Henry Hayden's questions to RELX (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 stance on balance sheet leverage for potential M&A.
Answer
CEO Erik Engstrom responded that the value uplift from new tools is a more significant driver for its Legal business than general industry demand trends. CFO Nick Luff explained that digital tools in Exhibitions are an integrated part of the value proposition and not easily separated out. Regarding leverage, Luff reiterated a focus on organic growth but confirmed the company has the capacity to exceed its 2.0-2.5x net debt/EBITDA range for the right acquisitions due to strong cash generation.