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    Henry Hayden • Rothschild & Co Redburn

    Henry Hayden's questions to RELX PLC (RELX) leadership

    Henry Hayden's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Henry Hayden of Rothschild & Co Redburn inquired about client demand trends in the legal industry, the growth and margin contribution from digital tools in Exhibitions, and the company's leverage strategy regarding potential large-scale M&A.

    Answer

    CEO Erik Engstrom stated RELX's focus is on the value uplift from its new tools, which he believes is a more important driver than macro trends in the legal industry. CFO Nick Luff explained that digital tools in Exhibitions are an integrated part of the value proposition driving overall growth. On M&A, Luff reiterated the primary focus is organic development, but the company could temporarily exceed its 2.0-2.5x leverage range for the right opportunity.

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    Henry Hayden's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Henry Hayden of Rothschild & Co Redburn asked about legal industry demand trends, the growth and margin contribution from digital tools in Exhibitions, and the company's stance on balance sheet leverage for potential M&A.

    Answer

    CEO Erik Engstrom responded that the value uplift from RELX's new tools is a more significant growth driver than macro trends in the legal industry. CFO Nick Luff explained that digital tools in Exhibitions are an integrated part of the value proposition and not easily separated out. Regarding the balance sheet, Luff reiterated that the primary focus is organic growth but confirmed the company has the flexibility to go above its target leverage range for the right acquisitions.

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    Henry Hayden's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Henry Hayden of Rothschild & Co Redburn asked about client demand trends in the legal industry, the incremental contribution of digital tools in Exhibitions, and the company's thinking on leverage in relation to potential M&A.

    Answer

    CEO Erik Engstrom responded that the value uplift from new AI tools is a more significant driver for the Legal division than macro industry trends. CFO Nick Luff explained that digital tools in Exhibitions are an integral part of the value proposition and hard to separate out financially. He also stated that while the focus is organic growth, the company's leverage range could be temporarily exceeded for the right acquisitions.

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