
RELX complies with relevant legislation and work was undertaken
in the year to make any necessary preparations for the incoming
European Union Deforestation Regulations (EUDR).
Waste sent to landfill (reporting locations)
150
73
45
Tonnes
2025
2021
2022
2023
2024
44
32
Energy from waste
33%
Compost
5%
Landfill
4%
Recycling
58%
Waste disposal (reporting locations)
Reporting locations are those from which we were able to capture primary data
in the year and excludes estimated data.
Asia Pacific
39%
Europe
22%
North America
39%
Forest source of graded production papers
Percentage of paper graded as known and responsible sources by the Book
Chain Project or certified by FSC/PEFC. Includes less than 0.1% of paper not yet
graded or certified.
Sustainable production paper
98
99
100
100
100
Percentage
2025
2021
2022
2023
2024
63
RELX
Annual Report 2025 | Environment
RX’s Net Zero Carbon Events initiative, aims to develop
methodologies to quantify and reduce emissions associated with
the events industry. While attendance at one of our events can
replace the need for multiple business trips, we gather emissions
data associated with an event’s value chain. RX produced a
first Sustainability Report in the year which can be found at
www.rxglobal.com/sustainability.
We encourage the re-use of electronic equipment and only recycle
equipment once it cannot be re-used. We partner with Camara
Education to donate equipment to provide access to computers for
students in Ethiopia, Kenya, Tanzania and Zambia. Electrical
equipment is refurbished for use or sold with proceeds going to
set up computer labs, train teachers and provide locally relevant
educational content. Any equipment that cannot be refurbished is
disposed of according to local regulations.
Scope 3 Emissions
2024
2025
Change
Category 1 & 2: Purchased goods and services including capital goods (tCO
2
e)
272,000
271,000
0%
Category 6: Business travel (tCO
2
e) including flights
19,594
24,238
24%
Category 7: Employee commuting (tCO
2
e)
5,900
5,900
0%
Scope 3 categories covered by the Scope 3 reduction target, validated by the Science Based Targets Initiative.
Impacts in our value chain
Scope 3
In 2025, we continued to use the RELX CO2 Hub, an internal
analytics platform, to help quantify our Scope 3 emissions.
We estimated supplier emissions by collecting actual data from
key suppliers to derive carbon intensity factors. The factors are
then extrapolated by spend category to cover our full supply chain.
Scope 1 and Scope 2 carbon emissions of our suppliers,
excluding business travel, cloud computing services, distribution
and events (see below), is approximately 50,000 tCO2e per annum.
Using location-specific emissions factors and office attendance
data, we estimated emissions from home working in the year to be
around 12,000 tCO2e.
RELX Global Real Estate and Corporate Responsibility teams,
work alongside contracted facilities colleagues to develop local
travel plans. Travel plans contain information about local
transport routes and seek to inform colleagues of commuter loan
schemes and encourage sustainable transport use. Using daily
refreshed office attendance data, we estimated emissions in 2025
to be around 5,900 tCO2e.
2026 objectives
By 2030
Environmental responsibility
– Launch new RELX
Environmental Challenge Oceans Category, in support of SDG
14 (Life Below Water)
Carbon reduction
– Launch climate training for colleagues
across business areas and introduce new engagement
opportunities, in support of SDG 13 (Climate Action)
Further environmental knowledge and insight globally
through our products and services and conduct our business
with the lowest environmental impact possible
2025 OBJECTIVE
Implement employee action budget,
funded by internal carbon price
2025 PERFORMANCE
On World Environment Day 2025 the RELX CFO, and chief
environmental champion, launched the RELX Green Fund,
made possible through proceeds from our internal carbon
price. Global colleagues were invited to submit proposals
that advance RELX’s environmental goals. An internal panel
of sustainability experts from across the business chose the
following projects for funding:
§
A model free access bicycle pilot scheme which can be rolled
out to more locations in the future
§
Tailored climate training and climate risk workshops for
Elsevier colleagues
§
Introduction of a new Oceans Prize as part of the RELX
Environmental Challenge
§
A funded project to assess nature related dependencies and
impacts in STM
In the year, Green Teams, employee-led environmental groups,
engaged over 300 colleagues across the world.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
In this section
66
Chief Financial Officer’s report
72
Principal and emerging risks
Financial
review
64
RELX
Annual Report 2025
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
65
RELX
Annual Report 2025
7,244
GBPm
8,553
9,161
9,434
9,590
Revenue
2025
2022
2024
2023
2021
GBPm
Adjusted operating profit
2,210
2,683
3,030
3,199
2025
2022
2024
2023
2021
3,342
66
RELX
Annual Report 2025 | Financial review
In 2025, underlying revenue growth was
7%, underlying adjusted operating profit
growth was 9%, and adjusted earnings per
share grew at 10% at constant currency.
Nick Luff, Chief Financial Officer
Business area reporting changes
Our strategy is to develop increasingly sophisticated information-
based analytics and decision tools that deliver enhanced value to
professional and business customers across market segments.
These are now provided almost exclusively in electronic format
with the proportion of group revenue from products in print format
having reduced over the past 25 years from 64% to 4%. This print
to electronic transition is now largely complete.
Going forwards, we will continue to ensure that print versions of
our content remain available as a service to customers who still
prefer this format, while we continue to proactively reduce our
own involvement in print and print-related activities. Over the past
two years, we have stepped up our efforts to do this through out-
sourcing, joint ventures and targeted asset disposals.
Consistent with this, we are now managing and reporting print and
print-related activities separately. We believe that this removes a
management distraction and improves transparency of reporting.
Also, a small portfolio of commercial healthcare products,
previously distributed by Scientific, Technical & Medical (STM),
is now managed and distributed entirely in Risk. Accordingly,
revenue, together with some associated profit, previously in STM,
is now reported in Risk.
Prior period comparatives have been restated to reflect these
reporting changes, with a restatement of revenue and adjusted
operating profit for the years ended 31 December 2024 and
31 December 2023 provided on pages 144 and 145.
Revenue
Group underlying revenue growth was 7%, with all four business
areas contributing to underlying growth. Risk continued to
deliver strong growth, STM maintained its improved growth, Legal
growth continued to improve and Exhibitions saw strong growth.
For print and print-related, in addition to the usual print format
decline, the step up in actions we have taken over the past two
years resulted in a step down in revenue to £399m (2024: £517m).
Disposals, exhibition cycling and the step down in revenue from
print and print-related activities all combined to reduce group
revenue by 3%. The impact of currency movements was to
decrease group revenue by 2%. Total revenue was £9,590m
(2024: £9,434m), up 2%.
Profit
Group underlying growth in adjusted operating profit was 9%,
with all four business areas contributing to underlying growth.
The adjusted operating profit from print and print-related
activities reduced to £185m (2024: £217m). Disposals and the
reduction in profit contribution from print and print-related
activities combined to reduce group adjusted operating profit by
2%. Currency effects decreased adjusted operating profit by 3%.
Total adjusted operating profit was £3,342m (2024: £3,199m),
up 4%. The overall adjusted operating margin improved by 0.9
percentage points to 34.8% (2024: 33.9%) driven by the underlying
performance. EBITDA margin also improved, by 0.6 percentage
points, to 40.1%.
Reported operating profit was £3,027m (2024: £2,861m), up 6%,
slightly higher than the increase in adjusted operating profit
due to lower amortisation of acquired intangible assets and
acquisition and disposal related items.
Adjusted net interest expense was £283m (2024: £296m), with the
decrease reflecting lower average interest rates partly offset by
higher average debt balances.
Chief Financial Officer’s report
Adjusted operating profit margin
33.9%
30.5%
31.4%
33.1%
2025
2022
2024
2023
2021
34.8%
EBITDA margin
2025
2022
2024
2023
2021
37.2%
37.1%
38.7%
39.5%
40.1%
67
RELX
Annual Report 2025 | Chief Financial Officer’s report
Adjusted profit before tax was £3,059m (2024: £2,903m), up 5%.
Reported profit before tax was £2,750m (2024: £2,557m) up 8%,
reflecting the improvement in reported operating profit and the
lower interest expense.
The adjusted net interest expense and adjusted profit before tax
exclude a charge of £5m (2024: nil) for the mark-to-market
movement on cross currency interest rate swaps entered into as
a hedge of foreign currency exposures, but for which hedge
accounting cannot be applied (see ‘Debt’ below). They also exclude
the net pension financing credit of £3m (2024: £1m charge).
The amortisation charge in respect of acquired intangible assets,
including the share of amortisation in joint ventures and associates,
was £248m (2024: £258m).
ADJUSTED FIGURES
Change at
2024
2025
Change
constant
Underlying
For the year ended 31 December
GBPm
GBPm
in GBP
currency
growth
Revenue
9,434
9,590
+2%
+4%
+7%
EBITDA
3,724
3,846
Operating profit
3,199
3,342
+4%
+7%
+9%
Operating margin
33.9%
34.8%
Net interest expense
(296)
(283)
Profit before tax
2,903
3,059
+5%
+8%
Tax charge
(652)
(688)
Net profit attributable to shareholders
2,241
2,358
+5%
+8%
Cash flow
3,101
3,301
+6%
Cash flow conversion
97%
99%
Return on invested capital
14.8%
15.4%
Earnings per share
120.1p
128.5p
+7%
+10%
DIVIDEND
For the year ended 31 December
2024
2025
Change
Ordinary dividend per share
63.0p
67.5p
+7%
REPORTED FIGURES
For the year ended 31 December
2024
2025
Change
Revenue
9,434
9,590
+2%
Operating profit
2,861
3,027
+6%
Net interest expense
(298)
(286)
Profit before tax
2,557
2,750
+8%
Tax charge
(613)
(672)
Net profit attributable to shareholders
1,934
2,065
+7%
Net margin
20.5%
21.5%
Cash generated from operations
3,521
3,735
+6%
Net debt
6,563
7,201
Earnings per share
103.6p
112.6p
+9%
Summary financial information is presented in US dollars on page 196 and 197.
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets
and other items related to acquisitions and disposals, and the associated deferred tax movements. Underlying revenue growth rates are calculated at constant
currency, and exclude revenue from acquisitions until twelve months after purchase, revenue of disposals and assets held for sale, print and print-related revenue,
exhibition cycling, and timing effects. Underlying adjusted operating profit growth rates are calculated on the same basis except that they do not exclude exhibition
cycling, and timing effects. Constant currency growth rates are based on 2024 full year average and hedge exchange rates. Some figures and sub-totals may
add up to slightly different amounts than the totals due to rounding. Reconciliations between the reported and adjusted figures are set out on pages 198 to 206.
Acquisition and disposal related costs were £54m (2024: £69m),
slightly lower than the prior year primarily due to lower
acquisition activity.
The adjusted tax charge was £688m (2024: £652m). The adjusted
effective tax rate was 22.5% (2024: 22.5%).
The adjusted tax charge excludes movements in deferred taxation
assets and liabilities related to goodwill and acquired intangible
assets, but includes the benefit of tax amortisation where available
on those items. Adjusted operating profit from joint ventures and
associates is grossed up for our equity share of interest and taxation.
The application of tax law and practice is subject to some
uncertainty and amounts are provided in respect of this.
Discussions with tax authorities relating to cross-border
transactions and other matters are ongoing. Although the
outcome of open items cannot be predicted, no significant
impact on profitability is expected.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Leverage – Net debt/EBITDA
2.4x
2.1x
2.0x
1.8x
2.0x
2025
2022
2024
2023
2021
Adjusted cash flow conversion
101%
101%
98%
97%
99%
2025
2022
2024
2023
2021
68
RELX
Annual Report 2025 | Financial review
The reported tax charge was £672m (2024: £613m), including tax
associated with the amortisation of acquired intangible assets,
disposals and other non-operating items. The reported tax rate
was 24.4% (2024: 24.0%).
The adjusted net profit attributable to shareholders was £2,358m
(2024: £2,241m), up 5%. Adjusted earnings per share was up 10%
at constant currency, and after changes in exchange rates was up
7% at 128.5p (2024: 120.1p).
The reported net profit attributable to shareholders was £2,065m
(2024: £1,934m), up 7%. Reported earnings per share was 112.6p
(2024: 103.6p), up 9%.
Cash flows
Adjusted cash flow was £3,301m (2024: £3,101m), up 6% compared
with the prior period. The rate of conversion of adjusted operating
profit to adjusted cash flow was 99% (2024: 97%).
CONVERSION OF ADJUSTED OPERATING PROFIT INTO CASH
YEAR TO 31 DECEMBER
2024
2025
GBPm
GBPm
Adjusted operating profit
3,199
3,342
Depreciation and amortisation
525
504
EBITDA
3,724
3,846
Capital expenditure
(484)
(525)
Repayment of lease principal (net)*
(61)
(38)
Working capital and other items
(78)
18
Adjusted cash flow
3,101
3,301
Adjusted cash flow conversion
97%
99%
*
Net of sublease receipts.
Capital expenditure was £525m (2024: £484m), including £504m
(2024: £464m) in respect of capitalised development costs,
reflecting sustained investment in new products. Capital
expenditure was 5.5% of revenue (2024: 5.1%) and excludes
pre-publication costs of £102m (2024: £92m) that were capitalised
as current assets and principal lease repayments of £38m
(2024: £61m). Depreciation and other amortisation charged
within adjusted operating profit was £504m (2024: £525m) and
represented 5.3% of revenue (2024: 5.6%). This includes
amortisation of internally developed intangible assets, largely
capitalised development costs, of £352m (2024: £364m) and
depreciation of property, plant and equipment of £26m (2024:
£34m) which combined represent 3.9% (2024: 4.2%) of revenue.
Interest paid (net) was £261m (2024: £251m), increasing mainly
as a result of the timing of payments. Tax paid of £638m
(2024: £662m) was lower than the income statement charge,
with the difference reflecting timing of tax payments.
Payments made in respect of acquisition and disposal related
items amounted to £89m (2024: £62m).
Free cash flow before dividends was £2,313m (2024: £2,126m).
Ordinary dividends paid to shareholders in the year, being the 2024
final dividend and 2025 interim dividend, amounted to £1,181m
(2024: £1,121m). Free cash flow after dividends was £1,132m
(2024: £1,005m).
FREE CASH FLOW
YEAR TO 31 DECEMBER
2024
2025
GBPm
GBPm
Adjusted cash flow
3,101
3,301
Interest paid (net)
(251)
(261)
Cash tax paid*
(662)
(638)
Acquisition and disposal related items
(62)
(89)
Free cash flow before dividends
2,126
2,313
Ordinary dividends
(1,121)
(1,181)
Free cash flow after dividends
1,005
1,132
*
Net of cash tax relief on acquisition and disposal related items and
including cash tax impact of disposals.
RECONCILIATION OF NET DEBT YEAR-ON-YEAR
YEAR TO 31 DECEMBER
2024
2025
GBPm
GBPm
Net debt at 1 January
(6,446)
(6,563)
Free cash flow post dividends
1,005
1,132
Acquisitions: total consideration
(195)
(270)
Disposals: total consideration
95
11
Share repurchases
(1,000)
(1,500)
Purchase of shares by the employee
benefit trust
(75)
(76)
Other*
7
(30)
Currency translation
46
95
Movement in net debt
(117)
(638)
Net debt at 31 December
(6,563)
(7,201)
*
Includes share option exercise proceeds, leases, disposal and acquisition
timing effects and pension deficit recovery payments.
Total consideration on acquisitions completed in the year was
£270m (2024: £195m). Cash spent on acquisitions was £260m
(2024: £170m), reflecting timing of deferred consideration for past
and current year acquisitions. Cash spent on venture capital
investments was £42m (2024: £4m).
Total consideration from disposals completed in the year was
£11m (2024: £95m). Net cash inflow from disposals was £17m
(2024: £46m). Share repurchases in 2025 were £1,500m
(2024: £1,000m) with a further £250m repurchased in 2026 as at
11 February. In addition, the Employee Benefit Trust purchased
shares of RELX PLC to meet future obligations in respect of share
based remuneration totalling £76m (2024: £75m). Proceeds from
the exercise of share options were £42m (2024: £47m).
RELX term debt maturities at 31 December 2025
587
939
1,500
950
880
1,087
998
750
7
0
880
2027
2026
2028
2029
2030
2031
2032
2033
>2035
2034
2035
USDm
Term debt translated at 31 December 2025 exchange rates, stated at par value
Return on invested capital
11.9%
12.5%
14.0%
14.8%
2025
2022
2024
2023
2021
15.4%
69
RELX
Annual Report 2025 | Chief Financial Officer’s report
Funding
Debt
Net debt at 31 December 2025 was £7,201m, an increase of
£638m since 31 December 2024. The majority of our borrowings
are denominated in US dollars and euros. As sterling was
stronger against the US dollar at 31 December 2025 compared to
31 December 2024, currency effects reduced net debt expressed
in sterling. In US dollars, net debt at 31 December 2025 was
$9,721m, an increase of $1,517m since 31 December 2024. As
the euro was stronger against the US dollar at 31 December 2025
compared to 31 December 2024, currency effects increased net
debt in US dollars. Excluding currency translation effects, net
debt increased by £733m when expressed in sterling and by
$968m when expressed in US dollars.
In March 2025, the Group entered into cross-currency interest
rate swaps to increase its exposure to debt in euro and Japanese
yen. This provides a hedge of part of the Group’s earnings in
those currencies, but the nature of the Group’s assets in those
currencies on a reported basis means that the interest rate
swaps do not qualify for net investment hedge accounting. The
fair value movements in these instruments in each period will
be included in reported net interest expense but excluded from
adjusted net interest expense, and the total fair value at each
reporting date will be included as part of net debt as defined by
the Group. Of the $1.5bn of new term debt issued in the period
(see ‘Liquidity’ below), $500m has been swapped from fixed rate
US dollars to fixed rate euros for five or ten years, and $500m
has been swapped from fixed rate US dollars to fixed rate
Japanese yen for ten years.
Gross debt of £7,267m (2024: £6,544m) is comprised of bank and
bond borrowings of £7,170m (2024: £6,441m) and lease liabilities
of £97m (2024: £103m). The fair value of derivative net liabilities
designated as hedging instruments was £60m (2024: £140m),
the fair value of cross-currency interest rate swap net liabilities
not designated as hedging instruments was £5m (2024: nil),
finance lease receivables were nil (2024: £2m) and cash and
cash equivalents totalled £131m (2024: £119m). In aggregate,
these give the net debt figure of £7,201m (2024: £6,563m).
The effective interest rate on gross bank and bond borrowings
was 3.9% in 2025 (2024: 4.4%). As at 31 December 2025, gross
bank and bond borrowings had a weighted average life remaining
of 4.0 years and a total of 66% of them were at fixed rates, after
taking into account interest rate derivatives. The ratio of net debt
(including pensions) to EBITDA was 2.0x (2024: 1.8x), calculated
in US dollars.
At 31 December 2025, there was a net positive pension
accounting balance (pension assets less pension obligations)
of £43m, compared to a net positive position of £21m as at
31 December 2024 as liabilities have reduced due to an increase
in discount rates.
The Group and the Trustees of the main UK defined benefit
pension scheme have completed the 2024 triennial valuation and
no deficit funding contributions are required in the period 2025 to
2027. In the first half of 2025 it was announced that this scheme
will be closed to future accrual of benefits with effect from
28 February 2027.
Liquidity
In March 2025, USD denominated term debt was issued of $750m
with a fixed coupon of 4.75% and a maturity of 5 years and $750m
with a fixed coupon of 5.25% and a maturity of 10 years. The Group
has ample liquidity and access to debt capital markets, providing
the ability to repay or refinance debt as it matures and to fund
ongoing requirements. During the year, the existing $3bn
committed bank facility due to mature in April 2027 was
refinanced and replaced with a new $3.5bn committed bank
facility, maturing in November 2030 with the option to extend for
two years. This facility provides security of funding for short-term
debt, and remains undrawn.
Invested capital and returns
Net capital employed decreased by £249m to £10,322m at
31 December 2025 (2024: £10,571m), primarily due to changes
in exchange rates, partly offset by the effect of acquisitions
completed during the year and movements in working capital.
NET CAPITAL EMPLOYED
AS AT 31 DECEMBER
2024
2025
GBPm
GBPm
Goodwill and acquired intangible assets*
9,811
9,327
Internally developed intangible assets*
1,569
1,675
Property, plant and equipment*,
right-of-use assets* and investments
432
454
Net pension asset
21
43
Working capital
(1,262)
(1,177)
Net capital employed
10,571
10,322
*
Net of accumulated depreciation and amortisation.
The post-tax return on average invested capital in the year was
15.4% (2024: 14.8%). The increase was driven by growth in
adjusted operating profit.
RETURN ON INVESTED CAPITAL
AS AT 31 DECEMBER
2024
2025
GBPm
GBPm
Adjusted operating profit
3,199
3,342
Tax at adjusted effective rate
(720)
(752)
Adjusted effective tax rate
22.5%
22.5%
Adjusted operating profit after tax
2,479
2,590
Average invested capital*
16,743
16,799
Return on invested capital
14.8%
15.4%
*
Average of invested capital at the beginning and the end of the year,
retranslated at average exchange rates for the year. Invested capital is
calculated as net capital employed, adjusted to add back accumulated
amortisation and impairment of acquired intangible assets and goodwill
and to exclude the gross up to goodwill in respect of deferred tax.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Share buybacks
500
800
1,000
1,500
2025
2022
2024
2023
2021
GBPm
Dividends
920
983
1,059
1,121
1,181
2025
2022
2024
2023
2021
GBPm
70
RELX
Annual Report 2025 | Financial review
Dividends and share repurchases
2024
2025
GBPm
GBPm
Change
Adjusted earnings per share
120.1p
128.5p
+7%
Reported earnings per share
103.6p
112.6p
+9%
Ordinary dividend per share
63.0p
67.5p
+7%
The final dividend proposed by the Board is 48.0p per share. This
gives total dividends for the year of 67.5p (2024: 63.0p), 7% higher
than the prior year.
The dividend policy of RELX PLC is, over the longer term, to grow
dividends broadly in line with adjusted earnings per share, paying
out approximately half of adjusted earnings in dividend each year.
During 2025, a total of 39.5m RELX PLC shares were
repurchased at an average price of 3,797p. Total consideration
for these repurchases was £1,500m. A further 1.9m (2024: 2.2m)
shares were purchased by the Employee Benefit Trust. As at
31 December 2025, total shares in issue, net of shares held
in treasury and shares held by the Employee Benefit Trust,
amounted to 1,819.0m. A further 8.8m shares have been
repurchased in 2026 as at 11 February.
Distributable reserves and parent company
balance sheet
As at 31 December 2025, RELX PLC had distributable reserves
of £5.1bn (2024: £4.9bn). In line with UK legislation, distributable
reserves are derived from the non-consolidated RELX PLC
balance sheet. The consolidated reserves reflect items such as
the amortisation of acquired intangible assets that are not taken
into account when calculating distributable reserves.
The parent company balance sheet net assets are higher than
those of the Group due to the investment in RELX Group plc
being carried at a value of £18.4bn which is not reflected on the
consolidated balance sheet. The parent company balance sheet
can be found on page 189. Further information on the
distributable reserves can be found in the parent company
financial statements on page 190.
Alternative performance measures
RELX uses a range of alternative performance measures (APMs)
in the reporting of financial information, which are not defined by
generally accepted accounting principles (GAAP) such as IFRS.
These APMs are used by the Board and management as they
believe they provide relevant information in assessing the
Group’s performance, position and cash flows, enable investors
to track more clearly the core operational performance of the
Group, and provide a clear basis for assessing RELX’s ability to
raise debt and invest in new business opportunities.
Management also uses these financial measures, along with IFRS
financial measures, in evaluating the operating performance of the
Group as a whole and of the individual business areas. These
measures should not be considered in isolation from, or as a
substitute for, financial information presented in compliance with
IFRS. The measures may not be directly comparable to similarly
reported measures by other companies.
Definitions and reconciliations of alternative performance
measures together with restatement of certain measures can be
found on pages 198 to 206.
Accounting policies
The consolidated financial statements are prepared in accordance
with UK adopted International Accounting Standards in conformity
with the requirements of the Companies Act 2006 and IFRS
accounting standards as issued by the International Accounting
Standards Board (IASB) following the accounting policies shown
in the notes to the financial statements on pages
138 to 185.
The accounting policies and estimates which require the most
significant judgement relate to the capitalisation of development
spend and accounting for defined benefit pension schemes.
Further detail is provided in the accounting policies on pages 143
to 145 and in the relevant notes to the accounts.
Tax
Taxation is an important issue for us and our stakeholders,
including our shareholders, governments, customers, suppliers,
employees and the global communities in which we operate.
We have set out our approach to tax in our global tax strategy.
This incorporates our Tax Principles along with additional
disclosures around where we pay taxes and our broader
contribution to society. This is all made publicly available on
our website:
www.relx.com/go/taxprinciples
. We maintain
an open dialogue with tax authorities, and are vigilant in ensuring
that we comply with current tax legislation. We have clear and
consistent tax policies and tax matters are dealt with by a
professional tax function, supported by external advisers.
We proactively seek to agree arm’s-length pricing with tax
authorities to mitigate tax risks of significant cross-border
operations. We actively engage with policy makers, tax
administrators, industry bodies and international institutions to
provide informed input on proposed tax measures, so that we
and they can understand how those proposals would affect our
business. In addition, we participate in consultations with the
Organisation for Economic Co-operation and Development (OECD),
European bodies and the United Nations.
71
RELX
Annual Report 2025 | Chief Financial Officer’s report
Treasury
The Board of RELX PLC agrees Treasury Principles which are
translated into policies for managing treasury risks. The key
policies address security of funding requirements, the target
fixed/floating interest rate exposure for debt and foreign currency
hedging and place limits on counterparty exposures. A more
extensive summary of these policies is provided in note 17 to the
financial statements on pages 169 to 175. Financial instruments
are used to finance the RELX businesses and to hedge
transactions. The Group’s businesses do not enter into
speculative transactions.
Liquidity management
The capital structure is managed to support RELX’s objective of
maximising long-term shareholder value through appropriate
security of funding, ready access to debt and capital markets, cost-
effective borrowing and flexibility to fund business and acquisition
opportunities while maintaining appropriate leverage to ensure an
efficient capital structure.
Over the long term, RELX seeks to maintain cash flow conversion
of 90% or higher and credit rating agency metrics that are
consistent with a solid investment grade credit rating. These
metrics, as defined by the rating agencies, include net debt to
EBITDA and various measures of cash flow as a percentage of
net debt. Further detail on liquidity management is provided on
pages 170 and 171.
Capital management
RELX uses the cash flow it generates to fund capital expenditure
required to drive organic growth, to make selective acquisitions
and to provide a growing dividend to shareholders, while retaining
balance sheet strength to maintain access to cost-effective
sources of borrowing. Share repurchases are undertaken to
maintain an efficient balance sheet. Further detail on capital
management is provided on pages
169 and 170.
Corporate responsibility
Corporate responsibility continues to underpin our activities.
This included in 2025, reducing our Scope 1, Scope 2 (location-
based) and Scope 3 (business flights) emissions by 13%.
We continue to hold Group-wide ISO 140001 certification of our
Environmental Management System.
To track our environmental progress through the year, I led
quarterly Environmental Checkpoint meetings with senior
managers and chaired our Net Zero Carbon Events working
group to progress a net zero road map which featured in RX’s
first Sustainability Report. For World Environment Day, I sent
a message to all RELX staff highlighting our environmental
performance and priorities, building on the work of Green
Teams at more than 56 locations across the Group which focus
on environmental management at the local level. In the year,
we launched a Green Fund, open to all employees for projects
with environmental benefits, using proceeds from our internal
carbon price which was $50 per ton of CO
2
e in 2025.
Our most significant contribution to the environment-related
UN Sustainable Development Goals (SDGs), including SDG 7,
Clean And Affordable Energy and SDG 13, Climate Action,
remains our products and services. We continued to deploy
the EmeraldSky methodology developed by Risk’s global flight
data business, Cirium, to calculate our Scope 3, business flight
travel data. Scientific, Technical & Medical’s The Lancet
Planetary Health addressed themes related to sustainable
development and global environmental change throughout the
year. Legal published England and Wales Environment Tracker
2025, which tracks and summarises new and upcoming
legislation and consultations linked to climate action and
emissions reduction in England and Wales. Exhibitions’ World
Future Energy Summit in Abu Dhabi featured the Sustainability
Business Connect programme, a platform allowing regional
and international buyers to meet with exhibitors, visitors, and
prospective partners, which expanded by 17% over the previous
year.
We are committed to transparency. You can find more
information and data in the Corporate Responsibility section on
pages 34 to 63, in the Corporate Sustainability Reporting
Directive Sustainability Statement on pages 208 to 234, and our
Taskforce on Climate-Related Financial Disclosure (TCFD) on
page 235.
Nick Luff
Chief Financial Officer
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
72
RELX
Annual Report 2025 | Financial review
Principal and emerging risks
Risk identification, evaluation,
and management
RELX has established a well-embedded risk management
framework based on the Internal Control-Integrated Framework
(2013) by the Committee of Sponsoring Organisations of the
Treadway Commission (COSO). Through this framework risks are
identified, assessed, mitigated, and monitored in an effective and
consistent way across the businesses.
RELX uses the 3 Lines of Defence model and aligns its systems of
risk management and internal control with the COSO framework.
Business Areas are required to maintain systems of risk
management and internal control which are appropriate to the
nature and scale of their activities and address all significant
strategic, operational, financial, legal and regulatory compliance
and reputational risks that they face. The RELX PLC Board
monitors the system of internal control and risk management
and performs an annual assessment of its effectiveness.
Consideration of current and emerging risks
Our risk management process considers the likelihood and
impact of risks, the timeline over which a risk could arise, the
direction in which risks are trending and the effectiveness of our
mitigation efforts. In addition to consideration of current risks,
we also identify emerging risks which could impact our business
in the next 3-5 years.
An emerging risk specific to generative AI is the possibility that
models may produce inaccurate or fabricated content. We reduce
this exposure by involving domain experts in the development,
implementing comprehensive testing and validation procedures,
and including verifiable, source-linked citations in AI-generated
outputs to ensure users can access authoritative material.
Another emerging AI risk in the journal publishing sector is that
Generative AI is lowering the cost and effort to produce fraudulent
articles, either by innocent/ignorant or fraudulent author, editor
or peer reviewer. We combat this with technological tools
designed to identify fraudulently submitted articles.
RISK
MITIGATION
External Risks
Data privacy
In the course of our business, we process personal data from
customers, end users, employees and other sources. Certain
business areas rely extensively upon content that includes
personal data from public records, governmental authorities,
publicly available information and media, and other information
companies, including competitors. Changes in data privacy
legislation, regulation, and/or enforcement could impact our
ability to collect and use personal data, potentially affecting the
availability and effectiveness of our products. Failure or perceived
failure, by us, our customers or suppliers, to comply with
requirements for proper collection, use, sharing, storage,
transfer and other processing of personal data may damage our
reputation, divert time and effort of management and other
resources, increase cost of operations, and expose us to risk
of loss, fines and penalties, litigation, and increased regulation.
We are guided by the RELX Privacy Principles and have
implemented governance structures, contractual restrictions,
technical measures, and other controls to protect personal data
and meet data privacy requirements across all jurisdictions
where we operate. We have assurance programmes to monitor
compliance and conduct training and awareness programmes
for our employees.
Our commitment to fair, explainable, and accountable AI
practices, as set out in our Responsible Artificial Intelligence
Principles, helps to ensure that our AI uses of personal data are
subject to robust privacy governance.
Intellectual property rights
Our products and services include and utilise intellectual property
and we rely on our commercial agreements as well as trademark,
copyright, patent, trade secret and other intellectual property
laws to establish and protect our proprietary rights in this
intellectual property. Such intellectual property laws are subject
to national legislative initiatives, cross-border initiatives such as
those from the European Commission and increased judicial
scrutiny in several jurisdictions in which we operate that could
weaken such protections. There is a risk that our proprietary
rights and copyright protections could be infringed or
circumvented, including by companies leveraging technology
tools and AI, which may impact demand for and pricing of our
products and services.
We actively engage in developing and promoting the legal
protection of intellectual property rights. Our contracts with
customers contain provisions regarding the use of proprietary
content including use by large language models. We are vigilant
as to the use of our intellectual property and, as appropriate,
take action to challenge illegal content distribution sources.
73
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Annual Report 2025 | Principal and emerging risks
RISK
MITIGATION
Geopolitical, economic and market conditions
Demand for our products and services, and our ability to operate
internationally, may be adversely impacted by geopolitical,
economic and market conditions beyond our control. These
include acts of war and civil unrest; political conflicts and
tensions; international sanctions; economic cycles; the impact
of the effect of changes in inflation and interest rates in major
economies; trading relations between the United States, Europe,
China and other major economies; as well as levels of government
and private funding for our markets.
Our businesses are focused on professional markets which have
generally been more resilient in periods of economic downturn.
We deliver information solutions, many on a subscription and
recurring revenue basis, which are important to our customers’
effectiveness and efficiency. We operate diversified businesses in
terms of sectors, markets, customers, geographies and products
and services. We have multi-year contracts in place for much of
the revenue base, and underlying demand drivers in many areas
are not directly exposed to economic growth (eg scientific
research, healthcare, fraud risk, financial crime compliance).
Over the past 15 years, RELX has significantly reduced its
dependence on revenue streams that historically have been
impacted by economic downturns (eg advertising, employment
screening). We have extended our position in long-term global
growth markets through organic new launches supported by the
selective acquisitions. We continuously monitor economic and
political developments to assess their impact on our strategy
which is designed to mitigate these risks. In response to specific
uncertainties, our businesses engage in scenario planning and
develop contingency plans where relevant and consider exiting
businesses and markets that no longer fit our strategy.
Evolution of primary research publishing
Maintaining quality and integrity in primary scientific research is
core to our Scientific, Technical & Medical (STM) business. There
is a risk that we may not detect some erroneous or fraudulent
research papers that are submitted to our journals. In addition,
payment models in scientific research publishing are evolving, with
‘pay-to-publish’ (commonly referred to as Open Access) becoming
a larger share relative to ‘pay-to-read’. Rapid changes in customer
choice, regulation, or technologies in this area could impact the
revenue mix and growth in primary publishing.
We focus on the quality and integrity of research through the
editorial and peer review process; we invest in technology to
drive innovation in editorial and distribution platforms to make
content and data accessible, trusted and actionable; we work
across the industry to combat fraud; and we develop our
systems to manage different payment models. To meet
changing customer needs, we continue to launch new journals
across payment models and scientific disciplines.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
74
RELX
Annual Report 2025 | Financial review
RISK
MITIGATION
Strategic Execution Risks
Customer demand for our products
Our businesses are dependent on the continued demand by our
customers for our products and services and the value placed
on them. We operate in highly competitive and dynamic markets,
and the means of delivery, customer demand for, and the products
and services themselves, continue to change in response to
technological innovations, such as the use of artificial intelligence,
legislative and regulatory changes, the entrance of new
competitors, and other factors. Failure to anticipate and quickly
adapt to these changes, or to deliver enhanced value to our
customers, could impact demand for our products and services
and consequently adversely affect our revenue or the long-term
returns from our investment in higher value-add information-
based analytics and decision tools.
We are focused on the needs and economics of our customers.
We gain insights into the markets that we serve, evolving
customers’ needs, the potential application of new technologies
and business models, and the actions of competitors and
disrupters. These insights inform our strategic and operational
priorities. We continuously invest significant resources in our
products and services, and the infrastructure to support them,
and we have a long track record of using artificial intelligence.
We leverage user centred design and development methods and
customer analytics and invest in new and enhanced technologies
to provide content and innovative solutions that help them achieve
better outcomes and enhance productivity.
Acquisitions
We supplement our organic development with selected
acquisitions. If we are unable to generate the anticipated benefits
such as revenue growth, accelerated product development or cost
savings associated with these acquisitions, it could adversely
affect return on invested capital and financial condition or lead
to an impairment of goodwill or intangibles.
Acquisitions are made within the framework of our overall
strategy, which emphasises organic development. We have a
well formulated process for reviewing and executing acquisitions
and for managing the post-acquisition integration. This process
is underpinned with clear strategic, financial and ethical
criteria. We closely monitor the integration and performance
of acquisitions.
Operational Risks
Cybersecurity
Our businesses maintain and use online databases and platforms
delivering our products and services, which we rely on, and
provide data to third parties, including customers and service
providers. These databases and information are a target for
compromise and face a risk of unauthorised access and use by
unauthorised parties including through cyber, ransomware,
malware, phishing and other social engineering attacks on us or
our third-party service providers. Our cybersecurity measures,
and the measures used by our third-party service providers, may
not detect or prevent all attempts to compromise our systems,
which may jeopardise the security or integrity of the data we
maintain or may disrupt our systems. Failures of our
cybersecurity measures could result in unauthorised access to
our systems, misappropriation of our or our users’ data, deletion
or modification of stored information or other interruption to our
business operations. As techniques used to obtain unauthorised
access to or to sabotage systems change frequently (including
automated tools such as generative-AI assisted) and may not be
known until launched against us or our third-party service
providers we may be unable to anticipate or implement adequate
measures to protect against these attacks and our service
providers and customers may likewise be unable to do so.
Compromises of our or our third-party service providers’
systems could adversely affect our financial performance,
damage our reputation and expose us to risk of loss, fines and
penalties, litigation and increased regulation.
We have established cybersecurity programmes which are
constantly reviewed and updated to address developments in the
threat landscape with the aim of ensuring our ability to prevent,
respond to and recover from a cyber-attack or ransomware
attack, that data is protected, and our business infrastructures
continue to operate.
We have governance mechanisms in place to design and monitor
common policies and standards across our businesses.
We invest in appropriate technological and physical controls
which are applied across the enterprise in a risk-based security
programme which operates at the infrastructure, application and
user levels. These controls include, but are not limited to,
infrastructure vulnerability management, application scanning
and penetration testing, network segmentation, encryption and
logging and monitoring. We continuously explore new methods
(including advanced automation and generative AI assistance) to
enhance our controls. We provide regular training and
communication initiatives to establish and maintain awareness of
risks at all levels of our businesses. We have appropriate incident
response plans to respond to threats and attacks which include
procedures to recover and restore data and applications in the
event of an attack. We maintain appropriate information
cybersecurity policies and contractual requirements for our
businesses and run programmes monitoring the application of
our data security and resilience policies by third party service
providers. We use independent internal and third-party auditors
to test, evaluate, and help enhance our procedures and controls.
We continuously monitor the global regulatory landscape to
identify emerging cybersecurity, data protection and privacy
laws, and, as needed, implement plans to comply with them.
We procure appropriate cybersecurity insurance to mitigate
potential losses arising from a cybersecurity incident.
75
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Annual Report 2025 | Principal and emerging risks
RISK
MITIGATION
Face-to-face events
Face-to-face events are susceptible to economic cycles, changes
in trading relations, communicable diseases, severe weather
events and other natural disasters, terrorism and availability of
venues. Each or any of these may impact our ability to hold
face-to-face events, and exhibitors’ and visitors’ desire and ability
to travel in person to events. These factors each have the potential
to reduce revenues, increase the costs of organising events and
adversely affect cash flows and reputation.
We operate a large number of events across a wide variety of
venues in many countries, serving both domestic and
international exhibitors and attendees. We actively review our
ability to host events considering the availability of venues and
national and local regulations including those related to health,
travel, and security. We operate flexibly, rescheduling or
re-locating events when necessary. We take appropriate
measures at our events to ensure for the well-being and safety
of exhibitors, visitors and employees. Our face-to-face events are
supported by enhanced digital services.
Supply chain dependencies
Our organisational and operational structures depend on
suppliers including outsourced and offshored functions, as well
as cloud service, software, and large language model providers.
Poor performance, failure or breach of third parties to whom we
have contracted could adversely affect our business performance,
reputation and financial condition.
We source content to enable information solutions for our
professional customers. The disruption or loss of data sources,
either because of regulations, or because data suppliers decide
not to supply them, may impose limits on our collection and use of
certain kinds of information and our ability to communicate, offer
or make such information available or useful to our customers.
We select our suppliers with care and establish contractual
service levels that we closely monitor, including through key
performance indicators and targeted supplier audits. We have
developed business continuity plans to reduce disruption in the
event of a major failure by a supplier. We have a formal supplier
resilience programme to identify and manage critical suppliers
across the business. A risk register is used to document any
unique, critical supplier risks and associated mitigation plans,
with due diligence performed and resilience discussions held on
a regular basis, and our contractual terms enable us to audit
supplier resilience plans/procedures.
We have a multitude of data sources that we use to develop
solutions for our customers and regularly monitor the market for
new data sources in order to minimise dependence on any single
provider. Where content is supplied to us by third parties, we aim
to have contracts which provide mutual commercial benefit.
Technology and business resilience
Our businesses are dependent on electronic platforms and
networks, including our own and third-party data centres,
cloud providers, network systems and the internet, for delivery
of our products and services. These could be adversely affected
if our electronic delivery platforms, networks, power sources
or supporting infrastructure experience a significant failure
or interruption.
We have established procedures for the protection of our
businesses and technology assets. These include the
development and testing of business continuity plans, including
technical resilience plans and back-up delivery systems, to
reduce business disruption in the event of major technology or
infrastructure failure, terrorism, or adverse weather incidents.
Talent
The implementation and execution of our strategies and business
plans depend on our ability to recruit, motivate, develop, and
retain a diverse population of skilled employees and management.
We compete globally and across business sectors for diverse,
talented management and skilled individuals, particularly
those with technology and data analytics capabilities. An inability
to recruit, motivate or retain key employees with the right
overall mix of skills in the group could adversely affect our
business performance.
We monitor capability needs and remuneration schemes are
tailored to attract and motivate the best talent available at an
appropriate level of cost. We actively seek feedback from
employees, which feeds into plans to enhance employee
engagement, motivation, and development. Our focus on an
inclusive culture results in a diverse workforce and environment
that respects individuals and their contributions.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
76
RELX
Annual Report 2025 | Financial review
RISK
MITIGATION
Financial Risks
Tax
Our businesses operate globally, and our profits are subject to
taxation in many different jurisdictions and at differing tax rates.
Tax laws and tax rates that currently apply to our businesses
may be amended by the relevant authorities or interpreted
differently by them, and these changes could adversely affect
our reported results.
We maintain an open dialogue with tax authorities and are vigilant
in ensuring that we comply with current tax legislation. We have
clear and consistent tax policies and tax matters are dealt with by
a professional tax function, supported by external advisers. As
outlined in the Chief Financial Officer’s report on pages 66 to 71
we engage with tax authorities and international organisations.
We continue to monitor legislative developments in the
jurisdictions in which we operate and consider the potential
impacts of proposed regulation changes under various scenarios.
The principles we adopt in our approach to tax matters can be
found on our website at
www.relx.com/go/taxprinciples
.
Treasury
The RELX PLC consolidated financial statements are expressed in
pounds sterling and are subject to movements in exchange rates
on the translation of the financial information of businesses whose
operational currencies are other than sterling. The United States
is our most important market and, accordingly, significant
fluctuations in the US dollar exchange rate could significantly
affect our reported results. We also earn revenues and incur costs
in a range of other currencies, including the Euro and the Yen, and
significant fluctuations in these exchange rates could also
significantly impact our reported results.
Macroeconomic, political and market conditions may adversely
affect the availability and terms of short- and long-term funding,
volatility of interest rates, the credit quality of our counterparties,
currency exchange rates and inflation. The majority of our
outstanding debt instruments are, and any of our future debt
instruments may be, publicly rated by independent rating
agencies. Our borrowing costs and access to capital may be
adversely affected if the credit ratings assigned to our debt
are downgraded.
Our approach to capital structure and funding is described in the
Chief Financial Officer’s report on pages 66 to 71. The approach
to the management of treasury risks is described in note 17 to the
consolidated financial statements.
Pensions
We primarily operate defined contribution pension schemes
around the world, but also have legacy defined benefit pension
schemes in the United Kingdom and the United States. The UK
defined benefit pension scheme has been closed to new hires
since 2010 and will close to future benefit accruals in 2027. The
US defined benefit pension scheme closed to future accruals in
2019. The assets and obligations associated with these pension
schemes are sensitive to changes in the market values of the
scheme’s investments and the market-related assumptions
used to value scheme liabilities. Adverse changes to asset
values, discount rates, longevity assumptions or inflation
could increase funding requirements.
We have professional management of our pension schemes,
and we focus on maintaining appropriate asset allocation and
plan designs. We review our funding requirements on a regular
basis with the assistance of independent actuaries and ensure
that the funding plans are appropriate. We seek to manage
pension liabilities by reviewing pension benefits provided
to staff as well as the structure of scheme arrangements.
Reputational Risks
Ethics
As a global provider of professional information solutions we, our
employees, major suppliers and partners are expected to adhere
to high standards of integrity and ethical conduct, including those
related to anti-bribery and anti-corruption, data protection, use of
artificial intelligence, fraud, sanctions, competition and principled
business conduct. A breach of generally accepted ethical business
standards or applicable laws could adversely affect our business
performance, reputation, and financial condition.
Our Code of Ethics and Business Conduct is provided to every
employee and is supported by training and communication. It
encompasses such topics as competing fairly, fair employment
practices, prohibiting corrupt business practice and encouraging
open and principled behaviour. We have well-established
processes for monitoring, reporting and investigating instances
of unethical conduct. Our major suppliers are required to adhere
to our Supplier Code of Conduct.
77
RELX
Annual Report 2025 | Principal and emerging risks
Viability statement
The UK Corporate Governance Code requires Directors to
assess the viability of the Group over an appropriate period
of time. The Directors have made the assessment that given
the nature of the Group’s business with a high proportion
of recurring revenue, a typical contract length of three years
in many of its subscription agreements and a balanced debt
maturity profile, a viability period of three years, aligned with
the Group’s annual strategy plan, is suitable to assess the risks
outlined on pages 72 to 76.
Assessing the Group’s Prospects
The Group develops information-based analytics and decision
tools for professional and business customers in the Risk,
Scientific, Technical & Medical (STM), Legal and Exhibitions
sectors. The Market Segments section describes each area’s
business model, strategic priorities, market opportunities and
competition, showing how the Group is positioned to create
value for shareholders over the longer term.
The Group’s prospects are assessed annually through the
strategic planning process which includes a review of
assumptions made and an assessment of each business area’s
longer-term plan. The resulting three-year strategy plan forms
the basis for Group and divisional targets and in-year budgets.
Objectives are set with consideration given to the economic
and regulatory environment, and to customer trends, as well
as incorporating risks and opportunities. The most recent
three-year strategy business plan was agreed by the Directors
in September 2025 and updated in February 2026. Separate
from the annual strategy plan, the Directors periodically receive
updates from business area management on their operations,
prospects and risks. Whilst these reviews and discussions
naturally focus more closely on the more immediate risks facing
the business within the three-year strategy planning period,
they also cover the risks described in the principal risks section
on pages 72 to 76.
Assessing the Group’s Viability
The three-year strategy plan for our business areas includes
management’s assessment of the anticipated operational
risks affecting the business. Management then considered
the viability of the business in various downside scenarios, the
most severe of which assumes the simultaneous occurrence
of Cybersecurity, Intellectual property rights and Face-to-
face events risks resulting in a decline of around 30% in
adjusted operating profit in each of 2026 to 2028, and the
closure of the debt capital markets preventing the refinancing
of scheduled liabilities. The Group’s undrawn $3.5bn revolving
credit facility was recently refinanced (and increased in size
from the previous $3bn facility) and has an earliest maturity
date of November 2030. The resulting analysis, which assumed
no share buybacks, modest acquisition activity and a growing
dividend, determined that the Group would have sufficient
liquidity to refinance all maturing term debt.
We remain focused on successfully pursuing our strategic
priority of organically developing increasingly sophisticated
information-based analytics and decision tools that deliver
enhanced value to our customers, supplemented by selective
acquisitions that support our organic growth. We believe the
combination of compelling structural opportunities combined
with an appropriate capital structure will continue to drive
long-term value.
Based on this assessment and the scenario modelling that
shows sufficient liquidity even with the simultaneous
occurrence of principal risks and the closure of the debt capital
markets, the Directors confirm that they have a reasonable
expectation that the Group will be able to continue its operations
and meet its liabilities as they fall due over the next three years
and are not aware of any longer-term operational or strategic
risks that would result in a different outcome from the
three-year review.
Going concern
The Directors have adopted the going concern basis in
preparing these accounts after assessing the potential impact
on the business of the principal risks over the 18 months to
30 June 2027 and during the longer period over which the
Group’s viability has been assessed, as described above.
Management forecasts reflect a downside scenario
which includes the simultaneous occurrence of principal risks,
which combined would reduce adjusted operating profit by
around 30%. We have also assumed an inability to access the
debt capital markets. Under this scenario, the Group will still
have substantial liquidity headroom on its undrawn $3.5bn
revolving credit facility (which was recently refinanced and
does not contain a financial covenant). Having considered this
downside scenario, the Directors believe that the Group is
well-positioned to manage its business risks and that adequate
resources exist for the Group to continue in operational
existence for the foreseeable future. They therefore consider it
is appropriate to adopt the going concern basis in preparing the
2025 financial statements.
A commentary on the Group’s cash flows, financial position and
liquidity for the year ended 31 December 2025 is set out in the
Chief Financial Officer’s report on pages 66 to 71. This shows
that after taking account of available cash resources and
committed bank facilities that back up short-term borrowings,
all of the Group’s borrowings that mature in the period to 30 June
2027 can be repaid in full. The Group’s policies on liquidity,
capital management and management of risks relating to
interest rate, foreign exchange and credit exposures are set out
on pages 169 to 175. The principal risks facing the Group are set
out on pages 72 to 76.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
78
RELX
Annual Report 2025 | Financial review
Non-financial and sustainability information statement
RELX is required to comply with the reporting requirements
of Sections 414CA and 414CB of the Companies Act 2006, which
relate to non-financial and sustainability information. The list
below outlines where this information can be found:
Reporting requirement:
Environmental matters
59-63, 235-240
Employees
49-51
Social matters
38-41
Human rights
38-41, 49-51,
56-58
Anti-corruption and anti-bribery matters
42-45, 56-58
Policies, due diligence processes
and outcomes
42-45, 56-58
Description and management of principal and
emerging risks and impact of business activity
72-77
Description of business model
4-7
Non-financial metrics
36
Climate-related financial information
235-240
Sustainability statement
208-231
Taskforce on Climate-related Financial
Disclosure
235-240
Basis of preparation of the Sustainability statement
The Sustainability Statement is prepared pursuant to the
European Union Corporate Responsibility Directive (CSRD) and in
accordance with the requirements of the European Sustainability
Reporting Standards and EU Taxonomy disclosure requirements
adopted by the European Commission.
Directors’ duties and Section 172 Statement
The Directors of RELX PLC – and those of all UK companies –
must act in accordance with their duties under the Companies Act
2006 (the Act). These include a fundamental duty to promote the
success of the Company for the benefit of its members as a whole.
The Board of RELX PLC, and its individual Directors, consider that
they have done so for the year ending 31 December 2025.
Details of how the Board and its Directors have fulfilled these
duties can be found throughout this 2025 Report, and therefore
the following sections have been incorporated by reference into
this Section 172 Statement and, where necessary, the RELX 2025
Strategic Report:
Business model and strategy
4-7
Corporate responsibility report
35-63
Principal risks
72-77
Culture and workforce policies
85-96
Board decision-making
85-96
Stakeholder engagement
85-96
Section 172 of the Act requires the Directors to have regard
to, among other matters, the interests of the company’s
stakeholders in working to promote the success of the
company. The Board recognises the importance of building and
maintaining sound relationships with RELX’s key stakeholders
in order to achieve its business aims. Among the Group’s many
and varied stakeholders, the Board has identified investors,
employees, customers, suppliers and the communities in which
we operate, as the company’s key stakeholders. Given its size,
diversity and global business, stakeholder engagement takes
place at all levels across the Group. To ensure adequate visibility
of key stakeholder views, the Board received a detailed overview
in the year covering engagement channels and activities the
Company has with each of its key stakeholders.
The Strategic Report, as set out on pages 2 to 78 has been approved by the Board of RELX PLC.
By order of the Board
Registered Office
Henry Udow
1-3 Strand
Company Secretary
London
11 February 2026
WC2N 5JR
79
In this section
80
Board directors
82
RELX senior executives
84
Chair’s introduction to corporate governance
85
Corporate governance review
97
Report of the Nominations Committee
100
Directors’ remuneration report
121
Report of the Audit Committee
125
Directors’ report
Governance
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025
80
RELX
Annual Report 2025 | Governance
Board Directors
Executive directors
Erik Engstrom (62)
Chief Executive Officer
Appointed:
Chief Executive Officer of RELX since
November 2009. Joined as Chief Executive Officer
of Elsevier in 2004.
Past appointments:
Prior to joining was a partner
at General Atlantic Partners. Before that was
President and Chief Operating Officer of Random
House Inc and President and Chief Executive
Officer of Bantam Doubleday Dell, North America.
Began his career as a consultant with McKinsey.
Formerly a Non-Executive Director of Smith
& Nephew plc.
Education:
Holds a BSc from Stockholm School
of Economics, an MSc from the Royal Institute of
Technology in Stockholm, and gained an MBA from
Harvard Business School as a Fulbright Scholar.
Nationality:
Swedish
Nick Luff (58)
Chief Financial Officer
Appointed:
September 2014
Other appointments:
Non-Executive Director and
Audit Committee Chair of Rolls-Royce Holdings plc
Past appointments:
Prior to joining the Group was
Group Finance Director of Centrica plc from 2007.
Before that was Chief Financial Officer at The
Peninsular & Oriental Steam Navigation Company
(P&O) and its affiliated companies. Began his
career as an accountant with KPMG. Formerly
a Non-Executive Director of QinetiQ Group plc
and Lloyds Banking Group plc.
Education:
Has a degree in Mathematics from
University of Oxford and is a qualified UK
Chartered Accountant.
Nationality:
British
Non-Executive directors
Paul Walker (68)
R
N
C
Chair
Appointed:
March 2021
Other appointments:
Chair of Ashtead Group plc
Past appointments:
Chair of Halma plc and Chief
Executive Officer and Chief Financial Officer
of Sage Group plc. Non-Executive Director of
Experian plc, Diageo plc, Sophos Group plc
and Mytravel Group plc.
Education:
Has a degree in Economics from
York University, and is a qualified UK
Chartered Accountant.
Nationality:
British
Alistair Cox (64)
A
R
C
Non-Executive Director; Independent
Appointed:
April 2023
Past appointments:
Served as Chief Executive of
Hays plc from 2007 to 2023 and as Chief Executive
of Xansa plc from 2002 to 2007. Was previously the
Group Strategy Director and Regional Director for
Asia Pacific at Blue Circle Industries plc, prior to
which worked as a consultant for McKinsey and
held various engineering, management and
research science roles at Schlumberger Wireline
Services and BAE Systems plc. Formerly a
Non-Executive Director of Just Eat plc and 3i
Group plc.
Nationality:
British
Suzanne Wood (65)
A
N
C
R
Non-Executive Director; Independent,
Senior Independent Director
Appointed:
September 2017
Other appointments:
Non-Executive Director
of Ferguson plc
Past appointments:
Served as Non-Executive
Director of H&E Equipment Services Inc. from
2023 to 2025, Senior Vice President and Chief
Financial Officer of Vulcan Materials Company
from 2018 to 2022, Group Finance Director of
Ashtead Group plc from 2012 to 2018, and Chief
Financial Officer of Ashtead Group’s largest
subsidiary, Sunbelt Rentals Inc, from 2003 to 2012.
Previously, also served as Chief Financial Officer
of two US publicly listed companies, Oakwood
Homes Corporation and Tultex Corporation.
Nationality:
American
June Felix (69)
A
R
C
Non-Executive Director; Independent
Appointed:
October 2020
Other appointments:
Non-Executive Director
of Iron Mountain Incorporated and Hiscox Ltd.
Member of the Advisory Board of the London
Technology Club
Past appointments:
Served as a Non-Executive
Director of IG Group Holdings plc from 2015 until
the time of her appointment as Chief Executive
Officer, a position she held from 2018 to 2023.
Previously held various executive management
positions at a number of large multinational
businesses in Hong Kong, London and New York,
including Verifone, IBM, Citibank and Chase
Manhattan. Earlier in her career, was a strategy
consultant with Booz Allen Hamilton.
Nationality:
American
RELX
Annual Report 2025 | Board Directors
81
Andy Halford (66)
A
C
Non-Executive Director; Independent
Appointed:
April 2025
Other appointments:
Chief Financial Officer of
Aareal Bank AG and Non-Executive Director of UK
Government Investments Limited
Past appointments:
Served as Chief Financial
Officer of Standard Chartered plc from 2014 to
2024, Chief Financial Officer of Vodafone Group plc
from 2005 to 2014, and Chief Financial Officer of
Verizon Wireless from 2002 to 2005. Previously
held senior executive and financial roles at
Vodafone and East Midlands Electricity plc. Served
as a Non-Executive Director and Audit Committee
Chair of Marks and Spencer Group plc from 2013 to
2022 and was appointed as Senior Independent
Director of that board in 2018. Chaired The 100
Group of Finance Directors from 2011 to 2012.
Nationality:
British
Charlotte Hogg (55)
A
C
Non-Executive Director; Independent
Appointed:
December
2019
Other appointments:
Chief Executive Officer of
Alter Domus
Past appointments:
Executive Vice President and
Chief Executive Officer for the European Region of
Visa Inc. from 2017 to 2025. Previously was Chief
Operating Officer at the Bank of England, Head of
Retail Banking for Santander UK, Managing
Director UK and Ireland for Experian plc, and held
senior roles at Morgan Stanley in New York and
London.
Nationality:
British, American and Irish
Bianca Tetteroo (56)
C
Non-Executive Director; Independent,
Workforce Engagement Director
Appointed:
July 2024
Other appointments:
Chief Executive Officer
and Chair of the Executive Board of Achmea BV
Past appointments:
Served with Achmea BV
for 12 years in a variety of senior executive and
financial roles prior to taking up the role of Chief
Executive Officer in 2021. Previously spent 13 years
with the Fortis Group, working across multiple
business lines including banking, insurance and
investments. Qualified as a Chartered Accountant
at Fortis, prior to which she worked at international
accountancy firm, Mazars.
Nationality:
Dutch
Andrew Sukawaty (70)
A
N
C
Non-Executive Director; Independent
Appointed:
April 2019
Other appointments:
Director of Hg Capital LLP
and Cobuilder. Founding Partner of Corten Capital
Past appointments:
Served as the Chair
of Inmarsat from 2003 to 2023, and a Director of
Viasat from 2023 to 2025 following Viasat’s
acquisition of Inmarsat. Served as Senior
Independent Director of Sky plc from 2013 to 2018.
Previously also served as Chair of Ziggo NV,
Xyratex Group Ltd and Telenet Group holdings NV;
deputy Chair of O2 plc; Non-Executive Director of
Telefonica Europe following its acquisition of O2
plc and Powerwave Technologies Inc; and Chief
Executive of Inmarsat plc, Sprint Inc. and
NTL Group Ltd.
Nationality:
American
Board Committee membership key
A
Audit Committee
N
Nominations Committee
C
Corporate Governance Committee
R
Remuneration Committee
Committee Chair
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
82
RELX
Annual Report 2025 | Governance
RELX Senior Executives
Mark Kelsey
Chief Executive Officer
Risk
Kumsal Bayazit
Chief Executive Officer
Scientific, Technical &
Medical
Mike Walsh
Chief Executive Officer
Legal
Hugh M Jones IV
Chief Executive Officer
Exhibitions
Joined in 1983. Appointed
to current position in 2012.
Joined in 2004. Appointed
to current position in 2019.
Joined in 2003. Appointed
to current position in 2011.
Joined in 2011. Appointed
to current position in 2020.
Has held a number of senior
positions across the Group over
the past 40 years. Previously
Chief Operating Officer and
then Chief Executive Officer
of Reed Business Information.
Studied at Liverpool University
and received his MBA from
Bradford University.
Previously President, Exhibitions
Europe, Chief Strategy Officer,
RELX, Chair, RELX Technology
Forum and Executive Vice
President of Global Strategy
and Business Development for
LexisNexis. Prior to that worked
with Bain & Company in New York,
Los Angeles, Johannesburg
and Sydney. Holds an MBA from
Harvard Business School and
is a graduate of the University
of California at Berkeley.
Previously CEO of LexisNexis
US Legal Markets and Director
of Strategic Business Development
Home Depot. Prior to that was
a practising attorney at Weil,
Gotshal and Manges in Washington
DC and served as a consultant
with The Boston Consulting Group.
Holds a Juris Doctor degree from
Harvard Law School and is a
graduate of Yale University.
Previously Group Managing
Director, Accuity, ICIS, Cirium,
and EG within Risk. Prior to that
was Chief Executive Officer,
Accuity. Holds an MBA from the
Ross School of Business at the
University of Michigan and is a
graduate of Yale University.
RELX
Annual Report 2025 | RELX Senior Executives
83
Rose Thomson
Chief Human
Resources Officer
Vijay Raghavan
Chair, RELX
Technology Forum
and Chief Technology
Officer, Risk
Henry Udow
Chief Legal Officer
and Company
Secretary
Youngsuk ‘YS’ Chi
Director of RELX
Corporate Affairs
and Chair, Elsevier
Shweta Vyas
Chief Strategy Officer
Joined in 2021.
Appointed to current
position at that time.
Joined in 2002. Appointed
to current position in 2019.
Joined in 2011.
Appointed to current
position at that time.
Joined in 2005. Appointed
to current position in 2011.
Joined in 2010. Appointed
to current position in 2025.
Previously Chief Human
Resources Officer at
Standard Life Aberdeen.
Before that, held various
senior human resources
roles at Travelport
International, Barclays
Bank, The Coca-Cola
Company, Coles Group
and The Walt Disney
Company.
Holds an MA in business
management from
Macquarie University
Graduate School of
Management and a
BA in Psychology,
Macquarie University.
Previously Vice President
of Technology, LexisNexis
Insurance Solutions. Prior
technology executive
positions at ChoicePoint,
Paragon Solutions,
Primus Knowledge
Solutions, and McKesson.
Holds a bachelor’s
degree in electrical and
electronics engineering
from the Birla Institute of
Technology and Science,
Pilani, a master’s degree
in cybersecurity from
the Georgia Institute
of Technology, and
completed an advanced
management program for
executives at MIT Sloan
School of Management.
Previously Chief Legal
Officer and Company
Secretary of Cadbury plc
having spent 23 years
working with the company.
Prior to that worked at
Shearman & Sterling
in New York and London.
Holds a Juris Doctor
degree from the
University of Michigan
Law School and a
bachelor’s degree from
the University of Rochester.
Previously was President
and Chief Operating Officer
of Random House, founding
Chairman of Random
House Asia and Chief
Operating Officer for
Ingram Book Group.
Holds an MBA from
Columbia University
and is a graduate
of Princeton University.
Previously Chief Strategy
Officer at Risk. Prior to
that held various strategy
and commercial roles at
Risk. Previously worked
at LEK and Lucent
Technologies. Holds an
MBA from the Kellogg
School of Business at
Northwestern University
as well as an MSc in
Finance from Babson
College and a BA in
Economics from Emory
University.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
84
RELX
Annual Report 2025 | Governance
Chair’s introduction to corporate governance
engagement to ensure we continue to provide products and
solutions that meet the evolving needs of our customers and
that we continue to effectively support our workforce.
We actively listen to our investors, employees, customers,
suppliers and the communities that we serve and in which we
operate, and we have appropriate mechanisms in place to ensure
that the outcomes of such engagement are available to the Board.
Information about our approach to stakeholder engagement is on
pages 91 to 94.
Remuneration Policy
Our proposed Directors’ Remuneration Policy which is intended
to apply for the coming three years, will be put to shareholders
for approval at the 2026 AGM. The current policy, adopted at the
2023 AGM, and subsequent annual remuneration reports
received strong support from shareholders and in preparing the
proposed policy we engaged with shareholders representing
approximately 55% of our share capital. The Board believes that
the overall remuneration structure remains appropriate. The
specific changes proposed to the policy, along with the full policy
and details of the implementation of the current policy during the
year, can be found in the Directors’ Remuneration Report on
pages 100 to 120.
Regulatory developments
On 1 January 2026, the revisions to Provision 29 of the UK
Corporate Governance Code 2024 (the Code), which relates to
a company’s internal control environment and the Board’s role
in monitoring, reviewing and declaring its effectiveness in the
Annual Report, came into force. Throughout the year, the Audit
Committee and the Board has been updated on enhancements
being made to the risk management and internal control
framework and the assurance that will be obtained to support
the Board’s declaration of effectiveness of internal controls that
will be required in respect of the financial year beginning on
1 January 2026. For further details, refer to page 123.
In the UK, the new corporate criminal offence of Failure to Prevent
Fraud under the Economic Crime and Corporate Transparency
Act 2023 came into effect on 1 September 2025. In compliance
with this new legislation, RELX has enhanced its existing fraud
prevention and detection processes and procedures, and updated
its framework for mitigating fraud risk (the Framework). The
Audit Committee reviewed the revised Framework and concluded
that it is satisfied that there are appropriate procedures in place to
prevent and detect fraud. For further details, refer to page 123.
Board performance
As Chair, I am responsible for ensuring that the Board operates
effectively, and that the Board, its Committees and each individual
Director are evaluated on an annual basis. For 2025, an internal
evaluation process was carried out. The outcome of the evaluation
confirmed that all of our Directors contribute effectively and
continue to demonstrate commitment to their roles, and that the
Board and its Committees continue to operate effectively. The
evaluation process and its outcomes are described on page 95.
Paul Walker
Chair
11 February 2026
Effective governance is fundamental to
RELX’s culture of acting with integrity in
all that we do, and it supports the
Company’s purpose to benefit society
through its unique contributions
Introduction
On behalf of the Board, I am pleased to introduce our Corporate
Governance Review for the year ended 31 December 2025.
Together with the reports of the Audit, Nominations and
Remuneration Committees, our Corporate Governance Review
sets out our approach to effective governance and demonstrates
how we have complied with the 2024 UK Corporate Governance
Code (the Code) further information on which is set out on page 87.
Corporate governance
The Board is responsible for overseeing the effectiveness of
RELX’s governance framework. Our approach to corporate
governance is structured, disciplined and dynamic. Our
governance framework clearly define responsibilities and
accountabilities. This enables RELX’s leadership to focus on the
key issues facing the business and to apply their expertise where
most needed. Effective governance, and the policies and practices
that support it, is fundamental to RELX’s culture of acting with
integrity in all that we do, and it supports the Company’s purpose
to benefit society through its unique contributions (as set out on
pages 38 to 41).
The Board believes that attaining the highest levels of corporate
responsibility helps enable excellent financial performance. We
believe that pursuing both goals in tandem will result in long-term
sustainable shareholder value creation and will also provide our
stakeholders with confidence that the governance of RELX is
appropriate for its size and profile as a listed company, helps
manage risks and opportunities, and ensures that key stakeholders
are appropriately considered in the decisions that we make.
Board changes and succession planning
There have been several changes to the composition of our Board
and Committees during the year.
Robert MacLeod retired from the Board at the conclusion of the
Company’s AGM in April 2025, having joined the RELX PLC Board
in 2016. Since 2023, he served as Chair of the Remuneration
Committee. On behalf of the Board, I would like to thank
Mr MacLeod for his valued contributions to the Board, to the
Committees on which he served and for serving as Chair of the
Remuneration Committee. Alistair Cox has succeeded
Mr MacLeod as Chair of the Remuneration Committee following
the conclusion of the Company’s AGM in April 2025.
As announced on 13 February 2025, Andy Halford joined the Board
as a Non-Executive Director, with effect from the conclusion of the
2025 AGM. Mr Halford was appointed to the Audit Committee with
effect from the same date. Further information about our Board
appointment process is available in our Nominations Committee
Report on page 99.
Stakeholder engagement and Board decision-making
The views and interests of RELX’s stakeholders are a key element
of the Board’s decision-making process. We are focused on
ensuring that the interests of our stakeholders are duly taken
into account during Board discussions. Across RELX we engage
with our stakeholders throughout the year, and we rely on this
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There is a clearly defined schedule of matters over which the Board retains responsibility and endorses all final decisions, which
is available to view at
www.relx.com
. Such matters include:
§
Approval of RELX’s strategy and annual budget and changes
to the corporate or capital structure of the Company
§
Approval of RELX’s risk appetite, oversight of risk
management framework including principal and emerging
risks, fraud risk and internal control systems
§
Corporate governance arrangements, including Board and
Committee composition and terms of reference
§
Approval of key policies, including RELX’s Code of Ethics and
Business Conduct (the Code), Operating and Governance
Principles, Tax and Dividend Policies and Inclusion Policies
§
Approval of the Company’s Annual Report and periodic
financial statements and trading updates
§
Oversight of the Code reporting channels for our
workforce to raise concerns, and ensuring workplace
policies and practices align with the Company’s values
and intended culture
§
Oversight of RELX’s corporate responsibility activities
and its reporting thereon
§
Other matters deemed material to the delivery of RELX’s
strategy or future financial performance, such as approval
of material acquisitions, major capital expenditure
and investments
Corporate governance review
The Board
The Board determines RELX’s purpose and values and sets and oversees delivery of its strategic aims
and objectives for long-term, sustainable success. The Board monitors and oversees RELX’s governance, risk management
and internal controls processes and culture.
Board leadership
The Board is responsible for promoting the long-term sustainable success of the Company. To ensure the Board operates
effectively and efficiently it has established four principal Committees to provide focused oversight, each with delegated authority
to oversee and report to the Board on material and relevant matters, as appropriate.
The roles and responsibilities of each Committee are set out in their individual terms of reference which are available on the
Company’s website
www.relx.com
. A summary of the Committees’ key responsibilities is set out below.
Audit Committee
Reviews and monitors the
integrity of financial reporting,
internal control and risk
management systems, the
effectiveness of the internal
audit process and the
performance, independence
and effectiveness of the
external auditor.
The Committee comprises
only independent Non-
Executive Directors.
Remuneration Committee
Determines, monitors and
oversees the implementation of
RELX’s remuneration policy for
the CEO, CFO, the Chair, and
Senior Executives below Board
level. The Committee reviews
the ongoing appropriateness
of the remuneration policy.
The Committee comprises
only the Chair and Non-
Executive Directors.
Nominations Committee
Keeps under review the
composition of the Board and its
Committees; ensures orderly
succession plans are in place
for the Board and senior
management and ensures an
appropriate and inclusive
pipeline for such succession;
and oversees the recruitment
of new Directors.
The Committee comprises
only the Chair and Non-
Executive Directors.
Corporate Governance
Committee
Responsible for developing
and recommending corporate
governance principles to the
Board; reviewing ongoing
developments and best practice
in corporate governance,
and monitoring the structure
and operation of the Board
Committees.
The Committee comprises
only the Chair and Non-
Executive Directors.
Further information about
the work of the Audit
Committee is in its report
on pages 121 to 124
The Directors’
Remuneration Report
is set out on pages
100 to 120
Further information
about the work of the
Nominations Committee
is in its report on pages
97 to 99
RELX Senior Executives
To enable efficient day-to-day management of RELX’s business areas, there is a structure of delegated authorities in place from the
Board to the Chief Executive Officer, the Chief Financial Officer and a team of Senior Executives (shown on pages
80
to
83
). This delegated
authority framework, which is reviewed and approved by the Board each year, allows the necessary operational and management
decisions to be taken by the right people, at the appropriate time to execute the Company’s strategy. There are appropriate controls
in place to ensure such decisions remain consistent with the risk appetite, policies and objectives established by the Board.
Our governance framework
Matters reserved to the Board
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
86
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Board roles
As at the date of this report, the Board comprised the Chair, two Executive Directors and seven Non-Executive Directors, who bring
a wide range of skills, experience, industry expertise and professional knowledge to their roles. An overview of the gender balance,
length of tenure and nationalities on the Board is provided in the Nominations Committee Report on pages 97 to 99.
Division of responsibilities
There is clear separation of the roles of the Chair, who leads the Board, and the Chief Executive Officer, who is responsible for the
day-to-day management of RELX. The key responsibilities of each of the director roles on the Board is summarised below.
Chair
§
Leadership of the Board and ensure its overall effectiveness
§
Ensures that all Directors are sufficiently apprised of matters
to make informed judgements, through the provision of
accurate, timely and clear information
§
Promotes high standards of corporate governance,
demonstrates objective judgement and promotes a culture
of openness and debate
§
Sets the agenda and chairs meetings of the Board
§
Chairs the Nominations and Corporate Governance
Committees
§
Facilitates constructive Board relations and the effective
contribution of all Directors
§
Ensures effective dialogue with shareholders
§
Ensures the performance of the Board, its Committees and
individual Directors is assessed annually
§
Ensures effective induction and development of Directors
Chief Executive Officer
§
Day-to-day management of RELX, within the delegated
authority limits set by the Board
§
Develops RELX’s strategy for consideration and approval
by the Board
§
Ensures that the decisions of the Board are implemented
§
Consults with the Chair and Nominations Committee
on executive succession planning
§
Leads communication with shareholders
§
Promotes and conducts the affairs of the Company
with the highest standards of integrity, probity and
corporate governance
Chief Financial Officer
§
Day-to-day management of RELX’s financial affairs
§
Responsible for RELX’s financial planning, reporting
and analysis
§
Ensures that a robust system of internal control and risk
management is in place
§
Maintains high-quality reporting of financial and
environmental performance internally and externally
§
Supports the Chief Executive Officer in developing and
implementing strategy
Senior Independent Director
§
Leads the Board’s annual assessment of the performance
of the Chair
§
Available to meet with shareholders on matters where usual
channels are deemed inappropriate
§
Deputises for the Chair, as necessary
§
Serves as a sounding board for the Chair and acts as an
intermediary between the other Directors, when necessary
Non-Executive Directors
§
Bring external perspectives and a broad range of experience
to the Board
§
Provide constructive challenge and input to the development
of strategy
§
Scrutinise the performance of management in meeting
agreed goals and monitor the delivery of RELX’s strategy
§
Serve as members of Board Committees as required and
Chair the Audit and Remuneration Committees
Governance structure
RELX’s corporate governance framework consists of leadership
bodies and well-documented comprehensive processes and
procedures which ensure that RELX is appropriately directed,
led and controlled at all levels, with appropriate oversight and
involvement by the Board and senior management. It is designed
to safeguard and enhance the creation of long-term, sustainable
shareholder value and to enable our business areas to operate
with the required agility and flexibility to address the needs of our
customers effectively, while taking into account all applicable
statutory and regulatory requirements. The rights,
responsibilities and accountabilities of those who work for and
on behalf of RELX are clearly established through delegated
authorities, corporate policies and codes of ethics and conduct,
which promote the protection of RELX’s reputation and our
commitment to acting with integrity in all that we do.
The RELX Operating and Governance Principles set out the
processes, policies, controls and related assurance activities that
have been put in place to mitigate risk, covering key functions and
operations of the Group. The Principles serve as a first point of
reference for management and provide our workforce with a clear
overview of the policies and practices with which they must
comply. The Principles are reviewed biennially by the Board and
are updated as required.
The Code of Ethics and Business Conduct sets out the core
principles and standards of professional conduct by which RELX
operates and provides a framework for building and maintaining
the desired culture of RELX. The Code provides all those who work
for RELX with clear guidelines for how to conduct themselves in
the workplace and across our broader operating environments,
to inspire trust among all our stakeholders and to demonstrate
commitment to our core value of ‘Do the Right Thing’. There are
mechanisms in place to help our workforce to understand and
comply with their obligations under the Code, which include
ongoing training and established communication channels to
ask questions and report concerns. We endeavour to ensure that
our workplace policies are user-friendly, clear and accessible.
The Code is reviewed and approved by the Board triennially and
is available at
www.relx.com
.
Internal control and risk management arrangements are a central
part of our governance framework. These are monitored by the
Audit Committee and overseen by the Board (further information
is on pages 96 and 121 to 124).
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Compliance with the UK Corporate
Governance Code
RELX PLC applies the principles and provisions of the 2024 UK
Corporate Governance Code (the UK Governance Code), a copy
of which is available on the FRC’s website,
www.frc.org.uk
.
For the year ended 31 December 2025, the Board considers that
the Company fully complied with the principles and provisions
of the UK Governance Code that are applicable at the date of
this report.
1.
Board Leadership and Company Purpose
Page(s)
A. Effective Board
80-81, 85-87
B.
Purpose, values and culture
88
C. Governance framework
85
D. Stakeholder engagement
91-94
E.
Workforce policies and practices
49-51
2.
Division of Responsibilities
F.
Role of Chairman
86
G. Independence
80-81, 91
H.
External commitments and conflicts of interest
80-81, 91, 99
I.
Board resources
87
3.
Composition, Succession and Evaluation
J.
Appointment to the Board
97-99
K.
Board skills, experience and knowledge
80-81
L. Board Evaluation
95
4.
Audit, Risk and Internal Control
M. External Auditor and Internal Auditor
124
N. Fair, balanced and understandable review
123
O.
Internal financial controls and risk management
96, 123
5. Remuneration
P.
Alignment with strategy and purpose
100-120
Q.
Developing policy on remuneration
100-101, 114-120
R. Remuneration outcomes
102-106
Board programme
The Board met formally seven times during the year. Five
meetings were held in person, in London and in New York.
Through a structured programme of scheduled meetings, the
Board oversees RELX’s financial performance and ensures its
systems of risk management, internal control and corporate
governance are fit for purpose and effectively underpin the
delivery of its strategy. There are processes in place to manage
the Board’s annual agenda, to ensure that all necessary items
are submitted for its consideration at the appropriate time with
sufficient supporting information, and to allow the Board
adequate time to discuss and challenge strategic or material
issues. The Board’s annual programme, and the agendas for the
Committees are prepared by their respective Chairs with support
from the Company Secretary. Board Committees are principally
supported by the Chief Executive Officer, Chief Financial Officer,
Chief Legal Officer and Company Secretary, and the Chief Human
Resources Officer. Other senior managers are invited to attend
meetings where appropriate.
Board discussions are informed through regular reports and
presentations from senior management at Board and Committee
meetings, and through deep-dive sessions into individual business
areas, topics of strategic relevance, and future developments that
may impact RELX. Regular reports are provided, covering
business area and overall strategies and financials, along
with relevant regulatory, legislative and governance updates.
RELX’s annual strategy review process comprehensively assesses
its strategic position and key strategic options, considering
opportunities and risks to its future success and the long-term
sustainability and viability of its business model. The Board
engaged in a two-day, in-depth strategy session in September.
Information and support
There are processes in place to ensure that the Board and its
Committees receive relevant information at the right time and with
the appropriate level of detail to inform decision-making and enable
effective monitoring of management’s progress in accordance
with agreed strategy. The Directors are provided with papers
ahead of all scheduled Board and Committee meetings, containing
management updates, relevant context and market information,
and other supporting information and reports, as appropriate.
All the Directors have access to the advice of the Company Secretary
and may also take independent professional advice at the Company’s
expense where they deem this to be necessary for the furtherance of
their duties to the Company. The Company Secretary advises the
Board on all corporate governance matters and ensures that all Board
procedures are followed correctly. The Directors also have access to
other members of RELX’s management, staff and external advisers.
Each of the Directors is expected to attend all meetings of the Board
and of the Committees of which they are a member. However, in
circumstances where a Director is unable to attend a meeting, they
are provided with the relevant papers and have the opportunity to
discuss any matters arising with the respective Chair and with their
fellow Board and Committee members. All Directors are provided
with a copy of the minutes of each meeting.
Director induction
Following appointment, and as required, all Directors receive a full,
formal induction, that is tailored to their individual requirements,
based on existing knowledge and experience. The Chair and
Company Secretary are responsible for ensuring that an effective
induction programme takes place for all new Directors.
During the year, Andy Halford (appointed in April 2025) was provided
with a comprehensive briefing pack including detailed information
about each of RELX’s business areas, governance and internal
controls, and recent reporting and investor materials, along
with access to historical Board papers and minutes. To provide a
sufficiently in-depth and current understanding of our operations,
a number of meetings were organised with senior management
from RELX’s business areas and corporate functions, the external
auditors, and individual Executive and Non-Executive Directors.
Ongoing development
For Directors to effectively discharge their responsibilities, it is
important that they regularly refresh and update their skills and
knowledge. The Board’s annual programme is designed with this
in mind and support the Directors to maintain sufficiently in-depth
knowledge of RELX’s business areas and their operations, and to
keep apprised of relevant events and changes in RELX’s operating
environment and markets. In 2025, the Directors took part in
deep-dives into the Legal and Exhibitions business areas, covering
financial and operational performance by segment, product
development and strategic plans. In addition, the Board conducted
a review of the Scientific, Technical & Medical and Risk business
areas, as well as specific geographic segments within the Legal
business area.
The Audit Committee also had a series of technical deep-dive
briefing sessions. Further information about the work and activities
of the Audit Committee is available in the Audit Committee Report
on pages 121 to 124.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
88
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Purpose, strategy, values and culture
RELX places significant emphasis and importance on the way we do business. We are clear and unequivocal about our commitment
to do so with integrity and in accordance with the highest ethical standards.
Purpose
RELX is a global provider of information-based analytics
and decision tools for professional and business customers,
enabling them to make better decisions, get better results
and be more productive.
Our purpose is to benefit society by developing products that
help researchers advance scientific knowledge; doctors and
nurses improve the lives of patients; lawyers promote the rule
of law and achieve justice and fair results for their clients;
businesses and governments prevent fraud; consumers
access financial services and get fair prices on insurance, and
customers learn about markets and complete transactions.
Our purpose guides our actions beyond the products that we
develop. It defines us as a company. Every day across RELX
our employees are inspired to undertake initiatives that
make unique contributions to society and the communities
in which we operate.
Strategy
Our number one strategic priority is the organic development
of increasingly sophisticated information-based analytics and
decision tools that deliver enhanced value to professional and
business customers. We do this by leveraging deep customer
understanding to build innovative solutions which combine
leading content and data sets with advanced technologies.
We aim to achieve leading positions in long-term global growth
markets and leverage our skills, assets and resources across
RELX, both to build solutions for our customers and to pursue
cost efficiencies. We continue to transform our core business,
building out new products, and expanding into higher growth
adjacencies and geographies.
We are supplementing this organic development with selective
acquisitions of targeted data sets and analytics, and assets
in high-growth markets that support our organic growth
strategies and are natural additions to our existing business.
Our improving long-term growth trajectory continues to be
driven by the ongoing shift in business mix towards higher
growth, technology-enabled analytics and decision tools that
deliver enhanced value to our customers for an increasing
number of use cases. When combined with continuous process
innovation to improve organisational agility and to manage
cost growth below revenue growth, the result is continued
strong earnings growth with improving returns.
Values
We strive to do business with integrity. Our principle
‘Do the Right Thing’ embraces behaviours such as being
honest in dealing with others, respecting each other, and
courageously speaking out for what is right; thereby guiding
our commitment to achieve business goals in an open, honest,
ethical, and principled way. We ask our suppliers to meet
the same standards, and provide support for them to do so
as necessary.
Culture
As a provider of information-based analytics and decision
tools, our corporate culture is fact-based, data-driven and
analytical. We are transparent and non-political in our
decision-making. We seek never-ending performance
improvement in everything we do. We are passionate about
making a positive impact on society through our unique
contributions as a business and our employees feel a strong
sense of engagement with the business and its purpose.
We focus on improving customer outcomes while
emphasising corporate responsibility and acting with
integrity. Our culture encourages community engagement,
environmental responsibility, inclusion and the well-being
of our people.
How the Board monitors culture
RELX’s standards and values are defined on a group-wide basis,
however the Board acknowledges that cultural practices and
preferred ways of working can vary across the geographies of
our business areas. The Board helps to build the culture of the
organisation from the top down, by ensuring that it takes decisions
that are aligned with RELX’s values. The Board regularly reviews
RELX’s policies and Code of Ethics and Business Conduct (the
Code) to ensure the right framework is in place for RELX to
operate with integrity, and that its working practices effectively
promote a culture of strong engagement with our business and
purpose, and with the communities that we serve and in which
we operate. We strive to continually improve customer outcomes
through a culture that is fact-based, data-driven and analytical.
The Board has appointed a Non-Executive Workforce Engagement
Director to engage directly with employee representatives from
across RELX and to report back to the Board (further information
about this engagement is on page 92). This provides the Board
with insights into how culture is embedded across RELX’s
business areas and functions and any issues that need to be
addressed. The views of employees are also measured through
annual employee pulse surveys, and a broader triennial opinion
survey, designed to gauge how employees feel about the
organisation, how well they understand its direction, and their
level of satisfaction and engagement with their work. An analysis
of the results is presented to the Board. The Board also receives
regular updates on culture-related issues and updates on
corporate responsibility activities from across each of RELX’s
business areas. Such updates include progress against our
people objectives in areas such as well-being, pay equity and
reducing inequalities through inclusion. This contributes to the
Board’s assessment of the culture at RELX and provides a context
against which the Board has taken a number of its principal
decisions during the year.
Through the activities of the Audit Committee, the Board receives
updates on alleged and substantiated violations of the Code and
significant matters raised through reporting channels, which
provide insights into governance and compliance behaviours.
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Board activities during the year
Purpose and strategy
The Company’s purpose,
strategy, values and culture
statement is on page 88
Read more about RELX’s
strategy and business
model on pages 5 to 8
§
At a two-day strategy session in September, the Board discussed strategic initiatives for RELX and
debated RELX’s three-year strategic plan for 2026 to 2028. The Board reviewed RELX’s financial
performance, customer markets, shareholder value creation, capital expenditure, potential
acquisitions, areas for potential growth across all four business areas, as well as management’s
operating plans. The Board determined that RELX’s strategic priority remains focused on organic
growth supported by targeted acquisitions, and approved the three-year strategic plan.
§
In June and September, the Directors attended deep-dive business review sessions into the Legal
and Exhibitions business areas, led by their respective senior management. These included updates
on strategy and innovations supplemented by presentations from subject matter experts on key
products, review of talent resources, and a final session for the Board to provide their feedback to
senior management.
§
In June, the Board conducted a biennial review of the Group’s shared service organisation in the
Philippines, which provides support across all RELX business areas globally. The review encompassed
strategic priorities, financial performance metrics, ongoing talent development initiatives and
outcomes, employee NPS survey results, and attrition rates. These evaluations, along with the
deep-dive business review sessions, informed the Board’s broader deliberations regarding RELX’s
strategy and business model.
§
The Board reviewed the proposed reporting changes related to print and print-related activities and
determined that reporting these activities separately would improve the transparency of the
Company’s disclosures and more accurately reflect the way the business is managed. See page 122
for further information.
§
The Board conducted reviews of RELX’s invested capital and capital structure during the year, including
financial performance, potential and completed acquisitions, net debt, returns on invested capital,
credit ratings, forecasts and financial market conditions. These factors were taken into account by the
Board when approving the annual budget.
§
The Board, through the Audit Committee and Chief Financial Officer, received regular updates on
material tax issues, and reviewed how our tax strategy and principles are aligned with the Group’s
wider business strategy and values. The Board reaffirmed RELX’s commitment to responsible and
transparent tax practices and approved our Tax Principles which can be found at
www.relx.com/
go/taxprinciples
. For more information on our approach to tax, please see pages 44 and 70.
§
The Board reviewed stakeholder engagement updates, which informed its discussion on RELX’s purpose,
strategy, values and culture. Additionally, the Board received a comprehensive update from the Head of
Global Government Affairs on RELX’s public policy engagement, highlighting key achievements and
future opportunities in thought leadership and business development, and how those initiatives are in
alignment with advancing the public interest. These insights supported the Board’s strategic decision
making. For more information on RELX’s engagement in public policy discussions, please see page 44.
People, values and culture
Information about Board
engagement with our
workforce is on page 92
How we invest in and reward
our workforce is on page 49
to 51
RELX’s approach to
inclusion and how we
monitor our progress is set
out on pages 50 to 52 and 98
to 99
§
The Board oversaw Director succession planning arrangements during the year. Additionally, the
Nominations Committee and the Board were updated on the ongoing leadership talent reviews
undertaken by management and plans for talent development across RELX’s business and functional
areas. These activities enable the Board to ensure that the right people are in leadership positions,
which is an important factor in embedding the desired culture for RELX.
§
The Board considered the results of the company-wide employee opinion survey conducted during
2025 (further information is on page 49).
§
The Board reviewed and approved the RELX and Board Inclusion Policies, ensuring that they continue
to align with our desired culture and effectively support our purpose and strategy. The Board had also
received updates from the Chief Human Resources Officer on workforce policy reviews, highlighting
main philosophies and focus areas that support motivating and retaining high performing employees.
Together with employee opinion survey results, these activities allow the Board to effectively monitor
RELX’s culture.
Corporate Responsibility/
Sustainability
Information about RELX’s
corporate responsibility and
sustainability activities is
available on pages 35 to 63,
the Sustainability Statement
on pages 208 to 230, and the
TCFD disclosures on pages
235 to 240
§
RELX’s corporate responsibility activities formed a significant part of the Board’s agenda during the
year and these are overseen by the Board on an ongoing basis. Detailed information about RELX’s
corporate responsibility objectives, and its progress towards these, can be found in the Corporate
Responsibility Report on pages 35 to 63, the Sustainability Statement on pages 208 to 230, and the Task
Force on Climate-Related Financial Disclosures (TCFD) disclosures on pages 235 to 240, each as
approved by the Board.
§
The Board reviewed and approved the Company’s Modern Slavery Act Statement, which describes the
steps taken by the Company and its subsidiaries to ensure that modern slavery and human trafficking
were not taking place in the context of RELX’s business operations and its supply chain during the
previous year. Further information about how RELX manages an ethical and socially responsible supply
chain is available on pages 56 to 58.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
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Risk management
and internal control
The Company’s principal
and emerging risks and
mitigation strategies are set
out on pages 72 to 76
The Company’s Viability
Statement is on page 77
Further information about
RELX’s internal controls is
on pages 72, 96 and 123
§
The Audit Committee and the Board reviewed the effectiveness of the systems of risk management
and internal control in operation during 2025 and determined that RELX’s control systems provided
reasonable assurance against material inaccuracies or loss and have functioned properly and
effectively throughout the year. Additionally, the Committee oversaw the activities undertaken in order
to achieve compliance with the new Provision 29 of the UK Corporate Governance Code (see page 123
for further details).
§
The Board, supported by the work of the Audit Committee, reviewed and agreed RELX’s principal and
emerging risks and mitigation strategies. Following a robust and thorough assessment of the risks
identified, together with a detailed review of RELX’s financial position, the Board considered RELX’s
ongoing viability and approved the Company’s Viability Statement.
§
The Board received a comprehensive presentation on RELX’s assessment of material cybersecurity
risks, threat landscape and incident trends, and approach to mitigation and cybersecurity controls
from the Head of Information Assurance and Data Protection. Cybersecurity and data privacy are
considered principal risks for RELX.
Shareholder matters
Details of the Board’s
engagement with investors
during the year are on
page 91
Information about the
Company’s dividend policy
is on page 70
§
Following a robust assessment of RELX’s financial position, in February the Board approved a share
buyback programme for 2025 of £1.5bn. The programme was completed in December, at which point
55m shares held in treasury were cancelled. At its December meeting, the Board approved an initial
£250m for the 2026 share buyback programme, with this initial amount to be deployed prior to the
announcement of the 2025 full year results in February 2026.
§
The Board considered and approved the proposed resolutions to be put to shareholders at the 2025
AGM, which included the distribution of a final dividend for the year ended 31 December 2024. Each of
the proposed resolutions was subsequently approved by shareholders at the meeting. The Board also
considered and approved the payment of an interim dividend during the year.
Director attendance at Board and Committee meetings
The following table shows the attendance by Directors at Board and Committee meetings during the year. Attendance is expressed as
the number of meetings attended by each Director out of the number of meetings they were eligible to attend.
Directors
Committee appointments
Board
(1)
Audit
Committee
Remuneration
Committee
Nominations
Committee
Corporate
Governance
Committee
Paul Walker (Chair)
R
N
C
7/7
4/4
4/4
4/4
Erik Engstrom
7/7
Nick Luff
7/7
Alistair Cox
(2)
A
R
C
7/7
4/4
4/4
4/4
June Felix
(3)
A
R
C
7/7
3/4
3/4
4/4
Andy Halford
(4)
A
C
5/5
3/3
3/3
Charlotte Hogg
A
C
7/7
4/4
4/4
Robert MacLeod
(5)
R
N
C
2/2
1/1
4/4
1/1
Andrew Sukawaty
(6)
A
N
C
7/7
4/4
3/3
4/4
Bianca Tetteroo
(7)
C
6/7
4/4
Suzanne Wood
(8)
A
R
N
C
7/7
4/4
3/3
4/4
4/4
Committee membership key
A
Audit Committee
R
Remuneration Committee
N
Nominations Committee
C
Corporate
Governance Committee
Committee Chair
(1)
In addition to the seven scheduled Board meetings, the Directors also attended two full-day strategy and business review meetings.
(2)
Alistair Cox was appointed Chair of the Remuneration Committee with effect from the conclusion of the Company’s AGM on 24 April 2025.
(3)
June Felix was unable to attend the Audit and Remuneration Committee meetings held in December.
(4)
Andy Halford was appointed to the Board at the conclusion of the Company’s AGM on 24 April 2025, when he also joined the Audit and Corporate Governance Committees.
(5)
Robert MacLeod
retired from the Board and stepped down from the Remuneration, Nominations and Corporate Governance Committees with effect from the conclusion
of the Company’s AGM on 24 April 2025.
(6)
Andrew Sukawaty joined the Nominations Committee at the conclusion of the Company’s AGM on 24 April 2025.
(7)
Bianca Tetteroo was unable to attend the Board meeting held in September.
(8)
Suzanne Wood joined the Remuneration Committee at the conclusion of the Company’s AGM on 24 April 2025.
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Stakeholder engagement
During the year, the Board undertook a review of RELX’s key stakeholders and concluded that they remain unchanged from the previous
year. The Board received a detailed overview of stakeholder engagement channels and activities and confirmed that it has adequate
visibility of the views of key stakeholders, which are taken into consideration in its decision-making. Further information about the
nature and outcomes of the Company’s engagement with its stakeholders are detailed throughout this Annual Report and examples
of the Board’s engagement with key stakeholders are set out on the following pages.
Investors
Why effective engagement
is important
How we engage, outcomes and impact
Engagement with our
investors helps them to
understand our strategy,
performance and
governance arrangements,
and to make informed
decisions concerning the
Company. It also makes
clear our prioritisation of
the long-term in our
decision-making and focus
on delivery of consistent
financial performance.
Our investors provide us
with input and feedback
concerning the
development and
implementation of our
strategy, and we consider
their views when making
investment decisions.
Engagement with our investors is undertaken by members of the Board and at a business level
by senior management and our Investor Relations, Corporate Responsibility, Company Secretariat
and Treasury teams. The Board is updated with feedback and commentary received from investors
through business engagement, investor roadshows and meetings with institutional shareholders.
The Board receives regular reports on the Company’s share price and shareholder return
performance and a review of analyst commentary in response to the Company’s market
announcements and results publications. Executive Directors and senior management gave a
number of investor and analyst presentations during the year to provide further detail and context
to our published results and strategy plans.
During the year:
§
Our engagement processes confirmed that our investors continue to understand and support our
organic growth strategy. The Board considered this when approving RELX’s three-year strategic
plan for 2026 to 2028, which leaves our strategic focus, and our priorities for uses of cash
generated by RELX, broadly unchanged.
§
Significant investor engagement was conducted throughout the year, including extensive
management and investor relations roadshows, attendance at conferences in the UK, Continental
Europe and North America, and analyst fireside discussions with the CEO of the Legal business
area, setting out RELX’s strong performance and reaffirming the strategy around analytics and AI.
The Board were provided with feedback from these events. Presentations and transcripts from
selected events are available at
www.relx.com/investors
.
§
The Company held its AGM with shareholders in April.
§
RELX’s material communications to investors, including the Full-Year and Interim Results
Announcements, trading updates, the Annual Report and the Notice of AGM were reviewed and
approved by the Board prior to release.
§
In respect of shareholder returns, the Board took into account a range of stakeholder views when
considering the interim and final dividend payments during the year, and the quantum of the
Company’s share buyback programme for 2025.
External appointments and Non-Executive Director
independence
The Board has in place formal procedures to evaluate and review
the external commitments of Directors, each of whom is required
to obtain the Board’s approval prior to accepting new significant
external appointments. During the year, the Board reviewed the
proposed external appointment of June Felix. It was concluded
that this appointment would not impact her ability to perform
effectively on the RELX PLC Board, and accordingly the Board
gave its approval.
When Directors take up new external appointments, any related
commercial relationships with RELX are reviewed, and any
potential conflicts of interest are dealt with following formal
procedures. In accordance with the Company’s Articles of
Association, Directors who are not conflicted may authorise,
as appropriate, situations where a Director has an interest
that conflicts, or may possibly conflict, with those of RELX,
and may impose conditions on such authorisations.
Supported by the Nominations Committee, the Board monitors
the independence of the Non-Executive Directors in line with
the relevant provisions of the UK Corporate Governance Code.
An annual evaluation, led by the Nominations Committee,
considered whether length of service or any other factor has
impacted or may impact the ability of any Non-Executive Director
to remain independent in character and judgement in the
furtherance of their duties to the Company. The Board determined
that each of the Non-Executive Directors is considered to be
independent of management and free from any business or other
relationship which could materially interfere with their ability to
exercise independent judgement (with the exception of the Chair,
whose independence was not assessed, but who was deemed to
be independent upon appointment).
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
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Employees
Why effective engagement
is important
How we engage, outcomes and impact
Our people’s well-being and
their commitment to the work
they do are essential to our
future growth and our aim to
successfully build long-term
leading positions in global
growth markets.
We strive to foster an
environment in which our
employees feel a strong sense
of engagement with our
business and share a passion
for making a positive impact
on society through our unique
contributions. RELX actively
seeks feedback from employees
to understand their key
challenges and concerns and
how we can work to address
these. Hearing their views on
what we do well, and what we
can do better, is an important
driver for improvement and
enables us to take action to
retain our best talent.
Effective engagement helps
to mitigate the risk of not being
able to recruit, motivate and
retain skilled employees and
management, which is
recognised as a principal
risk (see page 75).
Employee engagement routinely takes place within the business areas and matters of concern
are cascaded up through our management framework. The Board receives regular management
reports which cover employee engagement, turnover and demographic analysis, updates on
workplace initiatives, and concerns raised through our Code of Ethics and Business Conduct
reporting channels. The Board reviews employee engagement and workforce data and takes
these into consideration in its decision-making.
RELX has a dedicated intranet for employees which is kept updated with financial and performance
information, news of business developments and workforce initiatives and events and other
important messages from senior management.
The Board has appointed Bianca Tetteroo as our Non-Executive Workforce Engagement Director
to engage directly with employee representatives from across RELX and report to the Board on the
progress of RELX’s workforce initiatives, together with the challenges, concerns and priorities of
employees. Where challenges and concerns were discussed, as appropriate, the Board was also
informed of the actions taken or plans developed to address them. This provides the Board with
insight into the culture across RELX, how our working practices and initiatives have been received,
and highlights any issues that need to be addressed.
During the year:
§
Ms Tetteroo met with workforce representatives to learn about the experiences of employees
while working at RELX. The matters discussed were reported to the Board, including feedback
regarding well-being and inclusion initiatives, as well as the opportunity to participate in Employee
Resource Groups and RELX Care programmes. Further matters included hybrid working
arrangements, pay, benefits, and career development through training and internal mobility.
§
In 2025 we undertook our annual Pulse employee opinion survey. An analysis of the results of
the survey was presented to the Board in December and confirmed positive trends across our
business areas in almost all key metrics of engagement, satisfaction and employee net
promoter scores.
§
Board reports from the Chief Human Resources Officer highlighted the steps taken to
identify, support and develop current and future leaders across the business through the
Organisational Talent Review and Management Development Planning processes. This focus
has seen increased internal mobility across divisions, providing career development
opportunities across the whole of RELX.
§
The Board reviewed the Board and RELX Inclusion Policies and determined that these are
effective and support the Group’s purpose, strategy, values and culture.
§
The Board received presentations from the Head of Corporate Communications on focus areas
for 2025. These continue to be fostering engagement and advocacy supported by data-driven
storytelling in selected focus areas, such as our strategy, innovation and career development.
Employee understanding and engagement with our purpose, strategy, values and culture is
monitored through our employee opinion survey scores over time.
§
Employee involvement in the Company’s performance is encouraged through RELX’s employee
share schemes. RELX currently operates three all employee share plans, one in each of the UK,
the Netherlands and the USA, providing RELX employees with the opportunity to obtain its
shares at a discounted price. The Board received updates on annual participation rates.
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Customers
Why effective engagement
is important
How we engage, outcomes and impact
Our goal is to help customers
make better decisions, get better
results and be more productive.
We do this by leveraging deep
customer understanding to build
innovative solutions which
combine leading content and
data sets with powerful
advanced technologies.
Collaborating closely with our
customers is crucial for us to
understand where and how we
can improve the quality of our
solutions and products, and
enables us to make targeted
investment decisions, such as
to develop new technologies or
complement our existing
capabilities through acquisition
activity.
Our engagement with customers takes place at an operational level across our business areas,
through our dedicated sales and operations teams and through customer training and workshops.
Material customer issues are cascaded up to the appropriate senior management. The Board
received presentations during the year from customer-facing employees which detailed the
nature of our customer engagement and the actions taken by the business areas as a result.
In 2025, the Board received analyses of customers by sector and geography and data concerning
the resilience of the markets in which we operate. The Board reviewed customer survey data,
Customer Net Promoter Scores, and case studies across our business areas.
During the year:
§
The Board continued to monitor current and anticipated future customer demand and market
activity together with customer feedback, to understand how our product offerings address
customer requirements. This information informed areas of focus for product development
and acquisitions and the level of investment required. RELX made several acquisitions during
the year that complement its existing product range and enhance value for our customers.
More information about our acquisitions during the year can be found on page 10.
§
Feedback from our customers informed the Board and management’s assessment of the
areas in which RELX should build out new products and solutions, the speed at which this
should be undertaken, and where it should look to expand into higher growth adjacencies and
geographies over varying time horizons.
§
The Board received an update on ongoing customer engagement on sustainability issues from
RELX’s Global Head of Corporate Responsibility.
Suppliers
Why effective engagement
is important
How we engage, outcomes and impact
RELX has a diverse supply
chain with suppliers located
in over 150 countries across
multiple categories, which
RELX categorises as content
suppliers and non-content
suppliers.
Collaboration and two-way
dialogue with our suppliers
help ensure that we are able
to maintain and improve the
quality of products and
solutions we provide to our
customers. Effective
engagement underpins our
ability to maintain an ethical
supply chain, giving us visibility
of our suppliers’ alignment with
the RELX Supplier Code of
Conduct.
Engagement with our content suppliers, which include the companies we license content or data
from, as well as authors, editors, content reviewers and product designers, takes place principally
through ongoing dialogue with the relevant business area. Content supplier feedback is collected
through direct relationships and regular business reviews, and presented to the Board through
updates from our business area leaders and the Global Head of Purchasing and Property.
Our non-content suppliers represent traditional vendor relationships, such as IT software and
cloud service providers, or third parties to whom we have outsourced support function activities.
Engagement takes place at various levels throughout RELX. Feedback is reported to the Board by
business area leaders and the Global Head of Purchasing and Property.
During the year:
§
Outcomes of ongoing business engagement with our content suppliers, including Net Promoter
Scores and the outcomes of business reviews, informed the Board’s discussions during its
consideration of RELX’s three-year strategy plan for 2026 to 2028, and its assessment of
mitigation in place for our principal risks of customer acceptance of our products and supply
chain dependencies.
§
Our Supplier Code of Conduct has been translated into 16 languages for use across RELX.
During the year, the Board received updates on the progress of our Socially Responsible
Supplier (SRS) programme, including numbers of signatories and audits conducted (further
details are on pages 56 to 58). The Board continued to support the programme.
§
The result of our annual supplier survey programme, involving feedback from over 100 key
suppliers, provided the Board with insight into the views of RELX’s major suppliers.
§
The Board reviewed and approved our Modern Slavery Act Statement, available from
www.relx.com
, which sets out the steps taken by the Company and its subsidiaries to
prevent modern slavery and human trafficking in its business and supply chain.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
94
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Community
Why effective engagement
is important
How we engage, outcomes and impact
Our focus on community
includes those where we, our
customers and suppliers work
around the world, as well as
the communities we serve,
including in science, academia,
risk, law and many other fields.
We prioritise positive dialogue
with our community
stakeholders as we believe they,
collectively, are important to
maintain our ‘licence to operate’.
Our efforts are informed by our
commitment to the United
Nations Global Compact and its
ten principles, focused on
human rights, labour, the
environment and anti-
corruption – all issues
with wide societal impact.
We engage with our community stakeholders through our unique contributions to society, and
through our comprehensive global community programme, RELX Cares. The RELX Cares
mission is education for disadvantaged young people. Further information about our RELX Cares
projects and its contributions to the communities in which we operate is on pages 52 to 55.
In accordance with the Business for Societal Impact model, we monitor the short- and long-term
benefits of our community engagement. We survey RELX Cares volunteers to understand the
impact of the programme on their personal development and how it affects the way they feel
about working at RELX. 89% of RELX Cares survey respondents experienced an increase in
motivation and pride in the Company after volunteering in the year.
During the year:
§
The Board considered RELX’s environmental performance and supported ongoing initiatives
to minimise our environmental impact, and continued to endorse our commitment to
reaching net zero by 2040. More information is in our Corporate Responsibility Report on
pages 35 to 63 and the Sustainability Statement on pages 208 to 230.
§
The Board received detailed updates on community engagement during the year, including
key metrics, objectives and outcomes. Board feedback and support for community
engagement shapes the direction of our charitable programmes and future plans.
§
The Board continued to endorse RELX’s volunteering policy through which RELX employees
receive two days paid leave each year to undertake community volunteering. The Board
received reports on the outcome of the programme, such as employee engagement rates and
company contributions.
§
The Board continues to endorse the business areas utilising their unique product offerings
to support causes in their communities. During the year the Board received reports from the
Global Head of Corporate Responsibility on RELX’s performance against its 2025 corporate
responsibility objectives in this and other areas, including energy consumption and carbon
emissions, and objectives for 2026 and 2030, when the United Nations Sustainable
Development Goals conclude.
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Board evaluation
The Directors consider the evaluation of the Board, its
Committees and members to be an important aspect of corporate
governance. The Board undertakes an annual evaluation of its
own effectiveness and performance, and that of its Committees,
the Chair and individual Directors.
Actions from the 2024 Board evaluation
The 2024 evaluation, which was conducted internally, concluded
that the Board and its Committees were operating effectively and
did not highlight any significant areas for improvement. The Board
agreed that it would continue to focus on key issues, including
emerging risks such as geopolitical, cyber and data security risks.
As part of the 2025 evaluation, the Board members confirmed that
the Board maintained an appropriate focus on these important
risk topics.
2025 evaluation process
In 2025, the Board evaluation process was conducted internally,
supported by the Company Secretary. Questionnaires were
completed by all Directors to provide feedback and commentary
on the following areas:
§
Board composition and effectiveness
§
The effectiveness of the Board’s oversight of strategy
development, setting and monitoring RELX’s culture and
values, financial performance, market developments,
stakeholder relations (including the Board’s understanding
and visibility of the views of RELX’s stakeholders and how
these inform its decision-making process), talent and
succession, reputation, inclusion, risk and governance
§
Quality of information provided by management
§
Boardroom culture and dynamics
§
The performance of the Chair
§
The structure, leadership and overall effectiveness of each
of the Board’s Committees
The Chair conducted individual performance reviews with each
Non-Executive Director and the Senior Independent Director led
the appraisal of the Chair’s performance by the other Directors.
Chair’s Performance
Directors commended the Chair for his leadership of the Board
and for facilitating the effective contribution of each Non-
Executive Director and for fostering constructive relationships
and communications within the Board. Directors felt that a
particular strength of the Chair is the ability to engage individuals
effectively and facilitate meetings, ensuring a balanced
consideration of diverse perspectives.
Individual Director performance
Individual Director performance and contributions were assessed
through one-to-one meetings with the Chair. These review
meetings reflected on personal development and on feedback on
Board matters and they concluded that each director continues
to contribute positively and effectively to Board and Committee
discussions, providing external insights and constructive
challenge to management on matters of strategy and governance.
Conclusions from the 2025 Board evaluation
The 2025 Board evaluation found a high level of satisfaction
among the Directors with the way in which the Board and its
Committees operate. There were no significant areas identified as
requiring immediate attention. The Directors felt that the Board
discharges its oversight responsibilities effectively across all
categories and particularly in the areas of strategy, finance,
performance, investor relations, people and risk management.
The Directors felt that the Board is appropriately involved in the
development and approval of the Group’s strategy, supported by
deep-dive briefing sessions and presentations from business
leaders, which were commended for their quality. Directors also
noted that strong engagement with senior management of RELX’s
four business areas enabled the Board to understand RELX’s
culture and ensure its alignment with the Group’s purpose,
strategy and values.
Directors had a clear understanding of the performance targets
for the Company and a strong awareness of market developments
and the Company’s performance relative to its competitors and
were satisfied that the Board monitors this on a regular basis.
Directors agreed that the Board was made aware of key risks,
including those that are evolving and emerging, and sufficiently
engaged in their oversight and in ensuring that appropriate risk
management processes are in place. Directors were well-
informed of RELX’s engagement with key stakeholders and its
outcomes, and able to apply their understanding of stakeholder
views in the Board’s decision making. The Board also agreed that
there is a rigorous and effective succession process for key
executive and business leaders and acknowledged that this
should remain a key focus area for the future.
The Directors thought that the Board’s composition, including the
breadth of its collective skills, its dynamics and culture of
openness and debate, all contributed to highly effective meetings
which were found to be well governed and chaired. Papers and
presentations addressed the key issues in appropriate detail and
were provided on a timely basis.
The outcome of the Board evaluation confirmed that the Board
and its Committees continue to function effectively and
collaboratively, with an appropriate level of engagement with
management. While there were no specific areas identified in the
review where significant improvement is required, continued
focus on key issues with open and transparent dialogue continue
to be recognised as key drivers of the Board’s effectiveness.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
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Audit, risk and internal control
Internal control and risk management
The Board has overall responsibility for overseeing RELX’s
systems of risk management and internal control and for
monitoring the processes for identifying, assessing and managing
the principal and emerging risks faced by the Company. These
systems are designed to manage and mitigate, rather than totally
eliminate, risks to the business. Accordingly, they can provide
reasonable, but not absolute, assurance against material
misstatement or loss. These processes were in place throughout
the year ended 31 December 2025, and up to the date of approval
of the 2025 Annual Report. Further details of RELX’s risk
management systems and the principal and emerging risks
facing the Company, together with our mitigation strategies
are set out on pages 72 to 76 of this Report.
Risk management and control procedures are embedded into
the operations of the business and include the monitoring of
progress in areas for improvement that come to management
and Board attention.
To provide reasonable assurance against material inaccuracies
or loss, and of the effectiveness of the systems of internal control
and risk management, RELX has adopted the three lines of
defence assurance model as set out below.
System of Internal Control
1st line of defence
RELX business areas maintain systems of internal
control which are appropriate to the nature and
scale of their activities and address significant
strategic, operational, financial, legal and
compliance risks that they face
2nd line of defence
Central functions that are responsible for
1) designing policies, 2) introducing and sharing best
practice, 3) monitoring and evaluating compliance
with RELX policies and relevant legislation and
regulation and appropriate remediation
RELX Operating and Governance Principles
3rd line of defence
Internal audit provides independent assurance on
the effectiveness of the 1st and 2nd lines of defence
The Board and Audit Committee
Note: In addition to RELX’s internal controls, RELX is also audited externally.
The report of the external auditor has been included from page 130.
RELX operates authorisation and approval processes
throughout its operations. Access controls exist where
processes have been automated to ensure the security of data.
Management information systems have been developed to identify
risks and enable the assessment of the effectiveness of internal
control systems.
With the close involvement of operating management and central
functions, the risk management and control procedures aim to
ensure that RELX is managing its business risks effectively and in
a coordinated manner across the business areas with clarity on
the respective responsibilities and interdependencies. Litigation,
and other legal and regulatory matters, are managed by legal
functions within the business areas.
The Audit Committee has responsibility for monitoring RELX’s
risk management and internal control procedures and reports to
the Board, as appropriate. The Audit Committee receives periodic
updates from RELX’s Chief Compliance Officer on alleged and
substantiated violations of the Code of Ethics and Business
Conduct, and related training, monitoring and communications
programmes. Such updates covered the volume, type and
circumstances surrounding substantiated violations, subsequent
actions and lessons learnt.
US certificates
As required by Section 302 of the US Sarbanes-Oxley Act 2002
and by related rules issued by the US Securities and Exchange
Commission (the Commission), the Chief Executive Officer and
Chief Financial Officer of the Company certify in the 2025 Annual
Report on Form 20-F to be filed with the Commission that they are
responsible for establishing and maintaining disclosure controls
and procedures and that they have:
§
designed such disclosure controls and procedures to ensure
that material information relating to RELX is made known
to them
§
evaluated the effectiveness of RELX’s disclosure controls
and procedures
§
based on their evaluation, disclosed to the Audit Committee
and the external auditors, all significant deficiencies in the
design or operation of disclosure controls and procedures and
any frauds, whether or not material, that involve management
or other employees who have a significant role in RELX’s
internal controls
§
presented in the 2025 Annual Report on Form 20-F their
conclusions about the effectiveness of the disclosure controls
and procedures
§
designed internal controls over financial reporting, or caused
such internal control over financial reporting to be designed
under their supervision, to provide reasonable assurance
regarding the reliability of financial reporting
A Disclosure Committee, comprising the Company Secretary
and other senior managers, provides assurance to the Chief
Executive Officer and Chief Financial Officer regarding their
Section 302 certifications.
Section 404 of the US Sarbanes-Oxley Act 2002 requires the
Chief Executive Officer and Chief Financial Officer of the Company
to certify in the 2025 Annual Report on Form 20-F that they are
responsible for maintaining adequate internal control structures
and procedures for financial reporting and to conduct an
assessment of their effectiveness. The conclusions of the
assessment of internal control structures and financial reporting
procedures, which are unqualified, are presented in the 2025
Annual Report on Form 20-F.
97
This report has been prepared by the Nominations Committee
and has been approved by the Board.
Membership
The Nominations Committee comprises independent
Non-Executive Directors and the Chair of the Board.
The Directors who served on the Committee during the
year were:
§
Paul Walker (Chair of the Committee)
§
Robert MacLeod (retired 24 April 2025)
§
Andrew Sukawaty (appointed 24 April 2025)
§
Suzanne Wood
Role of the Nominations Committee
The role and responsibilities of the Nominations Committee
are set out in written Terms of Reference which are available
on the Company’s website at
www.relx.com
.
The principal purpose of the Committee is to assist the Board
by leading the process for appointments to Board roles and
overseeing a diverse pipeline for succession. The Committee’s
main responsibilities are:
§
Reviewing the size and composition of the Board, ensuring
that it comprises the appropriate balance of skills,
experience, knowledge and independence
§
Reviewing the external commitments of the Directors to
ensure that they each have sufficient time to effectively
discharge their duties to RELX
§
Ensuring plans are in place for orderly Board and senior
management succession and to oversee a diverse pipeline
for such succession
§
Overseeing the recruitment of new Directors and
recommending candidates to the Board
§
Making recommendations to the Board in relation to the
re-appointment of any Non-Executive Director at the
conclusion of their specified term of office and the election
or re-election of Directors following a review of the
performance of individual Directors from the Board
evaluation process
§
Making recommendations to the Board about the
authorisation of Directors’ conflicts of interest, including
any terms to be imposed in relation to a Director’s conflict
of interest
Activities of the Committee during the year
The Committee met four times in 2025. The activities of the
Committee during the year included:
§
Reviewing Board and Committee size, composition and
balance following the retirement of Robert MacLeod as a
Non-Executive Director at the conclusion of the Company’s
2025 AGM, and recommending a successor for each of
Mr MacLeod’s roles as the Chair of the Remuneration
Committee and a member of the Nominations Committee
§
Considering and recommending the re-appointment of
Andrew Sukawaty and Charlotte Hogg at the conclusion of their
respective specified terms of office
§
Recommending to the Board that each current Director be put
forward for re-election at the Company’s AGM, other than
Robert MacLeod, who retired from the Board at the conclusion
of the Company’s 2025 AGM
§
Succession planning for a new Non-Executive Director
§
Ongoing succession planning for Board and senior
management roles
§
Monitoring the Directors’ actual and potential conflicts
of interest
§
Recommending to the Board the suitability of Directors’
external director appointments
§
Reviewing the Committee’s Terms of Reference and
determining that they continue to be fit for purpose and effective
§
Recommending to the Board the inclusion of this report
in the 2025 Annual Report
Report of the Nominations Committee
Board composition as at 31 December 2025
Balance of Executive/Non-Executive Directors
Non-Executive: 7
Executive: 2
Non-Executive Chair: 1
Tenure of Non-Executive Directors (including Chair)
6–9 years: 3
0–3 years: 3
3–6 years: 2
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025
98
RELX
Annual Report 2025 | Governance
Board and Committee composition
The Nominations Committee is responsible for keeping the
size and composition of the Board and the membership
of its Committees under review, to ensure that each has
an appropriate balance of skills, knowledge and experience
to effectively discharge its respective duties. The Committee
considers the competencies required both now and in the future
to support the Company’s purpose, strategy, values and culture.
The Committee also seeks to maintain a diverse pipeline for
senior leadership succession.
The Board collectively has a diverse range of relevant skills
and experience which includes:
§
Strategy and governance
§
Expertise in finance and technology
§
Operational experience in RELX’s product markets
§
Executive and non-executive Board and leadership experience
in large, international listed groups
§
Audit, risk and regulatory expertise
§
Workforce relations management and engagement
§
Executive remuneration
Biographical information for each of the Directors is on pages 80
to 81. Further information about the skills and experience of the
Directors standing for election and re-election at the 2026 AGM
is in the Notice of Meeting available at
www.relx.com
.
Board Inclusion Policy
RELX’s Board Inclusion Policy aims to promote a working
environment that is respectful and inclusive of individuals and
their contributions, regardless of gender, ethnic origin, disability,
nationality, age, sexual orientation or any other individual
characteristic. The Board acknowledges the benefits that are
brought to the effectiveness of Board and Committee discussions
and the quality of decision-making, through the incorporation of
different perspectives and ideas. The Nominations Committee
monitors the composition of the Board and membership of its
Committees with a view to ensuring that each has the appropriate
balance of skills and expertise.
The Committee also oversees the Director recruitment process
on behalf of the Board.
Consistent with the recommendations of the FCA set out
in LR 6.6.6(R)(9), as at 31 December 2025:
§
the Board comprises 40% women
§
the role of Senior Independent Director is held by a woman
§
at least one Board member is from a minority ethnic background
The Group Inclusion Policy is aligned with the Board Inclusion
Policy and aims to promote a positive working environment that
is inclusive, fair and equitable. It prohibits discrimination and
requires that RELX recruits, trains, develops, promotes, and
provides conditions of employment without regard to race, colour,
creed, religion, national origin, gender, gender identity
or expression, sexual orientation, marital status, age, disability,
or any other characteristic protected by law. RELX relies on the
contributions of individuals with a collectively broad range of
experience, skills and ideas to consistently deliver on its strategic
priorities and provide real innovation for customers around the
world. The Company is committed to an ongoing review of policies
and practices in the areas of recruitment, talent development,
promotion and reward to ensure that opportunities across our
business areas are fair and equitable. Workforce policies and
practices are regularly reviewed to ensure RELX is delivering on
its goals and effectively monitoring available data.
Across our business areas, we are committed to providing regular
best practice and awareness training in areas such as inclusive
leadership and unconscious bias and we promote and encourage
inclusive networking groups and sponsorship and mentoring
programmes. Details of the strategy and progress towards
fulfilling our inclusion initiatives is set out in our Corporate
Responsibility Report on pages 49 to 51.
Nationalities on the Board
British, American,
Irish: 1
Swedish: 1
Dutch: 1
American: 3
British: 4
Board and Executive Management gender and ethnic representation data as at 31 December 2025
Number of
Board members
Percentage of the
Board
No. of senior
positions on the Board
(CEO, CFO, SID, Chair)
No. in executive
management
Percentage of
executive
management
Ethnic background
White
8
80%
3
6
60%
Asian
1
10%
–
3
30%
Black
–
–
–
–
–
Mixed/multiple ethnicity
–
–
–
–
–
Other
–
–
–
–
–
Not specified/prefer not to say
1
10%
1
1
10%
Gender identity or sex
Men
6
60%
3
7
70%
Women
4
40%
1
3
30%
Not specified/prefer not to say
–
–
–
–
–
99
Data for the gender and ethnic representation table on page 98
was drawn from HR information where consents are in place to
use the data on an anonymised basis and through a survey with
categories aligned to those set out in the LR 6.6.6 (R)(10).
Board and Committee succession
When reviewing the composition of the Board and its Committees,
the Nominations Committee considers, among other things, the
length of tenure of each Director and the need for, and benefits of,
membership being regularly refreshed. The Committee is
cognisant of the skills and experience required for effective
leadership and oversight of RELX’s strategy and success in the
long term, as well as the Board Inclusion Policy and relevant
recommendations of the UK Listing Rules. All appointments to the
RELX Board, and each of its Committees, are based primarily
on merit and the suitability of an individual for any given role.
Board succession planning and refreshment was a regular
agenda item at the Committee’s meetings during 2025.
Director appointment process
A rigorous search and selection process is followed for each new
Director, starting with the preparation of a search specification,
based on the Committee’s assessment of the skills, capabilities
and experience required on the Board at the time. An executive
search firm is engaged to support the search. A long-list of
potentially suitable individuals is initially reviewed. From this,
a short-list of potentially suitable individuals is considered in
detail by the Committee and preferred candidates are invited
to meet with Board members, including the Chair and Chief
Executive Officer, together with the Chief Legal Officer and
Company Secretary. Following feedback from these sessions,
the Nominations Committee makes its recommendations to the
Board. The Board then has a further opportunity to review and
discuss the recommendations, and subsequently approves the
proposed appointment.
The Board may appoint Directors (subject to a maximum upper
limit) to fill a vacancy at any time, although any Director so
appointed shall only hold office until the following AGM of the
Company, at which his or her election shall be voted upon by
shareholders. Directors are then required to seek re-election
by shareholders at each subsequent AGM of the Company. As a
general rule, letters of appointment for Non-Executive Directors
provide that, subject to annual re-election by shareholders,
individuals will serve for an initial period of three years, and are
typically expected to be available to serve for a second three-year
period. If invited to do so, they may also serve for a third three-year
period. The notice period applicable to the Non-Executive
Directors is one month.
RELX’s Non-Executive Letter of Appointment sets out the
time commitment required by the Company from its Non-
Executive Directors.
Executive and management succession
The Board is committed to recognising and nurturing talent
across RELX and overseeing the development of a strong talent
pipeline to senior leadership and executive roles. The Committee
received detailed updates during the year from the Chief Executive
Officer regarding succession plans for senior management roles.
The Committee is satisfied that appropriate succession planning
arrangements were in place during the year to facilitate
appropriate and effective succession across senior management
roles, supported by a strong pipeline of candidates.
Conflicts of interest
The Directors have a statutory duty to avoid situations in which
they have, or could have, a direct or indirect interest that conflicts
with the interests of the Company and, if potential for such a
conflict arises, must make such situations known to the Board.
In accordance with its Terms of Reference, the Nominations
Committee considers the circumstances of any such actual or
potential conflicts of interest and makes a recommendation to the
Board as to whether to authorise the conflict, as permitted under
the Company’s Articles. The Committee may recommend that
the Board imposes certain limits or conditions in respect of the
conflict. There is a procedure in place for Directors to disclose
any potential conflict to the Board and each Director is required
to review and confirm their actual and potential conflicts annually.
During the year, the Committee conducted a formal review of the
conflict of interest authorisations granted by the Board to each
individual Director.
Committee evaluation
The evaluation of the Committee determined that it was well
governed and effective in carrying out its role in accordance with
its Terms of Reference. Details of the Board and Committee
evaluation process are on page 95.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025 | Report of the Nominations Committee
100
RELX
Annual Report 2025 | Governance
Directors’ Remuneration Report
The Directors’ Remuneration Report has been prepared by the Remuneration Committee (the Committee) in accordance with the UK
Corporate Governance Code, the UK Listing Rules and Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts
and Reports) Regulations 2008, as amended (the UK Regulations). The Report was approved by the Board.
This is my first year as Chair of the Remuneration Committee, having been a member of the Committee for two years. I would like to
thank my predecessor, Robert MacLeod, for his leadership of the Committee.
The implementation of the current remuneration policy during 2025 is detailed in the Annual Remuneration Report on pages 102 to 113.
Shareholders will be invited to vote (by way of an advisory vote) on the 2025 Annual Remuneration Report at the 2026 AGM.
The current remuneration policy was approved by shareholders at the 2023 Annual General Meeting (AGM) for three years and can be
found on pages 136 to 142 of the 2022 Annual Report and Financial Statements available on relx.com. An updated remuneration policy
is therefore being proposed to shareholders for approval (by way of a binding vote) at the 2026 AGM. The updated remuneration policy,
which would apply for three years, is set out on pages 114 to 120.
Proposed Remuneration policy
In preparation for the revised Policy, the Remuneration Committee undertook a thorough review of the company’s remuneration
structure as well as comprehensive benchmarking of the compensation levels for the Executive Directors.
The Committee believes that the current remuneration structure, consisting of three main components (base salary, an annual
incentive and a long-term performance-conditioned share award plan) remains appropriate to drive continued future performance
of the business. However, the Committee feels certain adjustments to the Policy are now appropriate for the reasons described below.
Our CEO has been in role for over 15 years and our CFO for over 10 years. During this period, the company has evolved into a leading
technology-driven global provider of information-based analytics and decision tools. At the core of this digital transformation has been
the use of sophisticated artificial intelligence technologies, which help us deliver products and solutions that add higher value to
customers. Around 12,000 technologists now work at RELX and we compete for talent with the largest US and global technology
companies. Around 60% of our revenues are generated in North America, with the remainder evenly split between Europe and the Rest
of the World.
This business transformation is reflected in both the financial performance of the company as well as shareholder value creation.
From 2010 to 2024, total revenues have increased by c.55% (from £6.1bn to £9.4bn), adjusted operating profit has doubled (from £1.6bn
to £3.2bn) and adjusted EPS has nearly tripled (from 43.4p to 120.1p). Annual underlying revenue growth has accelerated from a range
of 2% to 3% in the period 2010 to 2015, to its current growth rate of 7%. Market capitalisation has increased over four-fold, from £12bn
at 31 December 2010 to £55bn at 31 December 2025.
The Committee was also mindful of the strong competitive global demand for executives with the skillsets to use increasingly
sophisticated technologies, particularly artificial intelligence, to deliver products and solutions that add higher value to customers.
Our executive talent, with their successful track record, is highly sought after by our competitors and by US-based and global technology
companies and the ability to attract and retain executives with these skillsets is critical to our continued future success.
Despite the transformation of the company, its increased scale and the increasing competition for talent with these skillsets, the base
salaries for Executive Directors have not increased by more than 2.5% annually over the past decade and their maximum incentive
levels have not materially changed.
In reaching its conclusions, the Committee reviewed in detail data on the remuneration structure and incentive levels for Executive
Directors of each FTSE 30 company taken from their latest remuneration reports, as well as reviewing quartile data for FTSE 30, FTSE
15 and FTSE 10 companies, given our market capitalisation. The Committee also considered the latest published data for non-UK peer
companies including Equifax, Moody’s, S&P, Thomson Reuters, Verisk and Wolters Kluwer. The analysis showed that our executive
directors’ potential overall compensation levels are now below those at companies of similar size and complexity in the UK and are
significantly below our American peers. Therefore, based on this detailed review, the Committee concluded the following proposed
changes to take effect for the 2026 AIP and LTIP awards granted in 2026:
§
increase the CEO’s maximum AIP from 200% to 300% of salary and the CFO’s maximum AIP increasing from 200% to 225%
§
increase the CEO’s maximum LTIP from 450% to 600% of salary and the CFO’s from 375% to 450%
§
increase the shareholding requirement from 450% to 600% of salary for the CEO and from 375% to 450% for the CFO
These proposals place us within the current upper quartile for FTSE 30 companies (before any increases some of these companies may
propose at their upcoming AGM), but below the top end of the ranges for incentive levels within this group and significantly below
comparator US levels. The Committee believes that the proposed increases are appropriate having considered the consistently strong
financial and TSR performance of the company over the past ten years, the increased size, complexity and geographic focus of the
business with a significant US exposure, external benchmarks and the increasingly competitive talent landscape.
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Annual Report 2025 | Directors’ Remuneration Report
Other change
Recognising the overlapping impact of share deferral, holding period and shareholding requirements, AIP deferral will reduce
from 50% to 25% of any AIP earned once an Executive Director’s shareholding requirement is met and AIP deferral will cease once
an Executive Director holds shares of a value equal to twice the level of their shareholding requirement. This means that the CEO
is required to hold 12 times his salary in shares, and the CFO nine times, before deferral ceases to operate. This provides a level
of alignment that goes beyond market norms and provides a significant long-term alignment with shareholders. Given the majority
of variable pay is provided via LTIP with a two year holding period, the Committee considers it has sufficient ability to apply malus
and clawback. The CEO currently owns c26 times his salary in RELX shares and the CFO c11 times his salary.
In preparing these proposals, we engaged with shareholders representing c55% of our issued capital and shareholder representative
bodies. The feedback received has been supportive of the proposals and as a result of the consultation, we have included additional
details regarding the factors considered by the Committee in reaching its conclusions, along with details of its benchmarking analysis.
Annual Remuneration report
Our purpose is to benefit society by developing products that: help researchers advance scientific knowledge; doctors and nurses
improve the lives of patients; lawyers promote the rule of law and achieve justice and fair results for their clients; businesses and
governments prevent fraud; consumers access financial services and get fair prices on insurance; and customers learn about markets
and complete transactions. Our purpose guides our actions beyond the products that we develop. It defines us as a company. Every day
across RELX our employees are inspired to undertake initiatives that make unique contributions to society and the communities in which
we operate. We see what we do as a company as being an integral part of our commitment to corporate responsibility. We have set
sustainability objectives which reflect our focus on our unique contributions to society. Our 2030 environment targets are shown on page
60 and we are continuing to reduce our environmental impact to meet these targets. Our performance was again recognised by external
rating agencies: RELX has an AAA Corporate Responsibility rating with MSCI which it has held for ten consecutive years and was ranked
first in our sector by Sustainalytics, and was included in the S&P Global Sustainability Yearbook. More information can be found on
pages 35 to 61.
As you will have seen earlier in the annual report, the Company delivered strong revenue and profit growth in 2025, driven by the ongoing
shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market
segments. We develop and deploy these tools across the company by leveraging deep customer understanding to combine leading
content and data sets with powerful artificial intelligence and other technologies. This has been a key driver of the evolution of our
business for well over a decade, and will remain a key driver of customer value and growth in our business for many years to come.
In summary, underlying revenue growth was 7%, underlying adjusted operating profit growth was 9% and at constant currency,
adjusted EPS growth was 10%. We are proposing an increase in the full-year dividend of 7%. Our Total Shareholder Return
outperformed the FTSE 100 over the last five and ten year periods as shown on page 110.
2025 outcomes
Our strong organic revenue and adjusted operating profit growth drove an AIP payout of 81% of the maximum. Details of our targets and
achievements for the year are shown on pages 103 and 104.
Financial performance was very strong over the past three years, and our TSR has outperformed our UK, US and European peer groups.
As a result, the LTIP payout is 90% of the maximum. Details of our targets and achievements are shown on page 105.
In determining the level of payout under the annual and the multi-year incentives, the Committee took into account RELX’s overall
business performance, value created for shareholders and other relevant factors and determined that the outcomes were fair and
appropriate and applied no discretion to the payouts.
As part of the benchmarking of compensation levels for the Executive Directors described above, the Committee also reviewed their
base salaries. Based on external data, the Committee determined not to make any adjustments to the CEO’s base salary. The Committee
adjusted the CFO’s base salary to £970k (from £853k), effective July 2025. This reflects both the increased scale and complexity of our
business and that our CFO is one of the most experienced CFOs in the FTSE 100, having contributed to delivering very strong financial
performance for over a decade at RELX as well as having previously served as CFO for two other FTSE 100 companies and having chaired
the Audit Committees of two FTSE 30 companies.
Broader employee considerations
The Board reviews information on employee metrics and updates on employee related matters, as well as outcomes of employee
surveys conducted during the year. Bianca Tetteroo, Non-Executive Director responsible for workforce engagement, met with employee
groups during 2025 and reported back to the Board. Further information on the workforce engagement process is provided in the
Governance section on page 92. The Committee also reviews annual salary increase guidelines globally.
When determining the remuneration for Executive Directors and Senior Executives, the Committee considers business and individual
performance as well as other factors including broader employee reward. The Committee is satisfied that the incentive schemes drive
the desired behaviours to support the Company’s purpose, values and strategy.
Alistair Cox
Chair, Remuneration Committee
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
102
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Annual Report 2025 | Governance
Annual Remuneration Report
Single Total Figure of Remuneration – Executive Directors (audited)
Annual incentive
Share based
awards
(3)
Pension
(4)
Total
GBP’000
Salary
Benefits
(1)
Cash
Deferred
Shares
(2)
Total fixed
remuneration
(5)
Total variable
remuneration
(5)
Erik Engstrom
2025
1,448
100
1,169
1, 169
7,390
159
11,436
1,708
9,728
2024
1,413
94
1,125
1,125
10,686
155
14,599
1,663
12,937
Nick Luff
2025
911
15
736
736
3,626
100
6,125
1,027
5,098
2024
832
15
663
663
5,244
92
7,508
939
6,569
(1)
Benefits are typically comprised of a car allowance, private medical/dental insurance and the cost of tax return preparation.
(2)
50% of the AIP is paid in shares deferred for three years. Dividend equivalents accrue on these shares.
(3)
The 2025 figures reflect the vesting of the 2023–2025 cycle of the LTIP. As the LTIP vests after the approval date of this Report, the average share price for the last quarter of
2025 has been used to arrive at an estimated figure in respect of these awards, in line with the methodology prescribed by the UK Regulations. The estimated figures for the
2022-2024 cycle of the LTIP disclosed in last year’s Report have been updated to reflect the share price on the vesting date, which increased the 2024 disclosed figure by
£1.1 m for the CEO and by £ 0.5 m for the CFO. The vesting percentage was determined on 14 February 2025 and was in line with the one disclosed on page 107 of the 2024
Remuneration Report. For Erik Engstrom, the amount that directly reflects share price appreciation is £4.5m for 2024 and £ 1.6 m for 2025. For Nick Luff, these numbers
are £2.2m for 2024 and £ 0.8 m for 2025. The awards are due to vest in February 2026 and the 2025 figures will be restated in next year’s report to reflect actual
values at vesting.
(4)
Erik Engstrom and Nick Luff received cash in lieu of pension of 11% of base salary.
(5)
Total fixed remuneration includes base salary, benefits and pension. Total variable remuneration includes annual incentive and share based awards.
Some figures and subtotals add up to different amounts than the totals due to rounding.
The total remuneration for Directors is set out in note 25 to the consolidated financial statements.
The AIP and LTIP performance measures and targets are shown on the following pages. The performance measures are based on
adjusted figures as they provide relevant information in assessing the Company’s performance, position and cash flows and we believe
they track the core operational performance of RELX and how it contributes to shareholder value creation. The Annual Report includes
a reconciliation of adjusted measures to IFRS measures.
103
RELX
Annual Report 2025 | Directors’ Remuneration Report
2025 Annual Incentive
Set out below is a summary of performance against each financial and non-financial measure and the resulting payout for 2025:
Performance measure
Weighting
%
Financial targets
(1)
GBPm
Achievement
Achievement
% vs target
Payout %
vs target
Payout %
of max
(2)
Threshold
Target
Maximum
Revenue
30%
9,015
9,590
10,070
9,590
100.0%
100.0%
66.7%
Adjusted net profit after tax
30%
2,182
2,321
2,437
2,358
101.6%
116.0%
77.3%
Cash flow
30%
2,927
3,114
3,270
3,301
106.0%
150.0%
100.0%
Financial measures
90%
122.0%
81.3%
Non-financial measures
10%
A detailed description of the non-financial measures
and achievement against those is set out on the next
page.
97.5%
65.0%
Total
100%
119.6%
80.7%
(1)
Targets are set on an underlying basis for revenue and on a constant currency basis for adjusted net profit, and reflect targeted growth, with cash flow based on the
targeted cash conversion. Target amounts presented in sterling reflect actual movements in exchange rates relative to their equivalent constant currency amounts.
(2)
The maximum for each measure is 150% of target. The overall maximum is 200% of salary.
As highlighted earlier, underlying revenue growth was 7%. Underlying adjusted operating profit growth was 9 % and at constant currency, adjusted EPS growth was 10%.
Some figures add up to different amounts than the totals due to rounding.
50% of the AIP will be paid in cash in Q1 2026 and the remainder is paid in Deferred Shares which will be released in Q1 2029. The release
of Deferred Shares is not subject to any further performance conditions but is subject to malus and clawback.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
104
RELX
Annual Report 2025 | Governance
Non-financial measures
Non-financial measures represent 10% of the AIP. Of this component, achievements and payouts are outlined below.
The targets for 2025 were focused on sustainability metrics and are consistent with our glidepath to achieving the 2030 targets. Payout
for carbon reduction and for paper usage and waste was capped at 95% of target in the year in recognition of the changes in office work
patterns and business travel.
More information can be found on pages 35 to 61.
Non-financial measures
Relative
weighting
Target
Achievement
Payout %
of target
Payout %
of max
Carbon reduction
25%
§
Reduce Scope 1 (direct) and Scope 2
(location-based) carbon emissions
by 33% against a 2018 baseline.
§
Reduce energy and fuel
consumption of our locations by
27% against a 2018 baseline.
§
Carbon emissions reduced by 74%.
§
Energy and fuel consumption
reduced by 71%.
95.0%
63.3%
Paper usage and
waste
25%
§
Reduce total waste sent to landfill from
reporting locations by 50% against a
2018 baseline.
§
100% of RELX production papers,
graded in Book Chain Project, rated as
‘known and responsible sources’ or
certified FSC or PEFC.
§
Total waste sent to landfill reduced
by 97%.
§
100% of RELX production papers rated
as ‘known and responsible sources’
or certified FSC or PEFC.
95.0%
63.3%
Socially responsible
suppliers
25%
§
6,350 suppliers
as Code signatories to.
§
125 independent external audits of
suppliers.
§
6,586 suppliers Code signatories.
§
140 audits of suppliers completed.
100.0%
66.7%
Universal access to
information
25%
§
500 new content items added to the
free RELX SDG Resource Centre.
§
315,000 unique users of the RELX SDG
Resource centre.
§
935 content items added to the RELX
SDG Resource Centre.
§
352,391 unique users of RELX SDG
Resource centre.
100.0%
66.7%
Total
100%
97.5%
65.0%
105
RELX
Annual Report 2025 | Directors’ Remuneration Report
2023
–
2025 LTIP
Set out below is a summary of performance against each measure of the LTIP cycle 1 January 2023–31 December 2025.
The targets remained unchanged from when these were set at the beginning of 2023. As noted in the Chair letter, financial performance
was very strong and RELX’s TSR outperformed the UK, US and European peer groups over the period. The payout is 90% of maximum.
Performance measure
Weighting
Performance range and
vesting levels set at grant
(1)
Achievement against the performance range
Resulting vesting
percentage
TSR over the three-year
performance period
20%
below median
median
upper quartile
0%
25%
100%
between median and upper quartile
of UK, European and US groups
67.1%
Average growth in adjusted EPS over
the three-year performance period
(2)
40%
below 5% p.a.
5% p.a.
6% p.a.
7% p.a.
8% p.a.
9% p.a.
10% p.a.
11% p.a. and above
0%
25%
50%
65%
75%
85%
92.5%
100%
9.8%
91.0%
ROIC in the third year of the
performance period
(2)
40%
below 11.0%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0% and above
0%
25%
50%
65%
75%
85%
92.5%
100%
Above 14%
100.0%
Total vesting percentage:
89.8%
(1)
Calculated on a straight-line basis for performance between the points.
(2)
Growth in adjusted EPS at constant currency and ROIC are calculated as set out in the Chief Financial Officer’s report and note 10 to the consolidated financial statements,
with adjustments made to remove the effect on ROIC of changes in exchange rates, pension deficits and accounting standards over the three-year performance period.
The performance measures used in incentive plans are based on adjusted figures as they provide relevant information in assessing
the Company’s performance, position and cash flows and we believe they track the core operational performance of RELX and how it
contributes to shareholder value creation. The Annual Report includes a reconciliation of adjusted measures to IFRS measures.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
106
RELX
Annual Report 2025 | Governance
Single Total Figure of Remuneration – Non-Executive Directors (audited)
Total fee
Benefits
(1)
Total
GBP
2024
2025
2024
2025
2024
2025
Paul Walker
725,000
725,000
1,017
1,188
726,017
726,188
Alistair Cox
152,000
161,614
152,000
161,614
June Felix
161,000
156,500
161,000
156,500
Andy Halford
(2)
N/A
88,516
N/A
88,516
Charlotte Hogg
127,000
127,000
127,000
127,000
Robert MacLeod
(3)
157,000
47,630
157,000
47,630
Andrew Sukawaty
140,500
150,228
140,500
150,228
Bianca Tetteroo
(4)
61,250
127,000
N/A
5,240
61,250
132,240
Suzanne Wood
(5)
210,500
222,267
210,500
222,267
(1)
Benefits comprise the notional benefit of tax filing support provided to Non-Executive Directors for filings outside their home country resulting from their directorships
with RELX. Paul Walker’s benefits relate to private medical insurance. Further, the Company meets all reasonable travel, subsistence, accommodation and other
expenses, including any tax where such expenses are deemed taxable, incurred by the Non-Executive Directors and the Chair in the course of performing their duties.
(2)
Appointed to the Board at the AGM on 24 April 2025.
(3)
Retired from the Board at the AGM on 24 April 2025.
(4)
Appointed to the Board on 1 July 2024.
(5)
Became a member of the Remuneration Committee from the AGM on 24 April 2025.
The total remuneration for Directors is set out in note 25 to the consolidated financial statements.
Non-Executive Directors’ fees
The fees in the Single Total Figure table for Non-Executive Directors reflect the following fees in 2025:
GBP
Annual fee 2025
Annual fee 2026
Chair
725,000
725,000
Non-Executive Directors
97,500
97,500
Senior Independent Director
40,000
40,000
Chair of:
– Audit Committee
40,000
40,000
– Remuneration Committee
40,000
40,000
Workforce engagement fee
25,000
25,000
Committee membership fee:
– Audit Committee
25,000
25,000
– Remuneration Committee
25,000
25,000
– Nominations Committee
15,000
15,000
In addition, an intercontinental travel fee of £4,500 was payable to any Non-Executive Director (excluding the Chair) in respect of each
transatlantic journey made in order to attend a RELX Board or Committee meeting during 2025.
Fees may be reviewed annually, although in practice they have changed on a less frequent basis.
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Statement of Directors’ shareholdings and other share interests (audited)
Shareholding requirement
The Committee believes that a closer alignment of interests can be created between senior management and shareholders if executives
build and maintain a significant personal stake in RELX. The shareholding requirements applicable to the Executive Directors are set
out in the table below. Shares that count for this purpose are (i) any type of RELX security of which the Director, their spouse, civil
partner or dependent child has beneficial ownership and (ii) AIP deferred shares which are within their three-year deferral period, on a
notional net (after tax) basis. There has been no change to the interests reported below between 31 December 2025 and the date
of this Report.
Meeting the shareholding requirement is both a vesting condition for LTIP awards granted and a requirement to maintain eligibility for
future LTIP awards. On termination of employment, Executive Directors are to maintain their full shareholding requirement (or, if lower,
their actual level of shareholding at the time of leaving) for two years after leaving employment.
On 31 December 2025, the Executive Directors’ shareholdings were as follows:
Shareholding requirement
(% of 2025 annual base salary)
Shareholding as at
31 December 2025 (% of 2025
annual base salary)
(1)
Erik Engstrom
450%
2569%
Nick Luff
300%
1066%
(1)
Includes AIP deferred shares which are within their three-year deferral period, on a notional net (after tax) basis (55,073 for Erik Engstrom and 32,431 for Nick Luff).
For disclosure purposes, any PLC ADRs held are included as ordinary shares.
Share interests (number of RELX ordinary shares held)
1 January 2025
31 December 2025
Erik Engstrom
1,175,520
1,180,001
Nick Luff
286,267
289,260
Paul Walker
16,000
16,000
Alistair Cox
3,170
4,046
June Felix
7,500
7,500
Andy Halford
(2)
N/A
5,000
Charlotte Hogg
4,750
4,750
Robert MacLeod
(3)
6,950
N/A
Andrew Sukawaty
30,000
30,000
Bianca Tetteroo
(4)
0
0
Suzanne Wood
5,100
5,100
(1)
Number excludes AIP deferred shares which are within their three-year deferral period. If these were included on a notional net (after tax) basis, the totals at 31 December
2025 would be 1,235,074 for Erik Engstrom and 321,691 for Nick Luff].
(2)
Appointed to the Board at the AGM on 24 April 2025.
(3)
Retired from the Board at the AGM on 24 April 2025.
(4)
Is not able to hold RELX shares given her executive role at Achmea.
Scheme interests awarded during the financial year (audited)
LTIP – PERFORMANCE SHARE AWARDS
Basis on which
award is made
Face value of
award at grant
(1)
Percentage of maximum vesting for
threshold performance
End of performance period
Erik Engstrom
450% of salary
£6,358,360
If each measure pays out at threshold,
the overall payout is 20%
31 December 2027
Nick Luff
375% of salary
£3,120,203
AIP – DEFERRED SHARES
Erik Engstrom
1/2 of 2024 AIP payout
£1,125,411
N/A. The release of AIP deferred shares in Q1 2028 is not subject to any
further performance conditions, but is subject to malus and clawback.
Nick Luff
1/2 of 2024 AIP payout
£662,718
(1)
The face value of the LTIP awards and AIP deferred shares granted in February 2025 was calculated using the middle market quotation of a PLC ordinary share (£40.73).
This share price was used to determine the number of shares granted.
The LTIP awards granted in 2025 are based on ROIC, EPS and TSR weighted 40%:40%:20% respectively and assessed independently.
The targets and vesting scales applicable to these awards are set out on page 114 of the 2024 Remuneration Report.
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108
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Annual Report 2025 | Governance
Multi-year incentive interests (audited)
The tables below and on the next page set out unvested LTIP share awards, AIP deferred shares and vested but unexercised options
held by the Executive Directors, including details of awards granted, vested and options exercised during the year.
All outstanding LTIP share awards are subject to performance conditions.
Between 31 December 2025 and the date of this Report, there have been no changes in the share awards or options held by the
Executive Directors.
Erik Engstrom
LTIP SHARES
Year of
grant
No. of
unvested
shares
held on
1 Jan 2025
No. of
shares
awarded
during
2025
Market
price per
share at
award
No. of
shares
vested
during
2025
Market
price per
share at
vesting
No. of
unvested
shares
held on
31 Dec 2025
End of
performance
period
Date of
vesting
2025
156,110
£40.73
156,110
Dec 2027
Feb 2028
2024
182,342
£34.020
182,342
Dec 2026
Feb 2027
2023
242,857
£24.920
242,857
Dec 2025
Feb 2026
2022
259,819
£22.725
252,024
£40.73
Total
685,018
156,110
252,024
581,309
DEFERRED
SHARES
(1)
Year of
grant
No. of
shares
held on
1 Jan 2025
No. of
shares
awarded
during
2025
Market
price per
share at
award
No. of
shares
released
during
2025
Market
price per
share at
release
No. of
shares
held on
31 Dec 2025
Date of
release
2025
27,631
£40.73
27,631
Feb 2028
2024
35,228
£34.020
35,228
Feb 2027
2023
41,054
£24.920
41,054
Feb 2026
2022
49,912
£22.725
49,912
£40.73
Total
126,194
27,631
49,912
103,913
(1)
Part of the AIP is paid in deferred shares released after three years. The amount at grant was already included in the AIP in the single figure table of the relevant year.
OPTIONS
Year of
grant
No. of
options
held on
1 Jan 2025
No. of
options
granted
during
2025
Option
price on
date of
grant
No. of
options
exercised
during
2025
Market
price per
share at
exercise
No. of
options
held on
31 Dec 2025
Options
exercisable
until
2017
85,356
£14.945
85,356
27 Feb 27
90,116
€16.723
90,116
27 Feb 27
Total
175,472
175,472
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Nick Luff
LTIP SHARES
Year of
grant
No. of
unvested
shares
held on
1 Jan 2025
No. of
shares
awarded
during
2025
Market
price per
share at
award
No. of
shares
vested
during
2025
Market
price per
share at
vesting
No. of
unvested
shares
held on
31 Dec 2025
End of
performance
period
Date of
vesting
2025
76,607
£40.73
76,607
Dec 2027
Feb 2028
2024
89,479
£34.020
89,479
Dec 2026
Feb 2027
2023
119,175
£24.920
119,175
Dec 2025
Feb 2026
2022
127,499
£22.725
123,674
£40.73
Total
336,153
76,607
123,674
285,261
DEFERRED
SHARES
(1)
Year of
grant
No. of
shares
held on
1 Jan 2025
No. of
shares
awarded
during
2025
Market
price per
share at
award
No. of
shares
released
during
2025
Market
price per
share at
release
No. of
shares
held on
31 Dec 2025
Date of
release
2025
16,271
£40.73
16,271
Feb 2028
2024
20,745
£34.020
20,745
Feb 2027
2023
24,175
£24.920
24,175
Feb 2026
2022
29,391
£22.725
29,391
£40.73
Total
74,311
16,271
29,391
61,191
(1)
Part of the AIP is paid in deferred shares released after three years. The amount at grant was already included in the AIP in the single figure table of the relevant year.
OPTIONS
Year of
grant
No. of
options
held on
1 Jan 2025
No. of
options
granted
during
2025
Option
price on
date of
grant
No. of
options
exercised
during
2025
Market
price per
share at
exercise
No. of
options
held on
31 Dec 2025
Options
exercisable
until
2017
40,210
£14.945
40,210
27 Feb 27
42,452
€16.723
42,452
27 Feb 27
2016
47,778
£12.550
47,778
£40.886
50,586
€15.285
50,586
€49.247
Total
181,026
98,364
82,662
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
110
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Annual Report 2025 | Governance
Performance graphs
The graphs below show total shareholder returns for RELX calculated on the basis of the average share price in the 30 trading days
before the respective year end and assuming dividends were reinvested. RELX’s performance is compared with the FTSE 100.
3 years
5 years
10 years
0
25
50
75
100
125
150
175
%
Dec-25
RELX vs
FTSE 100 – 3-YEAR TSR
Dec-22
Dec-24
Dec-23
RELX
FTSE 100
+45%
∆=-7%
+38%
%
Dec-20
Dec-21
Dec-22
Dec-25
Dec-24
Dec-23
0
25
50
75
100
125
150
175
200
225
250
RELX
FTSE 100
RELX vs
FTSE 100 – 5-YEAR TSR
+80%
∆=8%
+88%
RELX
FTSE 100
Dec-17
Dec-16
Dec-15
Dec-19
Dec-18
Dec-24
Dec-25
Dec-23
Dec-22
Dec-21
Dec-20
%
∆=93%
+129%
0
100
200
300
400
500
RELX vs
FTSE 100 – 10-YEAR TSR
+222%
CEO historical pay table
The table below shows the historical CEO pay over a ten-year period.
GBP’000
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Base salary
1,160
1,189
1,218
1,249
1,280
1,312
1,345
1,379
1,413
1,448
Annual incentive payout
as a % of maximum
68%
69%
78%
77%
65%
86%
76%
87%
80%
81%
Multi-year incentive vesting
as a % of maximum
(1)
97%
92%
81%
81%
6%
71%
70%
100%
97%
90%
CEO total
11,399
8,748
9,141
9,346
3,980
9,560
8,597
14,989
14,599
11,436
(1)
From 2020 onwards, amounts above reflect LTIP vesting. Prior periods also include vesting of awards under ESOS and BIP plans which were discontinued for Directors
since 2017 (with the final vesting of awards under those plans occurring in 2019) .
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Comparison of change in Directors’ pay with change
in employee pay
The UK Regulations require companies to disclose the percentage
change in remuneration from 2024 to 2025 for each director
compared with the employees of the listed company, excluding
directors. RELX PLC has no employees and Executive Directors
are the only employees of RELX Group PLC. We therefore have
no data to report but have chosen to continue to report data on
changes in base salary of the CEO compared with changes in base
salary of a broader employee population. The salary increase for
the CEO of 2.5% for 2025 was in line with the salary increase
budget for the UK and the US where the majority of our employees
are based.
UK pay ratios
The UK Regulations require the disclosure of the ratio of total
CEO remuneration to median (P50), 25th percentile (P25) and 75th
percentile (P75) UK employee total remuneration (calculated on
a full-time equivalent basis). UK employees represent less than
20% of our global employee population.
Pay ratios for total remuneration are likely to vary, potentially
significantly, over time, since the CEO’s total remuneration each
year is driven largely by performance-related pay outcomes and is
affected by share price movements. We have therefore also shown
the UK ratios for the salary component.
For the purposes of the ratios below, the CEO’s 2025 total
remuneration is the total single figure and salary as disclosed
on page 102. The P25, P50 and P75 were selected from the UK
employee population as at 1 October 2025. Ratios for prior
years are as disclosed in the respective reports.
Total
remuneration
Pay ratios
All UK employees GBP’000
Year
Method
P25
P50
P75
P25
P50
P75
2025
A
215:1
149:1
107:1
53
77
107
2024
A
269:1
183:1
131:1
50
74
103
2023
A
294:1
198:1
140:1
46
69
97
2022
A
188:1
129:1
89:1
44
64
93
2021
A
223:1
151:1
104:1
43
64
92
2020
A
98:1
67:1
46:1
40
59
86
2019
A
225:1
149:1
100:1
39
58
86
Salary
Pay ratios
All UK employees GBP’000
Year
Method
P25
P50
P75
P25
P50
P75
2025
A
32:1
23:1
17:1
46
64
86
2024
A
32:1
23:1
17:1
44
62
83
2023
A
33:1
24:1
17:1
42
58
80
2022
A
34:1
25:1
18:1
39
55
76
2021
A
35:1
25:1
18:1
38
52
74
2020
A
35:1
25:1
18:1
37
52
72
2019
A
35:1
25:1
18:1
35
51
71
Slight differences compared with ratios calculated using data
shown in the tables are due to rounding.
The ratios are calculated using Option A, meaning that the
median, 25th and 75th percentiles were determined based on total
remuneration using the single total figure valuation methodology,
except for annual incentives (other than sales incentives) which
are based on estimated payout as individual final payout levels
are still to be finalised.
We chose Option A as we believe it is the most robust and accurate
way to identify the median, 25th percentile and 75th percentile
UK employee.
The Committee is satisfied that the overall picture presented
by the 2025 pay ratios is consistent with the pay, reward and
progression policies for the Group’s UK employees.
§
Salaries for all UK employees, including the Executive
Directors, are set based on a wide range of factors, including
market practice, scope and impact of the role and experience.
§
The provision of certain benefits and the level of benefit
provided vary depending on the role and level of seniority.
§
Participation in annual incentive plans varies by business and
reflects the culture and the nature of the business, as well
as role.
§
Whilst none of the comparator employees participate in the
executive share plans, they do have the opportunity to receive
company shares via the UK Sharesave Option Plan. A greater
proportion of performance-related variable pay and share
based awards applies to more senior executives, including
the Executive Directors, who have a greater influence over
performance outcomes.
Relative importance of spend on pay
The following table sets out the total employee costs for all
employees, as well as the amounts paid in dividends and
share repurchases.
2024
GBPm
2025
GBPm
% change
Employee costs
(1)
3,145
3,175
1%
Dividends
1,121
1,181
5%
Share repurchases
1,000
1,500
50%
(1)
Employee costs include wages and salaries, social security costs, pensions and
share based and related remuneration.
Payments to past Directors and payments for loss of office
(audited)
There have been no payments for loss of office in 2025.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
112
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Annual Report 2025 | Governance
Implementation of the remuneration policy in 2026
Salary:
The Committee approved salary increases of 2.5% for the
CEO and CFO for 2026, in line with the increase for the broader UK
workforce. As a result, Erik Engstrom’s salary from 1 January
2026 is £ 1,484,506 and Nick Luff’s salary is £994,250.
Benefits:
The benefits provided to the Executive Directors are
unchanged for 2026.
Annual incentive:
Subject to shareholder approval, the maximum
AIP payout is 300% of base salary for the CEO and 225% for the
CFO.
Revenue, adjusted net profit after tax and cash flow each have a
one-third weighting. Details of the 2026 annual incentive targets
will be disclosed in the 2026 Remuneration Report.
Pension:
Erik Engstrom and Nick Luff will receive cash in lieu
of pension of 11% of their salary.
Share based awards:
Subject to shareholder approval, we will be
granting LTIP awards with face values of 600% of salary to Erik
Engstrom and 450% to Nick Luff in 2026. Awards will be made at
the current limits (450% and 375% respectively for the CEO and for
the CFO) in February 2026 and top up awards will be made after
the April 2026 AGM, based on the share price used for the
February initial awards. The awards are subject to a three-year
performance period and a two-year holding period applies.
The following metrics, weightings, targets and vesting scales
apply to LTIP awards granted in 2026 for the 2026–2028 cycle.
The vesting of LTIP awards is dependent on three separate
performance measures: ROIC, EPS and TSR weighted
40%:40%:20% respectively and assessed independently.
The TSR measure comprises three comparators (sterling,
euro and US dollar) reflecting the fact that RELX accesses equity
capital markets through three exchanges – London, Amsterdam
and New York – in three currency zones. RELX’s TSR performance
is measured separately against each comparator group and
each ranking achieved will produce a payout, if any, in respect
of one-third of the TSR measure. The proportion of the TSR
measure that vests will be the sum of the three payouts.
The averaging period applied for TSR measurement purposes is
the three months before the start of the financial year in which the
award is granted and the last three months of the third financial
year of the performance period.
The companies for the TSR comparator groups for the 2026–2028
LTIP cycle were selected on the following basis (substantially
unchanged from prior year):
(a)
they were in a relevant market index or were the largest
listed companies on the relevant exchanges at the end of the
year before the start of the performance period: the FTSE 100
for the sterling group; the Euronext100 and Dax40 for the euro
group; and the S&P 500 for the US dollar group;
(b)
certain companies were then excluded:
§
those with mainly domestic or single country revenues
(as they do not reflect the global nature of RELX’s
customer base);
§
those engaged in extractive industries (as they are
exposed to commodity cycles); and
§
financial services companies (as they have a different
risk/reward profile).
(c)
the remaining companies were then ranked by market
capitalisation and, for each comparator group, around
50 companies with market capitalisations above and
below that of RELX were taken; and
(d)
relevant listed global peers operating in businesses similar
to those of RELX, but not otherwise included, were added.
Vesting percentage of each third
of the TSR tranche
(1)
TSR ranking within the relevant
TSR comparator group
0%
Below median
20%
Median
100%
Upper quartile
(1)
Vesting is on a straight-line basis for performance between the minimum and
maximum levels.
The calculation methodology for the EPS and ROIC measures
is set out in the 2013 Notices of Annual General Meetings, which
can be found on RELX’s website. The targets and vesting scales
applicable to the EPS and ROIC are set out below.
Vesting percentage
of EPS and ROIC
tranches
(1)
Average growth
in adjusted EPS over
the three-year performance
period
Average ROIC over
the three-year
performance period
0%
below 5% p.a.
below 11.2%
20%
5% p.a.
11.2%
50%
6% p.a.
11.9%
65%
7% p.a.
12.6%
75%
8% p.a.
13.3%
85%
9% p.a.
14.0%
92.5%
10% p.a.
14.7%
100%
11% p.a. or above
15.4% or above
(1)
Vesting is on a straight-line basis for performance between the stated average
adjusted EPS growth/ROIC percentages.
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Remuneration Committee advice
The Committee consists of independent Non-Executive Directors
and the Chair of RELX. Details of members and their attendance
are contained in the Corporate Governance Review on page 90.
The Chief Legal Officer and Company Secretary attends meetings
as secretary to the Committee. At the invitation of the Chair of
the Committee, the CEO attends appropriate parts of the
meetings. The CEO is not in attendance during discussions
about his remuneration.
The Chief Human Resources Officer advised the Committee
during the year.
Willis Towers Watson is the external adviser, appointed by the
Committee through a competitive process. Willis Towers Watson
also provided actuarial and other human resources consultancy
services to some RELX companies during the year. The Committee
is satisfied that the firm’s advice continues to be objective and
independent, and that no conflict of interest exists. The individual
consultants who work with the Committee do not provide advice
to the Executive Directors or act on their behalf. Willis Towers
Watson is a member of the Remuneration Consultants’ Group and
conducts its work in line with the UK Code of Conduct for executive
remuneration consulting. During 2025, Willis Towers Watson
received fees of £24,639 for advice given to the Committee,
charged on a time and expense basis.
Shareholder voting
At the Annual General Meeting of RELX PLC on 24 April 2025, votes cast by proxy and at the meeting in respect of the Directors’
Remuneration Report were as follows:
Resolution
Votes For
% For
Votes Against
% Against
Total votes cast
Votes Withheld
Remuneration Report (advisory)
1,439,249,912
95.68%
65,010,139
4.32%
1,504,260,051
401,804
At the Annual General Meeting of RELX PLC on 20 April 2023, votes cast by proxy and at the meeting in respect of the Directors’
Remuneration Policy were as follows:
Resolution
Votes For
% For
Votes Against
% Against
Total votes cast
Votes Withheld
Remuneration Policy (binding)
1,528,240,789
95.87%
65,765,933
4.13%
1,594,006,722
2,416,183
Alistair Cox
Chair, Remuneration Committee
11 February 2026
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
114
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Annual Report 2025 | Governance
Set out in this section is the Company’s proposed new remuneration policy for Directors, which, subject to approval by shareholders,
will apply for three years from the conclusion of the RELX PLC AGM to be held in April 2026. The key changes from the previous
Remuneration Policy (which was first published on pages 136 to 142 of the 2022 Annual Reports and Financial Statements and was
approved by shareholders at the April 2023 Annual General Meeting) and the rationale for the changes are explained in the Committee
Chair’s introduction. Some minor editorial changes have also been made.
The Policy is intended to apply for three years from the 2026 AGM and to awards granted in 2026.
Remuneration policy table – Executive Directors
ANNUAL BASE SALARY
Purpose and link to strategy
To recruit and retain the best executive talent globally to execute our strategic objectives at appropriate cost.
Operation
Salaries for Executive Directors are set and reviewed annually by the Remuneration Committee (the Committee) with changes typically
taking effect on 1 January. In exceptional circumstances, the Committee may review salaries more frequently.
When reviewing salaries, the Committee considers the executive’s role and sustained value to the Company in terms of skill, experience
and overall contribution and the Company’s guidelines for salaries for all employees for the year. Periodically, competitiveness with
companies which are comparable in respect of industry, size, international scope and complexity is also considered in order to ensure
the Company’s ability to attract and retain executives.
Performance framework
N/A
Maximum value
Salary increases will continue to be aligned with the range of increases for the wider employee population and subject to annual
all-employee guidelines. However, as for all employees, the Committee has discretion to exceed this to take account of individual
circumstances such as change in responsibility, increases in scale or complexity of the business or alignment to market level.
Recovery of sums paid
No provision.
RETIREMENT BENEFITS
Purpose and link to strategy
Retirement plans are part of remuneration packages designed to recruit and retain the best executive talent at appropriate cost.
Operation
Executive Directors receive pension benefits up to the value equivalent to the maximum level of pension benefits provided under the
Company’s regular defined contribution pension plans as may be in effect or amended from time to time (currently 11% of base salary
in the UK). The defined contribution pension plans are designed to be competitive and sustainable long-term. Any amount payable may
be paid wholly or partly as cash in lieu.
Performance framework
N/A
Maximum value
The maximum value is equivalent to the maximum level of pension benefits provided under the Company’s regular defined contribution
pension plans as may be in effect or amended from time to time (currently capped at 11% of base salary in the UK).
Recovery of sums paid
No provision.
Remuneration Policy Report
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OTHER BENEFITS
Purpose and link to strategy
To provide competitive benefits at appropriate cost.
Operation
Other benefits, subject to periodic review, may include private medical and dental cover, life assurance, tax return preparation costs,
car benefits, directors’ and officers’ liability insurance, relocation benefits and expatriate allowances and other benefits available
to employees generally, including, where appropriate, the tax on such benefits.
Performance framework
N/A
Maximum value
The maximum for ongoing benefits for Executive Directors will not normally exceed 10% of salary (excluding any one-off items,
such as immigration support or relocation benefits, and any tax related charge on benefits which is met by the Company). However,
the Committee may provide reasonable benefits beyond this amount in exceptional situations, such as a change in the individual’s
circumstances caused by the Company, or if there is a significant increase in the cost of providing the agreed benefit.
ANNUAL INCENTIVE PLAN (AIP)
Purpose and link to strategy
The annual incentive provides focus on the delivery of annual financial targets and the achievement of annual objectives and milestones
which are chosen to align with the Company’s strategy and create a platform for sustainable future performance. The compulsory
deferral of 50% of any annual incentive earned into RELX shares for three years promotes longer-term alignment of Executive Directors’
interests with shareholders’ interests, including an element of post-termination shareholding.
Why performance measures are chosen and how targets are set
Performance measures include a balanced set of financial measures which are appropriately weighted and which support current
strategy and incentivise the Executive Directors to achieve the desired outcomes without undue risk of focusing on any one financial
measure. The financial targets are designed to be challenging and are set with reference to the previous year’s performance and
internal and external forecasts for the following year.
Performance measures may also include non-financial measures, for example linked to sustainability.
Operation
The Committee reviews and sets the financial targets and, if applicable, non-financial targets, annually, taking into account internal
forecasts and strategic plans. Following year end, the Committee compares actual performance with the financial targets and assesses
the achievement of any non-financial targets. The targets and outcomes are fully disclosed in the Remuneration Report published after
year end.
50% of any annual incentive earned is paid in cash to the Executive Director and the remaining 50% is deferred into RELX shares, which
are released to the Executive Director after three years. The share deferral proportion is reduced to 25% of any AIP earned once the
shareholding requirement is met, and eliminated once an executive director meets twice the shareholding requirement.
Dividend equivalents accrued during the deferral period are payable in respect of the shares. On a change in control, the default position
is that deferred shares are released to the Executive Director. Alternatively, the Committee may determine that deferred shares will
instead be exchanged for equivalent share awards in the acquiring company.
Performance framework
The AIP is comprised of a balance of financial measures. The Committee can include non-financial measures with a weighting of up to
15%.
Each measure is assessed separately. There is no payout below threshold and payout for each measure at threshold is up to 10% of the
maximum opportunity for that measure.
Following an assessment of achievement against each metric, the Committee agrees the overall level of earned incentive for each
Executive Director.
Committee discretion applies.
1,2,3
Maximum value
The maximum potential annual incentive is 300% of salary for the CEO and 225% for other Executive Directors. This includes any
deferred share element but excludes dividend equivalents payable in respect of the deferred shares.
Recovery of sums paid
Clawback applies.
4
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
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LONG-TERM INCENTIVE PLAN (LTIP)
Purpose and link to strategy
The Long-Term Incentive Plan (LTIP) is designed to provide a long-term incentive for Executive Directors to achieve the key performance
measures that support the Company’s strategy, and to align their interests with shareholders.
Why performance measures are chosen and how targets are set
Our strategic focus is on continuing to transform the core business through organic investment and the build-out of new products into
adjacent markets and geographies, supplemented by selective portfolio acquisitions and divestments. The performance measures in
the LTIP are chosen to support this strategy by focusing on sustained earnings growth, return on invested capital and shareholder return.
Targets are set with regard to previous results and internal and external forecasts for the performance period and the strategic plan for
the business. They are designed to provide exceptional reward for exceptional performance, whilst allowing a reasonable expectation
that reward at the lower end of the scale is attainable, subject to robust performance.
Operation
Annual awards of performance shares, with vesting subject to:
§
performance measured over three financial years
§
continued employment (subject to the provisions set out in the Policy on payments for loss of office section)
The Committee may also make vesting subject to meeting shareholding requirements.
A holding period of two years applies after vesting.
Dividend equivalents accrued during the performance period are payable in respect of the performance shares that vest.
On a change of control, the default position is that awards vest on a pro-rated basis, subject to an assessment of performance against
targets at that time. Alternatively, the Committee may determine that the awards will not vest and will instead be exchanged for
equivalent awards in the acquiring company.
Performance framework
The performance measures are EPS, ROIC and relative TSR, weighted 40%:40%:20% respectively and assessed independently,
such that a payout can be received under any one of the measures (or, for TSR, in respect of one of the three comparator groups).
Each measure is assessed separately. There is no payout below threshold and payout for each measure at threshold is 20% of the
maximum opportunity for that measure.
Dividend equivalents are not taken into account in the above payout levels.
Committee discretion applies.
1,2,3
Maximum value
The maximum grant in any year is up to 600% of base salary for the CEO and up to 450% of base salary for other Executive Directors
(not including dividend equivalents).
Recovery of sums paid
Clawback applies.
4
Shareholding requirements
The Executive Directors are subject to shareholding requirements. These are 600% of annual base salary for the CEO and 450% of
annual base salary for other Executive Directors. On joining or promotion to the Board, Executive Directors are given a period of time,
typically up to five years, to build up to their requirement.
On termination of employment, Executive Directors are to maintain their full shareholding requirement (or, if lower, their actual level of
shareholding at the time of leaving) for two years after leaving employment.
Shares which count for shareholding purposes are shares beneficially owned by the Executive Director, their spouse, civil partner or
dependent child and AIP deferred shares which are within their three-year deferral period, on a notional net of tax basis.
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Remuneration outcomes in different performance scenarios
The Committee considers the level of remuneration that may be paid in the context of the performance delivered and value added for
shareholders. The charts below are an illustration of how the CEO’s and CFO’s regular annual remuneration could vary under different
performance scenarios. The salary is the salary as at 31 December 2025. Pension is 11% of base salary. Benefits are the same in all
three scenarios in each chart and are based on 2025 benefits as shown in the 2025 Single Total Figure table. The performance
assumptions which have been used are as follows: Minimum means no AIP payout and no LTIP vesting. In line with expectations means
AIP payout at 200% of salary for the CEO and 150% of salary for the CFO and LTIP vesting at 50% of the award. Maximum means AIP
payout at 300% of salary for the CEO and 225% for the CFO and LTIP vesting at 100% of the award. The three bars in each chart assume no
share price movement. As required by the UK Regulations, assuming maximum performance achievement (as described above) and
50% share price growth over the performance period, the CEO’s maximum remuneration would increase to £19.1 m and the CFO’s
maximum remuneration to £9.8m. Any dividend equivalents payable in respect of AIP deferred shares and LTIP are not included.
CEO remuneration (GBP’000)
LTIP
AIP cash and deferred shares
Salary, benefits, pension
Minimum
In line with
expectations
Maximum
100%
19%
12%
32%
49%
29%
59%
1,708
8,949
14,743
CFO remuneration (GBP’000)
Minimum
In line with
expectations
Maximum
100%
23%
14%
31%
46%
29%
57%
1,092
4,730
7,640
LTIP
AIP cash and deferred shares
Salary, benefits, pension
Notes to the Remuneration policy table
(1)
Discretion in respect of AIP and LTIP payout levels:
In determining the level of payout under the AIP and vesting under the LTIP, the
Committee takes into account RELX’s overall business performance and value created for shareholders over the period in review
and other relevant factors. It has discretion to adjust the vesting and payout levels (subject always to the maximum individual limits)
if it believes this would result in a fairer outcome. This discretion will only be used in exceptional circumstances and the Committee will
explain in the next Remuneration Report the extent to which it has been exercised and the reasons for doing so.
(2)
Discretion to vary performance measures under the AIP and the LTIP:
The Committee may vary the financial measures applying to a
current annual incentive year and performance measures for LTIP awards already granted if a change in circumstances leads it to believe
that the arrangement is no longer a fair measure of performance. Any new measures will not be materially less, or more, challenging than
the original ones.
(3)
Discretion on termination of employment under the AIP and the LTIP:
The Committee’s discretion on termination of employment is
described under the ‘Policy on payments for loss of office’ section.
(4)
Malus and clawback under the AIP and the LTIP:
Under the AIP and the LTIP, the Committee has discretion to apply malus and clawback
in case of material misstatement of results or erroneous calculation in incentive payout; breach of post-termination restrictive covenants;
misconduct; fraud or conduct which results in (i) significant reputational damage; (ii) material adverse effect on the financial position of the
Company; or (iii) corporate failure. These apply for three years following the AIP cash payment and five years from the start of each LTIP
performance period and, in the case of a breach of restrictive covenants, to the end of the restriction period. If a participant is subject to an
internal investigation regarding a serious breach of any of the above matters, the vesting of their awards and the application of malus and
clawback may be delayed until the outcome of that investigation.
(5)
Holding period:
For purposes of this policy, “holding period” means the post-vesting period during which the recipient of the award must
retain a number of shares equal to the number of net (after tax) shares which vest under an award.
(6)
Explanation of differences between the Company’s policy on Executive Directors’ remuneration and the policy for other employees:
A larger percentage of Executive Directors’ remuneration is performance related than that of other employees. All managers participate
in an annual incentive plan. Participation levels, measures and targets vary according to their role, seniority and local business priorities.
Senior executives may also participate in multi-year equity plans. Grant levels under the plans vary according to roles and seniority.
The range and level of retirement and other benefits provided to employees vary according to local market practice.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
118
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Approach to recruitment remuneration – Executive Directors
When agreeing the components of a remuneration package on the appointment of a new Executive Director, or an internal promotion
to the Board, the Committee would seek to align the package with the remuneration policy stated in the policy table.
The Committee’s general principle on recruitment is to offer a competitive remuneration package to attract high-calibre candidates
from a global talent pool. Basic salary would be set at an appropriate level for the candidate, taking into account all relevant factors.
As a data analytics and technology-driven business, with over half of its revenue in the US, the Company primarily competes for talent
with global information and technology companies.
The various components and the Company’s approach are as follows:
REMUNERATION COMPONENTS
The remuneration would include base salary, retirement benefits, other benefits, AIP and LTIP in line with the policy table, taking into
account the principles set out above.
COMPENSATION FOR FORFEITED ENTITLEMENTS
The Committee may make awards and payments on hiring an external candidate to compensate him or her for entitlements forfeited
on leaving the previous employer. If such a decision is made, the Committee will attempt to reflect previous entitlements as closely as
possible using a variety of tools, including cash and share based awards. Malus and clawback provisions will apply where appropriate.
If necessary to facilitate the grant of awards, the Committee may rely on the one person exemption from shareholder approval in the
UK Listing Rules.
RELOCATION ALLOWANCES AND EXPENSES
The type and size of relocation allowances and expenses will be determined by the specific circumstances of the new recruit.
Policy on payments for loss of office
In line with the Company’s policy, the service contracts of the existing Executive Directors contain 12-month notice periods.
The circumstances in which an Executive Director’s employment is terminated will affect the Committee’s determination of any payment
for loss of office, but it expects to apply the principles outlined in the table on the next page. The Committee reserves the right to depart
from these principles where appropriate in light of any taxation requirements to which the Company or the Executive Director is subject
(including, without limitation, section 409A of the US Internal Revenue Code), or other legal obligations.
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Policy on payments for loss of office (continued)
GENERAL
(1)
INCENTIVES
Mutually agreed termination/termination by the Company other than for cause
(2)
(includes retirement with customary notice)
The Executive Director would be entitled to salary, benefits
and other contractual payments in the normal way up to the
termination date and would be paid for any accrued but
untaken holiday.
Salary:
Payment of up to 12 months’ salary to reflect the notice
period or payment in lieu of notice.
Other benefits:
Where possible, benefits would be continued for
up to the duration of any unworked period of notice (not exceeding
the maximum stated in the policy table) or the Executive Director
would receive a cash payment (not exceeding the cost to the
Company of providing those benefits).
Pension:
Deferred or immediate pension in accordance with
scheme rules, with a credit in respect of, or payment for up to,
the full period of any unworked period of notice. There is provision
under the defined benefit pension scheme for members leaving
Company service by reason of permanent incapacity to make
an application to the scheme trustee for early payment of
their pension.
Other:
The Company may pay compensation in respect of any
statutory employment rights and may make other appropriate
and customary payments.
The Company would have due regard to principles of mitigation
of loss. Reductions would be applied to reflect any portion of the
notice period that is worked and/or spent on gardening leave.
On injury, disability, ill-health or death, the Committee reserves
the right to vary the treatment outlined in this section.
Annual incentive:
Any unpaid annual incentive for the previous year
and a pro-rata payment in respect of the part of the financial year
up to the termination date would generally be payable (subject
to the deferral provisions), with the amount being determined
by reference to the original performance criteria. However, the
Committee has discretion to decide otherwise depending on
the reason for termination and other specific circumstances.
The Company would not pay any annual incentive in respect of
any part of the financial year following the termination date (e.g.
for any unworked period of notice). AIP deferred shares would be
released to the Executive Directors in full at the end of the deferral
period. The annual incentive clawback provisions would apply.
LTIP:
The default position is that unvested LTIP awards would
be pro-rated to reflect time employed and would vest subject to
performance measured at the end of the relevant performance
period and subject to the Executive Director continuing to
meet their full shareholding requirement for two years after the
termination date. The Committee has discretion to allow unvested
LTIP awards to vest earlier and to adjust the application of time
pro-rating and performance conditions, subject to the plan rules.
The requirement to retain net (after tax) vested LTIP shares for
a holding period of two years after vesting ceases to apply on
termination of employment.
Employee instigated resignation
The Executive Director would not receive any payments for
loss of office. The Executive Director would be entitled to salary,
benefits and other contractual payments in the normal way up
to the termination date and would be paid for any accrued but
untaken holiday.
Pension:
A deferred or immediate pension would be payable
in accordance with the scheme rules.
Annual incentive:
The Executive Director would be entitled to
receive an annual incentive for a completed previous year (subject
to the deferral provisions), but not a pro-rated annual incentive
in respect of a part year up to the termination date, unless the
Committee decides otherwise in the specific circumstances. Any
AIP deferred shares would be released to the Executive Director
in full at the end of the deferral period. Annual incentive clawback
provisions would apply.
LTIP:
All outstanding LTIP awards would lapse on the date of notice.
Dismissal for cause
The Executive Director would be entitled to salary, benefits
and other contractual payments in the normal way up to the
termination date and would be paid for any accrued but untaken
holiday but would not receive any payments for loss of office.
Pension:
A deferred or immediate pension would be payable
in accordance with the scheme rules.
Annual incentive:
The Executive Director would not receive any
unpaid annual incentive. Any AIP deferred shares lapse on
the date of dismissal.
LTIP:
All outstanding LTIP awards would lapse on the date
of dismissal.
(1)
In addition to what is set out in this section, on termination for any reason, Erik Engstrom will be entitled to payment of amounts held in his ‘Retirement Account’.
(2)
In cases where the approved leaver treatment applies, the AIP and LTIP have a default position as well as giving the Committee discretion to adjust the default treatment
within certain parameters. The Committee would only expect to exercise such discretion where the Committee believes the personal circumstances of the Executive
Director so require.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
120
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Remuneration policy table – Non-Executive Directors
FEES
Purpose and link to strategy
To enable RELX to recruit Non-Executive Directors with the right balance of personal skills and experience to make a major contribution
to the Board and Committees of a global business which is listed in London, Amsterdam and New York.
Operation
RELX Chair:
Receives an aggregate annual fee with no additional fees, for example, Committee Chair fees. The Committee determines
the Chair’s fee on the advice of the Senior Independent Director.
Other Non-Executive Directors:
Receive an annual fee with additional fees payable as appropriate for specific roles and duties.
These additional fees include fees for the Senior Independent Director and Committee Chairs, for membership of Board Committees,
as well as a workforce engagement fee and international travel fees. In future, other fees may be payable, for example attendance fees.
The Board determines the level of fees, subject to applicable law.
Fees may be reviewed annually, although in practice they have changed on a less frequent basis. When reviewing fees, consideration is
given to the time commitment required, the complexity of the role and the calibre of the individual. Periodically, comparative market data
is also reviewed, the primary source for which is the practice of FTSE 30 companies.
Maximum value
The aggregate annual fee limit for fees paid to the Chair and the Non-Executive Directors is £2m. Additional fees for membership of or
chairing Board Committees and assuming additional responsibilities such as acting as Senior Independent Director, are not subject to
this maximum limit.
OTHER BENEFITS
Purpose and link to strategy
To provide competitive benefits at appropriate cost.
Operation
Other benefits for Non-Executive Directors are reviewed periodically and may include private medical cover, tax return preparation
costs, secretarial benefits, car benefits, travel and related subsistence costs, including, where appropriate, the tax on such benefits.
Maximum value
There is no prescribed maximum amount.
Approach to recruitment remuneration –
Non-Executive Directors
Following recruitment, a new Non-Executive Director will
be entitled to fees and other benefits in accordance with the
Company’s remuneration policy. No additional remuneration
is paid on recruitment. However, any reasonable expenses
incurred during the recruitment process will be reimbursed.
Policy on payments for loss of office – Non-Executive Directors
In addition to unpaid accrued fees, the Non-Executive Directors
are entitled to receive one month’s fees for loss of office if their
appointment is terminated before the end of its term.
Service contracts and letters of appointment
There are no further obligations in the Directors’ service contracts
and letters of appointment which are not otherwise disclosed in
this Report which could give rise to a remuneration payment or
loss of office payment. All Directors’ service contracts and letters
of appointment are available for inspection at the Company’s
registered office. The Executive Directors’ service contracts
do not have a fixed expiry date.
Consideration of employment conditions elsewhere in
the Company
When the Committee reviews the Executive Directors’ salaries
annually, it takes into account the Company’s guidelines for
salaries for all employees in the Company’s major operating
locations for the forthcoming year. The Committee also considers
market practice in the FTSE 30 as well as pay practices of other
global information and technology companies when determining
the quantum and structure of Directors’ pay.
The Committee annually reviews various aspects of workforce
remuneration and related policies in order to deepen its
understanding of pay structures throughout the organisation.
Our designated Non-Executive Director responsible for workforce
engagement meets with employees representing our global
employee population in order to understand a wide range of
employee views on a variety of topics. The feedback is reported
back to the Board at least once per year and forms part of the
Board’s discussions and decision making. As part of this process,
the Non-Executive Director explains how executive remuneration
aligns with wider pay policy.
Consideration of shareholder views
Our practice is to consult shareholders and consider their views
when formulating, or changing, our policy. The Committee took
into account feedback received from shareholders since the prior
policy was approved when reviewing the current policy.
Previous remuneration policies and prior commitments
Any payments which are still to be made under arrangements
made and awards granted under previous remuneration policies
will be made consistent with the applicable policy. The provisions
of the previous policies which relate to arrangements and awards
granted under those previous policies will therefore continue
to apply until all payments in relation to those arrangements
and awards have been made. The Committee also reserves the
right to make any remuneration or loss of office payments if the
terms were agreed prior to the approval of the 2013 or 2016 policy
or prior to an individual being appointed as a Director.
Minor amendments
The Committee may make minor amendments for regulatory,
tax or administrative purpose.
RELX
Annual Report 2025
Report of the Audit Committee
This report has been prepared by the Audit Committee and has been approved by the Board. It provides an overview of the
membership, responsibilities, and activities of the Committee.
Membership
Responsibilities
The Committee comprises independent Non-Executive
Directors. The members of the Committee who served during
the year were:
The main role and responsibility of the Committee is
to assist the Board in fulfilling its oversight responsibilities
regarding:
Suzanne Wood (Chair)
Alistair Cox
June Felix
Andy Halford (appointed April 2025)
Charlotte Hogg
Andrew Sukawaty
Of the current members of the Committee, Suzanne Wood,
a Certified Public Accountant, and Andy Halford, a Chartered
Accountant, are considered to have significant, recent and
relevant financial experience.
The Committee as a whole is deemed to have competence
relevant to the sectors in which RELX operates.
Please see pages 80 and 81 for full profiles of Audit
Committee members.
the integrity of the interim and full-year financial
statements and financial reporting processes
risk management and internal controls, and effectiveness
of internal auditors
the performance of the external auditors and the
effectiveness of the external audit process, including
monitoring the independence and objectivity of Ernst &
Young LLP (EY)
The Committee reports to the Board on its activities,
identifying any matters in respect of which it considers
that action or improvement is needed and making
recommendations as to the steps to be taken.
The terms of reference of the Audit Committee are reviewed
annually, and a copy is published on the RELX website,
www.relx.com
Financial reporting
In discharging its responsibilities in respect of the 2025 interim and full-year financial statements, the Committee reviewed the
following:
AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION
NOTE AND PAGE
REFERENCE IN
ANNUAL REPORT
Specific areas of significant accounting judgement and estimation, as set out in note 1 on page 143 to 144,
reviewed and challenged by the Committee were:
Capitalisation of internally developed intangible assets: The capitalisation of costs related to the development
of new products and business infrastructure, together with the useful economic lives applied to the resulting
assets, requires the exercise of judgement. The Committee received reports from the Group Financial
Controller on the amounts capitalised and asset lives selected for major projects and outcome of impairment
assessment performed.
Note 14
164-166
Defined benefit pension obligation: The valuation of pension scheme liabilities is subject to judgement
and estimation. The discount rate, inflation rate and mortality assumptions may have a material effect in
determining the defined benefit pension obligation and costs which are reported in the financial statements.
The Committee received and discussed regular reports from the Group Financial Controller on the
methodology and the basis of the assumptions used and other pension related accounting matters including
the US annuity purchase and closure of the UK pension scheme to accrual from 28 February 2027.
Note 6
151-155
The Committee discussed and challenged management’s assessment and was satisfied that all judgements
and estimations had been appropriately made, and the financial statement disclosures were appropriate.
The Committee also discussed with the external auditor how management’s judgments and assertions
were challenged and how professional scepticism was demonstrated during their audit of these areas.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
121
DISCLOSURE AND PRESENTATION
PAGE REFERENCE
IN ANNUAL REPORT
As well as considering the Annual Report as a whole (see ‘Fair, balanced and understandable’ section below) the
Committee focused on the following areas of disclosure and presentation:
Reviewed the critical accounting policies and compliance with applicable accounting standards, reviewed other
disclosure requirements and received regular update reports on accounting and regulatory developments
143-144
Reviewed the disclosures made in relation to internal control, risk management, the going concern statement
and the viability statement. The Committee received and discussed reports from the Group Treasurer on the
processes undertaken and assumptions used in formulating these disclosures
72-78, 96
The going concern and viability statements were subject to a detailed review, including a review and challenge
of the various adverse scenarios modelled to ensure that the statements made in relation to going concern
and viability are robust
77
Considered the calculation and presentation of APMs in the Annual Report and results announcement,
including associated reconciliations to GAAP measures
198-206
Reviewed the disclosures made in the Annual Report which incorporates:
−
The Corporate Responsibility Report
−
Disclosures in respect of the European Sustainability Reporting Standards (ESRS) and related material
sustainability information; and
−
Disclosures in respect of the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.
The Committee agreed with management’s conclusion that climate change risk is not material
34-63
208-231
235-241
The Committee was satisfied that all relevant disclosures have been appropriately made.
OTHER AREAS OF FOCUS
PAGE REFERENCE
IN ANNUAL REPORT
Other areas reviewed by the Committee during the year were:
Business Area reporting changes: The Committee discussed the accounting and external reporting
implications of the internal reporting changes which resulted in print and print-related being a separate
operating and reported segment. The Committee was satisfied that the changes made were in line with IFRS
requirements and with the resulting explanation of these changes in the financial statements and relevant
Alternative Performance Measures (APMs) which includes the restatement of prior period figures.
Taxation: The valuation of provisions in relation to uncertain tax positions involves estimation. The Committee
received and discussed reports from the Head of Tax on the potential liabilities identified and assumptions used.
Carrying value of goodwill and intangible assets: The judgements and estimates in respect of asset carrying
values relate to the assumptions underlying the value in use calculations such as discount rates and long-
term growth assumptions. The Committee received and discussed reports from the Group Financial Controller
on the methodology, the basis of assumptions used and headroom resulting from the annual impairment
assessment, which included a separate assessment for the print and print-related Cash Generating Unit (CGU)
for the first time. The Committee challenged management’s application of IAS 36 which allows a prior year
detailed calculation of the recoverable amount of a CGU to be used in the current year and were satisfied that
all the required criteria were met for Risk, STM, Legal and Exhibitions.
66 and 144
157-160
164-166
Acquired intangible assets: The identification of separate intangible assets on acquisition requires judgement.
Estimation is required in determining the future cash flows and discount rates used to value these assets.
The Committee received and discussed reports from the Group Financial Controller on the methodology
and the basis of the assumptions used.
164-166
Financing: Judgement is required in assessing the sufficiency and adequacy of current and future liquidity and
funding requirements of the Group. The Committee received and discussed reports from the Group Treasurer
on the Group’s financing including the issue of two USD denominated bonds, together with details of related
cross-currency interest rate swaps, and on the refinancing of the group’s $3bn revolving credit facility with
a new $3.5bn facility. See below for further information in respect of the Committee’s review of the going
concern and viability assessments and related disclosure.
Corporate Sustainability Reporting Directive (CSRD): Consistent with prior year, for the year ended
31 December 2025, RELX has disclosed material sustainability information in accordance with the European
Sustainability Reporting Standards (ESRS). See below for further information in respect of the Committee’s
review of the related disclosure.
The Committee was satisfied that all the above items had been appropriately considered and presented in this
Annual Report.
169-175
208-231
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Risk management and internal controls
With respect to their oversight of risk management and internal
controls, the Committee has:
received and discussed regular reports summarising the
status of the Group’s risk management activities including
procedures to prevent and detect fraud, identification of
emerging risks and actions to mitigate risks, and the findings
from internal audits and status of actions agreed with
management. Areas of focus in 2025 included: cybersecurity
(including the ability to prevent, respond to and recover from
a cyber-attack or ransomware attack); AI governance, data
privacy; the operational, financial and IT control environment;
regulatory compliance; business continuity and resilience
(including supplier resilience and plans for extreme weather
events); the ability to adapt to geopolitical, economic and
market conditions; integrity of published Corporate
Responsibility data; and continued compliance with the
requirements of Section 404 of the US Sarbanes-Oxley Act
relating to the documentation and testing of internal controls
over financial reporting
received regular updates from the Group Financial Controller
and Group Treasurer on the Group’s financial position including
on liquidity, refinancing of its revolving credit facility with new
maturity date of November 2030 (with two one-year extension
options), the bond issue, credit ratings and ability to access
debt capital markets; changes to the regulatory reporting
landscape including the approach to the implementation of
IFRS 18 – Presentation and Disclosure (which is applicable to
RELX from 1 January 2027), risk management and compliance
with treasury policies (including adoption of new treasury
principles), and pension arrangements and funding
received presentations from the Head of Tax on tax related
matters and the Group’s tax principles
reviewed and approved the internal audit plan for 2026 and
monitored execution of the 2025 plan, including progress in
respect of actions agreed and discussing and confirming any
changes proposed
received presentations from the Chief Compliance Officer on
the compliance programme, including the operation of the
RELX Code of Conduct, training programmes, whistleblowing
arrangements and investigations being conducted
received presentations from the Chief Legal Officer on legal
issues and claims
participated in ‘deep dive’ briefing sessions with senior
management from the Business Areas on a variety of topics
received an update from management on the enhancements
made to existing processes and procedures in place to
prevent and detect fraud as part of preparations for the
‘Failure to Prevent Fraud’ offence applicable to RELX from
1 September 2025. This included updates made to RELX’s
‘Framework for mitigating fraud risk and maintaining
compliance, financial and operational integrity’. Following
its review of the Group’s risk management activities, the
Committee were satisfied there are appropriate procedures
in place to prevent and detect fraud.
reviewed the status and progress of activities relating to
changes brought by the new UK Corporate Governance Code
(The Code), specifically to achieving compliance with the new
Provision 29, relating to the monitoring of the Company’s risk
management and internal control framework and annual
review of its effectiveness. Management provided the
Committee with reports throughout the year including
updates from a Steering group held quarterly, enhancements
made to the review and application of the current risk and
control framework, the identification of proposed material
controls over principal risks, financial and non-financial
reporting and assurance obtained to support the Board’s
declaration of effectiveness of internal controls which will
be required for the year ended 31 December 2026.
Committee meetings
The Committee met four times during 2025. The items of
business to be considered at each meeting are set out in a
schedule which is reviewed and approved by the Committee
annually. The Audit Committee meetings are typically attended
by the Board Chair, the Chief Executive Officer, the Chief
Financial Officer, the Group Financial Controller, the Chief
Legal Officer, the Head of Internal Audit & Assurance (IAA),
and audit partners from the external auditors.
FAIR, BALANCED AND UNDERSTANDABLE
The Committee considered whether the 2025 Annual Report is fair, balanced, and understandable. In making this assessment,
the Committee considered the following areas:
The process for preparing the Annual Report, including the contributors, the internal review process and how feedback is
addressed throughout the process
The business review narratives presented for each Business Area including the changes in reporting to exclude print and print-
related activities from Risk, Scientific, Technical & Medical and Legal from 1 January 2025; and
The discussion of reported and underlying results throughout the report
The Committee was satisfied that, taken as a whole, the Annual Report is fair, balanced, and understandable. This conclusion has
been reported to the Board.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
123
RELX
Annual Report 2025 | Report of the Audit Committee
External audit effectiveness and independence
The Group has a well-established policy on audit effectiveness
and independence of auditors that sets out among other things:
the responsibilities of the Audit Committee in the selection of
auditors to be proposed for appointment or re-appointment and
for agreement on the terms of their engagement, scope and
remuneration; the auditor independence requirements and the
policy on the provision of non-audit services; the rotation of
audit partners and staff; and the conduct of meetings between
the auditors and the Audit Committee.
The Committee’s policy on the use of the external auditor to
provide non-audit services is in accordance with applicable laws
and takes into account the relevant ethical guidance for auditors.
Any permissible non-audit services must be pre-approved by the
Chief Financial Officer and above £50,000, by the Chair of the
Audit Committee. All non-audit services provided and fees are
presented to the Committee on a regular basis.
The policy is available on the website,
www.relx.com
.
The Committee has conducted its review of the performance
of the external auditors and effectiveness of the external audit
process for the year ended 31 December 2025. In doing so, the
Committee has considered the independence, objectivity, and
level of professional scepticism exercised by the external auditor.
The review included:
an assessment of the quality of the auditor’s reporting to and
interaction with the Audit Committee
review of the responses to a detailed questionnaire covering
a range of key audit areas which was completed by key
stakeholders
review of the completion of the audit plan and changes to
risks identified or work performed
consideration of public reports by regulatory authorities on
key EY member firms and their view on the effectiveness of
EY’s audits
a survey of key stakeholders across RELX evaluating the
performance of each audit team
The Audit Committee holds private meetings with the external
auditor to encourage open and transparent feedback. The Chair
of the Committee also met with the external auditors outside of
Committee meetings supporting effective and timely communication.
Based on all the evidence presented, the Audit Committee was
satisfied that the external audit has been conducted effectively,
with appropriate rigour and challenge, and that EY had applied
appropriate professional scepticism throughout the audit process.
The external auditors have confirmed their independence and
compliance with the policy on auditor independence to the
Audit Committee.
Non-audit services
The external auditors are precluded from engaging in non-audit
services that would compromise their independence or violate
any professional requirements or regulations affecting their
appointment as auditors. The auditors may, however, provide
non-audit services which do not conflict with their independence.
The Committee has reviewed and agreed the non-audit services
provided in 2025 together with the associated fees. The non-
audit services provided were very limited and, in line with the
latest FRC guidance, linked to audit work such as a bond issue
and corporate responsibility data assurance.
The total fees payable to EY for the year ended 31 December
2025 were £9.7m of which £1m related to non-audit work.
Further details are provided in note 4 to the financial statements.
The non-audit fees remain below the 70% threshold as per the
most recent FRC guidance.
Auditor appointment
EY were first appointed auditor of RELX PLC for the financial
year ended 31 December 2016. The auditor is required to rotate
the lead audit partner responsible for the engagement every
five years. The year ended 31 December 2025 was the fifth
and final year for the lead audit partner, Colin Brown. The
Committee considered candidates put forward by EY and
selected Marcus Butler to become lead audit partner starting
from the year ending 31 December 2026.
The Audit Committee confirms that RELX was in compliance
with the provisions of The Statutory Audit Services for Large
Companies Market Investigation (Mandatory Use of Competitive
Tender Processes and Audit Committee Responsibilities)
Order 2014 during the financial year ended 31 December 2025.
In accordance with the terms of this Order, the Audit
Committee conducted a comprehensive and competitive tender
process during 2024 for the external audit for the financial year
ending 31 December 2026. A decision to reappoint EY was
recommended by the Committee and was approved by the
Board of RELX. The decision was based on EY’s performance
during the tender process across a comprehensive set of
criteria and the Committee’s satisfaction with their
effectiveness as our current auditor.
Internal audit
The Audit Committee’s terms of reference requires an annual
review of internal audit effectiveness. RELX has an established
Internal Audit function governed by a formal charter which
requires an external assessment at least once every five years
to consider and report on conformance with the Institute
of Internal Auditors International Professional Practices
Framework (IPPF) and UK Chartered Institute of Internal
Auditors Internal Audit Code of Practice (CoP).
The most recent external assessment of internal audit was
carried out in 2022. The assessment identified areas of
enhancement related to strategy, planning, operational
excellence, and talent. All recommendations have
been implemented.
The Audit Committee annually receives and considers a
report from the Head of the internal audit function on: the
independence of the internal audit activity; a review of the
internal audit Charter; conformance with the mandatory
elements of the IPPF and CoP including the adequacy of
resourcing of the internal audit function; and the results
of its quality assurance and improvement programme. The
Committee receives regular updates on talent management
and succession planning within the internal audit function and
on the continual monitoring of skill sets and capabilities to
ensure that these remain appropriate.
Audit Committee effectiveness
The effectiveness of the Audit Committee was reviewed as part
of the 2025 evaluation of the Board which confirmed that the
Committee continues to function effectively. Details of the
evaluation are set out on page 84.
Suzanne Wood
Chair of the Audit Committee
11 February 2026
124
RELX
Annual Report 2025 | Governance
125
RELX
Annual Report 2025
Directors’ Report
The Directors’ Report for the year ended 31 December 2025
has been prepared in accordance with the requirements of the
Companies Act 2006 (the Act), the UK Listing Rules (the LRs)
and Disclosure Guidance and Transparency Rules (the DTRs).
The Directors’ Report, together with the Strategic Report on
pages 2 to 78, forms the management report for the purposes of
the Financial Conduct Authority’s Disclosure and Transparency
Rules 4.1.5R(2) and 4.1.8R.
For the purposes of the Directors’ Report, RELX PLC and its
subsidiaries, joint ventures and associates are together known
as ‘RELX’ or the ‘Group’. RELX PLC (the ‘Company’) is a public
company, limited by shares, and registered in England and Wales
under registered number 00077536. The Company’s registered
office is 1-3 Strand, London, WC2N 5JR.
Other disclosures
Certain information required by the Act, LRs and DTRs are
disclosed elsewhere in this Annual Report and incorporated by
reference into this Directors’ Report in Table 1.
Table 1
Disclosure
Page(s)
§
Names of Directors during the year
80 to 81
§
Corporate governance statement
84 to 96
§
Dividends
70 and 163
§
Financial risk management
and hedging arrangements
169 to 175
§
Greenhouse gas emissions and
energy consumption
52 to 55 and 242
Articles of Association
Amendment
The Company’s Articles of Association (the Articles) may only
be amended by a special resolution of shareholders passed
at a general meeting of the Company.
Directors
Appointment and replacement of Directors
The appointment, re-appointment and replacement of Directors
is governed by the Articles, the Act and related legislation.
Shareholders maintain their right to appoint and re-appoint
Directors by way of an ordinary resolution in accordance with the
Articles. The Directors may appoint additional or replacement
Directors, who may only serve until the following AGM of the
Company, at which time they must retire and, if appropriate,
seek election by the Company’s shareholders. A Director may
be removed from office by the Company as provided for by
applicable law, in certain circumstances set out in the Articles,
and at a general meeting of the Company by the passing of an
ordinary resolution.
The Articles provide for a Board of Directors consisting of not
fewer than five, but not more than 20 Directors, who manage
the business and affairs of the Company.
Powers of Directors
Subject to the provisions of the Act, the Articles and any directions
given by special resolutions, the business of the Company shall
be managed by the Board which may exercise all the powers
of the Company.
Directors’ indemnities
In accordance with its Articles, the Company has granted its
Directors an indemnity, to the extent permitted by law, in respect
of liabilities incurred as a result of their office. This indemnity
was in place for Directors that served at any time during the 2025
financial year, and also for each serving Director as at the date
of approval of this report. The Company also purchased, and
maintained throughout the year, directors’ and officers’ liability
insurance in respect of its Directors.
Shares
Share capital
The Company’s issued share capital comprises a single class
of ordinary shares of 14
51
⁄
116
p each listed on the London and
Amsterdam Stock Exchanges. The Company also has securities
in the form of American Depositary Shares traded on the New York
Stock Exchange. All issued shares are fully paid up and rank
pari passu.
The Company’s share capital as at the 31 December 2025 and
details of share capital movements during the year are set out
in note 23 to the consolidated financial statements.
Rights and obligations
The rights of holders of ordinary shares in the Company, in
addition to those conferred under English law, are set out in the
Company’s Articles which are available at
www.relx.com
.
In summary, holders of ordinary shares are entitled to: one vote
for each ordinary share held; the right to attend and speak at
general meetings of the Company or to appoint one or more
proxies or, if they are a corporation, a corporate representative;
and to exercise their voting rights.
At a general meeting, on a show of hands every member who is
present in person shall have one vote and every proxy present who
has been duly appointed by one or more members entitled to vote
on the resolution has one vote (although a proxy has one vote for
and one vote against the resolution if: (i) the proxy has been duly
appointed by more than one member entitled to vote on the
resolution; and (ii) the proxy has been instructed by one or more
of those members to vote for the resolution and by one or more
other of those members to vote against it). On a vote of a resolution
by a poll every member present in person or by proxy shall have
one vote for every share of which he/she is the holder. Proxy
appointments and voting instructions must be received by the
Company’s registrars not less than 48 hours before the
general meeting.
Restrictions on the transfer of shares
There are no restrictions on the sale or transfer of ordinary shares
in the Company, or on the size of a holding. The Company is not
aware of any agreements between shareholders that may result
in a restriction in the transfer of shares or voting rights.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
126
RELX
Annual Report 2025 | Governance
Authority to purchase own shares
At the Company’s 2025 AGM, shareholders passed a resolution
authorising the purchase of up to 188,100,000 ordinary shares
in the Company (representing approximately 10% of the issued
ordinary shares) by way of market purchase. This authority
will expire at the 2026 AGM, when a resolution to renew
the authority to purchase Company shares will be submitted
to shareholders. During the year, 39,500,202 ordinary shares
of 14
51
⁄
116
p each (representing 2.1% of the ordinary shares in issue
at 31 December 2025) were purchased by the Company for a total
consideration of £1.5bn, including expenses, and subsequently
transferred to be held in treasury. A further 8,838,231 shares
were purchased between 2 January 2026 and the date of this
report. On 4 December 2025, the Company cancelled 55,000,000
ordinary shares held in treasury. Therefore, as at 31 December
2025 there were 4,107,872 ordinary shares held in treasury,
representing 0.2% of the ordinary shares in issue. The purpose
of the share buyback programme is to reduce the capital of
the Company.
Share issuance
At the 2025 AGM, shareholders passed a resolution authorising
the Directors to issue shares for cash on a non-pre-emptive basis
up to a nominal value of £13,400,000, representing approximately
5% of the Company’s issued share capital, and authorising the
Directors to issue up to an additional 5% of the issued share
capital for cash on a non-pre-emptive basis in connection with
an acquisition or specified investment. Since the 2025 AGM, no
shares have been issued under this authority. The shareholder
authority also permits the Directors to issue shares in order
to satisfy entitlements under employee share plans and details
of such allotments are described below.
During the year, 2,215,646 ordinary shares in the Company were
issued in order to satisfy entitlements under employee share
plans as follows: 622,993 under the UK SAYE Share Option
Scheme at prices between 1,316.8p and 2,792.00p per share;
109,615 under the legacy Dutch Debenture Scheme at prices
between 14.655 EUR and 19.39 EUR per share, which is satisfied
by way of Company shares; 1,187,206 under executive share option
schemes at prices between 1,152p and 3,402p per share; and
295,832 under the Employee Share Purchase Plan at $38.59
per share.
Substantial share interests
As at 31 December 2025, the Company had received the following
notifications of interests in its share capital pursuant to Rule 5 of
the Disclosure and Transparency Rules (DTRs):
% of voting rights
Date of notification
BlackRock, Inc
9.67%
17 May 2022
Invesco Ltd.
4.99%
1 October 2019
The percentage interests stated above are as disclosed at the date
on which the interests were notified to the Company and, as at the
date of this report, the Company had not received any further
notifications under DTR 5. These percentages do not reflect
changes to the Company’s total voting rights since the date of
notification or any subsequent changes to share interests not
notified to the Company under DTR 5 and therefore may not
reflect the interests held as at 31 December 2025, or at the
date of this report.
Employee Benefit Trust
As at 31 December 2025, the Employee Benefit Trust trustee
held an interest in 4,891,047 ordinary shares in the Company,
representing 0.3% of the issued ordinary shares. The trustee may
vote or abstain from voting any shares it holds in any way it sees fit.
Other information
Disclosures required under UK Listing Rule 6.6.1
The information required by Listing Rule 6.6.1 is set out on the
pages below:
Information required
Page
(1)
Interest capitalised by the Group
n/a
(2)
Publication of unaudited financial information
n/a
(3)
Long-term incentive schemes
n/a
(4)
Waiver of emoluments by a director
n/a
(5)
Waiver of future emoluments by a director
n/a
(6)
Non pro-rata allotments for cash (issuer)
n/a
(7)
Non pro-rata allotments for cash (major subsidiaries)
n/a
(8)
Parent participation in a placing by a listed subsidiary
n/a
(9)
Contracts of significance
n/a
(10) Provision of services by a controlling shareholder
n/a
(11) Shareholder waiver of dividends
163
(12) Shareholder waiver of future dividends
163
(13) Agreements with controlling shareholders
n/a
Significant agreements and change of control
There are a number of borrowing agreements including credit
facilities that, in the event of a change of control of RELX PLC
and, in some cases, a consequential credit rating downgrade to
sub-investment grade may, at the option of the lenders, require
repayment and/or cancellation as appropriate. There are no
arrangements between the Company and its Directors or
employees providing for compensation for loss of office or
employment that occurs specifically because of a takeover,
merger or amalgamation with the exception of provisions in the
Company’s share plans which could result in options or awards
vesting or becoming exercisable on a change of control. No
contract existed during the year in relation to the Company’s
business in which any Director was materially interested.
Political donations
RELX does not make donations to UK or European Union (EU)
political organisations or incur UK or EU political expenditure.
In the US in 2025, RELX Inc. made contributions to state
candidates, state political parties and related state organisations
totalling $137,000 (2024: $198,000).
2026 AGM
The next AGM of the Company will be held at 9.30 am on Thursday,
23 April 2026 at Lexis House, 30 Farringdon Street, London
EC4A 4HH.
127
RELX
Annual Report 2025 | Directors’ Report
Auditor re-appointment
Resolutions for the re-appointment of Ernst & Young LLP as
auditor of the Company and to authorise the Audit Committee,
on behalf of the Board, to determine the external auditor’s
remuneration, will be put to shareholders at the Company’s
2026 AGM.
Disclosure of information to auditors
Each of the directors in office as at the date of this Annual Report
confirms that:
§
so far as the Director is aware, there is no relevant audit
information of which the Company’s auditors are unaware; and
§
he/she has taken all the steps that he/she ought to have taken
as a Director to make himself/herself aware of any relevant
audit information and to establish that the Company’s
auditors are aware of that information.
Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual Report
and financial statements in accordance with applicable law
and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the Directors
have prepared consolidated financial statements in accordance
with UK adopted International Accounting Standards (IAS)
in conformity with the requirements of the Act and IFRS
accounting standards as issued by the International Accounting
Standards Board.
Under company law the Directors must not approve the accounts
unless they are satisfied that they give a true and fair view of the
state of affairs of the Company and of the Group and of the profit
or loss of the Company and of the Group for that period.
In preparing the individual Company’s financial statements,
the Directors are required to:
§
select suitable accounting policies and then apply
them consistently;
§
make judgements and accounting estimates that are
reasonable and prudent;
§
state whether UK adopted IAS in conformity with the
requirements of the Act and IFRS accounting standards as
issued by the International Accounting Standards Board has
been followed, subject to any material departures being
disclosed and explained in the financial statements; and
§
prepare the financial statements on a going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
In preparing the Group financial statements, IAS 1 requires
that Directors:
§
select suitable accounting policies and then apply
them consistently;
§
properly select and apply accounting policies; present
information, including accounting policies, in a manner
that provides relevant, reliable, comparable and
understandable information;
§
provide additional disclosures when compliance
with the specific requirements of IFRS are insufficient
to enable users to understand the impact of particular
transactions or other events and conditions on the entity’s
financial position and financial performance; and
§
make an assessment of the Group’s ability to continue
as a going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group and
Company’s transactions and disclose with reasonable accuracy
at any time the financial position of the Group and the Company
and enable them to ensure that the Annual Report and financial
statements comply with the Act. They are also responsible for
safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
The Directors are also responsible for preparing a Strategic
report, Directors’ report, Annual report on remuneration, and
Corporate governance statement in compliance with applicable
laws and regulations. The Directors are responsible for
the maintenance and integrity of the Company’s website.
Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
Each of the Directors confirms that, to the best of their knowledge:
§
the consolidated and parent company financial statements,
prepared in accordance with UK adopted IAS in conformity
with the requirements of the Act and IFRS accounting
standards as issued by the International Accounting Standards
Board, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Group;
§
the Strategic report includes a fair review of the development
and performance of the business and the position of the Group,
together with a description of the principal and emerging risks
and uncertainties that it faces; and
§
the Annual Report, taken as a whole, is fair, balanced and
understandable and provides the information necessary
for shareholders to assess the Company’s position and
performance, business model and strategy.
By order of the Board
Henry Udow
Company Secretary
11 February 2026
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
128
RELX
Annual Report 2025
Financial statements
and other information
In this section
130
Independent auditor’s report
138
Consolidated financial statements
143
Notes to the consolidated financial statements
186
Five year summary
129
RELX
Annual Report 2025
Financial review
Financial statements
and other information
Governance
Corporate responsibility
Overview
Market segments
OPINION
In our opinion:
RELX PLC’s Group financial statements and Parent Company financial statements (the “financial statements”) give a true and
fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2025 and of the Group’s and the
Parent Company’s profit for the year then ended;
the financial statements have been properly prepared in accordance with UK adopted International Accounting Standards and
IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB); and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of RELX PLC (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended
31 December 2025 which comprise:
Group
Parent Company
Consolidated income statement for the year ended
31 December 2025
RELX PLC statement of total comprehensive income for the year
ended 31 December 2025
Consolidated statement of comprehensive income for the year
ended 31 December 2025
RELX PLC statement of cash flows for the year ended
31 December 2025
Consolidated statement of cash flows for the year ended
31 December 2025
RELX PLC statement of financial position as at 31 December 2025
Consolidated statement of financial position as at
31 December 2025
RELX PLC statement of changes in equity for the year ended
31 December 2025
Consolidated statement of changes in equity for the year
ended 31 December 2025
Related notes 1 to 13 to the financial statements, including
material accounting policy information.
Related notes 1 to 28 to the financial statements,
including material accounting policy information.
The financial reporting framework that has been applied in their preparation is applicable law, and UK adopted International
Accounting Standards.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our
report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
INDEPENDENCE
We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the Parent Company and we
remain independent of the Group and the Parent company in conducting the audit.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Group and Parent
Company’s ability to continue to adopt the going concern basis of accounting included:
Confirming our understanding of management’s going concern assessment process, in conjunction with our walkthrough of the
Group’s financial close process;
Obtaining management’s going concern assessment, including the cash forecast for the going concern period which covers
18 months from the balance sheet date to 30 June 2027. The Group has modelled a base case as well as a stress case of their
cash forecasts which incorporates severe but plausible downside risks to the forecasted liquidity of the Group. We challenged
management as to whether they have considered all forecast cash flows in their assessment by comparing to historic results
and validating the key assumptions are consistent with the Board approved budget;
Reviewing the historical accuracy of management’s assumptions, by comparing actual results to previous forecasts;
Considering historical actual performance and analyst expectations, we have challenged the factors and assumptions included
in each modelled scenario for reasonableness. Additionally, we tested the clerical accuracy of the cash flow calculations and
determined, through inspection and testing of the methodology and calculations, that the methods utilised were appropriately
sophisticated to be able to make an assessment for the Group;
Reconciling cash and cash equivalents and borrowings to the consolidated statement of financial position as at 31 December 2025;
-
Independent auditor’s report to the members
of RELX PLC
130
RELX
Annual Report 2025 | Financial statements and other information
Verifying the credit facilities available to the Group including inspection of the refinanced revolving credit facility of $3.5bn
to November 2030 (with two one-year extension options), which was concluded in November 2025. Additionally, we obtained
independent external confirmation that the $3.5bn revolving credit facility remains undrawn with no financial covenants
in place;
Reviewing management’s reverse stress testing to assess the likelihood of factors that would lead to the Group running out of
all available liquidity during the going concern period;
Considering the mitigating actions that are within the control of the Group and evaluated the Group’s ability to control these
outflows if required; and
Reviewing the Group’s going concern disclosures included in the Annual Report to assess that the disclosures are consistent
with the basis upon which the Board have concluded, and in conformity with the reporting standards.
In management’s base case and stress case scenarios, there is headroom without taking into consideration the benefit of any
identified controllable mitigations.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group and Parent Company’s ability to continue as a going concern
for a period of 18 months from the balance sheet date to 30 June 2027.
In relation to the Group and Parent Company’s reporting on how they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the Directors’ Statement in the financial statements about whether the
directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections
of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the
Group’s ability to continue as a going concern.
OVERVIEW OF OUR AUDIT APPROACH
Audit scope
We performed an audit of the complete financial information of three components and audit procedures
on specific balances for a further one component. We also performed specified audit procedures on
certain accounts on two additional components. We performed central procedures on financial statement
line items as detailed in “Tailoring the scope” section below.
Key audit matters
Uncertain tax positions – there is a risk over the valuation of the provisions for uncertain tax positions
and the impact on the effective tax rate.
Revenue recognition – there is a fraud risk of misstating revenue through manual adjustments or
override of controls by management.
Materiality
Overall group materiality of £135m which represents 4.9% of profit before tax.
AN OVERVIEW OF THE SCOPE OF THE PARENT COMPANY AND GROUP AUDITS
Tailoring the scope
Our audit scoping is in line with the requirements of ISA (UK) 600 (Revised). We have followed a risk-based approach when
developing our audit approach to obtain sufficient appropriate audit evidence on which to base our audit opinion. We performed
risk assessment procedures, with input from our component auditors, to identify and assess risks of material misstatement of the
Group financial statements and identified significant accounts and disclosures. When identifying components at which audit work
needed to be performed to respond to the identified risks of material misstatement of the Group financial statements, we
considered our understanding of the Group and its business environment, the potential impact of climate change, the applicable
financial framework, the Group’s system of internal control at the entity level, the existence of centralised processes, applications
and any relevant internal audit results.
We determined that centralised audit procedures would be performed on goodwill, accounting for business combinations, venture
capital investments, net pension assets and net pension obligations, derivative financial instruments, debt, finance income and
costs, taxation and equity.
We then identified three components as individually relevant to the Group due to materiality or financial size of the components
(“full scope components”) relative to the Group:
Risk US/UK
Legal US
Scientific, Technical & Medical (“STM”) US/UK/Netherlands
Financial statements
and other information
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Overview
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We then identified an additional component (“specific scope component”) as individually relevant to the Group based on the
materiality of specific accounts relative to the Group (Finance and corporate entities).
For the above individually relevant components, we identified the significant accounts where audit work needed to be performed
at these components by applying professional judgement, having considered the Group significant accounts on which centralised
procedures will be performed, the reasons for identifying the financial reporting component as an individually relevant component
and the size of the component’s account balance relative to the Group significant financial statement account balance.
We then considered whether the remaining Group significant account balances not yet subject to audit procedures, in aggregate,
could give rise to a risk of material misstatement of the Group financial statements. We selected two further components
(“specified audit procedures components”) of the Group to include in our audit scope to address these risks:
Exhibitions (RX)
Legal UK
Having identified the components for which work will be performed, we determined the scope to assign to each component.
Of the six components selected, we designed and performed audit procedures on the entire financial information of three
components (“full scope components”). For one component, we designed and performed audit procedures on specific
significant financial statement account balances (“specific scope component”). For the remaining two components,
we performed specified audit procedures to obtain evidence for one or more relevant assertions over specific significant
financial statement account balances.
Involvement with component teams
In establishing our overall approach to the Group audit, we determined the type of work that needed to be undertaken at each
of the components by us, as the Group audit engagement team, or by component auditors operating under our instruction.
The Group audit team continued to follow a programme of planned visits that has been designed to ensure that the Senior
Statutory Auditor visits all full scope and specific scope locations each year. During the current year’s audit cycle, visits were
undertaken by the Senior Statutory Auditor to the component teams in the US, the Netherlands and additionally to the Group’s
shared service organisation in the Philippines. There are no separate UK component teams. These visits involved meetings with
local management and discussions with the component team on the audit approach and any issues arising from their work. The
Group audit team interacted regularly with the component teams, where appropriate, during various stages of the audit, reviewed
relevant working papers and were responsible for the scope and direction of the audit process. Where relevant, the section on key
audit matters details the level of involvement we had with component auditors to enable us to determine that sufficient audit
evidence had been obtained as a basis for our opinion on the Group as a whole.
This, together with the additional procedures performed at Group level, gave us appropriate evidence for our opinion on the Group
financial statements.
Climate change
Stakeholders are increasingly interested in how climate change will impact RELX PLC. The Group has determined that the most
significant future impacts from climate change on its operations will be from global warming and significant weather events.
These are explained on pages 235 to 240 in the Task Force On Climate Related Financial Disclosures. They have also explained
their climate commitments on pages 235 to 238. All of these disclosures form part of the “Other information,” rather than the
audited financial statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether
they are materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise
appear to be materially misstated, in line with our responsibilities on “Other information”.
In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
The Group has explained in Note 1, Basis of Preparation, how they have assessed assets with indefinite and long lives which could
be impacted by measures taken to address global warming. Management concluded that the Group’s operations and the use of the
Group’s products have a relatively low environmental impact, and no items were identified by management that would impact the
carrying value of such assets or have any other material impact on the financial statements.
Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating management’s
assessment of the impact of climate risk, physical and transition and their climate commitments. This included evaluation, with the
support of our climate change internal specialists, of management’s assessment of the risk of impairment due to climate change,
which did not constitute a significant judgement or estimate. We also performed a risk assessment to determine whether there
were other risks of material misstatement from climate change in the financial statements which needed to be considered in
our audit.
We also challenged the Directors’ considerations of climate change risks in their assessment of going concern and viability and
associated disclosures.
Based on our work we have not identified the impact of climate change on the financial statements to be a key audit matter or to
impact a key audit matter.
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Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of
resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit
of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
RISK
OUR RESPONSE TO THE RISK
Uncertain tax positions
31 December 2025 £159m (2024: £168m)
Refer to the Report of the Audit Committee (page 121 to 124)
and Notes 1 and 9 of the Consolidated Financial Statements
(page 144 and 157 to 160)
As described in note 9 to the consolidated financial
statements, note 1 in the accounting policies and in the
audit committee report (page 122), the Group is subject to
tax in numerous jurisdictions. The Group’s operational
structure combined with its multinational presence
requires the Company to exercise judgement in
determining the amount of tax that would be payable. In
particular, the Group reports cross-border transactions
undertaken between subsidiaries on an arm’s-length
basis in tax returns in accordance with the Organisation
for Economic Co-operation and Development (OECD)
guidelines. The transfer pricing for these cross-border
transactions relies on the exercise of judgement and it is
reasonably possible for there to be a significant range of
potential outcomes in relation to uncertain tax positions
for certain key locations in which the Group operates.
The valuation of the uncertain tax positions adopted by
the Company requires judgement as they are based on
interpretations of tax laws and regulations.
We focused on this area due to the complexity and the
subjectivity in the valuation of the provision and the
impact on the Group’s effective tax rate.
Our procedures, as a primary audit team, included obtaining an
understanding of the tax provisioning processes and evaluating the
design of, as well as testing internal controls (financial and IT) over
the tax provisioning process. We tested controls over management’s
review of the uncertain tax position provisions recorded, including the
review of significant assumptions and judgements.
Procedures performed by the primary audit team, supported by tax
subject matter professionals and transfer pricing specialists, included:
(i)
meeting with members of management responsible for tax to
understand the Group’s cross-border transactions, status of
significant provisions, and any changes to management’s
judgements in the year;
(ii)
inspecting correspondence with tax authorities and external
advisors to obtain an understanding of significant matters;
(iii) assessing management’s significant assumptions and judgements
to record, release or re-measure provisions following tax audits,
settlements and the expiry of timeframes with reference to similar
tax positions the Group has historically held and our knowledge of
latest tax laws and regulatory developments in the jurisdictions in
which RELX operates;
(iv) developing our own range of acceptable provisions for the Group’s
tax exposures, based on the evidence we obtained. We then
compared management’s provision to our own independently
determined range;
(v) testing the underlying schedules for arithmetic accuracy;
(vi) testing the underlying schedules with reference to applicable tax
laws; and
(vii) evaluating the adequacy of disclosures related to uncertain
tax positions.
Key observations communicated to the Audit Committee
We challenged the robustness of the key management judgements related to the provision and the impact on the effective tax rate.
We confirmed that we were satisfied that management’s judgements in relation to the valuation of provisions for uncertain tax
positions are appropriate and in accordance with IAS 12: Income Taxes and IFRIC 23: Uncertainty over Income Tax Treatments.
We also consider the related tax disclosures to be sufficient and appropriate.
How we scoped our audit to respond to the risk
All audit work performed to address this risk was undertaken by the primary audit team and supported by UK and overseas
professionals with specialist tax skills.
Financial statements
and other information
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Market segments
Financial review
Corporate responsibility
Overview
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RISK
OUR RESPONSE TO THE RIS
K
Revenue recognition
Revenue for the year ended 31 December 2025 was
£9,590m (2024: £9,434m)
Refer to Note 2 of the Consolidated Financial Statements
(page 145 to 148)
Revenue recognition is described in note 2 to the
consolidated financial statements. The Group recognised
revenue from a variety of sources among the different
business areas, including annual subscriptions,
transactional usage and exhibition fees.
We recognise that revenue is a key metric upon which the
Group is judged externally, and that the Group has annual
internal targets and incentive schemes that are partially
impacted by revenue growth.
We have determined that there is a fraud risk to misstate
revenue through manual adjustments or override of
controls by management.
We performed procedures to address the risk in each business area.
Procedures at full scope components included:
(i)
obtaining an understanding of each of the significant revenue
streams and evaluating the design of, as well as testing internal
(financial and IT) controls over the significant revenue streams;
(ii) evaluating the appropriateness of journal entries impacting
revenue, including evaluating management’s controls, as well as
other adjustments made in the preparation of the financial
statements;
(iii) inspecting a sample of customer contracts to check that revenue
recognition was in accordance with the contract terms and the
Group’s revenue recognition policies, which are in line with
IFRS 15: Revenue from Contracts with Customers;
(iv) testing a sample of transactions around period end to test that
revenue was recorded in the correct period;
(v)
for revenue streams that have judgemental elements, evaluating
management’s assumptions and critically challenging these
assumptions against contractual terms and underlying financial
information; and
(vi) obtaining audit evidence through the execution of data analytics
procedures, including correlation analyses from revenue to cash.
Procedures at the specified procedures component included:
(i)
substantive analytical reviews;
(ii)
inspecting a sample of customer contracts to check that revenue
recognition was in accordance with the contract terms and the
group’s revenue recognition policies, which is in line with IFRS 15;
and
(iii)
evaluating the appropriateness of manual consolidation journal
entries impacting revenue at the component level.
The procedures we performed over the remaining revenue balance
included:
(i)
testing of relevant entity level controls; and
(ii) analytical review of year over year movements in revenue.
Key observations communicated to the Audit Committee
Our testing over revenue did not identify any material errors in the recording of revenue for the year ended 31 December 2025 in
accordance with IFRS 15.
How we scoped our audit to respond to the risk and involvement with component teams
We performed full scope audit procedures over this risk in three components which covered 72% (2024: 71%) of the Group revenue
balance. We also performed specified procedures over the revenue at the RX business area, which covered 12% (2024: 12%) of the
Group revenue balance.
The primary audit team issued Group audit instructions to the component teams which included control testing procedures and
specific substantive procedures to address the risk of material misstatement in relation to revenue recognition. The primary audit
team reviewed the component team’s key revenue and journal entry workpapers which were executed in line with the Group audit
instructions. The primary audit team directly performed the work over the specified procedures component, RX.
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OUR APPLICATION OF MATERIALITY
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the
audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic
decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.
We determined materiality for the Group to be £135m (2024: £128m), which is 4.9% (2024: 5%) of profit before tax. We believe that
profit before tax provides us with the most relevant performance measure to the stakeholders of the entity and therefore have
determined materiality based on this number.
We determined materiality for the Parent Company to be £135m (2024: £128m), which is 0.7% (2024: 0.7%) of equity. We concluded
that equity remains an appropriate basis to determine materiality for an investment holding company. The range we normally apply
when determining materiality on an equity measurement basis is 1-2%. We applied a lower percentage to align the materiality of the
Parent Company with that of the Group.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgement was
that performance materiality was 75% (2024: 75%) of our planning materiality, namely £101m (2024: £96m). We have set performance
materiality at this percentage due to our assessment of the control environment and the historic lack of significant audit findings.
Audit work was undertaken at component locations for the purpose of responding to the assessed risks of material misstatement of
the Group financial statements. The performance materiality set for each component is based on the relative scale and risk of the
component to the Group as a whole and our assessment of the risk of misstatement at that component. In the current year, the range
of performance materiality allocated to components was £20m to £101m (2024: £29m to £96m).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £7m (2024: £6m),
which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on
qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of
other relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report set out on pages, 1 to 127 and 195 to 248 including the
Strategic Report and the Governance report, other than the financial statements and our auditor’s report thereon. The directors are
responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in
this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If
we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to
a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
Financial statements
and other information
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Market segments
Financial review
Corporate responsibility
Overview
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Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the
audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you
if, in our opinion:
adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
the Parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Corporate Governance Statement
We have reviewed the Directors’ Statement in relation to going concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Group and Company’s compliance with the provisions of the UK Corporate Governance Code
specified for our review by the UK Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:
Directors’ Statement with regards to the appropriateness of adopting the going concern basis of accounting and any material
uncertainties identified set out on page 77;
Directors’ explanation as to its assessment of the company’s prospects, the period this assessment covers and why the period
is appropriate set out on page 77;
Directors’ Statement on whether it has a reasonable expectation that the Group will be able to continue in operation and meets
its liabilities set out on page 77;
Directors’ Statement on fair, balanced and understandable set out on page 127;
Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 72;
The section of the annual report that describes the review of effectiveness of risk management and internal control systems set
out on page 96; and
The section describing the work of the Audit Committee set out on page 121.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 127, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group and Parent Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud
is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery
or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the
Company and management.
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the
most significant are those that relate to the reporting framework (IASB, IFRS accounting standards, UK adopted International
Accounting Standards, the Companies Act 2006, UK Corporate Governance Code, the US Securities and Exchange Act of 1934
and the Listing Rules of the UK Listing Authority) and relevant tax compliance regulations in the jurisdictions in which the
Group operates and the EU General Data Protection Regulation (GDPR).
We understood how RELX PLC is complying with those frameworks by making inquiries of management, internal audit, those
responsible for legal and compliance procedures and the company secretary. We corroborated our enquiries through our
review of board minutes and papers provided to the Audit Committee, observations in Audit Committee meetings, as well
as consideration of the results of our audit procedures across the Group.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur
by inquiring of the finance and operational management, internal audit, compliance and legal functions and Directors from
various parts of the business to understand where they considered there was susceptibility to fraud. We also considered
performance targets and their propensity to influence on efforts made by management to manage earnings. We considered the
programmes and controls that the Group has established to address risks identified, or that otherwise prevent, deter and detect
fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher,
we performed audit procedures to address each identified fraud risk. These procedures included those on revenue recognition
referred to in the Key audit matters section and testing manual journals and were designed to provide reasonable assurance
that the financial statements were free from material fraud or error.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations
including providing specific instructions to full scope component teams. Our procedures included reading any correspondence
with regulators, making enquiries of management’s specialists and journal entry testing, with a focus on manual journal
entries, consolidation journals and journal entries indicating large or unusual transactions using data analytics. We based this
testing on our understanding of the business, enquiries of management, including internal audit and company secretary and
reading relevant reports. We have also reviewed the whistleblowing summary issued in the year.
Any instances of non-compliance with laws and regulations were communicated by/to components and considered in our audit
approach, if applicable.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
OTHER MATTERS WE ARE REQUIRED TO ADDRESS
Following the recommendation from the Audit Committee we were appointed by the Company on 21 April 2016 to audit the
financial statements for the year ended 31 December 2016 and subsequent financial periods.
The period of uninterrupted engagement including previous renewals and reappointments is ten years, covering the years ending
2016 to 2025.
The audit opinion is consistent with the additional report to the Audit Committee.
USE OF OUR REPORT
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
Colin Brown (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
11 February 2026
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
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FOR THE YEAR ENDED 31 DECEMBER
Note
2023
GBPm
2024
GBPm
2025
GBPm
Revenue
2
Cost of sales
(3,216 )
(3,300 )
(3,233 )
Gross profit
Selling and distribution costs
(1,459 )
(1,470 )
(1,511 )
Administration and other expenses
(1,850 )
(1,846 )
(1,863 )
Share of results of joint ventures and associates
Operating profit
2, 3
Finance income
7
Finance costs
7
(323 )
(304 )
(298 )
Net finance costs
(315 )
(298 )
(286 )
Disposals and other non-operating items
8
(72 )
(6 )
Profit before tax
Current tax
(575 )
(607 )
(726 )
Deferred tax
(6 )
Tax charge
9
(507 )
(613 )
(672 )
Net profit for the yea
r
Attributable to:
Shareholders
Non-controlling interests
Net profit for the yea
r
Earnings per share
FOR THE YEAR ENDED 31 DECEMBER
2023
2024
2025
Basic earnings per share
10
Diluted earnings per share
10
Consolidated income statement
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FOR THE YEAR ENDED 31 DECEMBER
Note
2023
GBPm
2024
GBPm
2025
GBPm
Net profit for the yea
r
Items that will not be reclassified to profit or loss:
Actuarial (losses)/gains on defined benefit pension schemes
6
(75 )
Tax on items that will not be reclassified to profit or loss
9
(11 )
(3 )
Total items that will not be reclassified to profit or loss
(56 )
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
(285 )
(438 )
Fair value movements on cash flow hedges
17
Transfer to profit from cash flow hedge reserve
17
(20 )
(36 )
Tax on items that may be reclassified to profit or loss
9
(12 )
(5 )
Total items that may be reclassified to profit or loss
(250 )
(424 )
Other comprehensive (loss)/income for the year
(306 )
(422 )
Total comprehensive income for the year
Attributable to:
Shareholders
Non-controlling interests
Total comprehensive income for the year
Consolidated statement of comprehensive income
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
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FOR THE YEAR ENDED 31 DECEMBER
Note
2023
GBPm
2024
GBPm
2025
GBPm
Cash flows from operating activities
Cash generated from operations
11
Interest paid (including lease interest)
(303 )
(257 )
(274 )
Interest received
Tax paid (net)
(619 )
(662 )
(638 )
Net cash from operating activities
Cash flows from investing activities
Acquisitions
11
(124 )
(170 )
(260 )
Purchases of property, plant and equipment
16
(30 )
(20 )
(21 )
Expenditure on internally developed intangible assets
14
(447 )
(464 )
(504 )
Purchase of investments
(8 )
(4 )
(42 )
Proceeds from disposals of property, plant and equipment
Gross proceeds from business disposals and sale of investments
Payments on business disposals
(9 )
(28 )
(13 )
Dividends received from joint ventures and associates
Net cash used in investing activities
(569 )
(575 )
(770 )
Cash flows from financing activities
Dividends paid to shareholders
13
(1,059 )
(1,121 )
(1,181 )
Distributions to non-controlling interests
(7 )
(9 )
(15 )
Increase in short-term bank loans, overdrafts and commercial paper
11
Issuance of term debt
11
Repayment of term debt
11
(847 )
(1,017 )
(621 )
Repayment of leases
11
(72 )
(63 )
(40 )
Receipts in respect of subleases
11
Acquisition of non-controlling interest
(1 )
(19 )
Repurchase of ordinary shares
23
(800 )
(1,000 )
(1,500 )
Purchase of shares by Employee Benefit Trust
23
(50 )
(75 )
(76 )
Proceeds on issue of ordinary shares
Net cash used in financing activities
(2,057 )
(2,065 )
(2,051 )
(Decrease)/increase in cash and cash equivalents
11
(169 )
(32 )
Movement in cash and cash equivalents
At start of year
(Decrease)/increase in cash and cash equivalents
(169 )
(32 )
Exchange translation differences
(10 )
(4 )
(3 )
At end of yea
r
Consolidated statement of cash flows
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AS AT 31 DECEMBER
Note
2024
GBPm
2025
GBPm
Non-current assets
Goodwill
14
Intangible assets
14
Investments in joint ventures and associates
15
Other investments
15
Property, plant and equipment
16
Right-of-use assets
22
Other receivables
Deferred tax assets
9
Net pension assets
6
Derivative financial instruments
17
Current assets
Inventories and pre-publication costs
18
Trade and other receivables
19
Derivative financial instruments
17
Cash and cash equivalents
11
Total assets
Current liabilities
Trade and other payables
20
Derivative financial instruments
17
Debt
21
Taxation
9
Provisions
Non-current liabilities
Derivative financial instruments
17
Debt
21
Deferred tax liabilities
9
Net pension obligations
6
Other payables
Provisions
Total liabilities
Net assets
Capital and reserves
Share capital
23
Share premium
Shares held in treasury
23
(722 )
(406 )
Translation reserve
Other reserves
24
Shareholders’ equity
Non-controlling interests
Total equity
The consolidated financial statements were approved by the Board of Directors and authorised for issue on 11 February 2026.
They were signed on its behalf by:
N L Luff
Chief Financial Office
r
Consolidated statement of financial position
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
141
RELX
Annual Report 2025 | Consolidated financial statements
Note
Share
capital
GBPm
Share
premium
GBPm
Shares
held
in treasury
GBPm
Translation
reserve
GBPm
Other
reserves
GBPm
Shareholders’
equity
GBPm
Non-
controlling
interests
GBPm
Total
equity
GBPm
Balance at 1 January 2023
(414 )
(22 )
Total comprehensive income for
the year
(285 )
Dividends paid
13
(1,059 )
(1,059 )
(7 )
(1,066 )
Issue of ordinary shares, net of
expenses
23
Repurchase of ordinary shares
(800 )
(800 )
(800 )
Purchase of shares by the employee
benefit trust
23
(50 )
(50 )
(50 )
Cancellation of shares
23
(4 )
(673 )
Increase in share based
remuneration reserve (including tax)
Settlement of share awards
(34 )
Exchange differences on translation
of capital and reserves
Balance at 1 January 2024
(553 )
(21 )
Total comprehensive income for
the year
Dividends paid
13
(1,121 )
(1,121 )
(9 )
(1,130 )
Issue of ordinary shares, net of
expenses
23
Repurchase of ordinary shares
(1,000 )
(1,000 )
(1,000 )
Purchase of shares by the employee
benefit trust
23
(75 )
(75 )
(75 )
Cancellation of shares
23
(3 )
(850 )
Increase in share based
remuneration reserve (including tax)
Settlement of share awards
(53 )
Acquisition of non-controlling interest
(44 )
(44 )
(1 )
Balance at 1 January 2025
(722 )
Total comprehensive income for
the year
(438 )
Dividends paid
13
(1,181 )
(1,181 )
(15 )
(1,196 )
Issue of ordinary shares, net of
expenses
23
Repurchase of ordinary shares
(1,600 )
(1,600 )
(1,600 )
Purchase of shares by the employee
benefit trust
23
(76 )
(76 )
(76 )
Cancellation of shares
24
(8 )
(1,922 )
Increase in share based
remuneration reserve (including tax)
Settlement of share awards
(62 )
Acquisition of non-controlling interest
(22 )
(22 )
(19 )
Balance at 31 December 2025
(406 )
Consolidated statement of changes in equity
142
RELX
Annual Report 2025 | Financial statements and other information
RELX
Annual Report 2025 | Notes to the consolidated financial statements
143
Notes to the consolidated financial statements
for the year ended 31 December 2025
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
The shares of RELX PLC London , Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries,
joint ventures and associates are together known as ‘RELX’. In preparing the consolidated financial statements, subsidiaries are
accounted for under the acquisition method and investments in joint ventures and associates are accounted for under the equity
On acquisition of a subsidiary, or interest in a joint venture or associate, fair values, reflecting conditions at the date of acquisition,
are attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting
policies into line with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial
statements up to or from the date that control passes from or to the Group. Non-controlling interests in the net assets of the
Group are identified separately from shareholders’ equity. Non-controlling interests consist of the amount of those interests at the
date of the original acquisition and the non-controlling share of changes in equity since the date of acquisition. Acquisition of non-
controlling interests represents the acquisition of minority interest holdings in subsidiaries already controlled by the Group.
operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing
directors considered the sufficiency of the Group’s liquidity resources, including committed credit facilities, over the 18 month
period to 30 June 2027. Please refer to page 77 for further disclosure in respect of going concern.
In preparing the Group financial statements management has considered the impact of climate change, taking into account the
relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on
Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be
impacted by measures taken to address global warming. Recognising that the Group's operations, and the use of the Group's
products, have a relatively low environmental impact, no issues were identified that would impact the carrying values of such
The Group’s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards
in conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International
Accounting Standards Board. The accounting policies under IFRS are included in the relevant notes to the consolidated financial
statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied
The consolidated financial statements are presented in pound sterling. Unless otherwise stated, all amounts in the financial
statements are in millions of pounds. Differences in subtotals in the financial statements may arise due to rounding adjustments
applied during calculations. The symbols GBP and £ used throughout the financial statements relate to pound sterling. Summary
consolidated financial information presented on pages 196 and 197 shows a simple translation of the Group’s consolidated
financial statements into US dollars and do not form part of these financial statements.
Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary
assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date
of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are
recorded in the income statement other than where hedge accounting applies, as set out on pages 169 to 175.
Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are
disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group
uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details
The preparation of financial statements requires management to make judgements and estimates in the application of accounting
policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates.
The critical judgements and key sources of estimation uncertainty are summarised below. Key sources of estimation uncertainty
are significant accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within
the next year. Further detail is provided in the notes to the financial statements as referenced.
Critical judgements
■
Capitalisation of development spend: assessing the potential value of a development project, determining the costs which are
eligible for capitalisation, the selection of appropriate asset lives and the estimates relating to future cash flows and discount
rates used in calculating the value in use in impairment assessments (see note 14)
144
RELX
Annual Report 2025 | Financial statements and other information
1 Basis of preparation and accounting policies (continued)
■
Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted,
Other areas of judgement and accounting estimates
The consolidated financial statements include other areas of judgement and accounting estimates. These include:
■
Taxation: The valuation of provisions related to uncertain tax positions involves estimation (see note 9)
■
Goodwill: The assessment of the carrying value of goodwill requires management judgement and estimation to determine the
recoverable amount of the businesses (see note 14)
■
Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation
The following accounting standards and amendments were adopted during the year and had no significant impact on the Group’s
accounting policies or reporting:
■
Amendment to IAS 21
The Effects of Changes in Foreign Exchange Rates
Standards, amendments and interpretations not yet effective
significant impact on the accounting policies and reporting:
■
Amendment to IFRS 9 and IFRS 7
Contract Referencing Nature-dependent Electricity
■
Annual improvements to IFRS Accounting Standards – Volume 11
The following amendments and interpretations will become effective for the 2027 financial year. Management are in the process of
assessing the impact on the accounting policies and reporting:
■
IFRS 18
– Presentation and Disclosure in Financial Statements
was issued in 2024
■
IFRS 19
–
Subsidiaries without Public Accountability: Disclosures
was issued in 2024
■
From 2025, as described on page 66, revenue and profit for print and print-related activities are managed and reported separately
from the four business areas. Consequently Risk, Scientific, Technical & Medical and Legal now exclude print and print-related
activities, consistent with financial information provided to the Board.
Also, a small portfolio of commercial healthcare products, previously reported by Scientific, Technical & Medical, is now reported
entirely in Risk. Accordingly revenue, together with some associated profit, previously reported in Scientific, Technical & Medical,
is now reported in Risk.
Comparative figures have been restated as if the business areas had operated on this basis in the prior periods. The table below
shows the reconciliation of revenue and adjusted operating profit as reported for the year ended 31 December 2024 and
31 December 2023 to the restated amounts.
YEAR ENDED 31 DECEMBER 2024 | Print & | |||
As | print - | Commercial | ||
Revenue | reported | related | healthcare | Restated |
GBPm | GBPm | GBPm | GBPm | |
Risk | 3,245 | (7) | 98 | 3,336 |
Scientific, Technical & Medical | 3,051 | (329) | (98) | 2,624 |
Legal | 1,899 | (181) | - | 1,718 |
Exhibitions | 1,239 | - | - | 1,239 |
Print & print-related activities | - | 517 | - | 517 |
Total revenue | 9,434 | - | - | 9,434 |
Adjusted operating profit | ||||
Risk | 1,228 | (4) | 9 | 1,233 |
Scientific, Technical & Medical | 1,172 | (182) | (9) | 981 |
Legal | 412 | (31) | - | 381 |
Exhibitions | 398 | - | - | 398 |
Print & print-related activities | - | 217 | - | 217 |
Unallocated central costs | (11) | - | - | (11) |
Total adjusted operating profit | 3,199 | - | - | 3,199 |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
145
1 Basis of preparation and accounting policies (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
YEAR ENDED 31 DECEMBER 2023 | Print & | |||
As | print - | Commercial | ||
Revenue | reported | related | healthcare | Restated |
GBPm | GBPm | GBPm | GBPm | |
Risk | 3,133 | (9) | 100 | 3,224 |
Scientific, Technical & Medical | 3,062 | (381) | (100) | 2,581 |
Legal | 1,851 | (196) | - | 1,655 |
Exhibitions | 1,115 | - | - | 1,115 |
Print & print-related activities | - | 586 | - | 586 |
Total revenue | 9,161 | - | - | 9,161 |
Adjusted operating profit | ||||
Risk | 1,165 | (5) | 10 | 1,170 |
Scientific, Technical & Medical | 1,165 | (215) | (10) | 940 |
Legal | 393 | (33) | - | 360 |
Exhibitions | 319 | - | - | 319 |
Print & print-related activities | - | 253 | - | 253 |
Unallocated central costs | (12) | - | - | (12) |
Total adjusted operating profit | 3,030 | - | - | 3,030 |
2 Revenue, operating profit and segment analysis
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 148.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management’s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
■
Subscriptions – revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
■
Transactional – revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
146
RELX
Annual Report 2025 | Financial statements and other information
2 Revenue, operating profit and segment analysis (continued)
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in
four business areas: Risk provides customers with information-based analytics and decision tools that combine public and industry-
specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational
efficiency; Scientific, Technical & Medical helps advance science and healthcare by combining high-quality, trusted scientific and
medical information and data sets with innovative technologies to deliver critical insights that support better outcomes; Legal helps
its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal,
regulatory and business information with powerful analytics; and Exhibitions combines industry expertise, digital tools, and data to
help customers connect in-person and online, discover new markets, source products, generate leads, and transact.
RELX’s reported segments are based on the internal reporting structure and financial information provided to the Board, considered
to be the Chief Operating Decision Maker. Prior period figures have been restated for the business area changes detailed in note 1,
with print and print-related now a separate reported segment.
ANALYSIS BY REPORTED SEGMENT | Revenue | Adjusted operating profit | ||||
Restated | Restated | Restated | Restated | |||
2023 | 2024 | 2025 | 2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Risk | 3,224 | 3,336 | 3,485 | 1,170 | 1,233 | 1,305 |
Scientific, Technical & Medical | 2,581 | 2,624 | 2,714 | 940 | 981 | 1,035 |
Legal | 1,655 | 1,718 | 1,806 | 360 | 381 | 415 |
Exhibitions | 1,115 | 1,239 | 1,186 | 319 | 398 | 410 |
Print & print-related activities | 586 | 517 | 399 | 253 | 217 | 185 |
Sub-total | 9,161 | 9,434 | 9,590 | 3,042 | 3,210 | 3,350 |
Unallocated central costs | - | - | - | (12) | (11) | (8) |
Total | 9,161 | 9,434 | 9,590 | 3,030 | 3,199 | 3,342 |
The share of post-tax results of joint ventures and associates included in operating profit was £44m (2024: £43m; 2023: £46m). This
comprised of profit/(loss) relating to Risk of £(1)m (2024: nil; 2023: £(1)m), Scientific, Technical & Medical £1m (2024: nil; 2023: nil),
Legal £6m (2024: £7m; 2023: £10m) and Exhibitions £38m (2024: £36m; 2023: £37m).
2023 | Print & print- | |||||
Scientific, Technical | related | |||||
Risk | & Medical | Legal | activities | Total | ||
Restated | Restated | Restated | Exhibitions | Restated | Restated | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Revenue by geographical market | ||||||
North America | 2,573 | 1,108 | 1,146 | 217 | 342 | 5,386 |
Europe* | 423 | 593 | 334 | 427 | 131 | 1,908 |
Rest of world | 228 | 880 | 175 | 471 | 113 | 1,867 |
Total revenue | 3,224 | 2,581 | 1,655 | 1,115 | 586 | 9,161 |
Revenue by format | ||||||
Electronic | 3,210 | 2,574 | 1,646 | 85 | - | 7,515 |
Face-to-face | 14 | 7 | 9 | 1,030 | - | 1,060 |
Print | - | - | - | - | 586 | 586 |
Total revenue | 3,224 | 2,581 | 1,655 | 1,115 | 586 | 9,161 |
Revenue by type | ||||||
Subscriptions | 1,330 | 2,107 | 1,363 | - | 176 | 4,976 |
Transactional | 1,894 | 474 | 292 | 1,115 | 410 | 4,185 |
Total revenue | 3,224 | 2,581 | 1,655 | 1,115 | 586 | 9,161 |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
147
2 Revenue, operating profit and segment analysis (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
2024 | Print & print- | |||||
Scientific, Technical | related | |||||
Risk | & Medical | Legal | activities | Total | ||
Restated | Restated | Restated | Exhibitions | Restated | Restated | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Revenue by geographical market | ||||||
North America | 2,658 | 1,126 | 1,188 | 231 | 292 | 5,495 |
Europe* | 439 | 603 | 351 | 527 | 105 | 2,025 |
Rest of world | 239 | 895 | 179 | 481 | 120 | 1,914 |
Total revenue | 3,336 | 2,624 | 1,718 | 1,239 | 517 | 9,434 |
Revenue by format | ||||||
Electronic | 3,320 | 2,618 | 1,707 | 83 | - | 7,728 |
Face-to-face | 16 | 6 | 11 | 1,156 | - | 1,189 |
Print | - | - | - | - | 517 | 517 |
Total revenue | 3,336 | 2,624 | 1,718 | 1,239 | 517 | 9,434 |
Revenue by type | ||||||
Subscriptions | 1,329 | 2,110 | 1,432 | - | 154 | 5,025 |
Transactional | 2,007 | 514 | 286 | 1,239 | 363 | 4,409 |
Total revenue | 3,336 | 2,624 | 1,718 | 1,239 | 517 | 9,434 |
2025 | Print & print- | |||||
Scientific, Technical | related | |||||
Risk | & Medical | Legal | Exhibitions | activities | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Revenue by geographical market | ||||||
North America | 2,749 | 1,161 | 1,229 | 237 | 219 | 5,595 |
Europe* | 469 | 619 | 391 | 424 | 97 | 2,000 |
Rest of world | 267 | 934 | 186 | 525 | 83 | 1,995 |
Total revenue | 3,485 | 2,714 | 1,806 | 1,186 | 399 | 9,590 |
Revenue by format | ||||||
Electronic | 3,475 | 2,707 | 1,794 | 94 | - | 8,070 |
Face-to-face | 10 | 7 | 12 | 1,092 | - | 1,121 |
Print | - | - | - | - | 399 | 399 |
Total revenue | 3,485 | 2,714 | 1,806 | 1,186 | 399 | 9,590 |
Revenue by type | ||||||
Subscriptions | 1,363 | 2,168 | 1,527 | - | 132 | 5,190 |
Transactional | 2,122 | 546 | 279 | 1,186 | 267 | 4,400 |
Total revenue | 3,485 | 2,714 | 1,806 | 1,186 | 399 | 9,590 |
* Europe includes revenue of £634m from the United Kingdom (2024: £613m; 2023: £602m).
Over half of RELX’s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-
line basis over the time period covered by the agreement, in line with the provision of services.
There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery
milestones or other specified performance obligations. As at 31 December 2025, the aggregate amount of the transaction price of
such contracts which relates to performance obligations which have not yet been delivered was approximately £35m (2024: £55m).
It is expected that revenue will be recognised in relation to this amount over the next two years.
ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN | 2023 | 2024 | 2025 |
GBPm | GBPm | GBPm | |
North America | 5,325 | 5,461 | 5,551 |
Europe | 3,117 | 3,270 | 3,305 |
Rest of world | 719 | 703 | 734 |
Total | 9,161 | 9,434 | 9,590 |
Revenue by geographical origin from the United Kingdom in 2025 was £1,836m (2024: £1,789m; 2023: £1,703m).
148
RELX
Annual Report 2025 | Financial statements and other information
2 Revenue, operating profit and segment analysis (continued)
ANALYSIS BY REPORTED | Expenditure on | |||||||||||
SEGMENT | acquired goodwill and | Capital expenditure | Amortisation of acquired | Total depreciation and | ||||||||
| intangible assets | additions | intangible assets | other amortisation | |||||||||
Restated | Restated | Restated | Restated | Restated | Restated | Restated | Restated | |||||
2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Risk | 79 | - | 249 | 139 | 148 | 156 | 194 | 184 | 175 | 92 | 99 | 102 |
Scientific, Technical & | ||||||||||||
Medical | 3 | 8 | 5 | 107 | 103 | 116 | 59 | 44 | 39 | 133 | 123 | 124 |
Legal | 42 | 145 | - | 193 | 203 | 225 | 11 | 15 | 20 | 242 | 252 | 239 |
Exhibitions | 8 | 65 | 20 | 37 | 29 | 27 | 16 | 15 | 14 | 39 | 45 | 34 |
Print & print-related | ||||||||||||
activities | - | - | - | 1 | 1 | 1 | - | - | - | 8 | 6 | 5 |
Total | 132 | 218 | 274 | 477 | 484 | 525 | 280 | 258 | 248 | 514 | 525 | 504 |
Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and
amortisation of internally developed intangible assets and pre-publication costs.
ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION | 2024 | 2025 |
GBPm | GBPm | |
North America | 9,131 | 8,545 |
Europe | 2,259 | 2,459 |
Rest of world | 438 | 459 |
Total | 11,828 | 11,463 |
Non-current assets held in the United Kingdom totalled £1,503m (2024: £1,242m; 2023: £1,209m). Non-current assets by
geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
Operating profit is reconciled to adjusted operating profit as follows:
RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT | 2023 | 2024 | 2025 |
GBPm | GBPm | GBPm | |
Operating profit | 2,682 | 2,861 | 3,027 |
Adjustments: | |||
Amortisation of acquired intangible assets | 280 | 258 | 248 |
Acquisition and disposal related items | 56 | 69 | 54 |
Reclassification of tax in joint ventures and associates | 12 | 12 | 14 |
Reclassification of finance income in joint ventures and associates | - | (1) | (1) |
Adjusted operating profit | 3,030 | 3,199 | 3,342 |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
149
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Operating profit is stated after charging the following:
2023 | 2024 | 2025 | ||
Note | GBPm | GBPm | GBPm | |
Total staff costs | 5 | 3,108 | 3,120 | 3,175 |
Depreciation and amortisation | ||||
Amortisation of acquired intangible assets | 14 | 279 | 258 | 248 |
Share of joint ventures and associates' amortisation of acquired | ||||
intangible assets | 1 | - | - | |
Amortisation of acquired intangible assets including joint ventures and | ||||
associates' share | 280 | 258 | 248 | |
Amortisation of internally developed intangible assets | 14 | 330 | 364 | 352 |
Depreciation of property, plant and equipment | 16 | 43 | 34 | 26 |
Depreciation of right-of-use assets | 65 | 50 | 37 | |
Amortisation of pre-publication costs | 76 | 77 | 89 | |
Total depreciation and other amortisation | 2 | 514 | 525 | 504 |
Total depreciation and amortisation (including amortisation of acquired | ||||
intangibles) | 794 | 783 | 752 | |
Other expenses | ||||
Cost of sales including pre-publication costs and inventory expenses | 3,216 | 3,300 | 3,233 | |
Short-term and low value lease expenses | 18 | 16 | 15 |
The amortisation of acquired intangible assets is included within administration and other expenses. The amortisation of internally
2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | |
Auditor’s remuneration | |||
Payable to the auditors of RELX PLC | 0.9 | 0.9 | 0.9 |
Payable to the auditors of the Group’s subsidiaries | 8.0 | 7.5 | 7.8 |
Audit services | 8.9 | 8.4 | 8.7 |
Audit-related assurance services | 0.5 | 0.4 | 0.3 |
Other assurance services | 0.2 | 0.5 | 0.7 |
Total auditor’s remuneration | 9.6 | 9.3 | 9.7 |
The previously reported 2024 fees paid to EY for audit services have been revised to include final fees for statutory audits which
150
RELX
Annual Report 2025 | Financial statements and other information
The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income
statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected
to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant.
Non-market based performance criteria are taken into account when estimating the number of shares expected to vest.
The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate.
2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | |
Staff costs | |||
Wages and salaries | 2,636 | 2,630 | 2,679 |
Social security costs | 274 | 280 | 288 |
Pensions | 142 | 144 | 145 |
Share based remuneration | 56 | 66 | 63 |
Total staff costs | 3,108 | 3,120 | 3,175 |
Staff costs above exclude cost of contractors and employer costs of benefits provided to employees but include amounts that are
capitalised as part of capitalised development spend. The Group provides a number of share based remuneration schemes to
directors and employees. The principal share based remuneration schemes are the Executive Share Option Schemes (ESOS),
the Long-Term Incentive Plan (LTIP) and the Retention Share Plan (RSP). Share options granted under ESOS are exercisable after
three years and up to ten years from the date of grant at a price equivalent to the market value of the shares at the date of grant.
Conditional shares granted under LTIP and RSP are exercisable after three years for nil consideration if conditions are met. Other
awards principally relate to all employee share based saving schemes in the UK, the US and the Netherlands. Further details are
| At 31 December | Average during the year | |||||
Restated | Restated | Restated | Restated | |||
2023 | 2024 | 2025 | 2023 | 2024 | 2025 | |
Reported segment | ||||||
Risk | 11,100 | 11,000 | 11,800 | 10,900 | 11,000 | 11,400 |
Scientific, Technical & Medical | 9,400 | 9,600 | 9,700 | 9,500 | 9,500 | 9,700 |
Legal | 11,500 | 11,600 | 11,900 | 11,600 | 11,600 | 11,800 |
Exhibitions | 3,500 | 3,300 | 3,400 | 3,500 | 3,500 | 3,300 |
Print & print-related activities | 400 | 300 | 200 | 400 | 300 | 200 |
Sub-total | 35,900 | 35,800 | 37,000 | 35,900 | 35,900 | 36,400 |
Corporate/shared functions | 600 | 600 | 600 | 600 | 600 | 600 |
Total | 36,500 | 36,400 | 37,600 | 36,500 | 36,500 | 37,000 |
Geographical location | ||||||
North America | 14,600 | 14,200 | 14,200 | 14,700 | 14,500 | 14,300 |
Europe | 10,000 | 9,300 | 9,200 | 9,900 | 9,600 | 9,200 |
Rest of world | 11,900 | 12,900 | 14,200 | 11,900 | 12,400 | 13,500 |
Total | 36,500 | 36,400 | 37,600 | 36,500 | 36,500 | 37,000 |
Refer to note 1 for further details of the restated numbers disclosed.
The number of UK full-time equivalents as at 31 December 2025 was 5,500 (2024: 5,600; 2023: 6,000) and the average during
RELX
Annual Report 2025 | Notes to the consolidated financial statements
151
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the
projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions
reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the
statement of comprehensive income in the period in which they occur.
Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and
when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present
value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities,
the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the
extent that the asset is recoverable.
The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
At 31 December 2025, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
length of each scheme’s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised.
Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these
factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made
around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each
scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions
may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial
statements. Information regarding the more significant assumptions used for valuation is provided below, together with a
A number of pension schemes are operated around the world. The largest funded defined benefit schemes as at 31 December 2025
were in the UK and the US, and are summarised below. In addition, there are a number of smaller unfunded schemes in the UK
and the US.
Major defined benefit schemes in place at 31 December 2025
The UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based
on the number of years of service. The US scheme is a cash balance scheme and was closed to future accruals effective 1 January
2019. During 2025, it was announced that the UK defined benefit scheme will close to future accrual of benefits with effect from
28 February 2027 resulting in a £5m charge to operating profit in the year.
Each of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of
the pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds’ beneficiaries.
In the UK, the trustees of the pension fund are responsible for the investment policy with regard to the assets of the fund. The
board of trustees consists of an equal number of company-appointed and member-nominated Directors. In the US, the fiduciary
duties for the scheme are allocated between committees which are staffed by senior employees of the Group; the investment
committee has the primary responsibility for the investment and management of plan assets. The funding of the Group’s major
schemes reflects the different rules within each jurisdiction.
In the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation.
Where the scheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be
remedied. The UK Pensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme
funding. RELX provides a guarantee in respect of scheme liabilities up to a maximum amount whereby debt is calculated under
Section 75 of the Pensions Act 1995. No liability has been recognised in respect of this guarantee as any possibility of triggering
Section 75 is considered remote and RELX expect the scheme to continue operating with more than sufficient liquidity to meet
liabilities as they fall due for the foreseeable future.
The Group and the trustees of the UK scheme finalised the 2024 triennial valuation in the first half of 2025 and no deficit funding
contributions to the scheme are required in the period 2025 to 2027.
The US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject
to ERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the
deficit to be rectified with additional contributions over a seven-year period. The US scheme’s funded status is in excess of 100%.
In 2025, the Group entered into a pension settlement transaction on behalf of around 2,200 pensioners participating in the US
defined benefit pension scheme. £136m of pension assets were transferred on settlement. The associated accounting liability
transferred was £140m resulting in a £4m credit to operating profit.
Employer cash contributions to defined benefit pension schemes in respect of 2026 are expected to be approximately £2m.
152
RELX
Annual Report 2025 | Financial statements and other information
6 Pension schemes (continued)
The pension expense (excluding interest amounts) recognised in the income statement consists of:
2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | |
Defined benefit pension expense | 5 | 4 | 3 |
Defined contribution pension expense | 137 | 140 | 142 |
Total | 142 | 144 | 145 |
All of the pension expense is recognised within operating profit.
The amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by
major scheme as follows:
2023 | 2024 | 2025 | |||||||
UK | US | Total | UK | US | Total | UK | US | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Service cost | 2 | 3 | 5 | 1 | 3 | 4 | - | 2 | 2 |
Past service cost/(settlement credit) | - | - | - | - | - | - | 5 | (4) | 1 |
Defined benefit pension expense | 2 | 3 | 5 | 1 | 3 | 4 | 5 | (2) | 3 |
Net interest on net defined benefit pension | |||||||||
balance | 1 | - | 1 | - | 1 | 1 | (3) | - | (3) |
Net defined benefit pension expense/(credit) | 3 | 3 | 6 | 1 | 4 | 5 | 2 | (2) | - |
In 2025, the past service cost relates to the closure of the UK pension scheme to accrual from 28 February 2027 and the settlement
credit relates to the US annuity purchase.
Net interest on the net defined benefit pension balance is presented within net finance costs in the income statement. The net defined
benefit pension expense for each year is based on the assumptions and scheme valuations set at 31 December of the prior year.
The significant valuation assumptions, determined for each major scheme in conjunction with the respective independent
actuaries, are presented below.
AS AT 31 DECEMBER | 2023 | 2024 | 2025 | |||
UK | US | UK | US | UK | US | |
Discount rate | 4.60 % | 5.05 % | 5.55 % | 5.55 % | 5.60 % | 5.25 % |
Inflation | 3.05 % | 2.50 % | 3.15 % | 2.50 % | 2.90 % | 2.50 % |
Discount rates are set by reference to high-quality corporate bond yields of a currency and a term consistent with the Group’s
pension schemes. High quality corporate bonds are those for which at least one of the main ratings agencies in a given region
considers to be AA-rated (or equivalent).
For the UK, future price inflation, as measured by the Retail Prices Index (RPI), has been derived with regard to the term of pension
liabilities, the inflation implied by redemption yields on fixed interest and index-linked gilts and allowing for inflation risk premium.
The price inflation assumptions allow for the expected impact of RPI reform, in particular expectations that future levels of RPI and
CPI will be broadly aligned after 2030. For the US, inflation is based on the statutory limits on compensation and benefits.
Mortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable
mortality statistics. Future improvements for the year ended 31 December 2025 for the UK are in line with the CMI 2024 Core
Projections Model, with a long-term rate of improvement of 1.5 per cent p.a., and for the US are in line with the Mortality
Improvements Scale MP-2021 developed by the Retirement Plans Experience Committee of the Society of Actuaries. The average
life expectancy assumptions are set out below:
AS AT 31 DECEMBER 2023 | Male average life | Female average | ||
expectancy | life expectancy | |||
UK | US | UK | US | |
Member currently aged 60 years | 85 | 86 | 88 | 88 |
Member currently aged 45 years | 86 | 86 | 90 | 89 |
AS AT 31 DECEMBER 2024 | Male average life | Female average | ||
expectancy | life expectancy | |||
UK | US | UK | US | |
Member currently aged 60 years | 85 | 86 | 89 | 88 |
Member currently aged 45 years | 86 | 86 | 90 | 89 |
AS AT 31 DECEMBER 2025 | Male average life | Female average | ||
expectancy | life expectancy | |||
UK | US | UK | US | |
Member currently aged 60 years | 85 | 86 | 89 | 88 |
Member currently aged 45 years | 87 | 87 | 90 | 89 |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
153
6 Pension schemes (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
The amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of
the year and the movements during the year were as follows:
| 2024 | 2025 | |||||
UK | US | Total | UK | US | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Defined benefit obligation | ||||||
At start of year | (2,984) | (822) | (3,806) | (2,710) | (803) | (3,513) |
Service cost | (1) | (3) | (4) | - | (2) | (2) |
Past service cost | - | - | - | (5) | - | (5) |
Interest on pension scheme liabilities | (133) | (40) | (173) | (147) | (41) | (188) |
Actuarial gains/(losses) on financial assumptions | 301 | 20 | 321 | 57 | (20) | 37 |
Actuarial (losses)/gains arising from experience | ||||||
assumptions | (20) | (3) | (23) | (16) | (3) | (19) |
Contributions by employees | (7) | - | (7) | (7) | - | (7) |
Liabilities transferred on settlement | - | - | - | - | 140 | 140 |
Benefits paid | 134 | 61 | 195 | 137 | 60 | 197 |
Exchange translation differences | - | (16) | (16) | - | 52 | 52 |
At end of yea r | (2,710) | (803) | (3,513) | (2,691) | (617) | (3,308) |
Fair value of scheme assets | ||||||
At start of yea r | 2,937 | 834 | 3,771 | 2,744 | 800 | 3,544 |
Interest income on plan assets | 133 | 39 | 172 | 150 | 41 | 191 |
Return on assets excluding amounts included in | ||||||
interest income | (240) | (33) | (273) | (29) | 32 | 3 |
Contributions by employer | 41 | 7 | 48 | 13 | 6 | 19 |
Contributions by employees | 7 | - | 7 | 7 | - | 7 |
Assets transferred on settlement | - | - | - | - | (136) | (136) |
Benefits paid | (134) | (61) | (195) | (137) | (60) | (197) |
Exchange translation differences | - | 14 | 14 | - | (53) | (53) |
At end of year | 2,744 | 800 | 3,544 | 2,748 | 630 | 3,378 |
Opening net balance | (47) | 12 | (35) | 34 | (3) | 31 |
Service cost | (1) | (3) | (4) | - | (2) | (2) |
Net interest on net defined benefit balance | - | (1) | (1) | 3 | - | 3 |
(Past service cost)/settlement credit | - | - | - | (5) | 4 | (1) |
Contributions by employer | 41 | 7 | 48 | 13 | 6 | 19 |
Actuarial (losses)/gains | 41 | (16) | 25 | 12 | 9 | 21 |
Exchange translation differences | - | (2) | (2) | - | (1) | (1) |
Net pension balance | 34 | (3) | 31 | 57 | 13 | 70 |
Impact of asset ceiling | (4) | (6) | (10) | (5) | (22) | (27) |
Overall net pension balance | 30 | (9) | 21 | 52 | (9) | 43 |
As at 31 December 2025, the defined benefit obligations comprised £3,154m (2024: £3,348m) in relation to funded schemes and
£154m (2024: £165m) in relation to unfunded schemes.
The weighted average duration of defined benefit scheme liabilities is 12 years in the UK (2024: 13 years) and 9 years in the US
(2024: 9 years). Net deferred tax liabilities of £9m (2024 net deferred tax liabilities: £4m) are recognised in respect of the net
pension balance.
A net pension asset has been recognised in relation to the UK and US funded schemes after considering the guidance in IAS 19 –
Employee Benefits and IFRIC 14. The split between net pension obligations and net pension assets is as follows:
2024 | 2025 | |
GBPm | GBPm | |
Net pension asset recognised | 186 | 197 |
Net pension obligation | (165) | (154) |
Overall net pension balance | 21 | 43 |
154
RELX
Annual Report 2025 | Financial statements and other information
6 Pension schemes (continued)
Amounts recognised in the statement of comprehensive income are set out below:
2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | |
Gains and losses arising during the year: | |||
Experience losses on scheme liabilities | (11) | (23) | (19) |
Experience gains/(losses) on scheme assets | 35 | (273) | 3 |
Actuarial (losses)/gains on the present value of scheme liabilities due to changes in: | |||
– discount rates | (145) | 374 | (5) |
– inflation | 15 | (36) | 43 |
– other actuarial assumptions | 50 | (17) | (1) |
(56) | 25 | 21 |
The total actuarial gain recognised in the statement of comprehensive income of £5m (2024: £43m) also includes a loss of £16m
(2024: gain of £18m) in relation to the asset ceiling. As at 31 December 2025, the impact of the asset ceiling on the overall net
pension obligation is £27m (2024: £10m).
The major categories and fair values of scheme assets at the end of the reporting period are as follows:
FAIR VALUE OF SCHEME ASSETS | 2024 | 2025 | ||||
UK | US | Total | UK | US | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Equities ¹ | 419 | 2 | 421 | 311 | 1 | 312 |
Liability matching assets ² | 1,716 | 784 | 2,500 | 1,929 | 620 | 2,549 |
Property funds and ground leases ³ | 172 | - | 172 | 100 | - | 100 |
Direct lending and multi-asset credit funds | 333 | - | 333 | 300 | - | 300 |
Cash and cash equivalents ⁴ | 96 | 14 | 110 | 101 | 9 | 110 |
Othe r | 8 | - | 8 | 7 | - | 7 |
Total | 2,744 | 800 | 3,544 | 2,748 | 630 | 3,378 |
(1)
Assets are held in unquoted funds which invest in equities with quoted prices.
(2)
Within the UK scheme are asset backed securities totalling £519m (2024: £481m), other credit assets of £507m (2024: £487m) and government bonds
totalling £2,101m (2024: £1,881m), forward foreign currency contracts of £4m (2024: -£2m), interest rate swaps of £2m (2024: nil) offset by short-term sale
and repurchase agreements totalling £1,205m (2024: £1,131m) whereby the UK scheme funds the purchase of government bonds using existing bonds as
security. In the US, the assets primarily relate to government bonds, corporate bonds and interest rate swaps. Of the gross assets, £2,219m (2024:
£2,049m) are assets with quoted prices in active markets.
(3)
Assets without quoted prices in active markets.
(4)
Includes £59m (2024: £44m) of assets with quoted prices in an active market. The remainder are held in funds which do not have quoted prices.
RELX
Annual Report 2025 | Notes to the consolidated financial statements
155
6 Pension schemes (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Assets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-
related assumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation
could increase future pension costs and funding requirements.
Typically, the Group’s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those
rates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond
yields in the UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also
exposed to other risks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to
an increase in scheme liabilities.
Investment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and
long term. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across
geographies and among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent
on a variety of factors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses
a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of
scheme assets change in the same way as the scheme’s liabilities and achieve a matching effect for the most significant plan
liability assumptions of interest rates and inflation rates.
Sensitivity analysis
The valuation of the Group’s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the
members, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience
or future changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount
rates, inflation and life expectancies that are reasonably possible would have the following approximate effects on the defined
benefit pension obligations:
GBPm | |
Increase/decrease of 0.5% in discount rate | 174 |
Increase/decrease of 0.25% in the expected inflation rate | 55 |
Increase/decrease of one year in assumed life expectancy | 77 |
The above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the
statement of financial position. There has been no change in the methods used to prepare the analysis compared with prior years.
This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that
156
RELX
Annual Report 2025 | Financial statements and other information
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | |
Interest on short-term bank loans, overdrafts and commercial paper | (31) | (48) | (47) |
Interest on term debt | (263) | (228) | (222) |
Interest on lease liabilities | (6) | (5) | (4) |
Total borrowing costs | (300) | (281) | (273) |
Losses on loans and derivatives not designated as hedges | (20) | (20) | (30) |
Fair value (losses)/gains on designated fair value hedge relationships | (2) | (2) | 2 |
Net interest on defined benefit pension schemes | (1) | (1) | 3 |
Finance costs | (323) | (304) | (298) |
Interest on bank deposits | 8 | 6 | 12 |
Finance income | 8 | 6 | 12 |
Net finance costs | (315) | (298) | (286) |
In March 2025, the Group entered into cross-currency interest rate swaps to increase its exposure to debt in euro and Japanese
yen. This provides a hedge of part of the Group’s earnings in those currencies, but the nature of the Group’s assets in those
currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. The fair
value movements in these instruments in the period were net losses of £5m (2024: nil; 2023: nil) and included in losses on loans
and derivatives not designated as hedges.
Gains of nil (2024: gains of £1m; 2023: losses of £2m) on derivatives designated as cash flow hedges were recognised in other
comprehensive income and accumulated in the hedge reserve, and may be reclassified to the consolidated income statement in
future periods. Losses of £1m (2024: £2m; 2023: £1m) in total were transferred from the hedge reserve in the year.
In 2023, the interest charge on term debt included a charge of £26m in respect of the early redemption of bonds that were due to be
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is
considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and
fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers
from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale.
Liabilities of businesses held for sale are also separately classified on the statement of financial position.
Fair value movements in the venture capital portfolio are reported within disposals and other non-operating items. See note 15 for
2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | |
Revaluation of investments | (11) | (2) | 12 |
Loss on disposal of businesses | (61) | (4) | (3) |
Net loss on disposals and othe r non-operating items | (72) | (6) | 9 |
The revaluation of investments relates to venture fund investments.
RELX
Annual Report 2025 | Notes to the consolidated financial statements
157
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement
except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period,
outside the income statement (either in other comprehensive income, directly in equity, or through a business combination),
in which case the tax appears in the same statement as the transaction that gave rise to it.
Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period
as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established
where appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination
of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow
will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of
financial position, and the provisions are remeasured as required to reflect current information.
amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset
is realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
differences arising on investments in subsidiaries, joint ventures and associates where the reversal of the temporary difference
can be controlled and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The
availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax
liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period
as the deductible temporary difference or unused tax losses or credit.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of
When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required
to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed.
The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which
a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such
intangibles and goodwill.
In an ‘asset acquisition’, where the buyer acquires the trade and assets of a business, there is often a tax deduction available
for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is
recognised on the difference between the tax base and the book base of the assets.
In a ‘share acquisition’, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets,
tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise
to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill
where that is not deductible for tax purposes.
The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, the
Group’s tax returns in the countries in which it operates are subject to tax authority audits as a matter of routine. While the
Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax
positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise
considered to involve uncertainty.
The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
positions are measured using one of the following methods, depending on which of the methods management expects will
better predict the amount it will pay over to the tax authority:
■
The Single Best Estimate – where there is a single outcome that is more likely than not to occur. This will happen, for
example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of
possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to
be payable, in which case the provision is nil; or
■
A Probability-Weighted Expected Value – where, on the balance of probabilities, something will be paid to the tax authority
but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely
than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
158
RELX
Annual Report 2025 | Financial statements and other information
9 Taxation (continued)
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and
previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved
at amounts greater or smaller than the liabilities recorded.
In particular, although the Group reports cross-border transactions undertaken between Group subsidiaries on an arm’s-
length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is
frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain
that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions
and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final
resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is
expected in the next year or foreseeable future.
Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group’s
forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
2023 |
2024 |
2025 |
|
GBPm |
GBPm |
GBPm |
|
Current tax |
|||
Current yea r |
(652) |
(661) |
(750) |
Prior years |
77 |
54 |
24 |
Total current tax charge |
(575) |
(607) |
(726) |
Deferred tax |
68 |
(6) |
54 |
Tax charge |
(507) |
(613) |
(672) |
The UK current tax charge was £218m (2024: £187m; 2023: £157m). Cash tax paid (net) in the year was £638m (2024: £662m;
2023: £619m), which is different to the tax expense for the year set out above.
There are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts:
■
Tax payments relating to a particular year’s profits are typically due partly in the year and partly in the following year.
■
Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but
is taxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does
not result in tax payments.
■
Current tax expense is the best estimate at the end of the period of cash tax expected to be paid. To the extent the final tax
liability is different, any cash tax impact will occur in a later period.
■
Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other
comprehensive income rather than to tax expense.
Set out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by
multiplying accounting profit by the applicable tax rate. The Group believes the most meaningful applicable rate is the weighted
average tax rate, which is obtained by multiplying the accounting profits and losses of all consolidated entities by the applicable
domestic rate in each of those entities’ jurisdictions.
2023 |
2024 |
2025 |
||||
GBPm |
% |
GBPm |
% |
GBPm |
% |
|
Profit before tax |
2,295 |
2,557 |
2,750 |
|||
Tax at average applicable rates |
(571) |
24.9 % |
(647) |
25.3 % |
(687) |
25.0 % |
Tax effect of share of results of joint ventures |
||||||
and associates |
8 |
(0.3)% |
9 |
(0.4)% |
11 |
(0.4)% |
Income not taxable and expenses not deductible |
20 |
(0.9)% |
16 |
(0.6)% |
8 |
(0.3)% |
Non-deductible costs of share based |
||||||
remuneration |
(1) |
0.0 % |
(2) |
0.1 % |
(1) |
0.0 % |
Non-deductible disposal-related losses |
(22) |
1.0 % |
(7) |
0.3 % |
(24) |
0.9 % |
Deferred tax assets of the period not recognised |
(3) |
0.1 % |
(18) |
0.7 % |
(2) |
0.1 % |
Change in recognition and measurement of |
||||||
deferred tax |
4 |
(0.2)% |
13 |
(0.5)% |
16 |
(0.6)% |
Movements in provisions and prior year items |
58 |
(2.5)% |
23 |
(0.9)% |
7 |
(0.3)% |
Tax charge |
(507) |
22.1 % |
(613) |
24.0 % |
(672) |
24.4 % |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
159
9 Taxation (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
The weighted average applicable tax rate for the year was 25.0% (2024: 25.3%; 2023: 24.9%), reflecting the applicable rates in the
countries where the Group operates. The Group’s future tax charge will be sensitive to the geographic mix of profits and losses and
the tax rates and laws in force in the jurisdictions in which the Group operates.
The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from 2024. The Group has applied the
temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two
rules. The rules, including the Side-by-Side agreement released by the OECD in January 2026, do not have a significant impact on
the tax charge for the Group.
Other international tax developments, including in the US, do not have any significant impact on the Group.
The effective tax rate of 24.4% (2024: 24.0%; 2023: 22.1%) was lower than the weighted average applicable rate of 25.0%. Income
not taxable and expenses not deductible include research and development and other tax credits of £20m (2024: £21m; 2023:
£21m). In 2023, there were tax credits arising from the substantial resolution of prior year tax matters.
The following tax has been recognised in other comprehensive income or directly in equity during the year:
2023 |
2024 |
2025 |
|
GBPm |
GBPm |
GBPm |
|
Tax on items that will not be reclassified to profit or loss |
|||
Tax on actuarial movements on defined benefit pension schemes |
19 |
(11) |
(3) |
Tax on items that may be reclassified to profit or loss |
|||
Tax on fair value movements on cash flow hedges |
(12) |
3 |
(5) |
Net tax (charge)/credit recognised in other comprehensive income |
7 |
(8) |
(8) |
Tax credit on share based remuneration recognised directly in equity |
24 |
20 |
21 |
2024 |
2025 |
|
GBPm |
GBPm |
|
Current tax assets |
42 |
13 |
Current tax liabilities |
(119) |
(153) |
Total |
(77) |
(140) |
Current tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and
liabilities on a net basis.
The Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of £159m (2024: £168m)
is comprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the
provisions relate, or changes in assumptions relating to the provisions, will have a material impact on the Group’s financial results
in the next year.
2024 |
2025 |
|
GBPm |
GBPm |
|
Deferred tax assets |
84 |
75 |
Deferred tax liabilities |
(473) |
(405) |
Total |
(389) |
(330) |
160
RELX
Annual Report 2025 | Financial statements and other information
9 Taxation (continued)
Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same
jurisdiction) are summarised as follows:
Deferred tax liabilities |
Deferred tax assets |
||||||
Acquired |
Other |
Acquired |
Losses and |
Other |
|||
intangible |
temporary |
intangible |
other tax |
Pension |
temporary |
||
assets |
differences |
assets |
attributes |
balances |
differences |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Deferred tax (liability)/asset |
|||||||
at 1 January 2024 |
(652) |
(182) |
99 |
96 |
47 |
247 |
(345) |
Credit/(charge) to profit |
52 |
14 |
(31) |
(31) |
(10) |
- |
(6) |
(Charge)/credit to equity/other |
|||||||
comprehensive income |
- |
(14) |
- |
- |
6 |
1 |
(7) |
Acquisitions |
(16) |
- |
- |
1 |
- |
- |
(15) |
Disposals and othe r |
- |
- |
- |
- |
- |
(2) |
(2) |
Exchange translation differences |
(10) |
(1) |
(2) |
(2) |
- |
1 |
(14) |
Deferred tax (liability)/asset |
|||||||
at 1 January 2025 |
(626) |
(183) |
66 |
64 |
43 |
247 |
(389) |
Credit/(charge) to profit |
52 |
22 |
(31) |
- |
(3) |
14 |
54 |
(Charge)/credit to equity/other |
|||||||
comprehensive income |
- |
(8) |
- |
- |
1 |
3 |
(4) |
Acquisitions |
(25) |
- |
- |
- |
- |
- |
(25) |
Disposals and othe r |
- |
- |
- |
- |
- |
- |
- |
Exchange translation differences |
36 |
7 |
2 |
- |
(1) |
(10) |
34 |
Deferred tax (liability)/asset at |
|||||||
31 December 2025 |
(563) |
(162) |
37 |
64 |
40 |
254 |
(330) |
The closing deferred tax liability balance of other temporary differences includes those relating to capitalised development
costs of £72m (2024: £86m) and pension surplus of £49m (2024: £47m). The closing deferred tax asset balance of other temporary
differences includes those relating to accruals and provisions of £127m (2024: £124m) and share based remuneration provisions of
£68m (2024: £63m).
As a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
Deferred tax assets have been recognised for losses and other tax attributes in countries including the US and the Netherlands,
the majority of which are expected to have been utilised by 2029.
Deferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent
that it is more likely than not that sufficient taxable profits will be available to allow the asset to be recovered.
Losses and other tax attributes for which no deferred tax asset was recognised:
2024 |
2025 |
|||
GBPm |
GBPm |
GBPm |
GBPm |
|
Gross amount |
Tax effected |
Gross amount |
Tax effected |
|
Trading losses and temporary differences expiring |
||||
Within 10 years |
55 |
15 |
59 |
13 |
More than 10 years |
13 |
3 |
10 |
2 |
Available indefinitely |
185 |
51 |
100 |
25 |
Total |
253 |
69 |
169 |
40 |
State and local tax losses expiring |
||||
Within 10 years |
18 |
1 |
18 |
1 |
More than 10 years |
57 |
3 |
48 |
3 |
Available indefinitely |
- |
- |
- |
- |
Total |
75 |
4 |
66 |
4 |
Capital losses expiring |
||||
Within 10 years |
- |
- |
- |
- |
More than 10 years |
- |
- |
- |
- |
Available indefinitely |
140 |
31 |
144 |
32 |
Total |
140 |
31 |
144 |
32 |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
161
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the
total weighted average number of shares.
The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
EARNINGS PER SHARE – FOR THE | |||||||||
YEAR ENDED 31 DECEMBER | 2023 | 2024 | 2025 | ||||||
Weighted | Weighted | Weighted | |||||||
Net profit | average | Net profit | average | Net profit | average | ||||
attributable to | number | attributable to | number | attributable to | number | ||||
shareholders | of shares | EPS | shareholders | of shares | EPS | shareholders | of shares | EPS | |
GBPm | (millions) | (pence) | GBPm | (millions) | (pence) | GBPm | (millions) | (pence) | |
Basic earnings per share | 1,781 | 1,891.8 | 94.1 | 1,934 | 1,865.9 | 103.6p | 2,065 | 1,834.4 | 112.6p |
Diluted earnings per share | 1,781 | 1,902.8 | 93.6 | 1,934 | 1,876.7 | 103.1p | 2,065 | 1,843.5 | 112.0p |
Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held
2023 |
2024 |
2025 |
||
RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS |
Note |
GBPm |
GBPm |
GBPm |
Operating profit |
2,682 |
2,861 |
3,027 |
|
Share of results of joint ventures and associates |
(46) |
(43) |
(44) |
|
Amortisation of acquired intangible assets |
279 |
258 |
248 |
|
Amortisation of internally developed intangible assets |
330 |
364 |
352 |
|
Amortisation of pre-publication costs |
76 |
77 |
89 |
|
Depreciation of property, plant and equipment |
43 |
34 |
26 |
|
Depreciation of right-of-use assets |
65 |
50 |
37 |
|
Share based remuneration |
5 |
56 |
66 |
63 |
Total non-cash items |
849 |
849 |
815 |
|
Increase in inventories and pre-publication costs |
(90) |
(83) |
(101) |
|
(Increase)/decrease in receivables |
(24) |
(173) |
14 |
|
(Decrease)/increase in payables |
(1) |
110 |
24 |
|
Increase in working capital |
(115) |
(146) |
(63) |
|
Cash generated from operations |
3,370 |
3,521 |
3,735 |
CASH FLOW ON ACQUISITIONS |
2023 |
2024 |
2025 |
|
Note |
GBPm |
GBPm |
GBPm |
|
Purchase of businesses |
12 |
(108) |
(165) |
(242) |
Deferred payments relating to prior year acquisitions |
(16) |
(5) |
(18) |
|
Total |
(124) |
(170) |
(260) |
162
RELX
Annual Report 2025 | Financial statements and other information
11 Statement of cash flows (continued)
RECONCILIATION OF NET DEBT |
Derivative |
Cross- |
||||
financial |
currency |
|||||
instruments |
interest rate |
|||||
Cash and |
in fair value |
swaps not |
Finance |
|||
cash |
hedging |
designated |
Lease |
|||
equivalents |
Debt |
relationships |
as hedges |
receivable |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
At 1 January 2024 |
155 |
(6,497) |
(108) |
- |
4 |
(6,446) |
Decrease in cash and cash equivalents |
(32) |
- |
- |
- |
- |
(32) |
Increase in short-term bank loans, overdrafts |
||||||
and commercial paper |
- |
(461) |
- |
- |
- |
(461) |
Issuance of term debt |
- |
(711) |
- |
- |
- |
(711) |
Repayment of term debt |
- |
1,017 |
- |
- |
- |
1,017 |
Repayment of leases |
- |
63 |
- |
- |
(2) |
61 |
Change in net debt resulting from cash flows |
(32) |
(92) |
- |
- |
(2) |
(126) |
Borrowings in disposed businesses |
- |
8 |
- |
- |
- |
8 |
Remeasurement and derecognition of leases |
- |
(4) |
- |
- |
- |
(4) |
Inception of leases |
- |
(32) |
- |
- |
- |
(32) |
Fair value and other adjustments to debt and |
||||||
related derivatives |
- |
19 |
(28) |
- |
- |
(9) |
Exchange translation differences |
(4) |
54 |
(4) |
- |
- |
46 |
At 1 January 2025 |
119 |
(6,544) |
(140) |
- |
2 |
(6,563) |
Increase in cash and cash equivalents |
15 |
- |
- |
- |
- |
15 |
Increase in short-term bank loans, overdrafts |
||||||
and commercial paper |
- |
(232) |
- |
- |
- |
(232) |
Issuance of term debt |
- |
(1,125) |
- |
- |
- |
(1,125) |
Repayment of term debt |
- |
621 |
- |
- |
- |
621 |
Repayment of leases |
- |
40 |
- |
- |
(2) |
38 |
Change in net debt resulting from cash flows |
15 |
(696) |
- |
- |
(2) |
(683) |
Borrowings in acquired businesses |
- |
(2) |
- |
- |
- |
(2) |
Remeasurement and derecognition of leases |
- |
(1) |
- |
- |
- |
(1) |
Inception of leases |
- |
(35) |
- |
- |
- |
(35) |
Fair value and other adjustments to debt and |
||||||
related derivatives |
- |
(77) |
70 |
(5) |
- |
(12) |
Exchange translation differences |
(3) |
88 |
10 |
- |
- |
95 |
At 31 December 2025 |
131 |
(7,267) |
(60) |
(5) |
- |
(7,201) |
Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other
loans and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of
RELX
Annual Report 2025 | Notes to the consolidated financial statements
163
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which
do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual
assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the
During the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value
to the Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below.
Fair value | Fair value | Fair value | |
2023 | 2024 | 2025 | |
GBPm | GBPm | GBPm | |
Goodwill | 68 | 146 | 140 |
Intangible assets | 64 | 72 | 134 |
Property, plant and equipment | 1 | - | - |
Current assets | 3 | 6 | 3 |
Current liabilities | (10) | (14) | (6) |
Borrowings | - | - | (2) |
Deferred tax | (6) | (15) | (25) |
Net assets acquired | 120 | 195 | 244 |
Consideration (after taking account of £1m net cash acquired (2024: £7m; 2023: £4m)) | 120 | 195 | 244 |
Change in consideration deferred to future years and changes in contingent | |||
consideration relating to prior year acquisitions | (12) | (30) | (2) |
Net cash flo w | 108 | 165 | 242 |
During 2025, RELX completed several acquisitions, including acquisition of non-controlling interest, for total consideration of
£270m (2024: £195m). Total consideration on acquisitions was £243m (2024: £188m) adjusted for cash acquired. Total cash spent
on acquisitions was £260m (2024: £170m) reflecting timing of deferred consideration of £18m (2024: £5m) for past and current year
acquisitions.
The businesses acquired in 2025 contributed £12m to revenue, had no impact to adjusted operating profit, decreased net profit
by £7m (after charging £8m of integration costs and amortisation of acquired intangibles) and decreased net cash inflow from
operating activities by £11m for the part year under the Group’s ownership and before taking account of acquisition financing costs.
Had the businesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit
and net profit attributable to shareholders for the year would have been £9,592m, £3,341m and £2,064m respectively, before taking
ORDINARY DIVIDENDS PAID IN THE YEAR | 2023 | 2024 | 2025 |
GBPm | GBPm | GBPm | |
RELX PLC | 1,059 | 1,121 | 1,181 |
Ordinary dividends declared and paid in the year ended 31 December 2025, in amounts per ordinary share, comprise: a final
dividend for 2024 of 44.8p (2024: final dividend for 2023 of 41.8p; 2023: final dividend for 2022 of 38.9p) and a 2025 interim dividend
for 2025 of 19.5p (2024: 18.2p; 2023: 17.0p), giving a total of 64.3p (2024: 60.0p; 2023: 55.9p).
The Directors of RELX PLC have proposed a final dividend for 2025 of 48.0 p per ordinary share (2024: 44.8 p; 2023: 41.8 p), giving a
total for the financial year of 67.5p per ordinary share (2024: 63.0p; 2023: 58.8p). The total cost of funding the proposed final
dividend is expected to be £873 m, for which no liability has been recognised at the statement of financial position date.
The Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied
164
RELX
Annual Report 2025 | Financial statements and other information
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research
and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies,
including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of
the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have indefinite
lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their characteristically
stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at
least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
■ |
Market-related assets – 1 to 40 years |
■ |
Customer-related assets – 1 to 20 years |
■ |
Editorial content – 1 to 40 years |
■ |
Software and systems – 1 to 10 years |
■ |
Other – 3 to 20 years |
Internally developed intangible assets (development spend) typically comprise software and systems development where an identifiable
asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally
developed intangible assets are amortised on a straight-line basis over their estimated useful lives of three to 10 years. Impairment
reviews are carried out at where indicators of impairment are identified.
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management’s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
RELX
Annual Report 2025 | Notes to the consolidated financial statements
165
14 Intangible assets (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Total |
|||||||||
Total |
Internally |
intangible |
|||||||
Software |
acquired |
developed |
assets |
||||||
Market |
Customer |
Editorial |
and |
intangible |
intangible |
excluding |
|||
Goodwill |
related |
related |
content |
technology |
Other |
assets |
assets |
goodwill |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
COST |
|||||||||
As at 1 January 2024 |
8,023 |
2,540 |
1,979 |
658 |
835 |
2,426 |
8,438 |
4,343 |
12,781 |
Acquisitions |
146 |
10 |
14 |
10 |
38 |
- |
72 |
- |
72 |
Additions |
- |
- |
- |
- |
- |
- |
- |
464 |
464 |
Disposals and other |
(36) |
(71) |
(8) |
(6) |
(23) |
(110) |
(218) |
(87) |
(305) |
Exchange translation differences |
83 |
36 |
25 |
4 |
5 |
7 |
77 |
2 |
79 |
At 1 January 2025 |
8,216 |
2,515 |
2,010 |
666 |
855 |
2,323 |
8,369 |
4,722 |
13,091 |
Acquisitions |
140 |
20 |
70 |
4 |
34 |
6 |
134 |
- |
134 |
Additions |
- |
- |
- |
- |
- |
- |
- |
504 |
504 |
Disposals and other |
- |
- |
- |
- |
(99) |
(19) |
(118) |
(186) |
(304) |
Exchange translation differences |
(426) |
(158) |
(117) |
(24) |
(34) |
(80) |
(413) |
(160) |
(573) |
At 31 December 2025 |
7,930 |
2,377 |
1,963 |
646 |
756 |
2,230 |
7,972 |
4,880 |
12,852 |
ACCUMULATED AMORTISATION |
|||||||||
As at 1 January 2024 |
- |
1,731 |
1,323 |
607 |
600 |
2,416 |
6,677 |
2,866 |
9,543 |
Charge for the year |
- |
111 |
71 |
13 |
62 |
1 |
258 |
364 |
622 |
Disposals and other |
- |
(69) |
(8) |
(5) |
(23) |
(110) |
(215) |
(71) |
(286) |
Exchange translation differences |
- |
23 |
15 |
3 |
6 |
7 |
54 |
(6) |
48 |
At 1 January 2025 |
- |
1,796 |
1,401 |
618 |
645 |
2,314 |
6,774 |
3,153 |
9,927 |
Charge for the year |
- |
108 |
69 |
12 |
57 |
2 |
248 |
352 |
600 |
Disposals and other |
- |
- |
- |
- |
(99) |
(19) |
(118) |
(204) |
(322) |
Exchange translation differences |
- |
(114) |
(82) |
(22) |
(31) |
(80) |
(329) |
(96) |
(425) |
At 31 December 2025 |
- |
1,790 |
1,388 |
608 |
572 |
2,217 |
6,575 |
3,205 |
9,780 |
NET BOOK AMOUNT |
|||||||||
At 31 December 2024 |
8,216 |
719 |
609 |
48 |
210 |
9 |
1,595 |
1,569 |
3,164 |
At 31 December 2025 |
7,930 |
587 |
575 |
38 |
184 |
13 |
1,397 |
1,675 |
3,072 |
The Legal business area has £663m (2024: £645m) of capitalised development costs associated with platforms and infrastructure,
with a remaining amortisation period of up to ten years.
Included in market-related intangible assets are £113m (2024: £121m) of journal titles relating to Scientific, Technical & Medical
determined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
There were no charges for impairment of goodwill or indefinite lived intangible assets in 2025 (2024: nil) identified during the annual
impairment review. From 2025, as described in note 1 on page 144, print and print-related activities are now managed and reported
separately. As a result in 2025, a print and print-related CGU has been identified and an impairment review has been completed
comparing the carrying value with the recoverable amount based on management’s cash flow projections approved by the Board in 2025.
For the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, as permitted by IAS 36, the detailed calculations
including key assumptions used to determine the recoverable amounts and sensitivity analysis performed in 2023 were used as a
basis for the 2025 impairment tests as the criteria of IAS 36 were satisfied. For all applicable CGUs tested: there have been no
significant changes in the assets and liabilities in 2025 included in the CGUs compared to 2023; the headroom was substantial in
2023; and the likelihood that the recoverable amount would be less than the carrying amount in 2025 is remote.
166
RELX
Annual Report 2025 | Financial statements and other information
14 Intangible assets (continued)
Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level
at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill
arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas
have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills,
knowledge and technology platforms, and the monitoring of goodwill by management. Goodwill has been allocated to Print and
print-related in 2025 as a result of the business area reporting changes and therefore, the balance is nil for 2024.
GOODWILL |
2024 |
2025 |
GBPm |
GBPm |
|
Risk |
4,004 |
3,902 |
Scientific, Technical & Medical |
1,948 |
1,814 |
Legal |
1,640 |
1,543 |
Exhibitions |
624 |
631 |
Print & print-related |
- |
40 |
Total |
8,216 |
7,930 |
The key assumptions used for each group of CGUs are disclosed below:
KEY ASSUMPTIONS |
2024 |
2025 |
||
Nominal |
Nominal |
|||
Pre-tax |
long-term |
Pre-tax |
long-term |
|
discount |
market |
discount |
market |
|
rate |
growth rate |
rate |
growth rate |
|
Risk |
11.3% |
4% |
11.3% |
4% |
Scientific, Technical & Medical |
10.6% |
3% |
10.6% |
3% |
Legal |
10.9% |
4% |
10.9% |
4% |
Exhibitions |
12.3% |
4% |
12.3% |
4% |
Print & print-related |
- |
- |
13.8% |
(9)% |
The pre–tax discount rates used are based on the Group’s weighted average cost of capital, adjusted to reflect a risk premium
specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has
been estimated by grossing up the post-tax rate. The Group’s weighted average cost of capital is derived from a risk free rate, a
market risk premium, a risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections
are in nominal terms and therefore, take into account the impact of inflation. Assumptions for print and print-related have been
determined and applied in the 2025 recoverable amount calculation for the 2025 impairment testing assessment. As the IAS 36
criteria are satisfied for the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, the 2023 recoverable amount
calculation (including the discount rate and growth rate assumptions) have been used in the 2025 impairment testing calculations.
The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating
margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted
by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash
conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, are broadly in
line with the long-term average growth prospects for the sectors and territories in which the businesses operate.
A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by
management: an increase in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-
year forecast period of 2%; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount
rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no
RELX
Annual Report 2025 | Notes to the consolidated financial statements
167
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any
2024 |
2025 |
|
GBPm |
GBPm |
|
Investments in joint ventures and associates |
169 |
164 |
Venture capital and other investments |
92 |
131 |
Total |
261 |
295 |
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
2024 |
2025 |
|
GBPm |
GBPm |
|
At start of year |
178 |
169 |
Share of results of joint ventures and associates |
43 |
44 |
Dividends received from joint ventures and associates |
(37) |
(40) |
Disposals and othe r |
- |
(7) |
Exchange translation differences |
(15) |
(2) |
At end of yea r |
169 |
164 |
Summarised aggregate information in respect of the Group’s share of joint ventures and associates is set out below:
RELX’s share |
||
2024 |
2025 |
|
GBPm |
GBPm |
|
Revenue |
121 |
116 |
Net profit for the year |
43 |
44 |
Total assets |
198 |
182 |
Total liabilities |
(97) |
(86) |
Net assets |
101 |
96 |
Goodwill |
68 |
68 |
Total |
169 |
164 |
The Group’s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2025
168
RELX
Annual Report 2025 | Financial statements and other information
Property, plant and equipment are stated at cost less accumulated depreciation. No depreciation is provided on freehold land.
Freehold buildings and long leaseholds are depreciated over their estimated useful lives up to a maximum of 50 years. Short
leases are written off over the duration of the lease. Depreciation is provided on other assets on a straight-line basis over their
estimated useful lives as follows:
■
land and buildings: land – not depreciated; leasehold improvements – shorter of life of lease and 10 years
■
fixtures and equipment: plant – 3 to 20 years; office furniture, fixtures and fittings – 5 to 10 years; computer systems,
| 2024 |
2025 |
|||||
Fixtures |
||||||
Land and |
Fixtures and |
Land and |
and |
|||
buildings |
equipment |
Total |
buildings |
equipment |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Cost |
||||||
At start of yea r |
134 |
373 |
507 |
110 |
288 |
398 |
Capital expenditure |
1 |
19 |
20 |
1 |
20 |
21 |
Disposals |
(25) |
(104) |
(129) |
(9) |
(50) |
(59) |
Exchange translation differences |
- |
- |
- |
(5) |
(13) |
(18) |
At end of yea r |
110 |
288 |
398 |
97 |
245 |
342 |
Accumulated depreciation |
||||||
At start of yea r |
92 |
316 |
408 |
74 |
242 |
316 |
Charge for the yea r |
5 |
29 |
34 |
4 |
22 |
26 |
Disposals |
(23) |
(103) |
(126) |
(10) |
(49) |
(59) |
Exchange translation differences |
- |
- |
- |
(4) |
(9) |
(13) |
At end of yea r |
74 |
242 |
316 |
64 |
206 |
270 |
Net book amount |
36 |
46 |
82 |
33 |
39 |
72 |
Included in land and buildings is freehold land of £7m (2024: £7m).
RELX
Annual Report 2025 | Notes to the consolidated financial statements
169
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables,
cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments.
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
The main financial risks faced by the Group are liquidity risk, market risk – comprising interest rate risk and foreign exchange
risk – and credit risk. Financial instruments are used to finance the Group’s businesses and to manage interest rate and foreign
exchange risks. The Group’s businesses do not enter into speculative derivative transactions. Details of financial instruments
subject to liquidity, market and credit risks are described below.
170
RELX
Annual Report 2025 | Financial statements and other information
17 Financial instruments (continued)
The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
sufficient capacity under committed credit lines. The Group’s treasury policies ensure adequate liquidity by requiring that (a) no
more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus
short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with
maturities over three and five years are maintained.
The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year,
(b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash
balances. From time to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase
outstanding debt in the open market.
Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised
that debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting
currency. For this reason, the majority of the Group’s net debt is denominated in US dollars and euros, reflecting the Group’s
largest geographical markets. There were no changes to the Group’s long-term approach to capital and liquidity management
during the year. The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table
below. The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged
as part of cross-currency interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
AT 31 DECEMBER 2024 |
Contractual cash flow (including interest) |
|||||||
Carrying |
Within |
More than |
||||||
amount |
1 year |
1-2 years |
2-3 years |
3-4 years |
4-5 years |
5 years |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Borrowings |
||||||||
Fixed rate borrowings |
(5,679) |
(763) |
(756) |
(541) |
(783) |
(862) |
(2,979) |
(6,684) |
Floating rate borrowings |
(762) |
(762) |
- |
- |
- |
- |
- |
(762) |
Lease liabilities |
(103) |
(43) |
(28) |
(19) |
(10) |
(4) |
(27) |
(131) |
(6,544) |
||||||||
Derivative financial liabilities |
||||||||
Cash inflows |
1,560 |
180 |
124 |
17 |
- |
- |
1,881 |
|
Cash outflows |
(1,575) |
(184) |
(126) |
(17) |
- |
- |
(1,902) |
|
Forward foreign exchange contracts |
(23) |
(15) |
(4) |
(2) |
- |
- |
- |
(21) |
Interest rate derivatives |
(119) |
(25) |
(22) |
(22) |
(22) |
(22) |
(22) |
(135) |
Cash inflows |
502 |
- |
- |
- |
- |
- |
502 |
|
Cash outflows |
(550) |
- |
- |
- |
- |
- |
(550) |
|
Cross-currency interest rate swaps |
(43) |
(48) |
– |
- |
- |
- |
- |
(48) |
(185) |
||||||||
Derivative financial assets |
||||||||
Cash inflows |
827 |
274 |
85 |
6 |
- |
- |
1,192 |
|
Cash outflows |
(788) |
(251) |
(77) |
(6) |
- |
- |
(1,122) |
|
Forward foreign exchange contracts |
53 |
39 |
23 |
8 |
- |
- |
- |
70 |
Interest rate derivatives |
21 |
3 |
5 |
5 |
4 |
3 |
16 |
36 |
74 |
||||||||
Total |
(6,655) |
(1,614) |
(782) |
(571) |
(811) |
(885) |
(3,012) |
(7,675) |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
171
17 Financial instruments (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
AT 31 DECEMBER 2025 |
Contractual cash flow (including interest) |
|||||||
Carrying |
Within |
More than |
||||||
amount |
1 year |
1-2 years |
2-3 years |
3-4 years |
4-5 years |
5 years |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Borrowings |
||||||||
Fixed rate borrowings |
(6,283) |
(846) |
(618) |
(874) |
(864) |
(1,237) |
(3,059) |
(7,498) |
Floating rate borrowings |
(887) |
(887) |
- |
- |
- |
- |
- |
(887) |
Lease liabilities |
(97) |
(35) |
(29) |
(18) |
(11) |
(6) |
(26) |
(125) |
(7,267) |
||||||||
Derivative financial liabilities |
||||||||
Cash inflows |
1,012 |
98 |
50 |
6 |
- |
- |
1,166 |
|
Cash outflows |
(1,017) |
(98) |
(50) |
(5) |
- |
- |
(1,170) |
|
Forward foreign exchange contracts |
(9) |
(5) |
- |
- |
1 |
- |
- |
(4) |
Interest rate derivatives |
(70) |
(16) |
(13) |
(15) |
(17) |
(11) |
(7) |
(79) |
Cash inflows |
19 |
19 |
19 |
19 |
200 |
228 |
504 |
|
Cash outflows |
(15) |
(15) |
(15) |
(15) |
(213) |
(236) |
(509) |
|
Cross-currency interest rate swaps |
(32) |
4 |
4 |
4 |
4 |
(13) |
(8) |
(5) |
(111) |
||||||||
Derivative financial assets |
||||||||
Cash inflows |
2,571 |
364 |
129 |
8 |
- |
- |
3,072 |
|
Cash outflows |
(2,519) |
(339) |
(119) |
(7) |
- |
- |
(2,984) |
|
Forward foreign exchange contracts |
75 |
52 |
25 |
10 |
1 |
- |
- |
88 |
Interest rate derivatives |
10 |
5 |
4 |
2 |
1 |
- |
12 |
24 |
Cash inflows |
19 |
19 |
19 |
19 |
19 |
462 |
557 |
|
Cash outflows |
(8) |
(8) |
(8) |
(8) |
(8) |
(398) |
(438) |
|
Cross-currency interest rate swaps |
27 |
11 |
11 |
11 |
11 |
11 |
64 |
119 |
112 |
||||||||
Total |
(7,266) |
(1,717) |
(616) |
(880) |
(874) |
(1,256) |
(3,024) |
(8,367) |
The carrying amount of derivative financial liabilities comprises £70m (2024: £162m) in relation to fair value hedges, £5m (2024: £15m)
in relation to cash flow hedges and £36m (2024: £8m) not designated as hedging instruments, totalling £111m (2024: £185m), of
which £7m (2024: £59m) have been classified as current and £104m (2024: £126m) as non-current liabilities in the statement of
financial position.
The carrying amount of derivative financial assets comprises £10m (2024: £21m) in relation to fair value hedges, £51m (2024: £43m)
in relation to cash flow hedges and £51m (2024: £10m) not designated as hedging instruments, totalling £112m (2024: £74m), of
which £50m (2024: £35m) have been classified as current and £62m (2024: £39m) as non-current assets in the statement of
financial position.
The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they
mature and to fund ongoing requirements. At 31 December 2025, the Group had access to a $3.5bn committed bank facility maturing
in November 2030, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three Corporate
Responsibility performance targets, for which 2026 will be the first year in which performance will be measured. All borrowings
that mature within the next three years can be covered by the facility and by utilising available cash resources. The committed bank
The Group’s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the
risks associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where
the impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is
applied (subject to satisfying the required criteria) as described in ‘Hedge accounting’ below. The Group has entered into cross-
currency interest rate swaps in 2025 to increase its exposure to debt in euro and Japanese yen. This provides a hedge of part of the
Group’s earnings in those currencies, but the nature of the Group’s assets in those currencies on a reported basis means that the
interest rate swaps do not qualify for net investment hedge accounting. Derivatives used by the Group for hedging a particular risk
are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the market value
of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit obligations
and taxation is excluded from the following market risk sensitivity analysis.
Interest rate exposure management
The Group’s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating
rate borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
At 31 December 2025, including the effect of interest rate swaps, 66% of gross bank and bond borrowings were at fixed rates.
A 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of £23m
(2024: £28m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial
paper borrowings at 31 December 2025. A 100 basis point rise in short-term interest rates would result in an estimated increase
in net finance costs of £23m (2024: £28m).
172
RELX
Annual Report 2025 | Financial statements and other information
17 Financial instruments (continued)
The impact on net equity of a theoretical change in interest rates as at 31 December 2025 is restricted to the change in carrying
value of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship (of which there were none
at 31 December 2025) and of interest rate derivatives not designated as hedging instruments. A 100 basis point reduction in
interest rates would result in an estimated decrease in net equity of £4m (2024: nil) and a 100 basis point increase in interest rates
would increase net equity by an estimated amount of £4m (2024: nil). The impact of a change in interest rates on the carrying value
of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change in carrying value of the related
interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at amortised cost.
Foreign currency exposure management
Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency
exposures on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring
transactions and future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs
according to the specific circumstances of the individual businesses. Highly predictable future cash flows may be covered for
transactions expected to occur during the next 24 months (50 months for the Scientific, Technical & Medical subscription
businesses) within limits defined according to the period before the transaction is expected to become contractual. Cover takes
the form of foreign exchange forward contracts. Further information is provided in ‘Cash flow hedges’ below.
A theoretical weakening of all currencies by 10% against sterling at 31 December 2025 would decrease the carrying value of net
assets, excluding net borrowings, by £792m (2024: £852m). This would be offset to a degree by a decrease in net borrowings of
£654m (2024: £683m). A strengthening of all currencies by 10% against sterling at 31 December 2025 would increase the carrying
value of net assets, excluding net borrowings, by £792m (2024: £852m) and increase net borrowings by £654m (2024: £683m).
A retranslation of the Group’s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but
excluding transactional exposures, would reduce net profit by £170m (2024: £156m). A 10% strengthening of all foreign currencies
The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments
and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which
are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount
being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents.
Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and
investment banks with strong long-term credit ratings, and the amounts outstanding with each of them.
The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor’s, Moody’s and Fitch.
At 31 December 2025, cash and cash equivalents totalled £131m (2024: £119m), of which 93% (2024: 91%) was held with banks rated
A-/A3 or better.
The Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
academic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
managed locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
payment in advance and through management of credit terms. Expected credit losses are based on management’s assessment of the
risk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
carrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
Included within trade receivables are the following amounts which are past due, after considering loss allowance:
2023 |
2024 |
2025 |
|
GBPm |
GBPm |
GBPm |
|
Up to one month |
259 |
217 |
210 |
2 to 3 months |
130 |
130 |
132 |
4 to 6 months |
56 |
57 |
52 |
Greater than 6 months |
35 |
24 |
19 |
Total past due |
480 |
428 |
413 |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
173
17 Financial instruments (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
The hedging relationships that are designated under IFRS 9 – Financial Instruments are described below.
Fair value hedges
The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the
fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement.
The table below details the designated fair value hedge relationships that were in place at 31 December 2025, swapping fixed rate
term debt issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part
of their term, together with the related fixed and floating rates.
FAIR VALUE HEDGE RELATIONSHIPS |
31 December |
31 December |
||
2024 |
2025 |
|||
Principal |
Principal |
|||
amount |
amount |
|||
GBPm |
GBPm |
Fixed rate |
Floating rate |
|
€600m bond and €600m/$669.3m cross-currency interest rate |
||||
| swaps maturing 2025 |
(535) |
- |
1.3% |
USD SOFR+1.5% |
$750m bond and $750m interest rate swaps maturing 2030 |
(599) |
(558) |
3.0% |
USD SOFR+1.8% |
€750m bond and €750m interest rate swaps maturing 2031 |
(620) |
(654) |
3.8% |
Euribor+0.9% |
$500m bond and $500m interest rate swaps maturing 2032 |
(399) |
(372) |
4.8% |
USD SOFR+2.0% |
(2,153) |
(1,584) |
The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
statement of financial position, for the three years ended 31 December 2023, 2024 and 2025 were as follows:
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES |
Fair value |
|||||
AND CARRYING VALUES |
1 January |
movement |
Redemption/ |
Exchange |
31 December |
Carrying |
2023 |
gain/(loss) |
close-out |
gain/(loss) |
2023 |
values |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
USD debt |
141 |
(22) |
(16) |
(6) |
97 |
(871) |
Related interest rate swaps |
(143) |
21 |
16 |
6 |
(100) |
(100) |
(2) |
(1) |
- |
- |
(3) |
(971) |
|
EUR debt |
70 |
(61) |
- |
(2) |
7 |
(1,600) |
Related interest rate swaps |
(70) |
60 |
- |
2 |
(8) |
(8) |
- |
(1) |
- |
- |
(1) |
(1,608) |
|
Total relating to USD and EUR debt |
211 |
(83) |
(16) |
(8) |
104 |
(2,471) |
Total related interest rate swaps |
(213) |
81 |
16 |
8 |
(108) |
(108) |
Net loss on borrowings and related |
||||||
derivatives/total carrying value |
(2) |
(2) |
- |
- |
(4) |
(2,579) |
174
RELX
Annual Report 2025 | Financial statements and other information
17 Financial instruments (continued)
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES | Fair value | |||||
AND CARRYING VALUES | 1 January | movement | Redemption/ | Exchange | 31 December | Carrying |
2024 | gain/(loss) | close-out | gain/(loss) | 2024 | values | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
USD debt | 97 | 14 | - | 3 | 114 | (875) |
Related interest rate swaps | (100) | (16) | - | (3) | (119) | (119) |
(3) | (2) | - | - | (5) | (994) | |
EUR debt | 7 | 12 | - | 1 | 20 | (1,133) |
Related interest rate swaps | (8) | (12) | - | (1) | (21) | (21) |
(1) | - | - | - | (1) | (1,154) | |
Total relating to USD and EUR debt | 104 | 26 | - | 4 | 134 | (2,008) |
Total related interest rate swaps | (108) | (28) | - | (4) | (140) | (140) |
Net loss on borrowings and related | ||||||
derivatives/total carrying value | (4) | (2) | - | - | (6) | (2,148) |
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES | Fair value | 31 | ||||
AND CARRYING VALUES | 1 January | movement | Redemption/ | Exchange | December | Carrying |
2025 | gain/(loss) | close-out | gain/(loss) | 2025 | values | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
USD debt | 114 | (39) | - | (8) | 67 | (855) |
Related interest rate swaps | (119) | 41 | - | 8 | (70) | (70) |
(5) | 2 | - | - | (3) | (925) | |
EUR debt | 20 | (29) | - | (2) | (11) | (664) |
Related interest rate swaps | (21) | 29 | - | 2 | 10 | 10 |
(1) | - | - | - | (1) | (654) | |
Total relating to USD and EUR debt | 134 | (68) | - | (10) | 56 | (1,519) |
Total related interest rate swaps | (140) | 70 | - | 10 | (60) | (60) |
Net (loss)/gain on borrowings and related | ||||||
derivatives/total carrying value | (6) | 2 | - | - | (4) | (1,579) |
All fair value hedges were highly effective throughout the three years ended 31 December 2025.
$200m of bonds that were due to be repaid in August 2027 were redeemed early in December 2023. These bonds had been swapped
to floating rate in a fair value hedge relationship as described above, and on the early redemption the fair value adjustment to the
bonds of £16m was expensed in full to the income statement as part of finance costs. The related derivatives were closed out with
a cash outflow of £16m.
Cash flow hedges
As part of the Group’s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives,
individual components of which have been accounted for as cash flow hedges (with the remaining components accounted for as
fair value hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate €600m bond, issued
in May 2015 and which matured in May 2025, to floating rate USD debt for the whole of its term. The component relating to the
swap of the euro credit margin to USD was accounted for as a cash flow hedge under IFRS 9, with the amount associated with
foreign currency basis spreads recorded in the cost of hedging reserve. No balances remain in respect of these derivatives
following their maturity in 2025.
As part of the Group’s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix
the exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months.
These have been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses
on the forward contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated
gains and losses are reclassified to the income statement.
RELX
Annual Report 2025 | Notes to the consolidated financial statements
175
17 Financial instruments (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Movements in the hedge reserve and the cost of hedging reserve in 2024 and 2025, including gains and losses on cash flow hedging
instruments, were as follows (stated before related deferred tax balances):
Cost of |
Foreign |
|||
Interest rate |
hedging |
currency |
||
hedge reserve |
reserve |
hedge reserve |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
|
Hedge reserve at 31 December 2023: (losses)/gains deferred |
- |
(4) |
40 |
36 |
(Losses)/gains arising in 2024 |
(5) |
6 |
10 |
11 |
Amounts recognised in income statement |
2 |
- |
(22) |
(20) |
Hedge reserve at 31 December 2024: (losses)/gains deferred |
(3) |
2 |
28 |
27 |
Gains/(losses) arising in 2025 |
2 |
(2) |
55 |
55 |
Amounts recognised in income statement |
1 |
- |
(37) |
(36) |
Hedge reserve at 31 December 2025: gains deferred |
- |
- |
46 |
46 |
All cash flow hedges were highly effective throughout the two years ended 31 December 2025.
A deferred tax debit of £11m (2024: £6m) in respect of the above gains and losses at 31 December 2025 was also deferred in the
hedge reserve.
Of the amounts recognised in the income statement in the year, gains of £37m (2024: £22m) were recognised in revenue, and losses
of £1m (2024: £2m) were recognised in finance costs. A tax debit of £9m (2024: £5m) was recognised in relation to these items.
The deferred gains and losses on foreign currency cash flow hedges at 31 December 2025 are currently expected to be recognised
in the income statement in future years as shown in the table below, together with the principal amount of hedges relating to each
year. The carrying values of these hedges are included within derivative assets and liabilities in the statement of financial position:
Foreign |
Principal |
|
currency |
amount of |
|
hedge reserve |
hedges |
|
GBPm |
GBPm |
|
2026 |
20 |
563 |
2027 |
20 |
495 |
2028 |
6 |
234 |
2029 |
- |
14 |
Total |
46 |
1,306 |
The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement,
Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and
estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned
editorial and other fees.
Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
2024 |
2025 |
|
GBPm |
GBPm |
|
Pre-publication costs |
302 |
291 |
Finished goods |
29 |
20 |
Total |
331 |
311 |
176
RELX
Annual Report 2025 | Financial statements and other information
2024 |
2025 |
|
GBPm |
GBPm |
|
Trade receivables |
2,306 |
2,258 |
Loss allowance |
(122) |
(96) |
2,184 |
2,162 |
|
Prepayments and accrued income |
283 |
293 |
Current tax receivable |
42 |
13 |
Net finance lease receivable |
2 |
- |
Total |
2,511 |
2,468 |
Trade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
2024 |
2025 |
|
GBPm |
GBPm |
|
At start of yea r |
119 |
122 |
Charge for the year |
17 |
15 |
Trade receivables written off |
(13) |
(40) |
Exchange translation differences |
(1) |
(1) |
At end of yea r |
122 |
96 |
Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an
amount of consideration, in advance of the goods and services being delivered.
2024 |
2025 |
|
GBPm |
GBPm |
|
Trade payables |
223 |
89 |
Accruals |
851 |
978 |
Social security and other taxes |
181 |
195 |
Other payables |
539 |
616 |
Deferred income |
2,328 |
2,390 |
Total |
4,122 |
4,268 |
Trade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings
in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently
adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires,
is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing
RELX
Annual Report 2025 | Notes to the consolidated financial statements
177
21 Debt (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
| 2024 |
2025 |
|||||
Falling due |
Falling due |
Falling due |
Falling due |
|||
within |
in more than |
within |
in more than |
|||
1 year |
1 year |
Total |
1 year |
1 year |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Financial liabilities measured at amortised cost: |
||||||
Short-term bank loans, overdrafts and commercial paper |
762 |
- |
762 |
887 |
- |
887 |
Term debt |
- |
3,551 |
3,551 |
654 |
4,110 |
4,764 |
Lease liabilities |
38 |
65 |
103 |
30 |
67 |
97 |
Term debt in fair value hedging relationships |
492 |
1,516 |
2,008 |
- |
1,519 |
1,519 |
Term debt previously in fair value hedging relationships |
120 |
- |
120 |
- |
- |
- |
Total |
1,412 |
5,132 |
6,544 |
1,571 |
5,696 |
7,267 |
The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is £5,611m (2024: £4,193m).
The total fair value of term debt in fair value hedging relationships is £1,581m (2024: £2,068m). The total fair value of term debt
previously in fair value hedging relationships is nil (2024: £121m).
RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within
term debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which
have been registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these
securities, which are not guaranteed by any other subsidiary of RELX PLC.
Analysis by year of repayment
| 2024 |
2025 |
|||||||
Short-term |
Short-term |
|||||||
bank loans, |
bank loans, |
|||||||
overdrafts |
overdrafts |
|||||||
and |
and |
|||||||
commercial |
Lease |
commercial |
Lease |
|||||
paper |
Term debt |
liabilities |
Total |
paper |
Term debt |
liabilities |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Within 1 yea r |
762 |
612 |
38 |
1,412 |
887 |
654 |
30 |
1,571 |
Within 1 to 2 years |
- |
619 |
13 |
632 |
- |
436 |
13 |
449 |
Within 2 to 3 years |
- |
412 |
12 |
424 |
- |
696 |
13 |
709 |
Within 3 to 4 years |
- |
658 |
12 |
670 |
- |
702 |
12 |
714 |
Within 4 to 5 years |
- |
753 |
9 |
762 |
- |
1,056 |
9 |
1,065 |
After 5 years |
- |
2,625 |
19 |
2,644 |
- |
2,739 |
20 |
2,759 |
After 1 year |
- |
5,067 |
65 |
5,132 |
- |
5,629 |
67 |
5,696 |
Total |
762 |
5,679 |
103 |
6,544 |
887 |
6,283 |
97 |
7,267 |
Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2025 by a $3.5bn (£2.6bn) committed
bank facility maturing in 2030. The committed bank facility was undrawn as at 31 December 2025 (2024: undrawn).
In March 2025, $750m of USD denominated term debt was issued with a fixed coupon of 4.75% and a maturity of 5 years and $750m
with a fixed coupon of 5.25% and a maturity date of 10 years.
Analysis by currency
| 2024 |
2025 |
|||||||
Short-term |
Short-term |
|||||||
bank loans, |
bank loans, |
|||||||
overdrafts |
overdrafts |
|||||||
and |
and |
|||||||
commercial |
Lease |
commercial |
Lease |
|||||
paper |
Term debt |
liabilities |
Total |
paper |
Term debt |
liabilities |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
US dolla r |
446 |
2,246 |
21 |
2,713 |
828 |
2,667 |
12 |
3,507 |
Pound sterling |
8 |
- |
30 |
38 |
12 |
- |
38 |
50 |
Euro |
295 |
3,433 |
29 |
3,757 |
42 |
3,616 |
22 |
3,680 |
Other currencies |
13 |
- |
23 |
36 |
5 |
- |
25 |
30 |
Total |
762 |
5,679 |
103 |
6,544 |
887 |
6,283 |
97 |
7,267 |
Included in the US dollar amounts for term debt above is nil (2024: £493m) of debt denominated in euros (nil) (2024: €600m) that
was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at
31 December 2025, had a fair value of nil (2024: £42m). Separately still included in the US dollar amounts for term debt above is
£372m (2024: nil) of debt denominated in US dollars ($500m) (2024: nil) that was swapped into euros on issuance using cross-
currency interest rates swaps which cannot be designated as hedging instruments and which, as at 31 December 2025, were
derivative financial liabilities with a fair value of £32m (2024: nil); and £372m (2024: nil) of debt denominated in US dollars ($500m)
(2024: nil) that was swapped into Japanese yen on issuance using cross-currency interest rates swaps which cannot be designated
178
RELX
Annual Report 2025 | Financial statements and other information
All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding
right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of
the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability.
Low-value items and short-term leases with a term of 12 months or less are not required to be recognised in the statement of
financial position and payments made in relation to these leases are recognised on a straight-line basis in the income statement.
The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
Right-of-use assets
2024 |
2025 |
|
GBPm |
GBPm |
|
At start of yea r |
113 |
89 |
Additions |
32 |
35 |
Remeasurement |
5 |
1 |
Disposals |
(9) |
- |
Depreciation |
(50) |
(37) |
Exchange translation differences |
(2) |
(1) |
At end of yea r |
89 |
87 |
Lease liability
2024 |
2025 |
|
GBPm |
GBPm |
|
Current |
||
Property |
(37) |
(29) |
Non-property |
(1) |
(1) |
Non-current |
||
Property |
(63) |
(65) |
Non-property |
(2) |
(2) |
Total |
(103) |
(97) |
Interest expense on the lease liabilities recognised within finance costs was £4m (2024: £5m; 2023: £6m).
As at 31 December 2025, RELX was committed to leases with future cash outflows totalling £30m (31 December 2024: £7m) which
had not yet commenced and as such are not accounted for as a liability as at 31 December 2025. A liability and corresponding
right-of-use asset will be recognised for these leases at the lease commencement date.
RELX
Annual Report 2025 | Notes to the consolidated financial statements
179
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
RELX PLC
CALLED UP SHARE CAPITAL – ORDINARY SHARES OF UK 14 ⁵¹/₁₁₆ PENCE EACH |
2024 |
2025 |
||
ALLOTTED, ISSUED AND FULLY PAID |
No. of shares |
GBPm |
No. of shares |
GBPm |
At start of year |
1,906,907,605 |
275 |
1,880,844,719 |
272 |
Issue of ordinary shares |
2,937,114 |
- |
2,215,646 |
- |
Cancellation of ordinary shares |
(29,000,000) |
(3) |
(55,000,000) |
(8) |
At end of yea r |
1,880,844,719 |
272 |
1,828,060,365 |
264 |
NUMBER OF ORDINARY SHARES
| Year ended 31 December |
||||
2024 |
2025 |
|||
Shares in |
Shares in |
|||
issue net of |
issue net of |
|||
treasury |
Shares in |
Treasury |
treasury |
|
shares* |
issue |
shares |
shares* |
|
(millions) |
(millions) |
(millions) |
(millions) |
|
At start of yea r |
1,881.5 |
1,880.8 |
(24.9) |
1,855.9 |
Issue of ordinary shares |
2.9 |
2.2 |
- |
2.2 |
Repurchase of ordinary shares |
(28.9) |
- |
(39.5) |
(39.5) |
Net release of shares by the employee benefit trust |
0.4 |
- |
0.4 |
0.4 |
Cancellation of ordinary shares |
- |
(55.0) |
55.0 |
- |
At end of year |
1,855.9 |
1,828.1 |
(9.0) |
1,819.1 |
* At 31 December 2025 the total shares in issue net of treasury shares is 1,819,061,446 (2024: 1,855,941,895).
All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for the shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
The issue of ordinary shares in the year relates to the exercise of share options.
During the year, RELX PLC repurchased 39.5m (2024: 28.9m; 2023: 30.9m) ordinary shares for an average price of 3,797p.
Total consideration for these repurchased shares was £1,500m (2024: £1,000m; 2023: £800m). On 5 December 2025, RELX PLC
announced a non-discretionary programme to repurchase further ordinary shares up to the value of £250m. At 31 December 2025,
an accrual of £250m was recognised in respect of this non-discretionary commitment. A further 8.8m RELX PLC ordinary shares
have been repurchased in January and February 2026 under this programme.
The Employee Benefit Trust purchases RELX PLC shares which, at the trustees’ discretion, can be used in respect of the exercise
of share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust
purchased 1.9m shares for a total cost of £76m (2024: £75m; 2023: £50m). At 31 December 2025, shares held by the Employee
Benefit Trust were £153m (2024: £139m; 2023: £117m) at cost.
During 2025, 55m (2024: 29m) ordinary shares held in treasury were cancelled.
At 31 December 2025, RELX PLC shares held in treasury related to 4,891,047 (2024: 5,295,154; 2023: 5,663,529) ordinary shares
180
RELX
Annual Report 2025 | Financial statements and other information
Translation |
Hedge |
Other |
|||
Total |
reserve |
reserve |
reserves |
Total |
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
At start of yea r |
2,180 |
567 |
21 |
1,738 |
2,326 |
Profit attributable to shareholders |
1,934 |
- |
- |
2,065 |
2,065 |
Dividends paid |
(1,121) |
- |
- |
(1,181) |
(1,181) |
Actuarial gains on defined benefit pension schemes |
43 |
- |
- |
5 |
5 |
Fair value movements on cash flow hedges |
11 |
- |
55 |
- |
55 |
Transfer to profit from cash flow hedge reserve |
(20) |
- |
(36) |
- |
(36) |
Tax recognised in other comprehensive income |
(8) |
- |
(5) |
(3) |
(8) |
Exchange differences on translation of foreign operations |
175 |
(438) |
- |
- |
(438) |
Cancellation of shares |
(850) |
- |
- |
(1,922) |
(1,922) |
Increase in share based remuneration reserve (including tax) |
79 |
- |
- |
79 |
79 |
Settlement of share awards |
(53) |
- |
- |
(62) |
(62) |
Acquisition of non ‐ controlling interests |
(44) |
- |
- |
(22) |
(22) |
At end of yea r |
2,326 |
129 |
35 |
697 |
861 |
The closing balance of other reserves in the consolidated statement of changes in equity of £732m (2024: £1,759m) is comprised of
the hedge reserve £35m (2024: £21m); and other reserves £697m (2024: £1,738m).
Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during
the period include the effects of profits generated during the period, share repurchases, changes in exchange rates and other
items. Dividends paid during 2025 were £1,181m (2024: £1,121m). Refer to note 13 for further details.
55m (2024: 29m) ordinary shares held in treasury were cancelled resulting in a transfer of £1,922m between other reserves and
shares held in treasury.
The decrease of £438m in the translation reserve is due to the net effect of changes in exchange rates during the period which
RELX
Annual Report 2025 | Notes to the consolidated financial statements
181
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Transactions with related parties were made in the normal course of business.
Transactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements.
Transactions with joint ventures and associates comprise sales of goods and services of £24.4m (2024: £23.3m; 2023: £17.4m). As
at 31 December 2025, amounts owed by joint ventures and associates were £8.0m (2024: £6.6m; 2023: £6.6m) and amounts due to
joint ventures and associates were £4.7m (2024: £1.6m; 2023: £2.3m). See note 6 for details of the Group’s participation in defined
benefit pension schemes.
and Non-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes,
salary, benefits and annual incentive payments are considered short-term employee benefits.
KEY MANAGEMENT PERSONNEL REMUNERATION |
2023 |
2024 |
2025 |
GBPm |
GBPm |
GBPm |
|
Salaries, other short-term employee benefits and non-executive fees |
8 |
8 |
8 |
Share based remuneration* |
14 |
14 |
11 |
Total |
22 |
22 |
19 |
EXECUTIVE DIRECTORS |
Annual |
Share based |
|||||
Salary |
Benefits |
incentive |
remuneration* |
Pension* |
Total |
||
GBP’000 |
GBP’000 |
GBP’000 |
GBP’000 |
GBP’000 |
GBP’000 |
||
Total Executive Directors |
2023 |
2,190 |
97 |
3,808 |
14,354 |
241 |
20,690 |
2024 |
2,245 |
109 |
3,576 |
14,322 |
247 |
20,499 |
|
2025 |
2,360 |
116 |
3,810 |
11,016 |
260 |
17,562 |
* The figures for share based awards are calculated in accordance with the methodology set out in the UK adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International Accounting Standards Board. The
figure for performance-related share based awards includes share price appreciation since the date the award was granted. Please see page 105 for further
details. The pension value is calculated in accordance with the methodology set out in the UK Regulations.
2023 |
2024 |
2025 |
|
NON-EXECUTIVE DIRECTORS |
GBP’000 |
GBP’000 |
GBP’000 |
Fees and benefits |
1,566 |
1,781 |
1,812 |
The remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in
respect of filings resulting from their directorships. No deemed benefits were provided during 2025 to former directors (2024: nil;
2023: nil). No loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive
The following exchange rates have been applied in preparing the consolidated financial statements:
Statement of |
|||||
| Income statement |
financial position |
||||
2023 |
2024 |
2025 |
2024 |
2025 |
|
Euro to sterling |
1.15 |
1.18 |
1.17 |
1.21 |
1.15 |
US dollar to sterling |
1.24 |
1.28 |
1.32 |
1.25 |
1.35 |
182
RELX
Annual Report 2025 | Financial statements and other information
A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) as at
31 December 2025 is set out below. Unless where otherwise stated, all undertakings are held indirectly by RELX PLC, and the
effective interest held by the Group is 100%.
Share |
Reg |
|
Company name |
class |
office |
Australia |
||
Express VOI Pty Ltd |
Ordinary |
AUS2 |
Halkin Capital SPV 19 Pty Ltd |
Ordinary |
AUS2 |
IDVerse Pty Ltd |
Ordinary |
AUS2 |
LNRS Data Services (Australia) Pty Ltd |
Ordinary |
AUS1 |
OCR LABS APAC Holdings Pty Ltd |
Ordinary |
AUS2 |
OCR Labs ANZ Pty Ltd |
Ordinary |
AUS2 |
OCR Labs Global (Aus) Pty Ltd |
Ordinary |
AUS2 |
OCR Labs IDKit Pty Ltd |
Ordinary |
AUS2 |
OCR Labs IDVaaS Pty Ltd |
Ordinary |
AUS2 |
OCR Labs Pty Ltd |
Ordinary |
AUS2 |
RX Australia Pty Ltd |
Ordinary |
AUS1 |
RELX Holdings Australia Pty Ltd |
Ordinary |
AUS1 |
RELX Trading Australia Pty Limited |
Ordinary |
AUS1 |
Austria |
||
RELX Austria GmbH |
Ordinary |
AUT1 |
LexisNexis Verlag ARD ORAC GmbH |
Ordinary |
AUT1 |
Belgium |
||
LexisNexis B.V. |
Ordinary |
BEL1 |
Henchman B.V. |
Ordinary |
BEL2 |
Brazil |
||
Elsevier Editora Limitada |
Quotas |
BRA1 |
Gestora de Inteligencia de Credito S.A. (20%) 5 |
Preferred, Ordinary |
BRA6 |
LexisNexis Informações e Sistemas Empresariais Limitada |
Quotas |
BRA4 |
LexisNexis Serviços de Análise de Risco Limitada |
Quotas |
BRA5 |
MLex Brasil Mídia Mercadológica Limitada |
Quotas |
BRA3 |
Reed Exhibitions Alcântara Machado Limitada |
Quotas |
BRA2 |
Canada |
||
Corps Events IntCan. |
Class A Voting |
CAN3 |
Elsevier Canada Inc. |
Class A Common |
CAN2 |
LexisNexis Canada Inc. |
Class B Voting |
CAN1 |
PCLaw Time Matters Canada Inc. (51%) 5 |
Common |
CAN4 |
China |
||
Bakery China Exhibitions Co., Limited (25%) 6 |
Ordinary |
CHN1 |
Beijing Medtime Elsevier Education Technology Co., Limited |
Common |
CHN2 |
(49%) 5 |
||
Beijing Reed Elsevier Science and Technology Co Ltd 1 |
Common |
CHN19 |
C-One Energy (Guangzhou) Co., Limited |
Ordinary |
CHN5 |
Jingxunlingsi (Beijing) Information Technology Co Ltd 1 |
Ordinary |
CHN4 |
KeAi Communications Co., Limited (49%) 5 |
Ordinary |
CHN15 |
LexisNexis Information Technology Co. Limited |
Ordinary |
CHN4 |
LNRS Data Services (Greater China) Co. Ltd |
Ordinary |
CHN10 |
LexisNexis Risk Solutions (Shanghai) Information |
Registered Capital |
CHN7 |
Technologies Co Limited |
||
LNRS Data Services (Shanghai) Co Limited |
Ordinary |
CHN13 |
Reed Elsevier Information Technology (Beijing) Co Limited |
Common |
CHN3 |
Reed Exhibitions (China) Co., Limited |
Ordinary |
CHN4 |
Reed Exhibitions Hengjin Co., Limited (51%) 5 |
Ordinary |
CHN12 |
Reed Exhibitions Kuozhan (Shanghai) Co., Limited (60%) |
Ordinary |
CHN8 |
Reed Huabai Exhibitions (Beijing) Co., Limited (51%) 5 |
Ordinary |
CHN4 |
Reed Huaqun Exhibitions Co., Limited (52%) |
Ordinary |
CHN4 |
Reed Sinopharm Exhibitions Co., Limited (50%) 6 |
Ordinary |
CHN4 |
RX (China) Investment Co., Limited |
Ordinary |
CHN9 |
RX Huabo Exhibitions (Shenzhen) Co., Limited (65%) |
Ordinary |
CHN16 |
RX Huabo (Shenzhen) Technology Co. Limited 1 |
Ordinary |
CHN16 |
RX (Shenzhen) Co., Limited |
Ordinary |
CHN6 |
RX Technology (Shanghai) Co. Limited 1 |
Ordinary |
CHN18 |
Shanghai Datong Medical Information Technology Co., |
Ordinary |
CHN17 |
Limited |
||
Shanghai SinoReal Exhibitions Co., Limited (27.5%) 6 |
Ordinary |
CHN11 |
Z&R Exhibitions Co., Limited (27.5%) 6 |
Ordinary |
CHN14 |
Colombia |
||
LexisNexis Risk Solutions SAS |
Ordinary |
COL1 |
Denmark |
||
Elsevier A/S |
Ordinary |
DNK1 |
Share |
Reg |
|
Company name |
class |
office |
Egypt |
||
Elsevier Egypt LLC |
Ordinary |
EGY1 |
France |
||
Elsevier Holding France SAS |
Ordinary |
FRA1 |
Elsevier Masson SAS |
Ordinary |
FRA1 |
Fircosoft SAS |
Ordinary |
FRA6 |
GIE EDI Data (83%) (in liquidation) |
Ordinary |
FRA2 |
LexisNexis Business Information Solutions SA |
Ordinary |
FRA2 |
LexisNexis Business Information Solutions Holding SA |
Ordinary |
FRA4 |
LexisNexis SA |
Ordinary |
FRA2 |
RELX France SAS |
Ordinary |
FRA3 |
RELX France Services SAS |
Ordinary |
FRA6 |
RX France SAS |
Ordinary |
FRA3 |
SAFI Salon Français et Internationaux SA (50%) 6 |
Ordinary |
FRA5 |
Germany |
||
Elsevier GmbH |
Ordinary |
DEU2 |
LexisNexis GmbH |
Ordinary |
DEU3 |
LexisNexis Intellectual Property Solutions GmbH |
Ordinary |
DEU5 |
RELX Deutschland GmbH |
Ordinary |
DEU1 |
RX Deutschland GmbH |
Ordinary |
DEU6 |
Tschach Solutions GmbH |
Ordinary |
DEU4 |
Hong Kong |
||
JC Exhibition and Promotion Limited (65%) |
Ordinary |
HNK4 |
JYLN Sager Limited |
Ordinary |
HNK2 |
LNRS Data Services (China) Limited |
Ordinary |
HNK1 |
Reed Exhibitions Limited |
Ordinary |
HNK4 |
RELX (Greater China) Limited |
Ordinary |
HNK3 |
India |
||
Reed Elsevier Publishing (India) Private Limited |
Ordinary |
IND1 |
Reed Manch Exhibitions Private Limited |
Ordinary |
IND1 |
Reed Triune Exhibitions Private Limited |
Ordinary |
IND1 |
RELX India Private Limited |
Ordinary |
IND1 |
Indonesia |
||
PT Reed Exhibitions Indonesia (70%) 4 |
Series A, Series B |
IDN1 |
PT RELX Information Analytics Indonesia |
Common |
IDN2 |
Irish Republic |
||
Elsevier (Ireland) Limited |
Ordinary |
IRL2 |
LexisNexis Risk Solutions (Europe) Limited |
Ordinary |
IRL1 |
RELX International Finance Designated Activity Company |
Ordinary |
IRL1 |
Israel |
||
LexisNexis Israel Ltd. |
Ordinary |
ISR1 |
Italy |
||
Elsevier S.R.L |
Registered Capital |
ITA1 |
ICIS Italia S.R.L |
Quotas |
ITA2 |
RX Italy S.R.L |
Ordinary |
ITA1 |
Japan |
||
Elsevier Japan KK |
Ordinary |
JPN1 |
LexisNexis Japan KK |
Ordinary |
JPN2 |
RX Japan Ltd |
Ordinary |
JPN2 |
Kingdom of Saudi Arabia |
||
RX Arabia LLC |
Ordinary |
KSA1 |
Korea (Republic of) |
||
Elsevier Korea LLC |
Ordinary |
KOR1 |
LexisNexis Legal and Professional Service Korea Limited |
Ordinary |
KOR1 |
Reed Exhibitions Korea Limited |
Ordinary |
KOR2 |
Reed Exporum Limited (60%) |
Ordinary |
KOR3 |
Reed K. Fairs Limited (70%) |
Ordinary |
KOR4 |
Macau |
||
Reed Exhibitions Macau Limited |
Ordinary |
MAC1 |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
183
28 Related undertakings (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Share | Reg | |
Company name | class | office |
Malaysia | ||
LexisNexis Malaysia Sdn Bhd | Ordinary | MYS1 |
Mexico | ||
Human API Technologies, S. de R.L. de C.V. | Fixed | MEX2 |
Masson-Doyma Mexico, S.A. | Ordinary | MEX1 |
Reed Exhibitions Mexico S.A. de C.V. | Fixed | MEX1 |
Netherlands | ||
AGRM Solutions C.V. | Partnership Interest | NLD1 |
Caselex B.V. | Ordinary | NLD1 |
Elsevier B.V. | Ordinary | NLD1 |
ICIS Benchmarking Europe B.V. | Ordinary | NLD1 |
LexisNexis Business Information Solutions B.V. | Ordinary | NLD1 |
LNRS Data Services B.V. | Ordinary | NLD1 |
RELX Employment Company B.V. | Ordinary | NLD1 |
RELX Finance B.V. | Ordinary | NLD1 |
RELX Holdings B.V. 3 | Ordinary | NLD1 |
RELX Nederland B.V. | Ordinary | NLD1 |
RELX Overseas B.V. | Ordinary RE | NLD1 |
New Zealand | ||
LexisNexis NZ Limited | Ordinary | NZL1 |
Philippines | ||
Reed Elsevier Shared Services (Philippines) Inc. | Common | PHL1 |
Poland | ||
AI Digital Contracts Sp. z.o.o. | Ordinary | POL1 |
Elsevier Sp. z.o.o. | Ordinary | POL2 |
Singapore | ||
Elsevier (Singapore) Pte Limited | Ordinary | SGP1 |
OCR Labs Pte Limited | Ordinary | SGP3 |
LNRS Data Services Pte Limited | Ordinary | SGP1 |
RE (HAPL) Pte Limited (in strike off) | Ordinary | SGP1 |
RELX (Singapore) Pte Limited | Ordinary | SGP2 |
South Africa | ||
LexisNexis (Pty) Limited (78%) | Ordinary | ZAF1 |
LexisNexis Risk Management (Pty) Limited (78%) | Ordinary | ZAF1 |
LexisNexis South Africa Shared Services (Pty) Limited | Ordinary | ZAF1 |
Reed Events Management (Pty) Limited (90%) | Ordinary | ZAF1 |
Reed Exhibitions (Pty) Limited (90%) | Ordinary | ZAF1 |
Reed Exhibitions Group (Pty) Limited (90%) | Ordinary | ZAF1 |
Reed Venue Management (Pty) Limited (90%) | Ordinary | ZAF1 |
RELX (Pty) Limited | Ordinary | ZAF1 |
Spain | ||
Elsevier Espana S.L.U | Participations | ESP1 |
Sweden | ||
Behaviometrics AB | A, B, and C shares | SWE1 |
Taiwan | ||
Elsevier Taiwan LLC | Ordinary | TWN1 |
Thailand | ||
RX BITEC (Thailand) Co., Ltd (64%) | Ordinary | THA1 |
RELX Holding (Thailand) Co., Limited | Ordinary | THA2 |
RELX Information Analytics (Thailand) Co., Limited | Ordinary | THA3 |
RX Holding (Thailand) Co., Limited (40%) 5 | A Ordinary, | B Preference THA4 |
Turkey | ||
Elsevier STM Bilgi Hizmetleri Limited Sirketi | Ordinary | TUR1 |
OCR Labs Turkey Teknoloji Çözümleri Ticaret Limited | Ordinary | TUR3 |
Ş irketi (in liquidation) | ||
Reed Tuyap Fuarcilik A.S. (50%) 4 6 | A Ordinary, B Ordinary | TUR2 |
United Arab Emirates | ||
Reed Exhibitions FZ-LLC | Ordinary | UAE1 |
RELX Middle East FZ-LLC | Ordinary | UAE2 |
United Kingdom | ||
Aistemos Limited | Ordinary | GBR3 |
Butterworths Limited | Ordinary | GBR3 |
Cordery Compliance Limited (71%) | Ordinary | GBR3 |
Share | Reg | |
Company name | class | office |
Crediva Limited | Ordinary | GBR4 |
Elsevier Limited | Ordinary | GBR5 |
LexisNexis Risk Solutions UK Limited | Ordinary | GBR4 |
LNRS Data Services Limited | Ordinary | GBR1 |
Mack-Brooks Exhibitions Limited | Ordinary | GBR2 |
MLex Limited | Ordinary | GBR3 |
OCR Labs Global Limited | Ordinary | GBR1 |
Offshore Europe (Management) Limited | Ordinary | GBR2 |
Offshore Europe Partnership (50%) | Partnership Interest | GBR2 |
RE (RCB) Limited | Ordinary | GBR1 |
RE Secretaries Limited | Ordinary | GBR1 |
RE (SOE) Limited | Ordinary | GBR2 |
Reed Events Limited | Ordinary | GBR2 |
Reed Exhibitions Limited | Ordinary | GBR2 |
RELX Finance Limited | Ordinary | GBR1 |
RELX Group plc 2 | Ordinary | GBR1 |
RELX (Holdings) Limited | Ordinary | GBR1 |
RELX (Investments) plc | Ordinary | GBR1 |
RELX Overseas Holdings Limited | Ordinary | GBR1 |
RELX (UK) Limited | Ordinary | GBR1 |
REV GP (UK) LLP (50%) | Membership Interest | GBR1 |
REV Venture Partners Limited | Ordinary | GBR1 |
REV V LP | Partnership Interest | GBR1 |
REV VI LP | Partnership Interest | GBR1 |
Tracesmart Limited | Ordinary | GBR4 |
United States | ||
Accuity Asset Verification Services Inc. | Common Stock | USA1 |
American Textile Machinery Exhibition-International, | Common Stock | USA2 |
Inc. (40%) 5 | ||
Aries Systems Corporation | Common Stock | USA2 |
Blue Sky Regulatory Solutions LLC | Common Stock | USA9 |
Dunlap-Hanna Publishers (50%) 6 | Partnership Interest | USA8 |
Elsevier Holdings Inc. | Common Stock | USA3 |
Elsevier Inc. | Common Stock | USA2 |
Elsevier STM Inc. | Common Stock | USA3 |
Enclarity, Inc. | Common Stock | USA1 |
Gaming Business Asia, LLC (50%) 6 | Membership Interest | USA2 |
Health Market Science, Inc. | Common Stock | USA1 |
HumanAPI Inc. | Common Stock | USA1 |
ID Analytics, LLC | Common Stock | USA1 |
Knovel Corporation | Common Stock | USA2 |
Knowable Inc | Common Stock | USA4 |
Legal InQuery Solutions Inc. | Common Stock | USA4 |
LexisNexis Claims Solutions Inc. | Common Stock | USA1 |
LexisNexis Coplogic Solutions Inc. | Common Stock | USA1 |
LexisNexis of Puerto Rico, Inc. | Common Stock | USA6 |
LexisNexis Risk Data Management, LLC | Membership Interest | USA1 |
LexisNexis Risk Holdings Inc. | Common Stock | USA1 |
LexisNexis Risk Solutions Inc. | Common Stock | USA1 |
LexisNexis Risk Solutions FL Inc. | Common Stock | USA1 |
LexisNexis Special Services Inc. | Common Stock | USA10 |
LexisNexis VitalChek Network Inc. | Common Stock | USA1 |
LNRS Data Services Inc. | Common Stock | USA1 |
Matthew Bender & Company, Inc. | Common Stock | USA2 |
MLex US, Inc. | Common Stock | USA2 |
OCR Labs Global (USA) Inc | Common Stock | USA1 |
PCLaw Time Matters LLC (51%) 6 | Membership Interest | USA7 |
Portfolio Media, Inc. | Common Stock | USA2 |
Reed Technology and Information Services LLC | Membership Interest | USA2 |
RELX Capital Inc. | Common Stock | USA3 |
RELX Inc. | Common Stock | USA2 |
RELX Risks Inc. | Common Stock | USA5 |
REV IV Partnership LP | Partnership Interest | USA3 |
SAFI Americas LLC (50%) 6 | Membership Interest | USA2 |
SageStream, LLC | Membership Interest | USA1 |
The Reed Elsevier Ventures 2011 Partnership LP | Partnership Interest | USA3 |
The Reed Elsevier Ventures 2013 Partnership LP | Partnership Interest | USA3 |
The Remick Publishers (50%) 6 | Partnership Interest | USA2 |
ThreatMetrix, Inc. | Common Stock | USA8 |
World Compliance, Inc. | Common Stock | USA1 |
Vietnam | ||
Reed Exhibitions Vietnam Limited Liability Company (64%) | Ordinary | VIE1 |
184
RELX
Annual Report 2025 | Financial statements and other information
28 Related undertakings (continued)
Registered offices | |
Australia | |
AUS1: | Tower 2, 475 Victoria Avenue, Chatswood NSW 2067 |
AUS2: | LexisNexis Risk Solutions, 201 Pacific Highway, Suite 4.03, Level 4, St |
Leonards | |
Austria | |
AUT1: | Trabrennstrasse 2A, 1020 Wien |
Belgium | |
BEL1: | Oudenaardseheerweg 129, 9810 Nazareth |
BEL2: | Moutstraat 64, bus 502, 9000 Ghent, Belgium |
Brazil | |
BRA1: | Av. Almirante Barroso 81, Sala 33A114, Rio de Janeiro, 20031-004 |
BRA2: | Rua Bela Cintra no. 1200, 10th floor, Sao Paulo, 01415-002 |
BRA3: | Avenida Paulista 2300, Andar Pilotis, Sao Paulo, SP 01 310-300 |
BRA4: | Rua Funchal, 538, 4º Andar, Conj. 42, Salas 4, 5 e 6, Vila Olímpia, Sao Paulo, |
04551-060 | |
BRA5: | Alameda Rio Negro, 161, conjunto 704, Alphaville Industrial, Barueri, São |
Paulo, 06464-000 | |
BRA6: | Alameda Araguaia, 2104, conjuntos 81A a 84A, Alphaville Industrial, Barueri, |
São Paulo, 06455-000 | |
Canada | |
CAN1: | 111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1 |
CAN2: | 500-4428 boul. Saint-Laurent Montréal (Québec) H2W 1Z5 |
CAN3: | 555 Richmond Street West, Suite 405, Toronto ON M5V 3B1 |
CAN4: | 199 Bay Street, 4000, Toronto, Ontario, M5L 1A9 |
China | |
CHN1: | Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan |
District, Beijing, 100044 | |
CHN2: | Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian |
District, Beijing, 100191 | |
CHN3: | Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7, |
Dong Cheng District, Beijing, 100738 | |
CHN4: | Ping An International Finance Centre, Room 1504-1505, 15th Floor, |
Tower A-101, 3-24 Floor, Xinyuan South Road, Chaoyang District, Beijing, | |
100027 | |
CHN5: | Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe |
District Guangzhou | |
CHN6: | Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, |
Shenzhen | |
CHN7: | Unit A-1, 5th Floor, No. 567, Tianshan West Road, Changning District, |
Shanghai | |
CHN8: | Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai, |
200070 | |
CHN9: | Room 319, 238 Jiangchangsan Road, Jing’an District, Shanghai |
CHN10: | Unit D-4, 8th Floor, No. 567 Tianshan West Road, Changning District |
CHN11: | Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm, |
Chongming County, Shanghai | |
CHN12: | Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, |
Shanghai, 200000 | |
CHN13: | Unit D-2, 8th Floor, No 567 Tianshan West Road, Changning District, |
Shanghai | |
CHN14: | A0208, 1st Floor, Building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan |
District, Beijing | |
CHN15: | 16 Donghuangchenggen North Street, Beijing, 100717 |
CHN16: | Shenzhen International Chamber of Commerce Tower, Room 1801-1802, |
1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048 | |
CHN17: | 5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing |
District, Shanghai, 200335 | |
CHN18: | Room 726, 1256-1258 Wan Rong Road, Jing An District, Shanghai |
CHN19: | Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit |
12C, Dong Cheng District, Beijing, 100738 | |
Colombia | |
COL1: | Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105, |
Bogota, d.c., 76600 | |
Denmark | |
DNK1: | Niels Jernes Vej 10, 9220, Aalborg East |
Egypt | |
EGY1: | Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th |
Settlement, New Cairo, Cairo |
Registered offices | |
France | |
FRA1: | 65 Rue Camille Desmoulins, 92130, Issy les Moulineaux |
FRA2: | 141 rue de Javel, 75015, Paris |
FRA3: | 52 Quai de Dion Bouton, 92800, Puteaux |
FRA4: | Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes |
FRA5: | 6-8 rue Chaptal, 75009, Paris |
FRA6: | Immeuble Vivacity, 151-155 rue de Bercy, 75012, Paris |
Germany | |
DEU1: | Volklinger Strasse 4, 40219, Dusseldorf |
DEU2: | Bernhard-Wicki-Strasse 3/5 80636 München |
DEU3: | Heerdter Sandberg 30, 40549, Dusseldorf |
DEU4: | Stephanienstrasse 86, 76133 Karlsruhe |
DEU5: | Joseph-Schumpeter-Allee 33, 53227, Bonn |
DEU6: | Johannstrasse 1, 40476 Düsseldorf |
Hong Kong | |
HNK1: | Room 1917, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay |
HNK2: | Flat 1019B, 10/F, Liven House, No. 61-63 King Yip Street, Kwun Tong, |
Kowloon | |
HNK3: | 11/F Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay |
HNK4: | 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay |
India | |
IND1: | 818, 8th Floor, Indraprakash Building, 21 Barakhamba Road, New Delhi, |
Delhi, 110001 | |
Indonesia | |
IDN1: | APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol, |
Pertamburan Jakarta Barat 11470 | |
IDN2: | Gedung World Trade Center, 3 Lt. 20 Spaces JL Jend Sudirman Kav 29-31, |
Karet Kuningan, Setiabudi,Kota Adm. Jakarta Selatan, DKI Jakarta 12940 | |
Irish Republic | |
IRL1: | Riverside One, Sir John Rogerson’s Quay, Dublin 2, DO2 X576 |
IRL2: | 4th Floor, South Block, Rockfield Central, Dundrum, Dublin, D16 R6VO |
Israel | |
ISR1: | Meitar, Attorneys at Law, 16 Abba Hillel Road, Ramat Gan 5250608 |
Italy | |
ITA1: | Via Marostica 1, 20146, Milan |
ITA2: | Studio Colombo e Associati, Via San Damiano 9, 20122, Milan |
Japan | |
JPN1: | 1-9-15 Higashi-Azabu, Minato-Ku Tokyo 106-0044 |
JPN2: | 11F, Yaesu Central Tower, Tokyo Midtown Yaesu, 2-2-1 Yaesu Chuo-ku, |
Tokyo 104-0028 | |
Kingdom of Saudi Arabia | |
KSA1: | Riyadh, Financial Boulevard 13519, Al Aqeeq District |
Korea (Republic of) | |
KOR1: | 206 Noksapyeong-daero, Yongsan-gu, 140-861, Seoul |
KOR2: | 1622-24 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul |
KOR3: | Story 2003 Bldg, 5, Baekjegobun-ro 9-gil, Songpa-gu, Seoul, 05561, Republic |
of Korea | |
KOR4: | 1602-03 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul, Korea |
Macau | |
MAC1: | Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar, |
Bloco K | |
Malaysia | |
MYS1: | Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical, |
59200 Bangsar South City, Kuala Lumpur | |
Mexico | |
MEX1: | Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City, |
06500 | |
MEX2: | Av. Real de Acueducto #240 Nùmero Interior 181, interior D, piso 18 , Col. |
Puerta de Hierro, Zapopan, Jalisco | |
Netherlands | |
NLD1: | Radarweg 29, 1043 NX Amsterdam |
RELX
Annual Report 2025 | Notes to the consolidated financial statements
185
28 Related undertakings (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and other information
Financial statements
Registered offices |
|
New Zealand |
|
NZL1: |
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011 |
Philippines |
|
PHL1: |
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue, |
Quezon City, Metro Manila, 1101 |
|
Poland |
|
POL1: |
Plac Grunwaldzki 23-27, 50-365 Wroclaw |
POL2: |
Al. JJana Pawla II, 22, 00-133, Warszawa |
Singapore |
|
SGP1: |
3 Killiney Road, #08-01, Winsland House 1, 239519 |
SGP2: |
9 Raffles Place, #26-01, Republic Plaza, 048619 |
SGP3: |
21 Tan Quee Lan Street, #02-04, Heritage Place, 188108 |
South Africa |
|
ZAF1: |
Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead, |
Gauteng, 2191 |
|
Spain |
|
ESP1: |
C/ Josep Tarradellas 20-30, 1º / 20029, Barcelona |
Sweden |
|
SWE1: |
Aurorum 8, 977 75 Lulea |
Taiwan |
|
TWN1: |
RM. N905, 9/F, No.96, Zhong Shan N. Road SEC.2, Taipei,10449 |
Thailand |
|
THA1: |
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom, |
Bangrak, Bangkok, 10500 |
|
THA2: |
14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey, |
Klongtoey, Bangkok, 10110 |
|
THA3: |
The Offices at Central World, Office R06, 999/9 Rama I Road, Pathumwan, |
Bangkok 10330 |
|
THA4: |
No. 99, OSC Building, 4th Floor, Room No. S-01, Moo 5, KingKaeo Road, |
Racha Thewa Sub-district |
|
Bang Phli District, Samut Prakan Province |
|
Turkey |
|
TUR1: |
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul |
TUR2: |
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mah. Hadimkoy Yolu Cad. No:9/4 |
, 34500 Buyukcekmece, Istanbul |
|
TUR3: |
Maslak Mah. Sumer Sok. Ayazaga Is Merkezi Sitesi B. Blok No:1B, Ic Kapi |
No:3, Sariyer, Istanbul |
|
United Arab Emirates |
|
UAE1: |
Office 303, 3rd Floor Arjaan Office Tower Al Sufouh Complex, PO Box 502425, |
Dubai Media City, Dubai |
|
UAE2: |
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai |
United Kingdom |
|
GBR1: |
1-3 Strand, London, WC2N 5JR |
GBR2: |
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN |
GBR3: |
Lexis House, 30 Farringdon Street, London, EC4A 4HH |
GBR4: |
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN |
GBR5: |
125 London Wall, London, EC2Y 5AS |
United States |
|
USA1: |
1000 Alderman Dr., Alpharetta, GA 30005 |
USA2: |
230 Park Ave, New York, NY 10169 |
USA3: |
Suite 501, 1105 North Market St, Wilmington, DE 19801 |
USA4: |
9443 Springboro Pike, Miamisburg, OH 45342 |
USA5: |
c/o Aon Insurance Managers (USA) Inc, 100 Bank Street, Suite 630 |
Burlington, Vermont 05401 |
|
USA6: |
#1095 Wilson, Ste 3, San Juan, PR 00907 |
USA7: |
2235 Gateway Access Point, Suite 300, Raleigh, NC, 27607 |
USA8: |
101 Park Avenue, 24th Floor, New York, NY 10178 |
USA9: |
50 Hampshire Street, Cambridge MA 02139 |
USA10: |
1775 Greensboro Station Drive , Suite 425E, McLean VA 22102 |
Vietnam |
|
VIE1: |
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22, |
District. Binh Thanh, Ho Chi Minh City |
1
Nominee companies controlled by the Group based on management's
assessments
2
Directly held by the Company
3
Undertakings that hold shares in itself
4
Undertakings with other share classes held by third parties
5
Associated Undertaking
6
Joint Venture
The Group operates a branch in Qatar
The following UK subsidiaries will take advantage of the audit
exemption set out within Section 479A of the Companies Act
2006 supported by guarantees issued by RELX PLC over their
liabilities for the year ended 31 December 2025.
Company name |
Registration number |
Aistemos Limited |
08644182 |
Butterworths Limited |
02826955 |
Cordery Compliance Limited |
07931532 |
Crediva Limited |
06567484 |
Mack-Brooks Exhibitions Limited |
00967560 |
MLex Limited |
05488651 |
Offshore Europe (Management) Limited |
02318214 |
RE (RCB) Limited |
03396524 |
RE (SOE) Limited |
02330299 |
Reed Events Limited |
05893942 |
RELX (Holdings) Limited |
05807690 |
RELX (Investments) plc |
05810043 |
RELX Overseas Holdings Limited |
09489059 |
REV Venture Partners Limited |
04226986 |
Tracesmart Limited |
03827062 |
2021
GBPm
2022
GBPm
2023
GBPm
2024
GBPm
2025
GBPm
RELX consolidated financial information
Growth rates
Underlying revenue growth
+7%
+9%
+8%
+7%
+7%
Underlying adjusted operating profit growth
+13%
+15%
+13%
+10%
+9%
Adjusted earnings per share growth (at constant
currency)
+17%
+10%
+11%
+9%
+10%
Adjusted figures
¹
Revenue
7,244
8,553
9,161
9,434
9,590
EBITDA
2,697
3,174
3,544
3,724
3,846
Operating profit
2,210
2,683
3,030
3,199
3,342
Operating margin
30.5%
31.4%
33.1%
33.9%
34.8%
Net interest expense
(133)
(194)
(314)
(296)
(283)
Profit before tax
2,077
2,489
2,716
2,903
3,059
Tax charge
(384)
(530)
(553)
(652)
(688)
Net profit attributable to shareholders
1,689
1,961
2,156
2,241
2,358
Cash flow
2,230
2,709
2,962
3,101
3,301
Cash flow conversion
101%
101%
98%
97%
99%
Return on invested capital
11.9%
12.5%
14.0%
14.8%
15.4%
Earnings per share (pence)
87.6p
102.2p
114.0p
120.1p
128.5p
Dividend
²
Ordinary dividend per share (pence)
49.8p
54.6p
58.8p
63.0p
67.5p
Reported figures
Revenue
7,244
8,553
9,161
9,434
9,590
Operating profit
1,884
2,323
2,682
2,861
3,027
Net interest expense
(142)
(201)
(315)
(298)
(286)
Profit before tax
1,797
2,113
2,295
2,557
2,750
Tax charge
(326)
(481)
(507)
(613)
(672)
Net profit attributable to shareholders
1,471
1,634
1,781
1,934
2,065
Net margin
20.3%
19.1%
19.4%
20.5%
21.5%
Cash generated from operations
2,476
3,061
3,370
3,521
3,735
Net debt
6,017
6,604
6,446
6,563
7,201
Earnings per share (pence)
76.3p
85.2p
94.1p
103.6p
112.6p
(1)
Adjusted figures are presented as additional performance measures used by management. Further details on the adjusted measures can be found in the
Alternative performance measures section on pages 198 to 206.
(2)
Dividend per ordinary share is based on the interim dividend and proposed final dividend for the relevant year.
Five year summary
186
RELX
Annual Report 2025 | Financial statements and other information
187
187
RELX
Annual Report 2025
RELX PLC
company only
financial statements
In this section
188
RELX PLC financial statements
191
Notes to RELX PLC financial statements
Financial review
Financial statements
and other information
Governance
Corporate responsibility
Overview
Market segments
FOR THE YEAR ENDED 31 DECEMBER
2024
2025
Note
GBPm
GBPm
Dividend income
12
549
2,943
Administration and other expenses
(4)
(3)
Other income
70
15
Operating profit
615
2,955
Finance income
-
-
Finance costs
-
-
Net finance income
-
-
Profit before tax
615
2,955
Current tax
4
(17)
(4)
Tax expense
(17)
(4)
Net profit for the year
598
2,951
There is no other comprehensive income other than the profit stated above.
RELX PLC statement of cash flows
FOR THE YEAR ENDED 31 DECEMBER
Note
2024
GBPm
2025
GBPm
Cash flows from operating activities
Cash generated from operations
5
65
10
Tax paid (net)
(27)
(17)
Net cash from/(used in) operating activities
38
(7)
Cash flows from investing activities
Dividends received
12
549
2,943
Decrease/(increase) in amounts due from subsidiary undertakings
12
1,487
(297)
Cash generated from investing activities
2,036
2,646
Cash flows from financing activities
Dividends paid to shareholders
6
(1,121)
(1,181)
Repurchase of ordinary shares
10
(1,000)
(1,500)
Proceeds on issue of ordinary shares
10
47
42
Net cash used in financing activities
(2,074)
(2,639)
Net cash used in activities
-
-
Cash and cash equivalents at the start and end of the yea
r
-
-
RELX PLC statement of total comprehensive
income
188
RELX
Annual Report 2025 | Financial statements and other information
FOR THE YEAR ENDED 31 DECEMBER
2024
2025
Note
GBPm
GBPm
Non-current assets
Investments in subsidiary undertakings
7
18,351
18,360
18,351
18,360
Current assets
Receivables: amounts due from subsidiary undertakings
12
26
323
Total assets
18,377
18,683
Current liabilities
Taxation
4
17
4
Other payables
8
153
251
Total liabilities
170
255
Net assets
18,207
18,428
Capital and reserves
Share capital
10
272
264
Share premium
10
1,605
1,647
Shares held in treasury
10
(582)
(252)
Capital redemption reserve
50
58
Other reserves
201
210
Merger reserve
11,150
11,150
Net profit for the year
598
2,951
Reserves
4,913
2,400
Shareholders’ equity
18,207
18,428
Total equity
18,207
18,428
The RELX PLC Company financial statements were approved by the Board of Directors and authorised for issue on 11 February 2026.
They were signed on its behalf by:
N L Luff
Chief Financial Office
r
RELX PLC statement of financial position
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
189
RELX
Annual Report 2025 | RELX PLC financial statements
M
Shares
Capital
Share
Share
held in
redemption
Other
Merger
Net
capital
premium
treasury
reserve
(1)
reserves
(2)
reserve
(1)
profit
Reserves
(3)
Total
Note
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Balance at 1 January 2024
275
1,558
(435)
47
189
11,150
1,846
5,041
19,671
Total comprehensive income
for the year
-
-
-
-
-
-
598
-
598
Dividends paid
(4)
6
-
-
-
-
-
-
-
(1,121)
(1,121)
Repurchase of ordinary shares
10
-
-
(1,000)
-
-
-
-
-
(1,000)
Cancellation of shares
10
(3)
-
853
3
-
-
-
(853)
-
Issue of ordinary shares, net
of expenses
10
-
47
-
-
-
-
-
-
47
Equity instruments granted to
employees of the Group
7
-
-
-
-
12
-
-
-
12
Transfer of net profit to
reserves
-
-
-
-
-
-
(1,846)
1,846
-
Balance at 1 January 2025
272
1,605
(582)
50
201
11,150
598
4,913
18,207
Total comprehensive income
for the year
-
-
-
-
-
-
2,951
-
2,951
Dividends paid
(4)
6
-
-
-
-
-
-
-
(1,181)
(1,181)
Repurchase of ordinary shares
10
-
-
(1,600)
-
-
-
-
-
(1,600)
Cancellation of shares
10
(8)
-
1,930
8
-
-
-
(1,930)
-
Issue of ordinary shares, net
of expenses
10
-
42
-
-
-
-
-
-
42
Equity instruments granted to
employees of the Group
7
-
-
-
-
9
-
-
-
9
Transfer of net profit to
reserves
-
-
-
-
-
-
(598)
598
-
Balance at 31 December 2025
264
1,647
(252)
58
210
11,150
2,951
2,400
18,428
(1)
The capital redemption and merger reserve do not form part of the distributable reserves balance.
(2)
Other reserves relate to equity instruments granted to employees of the Group under shared based remuneration arrangements, and do not form part of
the distributable reserves balance.
(3)
Distributable reserves at 31 December 2025 were £5,099m (2024: £4,929m) comprising net profit and reserves, net of shares held in treasury.
(4)
Refer to note 13 of the RELX consolidated financial statements on page 163 for further dividend disclosure.
RELX PLC statement of changes in equity
190
RELX
Annual Report 2025 | Financial statements and other information
1
Basis of preparation and accounting policies
The financial statements of RELX PLC are prepared in accordance with UK adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International
Accounting Standards Board.
The RELX PLC financial statements should be read in conjunction with the Group consolidated financial statements and notes
presented on pages 138 to 185, which are also presented as the RELX PLC consolidated financial statements. See the Basis of
preparation of the Group consolidated financial statements on page 143. The financial results of RELX PLC are included in the
Group consolidated financial statements on pages 138 to 185.
The principal activity of RELX PLC is being the parent company for RELX, as described in note 1 of the Group consolidated financial
statements on page 143. The RELX PLC financial statements are prepared on a going concern basis, as explained on page 77.
The RELX PLC financial statements are prepared on the historical cost basis.
Foreign exchange translation
Unless otherwise indicated, all amounts in the financial statements are in millions of pound sterling. Differences in subtotals in the
financial statements may arise due to rounding adjustments applied during calculations. The symbols GBP and £ used throughout
the financial statements relate to pound sterling.
Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary
assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date
of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are
recorded in the income statement.
Taxation
Refer to note 9 of the Group consolidated financial statements on pages 157 to 160 for the taxation accounting policies.
Investment in subsidiary undertaking
The investment in the subsidiary undertaking is stated at cost, less provision, if appropriate, for any impairment in value. The fair
value of the award of share options and conditional shares over RELX PLC ordinary shares to employees of the Group are treated
as a capital contribution to the investment.
Impairment reviews
RELX PLC assesses the investment in the subsidiary undertaking for impairment whenever events or changes in circumstances
indicate that the carrying value of the investment may not be recoverable. If any such indication of impairment exists, RELX PLC
makes an estimate of the recoverable amount. If the recoverable amount of the investment is less than the value of the investment,
the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised
immediately in the income statement.
Financial instruments
Financial instruments comprise receivables from subsidiaries and other payables.
Financial assets and liabilities are initially recognised on the date that the Company becomes a party to the contractual provisions
of the instrument. A financial asset is derecognised when the rights to receive cash flows from the asset have expired. A financial
liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
Receivables from subsidiaries are recorded initially at fair value and subsequently carried at amortised cost, after allowing for any
impairment losses calculated using the expected credit loss model on a forward-looking basis.
Other payables are predominantly non-interest-bearing and are stated at their nominal values.
Credit risk management
RELX PLC’s main exposure to credit risk relates to amounts due from subsidiaries. Amounts due from subsidiaries are stated net of
provisions for bad and doubtful debts. The credit risk of each subsidiary is influenced by the industry and country in which they
operate; however, the company considers the credit risk of subsidiaries to be low as it has visibility of, and the ability to influence,
their cash flows.
Share capital, share premium and shares held in treasury
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects. Share premium is the excess of the consideration received over the nominal
value of the shares issued. Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury.
The consideration paid, including directly attributable costs, is recognised as a deduction from equity.
Guarantees and contingent liabilities
Financial guarantee contracts are recorded at fair value on initial recognition and subsequently assessed for any changes in the
risk of default which would result in an expense recorded in the income statement.
Notes to RELX PLC financial statements
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
191
RELX
Annual Report 2025 | Notes to RELX PLC financial statements
2 Auditor’s remuneration
The parent company financial statements of RELX PLC are required to comply with the Companies (Disclosure of Auditor
Remuneration and Liability Limitation Agreements) Regulations 2008. For details of the remuneration of the auditors, please refer
to note 4 of the consolidated financial statements on page 149.
3 Directors’ remuneration
Remuneration paid to the directors in respect of their services to RELX PLC is borne by other group companies. Information about
the remuneration of directors is provided in the Remuneration Report on pages 100 to 120 “audited sections”. Information on key
management compensation is provided in note 25 of the Group consolidated financial statements.
4 Taxation
2024
GBPm
2025
GBPm
Current tax
Current year
(17)
(4)
Total current tax charge
(17)
(4)
The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from 2024. RELX PLC has applied the
temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two
rules. The rules, including the Side-by-Side agreement released by the OECD in January 2026, do not have a significant impact on
the tax charge for RELX PLC.
The tax expense charged on profit before tax differs from the theoretical amount that would arise by applying the statutory tax rate
to the accounting profit of the company, as follows:
2024
2025
GBPm
%
GBPm
%
Profit before tax
615
2,955
Tax at applicable rate of 25% (2024: 25%)
(154)
25.0
%
(739)
25.0
%
Non-taxable income
137
(22.3)%
735
(24.9)%
Tax expense
(17)
2.8
%
(4)
0.1
%
5 Statement of cash flows
The difference between operating profit and cash generated from operations is driven by dividends received of £2,943m (2024: £549m).
6 Dividends
Refer to note 13 of the Group consolidated financial statements on page 163.
192
RELX
Annual Report 2025 | Financial statements and other information
7 Investment in subsidiary undertaking
GBPm
At 1 January 2024
18,339
Equity instruments granted to employees of the Group
12
At 1 January 2025
18,351
Equity instruments granted to employees of the Group
9
At 31 December 2025
18,360
As at 31 December 2025, the market capitalisation of the Group was higher than the Company's carrying value of its investment in
the Group. No indicators of impairment were identified during the year.
8 Other payables
This primarily relates to the accrual for share repurchases of £250m (2024: £150m). Refer to note 23 of the Group consolidated
financial statements.
9 Financial instruments
Financial assets and liabilities measured at amortised cost in RELX PLC’s statement of financial position comprise amounts due
from subsidiaries (see note 12) and certain amounts reported within accounts payable and accrued liabilities (see note 8). The fair
value of financial assets and liabilities measured at amortised cost at 31 December 2025 and 31 December 2024 approximates
their carrying amount.
Information on financial risk management is presented in note 17 of the Group consolidated financial statements. No derivative
financial instruments were held at 31 December 2025 or 31 December 2024.
10 Share capital, share premium and shares held in treasury
CALLED UP SHARE CAPITAL – ORDINARY SHARES OF UK 14
⁵¹/₁₁₆
PENCE EACH
ALLOTTED, ISSUED AND FULLY PAID
No. of shares
2024
GBPm
No. of shares
2025
GBPm
At start of yea
r
1,906,907,605
275
1,880,844,719
272
Issue of ordinary shares
2,937,114
-
2,215,646
-
Cancellation of ordinary shares
(29,000,000)
(3)
(55,000,000)
(8)
At end of year
1,880,844,719
272
1,828,060,365
264
NUMBER OF ORDINARY SHARES
Year ended 31 December
2024
Shares in
issue net of
treasury
shares*
(millions)
Shares in
issue
(millions)
Treasury
shares
(millions)
2025
Shares in
issue net of
treasury
shares*
(millions)
At start of year
1,887.2
1,880.8
(19.6)
1,861.2
Issue of ordinary shares
2.9
2.2
-
2.2
Repurchase of ordinary shares
(28.9)
-
(39.5)
(39.5)
Cancellation of ordinary shares
-
(55.0)
55.0
-
At end of year
1,861.2
1,828.1
(4.1)
1,824.0
*At 31 December 2025 the total shares in issue net of treasury shares is 1,823,952,493 (2024: 1,861,237,049).
In 2025 the total consideration for share repurchases was £1,500m (2024: £1,000m).
The issue of ordinary shares in the year relates to the exercise of share options.
All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
During 2025, 55m (2024: 29m) ordinary shares held in treasury were cancelled.
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
193
RELX
Annual Report 2025 | Notes to RELX PLC financial statements
11 Guarantees and contingent liabilities
There are financial guarantees given by RELX PLC in respect of debt within subsidiary undertakings:
2024
2025
GBPm
GBPm
Contingent liabilities guaranteed by RELX PLC
6,524
7,179
Financial instruments disclosures in respect of the debt covered by the above guarantees are given in note 17 of the consolidated
financial statements. The probability of default is remote and there was no change in the assessment of the risk of default during
the year.
RELX PLC has issued guarantees over the liabilities of 15 of its UK subsidiaries which will be taking advantage of the audit
exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 December 2025. Refer to note 28 of the
consolidated financial statements on page 182 for further details.
12 Related party transactions
Amounts due from subsidiary undertakings comprise receivables for guarantee fees, which are settled shortly after the end of
the year, and balances with other Group companies in the UK resulting from cash pooling arrangements. These balances are
non-interest-bearing and repayable on demand. RELX PLC considers that the fair value of the above receivables approximates to
their carrying value.
As these are amounts due from other entities within the Group, RELX PLC has estimated the expected credit losses to be immaterial.
Our historical experience of collecting these balances, supported by the level of default, confirms that the credit risk is low.
Related party balances with Group companies at 31 December were as follows:
2024
2025
GBPm
GBPm
Amounts due from subsidiary undertakings
26
323
Transactions between RELX PLC and its subsidiaries were made in the normal course of business on normal market terms of
trading and were as follows:
2024
2025
GBPm
GBPm
Dividends received from shares in Group undertakings
549
2,943
Guarantee fee income from subsidiary undertakings
70
15
Information on key management personnel has been given in note 25 of the consolidated financial statements on page 181.
All transactions with subsidiaries and the Group’s employees, which are related parties of RELX PLC, are reflected in these
financial statements.
13 Related undertakings
Refer to note 28 of the Group consolidated financial statements on pages 182 to 185.
194
RELX
Annual Report 2025 | Financial statements and other information
195
195
RELX
Annual Report 2025
Other financial
information
In this section
196
Financial summary in US dollars
197
Business area analysis in US dollars
198
Alternative performance measures
Financial review
Financial statements
and other information
Governance
Corporate responsibility
Overview
Market segments
Financial summary in US dollars
Basis of preparation
The Group’s consolidated financial information is presented in sterling. The financial summary is a simple translation of the
Group’s financial summary, as shown on page 2 of the 2025 Annual Report, into US dollars. It does not represent a restatement
under US GAAP which would be different in some significant respects. Refer to note 26 on page 181 for exchange rates used.
Financial Summary
Change at
2024
2025
Change in
constant
Underlying
Adjusted figures
USDm
USDm
USD
currency
growth
Revenue
12,076
12,659
+5%
+4%
+7%
EBITDA
4,767
5,077
Operating profit
4,095
4,411
+8%
+7%
+9%
Operating margin
33.9%
34.8%
Net interest expense
(379)
(374)
Profit before tax
3,716
4,038
Tax charge
(835)
(908)
Net profit attributable to shareholders
2,868
3,113
Cash flow
3,969
4,357
Cash flow conversion
97%
99%
Earnings per share
$1.537
$1.697
10%
10%
2024
2025
Change in
Reported figures
USDm
USDm
USD
Revenue
12,076
12,659
+5%
Operating profit
3,662
3,996
+9%
Net interest expense
(381)
(378)
Profit before tax
3,273
3,630
Tax charge
(785)
(887)
Net profit attributable to shareholders
2,476
2,726
Net margin
20.5%
21.5%
Cash generated from operations
4,507
4,930
Net debt
1
8,204
9,721
Basic earnings per share
$1.327
$1.486
+12%
1
Statement of financial position exchange rates have been used to translate net debt. All other figures have been translated using the income statement
exchange rates.
196
RELX
Annual Report 2025 | Financial statements and other information
Restated
2024
USDm
2025
USDm
Change in
USD
Change at
constant
currency
Underlying
growth
Revenue
Risk
4,270
4,600
+8%
+7%
+8%
Scientific, Technical & Medical
3,359
3,582
+7%
+5%
+5%
Legal
2,199
2,384
+8%
+8%
+9%
Exhibitions
1,586
1,566
-1%
-2%
+8%
Print & print-related activities
662
527
RELX Group
12,076
12,659
+5%
+4%
+7%
Adjusted Operating Profit
Risk
1,578
1,722
+9%
+9%
+10%
Scientific, Technical & Medical
1,256
1,366
+9%
+7%
+7%
Legal
488
548
+12%
+11%
+12%
Exhibitions
509
541
+6%
+7%
+9%
Print & print-related, and unallocated costs
264
234
RELX Group
4,095
4,411
+8%
+7%
+9%
Business area analysis in US dollars
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
197
RELX
Annual Report 2025 | Business area analysis in US dollars
RELX uses a range of alternative performance measures (APMs) in the reporting of financial information, which are not defined
by generally accepted accounting principles (GAAP) such as IFRS. These APMs are used by the Board and management as they
believe they provide relevant information in assessing the Group’s performance, position and cash flows, enable investors to track
more clearly the core operational performance of the Group, and provide a clear basis for assessing RELX’s ability to raise debt
and invest in new business opportunities.
Management also uses these financial measures, along with IFRS financial measures, in evaluating the operating performance
of the Group as a whole and of the individual business areas. These measures should not be considered in isolation from, or as a
substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly
reported measures by other companies.
See below for key APMs used by the Group, along with a description of each measure, its purpose, details of the closest equivalent
IFRS measure (where applicable) and a reference to where it has been used in the financial statements.
APMs used are calculated on the same basis as described in the prior year with the exception of underlying growth rates which
have been refined following the change in segmental reporting. The effect of the restatement on the relevant APMs are shown in
the tables below.
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Income
statement
Constant
currency
growth
No direct
equivalent
Constant currency growth rates are based on
2024 full-year average and hedge exchange
rates
Provides a measure of
year-on-year growth
excluding the impact
of exchange rate
movements
Financial highlights
Chair’s statement
CEO report
Business overview
Market segments
Financial review
Directors’
remuneration report
Underlying
growth
No direct
equivalent
Underlying revenue growth rates are
calculated at constant currency and exclude
revenue from acquisitions until twelve months
after purchase, revenue of disposals and
assets held for sale, print and print-related
revenue and exhibition cycling. Underlying
adjusted operating profit growth rates are
calculated on the same basis except they do
not exclude and exhibition cycling.
This is a key financial
measure as it provides
an assessment of
year-on-year growth
excluding the impact of
acquisitions, disposals,
exhibition cycling and
exchange rate
movements.
Financial highlights
Chair’s statement
CEO report
Business overview
Market segments
Financial review
Directors’
remuneration report
Alternative performance measures
198
RELX
Annual Report 2025 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
As
reported
Restated
As
reported
Restated
2024
2024
2025
2024
2024
2025
GBPm
GBPm
GBPm
%
%
%
Components of reported revenue growth:
Underlying revenue growth
569
600
586
+7%
+7%
+7%
Exhibitions cycling
69
69
(48)
Acquisitions
15
15
14
Disposals
(89)
(66)
(91)
Print & print-related activities
-
(54)
(109)
Total revenue growth at constant currency
564
564
352
+6%
+6%
+4%
Currency effect
(291)
(291)
(196)
Revenue growth
273
273
156
+3%
+3%
+2%
In the business area the effect of the restatement is immaterial to Risk and Exhibitions and increases 2024 underlying revenue for
each of Scientific, Technical & Medical and Legal is approximately 1%.
As
reported
Restated
As
reported
Restated
2024
2024
2025
2024
2024
2025
GBPm
GBPm
GBPm
%
%
%
Components of adjusted operating profit growth:
Underlying adjusted operating profit growth
287
294
260
+10%
+11%
+9%
Acquisitions
2
2
(2)
Disposals
(12)
7
(14)
Print & print-related activities
-
(26)
(27)
Total adjusted operating profit growth at constant currency
277
277
217
+9%
+9%
+7%
Currency effect
(108)
(108)
(74)
Adjusted operating profit growth
169
169
143
+6%
+6%
+4%
Adjusted
operating
profit
Operating
profit
Operating profit before amortisation of
acquired intangible assets, acquisition and
disposal related items, and grossed up to
exclude the equity share of finance income,
finance costs and taxes in joint ventures
and associates
This is the key financial
measure used by
management to
evaluate performance
and allocate resources
Financial highlights
Chair’s statement
CEO report
Business overview
Market segments
Financial review
Directors’
remuneration report
note 2
2024
2025
Note
GBPm
GBPm
Operating profit
2,3
2,861
3,027
Adjustments:
Amortisation of acquired intangible assets
2
258
248
Acquisition and disposal related items
69
54
Reclassification of tax in joint ventures and associates
12
14
Reclassification of net finance income in joint ventures and associates
(1)
(1)
Adjusted operating profit
3,199
3,342
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
199
RELX
Annual Report 2025 | Alternative performance measures
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Adjusted
operating
margin
No direct
equivalent
Calculated as adjusted operating profit divided
by revenue
As above
Financial highlights
Business overview
Financial review
Earnings
before
interest, tax,
depreciation
and
amortisation
(EBITDA)
No direct
equivalent
Calculated as adjusted operating profit before
depreciation of property, plant and equipment
(PPE) and right-of-use assets and amortisation
of internally developed intangible assets,
including pre-publication costs
Provides a measure
of the operating
performance of the
business that is widely
used by relevant
stakeholders in
evaluating company
performance
Chair’s statement
Financial review
2024
2025
Note
GBPm
GBPm
Adjusted operating profit
2
3,199
3,342
Total depreciation and other amortisation
2,3
525
504
EBITDA
3,724
3,846
EBITDA
Margin
No direct
equivalent
Calculated as EBITDA divided by revenue
As above
Business overview
Financial review
Adjusted net
interest
expense
Net interest
expense
Reported net interest expense, less fair value
movements on cross-currency interest rate
swaps not designated as hedges, net interest
on the defined benefit pension balance, plus
the share of net finance income from joint
ventures and associates
Provides a measure
of the Group’s interest
expense for the
funding of business
operations that is
comparable from
year to year
Financial review
2024
2025
Note
GBPm
GBPm
Net interest expense
7
(298)
(286)
Fair value movements on cross-currency interest rate swaps not designated as hedges
8
7
-
5
Net interest on net defined benefit pension balance
6
1
(3)
Share of net finance income from joint ventures and associates
1
1
Adjusted net interest expense
(296)
(283)
Adjusted
profit before
tax
Profit before
tax
Profit before tax before amortisation of
acquired intangible assets, acquisition and
disposal related items, reclassification of taxes
in joint ventures and associates, fair value
movements on cross-currency interest rate
swaps not designated as hedges, net interest
on the net defined benefit pension balance and
disposals and other non-operating items
Provides a measure
used by management
to evaluate
performance and
allocate resources
Financial highlights
Financial review
2024
2025
Note
GBPm
GBPm
Profit before tax
2,557
2,750
Adjustments:
Amortisation of acquired intangible assets
2
258
248
Acquisition and disposal related items
2
69
54
Reclassification of tax in joint ventures and associates
12
14
Fair value movements on cross-currency interest rate swaps not designated as hedges
8
-
5
Net interest on net defined benefit pension balance
6
1
(3)
Disposals and other non
‑
operating items
8
6
(9)
Adjusted profit before tax
2,903
3,059
200
RELX
Annual Report 2025 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Adjusted tax
charge
Income tax
expense
Tax expense excluding the deferred tax
movements associated with goodwill and
acquired intangible assets, tax on acquisition
and disposal related items, reclassification of
tax in joint ventures and associates, tax on fair
value movements on cross-currency interest
rate swaps not designated as hedges, tax on
net interest on the net defined benefit pension
balance and tax on disposals and other non-
operating items
Provides a measure
of the Group’s tax
expense relating to
operating activities
Financial review
2024
2025
Note
GBPm
GBPm
Tax charge
9
(613)
(672)
Adjustments:
Deferred tax movements on goodwill and acquired intangible assets
2
32
35
Other deferred tax credits from intangible assets
3
(56)
(55)
Tax on acquisition and disposal related items
(14)
(8)
Reclassification of tax in joint ventures and associates
(12)
(14)
Tax on net interest on net defined benefit pension balance
-
1
Tax on fair value movements on cross-currency interest rate swaps not designated
as hedges
8
-
(1)
Tax on disposals and other non-operating items
11
26
Adjusted tax charge
(652)
(688)
Effective tax
rate
Income tax
rate
Income tax expense expressed as a
percentage of profit before tax.
For a reconciliation between the net tax
expense charged on profit before tax and the
theoretical amount that would arise using the
weighted average of tax rates applicable to
accounting profits and losses of the
consolidated entities, refer to note 9
Provides a measure of
the Group’s tax charge
relative to its profit
before tax that is
comparable from
year to year
Financial review
note 9
Adjusted
effective tax
rate
No direct
equivalent
Calculated as the adjusted tax charge as a
percentage of adjusted profit before tax
Provides a measure of
the Group’s tax charge
relative to its profit
before tax that is
comparable from
year to year
Financial review
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
201
RELX
Annual Report 2025 | Alternative performance measures
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Adjusted net
profit
attributable to
shareholders
Net profit
attributable to
shareholders
Net profit attributable to shareholders before
amortisation of acquired intangible assets,
other deferred tax credits from intangible
assets, acquisition and disposal related
items, fair value movements on cross-
currency interest rate swaps not designated
as hedges, net interest on the net defined
benefit pension balance, disposals and other
non-operating items
Provides a measure of
the Group’s profitability
after tax attributable
to shareholders
Financial highlights
Financial review
2024
2025
GBPm
GBPm
Net profit attributable to shareholders
1,934
2,065
Adjustments (post-tax):
Amortisation of acquired intangible assets
290
283
Other deferred tax credits from intangible assets
3
(56)
(55)
Acquisition and disposal related items
55
46
Fair value movements on cross-currency interest rate swaps not designated as hedges
8
-
4
Net interest on net defined benefit pension balance
1
(2)
Disposals and other non
‑
operating items
17
17
Adjusted net profit attributable to shareholders
2,241
2,358
Adjusted
earnings per
share
Earnings per
share
Adjusted net profit attributable to
shareholders divided by the weighted average
number of shares
Provides a measure of
the Group’s earnings
per share that is
comparable from
year to year
Financial highlights
Chair’s statement
CEO report
Business overview
Financial review
Note
2024
2025
Adjusted net profit attributable to shareholders (GBPm)
2,241
2,358
Weighted average number of shares (m)
10
1,865.9
1,834.4
Adjusted earnings per share (p)
120.1
128.5
202
RELX
Annual Report 2025 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
FINANCIAL STATEMENT
REFERENCE
Cash flow statement
Adjusted
cash flow
Cash
generated
from
operations
Cash generated from operations plus
dividends from joint ventures and associates
less net capital expenditure on property, plant
and equipment (PPE) and internally developed
intangible assets, repayment of lease principal
and sublease payments received and excluding
pension recovery payments and payments in
relation to acquisition and disposal related
items.
Provides a measure of
the Group’s operating
cash flow that is
comparable from
year to year
Financial highlights
Financial review
2024
2025
Note
GBPm
GBPm
Cash generated from operations
11
3,521
3,735
Adjustments:
Dividends received from joint ventures and associates
15
37
40
Purchases of PPE
16
(20)
(21)
Expenditure on internally developed intangible assets
(464)
(504)
Payments in relation to acquisition and disposal related items
62
89
Pension recovery payment
26
-
Repayment of lease principal
(63)
(40)
Sublease payments received
2
2
Adjusted cash flow
3,101
3,301
Adjusted
cash flow
conversion
No direct
equivalent
Adjusted cash flow divided by adjusted
operating profit
Provides a measure of
turning operating profit
into cash
Financial highlights
Business overview
Financial review
2024
2025
Note
GBPm
GBPm
Adjusted cash flow
3,101
3,301
Adjusted operating profit
2
3,199
3,342
Adjusted cash flow conversion
97%
99%
Free cash
flow
Cash inflow
from
operating
activities
Adjusted cash flow less net interest paid,
cash tax paid, acquisition and disposal
related payments
Provides a measure of
cash flows that could
be used for organic
investment in the
business, acquisitions,
distribution of
dividends, share
buybacks or the
repayment of debt
Financial review
note 17
2024
2025
Note
GBPm
GBPm
Adjusted cash flow
3,101
3,301
Interest paid (net)
(251)
(261)
Cash tax paid
4
9
(662)
(638)
Payments in relation to acquisition and disposal related items
(62)
(89)
Free cash flow
2,126
2,313
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
203
RELX
Annual Report 2025 | Alternative performance measures
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
FINANCIAL STATEMENT
REFERENCE
Net capital
employed
No direct
equivalent
Net goodwill and acquired intangible assets, net
internally developed intangible assets, net property,
plant and equipment, right-of-use assets and
investments less net pension balances and
working capital
Provides a measure
of the capital used
in operations
Financial review
2024
2025
Note
GBPm
GBPm
Goodwill and acquired intangible assets
5
9,811
9,327
Internally developed intangible assets
5
14
1,569
1,675
Property, plant and equipment
5
, right-of-use assets
5
and investments
432
454
Net pension balances
6
21
43
Working capital
(1,262)
(1,177)
Net capital employed
10,571
10,322
Invested
capital
No direct
equivalent
Net capital employed, adjusted to add back
accumulated amortisation and impairment of
acquired intangible assets and goodwill, to
remove non-operating investments and the
gross up to goodwill in respect of deferred tax,
and other items
Used to calculate
the return on
invested capital
(see below)
Financial review
Directors’ report
2024
2025
Note
GBPm
GBPm
Net capital employed
10,571
10,322
Accumulated amortisation and impairment of acquired intangible assets and goodwill
7,985
7,728
Non-operating investments
15
(88)
(127)
Deferred tax on goodwill and othe
r
(1,371)
(1,314)
Invested capital
17,097
16,609
Return on
invested
capital (ROIC)
No direct
equivalent
Post tax adjusted operating profit expressed
as a percentage of average invested capital
This is a key financial
measure used by
management that
demonstrates the efficiency
of the use of capital
Financial highlights
Business overview
Financial review
Note
2024
2025
Adjusted operating profit (GBPm)
2
3,199
3,342
Tax at adjusted effective rate (GBPm)
(720)
(752)
Adjusted effective tax rate
22.5%
22.5%
Adjusted operating profit after tax (GBPm)
2,479
2,590
Average invested capital (GBPm)
6
16,743
16,799
ROIC
14.8%
15.4%
204
RELX
Annual Report 2025 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
FINANCIAL STATEMENT
REFERENCE
Capital
expenditure
No direct
equivalent
Additions to property, plant and equipment
and internally developed intangible assets
Provides a measure of
the amounts invested
in new products and
related infrastructure
across the business
Chair’s statement
Financial review
Directors’ report
Governance
note 2
2024
2025
Note
GBPm
GBPm
Additions to property, plant and equipment
16
20
21
Additions to internally developed intangible assets
14
464
504
Capital expenditure
484
525
Statement of financial position
Net debt/ net
debt for
leverage
ratio
No direct
equivalent
Net debt: debt less cash and cash equivalents,
related derivative financial instruments and
finance lease receivables
Provides a measure
of the Group’s level
of indebtedness
Financial highlights
Chair’s statement
Financial review
Governance
Directors’ report
note 17
2024
2025
Note
GBPm
GBPm
Debt
11, 21
6,544
7,267
Cash and cash equivalents
11
(119)
(131)
Derivative financial instruments in fair value hedging relationships
11
140
60
Cross-currency interest rate swaps not designated as hedges
11
-
5
Finance lease receivables
11
(2)
-
Net debt
11
6,563
7,201
Pension obligation
6
165
154
Net debt for leverage ratio
6,728
7,355
Leverage
ratios
No direct
equivalent
For details of the closest equivalent IFRS
measures to net debt and EBITDA, see above.
For the purpose of calculating leverage ratios,
share of results in joint ventures and
associates, the equity share of finance income,
finance costs, taxes and amortisation in joint
ventures and associates, and acquisition
and disposal related items are deducted
from EBITDA
Provides a measure of
the financial leverage
of the Group
Chair’s statement
Financial review
Governance
Financial statements
and other information
Governance
Market segments
Financial review
Corporate responsibility
Overview
205
RELX
Annual Report 2025 | Alternative performance measures
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
FINANCIAL STATEMENT
REFERENCE
2024
2025
2024
2025
Note
GBPm
GBPm
USDm
7
USDm
7
EBITDA
3,724
3,846
4,767
5,077
Less joint venture and associates adjusted operating profit
(54)
(57)
(69)
(75)
Acquisition and disposal related items
2
(69)
(54)
(88)
(71)
EBITDA for leverage ratio
3,601
3,735
4,610
4,931
Net debt for leverage ratio
6,728
7,355
8,410
9,929
EBITDA for leverage ratio
3,601
3,735
4,610
4,931
Leverage ratio
1.8x
2.0x
Notes to the alternative performance measures tables
(1)
Excludes amortisation of acquired intangibles.
(2) The adjusted tax charge excludes the movements in deferred tax assets and liabilities related to goodwill and acquired intangible assets, but includes the
benefit of tax amortisation where available on acquired goodwill and intangible assets.
(3)
Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.
(4) Net of cash tax relief on acquisition and disposal related items and including cash tax impact of disposals.
(5) Net of accumulated depreciation and amortisation.
(6)
Average of invested capital at the beginning and the end of the year, retranslated at average exchange rates for the year.
(7)
EBITDA and net debt have been translated from sterling to US dollars using, respectively, average and year end exchange rates, as shown on page 181.
(8)
Excludes fair value movements on cross-currency interest rate swaps not designated as hedges, and the adjusted tax charge excludes the tax on these
movements. In the prior year there were no such amounts.
206
RELX
Annual Report 2025 | Financial statements and other information
207
RELX
Annual Report 2025
Sustainability Statement
and other Corporate
Responsibility
Disclosures
In this section
208
Sustainability statement
232
Independent assurance report
235
Taskforce on climate-related financial disclosure
241
Sustainability accounting standards board
242
Global reporting initiative
Financial review
Financial statements
and other information
Governance
Corporate responsibility
Overview
Market segments
208
RELX
Annual Report 2025 | Financial statements and other information
Sustainability Statement
General Disclosures (ESRS 2)
Contents
Page number
General information
ESRS 2 General disclosures
209
Environmental information
ESRS E1 Climate change
218
ESRS E2 Pollution
Not material
ESRS E3 Water and marine resources
Not material
ESRS E4 Biodiversity and ecosystems
Not material
ESRS E5 Resource use and circular economy
Not material
Disclosures pursuant to Article 8 of Regulation 2020/852 (Taxonomy disclosures)
221
Social information
ESRS S1 Own workforce
223
ESRS S2 Workers in the value chain
226
ESRS S3 Affected communities
Not material
ESRS S4 Consumers and end-users
227
Governance information
ESRS G1 Business conduct
229
General information
Disclosures stemming from other legislation or sustainability reporting
ESRS Reference
Datapoint
Page number
ESRS 2 GOV-1
Board’s gender diversity paragraph 21 (d)
212
ESRS 2 GOV-1
Percentage of board members who are independent paragraph 21 (e)
211
ESRS 2 GOV-4
Statement on due diligence paragraph 30
217
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities paragraph 40 (d) i
Not material
ESRS 2 SBM-1
Involvement in activities related to chemical production paragraph 40 (d) ii
Not material
ESRS 2 SBM-1
Involvement in activities related to controversial weapons paragraph 40 (d) iii
Not material
ESRS 2 SBM-1
Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv
Not material
ESRS E1-1
Transition plan to reach climate neutrality by 2050 paragraph 14
219
ESRS E1
Undertakings excluded from Paris-aligned benchmarks
Not material
ESRS E1-4
GHG emission reduction targets paragraph 34
216
ESRS E1-5
Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38
Not material
ESRS E1-5
Energy consumption and mix paragraph 37
219
ESRS E1-5
Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43
Not material
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44
220
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55
220
ESRS E1-7
GHG removals and carbon credits paragraph 56
Not material
ESRS E1-9
Exposure of the benchmark portfolio to climate-related physical risks paragraph 66
Not material
ESRS E1-9
Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a)
Location of significant assets at material physical risk paragraph 66 (c).
Not material
ESRS E1-9
Degree of exposure of the portfolio to climate-related opportunities paragraph 69
Not material
ESRS S1-1
Human rights policy commitments paragraph 20
216, 223
ESRS S1-1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21
216-217, 223
ESRS S1-1
S1-1 processes and measures for preventing trafficking in human beings paragraph 22
223
ESRS S1-1
S1-1 workplace accident prevention policy or management system paragraph 23
223
ESRS S1-3
S1-3 grievance/complaints handling mechanisms paragraph 32 (c)
224
ESRS S1-14
Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)
Not material
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)
Not material
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Not material
ESRS S1-16
CEO pay ratio paragraph 97 (b)
Not material
ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Not material
ESRS S1-17
Non- respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)
225
ESRS 2- SBM3
Significant risk of child labour or forced labour in the value chain paragraph 11 (b)
226
ESRS S2-1
Human rights policy commitments paragraph 17
226
ESRS S2-1
Policies related to value chain workers paragraph 18
226
ESRS S2
Rights principles and OECD guidelines benchmarks
226
ESRS S2-1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19
226
ESRS S2-4
Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36
226
ESRS S4-1
Policies related to consumers and end-users paragraph 16
227
ESRS S4-1
Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17
227-228
ESRS S4-4
Human rights issues and incidents paragraph 35
227-228
ESRS G1
United Nations Convention against Corruption paragraph 10 (b)
229-230
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)
229-230
ESRS G1-4
Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)
230
ESRS G1-4
Standards of anti-corruption and anti- bribery paragraph 24 (b)
229-230
209
Basis of preparation
General basis for preparation (BP 1, BP 2)
This Sustainability Statement (the Sustainability Statement)
has been prepared pursuant to the European Union Corporate
Sustainability Reporting Directive (CSRD) and in accordance
with the requirements of the European Sustainability Reporting
Standards (ESRS) and EU Taxonomy disclosure requirements
adopted by the European Commission. As these are relatively
recent regulations still undergoing adoption and revision it is
possible reporting will evolve as additional implementation
guidence and revised standards become available.
RELX’s reporting in accordance with European legal
requirements does not alter its adherence to applicable laws
in the United States, nor does it impose any additional legal
obligations on its employees, facilities, or consumers in the
United States.
The Sustainability Statement has been prepared on a
consolidated basis covering global operations, on the same basis
as the Group financial statements. It covers the Group’s activities
and its upstream and downstream value chain. The upstream
value chain includes direct suppliers and the downstream value
chain includes our direct customers.
No data requirements have been omitted using the option to omit
a specific piece of information corresponding to intellectual
property, know-how or the result of innovation.
Short, medium and long-term time horizons are defined in line
with ESRS stipulations i.e. one year or less, one to five years,
and over five years, respectively.
In some instances, it is not possible to collect primary data
from all areas of the value chain for Scope 3 carbon emissions.
Where suppliers are able to provide actual emissions data, this
is used in our Scope 3 reporting. Where accurate data cannot be
collected, we use GHG Protocol compliant methodologies using
sector average factors to calculate the emissions.
The Corporate Responsibility Report (pages 34-63) contains
information on key non-financial metrics including environment,
people, community and supply chain. Within this Sustainability
Statement we have incorporated by reference to other parts
of the Annual Report where possible. Please see the table on
page 231 for a list of items that are incorporated by reference
and their locations.
Our reporting guidelines and methodology contains further
information to help readers understand the metrics disclosed in
this sustainability statement. See www.relx.com/additional-cr-
resources.
Strategy, business model and value chain (SBM 1)
For more detailed information on our strategy and business model
please see page 5.
RELX operates in four major market segments. According to
the ESRS sector classification guidance, our Risk and Exhibitions
(RX) business areas are categorised as Professional and
Commercial Services and our Scientific, Technical and Medical
(STM) and Legal business areas are categorised as Media and
Communications. Revenue by business segment can be found
in Note 2 of the Financial Statements on page 145.
Risk provides customers with information-based analytics and
decision tools that combine public and industry-specific content
with advanced technology and algorithms to assist them in
evaluating and predicting risk and enhancing operational
efficiency. Risk products and services align with SDG 16 (Peace,
Justice and Strong Institutions) and SDG 10 (Reduced Inequalities),
among others.
STM helps advance science and healthcare by combining
high-quality, trusted scientific and medical information and data
sets with innovative technologies to deliver critical insights that
support better outcomes. STM makes a significant contribution to
SDG 3 (Good Health and Well-Being), SDG 5 (Gender Equality),
SDG 10 (Reduced Inequalities) and SDG 13 (Climate Action).
Legal helps its customers improve decision-making, achieve better
outcomes and increase productivity by providing tools that combine
legal, regulatory and business information with powerful analytics.
Legal promotes SDG 16 (Peace, Justice and Strong Institutions).
Exhibitions combines industry expertise, digital tools, and data
to help customers connect in-person and online, discover new
markets, source products, generate leads and transact. RX helps
advance SDG 9 (Industry Innovation and Infrastructure), SDG 10
(Reduced Inequalities), SDG 12 (Responsible Consumption and
Production) and SDG 17 (Partnerships for the Goals). In addition,
RX supports SDG 13 (Climate Action) through its Net Zero Events
commitments and by using its event platforms to drive industry
engagement in a net zero carbon future.
RELX has offices in about 40 countries and has 37,600 employees.
For details on employee headcount by geographical area see
page 150.
Upstream, RELX has a diverse supply chain with suppliers
located in over 150 countries. These suppliers are spread across
multiple categories including technology (e.g. software, cloud,
hardware, and telecom), indirect (e.g. consulting, marketing,
contingent labour and travel), and direct (e.g. data/content
and production services, print/paper/bind, distribution).
Downstream, RELX serves professional and business
customers in the Risk, Scientific, Technical & Medical,
Legal and Exhibitions sectors.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025 | Sustainability statement
210
RELX
Annual Report 2025 | Financial statements and other information
Sustainability related goals
We set CR related objectives and monitor progress against them, performance in these areas is highlighted in the Corporate
Responsibility Report (see pages 34-63). Below is a summary of our 2025 CR objectives.
Unique Contributions
Universal, sustainable access to information
Increase the number of unique users of the RELX SDG Resource
Centre by at least 10,000 additional unique users
Protection of society
Deploy financial inclusion flagship models which allow lenders to
more easily detect fraud and other high-risk consumer behaviour,
in support of SDG 10 (Reduced Inequalities)
Advance science and health
Advance research by women scientists in collaboration with the
Falling Walls Foundation, providing access to resources,
networks and training; partner with Indian public health platform,
Swasti, to equip frontline workers with knowledge and skills to
address the impact of extreme weather on human health, in
support of SDG 3 (Good Health and Wellbeing); SDG 10 (Reduced
Inequalities) and SDG 13 (Climate Action)
Promote the rule of law and access to justice
Provide research and training to Afghan women studying for law
degrees in the United States in association with the American Bar
Association, in support of SDG 16 (Peace, Justice and Strong
Institutions)
Fostering communities
Create RX energy and waste emissions dashboard to monitor
performance and publish RX event energy and waste emissions, in
support of SDG 13 (Climate Action)
CR Governance
Security
– Continued enhancement of our technical resilience
posture across the business and expansion of applications and
products covered by independent third-party assessments,
aligned with SDG 16 (Peace, Justice and Strong Institutions)
Privacy
– Optimise maintenance of records relating to processing
activities, aligned with SDG 16 (Peace, Justice and Strong
Institutions)
Responsible tax
– Continue to advance African tax law codification
pilots, aligned with SDG 16 (Peace, Justice and Strong Institutions)
Customers
Customer engagement
– Systematic engagement with sales
professionals throughout the business on the value of corporate
responsibility for our customers, aligned with SDG 17 (Partnership
for the Goals)
Quality
– Update RELX Responsible AI Principles to reflect
evolving technology, aligned with SDG 8 (Decent Work and
Economic Growth)
Accessibility
– Develop new accessibility design review process,
aligned with SDG 10 (Reduced Inequalities)
People
Inclusion
– Continue to engage colleagues globally through
our Inspiring Inclusion programme, aligned with SDG 10
(Reduced Inequalities)
Pay equity
– Continue to assess pay competitiveness and pay
equity, aligned with SDG 8 (Decent Work and Economic Growth)
Well-being
– Hold a virtual well-being summit bringing together
wellness champions from across the business, in support of SDG
3 (Good Health and Well- Being)
Community
Employee community engagement
– Update RELX Cares
Champions materials and continue to increase engagement and
participation, in support of SDG 17 (Partnerships For The Goals)
Philanthropic giving
– Continue to improve our capability to
respond to disasters and emergencies, in support of SDG 17
(Partnerships For The Goals)
Supply chain
Responsible Supply Chain
– Increase number of suppliers that
are Code signatories; continue using audits to ensure continuous
improvement in supplier performance and compliance, in support
of SDG 8 (Decent Work and Economic Growth)
Environment
Environmental responsibility
– Implement new environmental
targets covering energy, waste and management system, in
support of SDG 12 (Responsible Consumption and Production)
Carbon reduction
– Implement employee action budget, funded
by internal carbon price, in support of SDG 13 (Climate Action)
Mapping the value chain
Procure
Produce
Distribute
Use
Post-use
Electronic
Face-to-face
Print
§
Data/content
§
Materials/
Services
§
Audit and
monitoring
§
Digital
development
§
Print
§
Production
§
Digital
networks
§
Logistics
§
Sales
§
Professional
customers
§
Government
§
Other
§
Further
innovation and
research
§
New customer
relationships
211
Governance (GOV 1, 2, 3, 5)
RELX has a robust governance structure described in the
Governance Report on pages 85-86. The Board is comprised of
ten members, 80% of which are independent or, in the case of the
Chair, were considered independent upon appointment under the
UK Corporate Governance Code. The Board has four committees
that oversee the operation of the company: Audit, Remuneration,
Nominations and Corporate Governance. The Board and its
Committees are subject to an annual review of effectiveness and
performance. A review by an external independent party is carried
out every three years. The consultancy carrying out the external
review has no other connections with RELX and is given full access
to the Board and Committee papers for the relevant period.
The CEO has responsibility to the Board for corporate
responsibility (CR) matters. The CEO and senior management,
as well as the RELX CR Forum, chaired by the Director of RELX
Corporate Affairs and involving individuals representing key
functions and business areas, set and monitor CR performance.
This includes our annual and longer term CR objectives, which
reflect the views of a range of internal and external stakeholders.
More information can be found on
www.relx.com/
additional-cr-resources
. The Global Head of Corporate
Responsibility provides formal updates to the Board and engages
on key issues with senior managers, who have CR-related Key
Performance Objectives. A dedicated CR team with expertise in
a wide range of sustainability matters serves as a resource within
the company. They draw on internal expertise and external
resources such as the United Nations Global Compact to which
RELX has been a signatory since 2003, the CR and Sustainability
Council of the Conference Board, Aldersgate Group on
environmental matters, and the Responsible Media Forum,
of which RELX is a founding member. The Board receives updates
from relevant stakeholders on material impacts, risks and
opportunities (IROs) during the year including updates on
leadership talent reviews from the Chief Human Resources
Officer and cybersecurity risks from the RELX Head of
Information Assurance and Data Protection and Chief Technology
Officers from the business areas. More information about
Board activities in the year can be found on pages 89-90.
In addition to the CR Forum, IROs are monitored through
Environmental Checkpoint meetings on environmental targets
chaired by the Chief Financial Officer (CFO); the RELX Inclusion
Council for progress on inclusion goals, and through banks which
agreed certain Corporate Responsibility KPIs as part of the
Company’s Revolving Credit Facility.
Sustainability objectives which reflect our focus on our unique
contributions to society, as well as our other sustainability
objectives align to the United Nations Sustainable Development
Goals (SDGs) in order to do our part to advance this ambitious
global agenda by 2030.
The annual incentive programme provides focus on the delivery
of annual financial targets and the achievement of annual
objectives and milestones which align with the RELX strategy
and create a platform for sustainable future performance. The
shareholding requirement, along with the three year cycle of
the long-term incentive plan, promotes longer term alignment
of Executive Directors’ interests with shareholders’ interests.
For details on sustainability-related performance metrics in
remuneration, see pages 100-120.
Other controls related to the management of impacts, risks and
opportunities include internal and external assurance processes,
and certifications, such as ISO27001 for cybersecurity and
ISO140001 covering the RELX Environmental Management
System. IROs follow the risk review process and are reviewed
by the Board.
Material IROs are reviewed by the Senior CSRD Steering
Committee annually. This group includes the CFO, the Chief Legal
Officer, the Chief Strategy Officer and the Chief HR Officer. The
Global Head of Corporate Responsibility reported outcomes of the
Double Materiality Assessment to the Board and updates them on
the IROs listed in the table on page 215 as necessary. The Senior
Executive management team and the Board consider these IROs
as part of ongoing strategy reviews.
Our CR governance framework
Board
CEO
Business area CEOs
CR
Forum
Global Head
of Corporate
Responsibility
and CR Team
Compliance
Committees
RELX CR
networks
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025 | Sustainability statement
212
RELX
Annual Report 2025 | Financial statements and other information
The Board regularly reviews RELX’s governance policies and
Code of Ethics and Business Conduct to ensure the right
framework is in place to promote a culture of integrity, strong
commitment to our purpose, and engagement with our customers
and the communities in which we operate. The Board has a
Non-Executive Workforce Engagement Director who engages
directly with employee representatives from across RELX and
reports back to the Board. The views of employees are also
measured through annual employee surveys, and a broader
triennial opinion survey, designed to gauge how employees feel
about the organisation, how well they understand its direction,
and their level of satisfaction and engagement with their work.
An analysis of the results is presented to the Board. The Board
also receives regular updates about culture within the company
and on corporate responsibility activities from across each of
RELX’s business areas. Such reports include progress against
our people objectives in areas such as well-being, pay equity and
reducing inequalities through inclusion. This contributes to the
Board’s assessment of culture at RELX and provides a context
against which the Board takes decisions.
For details on composition of the Board and Executive
Management, see page 98.
Stakeholder engagement (SBM 2)
Our stakeholder engagement efforts are informed by our
commitment to the United Nations Global Compact and its ten
principles, focused on human rights, labour, the environment
and anti-corruption – all issues with wide societal impact.
Throughout the period, we engaged with our stakeholders –
investors, employees, customers, suppliers and communities –
to understand their views. Details of our stakeholder engagement,
and the relevant outputs, can be found on pages 91 to 94.
Double Materiality Assessment
Given that the Double Materiality Assessment (DMA) process
under CSRD involves judgements, the list of material impacts,
risks, and opportunities may change over time. In 2025 we
undertook a review of the DMA and resulting IROs and concluded
that they continue to reflect the matters most important to our
stakeholders. As part of this review process key internal
stakeholders considered business operations, stakeholder
feedback and expectations, peer disclosures and the external
environment, to establish that there had not been any significant
changes in the reporting period that would alter the results of the
existing DMA. The Senior CSRD Steering Committee approved the
outcomes of this review.
The description below outlines the process that was undertaken
to complete the DMA in 2024. In undertaking the DMA, we
considered our sustainability-related impacts (on people and the
planet), as well as IROs linked to our business model, value chain
and operations. The assessment was informed by a range of
inputs such as specific business activities, relationships and
geographies. Inputs included:
External
§
Responsible Media Forum Materiality Report
§
S&P Global Corporate Sustainability Assessment
§
Other corporate responsibility ratings reports
§
SASB Framework
§
ESRS list of topics, sub-topics, and sub sub-topics
Internal
§
RELX Principal Risk Register
§
RELX Corporate Responsibility Report (within the RELX
Annual Report)
§
Records of sustainability-related customer and investor
requests
§
Existing management processes for identifying key issues
The work encompassed internal and external engagement
on RELX’s material IROs originating from our strategy and
business model in order to categorise whether they were
negative and/or positive, potential or actual. This built on previous
biennial materiality assessments we have undertaken over the
past decade to ensure we continuously act and report on the
sustainability topics of most relevance to the business and its
stakeholders. Following extensive internal and external
consultation, we prepared a long-list of issues which were filtered
for relevance to develop a short-list of issues that stakeholders
could consider and challenge through a survey tool and direct
interviews to substantiate our selection and to understand
whether any issues were missed. All feedback was integrated
into the assessment.
Double materiality assessment stakeholder engagement process
1
Understand the
context
2
Develop list
of relevant
sustainability
issues
3
Internal and
external
interviews
4
Develop, assess
and score
shortlist of IROs
5
Survey &
additional
interviews
6
Review &
finalise
assessment
213
Impact materiality: Scoring and threshold
RELX engaged with stakeholders who rely on and use
the company’s public sustainability reporting and data, such
as existing and potential investors as well as with affected
stakeholders (individuals or groups that have interests that are
affected or could be affected – positively or negatively – by RELX’s
activities and through the value chain). The internal and external
stakeholder groups, as well as the format of engagement
undertaken in 2024, are outlined below.
Internal group
Engagement type
Senior Leadership
1-1 Interviews
Senior Managers
1-1 interviews and consultation through
Review Group (focus group-style)
Wider colleagues as
well
A survey was sent to wider colleague
networks
External group
Engagement type
Investors
1-1 Interviews
Suppliers and partners
1-1 Interviews
Customers
1-1 Interviews
NGOs, Partners
1-1 Interviews
We then aligned the scoring of issues to the ESRS framework.
This involved rating impacts using three criteria – scope, scale
and irremediability. This was completed using available evidence,
and input from interviews and feedback from an internal
review group, representing colleagues in key functions and
representatives from across the four business areas.
We determined impact materiality by calculating an impact
score based on ESRS2 requirements and then reviewed
scores qualitatively to determine scope and scale for all
impacts and irremediability for negative impacts.
We determined financial materiality using the RELX
Risk Management Framework (see page 72) and identified
sustainability-related risks and opportunities that aligned
with a current RELX Principal Risk.
We used judgement to determine which impacts, risks and
opportunities were material, using both quantitative and
qualitative criteria. We used qualitative criteria that took
precedence over the quantitative assessment. The qualitative
criteria used to exclude an IRO was if RELX is connected to an
issue, but does not have a substantial direct or indirect impact
on it. The three qualitative inclusion criteria were:
§
Regulatory requirements that require the Group to report
against the issue
§
Evidence that investors are using the information to make
decisions about RELX
§
Strong dependency between the issue and another
material issue.
Based on the above criteria, we overrode the quantitative
assessment for the negative impact of our carbon emissions
on climate change. Given RELX is an office-based business
with limited impact on climate change, it did not emerge as
a material IRO in the quantitative scoring, however, because
climate change is an issue of importance to investors and
reporting requirements for other regulations, we will report
on climate change in this disclosure.
Material matters identified as part of the DMA had strong
alignment with previous assessments. We recategorised
some material matters to align more closely with the ESRS.
For example, security-related impacts (protection of society)
and promotion of the rule of law were combined into a new
material issue of ‘other information-related impacts’ to align
more closely with topical standard ESRS S4, Consumers and
end-users. Another example is a challenge to the scale rating
of human rights in the value chain. Based on internal risk tools,
and the wording of the ESRS, we decided that the issue remained
material based on potential indirect impacts in the RX and print
value chains. In accordance with ESRS guidance, we have
prioritised the severity of the issue in its inclusion over
its likelihood or the number of workers it may impact.
There were no material issues arising from the DMA that were
not already on the short-list that would require an amendment
of our strategy and business model, or which present a significant
risk to RELX’s financial position, performance and cashflows
over the short, medium and long-term, or that would require
a material adjustment within the next annual reporting period
to the carrying amounts of assets and liabilities reported
in the related financial statements.
Scope
How widespread is the impact?
Scale
How severe/beneficial is the impact?
Irremediability*
Resources required to remediate
0
No people or nature are/would be affected
0
None – people and/or nature are
not affected
0
Very easy to remedy with little or no
resource required
1
<1,000 people affected
Impacts isolated to one site
1
Minimal impact, not affecting daily life
or nature beyond tolerable levels
1
Relatively easy to remedy in the short-
term with minimal resource
2
1,000 – 20,000 people affected
Isolated to a small number of sites/operations
2
Minor discomfort or benefit to quality of life
or nature
2
Able to be remedied with some effort
and resource
3
20,000 – 1m people affected
Regional impacts, or several operations
3
Substantial changes to people’s quality
of life or nature
3
Difficult to remedy without significant
investment
4
1m – 10m people affected
Impact present in a significant proportion
of the business
4
Significant changes to people’s quality of
life or nature exceeding national laws and
regulations
4
Very difficult or expensive to remedy
5
10m+ people affected
RELX-wide and significant external impact
5
Catastrophic/hugely beneficial changes
to nature or people’s quality of life
5
No ability to remedy completely
*
Irremediability only relates to negative impacts
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025 | Sustainability statement
214
RELX
Annual Report 2025 | Financial statements and other information
Summary of identified material matters
Impact on the value chain
Trending*
Topic
Identified material matter
Upstream
Own
operations
Downstream
Medium
(2–5 yrs)
Long
(5+ yrs)
E1 – Environment
Climate change
●
●
●
↓ **
S1 – Own Workforce
Talent attraction & retention, incl Inclusion
●
●
S2 – Workers in the
value chain
Working conditions
●
Human rights, labour rights and child labour
●
S4 – Consumers and
end-users
Access to (quality) information
●
●
Contribution of content to social and
environmental issues
●
●
●
↑ (I)
(F)
Other information-related issues
(rule of law, security-related impacts)
●
●
↑
Financial and societal inclusion of consumers
●
●
↑
Privacy-related issues
●
●
●
↑
G1 – Business Conduct
All sub-topics, excluding animal welfare
●
●
●
●
●
●
*
All matters were considered in the short-term, trends show trajectory from the current status
**
Decreasing in the mid-term as percentage of revenue from print products decreases and continued migration to more efficient cloud services
Link to RELX unique contributions
Universal, sustainable
access to information
Advance science
and health
Protection of
society
Promote the rule of
law & access to justice
Fostering
communities
Key
●
Positive impact/opportunity
●
Potential negative impact/risk
●
Negative impact/risk
Key
↑ Increasing materiality
↓ Decreasing materiality
Remaining the same
If differing trends:
(I)
Impact trend
(F) Financial trend
*
These issues were identified as opportunities
and as such show as financially material but are
not directly linked to Principal Risks.
**
Climate change was not assessed as material
for RELX, but has been overridden due to our
requirements to report on climate from other
regulations and the importance of this topic to
investors.
Link to RELX unique contributions
Prioritisation of material matters
Impact materiality (increasing impact on society)
Financial materiality (increasing impact on RELX)
Financially material
Double material
Impact material
Human rights, labour rights
and child labour (value chain)
Working conditions
Business conduct
Financial and
societal inclusion
of consumers
and end-users*
Climate change**
Privacy-related issues
Access to (quality) information
Talent Attraction, Retention,
and Inclusion
Other information-
related issues
Contribution of content to
social and environmental
issues*
Current ‘impact materiality threshold’
Universal, sustainable
access to information
Advance science
and health
Protection of
society
Promote the rule of
law & access to justice
Fostering
communities
RELX has the capacity to address its material impacts and risks
and to take advantage of its material opportunities. Its resilience
is demonstrated by ten consecutive years of a AAA MSCI rating,
indicative of the lowest level of Corporate Responsibility risk over time.
As stated, the 2024 DMA follows on from many years of
stakeholder engagement efforts. In 2025 we reviewed the results
of the DMA, and we will continue to review and update as
necessary at regular intervals.
215
Material impacts, risks and opportunities (SBM-3)
The following table lists the sustainability related IROs we have identified and assessed as material. Please see our topical sections for
more information on our response to our impacts and risks.
Material matter
Impact/Risk/Opportunity
RELX Context
Relevant policies (see table
below for more detail)
E1 – Environment
Climate change
Carbon emissions contributing to climate change
Business activities contributing to the emission
of greenhouse gases
1
S1 – Own workforce
Talent Attraction and
Retention including
Inclusion
Employee recruitment and retention through a
work environment which includes learning and
development, inclusion and employee
well-being.
Increased (or decreased) access to talent in
providing (or failing to provide) an engaging,
inclusive workplace that promotes wellbeing
and development
2
3
4
S2 – Workers in the value chain
Working conditions
Risk of injury to workers in the value chain due to
work-related accidents
Some companies in the RELX value chain
operate in industries with a higher risk of
workplace accidents
5
Human rights,
labour rights and
child labour
Use of transient and migrant workforces in some
sectors in the value chain increases the risk of
incidents of forced/ bonded labour
Some companies in the RELX value chain
operate in industries or geographies with higher
risk of human rights incidents including forced
labour, child labour
4
5
S4 – Consumers and end-users
Information-related
impacts
Use of products and services for public safety and
to promote the rule of law
RELX products and services used by
organisations to strengthen public institutions
and promote the rule of law
4
6
7
8
9
12
Access to (quality)
information
Reduce inequalities and advance knowledge by
providing access to information of societal
benefit in low and middle-income countries or
opposite
Research institutions in low and middle-income
geographies could lack resources to access
RELX products of societal benefit; importance
of editorial and other standards to ensure
quality content
4
6
7
8
9
12
Efficacy of, and trust in, content and services is
ensured through the deployment of editorial and
other standards
Research institutions in low and middle-income
geographies could lack resources to access
RELX products of societal benefit; importance
of editorial and other standards to ensure
quality content
4
6
7
8
9
12
Privacy-related
impacts
Robust data privacy and security policies and
procedures to avoid unauthorised access to
personally identifiable information (PII) to build
trust with stakeholders, avoid litigation and fines
and reputational damage or opposite
Requirement for transparent and responsible
management of personally identifiable
information (PII) used in some RELX products
(e.g., to avert fraud, reduce insurance risk, etc.)
4
6
7
8
9
12
Financial and societal
inclusion of
consumers and
end-users
Product offerings aligned with the UN
Sustainable Development Goals can support
research, policy and financial inclusion
RELX products and services such as credit
referencing and fraud prevention enable
effective operation of financial systems and act
as a spur to sustainable development
4
6
7
8
9
12
G1 – Business conduct
Business conduct
Effective governance policies and procedures
build trust with stakeholders, avoid litigation and
fines and reputational damage or opposite
Legal requirements and ethical considerations
require high standards of business
performance overseen by Board
4
10
11
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025 | Sustainability statement
216
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Annual Report 2025 | Financial statements and other information
The following table details the key policies relating to the IROs outlined above.
Description of policy
Scope and
exclusions
Most senior person
accountable for
implementation
of Policy
Oversight and
monitoring (Forum/
committee and
relevant chair)
Targets (if applicable)
1
Global Environmental Policy
Commits RELX to minimising its contribution to climate
change, in line with the scale of action deemed necessary by
science. This commitment requires environmental targets
which address climate change mitigation through the
reduction of absolute carbon emissions and purchase of
renewable energy, climate adaptation through reducing
energy consumption and improving energy efficiency,
and other measures such as the use of sustainable papers.
Whole
business with
no exclusions
Global Head of
Corporate
Responsibility
RELX Environmental
Checkpoint Group
chaired by CFO
Our approved SBTi targets are:
(1)
Reduce absolute Scope 1
and Scope 2 (location-based)
carbon emissions by 56% in
2030 from a 2018 base year
(2)
Reduce absolute Scope 3
carbon emissions from
purchased goods and
services, capital goods,
business travel and employee
commuting by 30% in 2030
against a 2018 base year
2
Recruitment and Selection Policy
Includes job criteria and qualification assessment, use
of tests, the recruitment process, sourcing applicants,
eligibility to apply for internal vacancies, candidate screening,
job offers, background checks and re-location support.
All
employees
Global Head of
Talent Acquisition
HR Leadership Team
3
Inclusion Policy
Promotes equal opportunities, advances inclusion.
All
employees
Chief HR Officer
Approved by
the Board
4
RELX Code of Ethics and Business Conduct (the Code)
Sets the standards of behaviour for all RELX employees.
Among other topics, the Code addresses acting with integrity,
fair competition, respect for human rights, anti-bribery,
conflicts of interest, employment practices, data protection
and appropriate use of company property and information.
It also encourages reporting of violations – with an
anonymous reporting option where legally permissible.
All
employees
Chief Compliance
Officer
Approved by
the Board
5
Supplier Code of Conduct (Supplier Code)
Sets expectations for all RELX suppliers to commit to
standards that ensure legal, ethical and responsible
conduct in all operations, safety, respect for the rights
of all individuals including protection of human rights and
fair and non-discriminatory labour practices and respect
and care for the environment.
Requested of
all suppliers
VP Global
Procurement
RELX Corporate
Responsibility
(CR) Forum
(1)
Achieve 6,350 supplier
signatories to our Supplier
Code of Conduct in 2025
(2)
Complete 125 supplier
audits in 2025
6
Responsible AI Principles
When designing, developing and deploying machine-driven
insights the principles set out our commitment to consider
the real-world impact of solutions on people, take action to
prevent the creation or reinforcement of unfair bias, explain
how solutions work, create accountability through human
oversight and respect privacy and champion robust
data governance.
RELX
employees
working on
machine-
driven
insights
Chief Technology
Officers
Responsible AI
Working Group
7
Privacy Principles
Commitment to proper collection, use and handling of
personal information. Principles guide our approach to data
protection and privacy, covering accountability, design,
purpose, transparency, choice, access, accuracy, security
and disposal. Supplemental privacy policies and guidelines
support the Principles.
All
employees
and
contractors
handling PII
for RELX
Chief Privacy
Officer
Legal leadership
team
217
Description of policy
Scope and
exclusions
Most senior person
accountable for
implementation
of Policy
Oversight and
monitoring (Forum/
committee and
relevant chair)
Targets (if applicable)
8
Information Security Policy
Outlines controls to protect Company information and
preserve its confidentiality, integrity and availability for
ongoing operational use
All
employees
Head of
Information
Assurance and
Data Protection
Information Security
Council
9
Editorial Policy
Outlines the principles of editorial independence and our
responsibility to produce high quality information and our
commitment to universal, sustainable access to information.
All
employees
Global Head of
Corporate
Responsibility
CR Forum and
Editorial Policy
Working Group
10
RELX Reporting Concerns Policy
Explains the process for reporting suspected violations
of the Code, Code-related policies, or the law (‘concerns’).
The purpose of this policy is to encourage the reporting of
suspected misconduct, provide examples of the types of
concerns that should be reported, and explains the avenues
available to report concerns. This policy also describes how
RELX investigates concerns reported by employees and
non-employees.
All
employees
Chief Compliance
Officer
RELX Compliance
Committee
11
Preventing Bribery and Corruption Policy
Prohibits bribery and corruption and sets the standards for
complying with anti-bribery laws.
All
employees
Chief Compliance
Officer
RELX Compliance
Committee
12
Accessibility Policy
Outlines our commitment to ensuring products and services
are accessible and easy to use for everyone by using industry
standards and tools for embedding accessibility into our
products and business operations.
All
employees
Global Head of
Corporate
Responsibility
RELX CR Forum and
RELX Accessibility
Working Group
Due Diligence (GOV-4)
The core elements of our due diligence process with regard
to sustainability matters are signposted below.
Core elements of due diligence
Pages in the sustainability statements
a)
Embedding due diligence in
governance, strategy and
business model
209, 211
b)
Engaging with affected
stakeholders in all key steps
of the due diligence
212-213
c)
Identifying and assessing
adverse impacts
213-215
d)
Taking actions to address those
adverse impacts
218, 224, 226, 227, 229
e)
Tracking the effectiveness of
these efforts and communicating
217
The RELX Operating and Governance Principles set out the
processes, policies, controls and related assurance activities that
have been put in place to mitigate risk and serve as a first point of
reference for management. They also provide our workforce with
the corporate policies and practices with which they must comply.
The Principles are reviewed, updated and approved by the Board
every two years.
The process used to identify, assess, prioritise and monitor risks and
opportunities that have or may have financial effects was aligned with
the RELX risk assessment process and informed by RELX’s Head
of Insurance and Risk with review by the Audit Committee.
For details on our risk management framework including risk
identification, evaluation and management and consideration of
current and emerging risks see page 72. We also consider climate
risk in our Taskforce on Climate-related Financial Disclosure
(pages 235-240).
All risks, including those with a sustainability dimension,
are considered as part of the RELX risk management process,
and those that meet a financial materiality test are identified as
principal risks including data privacy and cybersecurity; customer
acceptance of our products; talent; supply chain dependencies;
and ethics more generally.
The RELX Code of Ethics and Business Conduct states that before
engaging a third-party who will be acting on behalf of RELX
appropriate due diligence must be conducted in accordance with
the RELX Preventing Bribery Due Diligence Guidance and related
materials. We also consider potential impacts when entering into
other business relationships, such as joint ventures.
The process to identify, assess and manage opportunities is
integrated into our overall management processes including
business area strategy teams and the RELX Sustainability
Product Group and similar networks.
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2025 | Sustainability statement
Material IROs (ESRS 2 SBM-3)
We strive to reduce our environmental footprint across the
company and value chain and have achieved an 87% reduction
in Scope 1 and Scope 2 (location-based) carbon emissions since
2010. Carbon emissions associated with our business activities,
such as electricity consumption or emissions from suppliers,
contribute to climate change. While the DMA did not find carbon
emissions to be material to RELX based on the volume of
emissions, they have been included due to their importance
for investors and other stakeholders as indicated in ESRS 2,
page 214.
As described above and detailed on page 72, IROs have been
identified through the risk assessment process; the certified
ISO14001 Environmental Management System and through
working groups such as the CR Forum and other networks.
For an outline of the process to identify risks and details of
our transition and physical risks see the RELX TCFD statement
on page 235. No climate-related risks, whether physical or
transitional, have been identified as material. As no climate-
related risks were found to be material, there are no critical
climate assumptions in the financial statements.
For a detailed description of the three possible future climate
change related scenarios that we have considered, please see
page 237. While there may be some potential incremental cost
to ensure our operational resilience associated with some of
these scenarios, in the context of RELX’s overall cost base,
we would not expect any such incremental cost to be significant.
We believe our strategy will be resilient even in the most
challenging future scenario.
Governance
As RELX’s senior environmental champion, the CFO leads the
RELX Environmental Checkpoint Group which sets strategy and
targets for measuring and reducing the company’s environmental
impact. The Group monitors performance throughout the year,
tracking emissions across all scopes and performance relative
to our targets.
Management in each operational area support our environmental
goals. They are responsible for ensuring the continuity of our
operations, including resilience in response to potential events
caused by extreme weather. The RELX Business Continuity Forum
brings together specialists from across the company to identify
risks, assess continuity and incident response plans, learn from
incidents and share best practice.
We recognise climate change intersects with other environmental
and sustainability issues. For this reason, climate change is also
considered by the RELX Corporate Responsibility (CR) Forum,
with oversight by the Head of Corporate Affairs who reports
directly to the CEO, and led by the Global Head of Corporate
Responsibility. The CR Forum meets twice per year and is
comprised of key executives, including function heads, among
others, from across the Company.
ESRS E1 Climate change
Integration of sustainability-related performance in incentive
schemes (Gov-3)
For a description of how sustainability related performance
considerations are incorporated into the remuneration
of Executive Directors, see pages 100-120.
Strategy
Policies related to climate change mitigation and adaptation
(E1-2)
We have a Global Environmental Policy, for more information
see page 216. Through this policy the company is committed
to supporting the aims of the Paris Climate Agreement, to
maintaining a certified ISO14001 environmental management
system and to responsible engagement with stakeholders such
as customers, suppliers and contractors.
In the year, a number of actions were conducted covering the
entire business. The annual external audit was conducted to
maintain certification of the Group-wide ISO14001 environmental
management system, with the company recommended for
continued certification; quarterly Environmental Checkpoint
meetings were held to monitor performance throughout the year,
and to make decisions and plans relating to performance and
strategy. No additional financial resources were required to
complete the actions.
Targets related to climate change mitigation and adaptation
(E1-4)
RELX has a validated near-term science-based carbon emissions
reduction target. The target was defined using the Science Based
Targets Initiative (SBTi) methodology v5.1 and in 2024 was
validated by SBTi as aligned with the 1.5°C pathway. Emissions
reductions targets apply to the same Scope 1 and Scope 2
boundary as our emissions reporting and Scope 3 emissions
boundary align with the SBTi requirements. In setting targets,
we have assumed there would be no significant change to our
business model or other factors over the target period. Of the
emissions covered by the Scope 1 and 2 (location-based)
emissions reduction target in the year, 9% are from Scope 1
and 91% are from Scope 2. The significant Scope 3 categories
identified, based on the size of emissions and their inclusion in
the Scope 3 emissions reduction target are: Category 1 Purchased
Goods and Services (also incorporating Category 2 Capital Goods),
Category 6 Business Travel and Category 7 Employee Commuting.
Our primary climate action focus is reducing emissions.
Our approved SBTi targets are detailed on page 216.
Transition plan for climate change mitigation (E1-1) and Actions
and resources in relation to climate change policies (E1-3)
Performance against our Net Zero Transition Plan is
reviewed in quarterly Environmental Checkpoint meetings.
Management in each business area identifies customer needs
and develops relevant products to address climate change.
218
RELX
Annual Report 2025 | Financial statements and other information
These include launching and advancing scientific journals
with articles on climate change, energy efficiency, and other
climate-related topics; providing data and analytics that support
customers in reducing their environmental impact; providing
information and analytics on climate law and regulations; and
holding exhibitions focused on renewable energy and low
carbon solutions.
As a low impact business, RELX does not assign specific capital
expenditure for climate mitigation and adaptation activities.
Mitigation activities, such as energy efficiency and environmental
management system certification, are part of standard operating
expenses. As no significant CapEx is required, this is not expected
to restrict climate action. RELX has no EU Taxonomy-aligned
activities against which to disclose specific CapEx spend and
does not foresee its economic activities changing sufficiently
to encompass taxonomy-aligned activities.
RELX is not excluded from the Paris-aligned benchmarks (EU)
2020/1818 and does not have carbon intensive assets or products,
therefore no significant locked-in emissions are associated with
its assets and products.
See our TCFD disclosure on pages 235-240 for details of our
strategy to address climate-related risks. Our principal risks
are described on pages 72-76.
Energy consumption and mix (E1-5)
ENERGY CONSUMPTION AND MIX (MWH)
2024
2025
Total energy consumption from fossil sources
13,471
9,385
Purchased heat
1,509
461
Total electricity from renewable sources
60,853
40,684
Total electricity from non-renewable sources
16,603
9,597
Internal carbon pricing (E1-8)
RELX operates a real internal carbon pricing scheme, levying a fee
on Scope 1, Scope 2 and certain Scope 3 emissions categories for
all RELX businesses globally. For more information see our TCFD
disclosure on pages 235-240.
Actions
1
Reduce office space footprint and improve energy efficiency
2
Migration away from RELX data centres to more efficient cloud services
3
Set science based carbon reductions targets aligned to 1.5°C
4
Migration of car fleet to electric vehicles
5
Renewable energy purchases become increasingly market specific
6
Purchase of carbon removals for residual emissions
Actions
1
Supplier Code of Conduct including environmental responsibility
2
Value chain reporting and engagement
3
Supplier carbon reduction target setting and monitoring
4
Encourage supplier renewable energy purchases
5
Purchase of carbon removals for residual emissions
The above charts do not show net emissions achieved through future use of carbon removals. The net zero transition plan assumes there will be no material change to the
business model or operations and that policy will develop in line with the expectations of a 1.5°C scenario. Development of new technologies is not required in own operations
or the value chain under this plan nor is significant expenditure beyond typical operational expenditure. All actions shown as current are underway and contributed to
emissions reductions within the year. Consistent with our carbon reduction targets, the chart above shows location-based emissions until 2030 and market-based
emissions thereafter.
0
0
300K
600K
90K
180K
2010
2015
2020
2025
2030
2035
2040
2045
2050
2010
2015
2020
2025
2030
2035
2040
2045
2050
RELX net zero transition plan
Supply chain net zero transition plan
Scope 1 + 2 emissions
Scope 3 emissions
Emissions Scope 1 &2 tCO
2
e
Emissions Scope 3 tCO
2
e
We aim to achieve net zero
by 2040 at the latest
Actions
Year
Year
Actions
1
2
3
4
5
We aim to achieve net zero
by 2040 at the latest
1
2
3
4
5
6
219
RELX
Annual Report 2025 | Sustainability statement
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Gross Scopes 1, 2, 3 and Total GHG emissions (E1-6)
2018 (base
year)
2024
2025
% change
2025 v 2024
Gross Scope 1 emissions (tCO
2
e)*
8,126
2,703
1,966
-27%
Gross location-based Scope 2 emissions (tCO
2
e)
75,194
29,989
19,500
-35%
Gross market-based Scope 2 emissions (tCO
2
e)**
16,818
6,971
5,294
-24%
Total Scope 1 + Scope 2 (location-based) emissions tCO
2
e
83,320
32,692
21,466
-34%
Category 1: Purchased goods and services (incl. capital goods) (tCO
2
e) †
405,000
272,000
271,000
0%
Category 6: Business travel (tCO
2
e)
69,664
19,594
24,238
24%
Category 7: Employee commuting (tCO
2
e)
24,000
5,900
5,900
0%
Total gross indirect (Scope 3) emissions (tCO
2
e)***
498,664
297,494
301,138
1%
Total carbon emissions (location-based) (tCO
2
e)
581,984
330,186
322,604
-2%
Total carbon emissions (market-based) (tCO
2
e)
523,608
307,168
308,398
0%
*
In all years, 0% of Scope 1 emissions were regulated under an emissions trading scheme
**
Market-based emissions account for renewable energy consumed in the market where it is purchased as zero carbon, representing 81% of global electricity consumption
***
Categories in scope of science-based emissions reduction targets. Base year emissions estimated using a Scope 3 screening methodology before our current reporting
methodology was developed
†
Includes estimated upstream emissions of approximately 220,000 tCO
2
e in the year
RELX’s reporting methodology and guidelines are available at www.relx.com/additional-cr-resources.
GHG INTENSITY PER NET REVENUE
2024
2025
% change
Revenue (GBPm) (see note 2 in the financial statements)
9,434
9,590
2%
Total emissions (location-based) per net revenue (tCO
2
e/GBPm)
35.00
33.64
-4%
Total emissions (market-based) per net revenue (tCO
2
e/GBPm)
32.56
32.16
-1%
220
RELX
Annual Report 2025 | Financial statements and other information
EU Taxonomy disclosures
The EU Taxonomy (Regulation (EU) 2020/852) and Delegated Acts
are a framework to classify turnover, capital expenditure and
operating expenditure against a defined list of economic activities
which support the European Union’s sustainability objectives.
Eligibility and alignment
An activity listed in the Delegated Acts is Taxonomy-eligible.
This activity is deemed to be Taxonomy-aligned if it meets
specified technical criteria, does no significant harm (DNSH) and
meets other social specifications. We conducted an initial scoping
to identify those activities with potential relevance to our business.
These activities were then reviewed to determine whether any
of the KPIs were eligible.
We have applied a strict interpretation of each activity to ensure
a conservative approach to claiming eligibility of KPIs under the
EU Taxonomy. This means RELX products and services may not
be eligible for the EU Taxonomy due to the type of product, despite
containing content pertinent to sustainability. This approach will
be reviewed each year as industry understanding and standard
practice develops.
Turnover
Turnover arises from the provision of products and services under
contracts with customers and is reconciled to revenue in the
financial statements as shown in note 2.
Capital expenditure
Capital expenditure includes additions to property, plant and
equipment and is reconciled to capital expenditure in the financial
statements as shown in notes 14, 16 and 22.
Operating expenditure
Operating expenditure, as defined by the EU Taxonomy, does not
reconcile directly to the financial statements. See the Operating
Expenditure table below for further details.
Turnover related to EU Taxonomy activities
Substantial contribution criteria
DNSH criteria
Economic activities
Code(s)
Absolute
turnover
Proportion
of
turnover
Climate
change
mitigation
Climate
change
adapt-
ation
Water
and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Climate
change
mitigation
Climate
change
adapt-
ation
Water and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Minimum
safe-
guards
Taxonomy
aligned
propor-
tion of
turnover
Year N
Taxonomy
aligned
propor-
tion of
turnover
Year N-1
Category
(enabling
activity)
Category
(transi-
tional
activity)
GBPm
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES*
A.1 Environmentally-sustainable activities (Taxonomy-aligned)
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned
activities)
Turnover of not
environmentally-sustainable
activities (not Taxonomy-
aligned) (A.2)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
Total turnover of
Taxonomy-eligible activities
(A.1 + A.2)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-
eligible activities (B)
9,590
100%
Total (A+B)
9,590
100%
*
Activities assessed as potentially relevant include:
Activity 8.1 ‘Data processing, hosting and related activities‘ which was interpreted to represent cases where the product was the provision of data centre services.
While data centres are utilised in the delivery of our digital products, we have not claimed Taxonomy-eligible KPIs against this activity to more accurately reflect our
offering of digital products rather than data centre services.
Activity 8.2 ‘Data-driven solutions for GHG emissions reductions’. While some RELX products and services will lead to reduced emissions through innovation and improved
processes of stakeholders in the value chain, the emissions reduction is not the primary purpose of those products and so we do not claim any taxonomy-eligible turnover.
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Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Capital expenditure related to EU Taxonomy activities
Substantial contribution criteria
DNSH criteria
Economic activities
Code(s)
Absolute
CapEx
Proportion
of
CapEx
Climate
change
mitigation
Climate
change
adapt-
ation
Water
and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Climate
change
mitigation
Climate
change
adapt-
ation
Water and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Minimum
safe-
guards
Taxonomy
aligned
propor-
tion of
CapEx
Year N
Taxonomy
aligned
propor-
tion of
CapEx
Year N-1
Category
(enabling
activity)
Category
(transi-
tional
activity)
GBPm
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
Renovation of existing
buildings*
7.2
21
4%
100%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
CapEx of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2)
21
4%
100%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
Total CapEx of
Taxonomy-eligible activities
(A.1 + A.2)
21
4%
100%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities (B)**
541
96%
Total (A+B)
562
100%
*
The eligible capital expenditure shown comprises office renovation projects and projects related to plant, fixtures and fittings. The proportion of spend on the energy
efficiency elements of the projects is not separately monitored and so this figure represents the spend on the wider projects and equipment. Capital expenditure
associated with activity 8.1 and activity 8.2 is not claimed to be taxonomy-eligible under our interpretation of the activity descriptions, as above.
**
Non-eligible capital expenditure includes rights of use assets.
Operating expenditure related to EU Taxonomy activities
Substantial contribution criteria
DNSH criteria
Economic activities
Code(s)
Absolute
OpEx
Proportion
of
OpEx
Climate
change
mitigation
Climate
change
adapt-
ation
Water
and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Climate
change
mitigation
Climate
change
adapt-
ation
Water and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Minimum
safe-
guards
Taxonomy
aligned
propor-
tion of
OpEx
Year N
Taxonomy
aligned
propor-
tion of
OpEx
Year N-1
Category
(enabling
activity)
Category
(transi-
tional
activity)
GBPm
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
OpEx of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
Total OpEx of Taxonomy-
eligible activities (A.1 + A.2)*
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-
eligible activities (B)
11
100%
Total (A+B)
11
100%
*
Operating expenditure within the EU Taxonomy encompasses: direct non-capitalised costs that relate to research and development, building renovation measures,
short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment. A review
of these items found the expenditure to be immaterial to the total operating expenditure of the business and so we have claimed no eligibility for this KPI.
222
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Annual Report 2025 | Financial statements and other information
Material IROs (ESRS 2 SBM-3)
Our success as a business relies on our ability to recruit,
motivate, develop and retain a diverse population of skilled
employees and managers. We compete for talent globally and
across business sectors in particular for technology and data
analytics capabilities. In preparing the Sustainability Statement
we have considered all of our direct employees who are likely
to be materially impacted. Own workforce material impacts
potentially relate to all employees. As a global provider of
information-based analytics and decision tools for professional
and business customers, RELX attracts and develops highly
skilled professionals. Given the nature of our work and workforce,
the risk is low for human trafficking and modern slavery in our
direct operations.
Policies related to own workforce (S1-1)
We have a wide range of policies requiring fair and equitable
treatment of employees and adherence to relevant laws and
standards. For information on key policies relating to own
workforce see the table on pages 216-217. Our focus on an
inclusive culture, results in a diverse workforce and environment
that respects individuals and their contributions. Employees have
access to all relevant policies (based on location and business
area) through the HR Policy Hub. They also have access to a help
library in our HR information system.
We aim to hire highly skilled individuals who support our business
growth, and our hiring process reflects our commitment to an
inclusive workforce. Our Global Head of Talent Acquisition
oversees the Talent Acquisition Programme, supported by our
Recruitment and Selection Policy (see page 216) and recruitment
data is regularly reviewed by senior managers.
Hiring Manager training is incorporated into the Manager CORE
programme, and our Talent Acquisition Hub equips managers with
tools and guidance to identify the best candidates for open roles.
A structured Hiring Manager Toolkit provides interview guides to
promote consistency and enable skills‑ and qualifications‑based
decision-making.
Recruiters also use a dedicated Talent Acquisition SharePoint site
to help manage risks associated with candidate, employee, and
recruitment processes. Additionally, our employee referral policy
enables colleagues to help us attract talent that contributes to our
continued growth.
We do not have a standalone development policy, however
development is available and encouraged for all employees,
with a full spectrum of self-service training and development
tools accessible online through our HR information system and
online learning platform. Managers may also directly enrol team
members when specific learning needs are identified. Around
51,000 learning experiences are available on-demand, including
digital courses, books, audiobooks, lab environments (to allow
practice of practical skills) and skills assessment videos along
with a range of in‑person courses where needed. RELX‑specific
learning sits alongside industry-standard modules curated
by a specialist third party provider and freely accessible to all
employees via our intranet. Managers and leaders are active
in supporting employee development, through the annual
performance cycle and through Organisational Talent Reviews
led by our most senior leaders. We have succession planning
guidelines available for managers to identify, prioritise and
develop employees with advancement potential.
Retention is the outcome of a wide range of inputs including
(but not limited to) business culture, reward, career opportunity,
people manager expertise and trust in leadership. As a result,
we do not have a standalone retention policy. We actively seek
to identify issues that might jeopardise our ongoing productive
relationship with our people and our annual employee survey
has measures related to many drivers of retention. Results
from the survey allow us to track our effectiveness, with
action-planning at a team and business level to drive any
necessary remedial action. Our remuneration schemes are
designed to attract and motivate the best talent available
at an appropriate level of cost, and we continuously benchmark
to ensure remuneration remains competitive. For more
information on how we monitor pay competitiveness and equity
see page 51.
We have various processes in place to identify what action is
needed and appropriate in response to actual or potential negative
impact on our own workforce including our reporting channels
described below. Our Code explains how employees should
behave in the workplace. The Code specifically prohibits
discrimination on the basis of race, colour, creed, religion,
national origin, gender, gender identity or expression, sexual
orientation, marital status, age, disability, or any other category
protected by law. In addition to the Code, the RELX Inclusion Policy
aims to promote equal opportunities and advance inclusion.
People managers play a vital role in ensuring a positive
environment for members of their team, and we provide specific
training to build their effectiveness at every stage of their career.
RELX also has a number of business specific inclusion and
wellbeing programmes including; Elsevier’s Inclusion
Programme, LexisNexis Legal and Professional’s Thrive
Wellbeing Programme and LexisNexis Legal and Professional
Inclusive Global Community Programme.
As a signatory of the United Nations Global Compact, we are
committed to respecting human rights across our value chain
including in our workforce. This commitment is reflected in
our Code which has been informed by the UN Guiding Principles
on Business and Human Rights. Our Code covers employment
conditions and labour standards. An internal working group
is consulted on triennial updates to the Code. For more
information on the Code see page 44.
Engaging with own workforce (S1-2)
Bianca Tetteroo is our Non-Executive Workforce Engagement
Director. In this capacity she regularly engages directly with
employee representatives from across RELX and reports to
the Board on the progress of RELX’s workforce initiatives and
feedback received from her employee engagement. The Board
receives regular reports on employee engagement, turnover
and demographic analysis, updates on workplace initiatives,
and concerns raised through our Code reporting channels.
The Board takes this information into consideration during
wider discussions.
Across the business we have various works and staff councils
which represent the views of employees at a country and/or a
business level. The members of these councils are often elected
by employees to represent their views and to discuss topics that
matter to the employees they represent. These councils also
serve as forums for the business to explain and sometimes
consult on future changes. They are important connection
points between our businesses and our people.
ESRS S1 Own workforce
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Annual Report 2025 | Sustainability statement
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
A summary of culture and employee engagement can be
found on page 3 and a summary of why effective engagement
is important, including how we engage, outcomes and impact,
can be found on page 92.
We run an annual Employee Opinion Survey pulse and a broader
triennial opinion survey, to measure employee sentiment, and
all people managers participate in post-survey action planning
to help address employee concerns. Results of this survey focus
on key metrics including employee net promoter score (eNPS),
employee satisfaction and engagement. In 2025 our employee
survey received responses from 90% of our global employee
population. We take steps to gain insight into the perspectives of
people in our own workforce who may be particularly vulnerable
to impacts. We have over 100 Employee Resource Groups that
allow colleagues to collaborate, advocate and engage
communities, furthering inclusion at RELX.
Channels for raising concerns (S1-3)
The Code sets the standards of behaviour for all RELX employees
and is reviewed regularly, most recently updated in 2024 and
disseminated to all staff in a communication from the CEO.
For more information on the Code see pages 86 and 216. RELX
offers several reporting channels for employees to report
Code-related concerns, including managers, human resources
staff, compliance committee members, company lawyers, and the
RELX Integrity Line, available to employees, suppliers and other
reporting persons. For more information on the Integrity Line see
page 43.In some regions, grievance mechanisms are also available
for employees to raise concerns about their employment.
Taking action on material IROs (S1-4)
In 2025, we undertook our most recent Employee Opinion Survey
pulse across the organisation. An analysis of the results of the
survey was presented to the Board in December and confirmed
positive trends across all business areas in the key metrics of
engagement, advocacy and employee net promoter scores.
Board reports from the Chief Human Resources Officer highlight
the steps taken to identify, support and develop current and future
leaders across the business through Organisational Talent
Review and Management Development Planning processes.
This focus has seen increased gender diversity across internal
succession pipelines. For more information on employee
engagement, outcomes and impact see page 92.
We have an Inclusion Council consisting of 14 leaders from
across the business and run a variety of wellbeing programmes
with a network of mental health first aiders. All RELX business
units have dedicated programmes to manage inclusion. For
example, the Elsevier I&D Forum has five key pillars (Race/
Ethnicity, Gender, Sexual Orientation, Disability, Generations)
and each pillar has a business champion, executive sponsor
and HR leader.
RELX places significant emphasis on the way we do business,
acting with integrity and in accordance with high ethical
standards. We maintain a comprehensive set of policies
and procedures in support of the Code and our risk areas which
are reviewed and updated periodically to ensure they remain
current and effective. For more information on the Code and
our Compliance Programme see pages 216, 217 and 229.
Targets (S1-5)
Across RELX we have a culture of continuous improvement.
Accordingly, we generally do not set specific targets to drive the
success of our actions. Rather, we measure effectiveness and
track trends to ensure we are improving continually and take
remedial action when necessary.
Characteristics of employees (S1-6, S1-9)
Reporting guidelines and methodology are available on
www.relx.com/additional-cr-resources
.
Employees by gender
GENDER
Number of employees (FTEs)
2024
2025
Male
17,000
17,700
Female
18,500
19,200
Other
–
–
Not reported
900
700
Total
36,400
37,600
Employees in countries representing at least 10% of total
number of employees
COUNTRY
Number of employees (FTEs)
2024
2025
USA
14,400
13,900
UK
5,600
5,500
Philippines
5,400
6,000
This information aligns with the data reported on page 150 of the financial statements.
Employees by contract type, broken down by gender
2024
Female
Male
Unknown
Not
Declared
Total
Total (FTEs)
18,500
17,000
900
–
36,400
Permanent
17,650
16,680
870
–
35,200
Temporary
700
230
10
–
940
Fixed contract
150
90
20
–
260
2025
Female
Male
Unknown
Not
Declared
Total
Total (FTEs)
19,200
17,700
700
-
37,600
Permanent
18,300
17,400
680
-
36,380
Temporary
800
200
10
-
1,010
Fixed contract
100
100
10
-
210
Data is reported at the end of the reporting period.
Employees by contract type broken down by region
2024
USA
UK
Philippines
Total (FTEs)
14,400
5,600
5,400
Permanent
13,500
5,530
5,400
Temporary
900
–
–
Fixed contract
–
70
–
2025
USA
UK
Philippines
Total (FTEs)
13,900
5,500
6,000
Permanent
12,940
5,420
6,000
Temporary
960
-
-
Fixed contract
-
80
-
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Annual Report 2025 | Financial statements and other information
Gender distribution of senior leadership
TOTAL NUMBER OF SENIOR LEADERS
2024
2025
Men
Women
Men
Women
Number of senior leaders
286
137
280
129
%
68
32
69
31
Our definition of senior leaders is colleagues with a management grade of 17 or above.
Distribution of employees by age group
AGE RANGE
2024
%
2025
%
Under 30
19
19
30–50
61
61
Over 50
20
20
Turnover rates
2024
2025
Total leavers during reporting period
4,219
4,175
Total turnover rate
11.6%
11.1%
Voluntary turnover rate
7.7%
7.2%
Involuntary turnover rate
3.9%
3.9%
Collective bargaining (S1-7, S1-8)
In 2025 12% of our employees were covered by a collective
bargaining agreement (2024: 12%).
Adequate wages and remuneration metrics
(S1-10, S1-16)
We review employees pay against living wage thresholds annually.
The 2025 assessment confirmed that as of year‑end we pay all
regular employees above the living wage. This was consistent with
the results of living wage assessments in 2024.
RELX is a UK headquartered company and has published pay ratios
and pay gaps according to the UK legal requirements for a number
of years. The UK pay ratio is disclosed on page 111 of the
remuneration report and UK pay gaps are published on our website.
Pay data and pay gaps on a country level are more meaningful than
broad global data which fails to differentiate among pay markets,
purchasing power and foreign currency differences.
As more guidance is provided, we will review how pay gaps are
to be calculated and disclosed. The UK pay ratio is calculated on
a total compensation basis, using an established and accepted
methodology in the UK and covers 15% of our workforce.
Human rights impacts (S1-17)
RELX publishes the number of Code of Conduct reports it
investigates on a yearly basis as well as the percentage of those
reports that are substantiated. For more information see the
CR Governance section, page 43. There were no severe human
rights incidents connected with our own workforce during the
reporting period.
225
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Annual Report 2025 | Sustainability statement
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
Material IROs (ESRS 2 SBM-3)
Material negative impacts in the value chain are neither
widespread nor systemic. Where individual incidents occur
they are addressed by the supplier audit programme which audits
against the Supplier Code. The audit programme also enables
us to identify any particular contexts or activities in which value
chain workers may be at a greater risk of harm. Any discrepancies
or non-compliance found from the audit is addressed through
a Corrective Action Plan (CAP) to ensure that suppliers maintain
compliance with the standards set forth by the Supplier Code.
Areas covered during the audit include labour standards, health &
safety, business ethics, and the environment. We also have a risk
rating process to identify any geographies or sectors where there
is a higher risk of forced labour, regions include Africa, Asia and
South America.
We have over 1,700 contingent workers who provide support such
as editorial, technical, project management, and administration.
Contingent workers are engaged through a centralised
Group-wide programme, and their providers are subject
to our Supplier Code. When considering impacts on value chain
workers we consider workers engaged through our central
programme for contingent labour and those of our direct
suppliers. We consider value chain workers who may be at an
increased risk of workplace injury or forced labour such as those
engaged in the construction or dismantling of an exhibition event.
Policies related to value chain workers (S2-1)
We have a comprehensive Supplier Code of Conduct, available on
www.relx.com
in 16 languages, which all suppliers are
requested to sign. For more information on the Supplier Code of
Conduct see the policies table on page 216 and the Supply Chain
section on page 56.
The Supplier Code requires respect for the rights of all individuals,
including protection of human rights. It also specifically
addresses involuntary labour, human trafficking and child labour.
Suspected violations can be reported to the RELX Socially
Responsible Supplier network through a dedicated email address
or to RELX’s Integrity Line.
Engaging with value chain workers (S2-2),
remediation and raising concerns (S2-3)
and taking action on IROs (S2-4)
The Socially Responsible Supplier Programme mitigates potential
impacts on workers in the value chain. We engage a specialist
supply chain auditors to conduct audits and assessments on our
behalf using their platform. Supplier audits take place throughout
the year once a supplier is already established. An audit can be
triggered based on the country risk rating, previous audit findings,
supplier category risk, request by the business or Global
Procurement. For more information on the audit process see the
Supply Chain section pages 56-57.
The RELX Integrity Line is available for workers in the value chain
to report concerns. For more information, see page 43. In 2025
we did not receive any reports via the Integrity Line that related to
modern slavery. As stated in our Modern Slavery Act Statement,
available at
www.relx.com
, we stand against all forms of
slavery and human trafficking. We do not tolerate it in any part of
our business, including our supply chain. As a UN Global Compact
signatory our Supplier Code is informed by its Ten Principles
related to human rights, fair and non-discriminatory labour
practices, the environment, and anti-corruption.
Targets (S2-5)
We have annual supply chain targets. For 2025 these were to
achieve 6,350 supplier signatories to our Supplier Code of Conduct
and to complete 125 supplier audits, for performance against
these targets see page 57. These targets are group-wide and set
to drive continuous improvement. Value chain workers are not
involved in the setting of annual targets, these are determined by
internal subject matter experts informed by prior year feedback
and audit outcomes.
ESRS S2 Workers in the value chain
226
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Annual Report 2025 | Financial statements and other information
Material IROs (ESRS 2 SBM-3)
In preparing the Sustainability Statement, no consumers or
end-users who are likely to be materially impacted have been
excluded from the disclosure. RELX’s products and services
are typically used by professionals and business customers,
posing limited risk of harm or negative impact on vulnerable
groups or individuals.
RELX makes a positive impact on society through its unique
contributions, including protecting society, advancing science
and health, promoting the rule of law and access to justice,
fostering communities, and providing universal sustainable
access to information.
Policies related to consumers and end-users
(S4-1) and Taking action on IROs (S4-4)
We have a range of policies that apply to consumers and
end-users. For more details see pages 216-217. These policies,
with a direct or indirect impact on consumers and end users, are
informed by the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles and Rights
at Work and OECD Guidelines for Multinational Enterprises.
The IRO, efficacy of, and trust in, content and services is
ensured through the deployment of editorial and other standards.
For information on the RELX Editorial Policy see page 217.
We ensure awareness of our editorial standards among
employees and relevant stakeholders, including relevant
suppliers. The RELX Editorial Policy is reviewed annually and
its efficacy is assessed by the Editorial Policy Working Group.
The CR Forum identifies appropriate actions and recommends
annual objectives and monitors performance against them.
Material matters relevant to ESRS S4 cover data privacy and
security and artificial intelligence. For more information on
the RELX Responsible Artificial Intelligence Principles see
page 216.
We have robust data privacy and security policies and procedures
to avoid unauthorised access to personally identifiable
information (PII) to build trust with stakeholders, avoid litigation
and fines and reputational damage. For more information on the
RELX Privacy Principles and the Information Security Policy see
pages 216 and 217.
In the year, we conducted privacy and data protection impact
assessments and provided related training to employees.
Dedicated privacy teams implemented requirements for
compliance with global personal data protection regulations.
No specific policies have been developed for the following IROs
as the positive impact resulting from use of RELX’s products and
solutions does not require a policy for effective implementation:
Use of products and services for public safety and to promote
the rule of law.
No additional actions beyond standard
day-to-day actions are necessary to support this IRO.
Effectiveness is tracked and assessed as part of regular business
reviews. Throughout the year, we engaged in numerous efforts
to advance the rule of law, including through our support
of the LexisNexis Rule of Law Foundation.
Reduce inequalities and advance knowledge by providing access
to information of societal benefit in low and middle-income
countries.
We provide access to information to benefit low
and middle-income countries. Throughout the year, we continued
to engage with key partners such as Research4Life and BookAid
to expand access to information. Further detail is available
on pages 39 and 53. We track the effectiveness of these actions
through ongoing engagement with relevant partners.
Product offerings aligned with the UN Sustainable Development
Goals can support research, policy and financial inclusion.
A network of SDG Champions across the business supports our
focus on advancing sustainable development. The RELX SDG
Resource Centre showcases content in science, law, business
and events that can advance the SDGs, drawing on content from
across the company and key partners to broaden awareness and
understanding of the SDGs by our customers, governments,
researchers, companies, NGOs and individuals. We also provide
specific products and solutions that generate positive social
impact, such as our alternative credit solutions which enable
a greater portion of the ‘unbanked’ population or those without
a credit record, to access financial products.
Engaging with consumers and end-users
(S4-2)
Management responsibility for customer engagement rests with
the Business Area CEOs. Customer acceptance of our products
is one of our principal risks, see page 72 for more information.
RELX considers the interests of customers and end users at
all operational levels across our business. Dedicated sales,
customer service and operations teams obtain customer views
through regular quantitative and qualitative surveys, interviews
and customer training and workshops.
Customer metrics, including Net Promoter Score, are regularly
reviewed by Business Area CEOs and their direct reports, by
geography and sector, to spur continuous improvement in our
products and service levels and inform our strategy, business
decisions, and product roadmap.
We offer comprehensive customer support using multiple
channels, including phone, email, chat, and web forms so
customers can choose their preferred modes of communication.
Support professionals receive training and development to
ensure they can respond to inquiries, from troubleshooting
access and usability issues to resolving account management
and other concerns. We track customer support metrics,
including customer satisfaction, first call resolution, and quality.
By continuously capturing insights into the markets we serve,
evolving customer needs, the potential application of new
technologies and business models, and the actions of competitors
and disrupters, we inform our strategic and operational priorities.
This includes organic investments and strategic acquisitions.
(Information about our acquisitions during the year can be found
on page 163).
We invest significant resources in our products and services, and
the infrastructure to support them. Responsibilities for product
development encompass numerous colleagues and is overseen
by business area CEOs. We leverage user-centred design and
agile development methods and customer analytics to invest in
new and enhanced technologies to provide content and innovative
solutions that help our customers achieve better outcomes and
enhance productivity.
ESRS S4 Consumers and end users
227
RELX
Annual Report 2025 | Sustainability statement
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
We engage externally to understand the perspectives of
potentially vulnerable customers and end-users, where
appropriate. For example, we apply best practice from the
RELX Accessibility Policy across hundreds of digital products
and websites. We work closely with university disability services
departments, using surveys and interviews to understand how
to better serve students with disabilities. For more information
on the RELX Accessibility Policy see page 217.
As a global provider of information-based analytics and decision
tools for professional and business customers, we adhere to
applicable laws and regulation on data protection and privacy.
Channels to raise concerns (S4-3)
Customers and end-users can report Code-related concerns,
including about human rights in relation to RELX operations,
through the RELX Integrity Line. In 2025 there were no
substantiated human rights matters from our customers or
end-users reported through the Integrity Line or other reporting
channels. For more information on the Integrity Line see page 43.
Reporting persons are protected against retaliation through
provisions in our Code of Ethics and Business Conduct, related
policies and in accordance with relevant local legislation.
Concerns related to our product offerings or content can be
raised directly with sales and customer service representatives
or through the mechanisms available on the RELX website.
Consumers and end-users are made aware of reporting channels
through clear and publicly available information.
Targets (S4-5)
We set annual objectives that advance positive impacts on
consumers and end-users. These objectives are informed by
customer engagement metrics and set by our internal Corporate
Responsibility Forum. Progress against objectives are reported
back to this group twice a year. Targets relating to customers, our
unique contributions and our governance structures can be found
on page 210.
For 2025 our target was to increase the number of unique users
of the RELX SDG Resource Centre by at least 10,000 additional
unique users over the prior year. For performance against these
targets see page 41. No targets have been set in relation to other
IROs associated with consumers and end-users as the relevant
policies have already been adopted across the business and do
not require target setting for effective implementation. The use
of annual objectives monitored by the CR Forum provides
necessary momentum.
228
RELX
Annual Report 2025 | Financial statements and other information
Material IROs (ESRS 2 SBM-3)
Effective governance policies and procedures enable us to build
our business for long-term sustainable growth, build trust with
stakeholders, and avoid reputational damage, litigation and fines.
Our culture of integrity demands high ethical standards in the
conduct of our business overseen by the Board.
Business conduct (G1-1)
RELX has a fully engaged Board comprising qualified
professionals, with diverse backgrounds, perspectives and skill
sets whose range of expertise includes:
§
Considerable operational experience gained in a wide range
of commercial sectors and industries
§
Extensive experience in positions of strategic oversight and
of leading global, complex organisations through periods of
transformation and disruption
§
A deep understanding of working with big data technologies
and of leveraging technology to transform and drive value
in a business
§
A broad understanding and significant experience with
sustainability, risk and corporate governance requirements
for international listed companies
§
A deep familiarity with the financial and regulatory
environment in the UK and US and broad international
accounting, finance and tax expertise and acumen
§
A proven track record of implementing cultural change
within organisations and an understanding of the importance
of aligning business success and stakeholder interests
Our Board recognises the importance of maintaining high
standards of business conduct, which underpins our ability
to deliver consistent financial performance, and value to our
stakeholders in a manner that is aligned with RELX’s culture of
integrity. For information on our corporate culture and how the
Board monitors corporate culture see page 88. The Board has
oversight responsibility of RELX’s corporate governance,
including business conduct, and its role and function is explained
in the Corporate governance section (see pages 85-87).
Business Conduct is a part of the RELX Compliance Programme.
The RELX Chief Compliance Officer oversees the Compliance
Programme and presents to the Board once a year and to the
Board’s Audit Committee twice a year on alleged and
substantiated violations of the Code as well as RELX Compliance
Programme activities in legal and compliance key risk areas. The
RELX Chief Compliance Officer reports to the RELX Chief Legal
Officer and Company Secretary, who is a direct report to the CEO
and a member of the RELX Business Leaders. This structure
provides oversight of the RELX Compliance function. The RELX
Compliance Committee is made up of senior Legal, Compliance,
Finance, and HR representatives from RELX and its business
areas. Each RELX business area has a compliance committee
comprised of senior leaders in the applicable business. These
compliance committees also provide oversight over business
conduct and implement the compliance programme.
The Code requires our leaders and managers to model the Code’s
principles and to help employees understand and uphold the
Code’s ethical standards.
The pillars of our compliance activities include conducting periodic
compliance risk assessments; implementing effective policies,
procedures, training and communications; overseeing misconduct
reporting channels, investigations processes and remediation
efforts; and monitoring and auditing internal controls. We engage
in a legal and compliance risk assessment twice a year to identify
the top legal and compliance risks to the Company. The RELX
Operating and Governance Principles further describe the process,
policies and controls to manage risk. Our Code sets the standards
of behaviour for all RELX employees and is reviewed by the Board
every three years. The Code addresses business conduct issues
such as fair competition, anti-bribery, conflicts of interest,
employment practices, data protection and appropriate use of
company property and information. It also encourages reporting
of violations – with an anonymous reporting option where
legally permissible. We maintain a comprehensive set of other
compliance policies and procedures in support of the Code and
our risk areas that are reviewed annually. The RELX Compliance
Programme is reviewed by an independent third party every three
years and assessed internally in years between those independent
reviews. Full and part-time employees receive mandatory
training on the Code – both as new hires and regularly throughout
their employment – on key Code topics such as maintaining a
respectful workplace, preventing bribery, competing fairly, and
protecting personal and company data. Mandatory training is
supplemented by advanced in-person training for those in
higher-risk roles or regions.
We offer several reporting channels to report Code-related
concerns, including managers, human resources staff,
Compliance Committee members, Company lawyers as well
as the Integrity Line. For more information on reports of violations
of the Code and the Integrity Line see page 43.
Prevention and detection of corruption
and bribery (G1-3, G1-4)
To manage bribery risk, RELX maintains a robust anti-bribery
compliance programme. RELX maintains and implements its
anti-bribery compliance programme at a central level and has
developed a suite of compliance tools to support that programme.
The centralised compliance team within the Corporate function,
led by the Chief Compliance Officer (CCO), and compliance leads
within each business area focus on preventing and detecting
bribery. The efforts described below are how RELX manages its
material impacts, risks and opportunities related to preventing
corruption and bribery.
We remain diligent in our ongoing efforts to ensure compliance
with applicable anti-bribery laws. Our preventing bribery
programme includes a policy; due diligence guidance and forms;
gifts and entertainment limits; a Gifts and Hospitality Register;
an annual all-staff gifts and hospitality certification process;
biennial risk assessment; and rules on doing business with
Government officials. Each RELX business area conducts
risk-based due diligence on certain third parties who represent
us or act on our behalf. Such due diligence includes the use of
third party-questionnaires, references and detailed electronic
searches using a RELX product marketed and sold specifically
for this purpose.
ESRS G1 Business conduct
229
RELX
Annual Report 2025 | Sustainability statement
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
All employees receive anti-bribery training every other year;
training was most recently conducted in 2025. Higher risk
functions and regions are identified by the compliance leads and
advanced bribery training is deployed to relevant employees in
those functions and regions. The functions which tend to receive
supplemental anti-bribery training are business development,
sales, marketing, government affairs, and procurement. RELX
Compliance conducts a biennial Bribery Risk Assessment,
designed to ensure that management has clear visibility regarding
material inherent bribery risks to the business, as well as the
status and effectiveness of ongoing mitigation efforts to address
the risks.
RELX Compliance conducts a biennial quality review to assess
and report on the extent to which each RELX business area follows
policy and procedures to ensure that effective due diligence is
conducted on their respective intermediary and high-risk
distributor populations.
RELX has established processes and procedures for
investigating bribery-related concerns. RELX Compliance is
responsible for investigating or overseeing the investigation
of bribery-related allegations that arise in the business areas
to ensure objectivity and impartiality. Alternative escalated
investigation channels are available if the implicated individual
is of a particular level of seniority or other concerns about
objectivity are present. These processes include implementing
recommendations arising from investigations.
The CCO reports violations trends to the Compliance Committees,
the Audit Committee, and the Board. RELX has had no convictions,
fines, or penalties associated with violating anti-corruption and/or
anti-bribery laws in 2024 and 2025.
Management of relationships with suppliers
(G1-2, G1-6)
RELX has a diverse supply chain with suppliers located in over
150 countries. These suppliers are spread across multiple
categories including technology (e.g. software, cloud,
hardware, and telecom), indirect (e.g. consulting, marketing,
contingent labour and travel), and direct (e.g. data/content and
production services, print/paper/bind, distribution). Our
Supplier Code of Conduct terms, committing suppliers to certain
social and environmental requirements, are included in RELX
contract templates. For more information on the Supplier Code
of Conduct see the policies table on page 216 and the Supply Chain
section on page 56.
Standard payment terms are also included in RELX contract
templates and PO terms. RELX’s standard payment terms are
net 45 days from receipt of a valid invoice. RELX is committed
to paying all suppliers regardless of size within agreed payment
terms and our payment practices/operations are designed to pay
within the terms contained in the various vendor contracts.
The average time to pay an invoice in 2025 was 26 days (2024:
25 days). While we aim for consistency across the supply base,
different payment terms are sometimes agreed with certain
suppliers. The largest volume of suppliers having different
terms are STM Editors and Authors who in aggregate account for
just under 20% of all supplier payments and were, on average,
paid in under 15 days in 2025. This data is based on payments
made across our largest finance systems representing over 95%
of total invoices paid across the Group.
RELX works with numerous suppliers globally and engages in
ethical pay practices, as noted above. While at any given time there
could be an occasional invoice dispute with a supplier that we work
to mutually resolve, such instances are de minimis.
Political influence and lobbying activities
(G1-5)
We engage in public policy discussions when relevant to our
business areas. These topics include data security, data privacy,
access to quality information, artificial intelligence, and policies
that enable and support institutions to identify and combat fraud
and corruption at scale. We strive to help policymakers around the
world understand our business, innovations and our contributions
to the public interest.
We engage directly as well as through trade associations, policy
organisations and third parties.
Lobbying activities are managed by the RELX Government Affairs
teams under the oversight of the Director of Corporate Affairs and,
in coordination with our legal teams, are vetted, tracked and
reported as required by law.
RELX is registered in the EU Transparency Register (Registration
Number 338398611148-62).
The Code and a related supplemental policy also address
corporate political contributions. Corporate political
contributions are strictly prohibited except in the US, where
contributions and activities are permitted in certain US states
within allowable limits, if they comply with stringent reporting
and disclosure regulations. RELX Inc. corporate political
contributions require senior level review and approval and are
reported as required by law. In 2025, RELX Inc. made $137,000
of political contributions (2024: $198,000 in 2024) in states
where permissible and made no in-kind political contributions.
Corporate contributions are made on a bipartisan basis and
no funds are donated for presidential campaigns or any other
federal-level campaigns.
We define the administrative, management and supervisory
bodies as the Board and senior executives. No members of these
bodies have held comparable positions in public administration
in the two years preceding their appointment. See pages 80-81
for current and past appointments of board members.
230
RELX
Annual Report 2025 | Financial statements and other information
Information incorporated by reference
The following disclosure requirements are incorporated by reference to other parts of the Annual Report:
Standard
Disclosure requirement
AR Page
ESRS 2 SBM-1
Total revenue
145
ESRS 2 GOV-3
Integration of sustainability-related performance in incentive schemes
100-120
ESRS 2 GOV-5
Description of scope, main features and components of risk management and internal control
processes and systems in relation to sustainability reporting
72
ESRS 2 SBM-1
Number of employees (head count) by geography
150
ESRS 2 SBM-2
Description of stakeholder engagement
91-94
ESRS 2 GOV-1
Diversity of the Board and Executive Management
98
ESRS E1 SBM-3
Type of climate-related risk
238-240
ESRS E1 SBM-3
Climate resilience analysis
237
ESRS E1 SBM-3 Time horizons applied for resilience analysis
235
ESRS E1 GOV-3
Disclosure of whether and how climate-related considerations are factored into remuneration
of members of administrative, management and supervisory bodies
104
ESRS E1 IRO-1
The undertaking shall describe the process to identify and assess climate-related impacts,
risks and opportunities
72, 238
ESRS E1 IRO-1
Explanation of how climate-related scenario analysis has been used to inform identification
and assessment of physical risks over short, medium and long-term
237
ESRS E1-8
Carbon pricing scheme by type
238
ESRS S1-17
Number of complaints filed through channels for people in own workforce to raise concerns
43
ESRS S2-1
Disclosure of general approach in relation to respect for human rights relevant to value
chain workers
56-57
ESRS S2-1
Disclosure of general approach in relation to measures to provide and (or) enable remedy for human
rights impacts
56-57
ESRS S2-1
Disclosure of extent and indication of nature of cases of non-respect of the UN Guiding Principles
on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work
or OECD Guidelines for Multinational Enterprises that involve value chain workers
56-57
ESRS S2-2
The undertaking shall disclose whether and how the perspectives of value chain workers inform
its decisions or activities aimed at managing the actual and potential impacts on value chain workers
56-57
ESRS S2-3
Disclosure of processes through which undertaking supports or requires availability of channels
43, 56-57
ESRS S2-3
Disclosure of whether and how it is assessed that value chain workers are aware of and trust
structures or processes as way to raise their concerns or needs and have them addressed
Policies regarding protection against retaliation for individuals that use channels to raise concerns
or needs are in place
56-57
ESRS S2-4
Taking action on material impacts on value chain workers, and approaches to managing material
risks and pursuing material opportunities related to value chain workers, and effectiveness of
those actions
56-57
ESRS S2-4
Description of processes to identifying what action is needed and appropriate in response to
particular actual or potential material negative impact on value chain workers
56-57
ESRS S2-5
Performance against targets set to manage material IROs related to value chain workers
57
ESRS S4-3
Disclosure of processes through which undertaking supports or requires availability of channels
Disclosure of how issues raised and addressed are tracked and monitored and how effectiveness
of channels is ensured
43
ESRS S4-5
Performance against targets set to manage material IROs relating to consumers and end-users
41
ESRS GOV-1
The role of the administrative, management and supervisory bodies
85-86
ESRS G1-1
Description of how the undertaking establishes, develops, promotes and evaluates its corporate
culture
88
ESRS G1-1
Description of the mechanisms for identifying, reporting and investigating concerns about unlawful
behaviour or behaviour in contradiction of its code of conduct or similar internal rules
43
ESRS G1-1
Disclosure of safeguards for reporting irregularities including whistleblowing protection
Undertaking is committed to investigate business conduct incidents promptly, independently
and objectively
43
231
RELX
Annual Report 2025 | Sustainability statement
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
232
RELX
Annual Report 2025 | Financial statements and other information
Ernst & Young LLP (‘EY’) was engaged by RELX PLC (‘the
Company’) to perform a limited assurance engagement in
accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised), to report if the accompanying
sustainability statement for the year ended 31 December 2025 as
set out on pages 208 to 231 of the Annual Report, including the
information incorporated in the Sustainability Statement by
reference (together hereafter referred to as the ‘Sustainability
Statement’ or the ‘Subject Matter’), is in all material respects
prepared in accordance with the European Sustainability
Reporting Standards (‘ESRS’) as adopted by the European
Commission and is compliant with the reporting requirements
provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation) (together the ‘Criteria’) on pages 221 to 222 of the
Annual Report.
Conclusion
Based on the procedures performed and evidence obtained,
nothing has come to our attention that causes us to believe that the
Sustainability Statement is not, in all material respects:
§
prepared in accordance with ESRS as adopted by the European
Commission and compliant with the double materiality
assessment process carried out by the Company to identify the
information reported pursuant to the ESRS; and
§
compliant with the reporting requirements provided for in
Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation).
Basis for our conclusion
We conducted our limited assurance engagement in accordance
with International Standard on Assurance Engagements 3000
(Revised), Assurance Engagements Other than Audits or Reviews
of Historical Financial Information, as promulgated by the
International Auditing and Assurance Standards Board (IAASB)
and the terms of our engagement letter dated 25 November 2025
as agreed with the Company.
In performing this engagement, we have applied International
Standard on Quality Management (‘ISQM’) 1 Quality Management
for Firms that Perform Audits or Reviews of Financial Statements,
or Other Assurance or Related Services engagements, which
requires that we design, implement and operate a system of
quality management including policies or procedures regarding
compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
We have maintained our independence and other ethical
requirements of the Institute of Chartered Accountants of England
and Wales (‘ICAEW’) Code of Ethics (which includes the
requirements of the Code of Ethics for Professional Accountants
issued by the International Ethics Standards Board for
Accountants (‘IESBA’)). We are the independent auditor of the
Company and therefore we will also comply with the independence
requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as
applied to listed public interest entities.
Inherent limitations
Significant uncertainties affecting the quantitative metrics
The Basis of Preparation section on page 209 of the Sustainability
Statement identifies the quantitative metrics that are subject to a
high level of measurement uncertainty and discloses information
about the sources of measurement uncertainty and the
assumptions, approximations and judgements the Company has
made in measuring these in compliance with the ESRS.
Inherent limitations of a double materiality assessment process
The Sustainability Statement may not include every impact, risk
and opportunity or additional entity-specific disclosure that each
individual stakeholder (group) may consider important in its own
particular assessment.
Inherent limitations of forward-looking information
In reporting forward-looking information in accordance with the
ESRS, management describes the underlying assumptions and
methods of producing the information, as well as other factors
that provide evidence that it reflects the actual plans or decisions
made by the Company (actions). Forward-looking information
relates to events and actions that have not yet occurred and may
never occur. The actual outcome is likely to be different since
anticipated events frequently do not occur as expected.
Responsibilities of the Company for the Sustainability Statement
The directors of the Company are solely responsible for the
preparation of the Sustainability Statement in accordance with the
ESRS, including the double materiality assessment process
carried out by the Company as the basis for the Sustainability
Statement and the disclosure of the material impacts, risks and
opportunities in accordance with the ESRS. As part of the
responsibilities for preparation of the Sustainability Statement,
the directors of the Company are responsible for compliance with
the reporting requirements provided for in Article 8 of Regulation
(EU) 2020/852 (Taxonomy Regulation).
The directors of the Company are also responsible for designing
and implementing internal controls, maintaining adequate
records, making estimates that are relevant to the preparation of
the Sustainability Statement and other processes they determine
are necessary, such that the Sustainability Statement is free from
material misstatement, whether due to fraud or error.
Independent Assurance Report to the Directors
of RELX PLC on the Sustainability Statement
233
RELX
Annual Report 2025 | Independent assurance statement
Responsibilities of EY for the limited assurance engagement
on the Sustainability Statement
It is our responsibility to:
§
plan and perform the engagement to obtain limited assurance
in respect of whether anything has come to our attention that
causes us to believe that the Subject Matter has not been
prepared in all material respects in accordance with the
Criteria;
§
form an independent conclusion on the presentation of the
Subject Matter on the basis of the work performed and evidence
obtained; and
§
report our conclusion to the directors of the Company.
What EY has assured
Our limited assurance report only covers the Sustainability
Statement, presented on pages 208 to 231 of the Annual Report
including the information incorporated by reference, included
within the table on page 231.
Other than as detailed above, we did not perform assurance
procedures on any other information included in the Annual
Report, and accordingly, we do not express an opinion or
conclusion on any such other information.
Our approach
The objective of a limited assurance engagement is to perform
such procedures so as to obtain information and explanations in
order to provide us with sufficient appropriate evidence to express
a negative conclusion on the Sustainability Statement. The nature,
timing and extent of procedures performed in a limited assurance
engagement is dependent on our judgement, including our
assessment of the risk of material misstatement and is less in
extent than for, a reasonable assurance engagement. Our
procedures were only designed to obtain a limited level of
assurance on which to base our conclusion and do not provide all
the evidence that would be required to provide a reasonable level
of assurance.
Although we considered the effectiveness of management’s
internal controls when determining the nature, timing and extent
of our procedures, our assurance engagement was not designed
to provide assurance on internal controls. Our procedures did not
include testing controls or performing procedures relating to
checking the aggregation or calculation of data within IT systems.
A limited assurance engagement consists of making enquiries,
primarily of persons responsible for preparing the Sustainability
Statement and related information and applying analytical and
other appropriate procedures.
Because a limited assurance engagement can cover a range
of assurance, the detail of the procedures we have performed
is included below, so that our conclusion can be understood
in the context of the nature, timing and extent of the procedures
we performed:
§
Made inquiries and an analysis of the external environment and
obtained an understanding of relevant sustainability themes
and issues including benchmarking double materiality
assessment outputs against peers, the characteristics of the
Company, its activities and the value chain and its key intangible
resources in order to assess the double materiality assessment
process carried out by the Company as the basis for the
Sustainability Statement and disclosure of all material
sustainability-related impacts, risks and opportunities in
accordance with the ESRS;
§
Obtained through inquiries a general understanding of the
internal control environment, the Company’s processes for
gathering and reporting entity-related and value chain
information, and for identifying the Company’s activities,
determining eligible and aligned economic activities and
preparing the disclosures provided for in Article 8 of Regulation
(EU) 2020/852 (Taxonomy Regulation), the information systems
and the Company’s risk assessment process relevant to the
preparation of the Sustainability Statement;
§
Assessed the double materiality assessment process carried
out by the Company and identified and assessed areas of the
Sustainability Statement, including the disclosures provided for
in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation),
where misleading or unbalanced information or material
misstatements, whether due to fraud or error, are likely to arise
(‘selected disclosures’);
§
Designed and performed further assurance procedures aimed
at addressing risks of material misstatements within the
sustainability statement responsive to their risk analysis as set
out above;
§
Considered whether the description of the double materiality
assessment process in the Sustainability Statement made by
management appears consistent with the process carried out
by the Company;
§
Performed analytical procedures on quantitative information in
the Sustainability Statement, including consideration of data
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
234
RELX
Annual Report 2025 | Financial statements and other information
and trends;
§
Assessed whether the Company’s methods for developing
estimates are appropriate and have been consistently applied
for the selected disclosures. We considered data and trends,
however our procedures did not include testing the data on
which the estimates are based or separately developing our own
estimates against which to evaluate management’s estimates;
§
Analysed, on a limited sample basis, relevant internal and
external documentation available to the Company (including
publicly available information or information from participants
throughout its value chain) for selected disclosures;
§
Read the other information in the Annual Report to identify
material inconsistencies, if any, with the Sustainability
Statement;
§
Considered how the Company identified economic activities
eligible under the Taxonomy Regulation for each of the
environmental objectives, reconciled selected key performance
indicators for eligible activities with the accounts, considered
whether these were calculated in accordance with the
Taxonomy reference framework;
§
Read the disclosures provided to address the reporting
requirements of Article 8 of the Taxonomy Regulation for
consistency; and
§
Considered the overall presentation, structure and qualitative
characteristics of sustainability information (relevance and
faithful representation: complete, neutral and accurate)
reported in the Sustainability Statement, including the
reporting requirements provided for in Article 8 of Regulation
(EU) 2020/852 (Taxonomy Regulation).
We also performed such other procedures as we considered
necessary in the circumstances.
Use of our report
This report is produced in accordance with the terms of our
engagement letter dated 25 November 2025, solely for the purpose of
reporting to the directors of the Company in connection with the
Sustainability Statement for the period ended 31 December 2025.
Those terms permit disclosure on the Company’s website, solely for
the purpose of the Company showing that it has obtained an
independent assurance report in connection with the Sustainability
Statement. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the
Company’s directors as a body, for the procedures performed, for this
report, or for the conclusions we have formed. This engagement is
separate to, and distinct from, our appointment as the auditor to the
Company.
Ernst & Young LLP
11 February 2026
London
235
RELX
Annual Report 2025 | Independent assurance statement
CR Disclosure Standards 1
Taskforce on Climate-related Financial Disclosure
RELX makes the following disclosures, consistent with
the recommendations of the Taskforce on Climate-related
Financial Disclosure (TCFD) All Sector Guidance as required
by the UK Listing Rules (Disclosure of Climate-Related
Financial Information) (No 2) Instrument 2021.
I. Governance
a. Board oversight of climate-related risks and opportunities
This statement has been reviewed and approved by the Board.
The RELX Board oversees the internal controls and risk
management practices as described on page 72. In addition,
climate risk and opportunity is subject to our CR governance
processes, see page 42. During 2025, the Company’s management
of its climate change risks and opportunities was reviewed by the
Board through discussions with and papers from the Chief
Financial Officer (CFO), who is responsible to the Board for
performance against climate targets; the Global Head
of Corporate Responsibility; and the Head of Group Insurance
and Risk, as part of the RELX Audit Committee review of the
Company’s risk management process.
The Board has concluded from these reviews, that climate change
has no material impact on RELX’s business in the short term and
will be unlikely to have a significant impact in the medium and
longer term. This is based on the review of RELX’s low sector
exposure to climate change and consideration of climate change by
the business in its strategy, activities, policies, annual budgets, and
business plans, setting and monitoring of performance objectives,
major capital expenditures, acquisitions and divestitures.
During 2025, the company continued to mitigate the effect of
transition and physical climate change risks as described in this
statement and in the Corporate Responsibility Report.
b.
Management’s role in assessing and managing climate-
related risks and opportunities
Management in each business area is responsible for identifying
customer needs and developing relevant products related to
climate change. This ranges from launching and advancing
scientific journals with articles on climate change, energy
efficiency, and other climate-related topics; providing data and
analytics that support customers in reducing their environmental
impact; providing information and analytics on laws and
regulations related to the environment; and holding exhibitions
focused on renewable energy and low carbon solutions.
Management is informed about climate-issues through quarterly
business climate reporting, the certified ISO14001 Environmental
Management System and by engagement with internal and
external networks.
For further detail of management’s role in assessing and
managing climate related risks and opportunities, please see the
Governance section of the Sustainability Statement on page 211.
II. Strategy
a.
Climate-related risks and opportunities in the short,
medium, and long term
While we are in a low carbon intensive sector, the Board and the
Environmental Checkpoint Committee continued to consider our
climate-related risks and opportunities based on the scenarios in
section c below. Examples of our findings for various timeframes
are outlined below. The long-term time horizon aligns with the
timeframe of the Paris Climate Agreement and the medium-term
with our ambition to achieve net zero by 2040.
Short (<10 years) – Transition risks: Policy and legal requirements
relative to climate change will continue to increase, particularly in
the area of climate change related disclosures. As an opportunity
we anticipate increasing customer and stakeholder interest in our
products and services that help customers accelerate the green
transition in carbon intensive and other industries. Physical risks:
Variability in weather patterns and more frequent extreme
weather events mean we must advance both mitigation and
adaptation strategies, including through our business continuity
planning. See page 239 for further information on TCFD risks.
Medium (10 to 20 years) – Transition risks: There will likely be
increased pricing of GHG emissions and enhanced reporting
obligations, particularly in areas like supply chain emissions;
reputational damage could result if we do not show medium-term
results for meeting our obligations as a signatory of The Climate
Pledge and similar initiatives. Physical risks: Gradual increase of
average temperatures will affect businesses we operate in some
locations more than others, so we are developing country and
local response plans; mean temperature rise will likely affect our
suppliers as well and we will continue our due diligence related to
exposure in our supply chain.
Long term (20 years +) – Transition risks: Stigmatisation could
result if our products and services are not seen as part of the
solution to climate change; this creates an opportunity for us to
increase offerings that support a lower carbon future. Physical
risks: Sea level rise will be varying but worse under the business
as usual scenario which will increase risk of business interruption
and damage to property; we recognise that this must be part of our
planning for the places where we will operate.
Risks and opportunities have been identified through the risk
management process, as described in Governance above
and detailed on page 72, and through working groups such
as the Corporate Responsibility Product Group, CR Forum
and other networks.
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Overview
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Our carbon action hierarchy is to first, reduce our carbon
emissions; second, to purchase increasing amounts of green
tariff energy as availability improves in global markets where
we operate; and third, to purchase certified renewable energy
certificates where necessary. Our performance reporting is
based on our gross emissions. RELX is committed to achieving
net zero emissions following our carbon action hierarchy across
all Scopes by 2040 at the latest, including through our
participation in The Climate Pledge.
b.
Impact of climate-related risks and opportunities on our
business, strategy, and financial planning
In 2025, energy represented less than 1% of the RELX cost base.
Although energy costs, and associated carbon costs, may
increase substantially, the impact on RELX’s financial results
is likely to remain limited and will not have a material impact
on RELX financial planning as described in Governance above.
While we do not believe climate risk will have a material impact
on our revenue, there is careful review within the relevant
business areas to assess impacts of providing products and
services that help customers with their energy transition.
We are using the climate scenarios we outline below to inform
strategy and financial planning at both the Board and business
area level. In the year, we continued a cross-business review of
climate-related risks and opportunities. Printed and face-to-
face products and events, responsible for 16% of total revenue,
face more exposure to risks such as weather-related logistics
disruption than do our digital offerings; see Principal Risks
on page 72.
We operate a real internal carbon pricing scheme, levying a fee
on Scope 1, Scope 2 and certain Scope 3 emissions categories for
all RELX businesses globally. The proceeds of the internal carbon
pricing scheme form the carbon fund which is used to finance
sustainability-related projects as funds allow. The internal carbon
price was set in line with the UN Global Compact ambition to reach
$100/tCO
2
e over time. RELX uses an escalating carbon price
which increases each year.
In the reporting period the internal carbon price was $50/tCO
2
e,
applied to 37,221 tCO
2
e equating to 100% of Scope 1, 100% of Scope
2 and 12% of Scope 3 emissions.
We are factoring climate change into strategy planning for
our portfolio as our scientific research information, analysis
of environmental law, tracking of carbon and recycling markets,
among other products and services, becomes increasingly
important for our customers, investors and other stakeholders
in their own responses to climate change. A small proportion
of customers operate in carbon intensive industries, including
agriculture and aviation, and we are committed to supporting
them, and those in other industries, with their energy transition.
In Risk, Cirium, which serves the aviation sector, has advanced
its improved methodology for calculating flight emissions;
helping airlines better plan and conduct maintenance of their
fleet to ensure efficient operation; and identifying flight routes
for maximum occupancy so emissions per passenger are lower.
Elsevier is working to support clean energy. It continues to
implement its Energy with Purpose mission statement
to commission only new book content that advances the energy
transition and reduction of carbon emissions. Environmental
science journals include a focus on renewable and clean energy.
Among these are the flagship Cell Press title, One Earth, and Solar
Compass, launched in conjunction with the International Solar
Alliance, Joule, and new journal Nexus. The Lancet Countdown
monitors the impact of climate change on global health.
We also continue to review our editorial boards to ensure they
include expertise in these areas and include a greater
representation from the global south. The Elsevier Energy Books
team likewise will only commission new content that advances
emissions reductions and the energy transition. Elsevier
discontinued Geofacets, an earth science tool, in 2023 and
discontinued Gulf Professional Publishing in 2024.
LexisNexis Legal & Professional provides LexisPSL Environment
to help clients identify environmental liabilities, understand the
commercial implications of environmental law and keep track
of current developments with daily news feeds on new cases,
legislation, and consultations as well as practice notes, Q&As,
and legal precedents.
RX holds World Future Energy Summit, a portfolio of events
specifically designed to combat climate change, in line with
the United Nations Sustainable Development Goals (SDGs)
and the Paris Agreement. As part of its Net Zero Carbon Events
commitments requiring signatories to reach net zero by 2050
at the latest and to halve greenhouse gas emissions by 2030,
RX continued participation in working groups to advance
measurement of event-related emissions in the year.
All RELX business areas are contributing content to the RELX SDG
Resource Centre which provides free access to news, research,
tools and events on the SDGs, including SDG 7 Clean and
Affordable Energy and SDG 13 Climate Action. The site also
incorporates relevant content from key partners, including the
UN Global Compact (UNGC). In support of COP29, we released
a climate change special issue on the RELX SDG Resource Centre,
a curated list of journal articles and book chapters to inspire
positive environmental action and further climate research.
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Annual Report 2025 | Independent assurance statement
c.
Resilience of the organisation’s strategy, taking into
consideration different climate-related scenarios,
including a 2°C or lower scenario
We have a threefold strategy to address climate-related risks:
1. Minimising our environmental impact through measures such
as energy efficiency, renewable energy, reducing waste and
other measures. This reduces our exposure to future legislation
and the rising price of carbon
2.
Providing products and services which support customers
through their transition to a low-carbon economy. We anticipate
demand for these offerings to continue to increase over time
3. Supporting wider action on climate change through
collaboration, partnerships and initiatives such as the Digital
Impact of Media Project in conjunction with the Responsible
Media Forum, comprised of industry peers, and Bristol University
The Board and the Audit Committee as part of robust risk control
measures covering our products and operations (including our
property portfolio and supply chain) ensures management of
both the transition and physical risks of climate change. The
Environmental Checkpoint group provides data on climate
change metrics and advice to the Board and also engages people
throughout the business. We gain and share best practice through
engagement with the UNGC, the Climate Pledge, Media Climate
Pact, Net Zero Carbon Events, and the Science-based Targets
initiative, among others.
We have considered three possible future scenarios and
estimated possible timeframes. They are not exact descriptions
of an expected future, but provide an outline description of each
based on certain assumptions. In scenarios where extreme
weather events occur more frequently, we may see increased
incidents that disrupt our operations, necessitating additional
measures, with some potential cost, to ensure our operational
resilience. However, in the context of RELX’s overall cost base,
we would not expect any such incremental cost to be significant.
We believe our strategy will be resilient even in the most
challenging future scenario.
Scenario 1: Business as usual (RCP 8.5). In this scenario, carbon
emissions continue to increase at current rates and temperature
increases exceed 4°C by the year 2100.
Short term: While some policies could be introduced to reduce
carbon emissions, action is limited. Some countries may price
carbon emissions and set standards for building and vehicle
energy efficiency.
Medium term: The availability of renewable energy may grow,
but the share of energy from fossil fuels will remain sizeable.
With this level of warming, extreme and severe weather events
will likely increase. Drought and increased precipitation will
impact agriculture. Severe storms will interfere with our supply
chains and logistics. The heightened need for innovation in
climate adaptation infrastructure may increase demand for
our environmental products and services for the scientific,
technical and other communities.
Long term: Rising sea levels will affect land use of coastal
and low-lying regions where we may have operations, requiring
investment to protect or relocate key company facilities to
ensure business continuity. Significant government investment
will be required to mitigate the impacts, for example in
strengthening flood and coastal defences or securing reliable
water supplies, with follow-on effects for places where we and
future customers operate.
Political instability in some regions may increase as populations
compete for resources such as fresh water supplies and as large
numbers of people move from regions most heavily impacted by
climate change. Global economic uncertainty will likely become
the norm, with limited growth at best and decline at worst.
There will likely be significant health impacts as well. As
impacts become more apparent, public sentiment may favour
organisations such as RELX that have taken action to limit
the impact of climate change.
We would continue to pursue measures such as science-based
carbon reductions, implementation of innovative technological
solutions, carbon sequestration and (re)forestation, but without
the catalyst of global government investment in these areas.
Scenario 2: 2°C climate change (RCP 2.6). In this scenario, carbon
emissions are halved by 2050 and climate change does not exceed
2°C by the year 2100.
Short term: Countries would introduce more challenging carbon
targets as they update their Nationally Determined Contributions
under the 2015 Paris Climate Agreement. A range of new policies
would most likely be introduced across many countries to control
carbon emissions including carbon pricing, higher standards on
building and vehicle energy efficiency, with increased renewable
energy generation in global power grids. Such developments will
be reflected in our policies and procedures, and could increase the
demand for our climate-related products and services.
Medium term: There would likely be public and private
investment in greater carbon sequestration, capture and storage,
(re)forestation, and other measures.
Long term: The frequency of extreme weather events will increase
but not as much as under Scenario 1. There will still be disruption
to transport and logistics through storms, but sea level rise will be
more limited, as will costs we may face associated with adaptation
and mitigation projects. With reduced climate impacts, political
and economic instability will be lessened. Climate-related
migration will still be a factor but to a smaller degree than
anticipated under Scenario 1.
Scenario 3: 1.5°C climate change (RCP1.9). In this scenario,
to achieve a 66% chance of avoiding more than 1.5°C warming
by 2100, inclusive and sustainable development will be a key
consideration for policy makers with high levels of
international cooperation.
Short term: Emissions must peak in the near term with rapid
decarbonisation to achieve net zero emissions by 2050. These
ambitious carbon reductions would be supported by new policies
(with carbon prices reaching as much or more than four times the
price under the 2°C scenario) and strong regulation.
Medium term: Buildings will be subject to tougher standards to
achieve carbon reductions of nearly three times those under the
2°C degree scenario. Energy costs and associated carbon costs
could be higher than in Scenario 1 or 2, but this is unlikely to have
a major impact for RELX as energy is not a significant part of our
cost base as indicated above.
The transport sector will see significant change, with the majority
of vehicles powered by alternative sources. Nature-based
solutions to climate change, such as forestation, are also likely
to play an important role. In this scenario, RELX products that help
customers reduce emissions, find technology-driven carbon
solutions and pursue nature-based decarbonisation will be in
greater demand.
Long term: By 2050, approximately 80% of global energy should
be from renewable sources. Use of coal will decrease significantly
and use of oil will drop to very low levels by 2060, which may
impact the energy costs paid by RELX. After 2050, technologies
such as bioenergy and carbon capture and storage will need to
be widespread to remove excess carbon from the atmosphere
to ensure emissions are net negative.
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III. Risk management
a.
Our processes for identifying and assessing climate-
related risks
The principal and emerging risks facing the business, which have
been assessed by the Audit Committee and Board, are described
on pages 72 to 77. The Directors have considered the risk of
climate change to the business, including the positive contribution
that RELX makes through activities such as supporting academic
research, pricing recyclable materials, and enabling customers
to access our products electronically.
Climate-related risks are assessed as part of the RELX risk
management process. Risks are formally reviewed every six
months. Each risk is assigned a significance based on the potential
impact to revenue and the likelihood of that risk being realised.
As part of our Environmental Management System, climate risk
assessment covers transition and physical risks as described
above and below, and also includes the assessment of existing
and emerging regulatory requirements related to climate change.
These include carbon pricing schemes, taxes and additional
reporting requirements. No operations are excluded from the
assessment. Risks are considered in the short term, medium
term and long term.
b.
Our processes for managing climate-related risks
Climate change responsibilities are assigned to key roles,
including the CFO at the executive level. Performance is
monitored and evaluated throughout the year by the
Environmental Checkpoint Group, chaired by the CFO, and
new programmes are introduced as required to control
climate-related transition and physical risks.
On legislative and product trends, we gain insights through our
Government Affairs teams, external fora such as the Aldersgate
Group, and ISO 14001 environmental certification of our EMS.
We speak with experts in the business, our climate-related
Employee Resource Groups including Green Teams and
Elsevier’s Climate Board, and learn through industry specific
networks such as the Responsible Media Forum’s Climate Pact
and cross-sector networks like the CR and Sustainability Council
of the Conference Board.
The business continuity programme, under the direction of the
RELX Business Continuity Forum, oversees mitigations of climate
change physical risks on our operations through business
continuity plans which include remote working and detailed
employee information.
We mitigate potential climate-related risks on our supply
chain through supplier management practices in the Global
Procurement team, the Supplier Resiliency Working Group,
the Business Continuity Forum and the Socially Responsible
Supplier programme, which includes supplier engagement
on their activities and policies, and a risk-based programme
of supplier audits and remediation.
High-level net zero roadmap
RELX carbon emissions are in line with the reductions required
to ensure climate change of no more than 1.5ºC.
To achieve net zero across all Scopes by 2040 at the latest, we
are following a broad programme of action to achieve further
reductions. This will include developing products and services
that support the transition to a net zero economy, alongside
actions to reduce our emissions.
Short term
§
Continue office space consolidation in line with the working
preferences of colleagues
§
Migration from owned data centres to more energy efficient
third party cloud providers
§
Purchase of renewable energy equal to RELX’s global
electricity consumption
§
Continue to quantify and report on Scope 3 emissions from
our supply chain and value chain
§
Engage suppliers to adopt 1.5ºC aligned carbon reduction targets
Medium term
§
Transition company car fleet to zero emission (e.g.
electric) vehicles
§
RELX renewable energy purchases in more markets
§
Encourage purchase of renewable energy by suppliers
Longer term
§
Purchase of carbon neutralisation offsets for
residual emissions
IV. Metrics and targets
We aim to provide additional insight into revenue from products
and services designed for a low carbon economy in subsequent
disclosures. Scope 1 and 2 (location-based) emissions reduction
targets and energy reduction targets are set out on page 6. The
remuneration of the CEO and the CFO is linked to the achievement
of environment targets. These included in 2025,
a key performance objective to reduce Scope 1 and Scope 2
(location-based) carbon emissions by 33% against a 2018
baseline, with 74% achievement and to reduce energy and
fuel consumption by 27% against a 2018 baseline, with 71%
achievement. See page 104 for further details.
In the year, we reported performance against our $3bn committed
bank facility which has pricing linked to three sustainability
performance targets. In each year, the cost of the facility is
reduced if two or more sustainability targets are achieved and
increased if two or more of the targets are missed. The targets
relate to carbon emissions reduction, as well as increasing the
unique users and the amount of content available on the
RELX SDG Resource Centre. All three targets were achieved.
See page 36 for performance reporting.
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TCFD Risks
We have considered climate-related risk areas detailed in the TCFD guidance as detailed below. While we do not believe climate-related
risks will have a material impact on our business, we have highlighted risks areas which present the most opportunity for us to support
the net zero transition.
Risk group
Type
Climate-related risk
Implication
Opportunity
Transition
risks
Policy and
legal
Increased pricing of GHG
emissions: The rapid
transition to a low carbon
energy system could require
higher energy prices and a
higher carbon price to
disincentivise the use
of fossil fuels
RELX has low exposure to energy and carbon pricing (less than
1% of total spend) and has achieved significant reductions in
energy consumption since 2010. For this reason, moderate to
significant increases in energy costs will have a limited impact
on RELX.
There will be an increased need for
information on energy and carbon
pricing; research on energy
transition and zero carbon; and the
need for events which bring
stakeholders together to showcase
related technological innovation
are likely to increase the demand
for RELX products and services.
Enhanced emissions-
reporting obligations:
An increasing number of
governments are likely to
impose requirements on
business to achieve the low
carbon transition. New
requirements are likely to
include additional reporting
and transparency
requirements for
GHG emissions
RELX has processes in place for carbon reporting and
disclosure aligned with various best practice frameworks.
Additional reporting requirements are expected to have
insignificant financial implications.
Widespread introduction of different reporting regimes in
the countries where we operate could increase the risk of
non-compliance (and therefore the risk of fines). However,
RELX operates an environmental management system
certified to ISO 14001 which requires a compliance
assessment with environmental legislation. This reduces
the risk of non-compliance with future reporting regulations.
As new regulations are introduced,
there will be a greater need for
guidance; this could result in an
increased demand for our risk,
science, legal and other products
and services.
Mandates and regulation
affecting existing products
and services: New
regulations may be
introduced for products to
support the transition to a
low-carbon economy
RELX delivers products and service primarily in three ways:
i) online/digital; ii) printed products; iii) in-person events.
Increasing regulation on products in these areas could result
in an increased cost for providing those products and services.
Online/digital: Products served by RELX-owned data centres
are covered by the purchase of renewable electricity and
RELX’s net zero commitment. RELX is engaging with Scope 3
suppliers for greater transparency on our share of their
carbon emissions and renewable energy.
Printed products: Revenue from printed products has
decreased significantly since 2010 as more product offerings
are made online. Paper used in RELX’s printed products
complies with the RELX Sustainable Paper Policy which
requires all papers are from known and sustainable sources
and/or certified to a recognised standard.
In person: Exhibitions is part of an events industry initiative,
Net Zero Carbon Events, working to achieve net zero by 2040.
This commitment requires significant reductions in carbon
emissions and partnerships with other industries to minimise
events-related emissions.
New regulations on products will,
in many cases, be best addressed
through industry collaboration.
Our convening power in the
markets we serve can support
such industry collaboration.
Technology
Substitution of existing
products and services with
lower emissions options
RELX has largely transitioned from printed physical products
to online/digital products and services. This avoids the
emissions associated with the manufacture and distribution
of printed products but introduces emissions associated with
the use of data centres for the digital offerings.
RELX-owned data centres are covered by renewable
electricity and RELX’s net zero commitment. As described on
page 63, we are engaging with our cloud providers for greater
transparency on carbon emissions and renewable energy.
Our products, services and
events aid the low-carbon
transition benefitting our
customers and society.
Costs to transition to lower
emissions technology
The cost implications for transitioning to new technology
are primarily in our supply chain.
Printed products are manufactured and distributed by
suppliers on behalf of RELX. RELX engages its suppliers
through the Socially Responsible Suppliers programme
and has processes in place for reporting on its supply
chain-related emissions.
Detailed energy and carbon market
insights we can provide through our
products, services and events will
allow companies to better assess
the risks and costs of transitioning
to lower emissions technologies.
Market
Changing customer
behaviour
Significant increases to the cost of air travel due to the
factoring in of carbon charges may discourage business travel
in favour of virtual meetings. This could lead to a reduction in
the number of attendees at in-person events affecting our
events business. We offer virtual attendance options and
in-person participation allows exhibitors and attendees
to hold numerous meetings during one event.
The ability for an exhibitor or event
attendee to maximise engagement
by attending one event, for
example, with customers,
prospects, and suppliers, can
become more valuable as the cost
of travel increases.
Market segments
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Risk group
Type
Climate-related risk
Implication
Opportunity
Uncertainty in market
signals
As businesses take action to combat climate change, they
might need to change business models or practices to ensure
their success in a low-carbon economy. Some of these
changes may raise questions for investors or other
stakeholders and reduce visibility of the business’s strategy.
RELX provides detailed and transparent disclosure on climate
change to provide clarity to investors and other stakeholders.
Businesses can develop new
disclosures to effectively
communicate plans with
stakeholders. The demand for our
products which provide company
and market insights could grow as
investors’ requirements for reliable
information and data increases.
Increased cost of
raw materials: Low-carbon
requirements on the use,
and distribution, of raw
materials could lead to an
increase in their cost
RELX does not manufacture products from raw materials.
An increase in the cost of raw materials would primarily
impact RELX via higher prices in our supply chain.
Pricing insights in key supply chains
such as chemicals and plastics are
provided within our Risk business.
If cost and price volatility increases,
there could be a greater demand for
such products and services.
Reputation
Shifts in consumer
preferences
Business customers may become more aware of
environmental concerns and expect a high standard of
performance from companies. Over time, this may lead to a
decrease in demand for carbon intensive products as
consumers move to low emission alternatives.
While we do not produce consumer
products, we do serve a variety of
industries and can support their
efforts to decarbonise through our
products, services and events.
Stigmatisation of sector:
Products and services
offered to carbon-intensive
industries could result in
negative public reaction
We offer products and services across a wide range of
industries, some of which are carbon-intensive industries.
We are working to support these industries in their transition
to a low-carbon economy.
Industries which face the greatest
challenges in decarbonisation will
need support, information and
tools. We will continue developing
new products and services to assist
these industries in their
decarbonisation efforts.
Increased stakeholder
concern or negative
stakeholder feedback:
Poor performance could
result in negative feedback
from stakeholders such as
investors or colleagues
RELX sets environmental targets on a five-year cycle and
has a validated Science Based Target which aligns its
emissions reductions with those required to meet the 1.5°C
ambition of the Paris Agreement.
Maintaining good environmental
performance provides a
reputational benefit with our
stakeholders, including investors.
Strong environmental performance
and commitments may be reflected
in improved or lower cost financing.
Physical
risks
Acute
Increased severity of
extreme weather events
such as cyclones and floods:
severe weather could
interrupt normal
business operations
RELX operates a comprehensive business continuity
programme to ensure colleagues can work remotely and be
informed should a location be impacted by severe weather
conditions. This allows the business to function despite the
impact of the severe weather. As risks associated with
weather events increases, insurance premiums paid by
RELX could increase.
We provide products that help to
assess and quantify insurance
perils. As insurance premiums
increase, demand for these
products will likely grow as
insurance providers seek more
accurate weather-related risk
assessments.
Chronic
Changes in precipitation
patterns and extreme
variability in weather
patterns: Such changes
could affect agricultural
processes
Print and print related activities, which account for c.4% of
total revenues, require supply of wood from sustainable forest
sources. Changes in precipitation and weather patterns could
disrupt the growth in forest sources known to be sustainably
managed which could increase the price of sustainable paper.
RELX has flexibility in the types of paper used and the forest
sources of these papers which allows purchases to be made
elsewhere should the need arise. As a member of the Book
Chain Project, we assess the sustainability of a large number
of papers, allowing us to consider alternatives.
We offer products that use data
analytics to help increase the
efficiency of land use in areas such
as water consumption. Demand for
such products could grow as a
response to decreasing yields due
to weather.
Rising mean temperatures:
The gradual increase of
average temperatures is a
factor of climate change
Climate change will affect temperatures differently in
different locations. This means that, over time, the operation
of some offices will become less efficient as they may need to
maintain physical working conditions close to or outside the
range for which they were designed. This could lead to an
increase in operational costs as more energy will be required
for cooling.
Rising mean temperatures will
require government to review, and
businesses to implement, new
building standards and guidelines.
Our business areas would produce
guidance to assist customers to
interpret associated new standards
and planning regimes.
Rising sea levels
If sea levels rise significantly there is increased risk of
property damage to any RELX locations in low-lying coastal
regions. This could increase insurance premiums or disrupt
the working arrangements of colleagues in those locations.
We have a comprehensive business continuity programme
in place to mitigate such impacts and consider climate risk
in the siting of our offices.
We offer products that help to
assess and quantify insurance
perils risk. As insurance premiums
increase, demand for these
products could grow.
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CR Disclosure Standards 2
Sustainability Accounting Standards Board (SASB) disclosure
SASB Standards enable businesses around the world to identify, manage and communicate financially material sustainability
information to their investors. The SASB standards are industry specific and identify the minimal set of financially material sustainability
topics and their associated metrics for the typical company in an industry.
SASB assigns RELX to the Professional and Commercial Services sector. The following disclosure is made according to the SASB
standard for that sector.
Topic
Accounting metric
Code
Disclosure/Disclosure location
Data security
Description of approach to identifying and addressing
data security risks
SV-PS-230a.1
See pages 43-44
Description of policies and practices relating to
collection, usage and retention of customer information
SV-PS-230a.2
See page 43
(1) Number of data breaches, (2) percentage involving
customers’ confidential business information (CBI)
or personally identifiable information (PII), (3) number
of customers and individuals affected
SV-PS-230a.3
Except as a matter of public record, RELX
does not disclose this information for
reasons of commercial confidentiality
Workforce
Percentage of gender and racial/ethnic group
representation for (1) executive management and (2)
non-executive management, (3) all other employees
SV-PS-330a.1
See page 36
(1) Voluntary and (2) involuntary turnover rate
for employees
SV-PS-330a.2
See page 51
Employee engagement as a percentage
SV-PS-330a.3
See page 51
Professional integrity
Description of approach to ensuring professional
integrity
SV-PS-510a.1
See pages 42-45
Total amount of monetary losses as a result of legal
proceedings associated with professional integrity
SV-PS-510a.2
Except as a matter of public record, RELX
does not disclose this information for
reasons of commercial confidentiality
Activity metrics
Number of employees by (1) full-time and part-time,
(2) temporary, and (3) contract
SV-PS-000.A
See page 51
Employee hours worked, percentage billable
SV-PS-000.B
See page 51
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
242
RELX
Annual Report 2025 | Financial statements and other information
CR Disclosure Standards 3
Global Reporting Initiative (GRI) Content Index and Streamlined
Energy and Carbon Reporting (SECR)
This report has been prepared in accordance with the GRI Standards: Core option
GRI Standard
Number
GRI Standard Title
Disclosure Title
Page number
GRI 102
General Disclosures
Name of the organisation
Title page
GRI 102
General Disclosures
Activities, brands, products, and services
5-33
GRI 102
General Disclosures
Location of headquarters
34
GRI 102
General Disclosures
Location of operations
8
GRI 102
General Disclosures
Ownership and legal form
125
GRI 102
General Disclosures
Markets served
8
GRI 102
General Disclosures
Scale of the organisation
8
GRI 102
General Disclosures
Information on employees and other workers
49-51
GRI 102
General Disclosures
Supply chain
56-58
GRI 102
General Disclosures
Significant changes to the organisation and its supply chain
56-58
GRI 102
General Disclosures
Precautionary Principle or approach
59-63, 235-24
GRI 102
General Disclosures
External initiatives
35
GRI 102
General Disclosures
Membership of associations
35
GRI 102
General Disclosures
Statement from senior decision-maker
3-4
GRI 102
General Disclosures
Values, principles, standards, and norms of behaviour
4, 42-45, 49-51
GRI 102
General Disclosures
Governance structure
35, 42-45, 84-88
GRI 102
General Disclosures
List of stakeholder groups
91-95
GRI 102
General Disclosures
Collective bargaining agreements
51, 225
GRI 102
General Disclosures
Identifying and selecting stakeholders
84, 91
GRI 102
General Disclosures
Approach to stakeholder engagement
84, 91, 212
GRI 102
General Disclosures
Key topics and concerns raised
72-76, 215
GRI 102
General Disclosures
Entities included in the consolidated financial statements
138-142
GRI 102
General Disclosures
Defining report content and topic Boundaries
209
GRI 102
General Disclosures
List of material topics
215
GRI 102
General Disclosures
Restatements of information
36
GRI 102
General Disclosures
Changes in reporting
36
GRI 102
General Disclosures
Reporting period
36
GRI 102
General Disclosures
Date of most recent report
31/12/2025
GRI 102
General Disclosures
Reporting cycle
Annual
GRI 102
General Disclosures
Contact point for questions regarding the report
34
GRI 102
General Disclosures
Claims of reporting in accordance with the GRI Standards
35, 242
GRI 102
General Disclosures
External assurance
243
GRI 103
Management Approach
Explanation of the material topic and its Boundary
35
GRI 103
Management Approach
The management approach and its components
35, 85
GRI 103
Management Approach
Evaluation of the management approach
95
Streamlined Energy and Carbon Reporting (SECR)
Absolute performance
Intensity ratio (per GBPm revenue)
2024
2025
Change
2024
2025
Change
Global Scope 1 (direct emissions) tCO
2
e
2,703
1,966
-27%
0.29
0.21
-28%
Global Scope 2 (indirect location-based emissions) tCO
2
e
29,989
19,500
-35%
3.18
2.03
-36%
Global energy (including vehicle fuels) MWh
92,393
60,127
-35%
9.79
6.27
-36%
UK energy (including vehicle fuels) MWh
6,707
4,645
-31%
0.71
0.48
-32%
UK Scope 1 and Scope 2 emissions tCO
2
e
1,313
837
-36%
0.14
0.09
-38%
We report on all global operations for which we have operational control following the GHG Protocol Corporate Accounting and
Reporting Standard (revised edition).
243
RELX
Annual Report 2025 | Independent assurance statement
Ernst & Young LLP (EY) was engaged by RELX PLC (the Company) to perform
a limited assurance engagement in accordance with International Standard
on Assurance Engagements (ISAE) 3000 (Revised) to report on selected
Corporate Responsibility data (the ‘Subject Matter’) presented on pages 34
to 63 of the Company’s Annual Report for the year ended 31 December 2025
(the ‘Report’). In preparing the Subject Matter, the Company applied their
corporate responsibility reporting guidelines, comprising the ‘RELX
Reporting Guidelines and Methodology 2025’ as set out on their website
(RELX.com) (the ‘Criteria’).
The Subject Matter is marked up with the following symbol “^” within the
Report. Other than as described in the preceding paragraph we did not
perform assurance procedures on any other information included in the
Report, and accordingly, we do not express an opinion or conclusion on any
information, other than the Subject Matter.
Conclusion
Based on the procedures performed and evidence obtained, nothing has
come to our attention that causes us to believe that the Subject Matter is
not prepared, in all material respects, in accordance with the Criteria.
Basis for our conclusion
We conducted our engagement in accordance with International Standard
on Assurance Engagements 3000 (Revised), Assurance Engagements Other
than Audits or Reviews of Historical Financial Information, as promulgated
by the International Auditing and Assurance Standards Board (IAASB) and
the terms of our engagement letter dated 25 November 2025 as agreed with
RELX.
In performing this engagement, we have applied International Standard on
Quality Management (‘ISQM’) 1 Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or Other Assurance or Related
Services engagements, which requires that we design, implement and
operate a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
We have maintained our independence and other ethical requirements of
the Institute of Chartered Accountants of England and Wales (‘ICAEW’)
Code of Ethics (which includes the requirements of the Code of Ethics for
Professional Accountants issued by the International Ethics Standards
Board for Accountants (‘IESBA’)). We are the independent auditor of the
Company and therefore we will also comply with the independence
requirements that are relevant to our audit of the financial statements in
the UK, including the FRC’s Ethical Standard as applied to listed public
interest entities.
Emphasis of matter
We draw attention to note 9 to the ‘2025 key corporate responsibility data’ on
page 36 which explains that RELX reported 100% of its electricity purchased
from renewable sources for 2025, relying on green tariffs and renewable
energy certificates (RECs). It should be noted that, for 2025, 19% of this
percentage reported related to US RECs that have been applied to countries
outside of the United States. This means that the location of the purchased
RECs differs from the location where they have been applied. Our conclusion
is not modified in respect of this matter.
Responsibilities of the Company
The Subject Matter needs to be read and understood together with the
Criteria. The directors of the Company are solely responsible for:
§
the selection of the Subject Matter to be assured;
§
selecting suitable Criteria against which the Subject Matter is to be
evaluated and ensuring the Criteria is relevant and appropriate;
§
preparing and presenting the Subject Matter in accordance with the
Criteria; and
§
designing and implementing internal controls and other processes they
determine is necessary, to enable the Subject Matter to be free from
material misstatement, whether due to fraud or error.
Responsibilities of EY for the limited assurance engagement
It is our responsibility to:
§
plan and perform the engagement to obtain limited assurance in respect
of whether the Subject Matter has not been prepared in all material
respects in accordance with the Criteria;
§
form an independent conclusion on the basis of the work performed and
evidence obtained; and
§
report our conclusion to the directors of the Company.
Our approach
We conducted our engagement in accordance with International Standard on
Assurance Engagements 3000 (Revised), Assurance Engagements Other than
Audits or Reviews of Historical Financial Information, as promulgated by the
International Auditing and Assurance Standards Board (IAASB).
Those standards require that we plan and perform our engagement to express
a conclusion on whether we are aware of any material modifications that need
to be made to the Subject Matter in order for it to be in accordance with the
Criteria, and to issue a report.
The procedures performed in a limited assurance engagement vary in nature
and timing from, and are less in extent than for, a reasonable assurance
engagement. Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than the assurance that would
have been obtained had a reasonable assurance engagement been
performed. Our procedures were designed to obtain a limited level of
assurance on which to base our conclusion and do not provide all the evidence
that would be required to provide a reasonable level of assurance.
Although we considered the effectiveness of management’s internal controls
when determining the nature and extent of our procedures, our assurance
engagement was not designed to provide assurance on internal controls. Our
procedures did not include testing controls or performing procedures relating
to checking aggregation or calculation of data within IT systems.
A limited assurance engagement consists of making enquiries, primarily of
persons responsible for preparing the Subject Matter and related information
and applying analytical and other appropriate procedures.
Because a limited assurance engagement can cover a range of assurance, the
detail of the procedures we have performed is included below, so that our
conclusion can be understood in the context of the nature, timing and extent of
procedures we performed:
a.
Conducted interviews with key personnel to understand the process for
collecting, collating and reporting the Subject Matter during the reporting
period;
b.
Analytical review procedures to understand the appropriateness of the
data;
c.
Testing, on a limited sample basis, against underlying source information
to check the accuracy and completeness of the data and the appropriate
application of the Criteria; and
d.
Assessing the Report for the appropriate presentation of the data including
limitations and assumptions.
We also performed such other procedures as we considered necessary
in the circumstances.
Inherent limitations
Non-financial information is subject to more inherent limitations than
financial information, given the characteristics of the underlying subject
matter. Because there is not yet a large body of established practice upon
which to base measurement and evaluation techniques, the methods used for
measuring or evaluating non-financial information, including the precision of
different techniques, can differ, yet be equally acceptable. This may affect the
comparability between entities, and over time.
Our conclusion is based on historical information and the projection of any
information or conclusions in the attached report to any future periods would
be inappropriate.
Use of our report
This report is produced in accordance with the terms of our engagement letter
dated 25 November 2025, solely for the purpose of reporting to the directors
of the Company in connection with the Subject Matter for the period ended
31 December 2025.
Those terms permit disclosure on the Company’s website, solely for the
purpose of the Company showing that it has obtained an independent
assurance report in connection with the Subject Matter.
To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s directors
as a body, for our work, for this report, or for the conclusions we have formed.
This engagement is separate to, and distinct from, our appointment as the
auditor to the Company.
Ernst & Young LLP
11 February 2026
London
Independent Limited Assurance Report to the Directors of RELX
PLC on selected corporate responsibility data
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
244
RELX
Annual Report 2025
Shareholder
information
In this section
245
Shareholder information
247
Shareholder information and contacts
248
2026 financial calendar
245
RELX
Annual Report 2025 | Shareholder information
Annual Report 2025 (the Annual Report)
The Annual Report for RELX PLC (the Company) for the year
ended 31 December 2025 is available on the Company’s website,
and from the registered office of RELX PLC shown on page 247.
Additional financial information, including the interim
and full-year results announcements, trading updates and
presentations, is also available on the Company’s website
www.relx.com
.
The consolidated financial statements set out in the Annual Report
are expressed in sterling, with summary financial information
expressed in Euro and US dollars.
Share price information
RELX PLC’s ordinary shares are traded on the
London Stock Exchange.
RELX PLC
Trading symbol
REL
ISIN
GB00B2B0DG97
RELX PLC’s ordinary shares are traded on the
Euronext Amsterdam Stock Exchange.
RELX PLC
Trading symbol
REN
ISIN
GB00B2B0DG97
RELX PLC’s ordinary shares are traded on the
New York Stock Exchange in the form of American Depositary
Shares (ADSs), evidenced by American Depositary Receipts (ADRs).
RELX PLC ADRs
Ratio to ordinary shares
1:1
Trading symbol
RELX
CUSIP code
759530108
The RELX PLC ordinary share price and the ADS price may be
obtained from the Company’s website, other online sources and
the financial pages of some newspapers.
For further information visit the ‘Investor Centre’ section
of the Company’s website
www.relx.com/investorcentre
Information for registered
ordinary shareholders
Shareholder services
The RELX PLC ordinary share register is administered by Equiniti
Limited. Equiniti provides a free online portal for shareholders at
www.shareview.co.uk
. Shareview allows shareholders
to monitor the value of their shareholdings, view their dividend
payments and submit dividend mandate instructions.
Shareholders can also submit their proxy voting instructions
ahead of Company meetings and update their personal contact
details. Shareview Dealing provides a share purchase and sale
facility. Equiniti’s contact details are shown on page 247.
Electronic communications
While hard copy shareholder communications continue to be
available to those shareholders requesting them, in accordance
with the Companies Act 2006 and the Company’s Articles of
Association, the Company uses its website as the main method
of communicating with shareholders. By registering their details
online at Shareview, shareholders can be notified by email when
shareholder communications are published on the Company’s
website. Shareholders can also use the Shareview website to
appoint a proxy to vote on their behalf at shareholder meetings.
Shareholders who hold their Company shares through CREST
may appoint proxies for shareholder meetings through the CREST
electronic proxy appointment service by using the procedures
described in the CREST manual.
Dividend mandates
Since June 2024, dividends have been paid by direct credit. To
continue to receive RELX PLC dividends and any monies payable
in connection with RELX PLC shares, shareholders must provide
UK bank or building society account details to the Company’s
registrar, Equiniti, so that payments can be made directly into this
account. A dividend mandate form can be obtained online at
www.shareview.co.uk
, or by contacting Equiniti.
Equiniti has established a service for overseas shareholders in
over 90 countries, which enables shareholders to have their
dividends automatically converted from sterling and paid
directly into their nominated bank account. Further details
of this service, and the fees applicable, are available at
www.shareview.co.uk/info/ops
or by contacting Equiniti
at the address shown on page 247.
Dividend Reinvestment Plan
Shareholders can choose to reinvest their Company dividends by
purchasing further shares through the Dividend Reinvestment
Plan (DRIP) provided by Equiniti. Further information
concerning the DRIP facility, together with the terms and
conditions and an application form can be obtained online at
www.shareview.co.uk/info/drip
or by contacting Equiniti
at the address shown on page 247.
Shareholder information
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
246
RELX
Annual Report 2025 | Financial statements and other information
Share dealing service
A telephone and internet dealing service is available through
Equiniti, which provides a simple way for UK resident shareholders
to buy or sell their shares. For telephone dealing call +44 (0)345
603 7037 between 8.30am and 5.30pm (UK time), Monday to Friday
(excluding public holidays in England and Wales), and for
internet dealing log on to
www.shareview.co.uk/dealing
.
You will need your shareholder reference number as shown on
your dividend confirmation.
ShareGift
The Orr Mackintosh Foundation operates a scheme for
shareholders with small shareholdings, that may be too small
to sell economically, to make donations of shares. Details of
the scheme can be obtained from the ShareGift website at
www.sharegift.org
, or by telephoning ShareGift
on +44 (0)20 7930 3737.
Sub-division of ordinary shares and share consolidation
On 28 July 1986, each RELX PLC ordinary share of £1 nominal
value was sub-divided into four ordinary shares of 25p each.
On 2 May 1997, each 25p ordinary share was sub-divided into two
ordinary shares of 12.5p each. On 7 January 2008, the ordinary
shares of 12.5p each were consolidated on the basis of 58 new
ordinary shares of 14
51⁄
116
p nominal value for every 67 ordinary
shares of 12.5p each held.
Capital gains tax
The mid-market price of RELX PLC’s £1 ordinary shares on
31 March 1982 was 282p. Adjusting for the sub-divisions and
share consolidation referred to above results in an equivalent
mid-market price of 40.72p for each existing ordinary share of
14
51⁄
116
p nominal value.
Warning to shareholders – unsolicited
investment advice
§
From time to time shareholders may receive unsolicited calls
from fraudsters
§
Fraudsters use persuasive and high-pressure tactics to lure
investors into scams, sometimes known as boiler room scams
§
They may offer to sell shares that turn out to be worthless or
non-existent, or to buy shares at an inflated price in return for
an upfront payment
§
While high profits are promised, if you buy or sell shares in this
way you will probably lose your money
§
Thousands of people contact the Financial Conduct Authority
(FCA) about investment fraud each year
How to avoid share fraud and boiler room scams
The FCA has issued some guidance on how to recognise and avoid
investment fraud:
§
Legitimate firms authorised by the FCA are unlikely to contact
you unexpectedly with an offer to buy or sell shares
§
If you receive an unsolicited phone call, do not get into a
conversation, note the name of the person and firm
contacting you and then end the call
§
Check the Financial Services Register available at
register.fca.org.uk
to see if the person and firm contacting
you is authorised by the FCA. If you wish to call the person or
firm back, only use the contact details listed on the Register
§
Call the FCA on 0800 111 6768 if the firm does not have any
contact details on the Register, or if you are told that they are
out of date
§
Search the list of unauthorised firms to avoid at
www.fca.org.uk/consumers/unauthorised-firms-
individuals#list
§
If you do buy or sell shares through an unauthorised firm,
you will not have access to the Financial Ombudsman Service
or the Financial Services Compensation Scheme
§
Consider obtaining independent financial and professional
advice before you hand over any money. If it sounds too good
to be true, it probably is
How to report a scam
If you are approached by fraudsters, please tell the FCA using
the share fraud reporting form at
www.fca.org.uk/
consumers/report-scam-unauthorised-firm
, where you
can find out more about investment scams. You can also call
the FCA Consumer Helpline on 0800 111 6768.
If you have already paid money to share fraudsters, you should
contact Action Fraud on 0300 123 2040 or use its online tool:
www.actionfraud.police.uk/report_fraud
247
RELX
Annual Report 2025 | Shareholder information
Shareholder information and contacts
Information for holders of ordinary shares
held through Euroclear Nederland
Shareholders with enquiries concerning RELX PLC ordinary
shares that are not held directly on the Register of Members and
are ultimately held through Nederlands Centraal Instituut voor
Giraal Effectenverkeer BV (Euroclear Nederland) should direct
their enquiries to the broker, financial intermediary, bank or
other financial institution that holds the shares on their behalf.
Dividend Reinvestment Plan
Shareholders can choose to reinvest Company dividends by
purchasing shares through the Dividend Reinvestment Plan
(DRIP) provided by ABN AMRO Bank NV. Further information
concerning the DRIP facility can be obtained via as.exchange.
agency@nl.abnamro.com.
Information for ADR holders
ADR shareholder services
Enquiries concerning RELX PLC ADRs should be addressed
to the ADR Depositary, Citibank NA, at the address shown below.
Dividend payments on RELX PLC ADRs are converted into US
dollars by the ADR Depositary.
Annual Report on Form 20-F
The RELX Annual Report on Form 20-F is filed electronically
with the United States Securities and Exchange Commission and
is available on the Company’s website, or from the ADR Depositary
at the address shown below.
Dividend currency elections
Shareholders appearing on the Register of Members or holding
their shares through CREST will continue to receive their
dividends in Pounds Sterling, but will have the option to elect
to receive their dividends in Euro. Euro payments will be made
by cheque only.
Shareholders who appear on the Register of Members and wish
to receive their dividend in Euro should contact our Registrar,
Equiniti on +44 (0)371 384 2960 for a dividend election form and
further information regarding the Euro dividend option.
Alternatively, shareholders can view and update their current
dividend elections by registering for a Shareview Portfolio at
www.shareview.co.uk/register
.
Shareholders who hold their shares through CREST and wish to
receive their dividend in Euro, must do so by following the CREST
Elections process.
Shareholders who hold RELX PLC shares through Euroclear
Nederland (via banks and brokers), will automatically receive
their dividends in Euro, but will have the option to elect to receive
their dividends in Pounds Sterling.
Shareholders who hold their shares through Euroclear Nederland
and wish to receive their dividends in Pounds Sterling should
contact their broker, financial intermediary, bank or other
financial institution that holds the shares on their behalf.
Contacts
RELX PLC
Head Office and Registered Office
London WC2N 5JR
Tel: +44 (0)20 7166 5500
Auditor
Ernst & Young LLP
1 More London Place
London SE1 2AF
United Kingdom
Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing BN99 6DA
West Sussex
United Kingdom
www.shareview.co.uk
Equiniti provide a range of services to shareholders. Extensive
information including answers to frequently asked questions can
be found online at
www.shareview.co.uk
Tel: +44 (0)371 384 2960
*
Lines are open from 8.30am to 5.30pm, UK time Monday to Friday (excluding
public holidays in England and Wales). Please use the country code when
dialling from outside the UK.
Listing/paying agent for shares listed on Euronext Amsterdam
held through Euroclear Nederland
ABN AMRO Bank NV
Department Corporate Broking and Issuer Services HQ7212
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands
Email: as.exchange.agency@nl.abnamro.com
RELX PLC ADR Depositary
Citibank Shareholder Services
PO Box 43077
Providence, RI 02940-3077
USA
www.citi.com/dr
Email: citibank@shareholders-online.com
Tel: +1 877 248 4237
+1 781 575 4555 (callers outside the US)
Market segments
Governance
Financial statements
and other information
Financial review
Corporate responsibility
Overview
248
RELX
Annual Report 2025 | Financial statements and other information
2026 financial calendar
12 February
Results announcement for the year ended 31 December 2025
23 April
Trading update issued in relation to the 2026 financial year
23 April
Annual General Meeting
7 May
Ex-dividend date – 2025 final dividend, ordinary shares
8 May
Record date – 2025 final dividend, ordinary shares
8 May
Ex-dividend date & Record date – 2025 final dividend, ADRs
26 May
Dividend currency and DRIP election deadline
1 June
Euro dividend equivalent announcement
18 June
Payment date – 2025 final dividend, ordinary shares
24 June
Payment date – 2025 final dividend, ADRs
23 July
Interim results announcement for the six months to 30 June 2026
6 August*
Ex-dividend date – 2026 interim dividend, ordinary shares
7 August*
Record date – 2026 interim dividend, ordinary shares
7 August*
Ex-dividend date & Record date – 2026 interim dividend, ADRs
* Please note that these dates are provisional and subject to change. The 2026 interim dividend payment dates in respect of ordinary shares and ADRs will be confirmed by the
Company in its 2026 Interim Results announcement, currently scheduled for release on 23 July 2026.
Dividend history
The following tables set out dividends paid (or proposed) in relation to the three financial years 2023–2025.
ORDINARY SHARES
Pence per PLC
ordinary share
Euro equivalent
(€)
Payment date
Final dividend for 2025**
48.0
***
18 June 2026
Interim dividend for 2025
19.5
0.226
11 September 2025
Final dividend for 2024
44.8
0.531
19 June 2025
Interim dividend for 2024
18.2
0.213
5 September 2024
Final dividend for 2023
41.8
0.490
13 June 2024
Interim dividend for 2023
17.0
0.199
7 September 2023
ADRS
$ per PLC ADR
Payment date
Final dividend for 2025**
****
24 June 2026
Interim dividend for 2025
0.263830
16 September 2025
Final dividend for 2024
0.602604
25 June 2025
Interim dividend for 2024
0.239236
10 September 2024
Final dividend for 2023
0.533962
18 June 2024
Interim dividend for 2023
0.211761
12 September 2023
**
Proposed dividend payment subject to shareholder approval at the Annual General Meeting of RELX PLC in April 2026.
***
Euro equivalent amount will be determined using the appropriate exchange rate on 1 June 2026.
**** ADR US$ equivalent amount will be determined using the appropriate exchange rate on 18 June 2026.
Credits
Designed and produced by
Conran Design Group
Photography:
Board by
Douglas Fry, Piranha Photography
Senior Executives by
Janie Airey
Printed by
Pureprint Group, ISO14001, FSC
®
certified and CarbonNeutral
®
Printed on Revive 100 Silk which is made from 100% recovered
waste. All of the pulp is bleached using an elemental chlorine free
process (ECF). Printed in the UK by Pureprint using its
environmental printing technology; vegetable inks were used
throughout. Pureprint is a CarbonNeutral
®
company. Both
manufacturing mill and printer are ISO14001 registered and are
Forest Stewardship Council
®
(FSC
®
) chain-of-custody certified.
www.relx.com