Relx PLC (RELX) 2026 Q2 法說會逐字稿

Good morning, everybody. Thank you for taking the time to join us today. As you may have seen from our press release this morning that allowed us to deliver strong financial results in the first half, we made further operational and strategic progress, and we continue to see positive momentum across the group.

各位早安。感謝各位撥冗參加今天的會議。正如各位今早可能已從我們的新聞稿中看到，我們在上半年交出強勁的財務表現，同時在營運與策略上也取得進一步進展，且我們持續看到集團各業務呈現正向動能。

Underlying revenue growth was 7%, underlying adjusted operating profit growth was 9%, and adjusted earnings per share growth was 11% at constant currency. All four business areas continued to perform well.

基本營收成長為7%，基本調整後營業利益成長為9%，以固定匯率計算的調整後每股盈餘成長為11%。四大業務領域皆持續表現良好。

On this chart, you can see the relative sizes of the business areas and their growth rates. Risk with continued strong growth. STM with a step-up to strong growth, Legal with a further step-up in growth, and Exhibitions with continued strong ongoing growth.

在這張圖表中，各位可以看到各業務領域的相對規模及其成長率。Risk持續維持強勁成長。STM成長提升至強勁水準，Legal成長再度加速，而Exhibitions則持續維持強勁且穩健的成長。

In Risk, underlying revenue growth was 8%, and underlying adjusted operating profit growth was 10%. Strong growth continues to be driven across segments by our deeply embedded AI-enabled analytics and decision tools, leveraging our unique contributory and proprietary data sets with over 90% of revenue coming from machine-to-machine interactions. In Business Services, which represents over 40% of divisional revenue, strong growth continues to be driven by financial crime compliance and digital fraud and identity solutions, and strong new sales.

在Risk方面，基本營收成長為8%，基本調整後營業利益成長為10%。強勁成長持續由各細分市場帶動，主要來自我們深度嵌入、具AI能力的分析與決策工具，並運用我們獨特的貢獻型與專有資料集，且超過90%的營收來自機器對機器的互動。在Business Services（占該事業部營收逾40%）方面，強勁成長持續由金融犯罪合規、數位詐欺與身分解決方案，以及強勁的新銷售所驅動。

We continue to expand our extensive differentiated data assets with integrated advanced authentication and behavioral intelligence to address the increasing complexity of risk decisioning for our customers.

我們持續擴充龐大且具差異化的資料資產，整合先進驗證與行為智慧，以因應客戶在風險決策上日益增加的複雜性。

In Insurance, which represents around 40% of divisional revenue, strong growth continues to be driven by further innovation and adoption of contributory databases and market-specific solutions, and strong new sales.

在Insurance（約占該事業部營收40%）方面，強勁成長持續由貢獻型資料庫與各市場專屬解決方案的進一步創新與採用，以及強勁的新銷售所帶動。

We continue to expand our products, adding data sources and analytics to enhance value for our customers. For the full year, we expect continued strong underlying revenue growth, with underlying adjusted operating profit growth exceeding underlying revenue growth.

我們持續擴展產品，新增資料來源與分析能力，以提升對客戶的價值。就全年而言，我們預期基本營收將持續強勁成長，且基本調整後營業利益成長將高於基本營收成長。

In STM, underlying revenue growth was 6%, a step up from full year 2025, driven by the evolution of the business mix towards higher growth, higher value analytics, and decision tools, supported by the increasing pace of new product introductions and strong new sales. Underlying adjusted operating profit growth was 8%.

在STM方面，基本營收成長為6%，較2025全年有所提升，主要受業務組合演進帶動，轉向更高成長、更高價值的分析與決策工具，並受新產品推出速度加快及強勁新銷售所支持。基本調整後營業利益成長為8%。

Databases, tools, and electronic reference, which represents around 40% of divisional revenue, delivered strong growth driven by higher value-add solutions with continued rollout adoption and usage growth of our AI-enabled tools. We continue to expand our solution set with new releases built on industry-leading trusted content, including our research-grade AI workspace, LeapSpace, which has been positively received by customers.

Databases、tools與電子參考（約占該事業部營收40%）表現強勁，成長動能來自更高附加價值的解決方案，以及我們具AI能力工具的持續推廣、採用與使用量成長。我們持續擴充解決方案組合，推出以業界領先的可信內容為基礎的新版本，包括我們研究級AI工作空間LeapSpace，並獲得客戶正面回饋。

In primary research, which represents a little over half of divisional revenue, good growth continues to be driven by volume growth. Article submissions continue to grow very strongly across the portfolio by over 20% in the first half, with the number of articles published growing 7%, in line with our long-term average. For the full year, we expect continued strong underlying revenue growth, with underlying adjusted operating profit growth exceeding underlying revenue growth.

在primary research（占該事業部營收略高於一半）方面，良好成長持續由量的成長所帶動。上半年整體產品組合的投稿量持續大幅成長，增幅超過20%；已發表文章數成長7%，符合我們的長期平均水準。就全年而言，我們預期基本營收將持續強勁成長，且基本調整後營業利益成長將高於基本營收成長。

In Legal, underlying revenue growth improved further to 10%, driven by the continued shift in business mix towards higher growth, higher value legal analytics and tools supported by strong renewals and strong new sales. Underlying adjusted operating profit growth was ahead of underlying revenue growth at 13%. In law firms and corporate legal, which represents around 70% of divisional revenue, double-digit growth is being driven by the continued adoption of Lexis+ with Protégé, our core AI-enabled legal platform with its integrated agentic assistant.

在Legal方面，基本營收成長進一步提升至10%，主要受業務組合持續轉向更高成長、更高價值的法律分析與工具所帶動，並由強勁續約與強勁新銷售支撐。基本調整後營業利益成長為13%，高於基本營收成長。在law firms與corporate legal（約占該事業部營收70%）方面，雙位數成長來自Lexis+ with Protégé的持續採用；該產品為我們核心的AI賦能法律平台，並整合具代理能力的助理。

Ongoing releases of new functionality and tools integrating additional skills and capabilities into our core platform with its comprehensive, verified legal content is increasing the value add of our trusted legal AI. For the full year, we expect continued strong underlying revenue growth, with underlying adjusted operating profit growth exceeding underlying revenue growth.

我們持續推出新功能與工具，將更多技能與能力整合至核心平台；該平台具備全面且經驗證的法律內容，進一步提升我們可信法律AI的附加價值。就全年而言，我們預期基本營收將持續強勁成長，且基本調整後營業利益成長將高於基本營收成長。

Exhibitions delivered strong underlying revenue growth of 6%, reflecting the strong ongoing growth profile of our event portfolio, slightly moderated by some travel disruption. First half underlying adjusted operating profit growth of 2% also reflected event cycling, timing, and the rescheduling of some events to the second half. We continue to make good progress with our growing range of value-enhancing digital tools.

Exhibitions的基本營收強勁成長6%，反映我們活動組合持續強勁的成長特性，但部分受到旅遊中斷影響而略為放緩。上半年基本調整後營業利益成長為2%，亦反映活動的循環效應、時點因素，以及部分活動改期至下半年舉辦。我們在持續擴大的增值型數位工具方面仍取得良好進展。

For the full year, aside from uncertainty around remaining events in the Middle East, we continue to expect strong underlying revenue growth with an improvement in adjusted operating margin over the prior full year.

就全年而言，除中東地區剩餘活動仍存在不確定性外，我們仍預期基本營收將強勁成長，且調整後營業利益率將較前一全年有所改善。

Our strategic direction is unchanged. Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools. This is being supported by the continued evolution of artificial intelligence, which is enabling us to add more value to our customers and to develop and launch products at a faster pace.

我們的策略方向維持不變。我們長期成長軌跡的改善，持續由業務組合轉向更高成長的分析與決策工具所驅動。這也受到人工智慧持續演進的支持，使我們能為客戶創造更多價值，並以更快速度開發與推出產品。

Our growth objectives remain for Risk to sustain strong long-term growth, for STM and Legal to continue on their improving growth trajectories, and for Exhibitions to sustain strong long-term growth. When combined with continuous process innovation to manage cost growth below revenue growth, the result is a higher growth profile with strong earnings growth and improving returns.

我們的成長目標仍為：Risk維持長期強勁成長；STM與Legal延續其改善中的成長軌跡；Exhibitions維持長期強勁成長。再結合持續的流程創新，以將成本成長控制在低於營收成長之下，結果將帶來更高的成長輪廓、強勁的獲利成長與持續改善的報酬率。

I will now hand over to Nick Luff, our CFO, who will talk you through our results in more detail. I’ll be back afterwards for a quick wrap-up and Q&A.

接下來我將把時間交給我們的財務長Nick Luff，他會更詳細地帶各位檢視我們的業績。之後我會回來做簡短總結並進行問答。

Thank you, Erik. Good morning, everyone. Let me start by providing more detail on the group financials. As Erik said, underlying revenue growth was 7%, with underlying adjusted operating profit growth ahead of that at 9%. As a result, the adjusted operating margin improved by 70 basis points to 35.5%. The strong operating results flowed through to adjusted earnings per share, which, at constant currency, increased by 11%.

謝謝你，Erik。各位早安。我先從集團財務表現的更多細節開始。如Erik所說，基本營收成長為7%，基本調整後營業利益成長則領先其上，達9%。因此，調整後營業利益率提升70個基點至35.5%。強勁的營運成果也反映在調整後每股盈餘上；以固定匯率計算，成長11%。

Cash conversion was strong at 98% and leverage was 2.3 times, up slightly from the year-end, reflecting the first half bias of dividend payments and the buyback. Given the strong financial performance, we are increasing the interim dividend by 7% to 20.9p per share. We spent GBP103 million on two acquisitions in the first half. We deployed GBP1.75 billion out of the planned GBP2.25 billion share buybacks this year.

現金轉換率維持強勁，達98%；槓桿倍數為2.3倍，較年末略升，反映上半年股利發放與庫藏股回購的季節性偏重。鑑於強勁的財務表現，我們將中期股利提高7%至每股20.9便士。上半年我們以1.03億英鎊完成兩項收購。今年規劃的22.5億英鎊股票回購中，我們已執行17.5億英鎊。

Looking at revenue, you can see here how all four business areas contributed to the overall 7% underlying growth. For the group as a whole, total revenue growth at constant currency was 5%, after minor portfolio effects in Risk and Legal and after Exhibitions cycling timing and rescheduling effects, as well as a further step down in Print activities.

就營收來看，各位可在此看到四大業務領域如何共同貢獻整體7%的基本成長。以集團整體而言，在固定匯率下總營收成長為5%，其中已反映Risk與Legal的輕微投資組合影響，以及Exhibitions的活動循環、時點與改期效應，並且也反映印刷（Print）業務活動的進一步下滑。

In sterling, total revenue growth was 3%, impacted by the relative strength of the pound against the dollar compared to the prior year. Here you can see the [90%] underlying growth in group adjusted operating profit. We continue to target cost growth to be below revenue growth in each business area. As a result, Risk, STM, and Legal each delivered underlying profit growth two or three percentage points ahead of underlying revenue growth. Exhibitions growth reflects the event scheduling referred to earlier.

以英鎊計，總營收成長為3%，受到英鎊相對美元較前一年走強的影響。在此您可以看到集團調整後營業利益的[90%]基本成長。我們持續以各業務領域的成本成長低於營收成長為目標。因此，Risk、STM與Legal的基本獲利成長皆較基本營收成長高出兩到三個百分點。Exhibitions的成長反映了先前提到的活動排程安排。

After portfolio effects and the decline in profit from Print, total adjusted operating profit growth in constant currency was 7%. There's a similar currency effect on profit as there was on revenue, giving adjusted operating profit growth in sterling of 5%. With profit growth ahead of revenue growth in Risk, STM, and Legal, margins improved in those business areas, driving an overall improvement of 70 basis points to 35.5%.

在投資組合效應以及Print獲利下滑之後，以固定匯率計的總調整後營業利益成長為7%。獲利所受的匯率影響與營收類似，使得以英鎊計的調整後營業利益成長為5%。由於Risk、STM與Legal的獲利成長領先營收成長，這些業務領域的利潤率有所改善，帶動整體利潤率提升70個基點至35.5%。

Exhibitions margins reflect the event rescheduling, but they remain well above historical levels. Turning to the group adjusted income statement, you can see here the underlying growth of 7% in revenue and 9% in operating profit. The interest expense was almost unchanged, with the effect of higher average debt levels offset by lower average interest rates. The effective tax rate was 22.8%, up 30 basis points on the prior full year and first half.

Exhibitions的利潤率反映了活動改期，但仍明顯高於歷史水準。接著看集團調整後損益表，您可在此看到營收基本成長7%，營業利益基本成長9%。利息費用幾乎不變，較高的平均負債水準之影響被較低的平均利率所抵銷。有效稅率為22.8%，較前一完整年度及上半年上升30個基點。

Net profit was up 7% at constant currency and up 5% in sterling to over GBP1.2 billion. With the lower share count as a result of the share buyback program, adjusted earnings per share were up 11% at constant currency and up 8% in sterling to 68.6p.

淨利以固定匯率計成長7%，以英鎊計成長5%，超過12億英鎊。由於股份回購計畫使流通股數下降，調整後每股盈餘以固定匯率計成長11%，以英鎊計成長8%，至68.6便士。

In terms of cash flow, cash conversion was strong at 98%. EBITDA was almost GBP2 billion and CapEx was GBP292 million, equating to 6% of revenue. After interest and tax, total free cash flow was over GBP1.1 billion. Here’s how we deployed that free cash flow. We completed two small acquisitions for total consideration of GBP103 million and made one small disposal with proceeds of GBP62 million. Dividend payments were GBP851 million, and as I mentioned earlier, we completed GBP1.75 billion of share buybacks. Overall net debt was GBP8.7 billion at the end of June.

就現金流而言，現金轉換率強勁，達98%。EBITDA接近20億英鎊，資本支出（CapEx）為2.92億英鎊，相當於營收的6%。扣除利息與稅負後，自由現金流總額超過11億英鎊。以下說明我們如何運用該自由現金流。我們完成兩項小型收購，總對價為1.03億英鎊，並進行一項小型處分，取得6,200萬英鎊款項。股利支付為8.51億英鎊，且如我先前提到的，我們完成了17.5億英鎊的股份回購。截至6月底，整體淨負債為87億英鎊。

Ratio of net debt to EBITDA, calculated in US dollars, was 2.3 times, in the middle of our typical range of 2 to 2.3 times. With that, I will hand you back to Erik.

以美元計算的淨負債對EBITDA比率為2.3倍，位於我們典型區間2至2.3倍的中間位置。接下來我把時間交還給Erik。

Thank you, Nick. Just to summarize what we have covered this morning. In the first half, we delivered strong financial results, including a step-up in growth in both STM and Legal, and we made further operational and strategic progress. We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis.

謝謝你，Nick。簡要總結一下我們今天上午所涵蓋的內容。上半年我們交出強勁的財務成果，包括STM與Legal的成長加速，並在營運與策略上取得進一步進展。我們持續看到集團各業務的正向動能，並預期營收與調整後營業利益將再迎來一年強勁的基本成長，同時在固定匯率基礎下，調整後每股盈餘也將強勁成長。

And with that, I think we’re ready to go to questions.

那麼，我想我們準備開始進入提問。

(Operator Instructions) George Webb, Morgan Stanley. Please go ahead.

(接線員指示) Morgan Stanley的George Webb。請開始。

Erik and Nick and well done on the first half numbers. I got a few questions, please. Firstly on STM I think you called out that you're still seeing over 20% article submissions growth in the first half. And I think you said publications at 7% for last year of FY25, I think it was north of 20% as well and publications of 10%. So just curious what's driven that publication growth moderation and whilst the submissions growth has stayed pretty well, still stayed above 20%.

Erik和Nick，上半年數字表現不錯。我有幾個問題。首先關於STM，我想你們提到上半年仍看到文章投稿量成長超過20%。另外我記得你們說上一年度FY25的發表量為7%，我想當時投稿量也在20%以上，而發表量為10%。所以我想了解，是什麼因素導致發表量成長放緩，而投稿量成長仍維持得相當不錯、仍在20%以上？

Second question and a bit tied to that, are there any numbers we can think about at this early stage with regards to adoption of LeapSpace into your customer base? And then lastly, for you, Erik on the Legal business, it's nice to see the pickup in growth there now at 10% underlying. We talked a bit last year about how you see the different dynamics between the legal reference content market and the legal workflow market, just given how quickly the whole space is evolving, both in terms of where certain LLMs are talking to playing and where to AI natives are growing.

第二個問題也與此相關：就LeapSpace在你們客戶群中的採用情況而言，在這麼早的階段是否有任何可供參考的數字？最後一個問題給你，Erik，關於Legal業務：很高興看到那裡的成長回升，目前基本成長達10%。我們去年談到過你如何看待法律參考內容市場與法律工作流程市場之間的不同動態，考量到整個領域演進速度很快，無論是某些LLM正在討論的切入點，或是AI原生業者的成長。

I'd be curious for your latest thoughts on the overall growth opportunity you see there for RELX and the competitive landscape.

我想聽聽你最新的看法：你認為RELX在那裡的整體成長機會為何，以及競爭格局如何？

Okay. So on STM, yes, we continue to see that there is significant growth in submissions to the company. I think that’s a combination of what’s going on in the industry and the global science and research market, where you see that the number of researchers continue to grow, global research spend continues to grow, and productivity tools make researchers more productive. That’s why we continue to see that increase.

好的。關於STM，是的，我們持續看到公司收到的投稿量有顯著成長。我認為這是產業情勢以及全球科學與研究市場發展的綜合結果：研究人員數量持續增加、全球研發支出持續成長，而生產力工具也讓研究人員更有效率。因此我們持續看到投稿量的提升。

I think there might also be an element here of some of the concerns about research integrity could lead to slightly higher volume for us with a longer history, bigger brand, etc., and many other well-known brands in our portfolio. That might be a component. When it comes to the long-term trend, we can continue to expect that we will see strong volume growth for many years to come. I don’t expect it to be remaining over 20%.

我想這裡也可能有一個因素：對研究誠信的一些疑慮，可能使得像我們這種歷史更久、品牌更大等的機構，投稿量略為增加；我們的投資組合中也有許多其他知名品牌。這可能是其中一個組成因素。就長期趨勢而言，我們可以繼續預期未來多年仍會看到強勁的量能成長。但我不預期它會一直維持在20%以上。

I think historically, we used to say that submissions would grow in the high single digits. At this point in time, we probably would see it moderating down probably to low double digits on average over time, higher than before based on these drivers, but probably not at this level.

我認為從歷史上看，我們過去常說投稿量會以高個位數成長。以目前來看，隨時間推移，它可能會放緩至平均約低雙位數成長；在上述驅動因素下會比以前更高，但大概不會維持在目前這個水準。

When it comes to the amount of publications, the actual articles we publish, as you can see, we have basically all the time on any time period, published fewer and fewer of the articles that we receive, meaning we’re becoming more and more selective, more and more targeted. I think that’s important in our quality positioning in the industry, so that the number of articles published should grow below the number of articles submission in growth over any longer time period. Any one short time period can, of course, be different.

至於發表量，也就是我們實際發表的文章數，如您所見，基本上在任何期間，我們發表的文章占收到的文章比例愈來愈低，意味著我們愈來愈嚴格篩選、愈來愈聚焦。我認為這對我們在產業中的品質定位很重要，因此在較長期間內，發表文章數的成長應低於投稿文章數的成長。當然，在任何較短期間內，情況可能會有所不同。

But from our perspective, I think that we are seeing a very rigorous quality-focused selection process in our 3,000 journals. It’s intentional from our side. The next question you asked was on LeapSpace, right?

但從我們的角度來看，我認為我們在3,000本期刊中採取的是非常嚴謹、以品質為核心的篩選流程。這是我們刻意為之。你接著問的是LeapSpace，對嗎？

Yep.

是的。

And how we’re doing on penetration there. I think it’s important to look at LeapSpace as a continued evolution of the ScienceDirect AI that we launched a year earlier. But LeapSpace overall is going really well. This has continued to do well if you look at it as an extension of ScienceDirect AI, or if you look at it as a standalone launch, because it’s basically so much new functionality, it’s going very, very well. It’s too early to really talk about any penetration curve because of the two alternative interpretations you can have as a transition from ScienceDirect AI or a new launch.

以及我們在那裡的滲透率表現如何。我認為，把 LeapSpace 視為我們在更早一年推出的 ScienceDirect AI 的持續演進，這點很重要。但整體而言，LeapSpace 的進展非常順利。無論你把它看作是 ScienceDirect AI 的延伸，或是把它看作一次獨立的推出，表現都持續良好，因為它基本上帶來了大量新功能，所以進展非常、非常順利。由於你可以把它解讀為從 ScienceDirect AI 的轉換，或是一個全新推出，因此現在談任何滲透曲線都還太早。

We can tell you the key things that we focus on is, number one, the customer feedback is very, very positive, very high user satisfaction, very specific comments on how it supports their critical thinking, how it saves them time, and in very specific examples that we have studied and asked them.

我們可以告訴你，我們關注的關鍵事項是：第一，客戶回饋非常、非常正面，使用者滿意度很高；他們也提出非常具體的意見，說明它如何支援他們的批判性思考、如何為他們節省時間，而且我們已針對一些非常具體的案例進行研究並向他們詢問。

The second thing is we’re seeing a lot of interest from institutions that see that value. And most importantly, we can see that the number of active users has grown significantly since we did the full transition from ScienceDirect AI to LeapSpace. For example, in the 90-day period from March to June, I think the number of active users almost doubled.

第二點是，我們看到許多機構對其價值很感興趣。而最重要的是，自從我們完成從 ScienceDirect AI 到 LeapSpace 的全面轉換以來，活躍使用者數量顯著成長。例如，在 3 月到 6 月的 90 天期間，我認為活躍使用者數幾乎翻倍。

Now it’s very early to look at that and to do any trend line from that because it involves early use, early customers, and some trials. The other very important factor is that the amount of usage during that time grew significantly faster than the number of users, which means that the users see the value and use it more. Those are the early trends that we’re seeing. Very positive.

當然，現在就從這些數據去看、並據此畫出任何趨勢線都還太早，因為其中包含早期使用、早期客戶以及一些試用。另一個非常重要的因素是，在那段期間的使用量成長速度顯著快於使用者數量，這表示使用者看到了價值，並且使用得更多。這些就是我們看到的早期趨勢。非常正面。

Then on Legal, you asked on where we see that going over time. The way we see it right now is that the step-up in growth is driven by the continued development and rollout of higher value AI-enabled tools that we are putting into our core platform and the things that we put on top. What has happened is that the continued growth, the continued penetration of Lexis+ with Protégé. I’m mixing the products here.

接著談到法律業務，你問到我們認為它隨時間會走向何處。我們目前的看法是，成長的躍升是由我們持續開發並推出更高價值、AI 賦能的工具所驅動，這些工具被放入我們的核心平台，以及我們在其上層所提供的功能。目前發生的情況是，Lexis+ 搭配 Protégé 的持續成長與持續滲透。我這裡把產品混在一起講了。

Lexis+ with Protégé is continuing on the same penetration curve, the trend that we’ve had before in terms of share of revenue. What we can see in terms of number of customers is that it’s probably growing slightly faster now in terms of number of institutions. Users is growing faster than number of institutions, and usage growth is faster than number of users. It’s on a very positive trend, and what we can see is that our customers really see the value in these tools. The tools continue to get significantly better on a regular basis. There are upgrades coming probably every couple of months that are significant that our customers see and see more value in.

Lexis+ 搭配 Protégé 仍沿著我們先前在營收占比方面所看到的同一條滲透曲線與趨勢前進。就客戶數量而言，我們看到它在機構數量方面的成長速度現在可能略快一些。使用者數的成長快於機構數，而使用量的成長又快於使用者數。這是一個非常正向的趨勢；我們也看到客戶確實看到了這些工具的價值。這些工具也持續、定期地顯著變得更好。大概每隔幾個月就會有一次重要升級，客戶能感受到並看到更多價值。

The fact that there are other companies out there that also leverage generative AI tools in order to provide efficiency, processes, workflow tools, software improvements in the broader legal tech industry, we think it’s natural and probably a good thing for the overall understanding of these tools in the industry.

至於外部也有其他公司同樣運用生成式 AI 工具，為更廣泛的法律科技產業提供效率提升、流程與工作流程工具、以及軟體改進，我們認為這是自然的，且對產業整體理解這些工具可能也是好事。

We come from the information-based side, which is the smaller side of that, and we believe that when you put these tools on top of the unique, comprehensive, broad-based, verified, trusted content sets that we have, the value increase is significant, and we think a large number of our customers are going to continue to use those tools on top of our content sets. That does not mean that that’s at the expense of anybody else that works on the workflow or software technology space, which is significantly larger than the information-based tool space that we’re in.

我們是從以資訊為基礎的那一端出發，那在整體中是較小的一端；我們相信，當你把這些工具疊加在我們所擁有的獨特、全面、廣泛、經驗證且可信賴的內容集合之上時，價值提升會非常顯著。我們也認為，我們的大量客戶將會持續在我們的內容集合之上使用這些工具。這並不表示這會以任何其他在工作流程或軟體技術領域（其規模遠大於我們所處的資訊型工具領域）運作的業者為代價。

We continue to see significant upside to help the legal industry for many years to come, and we expect that we will continue to do well and take a share of that upside in terms of how we can add value to our customers.

我們仍然看到在未來許多年協助法律產業的顯著上行空間；我們也預期我們將持續表現良好，並就我們如何為客戶增加價值而在這個上行空間中取得一部分份額。

Nick Dempsey, Barclays.

Nick Dempsey，巴克萊。

I’ve got three, please. First of all, you’ve referred to strong new sales in Risk, STM, and Legal in the release. As those we know will flow gradually into the revenue growth, does that give you good confidence on the growth rates for those three divisions into next year and even beyond that?

我有三個問題，謝謝。首先，你在新聞稿中提到風險、STM 與法律業務的新銷售強勁。既然我們知道這些將會逐步反映到營收成長中，這是否讓你對這三個事業部明年甚至更長期的成長率更有信心？

Second question, just going back to Legal, can you talk about how much of your good growth is coming from upgrading customers who were not on the Lexis+ AI platform to that platform, and how much from customers who have already upgraded to that but are now paying for additional offerings, such as linking Protégé into internal documents or other workflows on top? Just trying to understand the dynamic there.

第二個問題，回到法律業務，你能否談談你們良好成長中，有多少來自把原本不在 Lexis+ AI 平台上的客戶升級到該平台；又有多少來自已經升級到該平台的客戶，現在為額外的產品付費，例如把 Protégé 連結到內部文件或其他上層工作流程？我只是想理解其中的動態。

And the third question, you’ve seen good margin improvement in Risk, STM, and Legal in the first half, more than we’ve typically seen in the past. Are there any timing effects there, or can we expect good progress on those margins for the full year?

第三個問題，上半年你們在風險、STM 與法律業務看到不錯的利潤率改善，幅度高於我們過去通常看到的。這裡是否有任何時點因素的影響？或者我們能否預期全年這些利潤率會有良好進展？

I’ll take the first one and ask Nick to cover the third one. Strong new sales, we mentioned that in most of the segments, as you mentioned, it is a very important factor in the long run in terms of being an indication of the momentum in the business and how our customers see our new tools and the value they deliver. It is not the most important factor in driving revenue growth in the current year because new sales is a small part of the overall revenue of the company. It might not even be a big indicator of where it’s going in the next 12 months, but it is an important indicator of the momentum in the business and over time, a driver of the long-term growth trajectory. I think that’s the way you need to look at it.

我先回答第一個，第三個請 Nick 來補充。關於新銷售強勁，我們在多數業務板塊都有提到；如你所說，從長期來看，這是一個非常重要的因素，因為它顯示了業務動能，以及客戶如何看待我們的新工具與其所帶來的價值。但在推動當年度營收成長方面，它不是最重要的因素，因為新銷售在公司整體營收中占比不大。它甚至未必是未來 12 個月走向的重大指標，但它是業務動能的重要指標，並且隨時間推移，會成為長期成長軌跡的驅動因素。我認為你需要用這種方式來看待它。

When you talk about Lexis+ with Protégé, we are seeing that new sales are increasingly almost exclusively now on Lexis+ with Protégé. I think we said last year that the vast majority of new sales value was Lexis+ with Protégé, Lexis+ AI, and now so far this year, we’re running pretty much like 90% of the value of new sales is coming from the AI-enabled platform.

當你談到 Lexis+ 搭配 Protégé 時，我們看到新銷售現在愈來愈、幾乎是清一色都在 Lexis+ 搭配 Protégé 上。我想我們去年說過，新銷售價值的絕大多數來自 Lexis+ 搭配 Protégé、Lexis+ AI；而今年截至目前，我們的情況大致是，新銷售價值約 90% 來自 AI 賦能的平台。

When it comes to renewals, we’re now up to roughly three-quarters of the renewal value is coming from the Lexis+ with Protégé package. You asked also, what do we see from there? What we then see, users and customers that are starting to use some of these tools, they brought on them, they want to use more of them, they see more value.

至於續約，我們現在大約有四分之三的續約價值來自 Lexis+ 搭配 Protégé 的套裝方案。你也問到，接下來我們看到了什麼？我們接著看到的是，開始使用其中一些工具的使用者與客戶，在導入之後會想使用更多工具，因為他們看到了更多價值。

That’s the point that I made before about the fact that number of users is growing faster than number of institutions or than value, the usage of different tools is growing faster than users. We continue to see an increase in value add and in users, in usage and upside opportunity after they have made the first conversion. We see the first conversion to the core AI-enabled platform as the starting point of the future growth opportunity, not the endpoint.

這就是我先前提到的重點：使用者數量的成長速度快於機構數量或價值的成長；而不同工具的使用量成長速度又快於使用者數量。在完成第一次轉換之後，我們持續看到附加價值與使用者數、使用量以及上行機會都在增加。我們將首次轉換至核心 AI 賦能平台視為未來成長機會的起點，而不是終點。

Nick, on your question on margin. As we focus on ensuring that cost growth remains below revenue growth in all of our businesses. That’s what’s enabling us to drive profit growth to be faster than revenue growth. As you’ve seen over the last couple of years, that gap has, in a positive way, has become a little bigger as we’ve seen revenue accelerations and we’re using GenAI internally in our processes, allowing us more efficiency. That gap has got a little bit bigger. We absolutely expect that to continue. Of course, all things being equal, that will drive good expansion of margin over time. Exactly where that lands in any one period, of course, depends on currency and M&A effects and the like. All things being equal, we’re looking to continue to drive that forward.

Nick，關於你對利潤率的提問。我們專注於確保在所有業務中，成本成長維持低於營收成長。這正是讓我們能夠推動利潤成長快於營收成長的原因。如你在過去幾年所見，隨著營收加速，以及我們在內部流程中使用 GenAI 帶來更高效率，這個差距以正向的方式變得更大了一些。這個差距確實變大了一點。我們完全預期這種情況會持續。當然，在其他條件相同的情況下，這將隨時間推動利潤率良好擴張。至於在任何單一期間最終落在什麼水準，當然取決於匯率與併購（M&A）影響等因素。在其他條件相同的情況下，我們希望持續推動這一點向前。

Adam Berlin, Goldman Sachs.

Adam Berlin，高盛。

I’ve got two questions on the legal division. The first question, just following up on what you just said, Erik, about Protégé. You described the upgrade as a starting point in adoption, then you can grow revenues beyond just converting that customer to an AI platform. Can you just give us a bit more detail on what that product looked like? What are the additional add-ons customers can buy so that you get more revenue from them after they’ve actually just moved to the Protégé platform? I just thought that was a one-off benefit. It sounds like there’s more revenue opportunities even after the upgrade. If you could give more detail on that.

我有兩個關於法律事業部的問題。第一個問題，是接續你剛才提到的，Erik，關於 Protégé。你把升級描述為採用的起點，之後你可以在不僅僅是把客戶轉換到 AI 平台之外，進一步成長營收。你能否再多提供一些細節，說明那個產品長什麼樣子？客戶在實際移轉到 Protégé 平台之後，還可以購買哪些額外加購項目，讓你能從他們身上取得更多營收？我原本以為那只是一次性的效益。聽起來即使在升級之後，仍然有更多營收機會。如果你能就此提供更多細節。

The second question is, I understand that you provide these Protégé add-on on a fixed subscription basis, so you’re not passing on the underlying cost of tokens to your clients. Do you need to move to some form of consumption-based pricing for tokens as that token usage goes up a lot? Is there some reason that may not happen? Do you have better economics in terms of token usage or better technology that means less token usage than some of your competitors? Can you just describe how that’s operating in practice?

第二個問題是，我理解你們以固定訂閱的方式提供這些 Protégé 加購項目，因此你們不會把底層 token 的成本轉嫁給客戶。當 token 使用量大幅上升時，你們是否需要改為某種以用量計費的 token 定價模式？是否有什麼原因可能不會發生？你們在 token 使用方面是否有更好的經濟性，或是有更好的技術，使得 token 使用量比某些競爭對手更少？你能否描述一下這在實務上是如何運作的？

Sure. I’m going to ask Nick to cover the second in detail, but I think on the first one, I think it’s very important that you look at this over a period of time. We keep upgrading and adding tools and functionality to Lexis+ with Protégé on an ongoing basis.

當然。我會請 Nick 詳細回答第二個問題，但我認為就第一個問題而言，我覺得非常重要的是，你要用一段時間的尺度來看。我們會持續不斷地為搭載 Protégé 的 Lexis+ 升級並新增工具與功能。

It’s a significantly more valuable platform and significantly broader and more valuable range of tools today than it was even two months ago, and two months ago was significantly better than four months ago. I think you have to look at the transition to Lexis+ with Protégé, basically the core integrated AI-enabled platform, as a necessary starting point for the future growth opportunity for the next decade or so. I think you have to think of it almost similar to the print-to-electronic transition.

相較於甚至兩個月前，今天的平台價值顯著更高，工具的範圍也顯著更廣且更有價值；而兩個月前又比四個月前顯著更好。我認為你必須把轉換到搭載 Protégé 的 Lexis+——也就是核心整合式 AI 賦能平台——視為未來大約接下來十年左右成長機會的必要起點。我認為你幾乎可以把它看作類似於從紙本到電子化的轉型。

We could not start selling analytics and decision tools to somebody who had print books or print journals. You had to transition them to the electronic platform, the basic core electronic information retrieval platform, the reference platform, in order to then be able to offer higher value-add analytics. You have to have basic analytics enabling of a platform before you can start to sell fully integrated, sophisticated decision tools. We’ve been on that journey for many years before.

如果對方還在使用紙本書籍或紙本期刊，我們不可能開始向他們銷售分析與決策工具。你必須先把他們轉移到電子平台——基本的核心電子資訊檢索平台、參考平台——之後才能提供更高附加價值的分析。在你能開始銷售完全整合、精密的決策工具之前，平台必須先具備基本的分析賦能。我們過去多年一直走在這條路上。

Moving people on to core AI-enabled integrated platform is the next foundational piece that will then drive revenue for many years to come.

把使用者移轉到核心 AI 賦能的整合平台，是下一個基礎性環節，將在未來多年持續帶動營收。

Sorry. Can you just give an example of what you’re talking about? What’s something you’ve launched in the last couple of months that you’re charging for beyond just the upgrade to the platform? Just to give us some sense of what kinds of things are in there.

抱歉。你能否舉個例子說明你在講的是什麼？過去這幾個月你們推出了什麼，是在平台升級之外另外收費的？只是想讓我們了解裡面大概有哪些類型的內容。

A single example might be Lex Machina, which is the legal analytics which brings strategic insights in from historic cases and helps you judge whether you should take a case, how long it might take. We’ve integrated that into Lexis+ Protégé. We announced that a month or two ago. It’s integrating that as just one example of many exciting things.

一個例子可能是 Lex Machina，也就是法律分析工具，它能從歷史案件中帶來策略洞見，並幫助你判斷是否應該接案、以及可能需要多久。我們已將它整合進 Lexis+ Protégé。我們在一兩個月前宣布了這件事。把它整合進來只是眾多令人振奮事項中的一個例子。

Adam, your question about token cost, I think we see managing token costs, effectively managing on the behalf of customers is a significant competitive advantage because the way we have our technology configured, we can maximize customer value, dynamically managing the use of which model, which agent are you using, in which particular use case, which particular step of the process.

Adam，關於你對 token 成本的問題，我認為管理 token 成本、有效地代表客戶進行管理，是一項重要的競爭優勢，因為我們的技術配置方式，能在特定使用情境、流程的特定步驟中，動態管理要使用哪個模型、哪個代理（agent），以最大化客戶價值。

Because we, of course, have pre-processed all the underlying content in a way that allows us to operate very efficiently, it tends to be less token intensive in its use. Of course, our customers are wanting us to help them manage their overall token consumption. I think we’re seeing that as a significant competitive advantage. Of course, the cost of tokens is going up, but it’s still less than 1% of our overall cost base.

因為我們當然已經以能讓我們高效率運作的方式，對所有底層內容做了預處理，所以在使用上通常更不耗 token。當然，我們的客戶也希望我們協助他們管理整體 token 消耗。我認為我們正把這視為一項重要的競爭優勢。當然，token 的成本正在上升，但它仍不到我們整體成本基礎的 1%。

In the context that I was talking about earlier, about keeping cost growth below revenue growth, given all the efficiencies that are coming as well, I think that’s very manageable within our overall approach of keeping cost growth below revenue growth.

在我先前提到的脈絡下——也就是讓成本成長低於營收成長——考量到同時也會帶來各種效率提升，我認為在我們維持成本成長低於營收成長的整體做法之下，這是非常可控的。

Ciaran Donnelly, Citi.

Ciaran Donnelly，花旗。

Thanks a million for the presentation. Just a few questions left from me. Firstly, just in terms of the ability to leverage AI internally, has that reduced the need for M&A, given the ability to develop products organically has probably become easier? Two, just from here on STM in terms of the goal to accelerate growth further, can you just outline what are the key dynamics you need to see or the key initiatives in terms of driving that growth further from here?

非常感謝這場簡報。我這邊還有幾個問題。第一，關於內部運用 AI 的能力，鑑於以有機方式開發產品可能變得更容易，這是否降低了對併購（M&A）的需求？第二，從現在起就 STM 而言，為了進一步加速成長的目標，你能否概述一下，從這裡往前要看到哪些關鍵動態，或有哪些關鍵舉措能推動成長再往上？

And then just thirdly, just on the visibility of the scheduled events in the Middle East and the exhibitions division, can you just give some thoughts on how you see those trading? Thanks.

然後第三點，關於中東已排程活動以及展覽事業部的能見度，您能否分享一些看法，您如何看待這些業務的交易／表現走勢？謝謝。

Maybe I’ll ask Nick to cover the first and the third, and I’ll cover the second.

也許我請 Nick 回答第一個和第三個問題，我來回答第二個。

Ciaran, absolutely. The use of GenAI internally is certainly helping us do things faster. It’s certainly part of what’s enabling us to come faster to market with new innovation, the pace of new product introduction, that’s absolutely doing that.

Ciaran，當然。內部使用 GenAI 的確正在幫助我們更快地完成工作。這也確實是讓我們能更快把新創新推向市場的一部分；新產品導入的速度，確實因此加快。

Our focus, as always, is on organic development primarily. That’s what’s the key driver for the growth across the group and the key value creation for shareholders is coming from the organic development. We will continue to look at M&A where we see things that can enhance and accelerate the organic development, and where we’re the natural owner of something, we will continue to do that.

我們一如既往的重點，主要放在有機發展。這是推動集團整體成長的關鍵驅動力，而為股東創造價值的核心也來自有機發展。我們會在看到能夠強化並加速有機發展、且我們是某項資產的「自然擁有者」時，持續評估併購（M&A），並會繼續這麼做。

What exactly we spend in any period will depend on what happens to come up and what’s available. It will vary from period to period, but we’ll still look at that, but absolutely the key focus is on the organic.

我們在任何期間實際投入多少，將取決於當時出現了什麼機會以及市場上有哪些標的可供選擇。它會因期間而異，但我們仍會持續關注；不過，毫無疑問，關鍵重點仍是有機成長。

On STM, the main driver of the growth pickup so far has been the continued development and the further rollout of the higher value-add AI-enabled tools. We think that’s exactly what will continue to be the main driver for many years to come. We’re really very early in the rollout stage of these tools in the science and research industry.

就 STM 而言，迄今成長回升的主要驅動因素，是持續開發並進一步推廣更高附加價值、由 AI 賦能的工具。我們認為這正是未來多年仍將持續的主要驅動力。在科學與研究產業，這些工具仍處於非常早期的推廣階段。

As an example, the big tools that we’ve had, if you look at Scopus AI, we’ve talked about for a while, that has continued to do well. It’s on the same path as before. It continues to grow. Customers see similar value uplift to what we see in the legal space, and the adoption curve has similar shape to legal, but it’s a bit slower. The customer base is more fragmented. The decision cycles take longer. We’ve said before, it takes sort of 50% longer almost.

舉例來說，我們既有的一些大型工具，如果看 Scopus AI，我們談了一段時間，它的表現持續良好。它仍沿著先前的軌道前進。它持續成長。客戶看到的價值提升與我們在法律領域看到的相近，採用曲線的形狀也與法律領域類似，但速度稍慢一些。客戶基礎更為分散。決策週期更長。我們之前也說過，大概幾乎要多花 50% 的時間。

It’s on that same path. We continue to see users growing quickly, usage growing more than users, et cetera. Exactly the same patterns that we talked about before. We’re in the early stages of this. We expect that to continue for several more years.

它就在同一條路徑上。我們持續看到使用者快速成長、使用量的成長高於使用者數，等等。完全就是我們之前談過的相同模式。我們仍在這件事的早期階段。我們預期這種情況還會再持續好幾年。

Then we can see that the newer tools that we are developing, like LeapSpace, they are similarly adding significant value. We’re just at the very early stages there. We’ve done this in several other smaller areas around the company too. We’ve had slightly different approaches in other parts of the company inside the sort of medical education, Sherpath AI, which we talked about before.

接著我們也看到我們正在開發的較新工具，例如 LeapSpace，同樣在創造顯著價值。我們在那裡也才剛起步、仍在非常早期的階段。我們也在公司其他幾個較小領域做了類似的事。在公司其他部分、例如醫學教育領域，我們採取了稍有不同的方法，例如我們之前談過的 Sherpath AI。

We had a slightly different approach to packaging and pricing. The way we’ve done that in combining products with the AI capability has led to double-digit growth in that sub-segment. We’re still in the relatively early times there. We think there are a lot of opportunities across Elsevier to continue to build tools that add more value.

在產品組合與定價上，我們採取了稍有不同的做法。我們將產品與 AI 能力結合的方式，帶動該子領域出現雙位數成長。我們在那裡仍處於相對早期的階段。我們認為在 Elsevier 各處仍有許多機會，持續打造能創造更多價值的工具。

That will therefore have increased users, increased usage, and therefore improving growth rate. We do have to remember in STM that it is a more fragmented product suite. It is a more fragmented customer base, both in types of customers and geographically. They have slightly longer decision cycles in many of those customers. The growth is likely to come through gradually. We think there’s potential there for it to continue to increase gradually for very many years to come.

因此將帶來更多使用者、更高使用量，進而改善成長率。我們確實必須記得，在 STM 中，產品組合更為分散。客戶基礎也更為分散，無論是客戶類型或地理分布。其中許多客戶的決策週期也稍長。成長很可能會逐步顯現。我們認為未來很多年仍有潛力持續逐步提升。

Ciaran, your question about the Middle East events and exhibitions, just to scale that, they represent about 4% of the divisional revenue. Those left to run are perhaps more like 3% of the divisional revenue, so less than 0.5% of the group’s revenue. We have indeed rescheduled, as we mentioned in the release. We’ve rescheduled some of those into the second half.

Ciaran，你關於中東活動與展覽的問題，先談規模：它們約占該事業部營收的 4%。目前尚待舉辦的部分可能更接近該事業部營收的 3%，因此占集團營收不到 0.5%。正如我們在公告中提到的，我們確實已重新排程。我們已將其中一些改期到下半年。

We are still planning to run most of them. We have to acknowledge there is uncertainty around them and exactly how they perform. I think, and I’d focus back on the other 97%, if you like, where we’re seeing the strong ongoing growth in the overall portfolio. That’s the key focus going forward.

我們仍計畫舉辦其中大多數。我們必須承認，圍繞它們仍存在不確定性，以及它們究竟會有怎樣的表現。我認為——如果你願意，我會把焦點拉回到另外 97% 的部分——我們在整體投資組合上仍看到強勁且持續的成長。這才是未來的關鍵重點。

Paul Packer, BNP Paribas.

Paul Packer，法國巴黎銀行（BNP Paribas）。

Two from me, please. Firstly, the Trump administration’s made a flurry of announcements on scientific research funding in recent weeks, which are making lots of headlines in the trade press. While the proposals are wide-ranging, the most relevant to Elsevier is the OMB proposal to make journal subscription costs and APCs unallowable expenses on federal research awards.

我有兩個問題。第一，川普政府近幾週就科學研究經費發布了一連串公告，在產業媒體上引發許多頭條。雖然提案範圍很廣，但與 Elsevier 最相關的是 OMB 的提案：擬將期刊訂閱成本與 APC（文章處理費）列為聯邦研究補助中不允許列支的費用。

From our conversations with those closest to the budget process, we understand these proposals have a real chance of being enacted for 2027. With 10% of global research federally funded and perhaps 40% of open access funded, could you talk through how these proposals would impact Elsevier if introduced? What tools could Elsevier use to mitigate a potential, quite impactful proposal? Secondly, in recent months, we’ve had a flurry of announcements from the AI native players in legal, such as Harvey and Legora.

根據我們與最接近預算流程人士的對話，我們理解這些提案很有可能在 2027 年落地實施。在全球研究中約 10% 由聯邦資金支持、而開放取用（open access）中或許約 40% 由資金方補助的情況下，您能否說明若導入這些提案，將如何影響 Elsevier？Elsevier 可以使用哪些工具來緩解這項可能相當具影響力的提案所帶來的衝擊？第二，近幾個月，我們看到法律領域的 AI 原生業者（例如 Harvey 與 Legora）也密集發布公告。

Based on their communication, they’re rapidly scaling with ARRs in excess of GBP 400 million combined and some very strong user growth. You talked about healthy adoption of your own workflow products. Could you give us any kind of comparable metrics on engagement or revenue to help us assess market shares? Thank you.

根據他們的對外溝通，他們正在快速擴張，合計 ARR（年度經常性收入）已超過 4 億英鎊，且使用者成長非常強勁。你提到你們自家工作流程產品的採用情況健康。你能否提供任何可比較的指標（例如互動／使用情況或營收），以協助我們評估市占率？謝謝。

I’ll ask Nick to cover the first one, and then I’ll come back and talk about the second.

我先請 Nick 回答第一個問題，然後我再回來談第二個。

Yeah, well, obviously, what you’re seeing in our numbers today around science demonstrates the pace of growth in the scientific research world, the pace at which scientists are operating, the pace at which they’re making discoveries, the pace at which they want to be published. And they’re all using new tools and new efficiencies to increase the pace at which they’re operating. That, of course, is coming through into strong growth in published volumes.

是的，嗯，顯然，你今天在我們科學業務的數字中看到的，展現了科學研究世界的成長速度、科學家運作的速度、他們做出發現的速度，以及他們希望發表的速度。而他們都在使用新工具與新的效率提升方式，來加快他們的運作節奏。當然，這也反映在已發表論文量的強勁成長上。

What government policy does in individual countries around the world, that’s been changing all the time, and you could have a conversation going back for years about different things that have changed. The fundamental drivers on a global basis remain the same, and that’s what’s ultimately going to drive the business going forward.

世界各國的政府政策一直在變動，你可以就各種已改變的事項回溯多年來討論。全球層面的基本驅動因素仍然相同，而這最終將推動未來的業務發展。

Yeah. On legal AI, I think it’s important to look at this from a broad perspective that the legal information space in the U.S. is order of magnitude to $5 billion market where we operate. We’re information-based, and we’re information-based analytics and decision tools, which we increase the value of by AI enabling them and adding process and decision tools and workflow tools on top of the verified, trusted content.

是的。關於法律 AI，我認為重要的是從更宏觀的角度來看：我們所處的美國法律資訊領域，市場規模約為 50 億美元量級。我們以資訊為核心，提供以資訊為基礎的分析與決策工具；我們透過 AI 賦能，並在經過驗證、可信賴的內容之上，疊加流程與決策工具以及工作流程工具，以提升其價值。

We put all the analytics, the AI tools that come from the sort of frontier lab companies, if you want to call them that, we include those inside our product, inside our secure environment with a verified content, et cetera. We are an information-based company with higher value add AI-enabled tools on top. That’s what we sell, and that’s our value add.

我們把各種分析工具與 AI 工具（若你願意稱之為前沿實驗室公司所提供的工具）納入我們的產品之中，並置於我們的安全環境內，搭配經驗證的內容等。我們是一家以資訊為核心的公司，在其上提供更高附加價值的 AI 賦能工具。這就是我們銷售的內容，也是我們的附加價值所在。

The legal tech software space is order of magnitude $25 billion today, depending on which analyst you look at. Many people believe that that’s going to grow to $75 billion to $100 billion over the next 10 years. That’s process enabling in the legal workflow in legal companies as well as in financial institutions, in corporations, in private equity firms and so on, where they today, an average large company might have 100 different software technology providers.

法律科技軟體領域目前的市場規模約為 250 億美元量級，取決於你參考哪位分析師的估算。許多人相信，未來 10 年這個市場將成長至 750 億到 1,000 億美元。這涉及法律公司以及金融機構、企業、私募股權公司等的法律工作流程之流程賦能；而在今天，一家大型公司平均可能有 100 家不同的軟體技術供應商。

AI can improve those processes, add significant value to the whole legal industry, which is order of magnitude, maybe call it $500 billion in revenue. When you can provide new technology tools to improve the efficiency of a $500 billion industry, you’re not just going to have the old 1,000 software providers, of which an average player uses 100 or 200.

AI 可以改善這些流程，為整個法律產業帶來顯著價值；該產業的營收規模約為 5,000 億美元量級。當你能提供新的科技工具來提升一個 5,000 億美元產業的效率時，你不會只停留在原本的 1,000 家軟體供應商（平均每個參與者使用其中 100 或 200 家）。

You’re going to have several new ones, several hundred new ones competing for that space. That just illustrates to me how big the opportunity is to help that industry. We are not going to be the leader in the $100 billion workflow and software industry, but we are going to be able to contribute value to our customers in content-related workflow tools. We can see that from our customers.

你會看到好幾家新的、甚至數百家新的業者進入並競爭這個市場空間。這對我而言正好說明了協助這個產業的機會有多大。我們不會成為那個 1,000 億美元工作流程與軟體產業的領導者，但我們將能在與內容相關的工作流程工具上，為客戶貢獻價值。我們從客戶端已經看得到這一點。

We have, as you know, hundreds of thousands, many hundreds of thousands of users, many tens of thousands of institutional customers, paying corporate customers for our products. We have very high usage of those tools, and we are in the technology-enabled, higher value add information-based tools. The fact that there are other players out there doing well, to me, is a confirmation that that space is important and there’s an opportunity to add value.

如你所知，我們擁有數十萬、甚至數十萬以上的使用者，以及數萬名機構客戶與付費企業客戶在使用我們的產品。這些工具的使用率非常高，而我們所處的是以科技賦能、具更高附加價值的資訊型工具領域。對我而言，外部還有其他業者表現良好，反而印證了這個領域的重要性，以及存在可創造附加價值的機會。

We will capture a portion of that, we are not attempting to or planning to go and compete directly against tech or software players in the workflow space.

我們會取得其中一部分機會，但我們並未嘗試、也不打算直接與工作流程領域的科技或軟體業者正面競爭。

Thanks so much for the color. Just to come back on the OMB proposals around journal subscription costs and APC charges, is it fair to understand from your comments that you wouldn’t expect any meaningful impact in the event of the introduction of those reforms?

非常感謝你的補充說明。回到 OMB 針對期刊訂閱成本與 APC（文章處理費）收費的提案改革：是否可以從你的評論理解為，即使這些改革推出，你也不預期會有任何實質性的影響？

Yeah. We make sure we provide our customers with the choice so they can publish in the journal that meets the whatever criteria they need to follow. We’ve been doing that for a long time. I see no reason why we can’t be able to continue to do that.

是的。我們確保為客戶提供選擇，讓他們可以在符合其需要遵循之各項標準的期刊上發表。我們長期以來一直都是這麼做。我看不出有任何理由使我們無法繼續這樣做。

Thymen Rundberg, ING.

Thymen Rundberg，ING。

Thank you for taking my questions, three from my side. This year, you’ve completed around 80% of the announced buyback program in the first half year compared with roughly two-thirds to 70% in recent years. Stepping back from timing of execution, does the larger and faster deployment of capital into buybacks reflect a different assessment of the relative attractiveness of buybacks versus other users of capital, whether that’s M&A or other organic investment opportunities?

感謝讓我提問，我這邊有三個問題。今年你們在上半年已完成約 80% 的已宣布回購計畫，相較於近年大約完成三分之二到 70%。先不談執行時點，回購投入資本的規模更大、速度更快，是否反映你們對「回購相對於其他資本用途」（例如併購或其他內生成長投資機會）吸引力的評估有所不同？

I know you mentioned that organic keeps being the number one priority. Should we just continue to view capital allocation as unchanged despite the change in pace size? On Risk. Risk delivers 8% organic growth for a number of years already, despite its scale. When you look at the different subdivisions, what do you think ultimately determines the sustainable growth rate of that business?

我知道你提到內生成長仍是第一優先。儘管回購節奏與規模有所變化，我們是否仍應將資本配置視為不變？關於 Risk。Risk 儘管規模不小，仍已連續多年實現 8% 的內生成長。當你看不同的子部門時，你認為最終決定該業務可持續成長率的因素是什麼？

Where do you see the greatest scope to outperform those assumptions over time? Lastly, just a quick one on the Doctrine acquisition that you proposed in April. Could you just elaborate a bit on what you think that brings or would have been difficult or time-consuming to build internally and how you think about the broader M&A space in legal AI, particularly. Thanks.

你認為隨時間推移，最有機會超越這些假設的領域在哪裡？最後一個快問：關於你們在 4 月提出的 Doctrine 收購案。你能否再多談一點，你認為它帶來了什麼（或哪些能力）是內部自行建置會很困難或耗時的？以及你如何看待更廣泛的法律 AI 併購市場，特別是在法律 AI 方面。謝謝。

I’m going to ask Nick to cover the first one. I’ll talk about the second, we’ll get Nick back on the acquisition again.

第一個問題我請 Nick 來回答。第二個我來談，然後再請 Nick 回來補充收購的部分。

On the buyback, absolutely no change in approach to capital allocation. As you rightly say, the primary focus is on supporting the business, in particular on the organic development. Obviously, all the capital investments, all the CapEx required internally is the number one priority. This is a relatively capital light business. After that, we do all the M&A that we see, what’s going to enhance and accelerate that. It clearly varies from year to year, depending on what comes up.

關於回購，我們的資本配置方法完全沒有改變。正如你所說，首要重點是支持業務，特別是內生成長的發展。顯然，所有資本投資、所有內部所需的資本支出（CapEx）都是第一優先。這是一個相對輕資本的業務。在那之後，我們會進行我們看到的所有併購（M&A），也就是那些能夠強化並加速上述發展的機會。這每年都會有所不同，取決於當年出現什麼機會。

We have an increase, only after that do we think about returns to shareholders. Obviously have a growing dividend that’s about half the earnings. The buyback tends to be the balancing figure, if you like, to keep the leverage in the right sort of place.

只有在那之後，我們才會考慮回饋股東。我們的股利顯然是逐步成長的，約為盈餘的一半。回購則傾向於作為一個「平衡項」，用來把槓桿維持在合適的水準。

Clearly, we’re mindful of where the share price is relative to a year or two ago, and certainly in making the decision on the buyback in February as we did, increasing it, knowing that would likely push us up in the leverage range. We’re using that leverage range of 2 to 2.5 times, in a thoughtful way. An overall approach, still following what we were doing before.

顯然，我們也留意股價相較於一兩年前的位置；尤其是在 2 月做出回購決策並提高規模時，我們知道這很可能會把我們推向槓桿區間的較高端。我們以審慎的方式運用 2 到 2.5 倍的槓桿區間。整體方法仍然延續我們之前的做法。

On Risk, as I’m sure you know that over the last decade, we pretty much average an 8% annual growth there, and the range has basically been seven to nine if you exclude the first few months of COVID when the world stalled a little bit. We always try in every single subunit there to capture upside.

關於 Risk，如你所知，過去十年我們在那裡的年均成長率大致為 8%；若排除 COVID 初期全球稍微停擺的前幾個月，區間基本上是 7% 到 9%。我們一直嘗試在那裡的每一個子單位都捕捉上行空間。

The main driver of the strong growth of that ongoing 8% growth in Risk is the continued development and rollout of higher value add decision tools. We keep launching those, testing them, selling them, and rolling it out. Typically takes about five years to fully roll out a product across that industry. We keep doing that, we keep trying in each subunit to grow faster, to roll them out faster.

風險業務持續達到 8% 強勁成長的主要驅動因素，是我們持續開發並推出更高附加價值的決策工具。我們不斷推出這些工具、測試它們、銷售它們，並加以推廣落地。通常要花大約五年，才能在該產業全面導入一項產品。我們持續這麼做，也持續在各個子單位嘗試更快成長、加快推廣速度。

You could argue that with the technology we’re seeing today, that we could develop them and launch them faster, but the industries we serve still operate at roughly that same introduction, installation, and rollout pace because they’re complicated industries, they’re regulated, and they operate on a certain pace. We would love to be able to grow faster in any one of our units, and sometimes we do, but it’s now almost a GBP5 billion revenue division.

你可以主張，以我們今天看到的技術水準，我們可以更快開發並推出它們，但我們服務的產業仍大致以相同的導入、安裝與推廣節奏運作，因為這些產業很複雜、受監管，而且有其既定步調。我們當然希望任何一個單位都能更快成長，有時也確實如此，但它現在已經是一個營收接近 50 億英鎊的事業部。

In order for this to permanently grow faster, we would have to have several of the units pick up on the same schedule for a period of time. We believe it’s quite possible to do that. We want to do that, but I don’t think it’s something you should count on or build into your projections.

要讓它永久性地更快成長，我們必須讓好幾個單位在一段時間內同時以相同節奏加速。我們相信這是很有可能做到的。我們想做到，但我不認為你應該把它視為必然，或把它納入你的預測模型。

Yeah. Your question about the Doctrine acquisition, it’s a very good example of the sort of thing that we’re looking to do to enhance and accelerate the organic development. Doctrine has been around for about a decade building a very valuable content set.

是的。你提到的 Doctrine 收購案，是我們為了強化並加速內生成長而尋求的那類行動的很好例子。Doctrine 大約十年前成立，建立了一套非常有價值的內容資產。

In France, they’ve developed some very good workflow tools and some AI around those specific content sets. We see how that will fit and complement what we’re doing in France very well, and we think we’re the natural owner of that business, and that’s exactly the sort of thing that we would look at. Of course, in an overall group sense, it’s quite small. It is a good example of the sort of thing we’re interested in to enhance and accelerate the organic development.

在法國，他們圍繞這些特定內容集開發了一些非常好的工作流程工具，並加入了一些 AI。我們看到這將非常契合並補強我們在法國的布局，我們也認為我們是這項業務的自然擁有者，而這正是我們會關注的那類標的。當然，就整個集團而言，它的規模相當小。但它確實是我們感興趣、用以強化並加速內生成長的那類案例。

Steve Liechti, Deutsche Bank.

Steve Liechti，德意志銀行。

I’ve got three quick ones. One, just on Claude for Science. Any particular comments there in terms of what uptake of LeapSpace has been or feedback from customers in terms of using Claude for Science relative to LeapSpace? Then just remind us on Arabian Travel, how big the international, I’m really thinking Western, visitor or exhibitor numbers are for that particular show, in percentage terms. That’d be great.

我有三個簡短問題。第一個，關於 Claude for Science。就 LeapSpace 的採用情況，或客戶在使用 Claude for Science 相對於 LeapSpace 的回饋方面，有沒有特別的評論？另外，請再提醒我們 Arabian Travel 的情況：該展會的國際（我主要指西方）訪客或參展商人數占比大概是多少？那就太好了。

Just on the travel like for like at 6%, which is below previous years, you referenced travel disruption. Do you mean specifically in the Middle East overall? Is that 6% being affected by something else, or specifically the Middle East? Thanks.

再來，旅遊業務的同店成長是 6%，低於前幾年，你提到了旅遊中斷。你是特別指整個中東地區嗎？這個 6% 是受到其他因素影響，還是特別是中東的影響？謝謝。

Okay, I’m going to ask Nick again to cover the second but let me first make a comment on Claude for Science. The way we look at these is these are tools that are being provided by others. There’ll be many of these kinds of tools and announcements coming out. There’ll be lots of providers of these tools.

好的，我會再請 Nick 回答第二個問題，但我先談一下 Claude for Science。我們看待這些工具的方式是：它們是由其他方提供的工具。未來會有很多這類工具與公告出現。也會有很多這類工具的供應商。

The way we see it is, at the moment, these are the LLM providers using additional workflow layers to their models, and they’re mostly designed to support the conduct of the science itself, often in drug development. They’re going to continue to do that. We think that’s a very good thing for science. Anything that helps improve the productivity of scientists, hell, the productivity of spend on science is a positive driver of our business.

我們的看法是，目前這些是 LLM 供應商在其模型之上加上額外的工作流程層，而它們多半是為了支援科學研究本身的進行，常見於藥物開發。他們會持續這麼做。我們認為這對科學是非常好的事。任何能提升科學家生產力——坦白說，也提升科學投入支出的生產力——的事情，都是我們業務的正向驅動因素。

We’re focused on the research, the publication of science, and the use on research around published science and the research workflow around that. LeapSpace supports research workflow, idea generation, literature exploration, collaboration, sourcing, funding analysis, drafting, comparisons inside a completely verified, trusted, secure, private, confidential space that is about your research.

我們聚焦在研究、科學出版，以及圍繞已出版科學的研究使用情境與其研究工作流程。LeapSpace 支援研究工作流程、想法生成、文獻探索、協作、資源取得、資金分析、撰寫、比較等功能，並且是在一個完全經過驗證、可信、安全、私密、保密的空間中進行——這個空間是圍繞你的研究而設計的。

We see Claude Science and many of these other tools that will come out as positive enablers of the pace of scientific discovery and very positive contributors to the industry, and therefore an additional driver to what we do, not a competition at all

我們把 Claude Science 以及未來會出現的許多其他工具，視為能加快科學發現速度的正向促進者，對產業也非常有貢獻，因此它們會成為我們所做事情的額外驅動力，完全不是競爭對手

To your question about Arabian Travel, as a reminder, as I said earlier, we’re talking about for the shows that are yet to run in the region for exhibitions are about 3% of divisional revenues or less than 0.5% of the group revenue. You’re asking about one particular show within that. It is a heavily international show, and exactly how that plays out, we’ll see but just keep the scale of it in certainly relative to the group as a whole. Keep that in mind.

關於你問的 Arabian Travel，提醒一下，如我先前所說，該區域尚未舉辦的展覽活動，約占事業部營收 3% 或更少，或占集團營收不到 0.5%。你問的是其中一個特定展會。它是一個高度國際化的展會，至於實際呈現會如何，我們還要再觀察，但請記得它的規模——尤其是相對於整個集團而言。請把這點放在心上。

I think your other question was about the 6% growth in exhibitions in the first half, and I referenced travel disruption. That was really referring to travel from and through the Middle East to our other events, to events outside the region.

我想你另一個問題是關於上半年展覽業務 6% 的成長，我提到了旅遊中斷。那主要是指從中東出發或經由中東轉機前往我們其他活動——也就是區域外活動——的旅遊受到影響。

We have, obviously, a number of quite significantly international events elsewhere in the world, and the participants from the Middle East or people traveling through the Middle East, and that had some effect, which is why the ongoing growth in exhibitions of 7% to 8% that we’ve been at for a little while, that’s why it was just moderated a little from that in the first half.

我們在世界其他地區顯然有一些相當國際化的大型活動，而來自中東的參與者或經由中東轉機的旅客，受到了一些影響；這也是為什麼我們在一段時間內展覽業務持續維持 7% 到 8% 的成長，但上半年相較之下略為放緩。

(Operator Instructions) Christophe Cherblanc, Bernstein.

(接線員指示) Christophe Cherblanc，Bernstein。

Yes, good morning. Two from my side. The first one is STM. What should we expect from the settlement made by Anthropic with publishers? Because it seems to me it could be almost 1% of STM revenue. Is it going to show up as revenue and operating profit at the same time? Will it fall in H2 this year, '27? Anything on this would be super helpful. The second one is on print. The resilience of profit was very good in H1. Is that a pattern we should expect for the full year 2026? Thank you.

是的，早安。我這邊兩個問題。第一個是 STM。我們應該如何看待 Anthropic 與出版商達成的和解？因為在我看來，它可能接近 STM 營收的 1%。它會同時以營收與營業利益的形式呈現嗎？會落在今年下半年、還是 2027 年？任何相關資訊都會非常有幫助。第二個是關於印刷業務。上半年獲利的韌性非常好。這會是我們對 2026 全年應有的預期模式嗎？謝謝。

I’m going to ask Nick to cover both of those.

我會請 Nick 來回答這兩個問題。

Yeah. Christophe, I’m sure you’ll appreciate I won’t comment on individual legal settlements and the like, what I would say is any receipts from a legal settlement is not revenue. It’s an offset within costs, and as is the expense of defending these things. Whatever, not revenue.

好的。Christophe，我相信你會理解，我不會評論個別法律和解案之類的事項；但我想說的是，任何來自法律和解的收款都不是營收。它是在成本中的抵減項目，而為這些事情辯護的費用也是如此。總之，不是營收。

Your second question on print. Yeah, I think as we’ve said, our objective is to reduce our exposure over time to the remaining print activity. You saw that again in the first half with another step down in revenue, we’re doing that through outsourcing, through joint ventures and things. As well as the natural decline, you get some faster decline because of that. We’re looking to hold onto as much of the profit as we can as we do that. This high single-digit declining profit is a sort of objective and the territory we’ve been in and look to continue to be in going forward.

你第二個關於印刷業務的問題。是的，我想正如我們所說，我們的目標是隨時間推進，降低我們對剩餘印刷業務活動的曝險。你在上半年也再次看到，營收又下了一個台階；我們透過外包、合資等方式來做到這點。除了自然下滑之外，因為這些措施也會帶來更快的下滑。在這個過程中，我們希望盡可能保留更多利潤。這種高個位數的利潤下滑是我們的某種目標，也是我們一直所處、並希望未來持續維持的區間。

Joe Barnet-Lamb, UBS.

Joe Barnet-Lamb，瑞銀。

It’s Joe, UBS. Erik, Nick, thanks for taking my questions. I think just two left. Firstly, both legal and STM ticked over to 6% and 10%, respectively. You tweaked STM outlook up to continued strong, but you didn’t alter the legal outlook language from continued strong. Can you just talk briefly on how you view the sustainability of the acceleration in legal? Sorry to be pedantic, but does strong stop at 10%, or could 11% in theory also be termed strong?

我是Joe，瑞銀。Erik、Nick，謝謝你們回答我的問題。我想我只剩兩個問題。首先，Legal和STM分別上升到6%和10%。你們把STM的展望上調為持續強勁，但Legal的展望用語仍維持為持續強勁，沒有改變。能否簡要談談你們如何看待Legal加速成長的可持續性？抱歉我有點吹毛求疵，但「強勁」是否止於10%，還是理論上11%也可以稱為強勁？

Secondly, in insurance, as auto risk evolves with advanced safety features and autonomous driving, should we think of this as a shift in the type of data required rather than a reduction in data demand? Are you evolving your data sets beyond sort of historic areas of strength, such as driver characteristics towards vehicle usage, location, and otherwise?

第二，在保險方面，隨著先進安全功能與自動駕駛使汽車風險演變，我們是否應將其視為所需資料類型的轉變，而非資料需求的下降？你們是否正在把資料集從以往的優勢領域（例如駕駛人特徵）延伸到車輛使用情況、位置等其他面向？

Some thoughts there would be great. Thank you.

如果能分享一些看法就太好了。謝謝。

Yeah, I’ll ask Nick to cover the first, and I’ll come back and talk about the second.

好的，我先請Nick回答第一個問題，然後我再回來談第二個。

Joe, in our language, six and above is strong, and that’s the terminology we use for everything from there. You shouldn’t read anything into the way those words are put together. It’s just that’s our language, and that just reflects the performance of the business.

Joe，就我們的用語而言，6%及以上就是「強勁」，而從那之後我們都使用這個術語。你不應該從這些詞彙的組合方式解讀出任何額外含義。這只是我們的用語，反映的就是業務表現。

I think you just have to combine that with the outlook statements we have on our objectives. We’ve said, and we keep repeating that our objective in both Legal and STM is to continue on the improving growth trajectories in both of them. We have had a tick up on growth rate pretty frequently in Legal recently.

我認為你只需要把這點與我們在目標上的展望陳述結合起來看。我們已經說過，而且一再重申，我們在Legal與STM兩者的目標都是延續並強化各自改善中的成長軌跡。最近一段時間，Legal的成長率確實相當頻繁地出現上調。

I want to point out that 85% of the Legal base is subscription and 80% or so is subscription in STM, so that most of the time you should expect continued improvement in growth rate to come through gradually and not continue to tick up every 6 or 12 months the way we may have achieved it for a while now in Legal. Our objective is to continue on these improving growth trajectories in both of these divisions.

我想指出，Legal的基礎收入有85%來自訂閱，STM約有80%來自訂閱，因此多數時候，你應該預期成長率的持續改善會是逐步體現，而不會像我們近來在Legal所達成的那樣，每6或12個月就持續上調一次。我們的目標是在這兩個事業部都持續沿著改善中的成長軌跡前進。

As you can hear from us, probably, we do think that we’re just at the beginning of capturing the value upside of AI-enabled tools in our product suite to our customers over the next several years. When it comes to autonomous driving, the way we look at the whole industry, including insurers, car manufacturers, technology companies, will continue to evolve, use different data sets, new technologies, and get safer as a principle, just like it has historically with different safety features, electronic tools, like EVs, etc.

從我們的說法你大概也聽得出來，我們確實認為，未來幾年我們才剛開始為客戶在產品組合中捕捉由AI賦能工具帶來的價值上行空間。談到自動駕駛，我們看整個產業（包括保險公司、車廠、科技公司）將持續演進，使用不同的資料集與新技術，並在原則上變得更安全，就像過去隨著各種安全功能、電子工具、例如電動車等的發展一樣。

What we’ve seen when that happens is that the accident frequency often drops a bit, but the severity cost or repairs goes up significantly. In that dynamic, the environment gets significantly more complex, and that increasing complexity and changing environment creates opportunities for us to add more value just like it has in the past.

我們看到的情況是，當這些發生時，事故發生頻率往往會略有下降，但事故嚴重度成本或維修費用會顯著上升。在這種動態下，環境會變得明顯更複雜，而這種日益增加的複雜性與變動的環境，會像過去一樣為我們創造更多增值的機會。

We believe that if you get more full self-driving coming through and you transition from entirely manual to partial autonomy at some point towards full autonomy with part of the vehicle parked on the roads, we’re going to do decades of this increasing complexity and the interactions between different cars and different drivers, between manual and partially or fully self-driving. That creates a complex environment where you have to adjust, as an insurance company, your pricing to the new risk assessment. The faster it keeps going, the bigger the opportunity is for a third party like us that keeps collecting data sets from different sources and new data sets to then help them navigate that. We have seen this already over the last few years.

我們相信，若更完整的自動駕駛逐步普及，並且你從完全手動駕駛轉向某個階段的部分自動化，進而走向完全自動化，同時道路上仍會有一部分車輛存在，我們將在數十年內面對這種不斷增加的複雜性，以及不同車輛與不同駕駛人之間、手動與部分或完全自動駕駛之間的互動。這會形成一個複雜環境，使保險公司必須調整其定價，以符合新的風險評估。進展越快，對像我們這樣持續從不同來源蒐集資料集與新資料集的第三方而言，協助他們因應的機會就越大。過去幾年我們已經看到這點。

As you said, we had some traditional data sets many years ago, but we’ve seen a significant increase in the rate of new data sets being available as these tools have come out over the last few years. We’ve collected significant data sets also from car manufacturers on the software, on the technology tools, and how they interact, and the probability of different types of risk profiles in that.

如你所說，多年前我們有一些傳統資料集，但在過去幾年這些工具推出後，我們看到可取得的新資料集出現速度大幅提升。我們也從車廠蒐集了大量資料集，涵蓋軟體、技術工具及其互動方式，以及其中不同類型風險輪廓的機率。

The data sets are increasing significantly. The sophistication of our model increases as the complexity of the vehicle park and their interaction increases. Bigger opportunity for us to contribute for a very long period to come.

資料集正在顯著增加。隨著車隊結構及其互動的複雜性提升，我們模型的精密度也隨之提高。這讓我們在很長一段時間內都有更大的機會做出貢獻。

Thank you. Ladies and gentlemen, with no further questions in the question queue, we have reached the end of the question and answer session. I will now hand back to the CEO, Erik Engstrom, for closing remarks.

謝謝。各位女士、先生，由於提問隊列中沒有其他問題，我們的問答環節到此結束。接下來我將把時間交回執行長Erik Engstrom作結語。

Thank you all for joining us today. Enjoyed talking to you, and I look forward to talking to you again soon.

感謝各位今天參與。很高興與各位交流，也期待不久後再次與各位對話。