20-F - RELX - Equibles

Henry Udow

Company Secretary

RELX PLC

1-3 Strand, London WC2N 5JR, England

+44 20 7166 5500

henry.udow@relx.com

Yes ☑ No ☐

Yes ☐ No ☑

Yes ☑ No ☐

Yes ☑ No ☐

☐ US GAAP ☑ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ Other

Yes ☐ No ☑

Regulatory changes regarding the collection and use of personal data by us or compromises of our data privacy controls and other unauthorised access to our databases, could adversely affect our business and operations.

Our intellectual property rights may not be adequately protected under current laws in some jurisdictions, which may adversely affect our business or financial performance and our ability to grow.

Current and future geopolitical, economic and market conditions, and dislocations beyond our control may adversely affect demand for our products and services.

Failing to maintain research integrity in our scientific, technical and medical primary research products, as well as changes in the payment model for these products or alternative publication channels for our content, could adversely affect our business or financial performance.

We operate in a highly competitive and dynamic environment that is subject to rapid change and cannot assure you that there will be continued demand for our products and services.

We may not realise all of the future anticipated benefits of acquisitions.

Compromises of our cybersecurity systems and other unauthorised access to our databases, could adversely affect our business and operations.

Changes in economic cycles, trading relations, communicable disease epidemics, severe weather events, natural disasters, terrorism, and lack of venues may impact our ability to organise events.

Our business may be adversely affected by the failure of third parties to whom we have outsourced business activities.

A significant failure or interruption of our electronic delivery platforms, networks, distribution systems or infrastructure could adversely affect our business and operations.

We may be unable to implement and execute our strategic and business plans if we cannot recruit and retain skilled employees and management.

Changes in tax laws or uncertainty over their application and interpretation may adversely affect our reported results.

Fluctuations in exchange rates may affect our reported results.

Market conditions and credit ratings may affect the availability and cost of funding.

Changes in the market values of defined benefit pension scheme assets and in the assumptions used to value defined benefit pension scheme obligations may adversely affect our business or financial performance.

Breaches of generally accepted ethical business standards or applicable statutes could adversely affect our reputation and financial condition.

Table of Contents As filed with the Securities and Exchange Commission on February 19, 2026

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)


☐	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934


☑	ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31 , 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


☐	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 1-13334

RELX PLC

(Exact name of Registrant as specified in its charter)

England

(Jurisdiction of incorporation or organisation)

1-3 Strand , London **** WC2N 5JR , England

(Address of principal executive offices)

(Name, telephone, e-mail and/or facsimile number and address of

Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)	Name of exchange on which registered
American Depositary Shares<br>(each representing one RELX PLC ordinary share)		RELX	New York Stock Exchange
Ordinary shares of 14 51/116p each<br>(the “RELX PLC ordinary shares”)			New York Stock Exchange*
4.000% Guaranteed Notes due 2029		RELX/29	New York Stock Exchange
3.000% Guaranteed Notes due 2030		RELX/30	New York Stock Exchange
4.750% Guaranteed Notes due 2030		RELX/30A	New York Stock Exchange
4.750% Guaranteed Notes due 2032		RELX/32	New York Stock Exchange
5.250% Guaranteed Notes due 2035		RELX/35	New York Stock Exchange
*	Listed, not for trading, but only in connection with the listing of the applicable Registrant’s American Depositary Shares issued in respect thereof.
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Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2025:


	Number of outstanding shares
Ordinary shares of 14 51/116p each	1,819,061,446

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑	Accelerated filer ☐	Non-accelerated filer ☐
		Emerging growth company ☐

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If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.	☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.	☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.	☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).	☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow:

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

					<br><br>
Auditor Firm Id :	01438	Auditor Name :	Ernst & Young LLP	Auditor Location :	London, United Kingdom

Table of Contents TABLE OF CONTENTS

		Page
GENERAL		5
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS		6
PART 1		8
ITEM 1:	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	N/A
ITEM 2:	OFFER STATISTICS AND EXPECTED TIMETABLE	N/A

ITEM 3:	KEY INFORMATION	8
	Risk Factors	8
ITEM 4:	INFORMATION ON THE GROUP	12
	Business Overview	12
	Organisational Structure	13
	History and Development	14
	Property, Plant and Equipment	15
	Intellectual Property	15
	Government Regulation	15
	Climate Change	16
ITEM 4A:	UNRESOLVED STAFF COMMENTS	N/A

ITEM 5:	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	17
	Operating Results	17
	Liquidity and Capital Resources	26
	Short-Term Debt	28
	Trend Information	30
	Research and Development	30
ITEM 6:	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	31
	Directors	31
	Senior Management	32
	Compensation	32
	Share Ownership	32
	Board Practices	38
	Employees	39
ITEM 7:	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	40
	Major Shareholders	40
	Related Party Transactions	40
ITEM 8:	FINANCIAL INFORMATION	41
	Financial Statements	41
	Dividend Policy	41
	Legal Proceedings	41
ITEM 9:	THE OFFER AND LISTING	42
	Trading Markets	42
ITEM 10:	ADDITIONAL INFORMATION	43
	Articles of Association	43
	Exchange Controls	47
	Taxation	48
	Documents on Display	50
	Annual Report to Security Holders	50
ITEM 11:	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	51
ITEM 12:	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	54
PART II		55
ITEM 13:	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	N/A
ITEM 14:	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	N/A
ITEM 15:	CONTROLS AND PROCEDURES	55

Table of Contents

	Report of Independent Registered Public Accounting Firm	56
ITEM 16A:	AUDIT COMMITTEE FINANCIAL EXPERT	58
ITEM 16B:	CODES OF ETHICS	58
ITEM 16C:	PRINCIPAL ACCOUNTANT FEES AND SERVICES	58
ITEM 16D:	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	N/A
ITEM 16E:	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	59
ITEM 16F:	CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	N/A
ITEM 16G:	CORPORATE GOVERNANCE	60
ITEM 16H:	MINE SAFETY DISCLOSURE	N/A
ITEM 16I:	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	N/A
ITEM 16J:	INSIDER TRADING POLICIES	60
ITEM 16K:	CYBERSECURITY	61
PART III		F-1
ITEM 17:	FINANCIAL STATEMENTS*	F-1
ITEM 18:	FINANCIAL STATEMENTS	F-1
	Report of Independent Registered Public Accounting Firm	F-2
	Glossary of Terms	S-1
ITEM 19:	EXHIBITS	S-3
*	The registrant has responded to Item 18 in lieu of responding to this Item.
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Table of Contents THIS PAGE INTENTIONALLY BLANK

Table of Contents GENERAL

RELX PLC is a public limited company, and owns all of the Group.

As used in this Annual Report on Form 20-F, the terms “Group”, “RELX”, “we”, “our” or “us” refer collectively to RELX PLC and its subsidiaries, associates and joint ventures. Additional terms are defined in the Glossary of Terms on pages S-1 and S-2.

In this Annual Report on Form 20-F, references to US dollars, $ and ¢ are to US currency; references to sterling, £, pound sterling, pence or p are to UK currency; references to euro and € are to the currency of the European Economic and Monetary Union.

Statements regarding our competitive position included herein were obtained from internal surveys, market research, publicly available information and industry publications. While we believe that the market research, publicly available information and industry publications we use are reliable, we have not independently verified market and industry data from third-party sources. Moreover, while we believe our internal surveys are reliable, they have not been verified by any independent source.

This document contains references to the RELX website, either within the document or incorporated by reference. Information not specifically stated as being incorporated by reference to the RELX website or any other website referenced is not incorporated into this document and should not be considered part of this document.

Pursuant to Rule 12b-23(a) of the US Securities Exchange Act of 1934, as amended (the “Exchange Act”), certain information in this Annual Report on Form 20-F is being incorporated herein by reference to our Annual Report for the year ended December 31, 2025 (the “RELX 2025 Annual Report”) appended hereto as Exhibit 15.2. With the exception of the items and pages so specified, the RELX 2025 Annual Report is not deemed to be filed as part of this Annual Report on Form 20-F. For the avoidance of doubt, other information mentioned in or contained within the RELX 2025 Annual Report, including the content of the RELX website and other pages or sections of the RELX 2025 Annual Report referenced, but not contained, in the items and pages so specified are not deemed to be filed as part of this Annual Report on Form 20-F.

Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 20-F contains a number of forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, with respect to, among others:

●	our financial condition;
●	our results of operations;
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●	our competitive positions;
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●	the features and functions of and markets for the products and services we offer; and
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●	our business plans and strategies.
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We consider any statements that are not historical facts to be “forward-looking statements”. These statements are based on the current expectations of the management of the Group and are subject to risks and uncertainties that could cause actual results or outcomes to differ from those expressed in any forward-looking statement. These differences could be material; therefore, you should evaluate forward-looking statements in light of various important factors, including those set forth or incorporated by reference in this Annual Report on Form 20-F.

Important factors that could cause our actual results 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;
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●	current and future geopolitical, economic and market conditions;
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●	research integrity issues or changes in the payment model for our scientific, technical and medical research products;
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●	competitive factors in the industries in which we operate and demand for our products and services;
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●	our inability to realise the future anticipated benefits of acquisitions;
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●	compromises of our cybersecurity systems or other unauthorised access to our databases;
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●	changes in economic cycles, trading relations, communicable disease epidemics or pandemics, severe weather events, natural disasters and terrorism;
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●	failure of third parties to whom we have outsourced business activities;
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●	significant failure or interruption of our systems;
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●	our inability to retain high-quality employees and management;
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●	changes in tax laws and uncertainty in their application;
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●	exchange rate fluctuations;
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●	adverse market conditions or downgrades to the credit ratings of our debt;
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Table of Contents

●	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;
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●	failure to comply with consent orders by the US Federal Trade Commission (“FTC”); and
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●	other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission (the “SEC”), including the risks described in “Item 3: Key Information — Risk Factors”.
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The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”, “believe”, “trends” and similar expressions may indicate a forward-looking statement. Forward-looking statements are found at various places throughout this Annual Report on Form 20-F and the other information incorporated by reference in this Annual Report on Form 20-F.

You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form 20-F. 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 on Form 20-F or to reflect the occurrence of unanticipated events.

Table of Contents PART I

ITEM 3: KEY INFORMATION

RISK FACTORS

The principal and emerging risks facing our business are included below. Additional risks not presently known to us or that we currently deem immaterial may also impair our business.

EXTERNAL RISKS

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. See “Item 8: Financial Information – Legal Proceedings”.

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 artificial intelligence (“AI”), which may impact demand for and pricing of our products and services.

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.

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. 8

Table of Contents STRATEGIC RISKS

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 AI, 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 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.

OPERATIONAL RISKS

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. See “Item 8: Financial Information – Legal Proceedings”.

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.

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. 9

Table of Contents 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.

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.

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.

FINANCIAL RISKS

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.

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.

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 US defined benefit pension scheme closed to future accruals in 2019. The UK defined benefit pension scheme has been closed to new hires since 2010 and will close to future benefit accruals in 2027. 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.

Table of Contents REPUTATIONAL RISKS

KEY MANAGEMENT PERSONNEL REMUNERATION

2025 GBPm

Salaries, other short-term employee benefits and non-executive fees

Share based remuneration*

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 AI, 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.

REGULATORY RISKS

Our business, operations and reputation could be adversely affected by a failure to comply with FTC consent orders.

Our business, operations and reputation could be adversely affected by a failure to comply with FTC consent orders entered into in 2006 and 2008, regarding our compliance with US federal laws governing consumer information and security-related issues, including certain fraudulent data access incidents. Failure to comply with these orders could result in civil penalties and adversely affect our business, operations and reputation.

Table of Contents ITEM 4: INFORMATION ON THE GROUP

BUSINESS OVERVIEW

RELX PLC is a public limited company, incorporated in England under the UK Companies Act 2006 (as amended) (the “Companies Act”).

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.

We operate in four major market segments: Risk; Scientific, Technical & Medical; Legal; and Exhibitions.

●	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.
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●	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.
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●	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.
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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, is now managed and distributed entirely in Risk. Accordingly, revenue, together with some associated profit, previously in Scientific, Technical & Medical, is now reported in Risk.

Prior period comparatives have been restated to reflect these reporting changes.

Information on revenue by geographical market is set forth in note 2 to our consolidated financial statements under the heading ‘Revenue, operating profit and segment analysis’ on pages 145 to 148 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Table of Contents


		Revenue Year ended December 31,
		2023					2024				2025
		Restated					Restated
		(in millions, except percentages)					(in millions, except percentages)					(in millions, except percentages)

Risk		£	3,224		35	%	£	3,336	35	%	£	3,485		36	%
Scientific, Technical & Medical			2,581		28			2,624	28			2,714	****	28
Legal			1,655		18			1,718	18			1,806	****	19
Exhibitions			1,115		12			1,239	13			1,186	****	13
Print & print-related activities^(1)^			586		7			517	6			399		4
Total		£	9,161		100	%	£	9,434	100	%	£	9,590	****	100	%
(1)	From 2025, revenue for print and print-related activities is 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 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. For additional information, see note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report.
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RISK

The information set forth under the headings ‘Business overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 10 to 13 of the RELX 2025 Annual Report is incorporated herein by reference to Exhibit 15.2.

SCIENTIFIC, TECHNICAL & MEDICAL

The information set forth under the headings ‘Business overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 16 to 19 of the RELX 2025 Annual Report is incorporated herein by reference to Exhibit 15.2.

LEGAL

The information set forth under the headings ‘Business overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 22 to 25 of the RELX 2025 Annual Report is incorporated herein by reference to Exhibit 15.2.

EXHIBITIONS

The information set forth under the headings ‘Business overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 28 to 29 of the RELX 2025 Annual Report is incorporated herein by reference to Exhibit 15.2.

ORGANISATIONAL STRUCTURE

RELX PLC is a publicly held entity with its shares listed on the London, Amsterdam and New York stock exchanges.

Trading on the New York Stock Exchange is in the form of American Depositary Shares (“ADSs”) evidenced by American Depositary Receipts (“ADRs”) issued by Citibank N.A., as depositary.

Table of Contents Subsidiaries, Associates, Joint Ventures and Business Units

A list of subsidiaries, associates, joint ventures and business units is included as Exhibit 8.0 to this Annual Report on Form 20-F.

HISTORY AND DEVELOPMENT

Introduction

RELX PLC was originally incorporated in 1903. In 1993, RELX PLC combined with RELX NV by contributing their respective businesses into two jointly owned companies. In 2015, the structure was simplified so that all of the businesses were owned by one jointly controlled company, RELX Group plc. In 2018, the structure was further simplified whereby RELX NV merged into RELX PLC to form a single parent company, RELX PLC. RELX PLC owns 100% of the shares in RELX Group plc, which in turn owns all of the operating businesses, subsidiaries and financing activities of the Group.

Material acquisitions and disposals

Cash spent on acquisitions in 2023 was £132 million, in 2024 was £170 million and in 2025 was £260 million, including deferred consideration for past and current year acquisitions. Cash spent on venture capital investments was £8 million in 2023, £4 million in 2024 and £42 million in 2025.

Net cash inflow from disposals was £12 million in 2023, £46 million in 2024 and £17 million in 2025.

Capital expenditure

Capital expenditure on property, plant, equipment and internally developed intangible assets principally relates to the development of electronic products and investment in systems infrastructure, computer equipment and office facilities. Total such capital expenditure, which was financed using cash flows generated from operations, amounted to £477 million, £484 million and £525 million in 2023, 2024 and 2025, respectively. The majority of capital expenditure is incurred in the United States, the United Kingdom and the Netherlands. In 2025, there was continued investment in new products and related infrastructure. Further information on capital expenditure is included in notes 2, 14 and 16 to the consolidated financial statements under the headings ‘Revenue, operating profit and segment analysis’, ‘Intangible assets’ and ‘Property, plant and equipment’ on pages 148, 165 and 168 respectively of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Principal executive offices

The principal executive office of RELX PLC is located at 1-3 Strand, London WC2N 5JR, England. Tel: +44 20 7166 5500. The principal executive office of RELX PLC located in the United States is at 101 Park Avenue, 24^th^ Floor, New York, New York 10178. Tel: +1 212 309 8100. Our internet address is www.relx.com. The information on our website is not incorporated by reference into this Annual Report on Form 20-F.

Our agent in the United States is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801.

Table of Contents

PROPERTY, PLANT AND EQUIPMENT

We own or lease approximately 156 properties around the world as at December 31, 2025. The table below identifies the principal owned and leased properties in our property portfolio as at December 31, 2025.


				Floor space
Location		Principal use(s)		(square feet)
Owned properties
Alpharetta, Georgia		Office and data centre		406,000
Leased properties
Miamisburg, Ohio		Office and data centre		137,249
Raleigh, North Carolina		Office		120,000
Amsterdam, Netherlands		Office		114,537

All of the above properties are substantially occupied by RELX.

No property owned or leased by us which is considered material to us taken as a whole is currently subject to liabilities relating to environmental regulations and none has major encumbrances.

INTELLECTUAL PROPERTY

Our products and services include and utilise intellectual property content delivered through a variety of media, including online, journals and books. We rely on trademark, copyright, patent, trade secret and other intellectual property laws, as well as in some cases licensing arrangements with third parties, to establish and protect our proprietary rights in these products and services.

GOVERNMENT REGULATION

Certain of our businesses provide authorised customers with products and services such as access to public records and other information on individuals. Our businesses that provide such products and services are subject to increasing and evolving privacy, storage and transfer of data, data protection and consumer information laws and regulations, including US federal and state laws and regulations, UK laws and regulations, EU laws and regulations and laws and regulations of the EU member states. Our compliance obligations vary, and may include, among other things, reasonable data security programmes, submissions of regulatory reports, data localisation, providing individuals with certain notices and in some instances, limiting data or correcting inaccuracies in reports available through our products. From time to time, we respond in the ordinary course to inquiries and investigations from regulators who are charged with enforcing the laws and regulations applicable to our businesses. We are also subject to the terms of consent decrees and other settlements with certain regulators in the United States. See “Item 8: Financial Information — Legal Proceedings”.

Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”), which added Section 13(r) to the Exchange Act, requires disclosures regarding certain activities relating to Iran or with persons designated pursuant to various US Presidential Executive Orders. These disclosures are required even where the activities, transactions or dealings were conducted in compliance with applicable law. We engage in a limited amount of activity with Iran (a) through our non-US affiliates and businesses, as well as (b) pursuant to authorisations — in the form of exemptions or licenses — issued by the US government. We anticipate that similar transactions or dealings may occur in the future. The ownership or control of our customers in Iran is often difficult to determine with certainty.

During 2025,

●

our Scientific, Technical & Medical business provided subscriptions to online products to the Ministry of Science Research and Technology of the Islamic Republic of Iran; and published open access and subscription articles by authors from a number of universities, hospitals and other entities, including Amirkabir University of Technology, Ferdowsi University of Mashhad, Iran University of Science and Technology, Islamic Azad University, Shahid Beheshti University, Tabriz University of Medical Sciences and University of Zanjan; and

Table of Contents

●	our Exhibitions business provided exhibitions-related services to a number of exhibitors.

Iranian nationals attended conferences organised by our Exhibitions and Risk business areas. Individuals located in Iran also subscribed to or purchased certain of our scientific, medical and technical publications. Many of these individuals are researchers, doctors or other professionals who have obtained subscriptions or purchased publications in their individual capacity, but who may be employed by government agencies in Iran or by hospitals, universities or other entities owned or controlled by the government of Iran. In addition, we work with authors, other contributors and journal editorial board members who are located in Iran, many of whom are employed at hospitals, universities or research institutions that are owned or controlled by the government of Iran. We also receive open access payments from authors located in Iran who pay us to make their articles publicly available. From time to time, we may employ or engage individuals in Iran to assist with transactions in Iran.

Our aggregate revenue attributable to these Iran-related activities was approximately £2.0 million during the fiscal year ended December 31, 2024 compared to £4.9 million during the fiscal year ended December 31, 2025. We do not customarily allocate net profit on a subscription-by-subscription, individual customer or country-by-country basis. However, we estimate that our net profit during the fiscal year attributable to these activities was 0.02% of our net profit reported in our income statement for the fiscal year ended December 31, 2024 compared to 0.05% for the fiscal year ended December 31, 2025.

CLIMATE CHANGE

See the information set forth under the heading ‘Task Force on Climate-related Financial Disclosures’ on pages 235-240 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Table of Contents ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS

A discussion of our fiscal year ended December 31, 2023 may be found in “Item 5: Operating and Financial Review and Prospects” of our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025.

OPERATING RESULTS

The following discussion is based on the consolidated financial statements of the Group for the two years ended December 31, 2024 and 2025 which have been prepared in accordance with IFRS as issued by the IASB.

The following discussion should be read in conjunction with, and is qualified by reference to, the consolidated financial statements on pages 138 to 185 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

The following tables analyse the Group’s revenue in each of the two years ended December 31, 2024 and 2025 by type, format and geographic market. We derive our revenue principally from subscriptions and transactional sales. Transactional sales include revenue from exhibitions. For additional information, see note 2 to the consolidated financial statements under the heading ‘Revenue, operating profit and segment analysis’ on pages 145 to 148 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Revenue by type

Year ended December 31,


	2024				2025
	Restated
	(in millions, except percentages)
Subscriptions	£	5,025	53	%	£	5,190		54	%
Transactional	****	4,409	47			4,400	****	46
Total	£	9,434	100	%	£	9,590	****	100	%

Revenue by format

Year ended December 31,


	2024				2025
	Restated
	(in millions, except percentages)
Electronic	£	7,728	82	%	£	8,070		84	%
Face-to-face		1,189	13			1,121	****	12
Print		517	5			399	****	4
Total	£	9,434	100	%	£	9,590	****	100	%

Revenue by geographic market

Year ended December 31,


	2024				2025
	Restated
	(in millions, except percentages)
North America	£	5,495	58	%	£	5,595		58	%
Europe		2,025	22			2,000	****	21
Rest of world		1,914	20			1,995	****	21
Total	£	9,434	100	%	£	9,590	****	100	%

The cost profile of individual businesses within the Group varies and costs are controlled on an individual business unit basis. Our most significant cost item is staff costs. Staff costs, excluding cost of contractors and employer costs of benefits provided to employees but including amounts that are capitalised, increased from £3,120 million in 2024 to £3,175 million in 2025. 17

Table of Contents The following tables show revenue and adjusted operating profit for each of our business segments in each of the two years ended December 31, 2024 and 2025 together with the percentage change in 2024 and 2025 at both actual and constant currencies. Prior period figures have been restated for the business area changes described in “Item 4: Information on the Group —Business Overview – Business Area Reporting Changes”, with print and print-related now a separate reported segment. See also note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report.

We also show reported operating profit for the Group in each of the two years ended December 31, 2024 and 2025 together with the percentage change in 2024 and 2025 at actual currency. The effect of currency movements on the 2025 results is further described separately below (see “— Effect of Currency Translation” on page 26). Adjusted operating profit is included on the basis that it is the key segmental profit measure used by management to evaluate performance and allocate resources to the business segments, as reported under IFRS 8 — ‘Operating Segments’ in note 2 to the consolidated financial statements under the heading ‘Revenue, operating profit and segment analysis’ on pages 145 to 148 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. Adjusted operating profit represents operating profit before amortisation of acquired intangible assets and acquisition and disposal related items, and is grossed up to exclude the equity share of finance income, finance costs and taxes in joint ventures and associates. A reconciliation of reported operating profit to adjusted operating profit is set out on page 20.

Revenue by segment, reported operating profit and adjusted operating profit by segment are as follows:


		Revenue^(1)^ for the year ended
		December 31
		2024			2025			% change
		(Restated)
								actual		constant	****
								rates		rates^(2)^	****
		(in millions, except percentages)
Risk		£	3,336		£	3,485		+4	%	+7	%
Scientific, Technical & Medical			2,624			2,714		+3	%	+5	%
Legal			1,718			1,806		+5	%	+8	%
Exhibitions			1,239			1,186		-4	%	-2	%
Print & print-related activities^(1)^			517			399		-23	%	-21	%
Total		£	9,434		£	9,590		+2	%	+4	%


		Reported operating profit for
		the year ended December 31
		2024			2025			% change	****
								actual	****
								rates	****
		(in millions, except percentages)
Reported operating profit		£	2,861		£	3,027		+6	%


		Adjusted operating profit^(1)^ for the year ended December 31
		2024			2025			% change
		(Restated)
								actual		constant	****
								rates		rates^(2)^	****
	****	(in millions, except percentages)
Risk		£	1,233		£	1,305		+6	%	+9	%
Scientific, Technical & Medical	****		981	****		1,035		+6	%	+7	%
Legal	****		381	****		415		+9	%	+11	%
Exhibitions	****		398	****		410		+3	%	+7	%
Print & print-related activities^(1)^			217			185		-15	%	-13	%
Sub-total			3,210			3,350
Unallocated central costs and other operating items			(11)			(8)
Total	****	£	3,199	****	£	3,342		+4	%	+7	%

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(1)	From 2025, 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 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. For additional information, see note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report.
(2)	Represents percentage change from 2024 to 2025 using constant currency. These rates were used in the preparation of the 2024 consolidated financial statements.
---	---

(1)

From 2025, 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 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. For additional information, see note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report.

(2)

Represents percentage change from 2024 to 2025 using constant currency. These rates were used in the preparation of the 2024 consolidated financial statements.

---

Non-GAAP financial measures

RELX uses adjusted figures, which are not defined by generally accepted accounting principles (“GAAP”) such as IFRS. Adjusted figures and underlying growth rates are presented as additional performance measures used by management, as they provide relevant information in assessing the Group’s performance, position and cash flows. We believe that these measures enable investors to track more clearly the core operational performance of the Group by separating out items of income or expenditure relating to acquisitions, disposals and capital items, and by excluding items treated as exceptional, when applicable. This provides our investors with a clear basis for assessing our ability to raise debt and invest in new business opportunities.

Management 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 segments. Adjusted financial 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.

The adjusted and underlying financial measures used in the results of operations discussion on pages 23 to 25 are: underlying revenue growth, adjusted operating profit, underlying adjusted operating profit growth, adjusted operating margin, adjusted net profit attributable to shareholders and adjusted earnings per share. These measures as well as certain other metrics are defined in the Glossary of Terms beginning on page S-1.

Restatement of certain non-GAAP financial measures

From 2025, as described below, the definitions of underlying revenue and adjusted operating profit growth rates have been refined to exclude print and print-related results following the changes in segmental reporting described under “Item 4: Information on the Group – Business Overview – Business Area Reporting Changes”. See also note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report. Prior period figures have been restated to reflect these reporting changes.

Definitions

Underlying revenue growth rates are calculated at constant currency and exclude revenue from acquisitions until twelve months after purchase, revenue from 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 that they do not exclude exhibit cycling. Constant currency growth rates are based on 2024 full-year average and hedge exchange rates.

Adjusted operating profit excludes amortisation of acquired intangible assets and acquisition and disposal related items, and is grossed up to exclude the equity share of finance income, finance costs and taxes in joint ventures and associates.

Adjusted operating margin is calculated as adjusted operating profit divided by revenue.

Adjusted net profit attributable to shareholders excludes 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 and disposals and other non-operating items.

Adjusted earnings per share is calculated by dividing adjusted net profit attributable to shareholders by the total weighted average number of shares. 19

Table of Contents Reconciliations of all non-GAAP financial measures to the most directly comparable measure reported under IFRS are set forth in the tables below. In the tables below and the results of operations commentary that follows, percentage movements are calculated using the average exchange rates for the period unless otherwise stated.

The calculations of the year-on-year changes in reported revenue and underlying revenue growth are presented below:


		Revenue^(1)^			****
****		£m		% change	****
Year to December 31, 2023		9,161		+7	%
Underlying revenue growth^(1)(2)^		600		+7	%
Exhibition cycling		69
Acquisitions		15
Disposals		(66)
Print & print-related activities^(1)^		(54)
Currency effects		(291)
Year to December 31, 2024		9,434		+3	%
Underlying revenue growth^(1)(2)^		586		+7	%
Exhibition cycling		(48)
Acquisitions		14
Disposals		(91)
Print & print-related activities^(1)^		(109)
Currency effects		(196)
Year to December 31, 2025		9,590		+2	%
(1)	From 2025, the definition of underlying revenue growth rate has been refined to exclude print and print-related results following the changes in segmental reporting described under “Item 4: Information on the Group – Business Overview – Business Area Reporting Changes”. See also note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report. Prior period figures have been restated to reflect these reporting changes.
---	---
(2)	Represents the year-on-year movement in reported revenue excluding the impact of the adjustments set forth in the table.
---	---

Adjusted operating profit reconciles to reported operating profit as follows:


		2024			2025
		(in millions)
Reported operating profit		£	2,861		£	3,027
Adjustments:
Amortisation of acquired intangible assets	****		258			248
Acquisition and disposal related items	****		69			54
Reclassification of tax in joint ventures and associates	****		12			14
Reclassification of finance income in joint ventures and associates	****		(1)			(1)
Adjusted operating profit	****	£	3,199		£	3,342

Table of Contents The calculations of the year-on-year changes in adjusted operating profit and underlying adjusted operating profit growth are presented below:


		Adjusted operating profit^(1)^
		£m		% change	****
Year to December 31, 2023		3,030		+13	%
Underlying adjusted operating profit growth^(1)(2)^		294		+11	%
Acquisitions		2
Disposals		7
Print & print-related activities^(1)^		(26)
Currency effects		(108)
Year to December 31, 2024		3,199		+6	%
Underlying adjusted operating profit growth^(1)(2)^		260		+9	%
Acquisitions		(2)
Disposals		(14)
Print & print-related activities^(1)^		(27)
Currency effects		(74)
Year to December 31, 2025		3,342		+4	%
(1)	From 2025, the definition of underlying adjusted operating profit growth rate has been refined to exclude print and print-related results following the changes in segmental reporting described under “Item 4: Information on the Group – Business Overview – Business Area Reporting Changes”. See also note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report. Prior period figures have been restated to reflect these reporting changes.
---	---
(2)	Represents the year-on-year movement in adjusted operating profit excluding the impact of the adjustments set forth in the table.
---	---

Adjusted net profit attributable to shareholders reconciles to reported net profit attributable to shareholders as follows, and the calculations of earnings per share and adjusted net profit per share are presented below:


2024		Pre-tax	Tax on
		adjustment	adjustment		Total
		£m	£m		£m
Net profit attributable to shareholders	****				1,934
Adjustments:
Amortisation of acquired intangible assets		258	32	****	290
Other deferred tax credits from intangible assets^(1)^		–	(56)	****	(56)
Acquisition and disposal related items		69	(14)	****	55
Net interest on net defined benefit pension balance		1	–	****	1
Loss on disposals and other non‑operating items		6	11		17
Adjusted net profit attributable to shareholders	****				2,241


2025		Pre-tax	Tax on
		adjustment	adjustment		Total
		£m	£m		£m
Net profit attributable to shareholders	****				2,065
Adjustments:
Amortisation of acquired intangible assets		248	35	****	283
Other deferred tax credits from intangible assets^(1)^		–	(55)	****	(55)
Acquisition and disposal related items		54	(8)	****	46
Fair value movements on cross-currency interest rate swaps not designated as hedges^(2)^		5	(1)		4
Net interest on net defined benefit pension balance		(3)	1	****	(2)
Disposals and other non-operating items		(9)	26		17
Adjusted net profit attributable to shareholders	****				2,358
(1)	Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.
---	---
(2)	Excludes fair value movements on cross-currency interest rate swaps not designated as hedges, and the adjusted tax charge excludes the tax on those movements. Before 2025, there were no such movements.
---	---

Table of Contents


		2024			2025
		Net	Weighted		Net		Weighted
		profit	average		profit		average
		attributable to	number		attributable to		number
		shareholders	of shares	EPS	shareholders		of shares		EPS
		£m	(millions)	(pence)	£m		(millions)		(pence)
Basic earnings per share		1,934	1,865.9	103.6p	2,065.0	****	1,834.4	****	112.6


		2024			2025
		Adjusted net	Weighted		Adjusted net	Weighted
		profit	average		profit	average
		attributable to	number	Adjusted	attributable to	number	Adjusted
		shareholders	of shares	EPS	shareholders	of shares	EPS
		£m	(millions)	(pence)	£m	(millions)	(pence)
Adjusted earnings per share		2,241	1,865.9	120.1p	2,358.0	1,834.4	128.5

Results of Operations for the Year Ended December 31, 2025

Compared to the Year Ended December 31, 2024

Reported revenue was up 2% from £9,434 million in 2024 to £9,590 million in 2025. 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 from £517 million in 2024 to £399 million in 2025.

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%.

Reported operating profit, which includes amortisation of acquired intangible assets and acquisition and disposal related items, was up 6% from £2,861 million in 2024 to £3,027 million in 2025 including lower amortisation of acquired intangible assets and acquisition and disposal related items. Adjusted operating profit was up 4% from £3,199 million in 2024 to £3,342 million in 2025. The adjusted operating profit from print and print-related activities decreased from £217 million in 2024 to £185 million in 2025. Disposals and the reduction in profit contribution from print and print-related activities combined to reduce the Group’s adjusted operating profit by 2%, while currency effects decreased the Group’s adjusted operating profit by 3%.

The reported operating margin was up from 30.3% in 2024 to 31.5% in 2025. The overall adjusted operating margin increased 0.9 percentage points from 33.9% in 2024 to 34.8% in 2025 driven by the underlying performance.

Depreciation of property, plant and equipment and amortisation of internally developed intangible assets decreased from £398 million in 2024 to £378 million. Depreciation of right-of-use assets decreased from £50 million in 2024 to £37 million in 2025.

The amortisation charge in respect of acquired intangible assets, including the share of amortisation in joint venture and associates, decreased from £258 million in 2024 to £248 million in 2025.

Acquisition and disposal related costs decreased from £69 million in 2024 to £54 million in 2025, slightly lower than the prior year primarily due to lower acquisition activity.

Reported net finance costs decreased from £298 million in 2024 to £286 million in 2025. This includes the net financing credit on defined benefit pension schemes of £3 million in 2025.

Reported profit before tax was up 8% from £2,557 million in 2024 to £2,750 million in 2025 reflecting the improvement in reported operating profit and the lower interest expense. 22

Table of Contents The reported tax charge increased from £613 million in 2024 to £672 million in 2025 including tax associated with the amortisation of acquired intangible assets, disposals and other non-operating items.

The reported net profit attributable to shareholders was up 7% from £1,934 million in 2024 to £2,065 million in 2025. The adjusted net profit attributable to shareholders was up 5% from £2,241 million in 2024 to £2,358 million in 2025.

The reported earnings per share increased by 9% from 103.6p in 2024 to 112.6p in 2025. Adjusted earnings per share increased by 7% from 120.1p in 2024 to 128.5p in 2025. At constant currency, adjusted earnings per share increased by 10%.

Ordinary dividends paid to shareholders in 2024, being the 2023 final and 2024 interim dividend, amounted to £1,121 million. Ordinary dividends paid to shareholders in 2025, being the 2024 final and 2025 interim dividend, amounted to £1,181 million.

The final dividend proposed by the Board increased from 44.8p in 2024 to 48.0p per share in 2025. Total dividends for the year increased 7% from 63.0p in 2024 to 67.5p in 2025.

During 2025, a total of 39.5 million RELX PLC shares were repurchased at an average price of 3,797p. Total consideration for these repurchases was £1,500 million. A further 1.9 million shares were purchased by the Employee Benefit Trust. As at December 31, 2025, total shares in issue, net of shares held in treasury and shares held by the Employee Benefit Trust, amounted to 1,819.0 million. A further 8.8 million shares have been repurchased in 2026 as at February 11, 2026.

Risk: 2025 financial performance


		2024					****	Change at
		(Restated)		2025		Change		constant		Underlying
		GBPm		GBPm		in GBP		currency		growth
Revenue		3,336		3,485		+4	%	+7	%	+8	%
Adjusted operating profit		1,233		1,305		+6	%	+9	%	+10	%

Strong fundamentals continuing to drive underlying revenue growth.

Reported revenue growth of +4%. Underlying revenue growth of +8%. Strong growth continues to be driven across segments by our deeply embedded, AI-enabled analytics and decision tools.

Adjusted operating profit growth of +6%. 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.

Table of Contents Scientific, Technical & Medical: 2025 financial performance


		2024					****	Change at
		(Restated)		2025		Change		constant		Underlying
		GBPm		GBPm		in GBP		currency		growth
Revenue		2,624		2,714		+3	%	+5	%	+5	%
Adjusted operating profit		981		1,035		+6	%	+7	%	+7	%

Development of analytics continuing to drive underlying revenue growth.

Reported revenue growth of +3%. 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.

Adjusted operating profit growth of +6%. 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.

Legal: 2025 financial performance


		2024					****	Change at
		(Restated)		2025		Change		constant		Underlying
		GBPm		GBPm		in GBP		currency		growth
Revenue		1,718		1,806		+5	%	+8	%	+9	%
Adjusted operating profit		381		415		+9	%	+11	%	+12	%

Further improvement in underlying revenue growth driven by AI-enabled legal analytics and tools.

Reported revenue growth of +5%. 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.

Adjusted operating profit growth was +9%. 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. 24

Table of Contents Exhibitions: 2025 financial performance


							****	Change at
		2024		2025		Change		constant		Underlying
		GBPm		GBPm		in GBP		currency^(1)^		growth
Revenue		1,239		1,186		-4	%	-2	%	+8	%
Adjusted operating profit		398		410		+3	%	+7	%	+9	%
(1)	Includes cycling effects of -5%
---	---

Strong underlying revenue growth and profitability improvement.

Reported revenue decline of -4%. Reported revenue includes the effects of prior year disposals and event cycling. Underlying revenue growth of +8%, reflecting the improved ongoing growth profile of our event portfolio.

Adjusted operating profit growth of +3%. 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.

Critical Accounting Policies

The accounting policies of the Group under IFRS as issued by the IASB are described within the relevant notes to the consolidated financial statements as set forth on pages 143 to 185 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. The most critical accounting policies and estimates used in determining the financial condition and results of the Group, and those requiring the most subjective or complex judgments, relate to capitalisation of development spend and accounting for defined benefit pension obligations.

The Audit Committee of RELX PLC has reviewed the development and selection of critical accounting estimates, and the disclosure of critical accounting policies in the financial statements.

Effect of Currency Translation

The consolidated financial statements are expressed in sterling and are therefore subject to the impact of movements in exchange rates on the translation of the financial information of individual businesses whose operational currencies are other than sterling. The principal exposures in relation to the results reported in sterling are to the US dollar and the euro, reflecting our business exposure to the United States and the European Economic and Monetary Union, our most important markets. Some of these exposures are offset by denominating debt in US dollars and euros.

Individual businesses are subject to foreign exchange transaction exposures caused by the effect of exchange rate movements on their revenue and operating costs, to the extent that such revenue and costs are not denominated in their functional currencies. Individual businesses generally hedge their exposures at market rates through the centralised treasury department. Hedging of foreign exchange transaction exposure is the only hedging activity undertaken by the individual businesses. For further details see note 17 to the consolidated financial statements as set forth on pages 169 to 175 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Compared to 2024, currency differences decreased the Group’s revenue by £196 million in 2025. Acquired intangible asset amortisation and acquisition and disposal related items are predominantly denominated in US dollars and, after these charges, currency differences decreased operating profit by £67 million. The majority of our debt is denominated in US dollars and euros and after charging net finance costs, currency differences decreased profit before tax by £65 million in 2025. 25

Table of Contents Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements are included in note 1 to the consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on pages 143 to 145 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flow

Cash flows from operating activities

The Group’s cash generated from operations increased from £3,521 million in 2024 to £3,735 million in 2025. Included in these net cash inflows are cash outflows, including acquisition and disposal related items, which increased from £62 million in 2024 to £89 million in 2025. A substantial proportion of revenue is received through subscription and similar advanced receipts, principally for scientific and medical journals. At December 31, 2025 subscriptions and other revenues received in advance increased from £2,328 million in 2024 to £2,390 million in 2025. The Group paid tax of £662 million in 2024 and £638 million in 2025, which was lower than the income statement charge, with the difference reflecting timing of tax payments.

Cash flows from investing activities

The Group’s cash outflow on the purchase of property, plant and equipment increased from £20 million in 2024 to £21 million in 2025 while proceeds from the sale of property, plant and equipment were consistent at nil for 2024 and 2025. The cash outflow on internally developed intangible assets increased from £464 million in 2024 to £504 million in 2025, reflecting sustained investment in new products.

During 2024, the Group paid a total of £170 million for acquisitions, including deferred consideration of £5 million on past acquisitions and cash spent on venture capital investments of £4 million. During 2025, the Group paid a total of £260 million for acquisitions, including deferred consideration of £18 million spent on past acquisitions and cash spent on venture capital investments of £42 million.

Cash flows from financing activities

28.9 million shares were repurchased by RELX PLC in 2024 for total consideration of £1,000 million. 39.5 million shares were repurchased by RELX PLC in 2025 for total consideration of £1,500 million, with a further £250 million repurchased in 2026 as at February 11, 2026. In addition, the Employee Benefit Trust purchased shares of RELX PLC to meet future obligations in respect of share based remuneration totalling £75 million and £76 million in 2024 and 2025, respectively. Proceeds from the exercise of share options decreased from £47 million in 2024 to £42 million in 2025.

During 2024 and 2025, the Group paid ordinary dividends totalling £1,121 million and £1,181 million, respectively, to shareholders of RELX PLC. Dividend payments are funded by the operating cash flow of the business after capital spend.

Debt

Debt as at December 31, 2024 and December 31, 2025 was £6,544 million and £7,267 million, respectively. Net debt, used in assessing the Group’s financial position was £6,563 million as at December 31, 2024 and £7,201 million as at December 31, 2025, comprising gross bank and bond borrowings of £7,170 million and lease liabilities under IFRS 16 of £97 million, plus £60 million of derivative net liabilities designated as hedging instruments and £5 million of cross-currency interest rate swap net liabilities not designated as hedging instruments, less cash and cash equivalents of £131 million. Excluding currency translation effects, net debt increased in 2025 by £733 million.

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 total fair value of these 26

Table of Contents instruments at each reporting date will be included as part of net debt as defined by the Group. Of the $1.5 billion 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 $500 million has been swapped from fixed rate US dollars to fixed rate Japanese yen for ten years.

Net debt is reconciled as follows:


As at December 31		2024		2025
		£m		£m
Cash & cash equivalents		119		131
Debt		(6,544)		(7,267)
Derivative financial instruments in fair value hedging relationships		(140)		(60)
Cross-currency interest rate swaps not designated as hedges^(1)^		—		(5)
Finance lease receivables		2		—
Net debt		(6,563)		(7,201)
(1)	Reflects cross-currency interest rate swaps not designated as hedges entered into in March 2025. Before 2025, there were no such swaps.
---	---

Liquidity

In March 2025, $750 million of USD denominated term debt was issued with a fixed coupon of 4.75% and a maturity of 5 years and $750 million with a fixed coupon of 5.25% and a maturity of 10 years.

The Group believes that it 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. This includes access to a $3.5 billion committed bank facility which provides security of funding for short-term debt, which was undrawn at December 31, 2025. This new facility, maturing in November 2030, was put in place in November 2025 to replace the previous $3.0 billion facility maturing in April 2027, which was cancelled at that time.

Contractual Obligations

The contractual obligations of the Group relating to debt and leases at December 31, 2025 analysed by when payments are due, are summarised below.


					Less than									After 5
		Total			1 year			1-3 years			3-5 years			years
			(in millions)
Short-term debt^(1)(2)^		£	(1,585)		£	(1,585)			—			—			—
Long-term debt^(2)^			(6,925)			(183)			(1,539)			(2,118)			(3,085)
Total		£	(8,510)		£	(1,768)		£	(1,539)		£	(2,118)		£	(3,085)
(1)	Short-term debt primarily comprises term debt issues maturing within one year and commercial paper, and is supported by the $3.5 billion committed bank facility maturing in November 2030 and by the central management of cash and cash equivalents. At December 31, 2025 the committed bank facility was undrawn.
---	---
(2)	Short and long-term debt obligations comprise undiscounted principal and interest cash flows. Interest cash flows are calculated by reference to the contractual payment dates and the fixed interest rates (for fixed rate debt) or the relevant forecast interest rates (for floating rate debt).
---	---

Information on retirement benefit obligations is set forth in note 6 to the consolidated financial statements under the heading ‘Pension schemes’ on pages 151 to 155 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. 27

Table of Contents Off-Balance Sheet Arrangements

Except as disclosed above under “Contractual Obligations”, we have no off-balance sheet arrangements that currently have or are reasonably likely to have a material effect on RELX’s financial condition, results of operations, liquidity, capital expenditure or capital resources.

Treasury Policies

The main treasury risks faced by the Group are liquidity risk, interest rate risk, foreign currency risk and credit risk. The Board agrees overall policy guidelines for managing each of these risks. A summary of these policies is provided in note 17 to the consolidated financial statements under the heading ‘Financial Instruments’ on pages 169 to 175 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Financial instruments are used to finance our business and to hedge transactions. We do not enter into speculative derivative transactions.

Capital and Liquidity Management

The capital structure is managed to support the Group’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, the Group 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.

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 our capital and liquidity management, including material cash requirements and other material commitments, is provided in note 17 to the consolidated financial statements under the heading ‘Financial Instruments’ on pages 169 to 175 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

SHORT-TERM DEBT

The Group operates a number of commercial paper programmes that provide flexibility for funding operational requirements on a daily basis, at short notice and at competitive rates. Commercial paper is issued under both US and Euro programmes and guaranteed by RELX PLC. In addition, short-term borrowing facilities are established with local banks to support the daily requirements of businesses operating in certain countries where there may be restrictions on borrowing from affiliates. Term debt in the table below consists of debt with an original maturity of greater than one year and which mature within 12 months of the reporting date. This short-term debt was backed up at December 31, 2025 by the $3.5 billion committed bank facility maturing in 2030. This facility was undrawn at December 31, 2025. The short-term debt programmes are run in conjunction with term debt programmes which comprise the majority of our debt and provide the Group with security of funding. 28

Table of Contents The average amount and the average interest rate during the year have been calculated by taking the average of the amounts outstanding at each month end (translated to sterling at the respective month end rate) and the average of the interest rate applicable at each month end. Commercial paper issuance reached a maximum month end level of £1,508 million in September 2025 following cash outflows in respect of shareholder dividends and share repurchases, and short-term loans and overdrafts reached a maximum month end level of £56 million in July 2025 as a result of movements in trading cash flows. Term debt reached a maximum month end level of £658 million in September to November 2025 as the maturity of the €750 million term debt issue expiring in May 2025 was below 12 months and as a result of exchange rate movements.

Lease liabilities have been excluded from the balances below.


					2024					2025
					Weighted					Weighted
					average					average
		2024			interest		2025			interest
Short-term debt as at December 31,		(in millions)			rate %		(in millions)			rate %
Commercial paper		£	681		4.2		£	835		4.1
Short-term loans and overdrafts			81		4.7			52		3.6
Term debt			612		6.4			654		1.4
Total short-term debt		£	1,374		—		£	1,541		—


					2024					2025
					Weighted					Weighted
					average					average
		2024			interest		2025			interest
Average short-term debt during the year ended December 31,		(in millions)			rate %		(in millions)			rate %
Commercial paper		£	707		4.7		£	919		3.7
Short-term loans and overdrafts			54		5.1			46		4.0
Term debt		£	585		5.3		£	640		2.9


		2024			2025
Maximum month end short-term debt		(in millions)			(in millions)
Commercial paper		£	1,256		£	1,508
Short-term loans and overdrafts			81			56
Term debt		£	1,026		£	658

Table of Contents TREND INFORMATION

Material trends, uncertainties and events which can affect the revenue, operating profit and liquidity and capital resources of RELX include the usage, penetration and customer renewal of our products and the prices that customers pay for our products, the migration of products to online services, investment in new products and services, cost control and the impact of our cost reduction programmes on operational efficiency, the levels of legal industry and academic library funding, the impact of economic conditions on corporate and other customer budgets, the actions of competitors and regulatory, legislative and legal developments.

Trends, uncertainties and events which could have a material impact on our revenue, operating profit and liquidity and capital resources are discussed in further detail in “Item 3: Key Information — Risk Factors”; “Item 4: Information on the Group”; and “Item 5: Operating and Financial Review and Prospects — Operating Results; Liquidity and Capital Resources”.

RESEARCH AND DEVELOPMENT

In 2024 and 2025 RELX spent £464 million and £504 million, respectively, in respect of capitalised development costs. This reflects sustained investment in new products. This expenditure was mainly incurred in the United States, the United Kingdom and the Netherlands. For additional information, see note 14 to the consolidated financial statements under the heading ‘Intangible assets’ on pages 164 to 166 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Table of Contents ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

DIRECTORS

The information on the Directors of RELX PLC as at February 19, 2026 is set forth under the heading ‘Board Directors’ on pages 80 to 81 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

As a general rule, Non-Executive Directors serve for an initial term 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 period of three years.

The Directors of RELX PLC as at February 19, 2026 are as follows:


Name (Age)		Function
Erik Engstrom (62)		Executive Director and Chief Executive Officer
Nick Luff (58)		Executive Director and Chief Financial Officer
Paul Walker (68)		Non-Executive Chair^(2)(3)(4)^
Alistair Cox (64)		Non-Executive Director^(1)(2)(4)^
June Felix (69)		Non-Executive Director^(1)(2)(4)^
Andy Halford (66)		Non-Executive Director^(1)(4)(5)^
Charlotte Hogg (55)		Non-Executive Director^(1)(4)^
Andrew Sukawaty (70)		Non-Executive Director^(1)(3)(4)^
Bianca Tetteroo (56)		Non-Executive Director^(4)^
Suzanne Wood (65)		Non-Executive Director^(1)(2)(3)(4)^
(1)	Member of the Audit Committee.
---	---
(2)	Member of the Remuneration Committee.
---	---
(3)	Member of the Nominations Committee.
---	---
(4)	Member of the Corporate Governance Committee.
---	---
(5)	Andy Halford was appointed to the Board on April 24, 2025.
---	---

The following changes to the RELX PLC Board of Directors took place during the period from January 1, 2025 to December 31, 2025:

Robert MacLeod, a Non-Executive Director who was Chair of the Remuneration Committee and a member of the Nominations Committee and the Corporate Governance Committee, retired from the Board with effect from the conclusion of the Company’s Annual General Meeting (AGM) on April 24, 2025, having joined the Board in 2016.

Andy Halford joined the Board as a Non-Executive Director with effect from the conclusion of the Company’s AGM on April 24, 2025 and also joined the Audit Committee and the Corporate Governance Committee at that time.

Alistair Cox was appointed Chair of the Remuneration Committee with effect from the conclusion of the Company’s AGM on April 24, 2025.

Andrew Sukawaty joined the Nominations Committee with effect from the conclusion of the Company’s AGM on April 24, 2025.

Suzanne Wood joined the Remuneration Committee with effect from the conclusion of the Company’s AGM on April 24, 2025. 31

Table of Contents SENIOR MANAGEMENT

The executive officers, other than Directors, at February 19, 2026 were:

Henry Udow: Chief Legal Officer and Company Secretary. A lawyer admitted to the Bar of New York State. Joined the Group in 2011. Prior to joining the Group, he was Chief Legal Officer and Company Secretary of Cadbury plc.

Rose Thomson: Chief Human Resources Officer of RELX PLC. Joined the Group in 2021. Prior to joining the Group, she was the Chief People Officer at Standard Life Aberdeen, a global investment and asset management company.

COMPENSATION

At the 2023 Annual General Meeting, a remuneration policy was approved and is incorporated herein by reference to Exhibit 15.3.

The 2025 grants were made under the Long-Term Incentive Plan 2023 to Executive Directors under this policy.

The policy relating to payment for loss of office of Executive Directors and Non-Executive Directors is set out on pages 140 to 141 of Exhibit 15.3 and incorporated herein by reference to Exhibit 15.3.

Approval will be sought at the 2026 Annual General Meeting for a new remuneration policy. The new remuneration policy which applies from 2026 is set out on pages 114 to 120 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Compensation of Executive Officers

The aggregate compensation (salary, annual incentive, benefits, pension, cash allowance in lieu of pension and dividend equivalents received in respect of shares vested during 2025) paid during 2025 (and in respect of the annual incentive earned in respect of 2025) to those who were executive officers (other than Directors) of RELX during the year ended December 31, 2025 was £3,366,477 which included contributions made to the pension plans in respect of such officers of £20,000.

The executive officers participate in an annual incentive plan (“AIP”) which is based on financial targets and individual key performance objectives measured over a one-year period. The resulting AIP payout comprises a cash payout in March following the end of the relevant financial year (2/3rds) and deferred shares (1/3rd) which are released to participants after three years. The 2025 aggregate compensation for executive officers includes both the cash and the deferred share elements of the 2025 AIP.

In 2025, we also granted conditional share awards to the executive officers under the LTIP 2023 (as defined below) (see “— Share Ownership — Share Ownership by Directors and Executive Officers” below).

ANNUAL REMUNERATION REPORT

The Annual Remuneration Report is set out on pages 102 to 113 of the RELX 2025 Annual Report and is incorporated herein by reference to Exhibit 15.2.

SHARE OWNERSHIP

Executive Directors’ Multi-Year Incentive Interests

This information is set forth under the heading ‘Multi-year incentive interests’ on pages 108 to 109 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. 32

Table of Contents Equity-Based Plans

As of December 31, 2025, we operated and/or had awards outstanding under a number of equity-based plans as follows:

(i)	All-Employee Equity-Based Plans

The following four plans are local all-employee equity based plans:

(a)	UK SAYE Share Option Scheme (“SAYE Scheme 2013”) and ShareSave 2023

SAYE Scheme 2013 expired in 2023 and was replaced with ShareSave 2023. Grants under the SAYE Scheme 2013 have ceased but there are still options outstanding under this scheme.

Shares may be acquired at the exercise price, which is not less than the higher of (i) 80% of the closing market price for the relevant share on The London Stock Exchange three dealing days before invitations to apply for options are issued, and (ii) if new shares are to be subscribed, their nominal value.

All UK employees of RELX Group plc and participating companies under its control in employment at the date of invitation are eligible to participate in the scheme. In addition, the Directors of RELX Group plc may permit other employees of RELX Group plc and participating companies under its control to participate.

Participants can save between £10 and £500 per month for a period of three or five years. During a period of six months following the end of the period, the participant can use his/her savings to buy shares at the exercise price. However, options may be exercised earlier than the normal exercise date in certain specified circumstances, including death, or on ceasing employment on account of injury, disability, redundancy, or upon retirement under our self-standing retirement policy or the sale of the business or subsidiary for which the participant works, or provided the option has been held for at least three years. Exercise is allowed in the event of an amalgamation, reconstruction or take-over of the company whose shares are under option; alternatively, such options may, with the agreement of an acquiring company or a company associated with it, be exchanged for options over shares in the acquiring company or that associated company. Options may also be exercised in the event of the voluntary winding-up of the company whose shares are under option. In the event that options are exercised before the normal exercise date, the participant may acquire only the number of shares that can be purchased with the accumulated savings up to the date of exercise, plus interest (if any).

Awards were made under ShareSave 2023 in 2025, for a savings period of three years.

The Executive Directors have waived their right to participate in the SAYE Scheme 2013 and ShareSave 2023.

(b)	Netherlands Convertible Debenture Stock Arrangements

Subscriptions under this scheme ceased in 2017, but there are still option (formerly conversion) rights outstanding under this scheme. This facility consisted of an annual issue of a convertible debenture loan that was open for subscription by staff employed by our companies in the Netherlands or temporarily seconded to affiliates abroad. These convertible debenture loans had a term of 10 years and accrued interest on a quarterly basis, payable in arrears after the end of each year. During the 10-year term of the loan, employees could decide to convert their claim into RELX PLC shares at an exercise (conversion) price equal to the share price on Euronext Amsterdam on the last dealing day of the month in which the employee subscribed for the loan (the exercise price). All remaining debenture loans, together with accrued interest up to the payment date, were repaid to bond holders in November 2019. When the loans were repaid, subsisting conversion rights became standalone option rights on substantially the same terms, with no change to the relevant exercise price and 10-year exercise (conversion) period.

The Executive Directors were not eligible to participate in this scheme.

(c)	Dutch Share Purchase Plan (“DSPP”)

All employees of RELX Nederland BV and participating companies under its control who are neither in their probation period nor under notice at the date of invitation and who are in receipt of salary via a Dutch payroll are entitled to participate in the 33

Table of Contents DSPP. Each cycle of the DSPP operates on a standalone basis and eligibility is assessed for each cycle that is offered. The 2025 cycle of the DSPP launched in February 2025 and completed in December 2025.

Participating employees make monthly contributions out of net salary which are used to purchase RELX PLC shares, listed on Euronext Amsterdam (investment shares). Minimum and maximum annual contribution amounts apply to each cycle. In 2025, the minimum annual contribution amount was €250 and the maximum annual contribution amount was €6,000. At the end of the cycle, participants who were still in RELX employment, and who had not sold any of the investment shares purchased during the year, received matching shares from RELX equal to 20% of the investment shares purchased during the year. Investment shares acquired under the DSPP accrue normal RELX dividends which are automatically reinvested into additional RELX PLC shares.

The Executive Directors are not eligible to participate in the DSPP.

(d)	Employee Share Purchase Plan 2023 (“ESPP 2023”)

The Employee Share Purchase Plan 2023 (“ESPP 2023”) offers eligible US employees the opportunity to acquire RELX American Depositary Receipts (ADRs) at a discount. The ESPP 2023 is designed to comply with section 423 (b) of the US Internal Revenue Code of 1986. Employees of participating US subsidiaries of RELX PLC are eligible to participate. Participation may exclude certain employees, within the limits of the IRS Code, based on their period of continuous employment, weekly or annual hours or if they are highly compensated.

Minimum and maximum annual contribution amounts apply to each cycle. For the award made in 2025, the minimum annual contribution amount was $300 and the maximum $6,000. The upper limit in the ESPP rules is the IRS Code limit, currently $25,000 per year. The award is made in the form of an option to acquire ADRs at a fixed price which may be set at a discount (of up to 15%) to the market value of the ADRs at the date of grant or exercise. At the end of the contribution period, the options will be exercised unless the employee chooses to withdraw.

The Executive Directors are not eligible to participate in the ESPP 2023.

(ii)	Executive Equity-Based Plans

Our executive equity-based plans comprise:

(a)	Long-term incentive plan 2013 (“LTIP 2013”)

The LTIP 2013 applied to senior executives (including executive officers and the Executive Directors). Awards were granted as performance share awards. Awards vest subject to performance measured over three financial years. Awards may be satisfied with new issue shares, a transfer of treasury shares or shares purchased in the market, but it is currently intended to continue the existing practice of satisfying awards with shares purchased in the market. The vesting of awards is also subject to participants meeting a minimum shareholding requirement and continued employment (except for certain categories of approved leavers). Dividend equivalents accrue over the performance period and are paid out in cash at the end to the extent that the awards vest. Further, shares vested from awards granted to the Executive Directors in 2016 and 2017 were subject to a further six months holding period post vesting which was increased to two years for shares vested from awards granted to the Executive Directors from 2018 onwards. Awards under this plan have ceased but there are still unvested awards outstanding.

(b)	Long-term incentive plan (“LTIP 2023”)

The rules of the LTIP 2013 expired at the 2023 AGM. Shareholders approved new rules for a replacement plan at the 2023 AGM on substantially the same terms. The LTIP 2023 applies to senior executives (including executive officers and the Executive Directors). Awards are granted as a right to receive shares without payment, which normally vest subject to performance measured over three financial years. Awards may be satisfied with new issue shares, a transfer of treasury shares or shares purchased in the market, but it is currently intended to continue the existing practice of satisfying awards with shares purchased in the market. The vesting of awards is also subject to participants meeting a minimum shareholding requirement and continued employment (except for certain categories of approved leavers). Dividend equivalents accrue over the performance period and are paid out in cash at the end to 34

Table of Contents the extent that the awards vest. Shares vested from awards granted to the Executive Directors are subject to a further two years holding period post vesting.

The first awards under this plan were granted after the 2023 AGM.

The performance measures and targets applicable to awards granted in 2025 under this plan are detailed in the table below.

LTIP: 2025-2027 cycle

Vesting is dependent on three separate performance measures: a total shareholder return (“TSR”) measure (comprising three comparator groups), an EPS measure and a return on invested capital (“ROIC”) measure, weighted 20%:40%:40% respectively and assessed independently.^(1)^


Vesting percentage of each third		TSR ranking within the relevant
of the TSR tranche(2)		TSR comparator group
0%		below median
20%		median
100%		upper quartile
(1)	The calculation methodology for TSR, EPS and ROIC is set out in the 2013 Notice of Annual General Meeting, which can be found on our website, www.relx.com. The information on our website is not incorporated by reference into this Annual Report on Form 20-F.
---	---

Each comparator group comprises around 50 companies, which were selected on the same basis as the comparator groups for prior cycles under this plan.

(2)	Vesting is on a straight-line basis for performance between the minimum and maximum levels.


		Average growth in adjusted
Vesting percentage of EPS		EPS over the three-year		Average ROIC over the three-year
and ROIC tranches*		performance period		performance period
0%		below 5% p.a.		below 11.2%
20%		5% p.a.		11.2%
50%		6% p.a.		11.8%
65%		7% p.a.		12.4%
75%		8% p.a.		13.0%
85%		9% p.a.		13.6%
92.5%		10% p.a.		14.2%
100%		11% p.a. or above		14.8% or above

*Vesting is on a straight-line basis for performance between the stated average adjusted EPS growth/ROIC percentages.

(c)	Executive Share Option Scheme 2013 (“ESOS 2013”)

The ESOS 2013 applied to around 1,000 executives. Market value options granted vest (subject to performance in the case of Executive Directors) after three years and remain exercisable, subject to continued employment, until the tenth anniversary of grant. Options may be satisfied with new issue shares, a transfer of treasury shares or shares purchased in the market, but it is currently intended to continue the existing practice of satisfying options with new issue shares.

Awards under this scheme have ceased but there are still unvested awards outstanding. Vested awards held by the executives and Directors remain exercisable, as applicable.

(d)	Retention Share Plan (“RSP”) and Restricted Share Plan (“RSP 2014”)

The RSP was used to facilitate the grant of one-off awards of restricted shares, where appropriate, to senior new hires for example, to buy out share-based awards from previous employment. The restricted shares which have been awarded will be satisfied 35

Table of Contents by shares purchased in the market and Executive Directors are not eligible to participate. In 2014, the RSP 2014 replaced the RSP for the type of awards described above.

Since 2006, employees eligible to participate in the ESOS 2013, other than Executive Directors, have been able to choose prior to the date of grant whether to receive all or part of their grant in the form of restricted shares based on a pre-determined conversion ratio of one share for every five options that would otherwise be granted to them under ESOS. The RSP is the vehicle used to deliver the award of such restricted shares. The restricted shares vest after the expiry of three years from the date of grant, subject to the participant remaining employed by us or a participating company under our control. The restricted shares awarded are satisfied by shares purchased in the market.

(e)	Executive Share Ownership Scheme (“ESOS 2023”)

This plan effectively replaces and combines the ESOS 2013 and RSP 2014 under a single plan. Under ESOS 2023, eligible employees may be granted options (at market value or nil cost) over RELX PLC ordinary shares or ADRs. Awards may also be granted as a right to receive shares without payment. The normal vesting period will be three years. Market value options remain exercisable, subject to continued employment, until the tenth anniversary of grant. Awards may be satisfied with new issue shares, a transfer of treasury shares or shares purchased in the market, but it is currently intended to continue the existing practice of satisfying options with new issue shares and share awards with market purchased shares.

Executive Directors are not eligible to receive awards under the ESOS 2023 except in exceptional circumstances and subject to the applicable remuneration policy (for example, on recruitment, to satisfy buy-out of awards forfeited from a previous employer).

The first awards under this plan were granted after the 2023 AGM.

Share Options and Conditional Share Awards

At February 11, 2026 the total number of shares subject to outstanding options was:


		Number of
		outstanding		Options over		Option price
		options		shares		range
UK SAYE Scheme		1,413,660		RELX PLC		£	13.568-32.776
Netherlands Convertible Debenture Stock Scheme		139,855		RELX PLC		€	15.625-19.39
ESPP		314,201		RELX PLC		$	34.944
ESOS		6,663,639		RELX PLC		£	12.55-40.73
		489,648		RELX PLC		€	15.285-17.785

Share options are expected, upon exercise, to be met by the issue of new ordinary shares.

At February 11, 2026 the following conditional share awards were also outstanding:


		Number of
		outstanding		Awards over
		awards		shares in
LTIP		4,372,922		RELX PLC
RSP		926,392		RELX PLC

Share Ownership by Directors and Executive Officers

The interests of those individuals who were Directors of RELX PLC as at December 31, 2025 in the issued share capital of RELX PLC at the beginning and end of the year are shown under the heading ‘Statement of Directors’ shareholdings and other share interests’ on page 107 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. 36

Table of Contents The interests of the current Executive Directors of RELX PLC in the issued share capital of RELX PLC as at February 18, 2026 were:


****		Interest in
		RELX
		PLC shares
Erik Engstrom*		1,327,129
Nick Luff		358,792
*	Comprises ordinary shares and ADRs.
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The following table indicates the total aggregate number of RELX PLC securities beneficially owned (comprising ordinary shares and ADRs) and the total aggregate number of share options (comprising ordinary shares only) and conditional share awards (comprising ordinary shares and ADRs) held by the executive officers (other than Directors) of the Company in office as of February 11, 2026:


				RELX		RELX
				PLC £		PLC €		RELX
				ordinary		ordinary		PLC
				shares		shares		conditional
		RELX PLC		subject to		subject to		share
		shares		options		options		awards
Executive officers (other than Directors)		769,208		10,373		9,990		282,876

The options over RELX PLC pound sterling denominated ordinary shares included in the above table are exercisable at prices ranging from £14.945 to £19.76 per share between the 3rd anniversary of their respective grant date and 2027 (except for SAYE options which will be exercisable for six months from the respective maturity date). The options over RELX PLC Euro denominated ordinary shares included in the above table are exercisable at €16.7225 per share between the 3rd anniversary of their respective grant date and 2027. The RELX PLC conditional share awards included in the above table will vest between 2026 and 2028.

In 2025, we granted a total of 61,870 conditional share awards to the executive officers under the LTIP 2023 (which is described above under “Executive Equity-Based Plans”).

Table of Contents BOARD PRACTICES

The Board currently consists of two Executive Directors, the Chair and seven Non-Executive Directors. Persons nominated by the Nominations Committee will be required to be approved by the Board, prior to appointment to the Board. A copy of the terms of reference of the Nominations Committee is available on request and can be viewed on our website, www.relx.com. The information on our website is not incorporated by reference into this Annual Report on Form 20-F.

Notwithstanding the provisions outlined above in relation to the appointment to the Board, shareholders retain their rights under RELX PLC’s articles of association to appoint Directors to the Board by ordinary resolution. Shareholders may also, by ordinary resolution, remove a Director from the Board.

The Board has also established the following Committees:

—	Audit — currently comprising six independent Non-Executive Directors;
—	Corporate Governance — currently comprising all Non-Executive Directors and the Chair of the Board;
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—	Nominations — currently comprising two Non-Executive Directors and the Chair of the Board; and
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—	Remuneration — currently comprising three Non-Executive Directors and the Chair of the Board, which is responsible for determining the remuneration policy (subject to shareholders approval) and monitoring and deciding its implementation for the Executive Directors and the Chair, and approving the remuneration for senior executives below Board level.
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For additional information regarding the Board membership positions and executive officer positions within the Group, see “Directors” and “Senior Management” on pages 31 to 32. Details of the membership of the Audit Committee and details of the membership of the Remuneration Committee are given under “Directors” on page 31.

Under the articles of association of RELX PLC, one-third of the Directors shall retire from office and, if they wish, make themselves available for re-election by shareholders at the Annual General Meeting. Notwithstanding these provisions in the articles of association, in accordance with the provisions of the UK Corporate Governance Code all Directors normally retire and, unless they are standing down, will offer themselves for re-election/election at each Annual General Meeting.

The main roles and responsibilities of the Remuneration Committee are set out in written terms of reference and include:

(i)	to determine the remuneration policy and monitor and decide its implementation, subject to and in accordance with applicable law, for the executive directors and senior management of RELX PLC;
(ii)	to review the ongoing appropriateness and relevance of the remuneration policy and in particular the performance-related elements and their compatibility with risk policies and systems;
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(iii)	to review and recommend amendments to the rules of all share based incentive plans and, where appropriate, to formulate suitable performance conditions for share based awards and options;
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(iv)	to have due regard in the performance of its duties to any published corporate governance guidelines, codes or recommendations regarding the remuneration of directors of listed companies and formation and operation of share schemes which the Committee considers relevant or appropriate including but not limited to the UK Corporate Governance Code;
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(v)	to assist in maintaining an open and ongoing dialogue with institutional investors on major remuneration policy issues; and
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(vi)	to review workforce remuneration and related policies, and the alignment of incentives and rewards with culture, and take these into account when setting the remuneration policy for executive directors.
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The Remuneration Committee Chair reports formally to the Board on its proceedings after each meeting on all matters within its duties and responsibilities and the Committee has due regard that prevailing requirements and best practice regarding disclosure of all information are met and produces an annual report of RELX’s remuneration policy and practices which forms part of RELX’s Annual Report. 38

Table of Contents The terms of reference for the Remuneration Committee are reviewed annually and a copy is published on our website, www.relx.com. The information on our website is not incorporated by reference into this Annual Report on Form 20-F.

EMPLOYEES

The number of people employed is disclosed in note 5 to the consolidated financial statements under the heading ‘Personnel’ on page 150 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

The Board of RELX PLC is fully committed to the concept of employee involvement and participation, and encourages each of its business areas to formulate its own tailor-made approach with the co-operation of employees. We are an equal opportunity employer, and recruit and promote employees on the basis of suitability for the job. Appropriate training and development opportunities are available to all employees. RELX has adopted a code of ethics and business conduct applicable to all employees within the Group.

Table of Contents ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

MAJOR SHAREHOLDERS

As at February 19, 2026, we had been notified by the following shareholders that they held an interest of 3% or more in voting rights^(1)^of the issued share capital of RELX PLC. The number of shares and percentage interests stated below are as disclosed at the date on which the interests were notified to us:


		Number of
Identity of Person or Group^(2)^		Shares		% of Class
BlackRock, Inc		186,631,180		9.67
Invesco Limited		52,329,893		4.99
(1)	Under the UK Disclosure and Transparency Rules, subject to certain limited exceptions, persons or groups with an interest of 3% or more in voting rights of the issued ordinary share capital are required to notify RELX PLC, and the UK Financial Conduct Authority of their interest. Shares held in treasury, which do not carry voting rights, are disclosed in “Item 10: Additional Information”.
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(2)	Under the UK Large and Medium-sized Companies and Groups (Financial Statements and Reports) Regulations 2008, RELX PLC is required to disclose information it is aware of regarding the identity of each person with a significant direct or indirect holding of securities in RELX PLC as at the financial year end.
---	---

As far as RELX PLC is aware, except as disclosed herein, it is neither directly or indirectly owned nor controlled by one or more corporations or by any government.

There were no material or unusual transactions between RELX and any of the entities listed above.

At December 31, 2025, there were 71 ordinary shareholders with a registered address in the United States, holding 85,690,341 ordinary shares of RELX PLC, representing 4.69 % of the total number of ordinary shares issued. This includes Citibank N.A., depositary for RELX PLC’s ADR programme, which held 85,599,639 ordinary shares of RELX PLC, representing 4.68 % of the total number of ordinary shares issued. At December 31, 2025, there were 140 registered ADR holders (holding together 35,750 ADRs), who all have a registered address in the United States, representing less than 0.01% of the total number of ordinary shares issued.

RELX PLC is not aware of any arrangements the operation of which may at a subsequent date result in a change in control of RELX PLC. The major shareholders of RELX PLC do not have different voting rights to other ordinary shareholders.

RELATED PARTY TRANSACTIONS

Transactions with joint ventures and key management personnel, comprising the Executive and Non-Executive Directors of RELX PLC, are set out in note 25 to the consolidated financial statements under the heading ‘Related party transactions’ on page 181 of the RELX 2025 Annual Report and is incorporated herein by reference to Exhibit 15.2.

Further details of remuneration of key management personnel are set out in “Item 6: Directors, Senior Management and Employees”.

Table of Contents ITEM 8: FINANCIAL INFORMATION

FINANCIAL STATEMENTS

See “Item 18: Financial Statements”, incorporated herein by reference.

DIVIDEND POLICY

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.

LEGAL PROCEEDINGS

Various of RELX PLC’s subsidiaries operating in the United States have been the subject of regulatory actions and legal proceedings relating to alleged non-compliance with privacy, data protection and consumer protection laws and regulations regarding the obtaining and disclosure by such subsidiaries of personal information of the individuals involved, as well as historic data security incidents, pursuant to which unauthorised persons were alleged to have obtained personal information from our databases. These types of actions and investigations are generally settled, with the substantial portion of any cash payments agreed to be paid by these subsidiaries being reimbursed by insurance and third-party indemnities. The regulatory settlements generally require comprehensive data security programmes, submissions of regulatory reports and on-going monitoring by independent third parties to ensure our compliance with the terms of those settlements. While the costs of such compliance and on-going monitoring will be borne by us, neither the costs of compliance nor the costs of such on-going monitoring are expected to have a material adverse effect on our financial position or the results of our operations.

Various of RELX PLC’s subsidiaries offer products that require that we meet certain obligations in connection with the disclosure of information. Certain of these laws further provide for statutory penalties and attorneys’ fees for non-compliance. In the normal course of its business, Risk deals with individual and class action lawsuits claiming violation of one or more of these statutes. Other than pending matters, to date, these cases have either been settled or successfully defended with a substantial portion of cash payments agreed to be paid by our insurance providers. These lawsuits have not had, and are not expected to have, a material adverse effect on our financial position or the results of our operations.

We are party to various other legal proceedings arising in the ordinary course of our business, the ultimate resolutions of which are not expected to have a material adverse effect on our financial position or the results of our operations.

Table of Contents ITEM 9: THE OFFER AND LISTING

TRADING MARKETS

The RELX PLC ordinary shares are listed on the London Stock Exchange, Euronext Amsterdam and the New York Stock Exchange. The London Stock Exchange is the principal trading market for RELX PLC ordinary shares. Trading on the New York Stock Exchange is in the form of American Depositary Shares (“ADSs”), evidenced by American Depositary Receipts (“ADRs”) issued by Citibank N.A., as depositary. Each ADS represents one RELX PLC ordinary share. The tickers for each of RELX PLC’s listings are detailed below:

—	London Stock Exchange — ‘REL’
—	Euronext Amsterdam — ‘REN’
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—	New York Stock Exchange — ‘RELX’
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Table of Contents ITEM 10: ADDITIONAL INFORMATION

ARTICLES OF ASSOCIATION

A copy of RELX PLC’s current Articles of Association (the “Articles”) is filed as Exhibit 1.1 to this Annual Report on Form 20-F.

The following is a summary of the current Articles. As a summary, it is not exhaustive and is qualified in its entirety by reference to UK law and the Articles.

Company’s Objects

RELX PLC’s objects are unrestricted.

Share Capital

As at December 31, 2025 the Company’s issued ordinary share capital comprised 1,828,060,365 shares of 14 ^51^/116p and the number of shares held in treasury totaled 9.0 million. Of these, 4.9 million ordinary shares were held by the Employee Benefit Trust and 4.1 million ordinary shares were held in treasury by RELX PLC. During 2025, RELX PLC bought back a total of 39.5 million ordinary shares to be held in treasury pursuant to the authority given by shareholders at the Annual General Meeting held on April 24, 2025, and the previous authority given by shareholders at the Annual General Meeting held on April 25, 2024. On December 4, 2025, RELX PLC cancelled 55.0 million ordinary shares held in treasury. These share purchases and cancellations are reflected in the number of ordinary shares held in treasury at December 31, 2025. All share capital is fully paid up.

RELX PLC by ordinary resolution and subject to the UK Companies Act 2006 (as amended) (the “Companies Act”) may:

1.	Allot shares up to a limit of 1/3 of the issued share capital, a further 1/3 of the issued share capital may be allotted but only in connection with a fully pre-emptive rights issue;
2.	Sub-divide all or part of the share capital into shares of a smaller nominal value than the existing shares; and
---	---
3.	Consolidate and divide all or part of the share capital into shares of a larger nominal value than the existing shares.
---	---

All shares created by an increase of RELX PLC’s share capital by consolidation, division or sub-division shall be subject to all the provisions of the Articles.

RELX PLC by special resolution and subject to the Companies Act may:

1.	Disapply shareholders pre-emption rights on new issue shares up to a limit of 5% of the issued share capital, and disapply pre-emption rights on new issue shares up to a further 5% of the issued share capital in connection with an acquisition or specified capital investment subject to certain conditions;
2.	Buy back its own shares up to a limit of 10% of the issued share capital; and
---	---
3.	Reduce its share capital.
---	---

Table of Contents Transfer of ordinary shares

A certificated shareholding may be transferred in the usual form or in any other form approved by the Board. The Board in its discretion may refuse to register the transfer of a certificated share which is not fully paid and may also refuse to register the transfer of a certificated share unless the instrument of transfer:

1.	is stamped or certified and lodged, at the registered office or other place that the Board decides, accompanied by the relevant share certificate and any other evidence that the Board may reasonably require to prove a legitimate right to transfer;
2.	is in respect of only one class of shares; and
---	---
3.	is in favour of not more than four transferees.
---	---

Where the Board refuses to register a transfer of certificated shares, it must notify the transferee of the refusal within two months after the date on which the instrument of transfer was lodged with RELX PLC.

For those members holding uncertificated shares, such transfers must be conducted using a relevant system as defined in the UK Uncertificated Securities Regulations 2001.

Untraced shareholders

RELX PLC is entitled to sell any of its ordinary shares if:

1.	during the period of 12 years prior to the publication of any advertisement stating the intent to sell, at least three dividends have become payable on the shares which have remained uncashed; and
2.	during the period of three months following the publication of any advertisement stating the intent to sell, RELX PLC has received no indication of the location, or existence of the member, or the person entitled to the shares by way of transmission.
---	---

Dividend Rights

Subject to the provisions of the Companies Act, the shareholders may by ordinary resolution declare a dividend no larger than the amount recommended by the Board requiring a simple majority of the votes cast. Interim dividends may also be payable if the Board deems that there is sufficient profit available for distribution. Except as otherwise provided by the rights attached to the shares, all dividends shall be declared and paid according to the amounts paid up on the shares on which the dividend is declared. No dividend payable in respect of a share shall bear interest against RELX PLC, unless otherwise provided by the rights attached to the share.

Dividends may only be paid if RELX PLC has profits available for distribution. “Profits available for distribution” is defined in the Companies Act as “accumulated, realised profits, so far as not previously utilised by distribution or capitalisation, less accumulated, realised losses, so far as not previously written off in a reduction or reorganisation of capital duly made.” RELX PLC is not permitted to pay dividends out of share capital, which includes share premium. Profits available for distribution are determined in accordance with generally accepted accounting principles at the time the relevant accounts are prepared. RELX PLC will not be permitted to make a distribution if, at the time the proposed dividend is to be made, the amount of its net assets is less than the aggregate of its called-up share capital and undistributable reserves, or if the proposed dividend will reduce the net assets below such amount.

Dividends may be paid in cash, or (subject to shareholder approval and to the procedure set out in the Articles) by way of a distribution of assets, including, without limitation, paid up shares or debentures of another body corporate or further issuance of fully paid-up RELX PLC Shares. 44

Table of Contents Unclaimed dividends

Any dividend which remains unclaimed for 12 years from the date when it became due for payment shall, if the Board so resolves, be forfeited and cease to be owed by RELX PLC to the shareholder. RELX PLC may stop issuing dividend cheques or warrants:

1.	Where on at least two consecutive occasions dividend cheques/warrants are left uncashed or returned undelivered; or
2.	Where after one such occasion reasonable enquiries have failed to establish an updated address.
---	---

If the member goes on to claim a dividend or warrant, RELX PLC must recommence issuing dividend cheques and warrants.

Distribution of assets on winding up

In the event of RELX PLC being wound up, on the authority of a special resolution of RELX PLC and subject to the UK Insolvency Act 1986 (as amended) the liquidator may:

1.	Divide among the members the whole or any part of the assets of RELX PLC.
2.	Value any assets and determine how the division should be made between the members or different classes of members.
---	---
3.	Place the whole or any part of the assets in trust for the benefit of the members and determine the scope and terms of these trusts.
---	---

A member cannot be compelled to accept an asset with an inherent liability.

Variation of rights

Subject to the Companies Act, where the capital of RELX PLC is divided into different classes of shares, the unique rights attached to the respective classes may be varied or cancelled:

1.	With the written consent of the holders of 75% in nominal value of the issued shares of the class (excluding any treasury shares held in that class); or
2.	By authority of a special resolution passed at a separate general meeting of the holders of the shares of the class.
---	---

General meetings of shareholders

Under the RELX PLC Articles, a resolution put to the vote of a general meeting will be decided on a show of hands unless a vote by poll is duly demanded.

Subject to the Companies Act, RELX PLC must hold a general meeting as its annual general meeting within six months from January 1 every year. The Board may convene a general meeting when necessary and must do so promptly upon requisition by the shareholders. The notice period for annual general meetings is 21 clear days and 14 clear days for other general meetings. Subject to the Companies Act and the Articles, the notice shall be sent to every member at their registered address. If, on two consecutive occasions notices are sent to a member’s registered address and have been returned undelivered the member shall not be entitled to receive any subsequent notice.

Voting rights

On a vote on a resolution by way of a show of hands, every shareholder or duly appointed proxy who is present at the general meeting in person has one vote. On a vote on a resolution by way of a poll every shareholder present in person or by proxy has one vote for every RELX PLC Share of which he, she or it is the holder. 45

Table of Contents In the case of joint holders of a RELX PLC Share, the vote of the senior shareholder who tenders a vote, whether in person or by proxy, will be accepted to the exclusion of the votes of the other joint holders. For this purpose, seniority shall be determined by the order in which the names of the holders are listed in the register of shareholders.

Subject to the provisions of the Companies Act, a poll may be demanded by: (i) the chair of the meeting; (ii) at least five shareholders present in person or by proxy having the right to vote on the resolution (except on the election of the chair of the meeting or on a question of adjournment); (iii) any shareholder or shareholders present in person or by proxy representing not less than 10% of the total voting rights of all the shareholders having the right to vote on the resolution (excluding any voting rights attached to any RELX PLC Shares held as treasury shares); or (iv) any shareholder or shareholders present in person or by proxy holding shares conferring a right to vote on the resolution, being shares on which an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all shares conferring that right (excluding any shares conferring a right to vote on the resolution which are held as treasury shares).

No member is entitled to vote on a partly paid share. The Board also has the discretion to prevent a member from voting in person or by proxy if they are in default of a duly served notice under section 793 of the Companies Act, concerning a request for information about interest in RELX PLC’s shares.

Directors’ Interests

Subject to the provisions of the Companies Act, where a Director declares an interest to the Board, the Board may authorise the matter proposed to it which would otherwise constitute a conflict of interest and place a Director in breach of their statutory duty. Such authorisation is effective where the Director in question is not included in the quorum for the meeting and the matter was agreed without their vote, or would have been agreed to had their vote not been counted. A Director’s duty to declare an interest does not apply in the circumstances provided for by section 177(5) and 177(6) of the Companies Act. A Director:

1.	May be a party to, or otherwise interested in, any transaction or arrangement with RELX PLC or in which RELX PLC is directly or otherwise interested;
2.	May act solely or with his firm in a professional capacity (not as auditor) for RELX PLC and shall be entitled to remuneration for his professional services, notwithstanding his position as Director; and
---	---
3.	May be interested in a body corporate in which RELX PLC is directly or indirectly interested or where the relationship between the Director and the body corporate is at the request or direction of RELX PLC.
---	---

A Director with a declared interest that has been authorised by the Board, is not accountable to RELX PLC or its shareholders for any benefits received.

Directors’ Remuneration

The remuneration of any Executive Director shall be determined by the Board in accordance with RELX PLC’s Remuneration Policy and may include (without limitation) admission to or continuance of membership of any scheme (including share acquisition schemes), life assurance, pension provision or other such benefits payable to the Director on or after retirement, or to his dependants on or after death.

For Directors who do not hold an executive position in RELX PLC, their ordinary remuneration shall not exceed in aggregate £500,000 per annum or such higher amount as RELX PLC may determine by ordinary resolution from time to time (and on June 27, 2018, an ordinary resolution was passed to increase such amount to £2,000,000 per annum). Each Director shall be paid a fee for their services which is deemed to accrue from day to day at such rate as determined by the Board.

The Directors may grant extra remuneration to any Director who does not hold executive office but sits on any committee of the Board, or performs any other special services at the request of RELX PLC. This extra remuneration may be paid in addition to, or in substitution for the ordinary remuneration. 46

Table of Contents Directors’ appointment/retirement/removal

The Board may appoint a person willing to act as Director, either to fill a vacancy or as an additional Director, provided the upper limit set by the Articles is not exceeded. RELX PLC may by ordinary resolution remove any Director from office, no special notice need be given and no Director proposed for removal under the Articles has a right of protest against such removal. Directors are not required to hold any shares by way of qualification. Directors are not subject to an age limit requirement for retirement.

Borrowing powers

Subject to the Companies Act, the Board may exercise all the powers of RELX PLC to borrow money, guarantee, indemnify, mortgage or charge its undertaking, property, assets (present and future) and uncalled capital and to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation of RELX PLC or of any third-party. Without the authority of an ordinary resolution the directors are prohibited from borrowing in excess of an amount equal to the higher of (i) £12,000,000,000 and (ii) two and a half times the adjusted total of capital and reserves.

Indemnity

Subject to the Companies Act, without bar to any other existing indemnity entitlements, RELX PLC may use its assets to indemnify a Director against liability incurred through negligence, default, breach of duty or breach of trust in relation to RELX PLC’s affairs.

Redemption provision

Subject to the provisions of the Companies Act, and without prejudice to any rights attached to any existing shares or class of shares, shares may be issued which are to be redeemed or are to be liable to be redeemed at the option of RELX PLC or the holder. The board may determine the terms, conditions and manner of redemption of shares provided that it does so before the shares are allotted.

Capital call provision

Subject to the terms of allotment, the board may from time to time make calls on the members in respect of any moneys unpaid on their shares (whether in respect of nominal value or premium). Each member shall (subject to receiving at least 14 clear days’ notice specifying when and where payment is to be made) pay to RELX PLC the amount called on his shares as required by the notice. A call may be required to be paid by instalments. A call may be revoked in whole or part and the time fixed for payment of a call may be postponed in whole or part as the board may determine. A person on whom a call is made shall remain liable for calls made on him notwithstanding any subsequent transfer of the shares in respect of which the call was made. A call shall be deemed to have been made at the time when the resolution of the board authorising the call was passed. The joint holders of a share shall be jointly and severally liable to pay all calls in respect of it.

If a call or any instalment of a call remains unpaid in whole or in part after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid. The interest shall be paid at the rate fixed by the terms of allotment of the relevant share or in the notice of the call or, if no rate is fixed, at such rate, not exceeding 15% per annum or, if higher, the appropriate rate (as defined in the Companies Act), as may be determined by the board. The board shall be at liberty to waive payment of such interest wholly or in part in respect of any individual member.

EXCHANGE CONTROLS

Other than certain economic sanctions which may be in effect from time to time, there is currently no UK legislation restricting the import or export of capital or affecting the remittance of dividends or other payments to holders of RELX PLC ordinary shares who are non-residents of the United Kingdom.

There are no limitations relating only to non-residents of the United Kingdom under UK law (subject to the effect of certain economic sanctions which may be in effect from time to time) or RELX PLC’s Articles on the right to be a holder of, and to vote, RELX PLC ordinary shares. 47

Table of Contents TAXATION

The following discussion is a summary under present law and tax authority practice of the material UK and US federal income tax considerations relevant to the purchase, ownership and disposal of RELX PLC ordinary shares or ADSs. This discussion applies to you only if you are a US holder, you hold your ordinary shares or ADSs as capital assets and you use the US dollar as your functional currency. It does not address the tax treatment of US holders subject to special rules, such as banks and other financial institutions, dealers or traders in securities or currencies, insurance companies, real estate investment trusts, persons subject to the rules relating to the timing of income inclusions in accordance with applicable financial statements, regulated investment companies, traders in securities that elect to mark-to-market, tax-exempt entities, persons liable for alternative minimum tax, pass-through entities for US federal income tax purposes (including entities treated as partnerships or S-corporations for such purposes), holders which own (actually or constructively) 10% or more of RELX PLC shares (as measured by vote or value), persons holding ordinary shares or ADSs as part of a hedging, straddle, conversion or constructive sale transaction, or persons that are resident or domiciled in the United Kingdom (or who have ceased to be resident in the United Kingdom or became treated as resident outside the United Kingdom for the purpose of a double tax treaty within the past five years of assessment). The summary also does not discuss the US federal alternative minimum tax, US estate and gift tax laws, the tax laws of particular states or localities in the United States or the Medicare tax on net investment income.

This summary does not consider your particular circumstances. It is not a substitute for tax advice. We urge you to consult your own independent tax advisors about the income, capital gains and/or transfer tax consequences to you in light of your particular circumstances of purchasing, holding and disposing of ordinary shares or ADSs.

As used in this discussion, “US holder” means a beneficial owner of ordinary shares or ADSs that is for US federal income tax purposes: (i) an individual US citizen or resident, (ii) a corporation (or other entity treated as a corporation) created or organised under the laws of the United States, any state thereof or the District of Columbia, (iii) a trust (a) that is subject to the control of one or more US persons and the primary supervision of a US court or (b) that has a valid election in effect under US Treasury regulations to be treated as a US person or (iv) an estate the income of which is subject to US federal income taxation regardless of its source.

UK Taxation

Dividends

Under current UK taxation legislation, no tax is required to be withheld at source from dividends paid on the RELX PLC ordinary shares or ADSs. Dividends payable on the ADSs or RELX PLC ordinary shares should not be chargeable to UK tax in the hands of a non-UK resident unless such person (i) is a company carrying on a trade in the United Kingdom through a UK permanent establishment, or (ii) carries on a trade (or profession or vocation) in the United Kingdom and the dividends are a receipt of that trade.

Capital Gains

Non-UK resident shareholders may be liable for UK taxation on capital gains realised on the disposal of their RELX PLC ordinary shares or ADSs if at the time of the disposal the shareholder carries on a trade, profession or vocation in the United Kingdom through a branch or agency, or in the case of a company a permanent establishment, and such ordinary shares or ADSs are or have been used, held or acquired for the purposes of such trade, profession, vocation, branch, agency or permanent establishment.

UK Stamp Duty and Stamp Duty Reserve Tax

No UK stamp duty should be payable on the transfer of RELX PLC ADSs, provided that no instrument of transfer is entered into (which should not be necessary). An agreement to transfer RELX PLC ADSs should not give rise to a liability to stamp duty reserve tax (SDRT).

There is, however, a charge to SDRT or stamp duty at the rate of 1.5% of the amount or value of the consideration for the transfer or, in some circumstances, the value of the RELX PLC ordinary shares transferred (rounded up to the next multiple of £5 in the case of stamp duty), where RELX PLC ordinary shares are transferred to the depositary in exchange for RELX PLC ADSs evidenced by ADRs (or to a person whose business is or includes the provision of clearance services, or a nominee or agent for such a person). Such 1.5% charge is subject to exceptions, including for (i) transfers which are made in the course of “capital-raising 48

Table of Contents arrangements” (as defined in sections 72ZA and 97AB of the Finance Act 1986), and (ii) transfers which are made in the course of “qualifying listing arrangements” (as defined in sections 72ZB and 97AC of the Finance Act 1986) and which do not affect the beneficial ownership of the RELX PLC ordinary shares in question. Specific professional advice should be sought in any case where the 1.5% SDRT or stamp duty charge may be applicable.

A transfer of RELX PLC ordinary shares by the depositary to an ADS holder where there is no transfer of beneficial ownership will not be chargeable to UK stamp duty or SDRT.

Purchases of RELX PLC ordinary shares, as opposed to ADSs, will generally give rise to UK stamp duty or SDRT at the time of transfer or agreement to transfer, normally at the rate of 0.5% of the amount payable for the ordinary shares. SDRT and UK stamp duty are usually paid by the purchaser. If the ordinary shares are later transferred to the depositary, additional UK stamp duty or SDRT may be payable as described above.

Inheritance tax

Subject to certain provisions relating to trusts and settlements, RELX PLC ordinary shares or ADSs held by an individual shareholder who is domiciled in the United States for the purposes of the Convention between the United States and the United Kingdom relating to estate and gift taxes and is not a UK national as defined in the Convention will not generally be subject to UK inheritance tax on the individual’s death (whether held on the date of death or gifted during the individual’s lifetime, and provided any applicable US federal gift or estate tax liability is paid), except where the ordinary share or ADS is part of the business property of a UK permanent establishment or pertains to a UK fixed base of an individual who performs independent personal services.

US Federal Income Taxation

Holders of the ADSs generally will be treated for US federal income tax purposes as owners of the ordinary shares represented by the ADSs. Accordingly, deposits of ordinary shares for ADSs and withdrawals of shares for ADSs will not be subject to US federal income tax.

Dividends

Dividends on RELX PLC ordinary shares or ADSs will generally be included in your gross income as ordinary dividend income from foreign sources. The dollar amount recognised on receiving a dividend in pounds sterling will be based on the exchange rate in effect on the date the depositary receives the dividend, or in the case of ordinary shares on the date you receive the dividend, as the case may be, whether or not the payment is converted into US dollars at that time. Any gain or loss recognised on a subsequent disposition or conversion of pounds sterling for a different US dollar amount generally will be US source ordinary income or loss. Dividends received will not be eligible for the dividends received deduction available to US corporations.

With respect to certain non-corporate US holders, certain dividends received from a qualified foreign corporation may be subject to reduced rates of taxation. A qualified foreign corporation includes a foreign corporation that is eligible for the benefits of certain comprehensive income tax treaties with the United States. United States Treasury Department guidance indicates that the United Kingdom is a country with which the United States has an income tax treaty in force that meets these requirements, and RELX PLC believes it is eligible for the benefits of this income tax treaty. Individuals that do not meet a minimum holding period requirement during which they are not protected from the risk of loss or other requirements will not be eligible for the reduced rates of taxation. US holders should consult their own tax advisors regarding the application of these rules given their particular circumstances.

Subject to certain conditions and limitations, foreign withholding taxes on dividends withheld at the appropriate rate may be treated as foreign taxes eligible for credit or deduction against your US federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid on the ordinary shares or ADSs will be treated as income from sources outside the United States and will generally constitute passive category income. Further, in certain circumstances, if you have held the ordinary shares or ADSs for less than a specified minimum period during which you are not protected from risk of loss, or are obligated to make payments related to the dividends, you will not be allowed a foreign tax credit for foreign taxes imposed on the dividends on the ordinary shares or ADSs. Individuals that treat a dividend as qualified dividend income may take into account for foreign tax credit limitation purposes only the portion of the dividend effectively taxed at the highest applicable marginal rate. The rules governing the foreign tax credit are 49

Table of Contents complex. US holders should consult their own tax advisors regarding the availability of the foreign tax credit or deduction under their particular circumstances.

Dispositions

You generally will recognise a gain or loss on the sale or other disposition of ordinary shares or ADSs in an amount equal to the difference between the amount realised upon the sale or other disposition and your adjusted basis in the ordinary shares or ADSs. The gain or loss generally will be capital gain or loss. It will be long term capital gain or loss if you have held the ordinary shares or ADSs for more than one year at the time of sale or other disposition. Long term capital gains of individuals are eligible for reduced rates of taxation. Deductions for capital losses are subject to limitations. Any gain or loss you recognise generally will be treated as income from US sources for foreign tax credit limitation purposes.

If you receive pounds sterling or euros on the sale or other disposition of your ordinary shares or ADSs, you will realise an amount equal to the US dollar value of the pounds sterling at the spot rate on the date of sale or other disposition (or in the case of cash basis and electing accrual basis taxpayers, if the ordinary shares or ADSs are traded on an established securities market, the settlement date for the sale or other disposition). Any gain or loss realised by a US holder between the sale date and the settlement date or on a subsequent disposition or conversion of pounds sterling into different US dollar amount generally will be US source ordinary income or loss. US holders will generally have a tax basis in the pounds sterling or the euros that you receive equal to the US dollar value of the pound sterling or euro received at the spot rate on the settlement date.

Information Reporting and Backup Withholding Tax

Dividends from ordinary shares or ADSs and proceeds from the sale or other disposition of the ordinary shares or ADSs may be reported to the Internal Revenue Service (“IRS”) unless the shareholder is a corporation or other exempt recipient. A backup withholding tax may apply to such reportable payments unless the shareholder (i) provides an accurate taxpayer identification number and otherwise complies with applicable requirements of the backup withholding rules or (ii) otherwise establishes a basis for exemption. The amount withheld under the backup withholding rules may be allowed as a credit against the holder’s US federal income tax liability and may entitle the holder to a refund, provided the required information is timely furnished to the IRS.

Certain US holders are required to report to the IRS information about their investment in ordinary shares or ADSs not held through an account with a domestic financial institution. Investors who fail to report required information could become subject to substantial penalties. US holders should consult with their own tax advisors about the effect of this legislation and any other reporting obligations arising from their investment in the ordinary shares or ADSs.

DOCUMENTS ON DISPLAY

The SEC maintains an internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding registrants that file electronically with the SEC. This Annual Report on Form 20-F and other information filed or furnished by us with or to the SEC may be accessed through this website.

Our internet address is www.relx.com. The information on our website is not incorporated by reference into this Annual Report on Form 20-F.

ANNUAL REPORT TO SECURITY HOLDERS

We plan to submit the RELX 2025 Annual Report in electronic format as an exhibit to a report on Form 6-K furnished with the SEC on the date of this Annual Report on Form 20-F.

Table of Contents ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk

Our primary market risks are to changes in interest rates and exchange rates as well as liquidity and credit risk.

Net finance costs are exposed to interest rate fluctuations on debt, cash and cash equivalents. Upward fluctuations in interest rates increase the interest cost of floating rate debt whereas downward fluctuations in interest rates decrease the interest earned on floating rate cash and cash equivalents. Interest expense payable on fixed rate debt is protected against upward movement in interest rates but does not benefit from downward shifts. Our companies engage in foreign currency denominated transactions and are therefore subject to exchange rate risk on such transactions. Net finance costs are also exposed to changes in the fair value of derivatives (as a result of interest and exchange rate fluctuations) which are not part of a designated hedging relationship under IFRS 9 — ‘Financial Instruments’, and to ineffectiveness that may arise on designated hedging relationships. Our management of this interest rate risk and foreign exchange rate risk is described below.

We manage a portfolio of long-term debt, short-term debt and committed bank facilities to support our capital structure and are exposed to the risk that relevant markets are closed and debt cannot be refinanced on a timely basis. In addition, the credit spread at which we borrow is exposed to changes in market liquidity and investor demand. We manage this risk by maintaining a range of borrowing facilities and debt programmes with a maturity profile to limit refinancing risk.

We have a credit exposure for the full principal amount of cash and cash equivalents held with individual counterparties. In addition, we have a credit risk from the potential non-performance by counterparties to financial instruments; this credit risk normally being restricted to the amounts of any hedge gain and not the full principal amount being hedged. Credit risks are managed by monitoring the credit quality of counterparties and restricting the amounts outstanding with each of them. We are also exposed to changes in the market value of our venture capital investments.

Our management of the above market risks is described in further detail in note 17 to the consolidated financial statements under the heading ‘Financial Instruments’ on pages 169 to 175 and in note 21 under the heading ‘Debt’ on pages 176 to 177 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

Management of Interest Rate Risk and Foreign Exchange Rate Risk

We seek to manage our risk to movements in interest and exchange rates by means of derivative financial instruments, including interest rate swaps and forward foreign exchange contracts. We only enter into derivative financial instruments to hedge (or reduce) the underlying risks described above.

We enter into interest rate swaps in order to achieve an appropriate balance between fixed and floating rate debt, cash and cash equivalents and to manage the risk associated with movements in interest rates. Interest rate swaps are used to hedge the effects of fluctuating interest rates on floating rate debt, cash and cash equivalents by allowing us to fix the interest rate on a notional principal amount equal to the principal amount of the underlying floating rate cash, cash equivalents or debt being hedged. They are also used to swap fixed rate long term debt to floating rate. Such swaps may be used to swap an entire fixed rate bond for floating rate for its full term or they may be used to swap a portion of the principal amount or a portion of the term of the borrowing to floating rate. Separately we have entered into cross-currency interest rate swaps to increase the Group’s 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 our assets in those currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. We use forward foreign exchange contracts to hedge the transactional exposure arising from exchange rate movements on our foreign currency revenue and operating costs.

Where net finance costs are exposed to changes in the fair value of derivatives (as a result of interest and exchange rate fluctuations). Where possible we manage this risk by designating derivatives in a highly effective hedging relationship unless the potential change in their fair value is deemed to be insignificant. In the case of the cross-currency interest rate swaps noted above which do not qualify for net investment hedge accounting, the changes in fair value may result in volatility in the income statement which is not insignificant. These gains or losses are similar in nature to the exchange differences on translation of foreign operations which arise in the consolidated statement of comprehensive income for the Group. 51

Table of Contents Derivatives are used to manage the risk associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Derivatives used by the Group for hedging a particular risk are not specialised and are generally available from numerous sources.

Sensitivity Analysis

The following analysis sets out the sensitivity of the fair value of our financial instruments to selected changes in interest rates and exchange rates. The range of changes represents our view of the changes that are reasonably possible over a one-year period.

The fair values of interest rate swaps and forward foreign exchange contracts set out below represent the replacement costs calculated using market rates of interest and exchange at December 31, 2025. The fair value of long-term debt has been calculated by discounting expected future cash flows at market rates.

Our use of financial instruments and our accounting policies for financial instruments are described more fully in note 17 to the consolidated financial statements under the heading ‘Financial Instruments’ on pages 169 to 175 of the RELX 2025 Annual Report and are incorporated herein by reference to Exhibit 15.2.

(a) Interest Rate Risk

The following sensitivity analysis assumes an immediate 100 basis point change in interest rates for all currencies and maturities from their levels at December 31, 2025 with all other variables held constant.


	Fair Value		Fair Value Change				Fair Value		Fair Value Change
	December 31,		+100		-100		December 31,		+100		-100
Financial Instrument	2024		basis points		basis points		2025		basis points		basis points
	(In millions)						(In millions)
Short-term debt	£	(762)	£	—	£	—	£	(887)	£	—	£	—
Long-term debt (including current portion)		(5,723)		241		(256)		(6,402)		263		(279)
Interest rate swaps in fair value hedging relationships		(141)		(88)		94		(60)		(74)		78
Cross-currency interest rate swaps not designated as hedging instruments		—		—		—		(5)		4		(4)

A 100 basis point change in interest rates would not result in a material change to the fair value of other financial instruments.

At December 31, 2025, 66% of gross debt was at fixed rate. A 100 basis point reduction in interest rates would result in an estimated decrease in net finance costs of £28 million and £23 million in 2024 and 2025, respectively, based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial paper debt at December 31, 2024 and December 31, 2025, respectively. A 100 basis points rise in interest rates would result in an estimated increase in net finance costs of £28 million and £23 million in 2024 and 2025, respectively. 52

Table of Contents (b) Foreign Exchange Rate Risk

The following sensitivity analysis assumes an immediate 10% change in all foreign currency exchange rates against sterling from their levels at December 31, 2025 with all other variables held constant. A +10% change indicates a strengthening of the currency against sterling and a -10% change indicates a weakening of the currency against sterling.


	Fair Value						Fair Value
	December 31,		Fair Value Change				December 31,		Fair Value Change
Financial Instrument	2024		+10%		-10%		2025		+10%		-10%
	(In millions)							(In millions)
Cash and cash equivalents	£	119	£	12	£	(12)	£	131	£	13	£	(13)
Short-term debt		(762)		(75)		75		(887)		(88)		88
Long-term debt (including current portion)		(5,723)		(569)		569		(6,402)		(636)		636
Finance lease receivables		2		—		—		—		—		—
Interest rate swaps (including cross-currency interest rate swaps)		(141)		(14)		14		(65)		(7)		7
Forward foreign exchange contracts		30		(135)		135		66		(33)		33

A 10% change in foreign currency exchange rates would not result in a material change to the fair value of other financial instruments.

Table of Contents ITEM 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Fees and charges for American Depositary Receipt (ADR) holders

Citibank N.A., as depositary for the RELX PLC ADR programme, collects its fees for delivery and surrender of American Depositary Shares (ADSs) directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.


Persons depositing or withdrawing shares must pay		For

$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)		Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property (in certain circumstances volume discounts may be available)

		Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates

$0.05 (or less) per ADS		Any cash distribution to ADS registered holders

A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs		Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders

$0.05 (or less) per ADS per calendar year		Depositary services

Registration or transfer fees		Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares

Expenses of the depositary		Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)

		Converting foreign currency to US dollars

Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes		As necessary

Any charges incurred by the depositary or its agents for servicing the deposited securities		As necessary

Fees and other payments made by the depositary to the Group

In consideration of acting as depositary, Citibank N.A. has agreed to make certain reimbursements and payments to us on an annual basis for expenses related to the administration and maintenance of the ADR programme including, but not limited to, New York Stock Exchange listing fees, investor relations expenses, or any other programme related expenses. The depositary has also agreed to pay the standard out-of-pocket administrative, maintenance and shareholder services expenses for providing services to the registered ADR holders. It has also agreed with us to waive certain standard fees associated with promotional services, programme visibility campaigns and programme analytic reporting. In certain instances, the depositary has agreed to provide additional annual reimbursements and payments to us based on any applicable performance indicators relating to the ADR facility. There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement available to us is not necessarily tied to the amount of fees the depositary collects from investors.

From January 1, 2025 to February 19, 2026, we received a reimbursement of $175,000.00 net of withheld taxes, from the depositary for New York Stock Exchange listing fees, investor relations expenses and other programme related expenses, in connection with the ADR facility.

Table of Contents PART II

ITEM 15: CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

RELX PLC is required to comply with applicable US regulations, including the US Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), insofar as they apply to foreign private issuers. Accordingly, RELX PLC has established a Disclosure Committee comprising the Company Secretary of RELX PLC and other senior RELX managers appointed to provide assurance to the Chief Executive Officer and Chief Financial Officer of RELX PLC. The committee has reviewed and evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of RELX PLC have concluded that the disclosure controls and procedures for RELX PLC are effective as of the end of the period covered by this Annual Report on Form 20-F.

Management’s Annual Report on Internal Control over Financial Reporting

In accordance with Section 404 of the Sarbanes-Oxley Act, management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act, as amended. The internal controls over financial reporting of RELX PLC are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of the financial statements of RELX PLC would be prevented or detected.

Management conducted an evaluation of the effectiveness of its internal controls over financial reporting based on the framework in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the internal controls over financial reporting of RELX PLC were effective as of December 31, 2025.

Certifications by the Chief Executive Officer and Chief Financial Officer of RELX PLC as required by the Sarbanes-Oxley Act are submitted as exhibits to this Annual Report on Form 20-F (see “Item 19: Exhibits” on pages S-3 and S-4).

Ernst & Young LLP have audited the consolidated financial statements for the fiscal year ended December 31, 2025 and have audited the effectiveness of internal controls over financial reporting as at December 31, 2025. Their report in respect of RELX is included herein.

Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of RELX PLC

Opinion on Internal Control over Financial Reporting

We have audited RELX PLC’s (the “Group’s”) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated statements of financial position of the Group as at December 31, 2025 and 2024 and the related consolidated income statements, statements of comprehensive income, cash flows and changes in equity for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 11, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Group’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Group’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

London, United Kingdom

February 11, 2026 56

Table of Contents Internal Control over Financial Reporting

Management, including the Chief Executive Officer and Chief Financial Officer of RELX PLC, have reviewed whether or not during the period covered by this Annual Report on Form 20-F, there have been any changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting of RELX PLC. Based on that review, the Chief Executive Officer and Chief Financial Officer of RELX PLC have concluded that there have been no such changes.

An outline of the internal control structure is set out below.

The Board of RELX PLC has adopted a schedule of matters which are required to be brought to it for decision. During 2025, the Board of RELX PLC exercised a supervisory role over the activities and systems of internal control of the Group.

The RELX PLC Audit Committee met on a regular basis to review the systems of internal control and risk management of the Group.

Audit Committee

RELX PLC has an Audit Committee which comprise only Non-Executive Directors, all of whom are independent. The Audit Committee, which meets regularly, was chaired by Suzanne Wood, the other members being Alistair Cox, June Felix, Charlotte Hogg and Andrew Sukawaty.

The main roles and responsibilities of the Audit Committee are set out in written terms of reference and include:

(i)	to monitor the integrity of the financial statements, and any formal announcements relating to financial performance, reviewing significant financial reporting judgements contained in them;
(ii)	to review the company’s internal financial controls and the internal control and risk management systems;
---	---
(iii)	to monitor and review the effectiveness of the internal audit function;
---	---
(iv)	to make recommendations to the Board, for it to put to the shareholders for their approval in General Meeting, in relation to the appointment, reappointment and removal of the external auditor and to approve the remuneration and terms of engagement of the external auditor;
---	---
(v)	to review and monitor the external auditors’ independence and objectivity and the effectiveness of the audit process, taking into consideration relevant professional and regulatory requirements; and
---	---
(vi)	to develop and recommend policy on the engagement of the external auditor to supply non audit services, taking into account relevant ethical guidance regarding the provision of non audit services by the external audit firm, and to monitor compliance.
---	---

The Audit 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 Audit Committee has explicit authority to investigate any matters within its terms of reference and has access to all resources and information that it may require for this purpose. The Audit Committee is entitled to obtain legal and other independent professional advice and has the authority to approve all fees payable to such advisers.

The terms of reference for the Audit Committee are reviewed annually and a copy is published on our website, www.relx.com. The information on our website is not incorporated by reference into this Annual Report on Form 20-F.

Table of Contents ITEM 16A: AUDIT COMMITTEE FINANCIAL EXPERT

The members of RELX PLC’s Audit Committee are identified in “Item 6: Directors, Senior Management and Employees”. The members of the Board of Directors of RELX PLC have determined that the Audit Committee contains at least one financial expert within the meaning of the applicable rules and regulations of the SEC. The Audit Committee financial expert is Suzanne Wood. Suzanne Wood is considered independent.

ITEM 16B: CODES OF ETHICS

The Group has adopted a code of ethics (Code of Ethics and Business Conduct) that applies to all directors, officers and employees of the Group, as well as a separate code of ethics (Code of Ethics for Senior Financial Officers) that also applies to RELX PLC’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (collectively, the “Senior Financial Officers”). Both of these codes of ethics are available under “Policies & downloads” of the Corporate Responsibility page at www.relx.com. The information on our website is not incorporated by reference into this Annual Report on Form 20-F. If the Code for Senior Financial Officers is amended or a provision waived, we intend to satisfy any disclosure obligations by posting information on the internet website set forth above within five business days of such amendment or waiver.

ITEM 16C: PRINCIPAL ACCOUNTANT FEES AND SERVICES

The aggregate fees billed by our principal accountant, Ernst & Young LLP, are set forth in note 4 to the consolidated financial statements under the heading ‘Auditor’s remuneration’ on page 149 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2.

The Audit Committee of RELX PLC has adopted policies and procedures for the pre-approval of audit and non-audit services provided by the auditors. These policies and procedures are summarised below.

The terms of engagement and scope of the annual audit of the financial statements are agreed by the Audit Committee in advance of the engagement of the auditors in respect of the annual audit. The audit fees are approved by the Audit Committee.

The auditors are not permitted to provide non-audit services that would compromise their independence or violate any laws or regulations that would affect their appointment as auditors. They are eligible for selection to provide non-audit services only to the extent that their skills and experience make them a logical supplier of the services. The Chair of the Audit Committee must pre-approve the provision of all non-audit services by the auditors and will consider SEC rules and other guidelines in determining the scope of permitted services. All assignments other than audit-related work must be specifically pre-approved by the Audit Committee in advance of commissioning the work. Aggregate non-audit fees must not exceed the annual audit fees in any given year, unless approved in advance by the Audit Committee. All of the audit and non-audit services carried out in the year ended December 31, 2025 were pre-approved under the policies and procedures summarised above.

Table of Contents ITEM 16E: PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

During 2025, the Group repurchased a total of 39.5 million shares for total consideration of £1,500 million ($1,980 million) to be held in treasury.

During 2024 and 2025, the Employee Benefit Trust purchased 2.2 million and 1.9 million RELX PLC shares, respectively, in order to satisfy awards under our equity-based plans as described in “Item 6: Directors, Senior Management and Employees — Share Ownership”.


								Approximate
								maximum
						Total shares		value
						repurchased		of shares that
						under		may yet be
		Number of		Average price		publicly		purchased
		ordinary		paid per		announced		under the
		shares		share		programmes		programmes
January 2025^(1)^		3,158,387		3,877p		3,158,387		£	28 million
February 2025^(2)(3)^		4,994,517		4,007p		3,150,530		£	1,252 million
March 2025^(4)^		5,394,449		3,810p		5,394,449		£	1,046 million
April 2025^(4)^		4,871,402		3,871p		4,871,402		£	858 million
May 2025^(4)^		4,213,883		4,082p		4,213,883		£	686 million
June 2025^(4)^		4,713,947		3,954p		4,713,947		£	499 million
July 2025^(4)^		2,523,827		3,965p		2,523,827		£	399 million
August 2025^(4)^		2,334,621		3,626p		2,334,621		£	315 million
September 2025^(4)^		5,560,384		3,490p		5,560,384		£	121 million
October 2025^(4)^		2,413,533		3,469p		2,413,533		£	37 million
November 2025^(2)(4)^		1,198,450		3,166p		1,165,239		£	0 million
December 2025^(2)(5)^		6		2,949p		0		£	250 million
		41,377,406				39,500,202
(1)	Includes amounts purchased under the £150 million ($198 million) non-discretionary buyback programme announced December 6, 2024.
---	---
(2)	Includes shares purchased to satisfy awards under our equity-based plans as described in “Item 6: Directors, Senior Management and Employees — Share Ownership”.
---	---
(3)	Includes amounts purchased under the £150 million ($198 million) non-discretionary buyback programme announced December 6, 2024 and the £1,350 million ($1,728 million) non-discretionary programme announced February 13, 2025.
---	---
(4)	Includes amounts purchased under the £1,350 million ($1,728 million) non-discretionary buyback programme announced February 13, 2025. This non-discretionary buyback programme was completed on November 28, 2025.
---	---
(5)	On December 5, 2025 RELX announced a non-discretionary buyback programme to repurchase further ordinary shares up to the value of £250 million ($330 million) in total between January 1, 2026 and February 6, 2026. A further 8.8 million RELX PLC shares have been purchased as at February 11, 2026, under this programme.
---	---

On February 12, 2026 RELX PLC announced its intention to repurchase further ordinary shares up to the value of £2,000 million ($2,640 million) over the remainder of 2026.

Table of Contents ITEM 16G: CORPORATE GOVERNANCE

Details of our corporate governance practices are set out on page 55 of “Item 15: Controls and Procedures”.

Compliance with New York Stock Exchange Corporate Governance Rules

RELX PLC, as a company listed on the New York Stock Exchange (the “NYSE”), is subject to the listing requirements of the NYSE and the rules of the SEC. We also continually monitor our compliance with the provisions of the Sarbanes-Oxley Act that are applicable to foreign private issuers.

As a foreign private issuer, RELX PLC is only required to comply with certain of the NYSE corporate governance rules and is in compliance with all applicable rules. The NYSE’s rules also require disclosure of any significant ways in which our corporate governance practices differ from those required of US companies under the NYSE listing standards.

We follow UK corporate governance practice, which does not differ significantly from the NYSE corporate governance standards for foreign private issuers. We believe that our corporate governance practices do not differ in any significant way from those required to be followed by US companies under the NYSE corporate governance listing standards.

The NYSE listing standards provide that US companies must have a nominating/corporate governance committee composed entirely of independent directors and with a written charter that addresses the committee’s purpose and responsibilities which, at a minimum, must be to identify individuals qualified to become board members, develop and recommend to the Board a set of corporate governance principles and to oversee the evaluation of the board and management.

RELX PLC has a Nominations Committee and a Corporate Governance Committee. The written terms of reference adopted by the RELX PLC Board for these committees specify purposes and responsibilities that correspond to those of a US company’s nominating/corporate governance committee under the NYSE’s listing standards. The Nominations Committee and the Corporate Governance Committee are composed entirely of Non-Executive Directors.

ITEM 16J: INSIDER TRADING POLICIES

We have adopted insider trading policies and procedures governing the purchase, sale and other dispositions of our securities, by directors, senior managers and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations and any listing standards applicable to us. Copies of the RELX Securities Dealing Code and the Restricted Persons Securities Dealing Code are appended as Exhibits 11.1 and 11.2, respectively.

Table of Contents ITEM 16K: CYBERSECURITY

Cybersecurity – Risk Management and Strategy

RELX takes measures to assess, identify, and manage material risks from cybersecurity threats, including the following:

●	We have established security 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 cybersecurity 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 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 security 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, create implementation plans to comply with them.
---	---
●	We procure appropriate cybersecurity insurance to mitigate the potential losses arising from a cybersecurity incident.
---	---

RELX has 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 its businesses. RELX uses the 3 Lines of Defence model and aligns its risk management and internal control systems with the COSO framework. Business Areas maintain risk management and internal control systems which are appropriate to the nature and scale of their activities and address all significant strategic, operational, financial, cybersecurity, legal, regulatory compliance, and reputational risks that they face.

RELX risk management is integrated in the management of the business, with a robust semiannual risk assessment process in place and overseen by the Head of Group Insurance and Risk. The approach is designed to ensure a high level of awareness on risk matters, including emerging risks, thorough identification of risks, and consideration of appropriate mitigating controls including an evaluation of their effectiveness. Every business unit of significance and each corporate function within RELX is part of this process. Internal Audit and Assurance (IAA) performs internal audits and assesses the effectiveness of controls and management responsiveness to identified risks. Prioritisation of audits on the audit plan are informed by the risk assessment. The audit findings and required remediation are documented for key stakeholders and reported to and discussed with the RELX PLC Audit Committee.

The cybersecurity risk framework aligns with and feeds into the enterprise risk management framework. Specifically, the RELX Information Security Council (ISC), chaired by the Head of Information Assurance and Data Protection, has established and integrated processes to measure risk in each RELX business using qualitative and quantitative measures, including the factoring of industry risk events, attacks on RELX systems, and the investigation, remediation, and cost of incidents within each business. The risk assessment results drive future cybersecurity programme priorities within RELX and its businesses.

In support of these measures, RELX has built skilled cybersecurity teams. Members of the RELX cybersecurity teams have extensive experience and maintain industry certifications such as the Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Ethical Hacker (CEH), The SANS Institute Global Information Assurance Certification (SANS GIAC), Certified Information Privacy Professional (CIPP), and Certified Information Security Auditor (CISA).

As noted above, the Company from time to time engages with independent consultants and auditors to assess distinct elements of its cybersecurity program, including a biennial third-party audit of products and services which incorporate sensitive 61

Table of Contents personally identifiable information. The Company also periodically completes ISO 27001 certifications, SOC 2 audit reports, and other independent assessments for its businesses. In further support of its cybersecurity programme, the Company regularly engages independent researchers and penetration testers; and implements bug bounty programmes to proactively identity potential vulnerabilities and further mitigate risk.

The Company has defined and implemented a Third Party Provider Policy that includes the assessment of cybersecurity risk from third-party service providers (suppliers) ; the evaluation of such risk using industry standard criteria such as audit reports, certifications, and interviews; the mitigation or acceptance by management of residual risk from the engagement of the supplier; and periodic re-assessments of the supplier. The Company has established business continuity plans pursuant to a comprehensive business continuity programme aimed at reducing disruption in the event of a significant cybersecurity failure by a supplier. The Company additionally uses threat intelligence services to identify suppliers that have had significant cybersecurity incidents and ensures that the supplier has appropriately mitigated the root causes of that incident. The Company has also established a formal supplier resilience programme to identify and manage critical suppliers across the business. The Company includes cybersecurity contractual provisions with suppliers to address prevention, detection, notice obligations, communication protocols, and recovery steps.

For a description of how risks from cybersecurity threats could materially affect RELX, including its business strategy, results of operations or financial condition, see “Item 3: Key Information—Risk Factors—Compromises of our cyber security systems and other unauthorised access to our databases, could adversely affect our business and operations” which is incorporated by reference into this Item 16K.

Cybersecurity – Governance

The RELX PLC Board monitors the internal control and risk management systems and performs an annual assessment of their effectiveness. With respect to cybersecurity:

●

The Head of Information Assurance & Data Protection updates the RELX Board of Directors semiannually on the state of the Company’s cybersecurity program. These updates consist of, but are not limited to, a discussion of the industry threat landscape and implications for the Company; an explanation of the current cybersecurity risk assessment for the Company; a description of key incidents, lessons learned, and new initiatives in the reporting period; a summary of key operational metrics; and focus areas and initiatives to mitigate current and future cybersecurity threats for the Company.

●	The CTO Forum, defined below, updates the RELX Board of Directors annually, primarily on technology which includes key cybersecurity implications of technology projects.

In addition, as noted above, the RELX PLC Audit Committee receives and discusses the IAA’s audit findings, which may include cybersecurity matters.

The Chief Legal Officer and Company Secretary (CLO) and the Chief Financial Officer (CFO) are the senior management members who have primary responsibility for assessing and managing cybersecurity risks. As such, the Company’s risk assessment, internal audit, information assurance, and incident response organisations report into either the CLO or CFO. The CLO and CFO determine whether an incident is sufficiently serious to require public disclosure.

The Company has established three cross-functional senior-level forums which further coordinate governance over the technology which supports the mitigation of cybersecurity risks: the ISC, the RELX Technology Forum (CTO Forum), and the Security Governing Committee (SGC). Additionally, the RELX Head of Information Assurance & Data Protection periodically updates the CLO, CFO, and other senior management members on cybersecurity risks.

ISC

The ISC comprises the RELX Head of Information Assurance & Data Protection (Chair) and the Chief Information Security Officer (CISO) from each of the RELX divisions - Risk, Scientific, Technical & Medical, Legal, and Exhibitions. ISC members have extensive experience in cybersecurity and contribute to industry cybersecurity threat sharing groups such as FS-ISAC (Financial Services Information Sharing and Analysis Center). They have published and spoken on relevant topics at industry events such as RSAC USA (RSA Conference USA) and FS-ISAC FinCyber Today and in industry journals published by the International Systems 62

Table of Contents Security Association (ISSA), Directors & Boards magazine, the International Association of Privacy Professionals (IAPP) and the Institute of Electrical and Electronics Engineers IEEE.

The ISC, among other functions:

●	oversees the development of the RELX cybersecurity strategy;
●	liaises with management and operations across the Company to align cybersecurity objectives with the risk assessment, risk profile, and current and future business needs;
---	---
●	assesses, communicates, and advises on the cybersecurity risks to the Company including on the use of legacy systems, emerging technologies, and industry threats;
---	---
●	inventories cybersecurity risks and controls in place, and recommends the implementation of mitigating controls;
---	---
●	performs the semiannual cybersecurity risk assessment for the Company, including third party service providers, and communicates the cybersecurity risk assessment results to RELX senior management, including the CEOs of each of the RELX business areas; and
---	---
●	reviews cybersecurity trends, incidents, and lessons learned on a regular basis.
---	---

The escalation points for the ISC are the CTO Forum and the SGC.

CTO Forum

The CTO Forum comprises the Chief Technology Officer of each RELX business area and RELX’s Chief Strategy Officer. The current Chair of the CTO Forum is the Chief Technology Officer of the Risk business. He was previously Vice President of Technology, LexisNexis Insurance Solutions and has also held technology executive positions at ChoicePoint, Paragon Solutions, Primus Knowledge Solutions, and McKesson. He 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 programme for executives at MIT Sloan School of Management. The CTO Forum focuses on technology and cybersecurity strategy, talent, and cross-business collaboration on these issues. The CTO Forum requests and receives regular updates on responsibilities such as cybersecurity issues, technology talent acquisition, procurement, and critical suppliers. It receives regular cybersecurity governance, operations, and incident management updates from the Chair of the ISC, and annual briefings on the state of cybersecurity from the entire ISC.

SGC

The SGC comprises RELX’s Chief Legal Officer (Chair), Chief Counsel, Technology, Patents, Procurement, Chief Strategy Officer, Chair of the CTO Forum, and the Chair of the ISC. The primary governance function of the SGC is to review overall cybersecurity strategy and serve as a point of escalation for cybersecurity programme resource allocation and project prioritisation decisions. The SGC receives regular briefings on the same topics as the CTO Forum, as well as risk assessments and project updates on non-technology related cybersecurity risks, such as business processes for incident response and verification programmes for customer access to sensitive data; and adjacent risks, such as compliance.

Table of Contents PART III

ITEM 17: FINANCIAL STATEMENTS

The Registrant has responded to “Item 18: Financial Statements” in lieu of responding to this Item.

ITEM 18: FINANCIAL STATEMENTS

The information set forth under the headings ‘Consolidated income statement’, ‘Consolidated statement of comprehensive income’, ‘Consolidated statement of cash flows’, ‘Consolidated statement of financial position’, ‘Consolidated statement of changes in equity’ and ‘Notes to the consolidated financial statements’ on pages 138 to 185 of the RELX 2025 Annual Report is incorporated herein by reference to Exhibit 15.2.

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Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of RELX PLC

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of RELX PLC (the “Group”) as of December 31, 2025, and 2024, the related consolidated income statements, statements of comprehensive income, cash flows and changes in equity for each of the three years in the period ended December 31, 2025, and the related notes^^(collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group at December 31, 2025, and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Group's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 11, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated^^financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure^^to which it relates.

Uncertain tax positions

Description of the Matter

As described in note 9 to the consolidated financial statements and note 1 in the accounting policies, the Group is subject to tax in numerous jurisdictions. Provisions related to uncertain tax positions totaled £159 million at December 31, 2025. The Group’s operational structure combined with its multinational presence requires the Company to exercise judgement in determining the amount of tax that could be payable. 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. Transfer pricing for these cross-border transactions relies on the exercise of judgement and it is reasonably possible for there to be a range of potential F-2

Table of Contents 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.

Auditing the Group’s uncertain tax positions was subjective due to the range of possible outcomes in the valuation of the provision.

How We Addressed the Matter in Our Audit

Our procedures included obtaining an understanding of the tax provisioning processes and evaluating the design and testing the operating effectiveness of internal controls over the tax provisioning process. For example, we tested controls over management’s review and approval of the uncertain tax position provisions recorded, including the review of significant assumptions and judgements.

Our procedures performed on the uncertain tax positions, with the support of tax subject matter professionals, included, among others, 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. We inspected correspondence with tax authorities and external advisors, and obtained an understanding of all significant matters to evaluate the underlying facts upon which the tax positions are based.

With the support of our tax subject matter professionals and transfer pricing specialists, we evaluated management’s significant assumptions and judgements related to new or existing tax matters by comparing to our independently calculated range of possible outcomes for certain tax exposures to assess the valuation of the uncertain tax position provision. We considered available information, including results of recent tax authority audits and knowledge of relevant tax laws and developments in the jurisdictions in which the Group maintain tax provisions. We tested the underlying schedules for arithmetic accuracy, as well as with reference to applicable tax laws. In addition, we evaluated the adequacy of the disclosures related to uncertain tax positions.

/s/ Ernst & Young LLP
We have served as the Group’s auditor since 2016.
London, United Kingdom
February 11, 2026

F-3

Table of Contents GLOSSARY OF TERMS


Terms used in this Annual Report on Form 20-F		US equivalent or brief description
Accruals		Accrued expenses
Adjusted earnings per share		Adjusted net profit attributable to shareholders divided by the total weighted average number of shares. This provides a measure of the Group’s earnings per share that is comparable from year to year.
Adjusted net profit attributable to shareholders		Net profit attributable to shareholders before amortisation of acquired intangible assets, other deferred tax credits from intangible assets and items treated as exceptional, 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. This provides a measure of the Group’s profitability after tax attributable to shareholders.
Adjusted operating margin		Calculated as adjusted operating profit divided by revenue. This is a key financial measure used by management to evaluate performance and allocate resources
Adjusted 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 a key financial measure used by management to evaluate performance and allocate resources and is presented in accordance with IFRS 8 — ‘Operating Segments’
Allotted		Issued
Associate		An entity in which the Group has a participating interest and, in the opinion of the directors, can exercise significant influence on its management.
Called-up share capital		Issued share capital
Capital and reserves		Shareholders’ equity
Cash flow conversion		The proportion of adjusted operating profits converted into cash
Constant currency		Calculated using the previous financial year’s full-year average and hedge exchange rates. This provides a measure of year on year growth excluding the impact of exchange rate movements.
EPS		Earnings per ordinary share
Invested capital		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. This is used to calculate the return on invested capital.
Investments		Non-current investments
Freehold		Ownership with absolute rights in perpetuity
Interest receivable		Interest income
Net debt		Debt less cash and cash equivalents, related derivative financial instruments and finance lease receivables. This provides a measure of the Group’s level of indebtedness.
Net cash acquired		Cash less debt acquired with a business
Operating costs		Cost of sales plus selling and distribution costs plus administration and other expenses
Portfolio changes/effects		Changes in the portfolio relating to acquisitions, disposals and assets held for sale
Prepayments		Prepaid expenses
Profit		Income
Profit attributable		Net income
Share based remuneration		Stock-based compensation

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Table of Contents

Share premium		Premiums paid in excess of par value of ordinary shares
Return on invested capital		Post tax adjusted operating profit expressed as a percentage of average capital employed. This is a key financial measure used by management that demonstrates the efficiency of the use of capital.
Revenue		Sales
Underlying growth		Underlying 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. This is a key financial measure as it provides an assessment of year-on-year growth excluding the impact of acquisitions, disposals, print and print-related revenue, exhibition cycling and exchange rate movements.

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Table of Contents ITEM 19: EXHIBITS

Exhibits filed as part of this Annual Report on Form 20-F, or incorporated by reference

1.1		Articles of Association of RELX PLC adopted pursuant to a special resolution dated April 25, 2019 (incorporated by reference from Exhibit 1.1 to the 2021 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on February 17, 2022)
2.1		Form of Amendment No. 2 to Amended and Restated Deposit Agreement, effective as of February 17, 2021, by and among RELX PLC, Citibank N.A., as depositary, and all Holders and Beneficial Owners of American Depositary Shares issued thereunder (incorporated by reference from Exhibit (a)(i) to the Registration Statement on Form F-6 (File No. 333-253031) filed with the SEC on February 12, 2021)
2.2		Amendment No. 1 to Amended and Restated Deposit Agreement, effective as of July 1, 2015, by and among RELX PLC, Citibank N.A., as depositary, and all Holders and Beneficial Owners of American Depositary Shares issued thereunder (incorporated by reference from Exhibit (a)(ii) to the Registration Statement on Form F-6 (File No. 333-253031) filed with the SEC on February 12, 2021)
2.3		Amended and Restated Deposit Agreement, dated as of August 1, 2014, by and among RELX PLC, Citibank N.A., as depositary, and all Holders and Beneficial Owners of American Depositary Shares issued thereunder (incorporated by reference from Exhibit (a)(ii) to the Registration Statement on Form F-6/A (File No. 333-197562) filed with the SEC on June 26, 2015)
2.4		Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”)
4.1		RELX Group plc Share Option Scheme (incorporated by reference from Exhibit 4.3 to the 2003 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on March 16, 2004)
4.2		RELX Group plc Retention Share Plan (as amended on March 13, 2006) (incorporated by reference from Exhibit 4.9 on the 2006 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on March 22, 2007)
4.3		RELX Group plc Long-Term Incentive Plan 2013 (incorporated by reference from Exhibit 10.2 to the Registration Statement on Form S-8 (File No. 333-191419) filed with the SEC on September 27, 2013)
4.4		RELX Group plc Executive Share Option Scheme 2013 (incorporated by reference from Exhibit 10.1 to the Registration Statement on Form S-8 (File No. 333-191419) filed with the SEC on September 27, 2013)
4.5		RELX Group plc Restricted Share Plan 2014 (incorporated by reference from Exhibit 4.3 to the Registration Statement on Form S-8 (File No. 333-197580) filed with the SEC on July 23, 2014)
4.6		Service Agreement between RELX Group plc and Erik Engstrom (dated March 14, 2011) (incorporated by reference from Exhibit 4.14 to the 2012 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on March 12, 2013)
4.7		Letter between RELX Group plc and Erik Engstrom (dated December 3, 2013) (incorporated by reference from Exhibit 4.7 to the 2022 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on February 23, 2023)
4.8		Letter between RELX Group plc and Erik Engstrom (dated April 7, 2022) (incorporated by reference from Exhibit 4.8 to the 2022 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on February 23, 2023)
4.9		Service Agreement between RELX Group plc and Nick Luff (dated January 6, 2014) (incorporated by reference from Exhibit 4.12 to the 2014 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on March 10, 2015)
4.10		Letter between RELX Group plc and Nick Luff (dated January 6, 2014) (incorporated by reference from Exhibit 4.13 to the 2014 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on March 10, 2015)
4.11		RELX Group plc Restricted Share Plan 2014 (incorporated by reference from Exhibit 4.3 to the Registration Statement on Form S-8 (File No. 333-227636) filed with the SEC on October 1, 2018)
4.12		RELX Group plc Executive Share Option (incorporated by reference from Exhibit 4.4 to the Registration Statement on Form S-8 (File No. 333-227636) filed with the SEC on October 1, 2018)
4.13		RELX Group plc Long-Term Incentive Plan 2013 (incorporated by reference from Exhibit 4.5 to the Registration Statement on Form S-8 (File No. 333-227636) filed with the SEC on October 1, 2018)
4.14		RELX PLC Long-Term Incentive Plan 2023 (incorporated by reference from Exhibit 4.2 to the Registration Statement on Form S-8 (File No. 333-272478) filed with the SEC on June 7, 2023)
4.15		RELX PLC Executive Share Ownership Scheme 2023 (incorporated by reference from Exhibit 4.3 to the Registration Statement on Form S-8 (File No. 333-272478) filed with the SEC on June 7, 2023)
4.16		RELX PLC Employee Share Purchase Plan 2023 (incorporated by reference from Exhibit 4.4 to the Registration Statement on Form S-8 (File No. 333-272478) filed with the SEC on June 7, 2023)
8.0		List of subsidiaries, associates, joint ventures and business units
11.1		RELX Securities Dealing Code incorporated by reference from Exhibit 11.1 to the 2024 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on February 20, 2025

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11.2		Restricted Persons Securities Dealing Code incorporated by reference from Exhibit 11.2 to the 2024 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on February 20, 2025
12.1		Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002, by the Chief Executive Officer of RELX PLC
12.2		Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002, by the Chief Financial Officer of RELX PLC
13.1		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by the Chief Executive Officer of RELX PLC
13.2		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by the Chief Financial Officer of RELX PLC
15.1		Independent Registered Public Accounting Firm’s Consent – Ernst & Young LLP
15.2*		RELX 2025 Annual Report<br><br>
15.3		2023 Remuneration Policy Report
17.1		Subsidiary Guarantors and Issuers of Guaranteed Securities
97.1		RELX PLC Compensation Recovery Policy (incorporated by reference from Exhibit 97.1 to the 2023 Annual Report on Form 20-F (File No. 001-13334) filed with the SEC on February 22, 2024)
101.1		The following financial information for RELX formatted in Inline XBRL: (i) Consolidated Income Statement for the years ended December 31, 2023, 2024 and 2025; (ii) Consolidated Statement of Comprehensive Income for the years ended December 31, 2023, 2024 and 2025; (iii) Consolidated Statement of Cash Flows for the years ended December 31, 2023, 2024 and 2025; (iv) Consolidated Statement of Financial Position at December 31, 2024 and 2025; (v) Consolidated Statement of Changes in Equity for the years ended December 31, 2023, 2024 and 2025; and (vi) Notes to the Consolidated Financial Statements
104		Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101).

The total amount of long-term debt securities of the Group authorised under any single instrument does not exceed 10% of the total assets of the Group. The Registrant hereby agrees to furnish to the SEC, upon its request, a copy of any instrument defining the rights of holders of long-term debt of the Group or any of the businesses for which consolidated or unconsolidated financial statements are required to be filed.

The agreements and other documents filed as exhibits to this Annual Report on Form 20-F are not intended to provide factual information or other disclosure other than the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representation and warranties made by the registrant in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs at the date they were made or at any other time.

Certain of the information included within Exhibit 15.2 is incorporated by reference in this Annual Report on Form 20-F, as specified elsewhere in this Annual Report on Form 20-F. With the exception of the items and pages so specified, the RELX 2025 Annual Report are not deemed to be filed as part of this Annual Report on Form 20-F. For the avoidance of doubt, other information mentioned in or contained within the RELX 2025 Annual Report, including the content of the RELX website and other pages or sections of the RELX 2025 Annual Report referenced, but not contained, in the items and pages so specified are not deemed to be filed as part of this Annual Report on Form 20-F.

S-4

Table of Contents SIGNATURES

The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the undersigned to sign this annual report on its behalf.


RELX PLC
Registrant

By: /s/ E ENGSTROM

E Engstrom
Chief Executive Officer

By: /s/ N LUFF

N Luff
Chief Financial Officer

Dated: February 19, 2026

S-5

Exhibit 2.4

Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”)

As of December 31, 2025, RELX PLC (“RELX”, the “Company”, “we”, “us” and “our”) had the following series of securities registered pursuant to Section 12(b) of the Exchange Act:

		<br><br>
Title of each class	Trading Symbol(s)	Name of exchange on which<br><br>registered
American Depositary Shares<br>(each representing one RELX PLC ordinary share)	RELX	New York Stock Exchange
Ordinary shares of 14 51/116p each<br>(the “RELX PLC ordinary shares”)		New York Stock Exchange*
4.000% Guaranteed Notes due 2029	RELX/29	New York Stock Exchange
3.000% Guaranteed Notes due 2030	RELX/30	New York Stock Exchange
4.750% Guaranteed Notes due 2030	RELX/30A	New York Stock Exchange
4.750% Guaranteed Notes due 2032	RELX/32	New York Stock Exchange
5.250% Guaranteed Notes due 2035	RELX/35	New York Stock Exchange

*	Listed, not for trading, but only in connection with the listing of the applicable Registrant’s American Depositary Shares issued in respect thereof.

Capital terms used but not defined herein have the meanings given to them in RELX’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the “2025 Form 20-F”).

**A.**Ordinary Shares and American Depositary Shares

American Depositary Shares (“ADSs”), each representing one RELX PLC ordinary share (“RELX PLC Shares”) are listed on the New York Stock Exchange and are registered under Section 12(b) of the Exchange Act. The following contains a description of the rights of (i) the holders of RELX PLC Shares and (ii) ADS holders. Shares underlying the ADSs are held by Citibank N.A., as depositary.

Ordinary Shares

The following is a summary of the rights of holders of RELX PLC Shares as specified in RELX’s Articles of Association (the “PLC Articles”), which were adopted by a special resolution of its shareholders passed on April 25, 2019. You are encouraged to read the PLC Articles, which are incorporated by reference as Exhibit 1.1 to the 2025 Form 20-F from Exhibit 1.1 to the 2021 Form 20-F filed with the SEC on February 17, 2022.

Type and Class of Securities (Item 9.A.5 of Form 20-F)

Each RELX PLC Share has a nominal value of 14 51/116p each. The number of RELX PLC Shares that have been issued as of December 31, 2025 is provided on the cover of the 2025 Form 20-F. RELX PLC Shares may be held in either certificated or uncertificated form. See also “Item 10: Additional Information – Articles of Association” in the 2025 Form 20-F.

Preemptive Rights (Item 9.A.3 of Form 20-F)

Under English law, the board of directors of RELX PLC is, with certain exceptions, unable to allot and issue RELX PLC Shares that are to be paid for wholly in cash (except shares held under an employees’ share scheme) without these first being offered to the existing shareholders in proportion to their existing respective shareholding. Offers to existing shareholders must be on the same, or more favourable, terms than are offered to new shareholders, unless a special resolution (i.e. a resolution approved by the holders of at least 75% of the aggregate voting power of the outstanding RELX PLC Shares that, being entitled to vote, vote on the resolution) to the contrary has been passed in a general meeting of shareholders.

Pursuant to an ordinary resolution adopted by the shareholders of RELX PLC on April 24, 2025, the board of directors of RELX PLC may, for a period expiring (unless previously renewed, varied or revoked at a general meeting of RELX PLC) at the end of the next annual general meeting of RELX PLC (or, if earlier, at the close of business on July 24, 2026), allot RELX PLC Shares, and grant rights to subscribe for or convert any security into RELX PLC Shares: (a) up to an aggregate nominal amount of £89.3 million; and (b) where the RELX PLC Shares are issued pursuant to a pre-emptive offer to existing shareholders up to an aggregate nominal amount of £178.7 million (including within such amount any RELX PLC Shares issued pursuant to paragraph (a)).

Pursuant to a special resolution adopted by the shareholders of RELX PLC on April 24, 2025, the board of directors of RELX PLC may, for a period expiring (unless previously renewed, varied or revoked at a general meeting of RELX PLC) at the end of the next annual general meeting of RELX PLC (or, if earlier, at the close of business on July 24, 2026), issue RELX PLC Shares for: cash up to an aggregate nominal amount of £13.4 million (in addition to the £13.4 million detailed in the paragraph above) without pre-emptively offering shares to RELX PLC’s existing shareholders if the power is for the purposes of financing (or refinancing, if the power is used within six months of the original transaction) a transaction which the board of directors determine to be an acquisition or specified capital investment of a kind contemplated by the Statement of Principles on Disapplying Pre-emption Rights published by the Pre-emption Group in 2015.

Limitations or Qualifications (Item 9.A.6 of Form 20-F)

Not applicable.

Other Rights (Item 9.A.7 of Form 20-F)

Not applicable.

Rights of the Ordinary Shares (Item 10.B.3 of Form 20-F)

See “Item 10: Additional Information – Articles of Association” of the 2025 Form 20-F.

Requirements for Amendments (Item 10.B.4 of Form 20-F)

See “Item 10: Additional Information – Articles of Association” of the 2025 Form 20-F.

Limitations on the Rights to Own Shares (Item 10.B.6 of Form 20-F)

See “Item 10: Additional Information – Articles of Association” of the 2025 Form 20-F.

Provisions Affecting Any Change of Control (Item 10.B.7 of Form 20-F)

Not applicable.

Ownership Threshold (Item 10.B.8 of Form 20-F)

Not applicable.

Differences Between the Law of Different Jurisdictions (Item 10.B.9 of Form 20-F)

Not applicable.

Changes in Capital (Item 10.B.10 of Form 20-F)

Not applicable.

Warrants and Rights (Item 12.B of Form 20-F)

Not applicable.

Other Securities (Item 12.C of Form 20-F)

Not applicable.

RELX PLC American Depositary Shares (“RELX PLC ADSs”)

(Items 12.D.1 and 12.D.2 of Form 20-F)

General

Citibank, N.A., under the Amended and Restated Deposit Agreement, dated as of August 1, 2014, among RELX PLC, Citibank, N.A., as depositary, and all holders and beneficial owners from time to time of the American Depositary Shares issued thereunder, as amended by Amendment No. 1, dated as of July 1, 2015, and as further amended by Amendment No. 2, dated as of February 17, 2021 (referred to herein as “Amendment No. 2”), and as it may be further amended from time to time (referred to herein as the “RELX PLC deposit agreement”), delivers the RELX PLC ADSs*.* All references to the “depositary” are references to Citibank, N.A. in its capacity as depositary under the RELX PLC deposit agreement and all references to the “custodian” are to Citibank, N.A.—London in its capacity as custodian under the RELX PLC deposit agreement as appointed by the depositary. The following is a summary of the material provisions of the RELX PLC deposit agreement. For more complete information, you should read the entire RELX PLC deposit agreement and the form of the American Depositary Receipt.

On February 12, 2021, RELX PLC filed a form of Amendment No. 2 on Form F-6, which became effective on February 17, 2021. The effect of Amendment No. 2 was to: (i) eliminate the ability of the depositary to conduct pre-release transactions, (ii) eliminate the discretionary proxy reserved by RELX PLC to assign the votes of RELX PLC ADS holders who did not provide voting instructions, and (iii) eliminate the discretion reserved by RELX PLC to notify RELX PLC ADS holders of general meetings or solicit their proxies, subject to certain limitations.

Each RELX PLC ADS represents an ownership interest in one RELX PLC ordinary share (referred to as the “RELX PLC Share”) deposited with the custodian, as agent of the depositary, under the RELX PLC deposit agreement. Each RELX PLC ADS also represents any securities, cash or other property deposited with the depositary, but which the depositary has not distributed directly to the RELX PLC ADS holders.

Unless specifically requested by the RELX PLC ADS holders, all RELX PLC ADSs are issued on the books of the depositary in electronic book-entry form by means of the Direct Registration System operated by the Depository Trust Company. Periodic statements are mailed to the RELX PLC ADS holders that reflect their ownership interest in such RELX PLC ADSs. Alternatively, under the RELX PLC deposit agreement the RELX PLC ADSs may be certificated by American Depositary Receipts issued by the depositary to evidence the RELX PLC ADS (which certificates are referred to herein as the “RELX PLC ADRs”). Unless otherwise specified in this description, references to “RELX PLC ADSs” include (i) uncertificated RELX PLC ADSs, the ownership of which will be evidenced by periodic statements received by the RELX PLC ADS holders and (ii) certificated RELX PLC ADSs evidenced by RELX PLC ADRs.

The depositary’s office is located at 388 Greenwich Street, New York, New York 10013. The custodian’s office is located at Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB, United Kingdom.

Because the depositary or its nominee actually holds the underlying RELX PLC Shares, RELX PLC ADS holders generally receive the benefit from such underlying RELX PLC Shares through the depositary. RELX PLC ADS holders must rely on the depositary to exercise the rights of a RELX PLC shareholder on their behalf, including the voting of the RELX PLC Shares represented by the RELX PLC ADSs. If a person becomes an owner of RELX PLC ADSs, it will become a party to the RELX PLC deposit agreement and therefore will be bound by its terms and by the terms of the RELX PLC ADSs and the RELX PLC ADRs. The RELX PLC deposit agreement and the form of RELX PLC ADR attached as an annex thereto specify the rights and obligations of RELX PLC, the RELX PLC ADS holders’ rights and obligations as owners of RELX PLC ADSs and the rights and obligations of the depositary. The RELX PLC deposit agreement, the RELX PLC ADSs and the RELX PLC ADRs are governed by New York law. However, the underlying RELX PLC Shares are governed by English law, which may be different from New York law. As owners of RELX PLC ADSs, RELX PLC ADS holders appoint the depositary as their attorney-in-fact, with full power to delegate, to act on their behalf and to take any and all actions contemplated in the RELX PLC deposit agreement and the RELX PLC ADRs, to adopt any and all procedures necessary to comply with applicable laws and to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the RELX PLC deposit agreement and the RELX PLC ADRs.

Holding the RELX PLC ADSs

The RELX PLC ADSs may be held either (i) directly by having a RELX PLC ADS registered in the RELX PLC ADS holder’s name, whether issued in certificated or in uncertificated form, or (ii) indirectly through a broker or other financial institution. If a person holds RELX PLC ADSs directly, by having a RELX PLC ADS registered in its name on the books of the depositary, that person will be a RELX PLC ADS holder. Except as otherwise indicated, this description assumes that holders of RELX PLC ADSs hold their RELX PLC ADS directly solely for the purpose of summarizing the RELX PLC deposit agreement. If RELX PLC ADS holders hold RELX PLC ADSs indirectly through a broker or other financial institution, they must rely on the procedures of that broker or other financial institution to assert the rights of a RELX PLC ADS holder. RELX PLC ADS holders should consult with their broker or other financial institution to find out what those procedures are.

Dividends and Distributions

The depositary will pay to RELX PLC ADS holders, as of a record date established by the depositary under the terms of the RELX PLC deposit agreement, the cash dividends or other distributions it receives in respect of the RELX PLC Shares underlying such holders’ RELX PLC ADSs, after deducting its fees, expenses and taxes withheld. RELX PLC ADS holders will receive these distributions in proportion to the number of RELX PLC Shares represented by the RELX PLC ADSs held by each of them as of the applicable record date.

Distributions in Cash

The depositary will, as promptly as practicable, convert any cash dividend or distribution RELX PLC pays on the RELX PLC Shares, other than any dividend or distribution paid in U.S. dollars, into U.S. dollars if it can effect such conversion and transfer the U.S. dollars to the United States on a practicable basis. If at any time the depositary determines that in its reasonable judgment any foreign currency received by the depositary is not convertible into U.S. dollars transferable to the United States on a practicable basis, or if any approval or license of any government or agency which is required for such conversion is denied or, in the opinion of the depositary, is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the depositary, the depositary may hold the foreign currency uninvested and without liability for interest thereon for the respective accounts of the RELX PLC ADS holders. In the event that RELX PLC or the depositary is required to withhold and does withhold taxes or other governmental charges from such cash dividend or other cash distribution, the amount to be distributed to the RELX PLC ADS holders will be reduced accordingly. The depositary will distribute only whole U.S. dollars and cents and will round any fractional amounts to the nearest whole cent. Any balance not so distributed will be held by the depositary and become part of the next distribution.

Distributions in Shares

If any distribution consists of a dividend paid in, or a free distribution of, RELX PLC Shares, the depositary may or will, if RELX PLC so requests, distribute additional RELX PLC ADSs representing any RELX PLC Shares that RELX PLC so distributes as a dividend or free distribution, subject to the terms and conditions set forth in the RELX PLC deposit agreement. The depositary will only distribute whole RELX PLC ADSs. In lieu of delivering fractional RELX PLC ADSs, the depositary will sell the number of RELX PLC Shares or RELX PLC ADSs represented by the aggregate of such fractions and distribute the net proceeds to the RELX

PLC ADS holders entitled thereto. The depositary may withhold the distribution of RELX PLC ADSs if it has not received satisfactory assurances from RELX PLC (including a legal opinion) that such distribution does not require registration under the Securities Act of 1933 (the “Securities Act”) or is exempt from registration under the provisions of the Securities Act. If a distribution of additional RELX PLC ADSs is withheld, the depositary may sell all or part of such distribution in such amounts and in such manner as the depositary deems necessary and practicable and distribute the net proceeds of any such sale (after deducting applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the depositary) to the RELX PLC ADS holders entitled thereto.

Elective Distributions in Cash or Shares

If RELX PLC intends to make a distribution payable at the election of RELX PLC shareholders in cash or in additional RELX PLC Shares, the depositary will, if RELX PLC has timely requested that such elective distribution be made available to RELX PLC ADS holders, and if the depositary has determined that such distribution is reasonably practicable and has received satisfactory legal opinions relating to such distribution, establish procedures to enable RELX PLC ADS holders to elect to receive the proposed dividend in cash or in additional RELX PLC ADSs as described in the RELX PLC deposit agreement. If the conditions for an elective distribution are not satisfied, the depositary will, to the extent permitted by law, distribute to RELX PLC ADS holders, on the basis of the same determination as is made in the local market in respect of RELX PLC Shares for which no election is made, either cash or additional RELX PLC ADSs representing such additional RELX PLC Shares in the manner described in the RELX PLC deposit agreement. The depositary will have no obligation to make any process available to RELX PLC ADS holders to receive the elective dividend in RELX PLC Shares rather than RELX PLC ADSs. There can be no assurances that RELX PLC ADS holders will have the opportunity to receive elective distributions on the same terms as the holders of the RELX PLC Shares.

Distribution of Rights to Receive Additional Shares

If RELX PLC intends to distribute to holders of RELX PLC Shares rights to subscribe for additional RELX PLC Shares, the depositary will, if RELX PLC has timely requested that such rights be made available to RELX PLC ADS holders, make such rights available to RELX PLC ADS holders if, among other conditions, the depositary has determined that such distribution of rights is reasonably practicable and has received satisfactory legal opinions relating to such distribution. If the conditions for making such rights available to RELX PLC ADS holders are satisfied, the depositary will establish procedures to distribute rights to purchase additional RELX PLC ADSs, to enable RELX PLC ADS holders to exercise such rights (upon payment of the subscription price and of applicable fees and charges of, and expenses incurred by, the depositary and applicable taxes) and to deliver RELX PLC ADSs upon the valid exercise of such rights. If the conditions for making such rights available to RELX PLC ADS holder are not satisfied or if RELX PLC requests that the rights not be made available to RELX PLC ADS holders, or if any rights are not exercised and appear to be about to lapse, the depositary will (i) endeavor to sell the rights in the manner described in the RELX PLC deposit agreement if it is lawful and reasonably practicable to do so, and distribute the proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the depositary and taxes) to the RELX PLC ADS holders or (ii) if timing and market conditions do not permit such sale, if the depositary determines that it is not lawful and reasonably practicable to sell such rights, or if the depositary is unable to arrange for such sale, allow such rights to lapse. The depositary will have no obligation to make any process available to RELX PLC ADS holders to exercise rights to subscribe for RELX PLC Shares rather than RELX PLC ADSs. The depositary will not be responsible for any failure to determine whether it is lawful or practicable to make rights available to RELX PLC ADS holders, and the depositary will not be responsible for any foreign exchange exposure or loss incurred in connection with the sale or disposal of such rights. The depositary will not be responsible for the content of any materials forwarded to the RELX PLC ADS holders on behalf of RELX PLC in connection with the rights distribution.

If registration of the rights, or the securities to which any rights relate, may be required under the Securities Act or any other applicable law in order for RELX PLC to offer such rights or such securities to RELX PLC ADS holders and to sell the securities represented by such rights, the depositary will not distribute such rights to RELX PLC ADS holders (i) unless and until a registration statement under the Securities Act or other applicable law covering such offering is in effect or (ii) unless RELX PLC furnishes the depositary opinion(s) of counsel in the United States and any other applicable country in which rights would be distributed, in each case reasonably satisfactory to the depositary, to the effect that the offering and sale of such securities to RELX PLC ADS holders and beneficial owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable law.

There can be no assurances that RELX PLC ADS holders will have the opportunity to receive or exercise rights on the same terms and conditions as the holders of RELX PLC Shares or be able to exercise such rights.

Distributions Other Than Cash, Shares or Rights

If RELX PLC intends to distribute property other than cash, RELX PLC Shares or rights to purchase additional RELX PLC Shares, the depositary will, if RELX PLC has timely requested the depositary to make such distribution to RELX PLC ADS holders, and if the depositary has, after consultation with RELX PLC, determined that such distribution is reasonably practicable and has received satisfactory legal opinions relating to such distribution, as promptly as reasonably practicable distribute the property to RELX PLC ADS holders in such manner as the depositary may deem reasonably practicable. The distribution will be made net of applicable fees and charges of, and expenses incurred by, the depositary, and net of any taxes withheld. The depositary may dispose of all or a portion of the property in such manner as the depositary may deem reasonably practicable or necessary to pay its fees, charges and expenses in respect of such distribution and disposal and to satisfy any taxes or other governmental charges applicable to the distribution. If the conditions for a distribution of the property are not satisfied, the depositary will endeavor to sell the property in a public or private sale, at such place or places and upon such terms as it may deem reasonably practicable. The proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the depositary and taxes) will be converted into U.S. dollars and distributed to RELX PLC ADS holders. If the depositary is unable to sell the property, the depositary may dispose of such property for the account of the RELX PLC ADS holders in any way the depositary deems reasonably practicable under the circumstances.

Neither the depositary nor RELX PLC will be responsible for any failure to determine whether it is lawful or practicable to make property available to RELX PLC ADS holders, and neither the depositary nor RELX PLC will be responsible for any foreign exchange exposure or loss incurred in connection with the sale or disposal of such property.

Deposit and Issuance

The depositary will issue and deliver additional RELX PLC ADSs if RELX PLC Shares are deposited with the custodian, together with all such certifications and payments as may be required by the depositary and accompanied by an agreement or assignment, or other instrument reasonably satisfactory to the depositary, for the prompt transfer to the custodian of any dividend, or right to subscribe for additional RELX PLC Shares or to receive other property which any person in whose name the RELX PLC Shares are or have been recorded may thereafter receive upon or in respect of such deposited RELX PLC Shares, or in lieu thereof such agreement of indemnity or other agreement as is reasonably satisfactory to the depositary or the custodian. The depositary may also require a written order directing it to execute and deliver RELX PLC ADRs to or upon the written order of, the person or persons stated in such order, and evidence satisfactory to the depositary (which may include a legal opinion provided at the cost of the person depositing RELX PLC Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency. RELX PLC Shares will not be accepted for deposit except if they are accompanied by confirmation or such additional evidence, if any is required by the depositary, that is reasonably satisfactory to the depositary or the custodian that all conditions to such deposit under English laws and regulations have been satisfied by the person depositing RELX PLC Shares and any necessary approval has been granted by any governmental body in England. Upon payment of its fees and expenses for the issuance and delivery of RELX PLC ADSs and of all taxes and governmental charges and fees payable in connection with such deposit, the depositary will, at its principal office, issue and deliver the RELX PLC ADSs to or upon the order of the person entitled thereto registered in the name requested by such person in book-entry form or, if requested by such person, by delivering one or more RELX PLC ADRs.

Partial Entitlement RELX PLC ADSs

If any RELX PLC Shares are deposited which (i) entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from all other RELX PLC Shares then on deposit or (ii) are not fully fungible with RELX PLC Shares then on deposit, the depositary will (A) cause the custodian to hold such RELX PLC Shares with partial entitlements separate and distinct from the RELX PLC Shares with full entitlements, and (B) subject to the terms of the RELX PLC deposit agreement, issue and deliver RELX PLC ADSs representing RELX PLC Shares with partial entitlements that are separate and distinct from the RELX PLC ADSs representing RELX PLC Shares with full entitlements by means of separate CUSIP numbering and legending (if necessary) and, if applicable, by issuing any RELX PLC ADRs evidencing such RELX PLC ADSs with applicable notations thereon. If and when RELX PLC Shares with partial entitlements become fully fungible with the RELX PLC Shares outstanding, the depositary will (x) give notice thereof to holders of partial entitlement RELX PLC ADSs and give holders of partial entitlement RELX PLC ADSs the opportunity to exchange their partial entitlement RELX PLC ADSs for RELX PLC ADSs with full entitlements, (y) cause the custodian to transfer RELX PLC Shares with partial entitlements into the depositary’s account containing RELX PLC Shares with full entitlements and (z) take such actions as are necessary to remove the distinctions between the partial entitlement RELX PLC ADSs and RELX PLC ADRs, on the one hand, and the RELX PLC ADSs and RELX PLC ADRs with full entitlements, on the other hand. Holders and beneficial owners of partial entitlement RELX PLC ADSs will be limited to the entitlements of those RELX PLC Shares with partial entitlements. The depositary is authorized to take any and all other actions as may be reasonably necessary (including, without limitation, making the necessary notations on RELX PLC ADRs) to give effect to the terms of the RELX PLC deposit agreement relating to partial entitlement RELX PLC ADSs.

Withdrawal and Cancellation

A RELX PLC ADS holder may withdraw the RELX PLC Shares (or any other securities, property or cash) underlying such holder’s RELX PLC ADSs upon surrender of such holder’s RELX PLC ADSs for such purpose to the depositary. Upon payment of the depositary’s fees and of any taxes and governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of the RELX PLC deposit agreement, RELX PLC’s constituent documents, any other provisions of or governing the RELX PLC Shares (or any other securities, property or cash underlying the holder’s RELX PLC ADSs), and other applicable laws, any deposited RELX PLC Shares (or any other securities, property or cash) underlying such holder’s RELX PLC ADSs that have been surrendered to the depositary will be delivered, as promptly as practicable, to such RELX PLC ADS holder at the office of the custodian or through book-entry delivery of the amount of RELX PLC Shares represented by the RELX PLC ADSs surrendered to the depositary, except that the depositary may deliver any dividends or distributions, or the proceeds of any sales of dividends, distributions or rights, at the principal office of the depositary. The depositary will not accept for surrender RELX PLC ADSs representing less than one RELX PLC Share.

A RELX PLC ADS holder generally has the right to surrender RELX PLC ADSs and withdraw the underlying RELX PLC Shares at any time except:

·	due to temporary delays caused by the closing of the transfer books of the depositary or RELX PLC or the deposit of RELX PLC Shares in connection with voting at a shareholders’ meeting, or the payment of dividends;
·	when such RELX PLC ADS holder owes money to pay fees, taxes and similar charges; or
---	---

·	when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to RELX PLC ADSs or to the withdrawal of RELX PLC Shares or any other securities, property or cash underlying such holder’s RELX PLC ADSs.

Voting of RELX PLC ADSs

As soon as practicable after receipt of notice from RELX PLC of any meeting of, or solicitation of consents or proxies from, holders of RELX PLC Shares underlying the RELX PLC ADSs, the depositary will fix a record date for RELX PLC ADS holders and, as soon as practicable after receipt of such notice and the applicable additional proxy materials from RELX PLC, the depositary will arrange to deliver certain materials to RELX PLC ADS holders relating to the upcoming meeting or solicitation. The materials will contain:

·	such information as is contained in the notice of meeting or solicitation of consents or proxies received by the depositary from RELX PLC;
·	a statement that the RELX PLC ADS holders as of the close of business on a specified record date will be entitled, subject to any applicable law, the RELX PLC deposit agreement and the PLC Articles, and the provisions of or governing the RELX PLC Shares (or any other securities, property or cash underlying the holders’ RELX PLC ADSs), to give instructions to the depositary as to the exercise of the voting rights, if any, pertaining to the RELX PLC Shares underlying the RELX PLC ADSs; and
---	---
·	a statement as to the manner in which such instructions and notification may be given.
---	---

If RELX PLC determines that the distribution of such notice to RELX PLC ADS holders would require a proposed transaction to be registered under the Securities Act, RELX PLC may direct the depositary not to distribute such notice.

In lieu of distributing the materials received from RELX PLC in connection with the meeting of, or solicitation of consents or proxies from, holders of RELX PLC Shares underlying the RELX PLC ADSs, the depositary may, to the extent not prohibited by applicable law, regulations or stock exchange requirements, distribute to the RELX PLC ADS holders a notice with instructions on how to retrieve or request such materials.

Under English law and the PLC Articles, voting at any meeting of shareholders is by show of hands unless a poll is demanded. Under the PLC Articles, a poll could be requested by the chairman of the meeting, by any shareholder or shareholders present in person or by

proxy representing not less than 10% of the paid-up share capital of RELX PLC, by any shareholder or shareholders present in person or by proxy representing not less than 10% of the total voting rights or by not less than five shareholders present in person or by proxy and entitled to vote. The depositary will not join in demanding a poll, whether or not requested to do so by holders of RELX PLC ADSs.

For voting instructions to be valid, the depositary must receive them on or before the date specified in the materials delivered to RELX PLC ADS holders. The depositary will, to the extent practicable and permitted by applicable law, the provisions of the RELX PLC deposit agreement, the PLC Articles and the provisions of the RELX PLC Shares, endeavor to vote or cause the custodian to vote the underlying RELX PLC Shares in accordance with each RELX PLC ADS holder’s instructions as follows:

·	In the event voting takes place at the shareholders’ meeting by show of hands, in accordance with the voting instructions received by a majority of the RELX PLC ADS holders who provided voting instructions, and
·	In the event voting takes place at the shareholders’ meeting by poll, in accordance with the voting instructions received from RELX PLC ADS holders.
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The depositary will not vote the underlying RELX PLC Shares other than in accordance with the RELX PLC ADS holder’s instructions or as contemplated herein.

In connection with a shareholders’ meeting, RELX PLC and the depositary will not be able to assure that RELX PLC ADS holders will receive the voting materials in time to ensure that holders can either instruct the depositary to vote the RELX PLC Shares underlying the RELX PLC ADSs or withdraw the underlying RELX PLC Shares to vote them in person or by proxy. In addition, except as provided under applicable English law, the depositary and its agents will not be responsible for failing to carry out voting instructions or for the manner in which any such vote is cast or the effect of any such vote.

The depositary will have no obligation to take any action with respect to any meeting of, or solicitation of consents or proxies from, holders of RELX PLC Shares if such action would violate U.S. laws.

Neither the depositary nor the custodian will under any circumstances exercise any discretion as to voting, and neither the depositary nor the custodian will vote, attempt to exercise the right to vote, or in any way make use of the RELX PLC Shares (or any other securities, property or cash underlying the holders’ RELX PLC ADSs) for purposes of establishing a quorum or otherwise, except pursuant to and in accordance with written instructions from RELX PLC ADS holders or the provisions of the RELX PLC deposit agreement.

Reports and Other Communications

If RELX PLC delivers notice of any meeting of RELX PLC shareholders or of any action in respect of any cash or other distributions or the offering of any rights relating to RELX PLC Shares, RELX PLC will deliver a copy of such notice to the depositary and the custodian. RELX PLC will arrange for translation into English, to the extent required pursuant to any regulations of the SEC, of any notices that are made generally available to the holders of RELX PLC Shares. At RELX PLC’s request and expense, the depositary will, as promptly as practicable, distribute copies of such notices to the RELX PLC ADS holders.

The depositary will also make available for inspection by RELX PLC ADS holders at its principal office any written communications from RELX PLC that are both (i) delivered to the depositary, the custodian or their nominees, and (ii) made generally available to the holders of RELX PLC Shares. RELX PLC will furnish these communications in English when so required by any rules or regulations of the SEC. The depositary will send copies of such communications when furnished by RELX PLC as described in the immediately preceding paragraph.

Books of Depositary

The depositary will maintain at its principal office a register for the registration and transfer of RELX PLC ADSs. RELX PLC ADS holders may inspect such records at such office at reasonable times, but solely for the purpose of communicating with other RELX PLC ADS holders in the interest of business matters relating to RELX PLC, the RELX PLC ADSs or the RELX PLC deposit agreement. Such register may be closed from time to time when deemed expedient by the depositary in connection with the

performance of its duties under the RELX PLC deposit agreement or at the request of RELX PLC. The depositary will also maintain facilities to record and process the issuance, delivery, registration, transfer and surrender of RELX PLC ADSs in accordance with the provisions of the RELX PLC deposit agreement.

Fees and Expenses Payable by RELX PLC ADS holders

See “Item 12: Description of Securities other than Equity Securities – Fees and charges for American Depositary Receipt (ADR) holders” in the 2025 Form 20-F.

Payment of Taxes

RELX PLC ADS holders are responsible for the taxes and other governmental charges payable on the RELX PLC ADSs and the securities represented by the RELX PLC ADSs. The depositary may deduct the amount of any taxes owed from any payments to a RELX PLC ADS holder. The depositary may also refuse the issuance of RELX PLC ADSs, the split-up or combination of RELX PLC ADRs, the transfer of RELX PLC ADSs or the deposit or withdrawal of underlying RELX PLC Shares until the RELX PLC ADS holder pays any taxes owed on such holder’s RELX PLC ADSs or underlying securities. The depositary may also withhold dividends or other distributions, or sell all or any part of the RELX PLC Shares or other securities, property or cash underlying such holder’s RELX PLC ADSs to pay any taxes owed. Such RELX PLC ADS holder will remain liable if the proceeds of the sale are not enough to pay the taxes.

RELX PLC ADS holders will be required to indemnify the depositary, RELX PLC and the custodian and their respective officers, directors, employees, agents and affiliates for any claims with respect to taxes, additions to tax arising out of refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such RELX PLC ADS holders. The RELX PLC ADS holders may also be required from time to time to provide the depositary or the custodian with residence and beneficial ownership information and proof of taxpayer status, and to execute such certificates, make such representations and warranties and provide such other information or documents as the depositary or the custodian deem necessary or proper to fulfill the depositary’s or the custodian’s obligations under applicable law.

Fees and Other Payments Made by the Depositary to the Group

See “Item 12: Description of Securities other than Equity Securities – Fees and other payments made by the depositary to the Group” in the 2025 Form 20-F.

Reclassifications, Recapitalizations and Mergers

If there is (i) any change in nominal value, split-up, consolidation or any other reclassification, or any redemption or cancellation by RELX PLC, of RELX PLC Shares underlying the RELX PLC ADSs or (ii) any recapitalization, reorganization, merger or consolidation or sale of assets affecting RELX PLC or to which it is a party, then any securities, cash or property received by the depositary or the custodian in exchange for or in conversion of the underlying RELX PLC Shares will, to the extent permitted by law, be treated as new underlying deposited securities, cash or property under the RELX PLC deposit agreement, and the RELX PLC ADSs will thereafter represent, in addition to the existing underlying RELX PLC Shares, the right to receive the new deposited securities, cash or property so received in exchange or conversion.

The depositary may, with RELX PLC’s approval and subject to the terms of the RELX PLC deposit agreement and the depositary’s receipt of an opinion satisfactory to it that such action is not in violation of any applicable laws or regulations, issue and deliver additional RELX PLC ADSs as in the case of a dividend paid in RELX PLC Shares or call for the surrender of outstanding RELX PLC ADSs to be exchanged for new RELX PLC ADSs. If the new underlying deposited securities received cannot be lawfully distributed to some or all RELX PLC ADS holders, the depositary may, subject to receipt of an opinion satisfactory to it that such action is not in violation of any applicable laws or regulations, sell such securities at such place or places and upon such terms as it may deem proper and distribute the proceeds (net of fees and charges of, and expenses incurred by, the depositary and taxes and/or governmental charges) to the RELX PLC ADS holders on an averaged or other practicable basis. The depositary is not responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to RELX PLC ADS holders in general or to any holder particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such securities.

Disclosure of Interests and Ownership Restrictions

RELX PLC and the depositary may request current and former RELX PLC ADS holders to provide information (i) as to the capacity in which such RELX PLC ADS holder owns or owned RELX PLC ADSs, (ii) regarding the identity of any other persons then or

previously interested in the RELX PLC ADSs and the nature of such interest and (iii) regarding such other matters as may be determined by RELX PLC or the depositary. Each RELX PLC ADS holder must provide any such information requested by RELX PLC or the depositary.

Holders and beneficial owners of RELX PLC ADSs are required to comply with any limitations on ownership of RELX PLC Shares under RELX PLC’s constituent documents or applicable English law as if they held the number of RELX PLC Shares their RELX PLC ADSs represent. RELX PLC will inform the holders and beneficial owners of RELX PLC ADSs and the depositary of any such ownership restrictions in place from time to time.

Amendment and Termination of the RELX PLC Deposit Agreement

Amendments

RELX PLC may agree with the depositary to amend the RELX PLC deposit agreement and the RELX PLC ADRs without RELX PLC ADS holder consent in any respect which they may deem necessary or desirable. If the amendment imposes or increases fees or charges (except for taxes and governmental charges, registration fees, cable, telex or fax transmission costs, delivery costs or other such expenses) or otherwise materially prejudices any substantial existing right of RELX PLC ADS holders, it will only become effective 30 days after notice of such amendment has been given to RELX PLC ADS holders. Under the RELX PLC deposit agreement, notice of any amendment to the RELX PLC deposit agreement or any RELX PLC ADR need not describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice will not render such notice invalid so long as, in each such case, the notice given to the RELX PLC ADS holders identifies a means for holders to retrieve or receive the text of such amendment. At the time an amendment becomes effective, a RELX PLC ADS holder is considered, by continuing to hold RELX PLC ADSs, to have agreed to the amendment and to be bound by the RELX PLC deposit agreement as amended. However, if any governmental body adopts new laws, rules or regulations requiring an amendment of the RELX PLC deposit agreement to comply therewith, RELX PLC and the depositary may amend the RELX PLC deposit agreement and any RELX PLC ADRs, which amendment may become effective before a notice of such amendment is given to RELX PLC ADS holders. However, no amendment will impair a RELX PLC ADS holder’s right to receive the RELX PLC Shares (or any other securities, property or cash) underlying such holder’s RELX PLC ADSs in exchange for such holder’s RELX PLC ADSs, except in order to comply with applicable provisions of any mandatory laws.

Termination

The RELX PLC deposit agreement will be terminated by the depositary if RELX PLC asks it to do so, in which case the depositary must notify RELX PLC ADS holders at least 30 days before termination. If at any time 90 days have expired after (y) RELX PLC has delivered a notice of removal to the depositary or (z) the depositary has delivered to RELX PLC a written notice of its election to resign and, in either case, a successor depositary has not been appointed by RELX PLC and accepted its appointment, the depositary may terminate the RELX PLC deposit agreement by mailing notice of such termination to the RELX PLC ADS holders then outstanding at least 30 days before termination.

If any RELX PLC ADSs remain outstanding after termination, (i) the RELX PLC ADS holders will be entitled to receive the underlying securities upon surrender of the RELX PLC ADSs and payment of all fees, expenses, taxes and governmental charges, and (ii) the depositary will stop registering the transfer of RELX PLC ADSs, will stop distributing dividends to RELX PLC ADS holders, and will not give any further notices or do anything else under the RELX PLC deposit agreement other than:

·	collect dividends and distributions on the RELX PLC Shares (or any other securities, property or cash) underlying RELX PLC ADSs;
·	sell rights and other properties received in respect of RELX PLC Shares (or any other securities, property or cash) underlying RELX PLC ADSs as provided in the RELX PLC deposit agreement; and
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·	deliver RELX PLC Shares (or any other securities, property or cash) underlying RELX PLC ADSs, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for RELX PLC ADSs surrendered to the depositary (after deducting, in each case, the fee of the depositary for the surrender of RELX PLC ADSs, any expenses for the account of the RELX PLC ADS holder in accordance with the terms of the RELX PLC deposit agreement, and any applicable taxes or governmental charges).
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At any time after the date of termination of the RELX PLC deposit agreement, the depositary may sell any remaining deposited RELX PLC Shares (or any other securities, property or cash) underlying RELX PLC ADSs. After that, the depositary will hold the money it received on the sale, as well as any cash it is holding under the RELX PLC deposit agreement, unsegregated for the pro rata benefit of the RELX PLC ADS holders that have not surrendered their RELX PLC ADSs. The depositary will not invest the money and has no liability for interest. After making such sale, the depositary’s only obligations to RELX PLC ADS holders will be to account for the money and cash (net of all applicable fees, expenses, taxes and governmental charges payable by holders under the terms of the RELX PLC deposit agreement). After termination, RELX PLC’s only obligations will be with respect to indemnification of, and to pay specified amounts to, the depositary. The obligations under the terms of the RELX PLC deposit agreement of RELX PLC ADS holders outstanding as of the termination date will survive the termination date and will be discharged only when the applicable RELX PLC ADSs are presented by their holders to the depositary for cancellation and such RELX PLC ADS holder has satisfied all of its obligations under the terms of the RELX PLC deposit agreement.

Limitations on Obligations and Liability to RELX PLC ADS holders

The RELX PLC deposit agreement expressly limits the obligations and liabilities of RELX PLC, the depositary and any custodian to the RELX PLC ADS holders. These limitations include, among other things, that RELX PLC and the depositary:

·	are obligated only to take the actions specifically set forth in the RELX PLC deposit agreement without negligence or bad faith;
·	have no obligation to become involved in a lawsuit or proceeding related to the RELX PLC Shares (or any other securities, property or cash) underlying the RELX PLC ADSs or the RELX PLC ADRs unless they are indemnified to their satisfaction;
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·	are not liable for any consequential or punitive damages or any action or non-action by it in reliance upon any advice of or information from any legal counsel, accountants, any person depositing RELX PLC Shares, any RELX PLC ADS holder or beneficial owner, or any other person whom they believe in good faith is competent to give them that advice or information;
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·	may rely and will be protected in action upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties; and
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·	are not be liable to holders or beneficial owners of RELX PLC ADSs or third parties for any special, consequential, indirect or punitive damages for any breach of the terms of the RELX PLC deposit agreement or otherwise.
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In addition, RELX PLC, the depositary and their respective directors, officers, employees, agents or affiliates are not liable to any holder or beneficial owner of RELX PLC ADSs:

·	if the depositary or RELX PLC is prevented, delayed or forbidden from, or is subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of the RELX PLC deposit agreement or the RELX PLC Shares (or any other securities, property or cash underlying the RELX PLC ADSs) it is provided will be done or performed by reason of any provision of any present or future law or regulation of the U.S., England or any other country, or of any governmental or regulatory authority or stock exchange or interdealer quotation system, or by reason of any provision, present or future, of the PLC Articles, or by reason of any provision of any securities issued or distributed by RELX PLC, or any offering or distribution thereof, or by reason of any act of God or war or other circumstances beyond its control;
·	by reason of any exercise of, or failure to exercise, any discretion provided for in the RELX PLC deposit agreement; or
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·	for the inability of any holder or beneficial owner of RELX PLC ADSs to benefit from any distribution, offering, right or other benefit which is made available to holders of RELX PLC Shares underlying the RELX PLC ADSs but is not, under the terms of the RELX PLC deposit agreement, made available to holders or beneficial owners of RELX PLC ADSs.
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Additionally, the depositary will not be liable for, among other things:

·	any acts or omissions made by a predecessor or successor depositary, so long as the depositary performed its obligations without negligence or bad faith while it acted as the depositary;
·	any failure to carry out any instructions to vote any of the RELX PLC Shares represented by the RELX PLC ADSs, or for the manner in which any such vote is cast, if such action or non-action is in good faith, or for the effect of any such vote;
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·	the depositary’s failure to determine that any distribution or action is lawful or reasonably practicable if such determination of practicability is made without bad faith;
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·	content of any information received from RELX PLC for distribution to the RELX PLC ADS holders or any inaccuracy of any translation thereof;
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·	any investment risk associated with acquiring an interest in, or the validity of worth of, the RELX PLC Shares (or any other securities, property or cash) underlying the RELX PLC ADSs;
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·	any tax consequences that may result from the ownership of RELX PLC ADSs or RELX PLC Shares (or any other securities, property or cash) underlying RELX PLC ADSs;
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·	the credit-worthiness of any third party;
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·	allowing any rights to lapse in accordance with the terms of the RELX PLC deposit agreement;
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·	the failure or timeliness of any notice from RELX PLC; or
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·	any action of or failure to act by, or any information provided or not provided by, the Depository Trust Company (DTC) or any DTC participant.
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Requirements for Depositary Actions

Before the depositary will issue, or register the transfer of, a RELX PLC ADS, make a distribution on a RELX PLC ADS, split-up or combine RELX PLC ADRs, or permit withdrawal of RELX PLC Shares underlying RELX PLC ADSs, the depositary or the custodian may require:

·	payment of taxes or other governmental charges and stock transfer or registration fees and any applicable depositary fees under the RELX PLC deposit agreement;
·	production of reasonably satisfactory proof of the identity and genuineness of any signature; and
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·	with (i) laws and other governmental regulations relating to the execution and delivery of RELX PLC ADRs or RELX PLC ADSs or to the withdrawal or delivery of RELX PLC Shares (or any other securities, property or cash) underlying RELX PLC ADSs and (ii) any regulations the depositary or RELX PLC may establish consistent with the provisions of the RELX PLC deposit agreement, including presentation of certain transfer documents.
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The depositary may refuse to deliver, transfer, or register transfers of, RELX PLC ADSs generally when the transfer books of the depositary are closed, or if deemed necessary or advisable by the depositary or the custodian at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the RELX PLC deposit agreement, or for any reason, except that the surrender of outstanding RELX PLC ADSs and withdrawal of RELX PLC Shares (or any other securities, property or cash) underlying RELX PLC ADSs may only be suspended as set forth in the second paragraph in the section entitled “—Withdrawal and Cancellation.”

Pre-Release of RELX PLC ADSs

Following the effectiveness of Amendment No. 2, as of February 17, 2021, the depositary is no longer able to engage in any pre-release transactions.

**B.**Debt Securities

(Item 12.A of Form 20-F)

Each series of guaranteed notes listed on the New York Stock Exchange and set forth on the cover page to the 2025 Form 20-F has been issued by RELX Capital Inc. (“RELX Capital”) and guaranteed by RELX PLC. Each of these series of notes was issued pursuant to an effective registration statement and a related prospectus and prospectus supplement setting forth the terms of the relevant series of notes and related guarantees. Each of these series of notes was issued under the Indenture, dated as of May 9, 1995, among RELX Capital, as issuer, RELX PLC, as guarantor and The Bank of New York Mellon, as trustee, principal paying agent and securities registrar, as supplemented and amended (the “Indenture”).

The following table sets forth the file number of the registration statement, date of the base prospectus and date of issuance for each series of notes (the “Notes”).


Series	Registration Statement	Date of Base Prospectus	Date of Issuance
4.000% Guaranteed Notes due 2029	333-224608	February 28, 2019	March 18, 2019
3.000% Guaranteed Notes due 2030	333-224608	February 28, 2019	May 22, 2020
4.750% Guaranteed Notes due 2030	333-264569	April 29, 2022	March 27, 2025
4.750% Guaranteed Notes due 2032	333-264569	April 29, 2022	May 20, 2022
5.250% Guaranteed Notes due 2035	333-264569	April 29, 2022	March 27, 2025

The following description of our Notes is a summary and does not purport to be complete and is qualified in its entirety by the full terms of the Notes. For a complete description of the terms and provisions of the Notes, refer to the Indenture and the Supplemental Indentures filed as exhibits to the registration statement for the Notes. The Indenture was initially filed as Exhibit 4(a) to the Registration Statement on Form F-3, File No. 333-6710-02, filed with the SEC on April 1, 1997. Please note that the descriptions in Items 1 to 5 should be read in conjunction with Item 6, which describes the terms applicable to each series of Notes.

1.	4.000% Guaranteed Notes due 2029.

DESCRIPTION OF THE 4.000% NOTES DUE 2029 AND THE GUARANTEE

The following description of the terms and conditions of RELX Capital’s above referenced debt securities and the guarantee by RELX PLC is based on and qualified by the Indenture, dated as of May 9, 1995, among RELX Capital, as issuer, RELX PLC, as guarantor and The Bank of New York Mellon, as trustee, principal paying agent and securities registrar, as supplemented and amended (the “Indenture”) and the 4.000% Notes due 2029 (the “4.000% Notes”). For a complete description of the terms and provision of the Notes, please refer to the Indenture and the form of the 4.000% Notes filed as Exhibit 99.2 to RELX PLC’s Report on Form 6-K (No. 001-13334) filed on March 18, 2019.

General

The 4.000% Notes constitute senior unsecured debt obligations of RELX Capital and rank equally with all of the existing and future senior, unsecured and unsubordinated debt of RELX Capital. The 4.000% Notes were issued as a separate series of debt securities in registered form under the Indenture, dated as of May 9, 1995, as amended, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The Bank of New York Mellon with its principal address at 240 Greenwich Street, New York, New York 10286 serves as trustee, transfer agent, registrar and paying agent with respect to the 4.000% Notes.

The 4.000% Notes initially are limited to $950,000,000 aggregate principal amount. RELX Capital may, without giving notice to or seeking the consent of any of the holders of the 4.000% Notes, create and issue additional debt securities having the same interest rate, maturity and other terms (except for the issue date, the public offering price and the first interest payment date) as, and ranking equally and ratably with the 4.000% Notes. Any additional debt securities having such similar terms, together with the 4.000% Notes, will constitute a single series of securities under the Indenture, including for purposes of voting and redemptions, and any additional debt securities issued as part of the same series as the 4.000% Notes will either be fungible with the 4.000% Notes for United States federal income tax purposes or be issued under a separate CUSIP number.

RELX Capital may redeem some or all of the 4.000% Notes at any time at the redemption prices described under “—Optional Redemption of the 4.000% Notes.”

RELX Capital may also redeem all, but not part, of the 4.000% Notes upon the occurrence of certain tax events at the redemption prices described under “—Optional Redemption for Tax Reasons.”

The 4.000% Notes do not provide for any sinking fund.

Maturity and Interest

The 4.000% Notes will mature on March 18, 2029 and bear interest at a rate of 4.000% per annum.

Interest payments on the 4.000% Notes are paid semi-annually on March 18 and September 18 of each year, to holders of record at the close of business on the March 3 and September 3 immediately preceding the applicable interest payment date (whether or not such record date is a Business Day as defined below) and on the maturity date. We calculate the amount of interest payable on the 4.000% Notes on the basis of a 360-day year of twelve 30-day months. If the date on which a payment of interest or principal on the 4.000% Notes is scheduled to be paid is not a

Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

“Business Day” for purposes of the 4.000% Notes means a day other than a Saturday, Sunday or other day on which banking institutions in New York City or London are authorized or obligated by law, regulation or executive order to close.

Guarantee

RELX PLC has agreed unconditionally and irrevocably to guarantee the due and punctual payment of the principal of, premium (if any), interest and all other amounts in respect of the 4.000% Notes as and when they will become due and payable, whether at the stated maturity, upon redemption or when accelerated in accordance with the provisions of the 4.000% Notes and the Indenture. The Guarantee is a direct, unconditional, unsubordinated and unsecured obligation of RELX PLC and ranks at least equally with all other unsecured and unsubordinated obligations of RELX PLC, subject, in the case of insolvency, to laws of general applicability relating to or affecting creditors’ rights.

The Guarantee may be enforced against RELX PLC, in the event of a default in payment with respect to the 4.000% Notes issued by RELX Capital, without making prior demand upon or seeking to enforce remedies against RELX Capital or other persons. The Guarantee of RELX PLC is endorsed on each of the 4.000% Notes issued by RELX Capital.

Optional Redemption of the 4.000% Notes

Prior to December 18, 2028, the 4.000% Notes may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 15 days, prior to the date of redemption at a redemption price equal to the greater of:

·	100% of the principal amount of the 4.000% Notes being redeemed; and
·	the present value of the Remaining Scheduled Payments (as defined below) on the 4.000% Notes being redeemed on the redemption date, discounted to the date of redemption, on a semi-annual basis, at the Treasury Rate plus 25 basis points.
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On or after December 18, 2028, the 4.000% Notes may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 15 days, prior to the date of redemption, at a redemption price equal to 100% of the principal amount of the 4.000% Notes to be redeemed.

If RELX Capital elects to redeem any 4.000% Notes pursuant to the above paragraphs, it will also pay accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to the rights of holders of 4.000% Notes on the relevant record date to receive interest due on the relevant interest payment date. In determining the redemption price and accrued interest, interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such 4.000% Notes.

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of all Reference Treasury Dealer Quotations for such redemption date; or (2) if only one Reference Treasury Dealer Quotation is received, such quotation.

“Primary Treasury Dealer” means a primary United States government securities dealer in the United States.

“Quotation Agent” means the Reference Treasury Dealer appointed by us.

“Reference Treasury Dealer” means (i) J.P. Morgan Securities LLC, SG Americas Securities, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC (or their affiliates that are Primary Treasury Dealers) and a Primary Treasury Dealer selected by Santander Investment Securities Inc. and, in each case, their successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, we will substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealers we select.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by us, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to us by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such redemption date.

“Remaining Scheduled Payments” means, with respect to the 4.000% Notes, the remaining scheduled payments of the principal thereof to be redeemed and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date.

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

If less than all of the 4.000% Notes are to be redeemed at any time, 4.000% Notes for redemption will be selected in accordance with the procedures of DTC or on a pro rata basis. No 4.000% Notes with a principal balance of $1,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to that Note will state the portion of the principal amount of that Note that is to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note will be issued in the name of the holder of 4.000% Notes upon cancellation of the original Note. 4.000% Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on 4.000% Notes or portions of 4.000% Notes called for redemption unless we default in the payment of the redemption price.

We may at any time, and from time to time, purchase 4.000% Notes at any price or prices in the open market or otherwise.

Optional Redemption for Tax Reasons

The 4.000% Notes may be redeemed, at the option of RELX Capital in whole, but not in part, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the redemption date if, as a result of any change in, or amendment to, the laws, regulations, rulings or treaties of a Relevant Taxing Jurisdiction (as defined below), or any change in official position regarding application or interpretation of those laws, regulations, rulings or treaties (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after the original issue date with respect to the 4.000% Notes (or if a jurisdiction becomes a Relevant Taxing Jurisdiction after the original issue date, the date on which such jurisdiction became a Relevant Taxing Jurisdiction under the Indenture), RELX Capital or RELX PLC, as the case may be, would, on the occasion of the next payment of principal or interest in respect of the 4.000% Notes, be obligated, in making that payment, to pay additional amounts as described under the heading “—Payment of Additional Amounts” below and that obligation cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

The 4.000% Notes may also be redeemed, at the option of RELX Capital, in whole, but not in part, at a “make- whole” redemption price (to be calculated in a manner consistent with the first paragraph under the heading “—Optional Redemption of the 4.000% Notes”), together with accrued and unpaid interest, if any, to, but excluding, the redemption date, if, as a result of any change in, or amendment to, the Code (as defined below under the heading “—Payment of Additional Amounts”) or any of its regulations, rulings or official interpretations, which change or amendment is enacted or adopted and becomes effective on or after the original issue date

with respect to the 4.000% Notes, the deductibility of interest payments on the 4.000% Notes or the timing thereof would be affected in any manner which is then adverse to RELX Capital and that effect cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

Redemption Procedures

Notices of redemption will be mailed by first-class mail in respect of certificated, non-global notes or delivered electronically if a global note held by DTC in accordance with DTC’s customary procedures at least 15 but not more than 60 days before the redemption date to each holder of 4.000% Notes to be redeemed, except that redemption notices may be mailed (or delivered electronically) more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the 4.000% Notes or a satisfaction and discharge of the Indenture. We may provide in such notice that payment of the redemption price and performance of our obligations with respect to such redemption may be performed by another person.

Payment of Additional Amounts

All payments of principal, premium (if any) and interest in respect of the 4.000% Notes or the Guarantee will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by or within a Relevant Taxing Jurisdiction (as defined below), unless that withholding or deduction is required by law.

The Indenture provides that if withholding or deduction is required by law, then RELX Capital or RELX PLC, as the case may be, will pay to the holder of any Note additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest, if any, on that Note after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge of any nature whatsoever imposed, levied or collected by or on behalf of the jurisdiction under the laws of which RELX Capital or RELX PLC, as the case may be, is organized or resident for tax purposes (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), or any jurisdiction from or through which any amount is paid by RELX Capital or RELX PLC, as the case may be (or any political subdivision or taxing authority of or in that jurisdiction having power to tax) (each a “Relevant Taxing Jurisdiction”), will not be less than the amount provided for in any Note to be then due and payable; provided, however, that RELX Capital or RELX PLC, as the case may be, will not be required to make any payment of additional amounts for or on account of:

·	any tax, assessment, duty or other governmental charge which would not have been imposed but for:
·	the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, the 4.000% Notes) between that holder (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that holder, if that holder is an estate, trust, partnership or corporation or any person other than the holder to which that Note or any amount payable on that Note is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that holder (or fiduciary, settlor, beneficiary, member, shareholder or possessor or person other than the holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction or being or having been present or engaged in a trade or business in a Relevant Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or
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·	the presentation of a Note (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever occurred later except to the extent that the holder would have been entitled to additional amounts on presenting that Note for payment on or before the thirtieth day;
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·	any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;
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·	any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that holder or any other person mentioned in the first bullet above to comply, after reasonable notice (at least 30 days before any such withholding would be payable), with a request of RELX Capital or RELX PLC, as the case may be, addressed to that holder or that other person to provide information concerning
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the nationality, residence or identity of that holder or that other person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is in either case required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a precondition to exemption from or reduction of that tax, assessment or other governmental charge;

·	any tax, assessment, duty or other governmental charge imposed by reason of that holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to the United States, or as a corporation which accumulates earnings to avoid United States federal income tax;
·	any tax, assessment, duty or other governmental charge imposed on interest received by:
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·	a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of RELX Capital;
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·	a controlled foreign corporation related to RELX Capital within the meaning of Section 864(d)(4) of the Code; or
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·	a bank receiving interest described in Section 881(c)(3)(A) of the Code;
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·	any Note that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Note to another paying agent in a member state of the European Union;
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·	any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or
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·	any combination of the seven above items,
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nor will additional amounts be paid with respect to:

·	any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on the 4.000% Notes; or
·	any payment to any holder which is a fiduciary or a partnership or other than the sole beneficial owner of that Note to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or the beneficial owner would not have been entitled to those additional amounts had it been the holder of that Note.
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RELX Capital and RELX PLC will pay any present or future stamp, court or documentary taxes, or any other excise, property or similar taxes, assessments or other charges that arise in a Relevant Taxing Jurisdiction from the execution, delivery, registration or enforcement of any 4.000% Notes, Guarantee or the Indenture, or any other document or instrument in relation thereto (other than a transfer of the 4.000% Notes other than the initial resale of the 4.000% Notes), and RELX Capital and RELX PLC agree to indemnify the trustee and the holders for any such amounts paid by the trustee and such holders. The foregoing obligations of this paragraph will survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to RELX Capital or RELX PLC is organized or any political subdivision or taxing authority or agency thereof or therein.

Change of Control—Offer to Repurchase Upon Change of Control Triggering Event

If a Change of Control Triggering Event (as defined below) occurs, unless we have delivered notice of redemption in respect of the 4.000% Notes as described above, we will be required to make an offer to repurchase all, or, at the holder’s option, any part (equal to

$1,000 and integral multiples of $1,000 in excess thereof), of each holder’s 4.000% Notes pursuant to the offer described below (the “Change of Control Offer”), on the terms set forth in the 4.000% Notes. In the Change of Control Offer, we will be required to offer payment in cash equal to 101% of the principal amount of any 4.000% Notes repurchased plus accrued and unpaid interest, if any, on such 4.000% Notes repurchased, to, but excluding, the date of repurchase, referred to as the Change of Control Payment.

Within 30 days following any Change of Control Triggering Event or, at our option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, we will deliver written notice to the holders of the 4.000% Notes, with a copy to the trustee for the 4.000% Notes, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the 4.000% Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is given, referred to as the Change of Control Payment Date, pursuant to the procedures required by the 4.000% Notes and described in such notice.

The notice will, if given prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date.

On the Business Day immediately preceding the Change of Control Payment Date, we will be required, to the extent lawful, to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all 4.000% Notes or portions of 4.000% Notes properly tendered.

On the Change of Control Payment Date, we will be required to the extent lawful to:

·	accept for payment all 4.000% Notes or portions of 4.000% Notes properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
·	deliver or cause to be delivered to the trustee the 4.000% Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 4.000% Notes or portions of 4.000% Notes being purchased by us.
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We will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third-party purchases all 4.000% Notes properly tendered and not withdrawn under its offer.

If 80% or more in nominal amount of the 4.000% Notes then outstanding have been redeemed or purchased hereunder pursuant to a Change of Control Offer, RELX Capital may, at its option, on not less than 30 or more than 60 days’ notice to the holders of 4.000% Notes given within 30 days after the Change of Control Payment Date, redeem or purchase (or procure the purchase of) the remaining outstanding 4.000% Notes in their entirety at 101% of their principal amount plus interest accrued to, but excluding, the date of such redemption or purchase.

For purposes of the repurchase provisions of the 4.000% Notes, the following terms will be applicable:

“Change of Control” means the occurrence of any of the following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) acquires shares in the Guarantor to which attach more than 50% of the voting rights attaching to the issued share capital of the Guarantor; provided that a Change of Control shall be deemed not to have occurred if a new holding company acquires the entire issued share capital of the Guarantor and (A) such holding company has substantially the same shareholders as the Guarantor and those shareholders acquired the shares or economic interests in the holding company in substantially the same proportion as they hold shares or economic interests in the Guarantor prior to the holding company so acquiring the share capital of the Guarantor and (B) the Guarantor is a wholly-owned (directly or indirectly) subsidiary of such holding company; or (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the subsidiaries and joint ventures of the Guarantor, taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) (other than an affiliate of the Guarantor).

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

“Fitch” means Fitch Ratings Ltd. and its successors.

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P, BBB- (or the equivalent) by Fitch, and the equivalent investment grade credit rating from any Substitute Rating Agency or Rating Agencies selected by us.

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

“Rating Agencies” means (a) each of Moody’s, S&P and Fitch; and (b) if any of the Rating Agencies ceases to rate the 4.000% Notes or fails to make a rating of the 4.000% Notes publicly available for reasons outside of our control, a Substitute Rating Agency.

“Rating Event” means the rating on the 4.000% Notes is lowered by each of the Rating Agencies and the 4.000% Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing 60 days prior to the first public announcement of any Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period will be extended following consummation of a Change of Control for so long as the rating of the 4.000% Notes is under publicly announced consideration for a possible downgrade by any Rating Agencies); provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if such Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

“Substitute Rating Agency” means “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by us (as certified by a resolution of the Board of Directors of the Guarantor) as a replacement for Moody’s, S&P or Fitch, or some or all of them, as the case may be, in accordance with the definition of “Rating Agencies.”

2.	3.000% Guaranteed Notes due 2030.

DESCRIPTION OF THE 3.000% NOTES DUE 2030 AND THE GUARANTEE

The following description of the terms and conditions of RELX Capital’s above referenced debt securities and the guarantee by RELX PLC is based on and qualified by the Indenture, dated as of May 9, 1995, among RELX Capital, as issuer, RELX PLC, as guarantor and The Bank of New York Mellon, as trustee, principal paying agent and securities registrar, as supplemented and amended (the “Indenture”) and the 3.000% Notes due 2030 (the “3.000% Notes”). For a complete description of the terms and provision of the Notes, please refer to the Indenture and the form of the 3.000% Notes filed as Exhibit 99.2 to RELX PLC’s Report on Form 6-K (No. 001-13334) filed on May 22, 2020.

General

The 3.000% Notes constitute senior unsecured debt obligations of RELX Capital and rank equally with all of the existing and future senior, unsecured and unsubordinated debt of RELX Capital. The 3.000% Notes were issued as a separate series of debt securities in registered form under the Indenture, dated as of May 9, 1995, as amended, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The Bank of New York Mellon with its principal address at 240 Greenwich Street, New York, New York 10286 serves as trustee, transfer agent, registrar and paying agent with respect to the 3.000% Notes.

The 3.000% Notes initially are limited to $750,000,000 aggregate principal amount. RELX Capital may, without giving notice to or seeking the consent of any of the holders of the 3.000% Notes, create and issue additional debt securities having the same interest rate, maturity and other terms (except for the issue date, the public offering price and the first interest payment date) as, and ranking equally and ratably with the 3.000% Notes. Any additional debt securities having such similar terms, together with the 3.000% Notes, will constitute a single series of securities under the Indenture, including for purposes of voting and redemptions, and any additional debt securities issued as part of the same series as the 3.000% Notes will either be fungible with the 3.000% Notes for United States federal income tax purposes or be issued under a separate CUSIP number.

RELX Capital may redeem some or all of the 3.000% Notes at any time at the redemption prices described under “—Optional Redemption of the 3.000% Notes.”

RELX Capital may also redeem all, but not part, of the 3.000% Notes upon the occurrence of certain tax events at the redemption prices described under “—Optional Redemption for Tax Reasons.”

The 3.000% Notes do not provide for any sinking fund.

Maturity and Interest

The 3.000% Notes will mature on May 22, 2030 and bear interest at a rate of 3.000% per annum.

Interest payments on the 3.000% Notes are paid semi-annually on May 22 and November 22 of each year, to holders of record at the close of business on the May 7 and November 7 immediately preceding the applicable interest payment date (whether or not such record date is a Business Day as defined below) and on the maturity date. We calculate the amount of interest payable on the 3.000% Notes on the basis of a 360-day year of twelve 30-day months. If the date on which a payment of interest or principal on the 3.000% Notes is scheduled to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

“Business Day” for purposes of the 3.000% Notes means a day other than a Saturday, Sunday or other day on which banking institutions in New York City or London are authorized or obligated by law, regulation or executive order to close.

Guarantee

RELX PLC has agreed unconditionally and irrevocably to guarantee the due and punctual payment of the principal of, premium (if any), interest and all other amounts in respect of the 3.000% Notes as and when they will become due and payable, whether at the stated maturity, upon redemption or when accelerated in accordance with the provisions of the 3.000% Notes and the Indenture. The Guarantee is a direct, unconditional, unsubordinated and unsecured obligation of RELX PLC and ranks at least equally with all other unsecured and unsubordinated obligations of RELX PLC, subject, in the case of insolvency, to laws of general applicability relating to or affecting creditors’ rights.

The Guarantee may be enforced against RELX PLC, in the event of a default in payment with respect to the 3.000% Notes issued by RELX Capital, without making prior demand upon or seeking to enforce remedies against RELX Capital or other persons. The Guarantee of RELX PLC is endorsed on each of the 3.000% Notes issued by RELX Capital.

Optional Redemption of the 3.000% Notes

Prior to February 22, 2030, the 3.000% Notes may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days, prior to the date of redemption at a redemption price equal to the greater of:

·	100% of the principal amount of the 3.000% Notes being redeemed; and
·	the present value of the Remaining Scheduled Payments (as defined below) on the 3.000% Notes being redeemed on the redemption date, discounted to the date of redemption, on a semi-annual basis, at the Treasury Rate plus 40 basis points.
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On or after February 22, 2030, the 3.000% Notes may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days, prior to the date of redemption, at a redemption price equal to 100% of the principal amount of the 3.000% Notes to be redeemed.

If RELX Capital elects to redeem any 3.000% Notes pursuant to the above paragraphs, it will also pay accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to the rights of holders of 3.000% Notes on the relevant record date to receive interest due on the relevant interest payment date. In determining the redemption price and accrued interest, interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

“Comparable Treasury Issue” means the United States Treasury security or securities selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the 3.000% Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such 3.000% Notes.

“Primary Treasury Dealer” means a primary United States government securities dealer in the United States.

“Quotation Agent” means the Reference Treasury Dealer appointed by us.

“Reference Treasury Dealer” means each of any four Primary Treasury Dealers we select.

“Remaining Scheduled Payments” means, with respect to the 3.000% Notes, the remaining scheduled payments of the principal thereof to be redeemed and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date.

If less than all of the 3.000% Notes are to be redeemed at any time, 3.000% Notes for redemption will be selected in accordance with the procedures of DTC or on a pro rata basis. No 3.000% Notes with a principal balance of $1,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to that Note will state the portion of the principal amount of that Note that is to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note will be issued in the name of the holder of 3.000% Notes upon cancellation of the original Note. 3.000% Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on 3.000% Notes or portions of 3.000% Notes called for redemption unless we default in the payment of the redemption price.

We may at any time, and from time to time, purchase 3.000% Notes at any price or prices in the open market or otherwise.

Optional Redemption for Tax Reasons

The 3.000% Notes may be redeemed, at the option of RELX Capital in whole, but not in part, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the redemption date if, as a result of any change in, or amendment to, the laws, regulations, rulings or treaties of a Relevant Taxing Jurisdiction (as defined below), or any change in official position regarding application or interpretation of those laws, regulations, rulings or treaties (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after the original issue date with respect to the 3.000% Notes (or if a jurisdiction becomes a Relevant Taxing Jurisdiction after the original issue date, the date on which such jurisdiction became a Relevant Taxing Jurisdiction under the Indenture), RELX Capital or RELX PLC, as the case may be, would, on the occasion of the next payment of principal or interest in respect of the 3.000% Notes, be obligated, in making that payment, to pay additional amounts as described under the heading “—Payment of Additional Amounts” below and that obligation cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

The 3.000% Notes may also be redeemed, at the option of RELX Capital, in whole, but not in part, at a “make- whole” redemption price (to be calculated in a manner consistent with the first paragraph under the heading “—Optional Redemption of the 3.000% Notes”), together with accrued and unpaid interest, if any, to, but excluding, the redemption date, if, as a result of any change in, or amendment to, the Code (as defined below under the heading “—Payment of Additional Amounts”) or any of its regulations, rulings or official interpretations, which change or amendment is enacted or adopted and becomes effective on or after the original issue date with respect to the 3.000% Notes, the deductibility of interest payments on the 3.000% Notes or the timing thereof would be affected in any manner which is then adverse to RELX Capital and that effect cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

Redemption Procedures

Notices of redemption will be mailed by first-class mail in respect of certificated, non-global notes or delivered electronically if a global note held by DTC in accordance with DTC’s customary procedures at least 10 but not more than 60 days (or, in the case of a redemption following a Change of Control Offer as described under the heading “—Change of Control—Offer to Repurchase Upon Change of Control Triggering Event,” at least 30 but not more than 60 days) before the redemption date to each holder of 3.000% Notes to be redeemed, except that redemption notices may be mailed (or delivered electronically) more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the 3.000% Notes or a satisfaction and discharge of the Indenture. We may provide in such notice that payment of the redemption price and performance of our obligations with respect to such redemption may be performed by another person.

Payment of Additional Amounts

All payments of principal, premium (if any) and interest in respect of the 3.000% Notes or the Guarantee will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by or within a Relevant Taxing Jurisdiction (as defined below), unless that withholding or deduction is required by law.

·	any tax, assessment, duty or other governmental charge which would not have been imposed but for:
·	the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, the 3.000% Notes) between that holder (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that holder, if that holder is an estate, trust, partnership or corporation or any person other than the holder to which that Note or any amount payable on that Note is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that holder (or fiduciary, settlor, beneficiary, member, shareholder or possessor or person other than the holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction or being or having been present or engaged in a trade or business in a Relevant Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or
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·	the presentation of a Note (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever occurred later except to the extent that the holder would have been entitled to additional amounts on presenting that Note for payment on or before the thirtieth day;
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·	any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;
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·	any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that holder or any other person mentioned in the first bullet above to comply, after reasonable notice (at least 30 days before any such withholding would be payable), with a request of RELX Capital or RELX PLC, as the case may be, addressed to that holder or that other person to provide information concerning the nationality, residence or identity of that holder or that other person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is in either case required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a precondition to exemption from or reduction of that tax, assessment or other governmental charge;
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·	any tax, assessment, duty or other governmental charge imposed by reason of that holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to the United States, or as a corporation which accumulates earnings to avoid United States federal income tax;
·	any tax, assessment, duty or other governmental charge imposed on interest received by:
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·	a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of RELX Capital;
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·	a controlled foreign corporation related to RELX Capital within the meaning of Section 864(d)(4) of the Code; or
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·	a bank receiving interest described in Section 881(c)(3)(A) of the Code;
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·	any Note that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Note to another paying agent in a member state of the European Union;
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·	any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or
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·	any combination of the seven above items,
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nor will additional amounts be paid with respect to:

·	any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on the 3.000% Notes; or
·	any payment to any holder which is a fiduciary or a partnership or other than the sole beneficial owner of that Note to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or the beneficial owner would not have been entitled to those additional amounts had it been the holder of that Note.
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RELX Capital and RELX PLC will pay any present or future stamp, court or documentary taxes, or any other excise, property or similar taxes, assessments or other charges that arise in a Relevant Taxing Jurisdiction from the execution, delivery, registration or enforcement of any 3.000% Notes, Guarantee or the Indenture, or any other document or instrument in relation thereto (other than a transfer of the 3.000% Notes other than the initial resale of the 3.000% Notes), and RELX Capital and RELX PLC agree to indemnify the trustee and the holders for any such amounts paid by the trustee and such holders. The foregoing obligations of this paragraph will survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to RELX Capital or RELX PLC is organized or any political subdivision or taxing authority or agency thereof or therein.

Change of Control—Offer to Repurchase Upon Change of Control Triggering Event

If a Change of Control Triggering Event (as defined below) occurs, unless we have delivered notice of redemption in respect of the 3.000% Notes as described above, we will be required to make an offer to repurchase all, or, at the holder’s option, any part (equal to $1,000 and integral multiples of $1,000 in excess thereof), of each holder’s 3.000% Notes pursuant to the offer described below (the “Change of Control Offer”), on the terms set forth in the 3.000% Notes. In the Change of Control Offer, we will be required to offer

payment in cash equal to 101% of the principal amount of any 3.000% Notes repurchased plus accrued and unpaid interest, if any, on such 3.000% Notes repurchased, to, but excluding, the date of repurchase, referred to as the Change of Control Payment.

Within 30 days following any Change of Control Triggering Event or, at our option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control Triggering Event, we will deliver written or electronic notice to the holders of the 3.000% Notes, with a copy to the trustee for the 3.000% Notes, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the 3.000% Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is given, referred to as the Change of Control Payment Date, pursuant to the procedures required by the 3.000% Notes and described in such notice.

On the Business Day immediately preceding the Change of Control Payment Date, we will be required, to the extent lawful, to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all 3.000% Notes or portions of 3.000% Notes properly tendered.

On the Change of Control Payment Date, we will be required to the extent lawful to:

·	accept for payment all 3.000% Notes or portions of 3.000% Notes properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
·	deliver or cause to be delivered to the trustee the 3.000% Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 3.000% Notes or portions of 3.000% Notes being purchased by us.
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We will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third-party purchases all 3.000% Notes properly tendered and not withdrawn under its offer.

If 80% or more in nominal amount of the 3.000% Notes then outstanding have been redeemed or purchased hereunder pursuant to a Change of Control Offer, RELX Capital may, at its option, on not less than 30 or more than 60 days’ notice to the holders of 3.000% Notes given within 30 days after the Change of Control Payment Date, redeem or purchase (or procure the purchase of) the remaining outstanding 3.000% Notes in their entirety at 101% of their principal amount plus interest accrued to, but excluding, the date of such redemption or purchase.

For purposes of the repurchase provisions of the 3.000% Notes, the following terms will be applicable:

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

“Fitch” means Fitch Ratings Ltd. and its successors.

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

“Rating Agencies” means (a) each of Moody’s, S&P and Fitch; and (b) if any of the Rating Agencies ceases to rate the 3.000% Notes or fails to make a rating of the 3.000% Notes publicly available for reasons outside of our control, a Substitute Rating Agency.

“Rating Event” means the rating on the 3.000% Notes is lowered by each of the Rating Agencies and the 3.000% Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing 60 days prior to the first public announcement of any Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period will be extended following consummation of a Change of Control for so long as the rating of the 3.000% Notes is under publicly announced consideration for a possible downgrade by any Rating Agencies); provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if such Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

Covenants

The date referred to in the first parenthetical in the first paragraph under the heading “Covenants of RELX Capital and the Guarantor—Limitation on Sale and Leaseback Transactions” in Item 6 “General Terms Applicable to each series of Notes” is the original issue date of the 3.000% Notes.

The parenthetical in the third bullet point in the definition of the term “Indebtedness” under the heading “Covenants of RELX Capital and the Guarantor—Limitation on Sale and Leaseback Transactions” in Item 5 “General Terms Applicable to each series of Notes” is replaced in its entirety with the following: “(as determined in accordance with IFRS, as in effect immediately prior to the adoption of IFRS 16—“Leases”)”.

3.	4.750% Guaranteed Notes due 2030.

DESCRIPTION OF THE 4.750% NOTES DUE 2030 AND THE GUARANTEE

The following description of the terms and conditions of RELX Capital’s above referenced debt securities and the guarantee by RELX PLC is based on and qualified by the Indenture, dated as of May 9, 1995, among RELX Capital, as issuer, RELX PLC, as guarantor and The Bank of New York Mellon, as trustee, principal paying agent and securities registrar, as supplemented and amended (the “Indenture”) and the 4.750% Notes due 2030 (the “4.750% Notes due 2030”). For a complete description of the terms and provision of the Notes, please refer to the Indenture and the form of the 4.750% Notes due 2030 included as Exhibit A-1 to the Officers’ Certificate pursuant to Section 301 of the Indenture filed as Exhibit 4.1 to RELX PLC’s Report on Form 6-K (No. 001-13334) filed on March 27, 2025.

General

The 4.750% Notes due 2030 constitute senior unsecured debt obligations of RELX Capital and rank equally with all of the existing and future senior, unsecured and unsubordinated debt of RELX Capital. The 4.750% Notes due 2030 were issued as a separate series of debt securities in registered form under the Indenture, dated as of May 9, 1995, as amended, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The Bank of New York Mellon with its principal address at 240 Greenwich Street, New York, New York 10286 serves as trustee, securities registrar and principal paying agent with respect to the 4.750% Notes due 2030.

The 4.750% Notes due 2030 initially are limited to $750,000,000 aggregate principal amount. RELX Capital may, without giving notice to or seeking the consent of any of the holders of the 4.750% Notes due 2030, create and issue additional debt securities having the same interest rate, maturity and other terms (except for the issue date, the public offering price and the first interest payment date) as, and ranking equally and ratably with the 4.750% Notes due 2030. Any additional debt securities having such similar terms, together with the 4.750% Notes due 2030, will constitute a single series of debt securities under the Indenture, including for purposes

of voting and redemptions, and any additional debt securities issued as part of the same series as the 4.750% Notes due 2030 will either be fungible with the 4.750% Notes due 2030 for United States federal income tax purposes or be issued under a separate CUSIP number.

RELX Capital may redeem some or all of the 4.750% Notes due 2030 at any time at the redemption prices described under “—Optional Redemption of the 4.750% Notes due 2030.”

RELX Capital may also redeem all, but not part, of the 4.750% Notes due 2030 upon the occurrence of certain tax events at the redemption prices described under “—Optional Redemption for Tax Reasons.”

The 4.750% Notes due 2030 do not provide for any sinking fund.

Maturity and Interest

The 4.750% Notes due 2030 will mature on March 27, 2030 and bear interest at a rate of 4.750% per annum.

Interest payments on the 4.750% Notes due 2030 are paid semi-annually on March 27 and September 27 of each year, to holders of record at the close of business on March 12 and September 12 immediately preceding the applicable interest payment date (whether or not such record date is a Business Day as defined below) and on the maturity date. We calculate the amount of interest payable on the 4.750% Notes due 2030 on the basis of a 360-day year of twelve 30-day months. If the date on which a payment of interest or principal on the 4.750% Notes due 2030 is scheduled to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

“Business Day” for purposes of the 4.750% Notes due 2030 means a day other than a Saturday, Sunday or other day on which banking institutions in New York City or London are authorized or obligated by law, regulation or executive order to close.

Guarantee

RELX PLC has agreed unconditionally and irrevocably to guarantee the due and punctual payment of the principal of, premium (if any), interest and all other amounts in respect of the 4.750% Notes due 2030 as and when they will become due and payable, whether at the stated maturity, upon redemption or when accelerated in accordance with the provisions of the 4.750% Notes due 2030 and the Indenture. The Guarantee is a direct, unconditional, unsubordinated and unsecured obligation of RELX PLC and ranks at least equally with all other unsecured and unsubordinated obligations of RELX PLC, subject, in the case of insolvency, to laws of general applicability relating to or affecting creditors’ rights.

The Guarantee may be enforced against RELX PLC, in the event of a default in payment with respect to the 4.750% Notes due 2030 issued by RELX Capital, without making prior demand upon or seeking to enforce remedies against RELX Capital or other persons. The Guarantee of RELX PLC is endorsed on each of the 4.750% Notes due 2030 issued by RELX Capital.

Optional Redemption of the 4.750% Notes due 2030

Prior to February 27, 2030 (the date that is one month prior to the maturity of the 4.750% Notes due 2030) (the “Par Call Date”), the 4.750% Notes due 2030 may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days, prior to the redemption date at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

·	100% of the principal amount of the 4.750% Notes due 2030 being redeemed; and
·	(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 4.750% Notes due 2030 matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the redemption date;
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plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date).

On or after the Par Call Date, the 4.750% Notes due 2030 may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days, prior to the redemption date, at a redemption price equal to 100% of the principal amount of the 4.750% Notes due 2030 to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date).

RELX Capital’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

“Treasury Rate” means, with respect to any redemption date, the yield determined by RELX Capital in accordance with the following two paragraphs:

The Treasury Rate shall be determined by RELX Capital after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities-Treasury constant maturities-Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, RELX Capital shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields - one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life - and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third Business Day preceding the redemption date H.15 TCM is no longer published, RELX Capital shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, RELX Capital shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, RELX Capital shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

Optional Redemption for Tax Reasons

The 4.750% Notes due 2030may be redeemed, at the option of RELX Capital in whole, but not in part, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date) if, as a result of any change in, or amendment to, the laws, regulations, rulings or treaties of a Relevant Taxing Jurisdiction (as defined below), or any change in official position regarding application or interpretation of those laws, regulations, rulings or treaties (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after the original issue date with respect to the 4.750% Notes due 2030 (or if a jurisdiction becomes a Relevant Taxing Jurisdiction after the original issue date, the date on which such jurisdiction became a Relevant Taxing Jurisdiction under the Indenture), RELX Capital or RELX PLC, as the case may be, would, on the occasion of the next payment of principal or interest in respect of the 4.750% Notes due 2030, be obligated, in making that payment, to pay additional amounts as described under the heading “—Payment of Additional Amounts” below and that obligation cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

The 4.750% Notes due 2030 may also be redeemed, at the option of RELX Capital, in whole, but not in part, at a “make-whole” redemption price (to be calculated in a manner consistent with the first paragraph under the heading “—Optional Redemption of the 4.750% Notes due 2030”), if, as a result of any change in, or amendment to, the Code (as defined below under the heading “—Payment of Additional Amounts”) or any of its regulations, rulings or official interpretations, which change or amendment is enacted or adopted and becomes effective on or after the original issue date with respect to the 4.750% Notes due 2030, the deductibility of interest payments on the 4.750% Notes due 2030 or the timing thereof would be affected in any manner which is then adverse to RELX Capital and that effect cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

Redemption Procedures

Notices of redemption will be mailed by first-class mail in respect of certificated, non-global notes or delivered electronically in respect of a global note held by DTC in accordance with DTC’s customary procedures at least 10 but not more than 60 days (or, in the case of a redemption following a Change of Control Offer as described under the heading “—Change of Control—Offer to Repurchase Upon Change of Control Triggering Event,” at least 30 but not more than 60 days) before the redemption date to each holder of the 4.750% Notes due 2030 to be redeemed, except that redemption notices may be mailed (or delivered electronically) more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the 4.750% Notes due 2030 or a satisfaction and discharge of the Indenture. We may provide in such notice that payment of the redemption price and performance of our obligations with respect to such redemption may be performed by another person.

Payment of Additional Amounts

All payments of principal, premium (if any) and interest in respect of the 4.750% Notes due 2030 or the Guarantee will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by or within a Relevant Taxing Jurisdiction (as defined below), unless that withholding or deduction is required by law.

·	any tax, assessment, duty or other governmental charge which would not have been imposed but for:
·	the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, the 4.750% Notes due 2030) between that holder (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that holder, if that holder is an estate, trust, partnership or corporation or any person other than the holder to which that Note or any amount payable on that Note is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that holder (or fiduciary, settlor, beneficiary, member, shareholder or possessor or person other than the holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction or being or having been present or engaged in a trade or business in a Relevant Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or
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·	the presentation of a Note (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever occurred later except to the extent that the holder would have been entitled to additional amounts on presenting that Note for payment on or before the thirtieth day;
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·	any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;
·	any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that holder or any other person mentioned in the first bullet above to comply, after reasonable notice (at least 30 days before any such withholding would be payable), with a request of RELX Capital or RELX PLC, as the case may be, addressed to that holder or that other person to provide information concerning the nationality, residence or identity of that holder or that other person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is in either case required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a precondition to exemption from or reduction of that tax, assessment or other governmental charge;
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·	any tax, assessment, duty or other governmental charge imposed by reason of that holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to the United States, or as a corporation which accumulates earnings to avoid United States federal income tax;
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·	any tax, assessment, duty or other governmental charge imposed on interest received by:
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·	a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of RELX Capital;
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·	a controlled foreign corporation related to RELX Capital within the meaning of Section 864(d)(4) of the Code; or
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·	a bank receiving interest described in Section 881(c)(3)(A) of the Code;
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·	any Note that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Note to another paying agent in a member state of the European Union;
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·	any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or
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·	any combination of the seven above items,
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nor will additional amounts be paid with respect to:

·	any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on the 4.750% Notes due 2030; or
·	any payment to any holder which is a fiduciary or a partnership or other than the sole beneficial owner of that Note to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or the beneficial owner would not have been entitled to those additional amounts had it been the holder of that Note.
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RELX Capital and RELX PLC will pay any present or future stamp, court or documentary taxes, or any other excise, property or similar taxes, assessments or other charges that arise in a Relevant Taxing Jurisdiction from the execution, delivery, registration or enforcement of any 4.750% Notes due 2030, the Guarantee or the Indenture, or any other document or instrument in relation thereto (other than a transfer of the 4.750% Notes due 2030 other than the initial resale of the 4.750% Notes due 2030), and RELX Capital and RELX PLC agree to indemnify the trustee and the holders for any such amounts paid by the trustee and such holders. The foregoing obligations of this paragraph will survive any termination, defeasance or discharge of the Indenture and will apply mutatis

mutandis to any jurisdiction in which any successor to RELX Capital or RELX PLC is organized or any political subdivision or taxing authority or agency thereof or therein.

Change of Control—Offer to Repurchase Upon Change of Control Triggering Event

If a Change of Control Triggering Event (as defined below) occurs, unless we have delivered notice of redemption in respect of the 4.750% Notes due 2030 as described above, we will be required to make an offer to repurchase all, or, at the holder’s option, any part (equal to $1,000 and integral multiples of $1,000 in excess thereof), of each holder’s 4.750% Notes due 2030 pursuant to the offer described below (the “Change of Control Offer”), on the terms set forth in the 4.750% Notes due 2030. In the Change of Control Offer, we will be required to offer payment in cash equal to 101% of the principal amount of any 4.750% Notes due 2030 repurchased plus accrued and unpaid interest, if any, on such 4.750% Notes due 2030 repurchased, to, but excluding, the date of repurchase (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date), referred to as the Change of Control Payment.

Within 30 days following any Change of Control Triggering Event or, at our option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control Triggering Event, we will deliver written or electronic notice to the holders of the 4.750% Notes due 2030, with a copy to the trustee for the 4.750% Notes due 2030, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the 4.750% Notes due 2030 on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is given, referred to as the Change of Control Payment Date, pursuant to the procedures required by the 4.750% Notes due 2030 and described in such notice.

The notice will, if given prior to the date of consummation of the Change of Control Triggering Event, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date.

On the Business Day immediately preceding the Change of Control Payment Date, we will be required, to the extent lawful, to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all 4.750% Notes due 2030 or portions of 4.750% Notes due 2030 properly tendered.

On the Change of Control Payment Date, we will be required to the extent lawful to:

·	accept for payment all 4.750% Notes due 2030 or portions of 4.750% Notes due 2030 properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
·	deliver or cause to be delivered to the trustee the 4.750% Notes due 2030 properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 4.750% Notes due 2030 or portions of 4.750% Notes due 2030 being purchased by us.
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We will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third-party purchases all 4.750% Notes due 2030 properly tendered and not withdrawn under its offer.

If 80% or more in nominal amount of the 4.750% Notes due 2030 then outstanding have been redeemed or purchased pursuant to a Change of Control Offer, RELX Capital may, on not less than 30 or more than 60 days’ notice to the holders of the 4.750% Notes due 2030 given within 30 days after the Change of Control Payment Date, redeem or purchase (or procure the purchase of), at its option, the remaining 4.750% Notes due 2030 in their entirety at 101% of their principal amount plus interest accrued to, but excluding, the date of such redemption or purchase (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date).

For purposes of the repurchase provisions of the 4.750% Notes due 2030, the following terms will be applicable:

the Guarantor and (B) the Guarantor is a wholly-owned (directly or indirectly) subsidiary of such holding company; or (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the subsidiaries and joint ventures of the Guarantor, taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) (other than an affiliate of the Guarantor).

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

“Fitch” means Fitch Ratings Ltd. and its successors.

“Moody’s” means Moody’s Investors Service Limited and its successors.

“Rating Agencies” means (a) each of Moody’s, S&P and Fitch; and (b) if any of the Rating Agencies ceases to rate the 4.750% Notes due 2030 or fails to make a rating of the 4.750% Notes due 2030 publicly available for reasons outside of our control, a Substitute Rating Agency.

“Rating Event” means the rating on the 4.750% Notes due 2030 is lowered by each of the Rating Agencies and the 4.750% Notes due 2030 are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing 60 days prior to the first public announcement of any Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period will be extended following consummation of a Change of Control for so long as the rating of the 4.750% Notes due 2030 is under publicly announced consideration for a possible downgrade by any Rating Agencies); provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if such Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

“S&P” means S&P Global Ratings UK Limited and its successors.

“Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by us (as certified by a resolution of the Board of Directors of the Guarantor) as a replacement for Moody’s, S&P or Fitch, or some or all of them, as the case may be, in accordance with the definition of “Rating Agencies.”

Covenants

The parenthetical in the third bullet point in the definition of the term “Indebtedness” under the heading “Covenants of RELX Capital and the Guarantor—Limitation on Sale and Leaseback Transactions” in Item 6 “General Terms Applicable to each series of Notes” is replaced in its entirety with the following: “(as determined in accordance with IFRS, as in effect immediately prior to the adoption of IFRS 16—“Leases”)”.

4.	4.750% Guaranteed Notes due 2032.

DESCRIPTION OF THE 4.750% NOTES DUE 2032 AND THE GUARANTEE

The following description of the terms and conditions of RELX Capital’s above referenced debt securities and the guarantee by RELX PLC is based on and qualified by the Indenture, dated as of May 9, 1995, among RELX Capital, as issuer, RELX PLC, as guarantor and The Bank of New York Mellon, as trustee, principal paying agent and securities registrar, as supplemented and amended (the “Indenture”) and the 4.750% Notes due 2032 (the “4.750% Notes due 2032”). For a complete description of the terms and provision of the Notes, please refer to the Indenture and the form of the 4.750% Notes due 2032 included as Exhibit A to the Officers’ Certificate

pursuant to Section 301 of the Indenture filed as Exhibit 4.1 to RELX PLC’s Report on Form 6-K (No. 001-13334) filed on May 20, 2022.

General

The 4.750% Notes due 2032 constitute senior unsecured debt obligations of RELX Capital and rank equally with all of the existing and future senior, unsecured and unsubordinated debt of RELX Capital. The 4.750% Notes due 2032 were issued as a separate series of debt securities in registered form under the Indenture, dated as of May 9, 1995, as amended, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The Bank of New York Mellon with its principal address at 240 Greenwich Street, New York, New York 10286 serves as trustee, securities registrar and principal paying agent with respect to the 4.750% Notes due 2032.

The 4.750% Notes due 2032 initially are limited to $500,000,000 aggregate principal amount. RELX Capital may, without giving notice to or seeking the consent of any of the holders of the 4.750% Notes due 2032, create and issue additional debt securities having the same interest rate, maturity and other terms (except for the issue date, the public offering price and the first interest payment date) as, and ranking equally and ratably with the 4.750% Notes due 2032. Any additional debt securities having such similar terms, together with the 4.750% Notes due 2032, will constitute a single series of debt securities under the Indenture, including for purposes of voting and redemptions, and any additional debt securities issued as part of the same series as the 4.750% Notes due 2032 will either be fungible with the 4.750% Notes due 2032 for United States federal income tax purposes or be issued under a separate CUSIP number.

RELX Capital may redeem some or all of the 4.750% Notes due 2032 at any time at the redemption prices described under “-Optional Redemption of the 4.750% Notes due 2032.”

RELX Capital may also redeem all, but not part, of the 4.750% Notes due 2032 upon the occurrence of certain tax events at the redemption prices described under “-Optional Redemption for Tax Reasons.”

The 4.750% Notes due 2032 do not provide for any sinking fund.

Maturity and Interest

The 4.750% Notes due 2032 will mature on May 20, 2032 and bear interest at a rate of 4.750% per annum.

Interest payments on the 4.750% Notes due 2032 are paid semi-annually on May 20 and November 20 of each year, to holders of record at the close of business on the May 5 and November 5 immediately preceding the applicable interest payment date (whether or not such record date is a Business Day as defined below) and on the maturity date. We calculate the amount of interest payable on the 4.750% Notes due 2032 on the basis of a 360-day year of twelve 30-day months. If the date on which a payment of interest or principal on the 4.750% Notes due 2032 is scheduled to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

“Business Day” for purposes of the 4.750% Notes due 2032 means a day other than a Saturday, Sunday or other day on which banking institutions in New York City or London are authorized or obligated by law, regulation or executive order to close.

Guarantee

RELX PLC has agreed unconditionally and irrevocably to guarantee the due and punctual payment of the principal of, premium (if any), interest and all other amounts in respect of the 4.750% Notes due 2032 as and when they will become due and payable, whether at the stated maturity, upon redemption or when accelerated in accordance with the provisions of the 4.750% Notes due 2032 and the Indenture. The Guarantee is a direct, unconditional, unsubordinated and unsecured obligation of RELX PLC and ranks at least equally with all other unsecured and unsubordinated obligations of RELX PLC, subject, in the case of insolvency, to laws of general applicability relating to or affecting creditors’ rights.

The Guarantee may be enforced against RELX PLC, in the event of a default in payment with respect to the 4.750% Notes due 2032 issued by RELX Capital, without making prior demand upon or seeking to enforce remedies against RELX Capital or other persons. The Guarantee of RELX PLC is endorsed on each of the 4.750% Notes due 2032 issued by RELX Capital.

Optional Redemption of the 4.750% Notes due 2032

Prior to February 20, 2032 (the “Par Call Date”), the 4.750% Notes due 2032 may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days, prior to the redemption date at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

●	100% of the principal amount of the 4.750% Notes due 2032 being redeemed; and
●	(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 4.750% Notes due 2032 matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the redemption date;
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On or after the Par Call Date, the 4.750% Notes due 2032 may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days, prior to the redemption date, at a redemption price equal to 100% of the principal amount of the 4.750% Notes due 2032 to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date).

RELX Capital’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

“Treasury Rate” means, with respect to any redemption date, the yield determined by RELX Capital in accordance with the following two paragraphs.

Optional Redemption for Tax Reasons

The 4.750% Notes due 2032 may be redeemed, at the option of RELX Capital in whole, but not in part, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date) if, as a result of any change in, or amendment to, the laws, regulations, rulings or treaties of a Relevant Taxing Jurisdiction (as defined below), or any change in official position regarding application or interpretation of those laws, regulations, rulings or treaties (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after the original issue date with respect to the 4.750% Notes due 2032 (or if a jurisdiction becomes a Relevant Taxing Jurisdiction after the original issue date, the date on which such jurisdiction became a Relevant Taxing Jurisdiction under the Indenture), RELX Capital or RELX PLC, as the case may be, would, on the occasion of the next payment of principal or interest in respect of the 4.750% Notes due 2032, be obligated, in making that payment, to pay additional amounts as described under the heading “-Payment of Additional Amounts” below and that obligation cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

The 4.750% Notes due 2032 may also be redeemed, at the option of RELX Capital, in whole, but not in part, at a “make-whole” redemption price (to be calculated in a manner consistent with the first paragraph under the heading “-Optional Redemption of the 4.750% Notes due 2032”), if, as a result of any change in, or amendment to, the Code (as defined below under the heading “-Payment of Additional Amounts”) or any of its regulations, rulings or official interpretations, which change or amendment is enacted or adopted and becomes effective on or after the original issue date with respect to the 4.750% Notes due 2032, the deductibility of interest payments on the 4.750% Notes due 2032 or the timing thereof would be affected in any manner which is then adverse to RELX Capital and that effect cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

Redemption Procedures

Notices of redemption will be mailed by first-class mail in respect of certificated, non-global notes or delivered electronically in respect of a global note held by DTC in accordance with DTC’s customary procedures at least 10 but not more than 60 days (or, in the case of a redemption following a Change of Control Offer as described under the heading “-Change of Control-Offer to Repurchase Upon Change of Control Triggering Event,” at least 30 but not more than 60 days) before the redemption date to each holder of the 4.750% Notes due 2032 to be redeemed, except that redemption notices may be mailed (or delivered electronically) more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the 4.750% Notes due 2032 or a satisfaction and discharge of the Indenture. We may provide in such notice that payment of the redemption price and performance of our obligations with respect to such redemption may be performed by another person.

Payment of Additional Amounts

All payments of principal, premium (if any) and interest in respect of the 4.750% Notes due 2032 or the Guarantee will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by or within a Relevant Taxing Jurisdiction (as defined below), unless that withholding or deduction is required by law.

●

any tax, assessment, duty or other governmental charge which would not have been imposed but for:

●

the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, the 4.750% Notes due 2032) between that holder (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that holder, if that holder is an estate, trust, partnership or corporation or any person other than the holder to which that Note or any amount payable on that Note

---

is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that holder (or fiduciary, settlor, beneficiary, member, shareholder or possessor or person other than the holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction or being or having been present or engaged in a trade or business in a Relevant Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or
●	the presentation of a Note (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever occurred later except to the extent that the holder would have been entitled to additional amounts on presenting that Note for payment on or before the thirtieth day;
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●	any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;
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●	any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that holder or any other person mentioned in the first bullet above to comply, after reasonable notice (at least 30 days before any such withholding would be payable), with a request of RELX Capital or RELX PLC, as the case may be, addressed to that holder or that other person to provide information concerning the nationality, residence or identity of that holder or that other person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is in either case required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a precondition to exemption from or reduction of that tax, assessment or other governmental charge;
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●	any tax, assessment, duty or other governmental charge imposed by reason of that holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to the United States, or as a corporation which accumulates earnings to avoid United States federal income tax;
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●	any tax, assessment, duty or other governmental charge imposed on interest received by:
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●	a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of RELX Capital;
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●	a controlled foreign corporation related to RELX Capital within the meaning of Section 864(d)(4) of the Code; or
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●	a bank receiving interest described in Section 881(c)(3)(A) of the Code;
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●	any Note that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Note to another paying agent in a member state of the European Union;
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●	any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or
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●	any combination of the seven above items,
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nor will additional amounts be paid with respect to:

●	any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on the 4.750% Notes due 2032; or

●	any payment to any holder which is a fiduciary or a partnership or other than the sole beneficial owner of that Note to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or the beneficial owner would not have been entitled to those additional amounts had it been the holder of that Note.

RELX Capital and RELX PLC will pay any present or future stamp, court or documentary taxes, or any other excise, property or similar taxes, assessments or other charges that arise in a Relevant Taxing Jurisdiction from the execution, delivery, registration or enforcement of any 4.750% Notes due 2032, the Guarantee or the Indenture, or any other document or instrument in relation thereto (other than a transfer of the 4.750% Notes due 2032 other than the initial resale of the 4.750% Notes due 2032), and RELX Capital and RELX PLC agree to indemnify the trustee and the holders for any such amounts paid by the trustee and such holders. The foregoing obligations of this paragraph will survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to RELX Capital or RELX PLC is organized or any political subdivision or taxing authority or agency thereof or therein.

Change of Control-Offer to Repurchase Upon Change of Control Triggering Event

If a Change of Control Triggering Event (as defined below) occurs, unless we have delivered notice of redemption in respect of the 4.750% Notes due 2032 as described above, we will be required to make an offer to repurchase all, or, at the holder’s option, any part (equal to $1,000 and integral multiples of $1,000 in excess thereof), of each holder’s 4.750% Notes due 2032 pursuant to the offer described below (the “Change of Control Offer”), on the terms set forth in the 4.750% Notes due 2032. In the Change of Control Offer, we will be required to offer payment in cash equal to 101% of the principal amount of any 4.750% Notes due 2032 repurchased plus accrued and unpaid interest, if any, on such 4.750% Notes due 2032 repurchased, to, but excluding, the date of repurchase (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date), referred to as the Change of Control Payment.

Within 30 days following any Change of Control Triggering Event or, at our option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control Triggering Event, we will deliver written or electronic notice to the holders of the 4.750% Notes due 2032, with a copy to the trustee for the 4.750% Notes due 2032, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the 4.750% Notes due 2032 on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is given, referred to as the Change of Control Payment Date, pursuant to the procedures required by the 4.750% Notes due 2032 and described in such notice.

On the Business Day immediately preceding the Change of Control Payment Date, we will be required, to the extent lawful, to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all 4.750% Notes due 2032 or portions of 4.750% Notes due 2032 properly tendered.

On the Change of Control Payment Date, we will be required to the extent lawful to:

●	accept for payment all 4.750% Notes due 2032 or portions of 4.750% Notes due 2032 properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
●	deliver or cause to be delivered to the trustee the 4.750% Notes due 2032 properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 4.750% Notes due 2032 or portions of 4.750% Notes due 2032 being purchased by us.
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We will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third-party purchases all 4.750% Notes due 2032 properly tendered and not withdrawn under its offer.

If 80% or more in nominal amount of the 4.750% Notes due 2032 then outstanding have been redeemed or purchased pursuant to a Change of Control Offer, RELX Capital may, on not less than 30 or more than 60 days’ notice to the holders of the 4.750% Notes due 2032 given within 30 days after the Change of Control Payment Date, redeem or purchase (or procure the purchase of), at its option, the remaining 4.750% Notes due 2032 in their entirety at 101% of their principal amount plus interest accrued to, but excluding, the

date of such redemption or purchase (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date).

For purposes of the repurchase provisions of the 4.750% Notes due 2032, the following terms will be applicable:

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

“Fitch” means Fitch Ratings Ltd. and its successors.

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

“Rating Agencies” means (a) each of Moody’s, S&P and Fitch; and (b) if any of the Rating Agencies ceases to rate the 4.750% Notes due 2032 or fails to make a rating of the 4.750% Notes due 2032 publicly available for reasons outside of our control, a Substitute Rating Agency.

“Rating Event” means the rating on the 4.750% Notes due 2032 is lowered by each of the Rating Agencies and the 4.750% Notes due 2032 are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing 60 days prior to the first public announcement of any Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period will be extended following consummation of a Change of Control for so long as the rating of the 4.750% Notes due 2032 is under publicly announced consideration for a possible downgrade by any Rating Agencies); provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if such Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

Covenants

The date referred to in the first parenthetical in the first paragraph under the heading “Covenants of RELX Capital and the Guarantor-Limitation on Sale and Leaseback Transactions” in Item 6 “General Terms Applicable to each series of Notes” is the original issue date of the 4.750% Notes due 2032.

replaced in its entirety with the following: “(as determined in accordance with IFRS, as in effect immediately prior to the adoption of IFRS 16-“Leases”)”.

5.	5.250% Guaranteed Notes due 2035.

DESCRIPTION OF THE 5.250% NOTES DUE 2035 AND THE GUARANTEE

The following description of the terms and conditions of RELX Capital’s above referenced debt securities and the guarantee by RELX PLC is based on and qualified by the Indenture, dated as of May 9, 1995, among RELX Capital, as issuer, RELX PLC, as guarantor and The Bank of New York Mellon, as trustee, principal paying agent and securities registrar, as supplemented and amended (the “Indenture”) and the 5.250% Notes due 2035 (the “5.250% Notes”). For a complete description of the terms and provision of the Notes, please refer to the Indenture and the form of the 5.250% Notes included as Exhibit A-2 to the Officers’ Certificate pursuant to Section 301 of the Indenture filed as Exhibit 4.1 to RELX PLC’s Report on Form 6-K (No. 001-13334) filed on March 27, 2025.

General

The 5.250% Notes constitute senior unsecured debt obligations of RELX Capital and rank equally with all of the existing and future senior, unsecured and unsubordinated debt of RELX Capital. The 5.250% Notes were issued as a separate series of debt securities in registered form under the Indenture, dated as of May 9, 1995, as amended, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The Bank of New York Mellon with its principal address at 240 Greenwich Street, New York, New York 10286 serves as trustee, securities registrar and principal paying agent with respect to the 5.250% Notes.

The 5.250% Notes initially are limited to $750,000,000 aggregate principal amount. RELX Capital may, without giving notice to or seeking the consent of any of the holders of the 5.250% Notes, create and issue additional debt securities having the same interest rate, maturity and other terms (except for the issue date, the public offering price and the first interest payment date) as, and ranking equally and ratably with the 5.250% Notes. Any additional debt securities having such similar terms, together with the 5.250% Notes, will constitute a single series of debt securities under the Indenture, including for purposes of voting and redemptions, and any additional debt securities issued as part of the same series as the 5.250% Notes will either be fungible with the 5.250% Notes for United States federal income tax purposes or be issued under a separate CUSIP number.

RELX Capital may redeem some or all of the 5.250% Notes at any time at the redemption prices described under “-Optional Redemption of the 5.250% Notes.”

RELX Capital may also redeem all, but not part, of the 5.250% Notes upon the occurrence of certain tax events at the redemption prices described under “-Optional Redemption for Tax Reasons.”

The 5.250% Notes do not provide for any sinking fund.

Maturity and Interest

The 5.250% Notes will mature on March 27, 2035 and bear interest at a rate of 5.250% per annum.

Interest payments on the 5.250% Notes are paid semi-annually on March 27 and September 27 of each year, to holders of record at the close of business on the March 12 and the September 12 immediately preceding the applicable interest payment date (whether or not such record date is a Business Day as defined below) and on the maturity date. We calculate the amount of interest payable on the 5.250% Notes on the basis of a 360-day year of twelve 30-day months. If the date on which a payment of interest or principal on the 5.250% Notes is scheduled to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

“Business Day” for purposes of the 5.250% Notes means a day other than a Saturday, Sunday or other day on which banking institutions in New York City or London are authorized or obligated by law, regulation or executive order to close.

Guarantee

RELX PLC has agreed unconditionally and irrevocably to guarantee the due and punctual payment of the principal of, premium (if any), interest and all other amounts in respect of the 5.250% Notes as and when they will become due and payable, whether at the stated maturity, upon redemption or when accelerated in accordance with the provisions of the 5.250% Notes and the Indenture. The Guarantee is a direct, unconditional, unsubordinated and unsecured obligation of RELX PLC and ranks at least equally with all other

unsecured and unsubordinated obligations of RELX PLC, subject, in the case of insolvency, to laws of general applicability relating to or affecting creditors’ rights.

The Guarantee may be enforced against RELX PLC, in the event of a default in payment with respect to the 5.250% Notes issued by RELX Capital, without making prior demand upon or seeking to enforce remedies against RELX Capital or other persons. The Guarantee of RELX PLC is endorsed on each of the 5.250% Notes issued by RELX Capital.

Optional Redemption of the 5.250% Notes

Prior to December 27, 2034 (the date that is three months prior to the maturity of the 5.250% Notes) (the “Par Call Date”), the 5.250% Notes may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days prior to the redemption date at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

●	100% of the principal amount of the 5.250% Notes being redeemed; and
●	(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 5.250% Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the redemption date;
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On or after the Par Call Date, the 5.250% Notes may be redeemed, in whole or in part, at the option of RELX Capital, at any time or from time to time, on notice given not more than 60 days nor less than 10 days prior to the redemption date, at a redemption price equal to 100% of the principal amount of the 5.250% Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date).

RELX Capital’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

“Treasury Rate” means, with respect to any redemption date, the yield determined by RELX Capital in accordance with the following two paragraphs:

United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, RELX Capital shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

Optional Redemption for Tax Reasons

The 5.250% Notes may be redeemed, at the option of RELX Capital in whole, but not in part, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date) if, as a result of any change in, or amendment to, the laws, regulations, rulings or treaties of a Relevant Taxing Jurisdiction (as defined below), or any change in official position regarding application or interpretation of those laws, regulations, rulings or treaties (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after the original issue date with respect to the 5.250% Notes (or if a jurisdiction becomes a Relevant Taxing Jurisdiction after the original issue date, the date on which such jurisdiction became a Relevant Taxing Jurisdiction under the Indenture), RELX Capital or RELX PLC, as the case may be, would, on the occasion of the next payment of principal or interest in respect of the 5.250% Notes, be obligated, in making that payment, to pay additional amounts as described under the heading “-Payment of Additional Amounts” below and that obligation cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

The 5.250% Notes may also be redeemed, at the option of RELX Capital, in whole, but not in part, at a “make-whole” redemption price (to be calculated in a manner consistent with the first paragraph under the heading “-Optional Redemption of the 5.250% Notes”), if, as a result of any change in, or amendment to, the Code (as defined below under the heading “-Payment of Additional Amounts”) or any of its regulations, rulings or official interpretations, which change or amendment is enacted or adopted and becomes effective on or after the original issue date with respect to the 5.250% Notes, the deductibility of interest payments on the 5.250% Notes or the timing thereof would be affected in any manner which is then adverse to RELX Capital and that effect cannot be avoided by RELX Capital or RELX PLC, individually or together, taking reasonable measures available to them.

Redemption Procedures

Notices of redemption will be mailed by first-class mail in respect of certificated, non-global notes or delivered electronically in respect of a global note held by DTC in accordance with DTC’s customary procedures at least 10 but not more than 60 days (or, in the case of a redemption following a Change of Control Offer as described under the heading “-Change of Control-Offer to Repurchase Upon Change of Control Triggering Event,” at least 30 but not more than 60 days) before the redemption date to each holder of the 5.250% Notes to be redeemed, except that redemption notices may be mailed (or delivered electronically) more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the 5.250% Notes or a satisfaction and discharge of the Indenture. We may provide in such notice that payment of the redemption price and performance of our obligations with respect to such redemption may be performed by another person.

Payment of Additional Amounts

All payments of principal, premium (if any) and interest in respect of the 5.250% Notes or the Guarantee will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by or within a Relevant Taxing Jurisdiction (as defined below), unless that withholding or deduction is required by law.

●	Any tax, assessment, duty or other governmental charge which would not have been imposed but for:
●	the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, the 5.250% Notes) between that holder (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that holder, if that holder is an estate, trust, partnership or corporation or any person other than the holder to which that Note or any amount payable on that Note is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that holder (or fiduciary, settlor, beneficiary, member, shareholder or possessor or person other than the holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction or being or having been present or engaged in a trade or business in a Relevant Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or
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●	the presentation of a Note (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever occurred later except to the extent that the holder would have been entitled to additional amounts on presenting that Note for payment on or before the thirtieth day;
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●	any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;
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●	any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that holder or any other person mentioned in the first bullet above to comply, after reasonable notice (at least 30 days before any such withholding would be payable), with a request of RELX Capital or RELX PLC, as the case may be, addressed to that holder or that other person to provide information concerning the nationality, residence or identity of that holder or that other person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is in either case required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a precondition to exemption from or reduction of that tax, assessment or other governmental charge;
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●	any tax, assessment, duty or other governmental charge imposed by reason of that holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to the United States, or as a corporation which accumulates earnings to avoid United States federal income tax;
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●	any tax, assessment, duty or other governmental charge imposed on interest received by:
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●	a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of RELX Capital;
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●	a controlled foreign corporation related to RELX Capital within the meaning of Section 864(d)(4) of the Code; or
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●	a bank receiving interest described in Section 881(c)(3)(A) of the Code;
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●	any Note that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Note to another paying agent in a member state of the European Union
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●	any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other
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official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or
●	any combination of the seven above items,
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nor will additional amounts be paid with respect to:

●	any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on the 5.250% Notes; or
●	any payment to any holder which is a fiduciary or a partnership or other than the sole beneficial owner of that Note to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or the beneficial owner would not have been entitled to those additional amounts had it been the holder of that Note.
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RELX Capital and RELX PLC will pay any present or future stamp, court or documentary taxes, or any other excise, property or similar taxes, assessments or other charges that arise in a Relevant Taxing Jurisdiction from the execution, delivery, registration or enforcement of any 5.250% Notes, the Guarantee or the Indenture, or any other document or instrument in relation thereto (other than a transfer of the 5.250% Notes other than the initial resale of the 5.250% Notes), and RELX Capital and RELX PLC agree to indemnify the trustee and the holders for any such amounts paid by the trustee and such holders. The foregoing obligations of this paragraph will survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to RELX Capital or RELX PLC is organized or any political subdivision or taxing authority or agency thereof or therein.

Change of Control-Offer to Repurchase Upon Change of Control Triggering Event

If a Change of Control Triggering Event (as defined below) occurs, unless we have delivered notice of redemption in respect of the 5.250% Notes as described above, we will be required to make an offer to repurchase all, or, at the holder’s option, any part (equal to $1,000 and integral multiples of $1,000 in excess thereof), of each holder’s 5.250% Notes pursuant to the offer described below (the “Change of Control Offer”), on the terms set forth in the 5.250% Notes. In the Change of Control Offer, we will be required to offer payment in cash equal to 101% of the principal amount of any 5.250% Notes repurchased plus accrued and unpaid interest, if any, on such 5.250% Notes repurchased, to, but excluding, the date of repurchase (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date), referred to as the Change of Control Payment.

Within 30 days following any Change of Control Triggering Event or, at our option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control Triggering Event, we will deliver written or electronic notice to the holders of the 5.250% Notes, with a copy to the trustee for the 5.250% Notes, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the 5.250% Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is given, referred to as the Change of Control Payment Date, pursuant to the procedures required by the 5.250% Notes and described in such notice.

On the Business Day immediately preceding the Change of Control Payment Date, we will be required, to the extent lawful, to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all 5.250% Notes or portions of 5.250% Notes properly tendered.

On the Change of Control Payment Date, we will be required to the extent lawful to:

●	accept for payment all 5.250% Notes or portions of 5.250% Notes properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
●	deliver or cause to be delivered to the trustee the 5.250% Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 5.250% Notes or portions of 5.250% Notes being purchased by us.
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We will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third-party purchases all 5.250% Notes properly tendered and not withdrawn under its offer.

If 80% or more in nominal amount of the 5.250% Notes then outstanding have been redeemed or purchased pursuant to a Change of Control Offer, RELX Capital may, on not less than 30 or more than 60 days’ notice to the holders of the 5.250% Notes given within 30 days after the Change of Control Payment Date, redeem or purchase (or procure the purchase of), at its option, the remaining 5.250% Notes in their entirety at 101% of their principal amount plus interest accrued to, but excluding, the date of such redemption or purchase (subject to the rights of the holders of record on the relevant regular record date to receive interest due on the relevant interest payment date).

For purposes of the repurchase provisions of the 5.250% Notes, the following terms will be applicable:

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

“Fitch” means Fitch Ratings Ltd and its successors.

“Moody’s” means Moody’s Investors Service Limited and its successors.

“Rating Agencies” means (a) each of Moody’s, S&P and Fitch; and (b) if any of the Rating Agencies ceases to rate the 5.250% Notes or fails to make a rating of the 5.250% Notes publicly available for reasons outside of our control, a Substitute Rating Agency.

“Rating Event” means the rating on the 5.250% Notes is lowered by each of the Rating Agencies and the 5.250% Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing 60 days prior to the first public announcement of any Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period will be extended following consummation of a Change of Control for so long as the rating of the 5.250% Notes is under publicly announced consideration for a possible downgrade by any Rating Agencies); provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if such Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

“S&P” means S&P Global Ratings UK Limited and its successors.

Covenants

The parenthetical in the third bullet point in the definition of the term “Indebtedness” under the heading “Covenants of RELX Capital and the Guarantor-Limitation on Sale and Leaseback Transactions” in Item 6 “General Terms Applicable to each series of Notes” is replaced in its entirety with the following: “(as determined in accordance with IFRS, as in effect immediately prior to the adoption of IFRS 16-“Leases”)”.

6.	General Terms Applicable to each series of Notes.

Unless otherwise indicated in the prospectus supplement relating to the debt securities of a series, the provisions of the indenture and the debt securities do not afford holders of the debt securities protection in the event of a highly leveraged or other transaction, if any, involving RELX Capital or the guarantor which might adversely affect the holders of the debt securities.

Repurchase

Subject to applicable law (including U.S. federal securities law), RELX Capital, the guarantor or any subsidiary of the guarantor (as defined below under “—Covenants of RELX Capital and the Guarantor”) may at any time repurchase debt securities of any series in any manner and at any price. Debt securities of a series repurchased by RELX Capital, the guarantor or any subsidiary of the guarantor may be held, resold or surrendered by that purchaser through RELX Capital, to the trustee or any paying agent appointed by RELX Capital with respect to those debt securities for cancellation.

Payment and Paying Agents

Unless otherwise indicated in an applicable prospectus supplement, payment of principal of (and premium, if any, on) and interest, if any, on debt securities (other than a global security) will be made at the office of that paying agent or paying agents as RELX Capital or the guarantor may designate from time to time, except that, at the option of RELX Capital, payment of any interest may be made:

·	by transfer to an account maintained with a bank by the person entitled to that interest as specified in that securities register; or
·	by check mailed or delivered to the address of the person entitled to that interest at the address that appears in the register for debt securities of any series.
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Unless otherwise indicated in an applicable prospectus supplement, payment of any installment of interest on debt securities which is payable, and is punctually paid or duly provided for, on any interest payment date will be made to the person in whose name that debt security is registered at the close of business on the regular record date for that interest payment; provided, however, that interest, if any, payable at maturity will be payable to the person to whom the principal is payable.

Unless otherwise indicated in an applicable prospectus supplement, The Bank of New York Mellon will act as the paying agent for each series of debt securities.

Unless otherwise indicated in an applicable prospectus supplement, the principal office of the paying agent in The City of New York will be designated as the sole paying agency of RELX Capital and the guarantor for payments with respect to debt securities. Any other paying agents outside the United States and any other paying agents in the United States initially designated by RELX Capital or the guarantor, as the case may be, for the debt securities of a series will be named in the related prospectus supplement. RELX Capital or the guarantor may at any time appoint additional paying agents, rescind the appointment of any paying agent or approve a change in the office through which any paying agent acts, except that RELX Capital and the guarantor will be required to maintain a paying agent in each place of payment for a series.

All moneys paid by RELX Capital or the guarantor to the trustee or any paying agent for the debt securities of any series, or then held by RELX Capital or the guarantor, in trust for the payment of principal of (and premium, if any, on) and interest, if any, on any debt security or in respect of any other additional payments which remain unclaimed at the end of two years after that principal (and premium, if any), and interest, if any, or additional payments will have become due and payable will (subject to applicable laws) be repaid to RELX Capital or the guarantor, as the case may be, on issuer request or guarantor request or (if then held by RELX Capital

or the guarantor) will be discharged from that trust; and the holder of that debt security will thereafter, as an unsecured general creditor, look only to RELX Capital (or to the guarantor pursuant to its guarantee) for payment.

Events of Default

Unless otherwise specified in an applicable prospectus supplement, an “event of default” with respect to each series of debt securities means any one of the following events:

·	RELX Capital defaults in payment or prepayment of all or any part of the principal of any debt security or any prepayment charge or interest (which default, in the case of interest only, has continued for a period of 30 days or more) on the debt securities when they have become due and payable, whether at stated maturity, by acceleration, by notice of redemption or otherwise;
·	except as provided in the preceding paragraph, RELX Capital or the guarantor fails to perform or observe any of its obligations under the Indenture or the guarantee, as the case may be (other than an obligation included in the Indenture solely for the benefit of any series of debt securities other than that series), or the debt securities of that series and that failure continues for a period of more than 60 days after the date on which there has been given, by registered or certified mail, to RELX Capital and the guarantor by the trustee or to RELX Capital, the guarantor and the trustee by the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series a written notice specifying the default or breach and requiring it to be remedied;
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·	the maturity of any Indebtedness (as defined below) of RELX Capital or the guarantor in an aggregate principal amount of at least US$100,000,000 (or the equivalent in another currency) has been accelerated because of a default or any of that Indebtedness in an aggregate principal amount of at least US$100,000,000 (or the equivalent in another currency) has not been paid at final maturity (as extended by any applicable grace period) and, with respect to RELX Capital in any case described in this paragraph, the obligations of RELX Capital under that series of debt securities have not been assumed during the 90-day period following that acceleration or nonpayment by another Component Company (as defined below) wholly-owned by the guarantor;
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·	RELX Capital has:
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·	applied for or consented to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property;
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·	made a general assignment for the benefit of its creditors;
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·	commenced a voluntary case under the U.S. federal Bankruptcy Code;
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·	filed a petition seeking to take advantage of any other law providing for the relief of debtors;
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·	acquiesced in writing to any petition filed against it in an involuntary case under the Bankruptcy Code;
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·	admitted in writing its inability to pay its debts generally as those debts become due;
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·	taken any action under the laws of its jurisdiction of incorporation analogous to any of the foregoing; or
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·	taken any requisite corporate action for the purpose of effecting any of the foregoing;
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·	a proceeding or case has been commenced, without the application or consent of RELX Capital in any court of competent jurisdiction, seeking:
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·	the liquidation, reorganization, dissolution, winding up, or composition or readjustment of RELX Capital’s debts;
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·	the appointment of a trustee, receiver, custodian, liquidator or the like in respect of RELX Capital or in respect of all or any substantial part of its assets; or
·	similar relief, under any law providing for the relief of debtors;
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and that proceeding or case has continued undismissed, or unstayed and in effect, for 90 days; or an order for relief has been entered in an involuntary case under the Bankruptcy Code against RELX Capital and that order remains undismissed, or unstayed and in effect, for 90 days; or action under the laws of the jurisdiction of incorporation of RELX Capital analogous to any of the foregoing has been taken with respect to RELX Capital and has continued undismissed, or unstayed and in effect, for 90 days; and in any case described in this paragraph, the obligations of RELX Capital under that series of debt securities have not been assumed during that 90-day period by another Component Company wholly-owned by the guarantor;

·	either:
·	an order for the winding up of the guarantor is made and is not set aside within 90 days of the date of that order or pursuant to an appeal lodged within 90 days of the date of that order, except an order for the winding up of the guarantor in connection with a transaction not otherwise prohibited under “—Covenants of RELX Capital and the Guarantor—Consolidation, Merger, Amalgamation, Sale, Lease or Conveyance of Assets” below;
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·	an effective resolution is passed for the winding up of the guarantor, except a resolution passed for the winding up of the guarantor in connection with a transaction not otherwise prohibited under “—Covenants of RELX Capital and the Guarantor—Consolidation, Merger, Amalgamation, Sale, Lease or Conveyance of Assets” below;
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·	the guarantor ceases to pay its debts or ceases to carry on its business or a major part of its business, except any cessation by the guarantor in connection with a transaction not otherwise prohibited under “—Covenants of RELX Capital and the Guarantor—Consolidation, Merger, Amalgamation, Sale, Lease or Conveyance of Assets” below;
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·	an encumbrancer takes possession, or any administrative or other receiver or any manager is appointed, of the whole or any substantial part of the undertaking or assets of the guarantor;
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·	a distress or execution is levied or enforced upon or sued out against all or any substantial part of the property of the guarantor, and, in each case, is not discharged within 90 days; or
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·	the guarantor is deemed unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986, an English statute;
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·	either:
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·	the guarantee with respect to the guarantor cease to be in full force and effect for any reason whatsoever and a new guarantee with respect to the guarantor of substantially the same scope as the guarantee have not come into effect or the debt securities have not been redeemed in full or funds have not been set aside for redemption; or
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·	the guarantor contests or denies in writing the validity or enforceability of any of its obligations under the guarantee; or
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·	any other event of default provided with respect to the debt securities of that series.
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If an event of default with respect to any particular series of debt securities occurs and is continuing, the trustee for the debt securities of that series or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series may exercise

any right, power or remedy permitted by law and will have, in particular, without limiting the generality of the foregoing, the right to declare the entire principal amount (or, in the case of discounted securities, that lesser amount as may be provided for with respect to those debt securities) of (including premium, if any, on) all the debt securities of that series to be due and payable immediately, by a notice in writing to RELX Capital and the guarantor (and to the trustee if given by holders), and upon that declaration of acceleration that principal or that lesser amount, as the case may be, including premium, if any, together with any accrued interest and all other amounts owing will become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which have been expressly waived by RELX Capital and the guarantor. However, at any time after that declaration of acceleration has been made, but before a judgment or decree for payment of the money due has been obtained by the trustee for the debt securities of any series, the holders of a majority in aggregate principal amount of the outstanding debt securities of that series may, under certain circumstances, rescind and annul that acceleration.

Holders of debt securities of any series may not enforce the Indenture, the debt securities or the guarantee, except as described in the preceding paragraph; provided, that each holder of debt securities will have the right to institute suit for the enforcement of payment of the principal of (and premium, if any, on) and interest, if any, on those debt securities on their respective stated maturities as provided in the Indenture. The trustee may require indemnity satisfactory to it before it enforces the Indenture, the debt securities or the guarantee. Subject to certain limitations, holders of a majority in aggregate principal amount of the outstanding debt securities of any series may direct the trustee in its exercise of any trust or power. RELX Capital and the guarantor will furnish the trustee with an annual certificate of certain of its officers certifying, to the best of their knowledge, whether RELX Capital or the guarantor is, or has been, in default and specifying the nature and status of that default. The Indenture provides that the trustee will, within 90 days after a responsible officer of the trustee has actual knowledge of the occurrence of a default with respect to the debt securities, give to the holders of the debt securities notice of any default unless that default has been cured or waived; provided that the trustee may withhold from holders of debt securities of any series notice of any continuing default (except a default in payment) if it determines in good faith that the withholding of that notice is in the interest of the holders.

Covenants of RELX Capital and the Guarantor

RELX Capital and the guarantor have also agreed that, so long as any of the debt securities are outstanding, it or they, as the case may be, will comply with the obligations set forth below.

Payment of Principal, Premium (if any) and Interest*.* RELX Capital will duly and punctually pay the principal of, premium, if any, interest, if any, and all other amounts due on the debt securities in accordance with their terms and the terms of the Indenture.

Ownership of RELX Capital*.* The guarantor will at all times own, directly or indirectly, all of the voting stock of RELX Capital.

Consolidation, Merger, Amalgamation, Sale, Lease or Conveyance of Assets*.* Neither RELX Capital nor the guarantor will, directly or indirectly, consolidate, merge or amalgamate with, or sell, lease or otherwise dispose of substantially all its assets to any other person unless:

·	no event of default and no event which, after the giving of notice or lapse of time or both, would become an event of default, will exist immediately before and immediately after that transaction;
·	either:
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·	RELX Capital or the guarantor is the survivor of that transaction; or
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·	if RELX Capital or the guarantor is not the survivor, the survivor is:
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·	in the case of a transaction involving RELX Capital, a Component Company, all of whose voting stock is directly or indirectly owned by the guarantor and which is incorporated and existing under the laws of the United States or one of the States and that Component Company expressly assumes, by a supplemental Indenture that is executed and delivered to the trustee, in form reasonably satisfactory to that trustee, RELX Capital’s obligations under the debt securities, or
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·	in the case of a transaction involving the guarantor, a corporation or other person which expressly assumes, by a supplemental Indenture that is executed and delivered to the trustee for each series of debt securities, in form reasonably satisfactory to each of those
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trustees, with any amendments or revisions necessary to take account of the jurisdiction in which that corporation or other person is organized (if other than the United Kingdom), the guarantor’s obligations under the guarantee; and

RELX Capital or the guarantor has delivered to the trustee a certificate signed by two duly authorized officers of RELX Capital or the guarantor and an opinion of counsel stating that the consolidation, merger, amalgamation, sale, lease or conveyance and the supplemental Indenture evidencing the assumption by a Component Company or corporation or other person comply with the Indenture and that all conditions precedent provided for in the Indenture relating to that transaction have been complied with.

Upon any consolidation, amalgamation or merger, or any conveyance, transfer or lease, the successor Component Company, corporation or person, as applicable, will succeed to, and be substituted for, and may exercise every right and power of, RELX Capital or the guarantor under the Indenture with the same effect as if that successor subsidiary or person has been named as RELX Capital or the guarantor, and thereafter, except in the case of a lease, the predecessor obligor will be relieved of all obligations and covenants under the Indenture, the debt securities or the related guarantee.

The guarantor may cause any Component Company, wholly-owned by the guarantor, which is a corporation organized and existing under the laws of the United States or one of the States to be substituted for RELX Capital, and to assume the obligations of RELX Capital (or any corporation which has previously assumed the obligations of RELX Capital) for the due and punctual payment of the principal of (and, premium, if any, on) and interest, if any, on the debt securities and the performance of every covenant of the Indenture and the debt securities on the part of RELX Capital to be performed or observed; provided that:

that Component Company will expressly assume those obligations by a supplemental Indenture, executed by that Component Company and delivered to the trustee for each series of debt securities, in form reasonably satisfactory to that trustee, and, if that Component Company assumes those obligations, the guarantor will, in that supplemental Indenture, confirm that its guarantee as guarantor will apply to that Component Company’s obligations under the debt securities and the Indenture, as so modified by that supplemental Indenture; and

immediately after giving effect to that assumption of obligations, no event of default with respect to any series of debt securities and no event which, after notice or lapse of time or both, would become an event of default, with respect to any series of debt securities will have occurred and be continuing.

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Upon that assumption of obligations, that Component Company will succeed to, and be substituted for, and may exercise every right and power of, RELX Capital under the Indenture with respect to the debt securities with the same effect as if that Component Company had been named as the “issuer” under the Indenture, and the former issuer, or any successor corporation which will therefore have become RELX Capital in the manner prescribed in the Indenture, will be released from all liability as obligor upon the debt securities.

If the guarantor causes any Component Company all of whose voting stock is directly or indirectly owned by the guarantor to be substituted for RELX Capital in accordance with the terms and conditions of the debt securities, that substitution may constitute a deemed sale or exchange of the debt securities for U.S. federal income tax purposes. As a result, the holder of a debt security may recognize taxable gain or loss and may be required to include in income different amounts during the remaining term of that debt security than would have been included absent that substitution. If that substitution occurs, holders should consult their tax advisors regarding the tax consequences.

Limitations on Liens*.* The guarantor will not, nor will it permit any Restricted Company to, create or assume after the date of the Indenture any Lien securing Indebtedness other than:

·	Liens securing Indebtedness for which the guarantor or any Restricted Company is contractually obligated on that date;
·	Liens securing Indebtedness incurred in the ordinary course of business of the guarantor or any Restricted Company;
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·	Liens securing Indebtedness incurred in connection with the financing of receivables of the guarantor or any Restricted Company;
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·	Liens on Property acquired or leased after that date securing Indebtedness in amounts not exceeding the acquisition cost of that Property (provided that the Lien is created or assumed within 360 days after that acquisition or lease);
·	in the case of real estate owned on or acquired after that date which, on or after that date, is improved, Liens on that real estate and/or improvements securing Indebtedness in amounts not exceeding the cost of those improvements;
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·	Liens on Property acquired after that date securing Indebtedness existing on that Property at the time of that acquisition (provided that the Lien has not been created or assumed in contemplation of that acquisition);
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·	Liens securing Indebtedness of a corporation at the time it becomes a Component Company (provided that the Lien has not been created or assumed in contemplation of that corporation becoming a Component Company);
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·	rights of set-off over deposits of the guarantor or any Restricted Company held by financial institutions;
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·	Liens on Property of the guarantor or any Restricted Company in favor of any governmental authority of any jurisdiction securing the obligation of the guarantor or that Restricted Company pursuant to any contract or payment owed to that entity pursuant to applicable laws, regulations or statutes;
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·	Liens securing industrial revenue, development or similar bonds issued by or for the benefit of the guarantor or any Restricted Company, provided that those industrial revenue, development or similar bonds are nonrecourse to the guarantor or that Restricted Company;
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·	Liens in favor of the guarantor or of any other Component Company; and
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·	extensions, renewals, refinancings or replacements of any Liens referred to above; provided that the outstanding principal amount of the obligation secured thereby at any time is not increased above the outstanding principal amount at any previous time and so long as any extension, renewal, refinancing or replacement of any Liens is limited to the property originally encumbered.
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Notwithstanding the provisions set forth above, the guarantor or any Restricted Company may create or assume any Lien securing Indebtedness which would otherwise be subject to the foregoing restrictions provided that any of the following conditions is satisfied:

·	after giving effect to the Liens, Indebtedness secured by those Liens (not including Indebtedness secured by Liens permitted above) then outstanding does not exceed 15 percent of Adjusted Total of Capital and Reserves (as defined below); or
·	at the time the Lien is created or assumed, the debt securities or the obligations of the guarantor pursuant to its guarantee are equally and ratably secured with that Indebtedness for so long as that Indebtedness is secured.
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Limitation on Sale and Leaseback Transactions*.* The guarantor will not, and will not cause or permit any Restricted Company to, engage in any sale and leaseback transaction (other than a sale and leaseback transaction involving any property acquired after the date specified for a series of debt securities in the applicable prospectus supplement) unless:

·	the guarantor or any Restricted Company would be entitled (other than pursuant to the exceptions under “—Limitations on Liens” above) to secure Indebtedness equal to the amount realized upon the sale or transfer involved in that transaction without securing the debt securities or the guarantee; or
·	an amount equal to the fair value, as determined in good faith by the board of directors or the executive board of the guarantor or that Restricted Company, of the leased property is applied or definitively committed within 360 days of the effective date of the sale and leaseback transaction to:
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·	the acquisition or construction of property other than current assets;
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·	the repayment of the debt securities pursuant to their terms; or
·	the repayment of Indebtedness of the guarantor or any Restricted Company (other than Indebtedness owed to the guarantor or to any other Component Company and other than Indebtedness the payment of principal of or interest on which is contractually subordinated to the prior payment of principal of or interest on the debt securities).
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For the purpose of these covenants and the events of default the following terms have the following respective meanings:

“Adjusted Total of Capital and Reserves” means:

the amount for the time being paid up on the issued share capital of RELX PLC; and

the amounts standing to the credit of the reserves of the Group (being the elements of shareholders’ funds other than the paid up issued share capital of RELX PLC, including the balance standing to the credit of profit and loss account) as shown in the last audited financial statements of the Group after making those adjustments as in the opinion of RELX PLC’s auditors may be appropriate, including adjustments to take account of any alterations to those reserves resulting from any distributions or any issues of share capital whether for cash or other consideration (including any transfers to share premium account) or any payments up by capitalization from reserves of share capital theretofore not paid up or any reductions of paid up share capital or share premium account which may have taken place since the date of those balance sheets, less any amounts included in the reserves and appearing on those audited financial statements as being reserved or set aside for future taxation assessable by reference to profits earned down to the date to which those balance sheets are made up.

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“Component Company” means any one of RELX PLC and its direct and indirect subsidiaries (or the successor to any of those companies).

“Indebtedness,” with respect to any person, means:

·	any obligation of that person for borrowed money;
·	any obligation incurred for all or any part of the purchase price of Property or for the cost of Property constructed or of improvements on the Property, other than accounts payable included in current liabilities and incurred in respect of Property purchased in the ordinary course of business;
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·	any obligation under capitalized leases (as determined in accordance with IFRS, as in effect on the issue date of the applicable series of debt securities for purposes of such determination) of that person; and
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·	any direct or indirect guarantees of that person of any obligation of the type described in the preceding three paragraphs of any other person.
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“Lien” means any security interest, mortgage, pledge, lien, charge, encumbrance, lessor’s interest under a capitalized lease or analogous instrument in, of or on any Property.

“person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision or any other entity.

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, share capital.

“Restricted Company” means any Component Company, other than the guarantor, substantially all of the physical properties of which are located, or substantially all of the operations of which are conducted, within the United States, the United Kingdom or the Netherlands. “Restricted Company” does not include any Component Company which is principally engaged in leasing or financing installment receivables or which is principally engaged in financing the operations of one or more Component Companies (which includes only those Component Companies in which more than 50% of the capital stock having ordinary voting power to elect a

majority of the board of directors or other persons performing similar functions is at the time directly or indirectly owned by the guarantor).

“subsidiary,” with respect to any person, means any corporation or other entity of which a majority of the capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is at the time directly or indirectly owned by that person.

Satisfaction and Discharge

Except as may otherwise be set forth in the prospectus supplement relating to the debt securities of any particular series, the Indenture provides that RELX Capital will be discharged from its obligations under the debt securities of that series (with certain exceptions) at any time prior to the stated maturity or redemption of those debt securities when:

·	RELX Capital has irrevocably deposited with or to the order of the trustee for the debt securities of that series, in trust:
·	sufficient funds in the currency or currency unit in which debt securities of that series are payable to pay and discharge the entire indebtedness on all of the outstanding debt securities of that series for unpaid principal (and premium, if any) and interest, if any, to the stated maturity, or redemption date, as the case may be; or
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·	that amount of Government Obligations (as defined below) as will, together with the predetermined and certain income to accrue on those Government Obligations (without consideration of any reinvestment), be sufficient in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants to pay and discharge when due the principal (and premium, if any) and interest, if any, to the stated maturity or any redemption date, as the case may be; or
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·	that amount equal to the amount referred to in the above two paragraphs in any combination of the currency or currency unit in which debt securities of that series are payable or Government Obligations;
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·	RELX Capital or the guarantor has paid or caused to be paid all other sums payable with respect to the debt securities of that series;
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·	RELX Capital has delivered to the trustee for the debt securities of that series an opinion of counsel to the effect that:
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·	RELX Capital has received from, or there has been published by, the U.S. Internal Revenue Service a ruling; or
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·	since the date of the Indenture there has been a change in applicable U.S. federal income tax law;
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in either case to the effect that, and based thereon such opinion of counsel will confirm that, the beneficial owners of debt securities of that series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of that discharge and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same time as would have been the case if that discharge had not occurred; and

·	certain other conditions are met.

Upon a discharge, the holders of the debt securities of that series will no longer be entitled to the benefits of the terms and conditions of the Indenture, the debt securities and the guarantee, if any, except for certain provisions, including registration of transfer and exchange of those debt securities and replacement of mutilated, destroyed, lost or stolen debt securities of that series, and will look for payment only to those deposited funds or obligations.

“Government Obligations” means securities which are:

direct obligations (or certificates representing an ownership interest in those obligations) of the government which issued the currency in which the debt securities of a particular series are payable (unless the currency in which the debt securities of a particular series is unavailable due to the imposition of exchange controls or other circumstances beyond RELX Capital’s control, in which case the obligations shall be issued in US dollars) for which its full faith and credit are pledged; or

obligations of a person controlled or supervised by, or acting as an agency or instrumentality of, the government which issued the currency in which the debt securities of a particular series are payable (unless the currency in which the debt securities of a particular series is unavailable due to the imposition of exchange controls or other circumstances beyond RELX Capital’s control, in which case the obligations shall be issued in US dollars), the payment of which is unconditionally guaranteed by that government as a full faith and credit obligation of that government payable in that currency and are not callable or redeemable at the option of RELX Capital or the guarantor.

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Supplemental Indentures

The Indenture contains provisions permitting RELX Capital, the guarantor and the trustee for the debt securities of any or all series:

without the consent of any holders of debt securities issued under the Indenture, to enter into one or more supplemental Indentures to, among other things, cure any ambiguity or inconsistency or to make any change that does not have a materially adverse effect on the rights of the holders of debt securities of any particular series; and

with the consent of the holders of not less than a majority in aggregate principal amount of the outstanding debt securities of each series of debt securities then outstanding and affected by the supplemental Indenture, to enter into one or more supplemental Indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the holders of those debt securities under the Indenture.

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However, no supplemental Indenture may, without the consent of the holder of each outstanding debt security affected by the supplemental Indenture:

·	change the stated maturity of the principal of, or any installment of principal of or interest on, any debt security, or reduce the principal amount or the rate of interest, if any, or any premium or principal payable upon the redemption of that debt security, or change any obligation of the guarantor to pay additional amounts thereon or reduce the amount of the principal of a discounted security that would be due and payable upon a declaration of acceleration of the stated maturity, or change any place of payment where any debt security or any interest is payable, or impair the right to institute suit for the enforcement of any such payment on or after the stated maturity or the date any such payment is otherwise due and payable (or, in the case of redemption, on or after the redemption date);
·	reduce the percentage in aggregate principal amount of outstanding debt securities of any particular series, the consent of whose holders is required for any supplemental Indenture, or the consent of whose holders is required for any waiver of compliance with certain provisions of the Indenture or certain defaults and their consequences provided for in the Indenture;
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·	change any obligation of RELX Capital and the guarantor to maintain an office or agency in the places and for the purposes specified in the Indenture;
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·	modify certain of the provisions of the Indenture pertaining to the waiver by holders of debt securities of past defaults, supplemental Indentures with the consent of holders of debt securities and the waiver by holders of each debt security of certain covenants, except to increase any specified percentage in aggregate principal amount required for any actions by holders of debt securities or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each debt security affected; or
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change in any manner adverse to the interests of the holders of any outstanding debt securities the terms and conditions of the obligations of the guarantor in respect of the due and punctual payment of the principal (or, if the context so requires, lesser amount in the case of discounted securities) of (and premium, if any) and interest, if any, on or any additional amounts or any sinking fund payments provided in respect of that debt security.

Waivers

The holders of not less than a majority in aggregate principal amount of the outstanding debt securities of a series of debt securities issued under the Indenture and affected thereby may, on behalf of the holders of those debt securities of that series, waive compliance by RELX Capital or the guarantor with certain restrictive provisions of the Indenture as pertain to the corporate existence of RELX Capital and the guarantor, the maintenance of certain agencies by RELX Capital and the guarantor or to the covenants described under “—Covenants of RELX Capital and the Guarantor” above. The holders of not less than a majority in aggregate principal amount of the outstanding debt securities of any particular series may, on behalf of the holders of all the debt securities of that series, waive any past default under the Indenture with respect to that series and its consequences, except a default in the payment of the principal of (and premium, if any, on) and interest, if any, on any debt security of that series or with respect to a covenant or a provision which under the Indenture cannot be modified or amended without the consent of the holder of each outstanding debt security of that series affected.

Further Issuances

RELX Capital may from time to time, without notice to or the consent of the holders of the debt securities of a series, create and issue under the Indenture further debt securities ranking equally with those debt securities in all respects (or in all respects except for the payment of interest accruing prior to the issue date of those further debt securities or except for the first payment of interest following the issue date of those further debt securities), and those further debt securities will be consolidated and form a single series with those debt securities and will have the same terms as to status, redemption or otherwise as those debt securities.

Notices

Notices to holders of the debt securities in non-global form will be given by mail to the addresses of holders as they appear in the security register and notices to holders of the debt securities in global form will be given to the depositary in accordance with its applicable procedures.

Title

RELX Capital, any trustees and any agent of RELX Capital or any trustees may treat the registered owner of any debt security as its absolute owner (whether or not that debt security is overdue and notwithstanding any notice to the contrary) for the purpose of making payment and for all other purposes.

Governing Law

The Indenture, the debt securities and the guarantee are governed by, and construed in accordance with, the laws of the State of New York.

Consent to Service

RELX Capital and the guarantor have designated and appointed The Corporation Trust Company, at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 as their authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the debt securities, the guarantee or the Indenture which may be instituted in any federal or New York State court located in the Borough of Manhattan, City and State of New York, and has submitted (for the purposes of any suit or proceeding) to the jurisdiction of any court in that area in which any suit or proceeding is instituted. RELX PLC has agreed, to the fullest extent that it lawfully may do so, that final judgment in any suit, action or proceeding brought in a court will be conclusive and binding upon it and may be enforced in the courts of the United Kingdom (or any other courts to the jurisdiction of which it is subject).

Notwithstanding the foregoing, any actions arising out of or relating to the debt securities, the guarantee or the Indenture may be instituted by the holder of any debt security of a series against RELX Capital or RELX PLC in any competent court in the State of Delaware, in the case of RELX Capital, or in England and Wales, in the case of RELX PLC.

Concerning the Trustee

The Indenture provides that, except during the continuance of an event of default, the trustee will have no obligations other than the performance of those duties as are specifically set forth in the Indenture. If an event of default has occurred and is continuing, the trustee will use the same degree of care and skill in its exercise of the rights and powers vested in it by the Indenture as a prudent person would exercise under the circumstances in the conduct of that person’s own affairs.

Exhibit 8

SIGNIFICANT SUBSIDIARIES, ASSOCIATES, JOINT VENTURES AND BUSINESS UNITS

RELX PLC conducts its business through 100% owned company, RELX Group plc. Refer to Item 4: Information on the Group for further background.

A list of all related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is detailed in note 28 to the RELX consolidated financial statements under the heading ‘Related Undertakings’ on pages 182 to 185 of the RELX Annual Report and Financial Statements 2025.

Exhibit 12.1

SECTION 302 CERTIFICATION

I, E Engstrom, certify that:

I have reviewed this annual report on Form 20-F of RELX PLC;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
The company’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

The company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

/s/ E Engstrom

Chief Executive Officer

RELX PLC

Dated: February 19, 2026

Exhibit 12.2

SECTION 302 CERTIFICATION

I, N L Luff, certify that:

I have reviewed this annual report on Form 20-F of RELX PLC;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
The company’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

The company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.


/s/ N L Luff
Chief Financial Officer
RELX PLC

Dated: February 19, 2026

Exhibit 13.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of RELX PLC (the “Company”) on Form 20-F for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, E Engstrom, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ E Engstrom
Chief Executive Officer
RELX PLC

Dated: February 19, 2026

Exhibit 13.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of RELX PLC (the “Company”) on Form 20-F for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, N L Luff, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ N L Luff
Chief Financial Officer
RELX PLC

Dated: February 19, 2026

Exhibit 15.1

Consent of Independent Registered Public Accounting Firm

The terms “Group” or “RELX” refer collectively, to RELX PLC and its subsidiaries, associates and joint ventures. For dates and periods ended before the corporate simplification on September 8, 2018, such terms refer collectively to RELX PLC, RELX NV, RELX Group plc and its subsidiaries, associates and joint ventures.

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-8 No. 333-197580),

(2) Registration Statement (Form S-8 No. 333-191419),

(3) Registration Statement (Form S-8 No. 333-167058),

(4) Registration Statement (Form S-8 No. 333-227636),

(5) Registration Statement (Form S-8 No. 333-143605),

(6) Registration Statement (Form S-8 No. 333-272478), and

(7) Registration Statement (Form F-3 Nos. 333-286664 and 333-286664-01);

our reports dated February 11, 2026, with respect to the consolidated financial statements of the Group, and the effectiveness of internal control over financial reporting of the Group, included in this Annual Report (Form 20-F) for the year ended December 31, 2025.

/s/ Ernst & Young LLP

London, United Kingdom

February 19, 2026

RELX PLC_December 31, 2025

Exhibit 15.2

2025 Annual Report on Form 20-F
Annual Report 2025<br>Forward-looking statements<br>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<br>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<br>(together with its subsidiaries, “RELX”, “we” or “our”) to differ materially from those expressed in any forward-looking statement. We consider any statements that<br>are not historical facts to be “forward-looking statements”. The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”,<br>“believe”, “trends” and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ<br>materially from estimates or forecasts contained in the forward-looking statements include, among others: regulatory and other changes regarding the collection or<br>use of personal data; changes in law and legal interpretation affecting our intellectual property rights and internet communications; current and future geopolitical,<br>economic and market conditions; research integrity issues or changes in the payment model for our scientific, technical and medical research products; competitive<br>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;<br>compromises of our cybersecurity systems or other unauthorised access to our databases; changes in economic cycles, trading relations, communicable disease<br>epidemics or pandemics, severe weather events, natural disasters and terrorism; failure of third parties to whom we have outsourced business activities; significant<br>failure or interruption of our systems; our inability to retain high-quality employees and management; changes in tax laws and uncertainty in their application;<br>exchange rate fluctuations; adverse market conditions or downgrades to the credit ratings of our debt; changes in the market values of defined benefit pension<br>scheme assets and in the market related assumptions used to value scheme liabilities; breaches of generally accepted ethical business standards or applicable laws;<br>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<br>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<br>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<br>unanticipated events.<br>About us<br>RELX is a global provider of information-based<br>analytics and decision tools for professional and business<br>customers, enabling them to make better decisions,<br>getbetter results and be more productive.<br>Our purpose is to benefit society by developing products<br>that help researchers advance scientific knowledge;<br>doctors and nurses improve the lives of patients; lawyers<br>promote the rule of law and achieve justice andfair results<br>for their clients; businesses and governments prevent<br>fraud; consumers access financial services and get fair<br>prices on insurance; and customers learn about markets<br>and complete transactions.<br>Our purpose guides our actions beyond the products that<br>we develop. It defines us as a company. Every day across<br>RELX our employees are inspired to undertake initiatives<br>that make unique contributions to society andthe<br>communities in which we operate.
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RELX Annual Report 2025 1<br>Contents<br>Strategic report Overview<br>2 2025 highlights<br>3 Chair’s statement<br>4 Chief Executive Officer’s report<br>5 RELX business overview<br>Market segments<br>10 Risk<br>16 Scientific, Technical & Medical<br>22 Legal<br>28 Exhibitions<br>Corporate responsibility<br>34 Corporate responsibility overview<br>38 Our unique contributions<br>42 Corporate responsibility governance<br>46 Customers<br>49 People<br>52 Community<br>56 Supply chain<br>59 Environment<br>Financial review<br>66 Chief Financial Officer’s report<br>72 Principal and emerging risks<br>Governance Governance<br>80 Board directors<br>82 RELX senior executives<br>84 Chair’s introduction to corporate governance<br>85 Corporate governance review<br>97 Report of the Nominations Committee<br>100 Directors’ remuneration report<br>121 Report of the Audit Committee<br>125 Directors’ report<br>Financial statements<br>and other information<br>Financial statements<br>138 Consolidated financial statements<br>143 Notes to the consolidated financial statements<br>186 Five year summary<br>RELX PLC company only financial statements<br>188 RELX PLC financial statements<br>191 Notes to RELX PLC financial statements<br>Other financial information<br>196 Financial summary in US dollars<br>197 Business area analysis in US dollars<br>198 Alternative performance measures<br>Sustainability Statement and other<br>CorporateResponsibilityDisclosures<br>208 Sustainability statement<br>235 Taskforce on climate-related financial disclosure<br>241 Sustainability accounting standards board<br>242 Global reporting initiative<br>Shareholder information<br>245 Shareholder information<br>248 2026 financial calendar<br>To download the full Annual Report and for<br>further information about our company visit<br>relx.com<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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2 RELX Annual Report 2025	Overview<br>2025 highlights<br>RELX financial highlights<br>§ Revenue £9,590m (£9,434m), underlying growth +7%<br>§ Adjusted operating profit £3,342m (£3,199m), underlying growth +9%<br>§ Adjusted EPS 128.5p (120.1p), constant currency growth +10%<br>§ Reported operating profit £3,027m (£2,861m)<br>§ Reported EPS 112.6p (103.6p)<br>§ Proposed full-year dividend 67.5p (63.0p)<br>§ Net debt/EBITDA 2.0x; adjusted cash flow conversion 99%<br>§ Completed five acquisitions for a total consideration of £270m<br>§ Completed £1,500m share buyback<br>Prior year comparatives are represented in brackets.<br>RELX financial summary<br>ADJUSTED FIGURES<br>2024<br>GBPm<br>2025<br>GBPm<br>Change<br>in GBP<br>Change at<br>constant<br>currency<br>Underlying<br>For the year ended 31 December growth<br>Revenue 9,434 9,590 +2% +4% +7%<br>EBITDA 3,724 3,846<br>Operating profit 3,199 3,342 +4% +7% +9%<br>Operating margin 33.9% 34.8%<br>Net interest expense (296) (283)<br>Profit before tax 2,903 3,059<br>Tax charge (652) (688)<br>Net profit attributable to shareholders 2,241 2,358<br>Cash flow 3,101 3,301<br>Cash flow conversion 97% 99%<br>Return on invested capital 14.8% 15.4%<br>Earnings per share 120.1p 128.5p +7% +10%<br>DIVIDEND<br>2024 2025<br>Change<br>For the year ended 31 December in GBP<br>Ordinary dividend per share 63.0p 67.5p +7%<br>REPORTED FIGURES 2024<br>GBPm<br>2025<br>GBPm<br>Change<br>For the year ended 31 December in GBP<br>Revenue 9,434 9,590 +2%<br>Operating profit 2,861 3,027 +6%<br>Net interest expense (298) (286)<br>Profit before tax 2,557 2,750<br>Tax charge (613) (672)<br>Net profit attributable to shareholders 1,934 2,065<br>Net margin 20.5% 21.5%<br>Cash generated from operations 3,521 3,735<br>Net debt 6,563 7,201<br>Earnings per share 103.6p 112.6p +9%<br>RELX corporate responsibility summary<br>REPORTED FIGURES<br>For the year ended 31 December 2024 2025 Change<br>Percentage of women managers 46% 46%<br>Percentage of employees volunteering 37% 38%<br>Number of supplier code signatories 6,056 6,586 +9%<br>Scope 1 + Scope 2 (location-based) emissions (tCO2<br>e) 32,692 21,466 -34%<br>Waste sent to landfill (t) 44 32 -27%<br>RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other<br>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<br>206. Underlying revenue growth rates are calculated at constant currency, and exclude revenue from acquisitions until 12 months after purchase, revenue of disposals and<br>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.<br>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<br>known as ‘RELX’.
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RELX Annual Report 2025 3<br>Chair’s statement<br>RELX has continued to execute our<br>strategy in 2025, which was reflected<br>in our strong operational and financial<br>performance.<br>Paul Walker, Chair<br>RELX has continued to execute our strategy in 2025, which was<br>reflected in our strong operational and financial performance.<br>Allbusiness areas performed well producing underlying revenue<br>growth of 7%, and underlying adjusted operating profit growth of<br>9%. Adjusted earnings per share grew 10% at constant currency to<br>128.5p (120.1p). Reported earnings per share were 112.6p (103.6p).<br>During the past few months, we have seen share price volatility<br>across a number of sectors, including software and data services.<br>Against that backdrop, I remain confident in our ability to continue<br>to leverage new technologies, deliver enhanced value to<br>customers and execute our strategy over the long term.<br>Culture and Employee Engagement<br>Critical to the success of RELX is its corporate culture. The company<br>places significant emphasis on how we do business and how we<br>actwith integrity in line with the highest ethical standards. Our<br>commitment is set out in our statement on purpose, strategy,<br>values and culture on page 88 of this report and we strive to ensure<br>decisions taken are aligned with RELX’s values. In addition, the<br>Board draws insights about culture and employee engagement<br>from a range of sources including annual employee opinion surveys<br>and the activities of our dedicated Non-Executive Director<br>responsible for employee engagement. This facilitates a direct link<br>to the Board and allows it to further understand and consider the<br>views of employees. In the 2025 company-wide employee opinion<br>survey, employee net promoter scores reached record levels as did<br>employee engagement.<br>Dividends<br>In recognition of our strong performance and outlook for the<br>company we are proposing a 7% increase in the full-year dividend<br>to 67.5p (63.0p).<br>Balance sheet<br>Net debt at 31 December 2025 was £7.2bn (£6.6bn). Net debt/<br>EBITDA was 2.0x compared with 1.8x in 2024. Capital expenditure<br>represented 5% of revenues.<br>Share buybacks<br>We deployed £1,500m on share buybacks in 2025. In recognition<br>of our strong financial position and cash flow we intend to deploy<br>a total of £2,250m on share buybacks in 2026, of which £250m has<br>already been completed.<br>The Board<br>At the 2025 Annual General Meeting (AGM), Robert MacLeod, who<br>had been on the Board since 2016, retired and Andy Halford was<br>appointed a Non-Executive Director. Andy is former Chief Financial<br>Officer at Vodafone, the telecoms group, and Standard Chartered,<br>the global bank. He also sat as a Non-Executive Director at Marks<br>and Spencer, the retailer. Alistair Cox succeeded Robert as Chair of<br>the Remuneration Committee at the conclusion of the AGM. I would<br>like to thank Robert for the valuable service he has given RELX.<br>Iamdelighted to welcome Andy to the Board.<br>Remuneration Policy<br>Following an in-depth review, the Board is presenting an updated<br>Directors’ Remuneration Policy for shareholder consideration.<br>Governance<br>Effective governance, and the policies and practices that support it,<br>are fundamental to RELX’s culture of acting with integrity in all that<br>we do, and it supports the company’s purpose to benefit society<br>through its unique contributions. The Board believes that attaining<br>the highest levels of corporate responsibility helps enable<br>excellent financial performance. We believe that pursuing both<br>goals in tandem will result in long-term sustainable shareholder<br>value creation and will also provide our stakeholders with<br>confidence that the governance of RELX is appropriate for its size<br>and profile as a listed company. It also helps manage risks and<br>opportunities, and ensures that key stakeholders are appropriately<br>considered in decisions that we make.<br>We performed well on our corporate responsibility priorities in 2025,<br>on our unique contributions to society, and on our key metrics. Our<br>performance was again recognised by external agencies: RELX<br>achieved a AAA MSCI rating for a tenth consecutive year, ranked in<br>the top 1% of over 14,700 companies globally by Sustainalytics, and<br>was included in the S&P Global Sustainability Yearbook.<br>On behalf of the Board, I would like to thank RELX employees for<br>their many achievements throughout 2025.<br>Paul Walker<br>Chair<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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4 RELX Annual Report 2025	Overview<br>Chief Executive Officer’s report<br>RELX delivered strong underlying revenue<br>and profit growth and strong new sales in<br>2025. Our improving long-term growth<br>trajectory continues to be driven by the<br>ongoing shift in business mix towards higher<br>growth analytics and decision tools that<br>deliver enhanced value to our customers.<br>Erik Engstrom, Chief Executive Officer<br>2025 progress<br>RELX delivered strong underlying revenue and profit growth and<br>strong new sales in 2025: continued strong growth in Risk; good<br>growth with improving momentum in Scientific, Technical &<br>Medical; a further step up in growth in Legal; and strong ongoing<br>growth inExhibitions.<br>Our improving long-term growth trajectory continues to be driven<br>by the ongoing shift in business mix towards higher growth<br>analytics and decision tools that deliver enhanced value to our<br>customers. We develop these products by leveraging deep<br>customer understanding to combine our unique content and<br>comprehensive data sets with advanced technologies.<br>The continued evolution of artificial intelligence is enabling us to<br>add more value to our customers, as we embed additional<br>functionality in our products, and to develop and launch products<br>at a faster pace, while continuing to manage cost growth below<br>revenue growth. This evolution has been a key driver of our<br>business for well over a decade, and will remain a key driver of<br>customer value and growth in our business for many years to<br>come.<br>During the year, we made further operational and strategic<br>progress. Underlying revenue growth was 7%. Our strategy of<br>driving continuous process innovation to manage cost growth<br>below revenue growth led to underlying adjusted operating profit<br>growth of 9% and an improvement in the group adjusted operating<br>margin to 34.8% compared with 33.9% in 2024.<br>Corporate responsibility<br>We performed well on our corporate responsibility priorities in<br>2025 and on our key metrics. Our performance was again<br>recognised by external agencies.<br>We continued to make progress on our unique contributions which<br>make a positive impact on society through our products and<br>services and through the conduct of our business. We also<br>remained focused on improving our environmental performance<br>year-on-year. Detailed results are available on pages 59 to 63 of<br>this report.<br>2026 Outlook<br>We continue to see positive momentum across the group, and we<br>expect another year of strong underlying growth in revenue and<br>adjusted operating profit, as well as strong growth in adjusted<br>earnings per share on a constant currency basis.<br>Erik Engstrom<br>Chief Executive Officer
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Strategy<br>Outcomes<br>Cost growth objective<br>Revenue growth objectives<br>5<br>Format Geography Type<br>Face-to-face<br>12%<br>Electronic<br>84%<br>Rest of world<br>21%<br>Europe<br>21%<br>North America<br>58%<br>Transactional<br>46%<br>Subscription<br>54%<br>Print & print-related<br>RELX Annual Report 2025<br>RELX business overview<br>RELX strategy<br>Our number one strategic priority is the organic development of increasingly sophisticated information-based analytics and decision tools that<br>deliver enhanced value to professional and business customers. We do this by leveraging deep customer understanding to build innovative<br>solutions which combine leading content and data sets with advanced technologies. We aim to achieve leading positions in long-term global growth<br>markets and leverage our skills, assets and resources across RELX, both to build solutions for our customers and to pursue cost efficiencies. We<br>continue to transform our core business, building out new products, and expanding into higher growth adjacencies and geographies.<br>We are supplementing this organic development with selective acquisitions of targeted data sets and analytics, and assets in high-growth markets<br>that support our organic growth strategies and are natural additions to our existing business.<br>Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth, technology-enabled<br>analytics and decision tools that deliver enhanced value to our customers for an increasing number of use cases. When combined with continuous<br>process innovation to improve organisational agility and to manage cost growth below revenue growth, the result is continued strong earnings<br>growth with improving returns.<br>RELX business model<br>RELX is a global provider of information-based analytics and decision tools for professional and business customers.<br>These products are generally sold through dedicated sales forces direct to customers and are priced on a subscription or transactional<br>basis, often under multi-year contracts.<br>Our products often account for less than 1% of our customers’ total cost base but can have a significant and positive impact on the<br>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<br>our own total cost base below our rate of revenue growth on an underlying basis.<br>Exhibitions<br>§ Sustain strong long-term growth profile<br>2025 Revenue £9,590m<br> Includes long-term contracts with volumetric elements<br>Risk<br>§ Sustain strong long-term growth profile<br>Scientific, Technical & Medical<br>§ Continue on improving<br>growth trajectory<br>Legal<br>§ Continue on improving<br>growth trajectory<br>§ Underlying cost growth below underlying revenue growth<br>Better customer outcomes	Higher growth profile	Strong earnings growth	Improving returns	Positive impact on society<br>§ Develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value<br>to professional and business customers across market segments<br>§ Primary focus on organic growth, supported by targeted acquisitions<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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6 RELX Annual Report 2025	Overview<br>Electronic Face-to-face Print Print & print-related<br>2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018<br>22% 22% 28% 30% 32% 35% 37%<br>48% 50% 59% 61% 63% 64% 66% 66% 70% 74% 74%<br>14% 14%<br>12% 12% 12% 13% 12%<br>15%<br>17%<br>14% 14% 15% 15% 15% 16%<br>15%<br>15%<br>64% 64% 60% 58% 56% 52% 51%<br>37% 33% 27% 25% 22% 21% 19% 18% 15% 11%<br>16%<br>10%<br>2019 2020 2021 2022 2023 2024 2025<br>75%<br>16%<br>9%<br>86%<br>7%<br>7%<br>83%<br>12%<br>5%<br>83%<br>13%<br>4%<br>83%<br>11%<br>6%<br>87%<br>5%<br>8%<br>72%<br>15%<br>13%<br>84%<br>12%<br>2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025<br>50<br>3,670<br>Percentage of women managers Total number of supplier code of conduct signatories Scope 1 + Scope 2 (location-based) emissions (tCO2e 1,000s)<br>42<br>44% 44% 45% 46% 46% 6,056 6,586<br> 33<br>21<br>4,467<br>5,322<br>41<br>People Socially responsible suppliers Emissions<br>2021 2022 2023 2024 2025<br>+7%<br>Percentages represent underlying growth<br>£bn<br>10<br>0<br>+9% +8% +7% +7%<br>+10% +9%<br>39.5% 40.1%<br>Revenue<br>+13%<br>Percentages represent underlying growth<br>£bn<br>10<br>0<br>+15% +13%<br>Adjusted operating profit<br>11.9% 12.5%<br>14.0%<br>Returnoninvested capital<br>101% 101% 98% 97% 99%<br>14.8% 15.4%<br>+7% +7%<br>+9% +10%<br>Adjusted cashflowconversion<br>Percentages represent constant<br>currency growth<br>Pence<br>140<br>0<br>+17%<br>+10%<br>+11%<br>Adjusted earnings per share<br>+6%<br>Percentages represent growth<br>Pence<br>140<br>0<br>+10% +8%<br>Dividend per share<br>37.2% 37.1% 38.7%<br>EBITDA margin<br>30.5% 31.4% 33.1% 33.9% 34.8%<br>Adjusted operating margin<br>2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025<br>2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025<br>Financial KPIs<br>Corporate responsibility KPIs<br>Revenue by format<br>Key performance indicators<br>RELX’s key performance indicators (KPIs) track progress against long-term priorities. At the group level, given the diverse nature of our<br>end markets, we look at the continued migration of the business towards higher value-add, technology-enabled analytics, decision tools<br>and workflow solutions, group level financial metrics, and corporate responsibility and sustainability metrics. In addition, we track KPIs<br>within each market segment, at the product level, relevant to the performance of the specific business areas. Group financial and<br>corporate responsibility KPIs are set out below.
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▪ Human oversight<br>▪ Traceability, citations and<br>source document linking<br>▪ Feedback loops for<br>continuous model<br>refinement<br>Large unlabelled<br>dataset Refined labelled<br>dataset and<br>Knowledge Graphs<br>Authoritative Content Grounding Generation, Expert Oversight and Validation Trusted Customer Solutions<br>▪ Linking approaches<br>with high precision<br>and recall<br>▪ Multi-model approach<br>▪ Model fine tuning for<br>specific use cases<br>▪ Guardrails to enforce<br>RELX Responsible<br>AI Principles<br>User specific<br>workflows<br>Tailored<br>Insights<br>Personalised<br>Analyses<br>Draft documents<br>Trust and<br>transparency<br>indicators<br>Compliance with<br>global regulations Increasing Relevance, Accuracy, Authority, Comprehensiveness, Appropriateness<br>Decreasing hallucination, irrelevant content, non-attributable content (lack of citations)<br>RELX Annual Report 2025	RELX business overview 7<br>Harnessing technology across RELX<br>§ Public records<br>§ Contributory<br>§ Digital<br>identities<br>§ Machine<br>generated<br>§ Licensed<br>§ Proprietary<br>Data<br>Sources<br>ADDING VALUE WITH GENERATIVE AI<br>More than 12,000 technologists, over half of whom are software engineers, work at RELX. Annually, the company spends $2bn<br>on technology. The combination of our rich data sets, technology infrastructure and knowledge of how to use next generation<br>innovation allow us to create effective solutions for our customers.<br>Machine<br>tomachine<br>Machine<br>tohuman<br>Real-time<br>API services<br>Batch<br>services<br>Profile & Clean Standardise<br>Relate &<br>Analyse<br>Decreasing content volume<br>Increasing content quality<br>Data<br>Sources<br>Delivery<br>method<br>§ Public records<br>§ Contributory<br>§ Digital identities<br>§ Machine<br>generated<br>§ Licensed<br>§ Proprietary<br>ADDING VALUE WITH EXTRACTIVE AI<br>The company has more than 15 years’ experience with big data and extractive, machine to machine, artificial intelligence (AI),<br>particularly in our Risk segment. The combination of this technology with our rich data sets and deep customer understanding has<br>allowed us to consistently create higher value-added analytics and decisions tools for our customers.<br>§ High-quality data from a wide array<br>of sources in multiple formats<br>§ Over 130bn transactions analysed<br>annually<br>§ More than 105m scientific<br>publication records<br>§ More than 207bn legal and news<br>documents and records<br>§ Grid computing with low-cost servers<br>§ Linking algorithms that generate high precision and recall<br>§ Machine learning algorithms to cluster, link and learn from<br>the data<br>§ High speed data ingestion, recall, and processing<br>§ Rapid development cycles<br>§ Platforms to facilitate AI/ML<br>§ Proprietary<br>algorithms<br>§ Predictive modelling<br>§ Machine learning and<br>artificial intelligence<br>§ Modular<br>product suites<br>§ Flexible delivery<br>platforms<br>Unstructured and structured content Big data platforms Analysis<br>applications<br>Customer single<br>point of execution<br>For the past few years, we have been deploying generative AI, particularly in our Legal and STM segments. RELX Generative AI<br>solutions are built upon multiple fine-tuned Large Language Models leveraging high-quality, trusted content and extensive data<br>sets, advanced linking and context engineering capabilities, deep customer understanding, and industry expertise to improve<br>answer quality and enable relevant, accurate, and personalised insights, analysis and workflows. This allows customers to make<br>important decisions with confidence. Our Generative AI solutions are designed with privacy in mind and incorporate RELX’s<br>Responsible AI Principles.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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8 RELX Annual Report 2025	Overview<br>Business Services<br>Insurance<br>Specialised Industry Data Services<br>Government<br>Academic & Government<br>Primary Research Corporate Primary Research<br>Databases, Tools and Electronic Reference<br>Law Firms &<br>Corporate Legal<br>Government &<br>Academic and<br>News & Business<br>Exhibitions<br>13%<br>Risk<br>36%<br>Legal<br>19%<br>STM<br>28%<br>Print and print-related<br>Market segments<br>RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves<br>customers in more than 180 countries and territories and has offices in about 40 countries. It employs more than 37,000 people,<br>around 40% of whom are in North America.<br>RELX revenue by segment<br>Financial summary by market segment<br>Market<br>position<br>2025<br>revenue<br>GBPm<br>Underlying<br>growth<br>2025<br>adjusted<br>operating<br> profit<br>GBPm<br>Underlying<br>growth<br>Risk provides customers with information-based analytics<br>and decision tools that combine public and industry-specific<br>content with advanced technology and algorithms to assist<br>them in evaluating and predicting risk and enhancing<br>operational efficiency<br>Key verticals #1 3,485 +8% 1,305 +10%<br>Scientific, Technical & Medical helps advance science and<br>healthcare by combining high-quality, trusted scientific and<br>medical information and data sets with innovative technologies<br>to deliver critical insights that support better outcomes<br>Global #1 2,714 +5% 1,035 +7%<br>Legal helps its customers improve decision-making, achieve<br>better outcomes and increase productivity by providing tools<br>that combine legal, regulatory and business information with<br>powerful analytics<br>US #2<br>Outside US #1<br>or #2<br>1,806 +9% 415 +12%<br>Exhibitions combines industry expertise, digital tools, and data<br>to help customers connect in-person and online, discover new<br>markets, source products, generate leads, and transact<br>Global #2 1,186 +8% 410 +9%<br>RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other<br>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<br>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<br>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.<br>Remaining print and print-related activities are now reported separately from the four business areas. Also, a small commercial healthcare product portfolio, previously in<br>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.
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RELX Annual Report 2025 9<br>Market<br>segments<br>In this section<br>10 Risk<br>16 Scientific, Technical & Medical<br>22 Legal<br>28 Exhibitions<br>Market segments Overview Corporate responsibility Financial review Governance<br>and other information<br>Financial statements
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10 RELX Annual Report 2025	Market segments<br>Business overview<br>Risk provides customers with information-based analytics and<br>decision tools that combine public and industry-specific content<br>with advanced technology and algorithms to assist them in<br>evaluating and predicting risk and enhancing operational efficiency.<br>LexisNexis Risk Solutions, headquartered in Alpharetta, Georgia,<br>has principal operations in California, Florida, Illinois, New York<br>and Ohio in North America as well as London and Paris in Europe,<br>Mumbai and Chennai in India and Laguna and Dumaguete in the<br>Philippines. It has 11,800 employees and serves customers in<br>more than 190 countries and territories.<br>Revenues for the year ended 31 December 2025 were £3,485m,<br>compared with £3,336m in 2024 and £3,224m in 2023. In 2025,<br>79% of revenue came from North America, 13% from Europe<br>and the remaining 8% from the rest of the world. Subscription<br>revenue represented 39% of the total and transactional revenues,<br>including long-term contracts with volumetric elements,<br>represented 61%.<br>LexisNexis Risk Solutions comprises the following market-facing<br>industry/sector verticals: Business Services, Insurance, Healthcare,<br>Specialised Industry Data Services, and Government Solutions.<br>Business Services, representing over 40% of revenue, enables<br>global financial transparency and inclusion by providing holistic<br>and actionable insights for all risk and compliance segments.<br>We help customers address some of society’s greatest<br>challenges, including identifying fraud, cybercrime, bribery,<br>corruption, global terrorism, trafficking and abusive practices.<br>The combination of our proprietary insights and advanced<br>analytics powered by extractive Artificial Intelligence (AI) delivers<br>actionable intelligence to customers to help improve decisions<br>and operational efficiency.<br>The cornerstone of our growth strategy is maximising customer<br>value across our current markets and through international<br>expansion.<br>In 2025, Business Services solidified its position as a platform<br>provider with industry analyst recognition for both its Dynamic<br>Decision Platform and RiskNarrative platform. Across solutions,<br>we were recognised as leaders in 29 industry analyst reports<br>including: Juniper Research’s Digital ID & Verification in the UK<br>Market, Everest Group’s Leading 50™ Financial Crime and<br>Compliance Technology Providers, Burton-Taylor’s Anti-Money<br>Laundering/Know-Your-Customer Data and Services, and<br>KuppingerCole’s Leadership Compass reports for Fraud<br>Reduction Intelligence Platforms in both finance and ecommerce.<br>In Q1 2025, LexisNexis Risk Solutions closed the acquisition<br>ofIDVerse, a provider of AI-powered automated document<br>authentication and fraud detection solutions. In Q3 2025, we<br>launched an updated version that delivers an optimised user<br>experience. We also launched Fraud Intelligence for Business<br>score to mitigate fraud losses at account opening and evaluate<br>fraud risks for small and medium-sized business lenders. We<br>introduced geofencing to detect VPNs and proxies, helping US<br>gaming and gambling operators confirm devices comply with<br>state-specific regulations.<br>We updated our US consumer content and linking infrastructure<br>to improve coverage for younger consumers and those new to the<br>country. This initiative will enable our customers to better serve<br>these consumer segments and foster a more inclusive economy.<br>We help customers make better<br>decisions and manage risk. We help<br>detect and prevent fraud and money<br>laundering and deliver insights to<br>insurance companies. Our digital tools<br>help industries from aviation to<br>banking improve their operations.<br>Risk
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RELX Annual Report 2025	Risk 11<br>Insurance, representing around 40% of revenue, provides<br>comprehensive data, analytics and decision tools for personal<br>auto and home, commercial and life insurance carriers to improve<br>critical aspects of their business. Information solutions help<br>insurers assess risks; improve customer acquisition, experience<br>and retention; identify and intercept fraud; increase efficiency in<br>pricing and underwriting insurance policies; and settle claims in<br>the US and other key markets. Industry-leading products provide<br>real-time information on policy holders, identify insurance<br>coverage details and lapses in coverage, and give insurers<br>access to vehicle and behaviour-centric data, standardised<br>across automakers for the underwriting and claims processes.<br>Innovative decision tools seamlessly integrate into an insurer’s<br>workflow and are delivered through a single point of access<br>within an insurer’s infrastructure.<br>Insurance solutions drive more consistency and efficiency in<br>claims, providing data and decisions for challenging total losses<br>at first notice of loss and throughout the claim life cycle. Insurance<br>solutions provide comprehensive interior and exterior data for<br>home and commercial property insurers and offers AI-enabled<br>insights to fast-track decision-making for new business or<br>renewal underwriting and claims processes.<br>We continue to launch solutions for auto, home and commercial<br>insurers utilising proprietary claims information married with<br>other attributes to deliver industrywide benchmarking analysis<br>and actionable, future-focused insights.<br>Life insurers use predictive models, public and motor vehicle<br>records, consumer-driven health information, combined medical<br>and behavioural data and evidence-based ordering across the<br>policy life cycle to better understand mortality risk, reduce<br>misrepresentation, improve underwriting processes and make<br>life insurance more accessible.<br>Healthcare solutions, formerly reported within STM, support the<br>payer, provider, pharmacy and life sciences sectors. Consumer,<br>provider and medical claims data and proprietary smart<br>tokenisation technology enable the delivery of market-specific<br>identity access management, provider data management,<br>healthcare market analysis, clinical research and regulatory<br>compliance solutions.<br>Specialised Industry Data Services, representing just over 10%<br>of revenue, provides critical business intelligence, data, software<br>and analytics solutions to professionals in many of the world’s<br>largest industries. These solutions include: ICIS, an independent<br>source of data and intelligence for the global commodities,<br>chemicals and energy markets; Cirium, the aviation analytics<br>company; Brightmine, a compliance, benchmarking and<br>pay-equity data and analytics business driving global HR topics;<br>and Nextens, a provider of workflow solutions, content and<br>analytics for tax professionals.<br>Government, representing just over 5% of revenue, continues to<br>help US agencies shift from identity verification to authentication<br>to confront fraud, waste, and abuse. Front-end identity<br>authentication is central to how the government dispenses<br>hundreds of billions of dollars in entitlements, stimulus,<br>benefits and contracts to people and businesses.<br>LexisNexis Accurint AI Insights is a new, first-to-market<br>AI solution for public safety, designed specifically for law<br>enforcement. This advanced tool automates crime trend<br>identification, providing agencies with rapid analysis and<br>actionable intelligence. By enabling proactive responses to<br>emerging threats, Accurint AI Insights streamlines investigative<br>processes and enhances decision-making. The platform offers<br>Fraud and Identity Management Portfolio Financial Crime Compliance Portfolio<br>We provide digital, physical, device and<br>behavioural risk signals to help organisations<br>better assess consumers, prevent fraudulent<br>transactions, improve operational efficiencies<br>and protect accounts while minimising friction<br>for trusted users. Fraud and Identity<br>introduced new data sources, expanded fraud<br>truth data and deepened integration of digital<br>and analogue attributes alongside risk scores.<br>ThreatMetrix updates provided greater<br>visibility into fund flows across mule networks<br>and enabled proactive alerts to recipient<br>banks about potential mule accounts. We<br>established new consortia in Hong Kong,<br>Singapore and the US<br>Our financial crime compliance offerings<br>deliver comprehensive solutions for<br>addressing financial crime risk. In 2025,<br>Business Services enhanced Firco Continuity<br>to enable comprehensive compliance audits by<br>increasing long-term, transaction data<br>storage, supporting higher volumes and data<br>retention while sustaining performance.<br>We integrated the entity resolution filter into<br>Bridger Insight XG, reducing manual alert<br>reviews and enabling more efficient<br>compliance programmes<br>Credit Portfolio<br>Our Credit Risk solutions use analytics<br>and expansive data sets to deliver robust<br>consumer and business credit assessments<br>and drive financial inclusion. In 2025,<br>we incorporated additional affordability<br>assessment attributes into RiskView UK<br>to align with the Gambling Commission’s<br>responsible lending regulations. We<br>expanded Decision Trust in Latin America<br>and introduced RiskView Credit Misuse to<br>help lenders combat first-party fraud<br>LexisNexis Claims Compass LexisNexis C.L.U.E. LexisNexis Total Property Understanding<br>Our data analytics platform delivers<br>LexisNexis Claims Datafill, VINsights,<br>Carrier Discovery, Claims Clarity and<br>LexisNexis Police Records solutions directly<br>into insurer workflows to improve the claims<br>process from first notice of loss, triage,<br>investigation and resolution, through recovery<br>LexisNexis Comprehensive Loss<br>Underwriting Exchange (C.L.U.E.), is a claims<br>history database that collects and reports up<br>to seven years of US personal automobile,<br>property claims and small business<br>information to inform insurance pricing<br>and underwriting decisions. Our ongoing<br>investments to help insurers better segment<br>and rate customers include incremental<br>risk event data indicating vehicle damage<br>Our complete property risk assessment<br>solution helps home insurance underwriters<br>more easily identify properties with risk or<br>coverage opportunities and survey those<br>priority properties using consumer-friendly,<br>configurable AI-driven property assessment<br>technology that delivers actionable insights<br>into the underwriting workflow<br>For more information<br>visit relx.com<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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12 RELX Annual Report 2025	Market segments<br>Rest of world<br>8%<br>Europe<br>13%<br>North America<br>79%<br>Subscription<br>39%<br>Other transactional<br>Geography Type<br>Transactional<br>61%<br>Long-term contracts<br>with volumetric elements<br>2025 Revenue £3,485m<br>Transactional activity is driven by growth in insurance quoting<br>and policy switching, as consumers seek better policy terms. This<br>activity is stimulated by competition among insurance companies,<br>increased loss ratios and consumer interest in insurance internet<br>quoting and policy binding. We see opportunities across the<br>insurance continuum using data and analytics to play a critical role<br>in assisting the insurer and consumer decision-making process.<br>This helps consumers and businesses transact with insurers<br>throughout the policy life cycle.<br>We deliver solutions that bridge insurers and automakers,<br>utilising connectivity and regulated data from connected cars<br>to insert vehicle data into insurer workflows and empower<br>consumers with a deeper understanding of driving behaviour.<br>Our deepening relationships with automakers reflect the need<br>to better understand consumer loyalty, improve and digitise the<br>consumer experience through ownership management and<br>connected services solutions, while creating efficiencies within<br>automakers’ operations.<br>In Specialised Industry Data Services, growth in the global<br>commodities and chemicals markets is led by changing trade<br>patterns, a drive to embrace sustainability and demand for more<br>sophisticated supply chain solutions to better utilise precious<br>resources. The aviation industry continues to focus on digital<br>transformation, to drive more efficient, effective and profitable<br>business models in businesses such as airlines, with a<br>particularly strong focus on CO2 emissions data and Corporate<br>Responsibility reporting. The rapidly changing workforce<br>environment is driving employers to better utilise data and<br>analytics to attract, retain and develop a diverse workforce which<br>is further accelerating growth in human resource management.<br>With over 8,000 federal, state, and local agencies using our<br>services, the Government business continues its mission of<br>preventing fraud, fighting crime, reducing risk, and providing<br>citizens with immediate, equitable access to government systems.<br>The addition of AI capabilities, underpinned by responsible data<br>governance, helps our government customers enhance fraud<br>prevention and data integrity while ensuring secure and efficient<br>access to services. The Cares Act amplified the demand for<br>robust online access and highlighted the sophistication of fraud<br>attempts, underscoring the importance of advanced technologies<br>like AI in safeguarding public resources. As agencies adopt<br>private sector innovations, the integration of AI-driven insights<br>will support more proactive measures against improper<br>payments and enhances the integrity of government programmes.<br>The level and timing of demand in this market remain influenced<br>by government funding and revenue considerations, as well as the<br>US administration’s priorities.<br>immediate access to identity and authentication analytics,<br>combining advanced AI with extensive data expertise to<br>support public safety agencies in protecting communities<br>with data-driven insights.<br>Market opportunities<br>We operate in markets with strong long-term growth in demand<br>for high-quality advanced analytics based on industry information<br>and insight, including: financial crime compliance; business risk;<br>fraud and identity solutions; due diligence requirements<br>surrounding customer enrolment; security and privacy<br>considerations; insurance underwriting transactions;<br>insurance acquisition, retention and claims handling; provider<br>data management; patient engagement and population health<br>strategies; healthcare market analysis, clinical research;<br>data and advanced analytics for the banking, commodities<br>and chemicals, aviation and human resources sectors;<br>and tax and public benefits fraud.<br>Expansion of mobile and digital use cases and the growing mix<br>of consumer payment options continue to drive opportunity for<br>Business Services solutions that support efficiency in risk<br>decision making. As criminals continuously adjust attack vectors<br>targeting financial transactions, organisations are utilising<br>our solutions to evolve their financial crime, compliance and<br>consumer and business credit, fraud and scam detection and<br>prevention programmes.<br>Mounting costs from fraud schemes, anti-money laundering<br>programmes, fast changing sanctions, anti-bribery and<br>corruption enforcement, financial transparency and inclusion<br>initiatives, and heightened regulatory scrutiny also provide<br>growth opportunities. We are seeing new use cases for our<br>solutions emerge for corporations, 3D Secure, ecommerce,<br>travel, gaming/gambling, telecommunications, trade compliance<br>and new alternative digital payment methods such as digital wallet<br>applications and Buy Now, Pay Later, particularly mule account<br>setup detection. Continued rapid digitalisation of emerging<br>markets provides growth opportunity for fraud and identity in<br>digital channels. We are also seeing revived demand in third-party<br>collections and non-prime lending.<br>In Insurance, growth is supported by customer experience<br>advances in the auto, home, commercial and life insurance<br>markets, and the increasing adoption by insurance carriers<br>of more sophisticated data and analytics in the prospecting,<br>underwriting and claims evaluation processes to assess risk,<br>increase competitiveness, improve operating cost efficiency<br>and address profitability challenges.
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RELX Annual Report 2025	Risk 13<br>Revenue<br>2025<br>3,485 3,336<br>Underlying growth +8%<br>2024<br>GBPm<br>Adjusted operating profit<br>2025<br>1,233<br>Underlying growth +10%<br>2024<br>GBPm<br>1,305<br>Strong fundamentals continuing to drive underlying<br>revenuegrowth<br>Underlying revenue growth of +8%. Strong growth continues to<br>be driven across segments by our deeply embedded, AI-enabled<br>analytics and decision tools.<br>Underlying adjusted operating profit growth was +10%, leading<br>to an increase in adjusted operating margin.<br>In Business Services, strong growth continues to be driven by<br>Financial Crime Compliance and digital Fraud & Identity solutions,<br>and strong new sales. We continue to expand our extensive,<br>differentiated data assets, build out our global fraud<br>infrastructure, and more deeply integrate advanced authentication<br>and behavioural intelligence, to address the increasing complexity<br>of risk decisioning for customers worldwide.<br>In Insurance, strong growth continues to be driven by further<br>innovation and adoption of contributory databases and<br>market-specific solutions, supported by positive market factors<br>and strong new sales. We continue to extend our products<br>across the insurance continuum, and across insurance lines,<br>while adding data sources and analytics to enhance value for<br>customers.<br>Specialised Industry Data Services growth continues to be led<br>by Commodity Intelligence, and Government growth continues<br>to be driven by analytics and decision tools.<br>2026 outlook<br>We expect continued strong underlying revenue growth with<br>underlying adjusted operating profit growth exceeding<br>underlying revenue growth.<br>2025 financial performance<br>Restated<br>2024<br>GBPm<br>2025<br>GBPm<br>Change<br>in GBP<br>Change at<br>constant<br>currency<br>Underlying<br>growth<br>Revenue 3,336 3,485 +4% +7% +8%<br>Adjusted operating profit 1,233 1,305 +6% +9% +10%<br>Strategic priorities<br>Our strategic goals are anchored in helping customers achieve<br>better business outcomes by offering greater insight into risks and<br>opportunities associated with individuals, businesses, devices,<br>and transactions. We provide data and solution tools to help<br>customers make better risk-adjusted decisions to grow<br>successfully. We enable this by focusing on: delivering innovative<br>products; extending our risk management solutions to new<br>applications; adapting our global competencies to meet local<br>needs; and investing in technology to complement organic<br>innovation to continuously expand our analytical capabilities.<br>LexisNexis Risk Solutions continues to develop sophisticated<br>extractive AI and Machine Learning (ML) techniques to generate<br>actionable insights that help our customers make accurate and<br>timely decisions and to improve our internal efficiencies by<br>leveraging and adapting extractive AI/generative AI tools.<br>Our successful deployment of AI and ML techniques both for<br>our customers and for our internal needs is built on a strong<br>foundation that is comprised of: a deep understanding of customer<br>and stakeholder needs, the breadth and depth of our data sets, and<br>our expertise and domain knowledge that helps us discern which<br>AI/ML algorithm to use in a given context to solve business<br>problems most effectively.<br>Business model, distribution channels and competition<br>We sell our products direct-to-client, with pricing based on<br>subscription or transactional with volumetric elements.<br>We also utilise a robust partner distribution channel.<br>Principal competitors in Business Services include data and<br>analytics companies such as the major credit bureaux, which in<br>many cases address various capabilities within each solution<br>offering. In Insurance, data and analytics competitors such as<br>Verisk sell solutions to insurance carriers but largely address<br>different activities to ours. Principal competitors in the<br>Government segment include data providers such as the major<br>credit bureaux. Specialised Industry Data Services competes with<br>a number of information providers on a service-by-service basis<br>including S&P Global Platts and Thomson Reuters as well as<br>various niche and privately owned competitors.<br>2024 results restated to reflect business area reporting changes<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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60 to 80% faster<br>Insurance Market Insights delivers data approximately<br>60 – 80% faster than industry standards<br>14 RELX Annual Report 2025	Market segments<br>About LexisNexis Insurance Market Insights<br>The LexisNexis Insurance Market Insights platform provides<br>US auto and property insurers market intelligence about loss<br>frequency, claim severity, mix-of-business, claims duration and<br>customer shopping behaviour. This enables insurers to validate<br>strategic decisions, measure their results against industry<br>averages, pivot quickly, and assess the impact of new initiatives<br>months ahead of standard sources of benchmarking intelligence.<br>Additionally, insurance companies can drill down further to<br>analyse specific risk segments by limits, coverage and major<br>peril, state, metropolitan area, policy type, building age, square<br>footage and catastrophe indicator to better understand whether a<br>challenge is isolated to their operations or an industry-wide event.<br>LexisNexis Risk Solutions leverages its deep proprietary datasets<br>and industry wide contributory and transactional databases<br>representing a majority of US auto and property insurance<br>policies, claims and shopping transactions to deliver Insurance<br>Market Insights, which can be seamlessly integrated into an<br>insurance company’s workflow.<br>Traditional market reporting often lags by six<br>to12 months, leaving insurance companies<br>reactive rather than proactive to market or<br>organisational trends impacting their business.<br>Without the opportunity to slice timely<br>information, insurers end up with limited<br>viewsnot relevant to the market segments<br>theyserve or channels they use.<br>Side-by-side data comparisons of internal and external auto<br>and property insurance trend data are often resource and time<br>intensive. Varying regulatory rules for other data sources can<br>result in inconsistencies when comparing benchmarking<br>information. Insurance Market Insights provides normalised and<br>consistently calculated results for both the insurer and industry<br>side-by-side to speed up the process for interpreting results in<br>the context of macro trends impacting the US insurance sector<br>and economy.<br>Utilising the proprietary LexisNexis Risk Solutions extractive<br>AI and big data processing platform to pull in contributory and<br>transactional information, Insurance Market Insights closes the<br>gap by delivering data as quickly as 7-30 days post-event. This<br>timeliness, approximately 60-80% faster than industry standards,<br>enables insurers to respond to emerging trends, economic shifts,<br>and competitive pressures with agility and confidence. For<br>consistency, normalised insurance company and industry<br>information supports like-for-like comparison. The platform’s<br>dashboards offer flexible filtering to drill down into various risk<br>segments, enabling precise performance evaluation and multiple<br>options for granular views.<br>LexisNexis Insurance Market Insights<br>Supporting US personal auto and property insurance companies<br>in making more informed decisions<br>Insurance companies can interpret this information to monitor<br>their own process changes or strategic moves and optimise<br>profitability. A US auto insurance company, for example, can add<br>a new rating element in order to quote and price risk more<br>effectively. In this use case, while the new rating element can<br>improve its pricing accuracy, it can also have an unintended effect<br>in attracting higher frequency business. With benchmarking<br>from Insurance Market Insights, the insurer can quickly identify<br>this issue and adjust its pricing to align with their strategy.<br>As another example, insurance companies are also using<br>Insurance Market Insights to address the increasing severity of<br>bodily injury claims, which had a sharp trend upward, increasing<br>7% in 2025 versus the prior year and over 26% versus 2021.<br>The impact of the severity increases has been compounded by<br>moderate frequency increases that have occurred over the last<br>two years.<br>LexisNexis Risk Solutions analysis revealed personal property<br>claim severities are up 30% in 2025 compared to 2024 and 71%<br>versus 2021. The 2025 increases were heavily driven by the CA<br>wildfires from Q1 2025. With the detailed analysis of catastrophe<br>versus non-catastrophe home claims trends and by peril within<br>Insurance Market Insights, insurers can better understand their<br>severity trends and the impact of catastrophic claims events so<br>they can more intelligently serve their customers.<br>In a rapidly evolving insurance landscape, this<br>cutting-edge benchmarking and analytics platform<br>isused by US personal auto and property insurance<br>companies to evaluate their performance relative to<br>the industry and make faster, more informed decisions.<br>Christopher Rice<br>VP Product Management, LexisNexis Risk Solutions
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RELX Annual Report 2025	Risk 15<br>About ThreatMetrix<br>LexisNexis ThreatMetrix, powered by the Digital Identity Network,<br>is a global, cross-industry risk intelligence network that analyses<br>billions of transactions annually. By linking devices, locations,<br>behaviours and other digital credentials in real time, ThreatMetrix<br>helps organisations accurately differentiate between genuine<br>customers and malicious actors, from a consumer’s first contact<br>and throughout their entire digital journey.<br>About Crypto.com<br>Crypto.com is one of the world’s largest cryptocurrency platforms,<br>with more than 140m users across more than 100 jurisdictions.<br>With a mission to accelerate global cryptocurrency adoption, the<br>company provides a secure and reliable platform to buy, sell and<br>use digital assets with confidence. Crypto.com is also the industry<br>leader in regulatory compliance, security and privacy, with more<br>than a hundred licences, certifications, registration and regulatory<br>approvals globally. As the business has scaled, growing its user<br>base by 180% and trading volumes by more than 950% between<br>2022 and 2025, maintaining the highest standards of security,<br>privacy and regulatory compliance has remained paramount.<br>Crypto.com supports the exchange of Bitcoin, Ethereum and 400+<br>cryptocurrencies (cryptocurrencies available vary by jurisdiction).<br>The global landscape in the crypto industry<br>has changedsignificantly.Thirdpartyfraud<br>and chargebacks used to be the main concerns.<br>Today, scams which are often sophisticated<br>andfast moving pose the biggest threats.<br>AsCrypto.com’s platform grew, so did the<br>volume and complexity of the attacks, from<br>AIgenerated identities to social engineering<br>tactics. While users expect a seamless<br>experience, they also expect the platform to be<br>secure. Crypto.com operate in a space where<br>trust is crucial and can be quickly undermined.<br>Crypto.com needed a fraud-prevention solution that could keep<br>pace with its growth and progress toward expanding their global<br>offering to include stocks, banking services, credit cards and<br>payment cards, without compromising customer experience.<br>Crypto.com deployed ThreatMetrix to optimise fraud detection<br>and increase operation efficiencies by automating onboarding<br>and transaction workflows. ThreatMetrix utilises real-time<br>digital identity and behavioural intelligence from one of the<br>largest cross-industry data networks in the world. This enables<br>Crypto.com to proactively stop fraudulent activities before they<br>impact their platform.<br>ThreatMetrix helps us raise our fraud capture rates<br>and streamline trusted user experiences so we can<br>stay focused on scaling our platform and expanding<br>our global business.<br>Deyan Tsvetkov<br>Senior Vice President, Risk Management, Crypto.com<br>LexisNexis ThreatMetrix:<br>Strengthening fraud prevention for a rapidly expanding<br>cryptocurrency platform<br>26%<br>Crypto.com saw a 26% lift in fraud capture rates<br>With rapid growth and ambitious expansion plans in an industry<br>where instant transactions play an integral role in customer<br>conversion and satisfaction, Crypto.com benefits from<br>ThreatMetrix’s ability to easily configure to fit Crypto.com’s<br>specific speed and volume requirements. The solution also<br>delivers the responsiveness demanded by a dynamic threat<br>environment defined by AI-enabled fraud, bots, scams and social<br>engineering. ThreatMetrix offers the advantages of contributory,<br>cross-industry digital identity, device and behavioural intelligence<br>combined with AI-powered models and analytics which help<br>Crypto.com automate decisions and avoid fraud upfront.<br>By implementing LexisNexis ThreatMetrix, Crypto.com<br>significantly boosted its fraud prevention capabilities across<br>the customer journey, helping them automate decisioning,<br>streamline onboarding and maintain high standards of<br>compliance and user experience.<br>Crypto.com saw a 26% lift in fraud capture rates, a 15% reduction<br>in fraud losses tied to chargebacks, and a 20% reduction in time<br>spent on manual reviews and investigations. Return on<br>investment was achieved in the first six months.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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16 RELX Annual Report 2025	Market segments<br>Business overview<br>Scientific, Technical & Medical helps advance science and<br>healthcare by combining high-quality, trusted scientific and<br>medical information and data sets with innovative technologies<br>to deliver critical insights that support better outcomes.<br>Elsevier is headquartered in Amsterdam, with principal sites in<br>New York, Philadelphia, and St. Louis in North America; London,<br>Oxford, Frankfurt, Munich, Madrid and Paris in Europe; Beijing,<br>Shanghai, Chennai, Delhi, Sydney, Singapore and Tokyo in Asia<br>Pacific, and Rio de Janeiro in South America. It has 9,700<br>employees with customers in over 170 countries and territories.<br>Revenues for the year ended 31 December 2025 were £2,714m,<br>compared with £2,624m in 2024 and £2,581m in 2023. In 2025, 43%<br>of revenue came from North America, 23% from Europe and the<br>remaining 34% from the rest of the world. Subscription revenue<br>represented 80% of total revenue and transactional revenues<br>represented 20%.<br>Elsevier’s customers are scientists, research leaders, librarians,<br>medical researchers, doctors, nurses, allied health professionals<br>and students, as well as hospitals, academic and research<br>institutions, research-intensive corporations, funders,<br>and governments.<br>Elsevier’s services across Academic & Government, Corporate<br>and Health markets focus on: Databases, Tools and Electronic<br>reference and Primary Research. In each of these markets, our<br>objective is to help impact makers shape human progress to go<br>further, happen faster, and benefit all.<br>Databases, Tools and Electronic Reference, together with<br>Corporate Primary Research, accounts for around 45% of STM<br>revenues, with Academic & Government Primary Research<br>accounting for around 55%, all in electronic format.<br>Databases & Tools & Electronic Reference. Elsevier’s databases,<br>tools and electronic reference products help customers and<br>users solve complex problems and make critical decisions,<br>and we are enhancing these capabilities with AI across all<br>our business areas. Solutions include LeapSpace, Scopus/<br>ScopusAI, ScienceDirect AI, SciVal, Interfolio, Engineering Village<br>and Pure in Academic & Government; Reaxys/Reaxys AI Search,<br>Embase AI, PharmaPendium AI and SciBite in Corporate; and<br>ClinicalKey/ClinicalKey AI, HESI, Sherpath AI, Shadow Health,<br>ClinicalPath, and Osmosis, for Health.<br>Elsevier’s research solutions combine quality, curated content<br>and extensive data sets with responsible AI and large language<br>model (LLM) technology to help researchers, academic leaders,<br>policy makers, funders and R&D-led corporations to generate<br>insights, set and implement research strategies and make<br>decisions with confidence. This portfolio integrates with and<br>enhances the systems institutions rely on, with interoperability<br>driven by Application Programming Interface technologies (APIs).<br>In early 2025, Elsevier launched a new generative AI tool on<br>ScienceDirect, the world’s largest platform for peer-reviewed<br>research used by more than 20m researchers each month.<br>ScienceDirectAI helps transform the way researchers work by<br>enabling them to instantly extract, summarise and compare<br>trusted insights from millions of full-text articles. In November,<br>Elsevier introduced LeapSpace, a next-generation AI-powered<br>workspace, combining the broadest collection of trusted scientific<br>content with responsible AI to help researchers uncover deeper<br>insights, accelerate innovation, and collaborate seamlessly – in<br>one secure environment.<br>We deliver insights that help<br>universities, research institutions,<br>governments and funders achieve<br>their goals. We help researchers<br>discover and share knowledge,<br>collaborate, and accelerate innovation.<br>Wehelp librarians provide trusted,<br>high-quality information totheir<br>universities. We help innovators<br>transform the latest knowledge into<br>new products. We help health<br>professionals improve patient care,<br>and educators train thenext<br>generation of doctors and nurses.<br>Scientific, Technical & Medical
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RELX Annual Report 2025	Scientific, Technical & Medical 17<br>For Corporate R&D, Elsevier provides connected, configurable<br>solutions that combine comprehensive data with analytical and<br>predictive tools. In 2025, new innovations included Reaxys AI<br>Search, which enables chemists and R&D teams to explore over<br>123m chemistry documents, as well as patents and peer-reviewed<br>journal articles using natural language discovery. New EmbaseAI,<br>the generative AI-powered version of Embase, the leading<br>biomedical database, allows users to pose queries in natural<br>language and receive a summarised response with inline citations<br>to ensure transparency. PharmaPendium AI, an AI-powered<br>upgrade to ourPharmaPendium solution, empowers regulatory<br>affairs specialists, drug development professionals, and clinical<br>researchers by providing easy access to regulatory precedents<br>from the US Food and Drug Administration and European Medicines<br>Agency documents, and enables effective regulatory planning as<br>well as supporting core research on toxicology and drug safety.<br>In Health, Elsevier’s clinical solutions include digital solutions for<br>doctors, nurses, care teams and patients. Its clinical reference<br>platform, ClinicalKey, helps doctors, nurses and students find<br>clinically-relevant answers through a range of trusted content<br>across specialities. This includes Elsevier’s vast collection of<br>medical reference content, including over 2,500 clinical overviews,<br>over 7.3m images and over 128,000 medical videos in one integrated<br>platform. ClinicalKey AI combines this content with generative AI<br>technology. ClinicalPath Oncology presents evidence-based<br>oncology pathways embedded in the clinical workflow, andthe<br>associated analytics, to help oncology care teams makeconsistent,<br>well-informed decisions for high quality care.<br>Elsevier also serves students of medicine, nursing, and allied<br>health professions. Sherpath, an adaptive teaching and learning<br>solution which also offers an AI tool, provides personalised<br>learning paths at over 800 institutions, supporting more than<br>500,000 course enrolments, while ClinicalKey Student is used<br>in over 450 medical schools globally.<br>In electronic reference, Elsevier provides authoritative reference<br>content to scientific, technical and medical professionals.<br>Flagship titles include Gray’s Anatomy, Nelson’s Pediatrics and<br>Netter’s Atlas of Human Anatomy.<br>Primary Research. Elsevier helps researchers validate, improve<br>and disseminate their scientific findings through its more than<br>3,000 journals, enhancing the record of scientific knowledge by<br>applying highest standards of quality and ensuring trusted<br>research can be accessed, shared and built upon. Elsevier<br>journals are the foremost publications in their field, including<br>flagship families of journals like Cell Press and The Lancet.<br>Research content is distributed and accessed via ScienceDirect,<br>the world’s largest platform dedicated to peer-reviewed primary<br>scientific and medical research.<br>In 2025, Elsevier received more than 4.2m article submissions,<br>which were rigorously reviewed by our in-house editorial teams<br>in collaboration with over 37,000 editors and over 1.9m expert<br>reviewers around the world. The result is over 795,000 articles<br>enhanced, indexed, certified, published and promoted following<br>peer review, with the global scientific community accessing<br>articles over 2.9bn times across its journal platforms.<br>LeapSpace, a next-generation AI workspace built<br>on the world’s most comprehensive collection of<br>scientific content to help researchers uncover<br>deeper insights, accelerate innovation, and<br>collaborate seamlessly in one secure<br>environment. It combines multi-model<br>responsible AI with transparency and clear trust<br>markers, industrial-grade data privacy and<br>security, so that every insight is explainable,<br>traceable, and grounded in the highest-quality<br>global science<br>An expertly curated abstract and citation<br>database with content from over 31,000<br>academic journals from 7,000 publishers to help<br>track and enhance researcher and institutional<br>data and discover global research in all fields.<br>Scopus AI helps researchers get deeper<br>research insights faster, navigate and<br>understand different disciplines more easily<br>and support interdisciplinary collaboration<br>Clinical knowledge solution helping healthcare<br>professionals and students find the most clinically<br>relevant answers from comprehensive trusted<br>content across specialities. ClinicalKey AI<br>combines the latest and most trusted medical<br>content with generative AI to help clinicians at the<br>point of care. The tool integrates with electronic<br>health records systems<br>The world’s most advanced 3D anatomy<br>platform, Complete Anatomy is revolutionising<br>how students, educators, health professionals<br>and patients understand and interact with<br>Anatomy<br>The world's largest chemical database, Reaxys<br>combines over a billion chemistry data points from<br>journals and patents with AI to support innovation<br>in drug discovery, chemical R&D and academia.<br>Chemists can quickly access relevant patent,<br>substance and bioactivity insights, and an<br>award-winning retrosynthesis tool<br>SciVal is an analytics solution that provides<br>insights into the research performance of over<br>24,700 academic, industry and government<br>research institutions<br>For more information<br>visit relx.com<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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18 RELX Annual Report 2025	Market segments<br>Transactional<br>20%<br>Subscription<br>80%<br>Geography Type<br>Rest of world<br>34%<br>Europe<br>23%<br>North America<br>43%<br>confidence. We have a multi-model approach and adapt AI for<br>specific domains, such as research, life sciences, clinical care,<br>health education, through hybrid search, knowledge graphs,<br>ontologies, large language model and human expertise-based<br>evaluations to provide users with answers that are precise,<br>relevant, and useful in real-world settings.<br>In Primary Research, Elsevier’s priority is to support researchers<br>by finding a home for every sound science article submitted, and<br>providing choice in payment model, quality tier, and scientific<br>discipline. We aim to deliver above industry average journal and<br>article quality, at below average article download and publishing<br>cost, leveraging our scale and expertise. Elsevier works with<br>customers to help them reach their research goals through<br>excellence in content, service and value. Elsevier is building on its<br>premium brands, enhancing quality through peer review, and<br>increasing article volume through new journal launches, the<br>expansion of open access journals and growth from emerging<br>markets; and broadening the range and quality of insights across<br>research solutions.<br>We continue to improve customer experience while driving<br>operational efficiency and effectiveness; and collaborate to<br>advance open science, inclusive research and inclusive health<br>and support the UN Sustainable Development Goals, through our<br>business and the Elsevier Foundation.<br>Business model, distribution channels and competition<br>In Databases, Tools and Electronic Reference, solutions like<br>Scopus, Clinical Key and Reaxys, are generally sold direct to<br>institutional, healthcare and corporate customers through global<br>sales force. Reference and educational content are sold directly to<br>institutions and individuals and accessed on Elsevier platforms.<br>In Primary Research, science and medical research is distributed<br>via the ScienceDirect platform, supported by two separate<br>payment models to suit author preferences: pay to read articles<br>funded by payments for reading made by individuals or<br>institutions; and pay-to-publish (commonly known as open<br>access) funded by payments for publishing, made by authors,<br>their institution or funding bodies. Elsevier offers a range of pay<br>to read and pay to publish options, both subscription-based and<br>transactional, to fit the diverse needs of institutions, funders,<br>and researchers worldwide. Nearly all of Elsevier's over<br>The latest available long-term comparison with the market<br>showed that Elsevier journal articles accounted for over 18%<br>of global research output and 29% of citations, demonstrating<br>Elsevier’s commitment to quality significantly ahead of the<br>industry average. Elsevier is the global leader in open access<br>publishing, with over 285,000 open access articles published in<br>2025, a year-on-year increase of nearly 14%, and over 960 fully<br>open access journals following 75 new launches during the year.<br>Elsevier’s world-leading research platforms make available<br>4.3m validated open access articles.<br>Elsevier has also invested in other research solutions, such as<br>SSRN, an open access online preprint community where<br>researchers post early-stage research, Scopus Author Profiles<br>showing preprints to provide an early view into a researcher’s<br>focus areas and Digital Commons helping academic libraries<br>showcase and share their institutions’ research via institutional<br>repositories for greatest impact.<br>Market opportunities<br>Scientific, technical and medical information markets have<br>positive long-term growth characteristics. Investment in R&D<br>is critical for nations and corporations to create competitive<br>advantage, drive innovation, economic growth and solve societal<br>issues. This leads to long-term growth in R&D spending and<br>sustained increases in researchers worldwide. As people live<br>longer and aim to live healthier lives, health expenditure and the<br>number of physicians and nurses also continues to grow strongly.<br>Strategic priorities<br>Elsevier’s strategic priorities are to help our customers solve<br>critical and complex problems, by expanding content quality,<br>coverage and utility; combining content with analytics and<br>technology to build integrated solutions and decision tools that<br>utilise advanced Machine Learning (ML) and AI to improve<br>productivity and outcomes, and enable insights underpinning<br>critical decisions, benchmarking and evaluation.<br>In Databases, Tools and Electronic Reference, Elsevier is applying<br>advanced linking capabilities and AI to our vast verified research<br>and healthcare information and data sets, including patent,<br>research grants, drug information, medical claims data, to<br>develop products that help our academic & government,<br>corporate and health customers make critical decisions with<br>2025 Revenue £2,714m
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RELX Annual Report 2025	Scientific, Technical & Medical 19<br>Development of analytics continuing to drive underlying<br>revenue growth<br>Underlying revenue growth of +5%. Good growth, with<br>improving momentum, continues to be driven by the evolution of<br>the business mix towards higher growth, higher value analytics<br>and tools.<br>Underlying adjusted operating profit growth was +7%, resulting<br>in an increase in adjusted operating margin.<br>In Databases, Tools & Electronic Reference, strong growth<br>continues to be driven by higher value-add analytics and<br>decision tools, with continued rollout, adoption and usage<br>growth of our AI-enabled tools, such as Scopus AI and Sherpath<br>AI. We continue to expand our solution sets, built on our<br>industry-leading trusted content, with a series of new releases<br>in 2026, the most recent of which is our next generation<br>end-to-end AI-powered researcher solution, LeapSpace.<br>In Primary Research, good growth continues to be driven by<br>volume growth, with article submissions growing very strongly<br>across the portfolio.<br>Improving momentum is supported by the increasing pace of<br>new product introductions, and strong new sales.<br>2026 outlook<br>We expect good to strong underlying revenue growth with<br>underlying adjusted operating profit growth exceeding<br>underlying revenue growth.<br>2025 financial performance<br>Restated<br>2024<br>GBPm<br>2025<br>GBPm<br>Change<br>in GBP<br>Change at<br>constant<br>currency<br>Underlying<br>growth<br>Revenue 2,624 2,714 +3% +5% +5%<br>Adjusted operating profit 981 1,035 +6% +7% +7%<br>Revenue<br>2025<br>2,624 2,714<br>Underlying growth +5%<br>2024<br>GBPm<br>Adjusted operating profit<br>2025<br>1,035 981<br>Underlying growth +7%<br>2024<br>GBPm<br>3,000 journals enable open access publishing, with more than<br>960 dedicated author pays journals, the largest portfolio of open<br>access titles in the industry. In addition to being the global leader<br>in quality and pay-to-read, Elsevier also leads in pay-to-publish<br>(open access).<br>Elsevier is a founding and driving partner of Research4Life, a United<br>Nations initiative, providing free or low-cost access to research for<br>publicly funded institutions in the world’s least resourced countries.<br>Over 11,500 institutions in 125 countries participate.<br>Some Elsevier primary research and reference content and some<br>print-based commercial marketing services in pharmaceutical &<br>life sciences promotion is sold in a print format. From 2025, print<br>and print-related activities are managed and reported separately.<br>Competition within science and medical reference content is<br>generally on a title-by-title and product-by-product basis,<br>typically with learned society publishers and professional<br>information providers, such as Springer Nature, Clarivate and<br>Wolters Kluwer. Decision tools face similar competition, plus<br>software companies and customer home-grown solutions.<br>2024 results restated to reflect business area reporting changes<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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20 RELX Annual Report 2025	Market segments<br>As research output continues to grow globally,<br>Elsevier’s investments in technology help enhance<br>the publishing experience for authors, editors and<br>reviewers, so quality research can continue to<br>advance human progress.<br>Arnold Pippel<br>Senior VP, Customer Experience and Innovation<br>About Elsevier<br>As the largest publisher of scientific journals, Elsevier handles<br>more than 4.2m research submissions each year, spanning<br>3,000 journals across a network of millions of authors,<br>reviewers, and tens of thousands of editors. This unparalleled<br>scale brings complexity, requiring extensive investment and<br>constant innovation to enhance the user experience while<br>managing an ever-growing volume of content and safeguarding<br>research quality and integrity.<br>In 2025, Elsevier initiated one of the most<br>ambitious transformations in scientific<br>publishing, building a next generation<br>publishing platform designed to deliver an<br>enhanced end-to-end experience for authors,<br>editors and reviewers. Key steps in the<br>publishing workflow of submission and peer<br>review were completed in 2025. Other editorial<br>workflows will be addressed in 2026 and<br>expected to be completed in 2027.<br>Over several decades, Elsevier’s publishing system grew to<br>support 3,000 journals, offering extensive configurability<br>across multiple settings and numerous databases within its<br>infrastructure. While the scale and diversity of options provided<br>flexibility and accommodated a wide range of publishing needs<br>across disciplines, an opportunity emerged to streamline<br>processes for both authors and reviewers, and in parallel, to<br>advance efforts to safeguard research integrity against practices<br>such as citation manipulation and fabricated data or images.<br>Elsevier set out to completely redesign its publishing platform<br>with users in mind. At the heart of this transformation is a unified<br>data lake and architecture, unlocking the power of real-time<br>data and scalable innovation.<br>A New Digital Foundation<br>A key technological advance is Elsevier’s new capability to<br>deconstruct and identify all the elements of a manuscript,<br>automatically extracting and linking entities such as titles,<br>abstracts, author names and embedded figures. Our latest<br>technology then enables structuring of the manuscript into a rich<br>digital format, unlocking new capabilities and enhancements.<br>This streamlines the submission process for authors who now<br>benefit from automated metadata extraction and real-time error<br>detection, and lays the groundwork for new integrity checks and<br>editorial tools.<br>For example, advanced extraction helps to auto-format<br>manuscripts for peer review, check for missing items or errors,<br>and support authors in ensuring all required ethics or integrity<br>related declarations are present.<br>By providing the ability to simultaneously view reviewer and<br>author comments on a single screen, the platform helps editors<br>+10% faster<br>The overall editorial process is now faster by more<br>than 10%<br>save time and make more confident decisions. At the same time,<br>reviewers are supported with inline commenting tools and<br>article‑style formatting, enhancing the interactivity and efficiency<br>of peer review.<br>The impact has been significant, with author satisfaction<br>reaching almost 90%. The overall editorial process is now faster<br>by more than 10%. Early data indicates quality improvements.<br>For example, acceptance rates for manuscripts undergoing<br>peer review have risen by approximately five percentage points,<br>reflecting the benefits of enhanced feedback and collaboration<br>in the new experience.<br>Advanced Integrity Toolkit<br>As in other sectors, science is at risk from fraudulent activity.<br>Elsevier introduced an advanced ethics toolkit, using numerous<br>signals and AI-based analysis to flag integrity concerns before and<br>after publication. These include AI phrasing, authorship changes,<br>and simultaneous submissions. Human experts validate flagged<br>cases, ensuring that trust in the scientific record remains robust<br>and authors get a consolidated view of reviewers' feedback,<br>including annotation-based comments directly on their<br>manuscripts, making it easier to address the feedback needed<br>to improve their manuscript.<br>Crucially, Elsevier adopted a phased implementation strategy,<br>introducing innovations incrementally and working in close<br>partnership with editors and researchers throughout the process<br>to support adoption. By combining cutting-edge technology with<br>integrity-focused design and human expertise, Elsevier is<br>delivering a publishing experience that is not only simpler and<br>faster, but also more secure and supportive for all users.<br>Elsevier<br>Transforming scientific publishing to support<br>the demands of modern research
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RELX Annual Report 2025	Scientific, Technical & Medical 21<br>About Sherpath AI<br>Sherpath AI is an adaptive digital learning, conversational AI<br>solution designed to enhance nursing education through<br>personalised learning paths. Integrated within Sherpath, it<br>introduces an interactive feature that allows students to ask<br>questions in natural language and receive evidence-based<br>answers drawn exclusively from Elsevier’s trusted content.<br>Already used by over 73,000 students (nearly 15% of all nursing<br>students) and 6,000 instructors in the US, the tool has helped<br>answer more than 7m enquiries in 2025. This real-time,<br>AI-powered interaction deepens understanding, reinforces key<br>concepts, and creates a more engaging and efficient learning<br>experience for nursing and health education students.<br>In 2025, St. Johns River State College (SJR<br>State) and Georgia Southern University (GSU)<br>pioneered the use of Sherpath AI, Elsevier’s<br>artificial intelligence-powered learning<br>platform, and investigated its potential for<br>advancing undergraduate nursing education.<br>The platform leverages responsible generative<br>AI and Elsevier’s evidence-based content to<br>deliver personalised, dynamic support for both<br>educators and students.<br>For Dr Vanessa Roth, Foundations Instructor at SJR State,<br>ensuring exam integrity and fostering critical thinking were top<br>priorities. She faced a significant challenge: test questions were<br>circulating online.<br>“I can memorise a test question after seeing it once,” she said. “If I<br>can do that, students can too. It doesn’t help them when they go on<br>to harder classes. It’s not helping them build the skills they need.”<br>Sherpath AI transformed Dr Roth’s approach to assessment.<br>The platform enabled her to rapidly generate multiple versions of<br>exams, saving her valuable time in the process.“I was able to write<br>four different versions of the regular chapter exams, and then one<br>final, within a month,” she explained. She wanted to write new<br>questions herself, but the time required to build and validate<br>exams from scratch was daunting. “Without Sherpath AI, I never<br>would have slept,” she laughed.<br>Unlike generic AI tools, Sherpath AI is built on Elsevier’s vast<br>library of verified nursing education content and includes features<br>like Osmosis videos, source citations, and alternative ways to<br>explain difficult concepts. Dr Roth continued,<br>"It’s tied to my book, so I know the content is accurate."<br>This not only protected test integrity but also saved considerable<br>time, allowing Dr. Roth to focus on grading and curriculum<br>development. Sherpath AI’s adaptive capabilities meant that<br>exam questions could be refined based on student feedback,<br>continually improving their relevance and effectiveness.<br>The impact extended beyond SJR State. At Georgia Southern<br>University, Sherpath AI was introduced in two undergraduate<br>nursing courses, reaching over 140 students. Usage data revealed<br>that students engaged with Sherpath AI most intensively during<br>exam periods, with weekly queries ranging from 46 to 670 per<br>course. Notably, students began using Sherpath AI for subjects<br>beyond those where it was formally introduced, including<br>pharmacology, obstetrics, and pediatrics. This cross-disciplinary<br>adoption highlighted the platform’s intuitive design and<br>broad relevance.<br>A survey of a sample of students at GSU underscored Sherpath<br>AI’s positive influence on student learning at that institution.<br>Over 70% of respondents reported that Sherpath AI “inspires me<br>to learn new things,” while over 60% said it “makes them feel<br>more empowered” and “more involved with their studying.”<br>Additionally, over 65% indicated that Sherpath AI “improved<br>their performance,” “gave them control over their studies,”<br>and “enhanced their learning effectiveness.”<br>Dr Roth’s experience reflects the transformative potential of<br>Sherpath AI: “I love it. I absolutely love it. It made it so much easier<br>for me to be able to do my job a lot faster and more efficiently,<br>because I knew that the questions were good.”<br>By combining world-class educational content with advanced<br>AItechnology, Sherpath AI helps educators safeguard exam<br>integrity, nurture critical thinking, and empower students to<br>take charge of their learning.<br>I love it. I absolutely love it.<br>It’s been a lifesaver, honestly.<br>Dr Vanessa Roth<br>Foundations Instructor, St. Johns River State College<br>73,000+<br>Sherpath AI was used by over 73,000<br>nursing students in the US in 2025<br>Sherpath AI<br>Elevating nursing education with an adaptive digital<br>and conversational tool<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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22 RELX Annual Report 2025	Market segments<br>Business overview<br>Legal helps its customers improve decision-making, achieve<br>better outcomes and increase productivity by providing tools<br>that combine legal, regulatory and business information with<br>powerful analytics.<br>LexisNexis Legal & Professional is headquartered in New York<br>and has further principal operations in Dayton, Raleigh, and<br>Toronto in North America, London and Paris in Europe, and cities<br>in several other countries in Africa and Asia Pacific. It has<br>11,900 employees worldwide and serves customers in almost<br>150 countries and territories.<br>Revenues for the year ended 31 December 2025 were £1,806m,<br>compared with £1,718m in 2024 and £1,655m in 2023. In 2025,<br>68% of revenue came from North America, 22% from Europe,<br>and the remaining 10% from the rest of the world. Subscription<br>represented 85% of revenue and transactional revenues<br>represented 15%.<br>LexisNexis Legal & Professional is organised in market-facing<br>groups, focused on Law Firms & Corporate Legal, Government &<br>Academic, and News & Business markets. Content and tools are<br>tailored to the specific geographic markets served, supported by<br>global shared services organisations providing platform and<br>product development, operational and distribution services,<br>and other support functions.<br>Law Firms & Corporate Legal, representing around 70% of<br>revenue, provides legal professionals across law firms and<br>corporate legal departments with electronic reference, decision<br>tools, and analytics to help make better informed decisions in the<br>practice of law.<br>Standard products for legal research and analytics include Lexis,<br>Lexis+, and Lexis+ AI, which provide statutes and case law<br>combined with analysis and expert commentaries from secondary<br>sources, such as Matthew Bender, and incorporate the leading<br>citation service, Shepard’s, advising on the continuing relevance<br>of case law precedents.<br>Lexis+ AI was introduced in the US in 2023 and is a generative AI<br>platform designed to transform legal work. It is built and trained<br>on one of the world’s largest repositories of accurate and<br>exclusive legal content, leveraging an extensive collection of<br>documents and records to provide customers with trusted,<br>comprehensive legal results with unmatched speed and precision<br>and backed by verifiable, citable authority. The new Lexis+ AI<br>technology features conversational search, insightful<br>summarisation, uploaded document analysis, and intelligent<br>legal drafting capabilities, all supported by state-of-the-art<br>encryption and privacy technology to keep sensitive data secure.<br>In slightly over two years since the launch of Lexis+ AI, we have<br>gained widespread adoption of the platform – over half of all US<br>new and renewing customers are adopting Lexis+ AI. In 2025,<br>Lexis+AI delivered answers to over five million prompts in the<br>US alone.<br>LexisNexis Protégé, a new personalised AI Assistant in Lexis+ AI,<br>was launched in Q1 2025. Protégé is an AI feature of LexisNexis<br>that integrates with legal document management systems to<br>deliver uniquely personalised work product in a private, secure<br>setting. In 2025, Protégé expanded globally across key LexisNexis<br>markets in the US, Asia-Pacific, Europe, and Africa – and was<br>integrated into several products in the LexisNexis portfolio.<br>We help lawyers win cases, manage<br>their work more efficiently, serve their<br>clients better, and grow their practices<br>by deploying advanced analytics and<br>latest, cutting-edge technology,<br>including artificial intelligence.<br>Weassist corporations in better<br>understanding their markets and<br>monitoring relevant news. We partner<br>with leading global associations and<br>customers to help advance the Rule of<br>Law across the world.<br>Legal
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RELX Annual Report 2025	Legal 23<br>Lexis Create+ is an AI-powered personalised legal drafting tool<br>that helps users build comprehensive legal drafts right within the<br>Microsoft Word environment. The drafting, analysis and strategy<br>can be enhanced with direct integration into customer document<br>management systems. Lexis Create+ launched in multiple<br>LexisNexis markets in 2025.<br>Lexis+ is the core online research platform and is being rolled<br>outin additional countries and enhanced in existing countries.<br>New geographical roll-outs in 2025 included France and China.<br>In existing markets, content and product enhancements<br>improved our offerings. 2025 enhancements in the UK and<br>Canada expanded practice areas, added legislative tracking,<br>and improved customer access.<br>In 2025, LexisNexis continued to broaden the reach of its decision<br>tools and analytics through Lex Machina. Litigation Analytics on<br>Lexis+ AI helps users analyse courts, judges, attorneys, and law<br>firms. In July of 2025, Lex Machina rolled out a new Party Analytics<br>feature, offering practitioners even more valuable insights and<br>more exposure to Lex Machina’s industry-leading analytics<br>capabilities. Lex Machina also launched a Protégé integration,<br>enabling customers to enter a question, statement, or prompt<br>and receive an output of suggested analytics tailored to their<br>case needs, ensuring fast, data-backed legal insights.<br>LexisNexis expanded legal news coverage with Law360 in 2025,<br>publishing over 60,000 news and analysis articles and growing<br>its readership by over 10%. It also expanded global legal news<br>coverage with the launch of Law360 Criminal Practice section<br>covering the full spectrum of criminal law developments. From<br>a product standpoint, Law360 added new features including<br>customised news recommendations and enhanced pulse<br>leaderboard analytics allowing firms to compare themselves<br>to peers.<br>In the Intellectual Property (IP) analytics space, a Protégé<br>integration was launched within the PatentSight+ platform,<br>enabling users to ask questions in plain language and receive fast,<br>structured, visual answers drawn from global patent data and<br>scientifically validated metrics.<br>LexisNexis Regulatory Compliance is positioned to support our<br>clients in key regions globally, including the US and UK, assisting<br>them in maintaining compliance registers across numerous<br>topics including cybersecurity, banking, gambling and more. The<br>continuously expanding content portfolio is focusing on key legal<br>obligations content in highly regulated industries and areas of law.<br>LexisNexis also supplies software solutions for legal spend<br>management, matter management, and client engagement.<br>CounselLink+, a fully integrated Enterprise Legal Management<br>and Contract Lifecycle Management platform, features<br>interconnectivity to the LexisNexis portfolio, Practical Guidance<br>templates within the Contract module, and Ask Legal on Microsoft<br>Teams. In 2025, CounselLink+ launched a Protégé integration<br>which can provide matter and invoice summarization and<br>generate actionable insights. InterAction+, LexisNexis’s legal<br>Customer Relationship Management platform, continued building<br>cloud capabilities to enable customer migration.<br>In 2025, LexisNexis continued to pursue inorganic growth<br>opportunities and expand its integrations across the global legal<br>ecosystem. In June 2025, LexisNexis agreed a strategic alliance<br>with Harvey, an AI platform for legal and professional services,<br>whereby LexisNexis will integrate its Lexis+ AI capabilities<br>(powered by LexisNexis content) within the Harvey platform,<br>further advancing LexisNexis’s strategy of meeting customers<br>where they work. The alliance also envisages the joint<br>development of advanced legal workflows and potential expansion<br>to other regions outside the US.<br>Lexis+ AI is a generative AI platform designed to<br>transform legal work through enhanced search,<br>summarisation and drafting capabilities<br>Lexis+ is a legal analytics ecosystem that uses<br>AI and superior search technology to deliver<br>legal research and news, data-driven insights,<br>and practical guidance seamlessly into<br>legal workflows<br>LexisNexis Protégé is a personalised AI<br>assistant that reduces repetitive tasks, tackles<br>complex analyses, and delivers exceptional<br>work for legal and business professionals<br>Lex Machina provides Legal Analytics to<br>law firms and companies, enabling them to<br>craft successful strategies, win cases,<br>and close business<br>CounselLink+ is an award-winning Enterprise<br>Legal Management (ELM) solution designed for<br>corporate legal departments, offering enhanced<br>matter management, legal spend control,<br>contract lifecycle management and AI-powered<br>insights to drive efficiency, transparency, and<br>strategic decision-making<br>Nexis provides access to an expansive collection<br>of news, company, legal, and regulatory data<br>necessary to make smart business decisions<br>For more information<br>visit relx.com<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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24 RELX Annual Report 2025	Market segments<br>Geography Type<br>Transactional<br>15%<br>Subscription<br>85%<br>Rest of world<br>10%<br>Europe<br>22%<br>North America<br>68%<br>dexterity and use leading legal analytics tools to tackle complex<br>research, deliver quality drafts, and track key issues in the<br>practice of law. In partnership with law schools, LexisNexis<br>also plays a pivotal role in preparing students to navigate AI in<br>professional legal environments. Notably, over 25% of student<br>queries on Lexis+ are made through Protégé which holds a<br>significant preference advantage over competing AI solutions.<br>News & Business standard products for business research are<br>Nexis and Nexis+ AI, which provide access to over 40,000 licensed<br>sources, including a 45-year news archive across over 50 different<br>languages. Other core products include Nexis Newsdesk for<br>media monitoring, and Nexis Diligence+ for risk assessments.<br>Nexis+ AI, a generative AI platform designed to transform<br>business research, was launched in 2024 and has continued to<br>evolve over the course of 2025. The platform enables users to<br>generate cited, multi-source answers to research questions,<br>explore LexisNexis news and company data through intuitive<br>Company Profiles, create time-saving summaries of articles,<br>filings, analyst reports, and more. With these enhancements,<br>corporations can now streamline research, uncover insights<br>faster, and gain a competitive edge.<br>Market opportunities<br>Longer-term growth in legal and regulatory markets worldwide is<br>driven by increasing levels of legislation, regulation, regulatory<br>complexity and litigation, and an increasing number of lawyers.<br>Additional market opportunities are presented by the advent of<br>generative AI and increasing demand for online information<br>solutions, legal analytics, and other solutions, along with decision<br>support solutions that improve the quality and productivity of<br>research, deliver better legal outcomes, and improve business<br>performance. Notwithstanding this, legal activity and legal<br>information markets are also influenced by economic conditions<br>and corporate activity.<br>Strategic priorities<br>LexisNexis Legal & Professional’s strategic goal is to enable<br>better legal outcomes and be the leading provider of workflow and<br>productivity enhancing information, analytics, and information-based decision tools in its market. To achieve this, LexisNexis is<br>focused on introducing next-generation products and solutions on<br>the Lexis platform and infrastructure; incorporating advanced<br>technologies including generative AI; embedding LexisNexis<br>products within hundreds of customer workflows; driving<br>long-term international growth; and upgrading operational<br>infrastructure, improving process efficiency, and gradually<br>improving margins.<br>LexisNexis is also continuing its mission to advance the Rule of<br>Law around the world through the efforts of the LexisNexis Rule of<br>Law Foundation, a non-profit entity that conducts projects globally<br>to promote transparency of the law, access to legal remedy,<br>equaltreatment under the law, and independent judiciaries.<br>The Legal mission to advance the Rule of Law globally has<br>continued to benefit the 5.1bn people who are outside of the<br>umbrella protections of the Rule of Law. LexisNexis Rule of Law<br>Foundation, along with the LexisNexis commercial teams, have<br>contributed to projects to give accurate, quick, and fair answers<br>to justice needs. These projects include utilising AI in a judgement<br>writing tool for members of the Ugandan Judiciary; building<br>and launching, with RELX and LexisNexis South Africa, a tax<br>transparency tool for Ethiopia; training to introduce Afghani<br>refugee lawyers to online research tools familiarising them<br>with the technology and methodologies used in US law schools;<br>chairing a panel on the future of Rule of Law in 20 years’ time;<br>providing guidance to professionals on how AI will shape the<br>justice system; and donating access to LexisNexis products for<br>non-profit supporting organisations to reduce emissions and,<br>separately, to assist special prosecutors to build human rights<br>cases in the Gambia.<br>Government & Academic and News & Business, representing<br>around 30% of revenue, serves customers across government<br>organisations and law schools as well as providing customers<br>across industries with news and business information and<br>insights, including company information and US Public Records.<br>In Government, LexisNexis legal research and analytics tools<br>empower legal professionals across major US federal agencies<br>and state and local government in upholding the Rule of Law.<br>Products such as Lexis+, Lexis+ AI and Practical Guidance enable<br>efficient research, while CaseMap helps manage and collaborate<br>on legal cases. LexisNexis Reed Tech also provides patent data<br>and document management services to the US Patent and<br>Trademark Office, with over 50 years of partnership.<br>In 2025, LexisNexis set a new standard by becoming the first legal<br>research platform to reach FedRAMP Ready status with Lexis+<br>forGovernment, underscoring our commitment to security and<br>compliance in serving US federal and State agencies.<br>In Academic markets, LexisNexis actively engages with law<br>school users with a focus on product features and research<br>methods, reaching faculty and students across over 210 US law<br>schools in 2025. Through national marketing and in-person<br>programmes, LexisNexis helps students and faculty build search<br>2025 Revenue £1,806m
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RELX Annual Report 2025	Legal 25<br>Further improvement in underlying revenue growth driven<br>by AI-enabled legal analytics and tools<br>Underlying revenue growth of +9%, a further step up in growth<br>from 2024. Strong growth continues to be driven by the shift in<br>business mix towards higher growth, higher value legal<br>analytics and tools.<br>Underlying adjusted operating profit growth of +12%, leading to<br>a further improvement in adjusted operating margin.<br>In Law Firms & Corporate Legal, double-digit growth is being<br>driven by the continued adoption of our core AI-enabled legal<br>research and analytics platform and our integrated agentic<br>legal assistant (Lexis+ AI and Protégé). Ongoing releases of<br>new functionality, including General AI and Workflows, and<br>deeper integration of our tools on our core platform with its<br>comprehensive, verified legal content, is enabling us to increase<br>our value-add and serve an increasing number of use cases.<br>In Government & Academic and News & Business, good growth<br>continues to be driven by the further extension of analytics and<br>decision tools.<br>Renewals and new sales are strong across all key segments.<br>2026 outlook<br>We expect continued strong underlying revenue growth with<br>underlying adjusted operating profit growth exceeding<br>underlying revenue growth.<br>2025 financial performance<br>Restated<br>2024<br>GBPm<br>2025<br>GBPm<br>Change<br>in GBP<br>Change at<br>constant<br>currency<br>Underlying<br>growth<br>Revenue 1,718 1,806 +5% +8% +9%<br>Adjusted operating profit 381 415 +9% +11% +12%<br>Revenue<br>2025<br>1,806 1,718<br>2024<br>GBPm<br>Underlying growth +9%<br>Adjusted operating profit<br>381<br>Underlying growth +12%<br>GBPm<br>2024 2025<br>415<br>Across segments, LexisNexis is focused on the ongoing<br>development of advanced legal research and practice solutions<br>that help lawyers make data-driven decisions with greater<br>accuracy and efficiency. Global functions and presence enable<br>LexisNexis to effectively launch and scale products such as Lexis+<br>AI across segments, leveraging shared assets from product<br>design to back-end functionality.<br>Business model, distribution channels and competition<br>LexisNexis Legal & Professional products and services<br>are generally sold directly to law firms and to corporate,<br>government and academic customers on a paid subscription<br>basis, with subscriptions often under multi-year contracts.<br>Some LexisNexis research and reference content is sold in a print<br>format. From 2025, print and print-related activities are managed<br>and reported separately.<br>Principal competitors for LexisNexis in US legal markets are<br>Westlaw (Thomson Reuters), CCH (Wolters Kluwer), and<br>Bloomberg. In news and business information, key competitors<br>are Bloomberg, Factiva (News Corporation) and Reuters News<br>(Thomson Reuters).<br>Significant international competitors include Thomson Reuters,<br>Wolters Kluwer and Factiva.<br>2024 results restated to reflect business area reporting changes<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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26 RELX Annual Report 2025	Market segments<br> 10%<br>Rupp Pfalzgraf increased its average caseload per attorney<br>by 10% since adopting Lexis+ AI.<br>Lexis+ AI has revolutionised how we work. We’re more<br>efficient, more competitive, and more prepared than<br>ever. This isn’t just a tool for today – it’s a foundation for<br>the future.<br>R. Anthony Rupp III<br>Founding Partner<br>About Lexis+ AI<br>Lexis+ AI is a generative AI solution designed to transform<br>legal work. It enables conversational legal research, insightful<br>summarisation, intelligent legal drafting, and document upload<br>and analysis capabilities. Answers are grounded in LexisNexis<br>proprietary legal content and enhanced by Shepard’s Knowledge<br>Graph, ensuring reliability and completeness. Lexis+ AI is backed<br>by world-class encryption and data privacy technology.<br>About Rupp Pfalzgraf<br>Rupp Pfalzgraf is a full-service law firm based in Buffalo,<br>New York. Founded in 2000 by three entrepreneurial attorneys,<br>the firm has grown into a forward-thinking practice serving a<br>broad range of clients. Known for its innovation, Rupp Pfalzgraf<br>continuously adopts cutting-edge legal technology to deliver<br>high-quality services with a client-first focus. The firm has<br>always prioritised innovation, leveraging technology to enhance<br>service delivery and maintain a competitive edge.<br>Legal research, one of the most time-consuming aspects of practice, posed a<br>bottleneck – especially when managing<br>high-volume or complex matters. The<br>leadership team recognised the need for<br>AI-powered tools to streamline workflows,<br>improve accuracy, and enable attorneys to<br>respond more efficiently.<br>In 2023, the firm adopted Lexis+ AI to optimise its research and<br>drafting workflows. Unlike other AI tools, Lexis+ AI met Rupp<br>Pfalzgraf’s high standards for data security and reliability. The<br>firm was particularly drawn to the ability to delete user inputs,<br>which aligned with internal values and privacy policies.<br>The adoption process was structured and seamless, beginning<br>with pilot programmes for a select group of attorneys and<br>eventually expanding across the firm. The results were<br>transformative. Attorneys now complete complex legal<br>research in a fraction of the time, with significantly improved<br>accuracy and confidence. For example, tasks such as drafting<br>third-party insurance coverage opinions that previously took<br>up to nine hours now take just two and a half hours.<br>Lexis+ AI<br>How Rupp Pfalzgraf increased case capacity while enhancing<br>service quality, using LexisNexis Legal & Professional’s fully<br>integrated next generation legal assistant<br>The impact of Lexis+ AI extended to litigation preparation, oral<br>arguments, motions drafting and workplace investigations.<br>Attorneys have reported completing federal court motions<br>in one-quarter of the original time. The ability to extract,<br>summarise and compare information quickly has enhanced<br>both strategic planning and client communication.<br>Notably, Lexis+ AI has also helped attorneys branch into new<br>practice areas with confidence. In one instance, a lawyer<br>unfamiliar with vaccine waiver laws for school districts was<br>able to deliver accurate results and win the case – something<br>previously outside their scope.<br>Rupp Pfalzgraf has embraced Lexis+ AI not just as a tool, but as<br>a catalyst for cultural change and future growth. The firm now<br>trains paralegals and clerks to leverage AI in meaningful ways,<br>expanding capacity across roles.
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RELX Annual Report 2025	Legal 27<br>About LexisNexis Protégé<br>Protégé is an advanced AI assistant designed to enhance<br>productivity, improve work quality, and help legal and business<br>professionals unlock new economic value. Protégé marks<br>a transformative change, allowing users to customise the<br>assistant to their roles, practice areas, jurisdictions, and styles.<br>For example, Protégé combines agentic AI with authoritative<br>content to draft, research and review legal work across litigation,<br>judicial and transactional workflows, acting like a junior<br>associate, a law clerk or a drafting assistant, depending on the<br>user’s role.<br>Unlike traditional generative AI, Protégé uses agentic AI<br>technology to navigate complex workflows, break down tasks,<br>collaborate with the user and review its own work before human<br>review. Protégé can dynamically suggest or execute next steps<br>based on user goals, either autonomously or with user guidance.<br>Protégé is developed with a human in the loop and adheres to the<br>highest standards of security, compliance and privacy.<br>LexisNexis Legal & Professional began<br>experimenting with agentic AI in 2023 and was<br>among the first to introduce a legal agentic AI<br>solution with Protégé in January 2025.<br>Protégé builds on a decade of LexisNexis investment in AI<br>technologies, robust tools and proprietary content, including<br>morethan $1bn in technology spend. The technology platform<br>seamlessly integrates the latest AI advancements within a<br>multi-cloud infrastructure and provides a proprietary framework<br>for developing legal-tuned agents grounded in LexisNexis<br>comprehensive, authoritative and enriched legal content.<br>Agentic systems require robust tools to execute tasks. Protégé<br>agents leverage the company’s trusted tools including semantic<br>search, Shepard’s citation validation, caselaw summarisation<br>and a knowledge graph that interlinks authoritative datasets for<br>highly relevant, trustworthy AI responses.<br>LexisNexis AI development combines a multi-model approach<br>that selects the best model for each customer use case, model<br>fine-tuning alongside expert legal professionals and model<br>distillation for high model performance.<br>Flexible and Adaptable Agentic Framework<br>In agentic frameworks, models can reason through a series of<br>steps and use tools to complete workflows. In Protégé, some<br>workflows are completed autonomously by the agent, while<br>others involve human-AI collaboration, where user input guides<br>the agent’s behaviour. The proprietary LexisNexis agentic AI<br>framework is designed to be adaptable, allowing AI agents to be<br>tailored to a legal professional’s workflow.<br>LexisNexis continues to develop this framework, balancing<br>automation with transparency and user control, enabling users<br>to see the model’s reasoning and guide its behaviour.<br> 1,000<br>LexisNexis conducts over 1,000 customer discovery<br>interactions each week. These insights directly shape<br>the products our customers use.<br>LexisNexis Protégé<br>LexisNexis Legal & Professional’s fully integrated<br>next generation legal assistant<br>Agentic performance depends on authoritative content,<br>firm knowledge, orchestration and governance.<br>Uniquely, we combine all four. LexisNexis has the<br>industry’s most trusted content, customer content<br>integration, mature workflow connectors and<br>enterprise controls. Protégé is a step-change from<br>answers to outcomes, significantly expanding<br>productivity for customers.<br>Sean Fitzpatrick<br>CEO LexisNexis North America, UK and Ireland<br>Legal-Tuned AI Agents<br>Protégé leverages a diverse set of AI agents within this framework.<br>Some function as adaptable generalists, for broad tasks such as<br>analysing customer data or conducting web searches, others<br>operate as specialists for reviewing contracts or answering<br>legal questions. By integrating these agents into multi-agent<br>workflows, Protégé can dynamically manage complex legal work<br>while delivering more accurate and highly personalised results.<br>Expansion<br>Protégé is designed to integrate seamlessly into the existing<br>workflows of professionals. It is available across the LexisNexis<br>suite of products, including Lexis+ AI, Lexis Create+, Lex Machina,<br>PatentSight+ and CounselLink+, as well as in the broader market<br>ecosystem, including highly used products such as Microsoft<br>Word and Teams.<br>Protégé is available across multiple regions including the US, the<br>UK, Canada and France. It follows the global roll out of Lexis+ AI<br>in 2024. Both Protégé and Lexis+ AI have been among the<br>fastest-adopted products in the company’s history.<br>LexisNexis is expanding Protégé with General AI, giving users a<br>single search experience that unifies insights from open web<br>search, proprietary LexisNexis content, and customers’ own<br>documents. As LexisNexis continues to adopt new technologies<br>and refine its agile processes, the velocity of innovation, product<br>development and rollouts is accelerating. The company applies<br>the principle of extreme re-use, shortening the rollout cycles<br>from years to weeks.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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28 RELX Annual Report 2025	Market segments<br>Business overview<br>Exhibitions combines industry expertise, digital tools, and data<br>to help customers connect in-person and online, discover new<br>markets, source products, generate leads, and transact.<br>RX has its headquarters in London and has further principal<br>offices in Paris and Düsseldorf in Europe, Norwalk (Connecticut),<br>Mexico City and São Paulo in the Americas, Beijing, Shanghai,<br>Tokyo and Singapore in Asia, and Sydney, Australia. RX has<br>3,400 employees worldwide and its portfolio of events serves<br>41 industry sectors.<br>Revenues for the year ended 31 December 2025 were £1,186m<br>compared with £1,239m in 2024 and £1,115m in 2023. In 2025,<br>20% of RX’s revenue came from North America, 36% from Europe<br>and the remaining 44% from the rest of the world on an event<br>location basis.<br>Six million participants welcomed the opportunity to build their<br>businesses at RX face-to-face events. RX ran 274 face-to-face<br>events across 41 industry sectors in 25 countries.<br>RX organises influential events in key global markets, each<br>designed to address the specific needs of each industry.<br>Participants from around the world meet in-person to learn,<br>network, source products or leads, and trade. RX’s portfolio spans<br>a broad range of sectors, including travel, chemical ingredients,<br>renewable energy, life sciences and pharmaceuticals, real estate,<br>construction, advanced materials, electronic manufacturing,<br>advanced manufacturing, data analytics, AI & cybersecurity,<br>transport, jewellery, gifts, comic conventions, physical security,<br>media, and fitness. RX makes selective launches to increase<br>presence in attractive sectors (such as Expo Nacional Ferretera<br>for the hardware and home improvement industry, Mexico) and to<br>extend successful value propositions into new markets (such as<br>FIBO expanding into SaudiArabia).<br>In 2025, RX extended the continuous improvement, range and<br>depth of digital and data products offered, increasing their<br>sophistication and the value delivered to customers. These<br>products gave buyers and sellers increasingly valuable ways to<br>achieve their objectives before, during, and after an event. These<br>products provide new insights for customers and event teams<br>into customers’ activity, performance, and results at its events,<br>helping drive their decision-making. RX’s digital platform enables<br>rapid experimentation and learning by testing new features and<br>products and handing the outcomes of these tests from one event<br>to the next. Digital products grew in 2025 with electronic revenue<br>accounting for 8% of revenue.<br>Exhibitions<br>We help customers build their<br>businesses through face-to-face<br>events and digital tools, enabling<br>innovation and supporting the<br>economic development of local<br>markets andnational economies<br>around the world.
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RELX Annual Report 2025	Exhibitions 29<br>Market opportunities<br>RX is positioned well for further growth in face-to-face events.<br>This growth will be complemented by rising adoption of –<br>and revenue from – data, digital tools, and platforms, both<br>stand-alone and as part of multi-channel events. These events<br>and digital tools are a key lever for RX customers’ businesses<br>and national economies to expand.<br>Growth in the exhibitions market is influenced by business-to-business marketing spend and by business investment.<br>Historically, these have been driven by levels of corporate<br>profitability, which in turn has followed overall growth in gross<br>domestic product. Emerging markets and higher growth sectors<br>provide additional opportunities. RX’s broad geographical<br>footprint and sector coverage allow it to respond effectively to<br>changes in global trade and capture growth opportunities as they<br>emerge. Not all events are held annually and so growth in any<br>one year is affected by the cycle of non-annual exhibitions.<br>Strategic priorities<br>RX’s long-term strategic goal is to provide discernible and<br>improving value to buyers and sellers by connecting them to build<br>their businesses, through a mixture of learning, networking,<br>sourcing products or leads, and completing deals. We deliver this<br>value through a range of market-leading events, digital tools and<br>platforms in all major geographic markets and higher growth<br>sectors. This allows exhibitors to target and reach new customers<br>quickly and cost-effectively, under one roof and with an integrated<br>set of digital tools, resulting in measurably higher value and<br>improved outcomes. RX focuses on five main areas that position<br>itfor long-term success.<br>Customer value: RX constantly looks for ways to increase the<br>value generated for customers, by innovating the offering and<br>format of its events, continuously evolving every event to the most<br>attractive segments in the industry, and by deploying digital and<br>data tools and platforms to enhance and extend the in-person<br>experience.<br>Portfolio development: RX actively shapes its portfolio through<br>a combination of new launches, strategic partnerships and<br>selective acquisitions and disposals, targeting the optimal mix<br>ofindustry segments, geographic segments, value propositions<br>and business models.<br>Best in class go-to-market capabilities: RX continues to drive<br>innovative capabilities in all areas critical to its performance,<br>including sales techniques and the use of analytics to generate<br>insights both for RX and its customers. RX is enhancing its<br>marketing efforts through the appointment of a Chief Marketing<br>Officer and the adoption of AI and social listening technologies, to<br>continuously attract the most valuable visitors and exhibitors to its<br>events. RX is also increasing its pricing sophistication, including<br>for a wider range of visitor segments to reflect the value they gain<br>from attending an exhibition.<br>Operational efficiency: RX operates a lean and agile structure,<br>able to respond quickly to changing circumstances and customer<br>needs. RX’s global technology platforms and more specialist<br>functions allow RX to accelerate revenue growth, while<br>controlling costs and embedding sustainability throughout the<br>organisation. RX is improving the effectiveness and efficiency of<br>these platforms and functions by utilising GenAI tools, in turn<br>enabling faster deployment of digital products, new events<br>and process innovation. RX is progressing well towards its<br>sustainability goals; in 2025 RX published its first Sustainability<br>Report and began to roll out a sustainability scorecard to help<br>event teams assess and improve their performance.<br>Talent: RX develops talent by building strategically important<br>capabilities and cultivating communities that collaborate to learn<br>and share innovation and best practice. This is underpinned by a<br>strong organisational culture of customer focus, entrepreneurial<br>thinking, ambition and growth mindset.<br>RX continually enhances the value of its face-to-face events<br>using data, analytics, and technology. RX’s digital solutions help<br>customers to better promote their presence at events, create<br>more connections between the right buyers and sellers, increase<br>the value of leads generated, and follow up on the most promising<br>leads after the event, thereby demonstrably increasing the return<br>on investment of customer spend at RX events. RX’s digital<br>solutions constantly evolve based on data and deep customer<br>insight about the needs and behaviours of buyers and sellers in the<br>different sectors in which it operates. RX has built a unified global<br>technology platform and single data lake, enabling near real-time<br>insights and faster global rollout of high-quality digital services.<br>In 2025 this included scaling up Colleqt (the visitor-led tool<br>capturing leads and information digitally instead of via business<br>cards, bags, and brochures) in France and Japan.<br>Business model, distribution channels and competition<br>Over 70% of RX’s revenue is derived from exhibitor fees,<br>with the balance primarily consisting of admission charges,<br>conference fees, sponsorship fees and digital tools. RX often<br>works in collaboration with trade associations, which use the<br>events to promote access for members to domestic and export<br>markets, and with governments, for which events can provide<br>important support to stimulate foreign investment and promote<br>regional and national economic activity. RX increasingly offers<br>visitors and exhibitors the opportunity to interact before and<br>after the show using digital tools and platforms such as online<br>directories, matchmaking, and mobile apps. RX is more actively<br>shaping the exhibitor and visitor experience during the show,<br>using digital tools and real-time recommendations.<br>RX is one of the largest event organisers globally in a fragmented<br>industry, holding a global market share of less than 10%. Other<br>international exhibition organisers include Informa, Clarion and<br>the larger German Messen, including Messe Frankfurt, Messe<br>Düsseldorf and Messe Munich. Competition also comes from<br>industry trade associations and owners of event venues.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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30 RELX Annual Report 2025	Market segments<br>Geography Source<br>Rest of world<br>44%<br>Europe<br>36%<br>North America<br>20% Visitors and other<br>26%<br>Exhibitors<br>74%<br>Location: France<br>The world’s property market<br>Location: UK<br>Premier global event<br>for the travel industry<br>Location: UAE<br>The Middle East’s meeting<br>place for the travel trade<br>Location: US<br>The North American<br>jewellery industry’s<br>premier event<br>Location: US<br>International Security<br>Conference & Exhibition<br>Location: Germany<br>Innovations for smart sheet<br>metal working<br>Location: France<br>International exhibition for<br>personal care ingredients<br>Location: Italy<br>International exhibition for<br>companies in the industry of<br>HVAC+R, renewable energy<br>and energy efficiency<br>Location: Japan<br>Japan’s comprehensive<br>exhibition for smart and<br>renewable energy<br>Location: US<br>The East Coast’s largest<br>pop culture convention<br>Location: China<br>One of the largest business<br>gifts & home fairs in China<br>Location: Germany<br>International trade show for<br>fitness, wellness & health<br>Location: Brazil<br>International trade fair for<br>the building industry<br>Location: Netherlands<br>The world’s dedicated<br>hydrogen event<br>Location: Australia<br>Australia’s clean energy<br>event<br>Location: France<br>Europe’s premier in-water<br>boat fair<br>Location: Japan<br>Asia’s Exhibition for<br>Electronics R&D,<br>Manufacturing and<br>Packaging Technology<br>Location: Japan<br>Japan’s one-stop shop for<br>office related products<br>and services<br>Location: China<br>China’s event for suppliers<br>and buyers in the<br>housewares industry<br>Location: Korea<br>International maritime and<br>energy exhibition<br>Location: Japan<br>Japan’s comprehensive<br>IT exhibition<br>Location: Germany<br>The world’s marketplace for<br>airlines and the supply chain<br>to meet<br>Location: Brazil<br>International auto parts,<br>equipment and services<br>tradeshow<br>Location: France<br>The International Luxury<br>Travel Market<br>2025 Revenue £1,186m<br>For more information<br>visit relx.com
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RELX Annual Report 2025	Exhibitions 31<br>Revenue<br>2025<br>1,239<br>2024<br>Underlying growth +8%<br>GBPm<br>1,186<br>Adjusted operating profit<br>398 410<br>GBPm<br>2024 2025<br>Underlying growth +9%<br>Strong underlying revenue growth and profitability<br>improvement<br>Underlying revenue growth of +8%, reflecting the improved<br>ongoing growth profile of our event portfolio. Reported revenue<br>includes the effects of prior year disposals and event cycling.<br>Underlying adjusted operating profit growth of +9%, as we<br>continue to manage underlying cost growth below underlying<br>revenue growth, with margins now significantly above<br>historical levels.<br>We continue to make good progress on value-enhancing<br>digital initiatives, with increased usage of our growing range<br>of digital tools for both exhibitors and attendees at our<br>face-to-face events.<br>2026 outlook<br>We expect continued strong underlying revenue growth with<br>an improvement in adjusted operating margin over the prior<br>full year.<br>2025 financial performance<br>2024<br>GBPm<br>2025<br>GBPm<br>Change<br>in GBP<br>Change at<br>constant<br>currency<br>Underlying<br>growth<br>Revenue 1,239 1,186 -4% -2%* +8%<br>Adjusted operating profit 398 410 +3% +7% +9%<br>* includes cycling effects of -5%<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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32 RELX Annual Report 2025	Market segments<br>x2<br>Customer usage of the Exhibitor Dashboard has more than<br>doubled in two years, with 66% of exhibitors now actively<br>engaging, compared with 28% in 2023.<br>It’s the easiest way to quantify what you have from the<br>show. The event is a big investment for us; we’ve got to<br>be smart and better prepared. Using the data in our<br>event planning is key to having a successful result.<br>David Cho<br>Head of Strategy, Noon Shop, Vision Expo Exhibitor<br>About Exhibitor Dashboard<br>Exhibitor Dashboard is RX’s response to its customers’ need for<br>transparent event data which quantifies the business value RX<br>delivers. Built in-house by RX, Exhibitor Dashboard seamlessly<br>integrates data from the company’s registration, matchmaking,<br>show directory and lead retrieval systems into one clear and<br>simple to use personal dashboard, so exhibitors can assess their<br>trade show performance in real-time, and gain critical insights<br>to improve their return on investment year-on-year.<br>In an economic environment that demands<br>accountability, exhibitors are under growing<br>pressure to justify their investment in trade<br>shows. They’re not just looking for visibility.<br>They want to see the business impact:<br>concrete, actionable proof that events<br>drivevalue.<br>Exhibitor Dashboard was built from the ground up, by listening<br>closely to our customers and then working cross-functionally<br>across our Customer Success, Data, Customer Insights,<br>Digital, Sales, Show, and IT teams. One of the key challenges it<br>overcomes is bridging the gap between exhibitors’ expectations<br>and what they can tangibly measure after the event. Too often,<br>important signals like quality of leads or depth of visitor<br>engagement were getting lost in the buzz of the show.<br>The Dashboard gives exhibitors clear and reliable insights into<br>the value of their event participation by replacing guesswork<br>with objective, real-time data and analytics. It brings together all<br>their key event metrics in one place, including leads collected<br>atthe show, profile views, digital engagement and how many<br>matchmaking recommendations were made based on attendee<br>registration preferences.<br>From 12 weeks out, exhibitors can see how their brand is<br>performing, who is engaging and where interest is building,<br>helping them optimise their stand displays and tailor their<br>messaging to customer needs. The dashboard surfaces<br>valuable data such as company location and industry focus.<br>It reveals how exhibitors are faring against competitors in their<br>category. And it gives them actionable insights to improve<br>customer engagement and lead generation before and during<br>the show.<br>Exhibitor Dashboard<br>Turning event data into informed decisions<br>After the event, they can use their lead data and analytics to<br>prioritise their most promising prospects for follow-up, measure<br>their return on investment and provide clear evidence of the value<br>their participation delivered.<br>By diving into the data, exhibitors gain a deep understanding of<br>their target audience’s preferences and behaviour. Armed with<br>this knowledge, they can refine their strategies, tailor their<br>offerings and deliver a more engaging experience, driving<br>stronger customer connections and boosting conversions at<br>their next event.
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RELX Annual Report 2025	Exhibitions 33<br>140,724<br>Over four days at FIBO 2025, 140,724 visitors passed<br>through the TQG hall, underlining the extraordinary<br>reach and appeal of the activation.<br>Bringing this project to life means far more than<br>delivering an event – it is about living our values<br>inevery detail, uniting visions from across the<br>company, and creating something greater than the<br>sum of its parts.<br>Above all, it is our way of honouring our communities,<br>listening to and fulfilling their needs, reminding us<br>why we do what we do and how powerful it can be<br>when people come together with a shared purpose.<br>Hannah Kloft<br>Head of Event & Sponsoring, The Quality Group<br>About FIBO<br>FIBO is the world-leading business and consumer event for<br>fitness, wellness and health, taking place each year in Cologne,<br>Germany. The 2025 event in April connected 992 exhibitors and<br>partners with 154,890 business professionals and fitness fans,<br>setting new records for the event’s 40th anniversary year. In<br>October 2025, FIBO extended its brand into Saudi Arabia with<br>the debut of FIBO Arabia in Riyadh.<br>Home to the powerhouse brands ESN and<br>More Nutrition, German-based The Quality<br>Group (TQG), is a leading sports nutrition and<br>dietary supplements holding company with<br>annual sales of more than €800m in 2024.<br>In 2024, after several years of prioritising e-commerce and<br>hosting its own branded events, TQG decided it was the right<br>moment to return to FIBO. From the outset, the company made it<br>clear that a standard booth would not meet its brand ambitions.<br>The group was looking for something unique.<br>FIBO delivered with one of the show’s most electrifying<br>consumer activations in its 40 years – an immersive ‘event within<br>an event’ concept combining the brand freedom and impact of<br>ESN and More Nutrition’s own events with the global reach and<br>diverse audience FIBO provides.<br>The vision came to life in the form of a self-contained 8,000 square<br>metre TQG hall within FIBO, complete with its own entrances,<br>staging, sampling areas, athlete and influencer meet ups,<br>and interactive fitness challenges. The scale of the activation<br>required close collaboration between the FIBO and TQG teams,<br>from operations and logistics to digital communications. Crowd<br>management tools were deployed in partnership with the venue<br>to ensure visitor flow and safety, while a dedicated landing page<br>on fibo.com and coordinated social media campaigns extended<br>engagement beyond the show floor.<br>So successful was the partnership, that TQG returned in 2025<br>with an even larger footprint of more than 9,000 sq m. The<br>expanded concept introduced new elements: a targeted<br>business-to-business programme for retailers, content-driven<br>formats to educate consumers, activations across additional<br>sports disciplines such as Mixed Martial Arts, and entertainment<br>zones including a silent disco. ESN also took the role of headline<br>sponsor for the first FIBO Bodybuilding Championship,<br>further reinforcing its leadership in the sector.<br>At FIBO 2025, nine out of ten attendees visited the TQG hall.<br>The partnership not only showcased TQG’s brands but also<br>created a powerful ripple effect – driving visibility, engagement,<br>and impact across the entire event.<br>FIBO<br>Creating a branded event for The Quality Group within FIBO<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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34 RELX Annual Report 2025<br>In this section<br>35 Corporate responsibility overview<br>38 Our unique contributions<br>42 Corporate responsibility governance<br>46 Customers<br>49 People<br>52 Community<br>56 Supply chain<br>59 Environment<br>Corporate<br>responsibility<br>Contact details<br>Your views are important to us.<br>Please send your comments to:<br>corporate.responsibility@relx.com<br>Or write to:<br>Dr Márcia Balisciano<br>Chief Sustainability Officer and Global Head ofCorporate Responsibility<br>RELX<br>1–3 Strand<br>London<br>WC2N 5JR<br>United Kingdom<br>For more information, visit:<br>www.relx.com/corporateresponsibility<br>This report contains the RELX PLC Non-Financial and Sustainability<br>Information Statement for the purposes of Section 414CA and 414CB of<br>the Companies Act 2006.
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RELX Annual Report 2025	Introduction 35<br>and other information<br>Financial statements Governance Financial review Corporate responsibility Market segments Overview<br>Corporate responsibility overview<br>We pursue robust governance of CR issues for which the CEO is<br>responsible to the Board. Our business area and functional<br>leaders are accountable for CR performance, supported by clear<br>objective setting, CR Forum monitoring and engagement from<br>over 5,300 colleagues in our internal CR networks.<br>Corporate responsibility begins with the purpose of the company.<br>RELX is a global provider of information-based analytics and<br>decision tools for professional and business customers,<br>enabling them to make better decisions, get better results and<br>be more productive.<br>Our purpose is to benefit society by developing products that help<br>researchers advance scientific knowledge; doctors and nurses<br>improve the lives of patients; lawyers promote the rule of law and<br>achieve justice and fair results for their clients; businesses and<br>governments prevent fraud; consumers access financial services<br>and get fair prices on insurance; and customers learn about<br>markets, and complete transactions.<br>Our purpose guides our actions beyond the products that we<br>develop. It defines us as a company. Across RELX our employees<br>are inspired to undertake initiatives that make unique<br>contributions to society and the communities in which we operate.<br>We act with high ethical standards, while using our strengths to<br>make a positive impact on society. To us, Corporate Responsibility<br>(CR) is not a programme or prescriptive set of activities, it is how<br>we conduct ourselves and our business on a daily basis. It is the<br>responsibility of everyone at RELX.<br>Our focus on CR gives us a long-term sustainable, competitive<br>advantage. Itinspires confidence in our stakeholders, and<br>provides a licence to operate in the communities in which we live<br>and work. It underpins our business strategy to deliver improved<br>outcomes for our customers by combining leading content and<br>data sets with advanced technologies. It helps us build leading<br>positions in long-term global growth markets and leverage our<br>skills and assets.<br>We align the objectives we set for our unique contributions, and for<br>key areas that impact all companies such as governance, people,<br>customers, community, supply chain and environment with the<br>United Nations Sustainable Development Goals (SDGs) to support<br>the achievement of these 17 global goals by 2030.<br>We believe in timely, comprehensive reporting. Key non-financial<br>metrics, including for environment, people, community and supply<br>chain are independently assured. CR is an integral part of the<br>statements ofthe Chair, CEO and CFO (see pages 3, 4, and 66).<br>RELX’s Sustainability Statement has been prepared in accordance<br>with the European Union Corporate Sustainability Reporting<br>Directive (CSRD) and the European Sustainability Reporting<br>Standards (ESRS) as adopted by the European Commission<br>(see pages 208-231).<br>Corporate responsibility is not an activity.<br>It is embedded in our values and in how<br>we operate as a company. It is integral<br>to our performance and the long-term<br>sustainability of the business.<br>Dr Márcia Balisciano<br>Global Head of Corporate Responsibility, RELX<br>Commitment to the United Nations Global Compact<br>The United Nations Global Compact (UNGC) links<br>businesses around the world with UN agencies, labour and<br>civil society in support of Ten Principles encompassing<br>human rights, labour, the environment and anti-corruption.<br>We work to further UNGC principles within RELX and in our<br>supply chain. We complete the Enhanced Communication<br>onProgress annually and our Global Head of Corporate<br>Responsibility serves on the Board of the Foundation for<br>theGlobal Compact.<br> For more information visit: www.unglobalcompact.org/<br>what-is-gc/participants/7909<br>Sustainable Development Goals (SDGs)<br>We’re committed to doing our part to advance these<br>essential objectives for the world. Throughout the Corporate<br>Responsibility section of this report, SDG icons highlight the<br>SDGs relevant to the content.<br> Visit the RELX SDG Resource Centre<br>www.sdgresources.relx.com
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36 RELX Annual Report 2025	Corporate responsibility<br>2025 key corporate responsibility data<br>2021 2022 2023 2024 2025<br>Revenue (GBPm) 7,244 8,553 9,161 9,434 9,590<br>People<br>Number of full-time equivalent employees (year end) 33,500 35,700 36,500 36,400 37,600<br>Percentage of women employees (%) 50 50 51 51 51<br>Percentage of women managers (%) 44 44 45 46 46<br>Percentage of women senior leaders (%)1<br> 30 31 31 32 31<br>Percentage of ethnic minority US/UK managers (%) 19 19 20 21 22<br>Percentage of ethnic minority US/UK senior leaders (%)1<br> 10 12 15 17 19<br>Community2<br>Total cash and in-kind donations (products, services and time (GBPm)) 10 12 12 12 11<br>Market value of cash and in-kind donations (GBPm) 21 23 23 23 20<br>Percentage of employees volunteering (%)3<br> 32 36 36 37 38<br>Total number of days volunteered in company time 10,362 12,830 16,529 16,149 14,782<br>Health and safety (lost time) 4<br>Incident rate (cases per 1,000 employees) 0.07 0.17 0.30 0.15 0.19<br>Frequency rate (cases per 200,000 hours worked) 0.01 0.02 0.03 0.02 0.02<br>Severity rate (lost days per 200,000 hours worked) 0.02 0.36 0.41 0.25 0.28<br>Number of lost time incidents (>1 day) 2 5 9 5 7<br>Socially Responsible Suppliers (SRS)<br>Number of key suppliers on SRS database5<br> 359 724 796 914 954<br>Number of independent external audits6<br> 111 119 125 137 140<br>Number of signatories to the Supplier Code of Conduct7<br> 3,670 4,467 5,322 6,056 6,586<br>Environment 8<br>Total on-site energy (MWh) 125,095 117,997 110,750 89,745 55,977<br>Renewable electricity purchased (MWh)9 105,793 98,013 92,621 77,412 50,281<br>Percentage of electricity from renewable sources (%)9<br> 100 100 100 100 100<br>Waste sent to landfill (t)10 150 73 45 44 32<br>Percentage of waste diverted from landfill (%)10 93 97 97 97 96<br>Water usage (m3<br>) 183,575 156,734 142,374 134,716 111,810<br>Climate change (tCO2e)8<br>Scope 1 (direct) emissions 5,644 5,211 4,317 2,703 1,966<br>Scope 2 (location-based) emissions 44,051 37,270 36,616 29,989 19,500<br>Scope 2 (market-based) emissions 8,321 8,952 8,598 6,971 5,294<br>Scope 3 (flights) Cirium’s EmeraldSky flight emissions methodology11 3,402 15,879 16,999 19,172 23,826<br>Scope 1 + Scope 2 (location-based) emissions 49,695 42,481 40,933 32,692 21,466<br>Scope 1 + Scope 2 (location-based) + Scope 3 (flights) emissions 53,097 58,360 57,932 51,864 45,292<br>Scope 1 + Scope 2 (market-based) + Scope 3 (flights) emissions 17,367 30,042 29,914 28,846 31,086<br>Paper<br>Production paper (t) 40,910 28,466 22,561 18,949 16,927<br>Sustainable content (%)12 98 99 100 100 100<br>SDG Resource Centre<br>Unique users 133,832 155,082 220,815 303,837 352,391<br>New content items 970 658 822 973 935<br>1 We define senior leaders as colleagues with a management grade of 17 and above.<br>2 Reporting period for Community metrics covers 12 months from December 2024 to November 2025.<br>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<br>reflects the number of staff using volunteering hours, as well as those who participated in other Company-sponsored volunteer activities.<br>4 Accident reporting covers approximately 98% of employees.<br>5 Key suppliers on the SRS list changes year-on-year based on our business needs and changes in country risk designations.<br>6 RELX utilises a third-party audit platform, which allows sharing of supplier audits across the platform.<br>7 Signatories to the RELX Supplier Code of Conduct include suppliers who have signed the Supplier Code and suppliers with an equivalent code.<br>8 Climate change and environmental data (carbon, energy, water, waste) covers the calendar year.<br>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<br>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<br>electricity. Only location-based emissions factors are applied on this portion of non-US electricity consumption.<br>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<br>represented 70% of FTEs (74% in 2024).<br>11 Covers all flights booked through our corporate travel partners in the calendar year. Uses the proprietary Cirium fuel-derived methodology, Emerald Sky.<br>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<br>Endorsement of Forest Certification (PEFC). Includes less than 0.1% of paper not yet graded or certified.<br> Independently assured. See Independent Assurance Statement.<br> Reporting guidelines and methodology, business reports are available on www.relx.com/additional-cr-resources
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RELX Annual Report 2025	Introduction 37<br>and other information<br>Financial statements Governance Financial review Corporate responsibility Market segments Overview<br>2025 Corporate Responsibility recognition<br>MSCI ESG Ratings<br>• AAA rating<br>Sustainalytics ESG Risk Rating<br>• Top 1% of 14,700+ companies<br>• Top 2% in our industry (media)<br>S&P Global Sustainability<br>Yearbook<br>• Included<br>Financial Times Europe’s<br>Climate Leaders<br>• Included<br>ISS Corporate ESG<br>Performance<br>• Awarded Prime status<br>FTSE4Good Index<br>Included in:<br>• FTSE4Good UK Index<br>STOXX Global ESG<br>Leaders Indices<br>• Included<br>ECPI World ESG Indices<br>• Included<br>CDP<br>• Climate programme<br>SOCOTEC ISO14001<br>• Group certification<br>Workplace Pride Global<br>Benchmark<br>• Awarded Advocate status<br>The Science Based Targets<br>initiative (SBTi)<br>• Near-term science-based<br>emissions reduction<br>targets approved<br>2025 awards for excellence<br>Risk Scientific, Technical & Medical<br>LexisNexis Risk Solutions’<br>ThreatMetrix won Best Fraud<br>Risk, Detection, or Analytics<br>Solution at the 2025<br>Regulation Asia Awards<br>forExcellence<br>LexisNexis Risk Solutions’<br>Firco Continuity named<br>Financial Crime Product of<br>the Year at the 2025 Risk<br>Technology Awards<br>Elsevier’s ClinicalKey AI won<br>the AI Innovation Award at the<br>2025 MedTech Breakthrough<br>Awards<br>Elsevier’s ScienceDirect AI<br>was awarded Best<br>Generative AI solution at<br>the 2025 CODiE Awards<br>Legal Exhibitions<br>Nexis+ AI awarded Best<br>Innovation in Generative AI at<br>the 2025 AI TechAwards<br>LexisNexis Legal &<br>Professional recognised<br>across six categories at the<br>2025 ALM Awards with<br>LexisNexis Public Records<br>and Lexis Create+ securing<br>top honours<br>RX CEO, Hugh Jones, awarded<br>the 2025 Exhibition News<br>Pioneer Award<br>RX Global awarded the 2025<br>UFI Sustainable Development<br>Award for Best Inclusion<br>Initiative
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Relevant<br>SDGs<br>38 RELX Annual Report 2025	Corporate responsibility<br>Through Special Issues on the RELX<br>SDG Resource Centre, we increase the<br>visibility of leading research, ensuring<br>broad access to impactful knowledge<br>that can drive positive change.<br>Esther Heuver<br>Senior Publisher, Elsevier,<br>Netherlands<br>Our unique contributions<br>In the every-day conduct of our business, we make a positive impact on<br>society through our unique contributions.<br>Risk<br>LexisNexis Risk Solutions’ products and services help protect<br>society by detecting and preventing fraud, helping citizens<br>securely access vital government benefits, and assisting<br>law enforcement to keep communities safe.<br>A number of Risk products help customers recognise trusted<br>transactions and reduce fraud. LexisNexis ID Compass Platform,<br>for example, reduces digital fraud by combining physical, digital<br>and behavioural identity intelligence to verify and authenticate<br>consumer identities in real time without disruption for businesses<br>or its customers. ThreatMetrix leverages shared global<br>intelligence from millions of daily consumer interactions to<br>identify signals of high fraud risk while BehavioSec uses<br>behaviour intelligence to differentiate legitimate users from bots<br>and cybercriminals. In the year, Risk published The Global Fraud<br>and Identity Landscape Report, highlighting how businesses can<br>significantly enhance fraud detection by integrating shared digital<br>identity intelligence and multi-layered security systems to<br>maintain consumer trust.<br>2025 marked 25 years of the ADAM programme, developed<br>byRisk to help the National Center for Missing andExploited<br>Children (NCMEC) find missing children. The programme uses<br>Risk technology to quickly distribute missing child poster alerts to<br>law enforcement, hospitals, and the public in specific geographic<br>search areas. Risk launched a new interactive dashboard in the<br>year, that enables the public to search missing child posters<br>and filter them by location. ADAM distributed over 1.8malerts<br>featuring over 2,030 missing children which helped NCMEC<br>resolve over 1,440 missing child cases in 2025.<br>Our data privacy principles, governance structures and<br>control programmes enable us to comply with data privacy<br>requirements and protect personally identifiable information.<br>Universal, sustainable<br>access to information<br>Advance science<br>and health<br>Protection of<br>society<br>Promote the rule of<br>law & access to justice<br>Fostering<br>communities<br>2025 OBJECTIVE<br>Deploy financial inclusion flagship<br>models which allow lenders to more<br>easily detect fraud and other high-risk<br>consumer behaviour<br>2025 PERFORMANCE<br>Financial inclusion is fundamental to improving the financial<br>wellbeing of communities around the world. With adequate<br>wages and access to appropriate financial tools, citizens are<br>lifted out of poverty, (SDG 1); avoid hunger (SDG 2); have better<br>health (SDG 3); are more likely to receive quality education<br>(SDG4); and more women are likely to aid the financial wellbeing<br>of their communities (SDG 5), among other SDGbenefits.<br>Worldwide, the World Bank estimates that 1.3bn adults lack<br>access to formal financial services. Without access to basic<br>transaction accounts, they lack a traditional credit record<br>and are excluded from financial opportunities. The problem is<br>often magnified in low-income countries, given gaps in identity<br>verification and credit risk assessment.<br>In the year, Risk advanced an alternative data strategy which<br>accelerates financial inclusion by enabling businesses to<br>responsibly underwrite customers who have limited traditional<br>credit records. Risk deployed an alternative data credit model<br>in South Africa and Argentina, countries with distinct financial<br>inclusion challenges. In South Africa, the model leverages<br>non-traditional data sources such as mobile usage and digital<br>transactions to assess credit eligibility in underserved<br>communities. In Argentina, the model is similarly being used to<br>support financial institutions in navigating economic volatility<br>by integrating alternative data into credit assessments. These<br>efforts reflect our commitment to expanding access to financial<br>services through innovative, data-driven approaches tailored<br>to local market needs.
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RELX Annual Report 2025	Our unique contributions 39<br>Legal<br>Through its content, data and analytics, LexisNexis Legal &<br>Professional supports the four components of the Rule of<br>Law:transparency of law, equality under the law, independent<br>judiciaries and accessible legal remedy. Its global legal and<br>news database contains over 207bn documents and records<br>providing transparency of the law in around 180 countries and<br>territories, with some 1.9m new legal documents added daily.<br>The LexisNexis Trust Center was launched in 2025, a centralised<br>hub designed to provide customers, partners and regulators<br>with clear, accessible information about the company’s security<br>posture, privacy practices, governance frameworks, and<br>compliance commitments. The Trust Center aims to provide<br>customers and partners around the globe with transparency and<br>confidence in our technology.<br>LexisNexis Legal & Professional partners with the International<br>Bar Association (IBA) on the eyeWitness to Atrocities App, which<br>allows human rights defenders to document and report human<br>rights abuses in a secure and verifiable way so information can be<br>used as admissible evidence in relevant forums. LexisNexis Legal<br>& Professional’s data hosting capabilities provides a secure<br>repository for the information. Over 80,000 photos and videos<br>have been captured through the app since 2015.<br>The LexisNexis Legal & Professional US Voting Laws and<br>Legislation Center offers free public access to insights on<br>proposed bills, codes and real-time updates for the most<br>accurate data.<br>LexisNexis Legal & Professional partners with leading industry<br>associations to recognise individuals and organisations for their<br>commitment to the Rule of Law. 2025 award honourees include;<br>Seve Aydin-Izouli and Héctor Estuardo Reyes Chiquín, recipients<br>of the Union Internationale des Avocats/LexisNexis Rule of Law<br>Award; and Oluwafunke Adeoye, recipient of the IBA Outstanding<br>Young Lawyer ofthe Year Award, jointly established by Legal and<br>the IBA Young Lawyers Committee, to honour young lawyers who<br>have demonstrated excellence, commitment to professional and<br>ethical standards, and dedication to the community at large.<br>LexisNexis Legal & Professional advances SDG 16 (Peace, Justice<br>and Strong Institutions) through its products and services that<br>promote the Rule of Law.<br>We prioritise individuals’ privacy concerns across all jurisdictions<br>where we operate. We work with established privacy advocacy<br>groups, federal and state legislators and other interested parties<br>and operate within relevant legal, regulatory, ethical and best<br>practice frameworks. Risk’s products and services align with<br>SDG16 (Peace, Justice and Strong Institutions) and SDG 10<br>(Reduced Inequalities), among others.<br>Scientific, Technical & Medical<br>Elsevier advances scientific knowledge and human welfare,<br>spurs innovation and enables critical decision-making through its<br>science and health publications. Elsevier published over 795,000<br>articles in 2025. It is focused on expanding access to content in<br>places where resources are often scarce. For example, Elsevier<br>is a leading contributor and founding partner of Research4Life,<br>a partnership with UN agencies and over 200 publishers through<br>which we provide core and cutting-edge scientific information<br>to researchers in over 125 low- and middle-income countries.<br>Elsevier provides around 14% of the material available in<br>Research4Life, encompassing approximately 5,500 journals<br>and 35,000 e-books. In 2025, there were over 942,000 total<br>Research4Life downloads from Elsevier’s research platform,<br>ScienceDirect.<br>SSRN is Elsevier’s preprint and early-stage research platform.<br>It allows researchers around the world to openly share their work<br>so that it is freely available to others in their field and the wider<br>research community, promoting discussion, collaboration and an<br>exchange of ideas. In 2025, over 1,200 Elsevier journals offered<br>researchers the opportunity to simultaneously submit a paper<br>for publication and also post it as a preprint on SSRN.<br>Elsevier’s 4th Generation University initiative, developed in<br>partnership with a group of 12 Universities, positions universities<br>as orchestrators of regional innovation, achieving societal<br>and economic impact through partnerships with industry,<br>government, and civil society. More than 50 universities from over<br>30 countries have joined the 4th Generation University community<br>to date. The initiative was awarded the Thought Leadership<br>Industry Catalyst prize at the 2025 Thought Leadership For<br>Tomorrow Awards for bringing universities together to embrace<br>local innovation with the aim of tackling pressing challenges and<br>driving regional economic growth.<br>Elsevier makes a significant contribution to SDG 3 (Good Health<br>and Well-Being), SDG 5 (Gender Equality), SDG 10 (Reduced<br>Inequalities) and SDG 13 (Climate Action).<br>2025 OBJECTIVE<br>Advance research by women scientists<br>incollaboration with the Falling Walls<br>Foundation, providing access to resources,<br>networks and training<br>2025 PERFORMANCE<br>Elsevier works to build capacity and equity in research and<br>health for an inclusive and sustainable future. The Elsevier<br>Foundation partnered with the Falling Walls Foundation to<br>sponsor the Women’s Impact Award, which celebrates<br>visionary scientists whose interdisciplinary, and ground-breaking research advances gender equity and creates<br>meaningful impact for women and girls. The three 2025<br>winners, selected from 85 applications, were Colette Wabnitz,<br>recognised for her work on gender equity in fisheries; Omneya<br>Attallah, chosen for her work on early detection of breast<br>cancer in resource limited settings; and Ângela Gonçalves,<br>awarded the Science Breakthrough of the Year award for her<br>research on women and healthier aging. In addition, two<br>workshops for the 2025 cohort of Female Science Talents<br>Intensive Track which inspires and empowers talented women<br>researchers to progress careers were held in the year.<br>Participants came together to discuss science communication,<br>women’s career paths, industry insights, and purpose-driven<br>science. This work supports SDG 5, Gender Equality.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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40 RELX Annual Report 2025	Corporate responsibility<br>Exhibitions<br>Exhibitions helps to foster communities by connecting customers<br>face to face and digitally, allowing them to learn about markets,<br>source products and complete transactions. Participants benefit<br>by making connections and doing business in person, allowing<br>them to see many customers and suppliers at one time.<br>Exhibitions foster collaboration, spark innovation and support<br>progress toward a more inclusive and sustainable global economy.<br>The PGA Show is RX Global’s golf exhibition. It advanced event<br>sustainability in the year by aligning with RX’s Net Zero Carbon<br>Events pledge, integrating waste-reduction, inclusive design<br>and digital engagements for more than 22,000 attendees and<br>1,025 exhibiting brands.<br>KORMARINE, RX’s maritime and energy exhibition welcomed<br>more than 27,000 visitors and 695 exhibitors from 23 countries to<br>Busan, South Korea in 2025. This year’s event featured the debut<br>Next Energy Pavillion focused on future fuels and renewable<br>energy, highlighting RX’s role in advancing decarbonisation and<br>innovation in the shipping and energy sectors.<br>MIPCOM Cannes 2025 featured the sixth edition ofthe MIP SDG<br>Awards, honouring Secuoya Studios for its commitment to the<br>UN SDGs and for driving measurable progress through content<br>creation and production practices. Presented in partnership<br>with the United Nations, the 2025 awards recognised leadership<br>in advancing sustainability and inclusion across the global<br>media industry.<br>At the 2025 edition of World Travel Market in London sustainability,<br>investment and inclusive growth in global tourism were<br>highlighted, aligning industry investment with purpose-led travel.<br>Each event connects industries and also accelerates collective<br>solutions to shared global challenges.<br>RX events support SDG 9 (Industry Innovation and Infrastructure),<br>SDG 12 (Responsible Consumption and Production), SDG 17<br>(Partnerships for theGoals) and SDG 13 (Climate Action) through<br>our Net Zero Events commitments.<br>2025 OBJECTIVE<br>Provide research and training to Afghan<br>women studying for law degrees in the<br>United States in association with the<br>American Bar Association<br>2025 PERFORMANCE<br>2025 OBJECTIVE<br>Create an RX energy and waste emissions<br>dashboard to monitor performance<br>and publish RX event energy and<br>waste emissions<br>2025 PERFORMANCE<br>Legal partners with the American Bar Association on their<br>Afghan Legal Professionals Programme which provides<br>resettled Afghan legal professionals, particularly women,<br>access to legal education, accreditation, mentoring and training<br>that will allow them to pursue law careers in the United States.<br>Since 2023 LexisNexis Legal & Professional have provided a<br>bespoke online legal research training course for participants<br>ofthe programme.<br>In 2025, 16 Afghan legal professionals were pursuing US legal<br>accreditation in Master of Law programmes and preparing for<br>On World Environment Day 2025 RX published a first<br>Sustainability Report, with assured 2024 data on RX business<br>travel, event energy and event waste emissions. Between 2018<br>and 2024 RX achieved a 35% reduction in event energy<br>and waste.<br>This effort builds on RX’s Roadmap to Net Zero in 2040, which<br>outlines key milestones in the journey to decarbonisation.<br>Work continued in the year to enhance visibility through the<br>development of a standardised venue reporting template with<br>partners across the exhibition industry. This work, expected to<br>be adopted by The Global Association of the Exhibition Industry<br>and Net Zero Carbon Events (NZCE), strengthens cross-organisational data consistency and transparency.<br>bar examinations. Seven participants graduated in the year,<br>andSalma Ahmadyar became the first programme participant<br>to successfully pass the bar exam in Wisconsin and was<br>admitted to practice law in the year. This work supportsSDG 16<br>(Peace, Justice and Strong Institutions).<br>A new energy and waste emissions dashboard was launched<br>in 2025 which enables senior leadership to monitor carbon<br>performance by business unit and event. This system improves<br>data integrity, empowers local teams, and ensures alignment<br>with RX’s NZCE pledge. The dashboard includes real-time<br>analytics, accelerating RX’s focus on action, translating<br>measurement into meaningful reduction, innovation and<br>shared progress across RX shows globally.
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RELX Annual Report 2025	Our unique contributions 41<br>2026 objectives By 2030<br>Protection of society – Deploy financial inclusion models which<br>allow lenders to more easily detect fraud and other high-risk<br>consumer behaviour, in support of SDG 10 (Reduced Inequalities)<br>Advance science and health – Introduce Elsevier Foundation-Lancet Evidence to Impact Awards to translate critical research<br>into practice, building capacity with researchers and health<br>care practitioners in low and middle income countries through<br>Elsevier content and the Research4Life Country Connectors<br>programme, in support ofSDG 10 (Reduced Inequalities) and<br>SDG 13 (Climate Action)<br>Promote the rule of law and access to justice – Partnership<br>with Indiana State Bar Association to address shortage of legal<br>representatives in rural and underserved communities in the<br>state; convene first virtual Rule of Law Café conference to bring<br>together stakeholders to highlight key issues, in support of<br>SDG16 (Peace, Justice and Strong Institutions)<br>Fostering communities – Pilot RX Sustainability scorecard<br>supported by e-learning, in support of SDG 13 (Climate Action)<br>Universal, sustainable access to information – Increase<br>the number of unique users of the RELX SDG Resource Centre<br>by at least 20,000 additional unique users<br>Use our products and expertise to advance the SDGs,<br>among them:<br>SDG 3 (Good Health And Well-Being)<br>SDG 10 (Reduced Inequalities)<br>SDG 13 (Climate Action)<br>SDG 16 (Peace, Justice and Strong Institutions)<br>Enrich the SDG Resource Centre to ensure essential content,<br>tools and events on the SDGs are freely available to all<br>RELX SDG Resource Centre, Inspiration Day<br>and Environmental Challenge<br>Recognising that across RELX we have products, services, tools<br>and events that advance the UN’s 17 SDGs, we created the free<br>RELX SDG Resource Centre in 2017 to advance awareness,<br>knowledge and implementation of the SDGs. Since 2017, we have<br>made over 2,700 journal articles and book chapters free to access<br>via the RELX SDG Resource Centre which would have otherwise<br>cost more than £5.7m to make open access.<br>We held the annual RELX SDG Inspiration Day during the year<br>with a focus on how philanthropy can bridge funding gaps to<br>advance the SDGs. Thought leaders, corporate representatives,<br>investors, governments, and NGOs discussed challenges and<br>opportunities for collaboration. Keynote speakers included 8th<br>Secretary General of the United Nations, Ban Ki-moon, Comic<br>Relief co-founder, Sir Lenny Henry and co-founder of Global<br>Citizen, Michael Sheldrick.<br>2025 marked the fifteenth year of the RELX Environmental<br>Challenge, which provides grants for projects that best<br>demonstrate how they can provide sustainable access to safe<br>water and sanitation where itis presently at risk. A $50,000 prize<br>is granted to the first-place entry and a $25,000 prize for the<br>second-place entry. The winners also receive free access for one<br>year to ScienceDirect, Elsevier’s database of full text, scientific<br>information. Projects must have clear practical applicability,<br>address identified need and advance related issues such as<br>health, education, or human rights.<br>The first prize winner this year was Folia Water for their<br>paper-based water filter with silver antimicrobial technology,<br>designed to deliver safe drinking water for low-income<br>Bangladeshi communities. The second prize winner was Rice<br>University for Solar Thermal Resonant Energy Exchange<br>Desalination, a fully decentralised, membrane-free, solar<br>thermal desalination solution, which addresses critical water<br>scarcity and brine waste management issues.<br>2025 OBJECTIVE<br>Increase the number of unique users ofthe<br>RELX SDG Resource Centre by 10,000<br>additional unique users in the year<br>2025 PERFORMANCE<br>In 2025, we added 935 new content items to the RELX SDG<br>Resource Centre bringing the total to 6,729, an increase of 16%<br>over the previous year. We published more than ten special<br>issues in 2025 featuring curated articles, book chapters and<br>other content on critical topics to provide insights for World<br>Water Day, World Food Day, World Alzheimer’s Day, COP30, and<br>a philanthropy special collection to coincide with the RELX SDG<br>Inspiration Day, providing the more than 800 attendees, and<br>others, with relevant additional resources. There were more than<br>352,000 unique users in 2025, an increase of 48,500 over 2024.<br>16%<br>Increase in unique users of the RELX SDG Resource<br>Centre since 2024<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Relevant<br>SDGs<br>42 RELX Annual Report 2025	Corporate responsibility<br>CR Governance and reporting<br>Our Board recognises the importance of maintaining high<br>standards of corporate governance. Our corporate governance<br>programme supports our ability to deliver consistent financial<br>performance and value to our stakeholders and aligns with<br>RELX’s values of doing business with integrity. The Board<br>oversees RELX’s corporate governance, its role and function<br>is explained fully in the Corporate governance section (see<br>pages 80 to 127). TheBoard and the Audit Committee of the<br>Board regularly receive presentations from the Chief Compliance<br>Officer on matters arising under our ethics and compliance<br>programmes. In addition, the Chief Legal Officer & Company<br>Secretary, who reports directly to the CEO and theChair,<br>maintains responsibility for implementing the ethics<br>and compliance programmes.<br>Governing policies set out our stance on key issues. The RELX<br>Code of Ethics and Business Conduct, theCode of Ethics for Senior<br>Financial Officers, the Supplier Code ofConduct, Tax Principles,<br>Privacy Principles, Inclusion Policy, Health and Safety Policy,<br>Editorial Policy, Responsible Artificial Intelligence Principles,<br>Quality First Principles and Product Donation Policy are publicly<br>available at www.relx.com/cr-downloads.<br>Corporate responsibility governance<br>Our purpose, strategy, values and culture deliver the very highest<br>standards of corporate governance and responsibility.<br>A strong privacy programme and<br>robust data protection practices are<br>essential tomeeting our commitment<br>to responsible stewardship and<br>accountability in handling the<br>personal information entrusted to us.<br>Fabienne Lornage<br>Data Protection Officer,<br>RELX, UK<br>Our CR governance framework<br>The CEO has responsibility to the Board for CR. They and<br>senior management, as well as the CR Forum, chaired by<br>a senior leader and involving individuals representing<br>key functions and business areas, set and monitor CR<br>performance. This includes our annual and longer term<br>CRobjectives, which reflect the views of a range of<br>internal and external stakeholders. More information can<br>be found on www.relx.com/additional-cr-resources.<br>The Global Head of Corporate Responsibility provides<br>formal updates to the Board and engages on key issues<br>with senior managers, who have CR-related Key<br>Performance Objectives (see page 104).<br>Board<br>CEO<br>Business area CEOs<br>CR<br>Forum<br>Global Head<br>ofCorporate<br>Responsibility<br>and CR Team<br>Compliance<br>Committees<br>RELX CR<br>networks<br>Pursuing a Culture of Integrity; the Code of<br>Ethics and Business Conduct<br>Doing the Right Thing is more than a phrase at RELX, it embodies<br>principles that represent RELX’s culture of integrity. This includes<br>respecting one another, incorporating ethics in all our actions;<br>growing our business with integrity; holding ourselves and<br>each other accountable; and taking time to ask questions and<br>report concerns.<br>Doing the Right Thing clearly sets out our high ethical<br>expectations for employees. We expect honesty in our dealings<br>with others, respecting the law, our policies and colleagues;<br>and courageously speaking out for what is right. RELX provides<br>relevant training and resources; enables a culture where people<br>can feel comfortable speaking up and experience no retaliation<br>when they do; and ensures concerns are heard and acted on<br>in a fair and timely manner.<br>The RELX Code of Ethics and Business Conduct (the Code) is a<br>foundational document which guides employees, management<br>and our stakeholders in maintaining the integrity and<br>accountability of our corporate and individual behaviour. The Code<br>was most recently updated in 2024 and shared with staff globally<br>by theCEO. It is at the heart of our compliance activities, which<br>encompass clear policies and procedures; risk assessments;<br>training and communication; and robust reporting mechanisms,<br>investigations, monitoring and auditing of internal controls.
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RELX Annual Report 2025	Corporate responsibility governance 43<br>Data privacy governance<br>Data is integral to the solutions we provide that further our unique<br>contributions as a business, including protecting consumers from<br>the risk of fraud; facilitating secure online transactions; improving<br>access to financial and government benefits; enhancing<br>face-to-face connections at exhibitions; and delivering high<br>quality scientific research and healthcare.<br>Recognising concerns and sensitivities around personal data,<br>our commitment to data privacy remained a critical RELX priority<br>in 2025 and continues to be supported by strong governance,<br>transparency and accountability. Dedicated privacy teams<br>implemented requirements for compliance with personal data<br>protection regulations around the globe. RELX continues to<br>advocate for privacy laws that protect consumers, bolster<br>consumer trust and allow businesses to investin data-driven<br>activities that serve the public interest. RELX companies in the US<br>participating in the Data Privacy Framework programme renewed<br>their self-certification in the year.<br>We proactively consider privacy concerns in developing and<br>offering our solutions. Our Privacy Principles, available at<br>www.relx.com/corporate-responsibility/being-a-responsible-business/privacy-principles, guide our approach<br>to the responsible collection and use of personal data and<br>are supplemented by privacy policies and impact assessments to<br>mitigate risks, ensuring we are responding to new requirements,<br>best practices and expectations.<br>Our privacy teams undertake activities and training that deepen<br>employee awareness about personal data protection. For Data<br>Privacy Day 2025, we celebrated the winners of the annual RELX<br>Privacy Principles Champions Competition, which recognises the<br>achievements of employees in protecting personal data and<br>implementing ourPrivacy Principles.<br>2025 OBJECTIVE<br>Consolidate records of privacy processing<br>activities<br>2025 PERFORMANCE<br>Records of processing activities (ROPAs) internally document<br>our personal data processing activities as part of our<br>accountability and compliance measures. In 2025, RELX<br>privacy teams clarified and consolidated hundreds of ROPAs<br>and updated the ROPA questionnaires and guidance to<br>facilitate completion.<br>This activity aligns with SDG 16 (Peace, Justice and Strong<br>Institutions).<br>Our Code encompasses a wide range of issues including fair<br>competition, anti-bribery, conflicts of interest, employment<br>practices and human rights, data protection and appropriate<br>use of company property and information.<br>To help employees comply with applicable laws, we<br>supplement the Code with other policies in areas critical to our<br>business, including anti-bribery, competition, doing business<br>with government, data privacy and security, trade sanctions<br>and workplace conduct.<br>We communicate on compliance issues using a range of media,<br>including video.<br>We require cyclical mandatory training on the Code and other<br>policies for all employees, with in-person and other training<br>for those in higher risk roles and locations.<br>99+%� of all compliance courses are completed within<br>90 days of issuance.<br>We encourage reporting of violations through multiple<br>channels, including an anonymous reporting option where<br>legally allowed.<br>Compliance Committees oversee investigations and help<br>ensure remediation and ongoing monitoring as required.<br>We do not tolerate retaliation for raising Code concerns.<br>We have a third-party expert evaluate our Compliance<br>programme every three years and the Code is updated every<br>three years .<br>Read our Code of Ethics and Business Conduct at<br>www.relx.com/cr-downloads<br> Independently assured<br>Reporting Channels Under the Code<br>We offer multiple channels to report Code-related concerns,<br>including managers, human resources, Compliance committee<br>members and company lawyers. We also provide an Integrity Line,<br>hosted by an independent third-party, and available to employees,<br>suppliers and other reporting persons by telephone or online<br>24 hours a day, 365 days a year, which includes an anonymous<br>reporting option where legally allowed. The Integrity Line also<br>includes an Ask A Question feature which allows employees to<br>seek ethical advice before taking action. More information about<br>these reporting channels is detailed in theCode, the RELX<br>Reporting Concerns Policy and supplemental country-specific<br>Reporting Concerns Notices available on www.relx.com.<br>These documents prohibit retaliating against individuals who<br>raise concerns or participate in an investigation.<br>Reports are investigated and action is taken accordingly if reports<br>are substantiated. Substantiated reports result in additional<br>training, coaching, policy changes, control enhancements,<br>and/or disciplinary action. Report themes are reviewed by senior<br>leadership to assist in measuring the effectiveness of reporting<br>channels, identifying risks and areas to allocate Compliance<br>programme resources. RELX has investigated or is in the process<br>of investigating 431 reports of alleged Code violations received<br>in 2025 through the RELX Integrity Line or through the other<br>Reporting Channels identified in the Code (2024: 372).<br>Approximately 46% ofthose reports where the investigation<br>is complete have been substantiated (2024: 48%).<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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44 RELX Annual Report 2025	Corporate responsibility<br>Cybersecurity governance<br>The RELX Information Security Policy establishes comprehensive<br>controls and procedures designed to safeguard the confidentiality,<br>integrity and availability of company information. The policy<br>includes a commitment to ongoing enhancement of information<br>security systems and is supported by a set of interrelated policies<br>and standards addressing essential facets of information<br>protection. In 2025, more than 99%<br> of employees were included in<br>monthly phishing simulation exercises.<br>During the year, we continued to enhance our security efforts with<br>additional infrastructure monitoring capabilities both internally<br>and through third parties. We completed more than 5,000 security<br>related requests, questionnaires and audits for our customers.<br>In addition, we engaged third parties to perform independent<br>audits on a number of our products and services. More than 60%<br>ofthe product revenue from our three largest business areas<br>were covered by a third-party audit. In addition, our UKRisk<br>products have been ISO27001 certified.<br>2025 OBJECTIVE<br>Continued enhancement of our technical<br>resilience and expansion of products and<br>applications covered by independent third<br>party assessments<br>2025 PERFORMANCE<br>We invest across our business to enhance our technical<br>resilience posture. This includes initiatives in application<br>dependency analysis, defining triage recovery order,<br>implementation of resilient backups, and recovery testing,<br>both desk-based and technical. In the year our businesses<br>completed initial technology implementation and recovery<br>simulations for key products including Risk’s Accurint,<br>STM’s ScienceDirect, and Legal’s Lexis+, and we conducted<br>periodic testing of their resilience posture by performing<br>recovery simulations.<br>These activities align with SDG 16 (Peace, Justice and Strong<br>Institutions).<br>Public Policy, Anti-Bribery and Sanctions<br>We engage in public policy discussions that matter to our business<br>and our customers. We strive to help policy makers around the<br>world understand our business, innovations and contributions<br>to the public interest.<br>Lobbying activities on behalf of RELX Inc. are managed by<br>theRELX Government Affairs team, and, in coordination with our<br>legal teams, are vetted, tracked and reported as required by law.<br>Consistent with our commitment to fostering a culture of integrity<br>including through good governance, RELX has a supplemental<br>policy and training for our employees that specifically relate<br>to engagement with government officials and agencies.<br>The Code and related supplemental policy also address corporate<br>political contributions, which are strictly prohibited except in the<br>US, where such contributions and activities are permitted in<br>certain states within allowable limits, if they comply with stringent<br>reporting and disclosure regulations. Corporate political<br>contributions require senior level review and approval. Corporate<br>contributions are reported as required by law. Contributions<br>are made on a bipartisan basis, and no funds are donated for<br>presidential campaigns or any other federal-level campaigns.<br>We remained diligent through the year to comply with applicable<br>bribery and sanctions laws and mitigate risks in these areas.<br>Our anti-bribery and sanctions programmes include detailed,<br>risk-based internal policies and procedures on topics such as<br>doing business with government officials, gift and entertainment<br>limits, gift registers, and complex sanctions requirements.<br>Relationships with third parties and acquisition targets are<br>evaluated for risk using one or more of the following methods,<br>questionnaires, references, detailed electronic searches, and<br>Know Your Customer screening tools. We monitor and assess<br>the implementation of our anti-bribery and sanctions<br>programmes by continually reviewing and updating our policies<br>and procedures; conducting risk assessments; and conducting<br>quality reviews and internal monitoring and audits of the<br>operational aspects ofthe programmes. In the year, we took part<br>in the Private Sector Forum at the Eleventh Session of the<br>Conference of the States Parties (COSP11) to the United Nations<br>Convention against Corruption.<br>The Code supports the principles of the United Nations Global<br>Compact (UNGC) and stresses our commitment to human rights.<br>We consider where and how we operate to avoid human trafficking<br>and modern slavery in our direct operations and our supply chain.<br>As stated in our Modern Slavery Act Statement, available at<br>www.relx.com, we stand against allforms of slavery and<br>human trafficking. We do not tolerate itin any part of our business,<br>including our supply chain. Our policies are also informed by the<br>UN Guiding Principles on Business and Human Rights, the<br>Universal Declaration of Human Rights, the OECD Guidelines for<br>Multinational Enterprises, the International Labour Organisation<br>(ILO) Declaration on Fundamental Principles and Rights at Work<br>and the Women’s Empowerment Principles.<br>A responsible taxpayer<br>Taxation is an important issue for us as well as our stakeholders,<br>including our shareholders, governments, customers,<br>suppliers, employees and the global communities in which<br>we operate. We are transparent about our approach to tax. At<br>www.relx.com/go/TaxPrinciples we provide details about<br>our tax principles and global tax contribution – broken down<br>by regions and categories – along with our tax risk control<br>framework. There are also case studies showing how RELX has<br>made a positive contribution in tax-related areas to benefit<br>society. RELX is a signatory to the BTeam’s Responsible Tax<br>Principles. TheBTeam is a group of business leaders committed<br>to sustainability, equality and accountability.<br>Globally in 2025, RELX paid £638m in corporate taxes, but also<br>paid and collected much more in payroll taxes and indirect taxes.<br> Independently assured
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RELX Annual Report 2025	Corporate responsibility governance 45<br>2026 objectives By 2030<br>Privacy – Expand role-based privacy training tailored to job<br>function, aligned with SDG 16 (Peace, Justice andStrong<br>Institutions)<br>Security – Expansion of products and applications covered by<br>independent third-party assessments, aligned with SDG 16<br>(Peace, Justice and Strong Institutions)<br>Responsible tax – Continue to advance tax transparency and<br>responsible tax projects in Africa, aligned with SDG 16 (Peace,<br>Justice and Strong Institutions)<br>Continued progressive actions that advance excellence<br>in corporate governance within our business and continue<br>providing information, tools and analytics that promote<br>high standards of corporate governance by our customers<br>2025 OBJECTIVE<br>Continue to advance tax law codification<br>pilots and responsible tax practices<br>inAfrica<br>2025 PERFORMANCE<br>Taxes provide governments with the essential revenue<br>necessary for public services that benefit their citizens.<br>Governments need codified tax laws to know when, how<br>much and from whom they should be collecting. Citizens need<br>codified and transparent tax laws to understand their liabilities<br>and to advocate for fair collection and use of their remittances.<br>Unfortunately, in many countries around the world, it is<br>difficultfor tax authorities and taxpayers alike to access<br>tax law in a complete, up-to-date and consolidated form.<br>During 2025, the RELX tax team discussed the commencement<br>of a tax law consolidation project with Kenya’s government,<br>similar to a successful project completed in Ethiopia in 2024.<br>The Ethiopia tax law project attracted the attention of the World<br>Bank which has now embarked on an African Tax Legislation<br>Atlas (ATLA) project, a partnership between the World Bank,<br>LexisNexis Rule of Law Foundation and the International<br>Bureau of Fiscal Documentation, to build an innovative<br>digital repository consolidating Africa’s tax laws to support<br>transparency, comparative analysis and legal reform.<br>TheATLA was initiated in November 2025 with several pilot<br>countries including Ethiopia and Kenya.<br>In addition, RELX Tax was selected as a responsible tax<br>champion in the Responsible Tax Practices project, an initiative<br>of the International Finance Corporation, a member of the<br>World Bank Group, and the B Team, to enhance responsible<br>tax practices in Africa. This groundbreaking initiative brings<br>together responsible tax leaders and their private sector peers<br>to explore the what, why, and how of responsible tax practices.<br>The project was launched with a roundtable in Nairobi in<br>April 2025. As a responsible tax champion, RELX has had<br>an opportunity to share our insights and experience of<br>implementing responsible tax practices over the last decade<br>with participant companies from across Africa.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Relevant<br>SDGs<br>46 RELX Annual Report 2025	Corporate responsibility<br>Improving customer outcomes<br>Our goal is to improve outcomes for our customers by providing<br>information-based analytics and decision tools for professional<br>and business customers that benefit their daily work.<br>Listening to our customers allows us to deepen our understanding<br>of their needs and drive improvements. We do this through regular<br>surveys, customer dashboards and feedback mechanisms.<br>With input from customer insight teams across our company,<br>we calculated a RELX-wide customer satisfaction metric showing<br>that in 2025, 87% of customers would recommend working<br>withRELX.<br>Digital knowledge and innovation, Artificial<br>Intelligence across RELX: advancing<br>customer goals<br>Across RELX, we work to address customer challenges through<br>digital innovation. In 2025, electronic products and services<br>accounted for 84% of revenue, up from 35% in 2005.<br>Risk<br>In 2025 Risk launched Medical Insights from LexisNexis Health<br>Intelligence. The new functionality of the Health Intelligence<br>platform standardises and extracts key insights from electronic<br>health records (EHRs), including targeted health data such as<br>vitals, labs and material conditions. This enhancement goes<br>beyond the standard EHR summary to allow US life insurance<br>carriers to more quickly identify key critical risk data within the<br>EHR to improve mortality outcomes, accelerate underwriting<br>decisions, enhance risk assessment and advance rules<br>automation with structured data.<br>In the year, data from Risk’s ICIS informed a new study on the<br>impact of European circularity regulation, including the EU<br>Packaging and Packaging Waste Regulation, on global demand<br>for recycled plastic, particularly as it affects China’s chemical<br>industries. A key finding was a strong increase in demand for<br>recycled content, impacting sourcing strategies and boosting<br>demand for certified recycled materials globally.<br>Scientific, Technical & Medical<br>STM launched ScienceDirect AI which enhances research<br>integrity and efficiency by providing researchers with precise<br>summaries, extracting key findings from millions of peer-reviewed articles. To help clinicians with responsible and effective<br>use of generative AI tools, Elsevier launched the Gen AI Academy<br>for Health, an accredited, complementary and self-paced course.<br>Elsevier also launched a new AI evaluation framework designed<br>to assess the effectiveness and safety of generative AI tools used<br>in clinical decision support, including within its ClinicalKey AI<br>platform. Developed with input from clinical experts, the<br>framework evaluates AI generated responses for query<br>comprehension, helpfulness, accuracy, completeness and clinical<br>safety. It builds on Elsevier’s partnership with the Coalition for<br>Health AI, which aims to set ethical standards to enhance the<br>delivery of quality healthcare.<br>Customers<br>We deliver information-based analytics and decision tools in a sustainable<br>way to our customers, driving growth for the long term.<br>Engaging with our customers helps<br>us understand their evolving needs<br>and ensures that our solutions deliver<br>real value. Customer insights drive<br>innovation and strengthen trust at the<br>heart of our partnerships.<br>John Park<br>Relationship Manager,<br>LexisNexis Legal &<br>Professional, Australia<br>Legal<br>Legal launched its AI-powered legal assistant, Protégé, in 2025<br>which enables legal professionals to interact using voice<br>commands, making tasks such as legal research, drafting and<br>case law summarisation faster and more efficient. Features<br>such as strict data privacy standards, secure vaults, visual case<br>timelines and workflow suggestions enhance productivity to<br>help customers make good legal decisions more quickly.<br>CaseMap+ AI was launched in the year, an advanced litigation<br>case management platform designed to streamline litigation<br>processes and enhance strategic decision-making for litigators.<br>CaseMap+ AI provides them with efficient tools for organising,<br>analysing, communicating and presenting case information.<br>Exhibitions<br>Digital event technology continued to transform the way RX’s<br>customers connect, learn, and do business, enabling them to<br>create and capture more value while reducing environmental<br>impact. RX’s Lead Manager App provides exhibitors with a quick,<br>easy and reliable way to capture and qualify leads by scanning<br>attendees’ badges with a mobile phone. Complementing this,<br>Colleqt QR Code allows attendees to proactively scan QR codes<br>on exhibitor stands to collect their contact details and product<br>information quickly and sustainably. Their registration data is<br>passed automatically to exhibitors to enhance lead generation.<br>In 2025, exhibitors at RX events collectively captured over<br>8.9m leads through Lead Manager App.<br>In the year, RX China continued integrating green innovation<br>zones, decarbonisation forums, and AI-powered matchmaking,<br>to support key sectors like smart manufacturing and robotics<br>while anchoring operations in sustainability.
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RELX Annual Report 2025	Customers 47<br>In the year Law360, LexisNexis Legal & Professional’s legal news<br>service, implemented a policy requiring all articles to be reviewed<br>by an AI-powered bias indicator tool before publication. The tool<br>was designed to promote neutrality by identifying potentially<br>biased language and supports editorial quality.<br>Accessibility<br>We strive to empower all people, including persons with<br>disabilities, by ensuring our products and services are accessible<br>and easy to use by everyone. Our commitment to accessibility is<br>embedded across RELX and advances our Inclusion Policy.<br>We work to ensure we meet the requirements of relevant global<br>accessibility laws including the European Accessibility Act and<br>theAmericans with Disabilities Act.<br>We maintain an Accessibility Policy that highlights industry<br>standards and tools to embed accessibility into our products<br>and our business operations. We apply best practice from the<br>RELX Accessibility Policy across hundreds of digital products<br>and websites. Our minimum standard for our Websites is the<br>WebContent Accessibility Guidelines (WCAG) 2.1 Level AA.<br>OurAccessibility Policy is available at<br>www.relx.com/cr-downloads.<br>Elsevier’s ScienceDirect platform was ranked in the top 1% for<br>most accessible home page by the 2025 WebAIM Million study.<br>TheHealth Education Systems Incorporated (HESI) Delivery<br>Operations team continued to work with students taking the<br>HESI exam to register to take it remotely via our remote<br>proctoring vendors. Since 2019, the team has processed more<br>than 940 candidate accommodation requests, ensuring that<br>these candidates have an accessible and inclusive experience.<br>In 2025, Elsevier’s Global Books Digital Archive fulfilled more<br>than 1,700 disability book accommodation requests. Elsevier<br>was also recertified in the year as a Global Certified Accessible<br>publisher by Benetech, a non-profit organisation based in<br>PaloAlto, California. Elsevier launched PDF tagging in all new<br>journals and books, which allows assistive technologies like<br>screen readers to interpret and navigate documents correctly.<br>Bringing science into society<br>We work closely with journalists to ensure that research findings<br>are accurately and effectively communicated to the public, and<br>that authors receive credit for their work.<br>Elsevier’s Library Connect programme and Academy, provides<br>library and information science professionals worldwide with<br>opportunities for knowledge sharing. In 2025, Library Connect<br>Academy hosted a GenAI Literacy programme with over 5,500<br>librarians enrolled. Covering Library and Information Science<br>(LIS) best practices, trends and technology, The Library Connect<br>Newsletter had more than 40,000 LIS professionals subscribed<br>globally and the Library Connect website had over 27,000 visitors.<br>In the year Elsevier expanded its Geographical Pricing for Open<br>Access initiative which now includes around 300 gold open access<br>journals. The initiative helps authors in low- and middle-income<br>countries publish their research open access through pricing<br>based on local economic conditions. Since the launch of the pilot<br>the initiative has seen more than 14,500 articles by authors in<br>more than 100 low- and middle-income countries accepted by<br>participating journals.<br>Editorial standards<br>Maintaining the integrity of what RELX publishes is vital to the<br>trust of customers and other stakeholders. Our Editorial Policy,<br>available to all staff (and publicly available on www.relx.com/<br>corporate-responsibility/engaging-others/policies-and-downloads) makes clear our respect for human rights, pluralism<br>of sources, ideas and voices.<br>Elsevier has dedicated resources and processes to support<br>research integrity. Elsevier’s Research Integrity and Publishing<br>Ethics team supports publishers and editors through their<br>research integrity strategy which focuses on, resolving<br>post-publication ethics cases for publishers and editors,<br>detecting unethical practices during the editorial process to<br>prevent publication and raising awareness within Elsevier and<br>the communities that we serve on best practices. We also believe<br>in editorial independence and keep editorial decision making<br>processes separate from our commercial interests.<br>2025 OBJECTIVE<br>Support expanded use of Artificial<br>Intelligence across RELX by updating the<br>RELX Responsible AIPrinciples to reflect<br>technological advancements<br>2025 PERFORMANCE<br>We created the RELX Responsible AI Principles in 2022<br>and they are publicly available at www.relx.com/<br>corporateresponsibility/engaging-others/policies-anddownloads. The Principles are accompanied by a<br>RELX position paper on AI and a dedicated address that<br>anyone can use to provide feedback or raise queries:<br>ResponsibleAI@relx.com<br>Each business area works to implement the Principles, with<br>dedicated teams responsible for developing policy, processes,<br>tools, resources and training to support teams working with<br>data science, machine learning and AI in embedding the<br>Principles in their day-to-day activities.<br>We hosted a RELX Responsible AI Summit in the year, with<br>sessions on agentic AI, responsible AI by design and current<br>and pending AI legislation. Insights and questions raised at the<br>summit will be considered by the Responsible AI working group<br>when updating the principles.<br>We are committed to updating our RELX Responsible AI<br>Principles in recognition of the rapidly changing adoption and<br>use of AI. In 2025 we assembled feedback from organisational<br>stakeholders on suggested changes to the principles and the<br>Responsible AI Working Group met to review this information<br>and propose new language. Work will continue in 2026 to<br>incorporate feedback and update the principles accordingly.<br>This activity supports SDG 8 (Decent Work and Economic Growth).<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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48 RELX Annual Report 2025	Corporate responsibility<br>2026 objectives By 2030<br>Quality – Update RELX Responsible AI Principles to keep pace<br>with evolving technology, aligned with SDG 8 (Decent Work and<br>Economic Growth)<br>Accessibility – Establish and implement accessibility best<br>practices for AI-driven user interfaces and AI-generated content,<br>aligned with SDG 10 (Reduced Inequalities)<br>Customer engagement – Develop an internal AI tool for customer<br>facing colleagues to quickly access corporate responsibility<br>information, aligned withSDG 17 (Partnership for the Goals)<br>Continue to expand our customer base across our four<br>business areas through excellence in products and<br>services, active listening and engagement, editorial<br>and quality standards, and accessibility. Continue<br>to be recognised as an advocate for responsible<br>marketplace practices<br>In 2025, Elsevier undertook research with people with disabilities,<br>including users of Editorial Manager, ShadowHealth, and our PDF<br>journal articles. To improve the accessibility and perceivability of<br>animated 3D simulations, Elsevier’s Shadow Health Digital Clinical<br>Experiences is piloting built-in screen reading functionality.<br>We worked with disability services offices, procurement officialsand<br>instructors across the world to provide Accessibility Conformance<br>Reports (ACRs). Elsevier launched a new public resource in the<br>year enabling users to access ACRs for various products detailing<br>how they meet global accessibility standards and laws, helping<br>address customer queries and increasing transparency. Legal<br>undertook work in the year towards a similar online ACR repository.<br>Customers can also utilise a dedicated accessibility email address<br>to connect with an accessibility expert and support ACR requests.<br>In 2025 Accessibility Teams across Risk, Elsevier and Legal<br>resolved over 600 customer accessibility requests.<br>2025 OBJECTIVE<br>Develop a new accessibility design<br>reviewprocess<br>2025 PERFORMANCE<br>2025 OBJECTIVE<br>Engagement with sales professionals<br>throughout the business on the value of<br>corporate responsibility for our customers<br>2025 PERFORMANCE<br>RELX is committed to creating products that are usable<br>by everyone including people who experience a disability.<br>Product teams, supported by a network of Accessibility<br>Champions, work to ensure digital accessibility is embedded<br>into the design of products and services from the start to<br>ensure an optimal experience for disabled users.<br>In the year we produced a new comprehensive User Experience<br>Accessibility Design Guide which incorporates accessibility<br>user personas and tips for ideation; accessibility in detailed<br>design; expert review; and hand off-review process.<br>Teams across the business completed self-assessments<br>against two Software Development Life Cycle (SDLC)<br>Accessibility Processes, followed by improvement plans.<br>We also deployed shift left best practices which integrate<br>accessibility considerations into the earliest stages of the SDLC.<br>To share our knowledge in this area, Accessibility Specialists<br>from across RELX presented six sessions at CSUN Assistive<br>Technology Conference 2025 (photographed right).<br>Increasingly customers need information from us in areas<br>ranging from our environmental performance and their share<br>of our carbon emissions, to the steps we take to ensure an<br>ethical supply chain. Since 2021 we have received a 160%<br>increase in customer requests for sustainability data.<br>In 2025 sales colleagues were surveyed to gain insights on<br>corporate responsibility related customer requests. Corporate<br>Responsibility teams shadowed sales colleagues to better<br>understand their processes and customer engagement<br>strategies. This cross-functional learning enables Corporate<br>Responsibility colleagues to create efficient and effective tools<br>and communications for sales colleagues. In the year customer<br>and product focused content was produced to highlight RELX’s<br>Unique Contributions, including a sustainability focused<br>product story published to coincide with COP30.
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Relevant<br>SDGs<br>RELX Annual Report 2025	People 49<br>What makes RELX special<br>Our people tell us, through our annual employee opinion survey,<br>that they are engaged, motivated and committed and believe RELX<br>is a great place to work. We attract and retain talented people,<br>including those whose skills are in high demand.<br>Our competitive advantage is driven by our purpose, culture,<br>talent and a combination of behaviours and attributes, including:<br>§ Knowing our products and exactly how they add value for<br>our customers<br>§ Understanding emerging technologies and how they might<br>be used to add value<br>§ Being thought leaders<br>§ Being intellectually curious and eager to learn<br>§ Being fact based, analytical and data driven<br>We owe our success to RELX’s talented employees, including<br>technologists, researchers, event directors, product managers,<br>data scientists and many others. Our employees count on us to<br>create a fair, challenging, rewarding and supportive work<br>environment where they can achieve their potential.<br>For more information on our people and their working lives in<br>RELX, please see www.relx.com/our-business/perspectives.<br>Driving performance through culture<br>In RELX we set an expectation that everyone should take<br>ownership and be accountable for their actions, decisions and<br>outcomes. Everyone is encouraged to seek never-ending<br>performance improvement in every aspect of what they do,<br>driving execution and achieving results.<br>This is underpinned by defined and measurable annual goals<br>for all our people, as part of our Enabling Performance approach<br>to performance measurement and personal development.<br>EnablingPerformance allows us to review achievement of<br>goals and identify opportunities for development, recognition<br>and advancement. This approach encourages regular<br>and impactful performance, development and career<br>conversations for all employees.<br>We recognise the value of leadership, whatever career stage<br>someone is at: whether this is their first role, or whether they<br>are leading a business area. We have a common language and<br>approach to leadership in RELX. For our senior leaders we set<br>specific behavioural expectations that will help them successfully<br>navigate their careers in RELX. Exceptional leadership is the<br>cornerstone of success at RELX.<br>Our commitment to careers<br>RELX employees are expected to understand their strengths<br>and areas for improvement and take individual ownership of,<br>and accountability for, pursuing their own personal<br>development. We ask employees to proactively look for<br>opportunities to build their career. We invest in tools to support<br>them, especially in identifying appropriate career paths. We aim<br>to provide our people with resources, tools and support to help<br>them perform and grow, including online training platforms that<br>were utilised by 76% of employees during 2025. We are helping<br>our people build skills for the future such as data analytics,<br>product and technology development (including AI), and product<br>ownership and management.<br>In 2025 we invested over $14m and around 500,000 hours in<br>centrally deployed training. This included courses, seminars,<br>one-to-one instruction and tuition reimbursement. Centralised<br>training is supplemented by additional training in business units.<br>Our CEO and the RELX business leaders care deeply about<br>helping our people to develop and actively participate in regular<br>organisational talent reviews that consider development needs<br>and opportunities at an individual level.<br>We also offer NetWorx, a global employee mentorship<br>programme. This digital mentoring platform recommends<br>matches based on individual profiles and specific goals, creating<br>six month long mentoring relationships. In 2025, the platform had<br>approximately 1,500 active users.<br>People<br>We owe our success to our people. They are driven by a strong sense of<br>purpose, and a supportive work environment where they can achieve<br>their full potential.<br>Rito Dipto<br>Strategic Engagement<br>Manager, Elsevier, UK<br>RELX has enabled me to grow in my<br>vocation while fostering a culture<br>oftrust and psychological safety.<br>The organisation’s policies have<br>supported both my professional<br>ambitions and personal wellbeing,<br>making me even more committed<br>to showing up at my best, every day.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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50 RELX Annual Report 2025	Corporate responsibility<br>Integrity at the heart of our business<br>We embrace integrity and high ethical standards and our RELX<br>Code of Ethics and Business Conduct provides the guidance<br>needed to make ethical business decisions. It explains how we<br>should behave in the workplace and marketplace and describes<br>how each of us should handle various legal and ethical matters,<br>providing helpful scenarios. The principles in our Code of Ethics<br>and Business Conduct are firmly embedded in the company and<br>we strongly encourage employees to speak up if they are<br>concerned about potential breaches. We have several channels<br>they can use, including our Integrity Line, to raise concerns and<br>have them investigated (see page 43). We see this as an important<br>factor in ensuring that our actions are in the best interests of our<br>company, employees, customers and shareholders.<br>Harnessing our talent<br>At the heart of our approach to inclusion, is the belief that everyone<br>should be able to succeed and grow in a business that values them.<br>Inclusion means feeling heard, contributing equally, with equal<br>access to opportunity – regardless of personal characteristics.<br>We encourage and promote inclusion and believe RELX derives<br>competitive advantage from the breadth of backgrounds, diverse<br>perspectives, opinions and differing ways of thinking that our<br>people bring to everything they do.<br>Inclusion policy<br>§ Sets out our commitment to an inclusive workforce<br>(available at www.relx.com/cr-downloads)<br>Employee Resource Groups<br>§ 100+ active networks<br>External recognition<br>§ RELX was recognised in multiple categories at the 2025<br>Comparably awards including Best Leadership Team, Best<br>Company Outlook and Best Company, Perks and Benefits<br>RELX Employee Resource Groups (ERGs) encourage colleagues<br>to collaborate, advocate and engage communities around topics<br>of mutual interest. ERGs are open to everybody, and help<br>advance a culture of belonging. This is recognised by allowing<br>all employees to take two days paid time-off per year for<br>ERG-sponsored activities. In 2025, employees recorded over<br>22,300<br> ERG hours. We feature stories about our people and<br>purpose at www.relx.com/our-business/perspectives<br>We are committed to creating an environment where everyone can<br>thrive, and provide reasonable accommodations and adjustments<br>to meet individual needs, ensuring everyone can participate fully<br>in the workplace.<br>In 2025, the percentage of people managers who are women<br>remained at 46%, and the number of women in our senior leader<br>population was 31%. At year end, women comprised 40% of the<br>Board. Non-Executive Director, Bianca Tetteroo serves as our<br>Workforce Engagement Director.<br>Our business relies heavily on technologists and we need to<br>attract the best talent to support our business ambitions. We<br>directly employ more than 9,300 technologists, 27% are women.<br>Health and safety<br>The importance of employee health and safety is emphasised in the<br>RELX Code of Ethics and Business Conduct and in the RELX Health<br>and Safety Policy available at www.relx.com. These documents<br>commit us to providing a healthy and safe workplace for all<br>employees and safe products and services for customers. The<br>CEOis responsible for health and safety on behalf of the Board.<br>We consult with employees globally on health and safety through<br>staff and works councils and reinforce good health and safety<br>practice through regular communications, including a designated<br>site with relevant information. We also hold regular Health and<br>Safety Committee meetings.<br>We monitor and ensure our buildings are maintained and comply<br>with relevant health and safety laws and standards, in conjunction<br>with third parties and landlords, where appropriate.<br>We provide tailored health and safety training to employees<br>and alongside third parties to help ensure compliance with local<br>health and safety rules and to promote best practice. This is<br>particularly important for employees at higher risk of injury in the<br>workplace. In the US, we engage a third-party specialist to inspect<br>locations that had increased incident rates. We also provide<br>employee support following any incident or health concern. There<br>were no work related deaths reported in 2025 and our frequency<br>rate (lost time incidents per 200,000 hours worked) was 0.02. The<br>majority of lost time incidents were due to road traffic accidents,<br>followed by slips, trips and falls.<br>For hybrid working, we provide support on health and safety<br>issues for both office and home working. During the past three<br>years over 5,900 employees have completed the training through<br>our Healthy Working programme which includes personalised<br>risk assessments and action plans.<br>RELX is also committed to fostering a psychologically safe and<br>supportive workplace through a comprehensive mental health<br>and wellbeing framework that spans all business areas. The<br>framework is rooted in proactive leadership, diverse support<br>mechanisms, and inclusive programming that addresses the<br>multifaceted wellbeing needs of employees globally.<br>2025 OBJECTIVE<br>Engage colleagues globally through our<br>Inspiring Inclusion programme<br>2025 PERFORMANCE<br>Our 2025 series of virtual events helped colleagues<br>understand and embrace the diversity of our global business.<br>The 2025 Belonging virtual conference brought together<br>employees globally to foster a shared commitment to<br>advocacy, learning and building an inclusive workplace.<br> Independently assured
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RELX Annual Report 2025	People 51<br>2025 OBJECTIVE<br>Hold virtual wellbeing summit for<br>champions from across the business<br>2025 PERFORMANCE<br>RELX operates in a fast moving and dynamic environment.<br>We want to help our people to take care of themselves,<br>mentally and physically, so they can perform with clarity,<br>focus, stability and energy, and achieve their potential. In<br>2025 all employees, globally, were invited to participate in a<br>programme in association with OwnLife, intended to help<br>them sustain productivity while finding a better work-life<br>balance, and reducing their risk of burnout.<br>In 2025, we held our first RELX Wellbeing Summit bringing<br>together over 100 HR leads, ERG representatives, and<br>MentalHealth First Aiders across 14 countries. The summit<br>highlighted practical tools for workplace wellbeing<br>advocates and focused on connection, care, and rejuvenation<br>for those colleagues that care for others. 94% of summit<br>attendees discovered useful tools and 100% learnt<br>something new. Additionally, we have a number of ongoing<br>wellness programmes such as Living Well, MindLife and<br>Thrive. Our global Employee Assistance Programme<br>provides valued professional support when someone needs<br>more personalised or urgent help with a work-related or a<br>personal issue. All of this is supported by a wide range of<br>policies that support employees in bringing their whole self<br>to work and in managing competing work and life priorities.<br>2025 OBJECTIVE<br>Continue to assess pay competitiveness<br>and pay equity across RELX<br>2025 PERFORMANCE<br>In 2025, we continued to monitor pay competitiveness and pay<br>equity across RELX. Compensation reviews twice a year allow<br>for pay increases to recognise performance and sustain<br>market competitiveness and internal equity.<br>We have robust and well-established reward mechanisms<br>across RELX, with a strong emphasis on performance, fairness,<br>equity and market competitiveness. Reward education is<br>provided for people managers to support them inunderstanding<br>key concepts – such as the steps we take to ensure people are<br>treated equitably – and to facilitate discussing them with<br>employees. In addition to pay, we have a wide range of employee<br>benefits that reflect the market norms in the countries in which<br>we operate. We keep pay equity under constant review, with an<br>ongoing programme to drive even greater equity and fairness.<br>2025<br>RELX people in numbers<br>FTE employees 37,600<br>Full-time employees (%) 95%<br>Part-time employees (%) 5%<br>Average length of service (years) 8<br>Total hours worked by all employees in the year 66m<br>Temporary workers (%) 3%<br>Contingent workers 1,700<br>Employees represented by a collective<br>bargaining agreement (%)<br>12%<br>Global HR information system coverage 100%<br>Turnover<br>Total turnover rate 11.1%<br>Voluntary turnover rate 7.2%<br>Involuntary turnover rate 3.9%<br>Training and development<br>Investment in training $14m<br>Training hours 500,000<br>Employee engagement 71%<br>Reward<br>Employees with variable pay opportunities 79%<br>Employees with access to share purchase<br>programmes (US/UK/NL)<br>55%<br>Absence<br>Absence rate (number of unscheduled absent days<br>out of total days worked in 2025, UK and NL)<br>0.87%<br>US Family Medical Leave Act requests 1,101<br>Inclusion<br>Employees who are women 51%<br>Managers who are women 46%<br>Senior leaders who are women 31%<br>2026 objectives By 2030<br>Belonging – Continue to engage colleagues globally through<br>our Inspiring Inclusion programme, aligned with SDG 10<br>(Reduced Inequalities)<br>Wellbeing – Second virtual well-being summit to convene<br>wellness champions across RELX to share best practice and<br>provide new tools to support physical and mental wellbeing,<br>in support of SDG 3 (Good Health and Well-Being)<br>Pay equity – Continue to assess pay competitiveness and pay<br>equity, aligned with SDG 8 (Decent Work and Economic Growth)<br>Continued high-performing and satisfied workforce<br>through talent development, inclusion and well-being<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Relevant<br>SDGs<br>52 RELX Annual Report 2025	Corporate responsibility<br>RELX Cares, our global community programme, supports<br>employee volunteering and giving that makes a positive impact<br>on society. The mission of RELX Cares is education for<br>disadvantaged young people that advances one or more of our<br>unique contributions as a business, including protection of society<br>and reducing inequalities, advancing science and improving<br>health outcomes, furthering the Rule of Law and access to justice<br>and fostering communities. Employees have up to two days’ paid<br>leave per year for their own community work. A network of<br>220RELX Cares Champions ensures the vibrancy of our<br>community engagement.<br>In 2025, we held the 15th Recognising Those Who Care Awards to<br>highlight colleagues who have made outstanding contributions to<br>RELX Cares. The eight winners of the individual award travelled to<br>visit charity projects in the Philippines hosted by our colleagues at<br>Reed Elsevier in the Philippines. In addition, one individual was<br>awarded extra RELX Cares volunteering days and two individuals<br>and two teams were given the opportunity to make a donation to<br>the charity of their choice.<br>220<br>A network of 220 RELX Cares Champions ensures the<br>vibrancy of our community engagement<br>Community<br>We help our local and global communities thrive by contributing<br>to their success.<br>Volunteering allows us to unite our<br>collective strength for meaningful<br>change. Nothing is more rewarding<br>than seeing our shared efforts<br>strengthen community bonds and<br>create tangible impact.<br>The mission of RELX Cares is education for<br>disadvantaged young people that furthers<br>one or more of our unique contributions as<br>a business, including universal, sustainable<br>access to information.<br>Elora Wang<br>Executive Assistant,<br>RX, China<br>2025 OBJECTIVE<br>Update RELX Cares Champions materials<br>and continue to increase engagement and<br>participation<br>2025 PERFORMANCE<br>In the year we updated existing assets and created new<br>materials for RELX Cares Champions, among them the<br>RELXCares Champions Handbook to help RELX Cares<br>Champions understand their role as catalysts in supporting<br>colleagues to take part in volunteering, giving and other<br>RELXCares activities.<br>We created new downloadable posters to advertise RELX Cares<br>events, an email signature that tells people they are RELX<br>Cares Champions, an email template to promote RELX Cares<br>activities and a RELX Cares T shirt design.<br>We increased engagement in our flagship programme,<br>Recognising Those Who Cares with a 17% increase in<br>applications for the awards which celebrates RELX employees<br>who have made outstanding contributions to RELX Cares.<br>We have continued to convene bi-monthly RELX Cares<br>Champions meetings to engage employees around the world.<br>The Recognising Those Who Care programme<br>spotlights colleagues whose passion and<br>commitment to their communities embodies the spirit<br>of RELX Cares. Serving as a judge for the awards has<br>been incredibly rewarding in discovering how the<br>nominees’ dedication is inspiring our teammates<br>around the world and making a real difference.<br>Jonathon Woods<br>Director, Corporate Communications<br>LexisNexis Legal & Professional
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RELX Annual Report 2025	Community 53<br>Each September, we hold RELX Cares Month to celebrate our<br>commitment to our communities around the world. During the<br>Month, over 4,000 colleagues across RELX took part in hundreds<br>of volunteering and fundraising events. These included employees<br>in the UK who recorded audio books for sick children; colleagues<br>from LexisNexis Risk Solutions US who painted skateboards for<br>disadvantaged children; Elsevier India colleagues who mentored<br>young people from an educational charity; LexisNexis Legal &<br>Professional New Zealand who took part in a beach clean-up; and<br>colleagues at RX China who worked with a charity providing horse<br>riding for children with special needs.<br>Giving<br>Our central donations programme aligns with the RELX Cares<br>mission. Employees serve as sponsors for charities seeking<br>funding, which must in turn indicate how they help further one or<br>more of RELX’s unique contributions.<br>RELX Cares Champions vote on submissions using decision<br>criteria such as value to the beneficiary and opportunities for<br>staff engagement. In 2025, RELX Cares Champions donated<br>£334,242 to 29 charities supporting over 120,000 young people.<br>Projects included:<br>§ In the US, giving underserved Philadelphia teenagers the<br>chance to take part in outdoor expeditions<br>§ In Poland, funding social integration and creative programmes<br>for Ukrainian child refugees<br>§ In India, providing free education to children in a vulnerable<br>Delhi resettlement colony<br>In managing community involvement, we apply the same rigour<br>as we do to other aspects of our business. Read our methodology<br>at www.relx.com/additional-cr-resources.<br>We extended our partnership with our global fundraising partner,<br>Save the Children, until 2027. Since 2022, the partnership has<br>raised more than £200,000, including through marathon running,<br>quiz nights and taking part in Save the Children’s Christmas<br>jumper day, and we have pledged to raise at least another<br>£80,000 by 2027. The funds support Save the Children’s work in<br>90 countries, through emergency response and long-term<br>programmes, the charity has an immediate and lasting impact on<br>the lives of millions of children around the world.<br>We donated £5m in cash (including through matching gifts), and<br>£15m in products, services and staff time (market-value) in 2025.<br>Some 38% of employees were engaged in volunteering through<br>RELX Cares. According to 2025 Business for Societal Impact (B4SI)<br>data, the average volunteering rate was 27.2% for our sector and<br>24.8% for all sectors.<br>We encourage in-kind contributions, such as product and<br>equipment donations, aligned with our Product Donation Policy<br>(available at www.relx.com/cr-downloads), which included books,<br>access to content, and discounted charity rates for some products.<br>Book donations: supporting education<br>While print is a relatively small portion of our revenue, we<br>continue to minimise the impact of printed product. We focus<br>on techniques such as print on demand or print run control<br>to better match production to demand.<br>We donate excess product to charity partners such as Book<br>Aid International and Books for Africa to avoid waste and<br>benefit communities.<br>In 2025, RELX donated over 143,000 books with a value<br>of over $11m to our charity partners.<br>Book Aid International<br>RELX has been a Book Aid International partner for over<br>30 years through regular book donations, financial support,<br>staff fundraising and volunteering. RELX donations of higher<br>education and medical books are critical to educating the<br>next generation around the world.<br>In 2025, we supported them by donating 16,476 new books<br>and providing a grant to open a new Children’s Corner in<br>Bamenda, Cameroon. Every Children’s Corner creates a<br>vibrant reading space stocked with UK donated and<br>nationally published books that is staffed by a specially<br>trained librarian ready to welcome children into a world<br>of reading. The space is especially valuable in Bamenda,<br>where children are living with the effects of an eight-year<br>conflict that has closed schools and forced thousands from<br>their homes. In these challenging circumstances, the new<br>Children’s Corner will give hundreds of children the chance<br>to find respite in stories.<br>For over 30 years, RELX has joined us in<br>sharing the power of books with readers<br>around the world. The hugely valuable books<br>RELX provides have helped so many midwives,<br>doctors and nurses qualify and go on to provide<br>life-saving care and supported countless<br>students around the world in earning degrees.<br>RELX’s grants have opened beautiful reading<br>spaces where children can explore awhole<br>new world of stories. I would like to thank RELX<br>for their long-standing support – your gifts are<br>truly transformational.<br>Alison Tweed<br>Chief Executive, Book Aid International<br>Photo credit: Cynthia R Matonhodze/Book Aid International.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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54 RELX Annual Report 2025	Corporate responsibility<br>Impact<br>In accordance with the B4SI model, we monitor the short- and<br>long-term benefits of the projects with which we are involved.<br>We ask beneficiaries to report on their progress to increase<br>transparency and engagement.<br>In addition, we survey RELX Cares volunteers on the impact the<br>programme has on their work following each volunteer activity.<br>In 2025, we received over 15,400 responses, 89% of respondents<br>said their motivation and pride in RELX had increased as a result<br>of volunteering and 87% said they had experienced a positive<br>change in behaviour or attitude as a result of volunteering.<br>In-kind<br>51%<br>Cash<br>26%<br>Time<br>23%<br>What we contributed in 2025 (market value)<br>Market value cash, in-kind and time donations (GBPm)<br>Community involvement<br>Market value cash, in-kind and time donations (GBPm)<br>2021 2022 2023 2024 2025<br>21<br>23 23<br>20<br>23<br>Elsevier Foundation<br>This year we celebrated 20 years of the Elsevier Foundation<br>which has donated $18 million in grants to over 100 partners in<br>more than 70 countries around the world to advance inclusive<br>research and health. The Foundation shared its first Impact<br>Report in the year with key statistics and partnership case<br>studies on research equity, inclusive health and climate<br>action, including Envisioning Futures: Women’s leadership<br>and gender equity in Japanese research with RIKEN, the<br>leading Japanese research institute. They also introduced a<br>new alumni programme connecting past award winners with<br>Elsevier editors, featuring them in Elsevier webinars and<br>amplifying their work through our networks and hosting a<br>reception for the Elsevier Foundation Awards for Early-Career<br>Women Scientists in the Developing World alumni at the<br>Organization for Women in Science for the Developing World<br>General Assembly in Bogota, Colombia in November 2025.<br>In 2025 the Elsevier Foundation also launched a partnership<br>with Swasti, an Indian public health nonprofit, to support<br>healthcare workers in addressing challenges posed by<br>climate change through its Climate Care Champions<br>programme. The $50,000 grant is equipping frontline<br>healthcare workers with essential skills to manage<br>climate-induced health impacts. Two districts were chosen<br>for the pilot based on heat index severity involving 90 health<br>professionals, who then trained over 2,200 frontline health<br>workers. Results have led to an increase in accurate<br>identification of heat-related illnesses and the creation<br>of a first district Heat Action Plan.<br>For 20 years, the Elsevier Foundation has<br>invested in a pragmatic, partnership-driven<br>approach to advancing inclusive research and<br>health. By combining our partners’ on-the-ground expertise with Elsevier’s content, data,<br>analytics and networks, together we have<br>created a multiplier effect – delivering greater<br>impact and contributing to meaningful change.<br>Ylann Schemm<br>Executive Director, Elsevier Foundation
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RELX Annual Report 2025	Community 55<br>2026 objectives By 2030<br>Employee community engagement – Hold first virtual global<br>RELX Cares Champions Summit to continue advancing flagship<br>RELX Cares programme across the business in support of SDG<br>17 (Partnerships for the Goals)<br>Philanthropic giving – Introduce new technology platform to<br>streamline central giving and to improve impact reporting, in<br>support of SDG 17 (Partnerships for the Goals)<br>Through our unique contributions, and investments with<br>partners, contribute to significant, measurable advancement<br>of education for disadvantaged young people<br>Jeffrey P Mladenik and Andrew<br>Curry-Green Memorial Scholarship<br>As a lasting memorial to our colleagues Jeffrey Mladenik<br>and Andrew Curry-Green, who lost their lives on 9/11, we<br>offer scholarships in their name to children of eligible<br>employees.<br>Ayush Tailang (left) son of Sameer Tailang, Principal<br>Software Engineer for Risk in Atlanta, is passionate about<br>business and technology. Ayush graduated from high school<br>with Honors and is now a freshman at the University of<br>Georgia where he is studying Management Information<br>Systems at the Terry College of Business. Ayush has earned<br>an IT specialist certification and consistently places among<br>the top rank in a range of technology competitions. He is a<br>member of the National Honor Society and the National<br>Technical Honor Society. Outside of academics, Ayush<br>competes in dance tournaments, plays alto-saxophone and<br>is involved in varsity athletics.<br>Brooke Healey (right), daughter of Chris Healey, Customer<br>Success Manager for Risk, graduated from high school with a<br>4.5 GPA and in the top two percent of her class. She has a passion<br>for science, particularly environment and earth sciences. She<br>played varsity volleyball and was also a member of the National<br>Honor Society, Spanish Honor Society, Maths Honor Society and<br>the California Scholarship Foundation, where she volunteered<br>over 100 hours per year, earning her the President’s Volunteer<br>Service Award. She was also a member of her high school’s<br>environment club. Brooke is attending the University of<br>California, Los Angeles and will major in environmental science.<br>2025 OBJECTIVE<br>Continue to improve our capability to<br>respond to disasters and emergencies,<br>exploring how we can donate our<br>products and services to further<br>relief and preparedness<br>2025 PERFORMANCE<br>In the year, our Disaster and Emergency Committee brought<br>together business continuity, corporate responsibility and<br>philanthropy colleagues for a more collaborative and<br>coordinated response to emergencies and disasters. During<br>2025, we donated funds to Save the Children, World Central<br>Kitchen and The Red Cross to support relief efforts around the<br>world including for those affected by the Californian wildfires,<br>earthquakes in Myanmar and Afghanistan, Hurricane Melissa<br>in Jamaica and Typhoon Fung-wong in the Philippines.<br>In 2025, RELX was nominated by Save the Children for<br>Outstanding Support for Children in Emergencies at their<br>Partnership Awards. We also contributed to a Business for<br>Societal Impact (B4SI) project, sharing insights on our disaster<br>response and were cited by B4SI as a best practice company<br>in disaster relief.<br>The 2025 RELX SDG Inspiration Day, The Future of<br>Philanthropy, featured a panel exploring the role of corporate<br>charity partnerships in disaster response. Panellists<br>shared insights on maximising impact in times of crisis and<br>emphasised the importance of integrating preparedness<br>with recovery strategies, aligning corporate resources with<br>humanitarian needs, and building resilient partnerships<br>that address immediate issues whilst also contributing to<br>sustainable recovery.<br>RELX’s support of Save the Children’s emergency<br>fund has enabled us to respond to children’s needs<br>throughout the year. Despite cuts in overseas aid,<br>ongoing crises, and the unpredictable geopolitical<br>landscape, it is thanks to supporters like RELX that we<br>are meeting those challenges and holding true to our<br>mission to bring immediate, lasting and positive<br>change for children.<br>Lisa Aubrey<br>Director of Fundraising & Engagement, Save the Children UK<br>Photo credit: Save the Children Philippines.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Relevant<br>SDGs<br>56 RELX Annual Report 2025	Corporate responsibility<br>Managing an ethical<br>supply chain<br>RELX has a diverse supply chain with suppliers located in over<br>150 countries across multiple categories, including technology<br>(e.g. software, cloud, hardware and telecom), indirect (e.g.<br>consulting, marketing, contingent labour and travel), and direct<br>(e.g. data/content and production services, print/paper/bind<br>and distribution).<br>Given the importance of an ethical supply chain, we maintain a<br>Socially Responsible Supplier (SRS) programme encompassing<br>all our business areas, supported by colleagues with expertise<br>in operations and procurement and a dedicated Supplier<br>Environmental, Social, and Governance (ESG) Director from our<br>global procurement function. The VP Global Procurement<br>has operational responsibility for ensuring engagement with<br>suppliers occurs.<br>Monitoring suppliers<br>Our Supplier Code of Conduct (Supplier Code) stipulates our<br>expectations of our suppliers. It incorporates the Ten Principles<br>ofthe UN Global Compact and encompasses key topics such<br>as involuntary labour, non-discrimination, compensation and<br>working hours, coercion and harassment, data security and<br>environment. We require suppliers to ensure the standards of<br>theCode are applied across their own supply chain. Where local<br>industry standards are higher than applicable legal requirements,<br>we expect suppliers to meet the higher standards.<br>Non signatories to our supplier code are primarily new to the SRS<br>tracking list, and we work with them, and other non-signatories, to<br>gain agreement to our Supplier Code. In total, at the end of 2025<br>there were 6,586 signatories to our Supplier Code, or suppliers<br>with an equivalent code, representing an increase of 9% from<br>6,056 signatories at the close of 2024.<br>We engage specialist supply chain auditors to evaluate compliance<br>with the Supplier Code, and in 2025 there were 140 external audits;<br>69 onsite and 71 desktop. During 2025, onsite audit locations<br>included Argentina, Brazil, Canada, China, Egypt, Hungary, India,<br>Italy, Mauritius, Mexico, Pakistan, Philippines, Singapore,<br>SouthAfrica, Sri Lanka, United Kingdom, and United States.<br>Desktop audits involve supplier responses to an online<br>questionnaire, supporting document uploads, and a risk<br>assessment. During an onsite audit, the auditor will randomly<br>select employees from a full roster to interview. This provides<br>an opportunity to address the awareness and trust in the process.<br>Interviews are confidential, facilitymanagement are not<br>allowed to be present, and the interviews are anonymised.<br>In communicating non-compliance to management, the auditor<br>cannot disclose information which could identify the employee<br>or employees to avoid retaliation against them, which is forbidden<br>by the SupplierCode.<br>Supply chain<br>We provide our customers with ethically sourced products and services and<br>insist our suppliers meet the same high standards.<br>Doug McWhorter<br>Director, Global Procurement,<br>RELX, USA<br>By collaborating with suppliers who<br>share our values, we generate greater<br>impact – for our company, our<br>customers, and the communities<br>where we live and work.<br>North America<br>58.1%<br>South<br>America<br>0.8%<br>Middle<br>East<br>1%<br>Asia &<br>Pacific<br>12.7%<br>Europe<br>26.8%<br>Africa<br>0.6%<br>RELX supplier locations (% of supplier spend)<br>Based on four quarters ending Q3 2025<br> Read our Supplier Code of Conduct at<br>www.relx.com/cr-downloads<br>Available in 16 languages, suppliers must display the Code<br>in their workplace<br>SRS tracking list includes suppliers with which; we spend<br>more than $1m annually; deem critical; or those located<br>in medium and high-risk countries with which we spend<br>$100,000+ annually for two consecutive years<br>We assess risk using our Supplier Risk Tool which contains<br>11 indicators, including human trafficking information from<br>US State Department and the Environmental Performance<br>Index (Yale University and Columbia University in collaboration<br>with the World Economic Forum). Using the tool, in 2025,<br>we assessed risk covering over 90% of global spend<br>SRS tracking list changes year-on-year based on our business<br>needs and changes in country risk designations; in2025, there<br>were 954 suppliers, of which 769 (81%) are signatories to our<br>Supplier Code or have equivalent standards in place. The<br>tracking list includes 111 suppliers in high-risk countries and<br>694 in medium risk countries,
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RELX Annual Report 2025	Supply chain 57<br>Responsible Supply Chain Performance<br>Target Measure<br>2021<br>Actual<br>2022<br>Actual<br>2023<br>Actual<br>2024<br>Actual<br>2025<br>Actual<br>Increase # of suppliers as Code<br>signatories<br>Total # of Code signatories 3,670 4,467 5,322 6,056 6,586<br>Total # of suppliers on tracking list 359 724 796 914 954<br>Total # of suppliers on tracking list who<br>were Code signatories (or equivalent)<br>343 630 690 747 769<br>% of suppliers on tracking list who were<br>Code signatories (or equivalent)<br>96% 87% 87% 82% 81%<br>Continue using audits to ensure<br>continuous improvement in<br>supplier performance<br>and compliance<br># of independent audits 111 119 125 137 140<br>Onsite 28 28 36 61 69<br>Desktop 83 91 89 76 71<br>Continue to advance the US<br>Supplier Inclusion<br>Programme<br>% of total US spend with diverse suppliers<br>(Veteran, Minority, Woman-owned<br>businesses)<br>3% 4% 3% 3% 3%<br>Incidence of noncompliance identified during an audit leads to a<br>timeline requiring either immediate remediation or from 30-90<br>days remediation based on the finding. Audit reports provide a<br>summary of findings, local law references as relevant, root cause<br>and explanation ofthe noncompliance, follow-up methods,<br>timescale, and recommendations and actions needed to close the<br>finding. Suppliers upload a Corrective Action Plan (CAP) in the<br>audit platform for each noncompliance finding and a follow-up<br>audit is then scheduled to confirm action; auditors work with<br>suppliers until full compliance is reached. We aim to ensure<br>supplier remediation but in instances where the supplier fails to<br>take sufficient action, we will terminate the supplier relationship.<br>To minimise deforestation risk in our production paper supply<br>chain, we utilise the Forest Sourcing module of The Book Chain<br>Project, a shared industry resource for sustainable paper we<br>helped establish to assess the forest sources of our papers. By<br>year end 2025, 100% of RELX’s production paper was graded<br>by The Book Chain Project as known and responsible (sustainable)<br>sources or certified to FSC or PEFC (less than 0.1% not yet graded<br>or certified).<br>During 2025, we held RELX Supplier sessions focused on avoiding<br>modern slavery, promoting living wages and setting science-based carbon reduction targets.<br>Promoting human rights through the<br>SupplierCode<br>As stated above, the Supplier Code sets out expectations for our<br>suppliers’ ethical conduct.<br>In accordance with the UK’s Modern Slavery Act 2015, our<br>Supplier Code explicitly prohibits suppliers from participating<br>in any form of human trafficking or related activity. In 2025,<br>we updated our RELX Modern Slavery Act Statement (MSA),<br>available at www.relx.com, outlining how we are working<br>to prevent human trafficking and modern slavery in our direct<br>operations and throughout our supply chain.<br>The Supplier Code stipulates that, where required by law,<br>suppliers will have employment contracts signed with all<br>employees and require mechanisms for reporting grievances.<br>It additionally contains a provision on involuntary labour that<br>states unequivocally that suppliers cannot directly or indirectly<br>use, participate in, or benefit from, involuntary workers and<br>human trafficking-related activities. Suppliers have access<br>to Modern Slavery Awareness training through our audit provider.<br>In addition, suppliers audited in the year were asked to undergo<br>further training on freely chosen employment and living wages.<br>We use aUK Government definition of modern slavery,<br>particularly ‘the trafficking of people, forced labour, servitude<br>and slavery.’ In 2025 we did not receive any reports from<br>employees or suppliers via the Integrity Line that related to<br>modern slavery.<br>The Supplier Code states that failure to comply may result<br>in termination of the business relationship between RELX and<br>the supplier, it also protects reporting persons from retaliation.<br>Supplier Code of Conduct signatories<br>2021 2022 2023 2024 2025<br>3,670<br>5,322<br>6,056<br>6,586<br>4,467<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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58 RELX Annual Report 2025	Corporate responsibility<br>2026 objectives By 2030<br>Responsible Supply Chain – Increase number of suppliers<br>that are Code signatories; continue using audits to ensure<br>continuous improvement in supplier performance and<br>compliance, in support of SDG 8 (Decent Work and<br>EconomicGrowth)<br>Reduce supply chain risks related to human rights, labour,<br>the environment and anti-bribery by ensuring adherence<br>to our Supplier Code of Conduct through training, auditing<br>and remediation; drive supply chain innovation, quality and<br>efficiencies through a strong, diverse network of suppliers<br>2025 OBJECTIVE<br>Increase the number of suppliers that are Code Signatories and continue using audits<br>to ensure continuous improvement in supplier performance and compliance<br>2025 PERFORMANCE<br>We are committed to proactive engagement with suppliers<br>to ensure a Responsible Supply Chain that reflects the<br>diversity of our communities. During 2025, we increased the<br>number of suppliers that are signatories to our Supplier Code<br>to 6,586. Additionally, 140 supplier audits were conducted to<br>ensure continuous improvement in supplier performance<br>and compliance.<br>6,586<br>Suppliers who have signed the Supplier Code or have<br>an equivalent code
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Relevant<br>SDGs<br>RELX Annual Report 2025	Environment 59<br>87%<br>reduction in Scope 1 and Scope 2 (location-based)<br>emissions since 2010<br>97%<br>reduction in waste sent to landfill since 2018<br>71%<br> reduction in on-site energy since 2018<br>A positive environmental impact through our<br>products and services<br>Our products and services, which provide stakeholders globally<br>with data that informs debate, supports decision-making and<br>advances environmental research, represent our most significant<br>environmental impact.<br>Risk<br>Risk provides essential data to enable the insurance market to<br>remain resilient in response to a rapidly changing climate. To<br>address increased risks of flooding and subsidence, Risk offers<br>address-level risk scores, available at the point of quote and<br>visually through its Map View solution. Providing detailed, timely<br>risk data on a property-by-property basis supports insurers<br>underwriting decisions and benefits consumers in making<br>informed decisions about their policies and property choices.<br>Scientific, Technical & Medical<br>In the year, Elsevier contributed to the development and<br>launch of an industry-wide, digital journal carbon calculator<br>to assess the impact of journal publications using a common<br>methodology. Elsevier is deploying the tool for a pilot project<br>with the Royal Danish Library to assist them with carbon<br>reporting of journal publications.<br>Legal<br>LexisNexis Practical Guidance (LPG) strengthens market<br>understanding of environmental law and policy. Bespoke trackers<br>cover environmental law topics in legislation, cases, consultations,<br>and UK/EU divergence. LPG monitors and reports on major<br>developments and events in the year such as COP30 to ensure<br>information remains current and actionable. ESG and<br>sustainability resources expanded in the year on climate change,<br>environmental policy, and due diligence.<br>Exhibitions<br>RX uses its global platforms to amplify sustainability knowledge,<br>drive responsible consumption and inspire behavioural change.<br>Environment<br>We work to reduce our environmental footprint, while developing products<br>and services that bring stakeholders together to address critical global<br>environmental issues and provide essential insights.<br>Caroline Elliott-Grey<br>Senior Product Manager,<br>LexisNexis Risk Solutions, UK<br>With the changing climate we are seeing<br>the impact ofincreasedflashflooding,<br>shifts in subsidence and changes inwildfire<br>patterns. Our products provide customers<br>with crucial data and tools to understand the<br>associated risks for property to enable them<br>to offer sufficientlevels of cover.<br>RX’s portfolio of energy events including World Future Energy<br>Summit, All Energy and Pollutec help to accelerate the clean<br>energy transition. In 2025, RX’s Functional Fabric Fair Summer<br>Edition featured over 150 sustainably certified suppliers,<br>reflecting growing industry demand for responsible sourcing.<br>Aluminium China brought together over 490 exhibitors in the<br>year with themed zones focused on recycling and sustainable<br>packaging solutions.<br>Across RELX<br>The CEO is responsible to the Board for environmental<br>performance, and the CFO is our most senior environmental<br>advocate. The CEOs of our business areas are responsible<br>for complying with relevant environmental policy, legislation and<br>regulations. The Global Head of Corporate Responsibility engages<br>with the Board on environmental issues, and we work with<br>Environmental Champions and dedicated engineering, design<br>and real estate specialists to improve efficiency wherever<br>possible in our portfolio.<br>We measure and report greenhouse gas emissions, implement<br>decarbonisation strategies for emissions reductions and address<br>residual emissions with high quality carbon removals, with the<br>aim to achieve net zero across all carbon scopes by 2040. Details<br>of our net zero transition road map are available on pages 218-219,<br>and our Taskforce on Climate-related Financial Disclosure is<br>available on page 235. We are signatories of We Are Still In, a<br>network of more than 3,900 organisations committed to<br>combatting climate change and are members of the Aldersgate<br>Group, an alliance of leaders from business and civil society that<br>support actions for a sustainable economy.<br>In creating and delivering our products and services we have an<br>impact on the environment through carbon emissions, energy and<br>water usage. But where we can make the biggest difference is in<br>our portfolio of environmental research, products and services,<br>which further knowledge, promote best practice and inspire<br>meaningful action.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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60 RELX Annual Report 2025	Corporate responsibility<br>Performance<br>We focus on delivering continuous improvement in our<br>environmental performance and achieved the environmental<br>objectives we set for 2025. We reduced our on-site energy<br>consumption by 38% over 2024, with a reduction of 34% in our<br>Scope 1 and Scope 2 (location-based) emissions. Scope 3 (flights)<br>emissions increased by 24% over 2024 as business travel returns<br>towards expected levels, but is 41% below 2019 emissions.<br>We reduced water consumption by 17% and continued to purchase<br>100% sustainable production paper.<br>Our carbon reduction targets are validated by the Science Based<br>Targets Initiative as aligned with the 1.5°C criteria and include our<br>Scope 3 targets:<br>§ Reduce absolute Scope 3 emissions from purchased goods<br>and services (incorporating capital goods), business travel and<br>employee commuting by 30% in 2030 against a 2018 base year<br>§ 60% of suppliers by spend covering purchased goods and<br>services, fuel and energy related activities, upstream<br>transportation and distribution and business travel will<br>have science-based targets by 2027<br>Our indirect Scope 3 emissions can be found on page 63.<br>2025 Environmental Performance<br>Absolute performance Intensity ratio (absolute/GBPm revenue)<br>2024 2025 Change 2024 2025 Change<br>Scope 1 (direct emissions) tCO2e 2,703 1,966 -27% 0.29 0.21 -28%<br>Scope 2 (location-based) emissions tCO2e 29,989 19,500 -35% 3.18 2.03 -36%<br>Scope 2 (market-based) emissions tCO2e 6,971 5,294 -24% 0.74 0.55 -25%<br>Scope 1 + Scope 2 (location-based) emissions tCO2e 32,692 21,466 -34% 3.47 2.24 -35%<br>Total on-site energy (MWh) 89,745 55,977 -38% 9.51 5.84 -39%<br>Water (m3<br>) 134,716 111,810 -17% 14.28 11.66 -18%<br>Waste sent to landfill (t)* 44 32 -27% <0.01 <0.01 -27%<br>Sustainable production paper (%) 100 100 – – – –<br>* From reporting locations only, excluding estimates from non-reporting locations.<br>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<br>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, forwhich<br>we have operational control for the calendar year.<br>Scope 2 (location-based) emissions are calculated using grid average carbon emissions factors for all electricity sources.<br>Scope 2 (market-based) emissions are calculated using supplier-specific carbon emissions factors (where available) for renewable energy purchases.<br>New environmental targets to 2030<br>Focus area Targets – 2030<br>2025<br>performance<br>Climate<br>change<br>Reduce Scope 1 + 2 (location-based) carbon emissions by 56%<br>against a 2018 baseline<br>-74%<br>Energy Reduce energy and fuel consumption<br>of our locations by 65% against a<br>2018 baseline<br>-71%<br>Energy Continue to purchase renewable<br>electricity equivalent to 100% of<br>RELX’s global electricity consumption<br>100%<br>Waste* Maintain waste sent to landfill from<br>reporting locations at least 95% below<br>2018 levels<br>-97%<br>Production<br>paper*<br>Maintain 100% of RELX production<br>papers to be graded in Book Chain<br>Project as ‘known and responsible<br>sources’, or certified to FSC or PEFC<br>100%<br> From reporting locations, excluding estimated data.<br>** Percentage of paper graded as known and responsible sources by the Book Chain<br>Project or certified by FSC/PEFC. Includes less than 0.1% of paper not yet graded<br>or certified.<br>2025 OBJECTIVE<br>Implement new environmental<br>targets covering energy, waste and<br>management system<br>2025 PERFORMANCE<br>RELX is committed to achieving net zero by 2040. We have set<br>near term carbon reduction targets, validated by the Science<br>Based Targets Initiative (SBTi), to progress this commitment<br>aligned with the Paris ClimateAgreement.<br>To reduce Scope 3 carbon emissions in our supply chain, the<br>RELX Global Procurement team instituted a new workstream<br>in the year to encourage and monitor supplier adoption of<br>science-based targets.<br>Our environmental management system was re-certified<br>to ISO14001 in the year, demonstrating our commitment<br>to responsible environmental management across our<br>global operations.
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RELX Annual Report 2025	Environment 61<br>Climate change<br>Our Climate Change Statement supports the scientific<br>community’s opinion that human activity is contributing to<br>climate change and highlights our support for the Paris Climate<br>Agreement which aims to limit climate change to 1.5°C.<br>The RELX Climate Change Statement is available at<br>www.relx.com/cr-downloads.<br>As a signatory to the Climate Pledge, we are part of a community<br>of more than 630 organisations working to address climate<br>change by measuring and reporting greenhouse gas emissions<br>and implementing decarbonisation strategies to achieve<br>significant emissions reductions.<br>Since 2010, we have reduced our Scope 1 and 2 location-based<br>carbon emissions by 87%. We set an internal carbon price which<br>our business areas must pay for the carbon they emit. In 2025,<br>it was $50 per ton of CO2.<br>We have a NetZero Transition Plan which can be found on page 218.<br>Water<br>The majority of our sites use water from municipal supply<br>and are in developed countries with a high capability for<br>water adaptation and mitigation.<br>Our water usage decreased 17% between 2024 and 2025,<br>primarily due to continued office space consolidation.<br>We engage with internal water experts who produce water<br>related content for our customers. In 2025, we offered customers<br>26 peer-reviewed journals in water science and technology,<br>including Water Research. We also support water projects<br>through the RELX Environmental Challenge (see page 41).<br>Energy<br>As RELX almost exclusively occupies leased locations with few<br>opportunities for onsite generation, we rely on green tariffs and<br>renewable energy certificates (RECs) to purchase renewables<br>equal to 100% of our global electricity consumption. In 2025,<br>we purchased green-e certified wind and solar RECs in addition<br>to green tariffs.<br>Energy consumption at our offices, representing 62% ofthe total<br>on-site energy, decreased in 2025 due to continued office space<br>consolidation. Energy from our owned data centres, constituting<br>38% of our total on-site energy consumption, decreased as we<br>continued to move activity to the cloud. The purpose-built modern<br>data centres of cloud providers have significantly lower emissions<br>due to their large scale and measures such as the use of<br>renewable energy.<br>We are a member of RE100, a global initiative bringing together<br>businesses committed to 100% renewable electricity.<br>2018 is our baseline year for environment targets. Data available on page 36. Data available on page 61.<br>Water usage<br> 183,575<br>156,734<br>142,374 134,716<br>2021 2022 2023 2024 2025<br>111,810<br>Cubic metres<br>On-site energy consumption<br>2021 2022 2023 2024 2025<br>125,095 117,997<br>110,750<br>89,745<br> 55,977<br>MWh<br>0<br>110<br>tCO2e 1,000s<br>2021 2022 2023 2024 2025<br>Absolute emissions Intensity emissions<br>Scope 1 emissions<br>Scope 2 (location-based)<br>emissions<br>tCO2e per GBPm revenue<br>0<br>20<br>2021 2022 2023 2024 2025<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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62 RELX Annual Report 2025	Corporate responsibility<br>Waste<br>Total waste generated across all locations decreased by 52% in<br>2025, primarily due to the disposal of venue and warehouse space.<br>Of waste generated across all locations, we estimate 52%<br>was recycled and 86% diverted from landfill through recycling,<br>composting and waste energy generation. Of the waste produced<br>at our reporting locations, excluding estimates from non-reporting<br>locations, 57% was recycled. In 2025, waste sent to landfill from<br>reporting locations, excluding estimates from non-reporting<br>locations, decreased by 27% due to the continued office space<br>consolidation projects and changes in waste management<br>practices, including use of waste-to-energy processing.<br>Where reliable measurements are not available, we calculate<br>waste based on weight sampling and by counting waste<br>containers leaving our premises. Although local municipalities<br>most often carry out sorting and recycling, we report all waste<br>as going to landfill unless we have robust evidence. For this<br>reason, performance against our waste target is linked to our<br>reporting locations.<br>We work to reduce packaging waste from our physical products.<br>In the UK, we provide information on packaging waste in line<br>with the UK government’s Extended Producer Responsibility<br>Regulations. As a member of the Biffpack compliance scheme,<br>we report the amount of obligated packaging (as defined in the<br>regulations) we generate through selling, pack and fill and<br>importation of relevant products.<br>Paper<br>The quantity of production paper purchased in 2025 decreased<br>by 11% over 2024 and by 74% since 2010 as we deliver more of our<br>products online, reflecting a circular economy approach to<br>conducting our business. In 2025, we reviewed the RELX Paper<br>Policy maintaining our commitment to avoiding deforestation and<br>other environmental impacts through the purchase of sustainably<br>sourced papers.<br>In 2025, 100% of RELX production papers were graded as<br>known and responsible sources or certified to FSC or PEFC.<br>We endeavour to limit any environmental impact and reduce paper<br>wastage by implementing measures like smaller print runs,<br>digital over litho printing, print on demand and using lighter<br>papers where possible.<br>RELX is a founding member of the Book Chain Project’s paper<br>module (PREPS) and helped create the PREPS database which<br>identifies the pulps and forest sources of paper. The RELX<br>Sustainable Production Paper Policy commits us to purchase<br>only sustainable papers – graded three or five in Bookchain,<br>or certified to FSC or PEFC.<br>RELX complies with relevant legislation and work was undertaken<br>in the year to make any necessary preparations for the incoming<br>European Union Deforestation Regulations (EUDR).<br>Waste sent to landfill (reporting locations)<br>150<br>73<br>45<br>Tonnes<br>2021 2022 2023 2024 2025<br> 44<br>32<br>Energy from waste<br>33%<br>Compost<br>5%<br>Landfill<br>4%<br>Recycling<br>58%<br>Waste disposal (reporting locations)<br>Reporting locations are those from which we were able to capture primary data<br>in the year and excludes estimated data.<br>Asia Pacific<br>39%<br>Europe<br>22%<br>North America<br>39%<br>Forest source of graded production papers<br>Percentage of paper graded as known and responsible sources by the Book<br>Chain Project or certified by FSC/PEFC. Includes less than 0.1% of paper not yet<br>graded or certified.<br>Sustainable production paper<br> 98 99 100 100 100<br>Percentage<br>2021 2022 2023 2024 2025
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RELX Annual Report 2025	Environment 63<br>RX’s Net Zero Carbon Events initiative, aims to develop<br>methodologies to quantify and reduce emissions associated with<br>the events industry. While attendance at one of our events can<br>replace the need for multiple business trips, we gather emissions<br>data associated with an event’s value chain. RX produced a<br>firstSustainability Report in the year which can be found at<br>www.rxglobal.com/sustainability.<br>We encourage the re-use of electronic equipment and only recycle<br>equipment once it cannot be re-used. We partner with Camara<br>Education to donate equipment to provide access to computers for<br>students in Ethiopia, Kenya, Tanzania and Zambia. Electrical<br>equipment is refurbished for use or sold with proceeds going to<br>set up computer labs, train teachers and provide locally relevant<br>educational content. Any equipment that cannot be refurbished is<br>disposed of according to local regulations.<br>Scope 3 Emissions<br>2024 2025 Change<br>Category 1 & 2: Purchased goods and services including capital goods (tCO2e) 272,000 271,000 0%<br>Category 6: Business travel (tCO2e) including flights 19,594 24,238 24%<br>Category 7: Employee commuting (tCO2e) 5,900 5,900 0%<br>Scope 3 categories covered by the Scope 3 reduction target, validated by the Science Based Targets Initiative.<br>Impacts in our value chain<br>Scope 3<br>In 2025, we continued to use the RELX CO2 Hub, an internal<br>analytics platform, to help quantify our Scope 3 emissions.<br>We estimated supplier emissions by collecting actual data from<br>key suppliers to derive carbon intensity factors. The factors are<br>then extrapolated by spend category to cover our full supply chain.<br>Scope 1 and Scope 2 carbon emissions of our suppliers,<br>excluding business travel, cloud computing services, distribution<br>and events (see below), is approximately 50,000 tCO2e per annum.<br>Using location-specific emissions factors and office attendance<br>data, we estimated emissions from home working in the year to be<br>around 12,000 tCO2e.<br>RELX Global Real Estate and Corporate Responsibility teams,<br>work alongside contracted facilities colleagues to develop local<br>travel plans. Travel plans contain information about local<br>transport routes and seek to inform colleagues of commuter loan<br>schemes and encourage sustainable transport use. Using daily<br>refreshed office attendance data, we estimated emissions in 2025<br>to be around 5,900 tCO2e.<br>2026 objectives By 2030<br>Environmental responsibility – Launch new RELX<br>Environmental Challenge Oceans Category, in support of SDG<br>14 (Life Below Water)<br>Carbon reduction – Launch climate training for colleagues<br>across business areas and introduce new engagement<br>opportunities, in support of SDG 13 (ClimateAction)<br>Further environmental knowledge and insight globally<br>through our products and services and conduct our business<br>with the lowest environmental impact possible<br>2025 OBJECTIVE<br>Implement employee action budget,<br>funded by internal carbon price<br>2025 PERFORMANCE<br>On World Environment Day 2025 the RELX CFO, and chief<br>environmental champion, launched the RELX Green Fund,<br>made possible through proceeds from our internal carbon<br>price. Global colleagues were invited to submit proposals<br>that advance RELX’s environmental goals. An internal panel<br>of sustainability experts from across the business chose the<br>following projects for funding:<br>§ A model free access bicycle pilot scheme which can be rolled<br>out to more locations in the future<br>§ Tailored climate training and climate risk workshops for<br>Elsevier colleagues<br>§ Introduction of a new Oceans Prize as part of the RELX<br>Environmental Challenge<br>§ A funded project to assess nature related dependencies and<br>impacts in STM<br>In the year, Green Teams, employee-led environmental groups,<br>engaged over 300 colleagues across the world.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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In this section<br>66 Chief Financial Officer’s report<br>72 Principal and emerging risks<br>Financial<br>review<br>64 RELX Annual Report 2025
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Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025 65
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7,244<br>GBPm<br>8,553 9,161 9,434 9,590<br>Revenue<br>2021 2022 2023 2024 2025<br>GBPm<br>Adjusted operating profit<br>2,210<br>2,683 3,030 3,199<br>2021 2022 2023 2024 2025<br>3,342<br>6665 RELX Annual Report 2025	Financial review RELX Annual Report 2025	Financial review<br>Chief Financial Officer’s report<br>In 2025, underlying revenue growth was<br>7%, underlying adjusted operating profit<br>growth was 9%, and adjusted earnings per<br>share grew at 10% at constant currency.<br>Nick Luff, Chief Financial Officer<br>Business area reporting changes<br>Our strategy is to develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to<br>professional and business customers across market segments.<br>These are now provided almost exclusively in electronic format<br>with the proportion of group revenue from products in print format<br>having reduced over the past 25 years from 64% to 4%. This print<br>to electronic transition is now largely complete.<br>Going forwards, we will continue to ensure that print versions of<br>our content remain available as a service to customers who still<br>prefer this format, while we continue to proactively reduce our<br>own involvement in print and print-related activities. Over the past<br>two years, we have stepped up our efforts to do this through out-sourcing, joint ventures and targeted asset disposals.<br>Consistent with this, we are now managing and reporting print and<br>print-related activities separately. We believe that this removes a<br>management distraction and improves transparency of reporting.<br>Also, a small portfolio of commercial healthcare products,<br>previously distributed by Scientific, Technical & Medical (STM),<br>is now managed and distributed entirely in Risk. Accordingly,<br>revenue, together with some associated profit, previously in STM,<br>is now reported in Risk.<br>Prior period comparatives have been restated to reflect these<br>reporting changes, with a restatement of revenue and adjusted<br>operating profit for the years ended 31 December 2024 and<br>31 December 2023 provided on pages 144 and 145.<br>Revenue<br>Group underlying revenue growth was 7%, with all four business<br>areas contributing to underlying growth. Risk continued to<br>deliver strong growth, STM maintained its improved growth, Legal<br>growth continued to improve and Exhibitions saw strong growth.<br>For print and print-related, in addition to the usual print format<br>decline, the step up in actions we have taken over the past two<br>years resulted in a step down in revenue to £399m (2024: £517m).<br>Disposals, exhibition cycling and the step down in revenue from<br>print and print-related activities all combined to reduce group<br>revenue by 3%. The impact of currency movements was to<br>decrease group revenue by 2%. Total revenue was £9,590m<br>(2024: £9,434m), up 2%.<br>Profit<br>Group underlying growth in adjusted operating profit was 9%,<br>with all four business areas contributing to underlying growth.<br>The adjusted operating profit from print and print-related<br>activities reduced to £185m (2024: £217m). Disposals and the<br>reduction in profit contribution from print and print-related<br>activities combined to reduce group adjusted operating profit by<br>2%. Currency effects decreased adjusted operating profit by 3%.<br>Total adjusted operating profit was £3,342m (2024: £3,199m),<br>up 4%. The overall adjusted operating margin improved by 0.9<br>percentage points to 34.8% (2024: 33.9%) driven by the underlying<br>performance. EBITDA margin also improved, by 0.6 percentage<br>points, to 40.1%.<br>Reported operating profit was £3,027m (2024: £2,861m), up 6%,<br>slightly higher than the increase in adjusted operating profit<br>due to lower amortisation of acquired intangible assets and<br>acquisition and disposal related items.<br>Adjusted net interest expense was £283m (2024: £296m), with the<br>decrease reflecting lower average interest rates partly offset by<br>higher average debt balances.<br>Revenue Adjusted operating profit<br>65 RELX Annual Report 2025	Financial review<br>Chief Financial Officer’s report<br>In 2025, underlying revenue growth was<br>7%, underlying adjusted operating profit<br>growth was 9%, and adjusted earnings per<br>share grew at 10% at constant currency.<br>Nick Luff, Chief Financial Officer<br>Business area reporting changes<br>Our strategy is to develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to<br>professional and business customers across market segments.<br>These are now provided almost exclusively in electronic format<br>with the proportion of group revenue from products in print format<br>having reduced over the past 25 years from 64% to 4%. This print<br>to electronic transition is now largely complete.<br>Going forwards, we will continue to ensure that print versions of<br>our content remain available as a service to customers who still<br>prefer this format, while we continue to proactively reduce our<br>own involvement in print and print-related activities. Over the past<br>two years, we have stepped up our efforts to do this through out-sourcing, joint ventures and targeted asset disposals.<br>Consistent with this, we are now managing and reporting print and<br>print-related activities separately. We believe that this removes a<br>management distraction and improves transparency of reporting.<br>Also, a small portfolio of commercial healthcare products,<br>previously distributed by Scientific, Technical & Medical (STM),<br>is now managed and distributed entirely in Risk. Accordingly,<br>revenue, together with some associated profit, previously in STM,<br>is now reported in Risk.<br>Prior period comparatives have been restated to reflect these<br>reporting changes, with a restatement of revenue and adjusted<br>operating profit for the years ended 31 December 2024 and<br>31 December 2023 provided on pages 144 and 145.<br>Revenue<br>Group underlying revenue growth was 7%, with all four business<br>areas contributing to underlying growth. Risk continued to<br>deliver strong growth, STM maintained its improved growth, Legal<br>growth continued to improve and Exhibitions saw strong growth.<br>For print and print-related, in addition to the usual print format<br>decline, the step up in actions we have taken over the past two<br>years resulted in a step down in revenue to £399m (2024: £517m).<br>Disposals, exhibition cycling and the step down in revenue from<br>print and print-related activities all combined to reduce group<br>revenue by 3%. The impact of currency movements was to<br>decrease group revenue by 2%. Total revenue was £9,590m<br>(2024: £9,434m), up 2%.<br>Profit<br>Group underlying growth in adjusted operating profit was 9%,<br>with all four business areas contributing to underlying growth.<br>The adjusted operating profit from print and print-related<br>activities reduced to £185m (2024: £217m). Disposals and the<br>reduction in profit contribution from print and print-related<br>activities combined to reduce group adjusted operating profit by<br>2%. Currency effects decreased adjusted operating profit by 3%.<br>Total adjusted operating profit was £3,342m (2024: £3,199m),<br>up 4%. The overall adjusted operating margin improved by 0.9<br>percentage points to 34.8% (2024: 33.9%) driven by the underlying<br>performance. EBITDA margin also improved, by 0.6 percentage<br>points, to 40.1%.<br>Reported operating profit was £3,027m (2024: £2,861m), up 6%,<br>slightly higher than the increase in adjusted operating profit<br>due to lower amortisation of acquired intangible assets and<br>acquisition and disposal related items.<br>Adjusted net interest expense was £283m (2024: £296m), with the<br>decrease reflecting lower average interest rates partly offset by<br>higher average debt balances.<br>Revenue Adjusted operating profit
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Adjusted operating profit margin<br>33.9%<br>30.5% 31.4% 33.1%<br>2021 2022 2023 2024 2025<br>34.8%<br>EBITDA margin<br>2021 2022 2023 2024 2025<br>37.2% 37.1% 38.7% 39.5% 40.1%<br>65 RELX Annual Report 2025	Financial review RELX Annual Report 2025	Chief Financial Officer’s report 67<br>Chief Financial Officer’s report<br>In 2025, underlying revenue growth was<br>7%, underlying adjusted operating profit<br>growth was 9%, and adjusted earnings per<br>share grew at 10% at constant currency.<br>Nick Luff, Chief Financial Officer<br>Business area reporting changes<br>Our strategy is to develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to<br>professional and business customers across market segments.<br>These are now provided almost exclusively in electronic format<br>with the proportion of group revenue from products in print format<br>having reduced over the past 25 years from 64% to 4%. This print<br>to electronic transition is now largely complete.<br>Going forwards, we will continue to ensure that print versions of<br>our content remain available as a service to customers who still<br>prefer this format, while we continue to proactively reduce our<br>own involvement in print and print-related activities. Over the past<br>two years, we have stepped up our efforts to do this through out-sourcing, joint ventures and targeted asset disposals.<br>Consistent with this, we are now managing and reporting print and<br>print-related activities separately. We believe that this removes a<br>management distraction and improves transparency of reporting.<br>Also, a small portfolio of commercial healthcare products,<br>previously distributed by Scientific, Technical & Medical (STM),<br>is now managed and distributed entirely in Risk. Accordingly,<br>revenue, together with some associated profit, previously in STM,<br>is now reported in Risk.<br>Prior period comparatives have been restated to reflect these<br>reporting changes, with a restatement of revenue and adjusted<br>operating profit for the years ended 31 December 2024 and<br>31 December 2023 provided on pages 144 and 145.<br>Revenue<br>Group underlying revenue growth was 7%, with all four business<br>areas contributing to underlying growth. Risk continued to<br>deliver strong growth, STM maintained its improved growth, Legal<br>growth continued to improve and Exhibitions saw strong growth.<br>For print and print-related, in addition to the usual print format<br>decline, the step up in actions we have taken over the past two<br>years resulted in a step down in revenue to £399m (2024: £517m).<br>Disposals, exhibition cycling and the step down in revenue from<br>print and print-related activities all combined to reduce group<br>revenue by 3%. The impact of currency movements was to<br>decrease group revenue by 2%. Total revenue was £9,590m<br>(2024: £9,434m), up 2%.<br>Profit<br>Group underlying growth in adjusted operating profit was 9%,<br>with all four business areas contributing to underlying growth.<br>The adjusted operating profit from print and print-related<br>activities reduced to £185m (2024: £217m). Disposals and the<br>reduction in profit contribution from print and print-related<br>activities combined to reduce group adjusted operating profit by<br>2%. Currency effects decreased adjusted operating profit by 3%.<br>Total adjusted operating profit was £3,342m (2024: £3,199m),<br>up 4%. The overall adjusted operating margin improved by 0.9<br>percentage points to 34.8% (2024: 33.9%) driven by the underlying<br>performance. EBITDA margin also improved, by 0.6 percentage<br>points, to 40.1%.<br>Reported operating profit was £3,027m (2024: £2,861m), up 6%,<br>slightly higher than the increase in adjusted operating profit<br>due to lower amortisation of acquired intangible assets and<br>acquisition and disposal related items.<br>Adjusted net interest expense was £283m (2024: £296m), with the<br>decrease reflecting lower average interest rates partly offset by<br>higher average debt balances.<br>Revenue Adjusted operating profit<br>RELX Annual Report 2025	Chief Financial Officer’s report 66<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>Adjusted profit before tax was £3,059m (2024: £2,903m), up 5%.<br>Reported profit before tax was £2,750m (2024: £2,557m) up 8%,<br>reflecting the improvement in reported operating profit and the<br>lower interest expense.<br>The adjusted net interest expense and adjusted profit before tax<br>exclude a charge of £5m (2024: nil) for the mark-to-market<br>movement on cross currency interest rate swaps entered into as<br>a hedge of foreign currency exposures, but for which hedge<br>accounting cannot be applied (see ‘Debt’ below). They also exclude<br>the net pension financing credit of £3m (2024: £1m charge).<br>The amortisation charge in respect of acquired intangible assets,<br>including the share of amortisation in joint ventures and associates,<br>was £248m (2024: £258m).<br>ADJUSTED FIGURES Change at<br>2024 2025 Change constant Underlying<br>For the year ended 31 December GBPm GBPm in GBP currency growth<br>Revenue 9,434 9,590 +2% +4% +7%<br>EBITDA 3,724 3,846<br>Operating profit 3,199 3,342 +4% +7% +9%<br>Operating margin 33.9% 34.8%<br>Net interest expense (296) (283)<br>Profit before tax 2,903 3,059 +5% +8%<br>Tax charge (652) (688)<br>Net profit attributable to shareholders 2,241 2,358 +5% +8%<br>Cash flow 3,101 3,301 +6%<br>Cash flow conversion 97% 99%<br>Return on invested capital 14.8% 15.4%<br>Earnings per share 120.1p 128.5p +7% +10%<br><br>DIVIDEND<br>For the year ended 31 December 2024 2025 Change<br>Ordinary dividend per share 63.0p 67.5p +7%<br><br>REPORTED FIGURES<br>For the year ended 31 December 2024 2025 Change<br>Revenue 9,434 9,590 +2%<br>Operating profit 2,861 3,027 +6%<br>Net interest expense (298) (286)<br>Profit before tax 2,557 2,750 +8%<br>Tax charge (613) (672)<br>Net profit attributable to shareholders 1,934 2,065 +7%<br>Net margin 20.5% 21.5%<br>Cash generated from operations 3,521 3,735 +6%<br>Net debt 6,563 7,201<br>Earnings per share 103.6p 112.6p +9%<br>Summary financial information is presented in US dollars on page 196 and 197.<br>RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets<br>and other items related to acquisitions and disposals, and the associated deferred tax movements. Underlying revenue growth rates are calculated at constant<br>currency, and exclude revenue from acquisitions until twelve months after purchase, revenue of disposals and assets held for sale, print and print-related revenue,<br>exhibition cycling, and timing effects. Underlying adjusted operating profit growth rates are calculated on the same basis except that they do not exclude exhibition<br>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<br>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.<br>Acquisition and disposal related costs were £54m (2024: £69m),<br>slightly lower than the prior year primarily due to lower<br>acquisition activity.<br>The adjusted tax charge was £688m (2024: £652m). The adjusted<br>effective tax rate was 22.5% (2024: 22.5%).<br>The adjusted tax charge excludes movements in deferred taxation<br>assets and liabilities related to goodwill and acquired intangible<br>assets, but includes the benefit of tax amortisation where available<br>on those items. Adjusted operating profit from joint ventures and<br>associates is grossed up for our equity share of interest and taxation.<br>The application of tax law and practice is subject to some<br>uncertainty and amounts are provided in respect of this.<br>Discussions with tax authorities relating to cross-border<br>transactions and other matters are ongoing. Although the<br>outcome of open items cannot be predicted, no significant<br>impact on profitability is expected.<br>EBITDA margin Adjusted operating profit margin<br>65 RELX Annual Report 2025	Financial review<br>Chief Financial Officer’s report<br>In 2025, underlying revenue growth was<br>7%, underlying adjusted operating profit<br>growth was 9%, and adjusted earnings per<br>share grew at 10% at constant currency.<br>Nick Luff, Chief Financial Officer<br>Business area reporting changes<br>Our strategy is to develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to<br>professional and business customers across market segments.<br>These are now provided almost exclusively in electronic format<br>with the proportion of group revenue from products in print format<br>having reduced over the past 25 years from 64% to 4%. This print<br>to electronic transition is now largely complete.<br>Going forwards, we will continue to ensure that print versions of<br>our content remain available as a service to customers who still<br>prefer this format, while we continue to proactively reduce our<br>own involvement in print and print-related activities. Over the past<br>two years, we have stepped up our efforts to do this through out-sourcing, joint ventures and targeted asset disposals.<br>Consistent with this, we are now managing and reporting print and<br>print-related activities separately. We believe that this removes a<br>management distraction and improves transparency of reporting.<br>Also, a small portfolio of commercial healthcare products,<br>previously distributed by Scientific, Technical & Medical (STM),<br>is now managed and distributed entirely in Risk. Accordingly,<br>revenue, together with some associated profit, previously in STM,<br>is now reported in Risk.<br>Prior period comparatives have been restated to reflect these<br>reporting changes, with a restatement of revenue and adjusted<br>operating profit for the years ended 31 December 2024 and<br>31 December 2023 provided on pages 144 and 145.<br>Revenue<br>Group underlying revenue growth was 7%, with all four business<br>areas contributing to underlying growth. Risk continued to<br>deliver strong growth, STM maintained its improved growth, Legal<br>growth continued to improve and Exhibitions saw strong growth.<br>For print and print-related, in addition to the usual print format<br>decline, the step up in actions we have taken over the past two<br>years resulted in a step down in revenue to £399m (2024: £517m).<br>Disposals, exhibition cycling and the step down in revenue from<br>print and print-related activities all combined to reduce group<br>revenue by 3%. The impact of currency movements was to<br>decrease group revenue by 2%. Total revenue was £9,590m<br>(2024: £9,434m), up 2%.<br>Profit<br>Group underlying growth in adjusted operating profit was 9%,<br>with all four business areas contributing to underlying growth.<br>The adjusted operating profit from print and print-related<br>activities reduced to £185m (2024: £217m). Disposals and the<br>reduction in profit contribution from print and print-related<br>activities combined to reduce group adjusted operating profit by<br>2%. Currency effects decreased adjusted operating profit by 3%.<br>Total adjusted operating profit was £3,342m (2024: £3,199m),<br>up 4%. The overall adjusted operating margin improved by 0.9<br>percentage points to 34.8% (2024: 33.9%) driven by the underlying<br>performance. EBITDA margin also improved, by 0.6 percentage<br>points, to 40.1%.<br>Reported operating profit was £3,027m (2024: £2,861m), up 6%,<br>slightly higher than the increase in adjusted operating profit<br>due to lower amortisation of acquired intangible assets and<br>acquisition and disposal related items.<br>Adjusted net interest expense was £283m (2024: £296m), with the<br>decrease reflecting lower average interest rates partly offset by<br>higher average debt balances.<br>Revenue Adjusted operating profit<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Leverage – Net debt/EBITDA<br>2.4x<br>2.1x 2.0x 1.8x 2.0x<br>2021 2022 2023 2024 2025<br>Adjusted cash flow conversion<br>101% 101% 98% 97% 99%<br>2021 2022 2023 2024 2025<br>6867 RELX RELX Annual Report 2025	Financial review Annual Report 2025	Financial review<br>The reported tax charge was £672m (2024: £613m), including tax<br>associated with the amortisation of acquired intangible assets,<br>disposals and other non-operating items. The reported tax rate<br>was 24.4% (2024: 24.0%).<br>The adjusted net profit attributable to shareholders was £2,358m<br>(2024: £2,241m), up 5%. Adjusted earnings per share was up 10%<br>at constant currency, and after changes in exchange rates was up<br>7% at 128.5p (2024: 120.1p).<br>The reported net profit attributable to shareholders was £2,065m<br>(2024: £1,934m), up 7%. Reported earnings per share was 112.6p<br>(2024: 103.6p), up 9%.<br>Cash flows<br>Adjusted cash flow was £3,301m (2024: £3,101m), up 6% compared<br>with the prior period. The rate of conversion of adjusted operating<br>profit to adjusted cash flow was 99% (2024: 97%).<br>CONVERSION OF ADJUSTED OPERATING PROFIT INTO CASH<br>YEAR TO 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Adjusted operating profit 3,199 3,342<br>Depreciation and amortisation 525 504<br>EBITDA 3,724 3,846<br>Capital expenditure (484) (525)<br>Repayment of lease principal (net)* (61) (38)<br>Working capital and other items (78) 18<br>Adjusted cash flow 3,101 3,301<br>Adjusted cash flow conversion 97% 99%<br>* Net of sublease receipts.<br>Capital expenditure was £525m (2024: £484m), including £504m<br>(2024: £464m) in respect of capitalised development costs,<br>reflecting sustained investment in new products. Capital<br>expenditure was 5.5% of revenue (2024: 5.1%) and excludes<br>pre-publication costs of £102m (2024: £92m) that were capitalised<br>as current assets and principal lease repayments of £38m<br>(2024: £61m). Depreciation and other amortisation charged<br>within adjusted operating profit was £504m (2024: £525m) and<br>represented 5.3% of revenue (2024: 5.6%). This includes<br>amortisation of internally developed intangible assets, largely<br>capitalised development costs, of £352m (2024: £364m) and<br>depreciation of property, plant and equipment of £26m (2024:<br>£34m) which combined represent 3.9% (2024: 4.2%) of revenue.<br>Interest paid (net) was £261m (2024: £251m), increasing mainly<br>as a result of the timing of payments. Tax paid of £638m<br>(2024: £662m) was lower than the income statement charge,<br>with the difference reflecting timing of tax payments.<br>Payments made in respect of acquisition and disposal related<br>items amounted to £89m (2024: £62m).<br>Free cash flow before dividends was £2,313m (2024: £2,126m).<br>Ordinary dividends paid to shareholders in the year, being the 2024<br>final dividend and 2025 interim dividend, amounted to £1,181m<br>(2024: £1,121m). Free cash flow after dividends was £1,132m<br>(2024: £1,005m).<br>FREE CASH FLOW<br>YEAR TO 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Adjusted cash flow 3,101 3,301<br>Interest paid (net) (251) (261)<br>Cash tax paid* (662) (638)<br>Acquisition and disposal related items (62) (89)<br>Free cash flow before dividends 2,126 2,313<br>Ordinary dividends (1,121) (1,181)<br>Free cash flow after dividends 1,005 1,132<br>* Net of cash tax relief on acquisition and disposal related items and<br>including cash tax impact of disposals.<br>RECONCILIATION OF NET DEBT YEAR-ON-YEAR<br><br>YEAR TO 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Net debt at 1 January (6,446) (6,563)<br>Free cash flow post dividends 1,005 1,132<br>Acquisitions: total consideration (195) (270)<br>Disposals: total consideration 95 11<br>Share repurchases (1,000) (1,500)<br>Purchase of shares by the employee<br>benefit trust (75) (76)<br>Other* 7 (30)<br>Currency translation 46 95<br>Movement in net debt (117) (638)<br>Net debt at 31 December (6,563) (7,201)<br>* Includes share option exercise proceeds, leases, disposal and acquisition<br>timing effects and pension deficit recovery payments.<br>Total consideration on acquisitions completed in the year was<br>£270m (2024: £195m). Cash spent on acquisitions was £260m<br>(2024: £170m), reflecting timing of deferred consideration for past<br>and current year acquisitions. Cash spent on venture capital<br>investments was £42m (2024: £4m).<br>Total consideration from disposals completed in the year was<br>£11m (2024: £95m). Net cash inflow from disposals was £17m<br>(2024: £46m). Share repurchases in 2025 were £1,500m<br>(2024: £1,000m) with a further £250m repurchased in 2026 as at<br>11 February. In addition, the Employee Benefit Trust purchased<br>shares of RELX PLC to meet future obligations in respect of share<br>based remuneration totalling £76m (2024: £75m). Proceeds from<br>the exercise of share options were £42m (2024: £47m).<br><br>Adjusted cash flow conversion Leverage - Net debt/EBITDA
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RELX term debt maturities at 31 December 2025<br>587<br>939<br>1,500<br>950 880<br>1,087 998<br>750<br>0 7<br>880<br>2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 >2035<br>USDm<br>Term debt translated at 31 December 2025 exchange rates, stated at par value<br>Return on invested capital<br>11.9% 12.5% 14.0% 14.8%<br>2021 2022 2023 2024 2025<br>15.4%<br>67 RELX Annual Report 2025	Financial review RELX Annual Report 2025	Chief Financial Officer’s report 69<br>The reported tax charge was £672m (2024: £613m), including tax<br>associated with the amortisation of acquired intangible assets,<br>disposals and other non-operating items. The reported tax rate<br>was 24.4% (2024: 24.0%).<br>The adjusted net profit attributable to shareholders was £2,358m<br>(2024: £2,241m), up 5%. Adjusted earnings per share was up 10%<br>at constant currency, and after changes in exchange rates was up<br>7% at 128.5p (2024: 120.1p).<br>The reported net profit attributable to shareholders was £2,065m<br>(2024: £1,934m), up 7%. Reported earnings per share was 112.6p<br>(2024: 103.6p), up 9%.<br>Cash flows<br>Adjusted cash flow was £3,301m (2024: £3,101m), up 6% compared<br>with the prior period. The rate of conversion of adjusted operating<br>profit to adjusted cash flow was 99% (2024: 97%).<br>CONVERSION OF ADJUSTED OPERATING PROFIT INTO CASH<br>YEAR TO 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Adjusted operating profit 3,199 3,342<br>Depreciation and amortisation 525 504<br>EBITDA 3,724 3,846<br>Capital expenditure (484) (525)<br>Repayment of lease principal (net)* (61) (38)<br>Working capital and other items (78) 18<br>Adjusted cash flow 3,101 3,301<br>Adjusted cash flow conversion 97% 99%<br>* Net of sublease receipts.<br>Capital expenditure was £525m (2024: £484m), including £504m<br>(2024: £464m) in respect of capitalised development costs,<br>reflecting sustained investment in new products. Capital<br>expenditure was 5.5% of revenue (2024: 5.1%) and excludes<br>pre-publication costs of £102m (2024: £92m) that were capitalised<br>as current assets and principal lease repayments of £38m<br>(2024: £61m). Depreciation and other amortisation charged<br>within adjusted operating profit was £504m (2024: £525m) and<br>represented 5.3% of revenue (2024: 5.6%). This includes<br>amortisation of internally developed intangible assets, largely<br>capitalised development costs, of £352m (2024: £364m) and<br>depreciation of property, plant and equipment of £26m (2024:<br>£34m) which combined represent 3.9% (2024: 4.2%) of revenue.<br>Interest paid (net) was £261m (2024: £251m), increasing mainly<br>as a result of the timing of payments. Tax paid of £638m<br>(2024: £662m) was lower than the income statement charge,<br>with the difference reflecting timing of tax payments.<br>Payments made in respect of acquisition and disposal related<br>items amounted to £89m (2024: £62m).<br>Free cash flow before dividends was £2,313m (2024: £2,126m).<br>Ordinary dividends paid to shareholders in the year, being the 2024<br>final dividend and 2025 interim dividend, amounted to £1,181m<br>(2024: £1,121m). Free cash flow after dividends was £1,132m<br>(2024: £1,005m).<br>FREE CASH FLOW<br>YEAR TO 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Adjusted cash flow 3,101 3,301<br>Interest paid (net) (251) (261)<br>Cash tax paid* (662) (638)<br>Acquisition and disposal related items (62) (89)<br>Free cash flow before dividends 2,126 2,313<br>Ordinary dividends (1,121) (1,181)<br>Free cash flow after dividends 1,005 1,132<br>* Net of cash tax relief on acquisition and disposal related items and<br>including cash tax impact of disposals.<br>RECONCILIATION OF NET DEBT YEAR-ON-YEAR<br><br>YEAR TO 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Net debt at 1 January (6,446) (6,563)<br>Free cash flow post dividends 1,005 1,132<br>Acquisitions: total consideration (195) (270)<br>Disposals: total consideration 95 11<br>Share repurchases (1,000) (1,500)<br>Purchase of shares by the employee<br>benefit trust (75) (76)<br>Other* 7 (30)<br>Currency translation 46 95<br>Movement in net debt (117) (638)<br>Net debt at 31 December (6,563) (7,201)<br>* Includes share option exercise proceeds, leases, disposal and acquisition<br>timing effects and pension deficit recovery payments.<br>Total consideration on acquisitions completed in the year was<br>£270m (2024: £195m). Cash spent on acquisitions was £260m<br>(2024: £170m), reflecting timing of deferred consideration for past<br>and current year acquisitions. Cash spent on venture capital<br>investments was £42m (2024: £4m).<br>Total consideration from disposals completed in the year was<br>£11m (2024: £95m). Net cash inflow from disposals was £17m<br>(2024: £46m). Share repurchases in 2025 were £1,500m<br>(2024: £1,000m) with a further £250m repurchased in 2026 as at<br>11 February. In addition, the Employee Benefit Trust purchased<br>shares of RELX PLC to meet future obligations in respect of share<br>based remuneration totalling £76m (2024: £75m). Proceeds from<br>the exercise of share options were £42m (2024: £47m).<br><br>Adjusted cash flow conversion Leverage - Net debt/EBITDA<br>RELX Annual Report 2025	Chief Financial Officer’s report 68<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>Funding<br>Debt<br>Net debt at 31 December 2025 was £7,201m, an increase of<br>£638m since 31 December 2024. The majority of our borrowings<br>are denominated in US dollars and euros. As sterling was<br>stronger against the US dollar at 31 December 2025 compared to<br>31 December 2024, currency effects reduced net debt expressed<br>in sterling. In US dollars, net debt at 31 December 2025 was<br>$9,721m, an increase of $1,517m since 31 December 2024. As<br>the euro was stronger against the US dollar at 31 December 2025<br>compared to 31 December 2024, currency effects increased net<br>debt in US dollars. Excluding currency translation effects, net<br>debt increased by £733m when expressed in sterling and by<br>$968m when expressed in US dollars.<br>In March 2025, the Group entered into cross-currency interest<br>rate swaps to increase its exposure to debt in euro and Japanese<br>yen. This provides a hedge of part of the Group’s earnings in<br>those currencies, but the nature of the Group’s assets in those<br>currencies on a reported basis means that the interest rate<br>swaps do not qualify for net investment hedge accounting. The<br>fair value movements in these instruments in each period will<br>be included in reported net interest expense but excluded from<br>adjusted net interest expense, and the total fair value at each<br>reporting date will be included as part of net debt as defined by<br>the Group. Of the $1.5bn of new term debt issued in the period<br>(see ‘Liquidity’ below), $500m has been swapped from fixed rate<br>US dollars to fixed rate euros for five or ten years, and $500m<br>has been swapped from fixed rate US dollars to fixed rate<br>Japanese yen for ten years.<br>Gross debt of £7,267m (2024: £6,544m) is comprised of bank and<br>bond borrowings of £7,170m (2024: £6,441m) and lease liabilities<br>of £97m (2024: £103m). The fair value of derivative net liabilities<br>designated as hedging instruments was £60m (2024: £140m),<br>the fair value of cross-currency interest rate swap net liabilities<br>not designated as hedging instruments was £5m (2024: nil),<br>finance lease receivables were nil (2024: £2m) and cash and<br>cash equivalents totalled £131m (2024: £119m). In aggregate,<br>these give the net debt figure of £7,201m (2024: £6,563m).<br>The effective interest rate on gross bank and bond borrowings<br>was 3.9% in 2025 (2024: 4.4%). As at 31 December 2025, gross<br>bank and bond borrowings had a weighted average life remaining<br>of 4.0 years and a total of 66% of them were at fixed rates, after<br>taking into account interest rate derivatives. The ratio of net debt<br>(including pensions) to EBITDA was 2.0x (2024: 1.8x), calculated<br>in US dollars.<br>At 31 December 2025, there was a net positive pension<br>accounting balance (pension assets less pension obligations)<br>of £43m, compared to a net positive position of £21m as at<br>31 December 2024 as liabilities have reduced due to an increase<br>in discount rates.<br>The Group and the Trustees of the main UK defined benefit<br>pension scheme have completed the 2024 triennial valuation and<br>no deficit funding contributions are required in the period 2025 to<br>2027. In the first half of 2025 it was announced that this scheme<br>will be closed to future accrual of benefits with effect from<br>28 February 2027.<br>Liquidity<br>In March 2025, USD denominated term debt was issued of $750m<br>with a fixed coupon of 4.75% and a maturity of 5 years and $750m<br>with a fixed coupon of 5.25% and a maturity of 10 years. The Group<br>has ample liquidity and access to debt capital markets, providing<br>the ability to repay or refinance debt as it matures and to fund<br>ongoing requirements. During the year, the existing $3bn<br>committed bank facility due to mature in April 2027 was<br>refinanced and replaced with a new $3.5bn committed bank<br>facility, maturing in November 2030 with the option to extend for<br>two years. This facility provides security of funding for short-term<br>debt, and remains undrawn.<br>Invested capital and returns<br>Net capital employed decreased by £249m to £10,322m at<br>31 December 2025 (2024: £10,571m), primarily due to changes<br>in exchange rates, partly offset by the effect of acquisitions<br>completed during the year and movements in working capital.<br>NET CAPITAL EMPLOYED<br>AS AT 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Goodwill and acquired intangible assets* 9,811 9,327<br>Internally developed intangible assets* 1,569 1,675<br>Property, plant and equipment,<br>right-of-use assets and investments 432 454<br>Net pension asset 21 43<br>Working capital (1,262) (1,177)<br>Net capital employed 10,571 10,322<br>* Net of accumulated depreciation and amortisation.<br>The post-tax return on average invested capital in the year was<br>15.4% (2024: 14.8%). The increase was driven by growth in<br>adjusted operating profit.<br>RETURN ON INVESTED CAPITAL<br>AS AT 31 DECEMBER 2024 2025<br> GBPm GBPm<br>Adjusted operating profit 3,199 3,342<br>Tax at adjusted effective rate (720) (752)<br>Adjusted effective tax rate 22.5% 22.5%<br>Adjusted operating profit after tax 2,479 2,590<br>Average invested capital* 16,743 16,799<br>Return on invested capital 14.8% 15.4%<br>* Average of invested capital at the beginning and the end of the year,<br>retranslated at average exchange rates for the year. Invested capital is<br>calculated as net capital employed, adjusted to add back accumulated<br>amortisation and impairment of acquired intangible assets and goodwill<br>and to exclude the gross up to goodwill in respect of deferred tax.<br>RELX term debt maturities at 31 December 2025 Return on invested capital<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Share buybacks<br>500<br>800<br>1,000<br>1,500<br>2021 2022 2023 2024 2025<br>GBPm<br>Dividends<br>920 983 1,059 1,121 1,181<br>2021 2022 2023 2024 2025<br>GBPm<br>7070 RELX RELX Annual Report 2025	Financial review Annual Report 2025	Financial review<br>Dividends and share repurchases<br> 2024 2025<br> GBPm GBPm Change<br>Adjusted earnings per share 120.1p 128.5p +7%<br>Reported earnings per share 103.6p 112.6p +9%<br>Ordinary dividend per share 63.0p 67.5p +7%<br>The final dividend proposed by the Board is 48.0p per share. This<br>gives total dividends for the year of 67.5p (2024: 63.0p), 7% higher<br>than the prior year.<br>The dividend policy of RELX PLC is, over the longer term, to grow<br>dividends broadly in line with adjusted earnings per share, paying<br>out approximately half of adjusted earnings in dividend each year.<br>During 2025, a total of 39.5m RELX PLC shares were<br>repurchased at an average price of 3,797p. Total consideration<br>for these repurchases was £1,500m. A further 1.9m (2024: 2.2m)<br>shares were purchased by the Employee Benefit Trust. As at<br>31 December 2025, total shares in issue, net of shares held<br>in treasury and shares held by the Employee Benefit Trust,<br>amounted to 1,819.0m. A further 8.8m shares have been<br>repurchased in 2026 as at 11 February.<br>Distributable reserves and parent company<br>balance sheet<br>As at 31 December 2025, RELX PLC had distributable reserves<br>of £5.1bn (2024: £4.9bn). In line with UK legislation, distributable<br>reserves are derived from the non-consolidated RELX PLC<br>balance sheet. The consolidated reserves reflect items such as<br>the amortisation of acquired intangible assets that are not taken<br>into account when calculating distributable reserves.<br>The parent company balance sheet net assets are higher than<br>those of the Group due to the investment in RELX Group plc<br>being carried at a value of £18.4bn which is not reflected on the<br>consolidated balance sheet. The parent company balance sheet<br>can be found on page 189. Further information on the<br>distributable reserves can be found in the parent company<br>financial statements on page 190.<br>Alternative performance measures<br>RELX uses a range of alternative performance measures (APMs)<br>in the reporting of financial information, which are not defined by<br>generally accepted accounting principles (GAAP) such as IFRS.<br>These APMs are used by the Board and management as they<br>believe they provide relevant information in assessing the<br>Group’s performance, position and cash flows, enable investors<br>to track more clearly the core operational performance of the<br>Group, and provide a clear basis for assessing RELX’s ability to<br>raise debt and invest in new business opportunities.<br>Management also uses these financial measures, along with IFRS<br>financial measures, in evaluating the operating performance of the<br>Group as a whole and of the individual business areas. These<br>measures should not be considered in isolation from, or as a<br>substitute for, financial information presented in compliance with<br>IFRS. The measures may not be directly comparable to similarly<br>reported measures by other companies.<br>Definitions and reconciliations of alternative performance<br>measures together with restatement of certain measures can be<br>found on pages 198 to 206.<br>Accounting policies<br>The consolidated financial statements are prepared in accordance<br>with UK adopted International Accounting Standards in conformity<br>with the requirements of the Companies Act 2006 and IFRS<br>accounting standards as issued by the International Accounting<br>Standards Board (IASB) following the accounting policies shown<br>in the notes to the financial statements on pages 138 to 185.<br>The accounting policies and estimates which require the most<br>significant judgement relate to the capitalisation of development<br>spend and accounting for defined benefit pension schemes.<br>Further detail is provided in the accounting policies on pages 143<br>to 145 and in the relevant notes to the accounts.<br>Tax<br>Taxation is an important issue for us and our stakeholders,<br>including our shareholders, governments, customers, suppliers,<br>employees and the global communities in which we operate.<br>We have set out our approach to tax in our global tax strategy.<br>This incorporates our Tax Principles along with additional<br>disclosures around where we pay taxes and our broader<br>contribution to society. This is all made publicly available on<br>our website: www.relx.com/go/taxprinciples. We maintain<br>an open dialogue with tax authorities, and are vigilant in ensuring<br>that we comply with current tax legislation. We have clear and<br>consistent tax policies and tax matters are dealt with by a<br>professional tax function, supported by external advisers.<br>We proactively seek to agree arm’s-length pricing with tax<br>authorities to mitigate tax risks of significant cross-border<br>operations. We actively engage with policy makers, tax<br>administrators, industry bodies and international institutions to<br>provide informed input on proposed tax measures, so that we<br>and they can understand how those proposals would affect our<br>business. In addition, we participate in consultations with the<br>Organisation for Economic Co-operation and Development (OECD),<br>European bodies and the United Nations.<br><br><br>Dividends Share buybacks
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70 RELX Annual Report 2025	Financial review RELX Annual Report 2025	Chief Financial Officer’s report 71<br>Dividends and share repurchases<br> 2024 2025<br> GBPm GBPm Change<br>Adjusted earnings per share 120.1p 128.5p +7%<br>Reported earnings per share 103.6p 112.6p +9%<br>Ordinary dividend per share 63.0p 67.5p +7%<br>The final dividend proposed by the Board is 48.0p per share. This<br>gives total dividends for the year of 67.5p (2024: 63.0p), 7% higher<br>than the prior year.<br>The dividend policy of RELX PLC is, over the longer term, to grow<br>dividends broadly in line with adjusted earnings per share, paying<br>out approximately half of adjusted earnings in dividend each year.<br>During 2025, a total of 39.5m RELX PLC shares were<br>repurchased at an average price of 3,797p. Total consideration<br>for these repurchases was £1,500m. A further 1.9m (2024: 2.2m)<br>shares were purchased by the Employee Benefit Trust. As at<br>31 December 2025, total shares in issue, net of shares held<br>in treasury and shares held by the Employee Benefit Trust,<br>amounted to 1,819.0m. A further 8.8m shares have been<br>repurchased in 2026 as at 11 February.<br>Distributable reserves and parent company<br>balance sheet<br>As at 31 December 2025, RELX PLC had distributable reserves<br>of £5.1bn (2024: £4.9bn). In line with UK legislation, distributable<br>reserves are derived from the non-consolidated RELX PLC<br>balance sheet. The consolidated reserves reflect items such as<br>the amortisation of acquired intangible assets that are not taken<br>into account when calculating distributable reserves.<br>The parent company balance sheet net assets are higher than<br>those of the Group due to the investment in RELX Group plc<br>being carried at a value of £18.4bn which is not reflected on the<br>consolidated balance sheet. The parent company balance sheet<br>can be found on page 189. Further information on the<br>distributable reserves can be found in the parent company<br>financial statements on page 190.<br>Alternative performance measures<br>RELX uses a range of alternative performance measures (APMs)<br>in the reporting of financial information, which are not defined by<br>generally accepted accounting principles (GAAP) such as IFRS.<br>These APMs are used by the Board and management as they<br>believe they provide relevant information in assessing the<br>Group’s performance, position and cash flows, enable investors<br>to track more clearly the core operational performance of the<br>Group, and provide a clear basis for assessing RELX’s ability to<br>raise debt and invest in new business opportunities.<br>Management also uses these financial measures, along with IFRS<br>financial measures, in evaluating the operating performance of the<br>Group as a whole and of the individual business areas. These<br>measures should not be considered in isolation from, or as a<br>substitute for, financial information presented in compliance with<br>IFRS. The measures may not be directly comparable to similarly<br>reported measures by other companies.<br>Definitions and reconciliations of alternative performance<br>measures together with restatement of certain measures can be<br>found on pages 198 to 206.<br>Accounting policies<br>The consolidated financial statements are prepared in accordance<br>with UK adopted International Accounting Standards in conformity<br>with the requirements of the Companies Act 2006 and IFRS<br>accounting standards as issued by the International Accounting<br>Standards Board (IASB) following the accounting policies shown<br>in the notes to the financial statements on pages 138 to 185.<br>The accounting policies and estimates which require the most<br>significant judgement relate to the capitalisation of development<br>spend and accounting for defined benefit pension schemes.<br>Further detail is provided in the accounting policies on pages 143<br>to 145 and in the relevant notes to the accounts.<br>Tax<br>Taxation is an important issue for us and our stakeholders,<br>including our shareholders, governments, customers, suppliers,<br>employees and the global communities in which we operate.<br>We have set out our approach to tax in our global tax strategy.<br>This incorporates our Tax Principles along with additional<br>disclosures around where we pay taxes and our broader<br>contribution to society. This is all made publicly available on<br>our website: www.relx.com/go/taxprinciples. We maintain<br>an open dialogue with tax authorities, and are vigilant in ensuring<br>that we comply with current tax legislation. We have clear and<br>consistent tax policies and tax matters are dealt with by a<br>professional tax function, supported by external advisers.<br>We proactively seek to agree arm’s-length pricing with tax<br>authorities to mitigate tax risks of significant cross-border<br>operations. We actively engage with policy makers, tax<br>administrators, industry bodies and international institutions to<br>provide informed input on proposed tax measures, so that we<br>and they can understand how those proposals would affect our<br>business. In addition, we participate in consultations with the<br>Organisation for Economic Co-operation and Development (OECD),<br>European bodies and the United Nations.<br><br><br>Dividends Share buybacks<br>RELX Annual Report 2025	Chief Financial Officer’s report 73<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>Treasury<br>The Board of RELX PLC agrees Treasury Principles which are<br>translated into policies for managing treasury risks. The key<br>policies address security of funding requirements, the target<br>fixed/floating interest rate exposure for debt and foreign currency<br>hedging and place limits on counterparty exposures. A more<br>extensive summary of these policies is provided in note 17 to the<br>financial statements on pages 169 to 175. Financial instruments<br>are used to finance the RELX businesses and to hedge<br>transactions. The Group’s businesses do not enter into<br>speculative transactions.<br>Liquidity management<br>The capital structure is managed to support RELX’s objective of<br>maximising long-term shareholder value through appropriate<br>security of funding, ready access to debt and capital markets, cost-effective borrowing and flexibility to fund business and acquisition<br>opportunities while maintaining appropriate leverage to ensure an<br>efficient capital structure.<br>Over the long term, RELX seeks to maintain cash flow conversion<br>of 90% or higher and credit rating agency metrics that are<br>consistent with a solid investment grade credit rating. These<br>metrics, as defined by the rating agencies, include net debt to<br>EBITDA and various measures of cash flow as a percentage of<br>net debt. Further detail on liquidity management is provided on<br>pages 170 and 171.<br>Capital management<br>RELX uses the cash flow it generates to fund capital expenditure<br>required to drive organic growth, to make selective acquisitions<br>and to provide a growing dividend to shareholders, while retaining<br>balance sheet strength to maintain access to cost-effective<br>sources of borrowing. Share repurchases are undertaken to<br>maintain an efficient balance sheet. Further detail on capital<br>management is provided on pages 169 and 170.<br>Corporate responsibility<br>Corporate responsibility continues to underpin our activities.<br>This included in 2025, reducing our Scope 1, Scope 2 (location-based) and Scope 3 (business flights) emissions by 13%.<br>We continue to hold Group-wide ISO 140001 certification of our<br>Environmental Management System.<br>To track our environmental progress through the year, I led<br>quarterly Environmental Checkpoint meetings with senior<br>managers and chaired our Net Zero Carbon Events working<br>group to progress a net zero road map which featured in RX’s<br>first Sustainability Report. For World Environment Day, I sent<br>a message to all RELX staff highlighting our environmental<br>performance and priorities, building on the work of Green<br>Teams at more than 56 locations across the Group which focus<br>on environmental management at the local level. In the year,<br>we launched a Green Fund, open to all employees for projects<br>with environmental benefits, using proceeds from our internal<br>carbon price which was $50 per ton of CO2<br>e in 2025.<br>Our most significant contribution to the environment-related<br>UN Sustainable Development Goals (SDGs), including SDG 7,<br>Clean And Affordable Energy and SDG 13, Climate Action,<br>remains our products and services. We continued to deploy<br>the EmeraldSky methodology developed by Risk’s global flight<br>data business, Cirium, to calculate our Scope 3, business flight<br>travel data. Scientific, Technical & Medical’s The Lancet<br>Planetary Health addressed themes related to sustainable<br>development and global environmental change throughout the<br>year. Legal published England and Wales Environment Tracker<br>2025, which tracks and summarises new and upcoming<br>legislation and consultations linked to climate action and<br>emissions reduction in England and Wales. Exhibitions’ World<br>Future Energy Summit in Abu Dhabi featured the Sustainability<br>Business Connect programme, a platform allowing regional<br>and international buyers to meet with exhibitors, visitors, and<br>prospective partners, which expanded by 17% over the previous<br>year.<br>We are committed to transparency. You can find more<br>information and data in the Corporate Responsibility section on<br>pages 34 to 63, in the Corporate Sustainability Reporting<br>Directive Sustainability Statement on pages 208 to 234, and our<br>Taskforce on Climate-Related Financial Disclosure (TCFD) on<br>page 235.<br><br>Nick Luff<br>Chief Financial Officer<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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72 RELX Annual Report 2025	Financial review<br>Principal and emerging risks<br>Risk identification, evaluation,<br>and management<br>RELX has established a well-embedded risk management<br>framework based on the Internal Control-Integrated Framework<br>(2013) by the Committee of Sponsoring Organisations of the<br>Treadway Commission (COSO). Through this framework risks are<br>identified, assessed, mitigated, and monitored in an effective and<br>consistent way across the businesses.<br>RELX uses the 3 Lines of Defence model and aligns its systems of<br>risk management and internal control with the COSO framework.<br>Business Areas are required to maintain systems of risk<br>management and internal control which are appropriate to the<br>nature and scale of their activities and address all significant<br>strategic, operational, financial, legal and regulatory compliance<br>and reputational risks that they face. The RELX PLC Board<br>monitors the system of internal control and risk management<br>and performs an annual assessment of its effectiveness.<br>Consideration of current and emerging risks<br>Our risk management process considers the likelihood and<br>impact of risks, the timeline over which a risk could arise, the<br>direction in which risks are trending and the effectiveness of our<br>mitigation efforts. In addition to consideration of current risks,<br>we also identify emerging risks which could impact our business<br>in the next 3-5 years.<br>An emerging risk specific to generative AI is the possibility that<br>models may produce inaccurate or fabricated content. We reduce<br>this exposure by involving domain experts in the development,<br>implementing comprehensive testing and validation procedures,<br>and including verifiable, source-linked citations in AI-generated<br>outputs to ensure users can access authoritative material.<br>Another emerging AI risk in the journal publishing sector is that<br>Generative AI is lowering the cost and effort to produce fraudulent<br>articles, either by innocent/ignorant or fraudulent author, editor<br>or peer reviewer. We combat this with technological tools<br>designed to identify fraudulently submitted articles.<br>RISK MITIGATION<br>External Risks<br>Data privacy<br>In the course of our business, we process personal data from<br>customers, end users, employees and other sources. Certain<br>business areas rely extensively upon content that includes<br>personal data from public records, governmental authorities,<br>publicly available information and media, and other information<br>companies, including competitors. Changes in data privacy<br>legislation, regulation, and/or enforcement could impact our<br>ability to collect and use personal data, potentially affecting the<br>availability and effectiveness of our products. Failure or perceived<br>failure, by us, our customers or suppliers, to comply with<br>requirements for proper collection, use, sharing, storage,<br>transfer and other processing of personal data may damage our<br>reputation, divert time and effort of management and other<br>resources, increase cost of operations, and expose us to risk<br>ofloss, fines and penalties, litigation, and increased regulation.<br>We are guided by the RELX Privacy Principles and have<br>implemented governance structures, contractual restrictions,<br>technical measures, and other controls to protect personal data<br>and meet data privacy requirements across all jurisdictions<br>where we operate. We have assurance programmes to monitor<br>compliance and conduct training and awareness programmes<br>for our employees.<br>Our commitment to fair, explainable, and accountable AI<br>practices, as set out in our Responsible Artificial Intelligence<br>Principles, helps to ensure that our AI uses of personal data are<br>subject to robust privacy governance.<br>Intellectual property rights<br>Our products and services include and utilise intellectual property<br>and we rely on our commercial agreements as well as trademark,<br>copyright, patent, trade secret and other intellectual property<br>laws to establish and protect our proprietary rights in this<br>intellectual property. Such intellectual property laws are subject<br>to national legislative initiatives, cross-border initiatives such as<br>those from the European Commission and increased judicial<br>scrutiny in several jurisdictions in which we operate that could<br>weaken such protections. There is a risk that our proprietary<br>rights and copyright protections could be infringed or<br>circumvented, including by companies leveraging technology<br>tools and AI, which may impact demand for and pricing of our<br>products and services.<br>We actively engage in developing and promoting the legal<br>protection of intellectual property rights. Our contracts with<br>customers contain provisions regarding the use of proprietary<br>content including use by large language models. We are vigilant<br>as to the use of our intellectual property and, as appropriate,<br>take action to challenge illegal content distribution sources.
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RELX Annual Report 2025	Principal and emerging risks 73<br>RISK MITIGATION<br>Geopolitical, economic and market conditions<br>Demand for our products and services, and our ability to operate<br>internationally, may be adversely impacted by geopolitical,<br>economic and market conditions beyond our control. These<br>include acts of war and civil unrest; political conflicts and<br>tensions; international sanctions; economic cycles; the impact<br>ofthe effect of changes in inflation and interest rates in major<br>economies; trading relations between the United States, Europe,<br>China and other major economies; as well as levels of government<br>and private funding for our markets.<br>Our businesses are focused on professional markets which have<br>generally been more resilient in periods of economic downturn.<br>We deliver information solutions, many on a subscription and<br>recurring revenue basis, which are important to our customers’<br>effectiveness and efficiency. We operate diversified businesses in<br>terms of sectors, markets, customers, geographies and products<br>and services. We have multi-year contracts in place for much of<br>the revenue base, and underlying demand drivers in many areas<br>are not directly exposed to economic growth (eg scientific<br>research, healthcare, fraud risk, financial crime compliance).<br>Over the past 15 years, RELX has significantly reduced its<br>dependence on revenue streams that historically have been<br>impacted by economic downturns (eg advertising, employment<br>screening). We have extended our position in long-term global<br>growth markets through organic new launches supported by the<br>selective acquisitions. We continuously monitor economic and<br>political developments to assess their impact on our strategy<br>which is designed to mitigate these risks. In response to specific<br>uncertainties, our businesses engage in scenario planning and<br>develop contingency plans where relevant and consider exiting<br>businesses and markets that no longer fit our strategy.<br>Evolution of primary research publishing<br>Maintaining quality and integrity in primary scientific research is<br>core to our Scientific, Technical & Medical (STM) business. There<br>isa risk that we may not detect some erroneous or fraudulent<br>research papers that are submitted to our journals. In addition,<br>payment models in scientific research publishing are evolving, with<br>‘pay-to-publish’ (commonly referred to as Open Access) becoming<br>alarger share relative to ‘pay-to-read’. Rapid changes in customer<br>choice, regulation, or technologies in this area could impact the<br>revenue mix and growth in primary publishing.<br>We focus on the quality and integrity of research through the<br>editorial and peer review process; we invest in technology to<br>drive innovation in editorial and distribution platforms to make<br>content and data accessible, trusted and actionable; we work<br>across the industry to combat fraud; and we develop our<br>systems to manage different payment models. To meet<br>changing customer needs, we continue to launch new journals<br>across payment models and scientific disciplines.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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74 RELX Annual Report 2025	Financial review<br>RISK MITIGATION<br>Strategic Execution Risks<br>Customer demand for our products<br>Our businesses are dependent on the continued demand by our<br>customers for our products and services and the value placed<br>on them. We operate in highly competitive and dynamic markets,<br>and the means of delivery, customer demand for, and the products<br>and services themselves, continue to change in response to<br>technological innovations, such as the use of artificial intelligence,<br>legislative and regulatory changes, the entrance of new<br>competitors, and other factors. Failure to anticipate and quickly<br>adapt to these changes, or to deliver enhanced value to our<br>customers, could impact demand for our products and services<br>and consequently adversely affect our revenue or the long-term<br>returns from our investment in higher value-add information-based analytics and decision tools.<br>We are focused on the needs and economics of our customers.<br>We gain insights into the markets that we serve, evolving<br>customers’ needs, the potential application of new technologies<br>and business models, and the actions of competitors and<br>disrupters. These insights inform our strategic and operational<br>priorities. We continuously invest significant resources in our<br>products and services, and the infrastructure to support them,<br>and we have a long track record of using artificial intelligence.<br>We leverage user centred design and development methods and<br>customer analytics and invest in new and enhanced technologies<br>to provide content and innovative solutions that help them achieve<br>better outcomes and enhance productivity.<br>Acquisitions<br>We supplement our organic development with selected<br>acquisitions. If we are unable to generate the anticipated benefits<br>such as revenue growth, accelerated product development or cost<br>savings associated with these acquisitions, it could adversely<br>affect return on invested capital and financial condition or lead<br>to an impairment of goodwill or intangibles.<br>Acquisitions are made within the framework of our overall<br>strategy, which emphasises organic development. We have a<br>wellformulated process for reviewing and executing acquisitions<br>and for managing the post-acquisition integration. This process<br>is underpinned with clear strategic, financial and ethical<br>criteria. We closely monitor the integration and performance<br>of acquisitions.<br>Operational Risks<br>Cybersecurity<br>Our businesses maintain and use online databases and platforms<br>delivering our products and services, which we rely on, and<br>provide data to third parties, including customers and service<br>providers. These databases and information are a target for<br>compromise and face a risk of unauthorised access and use by<br>unauthorised parties including through cyber, ransomware,<br>malware, phishing and other social engineering attacks on us or<br>our third-party service providers. Our cybersecurity measures,<br>and the measures used by our third-party service providers, may<br>not detect or prevent all attempts to compromise our systems,<br>which may jeopardise the security or integrity of the data we<br>maintain or may disrupt our systems. Failures of our<br>cybersecurity measures could result in unauthorised access to<br>our systems, misappropriation of our or our users’ data, deletion<br>or modification of stored information or other interruption to our<br>business operations. As techniques used to obtain unauthorised<br>access to or to sabotage systems change frequently (including<br>automated tools such as generative-AI assisted) and may not be<br>known until launched against us or our third-party service<br>providers we may be unable to anticipate or implement adequate<br>measures to protect against these attacks and our service<br>providers and customers may likewise be unable to do so.<br> Compromises of our or our third-party service providers’<br>systems could adversely affect our financial performance,<br>damage our reputation and expose us to risk of loss, fines and<br>penalties, litigation and increased regulation.<br>We have established cybersecurity programmes which are<br>constantly reviewed and updated to address developments in the<br>threat landscape with the aim of ensuring our ability to prevent,<br>respond to and recover from a cyber-attack or ransomware<br>attack, that data is protected, and our business infrastructures<br>continue to operate.<br>We have governance mechanisms in place to design and monitor<br>common policies and standards across our businesses.<br>We invest in appropriate technological and physical controls<br>which are applied across the enterprise in a risk-based security<br>programme which operates at the infrastructure, application and<br>user levels. These controls include, but are not limited to,<br>infrastructure vulnerability management, application scanning<br>and penetration testing, network segmentation, encryption and<br>logging and monitoring. We continuously explore new methods<br>(including advanced automation and generative AI assistance) to<br>enhance our controls. We provide regular training and<br>communication initiatives to establish and maintain awareness of<br>risks at all levels of our businesses. We have appropriate incident<br>response plans to respond to threats and attacks which include<br>procedures to recover and restore data and applications in the<br>event of an attack. We maintain appropriate information<br>cybersecurity policies and contractual requirements for our<br>businesses and run programmes monitoring the application of<br>our data security and resilience policies by third party service<br>providers. We use independent internal and third-party auditors<br>to test, evaluate, and help enhance our procedures and controls.<br>We continuously monitor the global regulatory landscape to<br>identify emerging cybersecurity, data protection and privacy<br>laws, and, as needed, implement plans to comply with them.<br>We procure appropriate cybersecurity insurance to mitigate<br>potential losses arising from a cybersecurity incident.
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RELX Annual Report 2025	Principal and emerging risks 75<br>RISK MITIGATION<br>Face-to-face events<br>Face-to-face events are susceptible to economic cycles, changes<br>in trading relations, communicable diseases, severe weather<br>events and other natural disasters, terrorism and availability of<br>venues. Each or any of these may impact our ability to hold<br>face-to-face events, and exhibitors’ and visitors’ desire and ability<br>to travel in person to events. These factors each have the potential<br>to reduce revenues, increase the costs of organising events and<br>adversely affect cash flows and reputation.<br>We operate a large number of events across a wide variety of<br>venues in many countries, serving both domestic and<br>international exhibitors and attendees. We actively review our<br>ability to host events considering the availability of venues and<br>national and local regulations including those related to health,<br>travel, and security. We operate flexibly, rescheduling or<br>re-locating events when necessary. We take appropriate<br>measures at our events to ensure for the well-being and safety<br>of exhibitors, visitors and employees. Our face-to-face events are<br>supported by enhanced digital services.<br>Supply chain dependencies<br>Our organisational and operational structures depend on<br>suppliers including outsourced and offshored functions, as well<br>as cloud service, software, and large language model providers.<br>Poor performance, failure or breach of third parties to whom we<br>have contracted could adversely affect our business performance,<br>reputation and financial condition.<br>We source content to enable information solutions for our<br>professional customers. The disruption or loss of data sources,<br>either because of regulations, or because data suppliers decide<br>not to supply them, may impose limits on our collection and use of<br>certain kinds of information and our ability to communicate, offer<br>or make such information available or useful to our customers.<br>We select our suppliers with care and establish contractual<br>service levels that we closely monitor, including through key<br>performance indicators and targeted supplier audits. We have<br>developed business continuity plans to reduce disruption in the<br>event of a major failure by a supplier. We have a formal supplier<br>resilience programme to identify and manage critical suppliers<br>across the business. A risk register is used to document any<br>unique, critical supplier risks and associated mitigation plans,<br>with due diligence performed and resilience discussions held on<br>a regular basis, and our contractual terms enable us to audit<br>supplier resilience plans/procedures.<br>We have a multitude of data sources that we use to develop<br>solutions for our customers and regularly monitor the market for<br>new data sources in order to minimise dependence on any single<br>provider. Where content is supplied to us by third parties, we aim<br>to have contracts which provide mutual commercial benefit.<br>Technology and business resilience<br>Our businesses are dependent on electronic platforms and<br>networks, including our own and third-party data centres,<br>cloud providers, network systems and the internet, for delivery<br>of our products and services. These could be adversely affected<br>if our electronic delivery platforms, networks, power sources<br>or supporting infrastructure experience a significant failure<br>or interruption.<br>We have established procedures for the protection of our<br>businesses and technology assets. These include the<br>development and testing of business continuity plans, including<br>technical resilience plans and back-up delivery systems, to<br>reduce business disruption in the event of major technology or<br>infrastructure failure, terrorism, or adverse weather incidents.<br>Talent<br>The implementation and execution of our strategies and business<br>plans depend on our ability to recruit, motivate, develop, and<br>retain a diverse population of skilled employees and management.<br>We compete globally and across business sectors for diverse,<br>talented management and skilled individuals, particularly<br>those with technology and data analytics capabilities. An inability<br>to recruit, motivate or retain key employees with the right<br>overall mix of skills in the group could adversely affect our<br>business performance.<br>We monitor capability needs and remuneration schemes are<br>tailored to attract and motivate the best talent available at an<br>appropriate level of cost. We actively seek feedback from<br>employees, which feeds into plans to enhance employee<br>engagement, motivation, and development. Our focus on an<br>inclusive culture results in a diverse workforce and environment<br>that respects individuals and their contributions.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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76 RELX Annual Report 2025	Financial review<br>RISK MITIGATION<br>Financial Risks<br>Tax<br>Our businesses operate globally, and our profits are subject to<br>taxation in many different jurisdictions and at differing tax rates.<br>Tax laws and tax rates that currently apply to our businesses<br>may be amended by the relevant authorities or interpreted<br>differently by them, and these changes could adversely affect<br>our reported results.<br>We maintain an open dialogue with tax authorities and are vigilant<br>in ensuring that we comply with current tax legislation. We have<br>clear and consistent tax policies and tax matters are dealt with by<br>a professional tax function, supported by external advisers. As<br>outlined in the Chief Financial Officer’s report on pages 66 to 71<br>we engage with tax authorities and international organisations.<br>We continue to monitor legislative developments in the<br>jurisdictions in which we operate and consider the potential<br>impacts of proposed regulation changes under various scenarios.<br>The principles we adopt in our approach to tax matters can be<br>found on our website at www.relx.com/go/taxprinciples.<br>Treasury<br>The RELX PLC consolidated financial statements are expressed in<br>pounds sterling and are subject to movements in exchange rates<br>on the translation of the financial information of businesses whose<br>operational currencies are other than sterling. The United States<br>is our most important market and, accordingly, significant<br>fluctuations in the US dollar exchange rate could significantly<br>affect our reported results. We also earn revenues and incur costs<br>in a range of other currencies, including the Euro and the Yen, and<br>significant fluctuations in these exchange rates could also<br>significantly impact our reported results.<br>Macroeconomic, political and market conditions may adversely<br>affect the availability and terms of short- and long-term funding,<br>volatility of interest rates, the credit quality of our counterparties,<br>currency exchange rates and inflation. The majority of our<br>outstanding debt instruments are, and any of our future debt<br>instruments may be, publicly rated by independent rating<br>agencies. Our borrowing costs and access to capital may be<br>adversely affected if the credit ratings assigned to our debt<br>are downgraded.<br>Our approach to capital structure and funding is described in the<br>Chief Financial Officer’s report on pages 66 to 71. The approach<br>to the management of treasury risks is described in note 17 to the<br>consolidated financial statements.<br>Pensions<br>We primarily operate defined contribution pension schemes<br>around the world, but also have legacy defined benefit pension<br>schemes in the United Kingdom and the United States. The UK<br>defined benefit pension scheme has been closed to new hires<br>since 2010 and will close to future benefit accruals in 2027. The<br>US defined benefit pension scheme closed to future accruals in<br>2019. The assets and obligations associated with these pension<br>schemes are sensitive to changes in themarket values of the<br>scheme’s investments and the market-related assumptions<br>used to value scheme liabilities. Adverse changes to asset<br>values, discount rates, longevity assumptions or inflation<br>could increase funding requirements.<br>We have professional management of our pension schemes,<br>and we focus on maintaining appropriate asset allocation and<br>plan designs. We review our funding requirements on a regular<br>basis with the assistance of independent actuaries and ensure<br>that the funding plans are appropriate. We seek to manage<br>pension liabilities by reviewing pension benefits provided<br>to staff as well as the structure of scheme arrangements.<br>Reputational Risks<br>Ethics<br>As a global provider of professional information solutions we, our<br>employees, major suppliers and partners are expected to adhere<br>to high standards of integrity and ethical conduct, including those<br>related to anti-bribery and anti-corruption, data protection, use of<br>artificial intelligence, fraud, sanctions, competition and principled<br>business conduct. A breach of generally accepted ethical business<br>standards or applicable laws could adversely affect our business<br>performance, reputation, and financial condition.<br>Our Code of Ethics and Business Conduct is provided to every<br>employee and is supported by training and communication. It<br>encompasses such topics as competing fairly, fair employment<br>practices, prohibiting corrupt business practice and encouraging<br>open and principled behaviour. We have well-established<br>processes for monitoring, reporting and investigating instances<br>of unethical conduct. Our major suppliers are required to adhere<br>to our Supplier Code of Conduct.
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RELX Annual Report 2025	Principal and emerging risks 77<br>Viability statement<br>The UK Corporate Governance Code requires Directors to<br>assess the viability of the Group over an appropriate period<br>of time. The Directors have made the assessment that given<br>the nature of the Group’s business with a high proportion<br>of recurring revenue, a typical contract length of three years<br>in many of its subscription agreements and a balanced debt<br>maturity profile, a viability period of three years, aligned with<br>the Group’s annual strategy plan, is suitable to assess the risks<br>outlined on pages 72 to 76.<br>Assessing the Group’s Prospects<br>The Group develops information-based analytics and decision<br>tools for professional and business customers in the Risk,<br>Scientific, Technical & Medical (STM), Legal and Exhibitions<br>sectors. The Market Segments section describes each area’s<br>business model, strategic priorities, market opportunities and<br>competition, showing how the Group is positioned to create<br>value for shareholders over the longer term.<br>The Group’s prospects are assessed annually through the<br>strategic planning process which includes a review of<br>assumptions made and an assessment of each business area’s<br>longer-term plan. The resulting three-year strategy plan forms<br>the basis for Group and divisional targets and in-year budgets.<br>Objectives are set with consideration given to the economic<br>and regulatory environment, and to customer trends, as well<br>as incorporating risks and opportunities. The most recent<br>three-year strategy business plan was agreed by the Directors<br>in September 2025 and updated in February 2026. Separate<br>from the annual strategy plan, the Directors periodically receive<br>updates from business area management on their operations,<br>prospects and risks. Whilst these reviews and discussions<br>naturally focus more closely on the more immediate risks facing<br>the business within the three-year strategy planning period,<br>they also cover the risks described in the principal risks section<br>on pages 72 to 76.<br>Assessing the Group’s Viability<br>The three-year strategy plan for our business areas includes<br>management’s assessment of the anticipated operational<br>risks affecting the business. Management then considered<br>the viability of the business in various downside scenarios, the<br>most severe of which assumes the simultaneous occurrence<br>ofCybersecurity, Intellectual property rights and Face-to-face events risks resulting in a decline of around 30% in<br>adjusted operating profit in each of 2026 to 2028, and the<br>closure of the debt capital markets preventing the refinancing<br>of scheduled liabilities. The Group’s undrawn $3.5bn revolving<br>credit facility was recently refinanced (and increased in size<br>from the previous $3bn facility) and has an earliest maturity<br>date of November 2030. The resulting analysis, which assumed<br>no share buybacks, modest acquisition activity and a growing<br>dividend, determined that the Group would have sufficient<br>liquidity to refinance all maturing term debt.<br>We remain focused on successfully pursuing our strategic<br>priority of organically developing increasingly sophisticated<br>information-based analytics and decision tools that deliver<br>enhanced value to our customers, supplemented by selective<br>acquisitions that support our organic growth. We believe the<br>combination of compelling structural opportunities combined<br>with an appropriate capital structure will continue to drive<br>long-term value.<br>Based on this assessment and the scenario modelling that<br>shows sufficient liquidity even with the simultaneous<br>occurrence of principal risks and the closure of the debt capital<br>markets, the Directors confirm that they have a reasonable<br>expectation that the Group will be able to continue its operations<br>and meet its liabilities as they fall due over the next three years<br>and are not aware of any longer-term operational or strategic<br>risks that would result in a different outcome from the<br>three-year review.<br>Going concern<br>The Directors have adopted the going concern basis in<br>preparing these accounts after assessing the potential impact<br>on the business of the principal risks over the 18 months to<br>30 June 2027 and during the longer period over which the<br>Group’s viability has been assessed, as described above.<br>Management forecasts reflect a downside scenario<br>which includes the simultaneous occurrence of principal risks,<br>which combined would reduce adjusted operating profit by<br>around 30%. We have also assumed an inability to access the<br>debt capital markets. Under this scenario, the Group will still<br>have substantial liquidity headroom on its undrawn $3.5bn<br>revolving credit facility (which was recently refinanced and<br>does not contain a financial covenant). Having considered this<br>downside scenario, the Directors believe that the Group is<br>well-positioned to manage its business risks and that adequate<br>resources exist for the Group to continue in operational<br>existence for the foreseeable future. They therefore consider it<br>is appropriate to adopt the going concern basis in preparing the<br>2025 financial statements.<br>A commentary on the Group’s cash flows, financial position and<br>liquidity for the year ended 31 December 2025 is set out in the<br>Chief Financial Officer’s report on pages 66 to 71. This shows<br>that after taking account of available cash resources and<br>committed bank facilities that back up short-term borrowings,<br>all of the Group’s borrowings that mature in the period to 30 June<br>2027 can be repaid in full. The Group’s policies on liquidity,<br>capital management and management of risks relating to<br>interest rate,foreign exchange and credit exposures are set out<br>on pages 169 to 175. The principal risks facing the Group are set<br>out on pages 72 to 76.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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78 RELX Annual Report 2025	Financial review<br>Non-financial and sustainability information statement<br>RELX is required to comply with the reporting requirements<br>ofSections 414CA and 414CB of the Companies Act 2006, which<br>relate to non-financial and sustainability information. The list<br>below outlines where this information can be found:<br>Reporting requirement:<br>Environmental matters 59-63, 235-240<br>Employees 49-51<br>Social matters 38-41<br>Human rights<br>38-41, 49-51,<br>56-58<br>Anti-corruption and anti-bribery matters 42-45, 56-58<br>Policies, due diligence processes<br>and outcomes 42-45, 56-58<br>Description and management of principal and<br>emerging risks and impact of business activity 72-77<br>Description of business model 4-7<br>Non-financial metrics 36<br>Climate-related financial information 235-240<br>Sustainability statement 208-231<br>Taskforce on Climate-related Financial<br>Disclosure 235-240<br>Basis of preparation of the Sustainability statement<br>The Sustainability Statement is prepared pursuant to the<br>European Union Corporate Responsibility Directive (CSRD) and in<br>accordance with the requirements of the European Sustainability<br>Reporting Standards and EU Taxonomy disclosure requirements<br>adopted by the European Commission.<br>Directors’ duties and Section 172 Statement<br>The Directors of RELX PLC – and those of all UK companies –<br>mustact in accordance with their duties under the CompaniesAct<br>2006 (the Act). These include a fundamental duty to promote the<br>success of the Company for the benefit of its members as a whole.<br>The Board of RELX PLC, and its individual Directors, consider that<br>they have done so for the year ending 31December 2025.<br>Details of how the Board and its Directors have fulfilled these<br>duties can be found throughout this 2025 Report, and therefore<br>the following sections have been incorporated by reference into<br>this Section 172 Statement and, where necessary, the RELX 2025<br>Strategic Report:<br>Business model and strategy 4-7<br>Corporate responsibility report 35-63<br>Principal risks 72-77<br>Culture and workforce policies 85-96<br>Board decision-making 85-96<br>Stakeholder engagement 85-96<br>Section 172 of the Act requires the Directors to have regard<br>to, among other matters, the interests of the company’s<br>stakeholders in working to promote the success of the<br>company. The Board recognises the importance of building and<br>maintaining sound relationships with RELX’s key stakeholders<br>in order to achieve its business aims. Among the Group’s many<br>and varied stakeholders, the Board has identified investors,<br>employees, customers, suppliers and the communities in which<br>we operate, as the company’s key stakeholders. Given its size,<br>diversity and global business, stakeholder engagement takes<br>place at alllevels across the Group. To ensure adequate visibility<br>of key stakeholder views, the Board received a detailed overview<br>in the year covering engagement channels and activities the<br>Company has with each of its key stakeholders.<br>The Strategic Report, as set out on pages 2 to 78 has been approved by the Board of RELX PLC.<br>By order of the Board Registered Office<br>Henry Udow 1-3 Strand<br>Company Secretary London<br>11 February 2026 WC2N 5JR
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79<br>In this section<br>80 Board directors<br>82 RELX senior executives<br>84 Chair’s introduction to corporate governance<br>85 Corporate governance review<br>97 Report of the Nominations Committee<br>100 Directors’ remuneration report<br>121 Report of the Audit Committee<br>125 Directors’ report<br>Governance<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025
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80 RELX Annual Report 2025	Governance<br>Board Directors<br>Executive directors<br>Erik Engstrom (62)<br>Chief Executive Officer<br>Appointed: Chief Executive Officer of RELX since<br>November 2009. Joined as Chief Executive Officer<br>of Elsevier in 2004.<br>Past appointments: Prior to joining was a partner<br>at General Atlantic Partners. Before that was<br>President and Chief Operating Officer of Random<br>House Inc and President and Chief Executive<br>Officer of Bantam Doubleday Dell, North America.<br>Began his career as a consultant with McKinsey.<br>Formerly a Non-Executive Director of Smith<br>&Nephew plc.<br>Education: Holds a BSc from Stockholm School<br>ofEconomics, an MSc from the Royal Institute of<br>Technology in Stockholm, and gained an MBA from<br>Harvard Business School as a Fulbright Scholar.<br>Nationality: Swedish<br>Nick Luff (58)<br>Chief Financial Officer<br>Appointed: September 2014<br>Other appointments: Non-Executive Director and<br>Audit Committee Chair of Rolls-Royce Holdings plc<br>Past appointments: Prior to joining the Group was<br>Group Finance Director of Centrica plc from 2007.<br>Before that was Chief Financial Officer at The<br>Peninsular & Oriental Steam Navigation Company<br>(P&O) and its affiliated companies. Began his<br>career as an accountant with KPMG. Formerly<br>aNon-Executive Director of QinetiQ Group plc<br>andLloyds Banking Group plc.<br>Education: Has a degree in Mathematics from<br>University of Oxford and is a qualified UK<br>CharteredAccountant.<br>Nationality: British<br>Non-Executive directors<br>Paul Walker (68) R N C<br>Chair<br>Appointed: March 2021<br>Other appointments: Chair of Ashtead Group plc<br>Past appointments: Chair of Halma plc and Chief<br>Executive Officer and Chief Financial Officer<br>ofSage Group plc. Non-Executive Director of<br>Experian plc, Diageo plc, Sophos Group plc<br>and Mytravel Group plc.<br>Education: Has a degree in Economics from<br>YorkUniversity, and is a qualified UK<br>CharteredAccountant.<br>Nationality: British<br>Alistair Cox (64) A R C<br>Non-Executive Director; Independent<br>Appointed: April 2023<br>Past appointments: Served as Chief Executive of<br>Hays plc from 2007 to 2023 and as Chief Executive<br>of Xansa plc from 2002 to 2007. Was previously the<br>Group Strategy Director and Regional Director for<br>Asia Pacific at Blue Circle Industries plc, prior to<br>which worked as a consultant for McKinsey and<br>held various engineering, management and<br>research science roles at Schlumberger Wireline<br>Services and BAE Systems plc. Formerly a<br>Non-Executive Director of Just Eat plc and 3i<br>Group plc.<br>Nationality: British<br>Suzanne Wood (65) A N C R<br>Non-Executive Director; Independent,<br>Senior Independent Director<br>Appointed: September 2017<br>Other appointments: Non-Executive Director<br>ofFerguson plc<br>Past appointments: Served as Non-Executive<br>Director of H&E Equipment Services Inc. from<br>2023 to 2025, Senior Vice President and Chief<br>Financial Officer of Vulcan Materials Company<br>from 2018 to 2022, Group Finance Director of<br>Ashtead Group plc from 2012 to 2018, and Chief<br>Financial Officer of Ashtead Group’s largest<br>subsidiary, Sunbelt Rentals Inc, from 2003 to 2012.<br>Previously, also served as Chief Financial Officer<br>of two US publicly listed companies, Oakwood<br>Homes Corporation and TultexCorporation.<br>Nationality: American<br>June Felix (69) A R C<br>Non-Executive Director; Independent<br>Appointed: October 2020<br>Other appointments: Non-Executive Director<br>ofIron Mountain Incorporated and Hiscox Ltd.<br>Member of the Advisory Board of the London<br>Technology Club<br>Past appointments: Served as a Non-Executive<br>Director of IG Group Holdings plc from 2015 until<br>the time of her appointment as Chief Executive<br>Officer, a position she held from 2018 to 2023.<br>Previously held various executive management<br>positions at a number oflarge multinational<br>businesses in Hong Kong, London and New York,<br>including Verifone, IBM, Citibank and Chase<br>Manhattan. Earlier in her career, was a strategy<br>consultant with Booz AllenHamilton.<br>Nationality: American
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RELX Annual Report 2025	Board Directors 81<br>Andy Halford (66) A C<br>Non-Executive Director; Independent<br>Appointed: April 2025<br>Other appointments: Chief Financial Officer of<br>Aareal Bank AG and Non-Executive Director of UK<br>Government Investments Limited<br>Past appointments: Served as Chief Financial<br>Officer of Standard Chartered plc from 2014 to<br>2024, Chief Financial Officer of Vodafone Group plc<br>from 2005 to 2014, and Chief Financial Officer of<br>Verizon Wireless from 2002 to 2005. Previously<br>held senior executive and financial roles at<br>Vodafone and East Midlands Electricity plc. Served<br>as a Non-Executive Director and Audit Committee<br>Chair of Marks and Spencer Group plc from 2013 to<br>2022 and was appointed as Senior Independent<br>Director of that board in 2018. Chaired The 100<br>Group of Finance Directors from 2011 to 2012.<br>Nationality: British<br>Charlotte Hogg (55) A C<br>Non-Executive Director; Independent<br>Appointed: December2019<br>Other appointments: Chief Executive Officer of<br>Alter Domus<br>Past appointments: Executive Vice President and<br>Chief Executive Officer for the European Region of<br>Visa Inc. from 2017 to 2025. Previously was Chief<br>Operating Officer at theBank of England, Head of<br>Retail Banking for Santander UK, Managing<br>Director UK and Ireland for Experian plc, and held<br>senior roles at Morgan Stanley in New York and<br>London.<br>Nationality: British, American and Irish<br>Bianca Tetteroo (56) C<br>Non-Executive Director; Independent,<br>Workforce Engagement Director<br>Appointed: July 2024<br>Other appointments: Chief Executive Officer<br>andChair of the Executive Board of Achmea BV<br>Past appointments: Served with Achmea BV<br>for 12 years in a variety of senior executive and<br>financial roles prior to taking up the role of Chief<br>Executive Officer in 2021. Previously spent 13 years<br>with the Fortis Group, working across multiple<br>business lines including banking, insurance and<br>investments. Qualified as a Chartered Accountant<br>at Fortis, prior to which she worked at international<br>accountancy firm, Mazars.<br>Nationality: Dutch<br>Andrew Sukawaty (70) A N C<br>Non-Executive Director; Independent<br>Appointed: April 2019<br>Other appointments: Director of Hg Capital LLP<br>and Cobuilder. Founding Partner ofCorten Capital<br>Past appointments: Served as the Chair<br>ofInmarsat from 2003 to 2023, and a Director of<br>Viasat from 2023 to 2025 following Viasat’s<br>acquisition of Inmarsat. Served as Senior<br>Independent Director of Sky plc from 2013 to 2018.<br>Previously also served as Chair of Ziggo NV,<br>XyratexGroup Ltd and Telenet Group holdings NV;<br>deputy Chair of O2 plc; Non-Executive Director of<br>Telefonica Europe following its acquisition of O2<br>plc and Powerwave Technologies Inc; and Chief<br>Executive of Inmarsat plc, Sprint Inc. and<br>NTLGroup Ltd.<br>Nationality: American<br>Board Committee membership key<br>A Audit Committee<br>N Nominations Committee<br>C Corporate Governance Committee<br>R Remuneration Committee<br> Committee Chair<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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82 RELX Annual Report 2025	Governance<br>RELX Senior Executives<br>Mark Kelsey<br>Chief Executive Officer<br>Risk<br>Kumsal Bayazit<br>Chief Executive Officer<br>Scientific, Technical &<br>Medical<br>Mike Walsh<br>Chief Executive Officer<br>Legal<br>Hugh M Jones IV<br>Chief Executive Officer<br>Exhibitions<br>Joined in 1983. Appointed<br>to current position in 2012.<br>Joined in 2004. Appointed<br>to current position in 2019.<br>Joined in 2003. Appointed<br>to current position in 2011.<br>Joined in 2011. Appointed<br>to current position in 2020.<br>Has held a number of senior<br>positions across the Group over<br>the past 40 years. Previously<br>Chief Operating Officer and<br>then Chief Executive Officer<br>of Reed Business Information.<br>Studied at Liverpool University<br>and received his MBA from<br>Bradford University.<br>Previously President, Exhibitions<br>Europe, Chief Strategy Officer,<br>RELX, Chair, RELX Technology<br>Forum and Executive Vice<br>President of Global Strategy<br>and Business Development for<br>LexisNexis. Prior to that worked<br>with Bain & Company in New York,<br>Los Angeles, Johannesburg<br>and Sydney. Holds an MBA from<br>Harvard Business School and<br>is a graduate of the University<br>of California at Berkeley.<br>Previously CEO of LexisNexis<br>US Legal Markets and Director<br>of Strategic Business Development<br>Home Depot. Prior to that was<br>a practising attorney at Weil,<br>Gotshal and Manges in Washington<br>DC and served as a consultant<br>with TheBoston Consulting Group.<br>Holds a Juris Doctor degree from<br>Harvard Law School and is a<br>graduate of Yale University.<br>Previously Group Managing<br>Director, Accuity, ICIS, Cirium,<br>and EG within Risk. Prior to that<br>was Chief Executive Officer,<br>Accuity. Holds an MBA from the<br>Ross School of Business at the<br>University of Michigan and is a<br>graduate of Yale University.
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RELX Annual Report 2025	RELX Senior Executives 83<br>Rose Thomson<br>Chief Human<br>Resources Officer<br>Vijay Raghavan<br>Chair, RELX<br>Technology Forum<br>and Chief Technology<br>Officer, Risk<br>Henry Udow<br>Chief Legal Officer<br>and Company<br>Secretary<br>Youngsuk ‘YS’ Chi<br>Director of RELX<br>Corporate Affairs<br>and Chair, Elsevier<br>Shweta Vyas<br>Chief Strategy Officer<br>Joined in 2021.<br>Appointed to current<br>position at that time.<br>Joined in 2002. Appointed<br>to current position in 2019.<br>Joined in 2011.<br>Appointed to current<br>position at that time.<br>Joined in 2005. Appointed<br>to current position in 2011.<br>Joined in 2010. Appointed<br>to current position in 2025.<br>Previously Chief Human<br>Resources Officer at<br>Standard Life Aberdeen.<br>Before that, held various<br>senior human resources<br>roles at Travelport<br>International, Barclays<br>Bank, The Coca-Cola<br>Company, Coles Group<br>and The Walt Disney<br>Company.<br>Holds an MA in business<br>management from<br>Macquarie University<br>Graduate School of<br>Management and a<br>BA in Psychology,<br>Macquarie University.<br>Previously Vice President<br>of Technology, LexisNexis<br>Insurance Solutions. Prior<br>technology executive<br>positions at ChoicePoint,<br>Paragon Solutions,<br>Primus Knowledge<br>Solutions, and McKesson.<br>Holds a bachelor’s<br>degree in electrical and<br>electronics engineering<br>from the Birla Institute of<br>Technology and Science,<br>Pilani, a master’s degree<br>in cybersecurity from<br>the Georgia Institute<br>of Technology, and<br>completed an advanced<br>management program for<br>executives at MIT Sloan<br>School of Management.<br>Previously Chief Legal<br>Officer and Company<br>Secretary of Cadbury plc<br>having spent 23 years<br>working with the company.<br>Prior to that worked at<br>Shearman & Sterling<br>in New York and London.<br>Holds a Juris Doctor<br>degree from the<br>University of Michigan<br>Law School and a<br>bachelor’s degree from<br>the University of Rochester.<br>Previously was President<br>andChiefOperating Officer<br>ofRandom House, founding<br>Chairman of Random<br>House Asia and Chief<br>Operating Officer for<br>Ingram Book Group.<br>Holds an MBA from<br>Columbia University<br>and is a graduate<br>of Princeton University.<br>Previously Chief Strategy<br>Officer at Risk. Prior to<br>that held various strategy<br>and commercial roles at<br>Risk. Previously worked<br>at LEK and Lucent<br>Technologies. Holds an<br>MBA from the Kellogg<br>School of Business at<br>Northwestern University<br>as well as an MSc in<br>Finance from Babson<br>College and a BA in<br>Economics from Emory<br>University.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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84 RELX Annual Report 2025	Governance<br>Chair’s introduction to corporate governance<br>engagement to ensure we continue to provide products and<br>solutions that meet the evolving needs of our customers and<br>that we continue to effectively support our workforce.<br>We actively listen to our investors, employees, customers,<br>suppliers and the communities that we serve and in which we<br>operate, and we have appropriate mechanisms in place to ensure<br>that the outcomes of such engagement are available to the Board.<br>Information about our approach to stakeholder engagement is on<br>pages 91 to 94.<br>Remuneration Policy<br>Our proposed Directors’ Remuneration Policy which is intended<br>to apply for the coming three years, will be put to shareholders<br>for approval at the 2026 AGM. The current policy, adopted at the<br>2023 AGM, and subsequent annual remuneration reports<br>received strong support from shareholders and in preparing the<br>proposed policy we engaged with shareholders representing<br>approximately 55% of our share capital. The Board believes that<br>the overall remuneration structure remains appropriate. The<br>specific changes proposed to the policy, along with the full policy<br>and details of the implementation of the current policy during the<br>year, can be found in the Directors’ Remuneration Report on<br>pages 100 to 120.<br>Regulatory developments<br>On 1 January 2026, the revisions to Provision 29 of the UK<br>Corporate Governance Code 2024 (the Code), which relates to<br>a company’s internal control environment and the Board’s role<br>in monitoring, reviewing and declaring its effectiveness in the<br>Annual Report, came into force. Throughout the year, the Audit<br>Committee and the Board has been updated on enhancements<br>being made to the risk management and internal control<br>framework and the assurance that will be obtained to support<br>theBoard’s declaration of effectiveness of internal controls that<br>will be required in respect of the financial year beginning on<br>1 January 2026. For further details, refer to page 123.<br>In the UK, the new corporate criminal offence of Failure to Prevent<br>Fraud under the Economic Crime and Corporate Transparency<br>Act 2023 came into effect on 1 September 2025. In compliance<br>with this new legislation, RELX has enhanced its existing fraud<br>prevention and detection processes and procedures, and updated<br>its framework for mitigating fraud risk (the Framework). The<br>Audit Committee reviewed the revised Framework and concluded<br>that it is satisfied that there are appropriate procedures in place to<br>prevent and detect fraud. For further details, refer to page 123.<br>Board performance<br>As Chair, I am responsible for ensuring that the Board operates<br>effectively, and that the Board, its Committees and each individual<br>Director are evaluated on an annual basis. For 2025, an internal<br>evaluation process was carried out. The outcome of the evaluation<br>confirmed that all of our Directors contribute effectively and<br>continue to demonstrate commitment to their roles, and that the<br>Board and its Committees continue to operate effectively. The<br>evaluation process and its outcomes are described on page 95.<br>Paul Walker<br>Chair<br>11 February 2026<br>Effective governance is fundamental to<br>RELX’s culture of acting with integrity in<br>all that we do, and it supports the<br>Company’s purpose to benefit society<br>through its unique contributions<br>Introduction<br>On behalf of the Board, I am pleased to introduce our Corporate<br>Governance Review for the year ended 31 December 2025.<br>Together with the reports of the Audit, Nominations and<br>Remuneration Committees, our Corporate Governance Review<br>sets out our approach to effective governance and demonstrates<br>how we have complied with the 2024 UK Corporate Governance<br>Code (the Code) further information on which is set out on page 87.<br>Corporate governance<br>The Board is responsible for overseeing the effectiveness of<br>RELX’s governance framework. Our approach to corporate<br>governance is structured, disciplined and dynamic. Our<br>governance framework clearly define responsibilities and<br>accountabilities. This enables RELX’s leadership to focus on the<br>key issues facing the business and to apply their expertise where<br>most needed. Effective governance, and the policies and practices<br>that support it, is fundamental to RELX’s culture of acting with<br>integrity in all that we do, and it supports the Company’s purpose<br>tobenefit society through its unique contributions (as set out on<br>pages 38 to 41).<br>The Board believes that attaining the highest levels of corporate<br>responsibility helps enable excellent financial performance. We<br>believe that pursuing both goals in tandem will result in long-term<br>sustainable shareholder value creation and will also provide our<br>stakeholders with confidence that the governance of RELX is<br>appropriate for its size and profile as a listed company, helps<br>manage risks and opportunities, and ensures that key stakeholders<br>are appropriately considered in the decisions that we make.<br>Board changes and succession planning<br>There have been several changes to the composition of our Board<br>and Committees during the year.<br>Robert MacLeod retired from the Board at the conclusion of the<br>Company’s AGM in April 2025, having joined the RELX PLC Board<br>in 2016. Since 2023, he served as Chair of the Remuneration<br>Committee. On behalf of the Board, I would like to thank<br>Mr MacLeod for his valued contributions to the Board, to the<br>Committees on which he served and for serving as Chair of the<br>Remuneration Committee. Alistair Cox has succeeded<br>Mr MacLeod as Chair of the Remuneration Committee following<br>the conclusion of the Company’s AGM in April 2025.<br>As announced on 13 February 2025, Andy Halford joined the Board<br>as a Non-Executive Director, with effect from the conclusion of the<br>2025 AGM. Mr Halford was appointed to the Audit Committee with<br>effect from the same date. Further information about our Board<br>appointment process is available in our Nominations Committee<br>Report on page 99.<br>Stakeholder engagement and Board decision-making<br>The views and interests of RELX’s stakeholders are a key element<br>of the Board’s decision-making process. We are focused on<br>ensuring that the interests of our stakeholders are duly taken<br>into account during Board discussions. Across RELX we engage<br>with our stakeholders throughout the year, and we rely on this
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RELX Annual Report 2025	Corporate Governance Review 85<br>There is a clearly defined schedule of matters over which the Board retains responsibility and endorses all final decisions, which<br>is available to view at www.relx.com. Such matters include:<br>§ Approval of RELX’s strategy and annual budget and changes<br>to the corporate or capital structure of the Company<br>§ Approval of RELX’s risk appetite, oversight of risk<br>management framework including principal and emerging<br>risks, fraud risk and internal control systems<br>§ Corporate governance arrangements, including Board and<br>Committee composition and terms of reference<br>§ Approval of key policies, including RELX’s Code of Ethics and<br>Business Conduct (the Code), Operating and Governance<br>Principles, Tax and Dividend Policies and Inclusion Policies<br>§ Approval of the Company’s Annual Report and periodic<br>financial statements and trading updates<br>§ Oversight of the Code reporting channels for our<br>workforce to raise concerns, and ensuring workplace<br>policies and practices align with the Company’s values<br>and intended culture<br>§ Oversight of RELX’s corporate responsibility activities<br>and its reporting thereon<br>§ Other matters deemed material to the delivery of RELX’s<br>strategy or future financial performance, such as approval<br>of material acquisitions, major capital expenditure<br>and investments<br>Corporate governance review<br>The Board<br>The Board determines RELX’s purpose and values and sets and oversees delivery of its strategic aims<br>and objectives for long-term, sustainable success. The Board monitors and oversees RELX’s governance, risk management<br>and internal controls processes and culture.<br>Board leadership<br>The Board is responsible for promoting the long-term sustainable success of the Company. To ensure the Board operates<br>effectively and efficiently it has established four principal Committees to provide focused oversight, each with delegated authority<br>to oversee and report to the Board on material and relevant matters, as appropriate.<br>The roles and responsibilities of each Committee are set out in their individual terms of reference which are available on the<br>Company’s website www.relx.com. A summary of the Committees’ key responsibilities is set out below.<br>Audit Committee<br>Reviews and monitors the<br>integrity of financial reporting,<br>internal control and risk<br>management systems, the<br>effectiveness of the internal<br>audit process and the<br>performance, independence<br>and effectiveness of the<br>external auditor.<br>The Committee comprises<br>only independent Non-Executive Directors.<br>Remuneration Committee<br>Determines, monitors and<br>oversees the implementation of<br>RELX’s remuneration policy for<br>the CEO, CFO, the Chair, and<br>Senior Executives below Board<br>level. The Committee reviews<br>the ongoing appropriateness<br>ofthe remuneration policy.<br>The Committee comprises<br>only the Chair and Non-Executive Directors.<br>Nominations Committee<br>Keeps under review the<br>composition of the Board and its<br>Committees; ensures orderly<br>succession plans are in place<br>for the Board and senior<br>management and ensures an<br>appropriate and inclusive<br>pipeline for such succession;<br>and oversees the recruitment<br>ofnew Directors.<br>The Committee comprises<br>only the Chair and Non-Executive Directors.<br>Corporate Governance<br>Committee<br>Responsible for developing<br>andrecommending corporate<br>governance principles to the<br>Board; reviewing ongoing<br>developments and best practice<br>in corporate governance,<br>and monitoring the structure<br>and operation of the Board<br>Committees.<br>The Committee comprises<br>only the Chair and Non-Executive Directors.<br> Further information about<br>the work of the Audit<br>Committee is in its report<br>on pages 121 to 124<br> The Directors’<br>Remuneration Report<br>isset out on pages<br>100 to120<br> Further information<br>about the work of the<br>Nominations Committee<br>isin its report on pages<br>97 to 99<br>RELX Senior Executives<br>To enable efficient day-to-day management of RELX’s business areas, there is a structure of delegated authorities in place from the<br>Board to the Chief Executive Officer, the Chief Financial Officer and a team of Senior Executives (shown on pages 80 to 83). This delegated<br>authority framework, which is reviewed and approved by the Board each year, allows the necessary operational and management<br>decisions to be taken by the right people, at the appropriate time to execute the Company’s strategy. There are appropriate controls<br>in place to ensure such decisions remain consistent with the risk appetite, policies and objectives established by the Board.<br>Our governance framework<br>Matters reserved to the Board<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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86 RELX Annual Report 2025	Governance<br>Board roles<br>As at the date of this report, the Board comprised the Chair, two Executive Directors and seven Non-Executive Directors, who bring<br>a wide range of skills, experience, industry expertise and professional knowledge to their roles. An overview of the gender balance,<br>length of tenure and nationalities on the Board is provided in the Nominations Committee Report on pages 97 to 99.<br>Division of responsibilities<br>There is clear separation of the roles of the Chair, who leads the Board, and the Chief Executive Officer, who is responsible for the<br>day-to-day management of RELX. The key responsibilities of each of the director roles on the Board is summarised below.<br>Chair<br>§ Leadership of the Board and ensure its overall effectiveness<br>§ Ensures that all Directors are sufficiently apprised of matters<br>to make informed judgements, through the provision of<br>accurate, timely and clear information<br>§ Promotes high standards of corporate governance,<br>demonstrates objective judgement and promotes a culture<br>of openness and debate<br>§ Sets the agenda and chairs meetings of the Board<br>§ Chairs the Nominations and Corporate Governance<br>Committees<br>§ Facilitates constructive Board relations and the effective<br>contribution of all Directors<br>§ Ensures effective dialogue with shareholders<br>§ Ensures the performance of the Board, its Committees and<br>individual Directors is assessed annually<br>§ Ensures effective induction and development of Directors<br>Chief Executive Officer<br>§ Day-to-day management of RELX, within the delegated<br>authority limits set by the Board<br>§ Develops RELX’s strategy for consideration and approval<br>by theBoard<br>§ Ensures that the decisions of the Board are implemented<br>§ Consults with the Chair and Nominations Committee<br>on executive succession planning<br>§ Leads communication with shareholders<br>§ Promotes and conducts the affairs of the Company<br>with the highest standards of integrity, probity and<br>corporate governance<br>Chief Financial Officer<br>§ Day-to-day management of RELX’s financial affairs<br>§ Responsible for RELX’s financial planning, reporting<br>and analysis<br>§ Ensures that a robust system of internal control and risk<br>management is in place<br>§ Maintains high-quality reporting of financial and<br>environmental performance internally and externally<br>§ Supports the Chief Executive Officer in developing and<br>implementing strategy<br>Senior Independent Director<br>§ Leads the Board’s annual assessment of the performance<br>of the Chair<br>§ Available to meet with shareholders on matters where usual<br>channels are deemed inappropriate<br>§ Deputises for the Chair, as necessary<br>§ Serves as a sounding board for the Chair and acts as an<br>intermediary between the other Directors, when necessary<br>Non-Executive Directors<br>§ Bring external perspectives and a broad range of experience<br>to the Board<br>§ Provide constructive challenge and input to the development<br>of strategy<br>§ Scrutinise the performance of management in meeting<br>agreed goals and monitor the delivery of RELX’s strategy<br>§ Serve as members of Board Committees as required and<br>Chair the Audit and Remuneration Committees<br>Governance structure<br>RELX’s corporate governance framework consists of leadership<br>bodies and well-documented comprehensive processes and<br>procedures which ensure that RELX is appropriately directed,<br>led and controlled at all levels, with appropriate oversight and<br>involvement by the Board and senior management. It is designed<br>to safeguard and enhance the creation of long-term, sustainable<br>shareholder value and to enable our business areas to operate<br>with the required agility and flexibility to address the needs of our<br>customers effectively, while taking into account all applicable<br>statutory and regulatory requirements. The rights,<br>responsibilities and accountabilities of those who work for and<br>on behalf of RELX are clearly established through delegated<br>authorities, corporate policies and codes of ethics and conduct,<br>which promote the protection of RELX’s reputation and our<br>commitment to acting with integrity in all that we do.<br>The RELX Operating and Governance Principles set out the<br>processes, policies, controls and related assurance activities that<br>have been put in place to mitigate risk, covering key functions and<br>operations of the Group. The Principles serve as a first point of<br>reference for management and provide our workforce with a clear<br>overview of the policies and practices with which they must<br>comply. The Principles are reviewed biennially by the Board and<br>are updated as required.<br>The Code of Ethics and Business Conduct sets out the core<br>principles and standards of professional conduct by which RELX<br>operates and provides a framework for building and maintaining<br>the desired culture of RELX. The Code provides all those who work<br>for RELX with clear guidelines for how to conduct themselves in<br>the workplace and across our broader operating environments,<br>to inspire trust among all our stakeholders and to demonstrate<br>commitment to our core value of ‘Do the Right Thing’. There are<br>mechanisms in place to help our workforce to understand and<br>comply with their obligations under the Code, which include<br>ongoing training and established communication channels to<br>ask questions and report concerns. We endeavour to ensure that<br>our workplace policies are user-friendly, clear and accessible.<br>The Code is reviewed and approved by the Board triennially and<br>is available at www.relx.com.<br>Internal control and risk management arrangements are a central<br>part of our governance framework. These are monitored by the<br>Audit Committee and overseen by theBoard (further information<br>is on pages 96 and 121 to 124).
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RELX Annual Report 2025	Corporate Governance Review 87<br>Compliance with the UK Corporate<br>Governance Code<br>RELX PLC applies the principles and provisions of the 2024 UK<br>Corporate Governance Code (the UK Governance Code), a copy<br>of which is available on the FRC’s website, www.frc.org.uk.<br>For the year ended 31 December 2025, the Board considers that<br>the Company fully complied with the principles and provisions<br>of the UK Governance Code that are applicable at the date of<br>this report.<br>1. Board Leadership and Company Purpose Page(s)<br>A. Effective Board 80-81, 85-87<br>B. Purpose, values and culture 88<br>C. Governance framework 85<br>D. Stakeholder engagement 91-94<br>E. Workforce policies and practices 49-51<br>2. Division of Responsibilities<br>F. Role of Chairman 86<br>G. Independence 80-81, 91<br>H. External commitments and conflicts ofinterest 80-81, 91, 99<br>I. Board resources 87<br>3. Composition, Succession and Evaluation<br>J. Appointment to the Board 97-99<br>K. Board skills, experience and knowledge 80-81<br>L. Board Evaluation 95<br>4. Audit, Risk and Internal Control<br>M. External Auditor and Internal Auditor 124<br>N. Fair, balanced and understandable review 123<br>O. Internal financial controls and risk management 96, 123<br>5. Remuneration<br>P. Alignment with strategy and purpose 100-120<br>Q. Developing policy on remuneration 100-101, 114-120<br>R. Remuneration outcomes 102-106<br>Board programme<br>The Board met formally seven times during the year. Five<br>meetings were held in person, in London and in New York.<br>Through a structured programme of scheduled meetings, the<br>Board oversees RELX’s financial performance and ensures its<br>systems of risk management, internal control and corporate<br>governance are fit for purpose and effectively underpin the<br>delivery of its strategy. There are processes in place to manage<br>the Board’s annual agenda, to ensure that all necessary items<br>are submitted for its consideration at the appropriate time with<br>sufficient supporting information, and to allow the Board<br>adequate time to discuss and challenge strategic or material<br>issues. The Board’s annual programme, and the agendas for the<br>Committees are prepared by their respective Chairs with support<br>from the Company Secretary. Board Committees are principally<br>supported by theChief Executive Officer, Chief Financial Officer,<br>Chief Legal Officer and Company Secretary, and the Chief Human<br>Resources Officer. Other senior managers are invited to attend<br>meetings where appropriate.<br>Boarddiscussions are informed through regular reports and<br>presentations from senior management at Board and Committee<br>meetings, and through deep-dive sessions into individual business<br>areas, topics of strategic relevance, and future developments that<br>may impact RELX. Regular reports are provided, covering<br>business area and overall strategies and financials, along<br>withrelevant regulatory, legislative and governance updates.<br>RELX’s annual strategy review process comprehensively assesses<br>its strategic position and key strategic options, considering<br>opportunities and risks to its future success and the long-term<br>sustainability and viability ofits business model. The Board<br>engaged in a two-day, in-depth strategy session in September.<br>Information and support<br>There are processes in place to ensure that the Board and its<br>Committees receive relevant information at the right time and with<br>the appropriate level of detail to inform decision-making andenable<br>effective monitoring of management’s progress in accordance<br>withagreed strategy. The Directors are provided with papers<br>aheadof all scheduled Board and Committee meetings, containing<br>management updates, relevant context and market information,<br>andother supporting information and reports, asappropriate.<br>All the Directors have access to the advice of the Company Secretary<br>and may also take independent professional advice at the Company’s<br>expense where they deem this to be necessary for the furtherance of<br>their duties to the Company. The Company Secretary advises the<br>Board on all corporate governance matters and ensures that all Board<br>procedures are followed correctly. TheDirectors also have access to<br>other members of RELX’s management, staff and external advisers.<br>Each of the Directors is expected to attend all meetings of the Board<br>and of the Committees of which they are a member. However, in<br>circumstances where a Director is unable to attend ameeting, they<br>are provided with the relevant papers and have theopportunity to<br>discuss any matters arising with the respective Chair and with their<br>fellow Board and Committee members. All Directors are provided<br>with a copy of the minutes of each meeting.<br>Director induction<br>Following appointment, and as required, all Directors receive a full,<br>formal induction, that is tailored to their individual requirements,<br>based on existing knowledge and experience. TheChair and<br>Company Secretary are responsible for ensuring that an effective<br>induction programme takes place for all new Directors.<br>During the year, Andy Halford (appointed in April 2025) was provided<br>with a comprehensive briefing pack including detailed information<br>about each of RELX’s business areas, governance and internal<br>controls, and recent reporting and investor materials, along<br>withaccess to historical Board papers and minutes. To provide a<br>sufficiently in-depth and current understanding of our operations,<br>anumber of meetings were organised with senior management<br>from RELX’s business areas and corporate functions, the external<br>auditors, and individual Executive and Non-Executive Directors.<br>Ongoing development<br>For Directors to effectively discharge their responsibilities, it is<br>important that they regularly refresh and update their skills and<br>knowledge. The Board’s annual programme is designed with this<br>inmind and support the Directors to maintain sufficiently in-depth<br>knowledge of RELX’s business areas and their operations, and to<br>keep apprised of relevant events and changes in RELX’s operating<br>environment and markets. In 2025, the Directors took part in<br>deep-dives into the Legal and Exhibitions business areas, covering<br>financial and operational performance by segment, product<br>development and strategic plans. In addition, the Board conducted<br>areview of the Scientific, Technical & Medical and Risk business<br>areas, as well as specific geographic segments within the Legal<br>business area.<br>The Audit Committee also had a series of technical deep-dive<br>briefing sessions. Further information about the work and activities<br>of the Audit Committee is available in the Audit Committee Report<br>on pages 121 to 124.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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88 RELX Annual Report 2025	Governance<br>Purpose, strategy, values and culture<br>RELX places significant emphasis and importance on the way we do business. We are clear and unequivocal about our commitment<br>to do so with integrity and in accordance with the highest ethical standards.<br>Purpose<br>RELX is a global provider of information-based analytics<br>and decision tools for professional and business customers,<br>enabling them to make better decisions, get better results<br>and be more productive.<br>Our purpose is to benefit society by developing products that<br>help researchers advance scientific knowledge; doctors and<br>nurses improve the lives of patients; lawyers promote the rule<br>of law and achieve justice and fair results for their clients;<br>businesses and governments prevent fraud; consumers<br>access financial services and get fair prices on insurance, and<br>customers learn about markets and complete transactions.<br>Our purpose guides our actions beyond the products that we<br>develop. It defines us as a company. Every day across RELX<br>our employees are inspired to undertake initiatives that<br>make unique contributions to society and the communities<br>in which we operate.<br>Strategy<br>Our number one strategic priority is the organic development<br>ofincreasingly sophisticated information-based analytics and<br>decision tools that deliver enhanced value to professional and<br>business customers. We do this by leveraging deep customer<br>understanding to build innovative solutions which combine<br>leading content and data sets with advanced technologies.<br>We aim to achieve leading positions in long-term global growth<br>markets and leverage our skills, assets and resources across<br>RELX, both to build solutions for our customers and to pursue<br>cost efficiencies. We continue to transform our core business,<br>building out new products, and expanding into higher growth<br>adjacencies and geographies.<br>We are supplementing this organic development with selective<br>acquisitions of targeted data sets and analytics, and assets<br>in high-growth markets that support our organic growth<br>strategies and are natural additions to our existing business.<br>Our improving long-term growth trajectory continues to be<br>driven by the ongoing shift in business mix towards higher<br>growth, technology-enabled analytics and decision tools that<br>deliver enhanced value to our customers for an increasing<br>number of use cases. When combined with continuous process<br>innovation to improve organisational agility and to manage<br>cost growth below revenue growth, the result is continued<br>strong earnings growth with improving returns.<br>Values<br>We strive to do business with integrity. Our principle<br>‘Do theRight Thing’ embraces behaviours such as being<br>honestin dealing with others, respecting each other, and<br>courageously speaking out for what is right; thereby guiding<br>our commitment to achieve business goals in an open, honest,<br>ethical, and principled way. We ask our suppliers to meet<br>the same standards, and provide support for them to do so<br>as necessary.<br>Culture<br>As a provider of information-based analytics and decision<br>tools, our corporate culture is fact-based, data-driven and<br>analytical. We are transparent and non-political in our<br>decision-making. We seek never-ending performance<br>improvement in everything we do. We are passionate about<br>making a positive impact on society through our unique<br>contributions as a business and our employees feel a strong<br>sense of engagement with the business and its purpose.<br>We focus on improving customer outcomes while<br>emphasising corporate responsibility and acting with<br>integrity.Our culture encourages community engagement,<br>environmental responsibility, inclusion and the well-being<br>of our people.<br>How the Board monitors culture<br>RELX’s standards and values are defined on a group-wide basis,<br>however the Board acknowledges that cultural practices and<br>preferred ways of working can vary across the geographies of<br>our business areas. The Board helps to build the culture of the<br>organisation from the top down, by ensuring that it takes decisions<br>that are aligned with RELX’s values. The Board regularly reviews<br>RELX’s policies and Code of Ethics and Business Conduct (the<br>Code) to ensure the right framework is in place for RELX to<br>operate with integrity, and that its working practices effectively<br>promote a culture of strong engagement with our business and<br>purpose, and with the communities that we serve and in which<br>we operate. We strive to continually improve customer outcomes<br>through a culture that is fact-based, data-driven and analytical.<br>The Board has appointed a Non-Executive Workforce Engagement<br>Director to engage directly with employee representatives from<br>across RELX and to report back to the Board (further information<br>about this engagement is on page 92). This provides the Board<br>with insights into how culture is embedded across RELX’s<br>business areas and functions and any issues that need to be<br>addressed. The views of employees are also measured through<br>annual employee pulse surveys, and a broader triennial opinion<br>survey, designed to gauge how employees feel about the<br>organisation, how well they understand its direction, and their<br>level of satisfaction and engagement with their work. An analysis<br>of the results is presented to the Board. The Board also receives<br>regular updates on culture-related issues and updates on<br>corporate responsibility activities from across each of RELX’s<br>business areas. Such updates include progress against our<br>people objectives in areas such as well-being, pay equity and<br>reducing inequalities through inclusion. This contributes to the<br>Board’s assessment of the culture at RELX and provides a context<br>against which the Board has taken a number of its principal<br>decisions during the year.<br>Through the activities of the Audit Committee, the Board receives<br>updates on alleged and substantiated violations of the Code and<br>significant matters raised through reporting channels, which<br>provide insights into governance and compliance behaviours.
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RELX Annual Report 2025	Corporate Governance Review 89<br>Board activities during the year<br>Purpose and strategy<br>The Company’s purpose,<br>strategy, values and culture<br>statement is on page 88<br>Read more about RELX’s<br>strategy and business<br>model on pages 5 to 8<br>§ At a two-day strategy session in September, the Board discussed strategic initiatives for RELX and<br>debated RELX’s three-year strategic plan for 2026 to 2028. The Board reviewed RELX’s financial<br>performance, customer markets, shareholder value creation, capital expenditure, potential<br>acquisitions, areas for potential growth across all four business areas, as well as management’s<br>operating plans. The Board determined that RELX’s strategic priority remains focused on organic<br>growth supported by targeted acquisitions, and approved the three-year strategic plan.<br>§ In June and September, the Directors attended deep-dive business review sessions into the Legal<br>andExhibitions business areas, led by their respective senior management. These included updates<br>onstrategy and innovations supplemented by presentations from subject matter experts on key<br>products, review of talent resources, and a final session for the Board to provide their feedback to<br>senior management.<br>§ In June, the Board conducted a biennial review of the Group’s shared service organisation in the<br>Philippines, which provides support across all RELX business areas globally. The review encompassed<br>strategic priorities, financial performance metrics, ongoing talent development initiatives and<br>outcomes, employee NPS survey results, and attrition rates. These evaluations, along with the<br>deep-dive business review sessions, informed the Board’s broader deliberations regarding RELX’s<br>strategy and business model.<br>§ The Board reviewed the proposed reporting changes related to print and print-related activities and<br>determined that reporting these activities separately would improve the transparency of the<br>Company’s disclosures and more accurately reflect the way the business is managed. See page 122<br>for further information.<br>§ The Board conducted reviews of RELX’s invested capital and capital structure during the year, including<br>financial performance, potential and completed acquisitions, net debt, returns on invested capital,<br>credit ratings, forecasts and financial market conditions. These factors were taken into account by the<br>Board when approving the annual budget.<br>§ The Board, through the Audit Committee and Chief Financial Officer, received regular updates on<br>material tax issues, and reviewed how our tax strategy and principles are aligned with the Group’s<br>wider business strategy and values. The Board reaffirmed RELX’s commitment to responsible and<br>transparent tax practices and approved our Tax Principles which can be found at www.relx.com/<br>go/taxprinciples. For more information on our approach to tax, please see pages 44 and 70.<br>§ The Board reviewed stakeholder engagement updates, which informed its discussion on RELX’s purpose,<br>strategy, values and culture. Additionally, the Board received a comprehensive update from the Head of<br>Global Government Affairs on RELX’s public policy engagement, highlighting key achievements and<br>future opportunities in thought leadership and business development, and how those initiatives are in<br>alignment with advancing the public interest. These insights supported the Board’s strategic decision<br>making. For more information on RELX’s engagement in public policy discussions, please see page 44.<br>People, values and culture<br>Information about Board<br>engagement with our<br>workforce is on page 92<br>How we invest in and reward<br>our workforce is on page 49<br>to 51<br>RELX’s approach to<br>inclusion and how we<br>monitor our progress is set<br>out on pages 50 to 52 and 98<br>to 99<br>§ The Board oversaw Director succession planning arrangements during the year. Additionally, the<br>Nominations Committee and the Board were updated on the ongoing leadership talent reviews<br>undertaken by management and plans for talent development across RELX’s business and functional<br>areas. These activities enable the Board to ensure that the right people are in leadership positions,<br>which is an important factor in embedding the desired culture for RELX.<br>§ The Board considered the results of the company-wide employee opinion survey conducted during<br>2025 (further information is on page 49).<br>§ The Board reviewed and approved the RELX and Board Inclusion Policies, ensuring that they continue<br>to align with our desired culture and effectively support our purpose and strategy. The Board had also<br>received updates from the Chief Human Resources Officer on workforce policy reviews, highlighting<br>main philosophies and focus areas that support motivating and retaining high performing employees.<br>Together with employee opinion survey results, these activities allow the Board to effectively monitor<br>RELX’s culture.<br>Corporate Responsibility/<br>Sustainability<br>Information about RELX’s<br>corporate responsibility and<br>sustainability activities is<br>available on pages 35 to 63,<br>the Sustainability Statement<br>on pages 208 to 230, and the<br>TCFD disclosures on pages<br>235 to 240<br>§ RELX’s corporate responsibility activities formed a significant part of the Board’s agenda during the<br>year and these are overseen by the Board on an ongoing basis. Detailed information about RELX’s<br>corporate responsibility objectives, and its progress towards these, can be found in the Corporate<br>Responsibility Report on pages 35 to 63, the Sustainability Statement on pages 208 to 230, and the Task<br>Force on Climate-Related Financial Disclosures (TCFD) disclosures on pages 235 to 240, each as<br>approved by the Board.<br>§ The Board reviewed and approved the Company’s Modern Slavery Act Statement, which describes the<br>steps taken by the Company and its subsidiaries to ensure that modern slavery and human trafficking<br>were not taking place in the context of RELX’s business operations and its supply chain during the<br>previous year. Further information about how RELX manages an ethical and socially responsible supply<br>chain is available on pages 56 to 58.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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90 RELX Annual Report 2025	Governance<br>Risk management<br>andinternal control<br>The Company’s principal<br>and emerging risks and<br>mitigation strategies are set<br>out on pages 72 to 76<br>The Company’s Viability<br>Statement is on page 77<br>Further information about<br>RELX’s internal controls is<br>on pages 72, 96 and 123<br>§ The Audit Committee and the Board reviewed the effectiveness of the systems of risk management<br>and internal control in operation during 2025 and determined that RELX’s control systems provided<br>reasonable assurance against material inaccuracies or loss and have functioned properly and<br>effectively throughout the year. Additionally, the Committee oversaw the activities undertaken in order<br>to achieve compliance with the new Provision 29 of the UK Corporate Governance Code (see page 123<br>for further details).<br>§ The Board, supported by the work of the Audit Committee, reviewed and agreed RELX’s principal and<br>emerging risks and mitigation strategies. Following a robust and thorough assessment of the risks<br>identified, together with a detailed review of RELX’s financial position, the Board considered RELX’s<br>ongoing viability and approved the Company’s Viability Statement.<br>§ The Board received a comprehensive presentation on RELX’s assessment of material cybersecurity<br>risks, threat landscape and incident trends, and approach to mitigation and cybersecurity controls<br>from the Head of Information Assurance and Data Protection. Cybersecurity and data privacy are<br>considered principal risks for RELX.<br>Shareholder matters<br>Details of the Board’s<br>engagement with investors<br>during the year are on<br>page 91<br>Information about the<br>Company’s dividend policy<br>is on page 70<br>§ Following a robust assessment of RELX’s financial position, in February the Board approved a share<br>buyback programme for 2025 of £1.5bn. The programme was completed in December, at which point<br>55m shares held in treasury were cancelled. At its December meeting, the Board approved an initial<br>£250m for the 2026 share buyback programme, with this initial amount to be deployed prior to the<br>announcement of the 2025 full year results in February 2026.<br>§ The Board considered and approved the proposed resolutions to be put to shareholders at the 2025<br>AGM, which included the distribution of a final dividend for the year ended 31 December 2024. Each of<br>the proposed resolutions was subsequently approved by shareholders at the meeting. The Board also<br>considered and approved the payment of an interim dividend during the year.<br>Director attendance at Board and Committee meetings<br>The following table shows the attendance by Directors at Board and Committee meetings during the year. Attendance is expressed as<br>the number of meetings attended by each Director out of the number of meetings they were eligible to attend.<br>Directors Committee appointments Board (1)<br>Audit<br>Committee<br>Remuneration<br>Committee<br>Nominations<br>Committee<br>Corporate<br>Governance<br>Committee<br>Paul Walker (Chair) R N C 7/7 4/4 4/4 4/4<br>Erik Engstrom 7/7<br>Nick Luff 7/7<br>Alistair Cox (2) A R C 7/7 4/4 4/4 4/4<br>June Felix (3) A R C 7/7 3/4 3/4 4/4<br>Andy Halford (4) A C 5/5 3/3 3/3<br>Charlotte Hogg A C 7/7 4/4 4/4<br>Robert MacLeod (5) R N C 2/2 1/1 4/4 1/1<br>Andrew Sukawaty (6) A N C 7/7 4/4 3/3 4/4<br>Bianca Tetteroo (7) C 6/7 4/4<br>Suzanne Wood (8) A R N C 7/7 4/4 3/3 4/4 4/4<br>Committee membership key<br>A Audit Committee<br>R Remuneration Committee<br>N Nominations Committee<br>C Corporate Governance Committee<br>Committee Chair<br>(1) In addition to the seven scheduled Board meetings, the Directors also attended two full-day strategy and business review meetings.<br>(2) Alistair Cox was appointed Chair of the Remuneration Committee with effect from the conclusion of the Company’s AGM on 24 April 2025.<br>(3) June Felix was unable to attend the Audit and Remuneration Committee meetings held in December.<br>(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.<br>(5) Robert MacLeod retired from the Board and stepped down from the Remuneration, Nominations and Corporate Governance Committees with effect from the conclusion<br>oftheCompany’s AGM on 24 April 2025.<br>(6) Andrew Sukawaty joined the Nominations Committee at the conclusion of the Company’s AGM on 24 April 2025.<br>(7) Bianca Tetteroo was unable to attend the Board meeting held in September.<br>(8) Suzanne Wood joined the Remuneration Committee at the conclusion of the Company’s AGM on 24 April 2025.
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RELX Annual Report 2025	Corporate Governance Review 91<br>Stakeholder engagement<br>During the year, the Board undertook a review of RELX’s key stakeholders and concluded that they remain unchanged from the previous<br>year. The Board received a detailed overview of stakeholder engagement channels and activities and confirmed that it has adequate<br>visibility of the views of key stakeholders, which are taken into consideration in its decision-making. Further information about the<br>nature and outcomes of the Company’s engagement with its stakeholders are detailed throughout this Annual Report and examples<br>oftheBoard’s engagement with key stakeholders are set out on the following pages.<br>Investors<br>Why effective engagement<br>is important How we engage, outcomes and impact<br>Engagement with our<br>investors helps them to<br>understand our strategy,<br>performance and<br>governance arrangements,<br>and to make informed<br>decisions concerning the<br>Company. It also makes<br>clear our prioritisation of<br>the long-term in our<br>decision-making and focus<br>on delivery of consistent<br>financial performance.<br>Our investors provide us<br>with input and feedback<br>concerning the<br>development and<br>implementation of our<br>strategy, and we consider<br>their views when making<br>investment decisions.<br>Engagement with our investors is undertaken by members of the Board and at a business level<br>by senior management and our Investor Relations, Corporate Responsibility, Company Secretariat<br>and Treasury teams. TheBoard is updated with feedback and commentary received from investors<br>through business engagement, investor roadshows and meetings with institutional shareholders.<br>The Board receives regular reports on the Company’s share price and shareholder return<br>performance and a review of analyst commentary in response to the Company’s market<br>announcements and results publications. Executive Directors and senior management gave a<br>number of investor and analyst presentations during the year to provide further detail and context<br>to our published results and strategy plans.<br>During the year:<br>§ Our engagement processes confirmed that our investors continue to understand and support our<br>organic growth strategy. The Board considered this when approving RELX’s three-year strategic<br>plan for 2026 to 2028, which leaves our strategic focus, and our priorities for uses of cash<br>generated by RELX, broadly unchanged.<br>§ Significant investor engagement was conducted throughout the year, including extensive<br>management and investor relations roadshows, attendance at conferences in the UK, Continental<br>Europe and North America, and analyst fireside discussions with the CEO of the Legal business<br>area, setting out RELX’s strong performance and reaffirming the strategy around analytics and AI.<br>The Board were provided with feedback from these events. Presentations and transcripts from<br>selected events are available at www.relx.com/investors.<br>§ The Company held its AGM with shareholders in April.<br>§ RELX’s material communications to investors, including the Full-Year and Interim Results<br>Announcements, trading updates, the Annual Report and the Notice of AGM were reviewed and<br>approved by the Board prior to release.<br>§ In respect of shareholder returns, the Board took into account a range of stakeholder views when<br>considering the interim and final dividend payments during the year, and the quantum of the<br>Company’s share buyback programme for 2025.<br>External appointments and Non-Executive Director<br>independence<br>The Board has in place formal procedures to evaluate and review<br>the external commitments of Directors, each of whom is required<br>to obtain the Board’s approval prior to accepting new significant<br>external appointments. During the year, the Board reviewed the<br>proposed external appointment of June Felix. It was concluded<br>that this appointment would not impact her ability to perform<br>effectively on the RELX PLC Board, and accordingly theBoard<br>gave its approval.<br>When Directors take up new external appointments, any related<br>commercial relationships with RELX are reviewed, and any<br>potential conflicts of interest are dealt with following formal<br>procedures. In accordance with the Company’s Articles of<br>Association, Directors who are not conflicted may authorise,<br>as appropriate, situations where a Director has an interest<br>that conflicts, or may possibly conflict, with those of RELX,<br>and may impose conditions on such authorisations.<br>Supported by the Nominations Committee, the Board monitors<br>the independence of the Non-Executive Directors in line with<br>the relevant provisions of the UK Corporate Governance Code.<br>An annual evaluation, led by the Nominations Committee,<br>considered whether length of service or any other factor has<br>impacted or may impact the ability of any Non-Executive Director<br>to remain independent in character and judgement in the<br>furtherance of their duties to the Company. The Board determined<br>that each of the Non-Executive Directors is considered to be<br>independent of management and free from any business or other<br>relationship which could materially interfere with their ability to<br>exercise independent judgement (with the exception of the Chair,<br>whose independence was not assessed, but who was deemed to<br>be independent upon appointment).<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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92 RELX Annual Report 2025	Governance<br>Employees<br>Why effective engagement<br>is important How we engage, outcomes and impact<br>Our people’s well-being and<br>their commitment to the work<br>they do are essential to our<br>future growth and our aim to<br>successfully build long-term<br>leading positions in global<br>growth markets.<br>We strive to foster an<br>environment in which our<br>employees feel a strong sense<br>of engagement with our<br>business and share a passion<br>for making a positive impact<br>on society through our unique<br>contributions. RELX actively<br>seeks feedback from employees<br>to understand their key<br>challenges and concerns and<br>how we can work to address<br>these. Hearing their views on<br>what we do well, and what we<br>can do better, is an important<br>driver for improvement and<br>enables us to take action to<br>retain our best talent.<br>Effective engagement helps<br>to mitigate the risk of not being<br>able to recruit, motivate and<br>retain skilled employees and<br>management, which is<br>recognised as a principal<br>risk (see page 75).<br>Employee engagement routinely takes place within the business areas and matters of concern<br>are cascaded up through our management framework. The Board receives regular management<br>reports which cover employee engagement, turnover and demographic analysis, updates on<br>workplace initiatives, and concerns raised through our Code ofEthics and Business Conduct<br>reporting channels. The Board reviews employee engagement and workforce data and takes<br>these into consideration in its decision-making.<br>RELX has a dedicated intranet for employees which is kept updated with financial and performance<br>information, news of business developments and workforce initiatives and events and other<br>important messages from senior management.<br>The Board has appointed Bianca Tetteroo as our Non-Executive Workforce Engagement Director<br>to engage directly with employee representatives from across RELX and report to the Board on the<br>progress of RELX’s workforce initiatives, together with the challenges, concerns and priorities of<br>employees. Where challenges and concerns were discussed, as appropriate, the Board was also<br>informed of the actions taken or plans developed to address them. This provides the Board with<br>insight into the culture across RELX, how our working practices and initiatives have been received,<br>and highlights any issues that need to be addressed.<br>During the year:<br>§ Ms Tetteroo met with workforce representatives to learn about the experiences of employees<br>while working at RELX. The matters discussed were reported to the Board, including feedback<br>regarding well-being and inclusion initiatives, as well as the opportunity to participate in Employee<br>Resource Groups and RELX Care programmes. Further matters included hybrid working<br>arrangements, pay, benefits, and career development through training and internal mobility.<br>§ In 2025 we undertook our annual Pulse employee opinion survey. An analysis of the results of<br>the survey was presented to the Board in December and confirmed positive trends across our<br>business areas in almost all key metrics of engagement, satisfaction and employee net<br>promoter scores.<br>§ Board reports from the Chief Human Resources Officer highlighted the steps taken to<br>identify, support and develop current and future leaders across the business through the<br>Organisational Talent Review and Management Development Planning processes. This focus<br>has seen increased internal mobility across divisions, providing career development<br>opportunities across the whole of RELX.<br>§ The Board reviewed the Board and RELX Inclusion Policies and determined that these are<br>effective and support the Group’s purpose, strategy, values and culture.<br>§ The Board received presentations from the Head of Corporate Communications on focus areas<br>for 2025. These continue to be fostering engagement and advocacy supported by data-driven<br>storytelling in selected focus areas, such as our strategy, innovation and career development.<br>Employee understanding and engagement with our purpose, strategy, values and culture is<br>monitored through our employee opinion survey scores over time.<br>§ Employee involvement in the Company’s performance is encouraged through RELX’s employee<br>share schemes. RELX currently operates three all employee share plans, one in each of the UK,<br>the Netherlands and the USA, providing RELX employees with the opportunity to obtain its<br>shares at a discounted price. The Board received updates on annual participation rates.
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RELX Annual Report 2025	Corporate Governance Review 93<br>Customers<br>Why effective engagement<br>is important How we engage, outcomes and impact<br>Our goal is to help customers<br>make better decisions, get better<br>results and be more productive.<br>We do this by leveraging deep<br>customer understanding to build<br>innovative solutions which<br>combine leading content and<br>data sets with powerful<br>advanced technologies.<br>Collaborating closely with our<br>customers is crucial for us to<br>understand where and how we<br>can improve the quality of our<br>solutions and products, and<br>enables us to make targeted<br>investment decisions, such as<br>to develop new technologies or<br>complement our existing<br>capabilities through acquisition<br>activity.<br>Our engagement with customers takes place at an operational level across our business areas,<br>through our dedicated sales and operations teams and through customer training and workshops.<br>Material customer issues are cascaded up to the appropriate senior management. The Board<br>received presentations during the year from customer-facing employees which detailed the<br>nature of our customer engagement and the actions taken by the business areas as a result.<br>In 2025, the Board received analyses of customers by sector and geography and data concerning<br>the resilience of the markets in which we operate. The Board reviewed customer survey data,<br>Customer Net Promoter Scores, and case studies across our business areas.<br>During the year:<br>§ The Board continued to monitor current and anticipated future customer demand and market<br>activity together with customer feedback, to understand how our product offerings address<br>customer requirements. This information informed areas of focus for product development<br>and acquisitions and the level of investment required. RELX made several acquisitions during<br>the year that complement its existing product range and enhance value for our customers.<br>More information about our acquisitions during the year can be found on page 10.<br>§ Feedback from our customers informed the Board and management’s assessment of the<br>areas in which RELX should build out new products and solutions, the speed at which this<br>should be undertaken, and where it should look to expand into higher growth adjacencies and<br>geographies over varying time horizons.<br>§ The Board received an update on ongoing customer engagement on sustainability issues from<br>RELX’s Global Head of Corporate Responsibility.<br>Suppliers<br>Why effective engagement<br>is important How we engage, outcomes and impact<br>RELX has a diverse supply<br>chain with suppliers located<br>in over 150 countries across<br>multiple categories, which<br>RELX categorises as content<br>suppliers and non-content<br>suppliers.<br>Collaboration and two-way<br>dialogue with our suppliers<br>help ensure that we are able<br>to maintain and improve the<br>quality of products and<br>solutions we provide to our<br>customers. Effective<br>engagement underpins our<br>ability to maintain an ethical<br>supply chain, giving us visibility<br>of our suppliers’ alignment with<br>the RELX Supplier Code of<br>Conduct.<br>Engagement with our content suppliers, which include the companies we license content or data<br>from, as well as authors, editors, content reviewers and product designers, takes place principally<br>through ongoing dialogue with the relevant business area. Content supplier feedback is collected<br>through direct relationships and regular business reviews, and presented to the Board through<br>updates from our business area leaders and the Global Head of Purchasing and Property.<br>Our non-content suppliers represent traditional vendor relationships, such as IT software and<br>cloud service providers, or third parties to whom we have outsourced support function activities.<br>Engagement takes place at various levels throughout RELX. Feedback is reported to theBoard by<br>business area leaders and the Global Head of Purchasing and Property.<br>During the year:<br>§ Outcomes of ongoing business engagement with our content suppliers, including Net Promoter<br>Scores and the outcomes of business reviews, informed the Board’s discussions during its<br>consideration of RELX’s three-year strategy plan for 2026 to 2028, and its assessment of<br>mitigation in place for our principal risks of customer acceptance of our products and supply<br>chain dependencies.<br>§ Our Supplier Code of Conduct has been translated into 16 languages for use across RELX.<br>During the year, the Board received updates on the progress of our Socially Responsible<br>Supplier (SRS) programme, including numbers of signatories and audits conducted (further<br>details are on pages 56 to 58). The Board continued to support the programme.<br>§ The result of our annual supplier survey programme, involving feedback from over 100 key<br>suppliers, provided the Board with insight into the views of RELX’s major suppliers.<br>§ The Board reviewed and approved our Modern Slavery Act Statement, available from<br>www.relx.com, which sets out the steps taken by the Company and its subsidiaries to<br>prevent modern slavery and human trafficking in its business and supply chain.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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94 RELX Annual Report 2025	Governance<br>Community<br>Why effective engagement<br>is important How we engage, outcomes and impact<br>Our focus on community<br>includes those where we, our<br>customers and suppliers work<br>around the world, as well as<br>the communities we serve,<br>including in science, academia,<br>risk, law and many other fields.<br>We prioritise positive dialogue<br>with our community<br>stakeholders as we believe they,<br>collectively, are important to<br>maintain our ‘licence to operate’.<br>Our efforts are informed by our<br>commitment to the United<br>Nations Global Compact and its<br>ten principles, focused on<br>human rights, labour, the<br>environment and anti-corruption – all issues<br>with wide societal impact.<br>We engage with our community stakeholders through our unique contributions to society, and<br>through our comprehensive global community programme, RELX Cares. TheRELX Cares<br>mission is education for disadvantaged young people. Further information about our RELX Cares<br>projects and its contributions to the communities in which we operate is on pages 52 to 55.<br>In accordance with the Business for Societal Impact model, we monitor the short- and long-term<br>benefits of our community engagement. We survey RELX Cares volunteers to understand the<br>impact of the programme on their personal development and how it affects the way they feel<br>about working at RELX. 89% of RELX Cares survey respondents experienced an increase in<br>motivation and pride in the Company after volunteering in the year.<br>During the year:<br>§ The Board considered RELX’s environmental performance and supported ongoing initiatives<br>to minimise our environmental impact, and continued to endorse our commitment to<br>reaching net zero by 2040. More information is in our Corporate Responsibility Report on<br>pages 35 to 63 and the Sustainability Statement on pages 208 to 230.<br>§ The Board received detailed updates on community engagement during the year, including<br>key metrics, objectives and outcomes. Board feedback and support for community<br>engagement shapes the direction of our charitable programmes and future plans.<br>§ The Board continued to endorse RELX’s volunteering policy through which RELX employees<br>receive two days paid leave each year to undertake community volunteering. The Board<br>received reports on the outcome of the programme, such as employee engagement rates and<br>company contributions.<br>§ The Board continues to endorse the business areas utilising their unique product offerings<br>to support causes in their communities. During the year the Board received reports from the<br>Global Head of Corporate Responsibility on RELX’s performance against its 2025 corporate<br>responsibility objectives in this and other areas, including energy consumption and carbon<br>emissions, and objectives for 2026 and 2030, when the United Nations Sustainable<br>Development Goals conclude.
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RELX Annual Report 2025	Corporate Governance Review 95<br>Board evaluation<br>The Directors consider the evaluation of the Board, its<br>Committees and members to be an important aspect of corporate<br>governance. The Board undertakes an annual evaluation of its<br>own effectiveness and performance, and that of its Committees,<br>the Chair and individual Directors.<br>Actions from the 2024 Board evaluation<br>The 2024 evaluation, which was conducted internally, concluded<br>that the Board and its Committees were operating effectively and<br>did not highlight any significant areas for improvement. The Board<br>agreed that it would continue to focus on key issues, including<br>emerging risks such as geopolitical, cyber and data security risks.<br>As part of the 2025 evaluation, the Board members confirmed that<br>the Board maintained an appropriate focus on these important<br>risk topics.<br>2025 evaluation process<br>In 2025, the Board evaluation process was conducted internally,<br>supported by the Company Secretary. Questionnaires were<br>completed by all Directors to provide feedback and commentary<br>on the following areas:<br>§ Board composition and effectiveness<br>§ The effectiveness of the Board’s oversight of strategy<br>development, setting and monitoring RELX’s culture and<br>values, financial performance, market developments,<br>stakeholder relations (including the Board’s understanding<br>and visibility of the views of RELX’s stakeholders and how<br>these inform its decision-making process), talent and<br>succession, reputation, inclusion, risk and governance<br>§ Quality of information provided by management<br>§ Boardroom culture and dynamics<br>§ The performance of the Chair<br>§ The structure, leadership and overall effectiveness of each<br>ofthe Board’s Committees<br>The Chair conducted individual performance reviews with each<br>Non-Executive Director and the Senior Independent Director led<br>the appraisal of the Chair’s performance by the other Directors.<br>Chair’s Performance<br>Directors commended the Chair for his leadership of the Board<br>and for facilitating the effective contribution of each Non-Executive Director and for fostering constructive relationships<br>and communications within the Board. Directors felt that a<br>particular strength of the Chair is the ability to engage individuals<br>effectively and facilitate meetings, ensuring a balanced<br>consideration of diverse perspectives.<br>Individual Director performance<br>Individual Director performance and contributions were assessed<br>through one-to-one meetings with the Chair. These review<br>meetings reflected on personal development and on feedback on<br>Board matters and they concluded that each director continues<br>to contribute positively and effectively to Board and Committee<br>discussions, providing external insights and constructive<br>challenge to management on matters of strategy and governance.<br>Conclusions from the 2025 Board evaluation<br>The 2025 Board evaluation found a high level of satisfaction<br>among the Directors with the way in which the Board and its<br>Committees operate. There were no significant areas identified as<br>requiring immediate attention. The Directors felt that the Board<br>discharges its oversight responsibilities effectively across all<br>categories and particularly in the areas of strategy, finance,<br>performance, investor relations, people and risk management.<br>The Directors felt that the Board is appropriately involved in the<br>development and approval of the Group’s strategy, supported by<br>deep-dive briefing sessions and presentations from business<br>leaders, which were commended for their quality. Directors also<br>noted that strong engagement with senior management of RELX’s<br>four business areas enabled the Board to understand RELX’s<br>culture and ensure its alignment with the Group’s purpose,<br>strategy and values.<br>Directors had a clear understanding of the performance targets<br>for the Company and a strong awareness of market developments<br>and the Company’s performance relative to its competitors and<br>were satisfied that the Board monitors this on a regular basis.<br>Directors agreed that the Board was made aware of key risks,<br>including those that are evolving and emerging, and sufficiently<br>engaged in their oversight and in ensuring that appropriate risk<br>management processes are in place. Directors were well-informed of RELX’s engagement with key stakeholders and its<br>outcomes, and able to apply their understanding of stakeholder<br>views in the Board’s decision making. The Board also agreed that<br>there is a rigorous and effective succession process for key<br>executive and business leaders and acknowledged that this<br>should remain a key focus area for the future.<br>The Directors thought that the Board’s composition, including the<br>breadth of its collective skills, its dynamics and culture of<br>openness and debate, all contributed to highly effective meetings<br>which were found to be well governed and chaired. Papers and<br>presentations addressed the key issues in appropriate detail and<br>were provided on a timely basis.<br>The outcome of the Board evaluation confirmed that the Board<br>and its Committees continue to function effectively and<br>collaboratively, with an appropriate level of engagement with<br>management. While there were no specific areas identified in the<br>review where significant improvement is required, continued<br>focus on key issues with open and transparent dialogue continue<br>to be recognised as key drivers of the Board’s effectiveness.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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96 RELX Annual Report 2025	Governance<br>Audit, risk and internal control<br>Internal control and risk management<br>The Board has overall responsibility for overseeing RELX’s<br>systems of risk management and internal control and for<br>monitoring the processes for identifying, assessing and managing<br>the principal and emerging risks faced by the Company. These<br>systems are designed to manage and mitigate, rather than totally<br>eliminate, risks to the business. Accordingly, they can provide<br>reasonable, but not absolute, assurance against material<br>misstatement or loss. These processes were in place throughout<br>the year ended 31 December 2025, and up to the date of approval<br>ofthe 2025 Annual Report. Further details of RELX’s risk<br>management systems and the principal and emerging risks<br>facing the Company, together with our mitigation strategies<br>are set out on pages 72 to 76 of this Report.<br>Risk management and control procedures are embedded into<br>the operations of the business and include the monitoring of<br>progress in areas for improvement that come to management<br>andBoard attention.<br>To provide reasonable assurance against material inaccuracies<br>or loss, and of the effectiveness of the systems of internal control<br>and risk management, RELX has adopted the three lines of<br>defence assurance model as set out below.<br>System of Internal Control<br>1st line of defence<br>RELX business areas maintain systems of internal<br>control which are appropriate to the nature and<br>scale of their activities and address significant<br>strategic, operational, financial, legal and<br>compliance risks that they face<br>2nd line of defence<br>Central functions that are responsible for<br>1) designing policies, 2) introducing and sharingbest<br>practice, 3) monitoring and evaluating compliance<br>with RELX policies and relevant legislation and<br>regulation and appropriate remediation<br>RELX Operating and Governance Principles<br>3rd line of defence<br>Internal audit provides independent assurance on<br>the effectiveness of the 1st and 2nd lines of defence<br>The Board and Audit Committee<br>Note: In addition to RELX’s internal controls, RELX is also audited externally.<br>RELX operates authorisation and approval processes<br>throughoutits operations. Access controls exist where<br>processes have been automated to ensure the security of data.<br>Management information systems have been developed to identify<br>risks and enable the assessment of the effectiveness of internal<br>control systems.<br>With the close involvement of operating management and central<br>functions, the risk management and control procedures aim to<br>ensure that RELX is managing its business risks effectively and in<br>a coordinated manner across the business areas with clarity on<br>the respective responsibilities and interdependencies. Litigation,<br>and other legal and regulatory matters, are managed by legal<br>functions within the business areas.<br>The Audit Committee has responsibility for monitoring RELX’s<br>risk management and internal control procedures and reports to<br>the Board, as appropriate. The Audit Committee receives periodic<br>updates from RELX’s Chief Compliance Officer on alleged and<br>substantiated violations of the Code of Ethics and Business<br>Conduct, and related training, monitoring and communications<br>programmes. Such updates covered the volume, type and<br>circumstances surrounding substantiated violations, subsequent<br>actions and lessons learnt.<br>US certificates<br>As required by Section 302 of the US Sarbanes-Oxley Act 2002<br>and by related rules issued by the US Securities and Exchange<br>Commission (the Commission), the Chief Executive Officer and<br>Chief Financial Officer of the Company certify in the 2025 Annual<br>Report on Form 20-F to be filed with the Commission that they are<br>responsible for establishing and maintaining disclosure controls<br>and procedures and that they have:<br>§ designed such disclosure controls and procedures to ensure<br>that material information relating to RELX is made known<br>to them<br>§ evaluated the effectiveness of RELX’s disclosure controls<br>and procedures<br>§ based on their evaluation, disclosed to the Audit Committee<br>and the external auditors, all significant deficiencies in the<br>design or operation of disclosure controls and procedures and<br>any frauds, whether or not material, that involve management<br>or other employees who have a significant role in RELX’s<br>internal controls<br>§ presented in the 2025 Annual Report on Form 20-F their<br>conclusions about the effectiveness of the disclosure controls<br>and procedures<br>§ designed internal controls over financial reporting, or caused<br>such internal control over financial reporting to be designed<br>under their supervision, to provide reasonable assurance<br>regarding the reliability of financial reporting<br>A Disclosure Committee, comprising the Company Secretary<br>and other senior managers, provides assurance to the Chief<br>Executive Officer and Chief Financial Officer regarding their<br>Section 302 certifications.<br>Section 404 of the US Sarbanes-Oxley Act 2002 requires the<br>ChiefExecutive Officer and Chief Financial Officer of the Company<br>to certify in the 2025 Annual Report on Form 20-F that they are<br>responsible for maintaining adequate internal control structures<br>and procedures for financial reporting and to conduct an<br>assessment of their effectiveness. The conclusions of the<br>assessment of internal control structures and financial reporting<br>procedures, which are unqualified, are presented in the 2025<br>Annual Report on Form 20-F.
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97<br>This report has been prepared by the Nominations Committee<br>and has been approved by the Board.<br>Membership<br>The Nominations Committee comprises independent<br>Non-Executive Directors and the Chair of the Board.<br>The Directors who served on the Committee during the<br>year were:<br>§ Paul Walker (Chair of the Committee)<br>§ Robert MacLeod (retired 24 April 2025)<br>§ Andrew Sukawaty (appointed 24 April 2025)<br>§ Suzanne Wood<br>Role of the Nominations Committee<br>The role and responsibilities of the Nominations Committee<br>are set out in written Terms of Reference which are available<br>on the Company’s website at www.relx.com.<br>The principal purpose of the Committee is to assist the Board<br>by leading the process for appointments to Board roles and<br>overseeing a diverse pipeline for succession. The Committee’s<br>main responsibilities are:<br>§ Reviewing the size and composition of the Board, ensuring<br>that it comprises the appropriate balance of skills,<br>experience, knowledge and independence<br>§ Reviewing the external commitments of the Directors to<br>ensure that they each have sufficient time to effectively<br>discharge their duties to RELX<br>§ Ensuring plans are in place for orderly Board and senior<br>management succession and to oversee a diverse pipeline<br>for such succession<br>§ Overseeing the recruitment of new Directors and<br>recommending candidates to the Board<br>§ Making recommendations to the Board in relation to the<br>re-appointment of any Non-Executive Director at the<br>conclusion of their specified term of office and the election<br>or re-election of Directors following a review of the<br>performance of individual Directors from the Board<br>evaluation process<br>§ Making recommendations to the Board about the<br>authorisation of Directors’ conflicts of interest, including<br>any terms to be imposed in relation to a Director’s conflict<br>of interest<br>Activities of the Committee during the year<br>The Committee met four times in 2025. The activities of the<br>Committee during the year included:<br>§ Reviewing Board and Committee size, composition and<br>balance following the retirement of Robert MacLeod as a<br>Non-Executive Director at the conclusion of the Company’s<br>2025 AGM, and recommending a successor for each of<br>Mr MacLeod’s roles as the Chair of the Remuneration<br>Committee and a member of the Nominations Committee<br>§ Considering and recommending the re-appointment of<br>Andrew Sukawaty and Charlotte Hogg at the conclusion of their<br>respective specified terms of office<br>§ Recommending to the Board that each current Director be put<br>forward for re-election at the Company’s AGM, other than<br>Robert MacLeod, who retired from the Board at the conclusion<br>of the Company’s 2025 AGM<br>§ Succession planning for a new Non-Executive Director<br>§ Ongoing succession planning for Board and senior<br>management roles<br>§ Monitoring the Directors’ actual and potential conflicts<br>ofinterest<br>§ Recommending to the Board the suitability of Directors’<br>external director appointments<br>§ Reviewing the Committee’s Terms of Reference and<br>determining that they continue to be fit for purpose and effective<br>§ Recommending to the Board the inclusion of this report<br>in the 2025 Annual Report<br>Report of the Nominations Committee<br>Board composition as at 31 December 2025<br>Balance of Executive/Non-Executive Directors<br>Non-Executive: 7<br>Executive: 2 Non-Executive Chair: 1<br>Tenure of Non-Executive Directors (including Chair)<br>6–9 years: 3 0–3 years: 3<br>3–6 years: 2<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025
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98 RELX Annual Report 2025	Governance<br>Board and Committee composition<br>The Nominations Committee is responsible for keeping the<br>size and composition of the Board and the membership<br>ofitsCommittees under review, to ensure that each has<br>an appropriate balance of skills, knowledge and experience<br>to effectively discharge its respective duties. The Committee<br>considers the competencies required both now and in the future<br>to support the Company’s purpose, strategy, values and culture.<br>The Committee also seeks to maintain a diverse pipeline for<br>senior leadership succession.<br>The Board collectively has a diverse range of relevant skills<br>and experience which includes:<br>§ Strategy and governance<br>§ Expertise in finance and technology<br>§ Operational experience in RELX’s product markets<br>§ Executive and non-executive Board and leadership experience<br>in large, international listed groups<br>§ Audit, risk and regulatory expertise<br>§ Workforce relations management and engagement<br>§ Executive remuneration<br>Biographical information for each of the Directors is on pages 80<br>to 81. Further information about the skills and experience of the<br>Directors standing for election and re-election at the 2026 AGM<br>is in the Notice of Meeting available at www.relx.com.<br>Board Inclusion Policy<br>RELX’s Board Inclusion Policy aims to promote a working<br>environment that is respectful and inclusive of individuals and<br>their contributions, regardless of gender, ethnic origin, disability,<br>nationality, age, sexual orientation or any other individual<br>characteristic. The Board acknowledges the benefits that are<br>brought to the effectiveness of Board and Committee discussions<br>and the quality of decision-making, through the incorporation of<br>different perspectives and ideas. The Nominations Committee<br>monitors the composition of the Board and membership of its<br>Committees with a view to ensuring that each has the appropriate<br>balance of skills and expertise.<br>The Committee also oversees the Director recruitment process<br>on behalf of the Board.<br>Consistent with the recommendations of the FCA set out<br>in LR6.6.6(R)(9), as at 31 December 2025:<br>§ the Board comprises 40% women<br>§ the role of Senior Independent Director is held by a woman<br>§ at least one Board member is from a minority ethnic background<br>The Group Inclusion Policy is aligned with the Board Inclusion<br>Policy and aims to promote a positive working environment that<br>is inclusive, fair and equitable. It prohibits discrimination and<br>requires that RELX recruits, trains, develops, promotes, and<br>provides conditions of employment without regard to race, colour,<br>creed, religion, national origin, gender, gender identity<br>or expression, sexual orientation, marital status, age, disability,<br>or any other characteristic protected by law. RELX relies on the<br>contributions of individuals with a collectively broad range of<br>experience, skills and ideas to consistently deliver on its strategic<br>priorities and provide real innovation for customers around the<br>world. The Company is committed to an ongoing review of policies<br>and practices in the areas of recruitment, talent development,<br>promotion and reward to ensure that opportunities across our<br>business areas are fair and equitable. Workforce policies and<br>practices are regularly reviewed to ensure RELX is delivering on<br>its goals and effectively monitoring available data.<br>Across our business areas, we are committed to providing regular<br>best practice and awareness training in areas such as inclusive<br>leadership and unconscious bias and we promote and encourage<br>inclusive networking groups and sponsorship and mentoring<br>programmes. Details of the strategy and progress towards<br>fulfilling our inclusion initiatives is set out in our Corporate<br>Responsibility Report on pages 49 to 51.<br>Nationalities on the Board<br>British, American,<br>Irish: 1<br>Swedish: 1<br>Dutch: 1 American: 3<br>British: 4<br>Board and Executive Management gender and ethnic representation data as at 31 December 2025<br>Number of<br>Board members<br>Percentage of the<br>Board<br>No. of senior<br>positions on the Board<br>(CEO, CFO, SID, Chair)<br>No. in executive<br>management<br>Percentage of<br>executive<br>management<br>Ethnic background<br>White 8 80% 3 6 60%<br>Asian 1 10% – 3 30%<br>Black – – – – –<br>Mixed/multiple ethnicity – – – – –<br>Other – – – – –<br>Not specified/prefer not to say 1 10% 1 1 10%<br>Gender identity or sex<br>Men 6 60% 3 7 70%<br>Women 4 40% 1 3 30%<br>Not specified/prefer not to say – – – – –
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99<br>Data for the gender and ethnic representation table on page 98<br>was drawn from HR information where consents are in place to<br>use the data on an anonymised basis and through a survey with<br>categories aligned to those set out in the LR 6.6.6 (R)(10).<br>Board and Committee succession<br>When reviewing the composition of the Board and its Committees,<br>the Nominations Committee considers, among other things, the<br>length of tenure of each Director and the need for, and benefits of,<br>membership being regularly refreshed. The Committee is<br>cognisant of the skills and experience required for effective<br>leadership and oversight of RELX’s strategy and success in the<br>long term, as well as the Board Inclusion Policy and relevant<br>recommendations of the UK Listing Rules. All appointments to the<br>RELX Board, and each of its Committees, are based primarily<br>on merit and the suitability of an individual for any given role.<br>Board succession planning and refreshment was a regular<br>agenda item at the Committee’s meetings during 2025.<br>Director appointment process<br>A rigorous search and selection process is followed for each new<br>Director, starting with the preparation of a search specification,<br>based on the Committee’s assessment of the skills, capabilities<br>and experience required on the Board at the time. An executive<br>search firm is engaged to support the search. A long-list of<br>potentially suitable individuals is initially reviewed. From this,<br>a short-list of potentially suitable individuals is considered in<br>detail by the Committee and preferred candidates are invited<br>to meet with Board members, including the Chair and Chief<br>Executive Officer, together with the Chief Legal Officer and<br>Company Secretary. Following feedback from these sessions,<br>the Nominations Committee makes its recommendations to the<br>Board. The Board then has a further opportunity to review and<br>discuss the recommendations, and subsequently approves the<br>proposed appointment.<br>The Board may appoint Directors (subject to a maximum upper<br>limit) to fill a vacancy at any time, although any Director so<br>appointed shall only hold office until the following AGM of the<br>Company, at which his or her election shall be voted upon by<br>shareholders. Directors are then required to seek re-election<br>by shareholders at each subsequent AGM of the Company. As a<br>general rule, letters of appointment for Non-Executive Directors<br>provide that, subject to annual re-election by shareholders,<br>individuals will serve for an initial period of three years, and are<br>typically expected to be available to serve for a second three-year<br>period. If invited to do so, they may also serve for a third three-year<br>period. The notice period applicable to the Non-Executive<br>Directors is one month.<br>RELX’s Non-Executive Letter of Appointment sets out the<br>time commitment required by the Company from its Non-Executive Directors.<br>Executive and management succession<br>The Board is committed to recognising and nurturing talent<br>across RELX and overseeing the development of a strong talent<br>pipeline to senior leadership and executive roles. The Committee<br>received detailed updates during the year from the Chief Executive<br>Officer regarding succession plans for senior management roles.<br>The Committee is satisfied that appropriate succession planning<br>arrangements were in place during the year to facilitate<br>appropriate and effective succession across senior management<br>roles, supported by a strong pipeline of candidates.<br>Conflicts of interest<br>The Directors have a statutory duty to avoid situations in which<br>they have, or could have, a direct or indirect interest that conflicts<br>with the interests of the Company and, if potential for such a<br>conflict arises, must make such situations known to the Board.<br>In accordance with its Terms of Reference, the Nominations<br>Committee considers the circumstances of any such actual or<br>potential conflicts of interest and makes a recommendation to the<br>Board as to whether to authorise the conflict, as permitted under<br>the Company’s Articles. The Committee may recommend that<br>the Board imposes certain limits or conditions in respect of the<br>conflict. There is a procedure in place for Directors to disclose<br>any potential conflict to the Board and each Director is required<br>to review and confirm their actual and potential conflicts annually.<br>During the year, the Committee conducted a formal review of the<br>conflict of interest authorisations granted by the Board to each<br>individual Director.<br>Committee evaluation<br>The evaluation of the Committee determined that it was well<br>governed and effective in carrying out its role in accordance with<br>its Terms of Reference. Details of the Board and Committee<br>evaluation process are on page 95.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Report of the Nominations Committee
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100 RELX Annual Report 2025	Governance<br>Directors’ Remuneration Report<br>The Directors’ Remuneration Report has been prepared by the Remuneration Committee (the Committee) in accordance with the UK<br>Corporate Governance Code, the UK Listing Rules and Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts<br>andReports) Regulations 2008, as amended (the UK Regulations). The Report was approved by the Board.<br>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<br>thank my predecessor, Robert MacLeod, for his leadership of the Committee.<br>The implementation of the current remuneration policy during 2025 is detailed in the Annual Remuneration Report on pages 102 to 113.<br>Shareholders will be invited to vote (by way of an advisory vote) on the 2025 Annual Remuneration Report at the 2026 AGM.<br>The current remuneration policy was approved by shareholders at the 2023 Annual General Meeting (AGM) for three years and can be<br>found on pages 136 to 142 of the 2022 Annual Report and Financial Statements available on relx.com. An updated remuneration policy<br>is therefore being proposed to shareholders for approval (by way of a binding vote) at the 2026 AGM. The updated remuneration policy,<br>which would apply for three years, is set out on pages 114 to 120.<br>Proposed Remuneration policy<br>In preparation for the revised Policy, the Remuneration Committee undertook a thorough review of the company’s remuneration<br>structure as well as comprehensive benchmarking of the compensation levels for the Executive Directors.<br>The Committee believes that the current remuneration structure, consisting of three main components (base salary, an annual<br>incentive and a long-term performance-conditioned share award plan) remains appropriate to drive continued future performance<br>ofthe business. However, the Committee feels certain adjustments to the Policy are now appropriate for the reasons described below.<br>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<br>technology-driven global provider of information-based analytics and decision tools. At the core of this digital transformation has been<br>the use of sophisticated artificial intelligence technologies, which help us deliver products and solutions that add higher value to<br>customers. Around 12,000 technologists now work at RELX and we compete for talent with the largest US and global technology<br>companies. Around 60% of our revenues are generated in North America, with the remainder evenly split between Europe and the Rest<br>of the World.<br>This business transformation is reflected in both the financial performance of the company as well as shareholder value creation.<br>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<br>to £3.2bn) and adjusted EPS has nearly tripled (from 43.4p to 120.1p). Annual underlying revenue growth has accelerated from a range<br>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<br>at 31December 2010 to £55bn at 31 December 2025.<br>The Committee was also mindful of the strong competitive global demand for executives with the skillsets to use increasingly<br>sophisticated technologies, particularly artificial intelligence, to deliver products and solutions that add higher value to customers.<br>Our executive talent, with their successful track record, is highly sought after by our competitors and by US-based and global technology<br>companies and the ability to attract and retain executives with these skillsets is critical to our continued future success.<br>Despite the transformation of the company, its increased scale and the increasing competition for talent with these skillsets, the base<br>salaries for Executive Directors have not increased by more than 2.5% annually over the past decade and their maximum incentive<br>levels have not materially changed.<br>In reaching its conclusions, the Committee reviewed in detail data on the remuneration structure and incentive levels for Executive<br>Directors of each FTSE 30 company taken from their latest remuneration reports, as well as reviewing quartile data for FTSE 30, FTSE<br>15 and FTSE 10 companies, given our market capitalisation. The Committee also considered the latest published data for non-UK peer<br>companies including Equifax, Moody’s, S&P, Thomson Reuters, Verisk and Wolters Kluwer. The analysis showed that our executive<br>directors’ potential overall compensation levels are now below those at companies of similar size and complexity in the UK and are<br>significantly below our American peers. Therefore, based on this detailed review, the Committee concluded the following proposed<br>changes to take effect for the 2026 AIP and LTIP awards granted in 2026:<br>§ increase the CEO’s maximum AIP from 200% to 300% of salary and the CFO’s maximum AIP increasing from 200% to 225%<br>§ increase the CEO’s maximum LTIP from 450% to 600% of salary and the CFO’s from 375% to 450%<br>§ increase the shareholding requirement from 450% to 600% of salary for the CEO and from 375% to 450% for the CFO<br>These proposals place us within the current upper quartile for FTSE 30 companies (before any increases some of these companies may<br>propose at their upcoming AGM), but below the top end of the ranges for incentive levels within this group and significantly below<br>comparator US levels. The Committee believes that the proposed increases are appropriate having considered the consistently strong<br>financial and TSR performance of the company over the past ten years, the increased size, complexity and geographic focus of the<br>business with a significant US exposure, external benchmarks and the increasingly competitive talent landscape.
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RELX Annual Report 2025	Directors’ Remuneration Report 101<br>Other change<br>Recognising the overlapping impact of share deferral, holding period and shareholding requirements, AIP deferral will reduce<br>from 50% to 25% of any AIP earned once an Executive Director’s shareholding requirement is met and AIP deferral will cease once<br>anExecutive Director holds shares of a value equal to twice the level of their shareholding requirement. This means that the CEO<br>is required to hold 12 times his salary in shares, and the CFO nine times, before deferral ceases to operate. This provides a level<br>of alignment that goes beyond market norms and provides a significant long-term alignment with shareholders. Given the majority<br>of variable pay is provided via LTIP with a two year holding period, the Committee considers it has sufficient ability to apply malus<br>and clawback. The CEO currently owns c26 times his salary in RELX shares and the CFO c11 times his salary.<br>In preparing these proposals, we engaged with shareholders representing c55% of our issued capital and shareholder representative<br>bodies. The feedback received has been supportive of the proposals and as a result of the consultation, we have included additional<br>details regarding the factors considered by the Committee in reaching its conclusions, along with details of its benchmarking analysis.<br>Annual Remuneration report<br>Our purpose is to benefit society by developing products that: help researchers advance scientific knowledge; doctors and nurses<br>improve the lives of patients; lawyers promote the rule of law and achieve justice and fair results for their clients; businesses and<br>governments prevent fraud; consumers access financial services and get fair prices on insurance; and customers learn about markets<br>and complete transactions. Our purpose guides our actions beyond the products that we develop. It defines us as a company. Every day<br>across RELX our employees are inspired to undertake initiatives that make unique contributions to society and the communities in which<br>we operate. We see what we do as a company as being an integral part of our commitment to corporate responsibility. We have set<br>sustainability objectives which reflect our focus on our unique contributions to society. Our 2030 environment targets are shown on page<br>60 and we are continuing to reduce our environmental impact to meet these targets. Our performance was again recognised by external<br>rating agencies: RELX has an AAA Corporate Responsibility rating with MSCI which it has held for ten consecutive years and was ranked<br>first in our sector by Sustainalytics, and was included in the S&P Global Sustainability Yearbook. More information can be found on<br>pages 35 to 61.<br>As you will have seen earlier in the annual report, the Company delivered strong revenue and profit growth in 2025, driven by the ongoing<br>shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market<br>segments. We develop and deploy these tools across the company by leveraging deep customer understanding to combine leading<br>content and data sets with powerful artificial intelligence and other technologies. This has been a key driver of the evolution of our<br>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.<br>In summary, underlying revenue growth was 7%, underlying adjusted operating profit growth was 9% and at constant currency,<br>adjusted EPS growth was 10%. We are proposing an increase in the full-year dividend of 7%. Our Total Shareholder Return<br>outperformed the FTSE 100 over the last five and ten year periods as shown on page 110.<br>2025 outcomes<br>Our strong organic revenue and adjusted operating profit growth drove an AIP payout of 81% of the maximum. Details of our targets and<br>achievements for the year are shown on pages 103 and 104.<br>Financial performance was very strong over the past three years, and our TSR has outperformed our UK, US and European peer groups.<br>As a result, the LTIP payout is 90% of the maximum. Details of our targets and achievements are shown on page 105.<br>In determining the level of payout under the annual and the multi-year incentives, the Committee took into account RELX’s overall<br>business performance, value created for shareholders and other relevant factors and determined that the outcomes were fair and<br>appropriate and applied no discretion to the payouts.<br>As part of the benchmarking of compensation levels for the Executive Directors described above, the Committee also reviewed their<br>base salaries. Based on external data, the Committee determined not to make any adjustments to the CEO’s base salary. The Committee<br>adjusted the CFO’s base salary to £970k (from £853k), effective July 2025. This reflects both the increased scale and complexity of our<br>business and that our CFO is one of the most experienced CFOs in the FTSE 100, having contributed to delivering very strong financial<br>performance for over a decade at RELX as well as having previously served as CFO for two other FTSE 100 companies and having chaired<br>the Audit Committees of two FTSE 30 companies.<br>Broader employee considerations<br>The Board reviews information on employee metrics and updates on employee related matters, as well as outcomes of employee<br>surveys conducted during the year. Bianca Tetteroo, Non-Executive Director responsible for workforce engagement, met with employee<br>groups during 2025 and reported back to the Board. Further information on the workforce engagement process is provided in the<br>Governance section on page 92. The Committee also reviews annual salary increase guidelines globally.<br>When determining the remuneration for Executive Directors and Senior Executives, the Committee considers business and individual<br>performance as well as other factors including broader employee reward. The Committee is satisfied that the incentive schemes drive<br>the desired behaviours to support the Company’s purpose, values and strategy.<br> Alistair Cox<br>Chair, Remuneration Committee<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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102 RELX Annual Report 2025	Governance<br>Annual Remuneration Report<br>Single Total Figure of Remuneration – Executive Directors<br>Annual incentive<br>Share based<br>awards(3) Pension(4) GBP’000 Salary Benefits Total (1) Cash<br>Deferred<br>Shares(2)<br>Total fixed<br>remuneration(5)<br>Total variable<br>remuneration(5)<br>Erik Engstrom 2025 1,448 100 1,169 1, 169 7,390 159 11,436 1,708 9,728<br>2024 1,413 94 1,125 1,125 10,686 155 14,599 1,663 12,937<br>Nick Luff 2025 911 15 736 736 3,626 100 6,125 1,027 5,098<br>2024 832 15 663 663 5,244 92 7,508 939 6,569<br>(1) Benefits are typically comprised of a car allowance, private medical/dental insurance and the cost of tax return preparation.<br>(2) 50% of the AIP is paid in shares deferred for three years. Dividend equivalents accrue on these shares.<br>(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<br>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<br>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<br>£1.1 m for theCEO 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<br>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<br>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<br>values at vesting.<br>(4) Erik Engstrom and Nick Luff received cash in lieu of pension of 11% of base salary.<br>(5) Total fixed remuneration includes base salary, benefits and pension. Total variable remuneration includes annual incentive and share based awards.<br>Some figures and subtotals add up to different amounts than the totals due to rounding.<br>The total remuneration for Directors is set out in note 25 to the consolidated financial statements.<br>The AIP and LTIP performance measures and targets are shown on the following pages. The performance measures are based on<br>adjusted figures as they provide relevant information in assessing the Company’s performance, position and cash flows and we believe<br>they track the core operational performance of RELX and how it contributes to shareholder value creation. The Annual Report includes<br>a reconciliation of adjusted measures to IFRS measures.
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RELX Annual Report 2025	Directors’ Remuneration Report 103<br>2025 Annual Incentive<br>Set out below is a summary of performance against each financial and non-financial measure and the resulting payout for 2025:<br>Performance measure<br>Weighting<br>%<br>Financial targets(1) GBPm<br>Achievement<br>Achievement<br>% vs target<br>Payout %<br>vs target<br>Payout %<br>of max(2) Threshold Target Maximum<br>Revenue 30% 9,015 9,590 10,070 9,590 100.0% 100.0% 66.7%<br>Adjusted net profit after tax 30% 2,182 2,321 2,437 2,358 101.6% 116.0% 77.3%<br>Cash flow 30% 2,927 3,114 3,270 3,301 106.0% 150.0% 100.0%<br>Financial measures 90% 122.0% 81.3%<br>Non-financial measures 10%<br>A detailed description of the non-financial measures<br>and achievement against those is set out on the next<br>page. 97.5% 65.0%<br>Total 100% 119.6% 80.7%<br>(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<br>targeted cash conversion. Target amounts presented in sterling reflect actual movements in exchange rates relative to their equivalent constant currency amounts.<br>(2) The maximum for each measure is 150% of target. The overall maximum is 200% of salary.<br>As highlighted earlier, underlying revenue growth was 7%. Underlying adjusted operating profit growth was 9 % and at constant currency, adjusted EPS growth was 10%.<br>Some figures add up to different amounts than the totals due to rounding.<br>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<br>of Deferred Shares is not subject to any further performance conditions but is subject to malus and clawback.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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104 RELX Annual Report 2025	Governance<br>Non-financial measures<br>Non-financial measures represent 10% of the AIP. Of this component, achievements and payouts are outlined below.<br>The targets for 2025 were focused on sustainability metrics and are consistent with our glidepath to achieving the 2030 targets. Payout<br>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<br>patterns and business travel.<br>More information can be found on pages 35 to 61.<br>Non-financial measures<br>Relative<br>weighting Target Achievement<br>Payout %<br>of target<br>Payout %<br>of max<br>Carbon reduction 25% § Reduce Scope 1 (direct) and Scope 2<br>(location-based) carbon emissions<br>by 33% against a 2018baseline.<br>§ Reduce energy and fuel<br>consumption of our locations by<br>27% against a 2018baseline.<br>§ Carbon emissions reduced by 74%.<br>§ Energy and fuel consumption<br>reduced by 71%.<br>95.0% 63.3%<br>Paper usage and<br>waste<br>25% § Reduce total waste sent to landfill from<br>reporting locations by 50% against a<br>2018 baseline.<br>§ 100% of RELX production papers,<br>graded in Book Chain Project, rated as<br>‘known and responsible sources’ or<br>certified FSC or PEFC.<br>§ Total waste sent to landfill reduced<br>by97%.<br>§ 100% of RELX production papers rated<br>as ‘known and responsible sources’<br>or certified FSC or PEFC.<br>95.0% 63.3%<br>Socially responsible<br>suppliers<br>25% § 6,350 suppliers<br>as Code signatories to.<br>§ 125 independent external audits of<br>suppliers.<br>§ 6,586 suppliers Code signatories.<br>§ 140 audits of suppliers completed.<br>100.0% 66.7%<br>Universal access to<br>information<br>25% § 500 new content items added to the<br>free RELX SDG Resource Centre.<br>§ 315,000 unique users of the RELX SDG<br>Resource centre.<br>§ 935 content items added to the RELX<br>SDG Resource Centre.<br>§ 352,391 unique users of RELX SDG<br>Resource centre.<br>100.0% 66.7%<br>Total 100% 97.5% 65.0%
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RELX Annual Report 2025	Directors’ Remuneration Report 105<br>2023–2025 LTIP<br>Set out below is a summary of performance against each measure of the LTIP cycle 1 January 2023–31 December 2025.<br>The targets remained unchanged from when these were set at the beginning of 2023. As noted in the Chair letter, financial performance<br>was very strong and RELX’s TSR outperformed the UK, US and European peer groups over the period. The payout is 90% of maximum.<br>Performance measure Weighting<br>Performance range and<br>vesting levels set at grant(1) Achievement against the performance range<br>Resulting vesting<br>percentage<br>TSR over the three-year<br>performance period<br>20% below median<br>median<br>upper quartile<br>0%<br>25%<br>100%<br>between median and upper quartile<br>of UK, European and USgroups<br>67.1%<br>Average growth in adjusted EPS over<br>the three-year performance period(2)<br>40% below 5% p.a.<br>5% p.a.<br>6% p.a.<br>7% p.a.<br>8% p.a.<br>9% p.a.<br>10% p.a.<br>11% p.a. and above<br>0%<br>25%<br>50%<br>65%<br>75%<br>85%<br>92.5%<br>100%<br>9.8% 91.0%<br>ROIC in the third year of the<br>performance period (2)<br>40% below 11.0%<br>11.0%<br>11.5%<br>12.0%<br>12.5%<br>13.0%<br>13.5%<br>14.0% and above<br>0%<br>25%<br>50%<br>65%<br>75%<br>85%<br>92.5%<br>100%<br>Above 14% 100.0%<br>Total vesting percentage: 89.8%<br>(1) Calculated on a straight-line basis for performance between the points.<br>(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,<br>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.<br>The performance measures used in incentive plans are based on adjusted figures as they provide relevant information in assessing<br>the Company’s performance, position and cash flows and we believe they track the core operational performance of RELX and how it<br>contributes to shareholder value creation. The Annual Report includes a reconciliation of adjusted measures to IFRS measures.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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106 RELX Annual Report 2025	Governance<br>Single Total Figure of Remuneration – Non-Executive Directors<br>Total fee Benefits(1) Total<br>GBP 2024 2025 2024 2025 2024 2025<br>Paul Walker 725,000 725,000 1,017 1,188 726,017 726,188<br>Alistair Cox 152,000 161,614 152,000 161,614<br>June Felix 161,000 156,500 161,000 156,500<br>Andy Halford(2) N/A 88,516 N/A 88,516<br>Charlotte Hogg 127,000 127,000 127,000 127,000<br>Robert MacLeod(3) 157,000 47,630 157,000 47,630<br>Andrew Sukawaty 140,500 150,228 140,500 150,228<br>Bianca Tetteroo(4) 61,250 127,000 N/A 5,240 61,250 132,240<br>Suzanne Wood(5) 210,500 222,267 210,500 222,267<br>(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<br>with RELX. Paul Walker’s benefits relate to private medical insurance. Further, the Company meets all reasonable travel, subsistence, accommodation and other<br>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.<br>(2) Appointed to the Board at the AGM on 24 April 2025.<br>(3) Retired from the Board at the AGM on 24 April 2025.<br>(4) Appointed to the Board on 1 July 2024.<br>(5) Became a member of the Remuneration Committee from the AGM on 24 April 2025.<br>The total remuneration for Directors is set out in note 25 to the consolidated financial statements.<br>Non-Executive Directors’ fees<br>The fees in the Single Total Figure table for Non-Executive Directors reflect the following fees in 2025:<br>GBP Annual fee 2025 Annual fee 2026<br>Chair 725,000 725,000<br>Non-Executive Directors 97,500 97,500<br>Senior Independent Director 40,000 40,000<br>Chair of:<br>– Audit Committee 40,000 40,000<br>– Remuneration Committee 40,000 40,000<br>Workforce engagement fee 25,000 25,000<br>Committee membership fee:<br>– Audit Committee 25,000 25,000<br>– Remuneration Committee 25,000 25,000<br>– Nominations Committee 15,000 15,000<br>In addition, an intercontinental travel fee of £4,500 was payable to any Non-Executive Director (excluding the Chair) in respect of each<br>transatlantic journey made in order to attend a RELX Board or Committee meeting during 2025.<br>Fees may be reviewed annually, although in practice they have changed on a less frequent basis.
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RELX Annual Report 2025	Directors’ Remuneration Report 107<br>Statement of Directors’ shareholdings and other share interests<br>Shareholding requirement<br>The Committee believes that a closer alignment of interests can be created between senior management and shareholders if executives<br>build and maintain a significant personal stake in RELX. The shareholding requirements applicable to the Executive Directors are set<br>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<br>partner or dependent child has beneficial ownership and (ii) AIP deferred shares which are within their three-year deferral period, on a<br>notional net (after tax) basis. There has been no change to the interests reported below between 31 December 2025 and the date<br>ofthisReport.<br>Meeting the shareholding requirement is both a vesting condition for LTIP awards granted and a requirement to maintain eligibility for<br>future LTIP awards. On termination of employment, Executive Directors are to maintain their full shareholding requirement (or, if lower,<br>their actual level of shareholding at the time of leaving) for two years after leaving employment.<br>On 31 December 2025, the Executive Directors’ shareholdings were as follows:<br>Shareholding requirement<br>(% of 2025 annual base salary)<br>Shareholding as at<br>31 December 2025 (% of 2025<br>annual base salary)(1)<br>Erik Engstrom 450% 2569%<br>Nick Luff 300% 1066%<br>(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).<br>For disclosure purposes, any PLC ADRs held are included as ordinary shares.<br>Share interests (number of RELX ordinary shares held)<br>1 January 2025 31 December 2025<br>Erik Engstrom 1,175,520 1,180,001<br>Nick Luff 286,267 289,260<br>Paul Walker 16,000 16,000<br>Alistair Cox 3,170 4,046<br>June Felix 7,500 7,500<br>Andy Halford(2) N/A 5,000<br>Charlotte Hogg 4,750 4,750<br>Robert MacLeod(3) 6,950 N/A<br>Andrew Sukawaty 30,000 30,000<br>Bianca Tetteroo(4) 0 0<br>Suzanne Wood 5,100 5,100<br>(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<br>2025 would be 1,235,074 for Erik Engstrom and 321,691 for Nick Luff].<br>(2) Appointed to the Board at the AGM on 24 April 2025.<br>(3) Retired from the Board at the AGM on 24 April 2025.<br>(4) Is not able to hold RELX shares given her executive role at Achmea.<br>Scheme interests awarded during the financial year<br>LTIP – PERFORMANCE SHARE AWARDS<br>Basis on which<br>award is made<br>Face value of<br>award at grant(1)<br>Percentage of maximum vesting for<br>threshold performance End of performance period<br>Erik Engstrom 450% of salary £6,358,360 If each measure pays out at threshold,<br>the overall payout is 20%<br>31 December 2027<br>Nick Luff 375% of salary £3,120,203<br>AIP – DEFERRED SHARES<br>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<br>Nick Luff 1/2 of 2024 AIP payout £662,718 further performance conditions, but is subject to malus and clawback.<br>(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).<br>This share price was used to determine the number of shares granted.<br>The LTIP awards granted in 2025 are based on ROIC, EPS and TSR weighted 40%:40%:20% respectively and assessed independently.<br>The targets and vesting scales applicable to these awards are set out on page 114 of the 2024 Remuneration Report.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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108 RELX Annual Report 2025	Governance<br>Multi-year incentive interests<br>The tables below and on the next page set out unvested LTIP share awards, AIP deferred shares and vested but unexercised options<br>held by the Executive Directors, including details of awards granted, vested and options exercised during the year.<br>All outstanding LTIP share awards are subject to performance conditions.<br>Between 31 December 2025 and the date of this Report, there have been no changes in the share awards or options held by the<br>ExecutiveDirectors.<br>Erik Engstrom<br>LTIP SHARES<br>Year of<br>grant<br>No. of<br>unvested<br>shares<br>held on<br>1 Jan 2025<br>No. of<br>shares<br>awarded<br>during<br>2025<br>Market<br>price per<br>share at<br>award<br>No. of<br>shares<br>vested<br>during<br>2025<br>Market<br>price per<br>share at<br>vesting<br>No. of<br>unvested<br>shares<br>held on<br>31 Dec 2025<br>End of<br>performance<br>period<br>Date of<br>vesting<br>2025 156,110 £40.73 156,110 Dec 2027 Feb 2028<br>2024 182,342 £34.020 182,342 Dec 2026 Feb 2027<br>2023 242,857 £24.920 242,857 Dec 2025 Feb 2026<br>2022 259,819 £22.725 252,024 £40.73<br>Total 685,018 156,110 252,024 581,309<br>DEFERRED<br>SHARES(1)<br>Year of<br>grant<br>No. of<br>shares<br>held on<br>1 Jan 2025<br>No. of<br>shares<br>awarded<br>during<br>2025<br>Market<br>price per<br>share at<br>award<br>No. of<br>shares<br>released<br>during<br>2025<br>Market<br>price per<br>share at<br>release<br>No. of<br>shares<br>held on<br>31 Dec 2025<br>Date of<br>release<br>2025 27,631 £40.73 27,631 Feb 2028<br>2024 35,228 £34.020 35,228 Feb 2027<br>2023 41,054 £24.920 41,054 Feb 2026<br>2022 49,912 £22.725 49,912 £40.73<br>Total 126,194 27,631 49,912 103,913<br>(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.<br>OPTIONS<br>Year of<br>grant<br>No. of<br>options<br>held on<br>1 Jan 2025<br>No. of<br>options<br>granted<br>during<br>2025<br>Option<br>price on<br>date of<br>grant<br>No. of<br>options<br>exercised<br>during<br>2025<br>Market<br>price per<br>share at<br>exercise<br>No. of<br>options<br>held on<br>31 Dec 2025<br>Options<br>exercisable<br>until<br>2017 85,356 £14.945 85,356 27 Feb 27<br>90,116 €16.723 90,116 27 Feb 27<br>Total 175,472 175,472
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RELX Annual Report 2025	Directors’ Remuneration Report 109<br>Nick Luff<br>LTIP SHARES<br>Year of<br>grant<br>No. of<br>unvested<br>shares<br>held on<br>1 Jan 2025<br>No. of<br>shares<br>awarded<br>during<br>2025<br>Market<br>price per<br>share at<br>award<br>No. of<br>shares<br>vested<br>during<br>2025<br>Market<br>price per<br>share at<br>vesting<br>No. of<br>unvested<br>shares<br>held on<br>31 Dec 2025<br>End of<br>performance<br>period<br>Date of<br>vesting<br>2025 76,607 £40.73 76,607 Dec 2027 Feb 2028<br>2024 89,479 £34.020 89,479 Dec 2026 Feb 2027<br>2023 119,175 £24.920 119,175 Dec 2025 Feb 2026<br>2022 127,499 £22.725 123,674 £40.73<br>Total 336,153 76,607 123,674 285,261<br>DEFERRED<br>SHARES(1)<br>Year of<br>grant<br>No. of<br>shares<br>held on<br>1 Jan 2025<br>No. of<br>shares<br>awarded<br>during<br>2025<br>Market<br>price per<br>share at<br>award<br>No. of<br>shares<br>released<br>during<br>2025<br>Market<br>price per<br>share at<br>release<br>No. of<br>shares<br>held on<br>31 Dec 2025<br>Date of<br>release<br>2025 16,271 £40.73 16,271 Feb 2028<br>2024 20,745 £34.020 20,745 Feb 2027<br>2023 24,175 £24.920 24,175 Feb 2026<br>2022 29,391 £22.725 29,391 £40.73<br>Total 74,311 16,271 29,391 61,191<br>(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.<br>OPTIONS<br>Year of<br>grant<br>No. of<br>options<br>held on<br>1 Jan 2025<br>No. of<br>options<br>granted<br>during<br>2025<br>Option<br>price on<br>date of<br>grant<br>No. of<br>options<br>exercised<br>during<br>2025<br>Market<br>price per<br>share at<br>exercise<br>No. of<br>options<br>held on<br>31 Dec 2025<br>Options<br>exercisable<br>until<br>2017 40,210 £14.945 40,210 27 Feb 27<br>42,452 €16.723 42,452 27 Feb 27<br>2016 47,778 £12.550 47,778 £40.886<br>50,586 €15.285 50,586 €49.247<br>Total 181,026 98,364 82,662<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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110 RELX Annual Report 2025	Governance<br>Performance graphs<br>The graphs below show total shareholder returns for RELX calculated on the basis of the average share price in the 30 trading days<br>before the respective year end and assuming dividends were reinvested. RELX’s performance is compared with the FTSE 100.<br>3 years 5 years 10 years<br>0<br>25<br>50<br>75<br>100<br>125<br>150<br>175<br>%<br>Dec-25<br>RELX vs FTSE 100 – 3-YEAR TSR<br>Dec-22<br>Dec-23<br>Dec-24<br>RELX FTSE 100<br>+45%<br>∆=-7%<br>+38%<br>%<br>Dec-20<br>Dec-21<br>Dec-22<br>Dec-23<br>Dec-24<br>Dec-25<br>0<br>25<br>50<br>75<br>100<br>125<br>150<br>175<br>200<br>225<br>250<br>RELX FTSE 100<br>RELX vs FTSE 100 – 5-YEAR TSR<br>+80%<br>∆=8%<br>+88%<br>RELX FTSE 100<br>Dec-15<br>Dec-16<br>Dec-17<br>Dec-18<br>Dec-19<br>Dec-20<br>Dec-21<br>Dec-22<br>Dec-23<br>Dec-24<br>Dec-25<br>%<br>∆=93%<br>+129%<br>0<br>100<br>200<br>300<br>400<br>500<br>RELX vs FTSE 100 – 10-YEAR TSR<br>+222%<br>CEO historical pay table<br>The table below shows the historical CEO pay over a ten-year period.<br>GBP’000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025<br>Base salary 1,160 1,189 1,218 1,249 1,280 1,312 1,345 1,379 1,413 1,448<br>Annual incentive payout<br>as a % of maximum<br>68% 69% 78% 77% 65% 86% 76% 87% 80% 81%<br>Multi-year incentive vesting<br>as a % of maximum(1)<br>97% 92% 81% 81% 6% 71% 70% 100% 97% 90%<br>CEO total 11,399 8,748 9,141 9,346 3,980 9,560 8,597 14,989 14,599 11,436<br>(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<br>since 2017 (with the final vesting of awards under those plans occurring in 2019) .
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RELX Annual Report 2025	Directors’ Remuneration Report 111<br>Comparison of change in Directors’ pay with change<br>in employee pay<br>The UK Regulations require companies to disclose the percentage<br>change in remuneration from 2024 to 2025 for each director<br>compared with the employees of the listed company, excluding<br>directors. RELX PLC has no employees and Executive Directors<br>are the only employees of RELX Group PLC. We therefore have<br>no data to report but have chosen to continue to report data on<br>changes in base salary of the CEO compared with changes in base<br>salary of a broader employee population. The salary increase for<br>the CEO of 2.5% for 2025 was in line with the salary increase<br>budget for the UK and the US where the majority of our employees<br>are based.<br>UK pay ratios<br>The UK Regulations require the disclosure of the ratio of total<br>CEOremuneration to median (P50), 25th percentile (P25) and 75th<br>percentile (P75) UK employee total remuneration (calculated on<br>a full-time equivalent basis). UK employees represent less than<br>20% of our global employee population.<br>Pay ratios for total remuneration are likely to vary, potentially<br>significantly, over time, since the CEO’s total remuneration each<br>year is driven largely by performance-related pay outcomes and is<br>affected by share price movements. We have therefore also shown<br>the UK ratios for the salary component.<br>For the purposes of the ratios below, the CEO’s 2025 total<br>remuneration is the total single figure and salary as disclosed<br>on page 102. The P25, P50 and P75 were selected from the UK<br>employee population as at 1 October 2025. Ratios for prior<br>years are as disclosed in the respective reports.<br>Total<br>remuneration<br>Pay ratios All UK employees GBP’000<br>Year Method P25 P50 P75 P25 P50 P75<br>2025 A 215:1 149:1 107:1 53 77 107<br>2024 A 269:1 183:1 131:1 50 74 103<br>2023 A 294:1 198:1 140:1 46 69 97<br>2022 A 188:1 129:1 89:1 44 64 93<br>2021 A 223:1 151:1 104:1 43 64 92<br>2020 A 98:1 67:1 46:1 40 59 86<br>2019 A 225:1 149:1 100:1 39 58 86<br>Salary<br>Pay ratios All UK employees GBP’000<br>Year Method P25 P50 P75 P25 P50 P75<br>2025 A 32:1 23:1 17:1 46 64 86<br>2024 A 32:1 23:1 17:1 44 62 83<br>2023 A 33:1 24:1 17:1 42 58 80<br>2022 A 34:1 25:1 18:1 39 55 76<br>2021 A 35:1 25:1 18:1 38 52 74<br>2020 A 35:1 25:1 18:1 37 52 72<br>2019 A 35:1 25:1 18:1 35 51 71<br>Slight differences compared with ratios calculated using data<br>shown in the tables are due to rounding.<br>The ratios are calculated using Option A, meaning that the<br>median, 25th and 75th percentiles were determined based on total<br>remuneration using the single total figure valuation methodology,<br>except for annual incentives (other than sales incentives) which<br>are based on estimated payout as individual final payout levels<br>are still to be finalised.<br>We chose Option A as we believe it is the most robust and accurate<br>way to identify the median, 25th percentile and 75th percentile<br>UKemployee.<br>The Committee is satisfied that the overall picture presented<br>by the 2025 pay ratios is consistent with the pay, reward and<br>progression policies for the Group’s UK employees.<br>§ Salaries for all UK employees, including the Executive<br>Directors, are set based on a wide range of factors, including<br>market practice, scope and impact of the role and experience.<br>§ The provision of certain benefits and the level of benefit<br>provided vary depending on the role and level of seniority.<br>§ Participation in annual incentive plans varies by business and<br>reflects the culture and the nature of the business, as well<br>as role.<br>§ Whilst none of the comparator employees participate in the<br>executive share plans, they do have the opportunity to receive<br>company shares via the UK Sharesave Option Plan. A greater<br>proportion of performance-related variable pay and share<br>based awards applies to more senior executives, including<br>theExecutive Directors, who have a greater influence over<br>performance outcomes.<br> Relative importance of spend on pay<br>The following table sets out the total employee costs for all<br>employees, as well as the amounts paid in dividends and<br>share repurchases.<br>2024<br>GBPm<br>2025<br>GBPm<br>% change<br>Employee costs(1) 3,145 3,175 1%<br>Dividends 1,121 1,181 5%<br>Share repurchases 1,000 1,500 50%<br>(1) Employee costs include wages and salaries, social security costs, pensions and<br>share based and related remuneration.<br>Payments to past Directors and payments for loss of office<br>There have been no payments for loss of office in 2025.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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112 RELX Annual Report 2025	Governance<br>Implementation of the remuneration policy in 2026<br>Salary: The Committee approved salary increases of 2.5% for the<br>CEO and CFO for 2026, in line with the increase for the broader UK<br>workforce. As a result, Erik Engstrom’s salary from 1 January<br>2026 is £ 1,484,506 and Nick Luff’s salary is £994,250.<br>Benefits: The benefits provided to the Executive Directors are<br>unchanged for 2026.<br>Annual incentive: Subject to shareholder approval, the maximum<br>AIP payout is 300% of base salary for the CEO and 225% for the<br>CFO.<br>Revenue, adjusted net profit after tax and cash flow each have a<br>one-third weighting. Details of the 2026 annual incentive targets<br>will be disclosed in the 2026 Remuneration Report.<br>Pension: Erik Engstrom and Nick Luff will receive cash in lieu<br>of pension of 11% of their salary.<br>Share based awards: Subject to shareholder approval, we will be<br>granting LTIP awards with face values of 600% of salary to Erik<br>Engstrom and 450% to Nick Luff in 2026. Awards will be made at<br>the current limits (450% and 375% respectively for the CEO and for<br>the CFO) in February 2026 and top up awards will be made after<br>the April 2026 AGM, based on the share price used for the<br>February initial awards. The awards are subject to a three-year<br>performance period and a two-year holding period applies.<br>The following metrics, weightings, targets and vesting scales<br>apply to LTIP awards granted in 2026 for the 2026–2028 cycle.<br>The vesting of LTIP awards is dependent on three separate<br>performance measures: ROIC, EPS and TSR weighted<br>40%:40%:20% respectively and assessed independently.<br>The TSR measure comprises three comparators (sterling,<br>euro and US dollar) reflecting the fact that RELX accesses equity<br>capital markets through three exchanges – London, Amsterdam<br>and New York – in three currency zones. RELX’s TSR performance<br>is measured separately against each comparator group and<br>each ranking achieved will produce a payout, if any, in respect<br>of one-third of the TSR measure. The proportion of the TSR<br>measure that vests will be the sum of the three payouts.<br>The averaging period applied for TSR measurement purposes is<br>the three months before the start of the financial year in which the<br>award is granted and the last three months of the third financial<br>year of the performance period.<br>The companies for the TSR comparator groups for the 2026–2028<br>LTIP cycle were selected on the following basis (substantially<br>unchanged from prior year):<br>(a) they were in a relevant market index or were the largest<br>listed companies on the relevant exchanges at the end of the<br>year before the start of the performance period: the FTSE 100<br>for the sterling group; the Euronext100 and Dax40 for the euro<br>group; and the S&P 500 for the US dollar group;<br>(b) certain companies were then excluded:<br>§ those with mainly domestic or single country revenues<br>(as they do not reflect the global nature of RELX’s<br>customer base);<br>§ those engaged in extractive industries (as they are<br>exposed to commodity cycles); and<br>§ financial services companies (as they have a different<br>risk/reward profile).<br>(c) the remaining companies were then ranked by market<br>capitalisation and, for each comparator group, around<br>50 companies with market capitalisations above and<br>below that of RELX were taken; and<br>(d) relevant listed global peers operating in businesses similar<br>to those of RELX, but not otherwise included, were added.<br>Vesting percentage of each third<br>of the TSR tranche(1)<br>TSR ranking within the relevant<br>TSRcomparator group<br>0% Below median<br>20% Median<br>100% Upper quartile<br>(1) Vesting is on a straight-line basis for performance between the minimum and<br>maximum levels.<br>The calculation methodology for the EPS and ROIC measures<br>is set out in the 2013 Notices of Annual General Meetings, which<br>can be found on RELX’s website. The targets and vesting scales<br>applicable to the EPS and ROIC are set out below.<br>Vesting percentage<br>of EPS and ROIC<br>tranches(1)<br>Average growth<br>in adjusted EPS over<br>the three-year performance<br>period<br>Average ROIC over<br>the three-year<br>performance period<br>0% below 5% p.a. below 11.2%<br>20% 5% p.a. 11.2%<br>50% 6% p.a. 11.9%<br>65% 7% p.a. 12.6%<br>75% 8% p.a. 13.3%<br>85% 9% p.a. 14.0%<br>92.5% 10% p.a. 14.7%<br>100% 11% p.a. or above 15.4% or above<br>(1) Vesting is on a straight-line basis for performance between the stated average<br>adjusted EPS growth/ROIC percentages.
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RELX Annual Report 2025	Directors’ Remuneration Report 113<br>Remuneration Committee advice<br>The Committee consists of independent Non-Executive Directors<br>and the Chair of RELX. Details of members and their attendance<br>are contained in the Corporate Governance Review on page 90.<br>The Chief Legal Officer and Company Secretary attends meetings<br>as secretary to the Committee. At the invitation of the Chair of<br>theCommittee, the CEO attends appropriate parts of the<br>meetings. The CEO is not in attendance during discussions<br>about his remuneration.<br>The Chief Human Resources Officer advised the Committee<br>during the year.<br>Willis Towers Watson is the external adviser, appointed by the<br>Committee through a competitive process. Willis Towers Watson<br>also provided actuarial and other human resources consultancy<br>services to some RELX companies during the year. The Committee<br>is satisfied that the firm’s advice continues to be objective and<br>independent, and that no conflict of interest exists. The individual<br>consultants who work with the Committee do not provide advice<br>to the Executive Directors or act on their behalf. Willis Towers<br>Watson is a member of the Remuneration Consultants’ Group and<br>conducts its work in line with the UK Code of Conduct for executive<br>remuneration consulting. During 2025, Willis Towers Watson<br>received fees of £24,639 for advice given to the Committee,<br>charged on a time and expense basis.<br>Shareholder voting<br>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’<br>Remuneration Report were as follows:<br>Resolution Votes For % For Votes Against % Against Total votes cast Votes Withheld<br>Remuneration Report (advisory) 1,439,249,912 95.68% 65,010,139 4.32% 1,504,260,051 401,804<br>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’<br>Remuneration Policy were as follows:<br>Resolution Votes For % For Votes Against % Against Total votes cast Votes Withheld<br>Remuneration Policy (binding) 1,528,240,789 95.87% 65,765,933 4.13% 1,594,006,722 2,416,183<br>Alistair Cox<br>Chair, Remuneration Committee<br>11 February 2026<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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114 RELX Annual Report 2025	Governance<br>Set out in this section is the Company’s proposed new remuneration policy for Directors, which, subject to approval by shareholders,<br>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<br>Remuneration Policy (which was first published on pages 136 to 142 of the 2022 Annual Reports and Financial Statements and was<br>approved by shareholders at the April 2023 Annual General Meeting) and the rationale for the changes are explained in the Committee<br>Chair’s introduction. Some minor editorial changes have also been made.<br>The Policy is intended to apply for three years from the 2026 AGM and to awards granted in 2026.<br>Remuneration policy table – Executive Directors<br>ANNUAL BASE SALARY<br>Purpose and link to strategy<br>To recruit and retain the best executive talent globally to execute our strategic objectives at appropriate cost.<br>Operation<br>Salaries for Executive Directors are set and reviewed annually by the Remuneration Committee (the Committee) with changes typically<br>taking effect on 1 January. In exceptional circumstances, the Committee may review salaries more frequently.<br>When reviewing salaries, the Committee considers the executive’s role and sustained value to the Company in terms of skill, experience<br>and overall contribution and the Company’s guidelines for salaries for all employees for the year. Periodically, competitiveness with<br>companies which are comparable in respect of industry, size, international scope and complexity is also considered in order to ensure<br>the Company’s ability to attract and retain executives.<br>Performance framework<br>N/A<br>Maximum value<br>Salary increases will continue to be aligned with the range of increases for the wider employee population and subject to annual<br>all-employee guidelines. However, as for all employees, the Committee has discretion to exceed this to take account of individual<br>circumstances such as change in responsibility, increases in scale or complexity of the business or alignment to market level.<br>Recovery of sums paid<br>No provision.<br>RETIREMENT BENEFITS<br>Purpose and link to strategy<br>Retirement plans are part of remuneration packages designed to recruit and retain the best executive talent at appropriate cost.<br>Operation<br>Executive Directors receive pension benefits up to the value equivalent to the maximum level of pension benefits provided under the<br>Company’s regular defined contribution pension plans as may be in effect or amended from time to time (currently 11% of base salary<br>in the UK). The defined contribution pension plans are designed to be competitive and sustainable long-term. Any amount payable may<br>be paid wholly or partly as cash in lieu.<br>Performance framework<br>N/A<br>Maximum value<br>The maximum value is equivalent to the maximum level of pension benefits provided under the Company’s regular defined contribution<br>pension plans as may be in effect or amended from time to time (currently capped at 11% of base salary in the UK).<br>Recovery of sums paid<br>No provision.<br>Remuneration Policy Report
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RELX Annual Report 2025	Directors’ Remuneration Report 115<br>OTHER BENEFITS<br>Purpose and link to strategy<br>To provide competitive benefits at appropriate cost.<br>Operation<br>Other benefits, subject to periodic review, may include private medical and dental cover, life assurance, tax return preparation costs,<br>car benefits, directors’ and officers’ liability insurance, relocation benefits and expatriate allowances and other benefits available<br>to employees generally, including, where appropriate, the tax on such benefits.<br>Performance framework<br>N/A<br>Maximum value<br>The maximum for ongoing benefits for Executive Directors will not normally exceed 10% of salary (excluding any one-off items,<br>such as immigration support or relocation benefits, and any tax related charge on benefits which is met by the Company). However,<br>theCommittee may provide reasonable benefits beyond this amount in exceptional situations, such as a change in the individual’s<br>circumstances caused by the Company, or if there is a significant increase in the cost of providing the agreed benefit.<br>ANNUAL INCENTIVE PLAN (AIP)<br>Purpose and link to strategy<br>The annual incentive provides focus on the delivery of annual financial targets and the achievement of annual objectives and milestones<br>which are chosen to align with the Company’s strategy and create a platform for sustainable future performance. The compulsory<br>deferral of 50% of any annual incentive earned into RELX shares for three years promotes longer-term alignment of Executive Directors’<br>interests with shareholders’ interests, including an element of post-termination shareholding.<br>Why performance measures are chosen and how targets are set<br>Performance measures include a balanced set of financial measures which are appropriately weighted and which support current<br>strategy and incentivise the Executive Directors to achieve the desired outcomes without undue risk of focusing on any one financial<br>measure. The financial targets are designed to be challenging and are set with reference to the previous year’s performance and<br>internal and external forecasts for the following year.<br>Performance measures may also include non-financial measures, for example linked to sustainability.<br>Operation<br>The Committee reviews and sets the financial targets and, if applicable, non-financial targets, annually, taking into account internal<br>forecasts and strategic plans. Following year end, the Committee compares actual performance with the financial targets and assesses<br>the achievement of any non-financial targets. The targets and outcomes are fully disclosed in the Remuneration Report published after<br>year end.<br>50% of any annual incentive earned is paid in cash to the Executive Director and the remaining 50% is deferred into RELX shares, which<br>are released to the Executive Director after three years. The share deferral proportion is reduced to 25% of any AIP earned once the<br>shareholding requirement is met, and eliminated once an executive director meets twice the shareholding requirement.<br>Dividend equivalents accrued during the deferral period are payable in respect of the shares. On a change in control, the default position<br>is that deferred shares are released to the Executive Director. Alternatively, theCommittee may determine that deferred shares will<br>instead be exchanged for equivalent share awards in the acquiring company.<br>Performance framework<br>The AIP is comprised of a balance of financial measures. The Committee can include non-financial measures with a weighting of up to<br>15%.<br>Each measure is assessed separately. There is no payout below threshold and payout for each measure at threshold is up to 10% of the<br>maximum opportunity for that measure.<br>Following an assessment of achievement against each metric, the Committee agrees the overall level of earned incentive for each<br>Executive Director.<br>Committee discretion applies.1,2,3<br>Maximum value<br>The maximum potential annual incentive is 300% of salary for the CEO and 225% for other Executive Directors. This includes any<br>deferred share element but excludes dividend equivalents payable in respect of the deferred shares.<br>Recovery of sums paid<br>Clawback applies.4<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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116 RELX Annual Report 2025	Governance<br>LONG-TERM INCENTIVE PLAN (LTIP)<br>Purpose and link to strategy<br>The Long-Term Incentive Plan (LTIP) is designed to provide a long-term incentive for Executive Directors to achieve the key performance<br>measures that support the Company’s strategy, and to align their interests with shareholders.<br>Why performance measures are chosen and how targets are set<br>Our strategic focus is on continuing to transform the core business through organic investment and the build-out of new products into<br>adjacent markets and geographies, supplemented by selective portfolio acquisitions and divestments. The performance measures in<br>the LTIP are chosen to support this strategy by focusing on sustained earnings growth, return on invested capital and shareholder return.<br>Targets are set with regard to previous results and internal and external forecasts for the performance period and the strategic plan for<br>the business. They are designed to provide exceptional reward for exceptional performance, whilst allowing a reasonable expectation<br>that reward at the lower end of the scale is attainable, subject to robust performance.<br>Operation<br>Annual awards of performance shares, with vesting subject to:<br>§ performance measured over three financial years<br>§ continued employment (subject to the provisions set out in the Policy on payments for loss of office section)<br>The Committee may also make vesting subject to meeting shareholding requirements.<br>A holding period of two years applies after vesting.<br>Dividend equivalents accrued during the performance period are payable in respect of the performance shares that vest.<br>On a change of control, the default position is that awards vest on a pro-rated basis, subject to an assessment of performance against<br>targets at that time. Alternatively, the Committee may determine that the awards will not vest and will instead be exchanged for<br>equivalent awards in the acquiring company.<br>Performance framework<br>The performance measures are EPS, ROIC and relative TSR, weighted 40%:40%:20% respectively and assessed independently,<br>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).<br>Each measure is assessed separately. There is no payout below threshold and payout for each measure at threshold is 20% of the<br>maximum opportunity for that measure.<br>Dividend equivalents are not taken into account in the above payout levels.<br>Committee discretion applies.1,2,3<br>Maximum value<br>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<br>(notincluding dividend equivalents).<br>Recovery of sums paid<br>Clawback applies.4<br>Shareholding requirements<br>The Executive Directors are subject to shareholding requirements. These are 600% of annual base salary for the CEO and 450% of<br>annual base salary for other Executive Directors. On joining or promotion to the Board, Executive Directors are given a period of time,<br>typically up to five years, to build up to their requirement.<br>On termination of employment, Executive Directors are to maintain their full shareholding requirement (or, if lower, their actual level of<br>shareholding at the time of leaving) for two years after leaving employment.<br>Shares which count for shareholding purposes are shares beneficially owned by the Executive Director, their spouse, civil partner or<br>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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RELX Annual Report 2025	Directors’ Remuneration Report 117<br>Remuneration outcomes in different performance scenarios<br>The Committee considers the level of remuneration that may be paid in the context of the performance delivered and value added for<br>shareholders. The charts below are an illustration of how the CEO’s and CFO’s regular annual remuneration could vary under different<br>performance scenarios. The salary is the salary as at 31 December 2025. Pension is 11% of base salary. Benefits are the same in all<br>three scenarios in each chart and are based on 2025 benefits as shown in the 2025 Single Total Figure table. The performance<br>assumptions which have been used are as follows: Minimum means no AIP payout and no LTIP vesting. In line with expectations means<br>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<br>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<br>share price movement. As required by the UK Regulations, assuming maximum performance achievement (as described above) and<br>50% share price growth over the performance period, the CEO’s maximum remuneration would increase to £19.1 m and the CFO’s<br>maximum remuneration to £9.8m. Any dividend equivalents payable in respect of AIP deferred shares and LTIP are not included.<br>CEO remuneration (GBP’000)<br>LTIP<br>AIP cash and deferred shares<br>Salary, benefits, pension<br>Minimum In line with<br>expectations<br>Maximum<br>100% 19% 12%<br>32%<br>49%<br>29%<br>59%<br>1,708<br>8,949<br>14,743<br>CFO remuneration (GBP’000)<br>Minimum In line with<br>expectations<br>Maximum<br>100% 23% 14%<br>31%<br>46%<br>29%<br>57%<br>1,092<br>4,730<br>7,640<br>LTIP<br>AIP cash and deferred shares<br>Salary, benefits, pension<br>Notes to the Remuneration policy table<br>(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<br>Committee takes into account RELX’s overall business performance and value created for shareholders over the period in review<br>and other relevant factors. It has discretion to adjust the vesting and payout levels (subject always to the maximum individual limits)<br>ifit believes this would result in a fairer outcome. This discretion will only be used in exceptional circumstances and the Committee will<br>explain in the next Remuneration Report the extent to which it has been exercised and the reasons for doing so.<br>(2) Discretion to vary performance measures under the AIP and the LTIP: The Committee may vary the financial measures applying to a<br>current annual incentive year and performance measures for LTIP awards already granted if a change in circumstances leads it to believe<br>that the arrangement is no longer a fair measure of performance. Any new measures will not be materially less, or more, challenging than<br>the original ones.<br>(3) Discretion on termination of employment under the AIP and the LTIP: The Committee’s discretion on termination of employment is<br>described under the ‘Policy on payments for loss of office’ section.<br>(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<br>in case of material misstatement of results or erroneous calculation in incentive payout; breach of post-termination restrictive covenants;<br>misconduct; fraud or conduct which results in (i) significant reputational damage; (ii) material adverse effect on the financial position of the<br>Company; or (iii) corporate failure. These apply for three years following the AIP cash payment and five years from the start of each LTIP<br>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<br>internal investigation regarding a serious breach of any of the above matters, the vesting of their awards and the application of malus and<br>clawback may be delayed until the outcome of that investigation.<br>(5) Holding period: For purposes of this policy, “holding period” means the post-vesting period during which the recipient of the award must<br>retain a number of shares equal to the number of net (after tax) shares which vest under an award.<br>(6) Explanation of differences between the Company’s policy on Executive Directors’ remuneration and the policy for other employees:<br>Alarger percentage of Executive Directors’ remuneration is performance related than that of other employees. All managers participate<br>in an annual incentive plan. Participation levels, measures and targets vary according to their role, seniority and local business priorities.<br>Senior executives may also participate in multi-year equity plans. Grant levels under the plans vary according to roles and seniority.<br>The range and level of retirement and other benefits provided to employees vary according to local market practice.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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118 RELX Annual Report 2025	Governance<br>Approach to recruitment remuneration – Executive Directors<br>When agreeing the components of a remuneration package on the appointment of a new Executive Director, or an internal promotion<br>to the Board, the Committee would seek to align the package with the remuneration policy stated in the policy table.<br>The Committee’s general principle on recruitment is to offer a competitive remuneration package to attract high-calibre candidates<br>from a global talent pool. Basic salary would be set at an appropriate level for the candidate, taking into account all relevant factors.<br>As a data analytics and technology-driven business, with over half of its revenue in the US, the Company primarily competes for talent<br>with global information and technology companies.<br>The various components and the Company’s approach are as follows:<br>REMUNERATION COMPONENTS<br>The remuneration would include base salary, retirement benefits, other benefits, AIP and LTIP in line with the policy table, taking into<br>account the principles set out above.<br>COMPENSATION FOR FORFEITED ENTITLEMENTS<br>The Committee may make awards and payments on hiring an external candidate to compensate him or her for entitlements forfeited<br>on leaving the previous employer. If such a decision is made, the Committee will attempt to reflect previous entitlements as closely as<br>possible using a variety of tools, including cash and share based awards. Malus and clawback provisions will apply where appropriate.<br>If necessary to facilitate the grant of awards, the Committee may rely on the one person exemption from shareholder approval in the<br>UK Listing Rules.<br>RELOCATION ALLOWANCES AND EXPENSES<br>The type and size of relocation allowances and expenses will be determined by the specific circumstances of the new recruit.<br>Policy on payments for loss of office<br>In line with the Company’s policy, the service contracts of the existing Executive Directors contain 12-month notice periods.<br>The circumstances in which an Executive Director’s employment is terminated will affect the Committee’s determination of any payment<br>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<br>from these principles where appropriate in light of any taxation requirements to which the Company or the Executive Director is subject<br>(including, without limitation, section 409A of the US Internal Revenue Code), or other legal obligations.
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RELX Annual Report 2025	Directors’ Remuneration Report 119<br>Policy on payments for loss of office (continued)<br>GENERAL(1) INCENTIVES<br>Mutually agreed termination/termination by the Company other than for cause(2)<br>(includes retirement with customary notice)<br>The Executive Director would be entitled to salary, benefits<br>and other contractual payments in the normal way up to the<br>termination date and would be paid for any accrued but<br>untaken holiday.<br>Salary: Payment of up to 12 months’ salary to reflect the notice<br>period or payment in lieu of notice.<br>Other benefits: Where possible, benefits would be continued for<br>up to the duration of any unworked period of notice (not exceeding<br>the maximum stated in the policy table) or the Executive Director<br>would receive a cash payment (not exceeding the cost to the<br>Company of providing those benefits).<br>Pension: Deferred or immediate pension in accordance with<br>scheme rules, with a credit in respect of, or payment for up to,<br>the full period of any unworked period of notice. There is provision<br>under the defined benefit pension scheme for members leaving<br>Company service by reason of permanent incapacity to make<br>an application to the scheme trustee for early payment of<br>their pension.<br>Other: The Company may pay compensation in respect of any<br>statutory employment rights and may make other appropriate<br>and customary payments.<br>The Company would have due regard to principles of mitigation<br>ofloss. Reductions would be applied to reflect any portion of the<br>notice period that is worked and/or spent on gardening leave.<br>On injury, disability, ill-health or death, the Committee reserves<br>the right to vary the treatment outlined in this section.<br>Annual incentive: Any unpaid annual incentive for the previous year<br>and a pro-rata payment in respect of the part of the financial year<br>up to the termination date would generally be payable (subject<br>to the deferral provisions), with the amount being determined<br>by reference to the original performance criteria. However, the<br>Committee has discretion to decide otherwise depending on<br>the reason for termination and other specific circumstances.<br>TheCompany would not pay any annual incentive in respect of<br>any part of the financial year following the termination date (e.g.<br>for any unworked period of notice). AIP deferred shares would be<br>released to the Executive Directors in full at the end of the deferral<br>period. The annual incentive clawback provisions would apply.<br>LTIP: The default position is that unvested LTIP awards would<br>be pro-rated to reflect time employed and would vest subject to<br>performance measured at the end of the relevant performance<br>period and subject to the Executive Director continuing to<br>meettheir full shareholding requirement for two years after the<br>termination date. The Committee has discretion to allow unvested<br>LTIP awards to vest earlier and to adjust the application of time<br>pro-rating and performance conditions, subject to the plan rules.<br>The requirement to retain net (after tax) vested LTIP shares for<br>a holding period of two years after vesting ceases to apply on<br>termination of employment.<br>Employee instigated resignation<br>The Executive Director would not receive any payments for<br>loss of office. The Executive Director would be entitled to salary,<br>benefits and other contractual payments in the normal way up<br>to the termination date and would be paid for any accrued but<br>untaken holiday.<br>Pension: A deferred or immediate pension would be payable<br>in accordance with the scheme rules.<br>Annual incentive: The Executive Director would be entitled to<br>receive an annual incentive for a completed previous year (subject<br>to the deferral provisions), but not a pro-rated annual incentive<br>in respect of a part year up to the termination date, unless the<br>Committee decides otherwise in the specific circumstances. Any<br>AIP deferred shares would be released to the Executive Director<br>in full at the end of the deferral period. Annual incentive clawback<br>provisions would apply.<br>LTIP: All outstanding LTIP awards would lapse on the date of notice.<br>Dismissal for cause<br>The Executive Director would be entitled to salary, benefits<br>and other contractual payments in the normal way up to the<br>termination date and would be paid for any accrued but untaken<br>holiday but would not receive any payments for loss of office.<br>Pension: A deferred or immediate pension would be payable<br>in accordance with the scheme rules.<br>Annual incentive: The Executive Director would not receive any<br>unpaid annual incentive. Any AIP deferred shares lapse on<br>the date of dismissal.<br>LTIP: All outstanding LTIP awards would lapse on the date<br>of dismissal.<br>(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’.<br>(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<br>within certain parameters. The Committee would only expect to exercise such discretion where the Committee believes the personal circumstances of the Executive<br>Director so require.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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120 RELX Annual Report 2025	Governance<br>Remuneration policy table – Non-Executive Directors<br>FEES<br>Purpose and link to strategy<br>To enable RELX to recruit Non-Executive Directors with the right balance of personal skills and experience to make a major contribution<br>to the Board and Committees of a global business which is listed in London, Amsterdam and New York.<br>Operation<br>RELX Chair: Receives an aggregate annual fee with no additional fees, for example, Committee Chair fees. The Committee determines<br>the Chair’s fee on the advice of the Senior Independent Director.<br>Other Non-Executive Directors: Receive an annual fee with additional fees payable as appropriate for specific roles and duties.<br>These additional fees include fees for the Senior Independent Director and Committee Chairs, for membership of Board Committees,<br>as well as a workforce engagement fee and international travel fees. In future, other fees may be payable, for example attendance fees.<br>The Board determines the level of fees, subject to applicable law.<br>Fees may be reviewed annually, although in practice they have changed on a less frequent basis. When reviewing fees, consideration is<br>given to the time commitment required, the complexity of the role and the calibre of the individual. Periodically, comparative market data<br>is also reviewed, the primary source for which is the practice of FTSE 30 companies.<br>Maximum value<br>The aggregate annual fee limit for fees paid to the Chair and the Non-Executive Directors is £2m. Additional fees for membership of or<br>chairing Board Committees and assuming additional responsibilities such as acting as Senior Independent Director, are not subject to<br>this maximum limit.<br>OTHER BENEFITS<br>Purpose and link to strategy<br>To provide competitive benefits at appropriate cost.<br>Operation<br>Other benefits for Non-Executive Directors are reviewed periodically and may include private medical cover, tax return preparation<br>costs, secretarial benefits, car benefits, travel and related subsistence costs, including, where appropriate, the tax on such benefits.<br>Maximum value<br>There is no prescribed maximum amount.<br>Approach to recruitment remuneration –<br>Non-Executive Directors<br>Following recruitment, a new Non-Executive Director will<br>be entitled to fees and other benefits in accordance with the<br>Company’s remuneration policy. No additional remuneration<br>is paid on recruitment. However, any reasonable expenses<br>incurred during the recruitment process will be reimbursed.<br>Policy on payments for loss of office – Non-Executive Directors<br>In addition to unpaid accrued fees, the Non-Executive Directors<br>are entitled to receive one month’s fees for loss of office if their<br>appointment is terminated before the end of its term.<br>Service contracts and letters of appointment<br>There are no further obligations in the Directors’ service contracts<br>and letters of appointment which are not otherwise disclosed in<br>this Report which could give rise to a remuneration payment or<br>loss of office payment. All Directors’ service contracts and letters<br>of appointment are available for inspection at the Company’s<br>registered office. The Executive Directors’ service contracts<br>do not have a fixed expiry date.<br>Consideration of employment conditions elsewhere in<br>theCompany<br>When the Committee reviews the Executive Directors’ salaries<br>annually, it takes into account the Company’s guidelines for<br>salaries for all employees in the Company’s major operating<br>locations for the forthcoming year. The Committee also considers<br>market practice in the FTSE 30 as well as pay practices of other<br>global information and technology companies when determining<br>the quantum and structure of Directors’ pay.<br>The Committee annually reviews various aspects of workforce<br>remuneration and related policies in order to deepen its<br>understanding of pay structures throughout the organisation.<br>Our designated Non-Executive Director responsible for workforce<br>engagement meets with employees representing our global<br>employee population in order to understand a wide range of<br>employee views on a variety of topics. The feedback is reported<br>back to the Board at least once per year and forms part of the<br>Board’s discussions and decision making. As part of this process,<br>the Non-Executive Director explains how executive remuneration<br>aligns with wider pay policy.<br>Consideration of shareholder views<br>Our practice is to consult shareholders and consider their views<br>when formulating, or changing, our policy. The Committee took<br>into account feedback received from shareholders since the prior<br>policy was approved when reviewing the current policy.<br>Previous remuneration policies and prior commitments<br>Any payments which are still to be made under arrangements<br>made and awards granted under previous remuneration policies<br>will be made consistent with the applicable policy. The provisions<br>of the previous policies which relate to arrangements and awards<br>granted under those previous policies will therefore continue<br>to apply until all payments in relation to those arrangements<br>and awards have been made. The Committee also reserves the<br>right to make any remuneration or loss of office payments if the<br>terms were agreed prior to the approval of the 2013 or 2016 policy<br>or prior to an individual being appointed as aDirector.<br>Minor amendments<br>The Committee may make minor amendments for regulatory,<br>tax or administrative purpose.
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RELX Annual Report 2025<br>Report of the Audit Committee<br>RELX Annual Report 2024 121<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>-<br>Report of the Audit Committee<br>This report has been prepared by the Audit Committee and has been approved by the Board. It provides an overview of the<br>membership, responsibilities, and activities of the Committee.<br>Membership Responsibilities<br>The Committee comprises independent Non-Executive<br>Directors. The members of the Committee who served during<br>the year were:<br>The main role and responsibility of the Committee is<br>to assist the Board in fulfilling its oversight responsibilities<br>regarding:<br> Suzanne Wood (Chair)<br> Alistair Cox<br> June Felix<br> Andy Halford (appointed April 2025)<br> Charlotte Hogg<br> Andrew Sukawaty<br>Of the current members of the Committee, Suzanne Wood,<br>a Certified Public Accountant, and Andy Halford, a Chartered<br>Accountant, are considered to have significant, recent and<br>relevant financial experience.<br>The Committee as a whole is deemed to have competence<br>relevant to the sectors in which RELX operates.<br>Please see pages 80 and 81 for full profiles of Audit<br>Committee members.<br> the integrity of the interim and full-year financial<br>statements and financial reporting processes<br> risk management and internal controls, and effectiveness<br>of internal auditors<br> the performance of the external auditors and the<br>effectiveness of the external audit process, including<br>monitoring the independence and objectivity of Ernst &<br>Young LLP (EY)<br>The Committee reports to the Board on its activities,<br>identifying any matters in respect of which it considers<br>that action or improvement is needed and making<br>recommendations as to the steps to be taken.<br>The terms of reference of the Audit Committee are reviewed<br>annually, and a copy is published on the RELX website,<br> www.relx.com<br>Financial reporting<br>In discharging its responsibilities in respect of the 2025 interim and full-year financial statements, the Committee reviewed the<br>following:<br>AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION<br> NOTE AND PAGE<br>REFERENCE IN<br>ANNUAL REPORT<br>Specific areas of significant accounting judgement and estimation, as set out in note 1 on page 143 to 144,<br>reviewed and challenged by the Committee were:<br><br> Capitalisation of internally developed intangible assets: The capitalisation of costs related to the development<br>of new products and business infrastructure, together with the useful economic lives applied to the resulting<br>assets, requires the exercise of judgement. The Committee received reports from the Group Financial<br>Controller on the amounts capitalised and asset lives selected for major projects and outcome of impairment<br>assessment performed.<br> Note 14<br>164-166<br> Defined benefit pension obligation: The valuation of pension scheme liabilities is subject to judgement<br>and estimation. The discount rate, inflation rate and mortality assumptions may have a material effect in<br>determining the defined benefit pension obligation and costs which are reported in the financial statements.<br>The Committee received and discussed regular reports from the Group Financial Controller on the<br>methodology and the basis of the assumptions used and other pension related accounting matters including<br>the US annuity purchase and closure of the UK pension scheme to accrual from 28 February 2027.<br> Note 6<br>151-155<br>The Committee discussed and challenged management’s assessment and was satisfied that all judgements<br>and estimations had been appropriately made, and the financial statement disclosures were appropriate.<br>The Committee also discussed with the external auditor how management’s judgments and assertions<br>were challenged and how professional scepticism was demonstrated during their audit of these areas.<br><br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>121
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122 RELX Annual Report 2024	Governance<br>DISCLOSURE AND PRESENTATION<br> PAGE REFERENCE<br>IN ANNUAL REPORT<br>As well as considering the Annual Report as a whole (see ‘Fair, balanced and understandable’ section below) the<br>Committee focused on the following areas of disclosure and presentation:<br><br> Reviewed the critical accounting policies and compliance with applicable accounting standards, reviewed other<br>disclosure requirements and received regular update reports on accounting and regulatory developments<br>143-144<br> Reviewed the disclosures made in relation to internal control, risk management, the going concern statement<br>and the viability statement. The Committee received and discussed reports from the Group Treasurer on the<br>processes undertaken and assumptions used in formulating these disclosures<br>72-78, 96<br> The going concern and viability statements were subject to a detailed review, including a review and challenge<br>of the various adverse scenarios modelled to ensure that the statements made in relation to going concern<br>and viability are robust<br>77<br> Considered the calculation and presentation of APMs in the Annual Report and results announcement,<br>including associated reconciliations to GAAP measures<br>198-206<br> Reviewed the disclosures made in the Annual Report which incorporates:<br>− The Corporate Responsibility Report<br>− Disclosures in respect of the European Sustainability Reporting Standards (ESRS) and related material<br>sustainability information; and<br>− Disclosures in respect of the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.<br>The Committee agreed with management’s conclusion that climate change risk is not material<br><br>34-63<br>208-231<br>235-241<br>The Committee was satisfied that all relevant disclosures have been appropriately made.<br>OTHER AREAS OF FOCUS<br> PAGE REFERENCE<br>IN ANNUAL REPORT<br>Other areas reviewed by the Committee during the year were:<br> Business Area reporting changes: The Committee discussed the accounting and external reporting<br>implications of the internal reporting changes which resulted in print and print-related being a separate<br>operating and reported segment. The Committee was satisfied that the changes made were in line with IFRS<br>requirements and with the resulting explanation of these changes in the financial statements and relevant<br>Alternative Performance Measures (APMs) which includes the restatement of prior period figures.<br> Taxation: The valuation of provisions in relation to uncertain tax positions involves estimation. The Committee<br>received and discussed reports from the Head of Tax on the potential liabilities identified and assumptions used.<br> Carrying value of goodwill and intangible assets: The judgements and estimates in respect of asset carrying<br>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<br>on the methodology, the basis of assumptions used and headroom resulting from the annual impairment<br>assessment, which included a separate assessment for the print and print-related Cash Generating Unit (CGU)<br>for the first time. The Committee challenged management’s application of IAS 36 which allows a prior year<br>detailed calculation of the recoverable amount of a CGU to be used in the current year and were satisfied that<br>all the required criteria were met for Risk, STM, Legal and Exhibitions.<br> 66 and 144<br>157-160<br>164-166<br> Acquired intangible assets: The identification of separate intangible assets on acquisition requires judgement.<br>Estimation is required in determining the future cash flows and discount rates used to value these assets.<br>The Committee received and discussed reports from the Group Financial Controller on the methodology<br>and the basis of the assumptions used.<br>164-166<br> Financing: Judgement is required in assessing the sufficiency and adequacy of current and future liquidity and<br>funding requirements of the Group. The Committee received and discussed reports from the Group Treasurer<br>on the Group’s financing including the issue of two USD denominated bonds, together with details of related<br>cross-currency interest rate swaps, and on the refinancing of the group’s $3bn revolving credit facility with<br>a new $3.5bn facility. See below for further information in respect of the Committee’s review of the going<br>concern and viability assessments and related disclosure.<br> Corporate Sustainability Reporting Directive (CSRD): Consistent with prior year, for the year ended<br>31 December 2025, RELX has disclosed material sustainability information in accordance with the European<br>Sustainability Reporting Standards (ESRS). See below for further information in respect of the Committee’s<br>review of the related disclosure.<br>The Committee was satisfied that all the above items had been appropriately considered and presented in this<br>Annual Report.<br> 169-175<br>208-231<br><br>122 RELX Annual Report 2025	Governance
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RELX Annual Report 2024 123<br><br>Overview Market segments Corporate responsibility Financial review Governance<br>Financial statements<br>and other information<br>Risk management and internal controls<br>With respect to their oversight of risk management and internal<br>controls, the Committee has:<br> received and discussed regular reports summarising the<br>status of the Group’s risk management activities including<br>procedures to prevent and detect fraud, identification of<br>emerging risks and actions to mitigate risks, and the findings<br>from internal audits and status of actions agreed with<br>management. Areas of focus in 2025 included: cybersecurity<br>(including the ability to prevent, respond to and recover from<br>a cyber-attack or ransomware attack); AI governance, data<br>privacy; the operational, financial and IT control environment;<br>regulatory compliance; business continuity and resilience<br>(including supplier resilience and plans for extreme weather<br>events); the ability to adapt to geopolitical, economic and<br>market conditions; integrity of published Corporate<br>Responsibility data; and continued compliance with the<br>requirements of Section 404 of the US Sarbanes-Oxley Act<br>relating to the documentation and testing of internal controls<br>over financial reporting<br> received regular updates from the Group Financial Controller<br>and Group Treasurer on the Group’s financial position including<br>on liquidity, refinancing of its revolving credit facility with new<br>maturity date of November 2030 (with two one-year extension<br>options), the bond issue, credit ratings and ability to access<br>debt capital markets; changes to the regulatory reporting<br>landscape including the approach to the implementation of<br>IFRS 18 – Presentation and Disclosure (which is applicable to<br>RELX from 1 January 2027), risk management and compliance<br>with treasury policies (including adoption of new treasury<br>principles), and pension arrangements and funding<br> received presentations from the Head of Tax on tax related<br>matters and the Group’s tax principles<br> reviewed and approved the internal audit plan for 2026 and<br>monitored execution of the 2025 plan, including progress in<br>respect of actions agreed and discussing and confirming any<br>changes proposed<br> received presentations from the Chief Compliance Officer on<br>the compliance programme, including the operation of the<br>RELX Code of Conduct, training programmes, whistleblowing<br>arrangements and investigations being conducted<br> received presentations from the Chief Legal Officer on legal<br>issues and claims<br> participated in ‘deep dive’ briefing sessions with senior<br>management from the Business Areas on a variety of topics<br> received an update from management on the enhancements<br>made to existing processes and procedures in place to<br>prevent and detect fraud as part of preparations for the<br>‘Failure to Prevent Fraud’ offence applicable to RELX from<br>1 September 2025. This included updates made to RELX’s<br>‘Framework for mitigating fraud risk and maintaining<br>compliance, financial and operational integrity’. Following<br>its review of the Group’s risk management activities, the<br>Committee were satisfied there are appropriate procedures<br>in place to prevent and detect fraud.<br> reviewed the status and progress of activities relating to<br>changes brought by the new UK Corporate Governance Code<br>(The Code), specifically to achieving compliance with the new<br>Provision 29, relating to the monitoring of the Company’s risk<br>management and internal control framework and annual<br>review of its effectiveness. Management provided the<br>Committee with reports throughout the year including<br>updates from a Steering group held quarterly, enhancements<br>made to the review and application of the current risk and<br>control framework, the identification of proposed material<br>controls over principal risks, financial and non-financial<br>reporting and assurance obtained to support the Board’s<br>declaration of effectiveness of internal controls which will<br>be required for the year ended 31 December 2026.<br>Committee meetings<br>The Committee met four times during 2025. The items of<br>business to be considered at each meeting are set out in a<br>schedule which is reviewed and approved by the Committee<br>annually. The Audit Committee meetings are typically attended<br>by the Board Chair, the Chief Executive Officer, the Chief<br>Financial Officer, the Group Financial Controller, the Chief<br>Legal Officer, the Head of Internal Audit & Assurance (IAA),<br>and audit partners from the external auditors.<br>FAIR, BALANCED AND UNDERSTANDABLE<br>The Committee considered whether the 2025 Annual Report is fair, balanced, and understandable. In making this assessment,<br>the Committee considered the following areas:<br> The process for preparing the Annual Report, including the contributors, the internal review process and how feedback is<br>addressed throughout the process<br> 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<br> The discussion of reported and underlying results throughout the report<br>The Committee was satisfied that, taken as a whole, the Annual Report is fair, balanced, and understandable. This conclusion has<br>been reported to the Board.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Report of the Audit Committee 123
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124 RELX Annual Report 2024	Governance<br>External audit effectiveness and independence<br>The Group has a well-established policy on audit effectiveness<br>and independence of auditors that sets out among other things:<br>the responsibilities of the Audit Committee in the selection of<br>auditors to be proposed for appointment or re-appointment and<br>for agreement on the terms of their engagement, scope and<br>remuneration; the auditor independence requirements and the<br>policy on the provision of non-audit services; the rotation of<br>audit partners and staff; and the conduct of meetings between<br>the auditors and the Audit Committee.<br>The Committee’s policy on the use of the external auditor to<br>provide non-audit services is in accordance with applicable laws<br>and takes into account the relevant ethical guidance for auditors.<br>Any permissible non-audit services must be pre-approved by the<br>Chief Financial Officer and above £50,000, by the Chair of the<br>Audit Committee. All non-audit services provided and fees are<br>presented to the Committee on a regular basis.<br>The policy is available on the website, www.relx.com.<br>The Committee has conducted its review of the performance<br>of the external auditors and effectiveness of the external audit<br>process for the year ended 31 December 2025. In doing so, the<br>Committee has considered the independence, objectivity, and<br>level of professional scepticism exercised by the external auditor.<br>The review included:<br> an assessment of the quality of the auditor’s reporting to and<br>interaction with the Audit Committee<br> review of the responses to a detailed questionnaire covering<br>a range of key audit areas which was completed by key<br>stakeholders<br> review of the completion of the audit plan and changes to<br>risks identified or work performed<br> consideration of public reports by regulatory authorities on<br>key EY member firms and their view on the effectiveness of<br>EY’s audits<br> a survey of key stakeholders across RELX evaluating the<br>performance of each audit team<br>The Audit Committee holds private meetings with the external<br>auditor to encourage open and transparent feedback. The Chair<br>of the Committee also met with the external auditors outside of<br>Committee meetings supporting effective and timely communication.<br>Based on all the evidence presented, the Audit Committee was<br>satisfied that the external audit has been conducted effectively,<br>with appropriate rigour and challenge, and that EY had applied<br>appropriate professional scepticism throughout the audit process.<br>The external auditors have confirmed their independence and<br>compliance with the policy on auditor independence to the<br>Audit Committee.<br>Non-audit services<br>The external auditors are precluded from engaging in non-audit<br>services that would compromise their independence or violate<br>any professional requirements or regulations affecting their<br>appointment as auditors. The auditors may, however, provide<br>non-audit services which do not conflict with their independence.<br>The Committee has reviewed and agreed the non-audit services<br>provided in 2025 together with the associated fees. The non-audit services provided were very limited and, in line with the<br>latest FRC guidance, linked to audit work such as a bond issue<br>and corporate responsibility data assurance.<br>The total fees payable to EY for the year ended 31 December<br>2025 were £9.7m of which £1m related to non-audit work.<br>Further details are provided in note 4 to the financial statements.<br>The non-audit fees remain below the 70% threshold as per the<br>most recent FRC guidance.<br>Auditor appointment<br>EY were first appointed auditor of RELX PLC for the financial<br>year ended 31 December 2016. The auditor is required to rotate<br>the lead audit partner responsible for the engagement every<br>five years. The year ended 31 December 2025 was the fifth<br>and final year for the lead audit partner, Colin Brown. The<br>Committee considered candidates put forward by EY and<br>selected Marcus Butler to become lead audit partner starting<br>from the year ending 31 December 2026.<br>The Audit Committee confirms that RELX was in compliance<br>with the provisions of The Statutory Audit Services for Large<br>Companies Market Investigation (Mandatory Use of Competitive<br>Tender Processes and Audit Committee Responsibilities)<br>Order 2014 during the financial year ended 31 December 2025.<br>In accordance with the terms of this Order, the Audit<br>Committee conducted a comprehensive and competitive tender<br>process during 2024 for the external audit for the financial year<br>ending 31 December 2026. A decision to reappoint EY was<br>recommended by the Committee and was approved by the<br>Board of RELX. The decision was based on EY’s performance<br>during the tender process across a comprehensive set of<br>criteria and the Committee’s satisfaction with their<br>effectiveness as our current auditor.<br>Internal audit<br>The Audit Committee’s terms of reference requires an annual<br>review of internal audit effectiveness. RELX has an established<br>Internal Audit function governed by a formal charter which<br>requires an external assessment at least once every five years<br>to consider and report on conformance with the Institute<br>of Internal Auditors International Professional Practices<br>Framework (IPPF) and UK Chartered Institute of Internal<br>Auditors Internal Audit Code of Practice (CoP).<br>The most recent external assessment of internal audit was<br>carried out in 2022. The assessment identified areas of<br>enhancement related to strategy, planning, operational<br>excellence, and talent. All recommendations have<br>been implemented.<br>The Audit Committee annually receives and considers a<br>report from the Head of the internal audit function on: the<br>independence of the internal audit activity; a review of the<br>internal audit Charter; conformance with the mandatory<br>elements of the IPPF and CoP including the adequacy of<br>resourcing of the internal audit function; and the results<br>of its quality assurance and improvement programme. The<br>Committee receives regular updates on talent management<br>and succession planning within the internal audit function and<br>on the continual monitoring of skill sets and capabilities to<br>ensure that these remain appropriate.<br>Audit Committee effectiveness<br>The effectiveness of the Audit Committee was reviewed as part<br>of the 2025 evaluation of the Board which confirmed that the<br>Committee continues to function effectively. Details of the<br>evaluation are set out on page 84.<br>Suzanne Wood<br>Chair of the Audit Committee<br>11 February 2026<br>124 RELX Annual Report 2025	Governance
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RELX Annual Report 2025 125<br>Directors’ Report<br>The Directors’ Report for the year ended 31 December 2025<br>has been prepared in accordance with the requirements of the<br>Companies Act 2006 (the Act), the UK Listing Rules (the LRs)<br>andDisclosure Guidance and Transparency Rules (the DTRs).<br>TheDirectors’ Report, together with the Strategic Report on<br>pages 2 to 78, forms the management report for the purposes of<br>the Financial Conduct Authority’s Disclosure and Transparency<br>Rules 4.1.5R(2) and 4.1.8R.<br>For the purposes of the Directors’ Report, RELX PLC and its<br>subsidiaries, joint ventures and associates are together known<br>as ‘RELX’ or the ‘Group’. RELX PLC (the ‘Company’) is a public<br>company, limited by shares, and registered in England and Wales<br>under registered number 00077536. The Company’s registered<br>office is 1-3 Strand, London, WC2N 5JR.<br>Other disclosures<br>Certain information required by the Act, LRs and DTRs are<br>disclosed elsewhere in this Annual Report and incorporated by<br>reference into this Directors’ Report in Table 1.<br>Table 1<br>Disclosure Page(s)<br>§ Names of Directors during the year 80 to 81<br>§ Corporate governance statement 84 to 96<br>§ Dividends 70 and 163<br>§ Financial risk management<br>and hedging arrangements 169 to 175<br>§ Greenhouse gas emissions and<br>energy consumption 52 to 55 and 242<br>Articles of Association<br>Amendment<br>The Company’s Articles of Association (the Articles) may only<br>be amended by a special resolution of shareholders passed<br>at a general meeting of the Company.<br>Directors<br>Appointment and replacement of Directors<br>The appointment, re-appointment and replacement of Directors<br>is governed by the Articles, the Act and related legislation.<br>Shareholders maintain their right to appoint and re-appoint<br>Directors by way of an ordinary resolution in accordance with the<br>Articles. The Directors may appoint additional or replacement<br>Directors, who may only serve until the following AGM of the<br>Company, at which time they must retire and, if appropriate,<br>seek election by the Company’s shareholders. A Director may<br>be removed from office by the Company as provided for by<br>applicable law, in certain circumstances set out in the Articles,<br>and at a general meeting of the Company by the passing of an<br>ordinary resolution.<br>The Articles provide for a Board of Directors consisting of not<br>fewer than five, but not more than 20 Directors, who manage<br>the business and affairs of the Company.<br>Powers of Directors<br>Subject to the provisions of the Act, the Articles and any directions<br>given by special resolutions, the business of the Company shall<br>be managed by the Board which may exercise all the powers<br>oftheCompany.<br>Directors’ indemnities<br>In accordance with its Articles, the Company has granted its<br>Directors an indemnity, to the extent permitted by law, in respect<br>of liabilities incurred as a result of their office. This indemnity<br>was in place for Directors that served at any time during the 2025<br>financial year, and also for each serving Director as at the date<br>of approval of this report. The Company also purchased, and<br>maintained throughout the year, directors’ and officers’ liability<br>insurance in respect of its Directors.<br>Shares<br>Share capital<br>The Company’s issued share capital comprises a single class<br>of ordinary shares of 14 51⁄116 p each listed on the London and<br>Amsterdam Stock Exchanges. The Company also has securities<br>in the form of American Depositary Shares traded on the New York<br>Stock Exchange. All issued shares are fully paid up and rank<br>pari passu.<br>The Company’s share capital as at the 31 December 2025 and<br>details of share capital movements during the year are set out<br>in note 23 to the consolidated financial statements.<br>Rights and obligations<br>The rights of holders of ordinary shares in the Company, in<br>addition to those conferred under English law, are set out in the<br>Company’s Articles which are available at www.relx.com.<br>In summary, holders of ordinary shares are entitled to: one vote<br>for each ordinary share held; the right to attend and speak at<br>general meetings of the Company or to appoint one or more<br>proxies or, if they are a corporation, a corporate representative;<br>and to exercise their voting rights.<br>At a general meeting, on a show of hands every member who is<br>present in person shall have one vote and every proxy present who<br>has been duly appointed by one or more members entitled to vote<br>on the resolution has one vote (although a proxy has one vote for<br>and one vote against the resolution if: (i) the proxy has been duly<br>appointed by more than one member entitled to vote on the<br>resolution; and (ii) the proxy has been instructed by one or more<br>ofthose members to vote for the resolution and by one or more<br>other of those members to vote against it). On a vote of a resolution<br>by a poll every member present in person or by proxy shall have<br>one vote for every share of which he/she is the holder. Proxy<br>appointments and voting instructions must be received by the<br>Company’s registrars not less than 48 hours before the<br>general meeting.<br>Restrictions on the transfer of shares<br>There are no restrictions on the sale or transfer of ordinary shares<br>in the Company, or on the size of a holding. The Company is not<br>aware of any agreements between shareholders that may result<br>in a restriction in the transfer of shares or voting rights.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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126 RELX Annual Report 2025	Governance<br>Authority to purchase own shares<br>At the Company’s 2025 AGM, shareholders passed a resolution<br>authorising the purchase of up to 188,100,000 ordinary shares<br>in the Company (representing approximately 10% of the issued<br>ordinary shares) by way of market purchase. This authority<br>will expire at the 2026 AGM, when a resolution to renew<br>the authority to purchase Company shares will be submitted<br>to shareholders. During the year, 39,500,202 ordinary shares<br>of 14 51⁄116 p each (representing 2.1% of the ordinary shares in issue<br>at 31 December 2025) were purchased by the Company for a total<br>consideration of £1.5bn, including expenses, and subsequently<br>transferred to be held in treasury. A further 8,838,231 shares<br>were purchased between 2 January 2026 and the date of this<br>report. On 4 December 2025, the Company cancelled 55,000,000<br>ordinary shares held in treasury. Therefore, as at 31 December<br>2025 there were 4,107,872 ordinary shares held in treasury,<br>representing 0.2% of the ordinary shares in issue. The purpose<br>ofthe share buyback programme is to reduce the capital of<br>theCompany.<br>Share issuance<br>At the 2025 AGM, shareholders passed a resolution authorising<br>the Directors to issue shares for cash on a non-pre-emptive basis<br>up to a nominal value of £13,400,000, representing approximately<br>5% of the Company’s issued share capital, and authorising the<br>Directors to issue up to an additional 5% of the issued share<br>capitalfor cash on a non-pre-emptive basis in connection with<br>an acquisition or specified investment. Since the 2025 AGM, no<br>shares have been issued under this authority. The shareholder<br>authority also permits the Directors to issue shares in order<br>to satisfy entitlements under employee share plans and details<br>of such allotments are described below.<br>During the year, 2,215,646 ordinary shares in the Company were<br>issued in order to satisfy entitlements under employee share<br>plans as follows: 622,993 under the UK SAYE Share Option<br>Scheme at prices between 1,316.8p and 2,792.00p per share;<br>109,615 under the legacy Dutch Debenture Scheme at prices<br>between 14.655 EUR and 19.39 EUR per share, which is satisfied<br>by way of Company shares; 1,187,206 under executive share option<br>schemes at prices between 1,152p and 3,402p per share; and<br>295,832 under the Employee Share Purchase Plan at $38.59<br>per share.<br>Substantial share interests<br>As at 31 December 2025, the Company had received the following<br>notifications of interests in its share capital pursuant to Rule 5 of<br>the Disclosure and Transparency Rules (DTRs):<br>% of voting rights Date of notification<br>BlackRock, Inc 9.67% 17 May 2022<br>Invesco Ltd. 4.99% 1 October 2019<br>The percentage interests stated above are as disclosed at the date<br>on which the interests were notified to the Company and, as at the<br>date of this report, the Company had not received any further<br>notifications under DTR 5. These percentages do not reflect<br>changes to the Company’s total voting rights since the date of<br>notification or any subsequent changes to share interests not<br>notified to the Company under DTR 5 and therefore may not<br>reflectthe interests held as at 31 December 2025, or at the<br>date ofthis report.<br>Employee Benefit Trust<br>As at 31 December 2025, the Employee Benefit Trust trustee<br>held an interest in 4,891,047 ordinary shares in the Company,<br>representing 0.3% of the issued ordinary shares. The trustee may<br>vote or abstain from voting any shares it holds in any way it sees fit.<br>Other information<br>Disclosures required under UK Listing Rule 6.6.1<br>The information required by Listing Rule 6.6.1 is set out on the<br>pages below:<br>Information required Page<br>(1) Interest capitalised by the Group n/a<br>(2) Publication of unaudited financial information n/a<br>(3) Long-term incentive schemes n/a<br>(4) Waiver of emoluments by a director n/a<br>(5) Waiver of future emoluments by a director n/a<br>(6) Non pro-rata allotments for cash (issuer) n/a<br>(7) Non pro-rata allotments for cash (major subsidiaries) n/a<br>(8) Parent participation in a placing by a listed subsidiary n/a<br>(9) Contracts of significance n/a<br>(10) Provision of services by a controlling shareholder n/a<br>(11) Shareholder waiver of dividends 163<br>(12) Shareholder waiver of future dividends 163<br>(13) Agreements with controlling shareholders n/a<br>Significant agreements and change of control<br>There are a number of borrowing agreements including credit<br>facilities that, in the event of a change of control of RELX PLC<br>and, in some cases, a consequential credit rating downgrade to<br>sub-investment grade may, at the option of the lenders, require<br>repayment and/or cancellation as appropriate. There are no<br>arrangements between the Company and its Directors or<br>employees providing for compensation for loss of office or<br>employment that occurs specifically because of a takeover,<br>merger or amalgamation with the exception of provisions in the<br>Company’s share plans which could result in options or awards<br>vesting or becoming exercisable on a change of control. No<br>contract existed during the year in relation to the Company’s<br>business in which any Director was materially interested.<br>Political donations<br>RELX does not make donations to UK or European Union (EU)<br>political organisations or incur UK or EU political expenditure.<br>In the US in 2025, RELX Inc. made contributions to state<br>candidates, state political parties and related state organisations<br>totalling $137,000 (2024: $198,000).<br>2026 AGM<br>The next AGM of the Company will be held at 9.30 am on Thursday,<br>23April 2026 at Lexis House, 30 Farringdon Street, London<br>EC4A4HH.
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RELX Annual Report 2025	Directors’ Report 127<br>Auditor re-appointment<br>Resolutions for the re-appointment of Ernst & Young LLP as<br>auditor of the Company and to authorise the Audit Committee,<br>on behalf of the Board, to determine the external auditor’s<br>remuneration, will be put to shareholders at the Company’s<br>2026AGM.<br>Disclosure of information to auditors<br>Each of the directors in office as at the date of this Annual Report<br>confirms that:<br>§ so far as the Director is aware, there is no relevant audit<br>information of which the Company’s auditors are unaware; and<br>§ he/she has taken all the steps that he/she ought to have taken<br>as a Director to make himself/herself aware of any relevant<br>audit information and to establish that the Company’s<br>auditors are aware of that information.<br>Statement of Directors’ responsibilities<br>The Directors are responsible for preparing the Annual Report<br>and financial statements in accordance with applicable law<br>and regulations.<br>Company law requires the Directors to prepare financial<br>statements for each financial year. Under that law, the Directors<br>have prepared consolidated financial statements in accordance<br>with UK adopted International Accounting Standards (IAS)<br>in conformity with the requirements of the Act and IFRS<br>accounting standards as issued by the International Accounting<br>Standards Board.<br>Under company law the Directors must not approve the accounts<br>unless they are satisfied that they give a true and fair view of the<br>state of affairs of the Company and of the Group and of the profit<br>or loss of the Company and of the Group for that period.<br>In preparing the individual Company’s financial statements,<br>theDirectors are required to:<br>§ select suitable accounting policies and then apply<br>them consistently;<br>§ make judgements and accounting estimates that are<br>reasonable and prudent;<br>§ state whether UK adopted IAS in conformity with the<br>requirements of the Act and IFRS accounting standards as<br>issued by the International Accounting Standards Board has<br>been followed, subject to any material departures being<br>disclosed and explained in the financial statements; and<br>§ prepare the financial statements on a going concern basis<br>unless it is inappropriate to presume that the Company will<br>continue in business.<br>In preparing the Group financial statements, IAS 1 requires<br>thatDirectors:<br>§ select suitable accounting policies and then apply<br>them consistently;<br>§ properly select and apply accounting policies; present<br>information, including accounting policies, in a manner<br>that provides relevant, reliable, comparable and<br>understandable information;<br>§ provide additional disclosures when compliance<br>with the specific requirements of IFRS are insufficient<br>to enable users to understand the impact of particular<br>transactions or other events and conditions on the entity’s<br>financial position and financial performance; and<br>§ make an assessment of the Group’s ability to continue<br>as a going concern.<br>The Directors are responsible for keeping adequate accounting<br>records that are sufficient to show and explain the Group and<br>Company’s transactions and disclose with reasonable accuracy<br>at any time the financial position of the Group and the Company<br>and enable them to ensure that the Annual Report and financial<br>statements comply with the Act. They are also responsible for<br>safeguarding the assets of the Company and hence for taking<br>reasonable steps for the prevention and detection of fraud and<br>other irregularities.<br>The Directors are also responsible for preparing a Strategic<br>report, Directors’ report, Annual report on remuneration, and<br>Corporate governance statement in compliance with applicable<br>laws and regulations. The Directors are responsible for<br>the maintenance and integrity of the Company’s website.<br>Legislation in the United Kingdom governing the preparation and<br>dissemination of financial statements may differ from legislation<br>in other jurisdictions.<br>Each of the Directors confirms that, to the best of their knowledge:<br>§ the consolidated and parent company financial statements,<br>prepared in accordance with UK adopted IAS in conformity<br>with the requirements of the Act and IFRS accounting<br>standards as issued by the International Accounting Standards<br>Board, give a true and fair view of the assets, liabilities,<br>financial position and profit or loss of the Group;<br>§ the Strategic report includes a fair review of the development<br>and performance of the business and the position of the Group,<br>together with a description of the principal and emerging risks<br>and uncertainties that it faces; and<br>§ the Annual Report, taken as a whole, is fair, balanced and<br>understandable and provides the information necessary<br>for shareholders to assess the Company’s position and<br>performance, business model and strategy.<br>By order of the Board<br>Henry Udow<br>Company Secretary<br>11 February 2026<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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128 RELX Annual Report 2025<br>Financial statements<br>and other information<br>In this section<br>138 Consolidated financial statements<br>143 Notes to the consolidated financial statements<br>186 Five year summary
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138	RELX Annual Report 2025	Financial statements and other information

Consolidated income statement


FOR THE YEAR ENDED 31 DECEMBER		Note		2023<br>GBPm	2024<br>GBPm	2025 GBPm
Revenue		2		9,161	9,434	9,590
Cost of sales				(3,216)	(3,300)	(3,233)
Gross profit				5,945	6,134	6,357
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				46	43	44
Operating profit		2, 3		2,682	2,861	3,027
Finance income		7		8	6	12
Finance costs		7		(323)	(304)	(298)
Net finance costs				(315)	(298)	(286)
Disposals and other non-operating items		8		(72)	(6)	9
Profit before tax				2,295	2,557	2,750
Current tax				(575)	(607)	(726)
Deferred tax				68	(6)	54
Tax charge		9		(507)	(613)	(672)
Net profit for the year				1,788	1,944	2,078

Attributable to:
Shareholders				1,781	1,934	2,065
Non-controlling interests				7	10	13
Net profit for the year				1,788	1,944	2,078

Earnings per share
FOR THE YEAR ENDED 31 DECEMBER				2023<br>	2024<br>	2025
Basic earnings per share		10		94.1p	103.6p	112.6p
Diluted earnings per share		10		93.6p	103.1p	112.0p

<br><br><br><br>
RELX Annual Report 2025	Consolidated financial statements	139

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

Consolidated statement of comprehensive income


FOR THE YEAR ENDED 31 DECEMBER	Note		2023<br>GBPm	2024<br>GBPm	2025 GBPm
Net profit for the year			1,788	1,944	2,078
Items that will not be reclassified to profit or loss:
Actuarial (losses)/gains on defined benefit pension schemes	6		(75)	43	5
Tax on items that will not be reclassified to profit or loss	9		19	(11)	(3)
Total items that will not be reclassified to profit or loss			(56)	32	2

Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations			(285)	175	(438)
Fair value movements on cash flow hedges	17		29	11	55
Transfer to profit from cash flow hedge reserve	17		18	(20)	(36)
Tax on items that may be reclassified to profit or loss	9		(12)	3	(5)
Total items that may be reclassified to profit or loss			(250)	169	(424)
Other comprehensive (loss)/income for the year			(306)	201	(422)
Total comprehensive income for the year			1,482	2,145	1,656

Attributable to:
Shareholders			1,475	2,135	1,643
Non-controlling interests			7	10	13
Total comprehensive income for the year			1,482	2,145	1,656

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140	RELX Annual Report 2025	Financial statements and other information

Consolidated statement of cash flows


FOR THE YEAR ENDED 31 DECEMBER	Note		2023<br>GBPm	2024<br>GBPm	2025 GBPm
Cash flows from operating activities
Cash generated from operations	11		3,370	3,521	3,735
Interest paid (including lease interest)			(303)	(257)	(274)
Interest received			9	6	13
Tax paid (net)			(619)	(662)	(638)
Net cash from operating activities			2,457	2,608	2,836

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			7	-	-
Gross proceeds from business disposals and sale of investments			21	74	30
Payments on business disposals			(9)	(28)	(13)
Dividends received from joint ventures and associates			21	37	40
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		84	461	232
Issuance of term debt	11		651	711	1,125
Repayment of term debt	11		(847)	(1,017)	(621)
Repayment of leases	11		(72)	(63)	(40)
Receipts in respect of subleases	11		2	2	2
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			41	47	42
Net cash used in financing activities			(2,057)	(2,065)	(2,051)

(Decrease)/increase in cash and cash equivalents	11		(169)	(32)	15

Movement in cash and cash equivalents
At start of year			334	155	119
(Decrease)/increase in cash and cash equivalents			(169)	(32)	15
Exchange translation differences			(10)	(4)	(3)
At end of year			155	119	131

<br><br><br><br>
RELX Annual Report 2025	Consolidated financial statements	141

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

Consolidated statement of financial position


AS AT 31 DECEMBER	Note		2024<br>GBPm	2025 GBPm
Non-current assets
Goodwill	14	****	8,216	7,930
Intangible assets	14	****	3,164	3,072
Investments in joint ventures and associates	15	****	169	164
Other investments	15	****	92	131
Property, plant and equipment	16	****	82	72
Right-of-use assets	22	****	89	87
Other receivables		****	16	7
Deferred tax assets	9	****	84	75
Net pension assets	6	****	186	197
Derivative financial instruments	17	****	39	62
			12,137	11,797
Current assets
Inventories and pre-publication costs	18	****	331	311
Trade and other receivables	19	****	2,511	2,468
Derivative financial instruments	17	****	35	50
Cash and cash equivalents	11	****	119	131
			2,996	2,960
Total assets		****	15,133	14,757

Current liabilities
Trade and other payables	20	****	4,122	4,268
Derivative financial instruments	17	****	59	7
Debt	21	****	1,412	1,571
Taxation	9	****	119	153
Provisions		****	6	2
		****	5,718	6,001

Non-current liabilities
Derivative financial instruments	17	****	126	104
Debt	21	****	5,132	5,696
Deferred tax liabilities	9	****	473	405
Net pension obligations	6	****	165	154
Other payables		****	13	1
Provisions		****	2	6
		****	5,911	6,366
Total liabilities		****	11,629	12,367
Net assets		****	3,504	2,390

Capital and reserves
Share capital	23	****	272	264
Share premium		****	1,605	1,647
Shares held in treasury	23	****	(722)	(406)
Translation reserve		****	567	129
Other reserves	24	****	1,759	732
Shareholders’ equity			3,481	2,366
Non-controlling interests		****	23	24
Total equity		****	3,504	2,390

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 Officer

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142	RELX Annual Report 2025	Financial statements and other information

Consolidated statement of changes in equity


		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				279		1,517		(414)		677		1,717		3,776		(22)		3,754
Total comprehensive income for the year				-		-		-		(285)		1,760		1,475		7		1,482
Dividends paid		13		-		-		-		-		(1,059)		(1,059)		(7)		(1,066)
Issue of ordinary shares, net of expenses		23		-		41		-		-		-		41		-		41
Repurchase of ordinary shares				-		-		(800)		-		-		(800)		-		(800)
Purchase of shares by the employee benefit trust		23		-		-		(50)		-		-		(50)		-		(50)
Cancellation of shares		23		(4)		-		677		-		(673)		-		-		-
Increase in share based remuneration reserve (including tax)				-		-		-		-		77		77		-		77
Settlement of share awards				-		-		34		-		(34)		-		-		-
Exchange differences on translation of capital and reserves				-		-		-		-		-		-		1		1
Balance at 1 January 2024				275		1,558		(553)		392		1,788		3,460		(21)		3,439
Total comprehensive income for the year				-		-		-		175		1,960		2,135		10		2,145
Dividends paid		13		-		-		-		-		(1,121)		(1,121)		(9)		(1,130)
Issue of ordinary shares, net of expenses		23		-		47		-		-		-		47		-		47
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)		-		853		-		(850)		-		-		-
Increase in share based remuneration reserve (including tax)				-		-		-		-		79		79		-		79
Settlement of share awards				-		-		53		-		(53)		-		-		-
Acquisition of non-controlling interest				-		-		-		-		(44)		(44)		43		(1)
Balance at 1 January 2025	****		****	272	****	1,605	****	(722)	****	567	****	1,759	****	3,481	****	23	****	3,504
Total comprehensive income for the year	****		****	-	****	-	****	-	****	(438)	****	2,081	****	1,643	****	13	****	1,656
Dividends paid		13	****	-	****	-	****	-	****	-	****	(1,181)	****	(1,181)	****	(15)	****	(1,196)
Issue of ordinary shares, net of expenses	****	23	****	-	****	42	****	-	****	-	****	-	****	42	****	-	****	42
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)	****	-	****	1,930	****	-	****	(1,922)	****	-	****	-	****	-
Increase in share based remuneration reserve (including tax)	****		****	-	****	-	****	-	****	-	****	79	****	79	****	-	****	79
Settlement of share awards	****		****	-	****	-	****	62	****	-	****	(62)	****	-	****	-	****	-
Acquisition of non-controlling interest				-	****	-	****	-	****	-	****	(22)	****	(22)	****	3	****	(19)
Balance at 31 December 2025	****		****	264		1,647		(406)		129		732		2,366		24		2,390

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	143

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

Notes to the consolidated financial statements

for the year ended 31 December 2025

1 Basis of preparation and accounting policies

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’. 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 method. All intra-group transactions and balances are eliminated.

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.

The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial information for the year ended 31 December 2025. As part of the going concern assessment the 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 assets or have any other material impact on the financial statements.

Accounting policies

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 in preparing the consolidated financial statements for the year ended 31 December 2024.

Foreign exchange translation

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 of the Group’s accounting policies in respect of derivative financial instruments are set out on page 169.

Critical judgements and key sources of estimation uncertainty

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)

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144	RELX Annual Report 2025	Financial statements and other information

1 Basis of preparation and accounting policies (continued)

Key sources of estimation uncertainty

■	Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality and inflation assumptions (see note 6)

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 <br>is required to determine future cashflows and discount rates used in the valuation (see note 14)

Standards and amendments effective for the year

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 – Lack of Exchangeability

Standards, amendments and interpretations not yet effective

The following amendments and interpretations will become effective for the 2026 financial year. These are not expected to have a 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

■Amendments to IFRS 9 and IFRS 7 for the classification and measurement of financial instruments

Business area reporting changes

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

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	145

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

1 Basis of preparation and accounting policies (continued)


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

[149]. 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 revenue is recognised on occurrence of the exhibition

Accounting policy The Group’s reported segments are based on the internal reporting structure and financial information provided to the Board. 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. Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer sales taxes and other amounts to be collected on behalf of third-parties. 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 revenue is recognised on occurrence of the 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 2023 <br> GBPm		Restated 2024 <br> GBPm	2025 GBPm	Restated 2023 <br> GBPm	Restated 2024 <br> GBPm	2025 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	Risk<br>Restated<br>GBPm	Scientific, Technical<br>& Medical<br>Restated<br>GBPm	Legal<br>Restated<br>GBPm	Exhibitions<br>GBPm	Print & print-<br>related activities<br>Restated<br>GBPm	Total<br>Restated<br>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

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	147

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

2 Revenue, operating profit and segment analysis (continued)


2024	Risk<br>Restated<br>GBPm	Scientific, Technical<br>& Medical<br>Restated<br>GBPm	Legal<br>Restated<br>GBPm	Exhibitions<br>GBPm	Print & print-<br>related activities<br>Restated<br>GBPm	Total<br>Restated<br>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		Risk GBPm		Scientific, Technical & Medical GBPm		Legal GBPm		Exhibitions GBPm		Print & print- related activities GBPm		Total 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<br> GBPm	2024<br> GBPm	2025 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 SEGMENT		Expenditure on acquired goodwill and intangible assets				Capital expenditure additions				Amortisation of acquired intangible assets				Total depreciation and other amortisation
		Restated 2023<br>GBPm	Restated 2024<br>GBPm	2025 GBPm		Restated 2023<br>GBPm	Restated 2024<br>GBPm	2025 GBPm		Restated 2023<br>GBPm	Restated 2024<br>GBPm	2025 GBPm		Restated 2023<br>GBPm	Restated 2024<br>GBPm	2025 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<br> GBPm	2025 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<br> GBPm	2024<br> GBPm	2025 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

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	149

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

3 Operating expenses

Operating profit is stated after charging the following:


	Note		2023<br> GBPm	2024<br> GBPm	2025 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 generated intangible assets is included within cost of sales, selling and distribution costs and administration and other expenses.

4 Auditor’s remuneration


		2023<br> GBPm	2024<br> GBPm	2025 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 took place subsequent to the audit of the RELX consolidated financial statements.


150	RELX Annual Report 2025	Financial statements and other information

5 Personnel

Accounting policy Share based remuneration 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. All of the Group’s share based remuneration is equity settled.


		2023<br> GBPm	2024<br> GBPm	2025 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 provided in the Remuneration Report on pages 100 to 120.


NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS*		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

* Reported to the nearest 100.

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 the year was 5,500 (2024: 5,700; 2023: 5,900).

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	151

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

6 Pension schemes

Accounting policy 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. Key source of estimation uncertainty 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 sensitivity analysis.

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<br> GBPm	2024<br> GBPm	2025 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 <br>GBPm	US <br>GBPm	Total <br>GBPm	UK <br>GBPm	US <br>GBPm	Total <br>GBPm	UK GBPm	US GBPm	Total 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 expectancy			Female average 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 expectancy			Female average 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 expectancy			Female average life expectancy
		UK	US		UK	US
Member currently aged 60 years		85	86		89	88
Member currently aged 45 years		87	87		90	89

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	153

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

6 Pension schemes (continued)

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 <br>GBPm	US <br>GBPm	Total <br>GBPm	UK GBPm		US GBPm		Total 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 year		(2,710)	(803)	(3,513)	(2,691)		(617)		(3,308)

Fair value of scheme assets ****	****
At start of year		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<br> GBPm	2025 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<br> GBPm	2024<br> GBPm	2025 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 <br>GBPm	US <br>GBPm	Total <br>GBPm	UK GBPm		US GBPm		Total GBPm
Equities¹		419	2	421	311		1		312
Liability matching assets²		1,716	784	2,500	1,929		620		2,549
Property funds and ground leases³		172	-	172	100		-		100
Direct lending and multi-asset credit funds		333	-	333	300		-		300
Cash and cash equivalents⁴		96	14	110	101		9		110
Other		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.
---	---

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	155

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

6 Pension schemes (continued)

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 changes in the above assumptions would occur in isolation as some of the assumptions may be correlated.


156	RELX Annual Report 2025	Financial statements and other information

7 Net finance costs

<br><br>
Accounting policy<br><br>Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing to produce a constant periodic rate of charge.


		2023<br> GBPm	2024<br> GBPm	2025 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)

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 repaid in August 2027.

8 Disposals and other non-operating items

Accounting policy 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 further details.


		2023<br> GBPm	2024<br> GBPm	2025 GBPm
Revaluation of investments		(11)	(2)	12
Loss on disposal of businesses		(61)	(4)	(3)
Net loss on disposals and other non-operating items		(72)	(6)	9

The revaluation of investments relates to venture fund investments.

In 2025, no goodwill (2024: £36m, 2023: £42m) was impaired as the result of disposals.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	157

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

9 Taxation

Accounting policy 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. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying 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 assets and liabilities acquired other than in a business combination. Deferred tax is not discounted. 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. Other areas of accounting judgement 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 reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.


		2023<br> GBPm	2024<br> GBPm	2025 GBPm
Current tax
Current year		(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	%

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	159

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

9 Taxation (continued)

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<br> GBPm	2024<br> GBPm	2025 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<br> GBPm	2025 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<br> GBPm	2025 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 intangible assets GBPm		Othertemporarydifferencesm	Acquired intangible assets GBPm		Losses and other tax attributes GBPm		Pension balances GBPm		Other temporary differences GBPm		Total 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 other		-		-	-		-		-		(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 other		-		-	-		-		-		-		-
Exchange translation differences	****	36	****	7	2	****	-	****	(1)	****	(10)	****	34
Deferred tax (liability)/asset at 31 December 2025	****	(563)	****	(162)	37	****	64	****	40	****	254	****	(330)

All values are in British Pounds.

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 <br>Gross amount	GBPm<br>Tax effected	GBPm Gross amount	GBPm 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

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	161

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

10 Earnings per share

Accounting policy 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 conditional shares. The dilutive impact is calculated as the weighted average of all potentially dilutive shares


EARNINGS PER SHARE – FOR THE YEAR ENDED 31 DECEMBER		2023			2024			2025
		Net profit attributable to shareholders<br> GBPm	Weighted<br> average<br>number<br> of shares<br> (millions)	EPS <br> (pence)	Net profit attributable to <br>shareholders<br> GBPm	Weighted <br> average <br>number <br> of shares <br> (millions)	EPS <br> (pence)	Net profit attributable to shareholders GBPm		Weighted average number of shares (millions)		EPS ** (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

11 Statement of cash flows

<br><br>
Accounting policy<br><br>Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the statement of financial position at fair value.


RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS		Note		2023<br> GBPm	2024<br> GBPm	2025 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		Note	2023<br> GBPm	2024<br> GBPm	2025 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		Cash and cash equivalents GBPm		Debt GBPm		Derivative financial instruments in fair value hedging relationships GBPm		Cross-currency interest rate swaps not designated as hedges GBPm		Finance Lease receivable GBPm		Total 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 capital and liquidity management.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	163

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

12 Acquisitions

Accounting policy 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 recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.

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<br>2023<br> GBPm	Fair value<br>2024<br> GBPm	Fair value 2025 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 £1 m net cash acquired (2024: £7 m; 2023: £4 m))	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 flow	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 account of acquisition financing costs.

13 Equity dividends


ORDINARY DIVIDENDS PAID IN THE YEAR		2023<br> GBPm		2024<br> GBPm		2025 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 48.0p per ordinary share (2024: 44.8p; 2023: 41.8p), 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 £873m, 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 to dividends paid in 2025, 2024 and 2023.


164	RELX Annual Report 2025	Financial statements and other information

14 Intangible assets

Accounting policy On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other 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 attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement. 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. Impairment reviews Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment 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 than the carrying amount is remote. Critical judgement 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 of intangible assets.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	165

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

14 Intangible assets (continued)


		Goodwill GBPm	Market<br>related<br>GBPm		Customer<br>related<br>GBPm		Editorial<br>content<br>GBPm		Software<br>and<br>technology<br>GBPm		Other<br>GBPm		Total acquired intangible assets GBPm		Internally developed intangible assets GBPm		Total intangible assets excluding goodwill 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.

Impairment review

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<br> GBPm	2025 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
		Pre-tax<br>discount<br>rate	Nominal<br>long-term<br>market<br>growth rate	Pre-tax discount rate	Nominal long-term market 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 impairment charges would result from these scenarios in any of the CGUs.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	167

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

15 Investments

Accounting policy 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 further information. All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets 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 impairment in value.


		2024<br> GBPm	2025 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<br> GBPm	2025 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 other	****	-	(7)
Exchange translation differences	****	(15)	(2)
At end of year	****	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<br> GBPm	2025 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 and 2024.


168	RELX Annual Report 2025	Financial statements and other information

16 Property, plant and equipment

Accounting policy 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, communication networks and equipment – 3 to 7 years


		2024			2025
		Land and <br>buildings <br>GBPm	Fixtures and <br>equipment <br>GBPm	Total <br>GBPm	Land and buildings GBPm		Fixtures and equipment GBPm		Total GBPm
Cost	****					****		****
At start of year	****	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 year	****	110	288	398	97	****	245	****	342

Accumulated depreciation	****
At start of year		92	316	408	74	****	242	****	316
Charge for the year	****	5	29	34	4	****	22	****	26
Disposals	****	(23)	(103)	(126)	(10)	****	(49)	****	(59)
Exchange translation differences	****	-	-	-	(4)	****	(9)	****	(13)
At end of year	****	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).

Amounts relating to right-of-use assets under IFRS 16 can be found in note 22.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	169

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

17 Financial instruments

Accounting policy 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. Investments are described in note 15. The fair value of such investments is 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. 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. Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables 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). Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in 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 Level 1 in the IFRS 13 fair value hierarchy.

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)

Liquidity risk

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)

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	171

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

17 Financial instruments (continued)


AT 31 DECEMBER 2025				Contractual cash flow (including interest)
		Carrying amount GBPm		Within 1 year GBPm		1-2 years GBPm		2-3 years GBPm		3-4 years GBPm		4-5 years GBPm		More than 5 years GBPm		Total 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 facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.

Market risk

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 against sterling on this basis would increase net profit for the year by £170m (2024: £156m).

Credit risk

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<br> GBPm	2024<br> GBPm	2025 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

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	173

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

17 Financial instruments (continued)

Hedge accounting

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<br>2024<br>Principal<br>amount<br>GBPm	31 December 2025 Principal amount 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)

All values are in US Dollars.

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 AND CARRYING VALUES	1 January<br>2023<br>GBPm	Fair value<br>movement<br>gain/(loss)<br>GBPm	Redemption/ close-out<br>GBPm	Exchange<br>gain/(loss)<br>GBPm	31 December<br>2023<br>GBPm	Carrying<br>values<br>GBPm
debt	141	(22)	(16)	(6)	97	(871)
Related interest rate swaps	(143)	21	16	6	(100)	(100)
	(2)	(1)	-	-	(3)	(971)
debt	70	(61)	-	(2)	7	(1,600)
Related interest rate swaps	(70)	60	-	2	(8)	(8)
	-	(1)	-	-	(1)	(1,608)
Total relating to and 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)

All values are in US Dollars.


174	RELX Annual Report 2025	Financial statements and other information

17 Financial instruments (continued)


GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES	1 January<br>2024<br>GBPm	Fair value<br>movement<br>gain/(loss)<br>GBPm	Redemption/ close-out<br>GBPm	Exchange<br>gain/(loss)<br>GBPm	31 December<br>2024<br>GBPm	Carrying<br>values<br>GBPm
debt	97	14	-	3	114	(875)
Related interest rate swaps	(100)	(16)	-	(3)	(119)	(119)
	(3)	(2)	-	-	(5)	(994)
debt	7	12	-	1	20	(1,133)
Related interest rate swaps	(8)	(12)	-	(1)	(21)	(21)
	(1)	-	-	-	(1)	(1,154)
Total relating to and 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)

All values are in US Dollars.


GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES	1 January 2025 GBPm		Fair value movement gain/(loss) GBPm		Redemption/ close-out GBPm		Exchange gain/(loss) GBPm		31 December 2025 GBPm		Carrying values GBPm
debt	114		(39)		-		(8)	****	67	****	(855)
Related interest rate swaps	(119)		41		-		8	****	(70)	****	(70)
	(5)	****	2	****	-	****	-	****	(3)	****	(925)
debt	20		(29)		-		(2)	****	(11)	****	(664)
Related interest rate swaps	(21)		29		-		2	****	10	****	10
	(1)	****	-	****	-	****	-	****	(1)	****	(654)
Total relating to and 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 values are in US Dollars.

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.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	175

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

17 Financial instruments (continued)

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):


		Interest rate hedge reserve GBPm		Cost of hedging reserve GBPm		Foreign currency hedge reserve GBPm		Total 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 currency hedge reserve GBPm		Principal amount of hedges 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, or in the preceding year. These cash flows are included in the table on page 171.

18 Inventories and pre-publication costs

Accounting policy 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. Annual reviews are carried out to assess the recoverability of carrying amounts.


		2024<br> GBPm	2025 GBPm
Pre-publication costs	****	302	291
Finished goods	****	29	20
Total	****	331	311

During the year, pre-publication costs of £102m (2024: £92m) were capitalised. The related amortisation charge was £89m (2024: £77m).


176	RELX Annual Report 2025	Financial statements and other information

19 Trade and other receivables

Accounting policy<br><br>Trade receivables are stated net of a loss allowance for expected credit losses.


		2024<br> GBPm	2025 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.

The movements in the loss allowance during the year were as follows:


		2024<br> GBPm	2025 GBPm
At start of year	****	119	122
Charge for the year	****	17	15
Trade receivables written off	****	(13)	(40)
Exchange translation differences	****	(1)	(1)
At end of year	****	122	96

20 Trade and other payables

Accounting policy<br><br>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.<br><br>Trade payables, accruals and other payables are predominantly non-interest-bearing and are stated at their nominal values.


		2024<br> GBPm	2025 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.

Materially all of the opening deferred income balance has been recognised in the reporting period.

21 Debt

Accounting policy 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 is amortised in the income statement over the period to maturity of the borrowing using the effective interest method.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	177

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

21 Debt (continued)


		2024				2025
		Falling due <br>within <br>1 year <br>GBPm	Falling due <br>in more than <br>1 year <br>GBPm	Total <br>GBPm		Falling due within 1 year GBPm		Falling due in more than 1 year GBPm		Total 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 <br>bank loans, <br>overdrafts <br>and <br>commercial <br>paper <br>GBPm	Term debt <br>GBPm	Lease <br>liabilities <br>GBPm	Total <br>GBPm		Short-term bank loans, overdrafts and commercial paper GBPm		Term debt GBPm		Lease liabilities GBPm		Total GBPm
Within 1 year	****	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 <br>bank loans, <br>overdrafts <br>and <br>commercial <br>paper <br>GBPm		Term debt <br>GBPm	Lease <br>liabilities <br>GBPm	Total <br>GBPm		Short-term bank loans, overdrafts and commercial paper GBPm		Term debt GBPm		Lease liabilities GBPm		Total GBPm
US dollar	****	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 as hedging instruments and which, as at 31 December 2025, were derivative financial assets with a fair value of £27m (2024: nil).


178	RELX Annual Report 2025	Financial statements and other information

22 Lease arrangements

Accounting policy 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, principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.

Right-of-use assets


		2024<br> GBPm	2025 GBPm
At start of year	****	113	89
Additions	****	32	35
Remeasurement	****	5	1
Disposals	****	(9)	-
Depreciation	****	(50)	(37)
Exchange translation differences	****	(2)	(1)
At end of year	****	89	87

Lease liability


		2024<br> GBPm	2025 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.

Short-term and low-value lease expenses have been included in note 3.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	179

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

23 Share capital and shares held in treasury

Accounting policy 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. Shares of RELX PLC that are purchased by the Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.

RELX PLC


CALLED UP SHARE CAPITAL – ORDINARY SHARES OF UK 14 ⁵¹/₁₁₆ PENCE EACH ALLOTTED, ISSUED AND FULLY PAID		No. of shares	2024<br> GBPm	No. of shares		2025 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 year	****	1,880,844,719	272	1,828,060,365		264


NUMBER OF ORDINARY SHARES		Year ended 31 December
		2024<br> Shares in <br> issue net of <br> treasury <br> shares* <br> (millions)		Shares in issue (millions)		Treasury shares (millions)		2025 Shares in issue net of treasury shares* (millions)
At start of year		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 held by the Employee Benefit Trust; and 4,107,872 (2024: 19,607,670; 2023: 19,712,193) ordinary shares held by the parent company.


180	RELX Annual Report 2025	Financial statements and other information

24 Other reserves and translation reserve


	Total<br>2024<br>GBPm		Translation reserve 2025 GBPm	Hedge reserve 2025 GBPm		Other reserves 2025 GBPm	Total 2025 GBPm
At start of year	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 year	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 decreased net debt by £95m and decreased assets (net of other liabilities) by £533m.

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	181

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

25 Related party transactions

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.

Key management personnel are also related parties as defined by IAS 24 – Related Party Disclosures and comprise the Executive 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.


EXECUTIVE DIRECTORS				Salary GBP’000		Benefits GBP’000		Annual incentive GBP’000		Share based remuneration* GBP’000		Pension* GBP’000		Total 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.
---	---


NON-EXECUTIVE DIRECTORS		2023<br> GBP’000		2024<br> GBP’000		2025 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 Directors on the exercise of options during 2025 were £2.8m (2024: £11.7m; 2023: £6.7m).

26 Exchange rates

The following exchange rates have been applied in preparing the consolidated financial statements:


		Income statement				Statement of 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

27 Approval of financial statements

The consolidated financial statements were approved and authorised for issue by the Board of Directors on 11 February 2026.


182	RELX Annual Report 2024	Financial statements and other information

28 Related undertakings

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%.


Company name	Share class	Reg 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 (49%)^5^	Common	CHN2
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 Technologies Co Limited	Registered Capital	CHN7
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., Limited	Ordinary	CHN17
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


Company name	Share class	Reg 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

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	183

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

28 Related undertakings (continued)


Company name	Share class	Reg 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 Şirketi (in liquidation)	Ordinary	TUR3
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

Company name	Share class	Reg 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, Inc. (40%)^5^	Common Stock	USA2
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<br>

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

<br><br><br><br>
RELX Annual Report 2025	Notes to the consolidated financial statements	185

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

28 Related undertakings (continued)

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

<br><br><br><br>
186	RELX Annual Report 2025	Notes to the consolidated financial statements

Overview	Market segments	Corporate responsibility	Financial review	Governance	Financial statements <br>and other information

Five year summary


		2021<br> GBPm	2022<br> GBPm	2023<br> GBPm	2024<br> 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.
---	---

RELX Annual Report 2025 187<br>RELX PLC<br>company only<br>financial statements<br>In this section<br>188 RELX PLC financial statements<br>191 Notes to RELX PLC financial statements<br>Financial review<br>and other information<br>Financial statements Governance Corporate responsibility Overview Market segments
188 RELX Annual Report 2025	Financial statements and other information<br>RELX PLC statement of total comprehensive<br>income<br><br>FOR THE YEAR ENDED 31 DECEMBER 2024 2025<br>Note GBPm GBPm<br>Dividend income 12 549 2,943<br>Administration and other expenses (4) (3)<br>Other income 70 15<br>Operating profit 615 2,955<br>Finance income - -<br>Finance costs - -<br>Net finance income - -<br>Profit before tax 615 2,955<br>Current tax 4 (17) (4)<br>Tax expense (17) (4)<br>Net profit for the year 598 2,951<br>There is no other comprehensive income other than the profit stated above.<br>RELX PLC statement of cash flows<br>FOR THE YEAR ENDED 31 DECEMBER<br> Note<br>2024<br>GBPm<br>2025<br>GBPm<br>Cash flows from operating activities<br>Cash generated from operations 5 65 10<br>Tax paid (net) (27) (17)<br>Net cash from/(used in) operating activities 38 (7)<br><br>Cash flows from investing activities<br>Dividends received 12 549 2,943<br>Decrease/(increase) in amounts due from subsidiary undertakings 12 1,487 (297)<br>Cash generated from investing activities 2,036 2,646<br><br>Cash flows from financing activities<br>Dividends paid to shareholders 6 (1,121) (1,181)<br>Repurchase of ordinary shares 10 (1,000) (1,500)<br>Proceeds on issue of ordinary shares 10 47 42<br>Net cash used in financing activities (2,074) (2,639)<br><br>Net cash used in activities - -<br><br>Cash and cash equivalents at the start and end of the year - -<br><br>188 RELX Annual Report 2025	Financial statements and other information<br>RELX PLC statement of total comprehensive<br>income<br><br>FOR THE YEAR ENDED 31 DECEMBER 2024 2025<br>Note GBPm GBPm<br>Dividend income 12 549 2,943<br>Administration and other expenses (4) (3)<br>Other income 70 15<br>Operating profit 615 2,955<br>Finance income - -<br>Finance costs - -<br>Net finance income - -<br>Profit before tax 615 2,955<br>Current tax 4 (17) (4)<br>Tax expense (17) (4)<br>Net profit for the year 598 2,951<br>There is no other comprehensive income other than the profit stated above.<br>RELX PLC statement of cash flows<br>FOR THE YEAR ENDED 31 DECEMBER<br> Note<br>2024<br>GBPm<br>2025<br>GBPm<br>Cash flows from operating activities<br>Cash generated from operations 5 65 10<br>Tax paid (net) (27) (17)<br>Net cash from/(used in) operating activities 38 (7)<br><br>Cash flows from investing activities<br>Dividends received 12 549 2,943<br>Decrease/(increase) in amounts due from subsidiary undertakings 12 1,487 (297)<br>Cash generated from investing activities 2,036 2,646<br><br>Cash flows from financing activities<br>Dividends paid to shareholders 6 (1,121) (1,181)<br>Repurchase of ordinary shares 10 (1,000) (1,500)<br>Proceeds on issue of ordinary shares 10 47 42<br>Net cash used in financing activities (2,074) (2,639)<br><br>Net cash used in activities - -<br><br>Cash and cash equivalents at the start and end of the year - -<br>188 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	RELX PLC financial statements 189<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>RELX PLC statement of financial position<br>FOR THE YEAR ENDED 31 DECEMBER 2024 2025<br> Note GBPm GBPm<br>Non-current assets<br>Investments in subsidiary undertakings 7 18,351 18,360<br> 18,351 18,360<br>Current assets<br>Receivables: amounts due from subsidiary undertakings 12 26 323<br>Total assets 18,377 18,683<br><br>Current liabilities<br>Taxation 4 17 4<br>Other payables 8 153 251<br>Total liabilities 170 255<br>Net assets 18,207 18,428<br><br>Capital and reserves<br>Share capital 10 272 264<br>Share premium 10 1,605 1,647<br>Shares held in treasury 10 (582) (252)<br>Capital redemption reserve 50 58<br>Other reserves 201 210<br>Merger reserve 11,150 11,150<br>Net profit for the year 598 2,951<br>Reserves 4,913 2,400<br>Shareholders’ equity 18,207 18,428<br>Total equity 18,207 18,428<br>The RELX PLC Company financial statements were approved by the Board of Directors and authorised for issue on 11 February 2026.<br>They were signed on its behalf by:<br>N L Luff<br>Chief Financial Officer<br>RELX Annual Report 2025	RELX PLC financial statements 189<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>RELX PLC statement of financial position<br>FOR THE YEAR ENDED 31 DECEMBER 2024 2025<br> Note GBPm GBPm<br>Non-current assets<br>Investments in subsidiary undertakings 7 18,351 18,360<br> 18,351 18,360<br>Current assets<br>Receivables: amounts due from subsidiary undertakings 12 26 323<br>Total assets 18,377 18,683<br><br>Current liabilities<br>Taxation 4 17 4<br>Other payables 8 153 251<br>Total liabilities 170 255<br>Net assets 18,207 18,428<br><br>Capital and reserves<br>Share capital 10 272 264<br>Share premium 10 1,605 1,647<br>Shares held in treasury 10 (582) (252)<br>Capital redemption reserve 50 58<br>Other reserves 201 210<br>Merger reserve 11,150 11,150<br>Net profit for the year 598 2,951<br>Reserves 4,913 2,400<br>Shareholders’ equity 18,207 18,428<br>Total equity 18,207 18,428<br>The RELX PLC Company financial statements were approved by the Board of Directors and authorised for issue on 11 February 2026.<br>They were signed on its behalf by:<br>N L Luff<br>Chief Financial Officer<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	RELX PLC financial statements 189
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190 RELX Annual Report 2025	Financial statements and other information<br>RELX PLC statement of changes in equity<br>M<br><br> Shares Capital<br> Share Share held in redemption Other Merger Net<br> capital premium treasury reserve (1) reserves (2) reserve (1) profit Reserves (3) Total<br>Note GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm<br>Balance at 1 January 2024 275 1,558 (435) 47 189 11,150 1,846 5,041 19,671<br>Total comprehensive income<br>for the year - - - - - - 598 - 598<br>Dividends paid (4) 6 - - - - - - - (1,121) (1,121)<br>Repurchase of ordinary shares 10 - - (1,000) - - - - - (1,000)<br>Cancellation of shares 10 (3) - 853 3 - - - (853) -<br>Issue of ordinary shares, net<br>of expenses 10 - 47 - - - - - - 47<br>Equity instruments granted to<br>employees of the Group 7 - - - - 12 - - - 12<br>Transfer of net profit to<br>reserves - - - - - - (1,846) 1,846 -<br>Balance at 1 January 2025 272 1,605 (582) 50 201 11,150 598 4,913 18,207<br>Total comprehensive income<br>for the year - - - - - - 2,951 - 2,951<br>Dividends paid (4)<br> 6 - - - - - - - (1,181) (1,181)<br>Repurchase of ordinary shares 10 - - (1,600) - - - - - (1,600)<br>Cancellation of shares 10 (8) - 1,930 8 - - - (1,930) -<br>Issue of ordinary shares, net<br>of expenses 10 - 42 - - - - - - 42<br>Equity instruments granted to<br>employees of the Group 7 - - - - 9 - - - 9<br>Transfer of net profit to<br>reserves - - - - - - (598) 598 -<br>Balance at 31 December 2025 264 1,647 (252) 58 210 11,150 2,951 2,400 18,428<br>(1) The capital redemption and merger reserve do not form part of the distributable reserves balance.<br>(2) Other reserves relate to equity instruments granted to employees of the Group under shared based remuneration arrangements, and do not form part of<br>the distributable reserves balance.<br>(3) Distributable reserves at 31 December 2025 were £5,099m (2024: £4,929m) comprising net profit and reserves, net of shares held in treasury.<br>(4) Refer to note 13 of the RELX consolidated financial statements on page 163 for further dividend disclosure.<br><br>190 RELX Annual Report 2025	Financial statements and other information<br>RELX PLC statement of changes in equity<br>M<br><br> Shares Capital<br> Share Share held in redemption Other Merger Net<br> capital premium treasury reserve (1) reserves (2) reserve (1) profit Reserves (3) Total<br>Note GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm<br>Balance at 1 January 2024 275 1,558 (435) 47 189 11,150 1,846 5,041 19,671<br>Total comprehensive income<br>for the year - - - - - - 598 - 598<br>Dividends paid (4) 6 - - - - - - - (1,121) (1,121)<br>Repurchase of ordinary shares 10 - - (1,000) - - - - - (1,000)<br>Cancellation of shares 10 (3) - 853 3 - - - (853) -<br>Issue of ordinary shares, net<br>of expenses 10 - 47 - - - - - - 47<br>Equity instruments granted to<br>employees of the Group 7 - - - - 12 - - - 12<br>Transfer of net profit to<br>reserves - - - - - - (1,846) 1,846 -<br>Balance at 1 January 2025 272 1,605 (582) 50 201 11,150 598 4,913 18,207<br>Total comprehensive income<br>for the year - - - - - - 2,951 - 2,951<br>Dividends paid (4) 6 - - - - - - - (1,181) (1,181)<br>Repurchase of ordinary shares 10 - - (1,600) - - - - - (1,600)<br>Cancellation of shares 10 (8) - 1,930 8 - - - (1,930) -<br>Issue of ordinary shares, net<br>of expenses 10 - 42 - - - - - - 42<br>Equity instruments granted to<br>employees of the Group 7 - - - - 9 - - - 9<br>Transfer of net profit to<br>reserves - - - - - - (598) 598 -<br>Balance at 31 December 2025 264 1,647 (252) 58 210 11,150 2,951 2,400 18,428<br>(1) The capital redemption and merger reserve do not form part of the distributable reserves balance.<br>(2) Other reserves relate to equity instruments granted to employees of the Group under shared based remuneration arrangements, and do not form part of<br>the distributable reserves balance.<br>(3) Distributable reserves at 31 December 2025 were £5,099m (2024: £4,929m) comprising net profit and reserves, net of shares held in treasury.<br>(4) Refer to note 13 of the RELX consolidated financial statements on page 163 for further dividend disclosure.<br>190 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	Notes to RELX PLC financial statements 191<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br><br>Notes to RELX PLC financial statements<br>1 Basis of preparation and accounting policies<br>The financial statements of RELX PLC are prepared in accordance with UK adopted International Accounting Standards in<br>conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International<br>Accounting Standards Board.<br>The RELX PLC financial statements should be read in conjunction with the Group consolidated financial statements and notes<br>presented on pages 138 to 185, which are also presented as the RELX PLC consolidated financial statements. See the Basis of<br>preparation of the Group consolidated financial statements on page 143. The financial results of RELX PLC are included in the<br>Group consolidated financial statements on pages 138 to 185.<br>The principal activity of RELX PLC is being the parent company for RELX, as described in note 1 of the Group consolidated financial<br>statements on page 143. The RELX PLC financial statements are prepared on a going concern basis, as explained on page 77.<br>The RELX PLC financial statements are prepared on the historical cost basis.<br>Foreign exchange translation<br>Unless otherwise indicated, all amounts in the financial statements are in millions of pound sterling. Differences in subtotals in the<br>financial statements may arise due to rounding adjustments applied during calculations. The symbols GBP and £ used throughout<br>the financial statements relate to pound sterling.<br>Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary<br>assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date<br>of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign<br>currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are<br>recorded in the income statement.<br>Taxation<br>Refer to note 9 of the Group consolidated financial statements on pages 157 to 160 for the taxation accounting policies.<br>Investment in subsidiary undertaking<br>The investment in the subsidiary undertaking is stated at cost, less provision, if appropriate, for any impairment in value. The fair<br>value of the award of share options and conditional shares over RELX PLC ordinary shares to employees of the Group are treated<br>as a capital contribution to the investment.<br>Impairment reviews<br>RELX PLC assesses the investment in the subsidiary undertaking for impairment whenever events or changes in circumstances<br>indicate that the carrying value of the investment may not be recoverable. If any such indication of impairment exists, RELX PLC<br>makes an estimate of the recoverable amount. If the recoverable amount of the investment is less than the value of the investment,<br>the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised<br>immediately in the income statement.<br>Financial instruments<br>Financial instruments comprise receivables from subsidiaries and other payables.<br>Financial assets and liabilities are initially recognised on the date that the Company becomes a party to the contractual provisions<br>of the instrument. A financial asset is derecognised when the rights to receive cash flows from the asset have expired. A financial<br>liability is derecognised when the obligation under the liability is discharged, cancelled or expires.<br>Receivables from subsidiaries are recorded initially at fair value and subsequently carried at amortised cost, after allowing for any<br>impairment losses calculated using the expected credit loss model on a forward-looking basis.<br>Other payables are predominantly non-interest-bearing and are stated at their nominal values.<br>Credit risk management<br>RELX PLC’s main exposure to credit risk relates to amounts due from subsidiaries. Amounts due from subsidiaries are stated net of<br>provisions for bad and doubtful debts. The credit risk of each subsidiary is influenced by the industry and country in which they<br>operate; however, the company considers the credit risk of subsidiaries to be low as it has visibility of, and the ability to influence,<br>their cash flows.<br>Share capital, share premium and shares held in treasury<br>Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised<br>as a deduction from equity, net of any tax effects. Share premium is the excess of the consideration received over the nominal<br>value of the shares issued. Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury.<br>The consideration paid, including directly attributable costs, is recognised as a deduction from equity.<br>Guarantees and contingent liabilities<br>Financial guarantee contracts are recorded at fair value on initial recognition and subsequently assessed for any changes in the<br>risk of default which would result in an expense recorded in the income statement.<br>RELX Annual Report 2025	Notes to RELX PLC financial statements 191<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br><br>Notes to RELX PLC financial statements<br>1 Basis of preparation and accounting policies<br>The financial statements of RELX PLC are prepared in accordance with UK adopted International Accounting Standards in<br>conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International<br>Accounting Standards Board.<br>The RELX PLC financial statements should be read in conjunction with the Group consolidated financial statements and notes<br>presented on pages 138 to 185, which are also presented as the RELX PLC consolidated financial statements. See the Basis of<br>preparation of the Group consolidated financial statements on page 143. The financial results of RELX PLC are included in the<br>Group consolidated financial statements on pages 138 to 185.<br>The principal activity of RELX PLC is being the parent company for RELX, as described in note 1 of the Group consolidated financial<br>statements on page 143. The RELX PLC financial statements are prepared on a going concern basis, as explained on page 77.<br>The RELX PLC financial statements are prepared on the historical cost basis.<br>Foreign exchange translation<br>Unless otherwise indicated, all amounts in the financial statements are in millions of pound sterling. Differences in subtotals in the<br>financial statements may arise due to rounding adjustments applied during calculations. The symbols GBP and £ used throughout<br>the financial statements relate to pound sterling.<br>Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary<br>assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date<br>of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign<br>currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are<br>recorded in the income statement.<br>Taxation<br>Refer to note 9 of the Group consolidated financial statements on pages 157 to 160 for the taxation accounting policies.<br>Investment in subsidiary undertaking<br>The investment in the subsidiary undertaking is stated at cost, less provision, if appropriate, for any impairment in value. The fair<br>value of the award of share options and conditional shares over RELX PLC ordinary shares to employees of the Group are treated<br>as a capital contribution to the investment.<br>Impairment reviews<br>RELX PLC assesses the investment in the subsidiary undertaking for impairment whenever events or changes in circumstances<br>indicate that the carrying value of the investment may not be recoverable. If any such indication of impairment exists, RELX PLC<br>makes an estimate of the recoverable amount. If the recoverable amount of the investment is less than the value of the investment,<br>the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised<br>immediately in the income statement.<br>Financial instruments<br>Financial instruments comprise receivables from subsidiaries and other payables.<br>Financial assets and liabilities are initially recognised on the date that the Company becomes a party to the contractual provisions<br>of the instrument. A financial asset is derecognised when the rights to receive cash flows from the asset have expired. A financial<br>liability is derecognised when the obligation under the liability is discharged, cancelled or expires.<br>Receivables from subsidiaries are recorded initially at fair value and subsequently carried at amortised cost, after allowing for any<br>impairment losses calculated using the expected credit loss model on a forward-looking basis.<br>Other payables are predominantly non-interest-bearing and are stated at their nominal values.<br>Credit risk management<br>RELX PLC’s main exposure to credit risk relates to amounts due from subsidiaries. Amounts due from subsidiaries are stated net of<br>provisions for bad and doubtful debts. The credit risk of each subsidiary is influenced by the industry and country in which they<br>operate; however, the company considers the credit risk of subsidiaries to be low as it has visibility of, and the ability to influence,<br>their cash flows.<br>Share capital, share premium and shares held in treasury<br>Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised<br>as a deduction from equity, net of any tax effects. Share premium is the excess of the consideration received over the nominal<br>value of the shares issued. Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury.<br>The consideration paid, including directly attributable costs, is recognised as a deduction from equity.<br>Guarantees and contingent liabilities<br>Financial guarantee contracts are recorded at fair value on initial recognition and subsequently assessed for any changes in the<br>risk of default which would result in an expense recorded in the income statement.<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Notes to RELX PLC financial statements 191
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192 RELX Annual Report 2025	Financial statements and other information<br>2 Auditor’s remuneration<br>The parent company financial statements of RELX PLC are required to comply with the Companies (Disclosure of Auditor<br>Remuneration and Liability Limitation Agreements) Regulations 2008. For details of the remuneration of the auditors, please refer<br>to note 4 of the consolidated financial statements on page 149.<br>3 Directors’ remuneration<br>Remuneration paid to the directors in respect of their services to RELX PLC is borne by other group companies. Information about<br>the remuneration of directors is provided in the Remuneration Report on pages 100 to 120 “audited sections”. Information on key<br>management compensation is provided in note 25 of the Group consolidated financial statements.<br>4 Taxation<br><br>2024<br> GBPm<br>2025<br> GBPm<br>Current tax<br>Current year (17) (4)<br>Total current tax charge (17) (4)<br>The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from 2024. RELX PLC has applied the<br>temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two<br>rules. The rules, including the Side-by-Side agreement released by the OECD in January 2026, do not have a significant impact on<br>the tax charge for RELX PLC.<br>The tax expense charged on profit before tax differs from the theoretical amount that would arise by applying the statutory tax rate<br>to the accounting profit of the company, as follows:<br> 2024 2025<br> GBPm % GBPm %<br>Profit before tax 615 2,955<br>Tax at applicable rate of 25% (2024: 25%) (154) 25.0 % (739) 25.0 %<br>Non-taxable income 137 (22.3)% 735 (24.9)%<br>Tax expense (17) 2.8 % (4) 0.1 %<br>5 Statement of cash flows<br>The difference between operating profit and cash generated from operations is driven by dividends received of £2,943m (2024: £549m).<br>6 Dividends<br>Refer to note 13 of the Group consolidated financial statements on page 163.<br>RELX Annual Report 2025	Notes to RELX PLC financial statements 193<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>7 Investment in subsidiary undertaking<br> GBPm<br>At 1 January 2024 18,339<br>Equity instruments granted to employees of the Group 12<br>At 1 January 2025 18,351<br>Equity instruments granted to employees of the Group 9<br>At 31 December 2025 18,360<br>As at 31 December 2025, the market capitalisation of the Group was higher than the Company's carrying value of its investment in<br>the Group. No indicators of impairment were identified during the year.<br>8 Other payables<br>This primarily relates to the accrual for share repurchases of £250m (2024: £150m). Refer to note 23 of the Group consolidated<br>financial statements.<br>9 Financial instruments<br>Financial assets and liabilities measured at amortised cost in RELX PLC’s statement of financial position comprise amounts due<br>from subsidiaries (see note 12) and certain amounts reported within accounts payable and accrued liabilities (see note 8). The fair<br>value of financial assets and liabilities measured at amortised cost at 31 December 2025 and 31 December 2024 approximates<br>their carrying amount.<br>Information on financial risk management is presented in note 17 of the Group consolidated financial statements. No derivative<br>financial instruments were held at 31 December 2025 or 31 December 2024.<br>10 Share capital, share premium and shares held in treasury<br>CALLED UP SHARE CAPITAL – ORDINARY SHARES OF UK 14 ⁵¹/₁₁₆ PENCE EACH<br>ALLOTTED, ISSUED AND FULLY PAID No. of shares<br>2024<br> GBPm No. of shares<br>2025<br> GBPm<br>At start of year 1,906,907,605 275 1,880,844,719 272<br>Issue of ordinary shares 2,937,114 - 2,215,646 -<br>Cancellation of ordinary shares (29,000,000) (3) (55,000,000) (8)<br>At end of year 1,880,844,719 272 1,828,060,365 264<br>NUMBER OF ORDINARY SHARES Year ended 31 December<br>2024<br>Shares in<br> issue net of<br> treasury<br> shares<br> (millions)<br>Shares in<br>issue<br>(millions)<br>Treasury<br>shares<br>(millions)<br>2025<br> Shares in<br> issue net of<br> treasury<br> shares<br>(millions)<br>At start of year 1,887.2 1,880.8 (19.6) 1,861.2<br>Issue of ordinary shares 2.9 2.2 - 2.2<br>Repurchase of ordinary shares (28.9) - (39.5) (39.5)<br>Cancellation of ordinary shares - (55.0) 55.0 -<br>At end of year 1,861.2 1,828.1 (4.1) 1,824.0<br>*At 31 December 2025 the total shares in issue net of treasury shares is 1,823,952,493 (2024: 1,861,237,049).<br>In 2025 the total consideration for share repurchases was £1,500m (2024: £1,000m).<br>The issue of ordinary shares in the year relates to the exercise of share options.<br>All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in<br>treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.<br>During 2025, 55m (2024: 29m) ordinary shares held in treasury were cancelled.<br>192 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	Notes to RELX PLC financial statements 193<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>7 Investment in subsidiary undertaking<br> GBPm<br>At 1 January 2024 18,339<br>Equity instruments granted to employees of the Group 12<br>At 1 January 2025 18,351<br>Equity instruments granted to employees of the Group 9<br>At 31 December 2025 18,360<br>As at 31 December 2025, the market capitalisation of the Group was higher than the Company's carrying value of its investment in<br>the Group. No indicators of impairment were identified during the year.<br>8 Other payables<br>This primarily relates to the accrual for share repurchases of £250m (2024: £150m). Refer to note 23 of the Group consolidated<br>financial statements.<br>9 Financial instruments<br>Financial assets and liabilities measured at amortised cost in RELX PLC’s statement of financial position comprise amounts due<br>from subsidiaries (see note 12) and certain amounts reported within accounts payable and accrued liabilities (see note 8). The fair<br>value of financial assets and liabilities measured at amortised cost at 31 December 2025 and 31 December 2024 approximates<br>their carrying amount.<br>Information on financial risk management is presented in note 17 of the Group consolidated financial statements. No derivative<br>financial instruments were held at 31 December 2025 or 31 December 2024.<br>10 Share capital, share premium and shares held in treasury<br>CALLED UP SHARE CAPITAL – ORDINARY SHARES OF UK 14 ⁵¹/₁₁₆ PENCE EACH<br>ALLOTTED, ISSUED AND FULLY PAID No. of shares<br>2024<br> GBPm No. of shares<br>2025<br> GBPm<br>At start of year 1,906,907,605 275 1,880,844,719 272<br>Issue of ordinary shares 2,937,114 - 2,215,646 -<br>Cancellation of ordinary shares (29,000,000) (3) (55,000,000) (8)<br>At end of year 1,880,844,719 272 1,828,060,365 264<br>NUMBER OF ORDINARY SHARES Year ended 31 December<br>2024<br>Shares in<br> issue net of<br> treasury<br> shares<br> (millions)<br>Shares in<br>issue<br>(millions)<br>Treasury<br>shares<br>(millions)<br>2025<br> Shares in<br> issue net of<br> treasury<br> shares<br>(millions)<br>At start of year 1,887.2 1,880.8 (19.6) 1,861.2<br>Issue of ordinary shares 2.9 2.2 - 2.2<br>Repurchase of ordinary shares (28.9) - (39.5) (39.5)<br>Cancellation of ordinary shares - (55.0) 55.0 -<br>At end of year 1,861.2 1,828.1 (4.1) 1,824.0<br>*At 31 December 2025 the total shares in issue net of treasury shares is 1,823,952,493 (2024: 1,861,237,049).<br>In 2025 the total consideration for share repurchases was £1,500m (2024: £1,000m).<br>The issue of ordinary shares in the year relates to the exercise of share options.<br>All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in<br>treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.<br>During 2025, 55m (2024: 29m) ordinary shares held in treasury were cancelled.<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Notes to RELX PLC financial statements 193
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194 RELX Annual Report 2025	Financial statements and other information<br>11 Guarantees and contingent liabilities<br>There are financial guarantees given by RELX PLC in respect of debt within subsidiary undertakings:<br><br> 2024 2025<br>GBPm GBPm<br>Contingent liabilities guaranteed by RELX PLC 6,524 7,179<br>Financial instruments disclosures in respect of the debt covered by the above guarantees are given in note 17 of the consolidated<br>financial statements. The probability of default is remote and there was no change in the assessment of the risk of default during<br>the year.<br>RELX PLC has issued guarantees over the liabilities of 15 of its UK subsidiaries which will be taking advantage of the audit<br>exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 December 2025. Refer to note 28 of the<br>consolidated financial statements on page 182 for further details.<br>12 Related party transactions<br>Amounts due from subsidiary undertakings comprise receivables for guarantee fees, which are settled shortly after the end of<br>the year, and balances with other Group companies in the UK resulting from cash pooling arrangements. These balances are<br>non-interest-bearing and repayable on demand. RELX PLC considers that the fair value of the above receivables approximates to<br>their carrying value.<br>As these are amounts due from other entities within the Group, RELX PLC has estimated the expected credit losses to be immaterial.<br>Our historical experience of collecting these balances, supported by the level of default, confirms that the credit risk is low.<br>Related party balances with Group companies at 31 December were as follows:<br> 2024 2025<br>GBPm GBPm<br>Amounts due from subsidiary undertakings 26 323<br>Transactions between RELX PLC and its subsidiaries were made in the normal course of business on normal market terms of<br>trading and were as follows:<br> 2024 2025<br>GBPm GBPm<br>Dividends received from shares in Group undertakings 549 2,943<br>Guarantee fee income from subsidiary undertakings 70 15<br>Information on key management personnel has been given in note 25 of the consolidated financial statements on page 181.<br>All transactions with subsidiaries and the Group’s employees, which are related parties of RELX PLC, are reflected in these<br>financial statements.<br>13 Related undertakings<br>Refer to note 28 of the Group consolidated financial statements on pages 182 to 185.<br>194 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025 195<br>Other financial<br>information<br>In this section<br>196 Financial summary in US dollars<br>197 Business area analysis in US dollars<br>198 Alternative performance measures<br>Financial review<br>and other information<br>Financial statements Governance Corporate responsibility Overview Market segments
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196 RELX Annual Report 2025	Financial statements and other information<br><br>Financial summary in US dollars<br>Basis of preparation<br>The Group’s consolidated financial information is presented in sterling. The financial summary is a simple translation of the<br>Group’s financial summary, as shown on page 2 of the 2025 Annual Report, into US dollars. It does not represent a restatement<br>under US GAAP which would be different in some significant respects. Refer to note 26 on page 181 for exchange rates used.<br>Financial Summary<br> Change at<br>2024 2025 Change in constant Underlying<br>Adjusted figures USDm USDm USD currency growth<br>Revenue 12,076 12,659 +5% +4% +7%<br>EBITDA 4,767 5,077<br>Operating profit 4,095 4,411 +8% +7% +9%<br>Operating margin 33.9% 34.8%<br>Net interest expense (379) (374)<br>Profit before tax 3,716 4,038<br>Tax charge (835) (908)<br>Net profit attributable to shareholders 2,868 3,113<br>Cash flow 3,969 4,357<br>Cash flow conversion 97% 99%<br>Earnings per share $1.537 $1.697 10% 10%<br> 2024 2025 Change in<br>Reported figures USDm USDm USD<br>Revenue 12,076 12,659 +5%<br>Operating profit 3,662 3,996 +9%<br>Net interest expense (381) (378)<br>Profit before tax 3,273 3,630<br>Tax charge (785) (887)<br>Net profit attributable to shareholders 2,476 2,726<br>Net margin 20.5% 21.5%<br>Cash generated from operations 4,507 4,930<br>Net debt1 8,204 9,721<br>Basic earnings per share $1.327 $1.486 +12%<br>1 Statement of financial position exchange rates have been used to translate net debt. All other figures have been translated using the income statement<br>exchange rates.<br>196 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	Business area analysis in US dollars 197<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>Business area analysis in US dollars<br><br>Restated<br>2024<br>USDm<br>2025<br>USDm<br>Change in<br>USD<br>Change at<br>constant<br>currency<br>Underlying<br>growth<br>Revenue<br>Risk 4,270 4,600 +8% +7% +8%<br>Scientific, Technical & Medical 3,359 3,582 +7% +5% +5%<br>Legal 2,199 2,384 +8% +8% +9%<br>Exhibitions 1,586 1,566 -1% -2% +8%<br>Print & print-related activities 662 527<br>RELX Group 12,076 12,659 +5% +4% +7%<br>Adjusted Operating Profit<br>Risk 1,578 1,722 +9% +9% +10%<br>Scientific, Technical & Medical 1,256 1,366 +9% +7% +7%<br>Legal 488 548 +12% +11% +12%<br>Exhibitions 509 541 +6% +7% +9%<br>Print & print-related, and unallocated costs 264 234<br>RELX Group 4,095 4,411 +8% +7% +9%<br>RELX Annual Report 2025	Business area analysis in US dollars 197<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>Business area analysis in US dollars<br><br>Restated<br>2024<br>USDm<br>2025<br>USDm<br>Change in<br>USD<br>Change at<br>constant<br>currency<br>Underlying<br>growth<br>Revenue<br>Risk 4,270 4,600 +8% +7% +8%<br>Scientific, Technical & Medical 3,359 3,582 +7% +5% +5%<br>Legal 2,199 2,384 +8% +8% +9%<br>Exhibitions 1,586 1,566 -1% -2% +8%<br>Print & print-related activities 662 527<br>RELX Group 12,076 12,659 +5% +4% +7%<br>Adjusted Operating Profit<br>Risk 1,578 1,722 +9% +9% +10%<br>Scientific, Technical & Medical 1,256 1,366 +9% +7% +7%<br>Legal 488 548 +12% +11% +12%<br>Exhibitions 509 541 +6% +7% +9%<br>Print & print-related, and unallocated costs 264 234<br>RELX Group 4,095 4,411 +8% +7% +9%<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Business area analysis in US dollars 197
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198 RELX Annual Report 2025	Financial statements and other information<br><br>Alternative performance measures<br>RELX uses a range of alternative performance measures (APMs) in the reporting of financial information, which are not defined<br>by generally accepted accounting principles (GAAP) such as IFRS. These APMs are used by the Board and management as they<br>believe they provide relevant information in assessing the Group’s performance, position and cash flows, enable investors to track<br>more clearly the core operational performance of the Group, and provide a clear basis for assessing RELX’s ability to raise debt<br>and invest in new business opportunities.<br>Management also uses these financial measures, along with IFRS financial measures, in evaluating the operating performance<br>of the Group as a whole and of the individual business areas. These measures should not be considered in isolation from, or as a<br>substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly<br>reported measures by other companies.<br>See below for key APMs used by the Group, along with a description of each measure, its purpose, details of the closest equivalent<br>IFRS measure (where applicable) and a reference to where it has been used in the financial statements.<br>APMs used are calculated on the same basis as described in the prior year with the exception of underlying growth rates which<br>have been refined following the change in segmental reporting. The effect of the restatement on the relevant APMs are shown in<br>the tables below.<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE ANNUAL REPORT AND<br>ACCOUNTS REFERENCE<br>Income<br>statement<br><br>Constant<br>currency<br>growth<br> No direct<br>equivalent<br> Constant currency growth rates are based on<br>2024 full-year average and hedge exchange<br>rates<br> Provides a measure of<br>year-on-year growth<br>excluding the impact<br>of exchange rate<br>movements<br> Financial highlights<br>Chair’s statement<br>CEO report<br>Business overview<br>Market segments<br>Financial review<br>Directors’<br>remuneration report<br>Underlying<br>growth<br> No direct<br>equivalent<br> Underlying revenue growth rates are<br>calculated at constant currency and exclude<br>revenue from acquisitions until twelve months<br>after purchase, revenue of disposals and<br>assets held for sale, print and print-related<br>revenue and exhibition cycling. Underlying<br>adjusted operating profit growth rates are<br>calculated on the same basis except they do<br>not exclude and exhibition cycling.<br> This is a key financial<br>measure as it provides<br>an assessment of<br>year-on-year growth<br>excluding the impact of<br>acquisitions, disposals,<br>exhibition cycling and<br>exchange rate<br>movements.<br> Financial highlights<br>Chair’s statement<br>CEO report<br>Business overview<br>Market segments<br>Financial review<br>Directors’<br>remuneration report<br><br>198 RELX Annual Report 2025	Financial statements and other information<br><br>Alternative performance measures<br>RELX uses a range of alternative performance measures (APMs) in the reporting of financial information, which are not defined<br>by generally accepted accounting principles (GAAP) such as IFRS. These APMs are used by the Board and management as they<br>believe they provide relevant information in assessing the Group’s performance, position and cash flows, enable investors to track<br>more clearly the core operational performance of the Group, and provide a clear basis for assessing RELX’s ability to raise debt<br>and invest in new business opportunities.<br>Management also uses these financial measures, along with IFRS financial measures, in evaluating the operating performance<br>of the Group as a whole and of the individual business areas. These measures should not be considered in isolation from, or as a<br>substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly<br>reported measures by other companies.<br>See below for key APMs used by the Group, along with a description of each measure, its purpose, details of the closest equivalent<br>IFRS measure (where applicable) and a reference to where it has been used in the financial statements.<br>APMs used are calculated on the same basis as described in the prior year with the exception of underlying growth rates which<br>have been refined following the change in segmental reporting. The effect of the restatement on the relevant APMs are shown in<br>the tables below.<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE ANNUAL REPORT AND<br>ACCOUNTS REFERENCE<br>Income<br>statement<br><br>Constant<br>currency<br>growth<br> No direct<br>equivalent<br> Constant currency growth rates are based on<br>2024 full-year average and hedge exchange<br>rates<br> Provides a measure of<br>year-on-year growth<br>excluding the impact<br>of exchange rate<br>movements<br> Financial highlights<br>Chair’s statement<br>CEO report<br>Business overview<br>Market segments<br>Financial review<br>Directors’<br>remuneration report<br>Underlying<br>growth<br> No direct<br>equivalent<br> Underlying revenue growth rates are<br>calculated at constant currency and exclude<br>revenue from acquisitions until twelve months<br>after purchase, revenue of disposals and<br>assets held for sale, print and print-related<br>revenue and exhibition cycling. Underlying<br>adjusted operating profit growth rates are<br>calculated on the same basis except they do<br>not exclude and exhibition cycling.<br> This is a key financial<br>measure as it provides<br>an assessment of<br>year-on-year growth<br>excluding the impact of<br>acquisitions, disposals,<br>exhibition cycling and<br>exchange rate<br>movements.<br> Financial highlights<br>Chair’s statement<br>CEO report<br>Business overview<br>Market segments<br>Financial review<br>Directors’<br>remuneration report<br>198 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	Alternative performance measures 199<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE ANNUAL REPORT AND<br>ACCOUNTS REFERENCE<br><br>As<br>reported Restated<br>As<br>reported Restated<br>2024 2024 2025 2024 2024 2025<br> GBPm GBPm GBPm % % %<br>Components of reported revenue growth:<br>Underlying revenue growth 569 600 586 +7% +7% +7%<br>Exhibitions cycling 69 69 (48)<br>Acquisitions 15 15 14<br>Disposals (89) (66) (91)<br>Print & print-related activities - (54) (109)<br>Total revenue growth at constant currency 564 564 352 +6% +6% +4%<br>Currency effect (291) (291) (196)<br>Revenue growth 273 273 156 +3% +3% +2%<br>In the business area the effect of the restatement is immaterial to Risk and Exhibitions and increases 2024 underlying revenue for<br>each of Scientific, Technical & Medical and Legal is approximately 1%.<br><br>As<br>reported Restated<br>As<br>reported Restated<br>2024 2024 2025 2024 2024 2025<br> GBPm GBPm GBPm % % %<br>Components of adjusted operating profit growth:<br>Underlying adjusted operating profit growth 287 294 260 +10% +11% +9%<br>Acquisitions 2 2 (2)<br>Disposals (12) 7 (14)<br>Print & print-related activities - (26) (27)<br>Total adjusted operating profit growth at constant currency 277 277 217 +9% +9% +7%<br>Currency effect (108) (108) (74)<br>Adjusted operating profit growth 169 169 143 +6% +6% +4%<br><br>Adjusted<br>operating<br>profit<br> Operating<br>profit<br> Operating profit before amortisation of<br>acquired intangible assets, acquisition and<br>disposal related items, and grossed up to<br>exclude the equity share of finance income,<br>finance costs and taxes in joint ventures<br>and associates<br> This is the key financial<br>measure used by<br>management to<br>evaluate performance<br>and allocate resources<br> Financial highlights<br>Chair’s statement<br>CEO report<br>Business overview<br>Market segments<br>Financial review<br>Directors’<br>remuneration report<br>note 2<br> 2024 2025<br> Note GBPm GBPm<br>Operating profit 2,3 2,861 3,027<br>Adjustments:<br>Amortisation of acquired intangible assets 2 258 248<br>Acquisition and disposal related items 69 54<br>Reclassification of tax in joint ventures and associates 12 14<br>Reclassification of net finance income in joint ventures and associates (1) (1)<br>Adjusted operating profit 3,199 3,342<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Alternative performance measures 199
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200 RELX Annual Report 2025	Financial statements and other information<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE ANNUAL REPORT AND<br>ACCOUNTS REFERENCE<br>Adjusted<br>operating<br>margin<br> No direct<br>equivalent<br> Calculated as adjusted operating profit divided<br>by revenue<br> As above Financial highlights<br>Business overview<br>Financial review<br>Earnings<br>before<br>interest, tax,<br>depreciation<br>and<br>amortisation<br>(EBITDA)<br>No direct<br>equivalent<br>Calculated as adjusted operating profit before<br>depreciation of property, plant and equipment<br>(PPE) and right-of-use assets and amortisation<br>of internally developed intangible assets,<br>including pre-publication costs<br>Provides a measure<br>of the operating<br>performance of the<br>business that is widely<br>used by relevant<br>stakeholders in<br>evaluating company<br>performance<br>Chair’s statement<br>Financial review<br><br> 2024 2025<br> Note GBPm GBPm<br>Adjusted operating profit 2 3,199 3,342<br>Total depreciation and other amortisation 2,3 525 504<br>EBITDA 3,724 3,846<br><br>EBITDA<br>Margin<br> No direct<br>equivalent<br> Calculated as EBITDA divided by revenue As above Business overview<br>Financial review<br>Adjusted net<br>interest<br>expense<br> Net interest<br>expense<br> Reported net interest expense, less fair value<br>movements on cross-currency interest rate<br>swaps not designated as hedges, net interest<br>on the defined benefit pension balance, plus<br>the share of net finance income from joint<br>ventures and associates<br> Provides a measure<br>of the Group’s interest<br>expense for the<br>funding of business<br>operations that is<br>comparable from<br>year to year<br> Financial review<br><br> 2024 2025<br> Note GBPm GBPm<br>Net interest expense 7 (298) (286)<br>Fair value movements on cross-currency interest rate swaps not designated as hedges8 7 - 5<br>Net interest on net defined benefit pension balance 6 1 (3)<br>Share of net finance income from joint ventures and associates 1 1<br>Adjusted net interest expense (296) (283)<br><br>Adjusted<br>profit before<br>tax<br> Profit before<br>tax<br> Profit before tax before amortisation of<br>acquired intangible assets, acquisition and<br>disposal related items, reclassification of taxes<br>in joint ventures and associates, fair value<br>movements on cross-currency interest rate<br>swaps not designated as hedges, net interest<br>on the net defined benefit pension balance and<br>disposals and other non-operating items<br> Provides a measure<br>used by management<br>to evaluate<br>performance and<br>allocate resources<br> Financial highlights<br>Financial review<br><br> 2024 2025<br> Note GBPm GBPm<br>Profit before tax 2,557 2,750<br>Adjustments:<br>Amortisation of acquired intangible assets 2 258 248<br>Acquisition and disposal related items 2 69 54<br>Reclassification of tax in joint ventures and associates 12 14<br>Fair value movements on cross-currency interest rate swaps not designated as hedges8 - 5<br>Net interest on net defined benefit pension balance 6 1 (3)<br>Disposals and other non‑operating items 8 6 (9)<br>Adjusted profit before tax 2,903 3,059<br>200 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	Alternative performance measures 201<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE ANNUAL REPORT AND<br>ACCOUNTS REFERENCE<br>Adjusted tax<br>charge<br> Income tax<br>expense<br> Tax expense excluding the deferred tax<br>movements associated with goodwill and<br>acquired intangible assets, tax on acquisition<br>and disposal related items, reclassification of<br>tax in joint ventures and associates, tax on fair<br>value movements on cross-currency interest<br>rate swaps not designated as hedges, tax on<br>net interest on the net defined benefit pension<br>balance and tax on disposals and other non-operating items<br> Provides a measure<br>of the Group’s tax<br>expense relating to<br>operating activities<br> Financial review<br><br> 2024 2025<br>Note GBPm GBPm<br>Tax charge 9 (613) (672)<br>Adjustments:<br>Deferred tax movements on goodwill and acquired intangible assets2 32 35<br>Other deferred tax credits from intangible assets3 (56) (55)<br>Tax on acquisition and disposal related items (14) (8)<br>Reclassification of tax in joint ventures and associates (12) (14)<br>Tax on net interest on net defined benefit pension balance - 1<br>Tax on fair value movements on cross-currency interest rate swaps not designated<br>as hedges8 - (1)<br>Tax on disposals and other non-operating items 11 26<br>Adjusted tax charge (652) (688)<br>Effective tax<br>rate<br> Income tax<br>rate<br> Income tax expense expressed as a<br>percentage of profit before tax.<br>For a reconciliation between the net tax<br>expense charged on profit before tax and the<br>theoretical amount that would arise using the<br>weighted average of tax rates applicable to<br>accounting profits and losses of the<br>consolidated entities, refer to note 9<br> Provides a measure of<br>the Group’s tax charge<br>relative to its profit<br>before tax that is<br>comparable from<br>year to year<br> Financial review<br>note 9<br>Adjusted<br>effective tax<br>rate<br> No direct<br>equivalent<br> Calculated as the adjusted tax charge as a<br>percentage of adjusted profit before tax<br> Provides a measure of<br>the Group’s tax charge<br>relative to its profit<br>before tax that is<br>comparable from<br>year to year<br> Financial review<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Alternative performance measures 201
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202 RELX Annual Report 2025	Financial statements and other information<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE ANNUAL REPORT AND<br>ACCOUNTS REFERENCE<br>Adjusted net<br>profit<br>attributable to<br>shareholders<br> Net profit<br>attributable to<br>shareholders<br> Net profit attributable to shareholders before<br>amortisation of acquired intangible assets,<br>other deferred tax credits from intangible<br>assets, acquisition and disposal related<br>items, fair value movements on cross-currency interest rate swaps not designated<br>as hedges, net interest on the net defined<br>benefit pension balance, disposals and other<br>non-operating items<br> Provides a measure of<br>the Group’s profitability<br>after tax attributable<br>to shareholders<br> Financial highlights<br>Financial review<br><br> 2024 2025<br> GBPm GBPm<br>Net profit attributable to shareholders 1,934 2,065<br>Adjustments (post-tax):<br>Amortisation of acquired intangible assets 290 283<br>Other deferred tax credits from intangible assets3 (56) (55)<br>Acquisition and disposal related items 55 46<br>Fair value movements on cross-currency interest rate swaps not designated as hedges8 - 4<br>Net interest on net defined benefit pension balance 1 (2)<br>Disposals and other non‑operating items 17 17<br>Adjusted net profit attributable to shareholders 2,241 2,358<br>Adjusted<br>earnings per<br>share<br> Earnings per<br>share<br> Adjusted net profit attributable to<br>shareholders divided by the weighted average<br>number of shares<br> Provides a measure of<br>the Group’s earnings<br>per share that is<br>comparable from<br>year to year<br> Financial highlights<br>Chair’s statement<br>CEO report<br>Business overview<br>Financial review<br><br> Note 2024 2025<br>Adjusted net profit attributable to shareholders (GBPm) 2,241 2,358<br>Weighted average number of shares (m) 10 1,865.9 1,834.4<br>Adjusted earnings per share (p) 120.1 128.5<br>202 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	Alternative performance measures 203<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE FINANCIAL STATEMENT<br>REFERENCE<br>Cash flow statement<br>Adjusted<br>cash flow<br> Cash<br>generated<br>from<br>operations<br> Cash generated from operations plus<br>dividends from joint ventures and associates<br>less net capital expenditure on property, plant<br>and equipment (PPE) and internally developed<br>intangible assets, repayment of lease principal<br>and sublease payments received and excluding<br>pension recovery payments and payments in<br>relation to acquisition and disposal related<br>items.<br> Provides a measure of<br>the Group’s operating<br>cash flow that is<br>comparable from<br>year to year<br> Financial highlights<br>Financial review<br><br> 2024 2025<br>Note GBPm GBPm<br>Cash generated from operations 11 3,521 3,735<br>Adjustments:<br>Dividends received from joint ventures and associates 15 37 40<br>Purchases of PPE 16 (20) (21)<br>Expenditure on internally developed intangible assets (464) (504)<br>Payments in relation to acquisition and disposal related items 62 89<br>Pension recovery payment 26 -<br>Repayment of lease principal (63) (40)<br>Sublease payments received 2 2<br>Adjusted cash flow 3,101 3,301<br><br>Adjusted<br>cash flow<br>conversion<br> No direct<br>equivalent<br> Adjusted cash flow divided by adjusted<br>operating profit<br> Provides a measure of<br>turning operating profit<br>into cash<br> Financial highlights<br>Business overview<br>Financial review<br> 2024 2025<br>Note GBPm GBPm<br>Adjusted cash flow 3,101 3,301<br>Adjusted operating profit 2 3,199 3,342<br>Adjusted cash flow conversion 97% 99%<br><br>Free cash<br>flow<br> Cash inflow<br>from<br>operating<br>activities<br> Adjusted cash flow less net interest paid,<br>cash tax paid, acquisition and disposal<br>related payments<br> Provides a measure of<br>cash flows that could<br>be used for organic<br>investment in the<br>business, acquisitions,<br>distribution of<br>dividends, share<br>buybacks or the<br>repayment of debt<br> Financial review<br>note 17<br> 2024 2025<br>Note GBPm GBPm<br>Adjusted cash flow 3,101 3,301<br>Interest paid (net) (251) (261)<br>Cash tax paid4 9 (662) (638)<br>Payments in relation to acquisition and disposal related items (62) (89)<br>Free cash flow 2,126 2,313<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Alternative performance measures 203
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204 RELX Annual Report 2025	Financial statements and other information<br><br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE FINANCIAL STATEMENT<br>REFERENCE<br>Net capital<br>employed<br><br><br>No direct<br>equivalent<br> Net goodwill and acquired intangible assets, net<br>internally developed intangible assets, net property,<br>plant and equipment, right-of-use assets and<br>investments less net pension balances and<br>working capital<br> Provides a measure<br>of the capital used<br>in operations<br> Financial review<br> 2024 2025<br> Note GBPm GBPm<br>Goodwill and acquired intangible assets5 9,811 9,327<br>Internally developed intangible assets5 14 1,569 1,675<br>Property, plant and equipment5, right-of-use assets5 and investments 432 454<br>Net pension balances 6 21 43<br>Working capital (1,262) (1,177)<br>Net capital employed 10,571 10,322<br>Invested<br>capital<br> No direct<br>equivalent<br> Net capital employed, adjusted to add back<br>accumulated amortisation and impairment of<br>acquired intangible assets and goodwill, to<br>remove non-operating investments and the<br>gross up to goodwill in respect of deferred tax,<br>and other items<br> Used to calculate<br>the return on<br>invested capital<br>(see below)<br> Financial review<br>Directors’ report<br> 2024 2025<br> Note GBPm GBPm<br>Net capital employed 10,571 10,322<br>Accumulated amortisation and impairment of acquired intangible assets and goodwill 7,985 7,728<br>Non-operating investments 15 (88) (127)<br>Deferred tax on goodwill and other (1,371) (1,314)<br>Invested capital 17,097 16,609<br><br>Return on<br>invested<br>capital (ROIC)<br>No direct<br>equivalent<br> Post tax adjusted operating profit expressed<br>as a percentage of average invested capital<br> This is a key financial<br>measure used by<br>management that<br>demonstrates the efficiency<br>of the use of capital<br><br>Financial highlights<br>Business overview<br>Financial review<br><br> Note 2024 2025<br>Adjusted operating profit (GBPm) 2 3,199 3,342<br>Tax at adjusted effective rate (GBPm) (720) (752)<br>Adjusted effective tax rate 22.5% 22.5%<br>Adjusted operating profit after tax (GBPm) 2,479 2,590<br>Average invested capital (GBPm)6 16,743 16,799<br>ROIC 14.8% 15.4%<br>204 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025	Alternative performance measures 205<br><br>Overview Market segments Corporate responsibility Financial review Governance Financial statements<br>and other information<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE FINANCIAL STATEMENT<br>REFERENCE<br>Capital<br>expenditure<br> No direct<br>equivalent<br> Additions to property, plant and equipment<br>and internally developed intangible assets<br> Provides a measure of<br>the amounts invested<br>in new products and<br>related infrastructure<br>across the business<br> Chair’s statement<br>Financial review<br>Directors’ report<br>Governance<br>note 2<br><br> 2024 2025<br> Note GBPm GBPm<br>Additions to property, plant and equipment 16 20 21<br>Additions to internally developed intangible assets 14 464 504<br>Capital expenditure 484 525<br>Statement of financial position<br>Net debt/ net<br>debt for<br>leverage<br>ratio<br> No direct<br>equivalent<br> Net debt: debt less cash and cash equivalents,<br>related derivative financial instruments and<br>finance lease receivables<br> Provides a measure<br>of the Group’s level<br>of indebtedness<br> Financial highlights<br>Chair’s statement<br>Financial review<br>Governance<br>Directors’ report<br>note 17<br><br> 2024 2025<br> Note GBPm GBPm<br>Debt 11, 21 6,544 7,267<br>Cash and cash equivalents 11 (119) (131)<br>Derivative financial instruments in fair value hedging relationships 11 140 60<br>Cross-currency interest rate swaps not designated as hedges 11 - 5<br>Finance lease receivables 11 (2) -<br>Net debt 11 6,563 7,201<br>Pension obligation 6 165 154<br>Net debt for leverage ratio 6,728 7,355<br>Leverage<br>ratios<br> No direct<br>equivalent<br> For details of the closest equivalent IFRS<br>measures to net debt and EBITDA, see above.<br>For the purpose of calculating leverage ratios,<br>share of results in joint ventures and<br>associates, the equity share of finance income,<br>finance costs, taxes and amortisation in joint<br>ventures and associates, and acquisition<br>and disposal related items are deducted<br>from EBITDA<br> Provides a measure of<br>the financial leverage<br>of the Group<br> Chair’s statement<br>Financial review<br>Governance<br>and other information<br>Financial statements Governance Market segments Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Alternative performance measures 205
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206 RELX Annual Report 2025	Financial statements and other information<br>APM CLOSEST<br>EQUIVALENT<br>IFRS MEASURE<br> DEFINITION AND RECONCILIATION TO CLOSEST<br>EQUIVALENT IFRS MEASURE<br> PURPOSE FINANCIAL STATEMENT<br>REFERENCE<br> 2024 2025 2024 2025<br> Note GBPm GBPm USDm7<br> USDm7<br>EBITDA 3,724 3,846 4,767 5,077<br>Less joint venture and associates adjusted operating profit (54) (57) (69) (75)<br>Acquisition and disposal related items 2 (69) (54) (88) (71)<br>EBITDA for leverage ratio 3,601 3,735 4,610 4,931<br><br>Net debt for leverage ratio 6,728 7,355 8,410 9,929<br>EBITDA for leverage ratio 3,601 3,735 4,610 4,931<br>Leverage ratio 1.8x 2.0x<br>Notes to the alternative performance measures tables<br>(1) Excludes amortisation of acquired intangibles.<br>(2) The adjusted tax charge excludes the movements in deferred tax assets and liabilities related to goodwill and acquired intangible assets, but includes the<br>benefit of tax amortisation where available on acquired goodwill and intangible assets.<br>(3) Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.<br>(4) Net of cash tax relief on acquisition and disposal related items and including cash tax impact of disposals.<br>(5) Net of accumulated depreciation and amortisation.<br>(6) Average of invested capital at the beginning and the end of the year, retranslated at average exchange rates for the year.<br>(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.<br>(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<br>movements. In the prior year there were no such amounts.<br>206 RELX Annual Report 2025	Financial statements and other information
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RELX Annual Report 2025 207<br>Sustainability Statement<br>and other Corporate<br>Responsibility<br>Disclosures<br>In this section<br>208 Sustainability statement<br>235 Taskforce on climate-related financial disclosure<br>241 Sustainability accounting standards board<br>242 Global reporting initiative<br>Financial review<br>and other information<br>Financial statements Governance Corporate responsibility Overview Market segments
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208 RELX Annual Report 2025	Financial statements and other information<br>Sustainability Statement<br>General Disclosures (ESRS 2)<br>Contents<br>Page number<br>General information<br>ESRS 2 General disclosures 209<br>Environmental information<br>ESRS E1 Climate change 218<br>ESRS E2 Pollution Not material<br>ESRS E3 Water and marine resources Not material<br>ESRS E4 Biodiversity and ecosystems Not material<br>ESRS E5 Resource use and circular economy Not material<br>Disclosures pursuant to Article 8 of Regulation 2020/852 (Taxonomy disclosures) 221<br>Social information<br>ESRS S1 Own workforce 223<br>ESRS S2 Workers in the value chain 226<br>ESRS S3 Affected communities Not material<br>ESRS S4 Consumers and end-users 227<br>Governance information<br>ESRS G1 Business conduct 229<br>General information<br>Disclosures stemming from other legislation or sustainability reporting<br>ESRS Reference Datapoint Page number<br>ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) 212<br>ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) 211<br>ESRS 2 GOV-4 Statement on due diligence paragraph 30 217<br>ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i Not material<br>ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii Not material<br>ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii Not material<br>ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv Not material<br>ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 219<br>ESRS E1 Undertakings excluded from Paris-aligned benchmarks Not material<br>ESRS E1-4 GHG emission reduction targets paragraph 34 216<br>ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 Not material<br>ESRS E1-5 Energy consumption and mix paragraph 37 219<br>ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 Not material<br>ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 220<br>ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 220<br>ESRS E1-7 GHG removals and carbon credits paragraph 56 Not material<br>ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 Not material<br>ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a)<br>Location of significant assets at material physical risk paragraph 66 (c).<br>Not material<br>ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69 Not material<br>ESRS S1-1 Human rights policy commitments paragraph 20 216, 223<br>ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 216-217, 223<br>ESRS S1-1 S1-1 processes and measures for preventing trafficking in human beings paragraph 22 223<br>ESRS S1-1 S1-1 workplace accident prevention policy or management system paragraph 23 223<br>ESRS S1-3 S1-3 grievance/complaints handling mechanisms paragraph 32 (c) 224<br>ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) Not material<br>ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) Not material<br>ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Not material<br>ESRS S1-16 CEO pay ratio paragraph 97 (b) Not material<br>ESRS S1-17 Incidents of discrimination paragraph 103 (a) Not material<br>ESRS S1-17 Non- respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a) 225<br>ESRS 2- SBM3 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) 226<br>ESRS S2-1 Human rights policy commitments paragraph 17 226<br>ESRS S2-1 Policies related to value chain workers paragraph 18 226<br>ESRS S2 Rights principles and OECD guidelines benchmarks 226<br>ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 226<br>ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 226<br>ESRS S4-1 Policies related to consumers and end-users paragraph 16 227<br>ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 227-228<br>ESRS S4-4 Human rights issues and incidents paragraph 35 227-228<br>ESRS G1 United Nations Convention against Corruption paragraph 10 (b) 229-230<br>ESRS G1-1 Protection of whistle- blowers paragraph 10 (d) 229-230<br>ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) 230<br>ESRS G1-4 Standards of anti-corruption and anti- bribery paragraph 24 (b) 229-230
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209<br>Basis of preparation<br>General basis for preparation (BP 1, BP 2)<br>This Sustainability Statement (the Sustainability Statement)<br>has been prepared pursuant to the European Union Corporate<br>Sustainability Reporting Directive (CSRD) and in accordance<br>with the requirements of the European Sustainability Reporting<br>Standards (ESRS) and EU Taxonomy disclosure requirements<br>adopted by the European Commission. As these are relatively<br>recent regulations still undergoing adoption and revision it is<br>possible reporting will evolve as additional implementation<br>guidence and revised standards become available.<br>RELX’s reporting in accordance with European legal<br>requirements does not alter its adherence to applicable laws<br>in the United States, nor does it impose any additional legal<br>obligations on its employees, facilities, or consumers in the<br>United States.<br>The Sustainability Statement has been prepared on a<br>consolidated basis covering global operations, on the same basis<br>as the Group financial statements. It covers the Group’s activities<br>and its upstream and downstream value chain. The upstream<br>value chain includes direct suppliers and the downstream value<br>chain includes our direct customers.<br>No data requirements have been omitted using the option to omit<br>a specific piece of information corresponding to intellectual<br>property, know-how or the result of innovation.<br>Short, medium and long-term time horizons are defined in line<br>with ESRS stipulations i.e. one year or less, one to five years,<br>and over five years, respectively.<br>In some instances, it is not possible to collect primary data<br>from all areas of the value chain for Scope 3 carbon emissions.<br>Where suppliers are able to provide actual emissions data, this<br>is used in our Scope 3 reporting. Where accurate data cannot be<br>collected, we use GHG Protocol compliant methodologies using<br>sector average factors to calculate the emissions.<br>The Corporate Responsibility Report (pages 34-63) contains<br>information on key non-financial metrics including environment,<br>people, community and supply chain. Within this Sustainability<br>Statement we have incorporated by reference to other parts<br>oftheAnnual Report where possible. Please see the table on<br>page 231 for a list of items that are incorporated by reference<br>and their locations.<br>Our reporting guidelines and methodology contains further<br>information to help readers understand the metrics disclosed in<br>this sustainability statement. See www.relx.com/additional-cr-resources.<br>Strategy, business model and value chain (SBM 1)<br>For more detailed information on our strategy and business model<br>please see page 5.<br>RELX operates in four major market segments. According to<br>theESRS sector classification guidance, our Risk and Exhibitions<br>(RX) business areas are categorised as Professional and<br>Commercial Services and our Scientific, Technical and Medical<br>(STM) and Legal business areas are categorised as Media and<br>Communications. Revenue by business segment can be found<br>in Note 2 of the Financial Statements on page 145.<br>Risk provides customers with information-based analytics and<br>decision tools that combine public and industry-specific content<br>with advanced technology and algorithms to assist them in<br>evaluating and predicting risk and enhancing operational<br>efficiency. Risk products and services align with SDG 16 (Peace,<br>Justice and Strong Institutions) and SDG 10 (Reduced Inequalities),<br>among others.<br>STM helps advance science and healthcare by combining<br>high-quality, trusted scientific and medical information and data<br>sets with innovative technologies to deliver critical insights that<br>support better outcomes. STM makes a significant contribution to<br>SDG 3 (Good Health and Well-Being), SDG 5 (Gender Equality),<br>SDG10 (Reduced Inequalities) and SDG 13 (Climate Action).<br>Legal helps its customers improve decision-making, achieve better<br>outcomes and increase productivity by providing tools that combine<br>legal, regulatory and business information with powerful analytics.<br>Legal promotes SDG 16 (Peace, Justice and Strong Institutions).<br>Exhibitions combines industry expertise, digital tools, and data<br>to help customers connect in-person and online, discover new<br>markets, source products, generate leads and transact. RX helps<br>advance SDG 9 (Industry Innovation and Infrastructure), SDG 10<br>(Reduced Inequalities), SDG 12 (Responsible Consumption and<br>Production) and SDG 17 (Partnerships for the Goals). In addition,<br>RX supports SDG 13 (Climate Action) through its Net Zero Events<br>commitments and by using its event platforms to drive industry<br>engagement in a net zero carbon future.<br>RELX has offices in about 40 countries and has 37,600 employees.<br>For details on employee headcount by geographical area see<br>page 150.<br>Upstream, RELX has a diverse supply chain with suppliers<br>located in over 150 countries. These suppliers are spread across<br>multiple categories including technology (e.g. software, cloud,<br>hardware, and telecom), indirect (e.g. consulting, marketing,<br>contingent labour and travel), and direct (e.g. data/content<br>and production services, print/paper/bind, distribution).<br>Downstream, RELX serves professional and business<br>customers in the Risk, Scientific, Technical & Medical,<br>Legal andExhibitions sectors.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Sustainability statement
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210 RELX Annual Report 2025	Financial statements and other information<br>Sustainability related goals<br>We set CR related objectives and monitor progress against them, performance in these areas is highlighted in the Corporate<br>Responsibility Report (see pages 34-63). Below is a summary of our 2025 CR objectives.<br>Unique Contributions<br>Universal, sustainable access to information<br>Increase the number of unique users of the RELX SDG Resource<br>Centre by at least 10,000 additional unique users<br>Protection of society<br>Deploy financial inclusion flagship models which allow lenders to<br>more easily detect fraud and other high-risk consumer behaviour,<br>in support of SDG 10 (Reduced Inequalities)<br>Advance science and health<br>Advance research by women scientists in collaboration with the<br>Falling Walls Foundation, providing access to resources,<br>networks and training; partner with Indian public health platform,<br>Swasti, to equip frontline workers with knowledge and skills to<br>address the impact of extreme weather on human health, in<br>support of SDG 3 (Good Health and Wellbeing); SDG 10 (Reduced<br>Inequalities) and SDG 13 (Climate Action)<br>Promote the rule of law and access to justice<br>Provide research and training to Afghan women studying for law<br>degrees in the United States in association with the American Bar<br>Association, in support of SDG 16 (Peace, Justice and Strong<br>Institutions)<br>Fostering communities<br>Create RX energy and waste emissions dashboard to monitor<br>performance and publish RX event energy and waste emissions, in<br>support of SDG 13 (Climate Action)<br>CR Governance<br>Security – Continued enhancement of our technical resilience<br>posture across the business and expansion of applications and<br>products covered by independent third-party assessments,<br>aligned with SDG 16 (Peace, Justice and Strong Institutions)<br>Privacy – Optimise maintenance of records relating to processing<br>activities, aligned with SDG 16 (Peace, Justice and Strong<br>Institutions)<br>Responsible tax – Continue to advance African tax law codification<br>pilots, aligned with SDG 16 (Peace, Justice and Strong Institutions)<br>Customers<br>Customer engagement – Systematic engagement with sales<br>professionals throughout the business on the value of corporate<br>responsibility for our customers, aligned with SDG 17 (Partnership<br>for the Goals)<br>Quality – Update RELX Responsible AI Principles to reflect<br>evolving technology, aligned with SDG 8 (Decent Work and<br>Economic Growth)<br>Accessibility – Develop new accessibility design review process,<br>aligned with SDG 10 (Reduced Inequalities)<br>People<br>Inclusion – Continue to engage colleagues globally through<br>our Inspiring Inclusion programme, aligned with SDG 10<br>(Reduced Inequalities)<br>Pay equity – Continue to assess pay competitiveness and pay<br>equity, aligned with SDG 8 (Decent Work and Economic Growth)<br>Well-being – Hold a virtual well-being summit bringing together<br>wellness champions from across the business, in support of SDG<br>3 (Good Health and Well- Being)<br>Community<br>Employee community engagement – Update RELX Cares<br>Champions materials and continue to increase engagement and<br>participation, in support of SDG 17 (Partnerships For The Goals)<br>Philanthropic giving – Continue to improve our capability to<br>respond to disasters and emergencies, in support of SDG 17<br>(Partnerships For The Goals)<br>Supply chain<br>Responsible Supply Chain – Increase number of suppliers that<br>are Code signatories; continue using audits to ensure continuous<br>improvement in supplier performance and compliance, in support<br>of SDG 8 (Decent Work and Economic Growth)<br>Environment<br>Environmental responsibility – Implement new environmental<br>targets covering energy, waste and management system, in<br>support of SDG 12 (Responsible Consumption and Production)<br>Carbon reduction – Implement employee action budget, funded<br>by internal carbon price, in support of SDG 13 (Climate Action)<br>Mapping the value chain<br>Procure Produce Distribute Use Post-use<br>Electronic<br>Face-to-face<br>Print<br>§ Data/content<br>§ Materials/<br>Services<br>§ Audit and<br>monitoring<br>§ Digital<br>development<br>§ Print<br>§ Production<br>§ Digital<br>networks<br>§ Logistics<br>§ Sales<br>§ Professional<br>customers<br>§ Government<br>§ Other<br>§ Further<br>innovation and<br>research<br>§ New customer<br>relationships
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211<br>Governance (GOV 1, 2, 3, 5)<br>RELX has a robust governance structure described in the<br>Governance Report on pages 85-86. The Board is comprised of<br>ten members, 80% of which are independent or, in the case of the<br>Chair, were considered independent upon appointment under the<br>UK Corporate Governance Code. The Board has four committees<br>that oversee the operation of the company: Audit, Remuneration,<br>Nominations and Corporate Governance. The Board and its<br>Committees are subject to an annual review of effectiveness and<br>performance. Areview by an external independent party is carried<br>out every three years. The consultancy carrying out the external<br>review has no other connections with RELX and is given full access<br>to the Board and Committee papers for the relevant period.<br>The CEO has responsibility to the Board for corporate<br>responsibility (CR) matters. The CEO and senior management,<br>as well as the RELX CR Forum, chaired by the Director of RELX<br>Corporate Affairs and involving individuals representing key<br>functions and business areas, set and monitor CR performance.<br>This includes our annual and longer term CR objectives, which<br>reflect the views of a range of internal and external stakeholders.<br>More information can be found on www.relx.com/<br>additional-cr-resources. TheGlobal Head of Corporate<br>Responsibility provides formal updates to the Board and engages<br>on key issues with senior managers, who have CR-related Key<br>Performance Objectives. Adedicated CR team with expertise in<br>a wide range of sustainability matters serves as a resource within<br>the company. They draw on internal expertise and external<br>resources such as the United Nations Global Compact to which<br>RELX has been a signatory since 2003, the CR and Sustainability<br>Council of the Conference Board, Aldersgate Group on<br>environmental matters, and the Responsible Media Forum,<br>of which RELX is a founding member. The Board receives updates<br>from relevant stakeholders on material impacts, risks and<br>opportunities (IROs) during the year including updates on<br>leadership talent reviews from the Chief Human Resources<br>Officer and cybersecurity risks from the RELX Head of<br>Information Assurance and Data Protection and Chief Technology<br>Officers from the business areas. More information about<br>Board activities in the year can be found on pages 89-90.<br>In addition to the CR Forum, IROs are monitored through<br>Environmental Checkpoint meetings on environmental targets<br>chaired by the Chief Financial Officer (CFO); the RELX Inclusion<br>Council for progress on inclusion goals, and through banks which<br>agreed certain Corporate Responsibility KPIs as part of the<br>Company’s Revolving Credit Facility.<br>Sustainability objectives which reflect our focus on our unique<br>contributions to society, as well as our other sustainability<br>objectives align to the United Nations Sustainable Development<br>Goals (SDGs) in order to do our part to advance this ambitious<br>global agenda by 2030.<br>The annual incentive programme provides focus on the delivery<br>of annual financial targets and the achievement of annual<br>objectives and milestones which align with the RELX strategy<br>and create a platform for sustainable future performance. The<br>shareholding requirement, along with the three year cycle of<br>the long-term incentive plan, promotes longer term alignment<br>ofExecutive Directors’ interests with shareholders’ interests.<br>For details on sustainability-related performance metrics in<br>remuneration, see pages 100-120.<br>Other controls related to the management of impacts, risks and<br>opportunities include internal and external assurance processes,<br>and certifications, such as ISO27001 for cybersecurity and<br>ISO140001 covering the RELX Environmental Management<br>System. IROs follow the risk review process and are reviewed<br>by the Board.<br>Material IROs are reviewed by the Senior CSRD Steering<br>Committee annually. This group includes the CFO, the Chief Legal<br>Officer, the Chief Strategy Officer and the Chief HR Officer. The<br>Global Head ofCorporate Responsibility reported outcomes of the<br>Double Materiality Assessment to the Board and updates them on<br>the IROs listed in the table on page 215 as necessary. The Senior<br>Executive management team and the Board consider these IROs<br>as part of ongoing strategy reviews.<br>Our CR governance framework<br>Board<br>CEO<br>Business area CEOs<br>CR<br>Forum<br>Global Head<br>of Corporate<br>Responsibility<br>and CR Team<br>Compliance<br>Committees<br>RELX CR<br>networks<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Sustainability statement
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212 RELX Annual Report 2025	Financial statements and other information<br>The Board regularly reviews RELX’s governance policies and<br>Code of Ethics andBusiness Conduct to ensure the right<br>framework is in place to promote a culture of integrity, strong<br>commitment to our purpose, and engagement with our customers<br>and the communities in which we operate. The Board has a<br>Non-Executive Workforce Engagement Director who engages<br>directly with employee representatives from across RELX and<br>reports back to the Board. The views of employees are also<br>measured through annual employee surveys, and a broader<br>triennial opinion survey, designed to gauge how employees feel<br>about the organisation, how well they understand its direction,<br>and their level of satisfaction and engagement with their work.<br>An analysis of the results is presented to the Board. The Board<br>also receives regular updates about culture within the company<br>and on corporate responsibility activities from across each of<br>RELX’s business areas. Such reports include progress against<br>our people objectives in areas such as well-being, pay equity and<br>reducing inequalities through inclusion. This contributes to the<br>Board’s assessment of culture at RELX and provides a context<br>against which the Board takes decisions.<br>For details on composition of the Board and Executive<br>Management, see page 98.<br>Stakeholder engagement (SBM 2)<br>Our stakeholder engagement efforts are informed by our<br>commitment to the United Nations Global Compact and its ten<br>principles, focused on human rights, labour, the environment<br>and anti-corruption – all issues with wide societal impact.<br>Throughout the period, we engaged with our stakeholders –<br>investors, employees, customers, suppliers and communities –<br>to understand their views. Details of our stakeholder engagement,<br>and the relevant outputs, can be found on pages 91 to 94.<br>Double Materiality Assessment<br>Given that the Double Materiality Assessment (DMA) process<br>under CSRD involves judgements, the list of material impacts,<br>risks, and opportunities may change over time. In 2025 we<br>undertook a review of the DMA and resulting IROs and concluded<br>that they continue to reflect the matters most important to our<br>stakeholders. As part of this review process key internal<br>stakeholders considered business operations, stakeholder<br>feedback and expectations, peer disclosures and the external<br>environment, to establish that there had not been any significant<br>changes in the reporting period that would alter the results of the<br>existing DMA. The Senior CSRD Steering Committee approved the<br>outcomes of this review.<br>The description below outlines the process that was undertaken<br>to complete the DMA in 2024. In undertaking the DMA, we<br>considered our sustainability-related impacts (on people and the<br>planet), as well as IROs linked to our business model, value chain<br>and operations. The assessment was informed by a range of<br>inputs such as specific business activities, relationships and<br>geographies. Inputs included:<br>External<br>§ Responsible Media Forum Materiality Report<br>§ S&P Global Corporate Sustainability Assessment<br>§ Other corporate responsibility ratings reports<br>§ SASB Framework<br>§ ESRS list of topics, sub-topics, and sub sub-topics<br>Internal<br>§ RELX Principal Risk Register<br>§ RELX Corporate Responsibility Report (within the RELX<br>AnnualReport)<br>§ Records of sustainability-related customer and investor<br>requests<br>§ Existing management processes for identifying key issues<br>The work encompassed internal and external engagement<br>onRELX’s material IROs originating from our strategy and<br>business model in order to categorise whether they were<br>negative and/or positive, potential or actual. This built on previous<br>biennial materiality assessments we have undertaken over the<br>past decade to ensure we continuously act and report on the<br>sustainability topics of most relevance to the business and its<br>stakeholders. Following extensive internal and external<br>consultation, we prepared a long-list of issues which were filtered<br>for relevance to develop a short-list of issues that stakeholders<br>could consider and challenge through a survey tool and direct<br>interviews to substantiate our selection and to understand<br>whether any issues were missed. Allfeedback was integrated<br>into the assessment.<br>Double materiality assessment stakeholder engagement process<br>1<br>Understand the<br>context<br>2<br>Develop list<br>of relevant<br>sustainability<br>issues<br>3<br>Internal and<br>external<br>interviews<br>4<br>Develop, assess<br>and score<br>shortlist of IROs<br>5<br>Survey &<br>additional<br>interviews<br>6<br>Review &<br>finalise<br>assessment
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213<br>Impact materiality: Scoring and threshold<br>RELX engaged with stakeholders who rely on and use<br>the company’s public sustainability reporting and data, such<br>as existing and potential investors as well as with affected<br>stakeholders (individuals or groups that have interests that are<br>affected or could be affected – positively or negatively – by RELX’s<br>activities and through the value chain). The internal and external<br>stakeholder groups, as well as the format of engagement<br>undertaken in 2024, are outlined below.<br>Internal group Engagement type<br>Senior Leadership 1-1 Interviews<br>Senior Managers 1-1 interviews and consultation through<br>Review Group (focus group-style)<br>Wider colleagues as<br>well<br>A survey was sent to wider colleague<br>networks<br>External group Engagement type<br>Investors 1-1 Interviews<br>Suppliers and partners 1-1 Interviews<br>Customers 1-1 Interviews<br>NGOs, Partners 1-1 Interviews<br>We then aligned the scoring of issues to the ESRS framework.<br>This involved rating impacts using three criteria – scope, scale<br>and irremediability. This was completed using available evidence,<br>and input from interviews and feedback from an internal<br>review group, representing colleagues in key functions and<br>representatives from across the four business areas.<br>We determined impact materiality by calculating an impact<br>score based on ESRS2 requirements and then reviewed<br>scores qualitatively to determine scope and scale for all<br>impacts and irremediability for negative impacts.<br>We determined financial materiality using the RELX<br>Risk Management Framework (see page 72) and identified<br>sustainability-related risks and opportunities that aligned<br>with a current RELX Principal Risk.<br>We used judgement to determine which impacts, risks and<br>opportunities were material, using both quantitative and<br>qualitative criteria. We used qualitative criteria that took<br>precedence over the quantitative assessment. The qualitative<br>criteria used to exclude an IRO was if RELX is connected to an<br>issue, but does not have a substantial direct or indirect impact<br>on it. The three qualitative inclusion criteria were:<br>§ Regulatory requirements that require the Group to report<br>againstthe issue<br>§ Evidence that investors are using the information to make<br>decisions about RELX<br>§ Strong dependency between the issue and another<br>materialissue.<br>Based on the above criteria, we overrode the quantitative<br>assessment for the negative impact of our carbon emissions<br>on climate change. Given RELX is an office-based business<br>with limited impact on climate change, it did not emerge as<br>a materialIRO in the quantitative scoring, however, because<br>climate change is an issue of importance to investors and<br>reporting requirements for other regulations, we will report<br>on climate change in this disclosure.<br>Material matters identified as part of the DMA had strong<br>alignment with previous assessments. We recategorised<br>some material matters to align more closely with the ESRS.<br>For example, security-related impacts (protection of society)<br>and promotion of the rule oflaw were combined into a new<br>material issue of ‘other information-related impacts’ to align<br>more closely with topical standard ESRS S4, Consumers and<br>end-users. Another example is a challenge to the scale rating<br>of human rights in the value chain. Based on internal risk tools,<br>and the wording ofthe ESRS, we decided that the issue remained<br>material based on potential indirect impacts in the RX and print<br>value chains. In accordance with ESRS guidance, we have<br>prioritised the severity of the issue in its inclusion over<br>its likelihood or the number of workers it may impact.<br>There were no material issues arising from the DMA that were<br>not already on the short-list that would require an amendment<br>of our strategy and business model, or which present a significant<br>risk to RELX’s financial position, performance and cashflows<br>over the short, medium and long-term, or that would require<br>a material adjustment within the next annual reporting period<br>to the carrying amounts of assets and liabilities reported<br>in the related financial statements.<br>Scope<br>How widespread is the impact?<br>Scale<br>How severe/beneficial is the impact?<br>Irremediability<br>Resources required to remediate<br>0 No people or nature are/would be affected 0 None – people and/or nature are<br>not affected<br>0 Very easy to remedy with little or no<br>resource required<br>1 <1,000 people affected<br>Impacts isolated to one site<br>1 Minimal impact, not affecting daily life<br>or nature beyond tolerable levels<br>1 Relatively easy to remedy in the short-term with minimal resource<br>2 1,000 – 20,000 people affected<br>Isolated to a small number of sites/operations<br>2 Minor discomfort or benefit to quality of life<br>or nature<br>2 Able to be remedied with some effort<br>and resource<br>3 20,000 – 1m people affected<br>Regional impacts, or several operations<br>3 Substantial changes to people’s quality<br>of life or nature<br>3 Difficult to remedy without significant<br>investment<br>4 1m – 10m people affected<br>Impact present in a significant proportion<br>of the business<br>4 Significant changes to people’s quality of<br>life or nature exceeding national laws and<br>regulations<br>4 Very difficult or expensive to remedy<br>5 10m+ people affected<br>RELX-wide and significant external impact<br>5 Catastrophic/hugely beneficial changes<br>to nature or people’s quality of life<br>5 No ability to remedy completely<br> Irremediability only relates to negative impacts<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Sustainability statement
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214 RELX Annual Report 2025	Financial statements and other information<br>Summary of identified material matters<br>Impact on the value chain Trending<br>Topic Identified material matter Upstream<br>Own<br>operations Downstream<br>Medium<br>(2–5 yrs)<br>Long<br>(5+ yrs)<br>E1 – Environment Climate change ● ● ● ↓ <br>S1 – Own Workforce Talent attraction & retention, incl Inclusion ● ●<br>S2 – Workers in the<br>valuechain<br>Working conditions ●<br>Human rights, labour rights and child labour ●<br>S4 – Consumers and<br>end-users<br>Access to (quality) information ● ●<br>Contribution of content to social and<br>environmental issues ● ● ● ↑ (I)<br> (F)<br>Other information-related issues<br>(rule of law, security-related impacts) ● ● ↑<br>Financial and societal inclusion of consumers ● ● ↑<br>Privacy-related issues ● ● ● ↑<br>G1 – Business Conduct All sub-topics, excluding animal welfare ● ● ● ● ● ●<br> All matters were considered in the short-term, trends show trajectory from the current status<br>** Decreasing in the mid-term as percentage of revenue from print products decreases and continued migration to more efficient cloud services<br>Link to RELX unique contributions<br>Universal, sustainable<br>access to information<br>Advance science<br>and health<br>Protection of<br>society<br>Promote the rule of<br>law & access to justice<br>Fostering<br>communities<br>Key<br>● Positive impact/opportunity<br>● Potential negative impact/risk<br>● Negative impact/risk<br>Key<br>↑ Increasing materiality<br>↓ Decreasing materiality<br>Remaining the same<br>If differing trends:<br>(I) Impact trend<br>(F) Financial trend<br>* These issues were identified as opportunities<br>and as such show as financially material but are<br>not directly linked to Principal Risks.<br>** Climate change was not assessed as material<br>for RELX, but has been overridden due to our<br>requirements to report on climate from other<br>regulations and the importance of this topic to<br>investors.<br>Link to RELX unique contributions<br>Prioritisation of material matters<br>Impact materiality (increasing impact on society)<br>Financial materiality (increasing impact on RELX)<br>Financially material Double material<br>Impact material<br>Human rights, labour rights<br>and child labour (value chain)<br>Working conditions<br>Business conduct<br>Financial and<br>societalinclusion<br>ofconsumers<br>and end-users<br>Climate change<br>Privacy-related issues<br>Access to (quality) information<br>Talent Attraction, Retention,<br>andInclusion<br>Other information-related issues<br>Contribution of content to<br>social and environmental<br>issues<br>Current ‘impact materiality threshold’<br>Universal, sustainable<br>access to information<br>Advance science<br>and health<br>Protection of<br>society<br>Promote the rule of<br>law & access to justice<br>Fostering<br>communities<br>RELX has the capacity to address its material impacts and risks<br>andto take advantage of its material opportunities. Its resilience<br>isdemonstrated by ten consecutive years of a AAA MSCI rating,<br>indicative of the lowest level of Corporate Responsibility risk over time.<br>As stated, the 2024 DMA follows on from many years of<br>stakeholder engagement efforts. In 2025 we reviewed the results<br>of the DMA, and we will continue to review and update as<br>necessary at regular intervals.
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215<br>Material impacts, risks and opportunities (SBM-3)<br>The following table lists the sustainability related IROs we have identified and assessed as material. Please see our topical sections for<br>more information on our response to our impacts and risks.<br>Material matter Impact/Risk/Opportunity RELX Context<br>Relevant policies (see table<br>below for more detail)<br>E1 – Environment<br>Climate change Carbon emissions contributing to climate change Business activities contributing to the emission<br>of greenhouse gases 1<br>S1 – Own workforce<br>Talent Attraction and<br>Retention including<br>Inclusion<br>Employee recruitment and retention through a<br>work environment which includes learning and<br>development, inclusion and employee<br>well-being.<br>Increased (or decreased) access to talent in<br>providing (or failing to provide) an engaging,<br>inclusive workplace that promotes wellbeing<br>and development<br>2 3 4<br>S2 – Workers in the value chain<br>Working conditions Risk of injury to workers in the value chain due to<br>work-related accidents<br>Some companies in the RELX value chain<br>operate in industries with a higher risk of<br>workplace accidents<br>5<br>Human rights,<br>labour rights and<br>child labour<br>Use of transient and migrant workforces in some<br>sectors in the value chain increases the risk of<br>incidents of forced/ bonded labour<br>Some companies in the RELX value chain<br>operate in industries or geographies with higher<br>risk of human rights incidents including forced<br>labour, child labour<br>4 5<br>S4 – Consumers and end-users<br>Information-related<br>impacts<br>Use of products and services for public safety and<br>to promote the rule of law<br>RELX products and services used by<br>organisations to strengthen public institutions<br>and promote the rule of law<br>4 6 7 8 9 12<br>Access to (quality)<br>information<br>Reduce inequalities and advance knowledge by<br>providing access to information of societal<br>benefit in low and middle-income countries or<br>opposite<br>Research institutions in low and middle-income<br>geographies could lack resources to access<br>RELX products of societal benefit; importance<br>of editorial and other standards to ensure<br>quality content<br>4 6 7 8 9 12<br>Efficacy of, and trust in, content and services is<br>ensured through the deployment of editorial and<br>other standards<br>Research institutions in low and middle-income<br>geographies could lack resources to access<br>RELX products of societal benefit; importance<br>of editorial and other standards to ensure<br>quality content<br>4 6 7 8 9 12<br>Privacy-related<br>impacts<br>Robust data privacy and security policies and<br>procedures to avoid unauthorised access to<br>personally identifiable information (PII) to build<br>trust with stakeholders, avoid litigation and fines<br>and reputational damage or opposite<br>Requirement for transparent and responsible<br>management of personally identifiable<br>information (PII) used in some RELX products<br>(e.g., to avert fraud, reduce insurance risk, etc.)<br>4 6 7 8 9 12<br>Financial and societal<br>inclusion of<br>consumers and<br>end-users<br>Product offerings aligned with the UN<br>Sustainable Development Goals can support<br>research, policy and financial inclusion<br>RELX products and services such as credit<br>referencing and fraud prevention enable<br>effective operation of financial systems and act<br>as a spur to sustainable development<br>4 6 7 8 9 12<br>G1 – Business conduct<br>Business conduct Effective governance policies and procedures<br>build trust with stakeholders, avoid litigation and<br>fines and reputational damage or opposite<br>Legal requirements and ethical considerations<br>require high standards of business<br>performance overseen by Board<br>4 10 11<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Sustainability statement
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216 RELX Annual Report 2025	Financial statements and other information<br>The following table details the key policies relating to the IROs outlined above.<br>Description of policy<br>Scope and<br>exclusions<br>Most senior person<br>accountable for<br>implementation<br>ofPolicy<br>Oversight and<br>monitoring (Forum/<br>committee and<br>relevant chair) Targets (if applicable)<br>1 Global Environmental Policy<br>Commits RELX to minimising its contribution to climate<br>change, in line with the scale of action deemed necessary by<br>science. This commitment requires environmental targets<br>which address climate change mitigation through the<br>reduction of absolute carbon emissions and purchase of<br>renewable energy, climate adaptation through reducing<br>energy consumption and improving energy efficiency,<br>and other measures such as the use of sustainable papers.<br>Whole<br>business with<br>no exclusions<br>Global Head of<br>Corporate<br>Responsibility<br>RELX Environmental<br>Checkpoint Group<br>chaired by CFO<br>Our approved SBTi targets are:<br>(1) Reduce absolute Scope 1<br>and Scope 2 (location-based)<br>carbon emissions by 56% in<br>2030 from a 2018 base year<br>(2) Reduce absolute Scope 3<br>carbon emissions from<br>purchased goods and<br>services, capital goods,<br>business travel and employee<br>commuting by 30% in 2030<br>against a 2018 base year<br>2 Recruitment and Selection Policy<br>Includes job criteria and qualification assessment, use<br>oftests, the recruitment process, sourcing applicants,<br>eligibility to apply for internal vacancies, candidate screening,<br>job offers, background checks and re-location support.<br>All<br>employees<br>Global Head of<br>Talent Acquisition<br>HR Leadership Team<br>3 Inclusion Policy<br>Promotes equal opportunities, advances inclusion. All<br>employees<br>Chief HR Officer Approved by<br>theBoard<br>4 RELX Code of Ethics and Business Conduct (the Code)<br>Sets the standards of behaviour for all RELX employees.<br>Among other topics, the Code addresses acting with integrity,<br>fair competition, respect for human rights, anti-bribery,<br>conflicts of interest, employment practices, data protection<br>and appropriate use of company property and information.<br>It also encourages reporting of violations – with an<br>anonymous reporting option where legally permissible.<br>All<br>employees<br>Chief Compliance<br>Officer<br>Approved by<br>theBoard<br>5 Supplier Code of Conduct (Supplier Code)<br>Sets expectations for all RELX suppliers to commit to<br>standards that ensure legal, ethical and responsible<br>conductin all operations, safety, respect for the rights<br>of allindividuals including protection of human rights and<br>fair and non-discriminatory labour practices and respect<br>and care for the environment.<br>Requested of<br>all suppliers<br>VP Global<br>Procurement<br>RELX Corporate<br>Responsibility<br>(CR) Forum<br>(1) Achieve 6,350 supplier<br>signatories to our Supplier<br>Code of Conduct in 2025<br>(2) Complete 125 supplier<br>audits in 2025<br>6 Responsible AI Principles<br>When designing, developing and deploying machine-driven<br>insights the principles set out our commitment to consider<br>the real-world impact of solutions on people, take action to<br>prevent the creation or reinforcement of unfair bias, explain<br>how solutions work, create accountability through human<br>oversight and respect privacy and champion robust<br>data governance.<br>RELX<br>employees<br>working on<br>machine-driven<br>insights<br>Chief Technology<br>Officers<br>Responsible AI<br>Working Group<br>7 Privacy Principles<br>Commitment to proper collection, use and handling of<br>personal information. Principles guide our approach to data<br>protection and privacy, covering accountability, design,<br>purpose, transparency, choice, access, accuracy, security<br>and disposal. Supplemental privacy policies and guidelines<br>support the Principles.<br>All<br>employees<br>and<br>contractors<br>handling PII<br>for RELX<br>Chief Privacy<br>Officer<br>Legal leadership<br>team
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217<br>Description of policy<br>Scope and<br>exclusions<br>Most senior person<br>accountable for<br>implementation<br>ofPolicy<br>Oversight and<br>monitoring (Forum/<br>committee and<br>relevant chair) Targets (if applicable)<br>8 Information Security Policy<br>Outlines controls to protect Company information and<br>preserve its confidentiality, integrity and availability for<br>ongoing operational use<br>All<br>employees<br>Head of<br>Information<br>Assurance and<br>Data Protection<br>Information Security<br>Council<br>9 Editorial Policy<br>Outlines the principles of editorial independence and our<br>responsibility to produce high quality information and our<br>commitment to universal, sustainable access to information.<br>All<br>employees<br>Global Head of<br>Corporate<br>Responsibility<br>CR Forum and<br>Editorial Policy<br>Working Group<br>10 RELX Reporting Concerns Policy<br>Explains the process for reporting suspected violations<br>oftheCode, Code-related policies, or the law (‘concerns’).<br>The purpose of this policy is to encourage the reporting of<br>suspected misconduct, provide examples of the types of<br>concerns that should be reported, and explains the avenues<br>available to report concerns. This policy also describes how<br>RELX investigates concerns reported by employees and<br>non-employees.<br>All<br>employees<br>Chief Compliance<br>Officer<br>RELX Compliance<br>Committee<br>11 Preventing Bribery and Corruption Policy<br>Prohibits bribery and corruption and sets the standards for<br>complying with anti-bribery laws.<br>All<br>employees<br>Chief Compliance<br>Officer<br>RELX Compliance<br>Committee<br>12 Accessibility Policy<br>Outlines our commitment to ensuring products and services<br>are accessible and easy to use for everyone by using industry<br>standards and tools for embedding accessibility into our<br>products and business operations.<br>All<br>employees<br>Global Head of<br>Corporate<br>Responsibility<br>RELX CR Forum and<br>RELX Accessibility<br>Working Group<br>Due Diligence (GOV-4)<br>The core elements of our due diligence process with regard<br>to sustainability matters are signposted below.<br>Core elements of due diligence Pages in the sustainability statements<br>a) Embedding due diligence in<br>governance, strategy and<br>business model<br>209, 211<br>b) Engaging with affected<br>stakeholders in all key steps<br>of the due diligence<br>212-213<br>c) Identifying and assessing<br>adverse impacts<br>213-215<br>d) Taking actions to address those<br>adverse impacts<br>218, 224, 226, 227, 229<br>e) Tracking the effectiveness of<br>these efforts and communicating 217<br>The RELX Operating and Governance Principles set out the<br>processes, policies, controls and related assurance activities that<br>have been put in place to mitigate risk and serve as a first point of<br>reference for management. They also provide our workforce with<br>the corporate policies and practices with which they must comply.<br>The Principles are reviewed, updated and approved by the Board<br>every two years.<br>The process used to identify, assess, prioritise and monitor risks and<br>opportunities that have or may have financial effects was aligned with<br>the RELX risk assessment process and informed by RELX’s Head<br>of Insurance and Risk with review by the Audit Committee.<br>For details on our risk management framework including risk<br>identification, evaluation and management and consideration of<br>current and emerging risks see page 72. We also consider climate<br>risk in our Taskforce on Climate-related Financial Disclosure<br>(pages 235-240).<br>All risks, including those with a sustainability dimension,<br>are considered as part of the RELX risk management process,<br>and those that meet a financial materiality test are identified as<br>principal risks including data privacy and cybersecurity; customer<br>acceptance of our products; talent; supply chain dependencies;<br>and ethics more generally.<br>The RELX Code of Ethics and Business Conduct states that before<br>engaging a third-party who will be acting on behalf of RELX<br>appropriate due diligence must be conducted in accordance with<br>the RELX Preventing Bribery Due Diligence Guidance and related<br>materials. We also consider potential impacts when entering into<br>other business relationships, such as joint ventures.<br>The process to identify, assess and manage opportunities is<br>integrated into our overall management processes including<br>business area strategy teams and the RELX Sustainability<br>Product Group and similar networks.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview<br>RELX Annual Report 2025	Sustainability statement
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Material IROs (ESRS 2 SBM-3)<br>We strive to reduce our environmental footprint across the<br>company and value chain and have achieved an 87% reduction<br>in Scope 1 and Scope 2 (location-based) carbon emissions since<br>2010. Carbon emissions associated with our business activities,<br>such as electricity consumption or emissions from suppliers,<br>contribute to climate change. While the DMA did not find carbon<br>emissions to be material to RELX based on the volume of<br>emissions, they have been included due to their importance<br>for investors and other stakeholders as indicated inESRS 2,<br>page 214.<br>As described above and detailed on page 72, IROs have been<br>identified through the risk assessment process; the certified<br>ISO14001 Environmental Management System and through<br>working groups such as the CR Forum and other networks.<br>For an outline of the process to identify risks and details of<br>our transition and physical risks see the RELX TCFD statement<br>on page 235. No climate-related risks, whether physical or<br>transitional, have been identified as material. As no climate-related risks were found to be material, there are no critical<br>climate assumptions in the financial statements.<br>For a detailed description of the three possible future climate<br>change related scenarios that we have considered, please see<br>page 237. While there may be some potential incremental cost<br>to ensure our operational resilience associated with some of<br>these scenarios, in the context of RELX’s overall cost base,<br>we would not expect any such incremental cost to be significant.<br>We believe our strategy will be resilient even in the most<br>challenging future scenario.<br>Governance<br>As RELX’s senior environmental champion, the CFO leads the<br>RELX Environmental Checkpoint Group which sets strategy and<br>targets for measuring and reducing the company’s environmental<br>impact. The Group monitors performance throughout the year,<br>tracking emissions across all scopes and performance relative<br>to our targets.<br>Management in each operational area support our environmental<br>goals. They are responsible for ensuring the continuity of our<br>operations, including resilience in response to potential events<br>caused by extreme weather. The RELX Business Continuity Forum<br>brings together specialists from across the company to identify<br>risks, assess continuity and incident response plans, learn from<br>incidents and share best practice.<br>We recognise climate change intersects with other environmental<br>and sustainability issues. For this reason, climate change is also<br>considered by the RELX Corporate Responsibility (CR) Forum,<br>with oversight by the Head of Corporate Affairs who reports<br>directly to the CEO, and led by the Global Head of Corporate<br>Responsibility. The CR Forum meets twice per year and is<br>comprised of key executives, including function heads, among<br>others, from across theCompany.<br>ESRS E1 Climate change<br>Integration of sustainability-related performance in incentive<br>schemes (Gov-3)<br>For a description of how sustainability related performance<br>considerations are incorporated into the remuneration<br>ofExecutive Directors, see pages 100-120.<br>Strategy<br>Policies related to climate change mitigation and adaptation<br>(E1-2)<br>We have a Global Environmental Policy, for more information<br>see page 216. Through this policy the company is committed<br>to supporting the aims of the Paris Climate Agreement, to<br>maintaining a certified ISO14001 environmental management<br>system and to responsible engagement with stakeholders such<br>as customers, suppliers and contractors.<br>In the year, a number of actions were conducted covering the<br>entire business. The annual external audit was conducted to<br>maintain certification of the Group-wide ISO14001 environmental<br>management system, with the company recommended for<br>continued certification; quarterly Environmental Checkpoint<br>meetings were held to monitor performance throughout the year,<br>and to make decisions and plans relating to performance and<br>strategy. No additional financial resources were required to<br>complete the actions.<br>Targets related to climate change mitigation and adaptation<br>(E1-4)<br>RELX has a validated near-term science-based carbon emissions<br>reduction target. The target was defined using the Science Based<br>Targets Initiative (SBTi) methodology v5.1 and in 2024 was<br>validated by SBTi as aligned with the 1.5°C pathway. Emissions<br>reductions targets apply to the same Scope 1 and Scope 2<br>boundary as our emissions reporting and Scope 3 emissions<br>boundary align with the SBTi requirements. In setting targets,<br>we have assumed there would be no significant change to our<br>business model or other factors over the target period. Of the<br>emissions covered by the Scope 1 and 2 (location-based)<br>emissions reduction target in the year, 9% are from Scope 1<br>and 91% are from Scope 2. The significant Scope 3 categories<br>identified, based on the size of emissions and their inclusion in<br>the Scope 3 emissions reduction target are: Category 1 Purchased<br>Goods and Services (also incorporating Category 2 Capital Goods),<br>Category 6 Business Travel and Category 7 Employee Commuting.<br>Our primary climate action focus is reducing emissions.<br>Our approved SBTi targets are detailed on page 216.<br>Transition plan for climate change mitigation (E1-1) and Actions<br>and resources in relation to climate change policies (E1-3)<br>Performance against our Net Zero Transition Plan is<br>reviewed in quarterly Environmental Checkpoint meetings.<br>Management in each business area identifies customer needs<br>and develops relevant products to address climate change.<br>218 RELX Annual Report 2025	Financial statements and other information
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These include launching and advancing scientific journals<br>with articles on climate change, energy efficiency, and other<br>climate-related topics; providing data and analytics that support<br>customers in reducing their environmental impact; providing<br>information and analytics on climate law and regulations; and<br>holding exhibitions focused on renewable energy and low<br>carbon solutions.<br>As a low impact business, RELX does not assign specific capital<br>expenditure for climate mitigation and adaptation activities.<br>Mitigation activities, such as energy efficiency and environmental<br>management system certification, are part of standard operating<br>expenses. As no significant CapEx is required, this is not expected<br>to restrict climate action. RELX has no EU Taxonomy-aligned<br>activities against which to disclose specific CapEx spend and<br>does not foresee its economic activities changing sufficiently<br>to encompass taxonomy-aligned activities.<br>RELX is not excluded from the Paris-aligned benchmarks (EU)<br>2020/1818 and does not have carbon intensive assets or products,<br>therefore no significant locked-in emissions are associated with<br>its assets and products.<br>See our TCFD disclosure on pages 235-240 for details of our<br>strategy to address climate-related risks. Our principal risks<br>are described on pages 72-76.<br>Energy consumption and mix (E1-5)<br>ENERGY CONSUMPTION AND MIX (MWH) 2024 2025<br>Total energy consumption from fossil sources 13,471 9,385<br>Purchased heat 1,509 461<br>Total electricity from renewable sources 60,853 40,684<br>Total electricity from non-renewable sources 16,603 9,597<br>Internal carbon pricing (E1-8)<br>RELX operates a real internal carbon pricing scheme, levying a fee<br>on Scope 1, Scope 2 and certain Scope 3 emissions categories for<br>all RELX businesses globally. For more information see our TCFD<br>disclosure on pages 235-240.<br>Actions<br>1 Reduce office space footprint and improve energy efficiency<br>2 Migration away from RELX data centres to more efficient cloud services<br>3 Set science based carbon reductions targets aligned to 1.5°C<br>4 Migration of car fleet to electric vehicles<br>5 Renewable energy purchases become increasingly market specific<br>6 Purchase of carbon removals for residual emissions<br>Actions<br>1 Supplier Code of Conduct including environmental responsibility<br>2 Value chain reporting and engagement<br>3 Supplier carbon reduction target setting and monitoring<br>4 Encourage supplier renewable energy purchases<br>5 Purchase of carbon removals for residual emissions<br>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<br>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<br>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<br>emissions reductions within the year. Consistent with our carbon reduction targets, the chart above shows location-based emissions until 2030 and market-based<br>emissions thereafter.<br>0 0<br>300K<br>600K<br>90K<br>180K<br>2010 2015 2020 2025 2030 2035 2040 2045 2050 2010 2015 2020 2025 2030 2035 2040 2045 2050<br>RELX net zero transition plan Supply chain net zero transition plan<br>Scope 1 + 2 emissions Scope 3 emissions Emissions Scope 1 &2 tCO2e Emissions Scope 3 tCO2e<br>We aim to achieve net zero<br>by 2040 at the latest<br>Actions<br>Year Year Actions<br>1<br>2<br>3<br>4<br>5<br>We aim to achieve net zero<br>by 2040 at the latest<br>1<br>2<br>3<br>4<br>5<br>6<br>RELX Annual Report 2025	Sustainability statement 219<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Gross Scopes 1, 2, 3 and Total GHG emissions (E1-6)<br>2018 (base<br>year) 2024 2025<br>% change<br>2025 v 2024<br>Gross Scope 1 emissions (tCO2e)* 8,126 2,703 1,966 -27%<br>Gross location-based Scope 2 emissions (tCO2e) 75,194 29,989 19,500 -35%<br>Gross market-based Scope 2 emissions (tCO2e) 16,818 6,971 5,294 -24%<br>Total Scope 1 + Scope 2 (location-based) emissions tCO2e 83,320 32,692 21,466 -34%<br>Category 1: Purchased goods and services (incl. capital goods) (tCO2e) † 405,000 272,000 271,000 0%<br>Category 6: Business travel (tCO2e) 69,664 19,594 24,238 24%<br>Category 7: Employee commuting (tCO2e) 24,000 5,900 5,900 0%<br>Total gross indirect (Scope 3) emissions (tCO2e)* 498,664 297,494 301,138 1%<br>Total carbon emissions (location-based) (tCO2e) 581,984 330,186 322,604 -2%<br>Total carbon emissions (market-based) (tCO2e) 523,608 307,168 308,398 0%<br>* In all years, 0% of Scope 1 emissions were regulated under an emissions trading scheme<br> Market-based emissions account for renewable energy consumed in the market where it is purchased as zero carbon, representing 81% of global electricity consumption<br>* Categories in scope of science-based emissions reduction targets. Base year emissions estimated using a Scope 3 screening methodology before our current reporting<br>methodology was developed<br>† Includes estimated upstream emissions of approximately 220,000 tCO2<br>e in the year<br>RELX’s reporting methodology and guidelines are available at www.relx.com/additional-cr-resources.<br>GHG INTENSITY PER NET REVENUE 2024 2025 % change<br>Revenue (GBPm) (see note 2 in the financial statements) 9,434 9,590 2%<br>Total emissions (location-based) per net revenue (tCO2e/GBPm) 35.00 33.64 -4%<br>Total emissions (market-based) per net revenue (tCO2e/GBPm) 32.56 32.16 -1%<br>220 RELX Annual Report 2025	Financial statements and other information
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EU Taxonomy disclosures<br>The EU Taxonomy (Regulation (EU) 2020/852) and Delegated Acts<br>are a framework to classify turnover, capital expenditure and<br>operating expenditure against a defined list of economic activities<br>which support the European Union’s sustainability objectives.<br>Eligibility and alignment<br>An activity listed in the Delegated Acts is Taxonomy-eligible.<br>This activity is deemed to be Taxonomy-aligned if it meets<br>specified technical criteria, does no significant harm (DNSH) and<br>meets other social specifications. We conducted an initial scoping<br>to identify those activities with potential relevance to our business.<br>These activities were then reviewed to determine whether any<br>ofthe KPIs were eligible.<br>We have applied a strict interpretation of each activity to ensure<br>a conservative approach to claiming eligibility of KPIs under the<br>EU Taxonomy. This means RELX products and services may not<br>be eligible for the EU Taxonomy due to the type of product, despite<br>containing content pertinent to sustainability. This approach will<br>be reviewed each year as industry understanding and standard<br>practice develops.<br>Turnover<br>Turnover arises from the provision of products and services under<br>contracts with customers and is reconciled to revenue in the<br>financial statements as shown in note 2.<br>Capital expenditure<br>Capital expenditure includes additions to property, plant and<br>equipment and is reconciled to capital expenditure in the financial<br>statements as shown in notes 14, 16 and 22.<br>Operating expenditure<br>Operating expenditure, as defined by the EU Taxonomy, does not<br>reconcile directly to the financial statements. See the Operating<br>Expenditure table below for further details.<br>Turnover related to EU Taxonomy activities<br>Substantial contribution criteria DNSH criteria<br>Economic activities Code(s)<br>Absolute<br>turnover<br>Proportion<br>of<br>turnover<br>Climate<br>change<br>mitigation<br>Climate<br>change<br>adapt-ation<br>Water<br>and<br>marine<br>resources<br>Circular<br>economy Pollution<br>Biodiver-sity and<br>ecosys-tems<br>Climate<br>change<br>mitigation<br>Climate<br>change<br>adapt-ation<br>Water and<br>marine<br>resources<br>Circular<br>economy Pollution<br>Biodiver-sity and<br>ecosys-tems<br>Minimum<br>safe-guards<br>Taxonomy<br>aligned<br>propor-tion of<br>turnover<br>Year N<br>Taxonomy<br>aligned<br>propor-tion of<br>turnover<br>Year N-1<br>Category<br>(enabling<br>activity)<br>Category<br>(transi-tional<br>activity)<br>GBPm % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T<br>A. TAXONOMY-ELIGIBLE ACTIVITIES<br>A.1 Environmentally-sustainable activities (Taxonomy-aligned)<br>Turnover of environmentally<br>sustainable activities<br>(Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>A.2 Taxonomy-eligible but not environmentally<br>sustainable activities (not Taxonomy-aligned<br>activities)<br>Turnover of not<br>environmentally-sustainable<br>activities (not Taxonomy-aligned) (A.2) 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>Total turnover of<br>Taxonomy-eligible activities<br>(A.1 + A.2) 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>B. TAXONOMY-NON-ELIGIBLE ACTIVITIES<br>Turnover of Taxonomy-non-eligible activities (B) 9,590 100%<br>Total (A+B) 9,590 100%<br> Activities assessed as potentially relevant include:<br>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.<br>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<br>offering of digital products rather than data centre services.<br>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<br>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.<br>RELX Annual Report 2025	Sustainability statement 221<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Capital expenditure related to EU Taxonomy activities<br>Substantial contribution criteria DNSH criteria<br>Economic activities Code(s)<br>Absolute<br>CapEx<br>Proportion<br>of<br>CapEx<br>Climate<br>change<br>mitigation<br>Climate<br>change<br>adapt-ation<br>Water<br>and<br>marine<br>resources<br>Circular<br>economy Pollution<br>Biodiver-sity and<br>ecosys-tems<br>Climate<br>change<br>mitigation<br>Climate<br>change<br>adapt-ation<br>Water and<br>marine<br>resources<br>Circular<br>economy Pollution<br>Biodiver-sity and<br>ecosys-tems<br>Minimum<br>safe-guards<br>Taxonomy<br>aligned<br>propor-tion of<br>CapEx<br>Year N<br>Taxonomy<br>aligned<br>propor-tion of<br>CapEx<br>Year N-1<br>Category<br>(enabling<br>activity)<br>Category<br>(transi-tional<br>activity)<br>GBPm % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T<br>A. TAXONOMY-ELIGIBLE ACTIVITIES<br>A.1 Environmentally sustainable activities (Taxonomy-aligned)<br>CapEx of environmentally<br>sustainable activities<br>(Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>A.2 Taxonomy-eligible but not environmentally<br>sustainable activities (not Taxonomy-aligned activities)<br>Renovation of existing<br>buildings* 7.2 21 4% 100% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>CapEx of Taxonomy-eligible<br>but notenvironmentally<br>sustainable activities (not<br>Taxonomy-aligned activities)<br>(A.2) 21 4% 100% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>Total CapEx of<br>Taxonomy-eligible activities<br>(A.1 + A.2) 21 4% 100% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>B. TAXONOMY-NON-ELIGIBLE ACTIVITIES<br>CapEx of Taxonomy-non-eligible activities (B)** 541 96%<br>Total (A+B) 562 100%<br>* The eligible capital expenditure shown comprises office renovation projects and projects related to plant, fixtures and fittings. The proportion of spend on the energy<br>efficiency elements of the projects is not separately monitored and so this figure represents the spend on the wider projects and equipment. Capital expenditure<br>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.<br>** Non-eligible capital expenditure includes rights of use assets.<br>Operating expenditure related to EU Taxonomy activities<br>Substantial contribution criteria DNSH criteria<br>Economic activities Code(s)<br>Absolute<br>OpEx<br>Proportion<br>of<br>OpEx<br>Climate<br>change<br>mitigation<br>Climate<br>change<br>adapt-ation<br>Water<br>and<br>marine<br>resources<br>Circular<br>economy Pollution<br>Biodiver-sity and<br>ecosys-tems<br>Climate<br>change<br>mitigation<br>Climate<br>change<br>adapt-ation<br>Water and<br>marine<br>resources<br>Circular<br>economy Pollution<br>Biodiver-sity and<br>ecosys-tems<br>Minimum<br>safe-guards<br>Taxonomy<br>aligned<br>propor-tion of<br>OpEx<br>Year N<br>Taxonomy<br>aligned<br>propor-tion of<br>OpEx<br>Year N-1<br>Category<br>(enabling<br>activity)<br>Category<br>(transi-tional<br>activity)<br>GBPm % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T<br>A. TAXONOMY-ELIGIBLE ACTIVITIES<br>A.1 Environmentally sustainable activities (Taxonomy-aligned)<br>OpEx of environmentally<br>sustainable activities<br>(Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>A.2 Taxonomy-eligible but not environmentally<br>sustainable activities (not Taxonomy-aligned activities)<br>OpEx of Taxonomy-eligible<br>but notenvironmentally<br>sustainable activities (not<br>Taxonomy-aligned activities)<br>(A.2) 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>Total OpEx of Taxonomy-eligible activities (A.1 + A.2)* 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% 0% - -<br>B. TAXONOMY-NON-ELIGIBLE ACTIVITIES<br>OpEx of Taxonomy-non-eligible activities (B) 11 100%<br>Total (A+B) 11 100%<br>* Operating expenditure within the EU Taxonomy encompasses: direct non-capitalised costs that relate to research and development, building renovation measures,<br>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<br>ofthese 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.<br>222 RELX Annual Report 2025	Financial statements and other information
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Material IROs (ESRS 2 SBM-3)<br>Our success as a business relies on our ability to recruit,<br>motivate, develop and retain a diverse population of skilled<br>employees and managers. We compete for talent globally and<br>across business sectors in particular for technology and data<br>analytics capabilities. In preparing the Sustainability Statement<br>we have considered all of our direct employees who are likely<br>to be materially impacted. Own workforce material impacts<br>potentially relate to all employees. As a global provider of<br>information-based analytics and decision tools for professional<br>and business customers, RELX attracts and develops highly<br>skilled professionals. Given the nature of our work and workforce,<br>the risk is low for human trafficking and modern slavery in our<br>direct operations.<br>Policies related to own workforce (S1-1)<br>We have a wide range of policies requiring fair and equitable<br>treatment of employees and adherence to relevant laws and<br>standards. For information on key policies relating to own<br>workforce see the table on pages 216-217. Our focus on an<br>inclusive culture, results in a diverse workforce and environment<br>that respects individuals and their contributions. Employees have<br>access to all relevant policies (based on location and business<br>area) through the HR Policy Hub. They also have access to a help<br>library in our HR information system.<br>We aim to hire highly skilled individuals who support our business<br>growth, and our hiring process reflects our commitment to an<br>inclusive workforce. Our Global Head of Talent Acquisition<br>oversees the Talent Acquisition Programme, supported by our<br>Recruitment and Selection Policy (see page 216) and recruitment<br>data is regularly reviewed by senior managers.<br>Hiring Manager training is incorporated into the Manager CORE<br>programme, and our Talent Acquisition Hub equips managers with<br>tools and guidance to identify the best candidates for open roles.<br>Astructured Hiring Manager Toolkit provides interview guides to<br>promote consistency and enable skills‑ and qualifications‑based<br>decision-making.<br>Recruiters also use a dedicated Talent Acquisition SharePoint site<br>to help manage risks associated with candidate, employee, and<br>recruitment processes. Additionally, our employee referral policy<br>enables colleagues to help us attract talent that contributes to our<br>continued growth.<br>We do not have a standalone development policy, however<br>development is available and encouraged for all employees,<br>with a full spectrum of self-service training and development<br>tools accessible online through our HR information system and<br>online learning platform. Managers may also directly enrol team<br>members when specific learning needs are identified. Around<br>51,000 learning experiences are available on-demand, including<br>digital courses, books, audiobooks, lab environments (to allow<br>practice of practical skills) and skills assessment videos along<br>with a range of in-person courses where needed. RELX-specific<br>learning sits alongside industry-standard modules curated<br>by a specialist third party provider and freely accessible to all<br>employees via our intranet. Managers and leaders are active<br>in supporting employee development, through the annual<br>performance cycle and through Organisational Talent Reviews<br>led by our most senior leaders. We have succession planning<br>guidelines available for managers to identify, prioritise and<br>develop employees with advancement potential.<br>Retention is the outcome of a wide range of inputs including<br>(but not limited to) business culture, reward, career opportunity,<br>people manager expertise and trust in leadership. As a result,<br>we do not have a standalone retention policy. We actively seek<br>to identify issues that might jeopardise our ongoing productive<br>relationship with our people and our annual employee survey<br>has measures related to many drivers of retention. Results<br>from the survey allow us to track our effectiveness, with<br>action-planning at a team and business level to drive any<br>necessary remedial action. Our remuneration schemes are<br>designed to attract and motivate the best talent available<br>at an appropriate level of cost, and we continuously benchmark<br>to ensure remuneration remains competitive. For more<br>information on how we monitor pay competitiveness and equity<br>see page 51.<br>We have various processes in place to identify what action is<br>needed and appropriate in response to actual or potential negative<br>impact on our own workforce including our reporting channels<br>described below. Our Code explains how employees should<br>behave in the workplace. The Code specifically prohibits<br>discrimination on the basis of race, colour, creed, religion,<br>national origin, gender, gender identity or expression, sexual<br>orientation, marital status, age, disability, or any other category<br>protected by law. In addition to the Code, theRELX Inclusion Policy<br>aims to promote equal opportunities and advance inclusion.<br>People managers play a vital role in ensuring a positive<br>environment for members of their team, and we provide specific<br>training to build their effectiveness at every stage of their career.<br>RELX also has a number of business specific inclusion and<br>wellbeing programmes including; Elsevier’s Inclusion<br>Programme, LexisNexis Legal and Professional’s Thrive<br>Wellbeing Programme and LexisNexis Legal and Professional<br>Inclusive Global Community Programme.<br>As a signatory of the United Nations Global Compact, we are<br>committed to respecting human rights across our value chain<br>including in our workforce. This commitment is reflected in<br>ourCode which has been informed by the UN Guiding Principles<br>on Business and Human Rights. Our Code covers employment<br>conditions and labour standards. An internal working group<br>is consulted on triennial updates to theCode. For more<br>information on the Code see page 44.<br>Engaging with own workforce (S1-2)<br>Bianca Tetteroo is our Non-Executive Workforce Engagement<br>Director. In this capacity she regularly engages directly with<br>employee representatives from across RELX and reports to<br>theBoard on the progress of RELX’s workforce initiatives and<br>feedback received from her employee engagement. The Board<br>receives regular reports on employee engagement, turnover<br>and demographic analysis, updates on workplace initiatives,<br>and concerns raised through our Code reporting channels.<br>TheBoard takes this information into consideration during<br>wider discussions.<br>Across the business we have various works and staff councils<br>which represent the views of employees at a country and/or a<br>business level. The members of these councils are often elected<br>by employees to represent their views and to discuss topics that<br>matter to the employees they represent. These councils also<br>serve as forums for the business to explain and sometimes<br>consult on future changes. They are important connection<br>points between our businesses and our people.<br>ESRS S1 Own workforce<br>RELX Annual Report 2025	Sustainability statement 223<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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A summary of culture and employee engagement can be<br>found on page 3 and a summary of why effective engagement<br>is important, including how we engage, outcomes and impact,<br>can be found on page 92.<br>We run an annual Employee Opinion Survey pulse and a broader<br>triennial opinion survey, to measure employee sentiment, and<br>all people managers participate in post-survey action planning<br>to help address employee concerns. Results of this survey focus<br>on key metrics including employee net promoter score (eNPS),<br>employee satisfaction and engagement. In 2025 our employee<br>survey received responses from 90% of our global employee<br>population. We take steps to gain insight into the perspectives of<br>people in our own workforce who may be particularly vulnerable<br>to impacts. We have over 100 Employee Resource Groups that<br>allow colleagues to collaborate, advocate and engage<br>communities, furthering inclusion at RELX.<br>Channels for raising concerns (S1-3)<br>The Code sets the standards ofbehaviour for allRELX employees<br>and is reviewed regularly, most recently updated in 2024 and<br>disseminated to all staff in a communication from the CEO.<br>Formore information on the Code see pages 86 and 216. RELX<br>offers several reporting channels for employees to report<br>Code-related concerns, including managers, human resources<br>staff, compliance committee members, company lawyers, and the<br>RELX Integrity Line, available to employees, suppliers and other<br>reporting persons. For more information on the Integrity Line see<br>page 43.Insome regions, grievance mechanisms are also available<br>for employees to raise concerns about their employment.<br>Taking action on material IROs (S1-4)<br>In 2025, we undertook our most recent Employee Opinion Survey<br>pulse across the organisation. An analysis of the results of the<br>survey was presented to the Board in December and confirmed<br>positive trends across all business areas in the key metrics of<br>engagement, advocacy and employee net promoter scores.<br>Board reports from the Chief Human Resources Officer highlight<br>the steps taken to identify, support and develop current and future<br>leaders across the business through Organisational Talent<br>Review and Management Development Planning processes.<br>This focus has seen increased gender diversity across internal<br>succession pipelines. For more information on employee<br>engagement, outcomes and impact see page 92.<br>We have an Inclusion Council consisting of 14 leaders from<br>across the business and run a variety of wellbeing programmes<br>with a network of mental health first aiders. All RELX business<br>units have dedicated programmes to manage inclusion. For<br>example, the Elsevier I&D Forum has five key pillars (Race/<br>Ethnicity, Gender, Sexual Orientation, Disability, Generations)<br>and each pillar has a business champion, executive sponsor<br>andHR leader.<br>RELX places significant emphasis on the way we do business,<br>acting with integrity and in accordance with high ethical<br>standards. We maintain a comprehensive set of policies<br>and procedures in support of the Code and our risk areas which<br>are reviewed and updated periodically to ensure they remain<br>current and effective. For more information on the Code and<br>ourCompliance Programme see pages 216, 217 and 229.<br>Targets (S1-5)<br>Across RELX we have a culture of continuous improvement.<br>Accordingly, we generally do not set specific targets to drive the<br>success of our actions. Rather, we measure effectiveness and<br>track trends to ensure we are improving continually and take<br>remedial action when necessary.<br>Characteristics of employees (S1-6, S1-9)<br>Reporting guidelines and methodology are available on<br> www.relx.com/additional-cr-resources.<br>Employees by gender<br>GENDER<br>Number of employees (FTEs)<br>2024 2025<br>Male 17,000 17,700<br>Female 18,500 19,200<br>Other – –<br>Not reported 900 700<br>Total 36,400 37,600<br>Employees in countries representing at least 10% oftotal<br>number of employees<br>COUNTRY<br>Number of employees (FTEs)<br>2024 2025<br>USA 14,400 13,900<br>UK 5,600 5,500<br>Philippines 5,400 6,000<br>This information aligns with the data reported on page 150 of the financial statements.<br>Employees by contract type, broken down by gender<br>2024 Female Male Unknown<br>Not<br>Declared Total<br>Total (FTEs) 18,500 17,000 900 – 36,400<br>Permanent 17,650 16,680 870 – 35,200<br>Temporary 700 230 10 – 940<br>Fixed contract 150 90 20 – 260<br>2025 Female Male Unknown<br>Not<br>Declared Total<br>Total (FTEs) 19,200 17,700 700 - 37,600<br>Permanent 18,300 17,400 680 - 36,380<br>Temporary 800 200 10 - 1,010<br>Fixed contract 100 100 10 - 210<br>Data is reported at the end of the reporting period.<br>Employees by contract type broken down by region<br>2024 USA UK Philippines<br>Total (FTEs) 14,400 5,600 5,400<br>Permanent 13,500 5,530 5,400<br>Temporary 900 – –<br>Fixed contract – 70 –<br>2025 USA UK Philippines<br>Total (FTEs) 13,900 5,500 6,000<br>Permanent 12,940 5,420 6,000<br>Temporary 960 - -<br>Fixed contract - 80 -<br>224 RELX Annual Report 2025	Financial statements and other information
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Gender distribution of senior leadership<br>TOTAL NUMBER OF SENIOR LEADERS<br>2024 2025<br>Men Women Men Women<br>Number of senior leaders 286 137 280 129<br>% 68 32 69 31<br>Our definition of senior leaders is colleagues with a management grade of 17 or above.<br>Distribution of employees by age group<br>AGE RANGE<br>2024<br>%<br>2025<br>%<br>Under 30 19 19<br>30–50 61 61<br>Over 50 20 20<br>Turnover rates<br>2024 2025<br>Total leavers during reporting period 4,219 4,175<br>Total turnover rate 11.6% 11.1%<br>Voluntary turnover rate 7.7% 7.2%<br>Involuntary turnover rate 3.9% 3.9%<br>Collective bargaining (S1-7, S1-8)<br>In 2025 12% of our employees were covered by a collective<br>bargaining agreement (2024: 12%).<br>Adequate wages and remuneration metrics<br>(S1-10, S1-16)<br>We review employees pay against living wage thresholds annually.<br>The 2025 assessment confirmed that as of year-end we pay all<br>regular employees above the living wage. This was consistent with<br>the results of living wage assessments in 2024.<br>RELX is a UK headquartered company and has published pay ratios<br>and pay gaps according tothe UK legal requirements for a number<br>of years. The UK pay ratio is disclosed on page 111 of the<br>remuneration report and UK pay gaps are published on our website.<br>Pay data and pay gaps on a country level are more meaningful than<br>broad global data which fails to differentiate among pay markets,<br>purchasing power and foreign currency differences.<br>As more guidance is provided, we will review how pay gaps are<br>to be calculated and disclosed. The UK pay ratio is calculated on<br>a total compensation basis, using an established and accepted<br>methodology in the UK and covers 15% of our workforce.<br>Human rights impacts (S1-17)<br>RELX publishes the number of Code of Conduct reports it<br>investigates on a yearly basis as well as the percentage of those<br>reports that are substantiated. For more information see the<br>CRGovernance section, page 43. There were no severe human<br>rights incidents connected with our own workforce during the<br>reporting period.<br>RELX Annual Report 2025	Sustainability statement 225<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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Material IROs (ESRS 2 SBM-3)<br>Material negative impacts in the value chain are neither<br>widespread nor systemic. Where individual incidents occur<br>they are addressed by the supplier audit programme which audits<br>against the Supplier Code. The audit programme also enables<br>us to identify any particular contexts or activities in which value<br>chain workers may be at a greater risk of harm. Any discrepancies<br>or non-compliance found from the audit is addressed through<br>aCorrective Action Plan (CAP) to ensure that suppliers maintain<br>compliance with the standards set forth by the Supplier Code.<br>Areas covered during the audit include labour standards, health &<br>safety, business ethics, and the environment. We also have a risk<br>rating process to identify any geographies or sectors where there<br>is a higher risk of forced labour, regions include Africa, Asia and<br>South America.<br>We have over 1,700 contingent workers who provide support such<br>as editorial, technical, project management, and administration.<br>Contingent workers are engaged through a centralised<br>Group-wide programme, and their providers are subject<br>to ourSupplier Code. When considering impacts on value chain<br>workers we consider workers engaged through our central<br>programme for contingent labour and those of our direct<br>suppliers. We consider value chain workers who may be at an<br>increased risk of workplace injury or forced labour such as those<br>engaged in the construction or dismantling of an exhibition event.<br>Policies related to value chain workers (S2-1)<br>We have a comprehensive Supplier Code of Conduct, available on<br>www.relx.com in 16 languages, which all suppliers are<br>requested to sign. For more information on the Supplier Code of<br>Conduct see the policies table on page 216 and the Supply Chain<br>section on page 56.<br>The Supplier Code requires respect for the rights of all individuals,<br>including protection of human rights. It also specifically<br>addresses involuntary labour, human trafficking and child labour.<br>Suspected violations can be reported to the RELX Socially<br>Responsible Supplier network through a dedicated email address<br>or to RELX’s Integrity Line.<br>Engaging with value chain workers (S2-2),<br>remediation and raising concerns (S2-3)<br>and taking action on IROs (S2-4)<br>The Socially Responsible Supplier Programme mitigates potential<br>impacts on workers in the value chain. We engage a specialist<br>supply chain auditors to conduct audits and assessments on our<br>behalf using their platform. Supplier audits take place throughout<br>the year once a supplier is already established. An audit can be<br>triggered based on the country risk rating, previous audit findings,<br>supplier category risk, request by the business or Global<br>Procurement. For more information on the audit process see the<br>Supply Chain section pages 56-57.<br>The RELX Integrity Line is available for workers in the value chain<br>to report concerns. For more information, see page 43. In 2025<br>we did not receive any reports via the Integrity Line that related to<br>modern slavery. As stated in our Modern Slavery Act Statement,<br>available at www.relx.com, we stand against all forms of<br>slavery and human trafficking. We do not tolerate it in any part of<br>our business, including our supply chain. As aUN Global Compact<br>signatory our Supplier Code is informed by its TenPrinciples<br>related to human rights, fair and non-discriminatory labour<br>practices, the environment, and anti-corruption.<br>Targets (S2-5)<br>We have annual supply chain targets. For 2025 these were to<br>achieve 6,350 supplier signatories to our Supplier Code of Conduct<br>and to complete 125 supplier audits, for performance against<br>these targets see page 57. These targets are group-wide and set<br>to drive continuous improvement. Value chain workers are not<br>involved in the setting of annual targets, these are determined by<br>internal subject matter experts informed by prior year feedback<br>and audit outcomes.<br>ESRS S2 Workers in the value chain<br>226 RELX Annual Report 2025	Financial statements and other information
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Material IROs (ESRS 2 SBM-3)<br>In preparing the Sustainability Statement, no consumers or<br>end-users who are likely to be materially impacted have been<br>excluded from the disclosure. RELX’s products and services<br>are typically used by professionals and business customers,<br>posing limited risk of harm or negative impact on vulnerable<br>groups or individuals.<br>RELX makes a positive impact on society through its unique<br>contributions, including protecting society, advancing science<br>and health, promoting the rule of law and access to justice,<br>fostering communities, and providing universal sustainable<br>access to information.<br>Policies related to consumers and end-users<br>(S4-1) and Taking action on IROs (S4-4)<br>We have a range of policies that apply to consumers and<br>end-users. For more details see pages 216-217. These policies,<br>with a direct or indirect impact on consumers and end users, are<br>informed by the UN Guiding Principles on Business and Human<br>Rights, the ILO Declaration on Fundamental Principles and Rights<br>at Work and OECD Guidelines for Multinational Enterprises.<br>The IRO, efficacy of, and trust in, content and services is<br>ensured through the deployment of editorial and other standards.<br>For information on the RELX Editorial Policy see page 217.<br>We ensure awareness of our editorial standards among<br>employees and relevant stakeholders, including relevant<br>suppliers. The RELX Editorial Policy is reviewed annually and<br>its efficacy is assessed by the Editorial Policy Working Group.<br>TheCR Forum identifies appropriate actions and recommends<br>annual objectives and monitors performance against them.<br>Material matters relevant to ESRS S4 cover data privacy and<br>security and artificial intelligence. For more information on<br>theRELX Responsible Artificial Intelligence Principles see<br>page 216.<br>We have robust data privacy and security policies and procedures<br>to avoid unauthorised access to personally identifiable<br>information (PII) to build trust with stakeholders, avoid litigation<br>and fines and reputational damage. For more information on the<br>RELX Privacy Principles and the Information Security Policy see<br>pages 216 and 217.<br>In the year, we conducted privacy and data protection impact<br>assessments and provided related training to employees.<br>Dedicated privacy teams implemented requirements for<br>compliance with global personal data protection regulations.<br>No specific policies have been developed for the following IROs<br>as the positive impact resulting from use of RELX’s products and<br>solutions does not require a policy for effective implementation:<br>Use of products and services for public safety and to promote<br>the rule of law. No additional actions beyond standard<br>day-to-day actions are necessary to support this IRO.<br>Effectiveness is tracked and assessed as part of regular business<br>reviews. Throughout the year, we engaged in numerous efforts<br>to advance the rule of law, including through our support<br>ofthe LexisNexis Rule of Law Foundation.<br>Reduce inequalities and advance knowledge by providing access<br>to information of societal benefit in low and middle-income<br>countries. We provide access to information to benefit low<br>and middle-income countries. Throughout the year, we continued<br>to engage with key partners such as Research4Life and BookAid<br>to expand access to information. Further detail is available<br>on pages 39 and 53. We track the effectiveness of these actions<br>through ongoing engagement with relevant partners.<br>Product offerings aligned with the UN Sustainable Development<br>Goals can support research, policy and financial inclusion.<br>Anetwork of SDG Champions across the business supports our<br>focus on advancing sustainable development. The RELX SDG<br>Resource Centre showcases content in science, law, business<br>and events that can advance the SDGs, drawing on content from<br>across the company and key partners to broaden awareness and<br>understanding of the SDGs by our customers, governments,<br>researchers, companies, NGOs and individuals. We also provide<br>specific products and solutions that generate positive social<br>impact, such as our alternative credit solutions which enable<br>a greater portion of the ‘unbanked’ population or those without<br>a credit record, to access financial products.<br>Engaging with consumers and end-users<br>(S4-2)<br>Management responsibility for customer engagement rests with<br>the Business Area CEOs. Customer acceptance of our products<br>is one of our principal risks, see page 72 for more information.<br>RELX considers the interests of customers and end users at<br>all operational levels across our business. Dedicated sales,<br>customer service and operations teams obtain customer views<br>through regular quantitative and qualitative surveys, interviews<br>and customer training and workshops.<br>Customer metrics, including Net Promoter Score, are regularly<br>reviewed by Business Area CEOs and their direct reports, by<br>geography and sector, to spur continuous improvement in our<br>products and service levels and inform our strategy, business<br>decisions, and product roadmap.<br>We offer comprehensive customer support using multiple<br>channels, including phone, email, chat, and web forms so<br>customers can choose their preferred modes of communication.<br>Support professionals receive training and development to<br>ensure they can respond to inquiries, from troubleshooting<br>access and usability issues to resolving account management<br>and other concerns. We track customer support metrics,<br>including customer satisfaction, first call resolution, and quality.<br>By continuously capturing insights into the markets we serve,<br>evolving customer needs, the potential application of new<br>technologies and business models, and the actions of competitors<br>and disrupters, we inform our strategic and operational priorities.<br>This includes organic investments and strategic acquisitions.<br>(Information about our acquisitions during the year can be found<br>on page 163).<br>We invest significant resources in our products and services, and<br>the infrastructure to support them. Responsibilities for product<br>development encompass numerous colleagues and is overseen<br>by business area CEOs. We leverage user-centred design and<br>agile development methods and customer analytics to invest in<br>new and enhanced technologies to provide content and innovative<br>solutions that help our customers achieve better outcomes and<br>enhance productivity.<br>ESRS S4 Consumers and end users<br>RELX Annual Report 2025	Sustainability statement 227<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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We engage externally to understand the perspectives of<br>potentially vulnerable customers and end-users, where<br>appropriate. For example, we apply best practice from the<br>RELXAccessibility Policy across hundreds of digital products<br>and websites. We work closely with university disability services<br>departments, using surveys and interviews to understand how<br>to better serve students with disabilities. For more information<br>on the RELX Accessibility Policy see page 217.<br>As a global provider of information-based analytics and decision<br>tools for professional and business customers, we adhere to<br>applicable laws and regulation on data protection and privacy.<br>Channels to raise concerns (S4-3)<br>Customers and end-users can report Code-related concerns,<br>including about human rights in relation to RELX operations,<br>through the RELX Integrity Line. In 2025 there were no<br>substantiated human rights matters from our customers or<br>end-users reported through the Integrity Line or other reporting<br>channels. For more information on the Integrity Line see page 43.<br>Reporting persons are protected against retaliation through<br>provisions in our Code ofEthics and Business Conduct, related<br>policies and in accordance with relevant locallegislation.<br>Concerns related to our product offerings or content can be<br>raised directly with sales and customer service representatives<br>or through the mechanisms available on the RELX website.<br>Consumers and end-users are made aware of reporting channels<br>through clear and publicly available information.<br>Targets (S4-5)<br>We set annual objectives that advance positive impacts on<br>consumers and end-users. These objectives are informed by<br>customer engagement metrics and set by our internal Corporate<br>Responsibility Forum. Progress against objectives are reported<br>back to this group twice a year. Targets relating to customers, our<br>unique contributions and our governance structures can be found<br>on page 210.<br>For 2025 our target was to increase the number of unique users<br>ofthe RELX SDG Resource Centre by at least 10,000 additional<br>unique users over the prior year. For performance against these<br>targets see page 41. No targets have been set in relation to other<br>IROs associated with consumers and end-users as the relevant<br>policies have already been adopted across the business and do<br>not require target setting for effective implementation. The use<br>of annual objectives monitored by the CRForum provides<br>necessary momentum.<br>228 RELX Annual Report 2025	Financial statements and other information
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Material IROs (ESRS 2 SBM-3)<br>Effective governance policies and procedures enable us to build<br>our business for long-term sustainable growth, build trust with<br>stakeholders, and avoid reputational damage, litigation and fines.<br>Our culture of integrity demands high ethical standards in the<br>conduct of our business overseen by the Board.<br>Business conduct (G1-1)<br>RELX has a fully engaged Board comprising qualified<br>professionals, with diverse backgrounds, perspectives and skill<br>sets whose range of expertise includes:<br>§ Considerable operational experience gained in a wide range<br>of commercial sectors and industries<br>§ Extensive experience in positions of strategic oversight and<br>ofleading global, complex organisations through periods of<br>transformation and disruption<br>§ A deep understanding of working with big data technologies<br>and of leveraging technology to transform and drive value<br>in a business<br>§ A broad understanding and significant experience with<br>sustainability, risk and corporate governance requirements<br>for international listed companies<br>§ A deep familiarity with the financial and regulatory<br>environment in the UK and US and broad international<br>accounting, finance and tax expertise and acumen<br>§ A proven track record of implementing cultural change<br>within organisations and an understanding of the importance<br>of aligning business success and stakeholder interests<br>Our Board recognises the importance of maintaining high<br>standards of business conduct, which underpins our ability<br>to deliver consistent financial performance, and value to our<br>stakeholders in a manner that is aligned with RELX’s culture of<br>integrity. For information on our corporate culture and how the<br>Board monitors corporate culture see page 88. The Board has<br>oversight responsibility of RELX’s corporate governance,<br>including business conduct, and its role and function is explained<br>in the Corporate governance section (see pages 85-87).<br>Business Conduct is a part of the RELX Compliance Programme.<br>The RELX Chief Compliance Officer oversees the Compliance<br>Programme and presents to the Board once a year and to the<br>Board’s Audit Committee twice a year on alleged and<br>substantiated violations of the Code as well as RELX Compliance<br>Programme activities in legal and compliance key risk areas. The<br>RELX Chief Compliance Officer reports to the RELX Chief Legal<br>Officer and Company Secretary, who is a direct report to the CEO<br>and a member of the RELX Business Leaders. This structure<br>provides oversight of the RELX Compliance function. The RELX<br>Compliance Committee is made up of senior Legal, Compliance,<br>Finance, and HR representatives from RELX and its business<br>areas. Each RELX business area has a compliance committee<br>comprised of senior leaders in the applicable business. These<br>compliance committees also provide oversight over business<br>conduct and implement the compliance programme.<br>The Code requires our leaders and managers to model the Code’s<br>principles and to help employees understand and uphold the<br>Code’s ethical standards.<br>The pillars of our compliance activities include conducting periodic<br>compliance risk assessments; implementing effective policies,<br>procedures, training and communications; overseeing misconduct<br>reporting channels, investigations processes and remediation<br>efforts; and monitoring and auditing internal controls. We engage<br>in a legal and compliance risk assessment twice a year to identify<br>the top legal and compliance risks to the Company. The RELX<br>Operating and Governance Principles further describe the process,<br>policies and controls to manage risk. OurCode sets the standards<br>of behaviour for all RELX employees and is reviewed by the Board<br>every three years. The Code addresses business conduct issues<br>such as fair competition, anti-bribery, conflicts of interest,<br>employment practices, data protection and appropriate use of<br>company property and information. It also encourages reporting<br>of violations – with an anonymous reporting option where<br>legally permissible. We maintain a comprehensive set of other<br>compliance policies and procedures in support of the Code and<br>our risk areas that are reviewed annually. The RELX Compliance<br>Programme is reviewed by an independent third party every three<br>years and assessed internally in years between those independent<br>reviews. Full and part-time employees receive mandatory<br>training on the Code – both as new hires and regularly throughout<br>their employment – on key Code topics such as maintaining a<br>respectful workplace, preventing bribery, competing fairly, and<br>protecting personal and company data. Mandatory training is<br>supplemented by advanced in-person training for those in<br>higher-risk roles or regions.<br>We offer several reporting channels to report Code-related<br>concerns, including managers, human resources staff,<br>Compliance Committee members, Company lawyers as well<br>as the Integrity Line. For more information on reports of violations<br>of the Code and the Integrity Line see page 43.<br>Prevention and detection of corruption<br>and bribery (G1-3, G1-4)<br>To manage bribery risk, RELX maintains a robust anti-bribery<br>compliance programme. RELX maintains and implements its<br>anti-bribery compliance programme at a central level and has<br>developed a suite of compliance tools to support that programme.<br>The centralised compliance team within the Corporate function,<br>led by the Chief Compliance Officer (CCO), and compliance leads<br>within each business area focus on preventing and detecting<br>bribery. The efforts described below are how RELX manages its<br>material impacts, risks and opportunities related to preventing<br>corruption and bribery.<br>We remain diligent in our ongoing efforts to ensure compliance<br>with applicable anti-bribery laws. Our preventing bribery<br>programme includes a policy; due diligence guidance and forms;<br>gifts and entertainment limits; a Gifts and Hospitality Register;<br>an annual all-staff gifts and hospitality certification process;<br>biennial risk assessment; and rules on doing business with<br>Government officials. Each RELX business area conducts<br>risk-based due diligence on certain third parties who represent<br>us or act on our behalf. Such due diligence includes the use of<br>third party-questionnaires, references and detailed electronic<br>searches using a RELX product marketed and sold specifically<br>for this purpose.<br>ESRS G1 Business conduct<br>RELX Annual Report 2025	Sustainability statement 229<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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All employees receive anti-bribery training every other year;<br>training was most recently conducted in 2025. Higher risk<br>functions and regions are identified by the compliance leads and<br>advanced bribery training is deployed to relevant employees in<br>those functions and regions. The functions which tend to receive<br>supplemental anti-bribery training are business development,<br>sales, marketing, government affairs, and procurement. RELX<br>Compliance conducts a biennial Bribery Risk Assessment,<br>designed to ensure that management has clear visibility regarding<br>material inherent bribery risks to the business, as well as the<br>status and effectiveness of ongoing mitigation efforts to address<br>the risks.<br>RELX Compliance conducts a biennial quality review to assess<br>and report on the extent to which each RELX business area follows<br>policy and procedures to ensure that effective due diligence is<br>conducted on their respective intermediary and high-risk<br>distributor populations.<br>RELX has established processes and procedures for<br>investigating bribery-related concerns. RELX Compliance is<br>responsible for investigating or overseeing the investigation<br>of bribery-related allegations that arise in the business areas<br>to ensure objectivity and impartiality. Alternative escalated<br>investigation channels are available if the implicated individual<br>is of a particular level of seniority or other concerns about<br>objectivity are present. These processes include implementing<br>recommendations arising from investigations.<br>The CCO reports violations trends to the Compliance Committees,<br>the Audit Committee, and the Board. RELX has had no convictions,<br>fines, or penalties associated with violating anti-corruption and/or<br>anti-bribery laws in 2024 and 2025.<br>Management of relationships with suppliers<br>(G1-2, G1-6)<br>RELX has a diverse supply chain with suppliers located in over<br>150 countries. These suppliers are spread across multiple<br>categories including technology (e.g. software, cloud,<br>hardware, and telecom), indirect (e.g. consulting, marketing,<br>contingent labour and travel), and direct (e.g. data/content and<br>production services, print/paper/bind, distribution). Our<br>SupplierCode of Conduct terms, committing suppliers to certain<br>social and environmental requirements, are included in RELX<br>contract templates. For more information on the Supplier Code<br>ofConduct see the policies table on page 216 and the Supply Chain<br>section on page 56.<br>Standard payment terms are also included in RELX contract<br>templates and PO terms. RELX’s standard payment terms are<br>net 45 days from receipt of a valid invoice. RELX is committed<br>to paying all suppliers regardless of size within agreed payment<br>terms and our payment practices/operations are designed to pay<br>within the terms contained in the various vendor contracts.<br>The average time to pay an invoice in 2025 was 26 days (2024:<br>25 days). While we aim for consistency across the supply base,<br>different payment terms are sometimes agreed with certain<br>suppliers. The largest volume of suppliers having different<br>terms are STM Editors and Authors who in aggregate account for<br>just under 20% of all supplier payments and were, on average,<br>paid in under 15 days in 2025. This data is based on payments<br>made across our largest finance systems representing over 95%<br>of total invoices paid across the Group.<br>RELX works with numerous suppliers globally and engages in<br>ethical pay practices, as noted above. While at any given time there<br>could be an occasional invoice dispute with a supplier that we work<br>to mutually resolve, such instances are de minimis.<br>Political influence and lobbying activities<br>(G1-5)<br>We engage in public policy discussions when relevant to our<br>business areas. These topics include data security, data privacy,<br>access to quality information, artificial intelligence, and policies<br>that enable and support institutions to identify and combat fraud<br>and corruption at scale. We strive to help policymakers around the<br>world understand our business, innovations and our contributions<br>to the public interest.<br>We engage directly as well as through trade associations, policy<br>organisations and third parties.<br>Lobbying activities are managed by the RELX Government Affairs<br>teams under the oversight of the Director of Corporate Affairs and,<br>in coordination with our legal teams, are vetted, tracked and<br>reported as required by law.<br>RELX is registered in the EU Transparency Register (Registration<br>Number 338398611148-62).<br>The Code and a related supplemental policy also address<br>corporate political contributions. Corporate political<br>contributions are strictly prohibited except in the US, where<br>contributions and activities are permitted in certain US states<br>within allowable limits, if they comply with stringent reporting<br>and disclosure regulations. RELX Inc. corporate political<br>contributions require senior level review and approval and are<br>reported as required by law. In 2025, RELX Inc. made $137,000<br>of political contributions (2024: $198,000 in 2024) in states<br>where permissible and made no in-kind political contributions.<br>Corporate contributions are made on a bipartisan basis and<br>no funds are donated for presidential campaigns or any other<br>federal-level campaigns.<br>We define the administrative, management and supervisory<br>bodies as the Board and senior executives. No members of these<br>bodies have held comparable positions in public administration<br>in the two years preceding their appointment. See pages 80-81<br>for current and past appointments of board members.<br>230 RELX Annual Report 2025	Financial statements and other information
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Information incorporated by reference<br>The following disclosure requirements are incorporated by reference to other parts of the Annual Report:<br>Standard Disclosure requirement AR Page<br>ESRS 2 SBM-1 Total revenue 145<br>ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes 100-120<br>ESRS 2 GOV-5 Description of scope, main features and components of risk management and internal control<br>processes and systems in relation to sustainability reporting<br>72<br>ESRS 2 SBM-1 Number of employees (head count) by geography 150<br>ESRS 2 SBM-2 Description of stakeholder engagement 91-94<br>ESRS 2 GOV-1 Diversity of the Board and Executive Management 98<br>ESRS E1 SBM-3 Type of climate-related risk 238-240<br>ESRS E1 SBM-3 Climate resilience analysis 237<br>ESRS E1 SBM-3 Time horizons applied for resilience analysis 235<br>ESRS E1 GOV-3 Disclosure of whether and how climate-related considerations are factored into remuneration<br>of members of administrative, management and supervisory bodies<br>104<br>ESRS E1 IRO-1 The undertaking shall describe the process to identify and assess climate-related impacts,<br>risks and opportunities<br>72, 238<br>ESRS E1 IRO-1 Explanation of how climate-related scenario analysis has been used to inform identification<br>and assessment of physical risks over short, medium and long-term<br>237<br>ESRS E1-8 Carbon pricing scheme by type 238<br>ESRS S1-17 Number of complaints filed through channels for people in own workforce to raise concerns 43<br>ESRS S2-1 Disclosure of general approach in relation to respect for human rights relevant to value<br>chain workers<br>56-57<br>ESRS S2-1 Disclosure of general approach in relation to measures to provide and (or) enable remedy for human<br>rights impacts<br>56-57<br>ESRS S2-1 Disclosure of extent and indication of nature of cases of non-respect of the UN Guiding Principles<br>onBusiness and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work<br>orOECD Guidelines for Multinational Enterprises that involve value chain workers<br>56-57<br>ESRS S2-2 The undertaking shall disclose whether and how the perspectives of value chain workers inform<br>its decisions or activities aimed at managing the actual and potential impacts on value chain workers<br>56-57<br>ESRS S2-3 Disclosure of processes through which undertaking supports or requires availability of channels 43, 56-57<br>ESRS S2-3 Disclosure of whether and how it is assessed that value chain workers are aware of and trust<br>structures or processes as way to raise their concerns or needs and have them addressed<br> Policies regarding protection against retaliation for individuals that use channels to raise concerns<br>or needs are in place<br>56-57<br>ESRS S2-4 Taking action on material impacts on value chain workers, and approaches to managing material<br>risks and pursuing material opportunities related to value chain workers, and effectiveness of<br>those actions<br>56-57<br>ESRS S2-4 Description of processes to identifying what action is needed and appropriate in response to<br>particular actual or potential material negative impact on value chain workers<br>56-57<br>ESRS S2-5 Performance against targets set to manage material IROs related to value chain workers 57<br>ESRS S4-3 Disclosure of processes through which undertaking supports or requires availability of channels<br>Disclosure of how issues raised and addressed are tracked and monitored and how effectiveness<br>of channels is ensured<br>43<br>ESRS S4-5 Performance against targets set to manage material IROs relating to consumers and end-users 41<br>ESRS GOV-1 The role of the administrative, management and supervisory bodies 85-86<br>ESRS G1-1 Description of how the undertaking establishes, develops, promotes and evaluates its corporate<br>culture<br>88<br>ESRS G1-1 Description of the mechanisms for identifying, reporting and investigating concerns about unlawful<br>behaviour or behaviour in contradiction of its code of conduct or similar internal rules<br>43<br>ESRS G1-1 Disclosure of safeguards for reporting irregularities including whistleblowing protection<br>Undertaking is committed to investigate business conduct incidents promptly, independently<br>and objectively<br>43<br>RELX Annual Report 2025	Sustainability statement 231<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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RELX Annual Report 2025	Independent assurance statement 235<br>CR Disclosure Standards 1<br>Taskforce on Climate-related Financial Disclosure<br>RELX makes the following disclosures, consistent with<br>the recommendations of the Taskforce on Climate-related<br>FinancialDisclosure (TCFD) All Sector Guidance as required<br>by the UK Listing Rules (Disclosure of Climate-Related<br>FinancialInformation) (No 2) Instrument 2021.<br>I. Governance<br>a. Board oversight of climate-related risks and opportunities<br>This statement has been reviewed and approved by the Board.<br>The RELX Board oversees the internal controls and risk<br>management practices as described on page 72. In addition,<br>climate risk and opportunity is subject to our CR governance<br>processes, see page 42. During 2025, the Company’s management<br>of its climate change risks and opportunities was reviewed by the<br>Board through discussions with and papers from the Chief<br>Financial Officer (CFO), who is responsible to the Board for<br>performance against climate targets; the Global Head<br>ofCorporate Responsibility; and the Head of Group Insurance<br>andRisk, as part of theRELX Audit Committee review of the<br>Company’s risk management process.<br>The Board has concluded from these reviews, that climate change<br>has no material impact on RELX’s business in the short term and<br>will be unlikely to have a significant impact in the medium and<br>longer term. This is based on the review of RELX’s low sector<br>exposure to climate change and consideration of climate change by<br>the business in its strategy, activities, policies, annual budgets, and<br>business plans, setting and monitoring of performance objectives,<br>major capital expenditures, acquisitions and divestitures.<br>During 2025, the company continued to mitigate the effect of<br>transition and physical climate change risks as described in this<br>statement and in the Corporate Responsibility Report.<br>b. Management’s role in assessing and managing climate-related risks and opportunities<br>Management in each business area is responsible for identifying<br>customer needs and developing relevant products related to<br>climate change. This ranges from launching and advancing<br>scientific journals with articles on climate change, energy<br>efficiency, and other climate-related topics; providing data and<br>analytics that support customers in reducing their environmental<br>impact; providing information and analytics on laws and<br>regulations related to the environment; and holding exhibitions<br>focused on renewable energy and low carbon solutions.<br>Management is informed about climate-issues through quarterly<br>business climate reporting, the certified ISO14001 Environmental<br>Management System and by engagement with internal and<br>external networks.<br>For further detail of management’s role in assessing and<br>managing climate related risks and opportunities, please see the<br>Governance section of the Sustainability Statement on page 211.<br>II. Strategy<br>a. Climate-related risks and opportunities in the short,<br>medium, and long term<br>While we are in a low carbon intensive sector, the Board and the<br>Environmental Checkpoint Committee continued to consider our<br>climate-related risks and opportunities based on the scenarios in<br>section c below. Examples of our findings for various timeframes<br>are outlined below. The long-term time horizon aligns with the<br>timeframe of the Paris Climate Agreement and the medium-term<br>with our ambition to achieve net zero by 2040.<br>Short (<10 years) – Transition risks: Policy and legal requirements<br>relative to climate change will continue to increase, particularly in<br>the area of climate change related disclosures. As an opportunity<br>we anticipate increasing customer and stakeholder interest in our<br>products and services that help customers accelerate the green<br>transition in carbon intensive and other industries. Physical risks:<br>Variability in weather patterns and more frequent extreme<br>weather events mean we must advance both mitigation and<br>adaptation strategies, including through our business continuity<br>planning. See page 239 for further information on TCFD risks.<br>Medium (10 to 20 years) – Transition risks: There will likely be<br>increased pricing of GHG emissions and enhanced reporting<br>obligations, particularly in areas like supply chain emissions;<br>reputational damage could result if we do not show medium-term<br>results for meeting our obligations as a signatory of The Climate<br>Pledge and similar initiatives. Physical risks: Gradual increase of<br>average temperatures will affect businesses we operate in some<br>locations more than others, so we are developing country and<br>local response plans; mean temperature rise will likely affect our<br>suppliers as well and we will continue our due diligence related to<br>exposure in our supply chain.<br>Long term (20 years +) – Transition risks: Stigmatisation could<br>result if our products and services are not seen as part of the<br>solution to climate change; this creates an opportunity for us to<br>increase offerings that support a lower carbon future. Physical<br>risks: Sea level rise will be varying but worse under the business<br>as usual scenario which will increase risk of business interruption<br>and damage to property; we recognise that this must be part of our<br>planning for the places where we will operate.<br>Risks and opportunities have been identified through the risk<br>management process, as described in Governance above<br>and detailed on page 72, and through working groups such<br>as the Corporate Responsibility Product Group, CR Forum<br>and other networks.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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236 RELX Annual Report 2025	Financial statements and other information<br>Our carbon action hierarchy is to first, reduce our carbon<br>emissions; second, to purchase increasing amounts of green<br>tariff energy as availability improves in global markets where<br>we operate; and third, to purchase certified renewable energy<br>certificates where necessary. Our performance reporting is<br>based on our gross emissions. RELX is committed to achieving<br>net zero emissions following our carbon action hierarchy across<br>all Scopes by 2040 at the latest, including through our<br>participation in The Climate Pledge.<br>b. Impact of climate-related risks and opportunities on our<br>business, strategy, and financial planning<br>In 2025, energy represented less than 1% of the RELX cost base.<br>Although energy costs, and associated carbon costs, may<br>increase substantially, the impact on RELX’s financial results<br>is likely to remain limited and will not have a material impact<br>onRELX financial planning as described in Governance above.<br>While we do not believe climate risk will have a material impact<br>on our revenue, there is careful review within the relevant<br>business areas to assess impacts of providing products and<br>services that help customers with their energy transition.<br>We are using the climate scenarios we outline below to inform<br>strategy and financial planning at both the Board and business<br>area level. In the year, we continued a cross-business review of<br>climate-related risks and opportunities. Printed and face-to-face products and events, responsible for 16% of total revenue,<br>face more exposure to risks such as weather-related logistics<br>disruption than do our digital offerings; see Principal Risks<br>on page 72.<br>We operate a real internal carbon pricing scheme, levying a fee<br>on Scope 1, Scope 2 and certain Scope 3 emissions categories for<br>all RELX businesses globally. The proceeds of the internal carbon<br>pricing scheme form the carbon fund which is used to finance<br>sustainability-related projects as funds allow. The internal carbon<br>price was set in line with the UN Global Compact ambition to reach<br>$100/tCO2e over time. RELX uses an escalating carbon price<br>which increases each year.<br>In the reporting period the internal carbon price was $50/tCO2e,<br>applied to 37,221 tCO2e equating to 100% of Scope 1, 100% of Scope<br>2 and 12% of Scope 3 emissions.<br>We are factoring climate change into strategy planning for<br>our portfolio as our scientific research information, analysis<br>of environmental law, tracking of carbon and recycling markets,<br>among other products and services, becomes increasingly<br>important for our customers, investors and other stakeholders<br>in their own responses to climate change. A small proportion<br>of customers operate in carbon intensive industries, including<br>agriculture and aviation, and we are committed to supporting<br>them, and those in other industries, with their energy transition.<br>In Risk, Cirium, which serves the aviation sector, has advanced<br>its improved methodology for calculating flight emissions;<br>helping airlines better plan and conduct maintenance of their<br>fleetto ensure efficient operation; and identifying flight routes<br>for maximum occupancy so emissions per passenger are lower.<br>Elsevier is working to support clean energy. It continues to<br>implement its Energy with Purpose mission statement<br>to commission only new book content that advances the energy<br>transition and reduction of carbon emissions. Environmental<br>science journals include a focus on renewable and clean energy.<br>Among these are the flagship Cell Press title, One Earth, and Solar<br>Compass, launched in conjunction with the International Solar<br>Alliance, Joule, and new journal Nexus. The Lancet Countdown<br>monitors the impact of climate change on global health.<br>We also continue to review our editorial boards to ensure they<br>include expertise in these areas and include a greater<br>representation from the global south. The Elsevier Energy Books<br>team likewise will only commission new content that advances<br>emissions reductions and the energy transition. Elsevier<br>discontinued Geofacets, an earth science tool, in 2023 and<br>discontinued Gulf Professional Publishing in 2024.<br>LexisNexis Legal & Professional provides LexisPSL Environment<br>to help clients identify environmental liabilities, understand the<br>commercial implications of environmental law and keep track<br>of current developments with daily news feeds on new cases,<br>legislation, and consultations as well as practice notes, Q&As,<br>and legal precedents.<br>RX holds World Future Energy Summit, a portfolio of events<br>specifically designed to combat climate change, in line with<br>theUnited Nations Sustainable Development Goals (SDGs)<br>and theParis Agreement. As part of its Net Zero Carbon Events<br>commitments requiring signatories to reach net zero by 2050<br>atthe latest and to halve greenhouse gas emissions by 2030,<br>RX continued participation in working groups to advance<br>measurement of event-related emissions in the year.<br>All RELX business areas are contributing content to the RELX SDG<br>Resource Centre which provides free access to news, research,<br>tools and events on the SDGs, including SDG 7 Clean and<br>Affordable Energy and SDG 13 Climate Action. The site also<br>incorporates relevant content from key partners, including the<br>UN Global Compact (UNGC). In support of COP29, we released<br>a climate change special issue on the RELX SDG Resource Centre,<br>a curated list of journal articles and book chapters to inspire<br>positive environmental action and further climate research.
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RELX Annual Report 2025	Independent assurance statement 237<br>c. Resilience of the organisation’s strategy, taking into<br>consideration different climate-related scenarios,<br>including a 2°C or lower scenario<br>We have a threefold strategy to address climate-related risks:<br>1. Minimising our environmental impact through measures such<br>as energy efficiency, renewable energy, reducing waste and<br>other measures. This reduces our exposure to future legislation<br>and the rising price of carbon<br>2. Providing products and services which support customers<br>through their transition to a low-carbon economy. We anticipate<br>demand for these offerings to continue to increase over time<br>3. Supporting wider action on climate change through<br>collaboration, partnerships and initiatives such as the Digital<br>Impact of Media Project in conjunction with the Responsible<br>Media Forum, comprised of industry peers, and Bristol University<br>The Board and the Audit Committee as part of robust risk control<br>measures covering our products and operations (including our<br>property portfolio and supply chain) ensures management of<br>both the transition and physical risks of climate change. The<br>Environmental Checkpoint group provides data on climate<br>change metrics and advice to the Board and also engages people<br>throughout the business. We gain and share best practice through<br>engagement with the UNGC, the Climate Pledge, Media Climate<br>Pact, Net Zero Carbon Events, and the Science-based Targets<br>initiative, among others.<br>We have considered three possible future scenarios and<br>estimated possible timeframes. They are not exact descriptions<br>of an expected future, but provide an outline description of each<br>based on certain assumptions. In scenarios where extreme<br>weather events occur more frequently, we may see increased<br>incidents that disrupt our operations, necessitating additional<br>measures, with some potential cost, to ensure our operational<br>resilience. However, in the context of RELX’s overall cost base,<br>we would not expect any such incremental cost to be significant.<br>We believe our strategy will be resilient even in the most<br>challenging future scenario.<br>Scenario 1: Business as usual (RCP 8.5). In this scenario, carbon<br>emissions continue to increase at current rates and temperature<br>increases exceed 4°C by the year 2100.<br>Short term: While some policies could be introduced to reduce<br>carbon emissions, action is limited. Some countries may price<br>carbon emissions and set standards for building and vehicle<br>energy efficiency.<br>Medium term: The availability of renewable energy may grow,<br>butthe share of energy from fossil fuels will remain sizeable.<br>With this level of warming, extreme and severe weather events<br>will likely increase. Drought and increased precipitation will<br>impact agriculture. Severe storms will interfere with our supply<br>chains and logistics. The heightened need for innovation in<br>climate adaptation infrastructure may increase demand for<br>our environmental products and services for the scientific,<br>technical and other communities.<br>Long term: Rising sea levels will affect land use of coastal<br>and low-lying regions where we may have operations, requiring<br>investment to protect or relocate key company facilities to<br>ensure business continuity. Significant government investment<br>will be required to mitigate the impacts, for example in<br>strengthening flood and coastal defences or securing reliable<br>water supplies, with follow-on effects for places where we and<br>future customers operate.<br>Political instability in some regions may increase as populations<br>compete for resources such as fresh water supplies and as large<br>numbers of people move from regions most heavily impacted by<br>climate change. Global economic uncertainty will likely become<br>the norm, with limited growth at best and decline at worst.<br>There will likely be significant health impacts as well. As<br>impacts become more apparent, public sentiment may favour<br>organisations such as RELX that have taken action to limit<br>the impact of climate change.<br>We would continue to pursue measures such as science-based<br>carbon reductions, implementation of innovative technological<br>solutions, carbon sequestration and (re)forestation, but without<br>the catalyst of global government investment in these areas.<br>Scenario 2: 2°C climate change (RCP 2.6). In this scenario, carbon<br>emissions are halved by 2050 and climate change does not exceed<br>2°C by the year 2100.<br>Short term: Countries would introduce more challenging carbon<br>targets as they update their Nationally Determined Contributions<br>under the 2015 Paris Climate Agreement. A range of new policies<br>would most likely be introduced across many countries to control<br>carbon emissions including carbon pricing, higher standards on<br>building and vehicle energy efficiency, with increased renewable<br>energy generation in global power grids. Such developments will<br>be reflected in our policies and procedures, and could increase the<br>demand for our climate-related products and services.<br>Medium term: There would likely be public and private<br>investmentin greater carbon sequestration, capture and storage,<br>(re)forestation, and other measures.<br>Long term: The frequency of extreme weather events will increase<br>but not as much as under Scenario 1. There will still be disruption<br>to transport and logistics through storms, but sea level rise will be<br>more limited, as will costs we may face associated with adaptation<br>and mitigation projects. With reduced climate impacts, political<br>and economic instability will be lessened. Climate-related<br>migration will still be a factor but to a smaller degree than<br>anticipated under Scenario 1.<br>Scenario 3: 1.5°C climate change (RCP1.9). In this scenario,<br>to achieve a 66% chance of avoiding more than 1.5°C warming<br>by 2100, inclusive and sustainable development will be a key<br>consideration for policy makers with high levels of<br>international cooperation.<br>Short term: Emissions must peak in the near term with rapid<br>decarbonisation to achieve net zero emissions by 2050. These<br>ambitious carbon reductions would be supported by new policies<br>(with carbon prices reaching as much or more than four times the<br>price under the 2°C scenario) and strong regulation.<br>Medium term: Buildings will be subject to tougher standards to<br>achieve carbon reductions of nearly three times those under the<br>2°C degree scenario. Energy costs and associated carbon costs<br>could be higher than in Scenario 1 or 2, but this is unlikely to have<br>a major impact for RELX as energy is not a significant part of our<br>cost base as indicated above.<br>The transport sector will see significant change, with the majority<br>of vehicles powered by alternative sources. Nature-based<br>solutions to climate change, such as forestation, are also likely<br>to play an important role. In this scenario, RELX products that help<br>customers reduce emissions, find technology-driven carbon<br>solutions and pursue nature-based decarbonisation will be in<br>greater demand.<br>Long term: By 2050, approximately 80% of global energy should<br>be from renewable sources. Use of coal will decrease significantly<br>and use of oil will drop to very low levels by 2060, which may<br>impact the energy costs paid by RELX. After 2050, technologies<br>such as bioenergy and carbon capture and storage will need to<br>be widespread to remove excess carbon from the atmosphere<br>to ensure emissions are net negative.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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238 RELX Annual Report 2025	Financial statements and other information<br>III. Risk management<br>a. Our processes for identifying and assessing climate-relatedrisks<br>The principal and emerging risks facing the business, which have<br>been assessed by the Audit Committee and Board, are described<br>on pages 72 to 77. The Directors have considered the risk of<br>climate change to the business, including the positive contribution<br>that RELX makes through activities such as supporting academic<br>research, pricing recyclable materials, and enabling customers<br>to access our products electronically.<br>Climate-related risks are assessed as part of the RELX risk<br>management process. Risks are formally reviewed every six<br>months. Each risk is assigned a significance based on the potential<br>impact to revenue and the likelihood of that risk being realised.<br>As part of our Environmental Management System, climate risk<br>assessment covers transition and physical risks as described<br>above and below, and also includes the assessment of existing<br>and emerging regulatory requirements related to climate change.<br>These include carbon pricing schemes, taxes and additional<br>reporting requirements. No operations are excluded from the<br>assessment. Risks are considered in the short term, medium<br>term and long term.<br>b. Our processes for managing climate-related risks<br>Climate change responsibilities are assigned to key roles,<br>including the CFO at the executive level. Performance is<br>monitored and evaluated throughout the year by the<br>Environmental Checkpoint Group, chaired by the CFO, and<br>new programmes are introduced as required to control<br>climate-related transition and physical risks.<br>On legislative and product trends, we gain insights through our<br>Government Affairs teams, external fora such as the Aldersgate<br>Group, and ISO 14001 environmental certification of our EMS.<br>We speak with experts in the business, our climate-related<br>Employee Resource Groups including Green Teams and<br>Elsevier’sClimate Board, and learn through industry specific<br>networks such as the Responsible Media Forum’s Climate Pact<br>and cross-sector networks like the CR and Sustainability Council<br>of the Conference Board.<br>The business continuity programme, under the direction of the<br>RELX Business Continuity Forum, oversees mitigations of climate<br>change physical risks on our operations through business<br>continuity plans which include remote working and detailed<br>employee information.<br>We mitigate potential climate-related risks on our supply<br>chain through supplier management practices in the Global<br>Procurement team, the Supplier Resiliency Working Group,<br>theBusiness Continuity Forum and the Socially Responsible<br>Supplier programme, which includes supplier engagement<br>on their activities and policies, and a risk-based programme<br>of supplier audits and remediation.<br>High-level net zero roadmap<br>RELX carbon emissions are in line with the reductions required<br>to ensure climate change of no more than 1.5ºC.<br>To achieve net zero across all Scopes by 2040 at the latest, we<br>are following a broad programme of action to achieve further<br>reductions. This will include developing products and services<br>that support the transition to a net zero economy, alongside<br>actions to reduce our emissions.<br>Short term<br>§ Continue office space consolidation in line with the working<br>preferences of colleagues<br>§ Migration from owned data centres to more energy efficient<br>third party cloud providers<br>§ Purchase of renewable energy equal to RELX’s global<br>electricity consumption<br>§ Continue to quantify and report on Scope 3 emissions from<br>our supply chain and value chain<br>§ Engage suppliers to adopt 1.5ºC aligned carbon reduction targets<br>Medium term<br>§ Transition company car fleet to zero emission (e.g.<br>electric) vehicles<br>§ RELX renewable energy purchases in more markets<br>§ Encourage purchase of renewable energy by suppliers<br>Longer term<br>§ Purchase of carbon neutralisation offsets for<br>residual emissions<br>IV. Metrics and targets<br>We aim to provide additional insight into revenue from products<br>and services designed for a low carbon economy in subsequent<br>disclosures. Scope 1 and 2 (location-based) emissions reduction<br>targets and energy reduction targets are set out on page 6. The<br>remuneration of the CEO and the CFO is linked to the achievement<br>of environment targets. These included in 2025,<br>a key performance objective to reduce Scope 1 and Scope 2<br>(location-based) carbon emissions by 33% against a 2018<br>baseline, with 74% achievement and to reduce energy and<br>fuel consumption by 27% against a 2018 baseline, with 71%<br>achievement. See page 104 for further details.<br>In the year, we reported performance against our $3bn committed<br>bank facility which has pricing linked to three sustainability<br>performance targets. In each year, the cost of the facility is<br>reduced if two or more sustainability targets are achieved and<br>increased if two or more of the targets are missed. The targets<br>relate to carbon emissions reduction, as well as increasing the<br>unique users and the amount of content available on the<br>RELX SDGResource Centre. All three targets were achieved.<br>See page 36 for performance reporting.
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RELX Annual Report 2025	Independent assurance statement 239<br>TCFD Risks<br>We have considered climate-related risk areas detailed in the TCFD guidance as detailed below. While we do not believe climate-related<br>risks will have a material impact on our business, we have highlighted risks areas which present the most opportunity for us to support<br>the net zero transition.<br>Risk group Type Climate-related risk Implication Opportunity<br>Transition<br>risks<br>Policy and<br>legal<br>Increased pricing of GHG<br>emissions: The rapid<br>transition to a low carbon<br>energy system could require<br>higher energy prices and a<br>higher carbon price to<br>disincentivise the use<br>offossil fuels<br>RELX has low exposure to energy and carbon pricing (less than<br>1% of total spend) and has achieved significant reductions in<br>energy consumption since 2010. For this reason, moderate to<br>significant increases in energy costs will have a limited impact<br>on RELX.<br>There will be an increased need for<br>information on energy and carbon<br>pricing; research on energy<br>transition and zero carbon; and the<br>need for events which bring<br>stakeholders together to showcase<br>related technological innovation<br>are likely to increase the demand<br>for RELXproducts and services.<br>Enhanced emissions-reporting obligations:<br>Anincreasing number of<br>governments are likely to<br>impose requirements on<br>business to achieve the low<br>carbon transition. New<br>requirements are likely to<br>include additional reporting<br>and transparency<br>requirements for<br>GHGemissions<br>RELX has processes in place for carbon reporting and<br>disclosure aligned with various best practice frameworks.<br>Additional reporting requirements are expected to have<br>insignificant financialimplications.<br>Widespread introduction of different reporting regimes in<br>the countries where we operate could increase the risk of<br>non-compliance (and therefore the risk of fines). However,<br>RELXoperates an environmental management system<br>certified to ISO 14001 which requires a compliance<br>assessment with environmental legislation. This reduces<br>the risk of non-compliancewith future reporting regulations.<br>As new regulations are introduced,<br>there will be a greater need for<br>guidance; this could result in an<br>increased demand for our risk,<br>science, legal and other products<br>and services.<br>Mandates and regulation<br>affecting existing products<br>and services: New<br>regulations may be<br>introduced for products to<br>support the transition to a<br>low-carbon economy<br>RELX delivers products and service primarily in three ways:<br>i) online/digital; ii) printed products; iii) in-person events.<br>Increasing regulation on products in these areas could result<br>in an increased cost for providing those products and services.<br>Online/digital: Products served by RELX-owned data centres<br>are covered by the purchase of renewable electricity and<br>RELX’s net zero commitment. RELX is engaging with Scope 3<br>suppliers for greater transparency on our share of their<br>carbon emissions and renewable energy.<br>Printed products: Revenue from printed products has<br>decreased significantly since 2010 as more product offerings<br>are made online. Paper used in RELX’s printed products<br>complies with the RELX Sustainable Paper Policy which<br>requires all papers are from known and sustainable sources<br>and/or certified to a recognised standard.<br>In person: Exhibitions is part of an events industry initiative,<br>NetZero Carbon Events, working to achieve net zero by 2040.<br>This commitment requires significant reductions in carbon<br>emissions and partnerships with other industries to minimise<br>events-related emissions.<br>New regulations on products will,<br>in many cases, be best addressed<br>through industry collaboration.<br>Our convening power in the<br>markets we serve can support<br>such industry collaboration.<br>Technology Substitution of existing<br>products and services with<br>lower emissions options<br>RELX has largely transitioned from printed physical products<br>to online/digital products and services. This avoids the<br>emissions associated with the manufacture and distribution<br>of printed products but introduces emissions associated with<br>the use of data centres for the digital offerings.<br>RELX-owned data centres are covered by renewable<br>electricity and RELX’s net zero commitment. As described on<br>page 63, we are engaging with our cloud providers for greater<br>transparency on carbon emissions and renewable energy.<br>Our products, services and<br>events aid the low-carbon<br>transition benefitting our<br>customers and society.<br>Costs to transition to lower<br>emissions technology<br>The cost implications for transitioning to new technology<br>are primarily in our supply chain.<br>Printed products are manufactured and distributed by<br>suppliers onbehalf of RELX. RELX engages its suppliers<br>through the Socially Responsible Suppliers programme<br>andhas processes in place for reporting on its supply<br>chain-related emissions.<br>Detailed energy and carbon market<br>insights we can provide through our<br>products, services and events will<br>allow companies to better assess<br>the risks and costs of transitioning<br>to lower emissions technologies.<br>Market Changing customer<br>behaviour<br>Significant increases to the cost of air travel due to the<br>factoring in of carbon charges may discourage business travel<br>in favour of virtual meetings. This could lead to a reduction in<br>the number of attendees at in-person events affecting our<br>events business. We offer virtual attendance options and<br>in-person participation allows exhibitors and attendees<br>tohold numerous meetings during one event.<br>The ability for an exhibitor or event<br>attendee to maximise engagement<br>by attending one event, for<br>example, with customers,<br>prospects, and suppliers, can<br>become more valuable as the cost<br>of travel increases.<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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240 RELX Annual Report 2025	Financial statements and other information<br>Risk group Type Climate-related risk Implication Opportunity<br>Uncertainty in market<br>signals<br>As businesses take action to combat climate change, they<br>might need to change business models or practices to ensure<br>their success in a low-carbon economy. Some of these<br>changes may raise questions for investors or other<br>stakeholders and reduce visibility ofthe business’s strategy.<br>RELX provides detailed and transparent disclosure on climate<br>change to provide clarity to investors and other stakeholders.<br>Businesses can develop new<br>disclosures to effectively<br>communicate plans with<br>stakeholders. The demand for our<br>products which provide company<br>and market insights could grow as<br>investors’ requirements for reliable<br>information and data increases.<br>Increased cost of<br>rawmaterials: Low-carbon<br>requirements on the use,<br>and distribution, of raw<br>materials could lead to an<br>increase in their cost<br>RELX does not manufacture products from raw materials.<br>Anincrease in the cost of raw materials would primarily<br>impact RELX via higher prices in our supply chain.<br>Pricing insights in key supply chains<br>such as chemicals and plastics are<br>provided within our Risk business.<br>If cost and price volatility increases,<br>there could be a greater demand for<br>such products and services.<br>Reputation Shifts in consumer<br>preferences<br>Business customers may become more aware of<br>environmental concerns and expect a high standard of<br>performance from companies. Over time, this may lead to a<br>decrease in demand for carbon intensive products as<br>consumers move to low emissionalternatives.<br>While we do not produce consumer<br>products, we do serve a variety of<br>industries and can support their<br>efforts to decarbonise through our<br>products, services and events.<br>Stigmatisation of sector:<br>Products and services<br>offered to carbon-intensive<br>industries could result in<br>negative public reaction<br>We offer products and services across a wide range of<br>industries, some of which are carbon-intensive industries.<br>We are working to support these industries in their transition<br>to a low-carbon economy.<br>Industries which face the greatest<br>challenges in decarbonisation will<br>need support, information and<br>tools. We will continue developing<br>new products and services to assist<br>these industries in their<br>decarbonisation efforts.<br>Increased stakeholder<br>concern or negative<br>stakeholder feedback:<br>Poor performance could<br>result in negative feedback<br>from stakeholders such as<br>investors or colleagues<br>RELX sets environmental targets on a five-year cycle and<br>has a validated Science Based Target which aligns its<br>emissions reductions with those required to meet the 1.5°C<br>ambition of the Paris Agreement.<br>Maintaining good environmental<br>performance provides a<br>reputational benefit with our<br>stakeholders, including investors.<br>Strong environmental performance<br>and commitments may be reflected<br>in improved or lower cost financing.<br>Physical<br>risks<br>Acute Increased severity of<br>extreme weather events<br>such as cyclones and floods:<br>severe weather could<br>interrupt normal<br>business operations<br>RELX operates a comprehensive business continuity<br>programme to ensure colleagues can work remotely and be<br>informed should a location be impacted by severe weather<br>conditions. This allows the business to function despite the<br>impact of the severe weather. As risks associated with<br>weather events increases, insurance premiums paid by<br>RELX could increase.<br>We provide products that help to<br>assess and quantify insurance<br>perils. As insurance premiums<br>increase, demand for these<br>products will likely grow as<br>insurance providers seek more<br>accurate weather-related risk<br>assessments.<br>Chronic Changes in precipitation<br>patterns and extreme<br>variability in weather<br>patterns: Such changes<br>could affect agricultural<br>processes<br>Print and print related activities, which account for c.4% of<br>total revenues, require supply of wood from sustainable forest<br>sources. Changes in precipitation and weather patterns could<br>disrupt the growth in forest sources known to be sustainably<br>managed which could increase the price of sustainable paper.<br>RELX has flexibility in the types of paper used and the forest<br>sources of these papers which allows purchases to be made<br>elsewhere should the need arise. As amember of the Book<br>Chain Project, we assess the sustainability of a large number<br>of papers, allowing us to consider alternatives.<br>We offer products that use data<br>analytics to help increase the<br>efficiency of land use in areas such<br>as water consumption. Demand for<br>such products could grow as a<br>response to decreasing yields due<br>to weather.<br>Rising mean temperatures:<br>The gradual increase of<br>average temperatures is a<br>factor of climate change<br>Climate change will affect temperatures differently in<br>different locations. This means that, over time, the operation<br>of some offices will become less efficient as they may need to<br>maintain physical working conditions close to or outside the<br>range for which they were designed. This could lead to an<br>increase in operational costs as more energy will be required<br>for cooling.<br>Rising mean temperatures will<br>require government to review, and<br>businesses to implement, new<br>building standards and guidelines.<br>Our business areas would produce<br>guidance to assist customers to<br>interpret associated new standards<br>and planning regimes.<br>Rising sea levels If sea levels rise significantly there is increased risk of<br>property damage to any RELX locations in low-lying coastal<br>regions. This could increase insurance premiums or disrupt<br>the working arrangements of colleagues in those locations.<br>We have a comprehensive business continuity programme<br>inplace to mitigate such impacts and consider climate risk<br>inthe siting of our offices.<br>We offer products that help to<br>assess and quantify insurance<br>perils risk. As insurance premiums<br>increase, demand for these<br>products could grow.
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RELX Annual Report 2025	Independent assurance statement 241<br>CR Disclosure Standards 2<br>Sustainability AccountingStandards Board (SASB) disclosure<br>SASB Standards enable businesses around the world to identify, manage and communicate financially material sustainability<br>information to their investors. The SASB standards are industry specific and identify the minimal set of financially material sustainability<br>topics and their associated metrics for the typical company in an industry.<br>SASB assigns RELX to the Professional and Commercial Services sector. The following disclosure is made according to the SASB<br>standard for that sector.<br>Topic Accounting metric Code Disclosure/Disclosure location<br>Data security Description of approach to identifying and addressing<br>data security risks<br>SV-PS-230a.1 See pages 43-44<br>Description of policies and practices relating to<br>collection, usage and retentionof customer information<br>SV-PS-230a.2 See page 43<br>(1) Number of data breaches, (2) percentage involving<br>customers’ confidential business information (CBI)<br>or personally identifiable information (PII), (3) number<br>of customers and individuals affected<br>SV-PS-230a.3 Except as a matter of public record, RELX<br>does not disclose this information for<br>reasons of commercial confidentiality<br>Workforce Percentage of gender and racial/ethnic group<br>representation for (1) executive management and (2)<br>non-executive management, (3) all other employees<br>SV-PS-330a.1 See page 36<br>(1) Voluntary and (2) involuntary turnover rate<br>for employees<br>SV-PS-330a.2 See page 51<br>Employee engagement as a percentage SV-PS-330a.3 See page 51<br>Professional integrity Description of approach to ensuring professional<br>integrity<br>SV-PS-510a.1 See pages 42-45<br>Total amount of monetary losses as a result of legal<br>proceedings associated with professional integrity<br>SV-PS-510a.2 Except as a matter of public record, RELX<br>does not disclose this information for<br>reasons of commercial confidentiality<br>Activity metrics Number of employees by (1) full-time and part-time,<br>(2)temporary, and (3) contract<br>SV-PS-000.A See page 51<br>Employee hours worked, percentage billable SV-PS-000.B See page 51<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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242 RELX Annual Report 2025	Financial statements and other information<br>CR Disclosure Standards 3<br>Global Reporting Initiative (GRI) Content Index and Streamlined<br>Energy and Carbon Reporting (SECR)<br>This report has been prepared in accordance with the GRI Standards: Core option<br>GRI Standard<br>Number GRI Standard Title Disclosure Title Page number<br>GRI 102 General Disclosures Name of the organisation Title page<br>GRI 102 General Disclosures Activities, brands, products, and services 5-33<br>GRI 102 General Disclosures Location of headquarters 34<br>GRI 102 General Disclosures Location of operations 8<br>GRI 102 General Disclosures Ownership and legal form 125<br>GRI 102 General Disclosures Markets served 8<br>GRI 102 General Disclosures Scale of the organisation 8<br>GRI 102 General Disclosures Information on employees and other workers 49-51<br>GRI 102 General Disclosures Supply chain 56-58<br>GRI 102 General Disclosures Significant changes to the organisation and its supply chain 56-58<br>GRI 102 General Disclosures Precautionary Principle or approach 59-63, 235-24<br>GRI 102 General Disclosures External initiatives 35<br>GRI 102 General Disclosures Membership of associations 35<br>GRI 102 General Disclosures Statement from senior decision-maker 3-4<br>GRI 102 General Disclosures Values, principles, standards, and norms of behaviour 4, 42-45, 49-51<br>GRI 102 General Disclosures Governance structure 35, 42-45, 84-88<br>GRI 102 General Disclosures List of stakeholder groups 91-95<br>GRI 102 General Disclosures Collective bargaining agreements 51, 225<br>GRI 102 General Disclosures Identifying and selecting stakeholders 84, 91<br>GRI 102 General Disclosures Approach to stakeholder engagement 84, 91, 212<br>GRI 102 General Disclosures Key topics and concerns raised 72-76, 215<br>GRI 102 General Disclosures Entities included in the consolidated financial statements 138-142<br>GRI 102 General Disclosures Defining report content and topic Boundaries 209<br>GRI 102 General Disclosures List of material topics 215<br>GRI 102 General Disclosures Restatements of information 36<br>GRI 102 General Disclosures Changes in reporting 36<br>GRI 102 General Disclosures Reporting period 36<br>GRI 102 General Disclosures Date of most recent report 31/12/2025<br>GRI 102 General Disclosures Reporting cycle Annual<br>GRI 102 General Disclosures Contact point for questions regarding the report 34<br>GRI 102 General Disclosures Claims of reporting in accordance with the GRI Standards 35, 242<br>GRI 103 Management Approach Explanation of the material topic and its Boundary 35<br>GRI 103 Management Approach The management approach and its components 35, 85<br>GRI 103 Management Approach Evaluation of the management approach 95<br>Streamlined Energy and Carbon Reporting (SECR)<br>Absolute performance Intensity ratio (per GBPm revenue)<br>2024 2025 Change 2024 2025 Change<br>Global Scope 1 (direct emissions) tCO2e 2,703 1,966 -27% 0.29 0.21 -28%<br>Global Scope 2 (indirect location-based emissions) tCO2e 29,989 19,500 -35% 3.18 2.03 -36%<br>Global energy (including vehicle fuels) MWh 92,393 60,127 -35% 9.79 6.27 -36%<br>UK energy (including vehicle fuels) MWh 6,707 4,645 -31% 0.71 0.48 -32%<br>UK Scope 1 and Scope 2 emissions tCO2e 1,313 837 -36% 0.14 0.09 -38%<br>We report on all global operations for which we have operational control following the GHG Protocol Corporate Accounting and<br>Reporting Standard (revised edition).
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RELX Annual Report 2025	Independent assurance statement 243<br>THIS PAGE IS INTENTIONALLY BLANK<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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244 RELX Annual Report 2025<br>Shareholder<br>information<br>In this section<br>245 Shareholder information<br>247 Shareholder information and contacts<br>248 2026 financial calendar
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RELX Annual Report 2025	Shareholder information 245<br>Annual Report 2025 (the Annual Report)<br>The Annual Report for RELX PLC (the Company) for the year<br>ended 31 December 2025 is available on the Company’s website,<br>and from the registered office of RELX PLC shown on page 247.<br>Additional financial information, including the interim<br>and full-year results announcements, trading updates and<br>presentations, is also available on the Company’s website<br>www.relx.com.<br>The consolidated financial statements set out in the Annual Report<br>are expressed in sterling, with summary financial information<br>expressed in Euro and US dollars.<br>Share price information<br>RELX PLC’s ordinary shares are traded on the<br>London Stock Exchange.<br>RELX PLC<br>Trading symbol REL<br>ISIN GB00B2B0DG97<br>RELX PLC’s ordinary shares are traded on the<br>EuronextAmsterdam Stock Exchange.<br>RELX PLC<br>Trading symbol REN<br>ISIN GB00B2B0DG97<br>RELX PLC’s ordinary shares are traded on the<br>New YorkStock Exchange in the form of American Depositary<br>Shares (ADSs), evidenced by American Depositary Receipts (ADRs).<br>RELX PLC ADRs<br>Ratio to ordinary shares 1:1<br>Trading symbol RELX<br>CUSIP code 759530108<br>The RELX PLC ordinary share price and the ADS price may be<br>obtained from the Company’s website, other online sources and<br>the financial pages of some newspapers.<br><br>For further information visit the ‘Investor Centre’ section<br>oftheCompany’s website www.relx.com/investorcentre<br>Information for registered<br>ordinary shareholders<br>Shareholder services<br>The RELX PLC ordinary share register is administered by Equiniti<br>Limited. Equiniti provides a free online portal for shareholders at<br>www.shareview.co.uk. Shareview allows shareholders<br>to monitor the value of their shareholdings, view their dividend<br>payments and submit dividend mandate instructions.<br>Shareholders can also submit their proxy voting instructions<br>ahead of Company meetings and update their personal contact<br>details. Shareview Dealing provides a share purchase and sale<br>facility. Equiniti’s contact details are shown on page 247.<br>Electronic communications<br>While hard copy shareholder communications continue to be<br>available to those shareholders requesting them, in accordance<br>with the Companies Act 2006 and the Company’s Articles of<br>Association, the Company uses its website as the main method<br>of communicating with shareholders. By registering their details<br>online at Shareview, shareholders can be notified by email when<br>shareholder communications are published on the Company’s<br>website. Shareholders can also use the Shareview website to<br>appoint a proxy to vote on their behalf at shareholder meetings.<br>Shareholders who hold their Company shares through CREST<br>may appoint proxies for shareholder meetings through the CREST<br>electronic proxy appointment service by using the procedures<br>described in the CREST manual.<br>Dividend mandates<br>Since June 2024, dividends have been paid by direct credit. To<br>continue to receive RELX PLC dividends and any monies payable<br>in connection with RELX PLC shares, shareholders must provide<br>UK bank or building society account details to the Company’s<br>registrar, Equiniti, so that payments can be made directly into this<br>account. A dividend mandate form can be obtained online at<br>www.shareview.co.uk, or by contacting Equiniti.<br>Equiniti has established a service for overseas shareholders in<br>over 90 countries, which enables shareholders to have their<br>dividends automatically converted from sterling and paid<br>directly into their nominated bank account. Further details<br>ofthis service, and the fees applicable, are available at<br>www.shareview.co.uk/info/ops or by contacting Equiniti<br>at the address shown on page 247.<br>Dividend Reinvestment Plan<br>Shareholders can choose to reinvest their Company dividends by<br>purchasing further shares through the Dividend Reinvestment<br>Plan (DRIP) provided by Equiniti. Further information<br>concerning the DRIP facility, together with the terms and<br>conditions and an application form can be obtained online at<br>www.shareview.co.uk/info/drip or by contacting Equiniti<br>at the address shown on page 247.<br>Shareholder information<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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246 RELX Annual Report 2025	Financial statements and other information<br>Share dealing service<br>A telephone and internet dealing service is available through<br>Equiniti, which provides a simple way for UK resident shareholders<br>to buy or sell their shares. For telephone dealing call +44 (0)345<br>603 7037 between 8.30am and 5.30pm (UK time), Monday to Friday<br>(excluding public holidays in England and Wales), and for<br>internet dealing log on to www.shareview.co.uk/dealing.<br>You will need your shareholder reference number as shown on<br>your dividend confirmation.<br>ShareGift<br>The Orr Mackintosh Foundation operates a scheme for<br>shareholders with small shareholdings, that may be too small<br>to sell economically, to make donations of shares. Details of<br>the scheme can be obtained from the ShareGift website at<br>www.sharegift.org, or by telephoning ShareGift<br>on +44 (0)20 7930 3737.<br>Sub-division of ordinary shares and share consolidation<br>On 28 July 1986, each RELX PLC ordinary share of £1 nominal<br>value was sub-divided into four ordinary shares of 25p each.<br>On 2 May 1997, each 25p ordinary share was sub-divided into two<br>ordinary shares of 12.5p each. On 7 January 2008, the ordinary<br>shares of 12.5p each were consolidated on the basis of 58 new<br>ordinary shares of 1451⁄<br>116p nominal value for every 67 ordinary<br>shares of 12.5p each held.<br>Capital gains tax<br>The mid-market price of RELX PLC’s £1 ordinary shares on<br>31 March 1982 was 282p. Adjusting for the sub-divisions and<br>share consolidation referred to above results in an equivalent<br>mid-market price of 40.72p for each existing ordinary share of<br>1451⁄<br>116p nominal value.<br>Warning to shareholders – unsolicited<br>investment advice<br>§ From time to time shareholders may receive unsolicited calls<br>from fraudsters<br>§ Fraudsters use persuasive and high-pressure tactics to lure<br>investors into scams, sometimes known as boiler room scams<br>§ They may offer to sell shares that turn out to be worthless or<br>non-existent, or to buy shares at an inflated price in return for<br>an upfront payment<br>§ While high profits are promised, if you buy or sell shares in this<br>way you will probably lose your money<br>§ Thousands of people contact the Financial Conduct Authority<br>(FCA) about investment fraud each year<br>How to avoid share fraud and boiler room scams<br>The FCA has issued some guidance on how to recognise and avoid<br>investment fraud:<br>§ Legitimate firms authorised by the FCA are unlikely to contact<br>you unexpectedly with an offer to buy or sell shares<br>§ If you receive an unsolicited phone call, do not get into a<br>conversation, note the name of the person and firm<br>contacting you and then end the call<br>§ Check the Financial Services Register available at<br>register.fca.org.uk to see if the person and firm contacting<br>you is authorised by the FCA. If you wish to call the person or<br>firm back, only use the contact details listed on the Register<br>§ Call the FCA on 0800 111 6768 if the firm does not have any<br>contact details on the Register, or if you are told that they are<br>out of date<br>§ Search the list of unauthorised firms to avoid at<br>www.fca.org.uk/consumers/unauthorised-firms-individuals#list<br>§ If you do buy or sell shares through an unauthorised firm,<br>you will not have access to the Financial Ombudsman Service<br>or the Financial Services Compensation Scheme<br>§ Consider obtaining independent financial and professional<br>advice before you hand over any money. If it sounds too good<br>to be true, it probably is<br>How to report a scam<br>If you are approached by fraudsters, please tell the FCA using<br>the share fraud reporting form at www.fca.org.uk/<br>consumers/report-scam-unauthorised-firm, where you<br>can find out more about investment scams. You can also call<br>the FCAConsumer Helpline on 0800 111 6768.<br>If you have already paid money to share fraudsters, you should<br>contact Action Fraud on 0300 123 2040 or use its online tool:<br>www.actionfraud.police.uk/report_fraud
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RELX Annual Report 2025	Shareholder information 247<br>Shareholder information and contacts<br>Information for holders of ordinary shares<br>held through Euroclear Nederland<br>Shareholders with enquiries concerning RELX PLC ordinary<br>shares that are not held directly on the Register of Members and<br>are ultimately held through Nederlands Centraal Instituut voor<br>Giraal Effectenverkeer BV (Euroclear Nederland) should direct<br>their enquiries to the broker, financial intermediary, bank or<br>other financial institution that holds the shares on their behalf.<br>Dividend Reinvestment Plan<br>Shareholders can choose to reinvest Company dividends by<br>purchasing shares through the Dividend Reinvestment Plan<br>(DRIP) provided by ABN AMRO Bank NV. Further information<br>concerning the DRIP facility can be obtained via as.exchange.<br>agency@nl.abnamro.com.<br>Information for ADR holders<br>ADR shareholder services<br>Enquiries concerning RELX PLC ADRs should be addressed<br>to theADR Depositary, Citibank NA, at the address shown below.<br>Dividend payments on RELX PLC ADRs are converted into US<br>dollars by the ADR Depositary.<br>Annual Report on Form 20-F<br>The RELX Annual Report on Form 20-F is filed electronically<br>with the United States Securities and Exchange Commission and<br>is available on the Company’s website, or from the ADR Depositary<br>at the address shown below.<br>Dividend currency elections<br>Shareholders appearing on the Register of Members or holding<br>their shares through CREST will continue to receive their<br>dividends in Pounds Sterling, but will have the option to elect<br>to receive their dividends in Euro. Euro payments will be made<br>by cheque only.<br>Shareholders who appear on the Register of Members and wish<br>to receive their dividend in Euro should contact our Registrar,<br>Equiniti on +44 (0)371 384 2960 for a dividend election form and<br>further information regarding the Euro dividend option.<br>Alternatively, shareholders can view and update their current<br>dividend elections by registering for a Shareview Portfolio at<br>www.shareview.co.uk/register.<br>Shareholders who hold their shares through CREST and wish to<br>receive their dividend in Euro, must do so by following the CREST<br>Elections process.<br>Shareholders who hold RELX PLC shares through Euroclear<br>Nederland (via banks and brokers), will automatically receive<br>their dividends in Euro, but will have the option to elect to receive<br>their dividends in Pounds Sterling.<br>Shareholders who hold their shares through Euroclear Nederland<br>and wish to receive their dividends in Pounds Sterling should<br>contact their broker, financial intermediary, bank or other<br>financialinstitution that holds the shares on their behalf.<br>Contacts<br>RELX PLC<br>Head Office and Registered Office<br>1-3 Strand<br>London WC2N 5JR<br>United Kingdom<br>Tel: +44 (0)20 7166 5500<br>Auditor<br>Ernst & Young LLP<br>1 More London Place<br>London SE1 2AF<br>United Kingdom<br>Registrar<br>Equiniti Limited<br>Aspect House<br>Spencer Road<br>Lancing BN99 6DA<br>West Sussex<br>United Kingdom<br> www.shareview.co.uk<br>Equiniti provide a range of services to shareholders. Extensive<br>information including answers to frequently asked questions can<br>be found online at www.shareview.co.uk<br>Tel: +44 (0)371 384 2960<br>* Lines are open from 8.30am to 5.30pm, UK time Monday to Friday (excluding<br>public holidays in England and Wales). Please use the country code when<br>dialling from outside the UK.<br><br>Listing/paying agent for shares listed on Euronext Amsterdam<br>held through Euroclear Nederland<br>ABN AMRO Bank NV<br>Department Corporate Broking and Issuer Services HQ7212<br>Gustav Mahlerlaan 10<br>1082 PP Amsterdam<br>The Netherlands<br>Email: as.exchange.agency@nl.abnamro.com<br>RELX PLC ADR Depositary<br>Citibank Shareholder Services<br>PO Box 43077<br>Providence, RI 02940-3077<br>USA<br>www.citi.com/dr<br>Email: citibank@shareholders-online.com<br>Tel: +1 877 248 4237<br>+1 781 575 4555 (callers outside the US)<br>Market segments Governance<br>and other information<br>Financial statements Financial review Corporate responsibility Overview
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248 RELX Annual Report 2025	Financial statements and other information<br>2026 financial calendar<br>12 February Results announcement for the year ended 31 December 2025<br>23 April Trading update issued in relation to the 2026 financial year<br>23 April Annual General Meeting<br>7 May Ex-dividend date – 2025 final dividend, ordinary shares<br>8 May Record date – 2025 final dividend, ordinary shares<br>8 May Ex-dividend date & Record date – 2025 final dividend, ADRs<br>26 May Dividend currency and DRIP election deadline<br>1 June Euro dividend equivalent announcement<br>18 June Payment date – 2025 final dividend, ordinary shares<br>24 June Payment date – 2025 final dividend, ADRs<br>23 July Interim results announcement for the six months to 30 June 2026<br>6 August* Ex-dividend date – 2026 interim dividend, ordinary shares<br>7 August* Record date – 2026 interim dividend, ordinary shares<br>7 August* Ex-dividend date & Record date – 2026 interim dividend, ADRs<br>* Please note thatthese dates are provisional and subjectto change. The 2026 interimdividend payment dates in respect of ordinary shares andADRs will be confirmed by the<br>Company in its 2026 Interim Results announcement, currently scheduled for release on 23 July 2026.<br>Dividend history<br>The following tables set out dividends paid (or proposed) in relation to the three financial years 2023–2025.<br>ORDINARY SHARES<br>Pence per PLC<br>ordinary share<br>Euro equivalent<br>(€) Payment date<br>Final dividend for 2025 48.0 * 18 June 2026<br>Interim dividend for 2025 19.5 0.226 11 September 2025<br>Final dividend for 2024 44.8 0.531 19 June 2025<br>Interim dividend for 2024 18.2 0.213 5 September 2024<br>Final dividend for 2023 41.8 0.490 13 June 2024<br>Interim dividend for 2023 17.0 0.199 7 September 2023<br>ADRS $ per PLC ADR Payment date<br>Final dividend for 2025 24 June 2026<br>Interim dividend for 2025 0.263830 16 September 2025<br>Final dividend for 2024 0.602604 25 June 2025<br>Interim dividend for 2024 0.239236 10 September 2024<br>Final dividend for 2023 0.533962 18 June 2024<br>Interim dividend for 2023 0.211761 12 September 2023<br> Proposed dividend payment subject to shareholder approval at the Annual General Meeting of RELX PLC in April 2026.<br>* Euro equivalent amount will be determined using the appropriate exchange rate on 1 June 2026.<br>** ADR US$ equivalent amount will be determined using the appropriate exchange rate on 18 June 2026.
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Credits<br>Designed and produced by<br>Conran Design Group<br>Photography:<br>Board by<br>Douglas Fry, Piranha Photography<br>Senior Executives by<br>Janie Airey<br>Printed by<br>Pureprint Group, ISO14001, FSC® certified andCarbonNeutral®<br>Printed on Revive 100 Silk which is made from 100% recovered<br>waste. All of the pulp is bleached using an elemental chlorine free<br>process (ECF). Printed in the UK by Pureprint using its<br>environmental printing technology; vegetable inks were used<br>throughout. Pureprint is a CarbonNeutral® company. Both<br>manufacturing mill and printer are ISO14001 registered and are<br>Forest Stewardship Council® (FSC®) chain-of-custody certified.
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136	RELX Annual Report 2022	Governance
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Exhibit 15.3

Remuneration Policy Report

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 on 20 April 2023. The key changes from the previous Remuneration Policy (which was first published on pages 90 to 96 of the 2019 Annual Reports and Financial Statements and was approved by shareholders at the April 2020 Annual General Meeting) and the rationale for the changes are explained in the Committee Chair’s introduction on page 121. Some minor editorial changes have also been made.

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.

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Overview		Market segments		Corporate Responsibility		Financial review		Governance		Financial statements and other information

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. 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 includes financial measures with a weighting of at least 85% and may also include non-financial measures with a weighting of up to 15%. Each measure is assessed separately.

▪The minimum payout is zero.

▪Each measure is assessed independently and payout for each measure at threshold is 10% of the maximum opportunity for that measure.

▪Payout for target performance is 135% of salary.

Following an assessment of financial achievement, and scoring of any non-financial measures, 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 200% of annual base salary. This includes the deferred share element but excludes dividend equivalents payable in respect of the deferred shares.

Recovery of sums paid

Clawback applies.4

138	RELX Annual Report 2022	Governance

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)
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▪	meeting shareholding requirements (450% of salary for the CEO and 300% of salary for the CFO)
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Executive Directors are to retain their net (after tax) vested shares for a holding period of two years 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).

▪The minimum payout is zero.

▪Each measure is assessed independently and payout for each measure at threshold is 20% of the maximum opportunity for that measure.

▪Payout in line with expectations is 50% of the maximum award.

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 450% of base salary for the CEO and up to 375% of base salary for other Executive Directors (not including dividend equivalents).

Recovery of sums paid

Clawback applies.4

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.
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(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.
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(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.
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Overview		Market segments		Corporate Responsibility		Financial review		Governance		Financial statements and other information

(5)

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.

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, benefits and pension levels are the same in all three scenarios in each chart and are based on 2023 salary, benefits as shown in the 2022 Single Total Figure table and cash in lieu of pension of 11% of base salary. Annual incentive amounts include the portion which is subject to compulsory deferral into RELX shares for three years. 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 135% of salary (of which 50% is deferred into shares) and LTIP vesting at 50% of the award. Maximum means AIP payout at 200% of salary

(of which 50% is deferred into shares) 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 £13.7 m and the CFO’s maximum remuneration to £7.1m. Any dividend equivalents payable in respect of the AIP deferred shares and the LTIP are not included.


CEO remuneration (£’000)		CFO remuneration (£’000)

Shareholding requirement

The Executive Directors are subject to shareholding requirements. These are a minimum of 450% of annual base salary for the CEO and 300% 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.

140	RELX Annual Report 2022	Governance

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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Overview		Market segments		Corporate Responsibility		Financial review		Governance		Financial statements and other information

Policy on payments for loss of office (continued)


GENERAL^(1)^	INCENTIVES
Mutually agreed termination/termination by the Company other than for cause (2)<br><br>(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.<br><br>Salary: Payment of up to 12 months’ salary to reflect the notice period or payment in lieu of notice.<br><br>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).	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.
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.<br><br>Other: The Company may pay compensation in respect of any statutory employment rights and may make other appropriate and customary payments.	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.
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.<br><br>On injury, disability, ill-health or death, the Committee reserves the right to vary the treatment outlined in this section.
Employee instigated resignation<br><br>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.<br><br>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.<br><br>LTIP: All outstanding LTIP awards would lapse on the date of notice.
Dismissal for cause<br><br>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.	Annual incentive: The Executive Director would not receive any unpaid annual incentive. Any AIP deferred shares lapse on the date of dismissal.<br><br>
Pension: A deferred or immediate pension would be payable in accordance with the scheme rules.	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.
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142	RELX Annual Report 2022	Governance

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

RELXChair: 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.

<br><br>– 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.<br><br>	<br><br>
Approach to recruitment remuneration – Non-Executive Directors<br><br>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.<br><br>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.	The Committee annually reviews various aspects of workforce remuneration and related policies in order to deepen its understanding of pay structures throughout the organisation.<br><br>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.
Service contracts and letters of appointment	Consideration of shareholder views
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.	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.
Consideration of employment conditions elsewhere in the Company	Previous remuneration policies and prior commitments
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.	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<br><br>The Committee may make minor amendments for regulatory, tax or administrative purpose.

Exhibit 17.1

Subsidiary Guarantors and Issuers of Guaranteed Securities

Each of the following securities issued by RELX Capital Inc., a wholly owned subsidiary of RELX PLC, is unconditionally and fully guaranteed by RELX PLC:

$950M 4.000% Notes due 2029;

$750M 3.000% Notes due 2030;

$750M 4.750% Notes due 2030;

$500M 4.750% Notes due 2032;

$750M 5.250% Notes due 2035