A discussion of our fiscal year ended December 31, 2023 may be found in “Item 5: Operating and Financial Review and Prospects” of our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025. OPERATING RESULTS The following discussion is based on the consolidated financial statements of the Group for the two years ended December 31, 2024 and 2025 which have been prepared in accordance with IFRS as issued by the IASB. The following discussion should be read in conjunction with, and is qualified by reference to, the consolidated financial statements on pages 138 to 185 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. The following tables analyse the Group’s revenue in each of the two years ended December 31, 2024 and 2025 by type, format and geographic market. We derive our revenue principally from subscriptions and transactional sales. Transactional sales include revenue from exhibitions. For additional information, see note 2 to the 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. Revenue by type Year ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ Restated ​ ​ ​ ​ ​ ​ ​ ​ (in millions, except percentages) Subscriptions ​ £ 5,025 ​ ​ ​ 53 % £ 5,190 ​ ​ ​ 54 % Transactional ​ 4,409 47 ​ ​ 4,400 46 ​ Total ​ £ 9,434 100 % £ 9,590 100 % ​ Revenue by format Year ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 ​ ​ ​ Restated ​ ​ ​ ​ ​ ​ ​ ​ (in millions, except percentages) Electronic ​ £ 7,728 ​ ​ ​ 82 % £ 8,070 ​ ​ ​ 84 % Face-to-face ​ 1,189 13 ​ 1,121 12 ​ Print ​ 517 5 ​ 399 4 ​ Total ​ £ 9,434 100 % £ 9,590 100 % ​ Revenue by geographic market Year ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ Restated ​ ​ ​ ​ ​ ​ ​ ​ (in millions, except percentages) North America ​ £ 5,495 ​ ​ ​ 58 % £ 5,595 ​ ​ ​ 58 % Europe ​ ​ 2,025 22 ​ 2,000 21 ​ Rest of world ​ ​ 1,914 20 ​ 1,995 21 ​ Total ​ £ 9,434 100 % £ 9,590 100 % The cost profile of individual businesses within the Group varies and costs are controlled on an individual business unit basis. Our most significant cost item is staff costs. Staff costs, excluding cost of contractors and employer costs of benefits provided to employees but including amounts that are capitalised, increased from £3,120 million in 2024 to £3,175 million in 2025. 17 Table of Contents The following tables show revenue and adjusted operating profit for each of our business segments in each of the two years ended December 31, 2024 and 2025 together with the percentage change in 2024 and 2025 at both actual and constant currencies. Prior period figures have been restated for the business area changes described in “Item 4: Information on the Group —Business Overview – Business Area Reporting Changes”, with print and print-related now a separate reported segment. See also 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. We also show reported operating profit for the Group in each of the two years ended December 31, 2024 and 2025 together with the percentage change in 2024 and 2025 at actual currency. The effect of currency movements on the 2025 results is further described separately below (see “— Effect of Currency Translation” on page 26). Adjusted operating profit is included on the basis that it is the key segmental profit measure used by management to evaluate performance and allocate resources to the business segments, as reported under IFRS 8 — ‘Operating Segments’ in note 2 to the 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. Adjusted operating profit represents operating profit before amortisation of acquired intangible assets and acquisition and disposal related items, and is grossed up to exclude the equity share of finance income, finance costs and taxes in joint ventures and associates. A reconciliation of reported operating profit to adjusted operating profit is set out on page 20. Revenue by segment, reported operating profit and adjusted operating profit by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue(1) for the year ended ​ ​ December 31 ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ % change ​ ​ (Restated) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ actual ​ ​ ​ constant ​ ​ ​ ​ ​ ​ ​ ​ rates ​ rates(2) ​ ​ (in millions, except percentages) Risk ​ ​ ​ £ 3,336 ​ ​ ​ £ 3,485 ​ ​ ​ +4 % +7 % Scientific, Technical & Medical ​ ​ 2,624 ​ ​ 2,714 ​ +3 % +5 % Legal ​ ​ 1,718 ​ ​ 1,806 ​ +5 % +8 % Exhibitions ​ ​ 1,239 ​ ​ 1,186 ​ -4 % -2 % Print & print-related activities(1) ​ ​ 517 ​ ​ 399 ​ -23 % -21 % Total ​ £ 9,434 ​ £ 9,590 ​ +2 % +4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reported operating profit for ​ ​ the year ended December 31 ​ ​ 2024 ​ 2025 ​ % change ​ ​ ​ ​ ​ ​ ​ ​ actual ​ ​ ​ ​ ​ ​ ​ ​ rates ​ ​ (in millions, except percentages) ​ Reported operating profit ​ ​ ​ £ 2,861 ​ ​ ​ £ 3,027 ​ ​ ​ +6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating profit(1) for the year ended December 31 ​ ​ 2024 ​ 2025 ​ % change ​ ​ (Restated) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ actual ​ constant ​ ​ ​ ​ ​ ​ ​ ​ rates ​ ​ ​ rates(2) ​ (in millions, except percentages) ​ Risk ​ ​ ​ £ 1,233 ​ ​ ​ £ 1,305 ​ ​ ​ +6 % +9 % Scientific, Technical & Medical ​ 981 ​ 1,035 +6 % +7 % Legal ​ 381 ​ 415 +9 % +11 % Exhibitions ​ 398 ​ 410 +3 % +7 % Print & print-related activities(1) ​ ​ 217 ​ ​ 185 ​ -15 % -13 % Sub-total ​ ​ 3,210 ​ ​ 3,350 ​ ​ ​ ​ ​ Unallocated central costs and other operating items ​ ​ (11) ​ ​ (8) ​ ​ ​ ​ ​ Total £ 3,199 £ 3,342 +4 % +7 % 18 Table of Contents (1) From 2025, revenue and profit for print and print-related activities are 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. (2) Represents percentage change from 2024 to 2025 using constant currency. These rates were used in the preparation of the 2024 consolidated financial statements. ​ Non-GAAP financial measures RELX uses adjusted figures, which are not defined by generally accepted accounting principles (“GAAP”) such as IFRS. Adjusted figures and underlying growth rates are presented as additional performance measures used by management, as they provide relevant information in assessing the Group’s performance, position and cash flows. We believe that these measures enable investors to track more clearly the core operational performance of the Group by separating out items of income or expenditure relating to acquisitions, disposals and capital items, and by excluding items treated as exceptional, when applicable. This provides our investors with a clear basis for assessing our ability to raise debt and invest in new business opportunities. Management uses these financial measures, along with IFRS financial measures, in evaluating the operating performance of the Group as a whole and of the individual business segments. Adjusted financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly reported measures by other companies. The adjusted and underlying financial measures used in the results of operations discussion on pages 23 to 25 are: underlying revenue growth, adjusted operating profit, underlying adjusted operating profit growth, adjusted operating margin, adjusted net profit attributable to shareholders and adjusted earnings per share. These measures as well as certain other metrics are defined in the Glossary of Terms beginning on page S-1. Restatement of certain non-GAAP financial measures From 2025, as described below, the definitions of underlying revenue and adjusted operating profit growth rates have been refined to exclude print and print-related results following the changes in segmental reporting described under “Item 4: Information on the Group – Business Overview – Business Area Reporting Changes”. See also 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. Prior period figures have been restated to reflect these reporting changes. Definitions Underlying revenue growth rates are calculated at constant currency and exclude revenue from acquisitions until twelve months after purchase, revenue from disposals and assets held for sale, print and print-related revenue and exhibition cycling. Underlying adjusted operating profit growth rates are calculated on the same basis except that they do not exclude exhibit cycling. Constant currency growth rates are based on 2024 full-year average and hedge exchange rates. Adjusted operating profit excludes amortisation of acquired intangible assets and acquisition and disposal related items, and is grossed up to exclude the equity share of finance income, finance costs and taxes in joint ventures and associates. Adjusted operating margin is calculated as adjusted operating profit divided by revenue. Adjusted net profit attributable to shareholders excludes amortisation of acquired intangible assets, other deferred tax credits from intangible assets, acquisition and disposal related items, fair value movements on cross-currency interest rate swaps not designated as hedges, net interest on the net defined benefit pension balance and disposals and other non-operating items. Adjusted earnings per share is calculated by dividing adjusted net profit attributable to shareholders by the total weighted average number of shares. 19 Table of Contents Reconciliations of all non-GAAP financial measures to the most directly comparable measure reported under IFRS are set forth in the tables below. In the tables below and the results of operations commentary that follows, percentage movements are calculated using the average exchange rates for the period unless otherwise stated. The calculations of the year-on-year changes in reported revenue and underlying revenue growth are presented below: ​ ​ ​ ​ ​ ​ ​ ​ Revenue(1) ​ ​ ​ ​ £m ​ ​ ​ % change Year to December 31, 2023 9,161 +7 % Underlying revenue growth(1)(2) 600 +7 % Exhibition cycling 69 ​ ​ Acquisitions 15 ​ ​ Disposals (66) ​ ​ Print & print-related activities(1) ​ (54) ​ ​ ​ Currency effects (291) ​ ​ Year to December 31, 2024 9,434 +3 % Underlying revenue growth(1)(2) 586 +7 % Exhibition cycling (48) ​ ​ Acquisitions 14 ​ ​ Disposals (91) ​ ​ Print & print-related activities(1) ​ (109) ​ ​ ​ Currency effects (196) ​ ​ Year to December 31, 2025 9,590 +2 % (1) From 2025, the definition of underlying revenue growth rate has been refined to exclude print and print-related results following the changes in segmental reporting described under “Item 4: Information on the Group – Business Overview – Business Area Reporting Changes”. See also 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. Prior period figures have been restated to reflect these reporting changes. (2) Represents the year-on-year movement in reported revenue excluding the impact of the adjustments set forth in the table. ​ Adjusted operating profit reconciles to reported operating profit as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ (in millions) Reported operating profit ​ ​ ​ £ 2,861 ​ ​ ​ £ 3,027 Adjustments: ​ ​ ​ ​ Amortisation of acquired intangible assets ​ 258 ​ 248 Acquisition and disposal related items ​ 69 ​ 54 Reclassification of tax in joint ventures and associates ​ 12 ​ 14 Reclassification of finance income in joint ventures and associates ​ (1) ​ (1) Adjusted operating profit £ 3,199 £ 3,342 20 Table of Contents The calculations of the year-on-year changes in adjusted operating profit and underlying adjusted operating profit growth are presented below: ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating profit(1) ​ ​ ​ ​ £m ​ ​ ​ % change Year to December 31, 2023 3,030 +13 % Underlying adjusted operating profit growth(1)(2) 294 +11 % Acquisitions 2 ​ ​ Disposals 7 ​ ​ Print & print-related activities(1) ​ (26) ​ ​ ​ Currency effects (108) ​ ​ Year to December 31, 2024 3,199 +6 % Underlying adjusted operating profit growth(1)(2) 260 +9 % Acquisitions (2) ​ ​ Disposals (14) ​ ​ Print & print-related activities(1) ​ (27) ​ ​ ​ Currency effects (74) ​ ​ Year to December 31, 2025 3,342 +4 % (1) From 2025, the definition of underlying adjusted operating profit growth rate has been refined to exclude print and print-related results following the changes in segmental reporting described under “Item 4: Information on the Group – Business Overview – Business Area Reporting Changes”. See also 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. Prior period figures have been restated to reflect these reporting changes. (2) Represents the year-on-year movement in adjusted operating profit excluding the impact of the adjustments set forth in the table. ​ Adjusted net profit attributable to shareholders reconciles to reported net profit attributable to shareholders as follows, and the calculations of earnings per share and adjusted net profit per share are presented below: ​ ​ ​ ​ ​ ​ ​ 2024 ​ Pre-tax ​ Tax on ​ ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ ​ 1,934 Adjustments: ​ ​ ​ Amortisation of acquired intangible assets 258 32 290 Other deferred tax credits from intangible assets(1) – (56) (56) Acquisition and disposal related items 69 (14) 55 Net interest on net defined benefit pension balance 1 – 1 Loss on disposals and other non‑operating items 6 ​ 11 ​ 17 Adjusted net profit attributable to shareholders ​ ​ 2,241 ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ Pre-tax ​ Tax on ​ ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ ​ 2,065 Adjustments: ​ ​ ​ Amortisation of acquired intangible assets 248 35 283 Other deferred tax credits from intangible assets(1) – (55) (55) Acquisition and disposal related items 54 (8) 46 Fair value movements on cross-currency interest rate swaps not designated as hedges(2) ​ 5 ​ (1) ​ 4 Net interest on net defined benefit pension balance (3) 1 (2) Disposals and other non-operating items (9) ​ 26 ​ 17 Adjusted net profit attributable to shareholders ​ ​ 2,358 (1) Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation. (2) Excludes fair value movements on cross-currency interest rate swaps not designated as hedges, and the adjusted tax charge excludes the tax on those movements. Before 2025, there were no such movements. 21 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 ​ ​ Net ​ Weighted ​ ​ ​ Net ​ Weighted ​ ​ ​ ​ profit ​ average ​ ​ ​ profit ​ average ​ ​ ​ ​ attributable to ​ number ​ ​ ​ attributable to ​ number ​ ​ ​ ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ ​ ​ ​ £m ​ (millions) ​ (pence) ​ £m ​ (millions) ​ (pence) Basic earnings per share ​ 1,934 1,865.9 103.6p ​ 2,065.0 1,834.4 112.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 ​ ​ Adjusted net ​ Weighted ​ ​ ​ Adjusted net ​ Weighted ​ ​ ​ ​ profit ​ average ​ ​ ​ profit ​ average ​ ​ ​ ​ attributable to ​ number ​ Adjusted ​ attributable to ​ number ​ Adjusted ​ ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ ​ ​ ​ £m ​ (millions) ​ (pence) ​ £m ​ (millions) ​ (pence) Adjusted earnings per share ​ 2,241 ​ 1,865.9 ​ 120.1p ​ 2,358.0 ​ 1,834.4 ​ 128.5 ​ Results of Operations for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Reported revenue was up 2% from £9,434 million in 2024 to £9,590 million in 2025. Underlying revenue growth was 7%, with all four business areas contributing to underlying growth. Risk continued to deliver strong growth, STM maintained its improved growth, Legal growth continued to improve and Exhibitions saw strong growth. For Print and print-related, in addition to the usual print format decline, the step up in actions we have taken over the past two years resulted in a step down in revenue from £517 million in 2024 to £399 million in 2025. Disposals, exhibition cycling and the step down in revenue from print and print-related activities all combined to reduce group revenue by 3%. The impact of currency movements was to decrease group revenue by 2%. Reported operating profit, which includes amortisation of acquired intangible assets and acquisition and disposal related items, was up 6% from £2,861 million in 2024 to £3,027 million in 2025 including lower amortisation of acquired intangible assets and acquisition and disposal related items. Adjusted operating profit was up 4% from £3,199 million in 2024 to £3,342 million in 2025. The adjusted operating profit from print and print-related activities decreased from £217 million in 2024 to £185 million in 2025. Disposals and the reduction in profit contribution from print and print-related activities combined to reduce the Group’s adjusted operating profit by 2%, while currency effects decreased the Group’s adjusted operating profit by 3%. The reported operating margin was up from 30.3% in 2024 to 31.5% in 2025. The overall adjusted operating margin increased 0.9 percentage points from 33.9% in 2024 to 34.8% in 2025 driven by the underlying performance. Depreciation of property, plant and equipment and amortisation of internally developed intangible assets decreased from £398 million in 2024 to £378 million. Depreciation of right-of-use assets decreased from £50 million in 2024 to £37 million in 2025. The amortisation charge in respect of acquired intangible assets, including the share of amortisation in joint venture and associates, decreased from £258 million in 2024 to £248 million in 2025. Acquisition and disposal related costs decreased from £69 million in 2024 to £54 million in 2025, slightly lower than the prior year primarily due to lower acquisition activity. Reported net finance costs decreased from £298 million in 2024 to £286 million in 2025. This includes the net financing credit on defined benefit pension schemes of £3 million in 2025. Reported profit before tax was up 8% from £2,557 million in 2024 to £2,750 million in 2025 reflecting the improvement in reported operating profit and the lower interest expense. 22 Table of Contents The reported tax charge increased from £613 million in 2024 to £672 million in 2025 including tax associated with the amortisation of acquired intangible assets, disposals and other non-operating items. The reported net profit attributable to shareholders was up 7% from £1,934 million in 2024 to £2,065 million in 2025. The adjusted net profit attributable to shareholders was up 5% from £2,241 million in 2024 to £2,358 million in 2025. The reported earnings per share increased by 9% from 103.6p in 2024 to 112.6p in 2025. Adjusted earnings per share increased by 7% from 120.1p in 2024 to 128.5p in 2025. At constant currency, adjusted earnings per share increased by 10%. Ordinary dividends paid to shareholders in 2024, being the 2023 final and 2024 interim dividend, amounted to £1,121 million. Ordinary dividends paid to shareholders in 2025, being the 2024 final and 2025 interim dividend, amounted to £1,181 million. The final dividend proposed by the Board increased from 44.8p in 2024 to 48.0p per share in 2025. Total dividends for the year increased 7% from 63.0p in 2024 to 67.5p in 2025. During 2025, a total of 39.5 million RELX PLC shares were repurchased at an average price of 3,797p. Total consideration for these repurchases was £1,500 million. A further 1.9 million shares were purchased by the Employee Benefit Trust. As at December 31, 2025, total shares in issue, net of shares held in treasury and shares held by the Employee Benefit Trust, amounted to 1,819.0 million. A further 8.8 million shares have been repurchased in 2026 as at February 11, 2026. Risk: 2025 financial performance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ Change at ​ ​ ​ ​ ​ ​ ​ (Restated) ​ 2025 ​ Change ​ constant ​ Underlying ​ ​ ​ GBPm ​ GBPm ​ in GBP ​ currency ​ growth ​ Revenue ​ 3,336 ​ 3,485 ​ +4 % +7 % +8 % Adjusted operating profit 1,233 1,305 +6 % +9 % +10 % Strong fundamentals continuing to drive underlying revenue growth. Reported revenue growth of +4%. Underlying revenue growth of +8%. Strong growth continues to be driven across segments by our deeply embedded, AI-enabled analytics and decision tools. Adjusted operating profit growth of +6%. Underlying adjusted operating profit growth was +10%, leading to an increase in adjusted operating margin. In Business Services, strong growth continues to be driven by Financial Crime Compliance and digital Fraud & Identity solutions, and strong new sales. We continue to expand our extensive, differentiated data assets, build out our global fraud infrastructure, and more deeply integrate advanced authentication and behavioural intelligence, to address the increasing complexity of risk decisioning for customers worldwide. In Insurance, strong growth continues to be driven by further innovation and adoption of contributory databases and market-specific solutions, supported by positive market factors and strong new sales. We continue to extend our products across the insurance continuum, and across insurance lines, while adding data sources and analytics to enhance value for customers. Specialised Industry Data Services growth continues to be led by Commodity Intelligence, and Government growth continues to be driven by analytics and decision tools. ​ ​ 23 Table of Contents Scientific, Technical & Medical: 2025 financial performance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ Change at ​ ​ ​ ​ ​ ​ ​ (Restated) ​ 2025 ​ Change ​ constant ​ Underlying ​ ​ ​ GBPm ​ GBPm ​ in GBP ​ currency ​ growth ​ Revenue ​ 2,624 ​ 2,714 ​ +3 % +5 % +5 % Adjusted operating profit 981 1,035 +6 % +7 % +7 % Development of analytics continuing to drive underlying revenue growth. Reported revenue growth of +3%. Underlying revenue growth of +5%. Good growth, with improving momentum, continues to be driven by the evolution of the business mix towards higher growth, higher value analytics and tools. Adjusted operating profit growth of +6%. Underlying adjusted operating profit growth was +7%, resulting in an increase in adjusted operating margin. In Databases, Tools & Electronic Reference, strong growth continues to be driven by higher value-add analytics and decision tools, with continued rollout, adoption and usage growth of our AI-enabled tools, such as Scopus AI and Sherpath AI. We continue to expand our solution sets, built on our industry leading trusted content, with a series of new releases in 2026, the most recent of which is our next generation end-to-end AI-powered researcher solution, LeapSpace. In Primary Research, good growth continues to be driven by volume growth, with article submissions growing very strongly across the portfolio. Improving momentum is supported by the increasing pace of new product introductions, and strong new sales. Legal: 2025 financial performance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ Change at ​ ​ ​ ​ ​ ​ ​ (Restated) ​ 2025 ​ Change ​ constant ​ Underlying ​ ​ ​ GBPm ​ GBPm ​ in GBP ​ currency ​ growth ​ Revenue ​ 1,718 ​ 1,806 ​ +5 % +8 % +9 % Adjusted operating profit 381 415 +9 % +11 % +12 % Further improvement in underlying revenue growth driven by AI-enabled legal analytics and tools. Reported revenue growth of +5%. Underlying revenue growth of +9%, a further step up in growth from 2024. Strong growth continues to be driven by the shift in business mix towards higher growth, higher value legal analytics and tools. Adjusted operating profit growth was +9%. Underlying adjusted operating profit growth of +12%, leading to a further improvement in adjusted operating margin. In Law Firms & Corporate Legal, double-digit growth is being driven by the continued adoption of our core AI-enabled legal research and analytics platform and our integrated agentic legal assistant (Lexis+ AI and Protégé). Ongoing releases of new functionality, including General AI and Workflows, and deeper integration of our tools on our core platform with its comprehensive, verified legal content, is enabling us to increase our value-add and serve an increasing number of use cases. In Government & Academic and News & Business, good growth continues to be driven by the further extension of analytics and decision tools. Renewals and new sales are strong across all key segments. 24 Table of Contents Exhibitions: 2025 financial performance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change at ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 ​ Change ​ constant ​ Underlying ​ ​ ​ GBPm ​ GBPm ​ in GBP ​ currency(1) ​ growth ​ Revenue ​ 1,239 ​ 1,186 ​ -4 % -2 % +8 % Adjusted operating profit 398 410 +3 % +7 % +9 % (1) Includes cycling effects of -5% ​ Strong underlying revenue growth and profitability improvement. Reported revenue decline of -4%. Reported revenue includes the effects of prior year disposals and event cycling. Underlying revenue growth of +8%, reflecting the improved ongoing growth profile of our event portfolio. Adjusted operating profit growth of +3%. Underlying adjusted operating profit growth of +9%, as we continue to manage underlying cost growth below underlying revenue growth, with margins now significantly above historical levels. We continue to make good progress on value-enhancing digital initiatives, with increased usage of our growing range of digital tools for both exhibitors and attendees at our face-to-face events. Critical Accounting Policies The accounting policies of the Group under IFRS as issued by the IASB are described within the relevant notes to the consolidated financial statements as set forth on pages 143 to 185 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. The most critical accounting policies and estimates used in determining the financial condition and results of the Group, and those requiring the most subjective or complex judgments, relate to capitalisation of development spend and accounting for defined benefit pension obligations. The Audit Committee of RELX PLC has reviewed the development and selection of critical accounting estimates, and the disclosure of critical accounting policies in the financial statements. Effect of Currency Translation The consolidated financial statements are expressed in sterling and are therefore subject to the impact of movements in exchange rates on the translation of the financial information of individual businesses whose operational currencies are other than sterling. The principal exposures in relation to the results reported in sterling are to the US dollar and the euro, reflecting our business exposure to the United States and the European Economic and Monetary Union, our most important markets. Some of these exposures are offset by denominating debt in US dollars and euros. Individual businesses are subject to foreign exchange transaction exposures caused by the effect of exchange rate movements on their revenue and operating costs, to the extent that such revenue and costs are not denominated in their functional currencies. Individual businesses generally hedge their exposures at market rates through the centralised treasury department. Hedging of foreign exchange transaction exposure is the only hedging activity undertaken by the individual businesses. For further details see note 17 to the consolidated financial statements as set forth on pages 169 to 175 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. Compared to 2024, currency differences decreased the Group’s revenue by £196 million in 2025. Acquired intangible asset amortisation and acquisition and disposal related items are predominantly denominated in US dollars and, after these charges, currency differences decreased operating profit by £67 million. The majority of our debt is denominated in US dollars and euros and after charging net finance costs, currency differences decreased profit before tax by £65 million in 2025. 25 Table of Contents Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements are included in 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 and incorporated herein by reference to Exhibit 15.2. LIQUIDITY AND CAPITAL RESOURCES Cash Flow Cash flows from operating activities The Group’s cash generated from operations increased from £3,521 million in 2024 to £3,735 million in 2025. Included in these net cash inflows are cash outflows, including acquisition and disposal related items, which increased from £62 million in 2024 to £89 million in 2025. A substantial proportion of revenue is received through subscription and similar advanced receipts, principally for scientific and medical journals. At December 31, 2025 subscriptions and other revenues received in advance increased from £2,328 million in 2024 to £2,390 million in 2025. The Group paid tax of £662 million in 2024 and £638 million in 2025, which was lower than the income statement charge, with the difference reflecting timing of tax payments. Cash flows from investing activities The Group’s cash outflow on the purchase of property, plant and equipment increased from £20 million in 2024 to £21 million in 2025 while proceeds from the sale of property, plant and equipment were consistent at nil for 2024 and 2025. The cash outflow on internally developed intangible assets increased from £464 million in 2024 to £504 million in 2025, reflecting sustained investment in new products. During 2024, the Group paid a total of £170 million for acquisitions, including deferred consideration of £5 million on past acquisitions and cash spent on venture capital investments of £4 million. During 2025, the Group paid a total of £260 million for acquisitions, including deferred consideration of £18 million spent on past acquisitions and cash spent on venture capital investments of £42 million. Cash flows from financing activities 28.9 million shares were repurchased by RELX PLC in 2024 for total consideration of £1,000 million. 39.5 million shares were repurchased by RELX PLC in 2025 for total consideration of £1,500 million, with a further £250 million repurchased in 2026 as at February 11, 2026. In addition, the Employee Benefit Trust purchased shares of RELX PLC to meet future obligations in respect of share based remuneration totalling £75 million and £76 million in 2024 and 2025, respectively. Proceeds from the exercise of share options decreased from £47 million in 2024 to £42 million in 2025. During 2024 and 2025, the Group paid ordinary dividends totalling £1,121 million and £1,181 million, respectively, to shareholders of RELX PLC. Dividend payments are funded by the operating cash flow of the business after capital spend. Debt Debt as at December 31, 2024 and December 31, 2025 was £6,544 million and £7,267 million, respectively. Net debt, used in assessing the Group’s financial position was £6,563 million as at December 31, 2024 and £7,201 million as at December 31, 2025, comprising gross bank and bond borrowings of £7,170 million and lease liabilities under IFRS 16 of £97 million, plus £60 million of derivative net liabilities designated as hedging instruments and £5 million of cross-currency interest rate swap net liabilities not designated as hedging instruments, less cash and cash equivalents of £131 million. Excluding currency translation effects, net debt increased in 2025 by £733 million. In March 2025, the Group entered into cross-currency interest rate swaps to increase its exposure to debt in euro and Japanese yen. This provides a hedge of part of the Group’s earnings in those currencies, but the nature of the Group’s assets in those currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. The total fair value of these 26 Table of Contents instruments at each reporting date will be included as part of net debt as defined by the Group. Of the $1.5 billion of new term debt issued in the period (see “— Liquidity” below), $500m has been swapped from fixed rate US dollars to fixed rate euros for five or ten years, and $500 million has been swapped from fixed rate US dollars to fixed rate Japanese yen for ten years. Net debt is reconciled as follows: ​ ​ ​ ​ ​ As at December 31 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ £m ​ £m Cash & cash equivalents 119 131 Debt (6,544) (7,267) Derivative financial instruments in fair value hedging relationships (140) (60) Cross-currency interest rate swaps not designated as hedges(1) — (5) Finance lease receivables 2 — Net debt (6,563) (7,201) (1) Reflects cross-currency interest rate swaps not designated as hedges entered into in March 2025. Before 2025, there were no such swaps. Liquidity In March 2025, $750 million of USD denominated term debt was issued with a fixed coupon of 4.75% and a maturity of 5 years and $750 million with a fixed coupon of 5.25% and a maturity of 10 years. The Group believes that it has ample liquidity and access to debt capital markets, providing the ability to repay or refinance debt as it matures and to fund ongoing requirements. This includes access to a $3.5 billion committed bank facility which provides security of funding for short-term debt, which was undrawn at December 31, 2025. This new facility, maturing in November 2030, was put in place in November 2025 to replace the previous $3.0 billion facility maturing in April 2027, which was cancelled at that time. Contractual Obligations The contractual obligations of the Group relating to debt and leases at December 31, 2025 analysed by when payments are due, are summarised below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After 5 ​ ​ Total ​ 1 year ​ 1-3 years ​ 3-5 years ​ years ​ ​ ​ (in millions) Short-term debt(1)(2) ​ £ (1,585) ​ £ (1,585) ​ ​ — ​ ​ — ​ ​ — Long-term debt(2) ​ ​ (6,925) ​ ​ (183) ​ ​ (1,539) ​ ​ (2,118) ​ ​ (3,085) Total ​ £ (8,510) ​ £ (1,768) ​ £ (1,539) ​ £ (2,118) ​ £ (3,085) (1) Short-term debt primarily comprises term debt issues maturing within one year and commercial paper, and is supported by the $3.5 billion committed bank facility maturing in November 2030 and by the central management of cash and cash equivalents. At December 31, 2025 the committed bank facility was undrawn. (2) Short and long-term debt obligations comprise undiscounted principal and interest cash flows. Interest cash flows are calculated by reference to the contractual payment dates and the fixed interest rates (for fixed rate debt) or the relevant forecast interest rates (for floating rate debt). Information on retirement benefit obligations is set forth in note 6 to the consolidated financial statements under the heading ‘Pension schemes’ on pages 151 to 155 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. 27 Table of Contents Off-Balance Sheet Arrangements Except as disclosed above under “Contractual Obligations”, we have no off-balance sheet arrangements that currently have or are reasonably likely to have a material effect on RELX’s financial condition, results of operations, liquidity, capital expenditure or capital resources. Treasury Policies The main treasury risks faced by the Group are liquidity risk, interest rate risk, foreign currency risk and credit risk. The Board agrees overall policy guidelines for managing each of these risks. A summary of these policies is provided in note 17 to the consolidated financial statements under the heading ‘Financial Instruments’ on pages 169 to 175 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. Financial instruments are used to finance our business and to hedge transactions. We do not enter into speculative derivative transactions. Capital and Liquidity Management The capital structure is managed to support the Group’s objective of maximising long-term shareholder value through appropriate security of funding, ready access to debt and capital markets, cost-effective borrowing and flexibility to fund business and acquisition opportunities while maintaining appropriate leverage to ensure an efficient capital structure. Over the long-term, the Group seeks to maintain cash flow conversion of 90% or higher and credit rating agency metrics that are consistent with a solid investment grade credit rating. RELX uses the cash flow it generates to fund capital expenditure required to drive organic growth, to make selective acquisitions and to provide a growing dividend to shareholders, while retaining balance sheet strength to maintain access to cost-effective sources of borrowing. Share repurchases are undertaken to maintain an efficient balance sheet. Further detail on our capital and liquidity management, including material cash requirements and other material commitments, is provided in note 17 to the consolidated financial statements under the heading ‘Financial Instruments’ on pages 169 to 175 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. SHORT-TERM DEBT The Group operates a number of commercial paper programmes that provide flexibility for funding operational requirements on a daily basis, at short notice and at competitive rates. Commercial paper is issued under both US and Euro programmes and guaranteed by RELX PLC. In addition, short-term borrowing facilities are established with local banks to support the daily requirements of businesses operating in certain countries where there may be restrictions on borrowing from affiliates. Term debt in the table below consists of debt with an original maturity of greater than one year and which mature within 12 months of the reporting date. This short-term debt was backed up at December 31, 2025 by the $3.5 billion committed bank facility maturing in 2030. This facility was undrawn at December 31, 2025. The short-term debt programmes are run in conjunction with term debt programmes which comprise the majority of our debt and provide the Group with security of funding. 28 Table of Contents The average amount and the average interest rate during the year have been calculated by taking the average of the amounts outstanding at each month end (translated to sterling at the respective month end rate) and the average of the interest rate applicable at each month end. Commercial paper issuance reached a maximum month end level of £1,508 million in September 2025 following cash outflows in respect of shareholder dividends and share repurchases, and short-term loans and overdrafts reached a maximum month end level of £56 million in July 2025 as a result of movements in trading cash flows. Term debt reached a maximum month end level of £658 million in September to November 2025 as the maturity of the €750 million term debt issue expiring in May 2025 was below 12 months and as a result of exchange rate movements. Lease liabilities have been excluded from the balances below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ average ​ ​ 2024 ​ interest ​ 2025 ​ interest Short-term debt as at December 31, ​ ​ ​ (in millions) ​ ​ ​ rate % ​ ​ ​ (in millions) ​ ​ ​ rate % Commercial paper ​ £ 681 ​ 4.2 ​ £ 835 ​ 4.1 Short-term loans and overdrafts ​ ​ 81 ​ 4.7 ​ ​ 52 ​ 3.6 Term debt ​ ​ 612 ​ 6.4 ​ ​ 654 ​ 1.4 Total short-term debt ​ £ 1,374 ​ — ​ £ 1,541 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ average ​ ​ 2024 ​ interest ​ 2025 ​ interest Average short-term debt during the year ended December 31, ​ ​ ​ (in millions) ​ ​ ​ rate % ​ ​ ​ (in millions) ​ ​ ​ rate % Commercial paper ​ £ 707 ​ 4.7 ​ £ 919 ​ 3.7 Short-term loans and overdrafts ​ ​ 54 ​ 5.1 ​ ​ 46 ​ 4.0 Term debt ​ £ 585 ​ 5.3 ​ £ 640 ​ 2.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2025 Maximum month end short-term debt ​ (in millions) ​ (in millions) Commercial paper ​ £ 1,256 ​ £ 1,508 Short-term loans and overdrafts ​ 81 ​ 56 Term debt £ 1,026 £ 658 ​ ​ 29 Table of Contents TREND INFORMATION Material trends, uncertainties and events which can affect the revenue, operating profit and liquidity and capital resources of RELX include the usage, penetration and customer renewal of our products and the prices that customers pay for our products, the migration of products to online services, investment in new products and services, cost control and the impact of our cost reduction programmes on operational efficiency, the levels of legal industry and academic library funding, the impact of economic conditions on corporate and other customer budgets, the actions of competitors and regulatory, legislative and legal developments. Trends, uncertainties and events which could have a material impact on our revenue, operating profit and liquidity and capital resources are discussed in further detail in “Item 3: Key Information — Risk Factors”; “Item 4: Information on the Group”; and “Item 5: Operating and Financial Review and Prospects — Operating Results; Liquidity and Capital Resources”. RESEARCH AND DEVELOPMENT In 2024 and 2025 RELX spent £464 million and £504 million, respectively, in respect of capitalised development costs. This reflects sustained investment in new products. This expenditure was mainly incurred in the United States, the United Kingdom and the Netherlands. For additional information, see note 14 to the consolidated financial statements under the heading ‘Intangible assets’ on pages 164 to 166 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. ​ 30 Table of Contents