Thijs Berkelder

Thijs Berkelder asked how RELX ensures continued margin expansion while delivering more sophisticated, compute-intensive AI/agentic workflows, leveraging its model-agnostic approach. He also questioned the balance between capital return via buybacks and larger strategic acquisitions, given low leverage and the pace of AI innovation, asking when RELX might use its balance sheet more actively.

Answer

CFO Nick Luff explained that new technologies improve internal processes, enabling cost growth to remain below revenue growth, and potentially widening the gap between profit and revenue growth. Regarding capital allocation, Luff reiterated that organic development is the primary focus. He noted that while M&A spend has been low recently, RELX would pursue larger strategic acquisitions if opportunities arise, but they must fit the strategy. He confirmed the increased GBP 2.25 billion buyback for 2026 reflects the current low end of the leverage range (2.0x), aiming for the middle of the 2-2.5x range.