RELX: Expert call feedback: LeapSpace is making strides

Research evidence excerpt

RELX: Expert call feedback: LeapSpace is making strides

6, this provided a valuable channel-check. Volatility Risk LOW / LOW / MEDIUM

LeapSpace is RELX’s AI-assisted workspace for researchers, a gateway for 18m+ full- 52-Week Range 1,991 GBp-4,144 GBp

text articles and books. Likened to Lexis+ AI, which has helped strengthen the Legal Market Value (mn) 43,711 GBP

division’s growth trajectory c.2-3ppts since 2023, it’s an interesting strategic platform Shares Outstanding (mn) 1,786 / 1,786 / 1,782

which could reinforce confidence in the improving growth trajectory of the STM division Average Daily Value (mn) 156.48 USD

over the mid-term. It was seen as potentially important for the industry, with the BofA Ticker / Exchange RLXXF / LSE

breadth of use across the whole research process particularly cited – from literature BofA Ticker / Exchange XFAFF / ENA

review, securing funding, organising and visualising data to submitting research. RELX’s BofA Ticker / Exchange RELX / NYS

scale, along with 3rd party content integration, gives it a right to “win” in our view. An Bloomberg / Reuters REL LN / REL.L

upcoming investor seminar on STM (November 2026) should reinforce this. ROE (2026E) 150.6%

Net Dbt to Eqty (Dec-2025A) 298.6%

Free Float 99.7%Academic integrity issues reinforce RELX moat, share

Selling into academia is challenging given budget constraints. And AI functionality needs

to be domain-specific and solve real problems in the scientific process, according to the

feedback. AI is also contributing to academic integrity issues – Elsevier rejects a growing

81% of submissions. Publishers are seen as part of the “trust system” protecting the

integrity of science and arguably has parallels with the legal research space where