London Stock Exchange Group Plc · LSE:LSEG
London Stock Exchange — H1 2025 Earnings Presentation
45 slides from London Stock Exchange's earnings presentation, Jul 31, 2025
Slide 1: Driving growth, efficiency and innovation
Driving growth, efficiency and innovation 2025 first half results
Slide 2: Strong H1 performance and strategic delivery
Strong H1 performance and strategic delivery Strong revenue EBITDA margin growth expansion ► Investing in future growth +8.7% 49.5% +7.8% organic1 +150 bps yoy 2 ► Accelerating product innovation Double-digit ► Partnering with customers Strong shareholder earnings growth returns ► Delivering our tra
Slide 3: Delivering growth, profitability and shareholder returns
Delivering growth, profitability and shareholder returns Michel-Alain Proch, CFO
Slide 4: Strong, consistent H1 income growth in 2025
Strong, consistent H1 income growth in 2025 (GBP million) Q1 Q2 H1 Organic growth is consistently strong1 2025 total income excl. recoveries 2,261 2,228 4,489 2024 total income excl. recoveries 2,089 2,115 4,204 8.7% 7.8% 7.7% 7.8% 7.8% 6.4% Reported growth 8.2% 5.3% 6.8% Organic growth1 7.8% 7.8% 7
Slide 5: Delivering broad-based growth across all divisions
Delivering broad-based growth across all divisions Reported growth Organic growth1 (GBP million) H1 2025 H1 2024 vs H1 2024 vs H1 2024 Data & Analytics 1,991 1,931 3.1% 5.1% FTSE Russell 472 449 5.1% 7.6% Risk Intelligence 287 263 9.1% 12.2% Markets 1,735 1,553 11.7% 10.7% Total2 4,489 4,204 6.8% 7.
Slide 6: Data & Analytics
Data & Analytics £m 6.6% 8.2% 3.3% 2,020 1,991 1,991 1,962 1,931 1,931 H1 2024 Workflows Data & Feeds Analytics FX H1 2025 Workflows Data & Feeds Analytics Strong pipeline of innovation, with 250 Good momentum, with continued Clear upwards trajectory of growth, enhancements to Workspace in H1; enhan
Slide 7: FTSE Russell and Risk Intelligence
FTSE Russell and Risk Intelligence FTSE Russell Risk Intelligence £m 2025 Equity free£m cash flow 8.8% 5.2% 12.2% 474.872 472 472 292.456 287 287 449 449 263 263 1 H1 2024 Subscription Asset-based FX H1 2025 H1 2024 Organic M&A FX H1 2025 Continued strong demand for flagship equity indices Strong gr
Slide 8: ASV growth
ASV growth1 2025 6.7% 6.2%2 6.3% 5.8% 6.4% 5.8% 4.6% 2021 2022 2023 2024 H1 2025 Q1 Q2 H1 ASV of 5.8% Looking ahead Good gross sales offset by cancellations, reflecting UBS strategic partnership draws a line under the expected competitor response to our improved Credit Suisse headwind performance 1.
Slide 9: Markets
Markets £m 14.4% (9.8%) 2.8% (3.2%) 17.9% 13.1% 4.4% 1,720 1,720 1,717 1,717 1,735 1,735 1,675 1,692 1,553 1,553 1,562 H1 2024 Equities Fixed Income, Foreign OTC Securities & Non-cash Net treasury M&A1 FX H1 2025 Derivatives & Exchange Derivatives Reporting collateral income Other Equities Fixed Inc
Slide 10: Strong EBITDA growth flowing through to AEPS
Strong EBITDA growth flowing through to AEPS Growth % vs H1 2024 (GBP million) H1 2025 H1 2024 Reported Organic1 Total income excl. recoveries 4,489 4,204 6.8% 7.8% Operating leverage in action1 Gross profit 4,070 3,801 7.1% 7.9% Adjusted EBITDA 2,223 2,040 9.0% 11.2% 2 Total income 7.8% Adjusted EB
Slide 11: Consistently improving cost control
Consistently improving cost control Growth % vs H1 2024 (GBP million) H1 2025 H1 2024 Reported Organic1 Good progress on our Cost of sales 602 588 2.4% 4.9% insourcing programme Staff costs 1,173 1,102 6.4% 6.8% HC: 38,524 HC: 37,700 Third-party services 172 195 (11.8%) (9.6%) Total resource cost 1,
Slide 12: Delivering operating leverage through disciplined execution
Delivering operating leverage through disciplined execution +100bps +50bps Resource costs Other costs +40bps -10bps +10bps +80bps -50bps +20bps +10bps 49.6% 49.5% 48.5% +150bps 48.1% underlying operating leverage 1 1 H1 2024 FX-related Rebased 2 H1 2024 Staff cost Third-party IT costs Other 3 H1 202
Slide 13: Net finance expense reduced through active debt management
Net finance expense reduced through active debt management (GBP million) H1 2025 H1 2024 Interest expense on bank and other borrowings, (142) (157) including derivative interest Bank deposit and other interest income, and other net gains 79 77 Net lease interest expense (10) (9) Interest differentia
Slide 14: Tax rate reduction within guidance
Tax rate reduction within guidance (GBP million) H1 2025 H1 2024 Reported income taxes 230 225 Reversal in income tax on amortisation of intangibles arising from acquisition 150 141 Rate change on non-underlying attributes1 - (44) Transactions, integration and similar costs 19 33 Other - 5 Adjusted
Slide 15: Double-digit AEPS growth
Double-digit AEPS growth +11% CAGR +20% 208.9 167.4 174.0 160.9 138.0 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 LSEG | 15
Slide 16: Reduction in non-underlying costs, as committed
Reduction in non-underlying costs, as committed (GBP million) H1 2025 H1 2024 Integration costs have halved Adjusted operating profit 1,726 1,563 -4% Transaction costs credit / (costs) (15) 10 -54% Integration, separation & restructuring costs (53) (114) Profit on disposal & remeasurement gains - 8
Slide 17: Highly cash generative business model
Highly cash generative business model: strong free cash flow (GBP million) H1 2025 H1 2024 Variance Reported EBITDA 2,155 1,944 211 10.9% Operating leverage in action4 Non-cash / non-operating P&L items 127 37 90 243.2% Change in working capital (500) (480) (20) (4.2%) 3 Total income 7.8% Operating
Slide 18: Deploying our strong equity free cash flow
Deploying our strong equity free cash flow for growth and shareholder returns £971m £935m H2 - interim Dividends - FY 2024 dividend of 47.0p, H1 2025 £471m1 in H1 up 14.6% leverage: leverage: 1.7x 1.6x Share buyback - H2 - a further £500m in H1 £1bn buyback H1 2025 Equity Capital free cash flow allo
Slide 19: Demonstrating confidence in our continued growth and profitability
Demonstrating confidence in our continued growth and profitability +7.8% 49.5% 9.5% £935m H1 2025 organic +150bps constant H1 2025 capex as a H1 2025 Equity free income growth1 currency yoy % of total income cash flow Adj. EBITDA margin Above the upper end of Above the upper end of On track to meet
Slide 20: Delivering our strategy for growth
Delivering our strategy for growth David Schwimmer, CEO
Slide 21: Our all-weather business model in action
Our all-weather business model in action LSEG organic World Real GDP Global Debt Issuance Fed Funds FTSE World Index US Equity Global Equity Issuance growth (LHS, %) growth (LHS, %) growth (RHS, %) Rate (LHS, %) growth (RHS, %) Volatility (RHS, %) growth (RHS, %) +10% +80% 7.7% 7.8% 6.3% 6.7% 5.8% 5
Slide 22: Visibility and growth from our subscription and transactional revenues
Visibility and growth from our subscription and transactional revenues 73% high-quality recurring revenues Structurally growing transactional revenues 73% 27% +18% Recurring Transactional 2020 2021 2022 2023 2024 H1 2025 1. Recurring revenues incl. data subscriptions, asset-based revenues, and reven
Slide 23: Stable sales performance during volatile times
Stable sales performance during volatile times Customer success Sales Sales Select H1 2025 examples pipeline cycle Commodities Trader Displacement of two competitors across the full trading lifecycle Increasing Stable Global hedge fund Demonstrating leadership in machine readable news for AI-driven
Slide 24: Successfully executing on multiple, evolving drivers of growth
Successfully executing on multiple, evolving drivers of growth 1. 2. 3. 4. Demand for data, the role of AI Regulation placing increasing Reputational and financial Electronification and and new technologies, and AI demands on capital risk management digitisation of trading integration into workflows
Slide 25: Delivering a strategy for growth today, tomorrow and over the long term
Delivering a strategy for growth today, tomorrow and over the long term Growth today: Transforming our business Investing today for tomorrow’s growth Building the platforms of future growth Today Medium term Long term LSEG | 25
Slide 26: A single Workflows platform driving innovation and growth
A single Workflows platform driving Growth today: Transforming our business innovation and growth More Successful migration to Workspace collaborative trading • Delivering one of the largest financial services Advanced Dealing expansion to metals workflow migrations in history, ~350,000 users Step-c
Slide 27: Delivering workflow integration with Microsoft's flagship Office365 tools
Delivering workflow integration with Investing today for tomorrow’s growth Microsoft’s flagship Office365 tools Workspace for MS Teams Application Initial rollout to target customers • Discover Workspace news and market insights in Teams • Surface company and bond data using simple prompts • Share W
Slide 28: Unlocking the next stage in Workflows' evolution in sequence
Unlocking the next stage in Workflows’ Building the platforms of future growth evolution in sequence Upgrading users to Continue adding Integrate this workflow Empower users to Further accelerate data a modern, agile industry leading with Office 365 share and discuss and insight discovery; workflow
Slide 29: Data & Feeds: Investing in our best-in-class data machine
Data & Feeds: Investing in our Growth today: Transforming our business best-in-class data machine Enhancing our fixed income data offering through sustained innovation and investment • Step-change in evaluated pricing through • Q1: Significantly enhanced incorporation of YieldBook data corporate deb
Slide 30: Data & Feeds: Expanding our multi-cloud offering
Data & Feeds: Expanding our multi-cloud offering Investing today for tomorrow’s growth Building the platforms of future growth Expanding distribution Expanding content capabilities Connecting to Data as a Service (DaaS) other data platforms • Company fundamental data Partnering with Google Big Query
Slide 31: Analytics demonstrating how transformation and ongoing product enhancement can accelerate growth
Analytics demonstrating how transformation and ongoing product enhancement can accelerate growth Growth today: Transforming our business Investing today for tomorrow’s growth Leading content Consolidating and Meeting customers Enhancing productivity Expanding content, but barriers simplifying access
Slide 32: Markets: Powering customer adoption and expansion in post trade
Markets: Powering customer adoption and expansion in post trade Growth today: Transforming our business Investing today for tomorrow’s growth Building the platforms of future growth Continued structural Good momentum in uncleared FMX growth in cleared solutions Post Trade Solutions Partnering to cle
Slide 33: Risk Intelligence: long runway for growth with multiple drivers
Risk Intelligence: long runway for growth with multiple drivers Growth today: Transforming our business Investing today for tomorrow’s growth Building the platforms of future growth 1 2 3 Growing our leading position Integrating our products, Addressing customer needs in core segments creating compe
Slide 34: Driving growth in the liquidity pools of the future
Driving growth in the liquidity pools of the future Building the platforms of future growth FTSE Russell Markets FTSE Russell FTSE Russell Private Digital Market digital assets private markets Securities Markets Infrastructure Partnerships with Digital Partnership with StepStone Regulated private Su
Slide 35: LSEG very well positioned for AI
LSEG very well positioned for AI: AI in desktop, not AI or desktop Customer needs LSEG positioning Fast access to relevant data and insights • AI-integrated Workspace to proactively surface Pricing, news, liquidity, valuation insights, corporate relevant data and insights to customers actions, docum
Slide 36: LSEG AI at work
Our transformation: LSEG AI at work PRODUCT PROCESS What? Why? What? Why? • Now: Teams and • Leveraging our • AI-enhanced Customer • Faster customer Office 365 workflows, trusted data Support tools used in resolution – 50% now Advanced Dealing, >80% of cases cleared in <1 hour Analytics API • Delive
Slide 37: Delivering on our strategy for growth
Delivering on our strategy for growth Delivering Innovating strong growth to drive future growth Scaling Disciplined delivery capital allocation LSEG | 37 LSEG | 37
Slide 38: Q&A
Q&A LSEG
Slide 39: Appendix
Appendix LSEG
Slide 40: Our Markets businesses have benefited from elevated volumes
Our Markets businesses have benefited from elevated volumes 61% recurring Equities 24% recurring Fixed Income, Derivatives & Other revenues2 4.4% organic income growth revenues2 17.9% organic income growth 64.9% 16.3% 6.6% 12.2% 19.6% 1 Equities – UK Value Traded ADV Credit – Cash ADV Rates – Deriva
Slide 41: Revenue reclassification
Revenue reclassification (GBP million) H1 2025 H1 2024 Revenue previously recorded in Data & Analytics (Data & Feeds) moving to Markets (Equities) Reference data sets (SEDOL/ISIN/LEI) and LSE market 77 72 data Revenue previously recorded in Data & Analytics (Workflows) moving to 3 4 Markets (Equitie
Slide 42: H1 2025 condensed consolidated income statement
H1 2025 condensed consolidated income statement Transaction, Depreciation, Non-underlying H1 2025 H1 2025 integration, amortisation and Non-underlying Non-underlying loss attributable (GBP million) separation and impairment of finance expense tax to non-controlling adjusted P&L restructuring costs a
Slide 43: Net debt profile – by currency
Net debt profile – by currency Operating net debt as of 30 June 2025 (GBP million) Total USD EUR GBP Other 2026 Bonds 1,336 1,336 2027 Bonds 1,370 435 935 2028 Bonds 1,211 727 426 58 2029 Bonds 426 170 256 2030 Bonds 1,192 624 496 72 2031 Bonds 544 544 2032 Bonds 136 136 2033 Bonds 423 423 2034 Bond
Slide 44: Net debt profile – fixed vs floating
Net debt profile – fixed vs floating Operating net debt as of 30 June 2025 (GBP million) Total Fixed rate Floating rate N/A 2026 Bonds 1,336 727 609 2027 Bonds 1,370 1,370 2028 Bonds 1,211 1,211 2029 Bonds 426 426 2030 Bonds 1,192 568 624 2031 Bonds 544 544 2032 Bonds 136 136 2033 Bonds 423 423 2034
Slide 45: Contacts and further information
Contacts and further information Peregrine Riviere Group Head of Investor Relations Tel: +44 (0)7 977 379 063 Email: peregrine.riviere@lseg.com Chris Turner Investor Relations Senior Director Tel: +44 (0)7 769 931 614 Email: chris.turner@lseg.com Madeleine Yoxall Investor Relations Director Tel: +44
London Stock Exchange Group — H1 2025 Earnings Presentation on 6ix