RELX PLC (RELX)

RELX provides information-based analytics and decision tools to professional and business customers. It serves customers in more than 180 countries and territories, has offices in about 40 countries and employs more than 37,000 people, around 40% of them in North America. Four market segments carry the business: Risk, Scientific, Technical & Medical, Legal and Exhibitions. Figures are stated in pounds sterling, and growth rates described as underlying are at constant currency and exclude acquisitions and disposals.

Risk

This segment provides information-based analytics and decision tools, and it is the largest, at 36% of the group total. Sales were £3,485m in 2025, growing 8% on an underlying basis, with underlying growth in adjusted profit of 10%. Its sales are 79% North America, 13% Europe and 8% rest of world, and 39% subscription against 61% transactional including long-term contracts with volumetric elements. The filing attributes transactional activity to growth in insurance quoting and policy switching as consumers seek better terms, stimulated by competition among insurers, higher loss ratios and consumer interest in internet quoting.

Scientific, Technical & Medical

This segment combines scientific and medical information and data sets with technology, and the filing puts it at global number one in its market. Sales were £2,714m, 28% of the group, growing 5% on an underlying basis, with underlying growth in adjusted profit of 7%. Its data sets include patents, research grants, drug information and medical claims data, serving academic and government, corporate and health customers.

Legal

This segment provides tools combining legal, regulatory and business information with analytics. Sales were £1,806m, 19% of the group, growing 9% on an underlying basis, with underlying growth in adjusted profit of 12%. The filing puts its market position at number two in the US and first or second outside it. LexisNexis reaches faculty and students across over 210 US law schools.

Exhibitions

This segment combines industry expertise, digital tools and data to connect customers in person and online, and the filing puts it at global number two. Sales were £1,186m, 13% of the group, growing 8% on an underlying basis, with underlying growth in adjusted profit of 9%. Its events include IT, aviation supply chain, auto parts and luxury travel shows in markets such as Japan, Germany, Brazil and France.

The group

Group sales were £9,590m against £9,434m, underlying growth of 7%. Adjusted earnings were 128.5p a share against 120.1p, 10% higher at constant currency. Reported earnings were 112.6p a share against 103.6p, and the proposed full-year dividend is 67.5p against 63.0p. Borrowings net of cash stood at twice earnings before interest, tax, depreciation and amortisation. Products are sold through dedicated sales forces direct to customers, priced on a subscription or transactional basis and often under multi-year contracts.

People

There were 37,600 full-time equivalent employees, 95% of them full-time and 5% part-time, with average length of service of eight years. Contingent workers numbered 1,700, temporary workers were 3% of the total, and 12% of employees are represented by a collective bargaining agreement. Total turnover was 11.1%, of which 7.2% voluntary and 3.9% involuntary. Women were 46% of managers.

From RELX's annual report on Form 20-F for the year ended 31 December 2025. That filing carries no Item 4 or Item 5 heading in its body, using a cross-reference index at the back instead, so the annual report is read as one whole document rather than from separately located sections. The filing