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. ● 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. ● 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. 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. ​ 12 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. ​ 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. ​ 13 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, 24th 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. ​ 14 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 15 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. ​ ​ 16 Table of Contents