Thomson Reuters 2Q26 Read-Across

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Idea

August 5, 2026 04:00 PM GMT

Morgan Stanley & Co. International plc+

RELX / Wolters Kluwer | Europe

George W Webb

Equity Analyst

Thomson Reuters 2Q26 ReadAcross

William Richards

Research Associate

Mark Hyatt

Equity Analyst

Thomson Reuters (TR) accelerates Legal growth, matching

RELX's own 1H uptick and incrementally pushing back against

bear debates (positive for RELX). TR's Tax & Accounting y/y

growth decelerated c. 2ppt from 1Q, underperforming

expectations, on timing and execution factors.

Key Takeaways

TR Legal 2Q org. growth was c. 10%, above expectations and 1Q (at c. 9%),

matching RELX's Legal acceleration (also to c. 10% but for the full 1H)

TR Tax, Audit & Accounting 2Q org. growth was c. 8% in 2Q, 2pp sequential y/y

growth deceleration and below expectations, on timing and execution factors

Read-across is positive for RELX, neutral for Wolters Kluwer, but builds broader

confidence in Info Services companies' ability to leverage AI upsides

Thomson Reuters delivered c. 8% y/y organic revenue growth in 2Q26; "Big 3"

guidance increased: This rounded organic growth rate was in-line with consensus.

Reported group revenue and adjusted EBITDA were both c. 2% above consensus. TR

RELX (REL.L, REL LN)

Media & Entertainment | United Kingdom

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Equal-weight

In-Line

2,990p

2,700p

3,910-1,991p

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

Sales / Revenue

(£mn)**

EBITDA (£mn)

EBIT (£mn)**

EPS (p)**

Prior EPS (p)**

ModelWare EPS (p)

EPS (p)§

P/E**

DPS (p)

Div yld (%)

FCF yld ratio (%)**

9,590 10,040 10,707 11,501

3,846

3,342

127.9

128.8

23.6

67.5

2.2

4.5

4,102

3,559

140.8

141.7

19.2

72.3

2.7

5.6

4,411

3,832

155.3

157.3

17.4

77.8

2.9

6.3

4,799

4,179

176.2

175.9

15.3

83.8

3.1

7.1

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

raised its "Big 3" (segment) guidance to 9.5-10% (from c. 9.5%) previously. See key

Thomson Reuters is a key competitor to RELX in

…