RELX plc (RELN) Q2 2026 Earnings Report

The call presented a predominately positive performance: broad-based underlying revenue and profit growth across all four divisions, margin expansion, strong cash generation, an increased dividend and substantial share buybacks. Key growth drivers are the rollout and adoption of AI-enabled analytics and decision tools across Risk, STM and Legal, with early product launches (e.g., LeapSpace, Lexis+ with Protege) showing promising adoption metrics. Headwinds include event timing and Middle East uncertainty for Exhibitions, ongoing print decline, currency translation effects reducing sterling-reported growth, slightly higher leverage from buybacks, and external policy/legal uncertainties. Overall the positives (divisional momentum, margin improvement, cash strength and capital returns) materially outweigh the challenges noted.

Guidance: management expects another full year of "continued strong" underlying revenue growth with underlying adjusted operating profit growth exceeding revenue growth and strong constant‑currency adjusted EPS growth. This view is backed by H1 results: underlying revenue +7%, underlying adjusted operating profit +9%, adjusted EPS +11% at constant currency (68.6p, +8% in sterling), group adjusted operating margin up 70bps to 35.5%, and divisional H1 performances of Risk revenue +8% / adjusted operating profit +10%, STM revenue +6% / profit +8%, Legal revenue +10% / profit +13%, and Exhibitions revenue +6% (H1 profit +2%) with an expected full‑year margin improvement; cash conversion was 98%, EBITDA ~£2.0bn, free cash flow >£1.1bn, CapEx £292m (6% of revenue), net debt £8.7bn (net debt/EBITDA 2.3x), interim dividend +7% to 20.9p, £103m of acquisitions, and £1.75bn of the £2.25bn buyback completed — while management will continue to target cost growth below revenue growth to drive profit and margin expansion.