$RLXXF

REED ELSEVIER PLC

CIK:0000929869|SEC Filings

Consolidated Income Statement - GBP (£) £ in Millions	12 Months Ended
Consolidated Income Statement - GBP (£) £ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement
Revenue	£ 9,590	£ 9,434	£ 9,161
Cost of sales	(3,233)	(3,300)	(3,216)
Gross profit	6,357	6,134	5,945
Selling and distribution costs	(1,511)	(1,470)	(1,459)
Administration and other expenses	(1,863)	(1,846)	(1,850)
Share of results of joint ventures and associates	44	43	46
Operating profit	3,027	2,861	2,682
Finance income	12	6	8
Finance costs	(298)	(304)	(323)
Net finance costs	(286)	(298)	(315)
Disposals and other non-operating items	9	(6)	(72)
Profit before tax	2,750	2,557	2,295
Current tax	(726)	(607)	(575)
Deferred tax	54	(6)	68
Tax charge	(672)	(613)	(507)
Net profit for the year	2,078	1,944	1,788
Attributable to:
Shareholders	2,065	1,934	1,781
Non-controlling interests	13	10	7
Net profit for the year	£ 2,078	£ 1,944	£ 1,788
Basic earnings per share
Basic earnings per share	£ 1.126	£ 1.036	£ 0.941
Diluted earnings per share
Diluted earnings per share	£ 1.120	£ 1.031	£ 0.936

Consolidated Statement of Cash Flows - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Cash generated from operations	£ 3,735	£ 3,521	£ 3,370
Interest paid (including lease interest)	(274)	(257)	(303)
Interest received	13	6	9
Tax paid (net)	(638)	(662)	(619)
Net cash from operating activities	2,836	2,608	2,457
Cash flows from investing activities
Acquisitions	(260)	(170)	(124)
Purchases of property, plant and equipment	(21)	(20)	(30)
Expenditure on internally developed intangible assets	(504)	(464)	(447)
Purchase of investments	(42)	(4)	(8)
Proceeds from disposals of property, plant and equipment			7
Gross proceeds from business disposals and sale of investments	30	74	21
Payments on business disposals	(13)	(28)	(9)
Dividends received from joint ventures and associates	40	37	21
Net cash used in investing activities	(770)	(575)	(569)
Cash flows from financing activities
Dividends paid to shareholders	(1,181)	(1,121)	(1,059)
Distributions to non-controlling interests	(15)	(9)	(7)
Increase in short-term bank loans, overdrafts and commercial paper	232	461	84
Issuance of term debt	1,125	711	651
Repayment of term debt	(621)	(1,017)	(847)
Repayment of leases	(40)	(63)	(72)
Receipts in respect of subleases	2	2	2
Acquisition of non-controlling interest	(19)	(1)
Repurchase of ordinary shares	(1,500)	(1,000)	(800)
Purchase of shares by Employee Benefit Trust	(76)	(75)	(50)
Proceeds on issue of ordinary shares	42	47	41
Net cash used in financing activities	(2,051)	(2,065)	(2,057)
(Decrease)/increase in cash and cash equivalents	15	(32)	(169)
Movement in cash and cash equivalents
At start of year	119	155	334
(Decrease)/increase in cash and cash equivalents	15	(32)	(169)
Exchange translation differences	(3)	(4)	(10)
At end of year	£ 131	£ 119	£ 155

Consolidated Statement of Financial Position - GBP (£) £ in Millions	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Goodwill	£ 7,930	£ 8,216
Intangible assets	3,072	3,164
Investments in joint ventures and associates	164	169
Other investments	131	92
Property, plant and equipment	72	82
Right-of-use assets	87	89
Other receivables	7	16
Deferred tax assets	75	84
Net pension assets	197	186
Derivative financial instruments	62	39
Non-current assets	11,797	12,137
Current assets
Inventories and pre-publication costs	311	331
Trade and other receivables	2,468	2,511
Derivative financial instruments	50	35
Cash and cash equivalents	131	119
Current assets	2,960	2,996
Total assets	14,757	15,133
Current liabilities
Trade and other payables	4,268	4,122
Derivative financial instruments	7	59
Debt	1,571	1,412
Taxation	153	119
Provisions	2	6
Current liabilities	6,001	5,718
Non-current liabilities
Derivative financial instruments	104	126
Debt	5,696	5,132
Deferred tax liabilities	405	473
Net pension obligations	154	165
Other payables	1	13
Provisions	6	2
Non-current liabilities	6,366	5,911
Total liabilities	12,367	11,629
Net assets	2,390	3,504
Capital and reserves
Share capital	264	272
Share premium	1,647	1,605
Shares held in treasury	(406)	(722)
Translation reserve	129	567
Other reserves	732	1,759
Shareholders' equity	2,366	3,481
Non-controlling interests	24	23
Total equity	£ 2,390	£ 3,504