London Stock Exchange Group Plc · LSE:LSEG
London Stock Exchange — H1 2026 Earnings Presentation
54 slides from London Stock Exchange's earnings presentation, Jul 30, 2026
Slide 1: More valuable in an AI world
More valuable in an AI world H1 2026 interim results
Slide 2: Record financial performance and significant strategic progress
Record financial performance and significant strategic progress Strong EBITDA Double -digit Significant revenue growth margin expansion earnings growth shareholder returns 1 +8.4% 52.7% +17.2% 3 £2.6bn 4 Organic +260 bps yoy 2 Including accelerating subscription growth of +6.3% Forging deep partners
Slide 3: Our Markets businesses are critical to customers
Our Markets businesses are critical to customers Interest Rate Swaps Fixed Income Trading Clearing Trading Clearing SwapClear CDSClear RepoClear +46% +29% +9% +7% +9% ADV of interest Notional cleared in ADV of cash credit Notional Nominal rate derivatives interest rate swaps instruments cleared valu
Slide 4: Driving sustained growth through innovation across Markets
Driving sustained growth through innovation across Markets Strong track record of organic growth Powered by relentless focus on innovation across the Markets division 1 11.9% o Expanding access to capital for private businesses through Private Securities Market 10.9% o Facilitating instantaneous set
Slide 5: Our all-weather business model in action
Our all -weather business model in action LSEG organic World Real GDP Global Debt Fed Funds FTSE World US Equity Global Equity growth 1 (LHS,%) growth (LHS,%) Issuance growth Rate (LHS,%) Index growth Volatility (RHS,%) Issuance (RHS,%) (RHS, %) (RHS, %) +10% +80% 8.4% 8.4% 8.4% 7.7% 7.7% 6.7% 6.7%
Slide 6: Driving growth, expanding margins, actively deploying capital
Driving growth, expanding margins, actively deploying capital Michel -Alain Proch, CFO LSEG | 6
Slide 7: Delivering strong income growth
Delivering strong income growth Continuing strong organic growth1 8.4% (GBP million) Q1 Q2 H1 8.2% 7.8% 2026 total income excl. recoveries 2,415 2,384 4,799 6.3% 2025 total income excl. recoveries 2,261 2,228 4,489 Reported growth 6.8% 7.0% 6.9% Organic growth 1 9.8% 7.1% 8.4% Subscription businesse
Slide 8: Driving growth across all divisions
Driving growth across all divisions Accelerating subscription revenues Reported growth Organic growth 1 (GBP million) H1 2026 H1 2025 vs H1 2025 vs H1 2025 Data & Analytics 2,061 1,991 3.5% 5.1% FTSE Russell 504 472 6.8% 9.1% Risk Intelligence 310 287 8.0% 9.7% Subscription businesses 2,875 2,750 4.
Slide 9: Data & Analytics
Data & Analytics Strong innovation -led growth across all businesses 7.5% 6.0 % £m 2.8% 2,061 1,991 H1 2025 Workflows Data & Feeds Analytics FX H1 2026 Workflows Data & Feeds Analytics Strong take -up of new AI tools; Demand for data continues to grow; 33% growth in API consumption; continued pipeli
Slide 10: Data consumption continues to grow exponentially
Data consumption continues to grow exponentially Our Real -Time platform Our innovation is driving growing data continues to scale at pace demand 30 4x increase in Real -Time ~39% p.a. growth 44 m data in 10 years 1 in use of Tick History 2 39 m 25 Peak number of datapoints Total number of customer
Slide 11: FTSE Russell and Risk Intelligence
FTSE Russell and Risk Intelligence Strength in recurring and asset -based revenues FTSE Russell: £m 14.9% Risk Intelligence: £m 9.7% 6.2% 504 310 472 287 H1 2025 Subscription Asset - FX H1 2026 H1 2025 Organic FX H1 2026 based Strong demand for flagship indices; innovation and higher Sustained deman
Slide 12: Healthy sales and improving retention
Healthy sales and improving retention Supported by product innovation 92.8% £482m 25% 6.1% Retention rate 1 Gross Sales 2 New product ASV 4 vitality index 3 92.6% 92.8% 481 482 24% 25% 5.8% 5.9% 6.1% 92.4% 435 19% Jun-25 Dec-25 Jun-26 Jun-25 Dec-25 Jun-26 Jun-25 Dec-25 Jun-26 Jun-25 Dec-25 Jun-26 1.
Slide 13: Markets
Markets Driving growth across asset classes and through the trade lifecycle 13.6% £m 13.0% 7.6% Incl. Equities +12.2% 1,920 1,735 H1 2025 Fixed Income, Foreign OTC Equities & FX H1 2026 Derivatives & Other Exchange Derivatives Other 1 Fixed Income Foreign Exchange OTC Derivatives Following exception
Slide 14: Strong EBITDA growth flowing through to AEPS
Strong EBITDA growth flowing through to AEPS Operating Growth % vs H1 2025 leverage (GBP million) H1 2026 H1 2025 Reported Organic 1 in action 2 Total income excl. recoveries 4,799 4,489 6.9% 8.4% Adjusted EBITDA 2,527 2,223 13.7% 14.1% 3 Total income 8.4% Adjusted EBITDA margin 52.7% 49.5% Adjusted
Slide 15: Continued healthy cost discipline
Continued healthy cost discipline Good progress Growth % vs H1 2025 on our insourcing programme (GBP million) 1H 2026 1H 2025 Reported Organic 1 Cost of sales 576 602 (4.3%) (2.5%) HC HC HC 37,700 37,495 37,494 Staff costs 1,211 1,173 3.2% 5.7% Third -party services 138 172 (19.8%) (15.4%) 28% 25% 2
Slide 16: Delivering operating leverage through disciplined execution
Delivering operating leverage through disciplined execution 30bps +140bps +80bps +60bps -20bps 30bps +120bps underlying operating leverage 49.5% 49.8% 52.4% 52.7% H1 2025 FX -related H1 2025 Staff cost Third -party Non -labour Change in H1 2026 FX -related H1 2026 EBITDA EBITDA margin items 1 compar
Slide 17: Net finance expense reflects new interest rate environment
Net finance expense reflects new interest rate environment (GBP million) 1H 2026 1H 2025 Interest expense on bank and other borrowings, net of derivative interest (198) (142) Bank deposit and other interest income, and other gains 57 79 Net lease interest expense (10) (10) Interest differential and
Slide 18: 24.1% tax rate within 24-25% guidance for FY2026
24.1% tax rate within 24 -25% guidance for FY2026 (GBP million) 1H 2026 1H 2025 Reported income taxes 319 230 Non underlying items: Reversal in income tax on amortisation of intangibles arising from acquisition 129 150 Transactions, integration and similar costs 2 19 Other (1) - Adjusted tax 448 399
Slide 19: Delivering double-digit growth in Adjusted EPS
Delivering double -digit growth in Adjusted EPS +15.0% CAGR +17.2% 160.9p 174.0p 208.9p 244.9p H1 2023 H1 2024 H1 2025 H1 2026 LSEG | 19
Slide 20: Further reduction in non-underlying costs
Further reduction in non -underlying costs (GBP million) 1H 2026 1H 2025 Adjusted operating profit 2,008 1,726 Non -underlying items: Transaction costs credit / (costs) 7 (15) Integration, separation & restructuring costs (19) (53) Depreciation & amortisation of purchased intangible and other assets
Slide 21: Exceptional growth in Equity FCF
Exceptional growth in Equity FCF Operating leverage (GBP million) 1H 2026 1H 2025 Variance in action 3 Reported EBITDA 2,515 2,155 360 17% 4 Non -cash P&L items 97 127 (30) (24%) Total income 8.4% Change in working capital (477) (500) 23 (5%) Operating cash flow 2,135 1,782 353 20% Adj. EBITDA 14.1%
Slide 22: Our strong free cash flow supports growth and shareholder returns
Our strong free cash flow supports growth and shareholder returns £m Leverage: 2,087 329 2.1x Leverage: 1.8x 1,205 510 9,319 7,598 FY 25 Equity free 2025 final Share Other H1 26 net debt cash flow dividend 1 buyback items 2 net debt Further shareholder Dividends Share buyback Interim dividend of 55p
Slide 23: Well positioned to deliver 2026 guidance
Well positioned to deliver 2026 guidance Revenue EBITDA Margin Capex Equity free cash flow 3 4 7.0 -7.5% c.100bps c.9.5% £2.7 billion Organic, constant currency Improvement in constant Of total income 1 income 1 growth, including an currency EBITDA margin acceleration in our subscription businesses’
Slide 24: Medium-term guidance: 2027-2029
Medium -term guidance: 2027 -2029 Accelerating subscription growth, strong cash conversion Revenue EBITDA Margin Capex Equity free cash flow Mid to high c.150 bps c.8% Double -digit single digit Cumulative improvement in underlying EBITDA margin Of total income 2 in 2029 CAGR in Equity free cash flo
Slide 25: More valuable in an AI world
More valuable in an AI world David Schwimmer, CEO LSEG | 25
Slide 26: LSEG is the enduring partner of choice in an AI world
LSEG is the enduring partner of choice in an AI world Unmatched global reach Deeply embedded in and quality of data customer workflows 10% Content structured to Integrated in leading AI 10% enhance AI accuracy distribution channels and performance 45% Data & Feeds 90% 10% revenue proprietary dataset
Slide 27: Customers rely on us to navigate the AI landscape
Customers rely on us to navigate the AI landscape Regulation Cyber IP AI Accuracy Token costs risk protection sovereignty and ROI LSEG data LSEG’s resilient Customers trust LSEG approach LSEG's trusted, LSEG supports infrastructure LSEG's data is model agnostic; auditable data optimises for complian
Slide 28: LSEG Everywhere
Customer considerations LSEG Consumption Everywhere Workspace: LSEG / MS Teams / Customer Third party Use case dependent proprietary solutions solutions Addressing “headless” Human / agentic the breadth of customers’ AI needs Intelligence Token costs Single models or orchestration (multi -cloud/mult
Slide 29: Driving industry adoption of our AI-ready data via MCP connectors
Driving industry adoption of our Live Company fundamentals AI-ready data via MCP connectors IBES estimates Macroeconomics Continued strong growth in customer adoption 1 202 News 154 Fixed Income Analytics 92 Securitized Instruments 9 23 December 20 February 20 April 13 July Coming in H2 • Pricing Gl
Slide 30: Building transformative products: Workspace
Building transformative products: Workspace ,, Strong progress in the roll out of Workspace AI tools Using Deep Research, I’m genuinely with new solutions introduced impressed by the quality of the results… it delivers clear insights and brings a level of transparency and Workspace AI Workspace AI i
Slide 31: Building a more powerful, more connected LSEG experience
Building a more powerful, more connected LSEG experience Continuously enhancing Workspace Establishing powerful new capabilities Workspace integration with FXall Microsoft integration Live +10% increase in engagement with FX users o Seamless workflow through Workspace, Microsoft Teams, Microsoft Cop
Slide 32: Monetising our data with AI
Monetising our data with AI AI-ready data distribution AI workflow products AI-ready data via AI-ready data via Workspace AI Workspace AI bulk feed / streaming existing API or MCP Search Deep Research Dataset -specific Standard Workspace Dataset -specific Premium Workspace add - AI licence licence w
Slide 33: Case study 1
Case study 1 AI collaboration Data sets used / requested Reimagining wealth and Building AI-powered knowledge and intelligence platforms: • News relationship management • Company fundamentals through AI 1. For relationship managers to prepare for • Ownership client meetings, combining internal regul
Slide 34: Case study 2
Case study 2 AI collaboration Data sets used / requested Powering next Combining LSEG entity, symbology and ownership data with internal intelligence • Verified Entity Data as a Service generation investment (VEDaaS) and other sources to enhance data workflows interoperability and underpin three ini
Slide 35: Case study 3
Case study 3 AI collaboration Data sets used / requested Transforming treasury Modernising FX hedging workflows through AI-powered models combining market, • FX forwards & spots workflows with AI macroeconomic and news data. • Volume surfaces • IR curves Leveraging structured and unstructured LSEG c
Slide 36: LSEG is the enduring partner of choice in an AI world
LSEG is Deep customer relationships the enduring partner of choice in an Embedded, regulated workflows AI world Trusted, proprietary data and intelligence Open, flexible approach Rapidly -expanding distribution LSEG | 36
Slide 37: Delivering on our strategy for growth
Delivering on our strategy for growth Delivering on our strategy for growth Broad -based growth; Driving adoption Unprecedented pace of Strong returns improving guidance of AI solutions innovation in Markets to shareholders LSEG | 37
Slide 38: Q&A
Q&A LSEG | 38
Slide 39: Appendix 1: Five myths about AI and our business
Appendix 1 Five myths about AI and our business LSEG | 39
Slide 40: Myth 1: AI models cannot recreate LSEG's data composition
AI models cannot recreate LSEG’s data composition Myth 1 what we provide ~90% of LSEG’s data sets are underpinned by real -time LSEG standards market data, proprietary IP, exclusive licences and specialist 10% on public data contributor content, supported by decades of domain “AI models will experti
Slide 41: Myth 2: LSEG capex and opex will need to rise with AI adoption
We have already LSEG capex intensity vs peers 1 Myth 2 invested ahead of the market 10.2% LSEG has historically invested over 10% of revenue into capex, more than double the intensity of most peers, giving us a strong technology, data and cloud foundation as AI 7.7% “LSEG capex adoption accelerates.
Slide 42: Myth 3: Industry headcount will decline, impacting LSEG's Workflows revenue
Headcount decline is not While seat count declines, industry data spend ramps up1 Myth 3 a new trend in the financial sector 120% 114% Automation has been reducing trading and research roles for years, but this has not prevented market data and workflow 100% providers from growing. 80% “Industry 60%
Slide 43: Myth 4: Core desktop workflows remain highly defensible
Core desktop workflows Workflows revenue composition Myth 4 remain highly defensible Around 70% of Workflows revenue is linked to trading-related workflows, where users rely on auditable data, regulated Invest. Mgmt. environments, execution connectivity and deep workflow 10% “Desktop integration - c
Slide 44: Myth 5: Unbundling reduces AI's accuracy and efficiency
Unbundling reduces AI’s Fragmented data feeds Access to LSEG’s Myth 5 accuracy and efficiency from multiple providers data platform AI can process large volumes of information across asset classes, geographies and content types; but breaking data Company News sets into narrower, disconnected feeds l
Slide 45: Appendix 2: The regulatory ecosystem for financial data
Appendix 2 The regulatory ecosystem for financial data LSEG | 45
Slide 46: The regulatory ecosystem for financial data (1/5)
The regulatory ecosystem for financial data (1/5) Regulatory Key regulators Why this drives Why customers LSEG products driver / area / frameworks demand for trusted data rely on LSEG / embedded regulatory value* AML, KYC, Regulated firms need to identify Customers require curated, sanctions & FATF,
Slide 47: The regulatory ecosystem for financial data (2/5)
The regulatory ecosystem for financial data (2/5) Regulatory Key regulators Why this drives Why customers LSEG products driver / area / frameworks demand for trusted data rely on LSEG / embedded regulatory value* Transaction, regulatory Reference Data, LEI, venue and issuer reporting & data datasets
Slide 48: The regulatory ecosystem for financial data (3/5)
The regulatory ecosystem for financial data (3/5) Regulatory Key regulators Why this drives Why customers LSEG products driver / area / frameworks demand for trusted data rely on LSEG / embedded regulatory value* Investment Management, FTSE Russell Indices, Lipper, Workspace , Fiduciary Duties & por
Slide 49: The regulatory ecosystem for financial data (4/5)
The regulatory ecosystem for financial data (4/5) Regulatory Key regulators Why this drives Why customers LSEG products driver / area / frameworks demand for trusted data rely on LSEG / embedded regulatory value* Valuation, pricing Pricing services, evaluated pricing, yield & model risk curves, refe
Slide 50: The regulatory ecosystem for financial data (5/5)
The regulatory ecosystem for financial data (5/5) Regulatory Key regulators Why this drives Why customers LSEG products driver / area / frameworks demand for trusted data rely on LSEG / embedded regulatory value* Privacy, data protection & data governance Personal data within screening, Customers re
Slide 51: Appendix 3: Additional financial tables
Appendix 3 Additional financial tables LSEG | 51
Slide 52: H1 2026 condensed consolidated income statement
H1 2026 condensed consolidated income statement Non -underlying Transaction, Depreciation, Non -underlying loss H1 2026 integration and amortisation Non -underlying H1 2026 (GBP million) finance attributable to P&L separation and impairment tax adjusted P&L expense non -controlling costs of assets i
Slide 53: Net debt profile – by currency
Net debt profile – by currency Operating net debt as of 30 June 2026 (GBP million) Total USD EUR GBP Other 2026 Bonds 604 604 2027 Bonds 1,396 451 945 2028 Bonds 1,631 752 430 396 53 2029 Bonds 1,550 1,292 258 2030 Bonds 1,178 615 497 66 2031 Bonds 1,363 936 427 2032 Bonds 628 488 140 2033 Bonds 427
Slide 54: Net debt profile – fixed vs floating
Net debt profile – fixed vs floating Operating net debt as of 30 June 2026 (GBP million) Total Fixed rate Floating rate N/A 2026 Bonds 604 604 2027 Bonds 1,396 1,396 2028 Bonds 1,631 1,235 396 2029 Bonds 1,550 1,550 2030 Bonds 1,178 563 615 2031 Bonds 1,363 1,363 2032 Bonds 628 140 488 2033 Bonds 42
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