RELX Plc (REL.L): 1H26 results incrementally positive, particularly for the Legal segment

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RELX Plc (REL.L): 1H26 results incrementally positive, particularly for the Legal segment

Equity Research

23 July 2026 | 4:45PM BST

RELX Plc (REL.L): 1H26 results incrementally positive, particularly for

the Legal segment

H1 results incrementally positive Adam Berlin

+44(20)7051-1586 |

(1) Legal accelerated to +10% organic growth (ahead of Visible Alpha Consensus). adam.berlin@gs.com

Goldman Sachs International

However, more importantly in our view, was management’s discussion of the Legal

James Tate

segment. They believe that law firms upgrading to Lexis+ with Protégé, which already +44(20)7774-3705 | james.tate@gs.com

includes a premium, is just “a starting point” from which RELX can upsell additional Goldman Sachs International

Pulkit Gubgotratools. RELX is integrating existing products into the AI platform, where they expect to +1(332)245-7520 |

drive more value, and inventing new products that will only be available to Protégé pulkit.gubgotra@gs.comGoldman Sachs India SPL

subscribers. Management also believes that RELX’s legal database allows them to

pre-process information into their AI tools, thereby decreasing token consumption

and gaining a competitive advantage.

(2) STM also saw an acceleration in organic growth to +6% (ahead of consensus).

Article submissions are still growing >+20%, although published article growth

slowed to +7%. Management claimed the acceleration was being driven by adoption

of new AI tools. They also pointed to a very successful launch of LeapSpace AI.

But there were some small negatives

Some small negatives include: (1) A miss on organic growth in Exhibitions, driven by

travel disruption; (2) That group organic growth still rounded to +7% despite the

acceleration in STM and Legal. We will likely need to wait to 2027 to see RELX report