RELX (REL) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 grew 7% underlying to £4,871m, with all four business areas contributing to growth.

• Adjusted operating profit rose 9% to £1,727m, with margin improving to 35.5%.

• Adjusted EPS increased 11% at constant currency to 68.6p; reported EPS was 65.7p.

• Interim dividend increased by 7% to 20.9p per share.

• Two acquisitions completed for £103m; £1,750m of a £2,250m share buyback executed.

Financial highlights

• Underlying revenue grew 7% year-over-year; adjusted operating profit up 9%; adjusted EPS at constant currency up 11%.

• Adjusted operating margin improved to 35.5%; EBITDA margin rose to 40.9%.

• Adjusted cash flow conversion remained high at 98%; free cash flow before dividends was £1,163m.

• Net profit attributable to shareholders was £1,225m (adjusted); net debt/EBITDA at 2.3x.

• Interim dividend declared at 20.9p, up 7%.

Outlook and guidance

• Positive momentum expected to continue, with strong underlying growth in revenue, adjusted operating profit, and adjusted EPS for the full year.

• Each business area anticipates continued strong underlying revenue and profit growth, with adjusted operating profit growth exceeding revenue growth.

• Margin expansion expected, driven by cost growth below revenue growth and efficiency gains from AI.