RELX : Interim Results 2022

28 July 2022

INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2022

RELX, the global provider of information-based analytics and decision tools, reports results for the first half of 2022 and reaffirms the full year outlook.

First half highlights

• Revenue £3,969m (£3,394m), constant currency growth +13%
• Adjusted operating profit £1,239m (£1,023m), constant currency growth +16%
• Adjusted profit before tax £1,163m (£953m), constant currency growth +17%
• Adjusted EPS 47.2p (40.0p), constant currency growth +14%
• Reported operating profit £1,081m (£860m)
• Reported profit before tax £998m (£825m)
• Reported EPS 39.5p (34.5p)
• Interim dividend 15.7p (14.3p) +10%
• Net debt/EBITDA 2.3x; adjusted cash flow conversion 103%
• Completed six acquisitions for a total consideration of £342m
• Completed £300m of the previously announced £500m share buyback

Full year outlook

• As we enter the second half, momentum remains strong across the group, and we continue to expect full year underlying growth rates in revenue and adjusted operating profit, as well as constant currency growth in adjusted earnings per share, to remain above historical trends.

Chief Executive Officer, Erik Engstrom, commented:

"RELX continued to deliver strong revenue and profit growth throughout the first half of 2022. We believe that this is a reflection of our ongoing strategy of focusing on the organic development of increasingly sophisticated analytics and decision tools that deliver enhanced value to our customers across market segments. Recent acquisitions, which have supplemented our organic growth strategy, continue to perform well."

"In recognition of the strong financial performance we have announced a +10% increase in the interim dividend to 15.7p."

ENQUIRIES:	Colin Tennant (Investors)	Paul Abrahams (Media)
	[phone]	[phone]

RELX 2022 Interim Results 2

Operating and financial review

Revenue £3,969m (£3,394m); constant currency growth +13%: The strong growth rate reflects good growth in electronic revenue, representing 85% of the total, supported by further development of analytics and decision tools, and a recovery inface-to-facerevenue, representing 9% of the total, partially offset by continued print declines.

Adjusted operating profit £1,239m (£1,023m); constant currency growth +16%: Continuing process innovation is keeping cost growth below revenue growth which, together with the recovery inface-to-face,resulted in an improvement in the group adjusted operating margin to 31.2% (30.1%).

Reported operating profit £1,081m (£860m):Reported operating profit includes amortisation of acquired intangible assets of £143m (£143m) and acquisition related costs of £14m (£16m).

Adjusted profit before tax £1,163m (£953m); constant currency growth +17%: the adjusted net interest expense increased to £76m (£70m), reflecting currency movements and higher interest rates.

Reported profit before tax £998m (£825m)

Tax:The adjusted tax charge was £255m (£185m). The adjusted effective tax rate was 21.9% (19.4%), with the prior period benefitting from non-recurring tax credits. The reported tax charge was £238m (£164m).

Adjusted EPS 47.2p (40.0p); constant currency growth +14%

Reported EPS 39.5p (34.5p)

Dividend:We are declaring an interim dividend of 15.7p (14.3p), an increase of +10%.

Net debt/EBITDA 2.3x (2.8x):Net debt at 30 June 2022 was £6.9bn (£6.3bn), with the increase due to exchange rate movements. Adjusted cash flow conversion was 103% (112%).

Portfolio development:In H1 2022 we completed six acquisitions of content and data analytics assets for a total consideration of £342m.

Share buybacks: Of the previously announced £500m share buyback, £300m was completed in the first half. A further £50m has been completed since 1 July, and the remaining £150m will be deployed before the end of the year.

Environmental, social and governance (ESG) recognition:In 2022 RELX achieved a AAA MSCI ESG rating for a seventh consecutive year; maintained its first place ESG sector ranking by Sustainalytics; and remains fourth in the Responsibility100 Index, which measures FTSE 100 companies against the UN Sustainable Development Goals. RELX is one of 37 LEAD companies of the UN Global Compact among approximately 14,000+ business signatories.

RELX 2022 Interim Results 3

Operating and financial review

RELX FINANCIAL SUMMARY

		Six months ended 30 June
	2022	2021		Change at
	Change	constant
	£m	£m	currencies
Revenue	3,969	3,394	+17%	+13%
Adjusted operating profit	1,239	1,023	+21%	+16%
Adjusted operating margin	31.2%	30.1%
Reported operating profit	1,081	860	+26%
Adjusted net interest expense	(76)	(70)
Adjusted profit before tax	1,163	953	+22%	+17%
Adjusted tax	(255)	(185)
Adjusted net profit	909	771	+18%	+13%
Reported net profit	761	664	+15%
Reported net margin	19.2%	19.6%
Adjusted earnings per share	47.2p	40.0p	+18%	+14%
Reported earnings per share	39.5p	34.5p	+14%
Net debt	6,932	6,316
Ordinary dividend per share	15.7p	14.3p	+10%

RELX uses adjusted figures as alternative performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on page 30. Constant currency growth rates are based on 2021 full-year average and hedge exchange rates.

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

This announcement contains forward‐looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC (together with its subsidiaries, "RELX", "we" or "our") to differ materially from those expressed in any forward‐looking statement. We consider any statements that are not historical facts to be "forward‐looking statements". The terms "outlook", "estimate", "forecast", "project", "plan", "intend", "expect", "should", "could", "will", "believe", "trends" and similar expressions may indicate a forward‐looking statement. Important factors that could cause actual results or outcomes to differ materially from estimates or forecasts contained in the forward‐looking statements include, among others: the impact of the Covid-19 pandemic as well as other pandemics or epidemics; current and future economic, political and market forces; changes in law and legal interpretations affecting RELX intellectual property rights and internet communications; regulatory and other changes regarding the collection, transfer or use of third‐party content and data; changes in the payment model for RELX products; demand for RELX products and services; competitive factors in the industries in which RELX operates; inability to realise the future anticipated benefits of acquisitions; significant failure or interruption of RELX systems; exhibitors' and attendees' ability and desire to attend face‐to‐face events and availability of event venues; changes in economic cycles, severe weather events, natural disasters and terrorism; compromises of RELX cyber security systems or other unauthorised access to our databases; failure of third parties to whom RELX has outsourced business activities; inability to retain high-quality employees and management; legislative, fiscal, tax and regulatory developments; exchange rate fluctuations; and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. You should not place undue reliance on these forward‐looking statements, which speak only as of the date of this announcement. Except as may be required by law, we undertake no obligation to publicly update or release any revisions to these forward‐looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events.

RELX 2022 Interim Results 4

Operating and financial review

BUSINESS AREA ANALYSIS

		Six months ended 30 June
	2022	2021		Change at
	Change	constant	Change
	£m	£m	currencies	underlying
REVENUE	1,387	1,228
Risk	+13%	+7%	+7%
Scientific, Technical & Medical	1,346	1,264	+6%	+4%	+4%
Legal	842	781	+8%	+4%	+4%
Exhibitions	394	121	+226%	+226%	nm
Total	3,969	3,394	+17%	+13%	nm
ADJUSTED OPERATING PROFIT	520	457
Risk	+14%	+7%	+7%
Scientific, Technical & Medical	500	467	+7%	+5%	+6%
Legal	165	151	+9%	+5%	+6%
Exhibitions	59	(48)	nm	nm	nm
Unallocated items	(5)	(4)
Total	1,239	1,023	+21%	+16%	nm

Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until twelve months after purchase, and excluding the results of disposals and assets held for sale. Given the extent of differences in event scheduling compared to the first half of 2021, underlying measures are not meaningful (nm) for Exhibitions in the current period, and hence not for the group as a whole.

RELX 2022 Interim Results 5

Operating and financial review

Risk

		Six months ended 30 June
	2022			Change at
	2021	Change	constant	Change
	£m	£m	currencies	underlying
Revenue	1,387	1,228	+13%	+7%	+7%
Adjusted operating profit	520	457	+14%	+7%	+7%
Adjusted operating margin	37.5%	37.2%
99% of revenue electronic

Strong fundamentals driving underlying revenue growth.

Underlying revenue growth remained strong at +7%, following a particularly strong first half in the prior year. Underlying adjusted operating profit growth was in line with underlying revenue growth, with the adjusted operating margin increasing slightly.

In Business Services, which represents around 45% of divisional revenue, strong growth was driven by demand for fraud prevention analytics and decision tools, with digital identity solutions including ThreatMetrix and Emailage growing very strongly. Financial Crime & Compliance growth rates improved further and Business Risk & Alternative Credit continued to grow strongly. Recent acquisitions, including TruNarrative and BehavioSec have strengthened the customer value proposition, and are performing well.

In Insurance, which represents just under 40% of divisional revenue, momentum improved in the first half. In auto insurance, driving patterns and claims improved from the beginning of the year, whilst some other market factors are only starting to see an improvement over the prior year now, as we enter the second half. New sales continued to grow strongly.

Specialised Industry Data Services, which represents just over 10% of divisional revenue, delivered strong growth overall, with several segments continuing to improve.

In Government, strong growth was driven by the continued development and roll-out of analytics and decision tools.

Full year outlook: We expect strong underlying revenue growth, in line with historical trends, with underlying adjusted operating profit growth broadly matching underlying revenue growth.