Market Risk Our primary market risks are to changes in interest rates and exchange rates as well as liquidity and credit risk. Net finance costs are exposed to interest rate fluctuations on debt, cash and cash equivalents. Upward fluctuations in interest rates increase the interest cost of floating rate debt whereas downward fluctuations in interest rates decrease the interest earned on floating rate cash and cash equivalents. Interest expense payable on fixed rate debt is protected against upward movement in interest rates but does not benefit from downward shifts. Our companies engage in foreign currency denominated transactions and are therefore subject to exchange rate risk on such transactions. Net finance costs are also exposed to changes in the fair value of derivatives (as a result of interest and exchange rate fluctuations) which are not part of a designated hedging relationship under IFRS 9 — ‘Financial Instruments’, and to ineffectiveness that may arise on designated hedging relationships. Our management of this interest rate risk and foreign exchange rate risk is described below. We manage a portfolio of long-term debt, short-term debt and committed bank facilities to support our capital structure and are exposed to the risk that relevant markets are closed and debt cannot be refinanced on a timely basis. In addition, the credit spread at which we borrow is exposed to changes in market liquidity and investor demand. We manage this risk by maintaining a range of borrowing facilities and debt programmes with a maturity profile to limit refinancing risk. We have a credit exposure for the full principal amount of cash and cash equivalents held with individual counterparties. In addition, we have a credit risk from the potential non-performance by counterparties to financial instruments; this credit risk normally being restricted to the amounts of any hedge gain and not the full principal amount being hedged. Credit risks are managed by monitoring the credit quality of counterparties and restricting the amounts outstanding with each of them. We are also exposed to changes in the market value of our venture capital investments. Our management of the above market risks is described in further detail in note 17 to the consolidated financial statements under the heading ‘Financial Instruments’ on pages 169 to 175 and in note 21 under the heading ‘Debt’ on pages 176 to 177 of the RELX 2025 Annual Report and incorporated herein by reference to Exhibit 15.2. Management of Interest Rate Risk and Foreign Exchange Rate Risk We seek to manage our risk to movements in interest and exchange rates by means of derivative financial instruments, including interest rate swaps and forward foreign exchange contracts. We only enter into derivative financial instruments to hedge (or reduce) the underlying risks described above. We enter into interest rate swaps in order to achieve an appropriate balance between fixed and floating rate debt, cash and cash equivalents and to manage the risk associated with movements in interest rates. Interest rate swaps are used to hedge the effects of fluctuating interest rates on floating rate debt, cash and cash equivalents by allowing us to fix the interest rate on a notional principal amount equal to the principal amount of the underlying floating rate cash, cash equivalents or debt being hedged. They are also used to swap fixed rate long term debt to floating rate. Such swaps may be used to swap an entire fixed rate bond for floating rate for its full term or they may be used to swap a portion of the principal amount or a portion of the term of the borrowing to floating rate. Separately we have entered into cross-currency interest rate swaps to increase the Group’s 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 our assets in those currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. We use forward foreign exchange contracts to hedge the transactional exposure arising from exchange rate movements on our foreign currency revenue and operating costs. Where net finance costs are exposed to changes in the fair value of derivatives (as a result of interest and exchange rate fluctuations). Where possible we manage this risk by designating derivatives in a highly effective hedging relationship unless the potential change in their fair value is deemed to be insignificant. In the case of the cross-currency interest rate swaps noted above which do not qualify for net investment hedge accounting, the changes in fair value may result in volatility in the income statement which is not insignificant. These gains or losses are similar in nature to the exchange differences on translation of foreign operations which arise in the consolidated statement of comprehensive income for the Group. 51 Table of Contents Derivatives are used to manage the risk associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Derivatives used by the Group for hedging a particular risk are not specialised and are generally available from numerous sources. Sensitivity Analysis The following analysis sets out the sensitivity of the fair value of our financial instruments to selected changes in interest rates and exchange rates. The range of changes represents our view of the changes that are reasonably possible over a one-year period. The fair values of interest rate swaps and forward foreign exchange contracts set out below represent the replacement costs calculated using market rates of interest and exchange at December 31, 2025. The fair value of long-term debt has been calculated by discounting expected future cash flows at market rates. Our use of financial instruments and our accounting policies for financial instruments are described more fully 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 are incorporated herein by reference to Exhibit 15.2. (a) Interest Rate Risk The following sensitivity analysis assumes an immediate 100 basis point change in interest rates for all currencies and maturities from their levels at December 31, 2025 with all other variables held constant. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value Change ​ ​ ​ Fair Value ​ ​ ​ Fair Value Change ​ ​ ​ ​ December 31, ​ ​ ​ +100 ​ ​ ​ -100 ​ ​ ​ December 31, ​ ​ ​ +100 ​ ​ ​ -100 Financial Instrument ​ ​ ​ 2024 ​ ​ ​ basis points ​ ​ ​ basis points ​ ​ ​ 2025 ​ ​ ​ basis points ​ ​ ​ basis points ​ ​ (In millions) ​ ​ ​ ​ ​ ​ ​ (In millions) ​ ​ ​ ​ ​ ​ Short-term debt ​ £ (762) £ — £ — £ (887) £ — £ — Long-term debt (including current portion) ​ (5,723) ​ 241 ​ (256) ​ (6,402) ​ 263 ​ (279) Interest rate swaps in fair value hedging relationships ​ (141) ​ (88) ​ 94 ​ (60) ​ (74) ​ 78 Cross-currency interest rate swaps not designated as hedging instruments ​ ​ — ​ — ​ — ​ (5) ​ 4 ​ (4) ​ A 100 basis point change in interest rates would not result in a material change to the fair value of other financial instruments. At December 31, 2025, 66% of gross debt was at fixed rate. A 100 basis point reduction in interest rates would result in an estimated decrease in net finance costs of £28 million and £23 million in 2024 and 2025, respectively, based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial paper debt at December 31, 2024 and December 31, 2025, respectively. A 100 basis points rise in interest rates would result in an estimated increase in net finance costs of £28 million and £23 million in 2024 and 2025, respectively. 52 Table of Contents (b) Foreign Exchange Rate Risk The following sensitivity analysis assumes an immediate 10% change in all foreign currency exchange rates against sterling from their levels at December 31, 2025 with all other variables held constant. A +10% change indicates a strengthening of the currency against sterling and a -10% change indicates a weakening of the currency against sterling. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Fair Value Change ​ December 31, ​ Fair Value Change Financial Instrument ​ ​ ​ 2024 ​ ​ ​ +10% ​ ​ ​ -10% ​ ​ ​ 2025 ​ ​ ​ +10% ​ ​ ​ -10% ​ ​ (In millions) ​ ​ ​ ​ ​ ​ ​ ​ (In millions) ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ ​ £ 119 ​ ​ ​ £ 12 ​ ​ ​ £ (12) ​ ​ ​ £ 131 ​ ​ ​ £ 13 ​ ​ ​ £ (13) Short-term debt ​ (762) ​ (75) ​ 75 ​ (887) ​ (88) ​ 88 Long-term debt (including current portion) ​ (5,723) ​ (569) ​ 569 ​ (6,402) ​ (636) ​ 636 Finance lease receivables ​ 2 ​ — ​ — ​ — ​ — ​ — Interest rate swaps (including cross-currency interest rate swaps) ​ (141) ​ (14) ​ 14 ​ (65) ​ (7) ​ 7 Forward foreign exchange contracts ​ 30 ​ (135) ​ 135 ​ 66 ​ (33) ​ 33 ​ A 10% change in foreign currency exchange rates would not result in a material change to the fair value of other financial instruments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 53 Table of Contents