--- title: "Relx PLC Earnings Call Highlights AI-Led Momentum" type: "News" locale: "en" url: "https://longbridge.com/en/news/293680286.md" description: "Relx PLC reported strong Q2 results, with underlying revenue up 7% and adjusted EPS rising 11% at constant currency. The company highlighted double-digit growth in its Risk, Legal, and STM segments, driven by AI adoption. Robust cash generation supported a 7% dividend increase and significant share buybacks. While Exhibitions faced timing headwinds and print declined, management maintained a positive outlook, expecting profit growth to outpace revenue." datetime: "2026-07-24T00:12:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293680286.md) - [en](https://longbridge.com/en/news/293680286.md) - [zh-HK](https://longbridge.com/zh-HK/news/293680286.md) --- # Relx PLC Earnings Call Highlights AI-Led Momentum Relx PLC (ADR) ((RELX)) has held its Q2 earnings call. Read on for the main highlights of the call. ### Claim 55% Off TipRanks - Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions - Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks Relx PLC (ADR) delivered an upbeat earnings call, underscoring broad-based strength across its data‑driven businesses and disciplined financial execution. Management highlighted double-digit constant-currency EPS growth, margin expansion and strong cash generation, while downplaying timing issues in Exhibitions, currency drag and print decline that did little to dent the overall positive tone. ## Strong Group Financial Performance Relx posted underlying revenue growth of 7%, with underlying adjusted operating profit up 9%, pushing the group adjusted operating margin up 70 basis points to 35.5%. Adjusted EPS rose 11% at constant currency to 68.6p and net profit increased 7% to more than £1.2 billion, underscoring robust profitability. ## Robust Cash Generation and Capital Allocation Cash conversion reached 98%, with EBITDA around £2 billion and free cash flow exceeding £1.1 billion, supporting both investment and shareholder returns. Capital expenditure stood at £292 million, about 6% of revenue, while the interim dividend was lifted 7% and £1.75 billion of a planned £2.25 billion buyback was already executed. ## Risk Division Momentum The Risk division recorded underlying revenue growth of 8% and adjusted operating profit growth of 10%, driven by AI-enabled analytics and decision tools. Management noted that more than 90% of Risk revenue is now machine-to-machine, with Business Services and Insurance delivering particularly strong performances. ## STM Acceleration and AI Adoption Science, Technical & Medical saw underlying revenue climb 6%, while adjusted operating profit rose 8%, reflecting both volume and mix benefits. Article submissions jumped more than 20% and published articles increased 7%, and the new AI product LEAPSpace nearly doubled active users in only 90 days, with usage growing even faster. ## Legal Segment Step-Up The Legal segment delivered a standout performance with underlying revenue up 10% and adjusted operating profit up 13%, signaling a sharp acceleration. The AI-enabled Lexis+ with Protege platform drove the bulk of commercial momentum, accounting for about 90% of new sales value and around 75% of renewal value, with law firms and corporate legal representing most of the division. ## Exhibitions Revenue Growth and Digital Progress Exhibitions achieved 6% underlying revenue growth, as Relx continued to roll out digital and value-enhancing tools across its events portfolio. Management acknowledged first-half timing effects but still expects an improvement in adjusted operating margin for the full year as the event cycle normalizes. ## Operating Efficiency and Margin Expansion Across the group, Relx reiterated its focus on keeping cost growth below revenue growth, allowing profit growth in Risk, STM and Legal to outpace revenue by 2–3 percentage points. The company is also deploying generative AI internally to speed up product development and capture efficiency gains, contributing to sustained margin expansion. ## Exhibitions Profitability and Event Timing Risks While Exhibitions revenues advanced, underlying adjusted operating profit in the division rose only 2% as event cycling, timing shifts and rescheduling weighed on the first half. Management flagged continued uncertainty around a small number of events in the Middle East and some travel disruption, though these exposures are limited relative to group revenue. ## Currency Headwinds and Print Decline Total revenue at constant currency grew 5% but translated into just 3% growth reported in sterling due to a stronger pound against the dollar, muting headline figures. The ongoing step-down in print activities is also dragging on revenue and profit, with management expecting high single-digit profit declines from print as the business transitions toward digital. ## STM Publication Selectivity and Content Flow In STM, Relx is becoming more selective about what it publishes, resulting in article growth of 7% despite submissions rising more than 20%. This tighter screening may limit the volume of new content and moderate future content-driven revenue growth, even as submission pipelines remain buoyant. ## Leverage Slightly Elevated After Capital Returns Net debt stood at £8.7 billion, equating to a net debt-to-EBITDA ratio of 2.3 times, in the middle of the company’s target range but slightly above year-end levels. The uptick reflects significant first-half capital returns through dividends and accelerated buybacks, leaving a somewhat thinner buffer should macro conditions worsen. ## Regulatory and Legal Uncertainties Relx acknowledged that potential policy shifts and ongoing legal matters introduce some timing and impact uncertainty for parts of the portfolio. Management indicated that any settlement receipts would largely offset associated costs rather than boost revenue and declined to provide detailed commentary on the expected timing of those outcomes. ## Forward-Looking Guidance and Outlook Management guided to another year of strong underlying revenue growth, with adjusted operating profit growth again expected to exceed revenue and EPS growing solidly at constant currency. They reaffirmed the strategy of keeping costs below revenue growth, backed by near-100% cash conversion, disciplined capital spending, rising dividends and ongoing share buybacks grounded in a 2.3 times leverage position. Relx’s earnings call painted a picture of a data and analytics group firing on most cylinders, with AI-driven products accelerating growth across Risk, STM and Legal, and digital initiatives supporting Exhibitions. While currency, print decline and event timing remain watchpoints, the company’s margin expansion, strong cash generation and confident guidance will likely reassure investors looking for durable earnings momentum. ### Related Stocks - [RELX.US](https://longbridge.com/en/quote/RELX.US.md) - [REL.UK](https://longbridge.com/en/quote/REL.UK.md) ## Related News & Research - [RELX Expands Share Buyback with Further Treasury Purchases](https://longbridge.com/en/news/294711320.md) - [REL: Strong growth in revenue, profit, and EPS, driven by AI-enabled tools and margin expansion](https://longbridge.com/en/news/293591733.md) - [Here's How Much $1000 Invested In Global X Artificial Intelligence & Technology ETF 15 Years Ago Would Be Worth Today](https://longbridge.com/en/news/294756506.md) - [Rabobank to spend €2 billion in AI and tech as net profit stagnates](https://longbridge.com/en/news/294777758.md) - [SoftBank's AI funding plans to face reckoning at earnings](https://longbridge.com/en/news/294776393.md)