Highlights

  • RELX reported 7% underlying revenue growth in 2025, reaching GBP 9,590 million.
  • Adjusted earnings per share increased 10% at constant currency to 128.5p.
  • The company completed GBP 1,500 million in share buybacks during 2025 and plans GBP 2,250 million in 2026.

RELX PLC (LSE:REL) is in focus after Investec Bank (UK) plc issued a Buy rating with a target price of GBX 4,000. The analyst call follows the company’s 2025 full-year results, which showed revenue growth, higher earnings per share, and expanded shareholder returns. Shares were trading at GBX 2,027.00 as of 12 February at 11:01 am, up 0.70% on the day.

Revenue Growth and Margin Expansion

RELX posted revenue of GBP 9,590 million for 2025, up from GBP 9,434 million in the prior year, delivering 7% underlying growth. Adjusted operating profit rose 9% on an underlying basis to GBP 3,342 million.

Continuous process innovation helped manage cost growth below revenue growth, lifting the group’s adjusted operating margin to 34.8%, compared with 33.9% in 2024.

Reported operating profit reached GBP 3,027 million, after accounting for GBP 248 million in amortisation of acquired intangible assets. Adjusted profit before tax increased to GBP 3,059 million, with adjusted net interest expense of GBP 283 million. The average interest rate on gross debt was 3.9%, down from 4.4% in the previous year.

Earnings, Dividend and Capital Allocation

Adjusted earnings per share rose to 128.5p, representing 10% growth at constant currency. Reported EPS stood at 112.6p, compared with 103.6p a year earlier.

The Board proposed a full-year dividend of 67.5p per share, up from 63.0p, marking a 7% increase. The proposed final dividend of 48.0p per share is subject to shareholder approval at the 2026 AGM. If approved, payment is scheduled for 18 June 2026.

In addition to dividends, RELX deployed GBP 1,500 million on share buybacks in 2025. For 2026, the company intends to complete GBP 2,250 million in buybacks, with GBP 250 million already executed.

Portfolio Activity and Balance Sheet

During 2025, RELX completed five acquisitions for a total consideration of GBP 270 million, alongside two small disposals. Net debt at year-end stood at GBP 7,201 million, with net debt to EBITDA at 2.0x. Adjusted cash flow conversion was 99%.

The company also reported continued recognition for corporate responsibility performance, including maintaining a AAA MSCI rating for the tenth consecutive year.

2026 Outlook

RELX expects another year of underlying revenue growth and adjusted operating profit growth in 2026. The company also anticipates continued growth in adjusted earnings per share at constant currency.

Investec Bank (UK) plc’s Buy rating and GBX 4,000 target price place RELX among the closely watched stocks on the London market. With revenue growth, margin expansion, increased dividends, and an expanded share buyback programme planned for 2026, the company enters the new financial year with defined financial objectives and capital allocation plans.

Frequently Asked Questions (F&Q)

  1. What is Investec’s target price for RELX?
    Investec Bank (UK) plc has set a target price of GBX 4,000 and issued a Buy rating.
  2. How did RELX perform in 2025?
    RELX delivered 7% underlying revenue growth, 9% growth in adjusted operating profit, and 10% constant currency growth in adjusted EPS.
  3. What are RELX’s shareholder return plans for 2026?
    The company plans to deploy GBP 2,250 million in share buybacks in 2026 and has proposed a 67.5p full-year dividend for 2025.