RELX Reports Robust Double-Digit EPS Growth Driven by AI-Enhanced Analytics in H1 2026

Analytics-Led Revenue and Profit Growth in First Half of 2026

RELX reported H1 2026 revenue of A34,871m, up from A34,741m in H1 2025, reflecting 3% reported growth and 7% underlying growth after adjusting for currency, acquisitions, and portfolio changes. This growth underscores the company’s strategic focus on high-value analytics and decision tools that drive superior returns and customer retention. The underlying growth metric, preferred by management and analysts, removes currency and exhibition cycle distortions to reveal true operational momentum.

Adjusted operating profit rose 9% to A31,727m from A31,652m, exceeding revenue growth by 200 basis points and demonstrating operational leverage. This increase reflects disciplined cost management and continuous process innovation, enabling cost growth to remain below revenue expansion. Adjusted operating margin improved to 35.5% from 34.8% year-over-year, highlighting enhanced efficiency and scalable operations. Reported operating profit, including A3118m amortisation of acquired intangibles, reached A31,585m versus A31,490m previously.

Artificial Intelligence as a Core Driver of Long-Term Growth and Innovation

CEO Erik Engstrom emphasized that the "ongoing evolution of artificial intelligence" remains central to RELX's growth strategy and customer value creation. With over a decade of embedded AI capabilities, the company combines proprietary content and extensive datasets with advanced computational technologies to deliver superior decision-making tools for professional customers. This strategic positioning accelerates product development, enhances customer responsiveness, and supports disciplined cost control.

AI-driven innovation is speeding product cycles and increasing customer adoption of premium analytics solutions. By leveraging deep customer insights alongside machine learning and AI, RELX differentiates its offerings, builds switching costs, and sustains pricing power and margin resilience. The company expects AI to be a key growth driver for many years, reflecting confidence that AI tailwinds are structural rather than cyclical. This focus aligns with investor interest in how traditional information businesses adapt to digital disruption and generative AI.

Strong Divisional Growth Across Risk, Life Sciences, and Legal Segments

RELX reported strengthened sales momentum across core divisions in H1 2026. The Risk division sustained strong growth, Scientific, Technical & Medical experienced a growth acceleration, Legal further improved its trajectory, and Exhibitions maintained robust growth despite cyclical challenges. This broad-based performance indicates successful product innovation and customer retention efforts, reducing reliance on any single segment and supporting sustainable full-year momentum.

While divisional revenue and profit breakdowns were not disclosed, CEO commentary on growth acceleration in Scientific, Technical & Medical and Legal—two of RELX’s highest-margin segments—signals effective execution of product roadmaps and customer acquisition strategies. Investors will likely monitor future updates for subscription renewal and new product adoption metrics to confirm these trends.

Adjusted EPS Growth Outpaces Reported Profit Gains on Constant Currency Basis

Adjusted EPS grew 11% on a constant currency basis to 68.6p, compared to 63.5p in H1 2025. Reported EPS, which includes actual foreign exchange effects and reported profits, rose 24% to 65.7p from 52.9p. The difference reflects share count reductions from the buyback program and favorable currency movements, especially sterling strength against the euro and dollar.

During H1, RELX deployed A31,750m of its A32,250m share buyback program, with an additional A3100m repurchased since July 1, 2026. The remaining A3400m is scheduled for completion by year-end. The buyback reduces share count, mechanically boosting EPS, especially amid profit growth. Investors should distinguish the underlying 11% EPS growth from the 24% reported increase, which includes operational growth, share repurchases, and currency benefits.

Interim Dividend Raised by 7%, Reflecting Confidence in Cash Flow and Capital Returns

RELX declared a 7% increase in its interim dividend to 20.9p per share, up from 19.5p the previous year. The dividend will be paid on 10 September 2026, with an ex-dividend date of 6 August 2026 and record date of 7 August 2026. This increase, slightly below the 11% earnings growth, maintains a conservative payout ratio while signaling confidence in sustained cash generation and support for ongoing share buybacks.

Shareholders on the London Stock Exchange will receive dividends in pounds sterling by default but may elect to receive euros; Euroclear Nederland shareholders receive euros by default but may elect pounds sterling. The currency election deadline is 21 August 2026. Dividend Reinvestment Plans are available for shares on the London Stock Exchange and Euronext Amsterdam, providing additional options for long-term investors. These arrangements reflect RELX's pan-European listings and diverse shareholder base.

Net Debt Rises Modestly Amid Acquisition and Buyback Activity

Net debt increased to A38,733m as of 30 June 2026 from A37,443m a year earlier, a 17% rise driven by A3103m in acquisitions, A31,750m in share buybacks, and normal business operations including dividends. The net debt to EBITDA ratio stood at 2.3x versus 2.2x previously, remaining within target leverage levels. No specific guidance on deleveraging was provided.

Adjusted cash flow conversion was 98%, slightly below the prior-year 100%, indicating strong conversion of operating profit into cash. The average interest rate on gross debt fell to 3.6% from 4.1%, reflecting refinancing and a lower interest rate environment. Adjusted net interest expense remained stable at A3138m despite higher debt, evidencing improved debt terms. Net cash from operations totaled A31,967m, up from A31,858m, supporting simultaneous investment in acquisitions, buybacks, and dividend growth without significant leverage deterioration.

Strategic Bolt-On Acquisitions Expand Portfolio

RELX completed two acquisitions totaling A3103m in H1 2026 and one small disposal, though details on the acquired businesses, revenue contributions, or strategic impact were not disclosed. This activity aligns with RELX’s bolt-on acquisition strategy aimed at enhancing product capabilities, customer reach, and geographic footprint within core divisions. The modest acquisition spend relative to scale suggests a selective approach focused on strategic fit rather than transformational deals.

No information was provided on integration costs, synergy targets, or earnout arrangements. The small disposal indicates ongoing portfolio optimization. Future updates may reveal integration progress and synergy realization. Overall, M&A activity supports RELX’s shift toward higher-growth, higher-margin analytics and decision tools.

Full-Year 2026 Outlook Reaffirmed Amid Sustained Group Momentum

RELX reaffirmed its 2026 full-year outlook, expecting continued positive momentum and strong underlying revenue, adjusted operating profit, and constant currency EPS growth. No specific numerical guidance was provided. This qualitative reaffirmation, combined with strong H1 results and divisional growth acceleration, signals management confidence but leaves room for variability amid macroeconomic uncertainties.

The outlook is subject to risks including regulatory changes, geopolitical and economic conditions, competitive pressures, cybersecurity, and currency volatility. The company cautions that actual results may differ materially from expectations.

Leading ESG Ratings Highlight RELX’s Commitment to Sustainability

RELX maintained its AAA MSCI ESG rating for the eleventh consecutive year, placing it among the top global companies for environmental, social, and governance performance. It ranks in the top 1% of over 14,000 companies worldwide per Sustainalytics and remains a constituent of the FTSE4Good Index Series. These accolades reflect strong governance, diversity and inclusion initiatives, environmental management, data privacy compliance, and ethical standards.

Robust ESG credentials are increasingly important to institutional investors and bond markets amid growing regulatory demands. RELX’s consistent high ratings and absence of significant compliance issues position it favorably for sustainable investing and risk mitigation.

Global Footprint and Market Diversification Enhance Strategic Resilience

Operating in more than 180 countries with offices in around 40 nations, RELX employs over 37,000 people, approximately 40% based in North America, underscoring the region’s strategic importance. Its shares trade on the London Stock Exchange (REL), Euronext Amsterdam (REN), and New York Stock Exchange (RELX), with a market capitalization near A343 billion sterling (AC51 billion or $58 billion as of announcement date).

This geographic and exchange diversity provides multiple capital sources, investor access across major economies, and natural currency hedging. The significant North American presence reflects market size and legacy acquisitions. Investors should note exposure to economic cycles, interest rates, and credit trends across the US, Europe, and Asia-Pacific, though regional revenue breakdowns were not disclosed.