RELX

T14.5% portfolio

RELX Plc

Next est. report 2027-02-18 · BMO

AI '25: Apps & Edge Deployment AI '25: Data Owners Alt & Market Data '26: Risk Analytics Business Services '26: AI Governance, Trust & Compliance Data Owners '25: Education, Research & Scientific Knowledge Data Owners '25: Insurance, Claims & Catastrophe Risk Data Owners '25: Legal, Regulatory & IP Information Software '26: Legal Tech

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Overview

RELX Plc delivers data-driven analytics and decision tools globally across Risk (~35%), Scientific, Technical & Medical (~32%), Legal (~20%), and Exhibitions (~

RELX Plc delivers data-driven analytics and decision tools globally across Risk (~35%), Scientific, Technical & Medical (~32%), Legal (~20%), and Exhibitions (~13%). It serves banks, insurers, law firms, universities, and corporations, leveraging proprietary content and AI-enabled solutions like Lexis+ with Protege and LeapSpace to drive value and strong growth.

Key Inputs And Sourcing

1. Labor (Software Engineers, Data Scientists, Content Creators)

labor · Global · approx. 50% of operating expenses

Source Staff costs account for almost half of all operating expenses. RELX employs over 37,000 people globally.

Confidence: high

2. IT Infrastructure / Cloud Computing Services

other · Global · unknown (annual spend £1.2bn-£1.3bn)

Source RELX invests £1.2bn-£1.3bn annually in information technology and employs 10,000-11,000 technologists to support AI-enabled tools and data platforms.

Confidence: high

3. Data Acquisition/Licensing

other · Global · unknown

Source Core to RELX's business model is leveraging unique contributory and proprietary data sets, often acquired through selective acquisitions. [cite: 6, Transcript]

Confidence: high

4. Marketing & Sales Expenses

other · Global · unknown (UK£1.55bn LTM sales & marketing expense)

Source Significant investment in sales and marketing is crucial for driving 'strong new sales' across all segments. [cite: 4, 15, Transcript]

Confidence: medium

5. Content Acquisition/Editorial Production

other · Global · unknown

Source Essential for the Scientific, Technical & Medical (STM) and Legal segments, involving content acquisition and editorial production operations.

Confidence: medium

6. Event Venue Rental & Logistics

other · Global (where events are held) · unknown

Source Direct costs for the Exhibitions segment, including venue rental, event management, and related services. [cite: 30, 36, Transcript]

Confidence: medium

7. Travel & Accommodation

logistics · Global · unknown

Source Supports the Exhibitions segment (e.g., 'travel disruption') and general business activities. [cite: 20, 30, Transcript]

Confidence: medium

8. Amortization of Acquired Intangible Assets

other · Global · unknown (approx. £248m in 2025)

Source A significant non-cash operating cost reflecting the value of acquired intellectual property and data assets from past acquisitions.

Confidence: medium

9. Print Production Materials & Services

other · Global · unknown (declining, ~4-5% of revenue)

Source While declining, print activities still contribute to revenue and incur costs for production, paper, and binding. [cite: 3, 11, 16, 20, Transcript]

Confidence: low

10. AI Model Tokens/APIs

other · Global · less than 1% of overall cost base

Source Explicitly stated as a minor cost input for AI-enabled tools. [cite: 11, 30, Transcript]

Confidence: high

Industry Publications

Legaltech News (law.com) — Provides deep coverage of legal technology, AI in law, e-discovery, and legal industry innovation, directly relevant to RELX's Legal segment and Lexis+ AI developments.
Compliance Week (complianceweek.com) — Focuses on regulatory compliance, governance, risk management (GRC), and financial crime, which are central to RELX's Risk division and its solutions.
WIPO Magazine (wipo.int) — Covers intellectual property (IP) news, trends, and policy, relevant for monitoring the broader IP landscape that impacts RELX's content and data assets.
The Scholarly Kitchen (scholarlykitchen.sspnet.org) — Offers insights into scholarly publishing, academic research, and scientific communication, directly relevant to RELX's Scientific, Technical & Medical (STM) segment and Elsevier.
Exhibition World (exhibitionworld.co.uk) — Specializes in news and analysis of the global exhibitions and events industry, providing critical monitoring for RELX's Exhibitions division (RX).

Economic Data Watch

1. OECD — Main Science and Technology Indicators (MSTI)

Metric/field Gross domestic expenditure on R&D (GERD) as a percentage of GDP

Cadence annually

Why it matters Directly impacts the funding environment and investment in scientific research, which drives demand for RELX's STM products and services.

Signal to watch Increasing percentage indicates a growing market for STM solutions.

Confidence: high

2. FRED (Federal Reserve Economic Data) — National Income and Product Accounts (NIPA)

Metric/field Corporate Profits After Tax (without IVA and CCAdj) (CPATAX)

Cadence quarterly

Why it matters Corporate profits influence the budget availability for legal services, risk solutions, and business services, impacting RELX's Legal and Risk segments.

Signal to watch Rising corporate profits suggest increased spending capacity from RELX's corporate clients.

Confidence: high

3. FRED (Federal Reserve Economic Data) — Federal Funds Rate

Metric/field Federal Funds Effective Rate (FEDFUNDS)

Cadence daily

Why it matters Influences the financial services sector, a key client base for RELX's Risk division, affecting their investment in compliance and fraud solutions.

Signal to watch Stable or decreasing rates may encourage investment by financial clients, while rapidly increasing rates could lead to caution.

Confidence: medium

4. FRED (Federal Reserve Economic Data) — Personal Consumption Expenditures (PCE)

Metric/field Personal Consumption Expenditures: Legal Services (PCESLS)

Cadence monthly

Why it matters Provides a direct measure of spending on legal services, indicating the overall health and demand within the market served by RELX's Legal segment.

Signal to watch Consistent growth in legal services expenditures suggests a robust market for RELX's legal products.

Confidence: high

5. FRED (Federal Reserve Economic Data) — Industrial Production and Capacity Utilization

Metric/field Industrial Production Index (INDPRO)

Cadence monthly

Why it matters A broad indicator of economic activity and business health, influencing overall corporate spending on professional services, data, and attendance at exhibitions.

Signal to watch An increasing index suggests stronger economic activity, potentially leading to higher demand across all RELX segments.

Confidence: medium

Free Alt Data Watch

1. Google Trends — Search Interest

Metric/field Lexis+ AI (relative search volume)

Cadence daily

Why it matters Tracks public and professional interest in a key AI-enabled product within RELX's Legal segment, indicating adoption and market relevance.

Signal to watch Sustained or increasing search interest suggests growing awareness and potential adoption of Lexis+ AI.

Confidence: high

2. Google Trends — Search Interest

Metric/field LeapSpace (relative search volume)

Cadence daily

Why it matters Monitors interest in RELX's new research-grade AI workspace in the STM segment, reflecting early adoption and market traction.

Signal to watch Rising search interest indicates positive momentum and increasing engagement with LeapSpace.

Confidence: high

3. World Intellectual Property Organization (WIPO) — World Intellectual Property Indicators (WIPI) Report

Metric/field Total Global Patent Filings (annual report)

Cadence annually

Why it matters Reflects global innovation activity, which drives demand for intellectual property information and tools within RELX's Legal segment.

Signal to watch Increasing patent filings signal a growing market for IP-related legal and information services.

Confidence: high

4. Reddit — r/legaltech subreddit

Metric/field Subscribers (daily count)

Cadence daily

Why it matters Indicates community engagement and interest in legal technology, providing a qualitative signal for the broader legal tech market relevant to RELX.

Signal to watch Growing subscriber count suggests increasing professional interest and discussion around legal technology trends.

Confidence: medium

5. U.S. National Science Foundation (NSF) — Federal Funds for Research and Development

Metric/field Total R&D Obligations (annual report)

Cadence annually

Why it matters Directly tracks government funding for scientific research in the U.S., a significant driver for RELX's STM segment.

Signal to watch Increased R&D obligations indicate a more favorable funding environment for scientific institutions, potentially boosting STM revenue.

Confidence: high

Paid Alt Data Watch

1. Revelio Labs — Employee Headcount Data

Metric/field RELX Plc - Global Employee Headcount

Cadence monthly

Why it matters Provides insight into RELX's overall growth trajectory and investment in human capital, reflecting confidence in future business expansion.

Signal to watch Consistent or increasing headcount suggests ongoing investment and growth within the company.

Confidence: high

2. SimilarWeb — Website Traffic Analytics

Metric/field LexisNexis.com - Total Website Visits

Cadence monthly

Why it matters Measures user engagement and demand for RELX's core legal information platform, indicating product stickiness and market share.

Signal to watch Sustained or increasing website visits suggest strong user adoption and reliance on LexisNexis products.

Confidence: high

3. SimilarWeb — Website Traffic Analytics

Metric/field Elsevier.com - Total Website Visits

Cadence monthly

Why it matters Tracks engagement with RELX's primary scientific, technical, and medical content platform, reflecting researcher activity and institutional usage.

Signal to watch Growth in website visits indicates increasing usage and value derived from Elsevier's STM offerings.

Confidence: high

4. PredictHQ — Event Intelligence Data

Metric/field Global Legal Tech Conferences - Total Attendee Count

Cadence event_driven

Why it matters Serves as a proxy for the health and engagement of the legal technology market, influencing RELX's Legal segment and potential exhibition opportunities.

Signal to watch Higher attendee counts suggest a vibrant and growing legal tech industry, potentially increasing demand for RELX's solutions.

Confidence: medium

5. Placer.ai — Foot Traffic Analytics

Metric/field Foot traffic at major exhibition venues during RELX events (e.g., ExCeL London, Messe Frankfurt)

Cadence event_driven

Why it matters Provides a direct, real-time measure of attendance and engagement at RELX's physical exhibition events, indicating the success and appeal of its portfolio.

Signal to watch Increased foot traffic at RELX-hosted events points to strong event performance and market interest.

Confidence: high

Search Keywords Brand Product

Lexis+ AI
Protege
LeapSpace
ScienceDirect AI
Scopus AI
Lex Machina
SurePath AI
Doin acquisition
LexisNexis
Elsevier
RX Exhibitions
IDVerse
AI-enabled analytics
decision tools
proprietary data
financial crime compliance
digital fraud
identity solutions
contributory databases
legal analytics
research workflow
scientific discovery
legal tech
AI monetization
risk assessment
autonomous driving data
token costs

Search Keywords Event Phrases

RELX earnings
RELX H1 2026 results
RELX investor day

Search Keywords Policy Regulatory

EU AI Act compliance
OMB scientific research funding
journal subscription costs
APC charges

What They Do (Plain English & Analogies): RELX acts like a super-smart information provider for professionals who need to make critical decisions. Imagine a bank trying to spot fraud, a scientist looking for the latest research, or a lawyer preparing a complex case. RELX provides these experts with highly specialized data, advanced analysis tools, and expert insights, often powered by artificial intelligence. They take vast amounts of information, clean it up, analyze it with sophisticated technology, and deliver it in a way that helps their customers solve specific problems quickly and accurately. Think of them as an always-on, highly specialized consultant, but powered by data and AI. They operate across four main areas: Risk (helping businesses assess and predict potential risks), Scientific, Technical & Medical (providing information for scientific advancement and healthcare), Legal (offering legal and regulatory intelligence), and Exhibitions (managing events that combine in-person interactions with digital resources). Over 90% of their Risk division's revenue comes from machine-to-machine interactions, highlighting their deep integration of AI-enabled analytics and decision tools leveraging unique and proprietary data sets.
Very Brief History: Established in 1903, the company was originally known as Reed Elsevier PLC, formed through the merger of British publisher Reed International and Netherlands-based scientific publisher Elsevier in 1993. It adopted its current name, RELX PLC, in July 2015. Over its history, RELX has evolved from a traditional publisher into a global enterprise focused on delivering data-driven analytical solutions and decision-making tools across various professional sectors, systematically divesting print and business-to-business magazine titles to focus on electronic information and analytics.
"Street Stereotype": RELX is generally perceived by investors and analysts as a high-quality data and analytics compounder with an accelerating ability to monetize its offerings through AI, particularly with products like Lexis+ AI and new STM tools. It's recognized for its resilient, subscription-based revenue and its Exhibitions division, which is considered structurally stronger post-COVID. Its strong cash generation is often highlighted as a support for ongoing share buybacks and dividends. Recent sentiment has been positive, with the stock surging after H1 2026 results, reflecting market validation of its AI-driven growth strategy.
Subsidiaries On Linked In*: LexisNexis — Major division for legal and professional information; LinkedIn: lexisnexis
Elsevier — Major division for scientific, technical, and medical information; LinkedIn: elsevier
RX (Reed Exhibitions) — Major division for exhibitions and events; LinkedIn: rx-global
LexisNexis Risk Solutions — Major division within Risk, focusing on fraud, identity, and insurance analytics; LinkedIn: lexisnexis-risk-solutions
Customer Sectors & Example Clients: RELX's customers span a variety of professional sectors, including banks, insurers, law firms, universities, corporations, and event exhibitors. In the Risk division, customers include financial institutions for financial crime compliance and digital fraud solutions, and insurance companies for contributory databases and market-specific solutions. LexisNexis Risk Solutions works with 23 of the world's top 25 insurers and 95% of the top U.S. personal auto and home insurance companies. Legal clients include law firms and corporate legal departments, with the recent acquisition Doctrine serving 27,000 legal professionals across France, Italy, Germany, and Spain. STM serves scientific researchers and academic institutions globally.
New Customers / Segments They'Re Targeting: RELX is continuously expanding its offerings to target new customer needs and segments. In Risk, they are expanding differentiated data assets with integrated advanced authentication and behavioral intelligence to address the increasing complexity of risk decisioning. For insurance, they are adding data sources and analytics to enhance value for customers. In STM, new releases like the research-grade AI workspace LeapSpace are being rolled out, targeting increased adoption and usage among scientific researchers. The Legal division is shifting its business mix towards higher-value legal analytics and tools, with ongoing releases of new functionality and tools integrating additional skills and capabilities into its core platform. Management sees significant upside in the broader legal tech software market, which is expected to grow from $25 billion to $75-$100 billion over the next decade, by contributing content-related workflow tools. The increasing complexity of the auto industry, particularly with autonomous driving, also creates a bigger opportunity for RELX to contribute with new data sets and sophisticated models for risk assessment.
Sales Geographies And Expansion Plans: RELX operates globally, serving customers in more than 180 countries and territories and maintaining offices in about 40 countries. North America is a significant market, accounting for approximately 60% of RELX's revenues. The company delivers its solutions to professional and corporate clients across North America, Europe, and other international markets. Management's strategy involves expanding into higher growth adjacencies and geographies through both organic development and selective acquisitions. A recent example is the Doin acquisition, which expands RELX's legal AI offerings in France and other key European markets, including Germany, Spain, and Italy. The Exhibitions division also has a presence in the Middle East and has expanded its Asia presence with WTM Spotlight India.
How Key Themes May Help/Hurt: The 'Data Owners '25: Legal, Regulatory & IP Information' theme strongly benefits RELX. The indispensable value of its proprietary, expert-curated data is amplified by AI, driving demand for trusted, verifiable information crucial for 'fiduciary-grade' AI applications in legal and regulatory domains. Increasing global regulatory complexity and compliance mandates across financial services and other sectors create an expanding market for RELX's specialized data and workflow solutions, particularly in its Risk division. Furthermore, AI integration enables significant productivity gains and workflow automation, expanding the total addressable market for solutions like Lexis+ with Protege. However, the theme also presents challenges, including an intensifying competitive landscape from generic LLMs and agile AI-native startups that could challenge RELX's differentiation and pricing power, despite its content moat. Slower-than-anticipated enterprise adoption of AI solutions due to change management or budget constraints also remains a potential headwind.

3 Main Long-Term Bull Details

Accelerating AI Monetization and Content Advantage: RELX is successfully embedding AI-enabled analytics and decision tools across all business areas, driving strong growth and demonstrating pricing power, particularly with Lexis+ with Protege in Legal and new tools like LeapSpace in STM. Its uniquely differentiated, comprehensive, and trusted content base, combined with proprietary algorithms and a multi-model approach, creates a sustainable competitive advantage that is difficult to replicate.
Resilient Subscription Base and Strong Cash Generation: The company benefits from a heavily subscription-based business model (85% of Legal, ~80% of STM), providing resilient and predictable revenue streams. This strong cash generation consistently supports significant share buybacks (GBP 2.25 billion planned for 2026) and increasing dividends, enhancing shareholder returns and providing financial flexibility for selective, value-enhancing acquisitions.
Improving Growth Trajectory and Operational Leverage: RELX has achieved an improving long-term growth trajectory by shifting its business mix towards higher-growth analytics and decision tools, supported by the evolution of AI. The company consistently manages cost growth below revenue growth, leading to expanding operating margins and strong earnings growth across all four business areas.

3 Main Long-Term Bear Details

Competitive Threats from AI Innovators: The rapid evolution of AI, particularly in Legal, poses a risk of new entrants or existing competitors eroding RELX's market share or pricing power if its AI-enabled offerings are perceived to lag or if its content advantage becomes less differentiated by generic AI models. While RELX focuses on content-related solutions, the broader legal tech software market is seeing rapid scaling from AI-native players.
STM Market Pressures and Slower Adoption: The Scientific, Technical & Medical (STM) segment faces potential pressures from open access mandates and university funding environments, which could moderate growth. Additionally, the adoption curve for new tools in the academic sector can be slower due to fragmented customer bases, longer decision cycles, and institutional budget processes.
Exhibitions Cyclicality and Geopolitical Sensitivity: While Exhibitions has shown strong growth, it remains susceptible to cyclical macroeconomic weakness or budget tightening from exhibitors. Geopolitical events, such as travel disruption or uncertainty around events in the Middle East (representing less than 0.5% of group revenue), can also impact its momentum and overall group performance.

Competitors And Differentiation: RELX faces competition from other companies leveraging generative AI tools in the broader legal tech industry, including AI-native players like Harvey and Lagora. In the scientific research space, LLM providers using additional workflow layers to their models, such as Claude for Science, are also emerging. RELX differentiates itself by building its AI tools on top of its unique, comprehensive, verified, and trusted content sets, which significantly increases value. In Legal, RELX focuses on the information-based side, providing higher value-add AI-enabled tools on top of its proprietary content, rather than directly competing with tech or software players in the broader workflow space. The company also views managing token costs effectively for customers as a significant competitive advantage due to its technology configuration and preprocessed content. For scientific research, RELX sees tools like Claude for Science as positive enablers of scientific discovery that complement its focus on research workflow around published science, rather than direct competition. In Risk, differentiation comes from deeply embedded AI-enabled analytics leveraging unique contributory and proprietary data sets, with over 90% of revenue from machine-to-machine interactions.
Recent Performance & What The Market'S Focused On: RELX delivered strong financial results in the first half of 2026, with underlying revenue growth of 7%, underlying adjusted operating profit growth of 9%, and adjusted earnings per share growth of 11% at constant currency. All four business areas performed well, with Legal's underlying revenue growth improving to 10% and STM's to 6%. Exhibitions saw strong underlying revenue growth of 6%, though adjusted operating profit growth was 2% due to event cycling and rescheduling, and some travel disruption. The company reaffirmed its full-year guidance for strong underlying growth. The market is focused on the sustainability and acceleration of AI monetization, particularly the adoption and deeper usage of Lexis+ with Protege in Legal and LeapSpace in STM. Investors are also tracking the impact of competitive dynamics from AI-native players in legal tech, the slower adoption cycles and potential policy impacts in STM, and the resilience of the Exhibitions segment amidst geopolitical uncertainties. The company's disciplined capital allocation, including significant share buybacks, also remains a key focus.

Revenue Segments And Estimated Mix: {"segments":[{"segment_name":"Risk","estimated_mix":"~35%","source_or_comment":"Overview","yoy_or_trend_comment":"Underlying revenue growth was 8% and underlying adjusted operating profit growth was 10% in H1 2026."產業: "Specialty Business Services"},{"segment_name":"Risk - Business Services","estimated_mix":">40% of divisional revenue","source_or_comment":"H1 2026 earnings transcript","yoy_or_trend_comment":"Strong growth driven by financial crime compliance and digital fraud and identity solutions."},{"segment_name":"Risk - Insurance","estimated_mix":"~40% of divisional revenue","source_or_comment":"H1 2026 earnings transcript","yoy_or_trend_comment":"Strong growth driven by further innovation and adoption of contributory databases and market-specific solutions."},{"segment_name":"Scientific, Technical & Medical (STM)","estimated_mix":"~32%","source_or_comment":"Overview","yoy_or_trend_comment":"Underlying revenue growth was 6% and underlying adjusted operating profit growth was 8% in H1 2026, a step-up from FY2025."},{"segment_name":"STM - Databases, Tools & Electronic Reference","estimated_mix":"~40% of divisional revenue","source_or_comment":"H1 2026 earnings transcript","yoy_or_trend_comment":"Strong growth driven by higher value-add solutions with continued rollout, adoption, and usage growth of AI-enabled tools."},{"segment_name":"STM - Primary Research","estimated_mix":">50% of divisional revenue","source_or_comment":"H1 2026 earnings transcript","yoy_or_trend_comment":"Good growth driven by volume growth; article submissions grew over 20% and articles published grew 7% in H1 2026."},{"segment_name":"Legal","estimated_mix":"~20%","source_or_comment":"Overview","yoy_or_trend_comment":"Underlying revenue growth improved to 10% and underlying adjusted operating profit growth was 13% in H1 2026."},{"segment_name":"Legal - Law Firms & Corporate Legal","estimated_mix":"~70% of divisional revenue","source_or_comment":"H1 2026 earnings transcript","yoy_or_trend_comment":"Double-digit growth driven by the continued adoption of Lexis+ with Protege."},{"segment_name":"Exhibitions","estimated_mix":"~13%","source_or_comment":"Overview","yoy_or_trend_comment":"Strong underlying revenue growth of 6% and underlying adjusted operating profit growth of 2% in H1 2026, reflecting some travel disruption."},{"segment_name":"Print and Print-Related Activities","estimated_mix":"n/m","source_or_comment":"H1 2026 earnings transcript","yoy_or_trend_comment":"Continued step down in revenue; profit expected to decline in high single digits each year."}]}
Product Brands: LexisNexis
Elsevier
RX Exhibitions
Lexis+ AI
Protege
LeapSpace
ScienceDirect AI
Scopus AI
IDVerse
Lex Machina
SurePath AI
Doctrine

Bull / Bear Details

RELX is a high-quality data & analytics compounder, delivering strong H1 2026 results and positive momentum. Its AI-enabled solutions, notably Lexis+ with Prote

Thesis

RELX is a high-quality data & analytics compounder, delivering strong H1 2026 results and positive momentum. Its AI-enabled solutions, notably Lexis+ with Protege in Legal and LeapSpace in STM, leverage proprietary, hard-to-replicate content to drive accelerating monetization and resilient subscription-based growth. Strong cash generation supports significant share buybacks, reinforcing the investment case as of 2026-07-27.

Bull case

Legal's underlying revenue growth accelerated to 10% in H1 2026, with 90% of new sales and 75% of renewals coming from Lexis+ with Protege. Usage and user growth are outpacing institutional adoption, indicating deep penetration and ongoing monetization opportunities beyond initial upgrades, driven by continuous AI-enabled tool enhancements.
STM's underlying revenue growth stepped up to 6% in H1 2026, driven by higher-value analytics and new AI-enabled tools like LeapSpace. LeapSpace active users nearly doubled in 90 days, with usage growing significantly faster, demonstrating strong customer adoption and value uplift in the research market, despite longer institutional decision cycles.
RELX delivered robust H1 2026 financial results, with 7% underlying revenue growth and 9% adjusted operating profit growth, reaffirming full-year guidance. The company has already deployed GBP 1.75 billion of its GBP 2.25 billion share buyback, demonstrating consistent capital returns and disciplined financial management, reinforcing shareholder value.

Bear case

The Exhibitions segment's H1 underlying revenue growth moderated to 6% and operating profit growth to 2%, partly due to travel disruption and event rescheduling. Uncertainty around remaining Middle East events (less than 0.5% of group revenue) highlights its susceptibility to external factors and geopolitical risks, impacting short-term performance.
While STM AI tools show promise, the industry's adoption curve is inherently slower due to fragmented customer bases, longer decision cycles, and funding dynamics. Additionally, the persistent high single-digit annual decline in profit from print and print-related activities continues to act as a drag on overall group profitability.
Despite RELX's strong content moat, the legal tech market faces intensifying competition from new AI-enabled workflow tools. While RELX focuses on content-related solutions and views others as complementary, the rapid evolution of AI could still challenge market share or pricing power in specific workflow areas, requiring continuous innovation.

Bull / Bear Case

Bear Case: The bear case for RELX Plc centers on competitive threats, slower adoption in certain segments, and external vulnerabilities. Despite RELX's content moat, the legal tech market faces intensifying competition from new AI-enabled workflow tools, which could challenge market share or pricing power if RELX's offerings are perceived to lag. While STM AI tools show promise, the industry's adoption curve is inherently slower due to fragmented customer bases, longer decision cycles, and potential impacts from open access mandates. Additionally, the persistent high single-digit annual decline in profit from print and print-related activities continues to act as a drag on overall group profitability. The Exhibitions segment's H1 underlying revenue growth moderated to 6% and operating profit growth to 2%, partly due to travel disruption and event rescheduling, with uncertainty around remaining Middle East events highlighting its susceptibility to external factors and geopolitical risks.
Bull Case: RELX Plc demonstrates a compelling bull case driven by accelerating AI monetization and a strong content advantage. The Legal segment's underlying revenue growth accelerated to 10% in H1 2026, with Lexis+ with Protege driving 90% of new sales and 75% of renewals, indicating deep penetration and ongoing monetization opportunities from continuous AI-enabled tool enhancements. Similarly, STM's underlying revenue growth stepped up to 6%, fueled by higher-value analytics and new AI tools like LeapSpace, which saw active users nearly double in 90 days with usage growing significantly faster. The company leverages uniquely differentiated, comprehensive, and trusted content, combined with proprietary algorithms, creating a sustainable competitive moat. Robust H1 2026 financial results, including 7% underlying revenue growth and 9% adjusted operating profit growth, reaffirm full-year guidance. RELX's resilient subscription-based model and strong cash generation support significant share buybacks (GBP 1.75 billion of GBP 2.25 billion deployed), reinforcing shareholder value and disciplined financial management.
More Compelling & Why: Bull. RELX's current P/E ratio of 22.33 and EV/EBITDA of 16.0x are below their respective historical medians/averages, while its Free Cash Flow Yield of 6.6% is above its historical average, suggesting a potentially undervalued stock given its strong growth prospects. The most compelling argument is the accelerating monetization of its AI-enabled solutions in Legal and STM, driven by proprietary data and high customer adoption, which is translating into robust underlying revenue and profit growth. My view would flip if there was a sustained deceleration in the adoption or monetization rates of its key AI-enabled products, leading to underlying revenue growth consistently below current expectations.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Lexis+ with Protege Adoption & Monetization	This factor is crucial as it directly reflects the monetization of RELX's significant AI investments in the Legal segment, driving accelerated revenue growth and reinforcing its competitive moat against emerging AI players.	Percentage of new sales value from Lexis+ with Protege; percentage of renewal value from Lexis+ with Protege; growth rate of active users vs. institutions; growth rate of usage vs. users.	Bullish: New sales value from Lexis+ with Protege consistently exceeds 90% and renewal value remains above 75%, with usage growth continuing to outpace user growth.	Company earnings calls and transcripts, investor presentations, press releases. Next update expected in H2 2026 earnings.	Google Trends: 'Lexis+ Protege adoption', 'LexisNexis AI reviews'; Legal tech industry news outlets for product reviews and customer testimonials.	Thinknum: Legal tech job postings mentioning 'Lexis+ Protege' or 'Legal AI'; Apptopia: LexisNexis app downloads/usage trends (if applicable for specific tools).
Risk Segment Underlying Revenue Growth & AI-enabled Data Expansion	The Risk segment is a significant contributor to group revenue, and its sustained strong growth, driven by deeply embedded AI and proprietary data, confirms RELX's competitive advantage and resilience against macroeconomic sensitivities.	Sustained underlying revenue growth rate (target 8%+); commentary on expansion of differentiated data assets (e.g., new data sources, advanced authentication/behavioral intelligence); sustained >90% machine-to-machine revenue.	Bullish: Risk segment maintains or exceeds 8% underlying revenue growth, driven by continued expansion of differentiated data assets and AI capabilities.	Company earnings calls and transcripts, investor presentations, industry reports on financial crime compliance, digital fraud, and insurance analytics. Next update expected in H2 2026 earnings.	Regulatory news on financial crime or digital identity solutions; industry reports on fraud trends.	Bloomberg Terminal: Industry-specific data on financial crime compliance software market growth; Gartner/Forrester reports on risk analytics market.
Share Buyback Program Completion	The execution of the substantial share buyback program signals management's confidence in future cash generation and commitment to shareholder returns, while also managing leverage within the target range.	Amount of remaining capital deployed against the GBP 2.25 billion target for 2026 (GBP 0.5 billion remaining as of H1 2026); commentary on leverage levels (target 2.0x-2.5x).	Bullish: The remaining GBP 0.5 billion of the share buyback program is completed as planned or ahead of schedule, with leverage maintained within the 2.0x-2.5x target range.	Company press releases, interim management statements, earnings calls, and financial reports. Next update expected in H2 2026 earnings.	Financial news wires for announcements of share repurchases.	FactSet/Refinitiv: Historical share buyback execution data and analyst estimates.
STM AI Tool Rollout & Adoption (LeapSpace & Scopus AI)	This indicates the successful evolution of the STM business mix towards higher-value AI-enabled analytics, validating management's upgraded growth outlook and demonstrating the ability to monetize new product introductions.	Active user growth rate for LeapSpace (e.g., sustained doubling rate); usage growth rate for LeapSpace relative to user growth; commentary on Scopus AI adoption acceleration and value uplift.	Bullish: LeapSpace active users continue to double or grow significantly faster, and usage growth consistently outpaces user growth, indicating strong product traction.	Company earnings calls and transcripts, investor presentations, scientific/academic industry publications. Next update expected in H2 2026 earnings.	Google Scholar: Mentions of 'LeapSpace' or 'Scopus AI' in research papers; academic forums/blogs for user feedback.	SimilarWeb: Web traffic and engagement for ScienceDirect/Elsevier platforms; Thinknum: STM-related job postings mentioning AI tools.
Exhibitions Segment Underlying Revenue Growth & Middle East Event Performance	While a smaller segment, Exhibitions has shown strong growth, and its performance, particularly regarding geopolitical impacts, provides insight into broader macroeconomic resilience and the effectiveness of event management.	Underlying revenue growth for the full year (target strong growth, aiming for 7-8% given H1 6%); resolution of uncertainty around remaining Middle East events (approx. 3% of divisional revenue); adjusted operating margin improvement.	Bullish: Exhibitions segment achieves full-year underlying revenue growth of 7-8% or higher, and remaining Middle East events proceed without significant disruption.	Company earnings calls and transcripts, investor presentations, press releases regarding event schedules and performance. Next update expected in H2 2026 earnings.	Industry trade publications for exhibition news; travel advisories for the Middle East region.	Placer.ai: Foot traffic data for major exhibition venues (if specific event locations are known and covered); industry-specific event attendance data providers.

Key Reported Metrics, Reratings Triggers & Results3 rows

This metric indicates the overall health and momentum of RELX's diversified business, reflecting the effectiveness of its strategy to shift towards higher-growt

Upcoming print · 2027-02-18

Key reported metrics
Metric	Last period	Why it matters
Group Underlying Revenue Growth	7%	This metric indicates the overall health and momentum of RELX's diversified business, reflecting the effectiveness of its strategy to shift towards higher-growth analytics and AI-enabled decision tools. Achieving 8%+ signals accelerating AI monetization and validates the investment thesis.
STM Segment Underlying Revenue Growth	6%	This metric reflects the progress of STM's business mix evolution towards higher-value analytics and tools, and the adoption of new products like LeapSpace, which are key for long-term growth in this segment. Sustained 'good to strong' growth confirms successful pivot.
Legal Segment Underlying Revenue Growth	10%	This metric is crucial for assessing the monetization of RELX's AI investments, particularly Lexis+ AI and Protege, and its ability to sustain growth amidst competitive threats in the legal tech market. Achieving double-digit growth validates AI monetization and strengthens its competitive position.

Last reported · 2026-07-23

Key reported metrics			Rerating thresholds
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date
Group Underlying Revenue Growth		Achieving 8%+ group underlying revenue growth would signal accelerating monetization of RELX's AI-enabled solutions and proprietary data, validating its competitive advantage against emerging AI threats. This confirms the investment thesis of RELX as a high-quality data & analytics compounder, driving a positive rerating by demonstrating stronger-than-expected growth and operational leverage.	Group Underlying Revenue Growth needs to hit 8% or higher. This would represent an acceleration from the 7% achieved in 2025 and surpass current analyst forecasts of 6.1-6.5% for 2026. This target is also in line with the 7-8% organic revenue growth expected by peer Thomson Reuters for Q2 2026.	Achieving 8%+ group underlying revenue growth would signal accelerating monetization of RELX's AI-enabled solutions and proprietary data, validating its competitive advantage against emerging AI threats. This confirms the investment thesis of RELX as a high-quality data & analytics compounder, driving a positive rerating by demonstrating stronger-than-expected growth and operational leverage.	2026-07-23
STM Segment Underlying Revenue Growth		Achieving 6.5%+ growth in the STM segment is critical as it would confirm RELX's successful pivot towards higher-value analytics and AI-enabled tools, validating its investment thesis. This demonstrates effective monetization of proprietary content and AI, reinforcing its competitive moat, and justifying a higher valuation multiple from investors.	For RELX Plc's stock to rerate higher, the STM Segment Underlying Revenue Growth metric needs to hit 6.5% or higher. This would represent a clear acceleration from the 5% growth reported in 2025 and validate management's upgraded 2026 outlook of "good to strong" for the segment. It would also indicate outperformance compared to the broader STM publishing market's projected 3.2% CAGR from 2026 to 2035.	Achieving 6.5%+ growth in the STM segment is critical as it would confirm RELX's successful pivot towards higher-value analytics and AI-enabled tools, validating its investment thesis. This demonstrates effective monetization of proprietary content and AI, reinforcing its competitive moat, and justifying a higher valuation multiple from investors.	2026-07-23
Legal Segment Underlying Revenue Growth		Achieving double-digit underlying revenue growth in the Legal segment is critical as it validates RELX's successful monetization of its AI investments, particularly Lexis+ AI. This demonstrates the company's ability to drive spend uplift and differentiate its offerings amidst competitive threats in the legal tech market. Sustained acceleration reinforces RELX's investment thesis as a high-quality data & analytics compounder, justifying its valuation and strengthening its competitive position.	Legal Segment Underlying Revenue Growth needs to hit 10%+ (double-digit growth) for Q2 2026, with management commentary confirming continued acceleration driven by Lexis+ AI adoption. This would represent an acceleration from the 9% reported in 2025 and align with management's stated expectation of 'double-digit growth' in the Law Firms & Corporate Legal sub-segment. Peer performance, such as Thomson Reuters' Legal Professionals segment growing 9% organically in Q1 2026, sets a strong benchmark.	Achieving double-digit underlying revenue growth in the Legal segment is critical as it validates RELX's successful monetization of its AI investments, particularly Lexis+ AI. This demonstrates the company's ability to drive spend uplift and differentiate its offerings amidst competitive threats in the legal tech market. Sustained acceleration reinforces RELX's investment thesis as a high-quality data & analytics compounder, justifying its valuation and strengthening its competitive position.	2026-07-23

Key Questions

Can RELX sustain and further accelerate the monetization of Lexis+ with Protege, driving continued double-digit growth in the Legal segment by converting initia

Can RELX sustain and further accelerate the monetization of Lexis+ with Protege, driving continued double-digit growth in the Legal segment by converting initial adoption into deeper usage and additional revenue streams, effectively differentiating against emerging AI workflow competitors?

Question 2: Will the strong early adoption and usage growth of LeapSpace and other AI-enabled tools in STM translate into a sustained acceleration of underlying revenue growth beyond 6%, overcoming the inherent slower academic adoption cycles and potential impacts of open access mandates?
Question 3: Can the Risk segment sustain its strong underlying revenue and profit growth of 8% and 10% respectively, leveraging its deep AI integration and proprietary data moats, amidst potential macroeconomic sensitivities and evolving regulatory scrutiny on AI in critical decision-making?

Earnings Transcript Summary2 rows

2026-07-23 · 2026H1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Leveraging AI-enabled analytics and decision tools: Management consistently highlighted the development and rollout of deeply embedded AI-enabled analytics and decision tools as the core driver of strong growth across all business areas, emphasizing their unique contributory and proprietary data sets. 2. Sustaining strong underlying revenue and profit growth with margin expansion: Management reported strong financial results with underlying revenue growth of 7% and underlying adjusted operating profit growth of 9%, aiming to keep cost growth below revenue growth to drive margin improvement. 3. Strategic direction and disciplined capital allocation: Erik Engstrom reiterated an unchanged strategic direction focused on shifting the business mix towards higher-growth analytics and decision tools, supported by AI. Nicholas Luff detailed capital allocation priorities including organic development, selective acquisitions, increasing dividends, and share buybacks to manage leverage.	Call Takeaway & ToneThe call conveyed a positive and confident tone, emphasizing RELX's strong financial performance in the first half of 2026, driven by the successful execution of its strategy to leverage AI-enabled analytics and decision tools across all business areas. Management expressed optimism for continued strong underlying growth, highlighting the ongoing shift towards higher-value solutions and disciplined cost management. Analysts' questions focused on growth sustainability, competitive dynamics, and regulatory impacts, which management addressed by reinforcing the company's strong content foundation, adaptable technology approach, and long-term growth opportunities.	Prior Quarter'S Y/Y Growth By SegmentFor the prior period (H2 2025/Full Year 2025), Risk underlying revenue growth was 8%. STM underlying revenue growth was 5%. Legal underlying revenue growth was 9%. Exhibitions underlying revenue growth was 8%. Revenue from print and print-related activities saw a reduction of over 20% in 2025.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. STM publication growth moderation and LeapSpace adoption: Analysts questioned the moderation of publication growth (7%) despite strong article submissions (over 20%) and sought metrics on LeapSpace adoption. Management explained that publication selectivity is intentional for quality positioning and that LeapSpace is performing very well with positive customer feedback, significant interest from institutions, and a near doubling of active users in a 90-day period. 2. Sustainability of Legal growth and Lexis+ with Protege monetization: Analysts inquired about the sustainability of the 10% underlying growth in Legal and how Lexis+ with Protege drives revenue beyond the initial upgrade. Management stated that the step-up in growth is driven by the continued development and rollout of higher-value AI-enabled tools, viewing the conversion to the core AI-enabled platform as a starting point for future growth opportunities, with ongoing upgrades and increased usage driving value. 3. Impact of US scientific research funding proposals (OMB proposal on journal subscription costs/APCs): Analysts asked about the potential impact of the OMB proposal to make journal subscription costs and APCs unallowable expenses on federal research awards. Management responded that government policy changes happen all the time, but the fundamental global drivers of scientific research remain, and RELX ensures customers have choices to publish in journals meeting their criteria.	Revenue SegmentsOverall underlying revenue growth was 7%. Risk underlying revenue growth was 8%. STM underlying revenue growth was 6%. Legal underlying revenue growth improved further to 10%. Exhibitions delivered strong underlying revenue growth of 6%. Print activities saw a further step down.

2026-02-12 · 2025H2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Leveraging AI and advanced analytics: Management consistently highlighted the development and rollout of AI-enabled analytics and decision tools as the core driver of growth across all business areas, with Risk's revenue being over 90% from machine-to-machine interactions and Legal seeing strong adoption of Lexis+ AI and Protege. They emphasized their 'technology-agnostic philosophy' and continuous evaluation of new AI tools to enhance customer value. 2. Driving strong underlying revenue and profit growth with margin expansion: Management reported 7% underlying revenue growth and 9% underlying adjusted operating profit growth for the group, with a strategic focus on managing cost growth below revenue growth to improve margins across all four business areas. They expressed expectations for continued strong underlying growth in 2026. 3. Disciplined capital allocation and strategic direction: Erik Engstrom reiterated an 'unchanged' strategic direction, focusing on shifting the business mix towards higher-growth analytics and decision tools. Nicholas Luff detailed capital allocation priorities: organic development (CapEx around 5% of revenues), selective acquisitions (average spend around GBP 400 million annually), consistent dividend increases (7% proposed for 2025), and returning surplus capital through share buybacks (GBP 2.25 billion announced for 2026) to maintain leverage within the 2.0x to 2.5x range.	Call Takeaway & ToneThe call conveyed a positive and confident tone, highlighting RELX's strong financial performance in 2025 with robust underlying revenue and profit growth. The key takeaway was the successful execution of its strategy, driven by the ongoing shift towards higher-value, AI-enabled analytics and decision tools built on proprietary content. Management expressed optimism for continued strong growth in 2026, emphasizing the sustainable competitive advantage derived from their data moats and AI innovation, coupled with disciplined cost management and strategic capital allocation. Analysts' concerns about competition and market shifts were addressed by reinforcing the company's unique content foundation and adaptable technology approach.	Prior Quarter'S Y/Y Growth By SegmentFor H1 2025, Risk reported 8% underlying revenue growth. STM reported 5% underlying revenue growth. Legal reported 9% underlying revenue growth. Exhibitions delivered 8% underlying revenue growth.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Competitive threats in Legal from new AI-enabled workflow tools (e.g., Harvey, Legora): Management responded by emphasizing RELX's 'uniquely differentiated, comprehensive content' and 'trusted, verified, continually updated content and data sets' as the foundational competitive advantage for their AI tools like Lexis+ AI and Protege. They clarified that their tools are 'content-enabled' and that they aim to integrate the best new tools while being interoperable with broader workflow software, rather than directly competing in general admin/workflow solutions. Nicholas Luff noted that Lexis+ AI's enterprise-wide subscription customer base more than doubled in the past year, with usage growing even faster. 2. Impact of autonomous driving on the auto insurance market and potential long-term risks: Management, through Nicholas Luff, viewed autonomous driving and enhanced safety features as creating 'opportunity' rather than risk. He explained that the evolving industry, with more data generation and increased complexity, enhances the value of RELX's sophisticated risk analysis tools. He also noted that while accident frequency might decrease, the severity and cost of accidents are rising, increasing the 'value at stake' for their analytics. 3. Operating leverage and margin expansion with compute-intensive AI, and the balance between acquisitions and buybacks given low leverage: Nicholas Luff explained that new technologies enable both product functionality and internal process efficiencies, allowing RELX to keep cost growth below revenue growth and potentially widen the profit-to-revenue growth gap. Regarding capital allocation, he reiterated organic development as the primary focus and stated that while they are open to larger, strategic acquisitions, the increased GBP 2.25 billion share buyback for 2026 is intended to bring leverage back to the middle of their target range (2.0x-2.5x), reflecting the current lower M&A spend.	Revenue SegmentsOverall underlying revenue growth was 7%. Underlying revenue growth for Risk was 8%, STM was 5%, Legal improved to 9%, and Exhibitions was 8%. Revenue from print and print-related activities saw a reduction of over 20% in 2025.

Transcript Tidbits2 rows

2026-07-23

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketRELX continues to expand its extensive differentiated data assets with integrated advanced authentication and behavioral intelligence in Risk, and adds data sources and analytics to enhance value for customers in Insurance. In STM, the solution set is expanding with new releases like the research-grade AI workspace LeapSpace. In Legal, the company is seeing faster growth in the number of institutions, users, and usage of its AI-enabled platform, Lexis+ with Protege, which is viewed as the starting point for future growth. The broader legal tech software market is expected to grow from $25 billion to $75-$100 billion over the next 10 years, presenting significant upside. The increasing complexity of the autonomous driving environment creates a bigger opportunity for RELX to contribute with new data sets and sophisticated models for risk assessment.	About CompetitionRELX views other companies leveraging generative AI tools in the broader legal tech industry as natural and potentially beneficial for overall industry understanding, rather than direct competition. The company differentiates itself by putting AI tools on top of its unique, comprehensive, verified, and trusted content sets, which significantly increases value. RELX is not attempting to compete directly against tech or software players in the significantly larger workflow space, but rather focuses on content-related workflow tools. Managing token costs effectively for customers is seen as a significant competitive advantage due to RELX's technology configuration and preprocessed content, which tends to be less token intensive. For scientific research, tools like Claude for Science are viewed as positive enablers of scientific discovery and contributors to the industry, complementing RELX's focus on research workflow around published science, rather than being a competition.	About The Broader IndustryThe global science and research market continues to see significant growth, driven by an increasing number of researchers, growing global research spend, and productivity tools making researchers more productive. Concerns about research integrity may also lead to higher submission volumes for established brands like RELX. The legal information space in the U.S. is estimated to be a $5 billion market, while the legal tech software space is around $25 billion today, with expectations to grow to $75-$100 billion over the next decade. The overall legal industry is estimated to be around $500 billion in revenue. The auto industry, including insurers, car manufacturers, and technology companies, continues to evolve towards safer driving with new data sets and technologies. This evolution leads to increased complexity, with accident frequency potentially dropping but severity and repair costs rising, creating opportunities for third-party data providers like RELX.	Where Things Are HeadedRELX expects continued strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth across all four business areas for the full year. The strategic direction remains unchanged, focusing on shifting the business mix towards higher-growth analytics and decision tools, supported by the continued evolution of AI to add value and accelerate product launches. Growth objectives include sustaining strong long-term growth for Risk and Exhibitions, and continuing on improving growth trajectories for STM and Legal. STM article submissions are expected to moderate down to low double digits on average over time, higher than historical trends but not remaining over 20%. The number of articles published in STM is intentionally growing below submissions due to a rigorous quality-focused selection process. In Legal, significant upside is anticipated for many years to come, with the core AI-enabled platform serving as the starting point for future growth. New sales are considered an important indicator of business momentum and a driver of long-term growth, rather than a short-term revenue driver. Profit from print and print-related activities is expected to continue declining in the high single digits annually.	Updates On ThemeLegal	Broader Themes EmergingThe pervasive and accelerating integration of AI across industries to enhance product value, drive efficiency, and accelerate product development. The strategic importance of proprietary, trusted, and comprehensive data sets as a foundational competitive advantage in the age of AI. The increasing complexity in various industries (e.g., auto insurance with autonomous driving) creates new opportunities for data and analytics providers. The growth of the broader legal technology software market, distinct from information-based tools.	Bullish-Leaning Quotes (Short)We delivered strong financial results in the first half, we made further operational and strategic progress, and we continue to see positive momentum across the group. Underlying revenue growth was 7%. Underlying adjusted operating profit growth was 9%, and adjusted earnings per share growth was 11% at constant currency. All 4 business areas continue to perform well. Strong growth continues to be driven across segments by our deeply embedded AI-enabled analytics and decision tools, leveraging our unique contributory and proprietary data sets with over 90% of revenue coming from machine-to-machine interactions. In Legal, underlying revenue growth improved further to 10%. Our strategic direction is unchanged. Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix for its higher growth analytics and decision tools. 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. number of active users are almost double [for LeapSpace]... the amount of usage during that time grew significantly faster than the number of users. new sales are increasingly almost exclusively now on Lexis+ with Protege... roughly 3/4 of the renewal value is coming from the Lexis+ with Protege package. We see the first conversion to the core AI-enabled platform as the starting point of the future growth opportunity, not the end point. cost of tokens is going up, but it's still less than 1% of our overall cost base. the use of Gen AI internally is certainly helping us do things faster. our objective in both Legal and STM is to continue on the improving growth trajectories in both of them. 6 and above is strong, and that's the terminology we use for everything from there.	Bearish-Leaning Quotes (Short)Exhibitions delivered strong underlying revenue growth of 6%, reflecting the strong ongoing growth profile of our event portfolio, slightly moderated by some travel disruption. First half underlying adjusted operating profit growth of 2% also reflected event cycling, timing and the rescheduling of some events to the second half. site from uncertainty around remaining events in the Middle East, we continue to expect strong underlying revenue growth. I don't expect [STM submissions] to be remaining over 20%. we have basically all the time on any time period published a fewer and fewer of the articles that we received, meaning we're becoming more and more selective. [New sales] is not the most important factor in driving revenue growth in the current year because new sales is a small part of the overall revenue of the company. We have to acknowledge there is uncertainty around [Middle East exhibitions] and exactly how they perform. Everything in the STM industry goes a little more slowly than it does in other industries... the growth is likely to come through gradually. Going forward, we expect profit from print and print-related activities to continue to decline in the high single digits each year.

2026-02-12

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketRELX is expanding its differentiated data sets, building out global fraud infrastructure, and integrating advanced authentication and behavioral intelligence in Risk. In Insurance, the company is expanding products across the insurance continuum and lines, adding data sources and analytics. For Legal, new functionality and deeper content integration are enabling the company to increase value-add and serve an increasing number of use cases. In STM, the LeapSpace platform's potential addressable market includes 10,000-15,000 institutions and over 10 million individual researchers, with the corporate market identified as an important future growth opportunity.	About CompetitionRELX acknowledges 'incremental competition around AI-enabled workflow tools from other large software companies' in the Legal segment, specifically mentioning tools like Harvey or Legora. However, the company differentiates its offerings based on its 'uniquely differentiated, comprehensive content, our collection of trusted, verified, continually updated content and data sets,' which is leveraged to combine with advanced AI tools. RELX views these workflow tool developers as 'additional partners' rather than direct competitors in content-related use cases, aiming for interoperability. In the Risk market, the company believes it is 'incredibly difficult to replicate' its competitive advantage due to 90% of revenue from machine-to-machine interactions, massive scale of data sets (thousands of sources, public records, contributory data), network effects, proprietary algorithms, and heavy regulation.	About The Broader IndustryThe STM industry is characterized as a 'totally global industry' with a continuously increasing number of scientific researchers, growing information intensity, and an accelerating desire for publication. The auto insurance industry is evolving to make driving safer, generating more data, and becoming more complex due to enhanced safety features, telematics, and autonomous driving, leading to fewer accidents but higher severity and cost. The wider legal technology market for law firms is large and expected to grow significantly, with firms continuing to evaluate and experiment with new tools.	Where Things Are HeadedRELX expects continued strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth across all four business areas. The strategic direction remains unchanged, driven by an ongoing shift in business mix towards higher-growth analytics and decision tools, supported by the continued evolution of artificial intelligence. Profit from print and print-related activities is expected to continue to decline in the high single digits each year. The STM outlook has been upgraded to 'good to strong' underlying revenue growth. The company also noted the possibility of 'slightly 2 or 3 larger acquisitions' in the future, although organic development remains the primary strategy.	Updates On ThemeSoftware	Broader Themes EmergingThe pervasive and accelerating integration of AI across all divisions to enhance product value, drive efficiency, and accelerate product development. The strategic importance of proprietary, trusted, and comprehensive data sets as a foundational competitive advantage in the age of AI.	Bullish-Leaning Quotes (Short)We delivered strong financial results in 2025. We continue to see positive momentum across the group. Underlying revenue growth was 7%. Underlying adjusted operating profit growth was 9%, and adjusted earnings per share growth was 10% at constant currency. All four business areas continue to perform well. Strong growth continues to be driven across segments by the development and rollout of our deeply embedded AI-enabled analytics and decision tools with over 90% of divisional revenue coming from machine-to-machine interactions. The enterprise-wide subscription customer base has more than doubled in the past year. And the usage is going up faster than that. The number of articles submitted continued to grow very strongly across the portfolio by over 20% in 2025, and the number of articles published grew 10%. The outlook statement is a more positive statement than we've had previously. That is an upgrade in our outlook. We continue to return our surplus capital through the share buyback with GBP 2.25 billion of spend announced today for 2026.	Bearish-Leaning Quotes (Short)The profit contribution from print and print-related activities declined but at a lower rate than revenue. Going forward, we expect profit from print and print-related activities to continue to decline in the high single digits each year in line with historical trends. Everything in the STM industry goes a little more slowly than it does in other industries, partly because of how they think of funding and spending and budget and also because the purchase cycles, the decision cycles at academic institutions are typically slightly more involved and take longer.

Notes2 rows

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2025-07-24	Solid quarter with 7% revenue growth and margin gains; Legal AI momentum strong, STM steady, Exhibitions resilient. Stock reaction mixed as print carve-out, policy noise, and AI competition tempered enthusiasm.	Earnings Transcript	Mixed		-1.82% (vs SPY: -2.22%)
2026-07-23	RELX reported strong H1 2026 results with 7% underlying revenue and 9% adjusted operating profit growth, driven by accelerating Legal (10%) and STM (6%) segments, easing AI disruption fears. Exhibitions lagged slightly due to Middle East uncertainty. Full-year guidance was reaffirmed. The stock surged 5.10% (outperforming SPY), reflecting positive market sentiment and validating its AI-driven growth strategy.	Earnings Transcript	Positive	https://www.relx.com/investors/results-reports-and-presentations/2026	+5.10% (vs SPY: +6.23%)

Upcoming EventsTable

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
RELX_1fa5f293	August - October 2026	2026-09-17	2026-09-23	Key legal technology industry conferences, such as LTH Horizons, LegalTech Connect, and the Clio Cloud Conference, showcasing new product innovations and partnerships.	These platforms are vital for legal tech providers like RELX to unveil new AI-powered solutions, discuss industry trends, and influence purchasing decisions, potentially accelerating market awareness and adoption.	Theme	2026-07-23	theme_composer