H1 continued1 Jul 2026 09:43
Headline Full-Year (FY2026) Consensus Context
Because RELX only gives detailed metric breakdowns at the half-year and full-year stages, analysts frame their H1 expectations around the full-year trajectory.
1. Group Revenue Target: Estimated to hit £10.14 billion for the full year (up from £9.59b in 2025). This implies an annualized growth rate of roughly 5.5% to 5.7%. Adjusted EPS Target: The consensus is sitting at £1.41 to £1.43 per share (up ~10% from the £1.285 reported for 2025).
2. The Hard H1 Metric HurdlesTo back up those full-year targets, the H1 numbers need to hit very specific divisional numbers. The institutional investment case relies almost entirely on the underlying growth rates in the two powerhouses: Risk and Legal. DivisionH1 Underlying Revenue Growth Target. Why it Matters for Your Position:
Legal 8.0% – 9.0%The ultimate test. If Lexis+ AI and the Luminance integrations are driving premium contract renewals, it needs to land in this high band. Anything under 7% signals that low-cost AI competitors are chipping at the moat.
Risk~8.0% The primary engine for total group growth and absolute cash generation. Stability here supports the entire valuation structure.
STM (Scientific)4.0% – 5.0% The structural swing factor. Markets want to see if the transition to data analytics workflows is successfully offsetting open-access academic publishing pressures.
3. The Margin Rule: 35%Beyond growth, the analysts are hyper-focused on Operating Margins. For FY2025, RELX delivered an adjusted operating margin of 34.8%. The H1 Line: The street expects margins to firmly tick above 35%. If they achieve this despite heavy capital expenditure into large language models and infrastructure, it confirms massive scale efficiency. If margins stay flat or drop, it means AI development is becoming an expensive treadmill just to stay in the same place.
The City Consensus Valuation: Currently, 15 major institutions actively cover the stock. The average 12-month price target stands at 3,140p, with a tighter cluster of big brokers (like Deutsche Bank and Goldman Sachs) aiming for the 3,050p mark.
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