Debt

12 Months Ended

Dec. 31, 2025

21 Debt

Accounting policy

Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings
in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method.

21 Debt (continued)


		2024				2025
		Falling due within 1 year GBPm	Falling due in more than 1 year GBPm	Total GBPm		Falling due within 1 year GBPm		Falling due in more than 1 year GBPm	Total GBPm
Financial liabilities measured at amortised cost:
Short-term bank loans, overdrafts and commercial paper		762	-	762		887		-	887
Term debt		-	3,551	3,551		654		4,110	4,764
Lease liabilities		38	65	103		30		67	97
Term debt in fair value hedging relationships		492	1,516	2,008		-		1,519	1,519
Term debt previously in fair value hedging relationships		120	-	120		-		-	-
Total		1,412	5,132	6,544		1,571		5,696	7,267

The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is £5,611m (2024: £4,193m). The total fair value of term debt in fair value hedging relationships is £1,581m (2024: £2,068m). The total fair value of term debt previously in fair value hedging relationships is nil (2024: £121m).

RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within term debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which have been registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these securities, which are not guaranteed by any other subsidiary of RELX PLC.

Analysis by year of repayment


		2024					2025
		Short-term bank loans, overdrafts and commercial paper GBPm	Term debt GBPm	Lease liabilities GBPm	Total GBPm		Short-term bank loans, overdrafts and commercial paper GBPm		Term debt GBPm		Lease liabilities GBPm		Total GBPm
Within 1 year		762	612	38	1,412		887		654		30		1,571
Within 1 to 2 years		-	619	13	632		-		436		13		449
Within 2 to 3 years		-	412	12	424		-		696		13		709
Within 3 to 4 years		-	658	12	670		-		702		12		714
Within 4 to 5 years		-	753	9	762		-		1,056		9		1,065
After 5 years		-	2,625	19	2,644		-		2,739		20		2,759
After 1 year		-	5,067	65	5,132		-		5,629		67		5,696
Total		762	5,679	103	6,544		887		6,283		97		7,267

Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2025 by a $3.5bn (£2.6bn) committed bank facility maturing in 2030. The committed bank facility was undrawn as at 31 December 2025 (2024: undrawn).

In March 2025, $750m of USD denominated term debt was issued with a fixed coupon of 4.75% and a maturity of 5 years and $750m with a fixed coupon of 5.25% and a maturity date of 10 years.

Analysis by currency


		2024					2025
		Short-term bank loans, overdrafts and commercial paper GBPm	Term debt GBPm	Lease liabilities GBPm	Total GBPm		Short-term bank loans, overdrafts and commercial paper GBPm		Term debt GBPm		Lease liabilities GBPm		Total GBPm
US dollar		446	2,246	21	2,713		828		2,667		12		3,507
Pound sterling		8	-	30	38		12		-		38		50
Euro		295	3,433	29	3,757		42		3,616		22		3,680
Other currencies		13	-	23	36		5		-		25		30
Total		762	5,679	103	6,544		887		6,283		97		7,267

Included in the US dollar amounts for term debt above is nil (2024: £493m) of debt denominated in euros (nil) (2024: €600m) that was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at 31 December 2025, had a fair value of nil (2024: £42m). Separately still included in the US dollar amounts for term debt above is £372m (2024: nil) of debt denominated in US dollars ($500m) (2024: nil) that was swapped into euros on issuance using cross-currency interest rates swaps which cannot be designated as hedging instruments and which, as at 31 December 2025, were derivative financial liabilities with a fair value of £32m (2024: nil); and £372m (2024: nil) of debt denominated in US dollars ($500m) (2024: nil) that was swapped into Japanese yen on issuance using cross-currency interest rates swaps which cannot be designated as hedging instruments and which, as at 31 December 2025, were derivative financial assets with a fair value of £27m (2024: nil).