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"concept": "ifrs-full:Equity", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "1 Basis of preparation and accounting policies The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in
operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing
the consolidated financial information for the year ended 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00154": { "value": "1 Basis of preparation and accounting policies
The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries,
joint ventures and associates are together known as \u2018RELX\u2019. In preparing the consolidated financial statements, subsidiaries are
accounted for under the acquisition method and investments in joint ventures and associates are accounted for under the equity
method. All intra-group transactions and balances are eliminated.
On acquisition of a subsidiary, or interest in a joint venture or associate, fair values, reflecting conditions at the date of acquisition,
are attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting
policies into line with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial
statements up to or from the date that control passes from or to the Group. Non-controlling interests in the net assets of the
Group are identified separately from shareholders\u2019 equity. Non-controlling interests consist of the amount of those interests at the
date of the original acquisition and the non-controlling share of changes in equity since the date of acquisition. Acquisition of non-
controlling interests represents the acquisition of minority interest holdings in subsidiaries already controlled by the Group.
The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in
operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing
the consolidated financial information for the year ended 31 December 2025. As part of the going concern assessment the
directors considered the sufficiency of the Group\u2019s liquidity resources, including committed credit facilities, over the 18 month
period to 30 June 2027. Please refer to page 77 for further disclosure in respect of going concern.
In preparing the Group financial statements management has considered the impact of climate change, taking into account the
relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on
Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be
impacted by measures taken to address global warming. Recognising that the Group's operations, and the use of the Group's
products, have a relatively low environmental impact, no issues were identified that would impact the carrying values of such
assets or have any other material impact on the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "1 Basis of preparation and accounting policiesIn preparing the consolidated financial statements, subsidiaries are
accounted for under the acquisition method and investments in joint ventures and associates are accounted for under the equity
method. All intra-group transactions and balances are eliminated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0029": { "value": "RELX PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_007": { "value": "RELX PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0094": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_008": { "value": "London", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0070": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00574": { "value": "Accounting policies
The Group\u2019s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards
in conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International
Accounting Standards Board. The accounting policies under IFRS are included in the relevant notes to the consolidated financial
statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied
in preparing the consolidated financial statements for the year ended 31 December 2024. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Accounting policies
The Group\u2019s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards
in conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International
Accounting Standards Board. The accounting policies under IFRS are included in the relevant notes to the consolidated financial
statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied
in preparing the consolidated financial statements for the year ended 31 December 2024.
Foreign exchange translation
The consolidated financial statements are presented in pound sterling. Unless otherwise stated, all amounts in the financial
statements are in millions of pounds. Differences in subtotals in the financial statements may arise due to rounding adjustments
applied during calculations. The symbols GBP and \u00a3 used throughout the financial statements relate to pound sterling. Summary
consolidated financial information presented on pages 196 and 197 shows a simple translation of the Group\u2019s consolidated
financial statements into US dollars and do not form part of these financial statements.
Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary
assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date
of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are
recorded in the income statement other than where hedge accounting applies, as set out on pages 169 to 175.
Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are
disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group
uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details
of the Group\u2019s accounting policies in respect of derivative financial instruments are set out on page 169. Standards and amendments effective for the year
The following accounting standards and amendments were adopted during the year and had no significant impact on the Group\u2019s
accounting policies or reporting:
\u25a0
Amendment to IAS 21
The Effects of Changes in Foreign Exchange Rates
\u2013 Lack of Exchangeability
Standards, amendments and interpretations not yet effective
The following amendments and interpretations will become effective for the 2026 financial year. These are not expected to have a
significant impact on the accounting policies and reporting:
\u25a0
Amendment to IFRS 9 and IFRS 7
Contract Referencing Nature-dependent Electricity
\u25a0
Annual improvements to IFRS Accounting Standards \u2013 Volume 11
The following amendments and interpretations will become effective for the 2027 financial year. Management are in the process of
assessing the impact on the accounting policies and reporting:
\u25a0
IFRS 18
\u2013 Presentation and Disclosure in Financial Statements
was issued in 2024
\u25a0
IFRS 19
\u2013
Subsidiaries without Public Accountability: Disclosures
was issued in 2024
\u25a0
Amendments to IFRS 9 and IFRS 7 for the classification and measurement of financial instrumentsAccounting policy
The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 148.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes
customer sales taxes and other amounts to be collected on behalf of third-parties.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
revenue is recognised on occurrence of the exhibitionAccounting policy
Share based remuneration
The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income
statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected
to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant.
Non-market based performance criteria are taken into account when estimating the number of shares expected to vest.
The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate.
All of the Group\u2019s share based remuneration is equity settled.Accounting policy
The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the
projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions
reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the
statement of comprehensive income in the period in which they occur.
Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and
when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present
value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities,
the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the
extent that the asset is recoverable.
The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
At 31 December 2025, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
length of each scheme\u2019s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised.
Key source of estimation uncertainty
Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these
factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made
around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each
scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions
may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial
statements. Information regarding the more significant assumptions used for valuation is provided below, together with a
sensitivity analysis.Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.Accounting policy
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is
considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and
fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers
from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale.
Liabilities of businesses held for sale are also separately classified on the statement of financial position.
Fair value movements in the venture capital portfolio are reported within disposals and other non-operating items. See note 15 for
further details.Accounting policy
Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement
except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period,
outside the income statement (either in other comprehensive income, directly in equity, or through a business combination),
in which case the tax appears in the same statement as the transaction that gave rise to it.
Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period
as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established
where appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination
of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow
will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of
financial position, and the provisions are remeasured as required to reflect current information.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset
is realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
differences arising on investments in subsidiaries, joint ventures and associates where the reversal of the temporary difference
can be controlled and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The
availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax
liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period
as the deductible temporary difference or unused tax losses or credit.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of
assets and liabilities acquired other than in a business combination. Deferred tax is not discounted.
When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required
to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed.
The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which
a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such
intangibles and goodwill.
In an \u2018asset acquisition\u2019, where the buyer acquires the trade and assets of a business, there is often a tax deduction available
for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is
recognised on the difference between the tax base and the book base of the assets.
In a \u2018share acquisition\u2019, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets,
tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise
to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill
where that is not deductible for tax purposes.
Other areas of accounting judgement
The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, the
Group\u2019s tax returns in the countries in which it operates are subject to tax authority audits as a matter of routine. While the
Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax
positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise
considered to involve uncertainty.
The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
positions are measured using one of the following methods, depending on which of the methods management expects will
better predict the amount it will pay over to the tax authority:
\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for
example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of
possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to
be payable, in which case the provision is nil; or
\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority
but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely
than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and
previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved
at amounts greater or smaller than the liabilities recorded.
In particular, although the Group reports cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-
length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is
frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain
that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions
and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final
resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is
expected in the next year or foreseeable future.
Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.Accounting policy
Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the
total weighted average number of shares.
The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
conditional shares. The dilutive impact is calculated as the weighted average of all potentially dilutive sharesAccounting policy
Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held
in the statement of financial position at fair value.Accounting policy
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which
do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual
assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the
recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.Accounting policy
On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement.
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research
and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies,
including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of
the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have indefinite
lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their characteristically
stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at
least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u25a0
Market-related assets \u2013 1 to 40 years
\u25a0
Customer-related assets \u2013 1 to 20 years
\u25a0
Editorial content \u2013 1 to 40 years
\u25a0
Software and systems \u2013 1 to 10 years
\u25a0
Other \u2013 3 to 20 years
\n
Internally developed intangible assets (development spend) typically comprise software and systems development where an identifiable
asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally
developed intangible assets are amortised on a straight-line basis over their estimated useful lives of three to 10 years. Impairment
reviews are carried out at where indicators of impairment are identified.
Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.
Critical judgement
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
of intangible assets.Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation. No depreciation is provided on freehold land.
Freehold buildings and long leaseholds are depreciated over their estimated useful lives up to a maximum of 50 years. Short
leases are written off over the duration of the lease. Depreciation is provided on other assets on a straight-line basis over their
estimated useful lives as follows:
\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
communication networks and equipment \u2013 3 to 7 yearsAccounting policy
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables,
cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments.
Investments are described in note 15. The fair value of such investments is based on standard valuation techniques, including
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
gain or loss attributable to the hedged risk).
Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.Accounting policy
Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and
estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned
editorial and other fees.
Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
Annual reviews are carried out to assess the recoverability of carrying amounts.Accounting policy Trade receivables are stated net of a loss allowance for expected credit losses.Accounting policy
Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an
amount of consideration, in advance of the goods and services being delivered.
Trade payables, accruals and other payables are predominantly non-interest-bearing and are stated at their nominal values.Accounting policy
Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings
in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently
adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires,
is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing
is amortised in the income statement over the period to maturity of the borrowing using the effective interest method.Accounting policy
All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding
right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of
the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability.
Low-value items and short-term leases with a term of 12 months or less are not required to be recognised in the statement of
financial position and payments made in relation to these leases are recognised on a straight-line basis in the income statement.
The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located. Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
Share premium is the excess of the consideration received over the nominal value of the shares issued.
Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00575": { "value": "Foreign exchange translation
The consolidated financial statements are presented in pound sterling. Unless otherwise stated, all amounts in the financial
statements are in millions of pounds. Differences in subtotals in the financial statements may arise due to rounding adjustments
applied during calculations. The symbols GBP and \u00a3 used throughout the financial statements relate to pound sterling. Summary
consolidated financial information presented on pages 196 and 197 shows a simple translation of the Group\u2019s consolidated
financial statements into US dollars and do not form part of these financial statements.
Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary
assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date
of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are
recorded in the income statement other than where hedge accounting applies, as set out on pages 169 to 175.
Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are
disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group
uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details
of the Group\u2019s accounting policies in respect of derivative financial instruments are set out on page 169. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00576": { "value": "Critical judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements and estimates in the application of accounting
policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates.
The critical judgements and key sources of estimation uncertainty are summarised below. Key sources of estimation uncertainty
are significant accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within
the next year. Further detail is provided in the notes to the financial statements as referenced.
Critical judgements
\u25a0
Capitalisation of development spend: assessing the potential value of a development project, determining the costs which are
eligible for capitalisation, the selection of appropriate asset lives and the estimates relating to future cash flows and discount
rates used in calculating the value in use in impairment assessments (see note 14)
Key sources of estimation uncertainty
\u25a0
Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted,
mortality and inflation assumptions (see note 6)
Other areas of judgement and accounting estimates
The consolidated financial statements include other areas of judgement and accounting estimates. These include:
\u25a0
Taxation: The valuation of provisions related to uncertain tax positions involves estimation (see note 9)
\u25a0
Goodwill: The assessment of the carrying value of goodwill requires management judgement and estimation to determine the
recoverable amount of the businesses (see note 14)
\u25a0
Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation
is required to determine future cashflows and discount rates used in the valuation (see note 14) Key source of estimation uncertainty
Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these
factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made
around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each
scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions
may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial
statements. Information regarding the more significant assumptions used for valuation is provided below, together with a
sensitivity analysis.Other areas of accounting judgement
The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, the
Group\u2019s tax returns in the countries in which it operates are subject to tax authority audits as a matter of routine. While the
Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax
positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise
considered to involve uncertainty.
The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
positions are measured using one of the following methods, depending on which of the methods management expects will
better predict the amount it will pay over to the tax authority:
\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for
example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of
possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to
be payable, in which case the provision is nil; or
\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority
but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely
than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and
previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved
at amounts greater or smaller than the liabilities recorded.
In particular, although the Group reports cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-
length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is
frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain
that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions
and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final
resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is
expected in the next year or foreseeable future.
Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.Critical judgement
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
of intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Key sources of estimation uncertainty \u25a0 Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality and inflation assumptions (see note 6)Key source of estimation uncertainty Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding the more significant assumptions used for valuation is provided below, together with a sensitivity analysis.Other areas of accounting judgement The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, the Group\u2019s tax returns in the countries in which it operates are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty. The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods management expects will better predict the amount it will pay over to the tax authority: \u25a0 The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in which case the provision is nil; or \u25a0 A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range. In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded. In particular, although the Group reports cross-border transactions undertaken between Group subsidiaries on an arm\u2019s- length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future. Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.Critical judgement Capitalisation of development spend Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of intangible assets.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00577": { "value": "Standards and amendments effective for the year
The following accounting standards and amendments were adopted during the year and had no significant impact on the Group\u2019s
accounting policies or reporting:
\u25a0
Amendment to IAS 21
The Effects of Changes in Foreign Exchange Rates
\u2013 Lack of Exchangeability", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00578": { "value": "The following amendments and interpretations will become effective for the 2026 financial year. These are not expected to have a
significant impact on the accounting policies and reporting:
\u25a0
Amendment to IFRS 9 and IFRS 7
Contract Referencing Nature-dependent Electricity
\u25a0
Annual improvements to IFRS Accounting Standards \u2013 Volume 11
The following amendments and interpretations will become effective for the 2027 financial year. Management are in the process of
assessing the impact on the accounting policies and reporting:
\u25a0
IFRS 18
\u2013 Presentation and Disclosure in Financial Statements
was issued in 2024
\u25a0
IFRS 19
\u2013
Subsidiaries without Public Accountability: Disclosures
was issued in 2024
\u25a0
Amendments to IFRS 9 and IFRS 7 for the classification and measurement of financial instruments", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00579": { "value": "Business area reporting changes
From 2025, as described on page 66, revenue and profit for print and print-related activities are managed and reported separately
from the four business areas. Consequently Risk, Scientific, Technical & Medical and Legal now exclude print and print-related
activities, consistent with financial information provided to the Board.
Also, a small portfolio of commercial healthcare products, previously reported by Scientific, Technical & Medical, is now reported
entirely in Risk. Accordingly revenue, together with some associated profit, previously reported in Scientific, Technical & Medical,
is now reported in Risk.
Comparative figures have been restated as if the business areas had operated on this basis in the prior periods. The table below
shows the reconciliation of revenue and adjusted operating profit as reported for the year ended 31 December 2024 and
31 December 2023 to the restated amounts.
YEAR ENDED 31 DECEMBER 2024
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,245
(7)
98
3,336
Scientific, Technical & Medical
3,051
(329)
(98)
2,624
Legal
1,899
(181)
-
1,718
Exhibitions
1,239
-
-
1,239
Print & print-related activities
-
517
-
517
Total revenue
9,434
-
-
9,434
Adjusted operating profit
Risk
1,228
(4)
9
1,233
Scientific, Technical & Medical
1,172
(182)
(9)
981
Legal
412
(31)
-
381
Exhibitions
398
-
-
398
Print & print-related activities
-
217
-
217
Unallocated central costs
(11)
-
-
(11)
Total adjusted operating profit
3,199
-
-
3,199
\n \n
YEAR ENDED 31 DECEMBER 2023
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,133
(9)
100
3,224
Scientific, Technical & Medical
3,062
(381)
(100)
2,581
Legal
1,851
(196)
-
1,655
Exhibitions
1,115
-
-
1,115
Print & print-related activities
-
586
-
586
Total revenue
9,161
-
-
9,161
Adjusted operating profit
Risk
1,165
(5)
10
1,170
Scientific, Technical & Medical
1,165
(215)
(10)
940
Legal
393
(33)
-
360
Exhibitions
319
-
-
319
Print & print-related activities
-
253
-
253
Unallocated central costs
(12)
-
-
(12)
Total adjusted operating profit
3,030
-
-
3,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "Business area reporting changes
From 2025, as described on page 66, revenue and profit for print and print-related activities are managed and reported separately
from the four business areas. Consequently Risk, Scientific, Technical & Medical and Legal now exclude print and print-related
activities, consistent with financial information provided to the Board.
Also, a small portfolio of commercial healthcare products, previously reported by Scientific, Technical & Medical, is now reported
entirely in Risk. Accordingly revenue, together with some associated profit, previously reported in Scientific, Technical & Medical,
is now reported in Risk.
Comparative figures have been restated as if the business areas had operated on this basis in the prior periods. The table below
shows the reconciliation of revenue and adjusted operating profit as reported for the year ended 31 December 2024 and
31 December 2023 to the restated amounts.
YEAR ENDED 31 DECEMBER 2024
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,245
(7)
98
3,336
Scientific, Technical & Medical
3,051
(329)
(98)
2,624
Legal
1,899
(181)
-
1,718
Exhibitions
1,239
-
-
1,239
Print & print-related activities
-
517
-
517
Total revenue
9,434
-
-
9,434
Adjusted operating profit
Risk
1,228
(4)
9
1,233
Scientific, Technical & Medical
1,172
(182)
(9)
981
Legal
412
(31)
-
381
Exhibitions
398
-
-
398
Print & print-related activities
-
217
-
217
Unallocated central costs
(11)
-
-
(11)
Total adjusted operating profit
3,199
-
-
3,199
\n \n
YEAR ENDED 31 DECEMBER 2023
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,133
(9)
100
3,224
Scientific, Technical & Medical
3,062
(381)
(100)
2,581
Legal
1,851
(196)
-
1,655
Exhibitions
1,115
-
-
1,115
Print & print-related activities
-
586
-
586
Total revenue
9,161
-
-
9,161
Adjusted operating profit
Risk
1,165
(5)
10
1,170
Scientific, Technical & Medical
1,165
(215)
(10)
940
Legal
393
(33)
-
360
Exhibitions
319
-
-
319
Print & print-related activities
-
253
-
253
Unallocated central costs
(12)
-
-
(12)
Total adjusted operating profit
3,030
-
-
3,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Business area reporting changes
From 2025, as described on page 66, revenue and profit for print and print-related activities are managed and reported separately
from the four business areas. Consequently Risk, Scientific, Technical & Medical and Legal now exclude print and print-related
activities, consistent with financial information provided to the Board.
Also, a small portfolio of commercial healthcare products, previously reported by Scientific, Technical & Medical, is now reported
entirely in Risk. Accordingly revenue, together with some associated profit, previously reported in Scientific, Technical & Medical,
is now reported in Risk.
Comparative figures have been restated as if the business areas had operated on this basis in the prior periods. The table below
shows the reconciliation of revenue and adjusted operating profit as reported for the year ended 31 December 2024 and
31 December 2023 to the restated amounts.
YEAR ENDED 31 DECEMBER 2024
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,245
(7)
98
3,336
Scientific, Technical & Medical
3,051
(329)
(98)
2,624
Legal
1,899
(181)
-
1,718
Exhibitions
1,239
-
-
1,239
Print & print-related activities
-
517
-
517
Total revenue
9,434
-
-
9,434
Adjusted operating profit
Risk
1,228
(4)
9
1,233
Scientific, Technical & Medical
1,172
(182)
(9)
981
Legal
412
(31)
-
381
Exhibitions
398
-
-
398
Print & print-related activities
-
217
-
217
Unallocated central costs
(11)
-
-
(11)
Total adjusted operating profit
3,199
-
-
3,199
\n \n
YEAR ENDED 31 DECEMBER 2023
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,133
(9)
100
3,224
Scientific, Technical & Medical
3,062
(381)
(100)
2,581
Legal
1,851
(196)
-
1,655
Exhibitions
1,115
-
-
1,115
Print & print-related activities
-
586
-
586
Total revenue
9,161
-
-
9,161
Adjusted operating profit
Risk
1,165
(5)
10
1,170
Scientific, Technical & Medical
1,165
(215)
(10)
940
Legal
393
(33)
-
360
Exhibitions
319
-
-
319
Print & print-related activities
-
253
-
253
Unallocated central costs
(12)
-
-
(12)
Total adjusted operating profit
3,030
-
-
3,030
2 Revenue, operating profit and segment analysis
Accounting policy
The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 148.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes
customer sales taxes and other amounts to be collected on behalf of third-parties.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
revenue is recognised on occurrence of the exhibition
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in
\n
four business areas: Risk provides customers with information-based analytics and decision tools that combine public and industry-
\n
specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational
\n
efficiency; Scientific, Technical & Medical helps advance science and healthcare by combining high-quality, trusted scientific and
\n
medical information and data sets with innovative technologies to deliver critical insights that support better outcomes; Legal helps
\n
its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal,
\n
regulatory and business information with powerful analytics; and Exhibitions combines industry expertise, digital tools, and data to
\n
help customers connect in-person and online, discover new markets, source products, generate leads, and transact.
\n
RELX\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board, considered
\n
to be the Chief Operating Decision Maker. Prior period figures have been restated for the business area changes detailed in note 1,
\n
with print and print-related now a separate reported segment.
\n\n \n
ANALYSIS BY REPORTED SEGMENT
Revenue
Adjusted operating profit
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
3,224
3,336
3,485
1,170
1,233
1,305
Scientific, Technical & Medical
2,581
2,624
2,714
940
981
1,035
Legal
1,655
1,718
1,806
360
381
415
Exhibitions
1,115
1,239
1,186
319
398
410
Print & print-related activities
586
517
399
253
217
185
Sub-total
9,161
9,434
9,590
3,042
3,210
3,350
Unallocated central costs
-
-
-
(12)
(11)
(8)
Total
9,161
9,434
9,590
3,030
3,199
3,342
\n
The share of post-tax results of joint ventures and associates included in operating profit was \u00a344m (2024: \u00a343m; 2023: \u00a346m). This
\n
comprised of profit/(loss) relating to Risk of \u00a3(1)m (2024: nil; 2023: \u00a3(1)m), Scientific, Technical & Medical \u00a31m (2024: nil; 2023: nil),
\n
Legal \u00a36m (2024: \u00a37m; 2023: \u00a310m) and Exhibitions \u00a338m (2024: \u00a336m; 2023: \u00a337m).
\n\n \n
2023
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,573
1,108
1,146
217
342
5,386
Europe*
423
593
334
427
131
1,908
Rest of world
228
880
175
471
113
1,867
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by format
Electronic
3,210
2,574
1,646
85
-
7,515
Face-to-face
14
7
9
1,030
-
1,060
Print
-
-
-
-
586
586
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by type
Subscriptions
1,330
2,107
1,363
-
176
4,976
Transactional
1,894
474
292
1,115
410
4,185
Total revenue
3,224
2,581
1,655
1,115
586
9,161
\n \n
2024
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,658
1,126
1,188
231
292
5,495
Europe*
439
603
351
527
105
2,025
Rest of world
239
895
179
481
120
1,914
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by format
Electronic
3,320
2,618
1,707
83
-
7,728
Face-to-face
16
6
11
1,156
-
1,189
Print
-
-
-
-
517
517
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by type
Subscriptions
1,329
2,110
1,432
-
154
5,025
Transactional
2,007
514
286
1,239
363
4,409
Total revenue
3,336
2,624
1,718
1,239
517
9,434
\n\n \n
2025
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
Exhibitions
activities
Total
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,749
1,161
1,229
237
219
5,595
Europe*
469
619
391
424
97
2,000
Rest of world
267
934
186
525
83
1,995
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by format
Electronic
3,475
2,707
1,794
94
-
8,070
Face-to-face
10
7
12
1,092
-
1,121
Print
-
-
-
-
399
399
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by type
Subscriptions
1,363
2,168
1,527
-
132
5,190
Transactional
2,122
546
279
1,186
267
4,400
Total revenue
3,485
2,714
1,806
1,186
399
9,590
\n
* Europe includes revenue of \u00a3634m from the United Kingdom (2024: \u00a3613m; 2023: \u00a3602m).
\n
Over half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-
\n
line basis over the time period covered by the agreement, in line with the provision of services.
\n
There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery
\n
milestones or other specified performance obligations. As at 31 December 2025, the aggregate amount of the transaction price of
\n
such contracts which relates to performance obligations which have not yet been delivered was approximately \u00a335m (2024: \u00a355m).
\n
It is expected that revenue will be recognised in relation to this amount over the next two years.
\n\n \n
ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2023
2024
2025
GBPm
GBPm
GBPm
North America
5,325
5,461
5,551
Europe
3,117
3,270
3,305
Rest of world
719
703
734
Total
9,161
9,434
9,590
\n
Revenue by geographical origin from the United Kingdom in 2025 was \u00a31,836m (2024: \u00a31,789m; 2023: \u00a31,703m).
\n \n
ANALYSIS BY REPORTED
Expenditure on
SEGMENT
acquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
intangible assets
additions
intangible assets
other amortisation
Restated
Restated
Restated
Restated
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
79
-
249
139
148
156
194
184
175
92
99
102
Scientific, Technical &
Medical
3
8
5
107
103
116
59
44
39
133
123
124
Legal
42
145
-
193
203
225
11
15
20
242
252
239
Exhibitions
8
65
20
37
29
27
16
15
14
39
45
34
Print & print-related
activities
-
-
-
1
1
1
-
-
-
8
6
5
Total
132
218
274
477
484
525
280
258
248
514
525
504
Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and
amortisation of internally developed intangible assets and pre-publication costs.
\n \n
ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2024
2025
GBPm
GBPm
North America
9,131
8,545
Europe
2,259
2,459
Rest of world
438
459
Total
11,828
11,463
Non-current assets held in the United Kingdom totalled \u00a31,503m (2024: \u00a31,242m; 2023: \u00a31,209m). Non-current assets by
geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
Operating profit is reconciled to adjusted operating profit as follows:
\n \n
RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2023
2024
2025
GBPm
GBPm
GBPm
Operating profit
2,682
2,861
3,027
Adjustments:
Amortisation of acquired intangible assets
280
258
248
Acquisition and disposal related items
56
69
54
Reclassification of tax in joint ventures and associates
12
12
14
Reclassification of finance income in joint ventures and associates
-
(1)
(1)
Adjusted operating profit
3,030
3,199
3,342
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Business area reporting changes
From 2025, as described on page 66, revenue and profit for print and print-related activities are managed and reported separately
from the four business areas. Consequently Risk, Scientific, Technical & Medical and Legal now exclude print and print-related
activities, consistent with financial information provided to the Board.
Also, a small portfolio of commercial healthcare products, previously reported by Scientific, Technical & Medical, is now reported
entirely in Risk. Accordingly revenue, together with some associated profit, previously reported in Scientific, Technical & Medical,
is now reported in Risk.
Comparative figures have been restated as if the business areas had operated on this basis in the prior periods. The table below
shows the reconciliation of revenue and adjusted operating profit as reported for the year ended 31 December 2024 and
31 December 2023 to the restated amounts.
YEAR ENDED 31 DECEMBER 2024
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,245
(7)
98
3,336
Scientific, Technical & Medical
3,051
(329)
(98)
2,624
Legal
1,899
(181)
-
1,718
Exhibitions
1,239
-
-
1,239
Print & print-related activities
-
517
-
517
Total revenue
9,434
-
-
9,434
Adjusted operating profit
Risk
1,228
(4)
9
1,233
Scientific, Technical & Medical
1,172
(182)
(9)
981
Legal
412
(31)
-
381
Exhibitions
398
-
-
398
Print & print-related activities
-
217
-
217
Unallocated central costs
(11)
-
-
(11)
Total adjusted operating profit
3,199
-
-
3,199
\n \n
YEAR ENDED 31 DECEMBER 2023
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,133
(9)
100
3,224
Scientific, Technical & Medical
3,062
(381)
(100)
2,581
Legal
1,851
(196)
-
1,655
Exhibitions
1,115
-
-
1,115
Print & print-related activities
-
586
-
586
Total revenue
9,161
-
-
9,161
Adjusted operating profit
Risk
1,165
(5)
10
1,170
Scientific, Technical & Medical
1,165
(215)
(10)
940
Legal
393
(33)
-
360
Exhibitions
319
-
-
319
Print & print-related activities
-
253
-
253
Unallocated central costs
(12)
-
-
(12)
Total adjusted operating profit
3,030
-
-
3,030
2 Revenue, operating profit and segment analysis
Accounting policy
The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 148.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes
customer sales taxes and other amounts to be collected on behalf of third-parties.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
revenue is recognised on occurrence of the exhibition
\n
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in
\n
four business areas: Risk provides customers with information-based analytics and decision tools that combine public and industry-
\n
specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational
\n
efficiency; Scientific, Technical & Medical helps advance science and healthcare by combining high-quality, trusted scientific and
\n
medical information and data sets with innovative technologies to deliver critical insights that support better outcomes; Legal helps
\n
its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal,
\n
regulatory and business information with powerful analytics; and Exhibitions combines industry expertise, digital tools, and data to
\n
help customers connect in-person and online, discover new markets, source products, generate leads, and transact.
\n
RELX\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board, considered
\n
to be the Chief Operating Decision Maker. Prior period figures have been restated for the business area changes detailed in note 1,
\n
with print and print-related now a separate reported segment.
\n\n \n
ANALYSIS BY REPORTED SEGMENT
Revenue
Adjusted operating profit
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
3,224
3,336
3,485
1,170
1,233
1,305
Scientific, Technical & Medical
2,581
2,624
2,714
940
981
1,035
Legal
1,655
1,718
1,806
360
381
415
Exhibitions
1,115
1,239
1,186
319
398
410
Print & print-related activities
586
517
399
253
217
185
Sub-total
9,161
9,434
9,590
3,042
3,210
3,350
Unallocated central costs
-
-
-
(12)
(11)
(8)
Total
9,161
9,434
9,590
3,030
3,199
3,342
\n
The share of post-tax results of joint ventures and associates included in operating profit was \u00a344m (2024: \u00a343m; 2023: \u00a346m). This
\n
comprised of profit/(loss) relating to Risk of \u00a3(1)m (2024: nil; 2023: \u00a3(1)m), Scientific, Technical & Medical \u00a31m (2024: nil; 2023: nil),
\n
Legal \u00a36m (2024: \u00a37m; 2023: \u00a310m) and Exhibitions \u00a338m (2024: \u00a336m; 2023: \u00a337m).
\n\n \n
2023
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,573
1,108
1,146
217
342
5,386
Europe*
423
593
334
427
131
1,908
Rest of world
228
880
175
471
113
1,867
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by format
Electronic
3,210
2,574
1,646
85
-
7,515
Face-to-face
14
7
9
1,030
-
1,060
Print
-
-
-
-
586
586
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by type
Subscriptions
1,330
2,107
1,363
-
176
4,976
Transactional
1,894
474
292
1,115
410
4,185
Total revenue
3,224
2,581
1,655
1,115
586
9,161
\n\n \n
2024
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,658
1,126
1,188
231
292
5,495
Europe*
439
603
351
527
105
2,025
Rest of world
239
895
179
481
120
1,914
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by format
Electronic
3,320
2,618
1,707
83
-
7,728
Face-to-face
16
6
11
1,156
-
1,189
Print
-
-
-
-
517
517
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by type
Subscriptions
1,329
2,110
1,432
-
154
5,025
Transactional
2,007
514
286
1,239
363
4,409
Total revenue
3,336
2,624
1,718
1,239
517
9,434
\n\n \n
2025
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
Exhibitions
activities
Total
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,749
1,161
1,229
237
219
5,595
Europe*
469
619
391
424
97
2,000
Rest of world
267
934
186
525
83
1,995
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by format
Electronic
3,475
2,707
1,794
94
-
8,070
Face-to-face
10
7
12
1,092
-
1,121
Print
-
-
-
-
399
399
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by type
Subscriptions
1,363
2,168
1,527
-
132
5,190
Transactional
2,122
546
279
1,186
267
4,400
Total revenue
3,485
2,714
1,806
1,186
399
9,590
\n
* Europe includes revenue of \u00a3634m from the United Kingdom (2024: \u00a3613m; 2023: \u00a3602m).
\n
Over half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-
\n
line basis over the time period covered by the agreement, in line with the provision of services.
\n
There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery
\n
milestones or other specified performance obligations. As at 31 December 2025, the aggregate amount of the transaction price of
\n
such contracts which relates to performance obligations which have not yet been delivered was approximately \u00a335m (2024: \u00a355m).
\n
It is expected that revenue will be recognised in relation to this amount over the next two years.
\n\n \n
ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2023
2024
2025
GBPm
GBPm
GBPm
North America
5,325
5,461
5,551
Europe
3,117
3,270
3,305
Rest of world
719
703
734
Total
9,161
9,434
9,590
\n
Revenue by geographical origin from the United Kingdom in 2025 was \u00a31,836m (2024: \u00a31,789m; 2023: \u00a31,703m).
\n \n
ANALYSIS BY REPORTED
Expenditure on
SEGMENT
acquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
intangible assets
additions
intangible assets
other amortisation
Restated
Restated
Restated
Restated
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
79
-
249
139
148
156
194
184
175
92
99
102
Scientific, Technical &
Medical
3
8
5
107
103
116
59
44
39
133
123
124
Legal
42
145
-
193
203
225
11
15
20
242
252
239
Exhibitions
8
65
20
37
29
27
16
15
14
39
45
34
Print & print-related
activities
-
-
-
1
1
1
-
-
-
8
6
5
Total
132
218
274
477
484
525
280
258
248
514
525
504
Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and
amortisation of internally developed intangible assets and pre-publication costs.
\n \n
ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2024
2025
GBPm
GBPm
North America
9,131
8,545
Europe
2,259
2,459
Rest of world
438
459
Total
11,828
11,463
Non-current assets held in the United Kingdom totalled \u00a31,503m (2024: \u00a31,242m; 2023: \u00a31,209m). Non-current assets by
geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
Operating profit is reconciled to adjusted operating profit as follows:
\n \n
RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2023
2024
2025
GBPm
GBPm
GBPm
Operating profit
2,682
2,861
3,027
Adjustments:
Amortisation of acquired intangible assets
280
258
248
Acquisition and disposal related items
56
69
54
Reclassification of tax in joint ventures and associates
12
12
14
Reclassification of finance income in joint ventures and associates
-
(1)
(1)
Adjusted operating profit
3,030
3,199
3,342
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Business area reporting changes
From 2025, as described on page 66, revenue and profit for print and print-related activities are managed and reported separately
from the four business areas. Consequently Risk, Scientific, Technical & Medical and Legal now exclude print and print-related
activities, consistent with financial information provided to the Board.
Also, a small portfolio of commercial healthcare products, previously reported by Scientific, Technical & Medical, is now reported
entirely in Risk. Accordingly revenue, together with some associated profit, previously reported in Scientific, Technical & Medical,
is now reported in Risk.
Comparative figures have been restated as if the business areas had operated on this basis in the prior periods. The table below
shows the reconciliation of revenue and adjusted operating profit as reported for the year ended 31 December 2024 and
31 December 2023 to the restated amounts.
YEAR ENDED 31 DECEMBER 2024
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,245
(7)
98
3,336
Scientific, Technical & Medical
3,051
(329)
(98)
2,624
Legal
1,899
(181)
-
1,718
Exhibitions
1,239
-
-
1,239
Print & print-related activities
-
517
-
517
Total revenue
9,434
-
-
9,434
Adjusted operating profit
Risk
1,228
(4)
9
1,233
Scientific, Technical & Medical
1,172
(182)
(9)
981
Legal
412
(31)
-
381
Exhibitions
398
-
-
398
Print & print-related activities
-
217
-
217
Unallocated central costs
(11)
-
-
(11)
Total adjusted operating profit
3,199
-
-
3,199
\n \n
YEAR ENDED 31 DECEMBER 2023
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,133
(9)
100
3,224
Scientific, Technical & Medical
3,062
(381)
(100)
2,581
Legal
1,851
(196)
-
1,655
Exhibitions
1,115
-
-
1,115
Print & print-related activities
-
586
-
586
Total revenue
9,161
-
-
9,161
Adjusted operating profit
Risk
1,165
(5)
10
1,170
Scientific, Technical & Medical
1,165
(215)
(10)
940
Legal
393
(33)
-
360
Exhibitions
319
-
-
319
Print & print-related activities
-
253
-
253
Unallocated central costs
(12)
-
-
(12)
Total adjusted operating profit
3,030
-
-
3,030
2 Revenue, operating profit and segment analysis
Accounting policy
The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 148.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes
customer sales taxes and other amounts to be collected on behalf of third-parties.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
revenue is recognised on occurrence of the exhibition
\n
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in
\n
four business areas: Risk provides customers with information-based analytics and decision tools that combine public and industry-
\n
specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational
\n
efficiency; Scientific, Technical & Medical helps advance science and healthcare by combining high-quality, trusted scientific and
\n
medical information and data sets with innovative technologies to deliver critical insights that support better outcomes; Legal helps
\n
its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal,
\n
regulatory and business information with powerful analytics; and Exhibitions combines industry expertise, digital tools, and data to
\n
help customers connect in-person and online, discover new markets, source products, generate leads, and transact.
\n
RELX\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board, considered
\n
to be the Chief Operating Decision Maker. Prior period figures have been restated for the business area changes detailed in note 1,
\n
with print and print-related now a separate reported segment.
\n\n \n
ANALYSIS BY REPORTED SEGMENT
Revenue
Adjusted operating profit
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
3,224
3,336
3,485
1,170
1,233
1,305
Scientific, Technical & Medical
2,581
2,624
2,714
940
981
1,035
Legal
1,655
1,718
1,806
360
381
415
Exhibitions
1,115
1,239
1,186
319
398
410
Print & print-related activities
586
517
399
253
217
185
Sub-total
9,161
9,434
9,590
3,042
3,210
3,350
Unallocated central costs
-
-
-
(12)
(11)
(8)
Total
9,161
9,434
9,590
3,030
3,199
3,342
\n
The share of post-tax results of joint ventures and associates included in operating profit was \u00a344m (2024: \u00a343m; 2023: \u00a346m). This
\n
comprised of profit/(loss) relating to Risk of \u00a3(1)m (2024: nil; 2023: \u00a3(1)m), Scientific, Technical & Medical \u00a31m (2024: nil; 2023: nil),
\n
Legal \u00a36m (2024: \u00a37m; 2023: \u00a310m) and Exhibitions \u00a338m (2024: \u00a336m; 2023: \u00a337m).
\n\n \n
2023
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,573
1,108
1,146
217
342
5,386
Europe*
423
593
334
427
131
1,908
Rest of world
228
880
175
471
113
1,867
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by format
Electronic
3,210
2,574
1,646
85
-
7,515
Face-to-face
14
7
9
1,030
-
1,060
Print
-
-
-
-
586
586
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by type
Subscriptions
1,330
2,107
1,363
-
176
4,976
Transactional
1,894
474
292
1,115
410
4,185
Total revenue
3,224
2,581
1,655
1,115
586
9,161
\n\n \n
2024
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,658
1,126
1,188
231
292
5,495
Europe*
439
603
351
527
105
2,025
Rest of world
239
895
179
481
120
1,914
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by format
Electronic
3,320
2,618
1,707
83
-
7,728
Face-to-face
16
6
11
1,156
-
1,189
Print
-
-
-
-
517
517
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by type
Subscriptions
1,329
2,110
1,432
-
154
5,025
Transactional
2,007
514
286
1,239
363
4,409
Total revenue
3,336
2,624
1,718
1,239
517
9,434
\n\n \n
2025
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
Exhibitions
activities
Total
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,749
1,161
1,229
237
219
5,595
Europe*
469
619
391
424
97
2,000
Rest of world
267
934
186
525
83
1,995
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by format
Electronic
3,475
2,707
1,794
94
-
8,070
Face-to-face
10
7
12
1,092
-
1,121
Print
-
-
-
-
399
399
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by type
Subscriptions
1,363
2,168
1,527
-
132
5,190
Transactional
2,122
546
279
1,186
267
4,400
Total revenue
3,485
2,714
1,806
1,186
399
9,590
\n
* Europe includes revenue of \u00a3634m from the United Kingdom (2024: \u00a3613m; 2023: \u00a3602m).
\n
Over half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-
\n
line basis over the time period covered by the agreement, in line with the provision of services.
\n
There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery
\n
milestones or other specified performance obligations. As at 31 December 2025, the aggregate amount of the transaction price of
\n
such contracts which relates to performance obligations which have not yet been delivered was approximately \u00a335m (2024: \u00a355m).
\n
It is expected that revenue will be recognised in relation to this amount over the next two years.
\n\n \n
ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2023
2024
2025
GBPm
GBPm
GBPm
North America
5,325
5,461
5,551
Europe
3,117
3,270
3,305
Rest of world
719
703
734
Total
9,161
9,434
9,590
\n
Revenue by geographical origin from the United Kingdom in 2025 was \u00a31,836m (2024: \u00a31,789m; 2023: \u00a31,703m).
\n \n
ANALYSIS BY REPORTED
Expenditure on
SEGMENT
acquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
intangible assets
additions
intangible assets
other amortisation
Restated
Restated
Restated
Restated
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
79
-
249
139
148
156
194
184
175
92
99
102
Scientific, Technical &
Medical
3
8
5
107
103
116
59
44
39
133
123
124
Legal
42
145
-
193
203
225
11
15
20
242
252
239
Exhibitions
8
65
20
37
29
27
16
15
14
39
45
34
Print & print-related
activities
-
-
-
1
1
1
-
-
-
8
6
5
Total
132
218
274
477
484
525
280
258
248
514
525
504
Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and
amortisation of internally developed intangible assets and pre-publication costs.
\n \n
ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2024
2025
GBPm
GBPm
North America
9,131
8,545
Europe
2,259
2,459
Rest of world
438
459
Total
11,828
11,463
Non-current assets held in the United Kingdom totalled \u00a31,503m (2024: \u00a31,242m; 2023: \u00a31,209m). Non-current assets by
geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
Operating profit is reconciled to adjusted operating profit as follows:
\n \n
RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2023
2024
2025
GBPm
GBPm
GBPm
Operating profit
2,682
2,861
3,027
Adjustments:
Amortisation of acquired intangible assets
280
258
248
Acquisition and disposal related items
56
69
54
Reclassification of tax in joint ventures and associates
12
12
14
Reclassification of finance income in joint ventures and associates
-
(1)
(1)
Adjusted operating profit
3,030
3,199
3,342
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Business area reporting changes
From 2025, as described on page 66, revenue and profit for print and print-related activities are managed and reported separately
from the four business areas. Consequently Risk, Scientific, Technical & Medical and Legal now exclude print and print-related
activities, consistent with financial information provided to the Board.
Also, a small portfolio of commercial healthcare products, previously reported by Scientific, Technical & Medical, is now reported
entirely in Risk. Accordingly revenue, together with some associated profit, previously reported in Scientific, Technical & Medical,
is now reported in Risk.
Comparative figures have been restated as if the business areas had operated on this basis in the prior periods. The table below
shows the reconciliation of revenue and adjusted operating profit as reported for the year ended 31 December 2024 and
31 December 2023 to the restated amounts.
YEAR ENDED 31 DECEMBER 2024
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,245
(7)
98
3,336
Scientific, Technical & Medical
3,051
(329)
(98)
2,624
Legal
1,899
(181)
-
1,718
Exhibitions
1,239
-
-
1,239
Print & print-related activities
-
517
-
517
Total revenue
9,434
-
-
9,434
Adjusted operating profit
Risk
1,228
(4)
9
1,233
Scientific, Technical & Medical
1,172
(182)
(9)
981
Legal
412
(31)
-
381
Exhibitions
398
-
-
398
Print & print-related activities
-
217
-
217
Unallocated central costs
(11)
-
-
(11)
Total adjusted operating profit
3,199
-
-
3,199
\n \n
YEAR ENDED 31 DECEMBER 2023
Print &
As
print -
Commercial
Revenue
reported
related
healthcare
Restated
GBPm
GBPm
GBPm
GBPm
Risk
3,133
(9)
100
3,224
Scientific, Technical & Medical
3,062
(381)
(100)
2,581
Legal
1,851
(196)
-
1,655
Exhibitions
1,115
-
-
1,115
Print & print-related activities
-
586
-
586
Total revenue
9,161
-
-
9,161
Adjusted operating profit
Risk
1,165
(5)
10
1,170
Scientific, Technical & Medical
1,165
(215)
(10)
940
Legal
393
(33)
-
360
Exhibitions
319
-
-
319
Print & print-related activities
-
253
-
253
Unallocated central costs
(12)
-
-
(12)
Total adjusted operating profit
3,030
-
-
3,030
2 Revenue, operating profit and segment analysis
Accounting policy
The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 148.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes
customer sales taxes and other amounts to be collected on behalf of third-parties.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
revenue is recognised on occurrence of the exhibition
\n
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in
\n
four business areas: Risk provides customers with information-based analytics and decision tools that combine public and industry-
\n
specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational
\n
efficiency; Scientific, Technical & Medical helps advance science and healthcare by combining high-quality, trusted scientific and
\n
medical information and data sets with innovative technologies to deliver critical insights that support better outcomes; Legal helps
\n
its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal,
\n
regulatory and business information with powerful analytics; and Exhibitions combines industry expertise, digital tools, and data to
\n
help customers connect in-person and online, discover new markets, source products, generate leads, and transact.
\n
RELX\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board, considered
\n
to be the Chief Operating Decision Maker. Prior period figures have been restated for the business area changes detailed in note 1,
\n
with print and print-related now a separate reported segment.
\n\n \n
ANALYSIS BY REPORTED SEGMENT
Revenue
Adjusted operating profit
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
3,224
3,336
3,485
1,170
1,233
1,305
Scientific, Technical & Medical
2,581
2,624
2,714
940
981
1,035
Legal
1,655
1,718
1,806
360
381
415
Exhibitions
1,115
1,239
1,186
319
398
410
Print & print-related activities
586
517
399
253
217
185
Sub-total
9,161
9,434
9,590
3,042
3,210
3,350
Unallocated central costs
-
-
-
(12)
(11)
(8)
Total
9,161
9,434
9,590
3,030
3,199
3,342
\n
The share of post-tax results of joint ventures and associates included in operating profit was \u00a344m (2024: \u00a343m; 2023: \u00a346m). This
\n
comprised of profit/(loss) relating to Risk of \u00a3(1)m (2024: nil; 2023: \u00a3(1)m), Scientific, Technical & Medical \u00a31m (2024: nil; 2023: nil),
\n
Legal \u00a36m (2024: \u00a37m; 2023: \u00a310m) and Exhibitions \u00a338m (2024: \u00a336m; 2023: \u00a337m).
\n\n \n
2023
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,573
1,108
1,146
217
342
5,386
Europe*
423
593
334
427
131
1,908
Rest of world
228
880
175
471
113
1,867
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by format
Electronic
3,210
2,574
1,646
85
-
7,515
Face-to-face
14
7
9
1,030
-
1,060
Print
-
-
-
-
586
586
Total revenue
3,224
2,581
1,655
1,115
586
9,161
Revenue by type
Subscriptions
1,330
2,107
1,363
-
176
4,976
Transactional
1,894
474
292
1,115
410
4,185
Total revenue
3,224
2,581
1,655
1,115
586
9,161
\n\n \n
2024
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
activities
Total
Restated
Restated
Restated
Exhibitions
Restated
Restated
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,658
1,126
1,188
231
292
5,495
Europe*
439
603
351
527
105
2,025
Rest of world
239
895
179
481
120
1,914
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by format
Electronic
3,320
2,618
1,707
83
-
7,728
Face-to-face
16
6
11
1,156
-
1,189
Print
-
-
-
-
517
517
Total revenue
3,336
2,624
1,718
1,239
517
9,434
Revenue by type
Subscriptions
1,329
2,110
1,432
-
154
5,025
Transactional
2,007
514
286
1,239
363
4,409
Total revenue
3,336
2,624
1,718
1,239
517
9,434
\n\n \n
2025
Print & print-
Scientific, Technical
related
Risk
& Medical
Legal
Exhibitions
activities
Total
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Revenue by geographical market
North America
2,749
1,161
1,229
237
219
5,595
Europe*
469
619
391
424
97
2,000
Rest of world
267
934
186
525
83
1,995
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by format
Electronic
3,475
2,707
1,794
94
-
8,070
Face-to-face
10
7
12
1,092
-
1,121
Print
-
-
-
-
399
399
Total revenue
3,485
2,714
1,806
1,186
399
9,590
Revenue by type
Subscriptions
1,363
2,168
1,527
-
132
5,190
Transactional
2,122
546
279
1,186
267
4,400
Total revenue
3,485
2,714
1,806
1,186
399
9,590
\n
* Europe includes revenue of \u00a3634m from the United Kingdom (2024: \u00a3613m; 2023: \u00a3602m).
\n
Over half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-
\n
line basis over the time period covered by the agreement, in line with the provision of services.
\n
There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery
\n
milestones or other specified performance obligations. As at 31 December 2025, the aggregate amount of the transaction price of
\n
such contracts which relates to performance obligations which have not yet been delivered was approximately \u00a335m (2024: \u00a355m).
\n
It is expected that revenue will be recognised in relation to this amount over the next two years.
\n\n \n
ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2023
2024
2025
GBPm
GBPm
GBPm
North America
5,325
5,461
5,551
Europe
3,117
3,270
3,305
Rest of world
719
703
734
Total
9,161
9,434
9,590
\n
Revenue by geographical origin from the United Kingdom in 2025 was \u00a31,836m (2024: \u00a31,789m; 2023: \u00a31,703m).
\n \n
ANALYSIS BY REPORTED
Expenditure on
SEGMENT
acquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
intangible assets
additions
intangible assets
other amortisation
Restated
Restated
Restated
Restated
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Risk
79
-
249
139
148
156
194
184
175
92
99
102
Scientific, Technical &
Medical
3
8
5
107
103
116
59
44
39
133
123
124
Legal
42
145
-
193
203
225
11
15
20
242
252
239
Exhibitions
8
65
20
37
29
27
16
15
14
39
45
34
Print & print-related
activities
-
-
-
1
1
1
-
-
-
8
6
5
Total
132
218
274
477
484
525
280
258
248
514
525
504
Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and
amortisation of internally developed intangible assets and pre-publication costs.
\n \n
ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2024
2025
GBPm
GBPm
North America
9,131
8,545
Europe
2,259
2,459
Rest of world
438
459
Total
11,828
11,463
Non-current assets held in the United Kingdom totalled \u00a31,503m (2024: \u00a31,242m; 2023: \u00a31,209m). Non-current assets by
geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
Operating profit is reconciled to adjusted operating profit as follows:
\n \n
RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2023
2024
2025
GBPm
GBPm
GBPm
Operating profit
2,682
2,861
3,027
Adjustments:
Amortisation of acquired intangible assets
280
258
248
Acquisition and disposal related items
56
69
54
Reclassification of tax in joint ventures and associates
12
12
14
Reclassification of finance income in joint ventures and associates
-
(1)
(1)
Adjusted operating profit
3,030
3,199
3,342
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00583": { "value": "Accounting policyRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer sales taxes and other amounts to be collected on behalf of third-parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "Accounting policyThe Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "Accounting policy
The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 148.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes
customer sales taxes and other amounts to be collected on behalf of third-parties.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
revenue is recognised on occurrence of the exhibition", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "3 Operating expenses
Operating profit is stated after charging the following:
\n \n
2023
2024
2025
Note
GBPm
GBPm
GBPm
Total staff costs
5
3,108
3,120
3,175
Depreciation and amortisation
Amortisation of acquired intangible assets
14
279
258
248
Share of joint ventures and associates' amortisation of acquired
intangible assets
1
-
-
Amortisation of acquired intangible assets including joint ventures and
associates' share
280
258
248
Amortisation of internally developed intangible assets
14
330
364
352
Depreciation of property, plant and equipment
16
43
34
26
Depreciation of right-of-use assets
65
50
37
Amortisation of pre-publication costs
76
77
89
Total depreciation and other amortisation
2
514
525
504
Total depreciation and amortisation (including amortisation of acquired
intangibles)
794
783
752
Other expenses
Cost of sales including pre-publication costs and inventory expenses
3,216
3,300
3,233
Short-term and low value lease expenses
18
16
15
The amortisation of acquired intangible assets is included within administration and other expenses. The amortisation of internally
generated intangible assets is included within cost of sales, selling and distribution costs and administration and other expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "3 Operating expenses
Operating profit is stated after charging the following:
\n \n
2023
2024
2025
Note
GBPm
GBPm
GBPm
Total staff costs
5
3,108
3,120
3,175
Depreciation and amortisation
Amortisation of acquired intangible assets
14
279
258
248
Share of joint ventures and associates' amortisation of acquired
intangible assets
1
-
-
Amortisation of acquired intangible assets including joint ventures and
associates' share
280
258
248
Amortisation of internally developed intangible assets
14
330
364
352
Depreciation of property, plant and equipment
16
43
34
26
Depreciation of right-of-use assets
65
50
37
Amortisation of pre-publication costs
76
77
89
Total depreciation and other amortisation
2
514
525
504
Total depreciation and amortisation (including amortisation of acquired
intangibles)
794
783
752
Other expenses
Cost of sales including pre-publication costs and inventory expenses
3,216
3,300
3,233
Short-term and low value lease expenses
18
16
15
The amortisation of acquired intangible assets is included within administration and other expenses. The amortisation of internally
generated intangible assets is included within cost of sales, selling and distribution costs and administration and other expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "3 Operating expenses
Operating profit is stated after charging the following:
\n \n
2023
2024
2025
Note
GBPm
GBPm
GBPm
Total staff costs
5
3,108
3,120
3,175
Depreciation and amortisation
Amortisation of acquired intangible assets
14
279
258
248
Share of joint ventures and associates' amortisation of acquired
intangible assets
1
-
-
Amortisation of acquired intangible assets including joint ventures and
associates' share
280
258
248
Amortisation of internally developed intangible assets
14
330
364
352
Depreciation of property, plant and equipment
16
43
34
26
Depreciation of right-of-use assets
65
50
37
Amortisation of pre-publication costs
76
77
89
Total depreciation and other amortisation
2
514
525
504
Total depreciation and amortisation (including amortisation of acquired
intangibles)
794
783
752
Other expenses
Cost of sales including pre-publication costs and inventory expenses
3,216
3,300
3,233
Short-term and low value lease expenses
18
16
15
The amortisation of acquired intangible assets is included within administration and other expenses. The amortisation of internally
generated intangible assets is included within cost of sales, selling and distribution costs and administration and other expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "4 Auditor\u2019s remuneration \n \n
2023
2024
2025
GBPm
GBPm
GBPm
Auditor\u2019s remuneration
Payable to the auditors of RELX PLC
0.9
0.9
0.9
Payable to the auditors of the Group\u2019s subsidiaries
8.0
7.5
7.8
Audit services
8.9
8.4
8.7
Audit-related assurance services
0.5
0.4
0.3
Other assurance services
0.2
0.5
0.7
Total auditor\u2019s remuneration
9.6
9.3
9.7
The previously reported 2024 fees paid to EY for audit services have been revised to include final fees for statutory audits which
took place subsequent to the audit of the RELX consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "5 Personnel
2023
2024
2025
GBPm
GBPm
GBPm
Staff costs
Wages and salaries
2,636
2,630
2,679
Social security costs
274
280
288
Pensions
142
144
145
Share based remuneration
56
66
63
Total staff costs
3,108
3,120
3,175
NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS*
At 31 December
Average during the year
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
Reported segment
Risk
11,100
11,000
11,800
10,900
11,000
11,400
Scientific, Technical & Medical
9,400
9,600
9,700
9,500
9,500
9,700
Legal
11,500
11,600
11,900
11,600
11,600
11,800
Exhibitions
3,500
3,300
3,400
3,500
3,500
3,300
Print & print-related activities
400
300
200
400
300
200
Sub-total
35,900
35,800
37,000
35,900
35,900
36,400
Corporate/shared functions
600
600
600
600
600
600
Total
36,500
36,400
37,600
36,500
36,500
37,000
Geographical location
North America
14,600
14,200
14,200
14,700
14,500
14,300
Europe
10,000
9,300
9,200
9,900
9,600
9,200
Rest of world
11,900
12,900
14,200
11,900
12,400
13,500
Total
36,500
36,400
37,600
36,500
36,500
37,000
* Reported to the nearest 100. 6 Pension schemes
Accounting policy
The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the
projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions
reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the
statement of comprehensive income in the period in which they occur.
Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and
when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present
value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities,
the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the
extent that the asset is recoverable.
The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
At 31 December 2025, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
length of each scheme\u2019s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised.
Key source of estimation uncertainty
Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these
factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made
around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each
scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions
may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial
statements. Information regarding the more significant assumptions used for valuation is provided below, together with a
sensitivity analysis.
A number of pension schemes are operated around the world. The largest funded defined benefit schemes as at 31 December 2025
were in the UK and the US, and are summarised below. In addition, there are a number of smaller unfunded schemes in the UK
and the US.
Major defined benefit schemes in place at 31 December 2025
The UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based
on the number of years of service. The US scheme is a cash balance scheme and was closed to future accruals effective 1 January
2019. During 2025, it was announced that the UK defined benefit scheme will close to future accrual of benefits with effect from
28 February 2027 resulting in a \u00a35m charge to operating profit in the year.
Each of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of
the pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds\u2019 beneficiaries.
In the UK, the trustees of the pension fund are responsible for the investment policy with regard to the assets of the fund. The
board of trustees consists of an equal number of company-appointed and member-nominated Directors. In the US, the fiduciary
duties for the scheme are allocated between committees which are staffed by senior employees of the Group; the investment
committee has the primary responsibility for the investment and management of plan assets. The funding of the Group\u2019s major
schemes reflects the different rules within each jurisdiction.
In the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation.
Where the scheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be
remedied. The UK Pensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme
funding. RELX provides a guarantee in respect of scheme liabilities up to a maximum amount whereby debt is calculated under
Section 75 of the Pensions Act 1995. No liability has been recognised in respect of this guarantee as any possibility of triggering
Section 75 is considered remote and RELX expect the scheme to continue operating with more than sufficient liquidity to meet
liabilities as they fall due for the foreseeable future.
The Group and the trustees of the UK scheme finalised the 2024 triennial valuation in the first half of 2025 and no deficit funding
contributions to the scheme are required in the period 2025 to 2027.
The US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject
to ERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the
deficit to be rectified with additional contributions over a seven-year period. The US scheme\u2019s funded status is in excess of 100%.
In 2025, the Group entered into a pension settlement transaction on behalf of around 2,200 pensioners participating in the US
defined benefit pension scheme. \u00a3136m of pension assets were transferred on settlement. The associated accounting liability
transferred was \u00a3140m resulting in a \u00a34m credit to operating profit.
Employer cash contributions to defined benefit pension schemes in respect of 2026 are expected to be approximately \u00a32m.
The pension expense (excluding interest amounts) recognised in the income statement consists of:
\n\n \n
2023
2024
2025
GBPm
GBPm
GBPm
Defined benefit pension expense
5
4
3
Defined contribution pension expense
137
140
142
Total
142
144
145
\n
All of the pension expense is recognised within operating profit.
\n
The amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by
\n
major scheme as follows:
\n\n \n
2023
2024
2025
UK
US
Total
UK
US
Total
UK
US
Total
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Service cost
2
3
5
1
3
4
-
2
2
Past service cost/(settlement credit)
-
-
-
-
-
-
5
(4)
1
Defined benefit pension expense
2
3
5
1
3
4
5
(2)
3
Net interest on net defined benefit pension
balance
1
-
1
-
1
1
(3)
-
(3)
Net defined benefit pension expense/(credit)
3
3
6
1
4
5
2
(2)
-
\n
In 2025, the past service cost relates to the closure of the UK pension scheme to accrual from 28 February 2027 and the settlement
\n
credit relates to the US annuity purchase.
\n
Net interest on the net defined benefit pension balance is presented within net finance costs in the income statement. The net defined
\n
benefit pension expense for each year is based on the assumptions and scheme valuations set at 31 December of the prior year.
\n
The significant valuation assumptions, determined for each major scheme in conjunction with the respective independent
\n
actuaries, are presented below.
\n\n \n
AS AT 31 DECEMBER
2023
2024
2025
UK
US
UK
US
UK
US
Discount rate
4.60
%
5.05
%
5.55
%
5.55
%
5.60
%
5.25
%
Inflation
3.05
%
2.50
%
3.15
%
2.50
%
2.90
%
2.50
%
\n
Discount rates are set by reference to high-quality corporate bond yields of a currency and a term consistent with the Group\u2019s
\n
pension schemes. High quality corporate bonds are those for which at least one of the main ratings agencies in a given region
\n
considers to be AA-rated (or equivalent).
\n
For the UK, future price inflation, as measured by the Retail Prices Index (RPI), has been derived with regard to the term of pension
\n
liabilities, the inflation implied by redemption yields on fixed interest and index-linked gilts and allowing for inflation risk premium.
\n
The price inflation assumptions allow for the expected impact of RPI reform, in particular expectations that future levels of RPI and
\n
CPI will be broadly aligned after 2030. For the US, inflation is based on the statutory limits on compensation and benefits.
\n
Mortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable
\n
mortality statistics. Future improvements for the year ended 31 December 2025 for the UK are in line with the CMI 2024 Core
\n
Projections Model, with a long-term rate of improvement of 1.5 per cent p.a., and for the US are in line with the Mortality
\n
Improvements Scale MP-2021 developed by the Retirement Plans Experience Committee of the Society of Actuaries. The average
\n
life expectancy assumptions are set out below:
\n\n \n
AS AT 31 DECEMBER 2023
Male average life
Female average
expectancy
life expectancy
UK
US
UK
US
Member currently aged 60 years
85
86
88
88
Member currently aged 45 years
86
86
90
89
\n\n \n
AS AT 31 DECEMBER 2024
Male average life
Female average
expectancy
life expectancy
UK
US
UK
US
Member currently aged 60 years
85
86
89
88
Member currently aged 45 years
86
86
90
89
\n\n \n
AS AT 31 DECEMBER 2025
Male average life
Female average
expectancy
life expectancy
UK
US
UK
US
Member currently aged 60 years
85
86
89
88
Member currently aged 45 years
87
87
90
89
The amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of
\n
the year and the movements during the year were as follows:
\n\n \n
2024
2025
UK
US
Total
UK
US
Total
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Defined benefit obligation
At start of year
(2,984)
(822)
(3,806)
(2,710)
(803)
(3,513)
Service cost
(1)
(3)
(4)
-
(2)
(2)
Past service cost
-
-
-
(5)
-
(5)
Interest on pension scheme liabilities
(133)
(40)
(173)
(147)
(41)
(188)
Actuarial gains/(losses) on financial assumptions
301
20
321
57
(20)
37
Actuarial (losses)/gains arising from experience
assumptions
(20)
(3)
(23)
(16)
(3)
(19)
Contributions by employees
(7)
-
(7)
(7)
-
(7)
Liabilities transferred on settlement
-
-
-
-
140
140
Benefits paid
134
61
195
137
60
197
Exchange translation differences
-
(16)
(16)
-
52
52
At end of yea
r
(2,710)
(803)
(3,513)
(2,691)
(617)
(3,308)
Fair value of scheme assets
At start of yea
r
2,937
834
3,771
2,744
800
3,544
Interest income on plan assets
133
39
172
150
41
191
Return on assets excluding amounts included in
interest income
(240)
(33)
(273)
(29)
32
3
Contributions by employer
41
7
48
13
6
19
Contributions by employees
7
-
7
7
-
7
Assets transferred on settlement
-
-
-
-
(136)
(136)
Benefits paid
(134)
(61)
(195)
(137)
(60)
(197)
Exchange translation differences
-
14
14
-
(53)
(53)
At end of year
2,744
800
3,544
2,748
630
3,378
Opening net balance
(47)
12
(35)
34
(3)
31
Service cost
(1)
(3)
(4)
-
(2)
(2)
Net interest on net defined benefit balance
-
(1)
(1)
3
-
3
(Past service cost)/settlement credit
-
-
-
(5)
4
(1)
Contributions by employer
41
7
48
13
6
19
Actuarial (losses)/gains
41
(16)
25
12
9
21
Exchange translation differences
-
(2)
(2)
-
(1)
(1)
Net pension balance
34
(3)
31
57
13
70
Impact of asset ceiling
(4)
(6)
(10)
(5)
(22)
(27)
Overall net pension balance
30
(9)
21
52
(9)
43
\n
As at 31 December 2025, the defined benefit obligations comprised \u00a33,154m (2024: \u00a33,348m) in relation to funded schemes and
\n
\u00a3154m (2024: \u00a3165m) in relation to unfunded schemes.
\n
The weighted average duration of defined benefit scheme liabilities is 12 years in the UK (2024: 13 years) and 9 years in the US
\n
(2024: 9 years). Net deferred tax liabilities of \u00a39m (2024 net deferred tax liabilities: \u00a34m) are recognised in respect of the net
\n
pension balance.
\n
A net pension asset has been recognised in relation to the UK and US funded schemes after considering the guidance in IAS 19 \u2013
\n
Employee Benefits and IFRIC 14. The split between net pension obligations and net pension assets is as follows:
\n\n \n
2024
2025
GBPm
GBPm
Net pension asset recognised
186
197
Net pension obligation
(165)
(154)
Overall net pension balance
21
43
Amounts recognised in the statement of comprehensive income are set out below:
\n\n \n
2023
2024
2025
GBPm
GBPm
GBPm
Gains and losses arising during the year:
Experience losses on scheme liabilities
(11)
(23)
(19)
Experience gains/(losses) on scheme assets
35
(273)
3
Actuarial (losses)/gains on the present value of scheme liabilities due to changes in:
\u2013 discount rates
(145)
374
(5)
\u2013 inflation
15
(36)
43
\u2013 other actuarial assumptions
50
(17)
(1)
(56)
25
21
\n
The total actuarial gain recognised in the statement of comprehensive income of \u00a35m (2024: \u00a343m) also includes a loss of \u00a316m
\n
(2024: gain of \u00a318m) in relation to the asset ceiling. As at 31 December 2025, the impact of the asset ceiling on the overall net
\n
pension obligation is \u00a327m (2024: \u00a310m).
\n
The major categories and fair values of scheme assets at the end of the reporting period are as follows:
\n\n \n
FAIR VALUE OF SCHEME ASSETS
2024
2025
UK
US
Total
UK
US
Total
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Equities
\u00b9
419
2
421
311
1
312
Liability matching assets
\u00b2
1,716
784
2,500
1,929
620
2,549
Property funds and ground leases
\u00b3
172
-
172
100
-
100
Direct lending and multi-asset credit funds
333
-
333
300
-
300
Cash and cash equivalents
\u2074
96
14
110
101
9
110
Othe
r
8
-
8
7
-
7
Total
2,744
800
3,544
2,748
630
3,378
\n
(1)
Assets are held in unquoted funds which invest in equities with quoted prices.
\n
(2)
Within the UK scheme are asset backed securities totalling \u00a3519m (2024: \u00a3481m), other credit assets of \u00a3507m (2024: \u00a3487m) and government bonds
\n
totalling \u00a32,101m (2024: \u00a31,881m), forward foreign currency contracts of \u00a34m (2024: -\u00a32m), interest rate swaps of \u00a32m (2024: nil) offset by short-term sale
\n
and repurchase agreements totalling \u00a31,205m (2024: \u00a31,131m) whereby the UK scheme funds the purchase of government bonds using existing bonds as
\n
security. In the US, the assets primarily relate to government bonds, corporate bonds and interest rate swaps. Of the gross assets, \u00a32,219m (2024:
\n
\u00a32,049m) are assets with quoted prices in active markets.
\n
(3)
Assets without quoted prices in active markets.
\n
(4)
Includes \u00a359m (2024: \u00a344m) of assets with quoted prices in an active market. The remainder are held in funds which do not have quoted prices.
Assets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-
related assumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation
could increase future pension costs and funding requirements.
Typically, the Group\u2019s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those
rates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond
yields in the UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also
exposed to other risks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to
an increase in scheme liabilities.
Investment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and
long term. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across
geographies and among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent
on a variety of factors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses
a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of
scheme assets change in the same way as the scheme\u2019s liabilities and achieve a matching effect for the most significant plan
liability assumptions of interest rates and inflation rates.
Sensitivity analysis
The valuation of the Group\u2019s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the
members, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience
or future changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount
rates, inflation and life expectancies that are reasonably possible would have the following approximate effects on the defined
benefit pension obligations:
\n \n
GBPm
Increase/decrease of 0.5% in discount rate
174
Increase/decrease of 0.25% in the expected inflation rate
55
Increase/decrease of one year in assumed life expectancy
77
The above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the
statement of financial position. There has been no change in the methods used to prepare the analysis compared with prior years.
This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that
changes in the above assumptions would occur in isolation as some of the assumptions may be correlated.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00584": { "value": "Accounting policy
Share based remuneration
The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income
statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected
to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant.
Non-market based performance criteria are taken into account when estimating the number of shares expected to vest.
The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate.
All of the Group\u2019s share based remuneration is equity settled.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Share based remuneration
The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income
statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected
to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant.
Non-market based performance criteria are taken into account when estimating the number of shares expected to vest.
The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate.
All of the Group\u2019s share based remuneration is equity settled.
2023
2024
2025
GBPm
GBPm
GBPm
Staff costs
Wages and salaries
2,636
2,630
2,679
Social security costs
274
280
288
Pensions
142
144
145
Share based remuneration
56
66
63
Total staff costs
3,108
3,120
3,175
Staff costs above exclude cost of contractors and employer costs of benefits provided to employees but include amounts that are
capitalised as part of capitalised development spend. The Group provides a number of share based remuneration schemes to
directors and employees. The principal share based remuneration schemes are the Executive Share Option Schemes (ESOS),
the Long-Term Incentive Plan (LTIP) and the Retention Share Plan (RSP). Share options granted under ESOS are exercisable after
three years and up to ten years from the date of grant at a price equivalent to the market value of the shares at the date of grant.
Conditional shares granted under LTIP and RSP are exercisable after three years for nil consideration if conditions are met. Other
awards principally relate to all employee share based saving schemes in the UK, the US and the Netherlands. Further details are
provided in the Remuneration Report on pages 100 to 120. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS*
At 31 December
Average during the year
Restated
Restated
Restated
Restated
2023
2024
2025
2023
2024
2025
Reported segment
Risk
11,100
11,000
11,800
10,900
11,000
11,400
Scientific, Technical & Medical
9,400
9,600
9,700
9,500
9,500
9,700
Legal
11,500
11,600
11,900
11,600
11,600
11,800
Exhibitions
3,500
3,300
3,400
3,500
3,500
3,300
Print & print-related activities
400
300
200
400
300
200
Sub-total
35,900
35,800
37,000
35,900
35,900
36,400
Corporate/shared functions
600
600
600
600
600
600
Total
36,500
36,400
37,600
36,500
36,500
37,000
Geographical location
North America
14,600
14,200
14,200
14,700
14,500
14,300
Europe
10,000
9,300
9,200
9,900
9,600
9,200
Rest of world
11,900
12,900
14,200
11,900
12,400
13,500
Total
36,500
36,400
37,600
36,500
36,500
37,000
* Reported to the nearest 100.
Refer to note 1 for further details of the restated numbers disclosed.
The number of UK full-time equivalents as at 31 December 2025 was 5,500 (2024: 5,600; 2023: 6,000) and the average during
the year was 5,500 (2024: 5,700; 2023: 5,900).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "value": "Accounting policy
The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the
projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions
reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the
statement of comprehensive income in the period in which they occur.
Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and
when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present
value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities,
the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the
extent that the asset is recoverable.
The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
At 31 December 2025, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
length of each scheme\u2019s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised.
Key source of estimation uncertainty
Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these
factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made
around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each
scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions
may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial
statements. Information regarding the more significant assumptions used for valuation is provided below, together with a
sensitivity analysis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "7 Net finance costs
2023
2024
2025
GBPm
GBPm
GBPm
Interest on short-term bank loans, overdrafts and commercial paper
(31)
(48)
(47)
Interest on term debt
(263)
(228)
(222)
Interest on lease liabilities
(6)
(5)
(4)
Total borrowing costs
(300)
(281)
(273)
Losses on loans and derivatives not designated as hedges
(20)
(20)
(30)
Fair value (losses)/gains on designated fair value hedge relationships
(2)
(2)
2
Net interest on defined benefit pension schemes
(1)
(1)
3
Finance costs
(323)
(304)
(298)
Interest on bank deposits
8
6
12
Finance income
8
6
12
Net finance costs
(315)
(298)
(286)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "7 Net finance costs
2023
2024
2025
GBPm
GBPm
GBPm
Interest on short-term bank loans, overdrafts and commercial paper
(31)
(48)
(47)
Interest on term debt
(263)
(228)
(222)
Interest on lease liabilities
(6)
(5)
(4)
Total borrowing costs
(300)
(281)
(273)
Losses on loans and derivatives not designated as hedges
(20)
(20)
(30)
Fair value (losses)/gains on designated fair value hedge relationships
(2)
(2)
2
Net interest on defined benefit pension schemes
(1)
(1)
3
Finance costs
(323)
(304)
(298)
Interest on bank deposits
8
6
12
Finance income
8
6
12
Net finance costs
(315)
(298)
(286)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "7 Net finance costs
2023
2024
2025
GBPm
GBPm
GBPm
Interest on short-term bank loans, overdrafts and commercial paper
(31)
(48)
(47)
Interest on term debt
(263)
(228)
(222)
Interest on lease liabilities
(6)
(5)
(4)
Total borrowing costs
(300)
(281)
(273)
Losses on loans and derivatives not designated as hedges
(20)
(20)
(30)
Fair value (losses)/gains on designated fair value hedge relationships
(2)
(2)
2
Net interest on defined benefit pension schemes
(1)
(1)
3
Finance costs
(323)
(304)
(298)
Interest on bank deposits
8
6
12
Finance income
8
6
12
Net finance costs
(315)
(298)
(286)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "7 Net finance costs
Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.
2023
2024
2025
GBPm
GBPm
GBPm
Interest on short-term bank loans, overdrafts and commercial paper
(31)
(48)
(47)
Interest on term debt
(263)
(228)
(222)
Interest on lease liabilities
(6)
(5)
(4)
Total borrowing costs
(300)
(281)
(273)
Losses on loans and derivatives not designated as hedges
(20)
(20)
(30)
Fair value (losses)/gains on designated fair value hedge relationships
(2)
(2)
2
Net interest on defined benefit pension schemes
(1)
(1)
3
Finance costs
(323)
(304)
(298)
Interest on bank deposits
8
6
12
Finance income
8
6
12
Net finance costs
(315)
(298)
(286)
In March 2025, the Group entered into cross-currency interest rate swaps to increase its exposure to debt in euro and Japanese
yen. This provides a hedge of part of the Group\u2019s earnings in those currencies, but the nature of the Group\u2019s assets in those
currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. The fair
value movements in these instruments in the period were net losses of \u00a35m (2024: nil; 2023: nil) and included in losses on loans
and derivatives not designated as hedges.
Gains of nil (2024: gains of \u00a31m; 2023: losses of \u00a32m) on derivatives designated as cash flow hedges were recognised in other
comprehensive income and accumulated in the hedge reserve, and may be reclassified to the consolidated income statement in
future periods. Losses of \u00a31m (2024: \u00a32m; 2023: \u00a31m) in total were transferred from the hedge reserve in the year.
In 2023, the interest charge on term debt included a charge of \u00a326m in respect of the early redemption of bonds that were due to be
repaid in August 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "7 Net finance costs
Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.
2023
2024
2025
GBPm
GBPm
GBPm
Interest on short-term bank loans, overdrafts and commercial paper
(31)
(48)
(47)
Interest on term debt
(263)
(228)
(222)
Interest on lease liabilities
(6)
(5)
(4)
Total borrowing costs
(300)
(281)
(273)
Losses on loans and derivatives not designated as hedges
(20)
(20)
(30)
Fair value (losses)/gains on designated fair value hedge relationships
(2)
(2)
2
Net interest on defined benefit pension schemes
(1)
(1)
3
Finance costs
(323)
(304)
(298)
Interest on bank deposits
8
6
12
Finance income
8
6
12
Net finance costs
(315)
(298)
(286)
In March 2025, the Group entered into cross-currency interest rate swaps to increase its exposure to debt in euro and Japanese
yen. This provides a hedge of part of the Group\u2019s earnings in those currencies, but the nature of the Group\u2019s assets in those
currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. The fair
value movements in these instruments in the period were net losses of \u00a35m (2024: nil; 2023: nil) and included in losses on loans
and derivatives not designated as hedges.
Gains of nil (2024: gains of \u00a31m; 2023: losses of \u00a32m) on derivatives designated as cash flow hedges were recognised in other
comprehensive income and accumulated in the hedge reserve, and may be reclassified to the consolidated income statement in
future periods. Losses of \u00a31m (2024: \u00a32m; 2023: \u00a31m) in total were transferred from the hedge reserve in the year.
In 2023, the interest charge on term debt included a charge of \u00a326m in respect of the early redemption of bonds that were due to be
repaid in August 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "7 Net finance costs
Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.
2023
2024
2025
GBPm
GBPm
GBPm
Interest on short-term bank loans, overdrafts and commercial paper
(31)
(48)
(47)
Interest on term debt
(263)
(228)
(222)
Interest on lease liabilities
(6)
(5)
(4)
Total borrowing costs
(300)
(281)
(273)
Losses on loans and derivatives not designated as hedges
(20)
(20)
(30)
Fair value (losses)/gains on designated fair value hedge relationships
(2)
(2)
2
Net interest on defined benefit pension schemes
(1)
(1)
3
Finance costs
(323)
(304)
(298)
Interest on bank deposits
8
6
12
Finance income
8
6
12
Net finance costs
(315)
(298)
(286)
In March 2025, the Group entered into cross-currency interest rate swaps to increase its exposure to debt in euro and Japanese
yen. This provides a hedge of part of the Group\u2019s earnings in those currencies, but the nature of the Group\u2019s assets in those
currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. The fair
value movements in these instruments in the period were net losses of \u00a35m (2024: nil; 2023: nil) and included in losses on loans
and derivatives not designated as hedges.
Gains of nil (2024: gains of \u00a31m; 2023: losses of \u00a32m) on derivatives designated as cash flow hedges were recognised in other
comprehensive income and accumulated in the hedge reserve, and may be reclassified to the consolidated income statement in
future periods. Losses of \u00a31m (2024: \u00a32m; 2023: \u00a31m) in total were transferred from the hedge reserve in the year.
In 2023, the interest charge on term debt included a charge of \u00a326m in respect of the early redemption of bonds that were due to be
repaid in August 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "7 Net finance costs
Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.
2023
2024
2025
GBPm
GBPm
GBPm
Interest on short-term bank loans, overdrafts and commercial paper
(31)
(48)
(47)
Interest on term debt
(263)
(228)
(222)
Interest on lease liabilities
(6)
(5)
(4)
Total borrowing costs
(300)
(281)
(273)
Losses on loans and derivatives not designated as hedges
(20)
(20)
(30)
Fair value (losses)/gains on designated fair value hedge relationships
(2)
(2)
2
Net interest on defined benefit pension schemes
(1)
(1)
3
Finance costs
(323)
(304)
(298)
Interest on bank deposits
8
6
12
Finance income
8
6
12
Net finance costs
(315)
(298)
(286)
In March 2025, the Group entered into cross-currency interest rate swaps to increase its exposure to debt in euro and Japanese
yen. This provides a hedge of part of the Group\u2019s earnings in those currencies, but the nature of the Group\u2019s assets in those
currencies on a reported basis means that the interest rate swaps do not qualify for net investment hedge accounting. The fair
value movements in these instruments in the period were net losses of \u00a35m (2024: nil; 2023: nil) and included in losses on loans
and derivatives not designated as hedges.
Gains of nil (2024: gains of \u00a31m; 2023: losses of \u00a32m) on derivatives designated as cash flow hedges were recognised in other
comprehensive income and accumulated in the hedge reserve, and may be reclassified to the consolidated income statement in
future periods. Losses of \u00a31m (2024: \u00a32m; 2023: \u00a31m) in total were transferred from the hedge reserve in the year.
In 2023, the interest charge on term debt included a charge of \u00a326m in respect of the early redemption of bonds that were due to be
repaid in August 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00588": { "value": "Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00587": { "value": "Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00586": { "value": "Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
borrowing to produce a constant periodic rate of charge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "8 Disposals and other non-operating items
Accounting policy
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is
considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and
fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers
from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale.
Liabilities of businesses held for sale are also separately classified on the statement of financial position.
Fair value movements in the venture capital portfolio are reported within disposals and other non-operating items. See note 15 for
further details.
2023
2024
2025
GBPm
GBPm
GBPm
Revaluation of investments
(11)
(2)
12
Loss on disposal of businesses
(61)
(4)
(3)
Net loss on disposals and othe
r
non-operating items
(72)
(6)
9
The revaluation of investments relates to venture fund investments.
In 2025, no goodwill (2024: \u00a336m, 2023: \u00a342m) was impaired as the result of disposals.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "8 Disposals and other non-operating items
Accounting policy
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is
considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and
fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers
from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale.
Liabilities of businesses held for sale are also separately classified on the statement of financial position.
Fair value movements in the venture capital portfolio are reported within disposals and other non-operating items. See note 15 for
further details.
2023
2024
2025
GBPm
GBPm
GBPm
Revaluation of investments
(11)
(2)
12
Loss on disposal of businesses
(61)
(4)
(3)
Net loss on disposals and othe
r
non-operating items
(72)
(6)
9
The revaluation of investments relates to venture fund investments.
In 2025, no goodwill (2024: \u00a336m, 2023: \u00a342m) was impaired as the result of disposals.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00590": { "value": "Accounting policy
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is
considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and
fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers
from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale.
Liabilities of businesses held for sale are also separately classified on the statement of financial position.
Fair value movements in the venture capital portfolio are reported within disposals and other non-operating items. See note 15 for
further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00589": { "value": "Accounting policy
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is
considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and
fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers
from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale.
Liabilities of businesses held for sale are also separately classified on the statement of financial position.
Fair value movements in the venture capital portfolio are reported within disposals and other non-operating items. See note 15 for
further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "9 Taxation
Accounting policy
Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement
except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period,
outside the income statement (either in other comprehensive income, directly in equity, or through a business combination),
in which case the tax appears in the same statement as the transaction that gave rise to it.
Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period
as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established
where appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination
of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow
will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of
financial position, and the provisions are remeasured as required to reflect current information.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset
is realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
differences arising on investments in subsidiaries, joint ventures and associates where the reversal of the temporary difference
can be controlled and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The
availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax
liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period
as the deductible temporary difference or unused tax losses or credit.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of
assets and liabilities acquired other than in a business combination. Deferred tax is not discounted.
When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required
to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed.
The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which
a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such
intangibles and goodwill.
In an \u2018asset acquisition\u2019, where the buyer acquires the trade and assets of a business, there is often a tax deduction available
for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is
recognised on the difference between the tax base and the book base of the assets.
In a \u2018share acquisition\u2019, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets,
tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise
to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill
where that is not deductible for tax purposes.
Other areas of accounting judgement
The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, the
Group\u2019s tax returns in the countries in which it operates are subject to tax authority audits as a matter of routine. While the
Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax
positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise
considered to involve uncertainty.
The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
positions are measured using one of the following methods, depending on which of the methods management expects will
better predict the amount it will pay over to the tax authority:
\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for
example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of
possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to
be payable, in which case the provision is nil; or
\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority
but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely
than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and
previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved
at amounts greater or smaller than the liabilities recorded.
In particular, although the Group reports cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-
length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is
frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain
that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions
and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final
resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is
expected in the next year or foreseeable future.
Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Current tax
\u00a0 \u00a0 \u00a0
Current yea
r
(652)
(661)
(750)
Prior years
77
54
24
Total current tax charge
(575)
(607)
(726)
Deferred tax
68
(6)
54
Tax charge
(507)
(613)
(672)
\n
The UK current tax charge was \u00a3218m (2024: \u00a3187m; 2023: \u00a3157m). Cash tax paid (net) in the year was \u00a3638m (2024: \u00a3662m;
2023: \u00a3619m), which is different to the tax expense for the year set out above.
There are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts:
\u25a0
Tax payments relating to a particular year\u2019s profits are typically due partly in the year and partly in the following year.
\u25a0
Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but
is taxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does
not result in tax payments.
\u25a0
Current tax expense is the best estimate at the end of the period of cash tax expected to be paid. To the extent the final tax
liability is different, any cash tax impact will occur in a later period.
\u25a0
Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other
comprehensive income rather than to tax expense.
Set out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by
multiplying accounting profit by the applicable tax rate. The Group believes the most meaningful applicable rate is the weighted
average tax rate, which is obtained by multiplying the accounting profits and losses of all consolidated entities by the applicable
domestic rate in each of those entities\u2019 jurisdictions.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
\u00a0
GBPm
%
GBPm
%
GBPm
%
Profit before tax
2,295
\u00a0
2,557
\u00a0
2,750
\u00a0
Tax at average applicable rates
(571)
24.9 %
(647)
25.3 %
(687)
25.0 %
Tax effect of share of results of joint ventures
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and associates
8
(0.3)%
9
(0.4)%
11
(0.4)%
Income not taxable and expenses not deductible
20
(0.9)%
16
(0.6)%
8
(0.3)%
Non-deductible costs of share based
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
remuneration
(1)
0.0 %
(2)
0.1 %
(1)
0.0 %
Non-deductible disposal-related losses
(22)
1.0 %
(7)
0.3 %
(24)
0.9 %
Deferred tax assets of the period not recognised
(3)
0.1 %
(18)
0.7 %
(2)
0.1 %
Change in recognition and measurement of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
deferred tax
4
(0.2)%
13
(0.5)%
16
(0.6)%
Movements in provisions and prior year items
58
(2.5)%
23
(0.9)%
7
(0.3)%
Tax charge
(507)
22.1 %
(613)
24.0 %
(672)
24.4 %
The weighted average applicable tax rate for the year was 25.0% (2024: 25.3%; 2023: 24.9%), reflecting the applicable rates in the
countries where the Group operates. The Group\u2019s future tax charge will be sensitive to the geographic mix of profits and losses and
the tax rates and laws in force in the jurisdictions in which the Group operates.
The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from 2024. The Group has applied the
temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two
rules. The rules, including the Side-by-Side agreement released by the OECD in January 2026, do not have a significant impact on
the tax charge for the Group.
Other international tax developments, including in the US, do not have any significant impact on the Group.
The effective tax rate of 24.4% (2024: 24.0%; 2023: 22.1%) was lower than the weighted average applicable rate of 25.0%. Income
not taxable and expenses not deductible include research and development and other tax credits of \u00a320m (2024: \u00a321m; 2023:
\u00a321m). In 2023, there were tax credits arising from the substantial resolution of prior year tax matters.
The following tax has been recognised in other comprehensive income or directly in equity during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Tax on items that will not be reclassified to profit or loss
\u00a0\u00a0\u00a0
Tax on actuarial movements on defined benefit pension schemes
19
(11)
(3)
Tax on items that may be reclassified to profit or loss
\u00a0\u00a0\u00a0
Tax on fair value movements on cash flow hedges
(12)
3
(5)
Net tax (charge)/credit recognised in other comprehensive income
7
(8)
(8)
Tax credit on share based remuneration recognised directly in equity
24
20
21
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Current tax assets
42
13
Current tax liabilities
(119)
(153)
Total
(77)
(140)
\n
Current tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and
liabilities on a net basis.
The Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of \u00a3159m (2024: \u00a3168m)
is comprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the
provisions relate, or changes in assumptions relating to the provisions, will have a material impact on the Group\u2019s financial results
in the next year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Deferred tax assets
84
75
Deferred tax liabilities
(473)
(405)
Total
(389)
(330)
Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same
jurisdiction) are summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Deferred tax liabilities
Deferred tax assets
\u00a0
\u00a0
Acquired
Other
Acquired
Losses and
\u00a0
Other
\u00a0
\u00a0
intangible
temporary
intangible
other tax
Pension
temporary
\u00a0
\u00a0
assets
differences
assets
attributes
balances
differences
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Deferred tax (liability)/asset
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
at 1 January 2024
(652)
(182)
99
96
47
247
(345)
Credit/(charge) to profit
52
14
(31)
(31)
(10)
-
(6)
(Charge)/credit to equity/other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
comprehensive income
-
(14)
-
-
6
1
(7)
Acquisitions
(16)
-
-
1
-
-
(15)
Disposals and othe
r
-
-
-
-
-
(2)
(2)
Exchange translation differences
(10)
(1)
(2)
(2)
-
1
(14)
Deferred tax (liability)/asset
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
at 1 January 2025
(626)
(183)
66
64
43
247
(389)
Credit/(charge) to profit
52
22
(31)
-
(3)
14
54
(Charge)/credit to equity/other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
comprehensive income
-
(8)
-
-
1
3
(4)
Acquisitions
(25)
-
-
-
-
-
(25)
Disposals and othe
r
-
-
-
-
-
-
-
Exchange translation differences
36
7
2
-
(1)
(10)
34
Deferred tax (liability)/asset at
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31 December 2025
(563)
(162)
37
64
40
254
(330)
\n
The closing deferred tax liability balance of other temporary differences includes those relating to capitalised development
costs of \u00a372m (2024: \u00a386m) and pension surplus of \u00a349m (2024: \u00a347m). The closing deferred tax asset balance of other temporary
differences includes those relating to accruals and provisions of \u00a3127m (2024: \u00a3124m) and share based remuneration provisions of
\u00a368m (2024: \u00a363m).
As a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
Deferred tax assets have been recognised for losses and other tax attributes in countries including the US and the Netherlands,
the majority of which are expected to have been utilised by 2029.
Deferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent
that it is more likely than not that sufficient taxable profits will be available to allow the asset to be recovered.
Losses and other tax attributes for which no deferred tax asset was recognised:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
GBPm
GBPm
\u00a0
Gross amount
Tax effected
Gross amount
Tax effected
Trading losses and temporary differences expiring
\u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
55
15
59
13
More than 10 years
13
3
10
2
Available indefinitely
185
51
100
25
Total
253
69
169
40
State and local tax losses expiring
\u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
18
1
18
1
More than 10 years
57
3
48
3
Available indefinitely
-
-
-
-
Total
75
4
66
4
Capital losses expiring
\u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
-
-
-
-
More than 10 years
-
-
-
-
Available indefinitely
140
31
144
32
Total
140
31
144
32
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "9 Taxation\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Deferred tax assets
84
75
Deferred tax liabilities
(473)
(405)
Total
(389)
(330)
Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same
jurisdiction) are summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Deferred tax liabilities
Deferred tax assets
\u00a0
\u00a0
Acquired
Other
Acquired
Losses and
\u00a0
Other
\u00a0
\u00a0
intangible
temporary
intangible
other tax
Pension
temporary
\u00a0
\u00a0
assets
differences
assets
attributes
balances
differences
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Deferred tax (liability)/asset
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
at 1 January 2024
(652)
(182)
99
96
47
247
(345)
Credit/(charge) to profit
52
14
(31)
(31)
(10)
-
(6)
(Charge)/credit to equity/other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
comprehensive income
-
(14)
-
-
6
1
(7)
Acquisitions
(16)
-
-
1
-
-
(15)
Disposals and othe
r
-
-
-
-
-
(2)
(2)
Exchange translation differences
(10)
(1)
(2)
(2)
-
1
(14)
Deferred tax (liability)/asset
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
at 1 January 2025
(626)
(183)
66
64
43
247
(389)
Credit/(charge) to profit
52
22
(31)
-
(3)
14
54
(Charge)/credit to equity/other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
comprehensive income
-
(8)
-
-
1
3
(4)
Acquisitions
(25)
-
-
-
-
-
(25)
Disposals and othe
r
-
-
-
-
-
-
-
Exchange translation differences
36
7
2
-
(1)
(10)
34
Deferred tax (liability)/asset at
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31 December 2025
(563)
(162)
37
64
40
254
(330)
\n
The closing deferred tax liability balance of other temporary differences includes those relating to capitalised development
costs of \u00a372m (2024: \u00a386m) and pension surplus of \u00a349m (2024: \u00a347m). The closing deferred tax asset balance of other temporary
differences includes those relating to accruals and provisions of \u00a3127m (2024: \u00a3124m) and share based remuneration provisions of
\u00a368m (2024: \u00a363m).
As a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
Deferred tax assets have been recognised for losses and other tax attributes in countries including the US and the Netherlands,
the majority of which are expected to have been utilised by 2029.
Deferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent
that it is more likely than not that sufficient taxable profits will be available to allow the asset to be recovered.
Losses and other tax attributes for which no deferred tax asset was recognised:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
GBPm
GBPm
\u00a0
Gross amount
Tax effected
Gross amount
Tax effected
Trading losses and temporary differences expiring
\u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
55
15
59
13
More than 10 years
13
3
10
2
Available indefinitely
185
51
100
25
Total
253
69
169
40
State and local tax losses expiring
\u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
18
1
18
1
More than 10 years
57
3
48
3
Available indefinitely
-
-
-
-
Total
75
4
66
4
Capital losses expiring
\u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
-
-
-
-
More than 10 years
-
-
-
-
Available indefinitely
140
31
144
32
Total
140
31
144
32
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00592": { "value": "Accounting policy Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset
is realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
differences arising on investments in subsidiaries, joint ventures and associates where the reversal of the temporary difference
can be controlled and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The
availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax
liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period
as the deductible temporary difference or unused tax losses or credit.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of
assets and liabilities acquired other than in a business combination. Deferred tax is not discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00591": { "value": "Accounting policy
Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement
except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period,
outside the income statement (either in other comprehensive income, directly in equity, or through a business combination),
in which case the tax appears in the same statement as the transaction that gave rise to it.
Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period
as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established
where appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination
of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow
will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of
financial position, and the provisions are remeasured as required to reflect current information.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset
is realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
differences arising on investments in subsidiaries, joint ventures and associates where the reversal of the temporary difference
can be controlled and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The
availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax
liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period
as the deductible temporary difference or unused tax losses or credit.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of
assets and liabilities acquired other than in a business combination. Deferred tax is not discounted.
When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required
to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed.
The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which
a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such
intangibles and goodwill.
In an \u2018asset acquisition\u2019, where the buyer acquires the trade and assets of a business, there is often a tax deduction available
for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is
recognised on the difference between the tax base and the book base of the assets.
In a \u2018share acquisition\u2019, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets,
tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise
to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill
where that is not deductible for tax purposes.
Other areas of accounting judgement
The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, the
Group\u2019s tax returns in the countries in which it operates are subject to tax authority audits as a matter of routine. While the
Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax
positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise
considered to involve uncertainty.
The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
positions are measured using one of the following methods, depending on which of the methods management expects will
better predict the amount it will pay over to the tax authority:
\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for
example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of
possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to
be payable, in which case the provision is nil; or
\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority
but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely
than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and
previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved
at amounts greater or smaller than the liabilities recorded.
In particular, although the Group reports cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-
length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is
frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain
that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions
and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final
resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is
expected in the next year or foreseeable future.
Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "10 Earnings per share
Accounting policy
Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the
total weighted average number of shares.
The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
conditional shares. The dilutive impact is calculated as the weighted average of all potentially dilutive shares
\n \n
EARNINGS PER SHARE \u2013 FOR THE
YEAR ENDED 31 DECEMBER
2023
2024
2025
Weighted
Weighted
Weighted
Net profit
average
Net profit
average
Net profit
average
attributable to
number
attributable to
number
attributable to
number
shareholders
of shares
EPS
shareholders
of shares
EPS
shareholders
of shares
EPS
GBPm
(millions)
(pence)
GBPm
(millions)
(pence)
GBPm
(millions)
(pence)
Basic earnings per share
1,781
1,891.8
94.1
1,934
1,865.9
103.6p
2,065
1,834.4
112.6p
Diluted earnings per share
1,781
1,902.8
93.6
1,934
1,876.7
103.1p
2,065
1,843.5
112.0p
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00593": { "value": "Accounting policy
Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the
total weighted average number of shares.
The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
conditional shares. The dilutive impact is calculated as the weighted average of all potentially dilutive shares", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "11 Statement of cash flows
Accounting policy
Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held
in the statement of financial position at fair value.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
2024
2025
RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
Note
GBPm
GBPm
GBPm
Operating profit
\u00a0
2,682
2,861
3,027
Share of results of joint ventures and associates
\u00a0
(46)
(43)
(44)
Amortisation of acquired intangible assets
\u00a0
279
258
248
Amortisation of internally developed intangible assets
\u00a0
330
364
352
Amortisation of pre-publication costs
\u00a0
76
77
89
Depreciation of property, plant and equipment
\u00a0
43
34
26
Depreciation of right-of-use assets
\u00a0
65
50
37
Share based remuneration
5
56
66
63
Total non-cash items
\u00a0
849
849
815
Increase in inventories and pre-publication costs
\u00a0
(90)
(83)
(101)
(Increase)/decrease in receivables
\u00a0
(24)
(173)
14
(Decrease)/increase in payables
\u00a0
(1)
110
24
Increase in working capital
\u00a0
(115)
(146)
(63)
Cash generated from operations
\u00a0
3,370
3,521
3,735
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
CASH FLOW ON ACQUISITIONS
\u00a0
2023
2024
2025
\u00a0
Note
GBPm
GBPm
GBPm
Purchase of businesses
12
(108)
(165)
(242)
Deferred payments relating to prior year acquisitions
\u00a0
(16)
(5)
(18)
Total
\u00a0
(124)
(170)
(260)
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
RECONCILIATION OF NET DEBT
\u00a0\u00a0
Derivative
Cross-
\u00a0\u00a0
\u00a0\u00a0\u00a0
financial
currency
\u00a0\u00a0
\u00a0\u00a0\u00a0
instruments
interest rate
\u00a0\u00a0
\u00a0
Cash and
\u00a0
in fair value
swaps not
Finance
\u00a0
\u00a0
cash
\u00a0
hedging
designated
Lease
\u00a0
\u00a0
equivalents
Debt
relationships
as hedges
receivable
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
At 1 January 2024
155
(6,497)
(108)
-
4
(6,446)
Decrease in cash and cash equivalents
(32)
-
-
-
-
(32)
Increase in short-term bank loans, overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and commercial paper
-
(461)
-
-
-
(461)
Issuance of term debt
-
(711)
-
-
-
(711)
Repayment of term debt
-
1,017
-
-
-
1,017
Repayment of leases
-
63
-
-
(2)
61
Change in net debt resulting from cash flows
(32)
(92)
-
-
(2)
(126)
Borrowings in disposed businesses
-
8
-
-
-
8
Remeasurement and derecognition of leases
-
(4)
-
-
-
(4)
Inception of leases
-
(32)
-
-
-
(32)
Fair value and other adjustments to debt and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
related derivatives
-
19
(28)
-
-
(9)
Exchange translation differences
(4)
54
(4)
-
-
46
At 1 January 2025
119
(6,544)
(140)
-
2
(6,563)
Increase in cash and cash equivalents
15
-
-
-
-
15
Increase in short-term bank loans, overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and commercial paper
-
(232)
-
-
-
(232)
Issuance of term debt
-
(1,125)
-
-
-
(1,125)
Repayment of term debt
-
621
-
-
-
621
Repayment of leases
-
40
-
-
(2)
38
Change in net debt resulting from cash flows
15
(696)
-
-
(2)
(683)
Borrowings in acquired businesses
-
(2)
-
-
-
(2)
Remeasurement and derecognition of leases
-
(1)
-
-
-
(1)
Inception of leases
-
(35)
-
-
-
(35)
Fair value and other adjustments to debt and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
related derivatives
-
(77)
70
(5)
-
(12)
Exchange translation differences
(3)
88
10
-
-
95
At 31 December 2025
131
(7,267)
(60)
(5)
-
(7,201)
\n
Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other
loans and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of
capital and liquidity management.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "11 Statement of cash flows
Accounting policy
Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held
in the statement of financial position at fair value.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
2024
2025
RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
Note
GBPm
GBPm
GBPm
Operating profit
\u00a0
2,682
2,861
3,027
Share of results of joint ventures and associates
\u00a0
(46)
(43)
(44)
Amortisation of acquired intangible assets
\u00a0
279
258
248
Amortisation of internally developed intangible assets
\u00a0
330
364
352
Amortisation of pre-publication costs
\u00a0
76
77
89
Depreciation of property, plant and equipment
\u00a0
43
34
26
Depreciation of right-of-use assets
\u00a0
65
50
37
Share based remuneration
5
56
66
63
Total non-cash items
\u00a0
849
849
815
Increase in inventories and pre-publication costs
\u00a0
(90)
(83)
(101)
(Increase)/decrease in receivables
\u00a0
(24)
(173)
14
(Decrease)/increase in payables
\u00a0
(1)
110
24
Increase in working capital
\u00a0
(115)
(146)
(63)
Cash generated from operations
\u00a0
3,370
3,521
3,735
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
CASH FLOW ON ACQUISITIONS
\u00a0
2023
2024
2025
\u00a0
Note
GBPm
GBPm
GBPm
Purchase of businesses
12
(108)
(165)
(242)
Deferred payments relating to prior year acquisitions
\u00a0
(16)
(5)
(18)
Total
\u00a0
(124)
(170)
(260)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
RECONCILIATION OF NET DEBT
\u00a0\u00a0
Derivative
Cross-
\u00a0\u00a0
\u00a0\u00a0\u00a0
financial
currency
\u00a0\u00a0
\u00a0\u00a0\u00a0
instruments
interest rate
\u00a0\u00a0
\u00a0
Cash and
\u00a0
in fair value
swaps not
Finance
\u00a0
\u00a0
cash
\u00a0
hedging
designated
Lease
\u00a0
\u00a0
equivalents
Debt
relationships
as hedges
receivable
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
At 1 January 2024
155
(6,497)
(108)
-
4
(6,446)
Decrease in cash and cash equivalents
(32)
-
-
-
-
(32)
Increase in short-term bank loans, overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and commercial paper
-
(461)
-
-
-
(461)
Issuance of term debt
-
(711)
-
-
-
(711)
Repayment of term debt
-
1,017
-
-
-
1,017
Repayment of leases
-
63
-
-
(2)
61
Change in net debt resulting from cash flows
(32)
(92)
-
-
(2)
(126)
Borrowings in disposed businesses
-
8
-
-
-
8
Remeasurement and derecognition of leases
-
(4)
-
-
-
(4)
Inception of leases
-
(32)
-
-
-
(32)
Fair value and other adjustments to debt and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
related derivatives
-
19
(28)
-
-
(9)
Exchange translation differences
(4)
54
(4)
-
-
46
At 1 January 2025
119
(6,544)
(140)
-
2
(6,563)
Increase in cash and cash equivalents
15
-
-
-
-
15
Increase in short-term bank loans, overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and commercial paper
-
(232)
-
-
-
(232)
Issuance of term debt
-
(1,125)
-
-
-
(1,125)
Repayment of term debt
-
621
-
-
-
621
Repayment of leases
-
40
-
-
(2)
38
Change in net debt resulting from cash flows
15
(696)
-
-
(2)
(683)
Borrowings in acquired businesses
-
(2)
-
-
-
(2)
Remeasurement and derecognition of leases
-
(1)
-
-
-
(1)
Inception of leases
-
(35)
-
-
-
(35)
Fair value and other adjustments to debt and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
related derivatives
-
(77)
70
(5)
-
(12)
Exchange translation differences
(3)
88
10
-
-
95
At 31 December 2025
131
(7,267)
(60)
(5)
-
(7,201)
\n
Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other
loans and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of
capital and liquidity management.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00594": { "value": "Accounting policy
Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held
in the statement of financial position at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "12 Acquisitions
Accounting policy
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which
do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual
assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the
recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.
During the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value
to the Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below.
\u00a0
Fair value
Fair value
Fair value
\u00a0
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Goodwill
68
146
140
Intangible assets
64
72
134
Property, plant and equipment
1
-
-
Current assets
3
6
3
Current liabilities
(10)
(14)
(6)
Borrowings
-
-
(2)
Deferred tax
(6)
(15)
(25)
Net assets acquired
120
195
244
Consideration (after taking account of \u00a31m net cash acquired (2024: \u00a37m; 2023: \u00a34m))
120
195
244
Change in consideration deferred to future years and changes in contingent
\u00a0 \u00a0 \u00a0
consideration relating to prior year acquisitions
(12)
(30)
(2)
Net cash flo
w
108
165
242
\n
During 2025, RELX completed several acquisitions, including acquisition of non-controlling interest, for total consideration of
\u00a3270m (2024: \u00a3195m). Total consideration on acquisitions was \u00a3243m (2024: \u00a3188m) adjusted for cash acquired. Total cash spent
on acquisitions was \u00a3260m (2024: \u00a3170m) reflecting timing of deferred consideration of \u00a318m (2024: \u00a35m) for past and current year
acquisitions.
The businesses acquired in 2025 contributed \u00a312m to revenue, had no impact to adjusted operating profit, decreased net profit
by \u00a37m (after charging \u00a38m of integration costs and amortisation of acquired intangibles) and decreased net cash inflow from
operating activities by \u00a311m for the part year under the Group\u2019s ownership and before taking account of acquisition financing costs.
Had the businesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit
and net profit attributable to shareholders for the year would have been \u00a39,592m, \u00a33,341m and \u00a32,064m respectively, before taking
account of acquisition financing costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00596": { "value": "Accounting policy
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which
do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual
assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the
recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00595": { "value": "Accounting policy
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which
do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual
assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the
recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00599": { "value": "Accounting policy
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which
do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual
assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the
recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement.Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "13 Equity dividends
ORDINARY DIVIDENDS PAID IN THE YEAR
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
RELX PLC
1,059
1,121
1,181
\n
Ordinary dividends declared and paid in the year ended 31 December 2025, in amounts per ordinary share, comprise: a final
dividend for 2024 of 44.8p (2024: final dividend for 2023 of 41.8p; 2023: final dividend for 2022 of 38.9p) and a 2025 interim dividend
for 2025 of 19.5p (2024: 18.2p; 2023: 17.0p), giving a total of 64.3p (2024: 60.0p; 2023: 55.9p).
The Directors of RELX PLC have proposed a final dividend for 2025 of
48.0p per ordinary share (2024: 44.8p; 2023: 41.8p),
giving a
total for the financial year of 67.5p per ordinary share (2024: 63.0p; 2023: 58.8p). The total cost of funding the proposed final
dividend is expected to be \u00a3873m, for which no liability has been recognised at the statement of financial position date.
The Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied
to dividends paid in 2025, 2024 and 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "0.48", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "0.448", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "0.418", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "873000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "14 Intangible assets
Accounting policy
On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement.
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research
and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies,
including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of
the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have indefinite
lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their characteristically
stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at
least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u25a0
Market-related assets \u2013 1 to 40 years
\u25a0
Customer-related assets \u2013 1 to 20 years
\u25a0
Editorial content \u2013 1 to 40 years
\u25a0
Software and systems \u2013 1 to 10 years
\u25a0
Other \u2013 3 to 20 years
\n
Internally developed intangible assets (development spend) typically comprise software and systems development where an identifiable
asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally
developed intangible assets are amortised on a straight-line basis over their estimated useful lives of three to 10 years. Impairment
reviews are carried out at where indicators of impairment are identified.
Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.
Critical judgement
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
of intangible assets.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
Internally
intangible
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Software
\u00a0
acquired
developed
assets
\u00a0 \u00a0
Market
Customer
Editorial
and
\u00a0
intangible
intangible
excluding
\u00a0
Goodwill
related
related
content
technology
Other
assets
assets
goodwill
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
COST
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
8,023
2,540
1,979
658
835
2,426
8,438
4,343
12,781
Acquisitions
146
10
14
10
38
-
72
-
72
Additions
-
-
-
-
-
-
-
464
464
Disposals and other
(36)
(71)
(8)
(6)
(23)
(110)
(218)
(87)
(305)
Exchange translation differences
83
36
25
4
5
7
77
2
79
At 1 January 2025
8,216
2,515
2,010
666
855
2,323
8,369
4,722
13,091
Acquisitions
140
20
70
4
34
6
134
-
134
Additions
-
-
-
-
-
-
-
504
504
Disposals and other
-
-
-
-
(99)
(19)
(118)
(186)
(304)
Exchange translation differences
(426)
(158)
(117)
(24)
(34)
(80)
(413)
(160)
(573)
At 31 December 2025
7,930
2,377
1,963
646
756
2,230
7,972
4,880
12,852
ACCUMULATED AMORTISATION
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
-
1,731
1,323
607
600
2,416
6,677
2,866
9,543
Charge for the year
-
111
71
13
62
1
258
364
622
Disposals and other
-
(69)
(8)
(5)
(23)
(110)
(215)
(71)
(286)
Exchange translation differences
-
23
15
3
6
7
54
(6)
48
At 1 January 2025
-
1,796
1,401
618
645
2,314
6,774
3,153
9,927
Charge for the year
-
108
69
12
57
2
248
352
600
Disposals and other
-
-
-
-
(99)
(19)
(118)
(204)
(322)
Exchange translation differences
-
(114)
(82)
(22)
(31)
(80)
(329)
(96)
(425)
At 31 December 2025
-
1,790
1,388
608
572
2,217
6,575
3,205
9,780
NET BOOK AMOUNT
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
8,216
719
609
48
210
9
1,595
1,569
3,164
At 31 December 2025
7,930
587
575
38
184
13
1,397
1,675
3,072
\n
The Legal business area has \u00a3663m (2024: \u00a3645m) of capitalised development costs associated with platforms and infrastructure,
with a remaining amortisation period of up to ten years.
Included in market-related intangible assets are \u00a3113m (2024: \u00a3121m) of journal titles relating to Scientific, Technical & Medical
determined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
Impairment review
There were no charges for impairment of goodwill or indefinite lived intangible assets in 2025 (2024: nil) identified during the annual
impairment review. From 2025, as described in note 1 on page 144, print and print-related activities are now managed and reported
separately. As a result in 2025, a print and print-related CGU has been identified and an impairment review has been completed
comparing the carrying value with the recoverable amount based on management\u2019s cash flow projections approved by the Board in 2025.
For the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, as permitted by IAS 36, the detailed calculations
including key assumptions used to determine the recoverable amounts and sensitivity analysis performed in 2023 were used as a
basis for the 2025 impairment tests as the criteria of IAS 36 were satisfied. For all applicable CGUs tested: there have been no
significant changes in the assets and liabilities in 2025 included in the CGUs compared to 2023; the headroom was substantial in
2023; and the likelihood that the recoverable amount would be less than the carrying amount in 2025 is remote.
Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level
at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill
arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas
have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills,
knowledge and technology platforms, and the monitoring of goodwill by management. Goodwill has been allocated to Print and
print-related in 2025 as a result of the business area reporting changes and therefore, the balance is nil for 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
GOODWILL
2024
2025
\u00a0
GBPm
GBPm
Risk
4,004
3,902
Scientific, Technical & Medical
1,948
1,814
Legal
1,640
1,543
Exhibitions
624
631
Print & print-related
-
40
Total
8,216
7,930
\n
The key assumptions used for each group of CGUs are disclosed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
KEY ASSUMPTIONS
2024
2025
\u00a0 \u00a0
Nominal
\u00a0
Nominal
\u00a0
Pre-tax
long-term
Pre-tax
long-term
\u00a0
discount
market
discount
market
\u00a0
rate
growth rate
rate
growth rate
Risk
11.3%
4%
11.3%
4%
Scientific, Technical & Medical
10.6%
3%
10.6%
3%
Legal
10.9%
4%
10.9%
4%
Exhibitions
12.3%
4%
12.3%
4%
Print & print-related
-
-
13.8%
(9)%
\n
The pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium
specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has
been estimated by grossing up the post-tax rate. The Group\u2019s weighted average cost of capital is derived from a risk free rate, a
market risk premium, a risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections
are in nominal terms and therefore, take into account the impact of inflation. Assumptions for print and print-related have been
determined and applied in the 2025 recoverable amount calculation for the 2025 impairment testing assessment. As the IAS 36
criteria are satisfied for the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, the 2023 recoverable amount
calculation (including the discount rate and growth rate assumptions) have been used in the 2025 impairment testing calculations.
The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating
margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted
by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash
conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, are broadly in
line with the long-term average growth prospects for the sectors and territories in which the businesses operate.
A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by
management: an increase in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-
year forecast period of 2%; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount
rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no
impairment charges would result from these scenarios in any of the CGUs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "14 Intangible assets
Accounting policy
On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement.
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research
and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies,
including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of
the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have indefinite
lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their characteristically
stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at
least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u25a0
Market-related assets \u2013 1 to 40 years
\u25a0
Customer-related assets \u2013 1 to 20 years
\u25a0
Editorial content \u2013 1 to 40 years
\u25a0
Software and systems \u2013 1 to 10 years
\u25a0
Other \u2013 3 to 20 years
\n
Internally developed intangible assets (development spend) typically comprise software and systems development where an identifiable
asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally
developed intangible assets are amortised on a straight-line basis over their estimated useful lives of three to 10 years. Impairment
reviews are carried out at where indicators of impairment are identified.
Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.
Critical judgement
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
of intangible assets.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
Internally
intangible
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Software
\u00a0
acquired
developed
assets
\u00a0 \u00a0
Market
Customer
Editorial
and
\u00a0
intangible
intangible
excluding
\u00a0
Goodwill
related
related
content
technology
Other
assets
assets
goodwill
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
COST
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
8,023
2,540
1,979
658
835
2,426
8,438
4,343
12,781
Acquisitions
146
10
14
10
38
-
72
-
72
Additions
-
-
-
-
-
-
-
464
464
Disposals and other
(36)
(71)
(8)
(6)
(23)
(110)
(218)
(87)
(305)
Exchange translation differences
83
36
25
4
5
7
77
2
79
At 1 January 2025
8,216
2,515
2,010
666
855
2,323
8,369
4,722
13,091
Acquisitions
140
20
70
4
34
6
134
-
134
Additions
-
-
-
-
-
-
-
504
504
Disposals and other
-
-
-
-
(99)
(19)
(118)
(186)
(304)
Exchange translation differences
(426)
(158)
(117)
(24)
(34)
(80)
(413)
(160)
(573)
At 31 December 2025
7,930
2,377
1,963
646
756
2,230
7,972
4,880
12,852
ACCUMULATED AMORTISATION
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
-
1,731
1,323
607
600
2,416
6,677
2,866
9,543
Charge for the year
-
111
71
13
62
1
258
364
622
Disposals and other
-
(69)
(8)
(5)
(23)
(110)
(215)
(71)
(286)
Exchange translation differences
-
23
15
3
6
7
54
(6)
48
At 1 January 2025
-
1,796
1,401
618
645
2,314
6,774
3,153
9,927
Charge for the year
-
108
69
12
57
2
248
352
600
Disposals and other
-
-
-
-
(99)
(19)
(118)
(204)
(322)
Exchange translation differences
-
(114)
(82)
(22)
(31)
(80)
(329)
(96)
(425)
At 31 December 2025
-
1,790
1,388
608
572
2,217
6,575
3,205
9,780
NET BOOK AMOUNT
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
8,216
719
609
48
210
9
1,595
1,569
3,164
At 31 December 2025
7,930
587
575
38
184
13
1,397
1,675
3,072
\n
The Legal business area has \u00a3663m (2024: \u00a3645m) of capitalised development costs associated with platforms and infrastructure,
with a remaining amortisation period of up to ten years.
Included in market-related intangible assets are \u00a3113m (2024: \u00a3121m) of journal titles relating to Scientific, Technical & Medical
determined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
Impairment review
There were no charges for impairment of goodwill or indefinite lived intangible assets in 2025 (2024: nil) identified during the annual
impairment review. From 2025, as described in note 1 on page 144, print and print-related activities are now managed and reported
separately. As a result in 2025, a print and print-related CGU has been identified and an impairment review has been completed
comparing the carrying value with the recoverable amount based on management\u2019s cash flow projections approved by the Board in 2025.
For the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, as permitted by IAS 36, the detailed calculations
including key assumptions used to determine the recoverable amounts and sensitivity analysis performed in 2023 were used as a
basis for the 2025 impairment tests as the criteria of IAS 36 were satisfied. For all applicable CGUs tested: there have been no
significant changes in the assets and liabilities in 2025 included in the CGUs compared to 2023; the headroom was substantial in
2023; and the likelihood that the recoverable amount would be less than the carrying amount in 2025 is remote.
Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level
at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill
arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas
have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills,
knowledge and technology platforms, and the monitoring of goodwill by management. Goodwill has been allocated to Print and
print-related in 2025 as a result of the business area reporting changes and therefore, the balance is nil for 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
GOODWILL
2024
2025
\u00a0
GBPm
GBPm
Risk
4,004
3,902
Scientific, Technical & Medical
1,948
1,814
Legal
1,640
1,543
Exhibitions
624
631
Print & print-related
-
40
Total
8,216
7,930
\n
The key assumptions used for each group of CGUs are disclosed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
KEY ASSUMPTIONS
2024
2025
\u00a0 \u00a0
Nominal
\u00a0
Nominal
\u00a0
Pre-tax
long-term
Pre-tax
long-term
\u00a0
discount
market
discount
market
\u00a0
rate
growth rate
rate
growth rate
Risk
11.3%
4%
11.3%
4%
Scientific, Technical & Medical
10.6%
3%
10.6%
3%
Legal
10.9%
4%
10.9%
4%
Exhibitions
12.3%
4%
12.3%
4%
Print & print-related
-
-
13.8%
(9)%
\n
The pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium
specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has
been estimated by grossing up the post-tax rate. The Group\u2019s weighted average cost of capital is derived from a risk free rate, a
market risk premium, a risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections
are in nominal terms and therefore, take into account the impact of inflation. Assumptions for print and print-related have been
determined and applied in the 2025 recoverable amount calculation for the 2025 impairment testing assessment. As the IAS 36
criteria are satisfied for the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, the 2023 recoverable amount
calculation (including the discount rate and growth rate assumptions) have been used in the 2025 impairment testing calculations.
The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating
margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted
by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash
conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, are broadly in
line with the long-term average growth prospects for the sectors and territories in which the businesses operate.
A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by
management: an increase in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-
year forecast period of 2%; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount
rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no
impairment charges would result from these scenarios in any of the CGUs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "14 Intangible assets
Accounting policy
On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement.
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research
and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies,
including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of
the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have indefinite
lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their characteristically
stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at
least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u25a0
Market-related assets \u2013 1 to 40 years
\u25a0
Customer-related assets \u2013 1 to 20 years
\u25a0
Editorial content \u2013 1 to 40 years
\u25a0
Software and systems \u2013 1 to 10 years
\u25a0
Other \u2013 3 to 20 years
\n
Internally developed intangible assets (development spend) typically comprise software and systems development where an identifiable
asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally
developed intangible assets are amortised on a straight-line basis over their estimated useful lives of three to 10 years. Impairment
reviews are carried out at where indicators of impairment are identified.
Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.
Critical judgement
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
of intangible assets.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
Internally
intangible
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Software
\u00a0
acquired
developed
assets
\u00a0 \u00a0
Market
Customer
Editorial
and
\u00a0
intangible
intangible
excluding
\u00a0
Goodwill
related
related
content
technology
Other
assets
assets
goodwill
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
COST
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
8,023
2,540
1,979
658
835
2,426
8,438
4,343
12,781
Acquisitions
146
10
14
10
38
-
72
-
72
Additions
-
-
-
-
-
-
-
464
464
Disposals and other
(36)
(71)
(8)
(6)
(23)
(110)
(218)
(87)
(305)
Exchange translation differences
83
36
25
4
5
7
77
2
79
At 1 January 2025
8,216
2,515
2,010
666
855
2,323
8,369
4,722
13,091
Acquisitions
140
20
70
4
34
6
134
-
134
Additions
-
-
-
-
-
-
-
504
504
Disposals and other
-
-
-
-
(99)
(19)
(118)
(186)
(304)
Exchange translation differences
(426)
(158)
(117)
(24)
(34)
(80)
(413)
(160)
(573)
At 31 December 2025
7,930
2,377
1,963
646
756
2,230
7,972
4,880
12,852
ACCUMULATED AMORTISATION
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
-
1,731
1,323
607
600
2,416
6,677
2,866
9,543
Charge for the year
-
111
71
13
62
1
258
364
622
Disposals and other
-
(69)
(8)
(5)
(23)
(110)
(215)
(71)
(286)
Exchange translation differences
-
23
15
3
6
7
54
(6)
48
At 1 January 2025
-
1,796
1,401
618
645
2,314
6,774
3,153
9,927
Charge for the year
-
108
69
12
57
2
248
352
600
Disposals and other
-
-
-
-
(99)
(19)
(118)
(204)
(322)
Exchange translation differences
-
(114)
(82)
(22)
(31)
(80)
(329)
(96)
(425)
At 31 December 2025
-
1,790
1,388
608
572
2,217
6,575
3,205
9,780
NET BOOK AMOUNT
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
8,216
719
609
48
210
9
1,595
1,569
3,164
At 31 December 2025
7,930
587
575
38
184
13
1,397
1,675
3,072
\n
The Legal business area has \u00a3663m (2024: \u00a3645m) of capitalised development costs associated with platforms and infrastructure,
with a remaining amortisation period of up to ten years.
Included in market-related intangible assets are \u00a3113m (2024: \u00a3121m) of journal titles relating to Scientific, Technical & Medical
determined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
Impairment review
There were no charges for impairment of goodwill or indefinite lived intangible assets in 2025 (2024: nil) identified during the annual
impairment review. From 2025, as described in note 1 on page 144, print and print-related activities are now managed and reported
separately. As a result in 2025, a print and print-related CGU has been identified and an impairment review has been completed
comparing the carrying value with the recoverable amount based on management\u2019s cash flow projections approved by the Board in 2025.
For the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, as permitted by IAS 36, the detailed calculations
including key assumptions used to determine the recoverable amounts and sensitivity analysis performed in 2023 were used as a
basis for the 2025 impairment tests as the criteria of IAS 36 were satisfied. For all applicable CGUs tested: there have been no
significant changes in the assets and liabilities in 2025 included in the CGUs compared to 2023; the headroom was substantial in
2023; and the likelihood that the recoverable amount would be less than the carrying amount in 2025 is remote.
Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level
at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill
arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas
have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills,
knowledge and technology platforms, and the monitoring of goodwill by management. Goodwill has been allocated to Print and
print-related in 2025 as a result of the business area reporting changes and therefore, the balance is nil for 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
GOODWILL
2024
2025
\u00a0
GBPm
GBPm
Risk
4,004
3,902
Scientific, Technical & Medical
1,948
1,814
Legal
1,640
1,543
Exhibitions
624
631
Print & print-related
-
40
Total
8,216
7,930
\n
The key assumptions used for each group of CGUs are disclosed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
KEY ASSUMPTIONS
2024
2025
\u00a0 \u00a0
Nominal
\u00a0
Nominal
\u00a0
Pre-tax
long-term
Pre-tax
long-term
\u00a0
discount
market
discount
market
\u00a0
rate
growth rate
rate
growth rate
Risk
11.3%
4%
11.3%
4%
Scientific, Technical & Medical
10.6%
3%
10.6%
3%
Legal
10.9%
4%
10.9%
4%
Exhibitions
12.3%
4%
12.3%
4%
Print & print-related
-
-
13.8%
(9)%
\n
The pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium
specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has
been estimated by grossing up the post-tax rate. The Group\u2019s weighted average cost of capital is derived from a risk free rate, a
market risk premium, a risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections
are in nominal terms and therefore, take into account the impact of inflation. Assumptions for print and print-related have been
determined and applied in the 2025 recoverable amount calculation for the 2025 impairment testing assessment. As the IAS 36
criteria are satisfied for the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, the 2023 recoverable amount
calculation (including the discount rate and growth rate assumptions) have been used in the 2025 impairment testing calculations.
The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating
margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted
by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash
conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, are broadly in
line with the long-term average growth prospects for the sectors and territories in which the businesses operate.
A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by
management: an increase in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-
year forecast period of 2%; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount
rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no
impairment charges would result from these scenarios in any of the CGUs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00598": { "value": "Accounting policy
On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement.
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research
and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies,
including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of
the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have indefinite
lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their characteristically
stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at
least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u25a0
Market-related assets \u2013 1 to 40 years
\u25a0
Customer-related assets \u2013 1 to 20 years
\u25a0
Editorial content \u2013 1 to 40 years
\u25a0
Software and systems \u2013 1 to 10 years
\u25a0
Other \u2013 3 to 20 years
\n
Internally developed intangible assets (development spend) typically comprise software and systems development where an identifiable
asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally
developed intangible assets are amortised on a straight-line basis over their estimated useful lives of three to 10 years. Impairment
reviews are carried out at where indicators of impairment are identified.
Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.
Critical judgement
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
of intangible assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00597": { "value": "Accounting policy
On acquisition of a subsidiary or business, the purchase consideration is allocated between the tangible and intangible assets other
than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their
fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of goodwill
attributable to a subsidiary or business is included in the calculation of profit or loss recognised in the income statement.
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research
and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies,
including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of
the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have indefinite
lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their characteristically
stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at
least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u25a0
Market-related assets \u2013 1 to 40 years
\u25a0
Customer-related assets \u2013 1 to 20 years
\u25a0
Editorial content \u2013 1 to 40 years
\u25a0
Software and systems \u2013 1 to 10 years
\u25a0
Other \u2013 3 to 20 years
\n
Internally developed intangible assets (development spend) typically comprise software and systems development where an identifiable
asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally
developed intangible assets are amortised on a straight-line basis over their estimated useful lives of three to 10 years. Impairment
reviews are carried out at where indicators of impairment are identified.
Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.
Critical judgement
Capitalisation of development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating
expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and
infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value
and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and
directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required
in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of
appropriate asset lives. In the impairment reviews where indicators of impairment are identified, estimates relating to the future cash
flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts
of intangible assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00601": { "value": "Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00600": { "value": "Impairment reviews
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment
at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income
statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not
subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of
all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on management\u2019s
cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in
cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the
forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the
asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows
of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired intangibles
with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required criteria have been
met. The three required criteria to be met are: there have been no significant changes in the assets and liabilities; the most recent
recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the recoverable amount would be less
than the carrying amount is remote.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "Impairment review
There were no charges for impairment of goodwill or indefinite lived intangible assets in 2025 (2024: nil) identified during the annual
impairment review. From 2025, as described in note 1 on page 144, print and print-related activities are now managed and reported
separately. As a result in 2025, a print and print-related CGU has been identified and an impairment review has been completed
comparing the carrying value with the recoverable amount based on management\u2019s cash flow projections approved by the Board in 2025.
For the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, as permitted by IAS 36, the detailed calculations
including key assumptions used to determine the recoverable amounts and sensitivity analysis performed in 2023 were used as a
basis for the 2025 impairment tests as the criteria of IAS 36 were satisfied. For all applicable CGUs tested: there have been no
significant changes in the assets and liabilities in 2025 included in the CGUs compared to 2023; the headroom was substantial in
2023; and the likelihood that the recoverable amount would be less than the carrying amount in 2025 is remote.
Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level
at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill
arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas
have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills,
knowledge and technology platforms, and the monitoring of goodwill by management. Goodwill has been allocated to Print and
print-related in 2025 as a result of the business area reporting changes and therefore, the balance is nil for 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
GOODWILL
2024
2025
\u00a0
GBPm
GBPm
Risk
4,004
3,902
Scientific, Technical & Medical
1,948
1,814
Legal
1,640
1,543
Exhibitions
624
631
Print & print-related
-
40
Total
8,216
7,930
\n
The key assumptions used for each group of CGUs are disclosed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
KEY ASSUMPTIONS
2024
2025
\u00a0 \u00a0
Nominal
\u00a0
Nominal
\u00a0
Pre-tax
long-term
Pre-tax
long-term
\u00a0
discount
market
discount
market
\u00a0
rate
growth rate
rate
growth rate
Risk
11.3%
4%
11.3%
4%
Scientific, Technical & Medical
10.6%
3%
10.6%
3%
Legal
10.9%
4%
10.9%
4%
Exhibitions
12.3%
4%
12.3%
4%
Print & print-related
-
-
13.8%
(9)%
\n
The pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium
specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has
been estimated by grossing up the post-tax rate. The Group\u2019s weighted average cost of capital is derived from a risk free rate, a
market risk premium, a risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections
are in nominal terms and therefore, take into account the impact of inflation. Assumptions for print and print-related have been
determined and applied in the 2025 recoverable amount calculation for the 2025 impairment testing assessment. As the IAS 36
criteria are satisfied for the Risk, Scientific, Technical & Medical, Legal and Exhibitions CGUs, the 2023 recoverable amount
calculation (including the discount rate and growth rate assumptions) have been used in the 2025 impairment testing calculations.
The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating
margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted
by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash
conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, are broadly in
line with the long-term average growth prospects for the sectors and territories in which the businesses operate.
A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by
management: an increase in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-
year forecast period of 2%; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount
rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no
impairment charges would result from these scenarios in any of the CGUs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "15 Investments
Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Investments in joint ventures and associates
169
164
Venture capital and other investments
92
131
Total
261
295
\n
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of year
178
169
Share of results of joint ventures and associates
43
44
Dividends received from joint ventures and associates
(37)
(40)
Disposals and othe
r
-
(7)
Exchange translation differences
(15)
(2)
At end of yea
r
169
164
\n
Summarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RELX\u2019s share
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Revenue
121
116
Net profit for the year
43
44
Total assets
198
182
Total liabilities
(97)
(86)
Net assets
101
96
Goodwill
68
68
Total
169
164
\n
The Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2025
and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "15 Investments
Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Investments in joint ventures and associates
169
164
Venture capital and other investments
92
131
Total
261
295
\n
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of year
178
169
Share of results of joint ventures and associates
43
44
Dividends received from joint ventures and associates
(37)
(40)
Disposals and othe
r
-
(7)
Exchange translation differences
(15)
(2)
At end of yea
r
169
164
\n
Summarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RELX\u2019s share
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Revenue
121
116
Net profit for the year
43
44
Total assets
198
182
Total liabilities
(97)
(86)
Net assets
101
96
Goodwill
68
68
Total
169
164
\n
The Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2025
and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "value": "15 Investments
Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Investments in joint ventures and associates
169
164
Venture capital and other investments
92
131
Total
261
295
\n
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of year
178
169
Share of results of joint ventures and associates
43
44
Dividends received from joint ventures and associates
(37)
(40)
Disposals and othe
r
-
(7)
Exchange translation differences
(15)
(2)
At end of yea
r
169
164
\n
Summarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RELX\u2019s share
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Revenue
121
116
Net profit for the year
43
44
Total assets
198
182
Total liabilities
(97)
(86)
Net assets
101
96
Goodwill
68
68
Total
169
164
\n
The Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2025
and 2024. 28 Related undertakings
A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) as at
31 December 2025 is set out below. Unless where otherwise stated, all undertakings are held indirectly by RELX PLC, and the
effective interest held by the Group is 100%.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Reg
Company name
class
office
Australia
\u00a0\u00a0
Express VOI Pty Ltd
Ordinary
AUS2
Halkin Capital SPV 19 Pty Ltd
Ordinary
AUS2
IDVerse Pty Ltd
Ordinary
AUS2
LNRS Data Services (Australia) Pty Ltd
Ordinary
AUS1
OCR LABS APAC Holdings Pty Ltd
Ordinary
AUS2
OCR Labs ANZ Pty Ltd
Ordinary
AUS2
OCR Labs Global (Aus) Pty Ltd
Ordinary
AUS2
OCR Labs IDKit Pty Ltd
Ordinary
AUS2
OCR Labs IDVaaS Pty Ltd
Ordinary
AUS2
OCR Labs Pty Ltd
Ordinary
AUS2
RX Australia Pty Ltd
Ordinary
AUS1
RELX Holdings Australia Pty Ltd
Ordinary
AUS1
RELX Trading Australia Pty Limited
Ordinary
AUS1
Austria
\u00a0\u00a0
RELX Austria GmbH
Ordinary
AUT1
LexisNexis Verlag ARD ORAC GmbH
Ordinary
AUT1
Belgium
\u00a0\u00a0
LexisNexis B.V.
Ordinary
BEL1
Henchman B.V.
Ordinary
BEL2
Brazil
\u00a0\u00a0
Elsevier Editora Limitada
Quotas
BRA1
Gestora de Inteligencia de Credito S.A. (20%)
5
Preferred, Ordinary
BRA6
LexisNexis Informa\u00e7\u00f5es e Sistemas Empresariais Limitada
Quotas
BRA4
LexisNexis Servi\u00e7os de An\u00e1lise de Risco Limitada
Quotas
BRA5
MLex Brasil M\u00eddia Mercadol\u00f3gica Limitada
Quotas
BRA3
Reed Exhibitions Alc\u00e2ntara Machado Limitada
Quotas
BRA2
Canada
\u00a0\u00a0
Corps Events IntCan.
Class A Voting
CAN3
Elsevier Canada Inc.
Class A Common
CAN2
LexisNexis Canada Inc.
Class B Voting
CAN1
PCLaw Time Matters Canada Inc. (51%)
5
Common
CAN4
China
\u00a0\u00a0
Bakery China Exhibitions Co., Limited (25%)
6
Ordinary
CHN1
Beijing Medtime Elsevier Education Technology Co., Limited
Common
CHN2
(49%)
5
\u00a0\u00a0
Beijing Reed Elsevier Science and Technology Co Ltd
1
Common
CHN19
C-One Energy (Guangzhou) Co., Limited
Ordinary
CHN5
Jingxunlingsi (Beijing) Information Technology Co Ltd
1
Ordinary
CHN4
KeAi Communications Co., Limited (49%)
5
Ordinary
CHN15
LexisNexis Information Technology Co. Limited
Ordinary
CHN4
LNRS Data Services (Greater China) Co. Ltd
Ordinary
CHN10
LexisNexis Risk Solutions (Shanghai) Information
Registered Capital
CHN7
Technologies Co Limited
\u00a0\u00a0
LNRS Data Services (Shanghai) Co Limited
Ordinary
CHN13
Reed Elsevier Information Technology (Beijing) Co Limited
Common
CHN3
Reed Exhibitions (China) Co., Limited
Ordinary
CHN4
Reed Exhibitions Hengjin Co., Limited (51%)
5
Ordinary
CHN12
Reed Exhibitions Kuozhan (Shanghai) Co., Limited (60%)
Ordinary
CHN8
Reed Huabai Exhibitions (Beijing) Co., Limited (51%)
5
Ordinary
CHN4
Reed Huaqun Exhibitions Co., Limited (52%)
Ordinary
CHN4
Reed Sinopharm Exhibitions Co., Limited (50%)
6
Ordinary
CHN4
RX (China) Investment Co., Limited
Ordinary
CHN9
RX Huabo Exhibitions (Shenzhen) Co., Limited (65%)
Ordinary
CHN16
RX Huabo (Shenzhen) Technology Co. Limited
1
Ordinary
CHN16
RX (Shenzhen) Co., Limited
Ordinary
CHN6
RX Technology (Shanghai) Co. Limited
1
Ordinary
CHN18
Shanghai Datong Medical Information Technology Co.,
Ordinary
CHN17
Limited
\u00a0\u00a0
Shanghai SinoReal Exhibitions Co., Limited (27.5%)
6
Ordinary
CHN11
Z&R Exhibitions Co., Limited (27.5%)
6
Ordinary
CHN14
Colombia
\u00a0\u00a0
LexisNexis Risk Solutions SAS
Ordinary
COL1
Denmark
\u00a0\u00a0
Elsevier A/S
Ordinary
DNK1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Reg
Company name
class
office
Egypt
\u00a0\u00a0
Elsevier Egypt LLC
Ordinary
EGY1
France
\u00a0\u00a0
Elsevier Holding France SAS
Ordinary
FRA1
Elsevier Masson SAS
Ordinary
FRA1
Fircosoft SAS
Ordinary
FRA6
GIE EDI Data (83%)
(in liquidation)
Ordinary
FRA2
LexisNexis Business Information Solutions SA
Ordinary
FRA2
LexisNexis Business Information Solutions Holding SA
Ordinary
FRA4
LexisNexis SA
Ordinary
FRA2
RELX France SAS
Ordinary
FRA3
RELX France Services SAS
Ordinary
FRA6
RX France SAS
Ordinary
FRA3
SAFI Salon Fran\u00e7ais et Internationaux SA (50%)
6
Ordinary
FRA5
Germany
\u00a0\u00a0
Elsevier GmbH
Ordinary
DEU2
LexisNexis GmbH
Ordinary
DEU3
LexisNexis Intellectual Property Solutions GmbH
Ordinary
DEU5
RELX Deutschland GmbH
Ordinary
DEU1
RX Deutschland GmbH
Ordinary
DEU6
Tschach Solutions GmbH
Ordinary
DEU4
Hong Kong
\u00a0\u00a0
JC Exhibition and Promotion Limited (65%)
Ordinary
HNK4
JYLN Sager Limited
Ordinary
HNK2
LNRS Data Services (China) Limited
Ordinary
HNK1
Reed Exhibitions Limited
Ordinary
HNK4
RELX (Greater China) Limited
Ordinary
HNK3
India
\u00a0\u00a0
Reed Elsevier Publishing (India) Private Limited
Ordinary
IND1
Reed Manch Exhibitions Private Limited
Ordinary
IND1
Reed Triune Exhibitions Private Limited
Ordinary
IND1
RELX India Private Limited
Ordinary
IND1
Indonesia
\u00a0\u00a0
PT Reed Exhibitions Indonesia (70%)
4
Series A, Series B
IDN1
PT RELX Information Analytics Indonesia
Common
IDN2
Irish Republic
\u00a0\u00a0
Elsevier (Ireland) Limited
Ordinary
IRL2
LexisNexis Risk Solutions (Europe) Limited
Ordinary
IRL1
RELX International Finance Designated Activity Company
Ordinary
IRL1
Israel
\u00a0\u00a0
LexisNexis Israel Ltd.
Ordinary
ISR1
Italy
\u00a0\u00a0
Elsevier S.R.L
Registered Capital
ITA1
ICIS Italia S.R.L
Quotas
ITA2
RX Italy S.R.L
Ordinary
ITA1
Japan
\u00a0\u00a0
Elsevier Japan KK
Ordinary
JPN1
LexisNexis Japan KK
Ordinary
JPN2
RX Japan Ltd
Ordinary
JPN2
Kingdom of Saudi Arabia
\u00a0\u00a0
RX Arabia LLC
Ordinary
KSA1
Korea (Republic of)
\u00a0\u00a0
Elsevier Korea LLC
Ordinary
KOR1
LexisNexis Legal and Professional Service Korea Limited
Ordinary
KOR1
Reed Exhibitions Korea Limited
Ordinary
KOR2
Reed Exporum Limited (60%)
Ordinary
KOR3
Reed K. Fairs Limited (70%)
Ordinary
KOR4
Macau
\u00a0\u00a0
Reed Exhibitions Macau Limited
Ordinary
MAC1
\n\n \n
Share
Reg
Company name
class
office
Malaysia
LexisNexis Malaysia Sdn Bhd
Ordinary
MYS1
Mexico
Human API Technologies, S. de R.L. de C.V.
Fixed
MEX2
Masson-Doyma Mexico, S.A.
Ordinary
MEX1
Reed Exhibitions Mexico S.A. de C.V.
Fixed
MEX1
Netherlands
AGRM Solutions C.V.
Partnership Interest
NLD1
Caselex B.V.
Ordinary
NLD1
Elsevier B.V.
Ordinary
NLD1
ICIS Benchmarking Europe B.V.
Ordinary
NLD1
LexisNexis Business Information Solutions B.V.
Ordinary
NLD1
LNRS Data Services B.V.
Ordinary
NLD1
RELX Employment Company B.V.
Ordinary
NLD1
RELX Finance B.V.
Ordinary
NLD1
RELX Holdings B.V.
3
Ordinary
NLD1
RELX Nederland B.V.
Ordinary
NLD1
RELX Overseas B.V.
Ordinary RE
NLD1
New Zealand
LexisNexis NZ Limited
Ordinary
NZL1
Philippines
Reed Elsevier Shared Services (Philippines) Inc.
Common
PHL1
Poland
AI Digital Contracts Sp. z.o.o.
Ordinary
POL1
Elsevier Sp. z.o.o.
Ordinary
POL2
Singapore
Elsevier (Singapore) Pte Limited
Ordinary
SGP1
OCR Labs Pte Limited
Ordinary
SGP3
LNRS Data Services Pte Limited
Ordinary
SGP1
RE (HAPL) Pte Limited
(in strike off)
Ordinary
SGP1
RELX (Singapore) Pte Limited
Ordinary
SGP2
South Africa
LexisNexis (Pty) Limited (78%)
Ordinary
ZAF1
LexisNexis Risk Management (Pty) Limited (78%)
Ordinary
ZAF1
LexisNexis South Africa Shared Services (Pty) Limited
Ordinary
ZAF1
Reed Events Management (Pty) Limited (90%)
Ordinary
ZAF1
Reed Exhibitions (Pty) Limited (90%)
Ordinary
ZAF1
Reed Exhibitions Group (Pty) Limited (90%)
Ordinary
ZAF1
Reed Venue Management (Pty) Limited (90%)
Ordinary
ZAF1
RELX (Pty) Limited
Ordinary
ZAF1
Spain
Elsevier Espana S.L.U
Participations
ESP1
Sweden
Behaviometrics AB
A, B, and C shares
SWE1
Taiwan
Elsevier Taiwan LLC
Ordinary
TWN1
Thailand
RX BITEC (Thailand) Co., Ltd (64%)
Ordinary
THA1
RELX Holding (Thailand) Co., Limited
Ordinary
THA2
RELX Information Analytics (Thailand) Co., Limited
Ordinary
THA3
RX Holding (Thailand) Co., Limited (40%)
5
A Ordinary,
B Preference THA4
Turkey
Elsevier STM Bilgi Hizmetleri Limited Sirketi
Ordinary
TUR1
OCR Labs Turkey Teknoloji \u00c7\u00f6z\u00fcmleri Ticaret Limited
Ordinary
TUR3
\u015e
irketi
(in liquidation)
Reed Tuyap Fuarcilik A.S. (50%)
4 6
A Ordinary, B Ordinary
TUR2
United Arab Emirates
Reed Exhibitions FZ-LLC
Ordinary
UAE1
RELX Middle East FZ-LLC
Ordinary
UAE2
United Kingdom
Aistemos Limited
Ordinary
GBR3
Butterworths Limited
Ordinary
GBR3
Cordery Compliance Limited (71%)
Ordinary
GBR3
\n\n \n
Share
Reg
Company name
class
office
Crediva Limited
Ordinary
GBR4
Elsevier Limited
Ordinary
GBR5
LexisNexis Risk Solutions UK Limited
Ordinary
GBR4
LNRS Data Services Limited
Ordinary
GBR1
Mack-Brooks Exhibitions Limited
Ordinary
GBR2
MLex Limited
Ordinary
GBR3
OCR Labs Global Limited
Ordinary
GBR1
Offshore Europe (Management) Limited
Ordinary
GBR2
Offshore Europe Partnership (50%)
Partnership Interest
GBR2
RE (RCB) Limited
Ordinary
GBR1
RE Secretaries Limited
Ordinary
GBR1
RE (SOE) Limited
Ordinary
GBR2
Reed Events Limited
Ordinary
GBR2
Reed Exhibitions Limited
Ordinary
GBR2
RELX Finance Limited
Ordinary
GBR1
RELX Group plc
2
Ordinary
GBR1
RELX (Holdings) Limited
Ordinary
GBR1
RELX (Investments) plc
Ordinary
GBR1
RELX Overseas Holdings Limited
Ordinary
GBR1
RELX (UK) Limited
Ordinary
GBR1
REV GP (UK) LLP (50%)
Membership Interest
GBR1
REV Venture Partners Limited
Ordinary
GBR1
REV V LP
Partnership Interest
GBR1
REV VI LP
Partnership Interest
GBR1
Tracesmart Limited
Ordinary
GBR4
United States
Accuity Asset Verification Services Inc.
Common Stock
USA1
American Textile Machinery Exhibition-International,
Common Stock
USA2
Inc. (40%)
5
Aries Systems Corporation
Common Stock
USA2
Blue Sky Regulatory Solutions LLC
Common Stock
USA9
Dunlap-Hanna Publishers (50%)
6
Partnership Interest
USA8
Elsevier Holdings Inc.
Common Stock
USA3
Elsevier Inc.
Common Stock
USA2
Elsevier STM Inc.
Common Stock
USA3
Enclarity, Inc.
Common Stock
USA1
Gaming Business Asia, LLC (50%)
6
Membership Interest
USA2
Health Market Science, Inc.
Common Stock
USA1
HumanAPI Inc.
Common Stock
USA1
ID Analytics, LLC
Common Stock
USA1
Knovel Corporation
Common Stock
USA2
Knowable Inc
Common Stock
USA4
Legal InQuery Solutions Inc.
Common Stock
USA4
LexisNexis Claims Solutions Inc.
Common Stock
USA1
LexisNexis Coplogic Solutions Inc.
Common Stock
USA1
LexisNexis of Puerto Rico, Inc.
Common Stock
USA6
LexisNexis Risk Data Management, LLC
Membership Interest
USA1
LexisNexis Risk Holdings Inc.
Common Stock
USA1
LexisNexis Risk Solutions Inc.
Common Stock
USA1
LexisNexis Risk Solutions FL Inc.
Common Stock
USA1
LexisNexis Special Services Inc.
Common Stock
USA10
LexisNexis VitalChek Network Inc.
Common Stock
USA1
LNRS Data Services Inc.
Common Stock
USA1
Matthew Bender & Company, Inc.
Common Stock
USA2
MLex US, Inc.
Common Stock
USA2
OCR Labs Global (USA) Inc
Common Stock
USA1
PCLaw Time Matters LLC (51%)
6
Membership Interest
USA7
Portfolio Media, Inc.
Common Stock
USA2
Reed Technology and Information Services LLC
Membership Interest
USA2
RELX Capital Inc.
Common Stock
USA3
RELX Inc.
Common Stock
USA2
RELX Risks Inc.
Common Stock
USA5
REV IV Partnership LP
Partnership Interest
USA3
SAFI Americas LLC (50%)
6
Membership Interest
USA2
SageStream, LLC
Membership Interest
USA1
The Reed Elsevier Ventures 2011 Partnership LP
Partnership Interest
USA3
The Reed Elsevier Ventures 2013 Partnership LP
Partnership Interest
USA3
The Remick Publishers (50%)
6
Partnership Interest
USA2
ThreatMetrix, Inc.
Common Stock
USA8
World Compliance, Inc.
Common Stock
USA1
Vietnam
Reed Exhibitions Vietnam Limited Liability Company (64%)
Ordinary
VIE1
\n\n \n
Registered offices
Australia
AUS1:
Tower 2, 475 Victoria Avenue, Chatswood NSW 2067
AUS2:
LexisNexis Risk Solutions, 201 Pacific Highway, Suite 4.03, Level 4, St
Leonards
Austria
AUT1:
Trabrennstrasse 2A, 1020 Wien
Belgium
BEL1:
Oudenaardseheerweg 129, 9810 Nazareth
BEL2:
Moutstraat 64, bus 502, 9000 Ghent, Belgium
Brazil
BRA1:
Av. Almirante Barroso 81, Sala 33A114, Rio de Janeiro, 20031-004
BRA2:
Rua Bela Cintra no. 1200, 10th floor, Sao Paulo, 01415-002
BRA3:
Avenida Paulista 2300, Andar Pilotis, Sao Paulo, SP 01 310-300
BRA4:
Rua Funchal, 538, 4\u00ba Andar, Conj. 42, Salas 4, 5 e 6, Vila Ol\u00edmpia, Sao Paulo,
04551-060
BRA5:
Alameda Rio Negro, 161, conjunto 704, Alphaville Industrial, Barueri, S\u00e3o
Paulo, 06464-000
BRA6:
Alameda Araguaia, 2104, conjuntos 81A a 84A, Alphaville Industrial, Barueri,
S\u00e3o Paulo, 06455-000
Canada
CAN1:
111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1
CAN2:
500-4428 boul. Saint-Laurent Montr\u00e9al (Qu\u00e9bec) H2W 1Z5
CAN3:
555 Richmond Street West, Suite 405, Toronto ON M5V 3B1
CAN4:
199 Bay Street, 4000, Toronto, Ontario, M5L 1A9
China
CHN1:
Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan
District, Beijing, 100044
CHN2:
Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
District, Beijing, 100191
CHN3:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7,
Dong Cheng District, Beijing, 100738
CHN4:
Ping An International Finance Centre, Room 1504-1505, 15th Floor,
Tower A-101, 3-24 Floor, Xinyuan South Road, Chaoyang District, Beijing,
100027
CHN5:
Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe
District Guangzhou
CHN6:
Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District,
Shenzhen
CHN7:
Unit A-1, 5th Floor, No. 567, Tianshan West Road, Changning District,
Shanghai
CHN8:
Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
200070
CHN9:
Room 319, 238 Jiangchangsan Road, Jing\u2019an District, Shanghai
CHN10:
Unit D-4, 8th Floor, No. 567 Tianshan West Road, Changning District
CHN11:
Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
Chongming County, Shanghai
CHN12:
Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District,
Shanghai, 200000
CHN13:
Unit D-2, 8th Floor, No 567 Tianshan West Road, Changning District,
Shanghai
CHN14:
A0208, 1st Floor, Building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
District, Beijing
CHN15:
16 Donghuangchenggen North Street, Beijing, 100717
CHN16:
Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
CHN17:
5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
District, Shanghai, 200335
CHN18:
Room 726, 1256-1258 Wan Rong Road, Jing An District, Shanghai
CHN19:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit
12C,
Dong Cheng District, Beijing, 100738
Colombia
COL1:
Philippe Prietocarrizosa & Uria Abogados, Carrera 9
No. 74-08
Oficina 105,
Bogota, d.c., 76600
Denmark
DNK1:
Niels Jernes Vej 10, 9220, Aalborg East
Egypt
EGY1:
Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th
Settlement, New Cairo, Cairo
\n\n \n
Registered offices
France
FRA1:
65 Rue Camille Desmoulins, 92130, Issy les Moulineaux
FRA2:
141 rue de Javel, 75015, Paris
FRA3:
52 Quai de Dion Bouton, 92800, Puteaux
FRA4:
Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes
FRA5:
6-8 rue Chaptal, 75009, Paris
FRA6:
Immeuble Vivacity, 151-155 rue de Bercy, 75012, Paris
Germany
DEU1:
Volklinger Strasse 4, 40219, Dusseldorf
DEU2:
Bernhard-Wicki-Strasse 3/5 80636 M\u00fcnchen
DEU3:
Heerdter Sandberg 30, 40549, Dusseldorf
DEU4:
Stephanienstrasse 86, 76133 Karlsruhe
DEU5:
Joseph-Schumpeter-Allee 33, 53227, Bonn
DEU6:
Johannstrasse 1, 40476 D\u00fcsseldorf
Hong Kong
HNK1:
Room 1917, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay
HNK2:
Flat 1019B, 10/F, Liven House, No. 61-63 King Yip Street, Kwun Tong,
Kowloon
HNK3:
11/F Oxford House, Taikoo Place, 979 King\u2019s Road, Quarry Bay
HNK4:
17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay
India
IND1:
818, 8th Floor, Indraprakash Building, 21 Barakhamba Road, New Delhi,
Delhi, 110001
Indonesia
IDN1:
APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol,
Pertamburan Jakarta Barat 11470
IDN2:
Gedung World Trade Center, 3 Lt. 20 Spaces JL Jend Sudirman Kav 29-31,
Karet Kuningan, Setiabudi,Kota Adm. Jakarta Selatan, DKI Jakarta 12940
Irish Republic
IRL1:
Riverside One, Sir John Rogerson\u2019s Quay, Dublin 2, DO2 X576
IRL2:
4th Floor, South Block, Rockfield Central, Dundrum, Dublin, D16 R6VO
Israel
ISR1:
Meitar, Attorneys at Law, 16 Abba Hillel Road, Ramat Gan 5250608
Italy
ITA1:
Via Marostica 1, 20146, Milan
ITA2:
Studio Colombo e Associati, Via San Damiano 9, 20122, Milan
Japan
JPN1:
1-9-15 Higashi-Azabu, Minato-Ku Tokyo 106-0044
JPN2:
11F, Yaesu Central Tower, Tokyo Midtown Yaesu, 2-2-1 Yaesu Chuo-ku,
Tokyo 104-0028
Kingdom of Saudi Arabia
KSA1:
Riyadh, Financial Boulevard 13519, Al Aqeeq District
Korea (Republic of)
KOR1:
206 Noksapyeong-daero, Yongsan-gu, 140-861, Seoul
KOR2:
1622-24 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul
KOR3:
Story 2003 Bldg, 5, Baekjegobun-ro 9-gil, Songpa-gu, Seoul, 05561, Republic
of Korea
KOR4:
1602-03 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul, Korea
Macau
MAC1:
Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar,
Bloco K
Malaysia
MYS1:
Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical,
59200 Bangsar South City, Kuala Lumpur
Mexico
MEX1:
Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City,
06500
MEX2:
Av. Real de Acueducto #240 N\u00f9mero Interior 181, interior D, piso 18 , Col.
Puerta de Hierro, Zapopan, Jalisco
Netherlands
NLD1:
Radarweg 29, 1043 NX Amsterdam
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Registered offices
\u00a0
New Zealand
\u00a0
NZL1:
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
Philippines
\u00a0
PHL1:
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue,
\u00a0
Quezon City, Metro Manila, 1101
Poland
\u00a0
POL1:
Plac Grunwaldzki 23-27, 50-365 Wroclaw
POL2:
Al. JJana Pawla II, 22, 00-133, Warszawa
Singapore
\u00a0
SGP1:
3 Killiney Road, #08-01, Winsland House 1, 239519
SGP2:
9 Raffles Place, #26-01, Republic Plaza, 048619
SGP3:
21 Tan Quee Lan Street, #02-04, Heritage Place, 188108
South Africa
\u00a0
ZAF1:
Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead,
\u00a0
Gauteng, 2191
Spain
\u00a0
ESP1:
C/ Josep Tarradellas 20-30, 1\u00ba / 20029, Barcelona
Sweden
\u00a0
SWE1:
Aurorum 8, 977 75 Lulea
Taiwan
\u00a0
TWN1:
RM. N905, 9/F, No.96, Zhong Shan N. Road SEC.2, Taipei,10449
Thailand
\u00a0
THA1:
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom,
\u00a0
Bangrak, Bangkok, 10500
THA2:
14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey,
\u00a0
Klongtoey, Bangkok, 10110
THA3:
The Offices at Central World, Office R06, 999/9 Rama I Road, Pathumwan,
\u00a0
Bangkok 10330
THA4:
No. 99, OSC Building, 4th Floor, Room No. S-01, Moo 5, KingKaeo Road,
\u00a0
Racha Thewa Sub-district
\u00a0
Bang Phli District, Samut Prakan Province
Turkey
\u00a0
TUR1:
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
TUR2:
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mah. Hadimkoy Yolu Cad. No:9/4
\u00a0
, 34500 Buyukcekmece, Istanbul
TUR3:
Maslak Mah. Sumer Sok. Ayazaga Is Merkezi Sitesi B. Blok No:1B, Ic Kapi
\u00a0
No:3, Sariyer, Istanbul
United Arab Emirates
\u00a0
UAE1:
Office 303, 3rd Floor Arjaan Office Tower Al Sufouh Complex, PO Box 502425,
\u00a0
Dubai Media City, Dubai
UAE2:
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai
United Kingdom
\u00a0
GBR1:
1-3 Strand, London, WC2N 5JR
GBR2:
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
GBR3:
Lexis House, 30 Farringdon Street, London, EC4A 4HH
GBR4:
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
GBR5:
125 London Wall, London, EC2Y 5AS
United States
\u00a0
USA1:
1000 Alderman Dr., Alpharetta, GA 30005
USA2:
230 Park Ave, New York, NY 10169
USA3:
Suite 501, 1105 North Market St, Wilmington, DE 19801
USA4:
9443 Springboro Pike, Miamisburg, OH 45342
USA5:
c/o Aon Insurance Managers (USA) Inc, 100 Bank Street, Suite 630
\u00a0
Burlington, Vermont 05401
USA6:
#1095 Wilson, Ste 3, San Juan, PR 00907
USA7:
2235 Gateway Access Point, Suite 300, Raleigh, NC, 27607
USA8:
101 Park Avenue, 24th Floor, New York, NY 10178
USA9:
50 Hampshire Street, Cambridge MA 02139
USA10:
1775 Greensboro Station Drive , Suite 425E, McLean VA 22102
Vietnam
\u00a0
VIE1:
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
\u00a0
District. Binh Thanh, Ho Chi Minh City
\n
1
Nominee companies controlled by the Group based on management's
assessments
2
Directly held by the Company
3
Undertakings that hold shares in itself
4
Undertakings with other share classes held by third parties
5
Associated Undertaking
6
Joint Venture
The Group operates a branch in Qatar
The following UK subsidiaries will take advantage of the audit
exemption set out within Section 479A of the Companies Act
2006 supported by guarantees issued by RELX PLC over their
liabilities for the year ended 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company name
Registration number
Aistemos Limited
08644182
Butterworths Limited
02826955
Cordery Compliance Limited
07931532
Crediva Limited
06567484
Mack-Brooks Exhibitions Limited
00967560
MLex Limited
05488651
Offshore Europe (Management) Limited
02318214
RE (RCB) Limited
03396524
RE (SOE) Limited
02330299
Reed Events Limited
05893942
RELX (Holdings) Limited
05807690
RELX (Investments) plc
05810043
RELX Overseas Holdings Limited
09489059
REV Venture Partners Limited
04226986
Tracesmart Limited
03827062
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "15 Investments
Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Investments in joint ventures and associates
169
164
Venture capital and other investments
92
131
Total
261
295
\n
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of year
178
169
Share of results of joint ventures and associates
43
44
Dividends received from joint ventures and associates
(37)
(40)
Disposals and othe
r
-
(7)
Exchange translation differences
(15)
(2)
At end of yea
r
169
164
\n
Summarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RELX\u2019s share
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Revenue
121
116
Net profit for the year
43
44
Total assets
198
182
Total liabilities
(97)
(86)
Net assets
101
96
Goodwill
68
68
Total
169
164
\n
The Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2025
and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "15 Investments
Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Investments in joint ventures and associates
169
164
Venture capital and other investments
92
131
Total
261
295
\n
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of year
178
169
Share of results of joint ventures and associates
43
44
Dividends received from joint ventures and associates
(37)
(40)
Disposals and othe
r
-
(7)
Exchange translation differences
(15)
(2)
At end of yea
r
169
164
\n
Summarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RELX\u2019s share
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Revenue
121
116
Net profit for the year
43
44
Total assets
198
182
Total liabilities
(97)
(86)
Net assets
101
96
Goodwill
68
68
Total
169
164
\n
The Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2025
and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00609": { "value": "Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.Accounting policy
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables,
cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments.
Investments are described in note 15. The fair value of such investments is based on standard valuation techniques, including
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
gain or loss attributable to the hedged risk).
Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00604": { "value": "Accounting policy All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00602": { "value": "Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
further information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00605": { "value": "Accounting policy All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00603": { "value": "Accounting policy All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any
impairment in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "16 Property, plant and equipment
Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation. No depreciation is provided on freehold land.
Freehold buildings and long leaseholds are depreciated over their estimated useful lives up to a maximum of 50 years. Short
leases are written off over the duration of the lease. Depreciation is provided on other assets on a straight-line basis over their
estimated useful lives as follows:
\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
communication networks and equipment \u2013 3 to 7 years
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixtures
\u00a0
\u00a0
Land and
Fixtures and
\u00a0
Land and
and
\u00a0
\u00a0
buildings
equipment
Total
buildings
equipment
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At start of yea
r
134
373
507
110
288
398
Capital expenditure
1
19
20
1
20
21
Disposals
(25)
(104)
(129)
(9)
(50)
(59)
Exchange translation differences
-
-
-
(5)
(13)
(18)
At end of yea
r
110
288
398
97
245
342
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At start of yea
r
92
316
408
74
242
316
Charge for the yea
r
5
29
34
4
22
26
Disposals
(23)
(103)
(126)
(10)
(49)
(59)
Exchange translation differences
-
-
-
(4)
(9)
(13)
At end of yea
r
74
242
316
64
206
270
Net book amount
36
46
82
33
39
72
\n
Included in land and buildings is freehold land of \u00a37m (2024: \u00a37m).
Amounts relating to right-of-use assets under IFRS 16 can be found in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00607": { "value": "Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation. No depreciation is provided on freehold land.
Freehold buildings and long leaseholds are depreciated over their estimated useful lives up to a maximum of 50 years. Short
leases are written off over the duration of the lease. Depreciation is provided on other assets on a straight-line basis over their
estimated useful lives as follows:
\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
communication networks and equipment \u2013 3 to 7 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00606": { "value": "Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation. No depreciation is provided on freehold land.
Freehold buildings and long leaseholds are depreciated over their estimated useful lives up to a maximum of 50 years. Short
leases are written off over the duration of the lease. Depreciation is provided on other assets on a straight-line basis over their
estimated useful lives as follows:
\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
communication networks and equipment \u2013 3 to 7 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "17 Financial instrumentsDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2024
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(5,679)
(763)
(756)
(541)
(783)
(862)
(2,979)
(6,684)
Floating rate borrowings
(762)
(762)
-
-
-
-
-
(762)
Lease liabilities
(103)
(43)
(28)
(19)
(10)
(4)
(27)
(131)
\u00a0
(6,544)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,560
180
124
17
-
-
1,881
Cash outflows
\u00a0
(1,575)
(184)
(126)
(17)
-
-
(1,902)
Forward foreign exchange contracts
(23)
(15)
(4)
(2)
-
-
-
(21)
Interest rate derivatives
(119)
(25)
(22)
(22)
(22)
(22)
(22)
(135)
Cash inflows
\u00a0
502
-
-
-
-
-
502
Cash outflows
\u00a0
(550)
-
-
-
-
-
(550)
Cross-currency interest rate swaps
(43)
(48)
\u2013
-
-
-
-
(48)
\u00a0
(185)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
827
274
85
6
-
-
1,192
Cash outflows
\u00a0
(788)
(251)
(77)
(6)
-
-
(1,122)
Forward foreign exchange contracts
53
39
23
8
-
-
-
70
Interest rate derivatives
21
3
5
5
4
3
16
36
\u00a0
74
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(6,655)
(1,614)
(782)
(571)
(811)
(885)
(3,012)
(7,675)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2025
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(6,283)
(846)
(618)
(874)
(864)
(1,237)
(3,059)
(7,498)
Floating rate borrowings
(887)
(887)
-
-
-
-
-
(887)
Lease liabilities
(97)
(35)
(29)
(18)
(11)
(6)
(26)
(125)
\u00a0
(7,267)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,012
98
50
6
-
-
1,166
Cash outflows
\u00a0
(1,017)
(98)
(50)
(5)
-
-
(1,170)
Forward foreign exchange contracts
(9)
(5)
-
-
1
-
-
(4)
Interest rate derivatives
(70)
(16)
(13)
(15)
(17)
(11)
(7)
(79)
Cash inflows
\u00a0
19
19
19
19
200
228
504
Cash outflows
\u00a0
(15)
(15)
(15)
(15)
(213)
(236)
(509)
Cross-currency interest rate swaps
(32)
4
4
4
4
(13)
(8)
(5)
\u00a0
(111)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
2,571
364
129
8
-
-
3,072
Cash outflows
\u00a0
(2,519)
(339)
(119)
(7)
-
-
(2,984)
Forward foreign exchange contracts
75
52
25
10
1
-
-
88
Interest rate derivatives
10
5
4
2
1
-
12
24
Cash inflows
\u00a0
19
19
19
19
19
462
557
Cash outflows
\u00a0
(8)
(8)
(8)
(8)
(8)
(398)
(438)
Cross-currency interest rate swaps
27
11
11
11
11
11
64
119
\u00a0
112
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(7,266)
(1,717)
(616)
(880)
(874)
(1,256)
(3,024)
(8,367)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "17 Financial instruments
Accounting policy
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables,
cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments.
Investments are described in note 15. The fair value of such investments is based on standard valuation techniques, including
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
gain or loss attributable to the hedged risk).
Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.
The main financial risks faced by the Group are liquidity risk, market risk \u2013 comprising interest rate risk and foreign exchange
risk \u2013 and credit risk. Financial instruments are used to finance the Group\u2019s businesses and to manage interest rate and foreign
exchange risks. The Group\u2019s businesses do not enter into speculative derivative transactions. Details of financial instruments
subject to liquidity, market and credit risks are described below.
Liquidity risk
The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
sufficient capacity under committed credit lines. The Group\u2019s treasury policies ensure adequate liquidity by requiring that (a) no
more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus
short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with
maturities over three and five years are maintained.
The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year,
(b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash
balances. From time to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase
outstanding debt in the open market.
Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised
that debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting
currency. For this reason, the majority of the Group\u2019s net debt is denominated in US dollars and euros, reflecting the Group\u2019s
largest geographical markets. There were no changes to the Group\u2019s long-term approach to capital and liquidity management
during the year. The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table
below. The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged
as part of cross-currency interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2024
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(5,679)
(763)
(756)
(541)
(783)
(862)
(2,979)
(6,684)
Floating rate borrowings
(762)
(762)
-
-
-
-
-
(762)
Lease liabilities
(103)
(43)
(28)
(19)
(10)
(4)
(27)
(131)
\u00a0
(6,544)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,560
180
124
17
-
-
1,881
Cash outflows
\u00a0
(1,575)
(184)
(126)
(17)
-
-
(1,902)
Forward foreign exchange contracts
(23)
(15)
(4)
(2)
-
-
-
(21)
Interest rate derivatives
(119)
(25)
(22)
(22)
(22)
(22)
(22)
(135)
Cash inflows
\u00a0
502
-
-
-
-
-
502
Cash outflows
\u00a0
(550)
-
-
-
-
-
(550)
Cross-currency interest rate swaps
(43)
(48)
\u2013
-
-
-
-
(48)
\u00a0
(185)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
827
274
85
6
-
-
1,192
Cash outflows
\u00a0
(788)
(251)
(77)
(6)
-
-
(1,122)
Forward foreign exchange contracts
53
39
23
8
-
-
-
70
Interest rate derivatives
21
3
5
5
4
3
16
36
\u00a0
74
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(6,655)
(1,614)
(782)
(571)
(811)
(885)
(3,012)
(7,675)
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2025
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(6,283)
(846)
(618)
(874)
(864)
(1,237)
(3,059)
(7,498)
Floating rate borrowings
(887)
(887)
-
-
-
-
-
(887)
Lease liabilities
(97)
(35)
(29)
(18)
(11)
(6)
(26)
(125)
\u00a0
(7,267)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,012
98
50
6
-
-
1,166
Cash outflows
\u00a0
(1,017)
(98)
(50)
(5)
-
-
(1,170)
Forward foreign exchange contracts
(9)
(5)
-
-
1
-
-
(4)
Interest rate derivatives
(70)
(16)
(13)
(15)
(17)
(11)
(7)
(79)
Cash inflows
\u00a0
19
19
19
19
200
228
504
Cash outflows
\u00a0
(15)
(15)
(15)
(15)
(213)
(236)
(509)
Cross-currency interest rate swaps
(32)
4
4
4
4
(13)
(8)
(5)
\u00a0
(111)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
2,571
364
129
8
-
-
3,072
Cash outflows
\u00a0
(2,519)
(339)
(119)
(7)
-
-
(2,984)
Forward foreign exchange contracts
75
52
25
10
1
-
-
88
Interest rate derivatives
10
5
4
2
1
-
12
24
Cash inflows
\u00a0
19
19
19
19
19
462
557
Cash outflows
\u00a0
(8)
(8)
(8)
(8)
(8)
(398)
(438)
Cross-currency interest rate swaps
27
11
11
11
11
11
64
119
\u00a0
112
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(7,266)
(1,717)
(616)
(880)
(874)
(1,256)
(3,024)
(8,367)
\n
The carrying amount of derivative financial liabilities comprises \u00a370m (2024: \u00a3162m) in relation to fair value hedges, \u00a35m (2024: \u00a315m)
in relation to cash flow hedges and \u00a336m (2024: \u00a38m) not designated as hedging instruments, totalling \u00a3111m (2024: \u00a3185m), of
which \u00a37m (2024: \u00a359m) have been classified as current and \u00a3104m (2024: \u00a3126m) as non-current liabilities in the statement of
financial position.
The carrying amount of derivative financial assets comprises \u00a310m (2024: \u00a321m) in relation to fair value hedges, \u00a351m (2024: \u00a343m)
in relation to cash flow hedges and \u00a351m (2024: \u00a310m) not designated as hedging instruments, totalling \u00a3112m (2024: \u00a374m), of
which \u00a350m (2024: \u00a335m) have been classified as current and \u00a362m (2024: \u00a339m) as non-current assets in the statement of
financial position.
The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they
mature and to fund ongoing requirements. At 31 December 2025, the Group had access to a $3.5bn committed bank facility maturing
in November 2030, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three Corporate
Responsibility performance targets, for which 2026 will be the first year in which performance will be measured. All borrowings
that mature within the next three years can be covered by the facility and by utilising available cash resources. The committed bank
facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.
Market risk
The Group\u2019s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the
risks associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where
the impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is
applied (subject to satisfying the required criteria) as described in \u2018Hedge accounting\u2019 below. The Group has entered into cross-
currency interest rate swaps in 2025 to increase its exposure to debt in euro and Japanese yen. This provides a hedge of part of the
Group\u2019s earnings in those currencies, but the nature of the Group\u2019s assets in those currencies on a reported basis means that the
interest rate swaps do not qualify for net investment hedge accounting. Derivatives used by the Group for hedging a particular risk
are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the market value
of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit obligations
and taxation is excluded from the following market risk sensitivity analysis.
Interest rate exposure management
The Group\u2019s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating
rate borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
At 31 December 2025, including the effect of interest rate swaps, 66% of gross bank and bond borrowings were at fixed rates.
A 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of \u00a323m
(2024: \u00a328m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial
paper borrowings at 31 December 2025. A 100 basis point rise in short-term interest rates would result in an estimated increase
in net finance costs of \u00a323m (2024: \u00a328m).
The impact on net equity of a theoretical change in interest rates as at 31 December 2025 is restricted to the change in carrying
value of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship (of which there were none
at 31 December 2025) and of interest rate derivatives not designated as hedging instruments. A 100 basis point reduction in
interest rates would result in an estimated decrease in net equity of \u00a34m (2024: nil) and a 100 basis point increase in interest rates
would increase net equity by an estimated amount of \u00a34m (2024: nil). The impact of a change in interest rates on the carrying value
of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change in carrying value of the related
interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at amortised cost.
Foreign currency exposure management
Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency
exposures on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring
transactions and future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs
according to the specific circumstances of the individual businesses. Highly predictable future cash flows may be covered for
transactions expected to occur during the next 24 months (50 months for the Scientific, Technical & Medical subscription
businesses) within limits defined according to the period before the transaction is expected to become contractual. Cover takes
the form of foreign exchange forward contracts. Further information is provided in \u2018Cash flow hedges\u2019 below.
A theoretical weakening of all currencies by 10% against sterling at 31 December 2025 would decrease the carrying value of net
assets, excluding net borrowings, by \u00a3792m (2024: \u00a3852m). This would be offset to a degree by a decrease in net borrowings of
\u00a3654m (2024: \u00a3683m). A strengthening of all currencies by 10% against sterling at 31 December 2025 would increase the carrying
value of net assets, excluding net borrowings, by \u00a3792m (2024: \u00a3852m) and increase net borrowings by \u00a3654m (2024: \u00a3683m).
A retranslation of the Group\u2019s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but
excluding transactional exposures, would reduce net profit by \u00a3170m (2024: \u00a3156m). A 10% strengthening of all foreign currencies
against sterling on this basis would increase net profit for the year by \u00a3170m (2024: \u00a3156m).
Credit risk
The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments
and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which
are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount
being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents.
Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and
investment banks with strong long-term credit ratings, and the amounts outstanding with each of them.
The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor\u2019s, Moody\u2019s and Fitch.
At 31 December 2025, cash and cash equivalents totalled \u00a3131m (2024: \u00a3119m), of which 93% (2024: 91%) was held with banks rated
A-/A3 or better.
The Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
academic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
managed locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
payment in advance and through management of credit terms. Expected credit losses are based on management\u2019s assessment of the
risk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
carrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
Included within trade receivables are the following amounts which are past due, after considering loss allowance:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Up to one month
259
217
210
2 to 3 months
130
130
132
4 to 6 months
56
57
52
Greater than 6 months
35
24
19
Total past due
480
428
413
\n
Hedge accounting
The hedging relationships that are designated under IFRS 9 \u2013 Financial Instruments are described below.
Fair value hedges
The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the
fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement.
The table below details the designated fair value hedge relationships that were in place at 31 December 2025, swapping fixed rate
term debt issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part
of their term, together with the related fixed and floating rates.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FAIR VALUE HEDGE RELATIONSHIPS
31 December
31 December
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0 \u00a0
\u00a0
Principal
Principal
\u00a0 \u00a0
\u00a0
amount
amount
\u00a0 \u00a0
\u00a0
GBPm
GBPm
Fixed rate
Floating rate
\u20ac600m bond and \u20ac600m/$669.3m cross-currency interest rate
\u00a0 \u00a0 \u00a0 \u00a0
swaps maturing 2025
(535)
-
1.3%
USD SOFR+1.5%
$750m bond and $750m interest rate swaps maturing 2030
(599)
(558)
3.0%
USD SOFR+1.8%
\u20ac750m bond and \u20ac750m interest rate swaps maturing 2031
(620)
(654)
3.8%
Euribor+0.9%
$500m bond and $500m interest rate swaps maturing 2032
(399)
(372)
4.8%
USD SOFR+2.0%
\u00a0
(2,153)
(1,584)
\u00a0 \u00a0
\n
The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
statement of financial position, for the three years ended 31 December 2023, 2024 and 2025 were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\u00a0
Fair value
\u00a0 \u00a0 \u00a0 \u00a0
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
31 December
Carrying
\u00a0
2023
gain/(loss)
close-out
gain/(loss)
2023
values
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
141
(22)
(16)
(6)
97
(871)
Related interest rate swaps
(143)
21
16
6
(100)
(100)
\u00a0
(2)
(1)
-
-
(3)
(971)
EUR debt
70
(61)
-
(2)
7
(1,600)
Related interest rate swaps
(70)
60
-
2
(8)
(8)
\u00a0
-
(1)
-
-
(1)
(1,608)
Total relating to USD and EUR debt
211
(83)
(16)
(8)
104
(2,471)
Total related interest rate swaps
(213)
81
16
8
(108)
(108)
Net loss on borrowings and related
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
derivatives/total carrying value
(2)
(2)
-
-
(4)
(2,579)
\n \n
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
Fair value
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
31 December
Carrying
2024
gain/(loss)
close-out
gain/(loss)
2024
values
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
97
14
-
3
114
(875)
Related interest rate swaps
(100)
(16)
-
(3)
(119)
(119)
(3)
(2)
-
-
(5)
(994)
EUR debt
7
12
-
1
20
(1,133)
Related interest rate swaps
(8)
(12)
-
(1)
(21)
(21)
(1)
-
-
-
(1)
(1,154)
Total relating to USD and EUR debt
104
26
-
4
134
(2,008)
Total related interest rate swaps
(108)
(28)
-
(4)
(140)
(140)
Net loss on borrowings and related
derivatives/total carrying value
(4)
(2)
-
-
(6)
(2,148)
\n\n \n
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
Fair value
31
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
December
Carrying
2025
gain/(loss)
close-out
gain/(loss)
2025
values
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
114
(39)
-
(8)
67
(855)
Related interest rate swaps
(119)
41
-
8
(70)
(70)
(5)
2
-
-
(3)
(925)
EUR debt
20
(29)
-
(2)
(11)
(664)
Related interest rate swaps
(21)
29
-
2
10
10
(1)
-
-
-
(1)
(654)
Total relating to USD and EUR debt
134
(68)
-
(10)
56
(1,519)
Total related interest rate swaps
(140)
70
-
10
(60)
(60)
Net (loss)/gain on borrowings and related
derivatives/total carrying value
(6)
2
-
-
(4)
(1,579)
\n
All fair value hedges were highly effective throughout the three years ended 31 December 2025.
\n
$200m of bonds that were due to be repaid in August 2027 were redeemed early in December 2023. These bonds had been swapped
\n
to floating rate in a fair value hedge relationship as described above, and on the early redemption the fair value adjustment to the
\n
bonds of \u00a316m was expensed in full to the income statement as part of finance costs. The related derivatives were closed out with
\n
a cash outflow of \u00a316m.
\n
Cash flow hedges
\n
As part of the Group\u2019s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives,
\n
individual components of which have been accounted for as cash flow hedges (with the remaining components accounted for as
\n
fair value hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate \u20ac600m bond, issued
\n
in May 2015 and which matured in May 2025, to floating rate USD debt for the whole of its term. The component relating to the
\n
swap of the euro credit margin to USD was accounted for as a cash flow hedge under IFRS 9, with the amount associated with
\n
foreign currency basis spreads recorded in the cost of hedging reserve. No balances remain in respect of these derivatives
\n
following their maturity in 2025.
\n
As part of the Group\u2019s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix
\n
the exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months.
\n
These have been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses
\n
on the forward contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated
\n
gains and losses are reclassified to the income statement.
Movements in the hedge reserve and the cost of hedging reserve in 2024 and 2025, including gains and losses on cash flow hedging
instruments, were as follows (stated before related deferred tax balances):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Cost of
Foreign
\u00a0
\u00a0
Interest rate
hedging
currency
\u00a0
\u00a0
hedge reserve
reserve
hedge reserve
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
Hedge reserve at 31 December 2023: (losses)/gains deferred
-
(4)
40
36
(Losses)/gains arising in 2024
(5)
6
10
11
Amounts recognised in income statement
2
-
(22)
(20)
Hedge reserve at 31 December 2024: (losses)/gains deferred
(3)
2
28
27
Gains/(losses) arising in 2025
2
(2)
55
55
Amounts recognised in income statement
1
-
(37)
(36)
Hedge reserve at 31 December 2025: gains deferred
-
-
46
46
\n
All cash flow hedges were highly effective throughout the two years ended 31 December 2025.
A deferred tax debit of \u00a311m (2024: \u00a36m) in respect of the above gains and losses at 31 December 2025 was also deferred in the
hedge reserve.
Of the amounts recognised in the income statement in the year, gains of \u00a337m (2024: \u00a322m) were recognised in revenue, and losses
of \u00a31m (2024: \u00a32m) were recognised in finance costs. A tax debit of \u00a39m (2024: \u00a35m) was recognised in relation to these items.
The deferred gains and losses on foreign currency cash flow hedges at 31 December 2025 are currently expected to be recognised
in the income statement in future years as shown in the table below, together with the principal amount of hedges relating to each
year. The carrying values of these hedges are included within derivative assets and liabilities in the statement of financial position:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Foreign
Principal
\u00a0
currency
amount of
\u00a0
hedge reserve
hedges
\u00a0
GBPm
GBPm
2026
20
563
2027
20
495
2028
6
234
2029
-
14
Total
46
1,306
\n
The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement,
or in the preceding year. These cash flows are included in the table on page 171.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "17 Financial instruments
Accounting policy
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables,
cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments.
Investments are described in note 15. The fair value of such investments is based on standard valuation techniques, including
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
gain or loss attributable to the hedged risk).
Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.
The main financial risks faced by the Group are liquidity risk, market risk \u2013 comprising interest rate risk and foreign exchange
risk \u2013 and credit risk. Financial instruments are used to finance the Group\u2019s businesses and to manage interest rate and foreign
exchange risks. The Group\u2019s businesses do not enter into speculative derivative transactions. Details of financial instruments
subject to liquidity, market and credit risks are described below.
Liquidity risk
The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
sufficient capacity under committed credit lines. The Group\u2019s treasury policies ensure adequate liquidity by requiring that (a) no
more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus
short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with
maturities over three and five years are maintained.
The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year,
(b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash
balances. From time to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase
outstanding debt in the open market.
Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised
that debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting
currency. For this reason, the majority of the Group\u2019s net debt is denominated in US dollars and euros, reflecting the Group\u2019s
largest geographical markets. There were no changes to the Group\u2019s long-term approach to capital and liquidity management
during the year. The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table
below. The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged
as part of cross-currency interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2024
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(5,679)
(763)
(756)
(541)
(783)
(862)
(2,979)
(6,684)
Floating rate borrowings
(762)
(762)
-
-
-
-
-
(762)
Lease liabilities
(103)
(43)
(28)
(19)
(10)
(4)
(27)
(131)
\u00a0
(6,544)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,560
180
124
17
-
-
1,881
Cash outflows
\u00a0
(1,575)
(184)
(126)
(17)
-
-
(1,902)
Forward foreign exchange contracts
(23)
(15)
(4)
(2)
-
-
-
(21)
Interest rate derivatives
(119)
(25)
(22)
(22)
(22)
(22)
(22)
(135)
Cash inflows
\u00a0
502
-
-
-
-
-
502
Cash outflows
\u00a0
(550)
-
-
-
-
-
(550)
Cross-currency interest rate swaps
(43)
(48)
\u2013
-
-
-
-
(48)
\u00a0
(185)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
827
274
85
6
-
-
1,192
Cash outflows
\u00a0
(788)
(251)
(77)
(6)
-
-
(1,122)
Forward foreign exchange contracts
53
39
23
8
-
-
-
70
Interest rate derivatives
21
3
5
5
4
3
16
36
\u00a0
74
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(6,655)
(1,614)
(782)
(571)
(811)
(885)
(3,012)
(7,675)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2025
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(6,283)
(846)
(618)
(874)
(864)
(1,237)
(3,059)
(7,498)
Floating rate borrowings
(887)
(887)
-
-
-
-
-
(887)
Lease liabilities
(97)
(35)
(29)
(18)
(11)
(6)
(26)
(125)
\u00a0
(7,267)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,012
98
50
6
-
-
1,166
Cash outflows
\u00a0
(1,017)
(98)
(50)
(5)
-
-
(1,170)
Forward foreign exchange contracts
(9)
(5)
-
-
1
-
-
(4)
Interest rate derivatives
(70)
(16)
(13)
(15)
(17)
(11)
(7)
(79)
Cash inflows
\u00a0
19
19
19
19
200
228
504
Cash outflows
\u00a0
(15)
(15)
(15)
(15)
(213)
(236)
(509)
Cross-currency interest rate swaps
(32)
4
4
4
4
(13)
(8)
(5)
\u00a0
(111)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
2,571
364
129
8
-
-
3,072
Cash outflows
\u00a0
(2,519)
(339)
(119)
(7)
-
-
(2,984)
Forward foreign exchange contracts
75
52
25
10
1
-
-
88
Interest rate derivatives
10
5
4
2
1
-
12
24
Cash inflows
\u00a0
19
19
19
19
19
462
557
Cash outflows
\u00a0
(8)
(8)
(8)
(8)
(8)
(398)
(438)
Cross-currency interest rate swaps
27
11
11
11
11
11
64
119
\u00a0
112
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(7,266)
(1,717)
(616)
(880)
(874)
(1,256)
(3,024)
(8,367)
\n
The carrying amount of derivative financial liabilities comprises \u00a370m (2024: \u00a3162m) in relation to fair value hedges, \u00a35m (2024: \u00a315m)
in relation to cash flow hedges and \u00a336m (2024: \u00a38m) not designated as hedging instruments, totalling \u00a3111m (2024: \u00a3185m), of
which \u00a37m (2024: \u00a359m) have been classified as current and \u00a3104m (2024: \u00a3126m) as non-current liabilities in the statement of
financial position.
The carrying amount of derivative financial assets comprises \u00a310m (2024: \u00a321m) in relation to fair value hedges, \u00a351m (2024: \u00a343m)
in relation to cash flow hedges and \u00a351m (2024: \u00a310m) not designated as hedging instruments, totalling \u00a3112m (2024: \u00a374m), of
which \u00a350m (2024: \u00a335m) have been classified as current and \u00a362m (2024: \u00a339m) as non-current assets in the statement of
financial position.
The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they
mature and to fund ongoing requirements. At 31 December 2025, the Group had access to a $3.5bn committed bank facility maturing
in November 2030, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three Corporate
Responsibility performance targets, for which 2026 will be the first year in which performance will be measured. All borrowings
that mature within the next three years can be covered by the facility and by utilising available cash resources. The committed bank
facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.
Market risk
The Group\u2019s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the
risks associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where
the impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is
applied (subject to satisfying the required criteria) as described in \u2018Hedge accounting\u2019 below. The Group has entered into cross-
currency interest rate swaps in 2025 to increase its exposure to debt in euro and Japanese yen. This provides a hedge of part of the
Group\u2019s earnings in those currencies, but the nature of the Group\u2019s assets in those currencies on a reported basis means that the
interest rate swaps do not qualify for net investment hedge accounting. Derivatives used by the Group for hedging a particular risk
are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the market value
of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit obligations
and taxation is excluded from the following market risk sensitivity analysis.
Interest rate exposure management
The Group\u2019s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating
rate borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
At 31 December 2025, including the effect of interest rate swaps, 66% of gross bank and bond borrowings were at fixed rates.
A 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of \u00a323m
(2024: \u00a328m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial
paper borrowings at 31 December 2025. A 100 basis point rise in short-term interest rates would result in an estimated increase
in net finance costs of \u00a323m (2024: \u00a328m).
The impact on net equity of a theoretical change in interest rates as at 31 December 2025 is restricted to the change in carrying
value of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship (of which there were none
at 31 December 2025) and of interest rate derivatives not designated as hedging instruments. A 100 basis point reduction in
interest rates would result in an estimated decrease in net equity of \u00a34m (2024: nil) and a 100 basis point increase in interest rates
would increase net equity by an estimated amount of \u00a34m (2024: nil). The impact of a change in interest rates on the carrying value
of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change in carrying value of the related
interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at amortised cost.
Foreign currency exposure management
Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency
exposures on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring
transactions and future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs
according to the specific circumstances of the individual businesses. Highly predictable future cash flows may be covered for
transactions expected to occur during the next 24 months (50 months for the Scientific, Technical & Medical subscription
businesses) within limits defined according to the period before the transaction is expected to become contractual. Cover takes
the form of foreign exchange forward contracts. Further information is provided in \u2018Cash flow hedges\u2019 below.
A theoretical weakening of all currencies by 10% against sterling at 31 December 2025 would decrease the carrying value of net
assets, excluding net borrowings, by \u00a3792m (2024: \u00a3852m). This would be offset to a degree by a decrease in net borrowings of
\u00a3654m (2024: \u00a3683m). A strengthening of all currencies by 10% against sterling at 31 December 2025 would increase the carrying
value of net assets, excluding net borrowings, by \u00a3792m (2024: \u00a3852m) and increase net borrowings by \u00a3654m (2024: \u00a3683m).
A retranslation of the Group\u2019s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but
excluding transactional exposures, would reduce net profit by \u00a3170m (2024: \u00a3156m). A 10% strengthening of all foreign currencies
against sterling on this basis would increase net profit for the year by \u00a3170m (2024: \u00a3156m).
Credit risk
The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments
and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which
are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount
being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents.
Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and
investment banks with strong long-term credit ratings, and the amounts outstanding with each of them.
The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor\u2019s, Moody\u2019s and Fitch.
At 31 December 2025, cash and cash equivalents totalled \u00a3131m (2024: \u00a3119m), of which 93% (2024: 91%) was held with banks rated
A-/A3 or better.
The Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
academic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
managed locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
payment in advance and through management of credit terms. Expected credit losses are based on management\u2019s assessment of the
risk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
carrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
Included within trade receivables are the following amounts which are past due, after considering loss allowance:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Up to one month
259
217
210
2 to 3 months
130
130
132
4 to 6 months
56
57
52
Greater than 6 months
35
24
19
Total past due
480
428
413
\n
Hedge accounting
The hedging relationships that are designated under IFRS 9 \u2013 Financial Instruments are described below.
Fair value hedges
The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the
fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement.
The table below details the designated fair value hedge relationships that were in place at 31 December 2025, swapping fixed rate
term debt issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part
of their term, together with the related fixed and floating rates.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FAIR VALUE HEDGE RELATIONSHIPS
31 December
31 December
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0 \u00a0
\u00a0
Principal
Principal
\u00a0 \u00a0
\u00a0
amount
amount
\u00a0 \u00a0
\u00a0
GBPm
GBPm
Fixed rate
Floating rate
\u20ac600m bond and \u20ac600m/$669.3m cross-currency interest rate
\u00a0 \u00a0 \u00a0 \u00a0
swaps maturing 2025
(535)
-
1.3%
USD SOFR+1.5%
$750m bond and $750m interest rate swaps maturing 2030
(599)
(558)
3.0%
USD SOFR+1.8%
\u20ac750m bond and \u20ac750m interest rate swaps maturing 2031
(620)
(654)
3.8%
Euribor+0.9%
$500m bond and $500m interest rate swaps maturing 2032
(399)
(372)
4.8%
USD SOFR+2.0%
\u00a0
(2,153)
(1,584)
\u00a0 \u00a0
\n
The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
statement of financial position, for the three years ended 31 December 2023, 2024 and 2025 were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\u00a0
Fair value
\u00a0 \u00a0 \u00a0 \u00a0
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
31 December
Carrying
\u00a0
2023
gain/(loss)
close-out
gain/(loss)
2023
values
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
141
(22)
(16)
(6)
97
(871)
Related interest rate swaps
(143)
21
16
6
(100)
(100)
\u00a0
(2)
(1)
-
-
(3)
(971)
EUR debt
70
(61)
-
(2)
7
(1,600)
Related interest rate swaps
(70)
60
-
2
(8)
(8)
\u00a0
-
(1)
-
-
(1)
(1,608)
Total relating to USD and EUR debt
211
(83)
(16)
(8)
104
(2,471)
Total related interest rate swaps
(213)
81
16
8
(108)
(108)
Net loss on borrowings and related
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
derivatives/total carrying value
(2)
(2)
-
-
(4)
(2,579)
\n\n \n
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
Fair value
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
31 December
Carrying
2024
gain/(loss)
close-out
gain/(loss)
2024
values
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
97
14
-
3
114
(875)
Related interest rate swaps
(100)
(16)
-
(3)
(119)
(119)
(3)
(2)
-
-
(5)
(994)
EUR debt
7
12
-
1
20
(1,133)
Related interest rate swaps
(8)
(12)
-
(1)
(21)
(21)
(1)
-
-
-
(1)
(1,154)
Total relating to USD and EUR debt
104
26
-
4
134
(2,008)
Total related interest rate swaps
(108)
(28)
-
(4)
(140)
(140)
Net loss on borrowings and related
derivatives/total carrying value
(4)
(2)
-
-
(6)
(2,148)
\n\n \n
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
Fair value
31
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
December
Carrying
2025
gain/(loss)
close-out
gain/(loss)
2025
values
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
114
(39)
-
(8)
67
(855)
Related interest rate swaps
(119)
41
-
8
(70)
(70)
(5)
2
-
-
(3)
(925)
EUR debt
20
(29)
-
(2)
(11)
(664)
Related interest rate swaps
(21)
29
-
2
10
10
(1)
-
-
-
(1)
(654)
Total relating to USD and EUR debt
134
(68)
-
(10)
56
(1,519)
Total related interest rate swaps
(140)
70
-
10
(60)
(60)
Net (loss)/gain on borrowings and related
derivatives/total carrying value
(6)
2
-
-
(4)
(1,579)
\n
All fair value hedges were highly effective throughout the three years ended 31 December 2025.
\n
$200m of bonds that were due to be repaid in August 2027 were redeemed early in December 2023. These bonds had been swapped
\n
to floating rate in a fair value hedge relationship as described above, and on the early redemption the fair value adjustment to the
\n
bonds of \u00a316m was expensed in full to the income statement as part of finance costs. The related derivatives were closed out with
\n
a cash outflow of \u00a316m.
\n
Cash flow hedges
\n
As part of the Group\u2019s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives,
\n
individual components of which have been accounted for as cash flow hedges (with the remaining components accounted for as
\n
fair value hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate \u20ac600m bond, issued
\n
in May 2015 and which matured in May 2025, to floating rate USD debt for the whole of its term. The component relating to the
\n
swap of the euro credit margin to USD was accounted for as a cash flow hedge under IFRS 9, with the amount associated with
\n
foreign currency basis spreads recorded in the cost of hedging reserve. No balances remain in respect of these derivatives
\n
following their maturity in 2025.
\n
As part of the Group\u2019s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix
\n
the exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months.
\n
These have been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses
\n
on the forward contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated
\n
gains and losses are reclassified to the income statement.
Movements in the hedge reserve and the cost of hedging reserve in 2024 and 2025, including gains and losses on cash flow hedging
instruments, were as follows (stated before related deferred tax balances):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Cost of
Foreign
\u00a0
\u00a0
Interest rate
hedging
currency
\u00a0
\u00a0
hedge reserve
reserve
hedge reserve
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
Hedge reserve at 31 December 2023: (losses)/gains deferred
-
(4)
40
36
(Losses)/gains arising in 2024
(5)
6
10
11
Amounts recognised in income statement
2
-
(22)
(20)
Hedge reserve at 31 December 2024: (losses)/gains deferred
(3)
2
28
27
Gains/(losses) arising in 2025
2
(2)
55
55
Amounts recognised in income statement
1
-
(37)
(36)
Hedge reserve at 31 December 2025: gains deferred
-
-
46
46
\n
All cash flow hedges were highly effective throughout the two years ended 31 December 2025.
A deferred tax debit of \u00a311m (2024: \u00a36m) in respect of the above gains and losses at 31 December 2025 was also deferred in the
hedge reserve.
Of the amounts recognised in the income statement in the year, gains of \u00a337m (2024: \u00a322m) were recognised in revenue, and losses
of \u00a31m (2024: \u00a32m) were recognised in finance costs. A tax debit of \u00a39m (2024: \u00a35m) was recognised in relation to these items.
The deferred gains and losses on foreign currency cash flow hedges at 31 December 2025 are currently expected to be recognised
in the income statement in future years as shown in the table below, together with the principal amount of hedges relating to each
year. The carrying values of these hedges are included within derivative assets and liabilities in the statement of financial position:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Foreign
Principal
\u00a0
currency
amount of
\u00a0
hedge reserve
hedges
\u00a0
GBPm
GBPm
2026
20
563
2027
20
495
2028
6
234
2029
-
14
Total
46
1,306
\n
The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement,
or in the preceding year. These cash flows are included in the table on page 171.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00612": { "value": "Accounting policyDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00614": { "value": "Accounting policyDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00613": { "value": "Accounting policyDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00611": { "value": "Accounting policyBorrowings and payables
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
gain or loss attributable to the hedged risk).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00608": { "value": "Accounting policy
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables,
cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments.
Investments are described in note 15. The fair value of such investments is based on standard valuation techniques, including
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
gain or loss attributable to the hedged risk).
Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do
not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
Level 1 in the IFRS 13 fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00610": { "value": "Accounting policyInvestments are described in note 15. The fair value of such investments is based on standard valuation techniques, including
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
Expected credit losses are based on the ageing of trade receivables, experience and circumstance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "Liquidity risk
The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
sufficient capacity under committed credit lines. The Group\u2019s treasury policies ensure adequate liquidity by requiring that (a) no
more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus
short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with
maturities over three and five years are maintained.
The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year,
(b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash
balances. From time to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase
outstanding debt in the open market.
Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised
that debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting
currency. For this reason, the majority of the Group\u2019s net debt is denominated in US dollars and euros, reflecting the Group\u2019s
largest geographical markets. There were no changes to the Group\u2019s long-term approach to capital and liquidity management
during the year. The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table
below. The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged
as part of cross-currency interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2024
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(5,679)
(763)
(756)
(541)
(783)
(862)
(2,979)
(6,684)
Floating rate borrowings
(762)
(762)
-
-
-
-
-
(762)
Lease liabilities
(103)
(43)
(28)
(19)
(10)
(4)
(27)
(131)
\u00a0
(6,544)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,560
180
124
17
-
-
1,881
Cash outflows
\u00a0
(1,575)
(184)
(126)
(17)
-
-
(1,902)
Forward foreign exchange contracts
(23)
(15)
(4)
(2)
-
-
-
(21)
Interest rate derivatives
(119)
(25)
(22)
(22)
(22)
(22)
(22)
(135)
Cash inflows
\u00a0
502
-
-
-
-
-
502
Cash outflows
\u00a0
(550)
-
-
-
-
-
(550)
Cross-currency interest rate swaps
(43)
(48)
\u2013
-
-
-
-
(48)
\u00a0
(185)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
827
274
85
6
-
-
1,192
Cash outflows
\u00a0
(788)
(251)
(77)
(6)
-
-
(1,122)
Forward foreign exchange contracts
53
39
23
8
-
-
-
70
Interest rate derivatives
21
3
5
5
4
3
16
36
\u00a0
74
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(6,655)
(1,614)
(782)
(571)
(811)
(885)
(3,012)
(7,675)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AT 31 DECEMBER 2025
\u00a0
Contractual cash flow (including interest)
\u00a0
Carrying
Within
\u00a0 \u00a0 \u00a0 \u00a0
More than
\u00a0
\u00a0
amount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed rate borrowings
(6,283)
(846)
(618)
(874)
(864)
(1,237)
(3,059)
(7,498)
Floating rate borrowings
(887)
(887)
-
-
-
-
-
(887)
Lease liabilities
(97)
(35)
(29)
(18)
(11)
(6)
(26)
(125)
\u00a0
(7,267)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
1,012
98
50
6
-
-
1,166
Cash outflows
\u00a0
(1,017)
(98)
(50)
(5)
-
-
(1,170)
Forward foreign exchange contracts
(9)
(5)
-
-
1
-
-
(4)
Interest rate derivatives
(70)
(16)
(13)
(15)
(17)
(11)
(7)
(79)
Cash inflows
\u00a0
19
19
19
19
200
228
504
Cash outflows
\u00a0
(15)
(15)
(15)
(15)
(213)
(236)
(509)
Cross-currency interest rate swaps
(32)
4
4
4
4
(13)
(8)
(5)
\u00a0
(111)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash inflows
\u00a0
2,571
364
129
8
-
-
3,072
Cash outflows
\u00a0
(2,519)
(339)
(119)
(7)
-
-
(2,984)
Forward foreign exchange contracts
75
52
25
10
1
-
-
88
Interest rate derivatives
10
5
4
2
1
-
12
24
Cash inflows
\u00a0
19
19
19
19
19
462
557
Cash outflows
\u00a0
(8)
(8)
(8)
(8)
(8)
(398)
(438)
Cross-currency interest rate swaps
27
11
11
11
11
11
64
119
\u00a0
112
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
(7,266)
(1,717)
(616)
(880)
(874)
(1,256)
(3,024)
(8,367)
\n
The carrying amount of derivative financial liabilities comprises \u00a370m (2024: \u00a3162m) in relation to fair value hedges, \u00a35m (2024: \u00a315m)
in relation to cash flow hedges and \u00a336m (2024: \u00a38m) not designated as hedging instruments, totalling \u00a3111m (2024: \u00a3185m), of
which \u00a37m (2024: \u00a359m) have been classified as current and \u00a3104m (2024: \u00a3126m) as non-current liabilities in the statement of
financial position.
The carrying amount of derivative financial assets comprises \u00a310m (2024: \u00a321m) in relation to fair value hedges, \u00a351m (2024: \u00a343m)
in relation to cash flow hedges and \u00a351m (2024: \u00a310m) not designated as hedging instruments, totalling \u00a3112m (2024: \u00a374m), of
which \u00a350m (2024: \u00a335m) have been classified as current and \u00a362m (2024: \u00a339m) as non-current assets in the statement of
financial position.
The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they
mature and to fund ongoing requirements. At 31 December 2025, the Group had access to a $3.5bn committed bank facility maturing
in November 2030, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three Corporate
Responsibility performance targets, for which 2026 will be the first year in which performance will be measured. All borrowings
that mature within the next three years can be covered by the facility and by utilising available cash resources. The committed bank
facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "Market risk
The Group\u2019s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the
risks associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where
the impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is
applied (subject to satisfying the required criteria) as described in \u2018Hedge accounting\u2019 below. The Group has entered into cross-
currency interest rate swaps in 2025 to increase its exposure to debt in euro and Japanese yen. This provides a hedge of part of the
Group\u2019s earnings in those currencies, but the nature of the Group\u2019s assets in those currencies on a reported basis means that the
interest rate swaps do not qualify for net investment hedge accounting. Derivatives used by the Group for hedging a particular risk
are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the market value
of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit obligations
and taxation is excluded from the following market risk sensitivity analysis.
Interest rate exposure management
The Group\u2019s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating
rate borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
At 31 December 2025, including the effect of interest rate swaps, 66% of gross bank and bond borrowings were at fixed rates.
A 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of \u00a323m
(2024: \u00a328m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial
paper borrowings at 31 December 2025. A 100 basis point rise in short-term interest rates would result in an estimated increase
in net finance costs of \u00a323m (2024: \u00a328m).
The impact on net equity of a theoretical change in interest rates as at 31 December 2025 is restricted to the change in carrying
value of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship (of which there were none
at 31 December 2025) and of interest rate derivatives not designated as hedging instruments. A 100 basis point reduction in
interest rates would result in an estimated decrease in net equity of \u00a34m (2024: nil) and a 100 basis point increase in interest rates
would increase net equity by an estimated amount of \u00a34m (2024: nil). The impact of a change in interest rates on the carrying value
of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change in carrying value of the related
interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at amortised cost.
Foreign currency exposure management
Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency
exposures on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring
transactions and future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs
according to the specific circumstances of the individual businesses. Highly predictable future cash flows may be covered for
transactions expected to occur during the next 24 months (50 months for the Scientific, Technical & Medical subscription
businesses) within limits defined according to the period before the transaction is expected to become contractual. Cover takes
the form of foreign exchange forward contracts. Further information is provided in \u2018Cash flow hedges\u2019 below.
A theoretical weakening of all currencies by 10% against sterling at 31 December 2025 would decrease the carrying value of net
assets, excluding net borrowings, by \u00a3792m (2024: \u00a3852m). This would be offset to a degree by a decrease in net borrowings of
\u00a3654m (2024: \u00a3683m). A strengthening of all currencies by 10% against sterling at 31 December 2025 would increase the carrying
value of net assets, excluding net borrowings, by \u00a3792m (2024: \u00a3852m) and increase net borrowings by \u00a3654m (2024: \u00a3683m).
A retranslation of the Group\u2019s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but
excluding transactional exposures, would reduce net profit by \u00a3170m (2024: \u00a3156m). A 10% strengthening of all foreign currencies
against sterling on this basis would increase net profit for the year by \u00a3170m (2024: \u00a3156m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "Credit risk
The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments
and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which
are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount
being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents.
Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and
investment banks with strong long-term credit ratings, and the amounts outstanding with each of them.
The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor\u2019s, Moody\u2019s and Fitch.
At 31 December 2025, cash and cash equivalents totalled \u00a3131m (2024: \u00a3119m), of which 93% (2024: 91%) was held with banks rated
A-/A3 or better.
The Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
academic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
managed locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
payment in advance and through management of credit terms. Expected credit losses are based on management\u2019s assessment of the
risk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
carrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
Included within trade receivables are the following amounts which are past due, after considering loss allowance:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Up to one month
259
217
210
2 to 3 months
130
130
132
4 to 6 months
56
57
52
Greater than 6 months
35
24
19
Total past due
480
428
413
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "Hedge accounting
The hedging relationships that are designated under IFRS 9 \u2013 Financial Instruments are described below.
Fair value hedges
The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the
fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement.
The table below details the designated fair value hedge relationships that were in place at 31 December 2025, swapping fixed rate
term debt issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part
of their term, together with the related fixed and floating rates.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FAIR VALUE HEDGE RELATIONSHIPS
31 December
31 December
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0 \u00a0
\u00a0
Principal
Principal
\u00a0 \u00a0
\u00a0
amount
amount
\u00a0 \u00a0
\u00a0
GBPm
GBPm
Fixed rate
Floating rate
\u20ac600m bond and \u20ac600m/$669.3m cross-currency interest rate
\u00a0 \u00a0 \u00a0 \u00a0
swaps maturing 2025
(535)
-
1.3%
USD SOFR+1.5%
$750m bond and $750m interest rate swaps maturing 2030
(599)
(558)
3.0%
USD SOFR+1.8%
\u20ac750m bond and \u20ac750m interest rate swaps maturing 2031
(620)
(654)
3.8%
Euribor+0.9%
$500m bond and $500m interest rate swaps maturing 2032
(399)
(372)
4.8%
USD SOFR+2.0%
\u00a0
(2,153)
(1,584)
\u00a0 \u00a0
\n
The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
statement of financial position, for the three years ended 31 December 2023, 2024 and 2025 were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\u00a0
Fair value
\u00a0 \u00a0 \u00a0 \u00a0
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
31 December
Carrying
\u00a0
2023
gain/(loss)
close-out
gain/(loss)
2023
values
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
141
(22)
(16)
(6)
97
(871)
Related interest rate swaps
(143)
21
16
6
(100)
(100)
\u00a0
(2)
(1)
-
-
(3)
(971)
EUR debt
70
(61)
-
(2)
7
(1,600)
Related interest rate swaps
(70)
60
-
2
(8)
(8)
\u00a0
-
(1)
-
-
(1)
(1,608)
Total relating to USD and EUR debt
211
(83)
(16)
(8)
104
(2,471)
Total related interest rate swaps
(213)
81
16
8
(108)
(108)
Net loss on borrowings and related
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
derivatives/total carrying value
(2)
(2)
-
-
(4)
(2,579)
\n\n \n
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
Fair value
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
31 December
Carrying
2024
gain/(loss)
close-out
gain/(loss)
2024
values
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
97
14
-
3
114
(875)
Related interest rate swaps
(100)
(16)
-
(3)
(119)
(119)
(3)
(2)
-
-
(5)
(994)
EUR debt
7
12
-
1
20
(1,133)
Related interest rate swaps
(8)
(12)
-
(1)
(21)
(21)
(1)
-
-
-
(1)
(1,154)
Total relating to USD and EUR debt
104
26
-
4
134
(2,008)
Total related interest rate swaps
(108)
(28)
-
(4)
(140)
(140)
Net loss on borrowings and related
derivatives/total carrying value
(4)
(2)
-
-
(6)
(2,148)
\n\n \n
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
Fair value
31
AND CARRYING VALUES
1 January
movement
Redemption/
Exchange
December
Carrying
2025
gain/(loss)
close-out
gain/(loss)
2025
values
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
USD debt
114
(39)
-
(8)
67
(855)
Related interest rate swaps
(119)
41
-
8
(70)
(70)
(5)
2
-
-
(3)
(925)
EUR debt
20
(29)
-
(2)
(11)
(664)
Related interest rate swaps
(21)
29
-
2
10
10
(1)
-
-
-
(1)
(654)
Total relating to USD and EUR debt
134
(68)
-
(10)
56
(1,519)
Total related interest rate swaps
(140)
70
-
10
(60)
(60)
Net (loss)/gain on borrowings and related
derivatives/total carrying value
(6)
2
-
-
(4)
(1,579)
\n
All fair value hedges were highly effective throughout the three years ended 31 December 2025.
\n
$200m of bonds that were due to be repaid in August 2027 were redeemed early in December 2023. These bonds had been swapped
\n
to floating rate in a fair value hedge relationship as described above, and on the early redemption the fair value adjustment to the
\n
bonds of \u00a316m was expensed in full to the income statement as part of finance costs. The related derivatives were closed out with
\n
a cash outflow of \u00a316m.
\n
Cash flow hedges
\n
As part of the Group\u2019s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives,
\n
individual components of which have been accounted for as cash flow hedges (with the remaining components accounted for as
\n
fair value hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate \u20ac600m bond, issued
\n
in May 2015 and which matured in May 2025, to floating rate USD debt for the whole of its term. The component relating to the
\n
swap of the euro credit margin to USD was accounted for as a cash flow hedge under IFRS 9, with the amount associated with
\n
foreign currency basis spreads recorded in the cost of hedging reserve. No balances remain in respect of these derivatives
\n
following their maturity in 2025.
\n
As part of the Group\u2019s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix
\n
the exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months.
\n
These have been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses
\n
on the forward contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated
\n
gains and losses are reclassified to the income statement.
Movements in the hedge reserve and the cost of hedging reserve in 2024 and 2025, including gains and losses on cash flow hedging
instruments, were as follows (stated before related deferred tax balances):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Cost of
Foreign
\u00a0
\u00a0
Interest rate
hedging
currency
\u00a0
\u00a0
hedge reserve
reserve
hedge reserve
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
Hedge reserve at 31 December 2023: (losses)/gains deferred
-
(4)
40
36
(Losses)/gains arising in 2024
(5)
6
10
11
Amounts recognised in income statement
2
-
(22)
(20)
Hedge reserve at 31 December 2024: (losses)/gains deferred
(3)
2
28
27
Gains/(losses) arising in 2025
2
(2)
55
55
Amounts recognised in income statement
1
-
(37)
(36)
Hedge reserve at 31 December 2025: gains deferred
-
-
46
46
\n
All cash flow hedges were highly effective throughout the two years ended 31 December 2025.
A deferred tax debit of \u00a311m (2024: \u00a36m) in respect of the above gains and losses at 31 December 2025 was also deferred in the
hedge reserve.
Of the amounts recognised in the income statement in the year, gains of \u00a337m (2024: \u00a322m) were recognised in revenue, and losses
of \u00a31m (2024: \u00a32m) were recognised in finance costs. A tax debit of \u00a39m (2024: \u00a35m) was recognised in relation to these items.
The deferred gains and losses on foreign currency cash flow hedges at 31 December 2025 are currently expected to be recognised
in the income statement in future years as shown in the table below, together with the principal amount of hedges relating to each
year. The carrying values of these hedges are included within derivative assets and liabilities in the statement of financial position:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Foreign
Principal
\u00a0
currency
amount of
\u00a0
hedge reserve
hedges
\u00a0
GBPm
GBPm
2026
20
563
2027
20
495
2028
6
234
2029
-
14
Total
46
1,306
\n
The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement,
or in the preceding year. These cash flows are included in the table on page 171.", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "18 Inventories and pre-publication costs
Accounting policy
Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and
estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned
editorial and other fees.
Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
Annual reviews are carried out to assess the recoverability of carrying amounts.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Pre-publication costs
302
291
Finished goods
29
20
Total
331
311
\nDuring the year, pre-publication costs of \u00a3102m (2024: \u00a392m) were capitalised. The related amortisation charge was \u00a389m (2024: \u00a377m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00615": { "value": "Accounting policy
Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and
estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned
editorial and other fees.
Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
Annual reviews are carried out to assess the recoverability of carrying amounts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "19 Trade and other receivables
Accounting policy
Trade receivables are stated net of a loss allowance for expected credit losses.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Trade receivables
2,306
2,258
Loss allowance
(122)
(96)
\u00a0
2,184
2,162
Prepayments and accrued income
283
293
Current tax receivable
42
13
Net finance lease receivable
2
-
Total
2,511
2,468
\n
Trade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
The movements in the loss allowance during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of yea
r
119
122
Charge for the year
17
15
Trade receivables written off
(13)
(40)
Exchange translation differences
(1)
(1)
At end of yea
r
122
96
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "19 Trade and other receivables The movements in the loss allowance during the year were as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of yea
r
119
122
Charge for the year
17
15
Trade receivables written off
(13)
(40)
Exchange translation differences
(1)
(1)
At end of yea
r
122
96
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00640": { "value": "Accounting policy Trade receivables are stated net of a loss allowance for expected credit losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "20 Trade and other payables
Accounting policy
Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an
amount of consideration, in advance of the goods and services being delivered.
Trade payables, accruals and other payables are predominantly non-interest-bearing and are stated at their nominal values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Trade payables
223
89
Accruals
851
978
Social security and other taxes
181
195
Other payables
539
616
Deferred income
2,328
2,390
Total
4,122
4,268
\n
Trade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
Materially all of the opening deferred income balance has been recognised in the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "20 Trade and other payables
Accounting policy
Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an
amount of consideration, in advance of the goods and services being delivered.
Trade payables, accruals and other payables are predominantly non-interest-bearing and are stated at their nominal values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Trade payables
223
89
Accruals
851
978
Social security and other taxes
181
195
Other payables
539
616
Deferred income
2,328
2,390
Total
4,122
4,268
\n
Trade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
Materially all of the opening deferred income balance has been recognised in the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00641": { "value": "Accounting policy
Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an
amount of consideration, in advance of the goods and services being delivered.
Trade payables, accruals and other payables are predominantly non-interest-bearing and are stated at their nominal values.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "21 Debt
Accounting policy
Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings
in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently
adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires,
is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing
is amortised in the income statement over the period to maturity of the borrowing using the effective interest method.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
Falling due
Falling due
\u00a0
Falling due
Falling due
\u00a0
\u00a0
within
in more than
\u00a0
within
in more than
\u00a0
\u00a0
1 year
1 year
Total
1 year
1 year
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Financial liabilities measured at amortised cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Short-term bank loans, overdrafts and commercial paper
762
-
762
887
-
887
Term debt
-
3,551
3,551
654
4,110
4,764
Lease liabilities
38
65
103
30
67
97
Term debt in fair value hedging relationships
492
1,516
2,008
-
1,519
1,519
Term debt previously in fair value hedging relationships
120
-
120
-
-
-
Total
1,412
5,132
6,544
1,571
5,696
7,267
\n
The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is \u00a35,611m (2024: \u00a34,193m).
The total fair value of term debt in fair value hedging relationships is \u00a31,581m (2024: \u00a32,068m). The total fair value of term debt
previously in fair value hedging relationships is nil (2024: \u00a3121m).
RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within
term debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which
have been registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these
securities, which are not guaranteed by any other subsidiary of RELX PLC.
Analysis by year of repayment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
Short-term
\u00a0 \u00a0 \u00a0
Short-term
\u00a0 \u00a0 \u00a0
\u00a0
bank loans,
\u00a0 \u00a0 \u00a0
bank loans,
\u00a0 \u00a0 \u00a0
\u00a0
overdrafts
\u00a0 \u00a0 \u00a0
overdrafts
\u00a0 \u00a0 \u00a0
\u00a0
and
\u00a0 \u00a0 \u00a0
and
\u00a0 \u00a0 \u00a0
\u00a0
commercial
\u00a0
Lease
\u00a0
commercial
\u00a0
Lease
\u00a0
\u00a0
paper
Term debt
liabilities
Total
paper
Term debt
liabilities
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Within 1 yea
r
762
612
38
1,412
887
654
30
1,571
Within 1 to 2 years
-
619
13
632
-
436
13
449
Within 2 to 3 years
-
412
12
424
-
696
13
709
Within 3 to 4 years
-
658
12
670
-
702
12
714
Within 4 to 5 years
-
753
9
762
-
1,056
9
1,065
After 5 years
-
2,625
19
2,644
-
2,739
20
2,759
After 1 year
-
5,067
65
5,132
-
5,629
67
5,696
Total
762
5,679
103
6,544
887
6,283
97
7,267
\n
Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2025 by a $3.5bn (\u00a32.6bn) committed
bank facility maturing in 2030. The committed bank facility was undrawn as at 31 December 2025 (2024: undrawn).
In March 2025, $750m of USD denominated term debt was issued with a fixed coupon of 4.75% and a maturity of 5 years and $750m
with a fixed coupon of 5.25% and a maturity date of 10 years.
Analysis by currency
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
Short-term
\u00a0 \u00a0 \u00a0
Short-term
\u00a0 \u00a0 \u00a0
\u00a0
bank loans,
\u00a0 \u00a0 \u00a0
bank loans,
\u00a0 \u00a0 \u00a0
\u00a0
overdrafts
\u00a0 \u00a0 \u00a0
overdrafts
\u00a0 \u00a0 \u00a0
\u00a0
and
\u00a0 \u00a0 \u00a0
and
\u00a0 \u00a0 \u00a0
\u00a0
commercial
\u00a0
Lease
\u00a0
commercial
\u00a0
Lease
\u00a0
\u00a0
paper
Term debt
liabilities
Total
paper
Term debt
liabilities
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
US dolla
r
446
2,246
21
2,713
828
2,667
12
3,507
Pound sterling
8
-
30
38
12
-
38
50
Euro
295
3,433
29
3,757
42
3,616
22
3,680
Other currencies
13
-
23
36
5
-
25
30
Total
762
5,679
103
6,544
887
6,283
97
7,267
\n
Included in the US dollar amounts for term debt above is nil (2024: \u00a3493m) of debt denominated in euros (nil) (2024: \u20ac600m) that
was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at
31 December 2025, had a fair value of nil (2024: \u00a342m). Separately still included in the US dollar amounts for term debt above is
\u00a3372m (2024: nil) of debt denominated in US dollars ($500m) (2024: nil) that was swapped into euros on issuance using cross-
currency interest rates swaps which cannot be designated as hedging instruments and which, as at 31 December 2025, were
derivative financial liabilities with a fair value of \u00a332m (2024: nil); and \u00a3372m (2024: nil) of debt denominated in US dollars ($500m)
(2024: nil) that was swapped into Japanese yen on issuance using cross-currency interest rates swaps which cannot be designated
as hedging instruments and which, as at 31 December 2025, were derivative financial assets with a fair value of \u00a327m (2024: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "21 Debt
Accounting policy
Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings
in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently
adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires,
is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing
is amortised in the income statement over the period to maturity of the borrowing using the effective interest method.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
Falling due
Falling due
\u00a0
Falling due
Falling due
\u00a0
\u00a0
within
in more than
\u00a0
within
in more than
\u00a0
\u00a0
1 year
1 year
Total
1 year
1 year
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Financial liabilities measured at amortised cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Short-term bank loans, overdrafts and commercial paper
762
-
762
887
-
887
Term debt
-
3,551
3,551
654
4,110
4,764
Lease liabilities
38
65
103
30
67
97
Term debt in fair value hedging relationships
492
1,516
2,008
-
1,519
1,519
Term debt previously in fair value hedging relationships
120
-
120
-
-
-
Total
1,412
5,132
6,544
1,571
5,696
7,267
\n
The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is \u00a35,611m (2024: \u00a34,193m).
The total fair value of term debt in fair value hedging relationships is \u00a31,581m (2024: \u00a32,068m). The total fair value of term debt
previously in fair value hedging relationships is nil (2024: \u00a3121m).
RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within
term debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which
have been registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these
securities, which are not guaranteed by any other subsidiary of RELX PLC.
Analysis by year of repayment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
Short-term
\u00a0 \u00a0 \u00a0
Short-term
\u00a0 \u00a0 \u00a0
\u00a0
bank loans,
\u00a0 \u00a0 \u00a0
bank loans,
\u00a0 \u00a0 \u00a0
\u00a0
overdrafts
\u00a0 \u00a0 \u00a0
overdrafts
\u00a0 \u00a0 \u00a0
\u00a0
and
\u00a0 \u00a0 \u00a0
and
\u00a0 \u00a0 \u00a0
\u00a0
commercial
\u00a0
Lease
\u00a0
commercial
\u00a0
Lease
\u00a0
\u00a0
paper
Term debt
liabilities
Total
paper
Term debt
liabilities
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Within 1 yea
r
762
612
38
1,412
887
654
30
1,571
Within 1 to 2 years
-
619
13
632
-
436
13
449
Within 2 to 3 years
-
412
12
424
-
696
13
709
Within 3 to 4 years
-
658
12
670
-
702
12
714
Within 4 to 5 years
-
753
9
762
-
1,056
9
1,065
After 5 years
-
2,625
19
2,644
-
2,739
20
2,759
After 1 year
-
5,067
65
5,132
-
5,629
67
5,696
Total
762
5,679
103
6,544
887
6,283
97
7,267
\n
Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2025 by a $3.5bn (\u00a32.6bn) committed
bank facility maturing in 2030. The committed bank facility was undrawn as at 31 December 2025 (2024: undrawn).
In March 2025, $750m of USD denominated term debt was issued with a fixed coupon of 4.75% and a maturity of 5 years and $750m
with a fixed coupon of 5.25% and a maturity date of 10 years.
Analysis by currency
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
Short-term
\u00a0 \u00a0 \u00a0
Short-term
\u00a0 \u00a0 \u00a0
\u00a0
bank loans,
\u00a0 \u00a0 \u00a0
bank loans,
\u00a0 \u00a0 \u00a0
\u00a0
overdrafts
\u00a0 \u00a0 \u00a0
overdrafts
\u00a0 \u00a0 \u00a0
\u00a0
and
\u00a0 \u00a0 \u00a0
and
\u00a0 \u00a0 \u00a0
\u00a0
commercial
\u00a0
Lease
\u00a0
commercial
\u00a0
Lease
\u00a0
\u00a0
paper
Term debt
liabilities
Total
paper
Term debt
liabilities
Total
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
US dolla
r
446
2,246
21
2,713
828
2,667
12
3,507
Pound sterling
8
-
30
38
12
-
38
50
Euro
295
3,433
29
3,757
42
3,616
22
3,680
Other currencies
13
-
23
36
5
-
25
30
Total
762
5,679
103
6,544
887
6,283
97
7,267
\n
Included in the US dollar amounts for term debt above is nil (2024: \u00a3493m) of debt denominated in euros (nil) (2024: \u20ac600m) that
was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at
31 December 2025, had a fair value of nil (2024: \u00a342m). Separately still included in the US dollar amounts for term debt above is
\u00a3372m (2024: nil) of debt denominated in US dollars ($500m) (2024: nil) that was swapped into euros on issuance using cross-
currency interest rates swaps which cannot be designated as hedging instruments and which, as at 31 December 2025, were
derivative financial liabilities with a fair value of \u00a332m (2024: nil); and \u00a3372m (2024: nil) of debt denominated in US dollars ($500m)
(2024: nil) that was swapped into Japanese yen on issuance using cross-currency interest rates swaps which cannot be designated
as hedging instruments and which, as at 31 December 2025, were derivative financial assets with a fair value of \u00a327m (2024: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00650": { "value": "Accounting policy
Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings
in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently
adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires,
is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing
is amortised in the income statement over the period to maturity of the borrowing using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "22 Lease arrangements
Accounting policy
All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding
right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of
the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability.
Low-value items and short-term leases with a term of 12 months or less are not required to be recognised in the statement of
financial position and payments made in relation to these leases are recognised on a straight-line basis in the income statement.
The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.
Right-of-use assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
At start of yea
r
113
89
Additions
32
35
Remeasurement
5
1
Disposals
(9)
-
Depreciation
(50)
(37)
Exchange translation differences
(2)
(1)
At end of yea
r
89
87
\n
Lease liability
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2025
\u00a0
GBPm
GBPm
Current
\u00a0\u00a0
Property
(37)
(29)
Non-property
(1)
(1)
Non-current
\u00a0\u00a0
Property
(63)
(65)
Non-property
(2)
(2)
Total
(103)
(97)
\n
Interest expense on the lease liabilities recognised within finance costs was \u00a34m (2024: \u00a35m; 2023: \u00a36m).
As at 31 December 2025, RELX was committed to leases with future cash outflows totalling \u00a330m (31 December 2024: \u00a37m) which
had not yet commenced and as such are not accounted for as a liability as at 31 December 2025. A liability and corresponding
right-of-use asset will be recognised for these leases at the lease commencement date.
Short-term and low-value lease expenses have been included in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00651": { "value": "Accounting policy
All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding
right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of
the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability.
Low-value items and short-term leases with a term of 12 months or less are not required to be recognised in the statement of
financial position and payments made in relation to these leases are recognised on a straight-line basis in the income statement.
The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "23 Share capital and shares held in treasury
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
Share premium is the excess of the consideration received over the nominal value of the shares issued.
Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
RELX PLC
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CALLED UP SHARE CAPITAL \u2013 ORDINARY SHARES OF UK 14
\u2075\u00b9/\u2081\u2081\u2086
PENCE EACH
\u00a0
2024
\u00a0
2025
ALLOTTED, ISSUED AND FULLY PAID
No. of shares
GBPm
No. of shares
GBPm
At start of year
1,906,907,605
275
1,880,844,719
272
Issue of ordinary shares
2,937,114
-
2,215,646
-
Cancellation of ordinary shares
(29,000,000)
(3)
(55,000,000)
(8)
At end of yea
r
1,880,844,719
272
1,828,060,365
264
\n
NUMBER OF ORDINARY SHARES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 31 December
\u00a0
2024
\u00a0 \u00a0
2025
\u00a0
Shares in
\u00a0 \u00a0
Shares in
\u00a0
issue net of
\u00a0 \u00a0
issue net of
\u00a0
treasury
Shares in
Treasury
treasury
\u00a0
shares*
issue
shares
shares*
\u00a0
(millions)
(millions)
(millions)
(millions)
At start of yea
r
1,881.5
1,880.8
(24.9)
1,855.9
Issue of ordinary shares
2.9
2.2
-
2.2
Repurchase of ordinary shares
(28.9)
-
(39.5)
(39.5)
Net release of shares by the employee benefit trust
0.4
-
0.4
0.4
Cancellation of ordinary shares
-
(55.0)
55.0
-
At end of year
1,855.9
1,828.1
(9.0)
1,819.1
\n
* At 31 December 2025 the total shares in issue net of treasury shares is 1,819,061,446 (2024: 1,855,941,895).
All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for the shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
The issue of ordinary shares in the year relates to the exercise of share options.
During the year, RELX PLC repurchased 39.5m (2024: 28.9m; 2023: 30.9m) ordinary shares for an average price of 3,797p.
Total consideration for these repurchased shares was \u00a31,500m (2024: \u00a31,000m; 2023: \u00a3800m). On 5 December 2025, RELX PLC
announced a non-discretionary programme to repurchase further ordinary shares up to the value of \u00a3250m. At 31 December 2025,
an accrual of \u00a3250m was recognised in respect of this non-discretionary commitment. A further 8.8m RELX PLC ordinary shares
have been repurchased in January and February 2026 under this programme.
The Employee Benefit Trust purchases RELX PLC shares which, at the trustees\u2019 discretion, can be used in respect of the exercise
of share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust
purchased 1.9m shares for a total cost of \u00a376m (2024: \u00a375m; 2023: \u00a350m). At 31 December 2025, shares held by the Employee
Benefit Trust were \u00a3153m (2024: \u00a3139m; 2023: \u00a3117m) at cost.
During 2025, 55m (2024: 29m) ordinary shares held in treasury were cancelled.
At 31 December 2025, RELX PLC shares held in treasury related to 4,891,047 (2024: 5,295,154; 2023: 5,663,529) ordinary shares
held by the Employee Benefit Trust; and 4,107,872 (2024: 19,607,670; 2023: 19,712,193) ordinary shares held by the parent company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "23 Share capital and shares held in treasury
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
Share premium is the excess of the consideration received over the nominal value of the shares issued.
Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
RELX PLC
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CALLED UP SHARE CAPITAL \u2013 ORDINARY SHARES OF UK 14
\u2075\u00b9/\u2081\u2081\u2086
PENCE EACH
\u00a0
2024
\u00a0
2025
ALLOTTED, ISSUED AND FULLY PAID
No. of shares
GBPm
No. of shares
GBPm
At start of year
1,906,907,605
275
1,880,844,719
272
Issue of ordinary shares
2,937,114
-
2,215,646
-
Cancellation of ordinary shares
(29,000,000)
(3)
(55,000,000)
(8)
At end of yea
r
1,880,844,719
272
1,828,060,365
264
\n
NUMBER OF ORDINARY SHARES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 31 December
\u00a0
2024
\u00a0 \u00a0
2025
\u00a0
Shares in
\u00a0 \u00a0
Shares in
\u00a0
issue net of
\u00a0 \u00a0
issue net of
\u00a0
treasury
Shares in
Treasury
treasury
\u00a0
shares*
issue
shares
shares*
\u00a0
(millions)
(millions)
(millions)
(millions)
At start of yea
r
1,881.5
1,880.8
(24.9)
1,855.9
Issue of ordinary shares
2.9
2.2
-
2.2
Repurchase of ordinary shares
(28.9)
-
(39.5)
(39.5)
Net release of shares by the employee benefit trust
0.4
-
0.4
0.4
Cancellation of ordinary shares
-
(55.0)
55.0
-
At end of year
1,855.9
1,828.1
(9.0)
1,819.1
\n
* At 31 December 2025 the total shares in issue net of treasury shares is 1,819,061,446 (2024: 1,855,941,895).
All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for the shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
The issue of ordinary shares in the year relates to the exercise of share options.
During the year, RELX PLC repurchased 39.5m (2024: 28.9m; 2023: 30.9m) ordinary shares for an average price of 3,797p.
Total consideration for these repurchased shares was \u00a31,500m (2024: \u00a31,000m; 2023: \u00a3800m). On 5 December 2025, RELX PLC
announced a non-discretionary programme to repurchase further ordinary shares up to the value of \u00a3250m. At 31 December 2025,
an accrual of \u00a3250m was recognised in respect of this non-discretionary commitment. A further 8.8m RELX PLC ordinary shares
have been repurchased in January and February 2026 under this programme.
The Employee Benefit Trust purchases RELX PLC shares which, at the trustees\u2019 discretion, can be used in respect of the exercise
of share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust
purchased 1.9m shares for a total cost of \u00a376m (2024: \u00a375m; 2023: \u00a350m). At 31 December 2025, shares held by the Employee
Benefit Trust were \u00a3153m (2024: \u00a3139m; 2023: \u00a3117m) at cost.
During 2025, 55m (2024: 29m) ordinary shares held in treasury were cancelled.
At 31 December 2025, RELX PLC shares held in treasury related to 4,891,047 (2024: 5,295,154; 2023: 5,663,529) ordinary shares
held by the Employee Benefit Trust; and 4,107,872 (2024: 19,607,670; 2023: 19,712,193) ordinary shares held by the parent company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "23 Share capital and shares held in treasury
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
Share premium is the excess of the consideration received over the nominal value of the shares issued.
Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
RELX PLC
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CALLED UP SHARE CAPITAL \u2013 ORDINARY SHARES OF UK 14
\u2075\u00b9/\u2081\u2081\u2086
PENCE EACH
\u00a0
2024
\u00a0
2025
ALLOTTED, ISSUED AND FULLY PAID
No. of shares
GBPm
No. of shares
GBPm
At start of year
1,906,907,605
275
1,880,844,719
272
Issue of ordinary shares
2,937,114
-
2,215,646
-
Cancellation of ordinary shares
(29,000,000)
(3)
(55,000,000)
(8)
At end of yea
r
1,880,844,719
272
1,828,060,365
264
\n
NUMBER OF ORDINARY SHARES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 31 December
\u00a0
2024
\u00a0 \u00a0
2025
\u00a0
Shares in
\u00a0 \u00a0
Shares in
\u00a0
issue net of
\u00a0 \u00a0
issue net of
\u00a0
treasury
Shares in
Treasury
treasury
\u00a0
shares*
issue
shares
shares*
\u00a0
(millions)
(millions)
(millions)
(millions)
At start of yea
r
1,881.5
1,880.8
(24.9)
1,855.9
Issue of ordinary shares
2.9
2.2
-
2.2
Repurchase of ordinary shares
(28.9)
-
(39.5)
(39.5)
Net release of shares by the employee benefit trust
0.4
-
0.4
0.4
Cancellation of ordinary shares
-
(55.0)
55.0
-
At end of year
1,855.9
1,828.1
(9.0)
1,819.1
\n
* At 31 December 2025 the total shares in issue net of treasury shares is 1,819,061,446 (2024: 1,855,941,895).
All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for the shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
The issue of ordinary shares in the year relates to the exercise of share options.
During the year, RELX PLC repurchased 39.5m (2024: 28.9m; 2023: 30.9m) ordinary shares for an average price of 3,797p.
Total consideration for these repurchased shares was \u00a31,500m (2024: \u00a31,000m; 2023: \u00a3800m). On 5 December 2025, RELX PLC
announced a non-discretionary programme to repurchase further ordinary shares up to the value of \u00a3250m. At 31 December 2025,
an accrual of \u00a3250m was recognised in respect of this non-discretionary commitment. A further 8.8m RELX PLC ordinary shares
have been repurchased in January and February 2026 under this programme.
The Employee Benefit Trust purchases RELX PLC shares which, at the trustees\u2019 discretion, can be used in respect of the exercise
of share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust
purchased 1.9m shares for a total cost of \u00a376m (2024: \u00a375m; 2023: \u00a350m). At 31 December 2025, shares held by the Employee
Benefit Trust were \u00a3153m (2024: \u00a3139m; 2023: \u00a3117m) at cost.
During 2025, 55m (2024: 29m) ordinary shares held in treasury were cancelled.
At 31 December 2025, RELX PLC shares held in treasury related to 4,891,047 (2024: 5,295,154; 2023: 5,663,529) ordinary shares
held by the Employee Benefit Trust; and 4,107,872 (2024: 19,607,670; 2023: 19,712,193) ordinary shares held by the parent company.
24 Other reserves and translation reserve
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Translation
Hedge
Other
\u00a0
\u00a0
Total
reserve
reserve
reserves
Total
\u00a0
2024
2025
2025
2025
2025
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
At start of yea
r
2,180
567
21
1,738
2,326
Profit attributable to shareholders
1,934
-
-
2,065
2,065
Dividends paid
(1,121)
-
-
(1,181)
(1,181)
Actuarial gains on defined benefit pension schemes
43
-
-
5
5
Fair value movements on cash flow hedges
11
-
55
-
55
Transfer to profit from cash flow hedge reserve
(20)
-
(36)
-
(36)
Tax recognised in other comprehensive income
(8)
-
(5)
(3)
(8)
Exchange differences on translation of foreign operations
175
(438)
-
-
(438)
Cancellation of shares
(850)
-
-
(1,922)
(1,922)
Increase in share based remuneration reserve (including tax)
79
-
-
79
79
Settlement of share awards
(53)
-
-
(62)
(62)
Acquisition of non
\u2010
controlling interests
(44)
-
-
(22)
(22)
At end of yea
r
2,326
129
35
697
861
\n
The closing balance of other reserves in the consolidated statement of changes in equity of \u00a3732m (2024: \u00a31,759m) is comprised of
the hedge reserve \u00a335m (2024: \u00a321m); and other reserves \u00a3697m (2024: \u00a31,738m).
Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during
the period include the effects of profits generated during the period, share repurchases, changes in exchange rates and other
items. Dividends paid during 2025 were \u00a31,181m (2024: \u00a31,121m). Refer to note 13 for further details.
55m (2024: 29m) ordinary shares held in treasury were cancelled resulting in a transfer of \u00a31,922m between other reserves and
shares held in treasury.
The decrease of \u00a3438m in the translation reserve is due to the net effect of changes in exchange rates during the period which
decreased net debt by \u00a395m and decreased assets (net of other liabilities) by \u00a3533m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00652": { "value": "Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
Share premium is the excess of the consideration received over the nominal value of the shares issued.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00653": { "value": "Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "24 Other reserves and translation reserve \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Translation
Hedge
Other
\u00a0
\u00a0
Total
reserve
reserve
reserves
Total
\u00a0
2024
2025
2025
2025
2025
\u00a0
GBPm
GBPm
GBPm
GBPm
GBPm
At start of yea
r
2,180
567
21
1,738
2,326
Profit attributable to shareholders
1,934
-
-
2,065
2,065
Dividends paid
(1,121)
-
-
(1,181)
(1,181)
Actuarial gains on defined benefit pension schemes
43
-
-
5
5
Fair value movements on cash flow hedges
11
-
55
-
55
Transfer to profit from cash flow hedge reserve
(20)
-
(36)
-
(36)
Tax recognised in other comprehensive income
(8)
-
(5)
(3)
(8)
Exchange differences on translation of foreign operations
175
(438)
-
-
(438)
Cancellation of shares
(850)
-
-
(1,922)
(1,922)
Increase in share based remuneration reserve (including tax)
79
-
-
79
79
Settlement of share awards
(53)
-
-
(62)
(62)
Acquisition of non
\u2010
controlling interests
(44)
-
-
(22)
(22)
At end of yea
r
2,326
129
35
697
861
\n
The closing balance of other reserves in the consolidated statement of changes in equity of \u00a3732m (2024: \u00a31,759m) is comprised of
the hedge reserve \u00a335m (2024: \u00a321m); and other reserves \u00a3697m (2024: \u00a31,738m).
Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during
the period include the effects of profits generated during the period, share repurchases, changes in exchange rates and other
items. Dividends paid during 2025 were \u00a31,181m (2024: \u00a31,121m). Refer to note 13 for further details.
55m (2024: 29m) ordinary shares held in treasury were cancelled resulting in a transfer of \u00a31,922m between other reserves and
shares held in treasury.
The decrease of \u00a3438m in the translation reserve is due to the net effect of changes in exchange rates during the period which
decreased net debt by \u00a395m and decreased assets (net of other liabilities) by \u00a3533m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "value": "25 Related party transactions
Transactions with related parties were made in the normal course of business.
Transactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements.
Transactions with joint ventures and associates comprise sales of goods and services of \u00a324.4m (2024: \u00a323.3m; 2023: \u00a317.4m). As
at 31 December 2025, amounts owed by joint ventures and associates were \u00a38.0m (2024: \u00a36.6m; 2023: \u00a36.6m) and amounts due to
joint ventures and associates were \u00a34.7m (2024: \u00a31.6m; 2023: \u00a32.3m). See note 6 for details of the Group\u2019s participation in defined
benefit pension schemes.
Key management personnel are also related parties as defined by IAS 24 \u2013 Related Party Disclosures and comprise the Executive
and Non-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes,
salary, benefits and annual incentive payments are considered short-term employee benefits.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
KEY MANAGEMENT PERSONNEL REMUNERATION
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Salaries, other short-term employee benefits and non-executive fees
8
8
8
Share based remuneration*
14
14
11
Total
22
22
19
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
EXECUTIVE DIRECTORS
\u00a0 \u00a0 \u00a0
Annual
Share based
\u00a0 \u00a0
\u00a0 \u00a0
Salary
Benefits
incentive
remuneration*
Pension*
Total
\u00a0 \u00a0
GBP\u2019000
GBP\u2019000
GBP\u2019000
GBP\u2019000
GBP\u2019000
GBP\u2019000
Total Executive Directors
2023
2,190
97
3,808
14,354
241
20,690
\u00a0
2024
2,245
109
3,576
14,322
247
20,499
\u00a0
2025
2,360
116
3,810
11,016
260
17,562
\n
* The figures for share based awards are calculated in accordance with the methodology set out in the UK adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International Accounting Standards Board. The
figure for performance-related share based awards includes share price appreciation since the date the award was granted. Please see page 105 for further
details. The pension value is calculated in accordance with the methodology set out in the UK Regulations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
NON-EXECUTIVE DIRECTORS
GBP\u2019000
GBP\u2019000
GBP\u2019000
Fees and benefits
1,566
1,781
1,812
\n
The remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in
respect of filings resulting from their directorships. No deemed benefits were provided during 2025 to former directors (2024: nil;
2023: nil). No loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive
Directors on the exercise of options during 2025 were \u00a32.8m (2024: \u00a311.7m; 2023: \u00a36.7m).28 Related undertakings
A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) as at
31 December 2025 is set out below. Unless where otherwise stated, all undertakings are held indirectly by RELX PLC, and the
effective interest held by the Group is 100%.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Reg
Company name
class
office
Australia
\u00a0\u00a0
Express VOI Pty Ltd
Ordinary
AUS2
Halkin Capital SPV 19 Pty Ltd
Ordinary
AUS2
IDVerse Pty Ltd
Ordinary
AUS2
LNRS Data Services (Australia) Pty Ltd
Ordinary
AUS1
OCR LABS APAC Holdings Pty Ltd
Ordinary
AUS2
OCR Labs ANZ Pty Ltd
Ordinary
AUS2
OCR Labs Global (Aus) Pty Ltd
Ordinary
AUS2
OCR Labs IDKit Pty Ltd
Ordinary
AUS2
OCR Labs IDVaaS Pty Ltd
Ordinary
AUS2
OCR Labs Pty Ltd
Ordinary
AUS2
RX Australia Pty Ltd
Ordinary
AUS1
RELX Holdings Australia Pty Ltd
Ordinary
AUS1
RELX Trading Australia Pty Limited
Ordinary
AUS1
Austria
\u00a0\u00a0
RELX Austria GmbH
Ordinary
AUT1
LexisNexis Verlag ARD ORAC GmbH
Ordinary
AUT1
Belgium
\u00a0\u00a0
LexisNexis B.V.
Ordinary
BEL1
Henchman B.V.
Ordinary
BEL2
Brazil
\u00a0\u00a0
Elsevier Editora Limitada
Quotas
BRA1
Gestora de Inteligencia de Credito S.A. (20%)
5
Preferred, Ordinary
BRA6
LexisNexis Informa\u00e7\u00f5es e Sistemas Empresariais Limitada
Quotas
BRA4
LexisNexis Servi\u00e7os de An\u00e1lise de Risco Limitada
Quotas
BRA5
MLex Brasil M\u00eddia Mercadol\u00f3gica Limitada
Quotas
BRA3
Reed Exhibitions Alc\u00e2ntara Machado Limitada
Quotas
BRA2
Canada
\u00a0\u00a0
Corps Events IntCan.
Class A Voting
CAN3
Elsevier Canada Inc.
Class A Common
CAN2
LexisNexis Canada Inc.
Class B Voting
CAN1
PCLaw Time Matters Canada Inc. (51%)
5
Common
CAN4
China
\u00a0\u00a0
Bakery China Exhibitions Co., Limited (25%)
6
Ordinary
CHN1
Beijing Medtime Elsevier Education Technology Co., Limited
Common
CHN2
(49%)
5
\u00a0\u00a0
Beijing Reed Elsevier Science and Technology Co Ltd
1
Common
CHN19
C-One Energy (Guangzhou) Co., Limited
Ordinary
CHN5
Jingxunlingsi (Beijing) Information Technology Co Ltd
1
Ordinary
CHN4
KeAi Communications Co., Limited (49%)
5
Ordinary
CHN15
LexisNexis Information Technology Co. Limited
Ordinary
CHN4
LNRS Data Services (Greater China) Co. Ltd
Ordinary
CHN10
LexisNexis Risk Solutions (Shanghai) Information
Registered Capital
CHN7
Technologies Co Limited
\u00a0\u00a0
LNRS Data Services (Shanghai) Co Limited
Ordinary
CHN13
Reed Elsevier Information Technology (Beijing) Co Limited
Common
CHN3
Reed Exhibitions (China) Co., Limited
Ordinary
CHN4
Reed Exhibitions Hengjin Co., Limited (51%)
5
Ordinary
CHN12
Reed Exhibitions Kuozhan (Shanghai) Co., Limited (60%)
Ordinary
CHN8
Reed Huabai Exhibitions (Beijing) Co., Limited (51%)
5
Ordinary
CHN4
Reed Huaqun Exhibitions Co., Limited (52%)
Ordinary
CHN4
Reed Sinopharm Exhibitions Co., Limited (50%)
6
Ordinary
CHN4
RX (China) Investment Co., Limited
Ordinary
CHN9
RX Huabo Exhibitions (Shenzhen) Co., Limited (65%)
Ordinary
CHN16
RX Huabo (Shenzhen) Technology Co. Limited
1
Ordinary
CHN16
RX (Shenzhen) Co., Limited
Ordinary
CHN6
RX Technology (Shanghai) Co. Limited
1
Ordinary
CHN18
Shanghai Datong Medical Information Technology Co.,
Ordinary
CHN17
Limited
\u00a0\u00a0
Shanghai SinoReal Exhibitions Co., Limited (27.5%)
6
Ordinary
CHN11
Z&R Exhibitions Co., Limited (27.5%)
6
Ordinary
CHN14
Colombia
\u00a0\u00a0
LexisNexis Risk Solutions SAS
Ordinary
COL1
Denmark
\u00a0\u00a0
Elsevier A/S
Ordinary
DNK1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Reg
Company name
class
office
Egypt
\u00a0\u00a0
Elsevier Egypt LLC
Ordinary
EGY1
France
\u00a0\u00a0
Elsevier Holding France SAS
Ordinary
FRA1
Elsevier Masson SAS
Ordinary
FRA1
Fircosoft SAS
Ordinary
FRA6
GIE EDI Data (83%)
(in liquidation)
Ordinary
FRA2
LexisNexis Business Information Solutions SA
Ordinary
FRA2
LexisNexis Business Information Solutions Holding SA
Ordinary
FRA4
LexisNexis SA
Ordinary
FRA2
RELX France SAS
Ordinary
FRA3
RELX France Services SAS
Ordinary
FRA6
RX France SAS
Ordinary
FRA3
SAFI Salon Fran\u00e7ais et Internationaux SA (50%)
6
Ordinary
FRA5
Germany
\u00a0\u00a0
Elsevier GmbH
Ordinary
DEU2
LexisNexis GmbH
Ordinary
DEU3
LexisNexis Intellectual Property Solutions GmbH
Ordinary
DEU5
RELX Deutschland GmbH
Ordinary
DEU1
RX Deutschland GmbH
Ordinary
DEU6
Tschach Solutions GmbH
Ordinary
DEU4
Hong Kong
\u00a0\u00a0
JC Exhibition and Promotion Limited (65%)
Ordinary
HNK4
JYLN Sager Limited
Ordinary
HNK2
LNRS Data Services (China) Limited
Ordinary
HNK1
Reed Exhibitions Limited
Ordinary
HNK4
RELX (Greater China) Limited
Ordinary
HNK3
India
\u00a0\u00a0
Reed Elsevier Publishing (India) Private Limited
Ordinary
IND1
Reed Manch Exhibitions Private Limited
Ordinary
IND1
Reed Triune Exhibitions Private Limited
Ordinary
IND1
RELX India Private Limited
Ordinary
IND1
Indonesia
\u00a0\u00a0
PT Reed Exhibitions Indonesia (70%)
4
Series A, Series B
IDN1
PT RELX Information Analytics Indonesia
Common
IDN2
Irish Republic
\u00a0\u00a0
Elsevier (Ireland) Limited
Ordinary
IRL2
LexisNexis Risk Solutions (Europe) Limited
Ordinary
IRL1
RELX International Finance Designated Activity Company
Ordinary
IRL1
Israel
\u00a0\u00a0
LexisNexis Israel Ltd.
Ordinary
ISR1
Italy
\u00a0\u00a0
Elsevier S.R.L
Registered Capital
ITA1
ICIS Italia S.R.L
Quotas
ITA2
RX Italy S.R.L
Ordinary
ITA1
Japan
\u00a0\u00a0
Elsevier Japan KK
Ordinary
JPN1
LexisNexis Japan KK
Ordinary
JPN2
RX Japan Ltd
Ordinary
JPN2
Kingdom of Saudi Arabia
\u00a0\u00a0
RX Arabia LLC
Ordinary
KSA1
Korea (Republic of)
\u00a0\u00a0
Elsevier Korea LLC
Ordinary
KOR1
LexisNexis Legal and Professional Service Korea Limited
Ordinary
KOR1
Reed Exhibitions Korea Limited
Ordinary
KOR2
Reed Exporum Limited (60%)
Ordinary
KOR3
Reed K. Fairs Limited (70%)
Ordinary
KOR4
Macau
\u00a0\u00a0
Reed Exhibitions Macau Limited
Ordinary
MAC1
\n\n \n
Share
Reg
Company name
class
office
Malaysia
LexisNexis Malaysia Sdn Bhd
Ordinary
MYS1
Mexico
Human API Technologies, S. de R.L. de C.V.
Fixed
MEX2
Masson-Doyma Mexico, S.A.
Ordinary
MEX1
Reed Exhibitions Mexico S.A. de C.V.
Fixed
MEX1
Netherlands
AGRM Solutions C.V.
Partnership Interest
NLD1
Caselex B.V.
Ordinary
NLD1
Elsevier B.V.
Ordinary
NLD1
ICIS Benchmarking Europe B.V.
Ordinary
NLD1
LexisNexis Business Information Solutions B.V.
Ordinary
NLD1
LNRS Data Services B.V.
Ordinary
NLD1
RELX Employment Company B.V.
Ordinary
NLD1
RELX Finance B.V.
Ordinary
NLD1
RELX Holdings B.V.
3
Ordinary
NLD1
RELX Nederland B.V.
Ordinary
NLD1
RELX Overseas B.V.
Ordinary RE
NLD1
New Zealand
LexisNexis NZ Limited
Ordinary
NZL1
Philippines
Reed Elsevier Shared Services (Philippines) Inc.
Common
PHL1
Poland
AI Digital Contracts Sp. z.o.o.
Ordinary
POL1
Elsevier Sp. z.o.o.
Ordinary
POL2
Singapore
Elsevier (Singapore) Pte Limited
Ordinary
SGP1
OCR Labs Pte Limited
Ordinary
SGP3
LNRS Data Services Pte Limited
Ordinary
SGP1
RE (HAPL) Pte Limited
(in strike off)
Ordinary
SGP1
RELX (Singapore) Pte Limited
Ordinary
SGP2
South Africa
LexisNexis (Pty) Limited (78%)
Ordinary
ZAF1
LexisNexis Risk Management (Pty) Limited (78%)
Ordinary
ZAF1
LexisNexis South Africa Shared Services (Pty) Limited
Ordinary
ZAF1
Reed Events Management (Pty) Limited (90%)
Ordinary
ZAF1
Reed Exhibitions (Pty) Limited (90%)
Ordinary
ZAF1
Reed Exhibitions Group (Pty) Limited (90%)
Ordinary
ZAF1
Reed Venue Management (Pty) Limited (90%)
Ordinary
ZAF1
RELX (Pty) Limited
Ordinary
ZAF1
Spain
Elsevier Espana S.L.U
Participations
ESP1
Sweden
Behaviometrics AB
A, B, and C shares
SWE1
Taiwan
Elsevier Taiwan LLC
Ordinary
TWN1
Thailand
RX BITEC (Thailand) Co., Ltd (64%)
Ordinary
THA1
RELX Holding (Thailand) Co., Limited
Ordinary
THA2
RELX Information Analytics (Thailand) Co., Limited
Ordinary
THA3
RX Holding (Thailand) Co., Limited (40%)
5
A Ordinary,
B Preference THA4
Turkey
Elsevier STM Bilgi Hizmetleri Limited Sirketi
Ordinary
TUR1
OCR Labs Turkey Teknoloji \u00c7\u00f6z\u00fcmleri Ticaret Limited
Ordinary
TUR3
\u015e
irketi
(in liquidation)
Reed Tuyap Fuarcilik A.S. (50%)
4 6
A Ordinary, B Ordinary
TUR2
United Arab Emirates
Reed Exhibitions FZ-LLC
Ordinary
UAE1
RELX Middle East FZ-LLC
Ordinary
UAE2
United Kingdom
Aistemos Limited
Ordinary
GBR3
Butterworths Limited
Ordinary
GBR3
Cordery Compliance Limited (71%)
Ordinary
GBR3
\n\n \n
Share
Reg
Company name
class
office
Crediva Limited
Ordinary
GBR4
Elsevier Limited
Ordinary
GBR5
LexisNexis Risk Solutions UK Limited
Ordinary
GBR4
LNRS Data Services Limited
Ordinary
GBR1
Mack-Brooks Exhibitions Limited
Ordinary
GBR2
MLex Limited
Ordinary
GBR3
OCR Labs Global Limited
Ordinary
GBR1
Offshore Europe (Management) Limited
Ordinary
GBR2
Offshore Europe Partnership (50%)
Partnership Interest
GBR2
RE (RCB) Limited
Ordinary
GBR1
RE Secretaries Limited
Ordinary
GBR1
RE (SOE) Limited
Ordinary
GBR2
Reed Events Limited
Ordinary
GBR2
Reed Exhibitions Limited
Ordinary
GBR2
RELX Finance Limited
Ordinary
GBR1
RELX Group plc
2
Ordinary
GBR1
RELX (Holdings) Limited
Ordinary
GBR1
RELX (Investments) plc
Ordinary
GBR1
RELX Overseas Holdings Limited
Ordinary
GBR1
RELX (UK) Limited
Ordinary
GBR1
REV GP (UK) LLP (50%)
Membership Interest
GBR1
REV Venture Partners Limited
Ordinary
GBR1
REV V LP
Partnership Interest
GBR1
REV VI LP
Partnership Interest
GBR1
Tracesmart Limited
Ordinary
GBR4
United States
Accuity Asset Verification Services Inc.
Common Stock
USA1
American Textile Machinery Exhibition-International,
Common Stock
USA2
Inc. (40%)
5
Aries Systems Corporation
Common Stock
USA2
Blue Sky Regulatory Solutions LLC
Common Stock
USA9
Dunlap-Hanna Publishers (50%)
6
Partnership Interest
USA8
Elsevier Holdings Inc.
Common Stock
USA3
Elsevier Inc.
Common Stock
USA2
Elsevier STM Inc.
Common Stock
USA3
Enclarity, Inc.
Common Stock
USA1
Gaming Business Asia, LLC (50%)
6
Membership Interest
USA2
Health Market Science, Inc.
Common Stock
USA1
HumanAPI Inc.
Common Stock
USA1
ID Analytics, LLC
Common Stock
USA1
Knovel Corporation
Common Stock
USA2
Knowable Inc
Common Stock
USA4
Legal InQuery Solutions Inc.
Common Stock
USA4
LexisNexis Claims Solutions Inc.
Common Stock
USA1
LexisNexis Coplogic Solutions Inc.
Common Stock
USA1
LexisNexis of Puerto Rico, Inc.
Common Stock
USA6
LexisNexis Risk Data Management, LLC
Membership Interest
USA1
LexisNexis Risk Holdings Inc.
Common Stock
USA1
LexisNexis Risk Solutions Inc.
Common Stock
USA1
LexisNexis Risk Solutions FL Inc.
Common Stock
USA1
LexisNexis Special Services Inc.
Common Stock
USA10
LexisNexis VitalChek Network Inc.
Common Stock
USA1
LNRS Data Services Inc.
Common Stock
USA1
Matthew Bender & Company, Inc.
Common Stock
USA2
MLex US, Inc.
Common Stock
USA2
OCR Labs Global (USA) Inc
Common Stock
USA1
PCLaw Time Matters LLC (51%)
6
Membership Interest
USA7
Portfolio Media, Inc.
Common Stock
USA2
Reed Technology and Information Services LLC
Membership Interest
USA2
RELX Capital Inc.
Common Stock
USA3
RELX Inc.
Common Stock
USA2
RELX Risks Inc.
Common Stock
USA5
REV IV Partnership LP
Partnership Interest
USA3
SAFI Americas LLC (50%)
6
Membership Interest
USA2
SageStream, LLC
Membership Interest
USA1
The Reed Elsevier Ventures 2011 Partnership LP
Partnership Interest
USA3
The Reed Elsevier Ventures 2013 Partnership LP
Partnership Interest
USA3
The Remick Publishers (50%)
6
Partnership Interest
USA2
ThreatMetrix, Inc.
Common Stock
USA8
World Compliance, Inc.
Common Stock
USA1
Vietnam
Reed Exhibitions Vietnam Limited Liability Company (64%)
Ordinary
VIE1
\n\n \n
Registered offices
Australia
AUS1:
Tower 2, 475 Victoria Avenue, Chatswood NSW 2067
AUS2:
LexisNexis Risk Solutions, 201 Pacific Highway, Suite 4.03, Level 4, St
Leonards
Austria
AUT1:
Trabrennstrasse 2A, 1020 Wien
Belgium
BEL1:
Oudenaardseheerweg 129, 9810 Nazareth
BEL2:
Moutstraat 64, bus 502, 9000 Ghent, Belgium
Brazil
BRA1:
Av. Almirante Barroso 81, Sala 33A114, Rio de Janeiro, 20031-004
BRA2:
Rua Bela Cintra no. 1200, 10th floor, Sao Paulo, 01415-002
BRA3:
Avenida Paulista 2300, Andar Pilotis, Sao Paulo, SP 01 310-300
BRA4:
Rua Funchal, 538, 4\u00ba Andar, Conj. 42, Salas 4, 5 e 6, Vila Ol\u00edmpia, Sao Paulo,
04551-060
BRA5:
Alameda Rio Negro, 161, conjunto 704, Alphaville Industrial, Barueri, S\u00e3o
Paulo, 06464-000
BRA6:
Alameda Araguaia, 2104, conjuntos 81A a 84A, Alphaville Industrial, Barueri,
S\u00e3o Paulo, 06455-000
Canada
CAN1:
111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1
CAN2:
500-4428 boul. Saint-Laurent Montr\u00e9al (Qu\u00e9bec) H2W 1Z5
CAN3:
555 Richmond Street West, Suite 405, Toronto ON M5V 3B1
CAN4:
199 Bay Street, 4000, Toronto, Ontario, M5L 1A9
China
CHN1:
Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan
District, Beijing, 100044
CHN2:
Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
District, Beijing, 100191
CHN3:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7,
Dong Cheng District, Beijing, 100738
CHN4:
Ping An International Finance Centre, Room 1504-1505, 15th Floor,
Tower A-101, 3-24 Floor, Xinyuan South Road, Chaoyang District, Beijing,
100027
CHN5:
Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe
District Guangzhou
CHN6:
Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District,
Shenzhen
CHN7:
Unit A-1, 5th Floor, No. 567, Tianshan West Road, Changning District,
Shanghai
CHN8:
Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
200070
CHN9:
Room 319, 238 Jiangchangsan Road, Jing\u2019an District, Shanghai
CHN10:
Unit D-4, 8th Floor, No. 567 Tianshan West Road, Changning District
CHN11:
Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
Chongming County, Shanghai
CHN12:
Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District,
Shanghai, 200000
CHN13:
Unit D-2, 8th Floor, No 567 Tianshan West Road, Changning District,
Shanghai
CHN14:
A0208, 1st Floor, Building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
District, Beijing
CHN15:
16 Donghuangchenggen North Street, Beijing, 100717
CHN16:
Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
CHN17:
5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
District, Shanghai, 200335
CHN18:
Room 726, 1256-1258 Wan Rong Road, Jing An District, Shanghai
CHN19:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit
12C,
Dong Cheng District, Beijing, 100738
Colombia
COL1:
Philippe Prietocarrizosa & Uria Abogados, Carrera 9
No. 74-08
Oficina 105,
Bogota, d.c., 76600
Denmark
DNK1:
Niels Jernes Vej 10, 9220, Aalborg East
Egypt
EGY1:
Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th
Settlement, New Cairo, Cairo
\n\n \n
Registered offices
France
FRA1:
65 Rue Camille Desmoulins, 92130, Issy les Moulineaux
FRA2:
141 rue de Javel, 75015, Paris
FRA3:
52 Quai de Dion Bouton, 92800, Puteaux
FRA4:
Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes
FRA5:
6-8 rue Chaptal, 75009, Paris
FRA6:
Immeuble Vivacity, 151-155 rue de Bercy, 75012, Paris
Germany
DEU1:
Volklinger Strasse 4, 40219, Dusseldorf
DEU2:
Bernhard-Wicki-Strasse 3/5 80636 M\u00fcnchen
DEU3:
Heerdter Sandberg 30, 40549, Dusseldorf
DEU4:
Stephanienstrasse 86, 76133 Karlsruhe
DEU5:
Joseph-Schumpeter-Allee 33, 53227, Bonn
DEU6:
Johannstrasse 1, 40476 D\u00fcsseldorf
Hong Kong
HNK1:
Room 1917, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay
HNK2:
Flat 1019B, 10/F, Liven House, No. 61-63 King Yip Street, Kwun Tong,
Kowloon
HNK3:
11/F Oxford House, Taikoo Place, 979 King\u2019s Road, Quarry Bay
HNK4:
17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay
India
IND1:
818, 8th Floor, Indraprakash Building, 21 Barakhamba Road, New Delhi,
Delhi, 110001
Indonesia
IDN1:
APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol,
Pertamburan Jakarta Barat 11470
IDN2:
Gedung World Trade Center, 3 Lt. 20 Spaces JL Jend Sudirman Kav 29-31,
Karet Kuningan, Setiabudi,Kota Adm. Jakarta Selatan, DKI Jakarta 12940
Irish Republic
IRL1:
Riverside One, Sir John Rogerson\u2019s Quay, Dublin 2, DO2 X576
IRL2:
4th Floor, South Block, Rockfield Central, Dundrum, Dublin, D16 R6VO
Israel
ISR1:
Meitar, Attorneys at Law, 16 Abba Hillel Road, Ramat Gan 5250608
Italy
ITA1:
Via Marostica 1, 20146, Milan
ITA2:
Studio Colombo e Associati, Via San Damiano 9, 20122, Milan
Japan
JPN1:
1-9-15 Higashi-Azabu, Minato-Ku Tokyo 106-0044
JPN2:
11F, Yaesu Central Tower, Tokyo Midtown Yaesu, 2-2-1 Yaesu Chuo-ku,
Tokyo 104-0028
Kingdom of Saudi Arabia
KSA1:
Riyadh, Financial Boulevard 13519, Al Aqeeq District
Korea (Republic of)
KOR1:
206 Noksapyeong-daero, Yongsan-gu, 140-861, Seoul
KOR2:
1622-24 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul
KOR3:
Story 2003 Bldg, 5, Baekjegobun-ro 9-gil, Songpa-gu, Seoul, 05561, Republic
of Korea
KOR4:
1602-03 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul, Korea
Macau
MAC1:
Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar,
Bloco K
Malaysia
MYS1:
Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical,
59200 Bangsar South City, Kuala Lumpur
Mexico
MEX1:
Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City,
06500
MEX2:
Av. Real de Acueducto #240 N\u00f9mero Interior 181, interior D, piso 18 , Col.
Puerta de Hierro, Zapopan, Jalisco
Netherlands
NLD1:
Radarweg 29, 1043 NX Amsterdam
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Registered offices
\u00a0
New Zealand
\u00a0
NZL1:
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
Philippines
\u00a0
PHL1:
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue,
\u00a0
Quezon City, Metro Manila, 1101
Poland
\u00a0
POL1:
Plac Grunwaldzki 23-27, 50-365 Wroclaw
POL2:
Al. JJana Pawla II, 22, 00-133, Warszawa
Singapore
\u00a0
SGP1:
3 Killiney Road, #08-01, Winsland House 1, 239519
SGP2:
9 Raffles Place, #26-01, Republic Plaza, 048619
SGP3:
21 Tan Quee Lan Street, #02-04, Heritage Place, 188108
South Africa
\u00a0
ZAF1:
Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead,
\u00a0
Gauteng, 2191
Spain
\u00a0
ESP1:
C/ Josep Tarradellas 20-30, 1\u00ba / 20029, Barcelona
Sweden
\u00a0
SWE1:
Aurorum 8, 977 75 Lulea
Taiwan
\u00a0
TWN1:
RM. N905, 9/F, No.96, Zhong Shan N. Road SEC.2, Taipei,10449
Thailand
\u00a0
THA1:
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom,
\u00a0
Bangrak, Bangkok, 10500
THA2:
14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey,
\u00a0
Klongtoey, Bangkok, 10110
THA3:
The Offices at Central World, Office R06, 999/9 Rama I Road, Pathumwan,
\u00a0
Bangkok 10330
THA4:
No. 99, OSC Building, 4th Floor, Room No. S-01, Moo 5, KingKaeo Road,
\u00a0
Racha Thewa Sub-district
\u00a0
Bang Phli District, Samut Prakan Province
Turkey
\u00a0
TUR1:
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
TUR2:
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mah. Hadimkoy Yolu Cad. No:9/4
\u00a0
, 34500 Buyukcekmece, Istanbul
TUR3:
Maslak Mah. Sumer Sok. Ayazaga Is Merkezi Sitesi B. Blok No:1B, Ic Kapi
\u00a0
No:3, Sariyer, Istanbul
United Arab Emirates
\u00a0
UAE1:
Office 303, 3rd Floor Arjaan Office Tower Al Sufouh Complex, PO Box 502425,
\u00a0
Dubai Media City, Dubai
UAE2:
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai
United Kingdom
\u00a0
GBR1:
1-3 Strand, London, WC2N 5JR
GBR2:
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
GBR3:
Lexis House, 30 Farringdon Street, London, EC4A 4HH
GBR4:
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
GBR5:
125 London Wall, London, EC2Y 5AS
United States
\u00a0
USA1:
1000 Alderman Dr., Alpharetta, GA 30005
USA2:
230 Park Ave, New York, NY 10169
USA3:
Suite 501, 1105 North Market St, Wilmington, DE 19801
USA4:
9443 Springboro Pike, Miamisburg, OH 45342
USA5:
c/o Aon Insurance Managers (USA) Inc, 100 Bank Street, Suite 630
\u00a0
Burlington, Vermont 05401
USA6:
#1095 Wilson, Ste 3, San Juan, PR 00907
USA7:
2235 Gateway Access Point, Suite 300, Raleigh, NC, 27607
USA8:
101 Park Avenue, 24th Floor, New York, NY 10178
USA9:
50 Hampshire Street, Cambridge MA 02139
USA10:
1775 Greensboro Station Drive , Suite 425E, McLean VA 22102
Vietnam
\u00a0
VIE1:
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
\u00a0
District. Binh Thanh, Ho Chi Minh City
\n
1
Nominee companies controlled by the Group based on management's
assessments
2
Directly held by the Company
3
Undertakings that hold shares in itself
4
Undertakings with other share classes held by third parties
5
Associated Undertaking
6
Joint Venture
The Group operates a branch in Qatar
The following UK subsidiaries will take advantage of the audit
exemption set out within Section 479A of the Companies Act
2006 supported by guarantees issued by RELX PLC over their
liabilities for the year ended 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company name
Registration number
Aistemos Limited
08644182
Butterworths Limited
02826955
Cordery Compliance Limited
07931532
Crediva Limited
06567484
Mack-Brooks Exhibitions Limited
00967560
MLex Limited
05488651
Offshore Europe (Management) Limited
02318214
RE (RCB) Limited
03396524
RE (SOE) Limited
02330299
Reed Events Limited
05893942
RELX (Holdings) Limited
05807690
RELX (Investments) plc
05810043
RELX Overseas Holdings Limited
09489059
REV Venture Partners Limited
04226986
Tracesmart Limited
03827062
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00557": { "value": "25 Related party transactionsKey management personnel are also related parties as defined by IAS 24 \u2013 Related Party Disclosures and comprise the Executive
and Non-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes,
salary, benefits and annual incentive payments are considered short-term employee benefits.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
KEY MANAGEMENT PERSONNEL REMUNERATION
2023
2024
2025
\u00a0
GBPm
GBPm
GBPm
Salaries, other short-term employee benefits and non-executive fees
8
8
8
Share based remuneration*
14
14
11
Total
22
22
19
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
EXECUTIVE DIRECTORS
\u00a0 \u00a0 \u00a0
Annual
Share based
\u00a0 \u00a0
\u00a0 \u00a0
Salary
Benefits
incentive
remuneration*
Pension*
Total
\u00a0 \u00a0
GBP\u2019000
GBP\u2019000
GBP\u2019000
GBP\u2019000
GBP\u2019000
GBP\u2019000
Total Executive Directors
2023
2,190
97
3,808
14,354
241
20,690
\u00a0
2024
2,245
109
3,576
14,322
247
20,499
\u00a0
2025
2,360
116
3,810
11,016
260
17,562
\n
* The figures for share based awards are calculated in accordance with the methodology set out in the UK adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International Accounting Standards Board. The
figure for performance-related share based awards includes share price appreciation since the date the award was granted. Please see page 105 for further
details. The pension value is calculated in accordance with the methodology set out in the UK Regulations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2023
2024
2025
NON-EXECUTIVE DIRECTORS
GBP\u2019000
GBP\u2019000
GBP\u2019000
Fees and benefits
1,566
1,781
1,812
\n
The remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in
respect of filings resulting from their directorships. No deemed benefits were provided during 2025 to former directors (2024: nil;
2023: nil). No loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive
Directors on the exercise of options during 2025 were \u00a32.8m (2024: \u00a311.7m; 2023: \u00a36.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00558": { "value": "26 Exchange rates
The following exchange rates have been applied in preparing the consolidated financial statements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Statement of
\u00a0
Income statement
financial position
\u00a0
2023
2024
2025
2024
2025
Euro to sterling
1.15
1.18
1.17
1.21
1.15
US dollar to sterling
1.24
1.28
1.32
1.25
1.35
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00559": { "value": "27 Approval of financial statements The consolidated financial statements were approved and authorised for issue by the Board of Directors on 11 February 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300WSX3VBUFFJOO66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00560": { "value": "28 Related undertakings
A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) as at
31 December 2025 is set out below. Unless where otherwise stated, all undertakings are held indirectly by RELX PLC, and the
effective interest held by the Group is 100%.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Reg
Company name
class
office
Australia
\u00a0\u00a0
Express VOI Pty Ltd
Ordinary
AUS2
Halkin Capital SPV 19 Pty Ltd
Ordinary
AUS2
IDVerse Pty Ltd
Ordinary
AUS2
LNRS Data Services (Australia) Pty Ltd
Ordinary
AUS1
OCR LABS APAC Holdings Pty Ltd
Ordinary
AUS2
OCR Labs ANZ Pty Ltd
Ordinary
AUS2
OCR Labs Global (Aus) Pty Ltd
Ordinary
AUS2
OCR Labs IDKit Pty Ltd
Ordinary
AUS2
OCR Labs IDVaaS Pty Ltd
Ordinary
AUS2
OCR Labs Pty Ltd
Ordinary
AUS2
RX Australia Pty Ltd
Ordinary
AUS1
RELX Holdings Australia Pty Ltd
Ordinary
AUS1
RELX Trading Australia Pty Limited
Ordinary
AUS1
Austria
\u00a0\u00a0
RELX Austria GmbH
Ordinary
AUT1
LexisNexis Verlag ARD ORAC GmbH
Ordinary
AUT1
Belgium
\u00a0\u00a0
LexisNexis B.V.
Ordinary
BEL1
Henchman B.V.
Ordinary
BEL2
Brazil
\u00a0\u00a0
Elsevier Editora Limitada
Quotas
BRA1
Gestora de Inteligencia de Credito S.A. (20%)
5
Preferred, Ordinary
BRA6
LexisNexis Informa\u00e7\u00f5es e Sistemas Empresariais Limitada
Quotas
BRA4
LexisNexis Servi\u00e7os de An\u00e1lise de Risco Limitada
Quotas
BRA5
MLex Brasil M\u00eddia Mercadol\u00f3gica Limitada
Quotas
BRA3
Reed Exhibitions Alc\u00e2ntara Machado Limitada
Quotas
BRA2
Canada
\u00a0\u00a0
Corps Events IntCan.
Class A Voting
CAN3
Elsevier Canada Inc.
Class A Common
CAN2
LexisNexis Canada Inc.
Class B Voting
CAN1
PCLaw Time Matters Canada Inc. (51%)
5
Common
CAN4
China
\u00a0\u00a0
Bakery China Exhibitions Co., Limited (25%)
6
Ordinary
CHN1
Beijing Medtime Elsevier Education Technology Co., Limited
Common
CHN2
(49%)
5
\u00a0\u00a0
Beijing Reed Elsevier Science and Technology Co Ltd
1
Common
CHN19
C-One Energy (Guangzhou) Co., Limited
Ordinary
CHN5
Jingxunlingsi (Beijing) Information Technology Co Ltd
1
Ordinary
CHN4
KeAi Communications Co., Limited (49%)
5
Ordinary
CHN15
LexisNexis Information Technology Co. Limited
Ordinary
CHN4
LNRS Data Services (Greater China) Co. Ltd
Ordinary
CHN10
LexisNexis Risk Solutions (Shanghai) Information
Registered Capital
CHN7
Technologies Co Limited
\u00a0\u00a0
LNRS Data Services (Shanghai) Co Limited
Ordinary
CHN13
Reed Elsevier Information Technology (Beijing) Co Limited
Common
CHN3
Reed Exhibitions (China) Co., Limited
Ordinary
CHN4
Reed Exhibitions Hengjin Co., Limited (51%)
5
Ordinary
CHN12
Reed Exhibitions Kuozhan (Shanghai) Co., Limited (60%)
Ordinary
CHN8
Reed Huabai Exhibitions (Beijing) Co., Limited (51%)
5
Ordinary
CHN4
Reed Huaqun Exhibitions Co., Limited (52%)
Ordinary
CHN4
Reed Sinopharm Exhibitions Co., Limited (50%)
6
Ordinary
CHN4
RX (China) Investment Co., Limited
Ordinary
CHN9
RX Huabo Exhibitions (Shenzhen) Co., Limited (65%)
Ordinary
CHN16
RX Huabo (Shenzhen) Technology Co. Limited
1
Ordinary
CHN16
RX (Shenzhen) Co., Limited
Ordinary
CHN6
RX Technology (Shanghai) Co. Limited
1
Ordinary
CHN18
Shanghai Datong Medical Information Technology Co.,
Ordinary
CHN17
Limited
\u00a0\u00a0
Shanghai SinoReal Exhibitions Co., Limited (27.5%)
6
Ordinary
CHN11
Z&R Exhibitions Co., Limited (27.5%)
6
Ordinary
CHN14
Colombia
\u00a0\u00a0
LexisNexis Risk Solutions SAS
Ordinary
COL1
Denmark
\u00a0\u00a0
Elsevier A/S
Ordinary
DNK1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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\u00a0
Share
Reg
Company name
class
office
Egypt
\u00a0\u00a0
Elsevier Egypt LLC
Ordinary
EGY1
France
\u00a0\u00a0
Elsevier Holding France SAS
Ordinary
FRA1
Elsevier Masson SAS
Ordinary
FRA1
Fircosoft SAS
Ordinary
FRA6
GIE EDI Data (83%)
(in liquidation)
Ordinary
FRA2
LexisNexis Business Information Solutions SA
Ordinary
FRA2
LexisNexis Business Information Solutions Holding SA
Ordinary
FRA4
LexisNexis SA
Ordinary
FRA2
RELX France SAS
Ordinary
FRA3
RELX France Services SAS
Ordinary
FRA6
RX France SAS
Ordinary
FRA3
SAFI Salon Fran\u00e7ais et Internationaux SA (50%)
6
Ordinary
FRA5
Germany
\u00a0\u00a0
Elsevier GmbH
Ordinary
DEU2
LexisNexis GmbH
Ordinary
DEU3
LexisNexis Intellectual Property Solutions GmbH
Ordinary
DEU5
RELX Deutschland GmbH
Ordinary
DEU1
RX Deutschland GmbH
Ordinary
DEU6
Tschach Solutions GmbH
Ordinary
DEU4
Hong Kong
\u00a0\u00a0
JC Exhibition and Promotion Limited (65%)
Ordinary
HNK4
JYLN Sager Limited
Ordinary
HNK2
LNRS Data Services (China) Limited
Ordinary
HNK1
Reed Exhibitions Limited
Ordinary
HNK4
RELX (Greater China) Limited
Ordinary
HNK3
India
\u00a0\u00a0
Reed Elsevier Publishing (India) Private Limited
Ordinary
IND1
Reed Manch Exhibitions Private Limited
Ordinary
IND1
Reed Triune Exhibitions Private Limited
Ordinary
IND1
RELX India Private Limited
Ordinary
IND1
Indonesia
\u00a0\u00a0
PT Reed Exhibitions Indonesia (70%)
4
Series A, Series B
IDN1
PT RELX Information Analytics Indonesia
Common
IDN2
Irish Republic
\u00a0\u00a0
Elsevier (Ireland) Limited
Ordinary
IRL2
LexisNexis Risk Solutions (Europe) Limited
Ordinary
IRL1
RELX International Finance Designated Activity Company
Ordinary
IRL1
Israel
\u00a0\u00a0
LexisNexis Israel Ltd.
Ordinary
ISR1
Italy
\u00a0\u00a0
Elsevier S.R.L
Registered Capital
ITA1
ICIS Italia S.R.L
Quotas
ITA2
RX Italy S.R.L
Ordinary
ITA1
Japan
\u00a0\u00a0
Elsevier Japan KK
Ordinary
JPN1
LexisNexis Japan KK
Ordinary
JPN2
RX Japan Ltd
Ordinary
JPN2
Kingdom of Saudi Arabia
\u00a0\u00a0
RX Arabia LLC
Ordinary
KSA1
Korea (Republic of)
\u00a0\u00a0
Elsevier Korea LLC
Ordinary
KOR1
LexisNexis Legal and Professional Service Korea Limited
Ordinary
KOR1
Reed Exhibitions Korea Limited
Ordinary
KOR2
Reed Exporum Limited (60%)
Ordinary
KOR3
Reed K. Fairs Limited (70%)
Ordinary
KOR4
Macau
\u00a0\u00a0
Reed Exhibitions Macau Limited
Ordinary
MAC1
\n \n
Share
Reg
Company name
class
office
Malaysia
LexisNexis Malaysia Sdn Bhd
Ordinary
MYS1
Mexico
Human API Technologies, S. de R.L. de C.V.
Fixed
MEX2
Masson-Doyma Mexico, S.A.
Ordinary
MEX1
Reed Exhibitions Mexico S.A. de C.V.
Fixed
MEX1
Netherlands
AGRM Solutions C.V.
Partnership Interest
NLD1
Caselex B.V.
Ordinary
NLD1
Elsevier B.V.
Ordinary
NLD1
ICIS Benchmarking Europe B.V.
Ordinary
NLD1
LexisNexis Business Information Solutions B.V.
Ordinary
NLD1
LNRS Data Services B.V.
Ordinary
NLD1
RELX Employment Company B.V.
Ordinary
NLD1
RELX Finance B.V.
Ordinary
NLD1
RELX Holdings B.V.
3
Ordinary
NLD1
RELX Nederland B.V.
Ordinary
NLD1
RELX Overseas B.V.
Ordinary RE
NLD1
New Zealand
LexisNexis NZ Limited
Ordinary
NZL1
Philippines
Reed Elsevier Shared Services (Philippines) Inc.
Common
PHL1
Poland
AI Digital Contracts Sp. z.o.o.
Ordinary
POL1
Elsevier Sp. z.o.o.
Ordinary
POL2
Singapore
Elsevier (Singapore) Pte Limited
Ordinary
SGP1
OCR Labs Pte Limited
Ordinary
SGP3
LNRS Data Services Pte Limited
Ordinary
SGP1
RE (HAPL) Pte Limited
(in strike off)
Ordinary
SGP1
RELX (Singapore) Pte Limited
Ordinary
SGP2
South Africa
LexisNexis (Pty) Limited (78%)
Ordinary
ZAF1
LexisNexis Risk Management (Pty) Limited (78%)
Ordinary
ZAF1
LexisNexis South Africa Shared Services (Pty) Limited
Ordinary
ZAF1
Reed Events Management (Pty) Limited (90%)
Ordinary
ZAF1
Reed Exhibitions (Pty) Limited (90%)
Ordinary
ZAF1
Reed Exhibitions Group (Pty) Limited (90%)
Ordinary
ZAF1
Reed Venue Management (Pty) Limited (90%)
Ordinary
ZAF1
RELX (Pty) Limited
Ordinary
ZAF1
Spain
Elsevier Espana S.L.U
Participations
ESP1
Sweden
Behaviometrics AB
A, B, and C shares
SWE1
Taiwan
Elsevier Taiwan LLC
Ordinary
TWN1
Thailand
RX BITEC (Thailand) Co., Ltd (64%)
Ordinary
THA1
RELX Holding (Thailand) Co., Limited
Ordinary
THA2
RELX Information Analytics (Thailand) Co., Limited
Ordinary
THA3
RX Holding (Thailand) Co., Limited (40%)
5
A Ordinary,
B Preference THA4
Turkey
Elsevier STM Bilgi Hizmetleri Limited Sirketi
Ordinary
TUR1
OCR Labs Turkey Teknoloji \u00c7\u00f6z\u00fcmleri Ticaret Limited
Ordinary
TUR3
\u015e
irketi
(in liquidation)
Reed Tuyap Fuarcilik A.S. (50%)
4 6
A Ordinary, B Ordinary
TUR2
United Arab Emirates
Reed Exhibitions FZ-LLC
Ordinary
UAE1
RELX Middle East FZ-LLC
Ordinary
UAE2
United Kingdom
Aistemos Limited
Ordinary
GBR3
Butterworths Limited
Ordinary
GBR3
Cordery Compliance Limited (71%)
Ordinary
GBR3
\n\n \n
Share
Reg
Company name
class
office
Crediva Limited
Ordinary
GBR4
Elsevier Limited
Ordinary
GBR5
LexisNexis Risk Solutions UK Limited
Ordinary
GBR4
LNRS Data Services Limited
Ordinary
GBR1
Mack-Brooks Exhibitions Limited
Ordinary
GBR2
MLex Limited
Ordinary
GBR3
OCR Labs Global Limited
Ordinary
GBR1
Offshore Europe (Management) Limited
Ordinary
GBR2
Offshore Europe Partnership (50%)
Partnership Interest
GBR2
RE (RCB) Limited
Ordinary
GBR1
RE Secretaries Limited
Ordinary
GBR1
RE (SOE) Limited
Ordinary
GBR2
Reed Events Limited
Ordinary
GBR2
Reed Exhibitions Limited
Ordinary
GBR2
RELX Finance Limited
Ordinary
GBR1
RELX Group plc
2
Ordinary
GBR1
RELX (Holdings) Limited
Ordinary
GBR1
RELX (Investments) plc
Ordinary
GBR1
RELX Overseas Holdings Limited
Ordinary
GBR1
RELX (UK) Limited
Ordinary
GBR1
REV GP (UK) LLP (50%)
Membership Interest
GBR1
REV Venture Partners Limited
Ordinary
GBR1
REV V LP
Partnership Interest
GBR1
REV VI LP
Partnership Interest
GBR1
Tracesmart Limited
Ordinary
GBR4
United States
Accuity Asset Verification Services Inc.
Common Stock
USA1
American Textile Machinery Exhibition-International,
Common Stock
USA2
Inc. (40%)
5
Aries Systems Corporation
Common Stock
USA2
Blue Sky Regulatory Solutions LLC
Common Stock
USA9
Dunlap-Hanna Publishers (50%)
6
Partnership Interest
USA8
Elsevier Holdings Inc.
Common Stock
USA3
Elsevier Inc.
Common Stock
USA2
Elsevier STM Inc.
Common Stock
USA3
Enclarity, Inc.
Common Stock
USA1
Gaming Business Asia, LLC (50%)
6
Membership Interest
USA2
Health Market Science, Inc.
Common Stock
USA1
HumanAPI Inc.
Common Stock
USA1
ID Analytics, LLC
Common Stock
USA1
Knovel Corporation
Common Stock
USA2
Knowable Inc
Common Stock
USA4
Legal InQuery Solutions Inc.
Common Stock
USA4
LexisNexis Claims Solutions Inc.
Common Stock
USA1
LexisNexis Coplogic Solutions Inc.
Common Stock
USA1
LexisNexis of Puerto Rico, Inc.
Common Stock
USA6
LexisNexis Risk Data Management, LLC
Membership Interest
USA1
LexisNexis Risk Holdings Inc.
Common Stock
USA1
LexisNexis Risk Solutions Inc.
Common Stock
USA1
LexisNexis Risk Solutions FL Inc.
Common Stock
USA1
LexisNexis Special Services Inc.
Common Stock
USA10
LexisNexis VitalChek Network Inc.
Common Stock
USA1
LNRS Data Services Inc.
Common Stock
USA1
Matthew Bender & Company, Inc.
Common Stock
USA2
MLex US, Inc.
Common Stock
USA2
OCR Labs Global (USA) Inc
Common Stock
USA1
PCLaw Time Matters LLC (51%)
6
Membership Interest
USA7
Portfolio Media, Inc.
Common Stock
USA2
Reed Technology and Information Services LLC
Membership Interest
USA2
RELX Capital Inc.
Common Stock
USA3
RELX Inc.
Common Stock
USA2
RELX Risks Inc.
Common Stock
USA5
REV IV Partnership LP
Partnership Interest
USA3
SAFI Americas LLC (50%)
6
Membership Interest
USA2
SageStream, LLC
Membership Interest
USA1
The Reed Elsevier Ventures 2011 Partnership LP
Partnership Interest
USA3
The Reed Elsevier Ventures 2013 Partnership LP
Partnership Interest
USA3
The Remick Publishers (50%)
6
Partnership Interest
USA2
ThreatMetrix, Inc.
Common Stock
USA8
World Compliance, Inc.
Common Stock
USA1
Vietnam
Reed Exhibitions Vietnam Limited Liability Company (64%)
Ordinary
VIE1
\n \n
Registered offices
Australia
AUS1:
Tower 2, 475 Victoria Avenue, Chatswood NSW 2067
AUS2:
LexisNexis Risk Solutions, 201 Pacific Highway, Suite 4.03, Level 4, St
Leonards
Austria
AUT1:
Trabrennstrasse 2A, 1020 Wien
Belgium
BEL1:
Oudenaardseheerweg 129, 9810 Nazareth
BEL2:
Moutstraat 64, bus 502, 9000 Ghent, Belgium
Brazil
BRA1:
Av. Almirante Barroso 81, Sala 33A114, Rio de Janeiro, 20031-004
BRA2:
Rua Bela Cintra no. 1200, 10th floor, Sao Paulo, 01415-002
BRA3:
Avenida Paulista 2300, Andar Pilotis, Sao Paulo, SP 01 310-300
BRA4:
Rua Funchal, 538, 4\u00ba Andar, Conj. 42, Salas 4, 5 e 6, Vila Ol\u00edmpia, Sao Paulo,
04551-060
BRA5:
Alameda Rio Negro, 161, conjunto 704, Alphaville Industrial, Barueri, S\u00e3o
Paulo, 06464-000
BRA6:
Alameda Araguaia, 2104, conjuntos 81A a 84A, Alphaville Industrial, Barueri,
S\u00e3o Paulo, 06455-000
Canada
CAN1:
111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1
CAN2:
500-4428 boul. Saint-Laurent Montr\u00e9al (Qu\u00e9bec) H2W 1Z5
CAN3:
555 Richmond Street West, Suite 405, Toronto ON M5V 3B1
CAN4:
199 Bay Street, 4000, Toronto, Ontario, M5L 1A9
China
CHN1:
Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan
District, Beijing, 100044
CHN2:
Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
District, Beijing, 100191
CHN3:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7,
Dong Cheng District, Beijing, 100738
CHN4:
Ping An International Finance Centre, Room 1504-1505, 15th Floor,
Tower A-101, 3-24 Floor, Xinyuan South Road, Chaoyang District, Beijing,
100027
CHN5:
Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe
District Guangzhou
CHN6:
Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District,
Shenzhen
CHN7:
Unit A-1, 5th Floor, No. 567, Tianshan West Road, Changning District,
Shanghai
CHN8:
Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
200070
CHN9:
Room 319, 238 Jiangchangsan Road, Jing\u2019an District, Shanghai
CHN10:
Unit D-4, 8th Floor, No. 567 Tianshan West Road, Changning District
CHN11:
Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
Chongming County, Shanghai
CHN12:
Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District,
Shanghai, 200000
CHN13:
Unit D-2, 8th Floor, No 567 Tianshan West Road, Changning District,
Shanghai
CHN14:
A0208, 1st Floor, Building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
District, Beijing
CHN15:
16 Donghuangchenggen North Street, Beijing, 100717
CHN16:
Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
CHN17:
5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
District, Shanghai, 200335
CHN18:
Room 726, 1256-1258 Wan Rong Road, Jing An District, Shanghai
CHN19:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit
12C,
Dong Cheng District, Beijing, 100738
Colombia
COL1:
Philippe Prietocarrizosa & Uria Abogados, Carrera 9
No. 74-08
Oficina 105,
Bogota, d.c., 76600
Denmark
DNK1:
Niels Jernes Vej 10, 9220, Aalborg East
Egypt
EGY1:
Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th
Settlement, New Cairo, Cairo
\n\n \n
Registered offices
France
FRA1:
65 Rue Camille Desmoulins, 92130, Issy les Moulineaux
FRA2:
141 rue de Javel, 75015, Paris
FRA3:
52 Quai de Dion Bouton, 92800, Puteaux
FRA4:
Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes
FRA5:
6-8 rue Chaptal, 75009, Paris
FRA6:
Immeuble Vivacity, 151-155 rue de Bercy, 75012, Paris
Germany
DEU1:
Volklinger Strasse 4, 40219, Dusseldorf
DEU2:
Bernhard-Wicki-Strasse 3/5 80636 M\u00fcnchen
DEU3:
Heerdter Sandberg 30, 40549, Dusseldorf
DEU4:
Stephanienstrasse 86, 76133 Karlsruhe
DEU5:
Joseph-Schumpeter-Allee 33, 53227, Bonn
DEU6:
Johannstrasse 1, 40476 D\u00fcsseldorf
Hong Kong
HNK1:
Room 1917, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay
HNK2:
Flat 1019B, 10/F, Liven House, No. 61-63 King Yip Street, Kwun Tong,
Kowloon
HNK3:
11/F Oxford House, Taikoo Place, 979 King\u2019s Road, Quarry Bay
HNK4:
17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay
India
IND1:
818, 8th Floor, Indraprakash Building, 21 Barakhamba Road, New Delhi,
Delhi, 110001
Indonesia
IDN1:
APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol,
Pertamburan Jakarta Barat 11470
IDN2:
Gedung World Trade Center, 3 Lt. 20 Spaces JL Jend Sudirman Kav 29-31,
Karet Kuningan, Setiabudi,Kota Adm. Jakarta Selatan, DKI Jakarta 12940
Irish Republic
IRL1:
Riverside One, Sir John Rogerson\u2019s Quay, Dublin 2, DO2 X576
IRL2:
4th Floor, South Block, Rockfield Central, Dundrum, Dublin, D16 R6VO
Israel
ISR1:
Meitar, Attorneys at Law, 16 Abba Hillel Road, Ramat Gan 5250608
Italy
ITA1:
Via Marostica 1, 20146, Milan
ITA2:
Studio Colombo e Associati, Via San Damiano 9, 20122, Milan
Japan
JPN1:
1-9-15 Higashi-Azabu, Minato-Ku Tokyo 106-0044
JPN2:
11F, Yaesu Central Tower, Tokyo Midtown Yaesu, 2-2-1 Yaesu Chuo-ku,
Tokyo 104-0028
Kingdom of Saudi Arabia
KSA1:
Riyadh, Financial Boulevard 13519, Al Aqeeq District
Korea (Republic of)
KOR1:
206 Noksapyeong-daero, Yongsan-gu, 140-861, Seoul
KOR2:
1622-24 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul
KOR3:
Story 2003 Bldg, 5, Baekjegobun-ro 9-gil, Songpa-gu, Seoul, 05561, Republic
of Korea
KOR4:
1602-03 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul, Korea
Macau
MAC1:
Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar,
Bloco K
Malaysia
MYS1:
Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical,
59200 Bangsar South City, Kuala Lumpur
Mexico
MEX1:
Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City,
06500
MEX2:
Av. Real de Acueducto #240 N\u00f9mero Interior 181, interior D, piso 18 , Col.
Puerta de Hierro, Zapopan, Jalisco
Netherlands
NLD1:
Radarweg 29, 1043 NX Amsterdam
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Registered offices
\u00a0
New Zealand
\u00a0
NZL1:
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
Philippines
\u00a0
PHL1:
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue,
\u00a0
Quezon City, Metro Manila, 1101
Poland
\u00a0
POL1:
Plac Grunwaldzki 23-27, 50-365 Wroclaw
POL2:
Al. JJana Pawla II, 22, 00-133, Warszawa
Singapore
\u00a0
SGP1:
3 Killiney Road, #08-01, Winsland House 1, 239519
SGP2:
9 Raffles Place, #26-01, Republic Plaza, 048619
SGP3:
21 Tan Quee Lan Street, #02-04, Heritage Place, 188108
South Africa
\u00a0
ZAF1:
Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead,
\u00a0
Gauteng, 2191
Spain
\u00a0
ESP1:
C/ Josep Tarradellas 20-30, 1\u00ba / 20029, Barcelona
Sweden
\u00a0
SWE1:
Aurorum 8, 977 75 Lulea
Taiwan
\u00a0
TWN1:
RM. N905, 9/F, No.96, Zhong Shan N. Road SEC.2, Taipei,10449
Thailand
\u00a0
THA1:
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom,
\u00a0
Bangrak, Bangkok, 10500
THA2:
14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey,
\u00a0
Klongtoey, Bangkok, 10110
THA3:
The Offices at Central World, Office R06, 999/9 Rama I Road, Pathumwan,
\u00a0
Bangkok 10330
THA4:
No. 99, OSC Building, 4th Floor, Room No. S-01, Moo 5, KingKaeo Road,
\u00a0
Racha Thewa Sub-district
\u00a0
Bang Phli District, Samut Prakan Province
Turkey
\u00a0
TUR1:
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
TUR2:
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mah. Hadimkoy Yolu Cad. No:9/4
\u00a0
, 34500 Buyukcekmece, Istanbul
TUR3:
Maslak Mah. Sumer Sok. Ayazaga Is Merkezi Sitesi B. Blok No:1B, Ic Kapi
\u00a0
No:3, Sariyer, Istanbul
United Arab Emirates
\u00a0
UAE1:
Office 303, 3rd Floor Arjaan Office Tower Al Sufouh Complex, PO Box 502425,
\u00a0
Dubai Media City, Dubai
UAE2:
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai
United Kingdom
\u00a0
GBR1:
1-3 Strand, London, WC2N 5JR
GBR2:
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
GBR3:
Lexis House, 30 Farringdon Street, London, EC4A 4HH
GBR4:
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
GBR5:
125 London Wall, London, EC2Y 5AS
United States
\u00a0
USA1:
1000 Alderman Dr., Alpharetta, GA 30005
USA2:
230 Park Ave, New York, NY 10169
USA3:
Suite 501, 1105 North Market St, Wilmington, DE 19801
USA4:
9443 Springboro Pike, Miamisburg, OH 45342
USA5:
c/o Aon Insurance Managers (USA) Inc, 100 Bank Street, Suite 630
\u00a0
Burlington, Vermont 05401
USA6:
#1095 Wilson, Ste 3, San Juan, PR 00907
USA7:
2235 Gateway Access Point, Suite 300, Raleigh, NC, 27607
USA8:
101 Park Avenue, 24th Floor, New York, NY 10178
USA9:
50 Hampshire Street, Cambridge MA 02139
USA10:
1775 Greensboro Station Drive , Suite 425E, McLean VA 22102
Vietnam
\u00a0
VIE1:
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
\u00a0
District. Binh Thanh, Ho Chi Minh City
\n
1
Nominee companies controlled by the Group based on management's
assessments
2
Directly held by the Company
3
Undertakings that hold shares in itself
4
Undertakings with other share classes held by third parties
5
Associated Undertaking
6
Joint Venture
The Group operates a branch in Qatar
The following UK subsidiaries will take advantage of the audit
exemption set out within Section 479A of the Companies Act
2006 supported by guarantees issued by RELX PLC over their
liabilities for the year ended 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company name
Registration number
Aistemos Limited
08644182
Butterworths Limited
02826955
Cordery Compliance Limited
07931532
Crediva Limited
06567484
Mack-Brooks Exhibitions Limited
00967560
MLex Limited
05488651
Offshore Europe (Management) Limited
02318214
RE (RCB) Limited
03396524
RE (SOE) Limited
02330299
Reed Events Limited
05893942
RELX (Holdings) Limited
05807690
RELX (Investments) plc
05810043
RELX Overseas Holdings Limited
09489059
REV Venture Partners Limited
04226986
Tracesmart Limited
03827062
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