Really confident on future delivery

Research evidence excerpt

Really confident on future delivery

ng profit, so the calculation above implies those lines decline Source: Bloomberg

for ever. We think that if RELX can keep delivering this well that they should rerate, but

clearly it is not easy to change the narrative. Our SOTP-driven price target is fractionally Price Performance Exchange-LSE

higher at 3100p and we remain OW. 52 Week range GBP 40.08-19.91

Organic growth climbs to 10% in Legal and 6% in STM; margins ahead: Compared to

Bloomberg consensus, RELX delivered organic revenue growth higher in STM (6% vs 5.4%) and

Legal (10% vs 9.3%). Of course this could be only a very small beat but it is a positive signal.

Forecasts change little but FX offsets small underlying upgrade: We update our FX forecasts,

which in aggregate drive a 0.3% negative impact down the P&L in 2026 and 0.6% in 2027. But

after better organic growth in H1 at Legal and STM, and better margins across the three largest Source: IDC Link to Barclays Live for interactive charting

divisions, we make modest increases to organic growth and margins. We have trimmed our

Exhibitions organic growth a little to capture more caution on the 4% of that division that is in

the Middle East. Then we add in the Doctrine acquisition (assuming just over £500m in cost and European Media

Nick Dempseyc.£40m of revenue next year), which impacts our interest negatively but supports Legal growth a

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little over time. We also tweak up our NOSH due to timing of buyback. Overall, our 2026

nick.dempsey@barclays.com

adjusted EPS moves down 0.4% and 2027 EPS down 0.7%. With no FX change our 2027 EPS Barclays, UK

would be broadly unchanged.

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covered in its research reports.