London Stock Exchange Group Plc · LSE:LSEG
London Stock Exchange — Q3 2026 Earnings Presentation
20 slides from London Stock Exchange's earnings presentation, Oct 22, 2026
Slide 1: Record performance continues; investing in high-growth areas
Record performance continues; investing in high-growth areas Q3 2026 Trading Update Acquisition of Octus
Slide 2: Delivering record performance and high pace of innovation
Delivering record performance and high pace of innovation Deploying capital for growth and Strong Q3 – raising full year guidance shareholder returns ▪ 8.8%1 growth; double-digit growth in Markets; ▪ Acquisition of Octus: leading supplier of proprietary accelerating subscription growth data, analyti
Slide 3: Multiple, diverse drivers of growth reflects an all-weather business model
Multiple, diverse drivers of growth reflects an all-weather business model LSEG organic World Real GDP Global Debt Fed Funds FTSE World US Equity Global Equity growth1 (LHS,%) growth (LHS,%) Issuance growth Rate (LHS,%) Index growth Volatility (RHS,%) Issuance (RHS,%) (RHS, %) (RHS, %) +10% +80% 8.6
Slide 4: Strong customer engagement with our AI solutions
Strong customer engagement with our AI solutions ▪ 95% of our top 200 customers are using LSEG AI solutions ▪ 80% of our 50 largest customers are using two or more LSEG AI solutions Workspace AI Search AI ready data Rapidly growing usage Deepening engagement Enhancing access Rapidly scaling data con
Slide 5: Delivering strong, broad-based growth across all divisions
Delivering strong, broad-based growth across all divisions Reported growth Organic growth1 (GBP million) Q3 2026 Q3 2025 vs Q3 2025 vs Q3 2025 Data & Analytics 1,023 982 4.2% 5.2% FTSE Russell 265 241 10.0% 10.2% Risk Intelligence 160 144 11.1% 9.8% Subscription Businesses 1,448 1,367 5.9% 6.6% Mark
Slide 6: Continuing strength in subscription revenues
Continuing strength in subscription revenues1 +6.6% Accelerating recurring, visible subscription Confirming growth +6.5% FY 2026 ▪ Continuing strong retention; good visibility +6.3% guidance ▪ Activation of strong 2025 and 2026 YTD sales; encouraging pipeline +6.0% ▪ Ongoing pricing benefit from sus
Slide 7: Markets benefiting from consistent investment and innovation
Markets benefiting from consistent investment and innovation Strong track record of organic growth across the Markets division2 Interest Rate Swaps 12.1% 10.9% SwapClear +46% +18% 8.7% 8.9% ADV of interest rate derivatives1 Interest rate swap notional1 7.9% Fixed Income CDSClear RepoClear +19% +43%
Slide 8: Guidance raised again
Guidance raised again Revenue EBITDA Margin Capex Equity free cash flow At least At least 3 8.0% 100-120bps c.9.5% £2.8 billion 4 Organic, constant currency Improvement in constant of total income1 income1 growth, including an currency EBITDA margin acceleration in our subscription businesses’ organ
Slide 9: Returning c. 10% of market cap to shareholders
Returning c. 10% of market cap to shareholders ~£0.3bn £0.8bn £2.2bn ~£4.2bn £4.2bn £0.4bn £0.3bn £0.4bn £0.5bn FY 2025 final H1 2026 dividend Remaining FY 2026 buyback Remaining Total capital dividend paid in Q3 portion of FY executed YTD FY 2026 return (Jan 2026 2025 buyback of which £0.5bn buybac
Slide 10: Acquisition of Octus
Acquisition of Octus ▪ Leading credit solutions: Proprietary data, insights and workflows, specialising in illiquid and private credit 1 ▪ High-growth, scalable business: >$300m revenue in 2026, strong double-digit growth; recurring subscription model; attractive c. 40% margin profile; no impact on
Slide 11: Octus' powerful credit solutions span the full credit lifecycle
Octus’ powerful credit solutions span the full credit lifecycle Leading less-liquid, distressed and leveraged credit intelligence Distressed & Leveraged loans Private credit / CLOs & Municipals / restructuring & high yield direct lending structured credit special situations Powerful, integrated cust
Slide 12: A proprietary data advantage becomes more valuable with AI
A proprietary data advantage becomes more valuable with AI Octus combines hard-to-access content, 12+ years of structured credit history and expert validation to create trusted, decision-ready intelligence 1 Sourced from hard-to- 2 Structured and 3 More valuable in an access markets enriched over ti
Slide 13: A high growth business with a high retention customer base
A high growth business Multiple drivers of structural growth with a high retention Increasing private credit scale and complexity More funds, broader participation and greater deal complexity increase customer base demand for specialist credit information 1 >$300m Rising demand for specialist data U
Slide 14: LSEG and Octus are highly complementary
LSEG and Octus are highly complementary Fixed income focus Private company data Customer base Geographic reach Liquid / public Data on 13.9m Weighted to sell- private companies CLOs, loans and side securitised D&B, Preqin, Global Strategic partners products pricing eVestment / LDAs and analytics par
Slide 15: Very attractive financial profile
Very attractive financial profile >$300m Double-digit c. 40% revenue1 revenue CAGR EBITDA margin Accretive to Incremental to Future EBITDA EPS neutral in D&A growth, 7% guidance margin first full year Growth recurring for subscription improvement and accretive subscription businesses supported by th
Slide 16: Acquisition of Trumid further extends our offering in high growth US Fixed Income markets
Acquisition of Trumid further extends our offering in high growth US Fixed Income markets Trumid fills several gaps at once, extending our credit franchise into new issuance, dealer $1.75bn1 protocols and hedge funds to serve clients across the full lifecycle of a bond consideration Attributed PROTO
Slide 17: Building a global leader in fixed income across the credit spectrum
Building a global leader in fixed income across the credit spectrum Combination brings together scaled data, analytics and distribution with proprietary credit content, specialist expertise and embedded workflows Private / illiquid Distressed High yield Investment grade Public / liquid Early Coverag
Slide 18: A balanced and disciplined approach to capital allocation
A balanced and disciplined approach ~17% to capital allocation Dividends ▪ Balancing investment and shareholder returns: allocating capital ~41% where it creates the greatest long-term M&A2 £19bn value ▪ Completing current £3bn buyback as planned by February 2027; c. 20% of market cap bought back si
Slide 19: Delivering on our strategy for growth
Delivering on our strategy for growth Delivering on our strategy for growth Record growth; Driving rapid Innovating at an Investing in our guidance raised adoption unprecedented leading proprietary again of AI solutions pace data and solutions LSEG | 19
Slide 20: Q&A
Q&A LSEG
London Stock Exchange Group — Q3 2026 Earnings Presentation on 6ix