London Stock Exchange Group Plc · LSE:LSEG
London Stock Exchange — Q3 2025 Earnings Presentation
18 slides from London Stock Exchange's earnings presentation, Oct 24, 2025
Slide 1: Q3 2025 Trading update
Q3 2025 Trading update 23 October 2025
Slide 2: Strong financial and strategic progress in Q3
Strong financial and strategic progress in Q3 Strong, broad-based ‘LSEG Everywhere’ growth; Total Income1 AI partnerships +6.4% Accelerated H2 Enhancing industry buyback; margin partnership in guidance raised Post Trade LSEG | 2 1. Total Income (excl. recoveries)
Slide 3: Delivering on the AI opportunity with LSEG Everywhere
Delivering on the AI opportunity with LSEG Everywhere With our unmatched data, infrastructure, and partnerships, LSEG is uniquely positioned at the forefront of AI-driven change Trusted Data Transformative Products Intelligent Enterprise Delivering the trusted, high-quality Reimagining how financial
Slide 4: 90% of Data and Feeds revenues protected by IP, technology and infrastructure
90% of Data and Feeds revenues protected by the strong combination of intellectual property, technology and infrastructure ~10% Proprietary intellectual property, LSEG standards on technology and/or infrastructure ~90% public data sources e.g. company fundamentals, filings and transcripts, economic
Slide 5: High quality, trusted data is non-negotiable for customers in regulated activities
High quality, trusted data is non-negotiable for customers in regulated activities Data undergoes extensive curation by LSEG before it can be used by our customers Sourcing We provide accurate, auditable, trusted decades of data, incl. 40,000+ contributors across financial services and internal data
Slide 6: Leading solutions embedded in individual workflows, meeting role-specific needs
Our strategy is seamlessly Leading solutions embedded in individual workflows, embedding powerful AI and messaging tools into meeting role-specific needs with our trusted data customers’ established workflow ~10% ~50% Investment Mgt. Trading1 • Dependency on exclusive ~5% and LSEG-enriched content -
Slide 7: LSEG Everywhere: the partner of choice for financial markets data
LSEG Everywhere: the partner of choice for financial markets data Strong delivery of partnerships in Q3; advancing “LSEG Everywhere” data strategy Expect further partnerships; aligning with our open approach and making LSEG the partner of choice for Financial Markets data. Sep 23rd Oct 13th Powering
Slide 8: Maintaining a high pace of innovation in Q3
Maintaining a high pace of innovation in Q3 In partnership with Autex Trade Digital Market Private World-Check Route Infrastructure Securities Market On Demand First of its kind cloud-based Supporting private funds to Regulated private Transformational Risk routing network for 1,600 raise capital at
Slide 9: Innovation Forum – November 10th
Innovation Forum – November 10th Group strategy and execution David Schwimmer, CEO, & Michel-Alain Proch, CFO. AI strategy and engineering transformation Irfan Hussain, CIO, & Emily Prince, Head of AI. Data & Analytics product strategy and monetisation Ron Lefferts & Gianluca Biagini, Co-Heads of Da
Slide 10: Q3 financial performance and guidance
Q3 financial performance and guidance Michel-Alain Proch, CFO
Slide 11: Delivering broad-based growth across all divisions in Q3
Delivering broad-based growth across all divisions in Q3 Reported growth Organic growth1 (GBP million) Q3 2025 Q3 2024 vs Q3 2024 vs Q3 2024 Data & Analytics 982 954 2.9% 4.9% FTSE Russell 241 225 7.1% 9.3% Risk Intelligence 144 131 9.9% 13.9% Total subscription businesses2 1,367 1,310 4.4% 6.5% Mar
Slide 12: Strong delivery of our FY2025 growth and efficiency targets
Strong delivery of our FY2025 growth and efficiency targets Organic Income Adjusted EBITDA Equity Free Cash Capex intensity growth1 margin Flow2 75bp – 100bps Previous guidance 6.5%-7.5% c.10% At least £2.4bn yoy increase Updated guidance On-track to deliver Around 100bps On-track to deliver On-trac
Slide 13: Deploying £3.5bn of capital on accelerating buybacks and strategic M&A
Deploying £3.5bn of capital on accelerating buybacks and strategic M&A ~£1.1bn ~£3.5bn In-year net cash £0.75bn out for Post Trade investment ~£2.4bn2 £2.0bn3 In-year element of £0.5bn share buyback 1.7x announced Q3 2025 ~1.9x Opening Share buyback Closing £1.0bn leverage1 announced H1 2025 leverag
Slide 14: Deepening customer partnership in Post Trade Solutions; increasing share of economics in SwapClear
Deepening customer partnership in Post Trade Solutions; increasing share of economics in SwapClear Long-term partnership in Post Trade Solutions with 11 leading global banks providing governance, strategic input and sharing in future growth through equity participation o Sale of an aggregate 20% sta
Slide 15: Immediately accretive to EBITDA margins and adjusted EPS
Immediately accretive to EBITDA margins and adjusted EPS; further margin benefit in FY2026 FY2025 EBITDA margin Earnings Further benefit accretive accretive in FY2026 Markets up c.250bps 2-3% accretive to Additional accretion Group1 up c.100bps adjusted earnings per to EBITDA margins share in FY2025
Slide 16: SwapClear: leading global industry infrastructure built through partnership
SwapClear: leading global industry infrastructure built through partnership with a long-term focus By partnering with the industry, SwapClear has become the global clearing destination of choice for interest rate swaps delivering a strong, consistent track record of growth 2010 35 5 14 £8bn $186tn $
Slide 17: Unlocking the global opportunity in Post Trade Solutions
Unlocking the global opportunity in Post Trade Solutions in partnership with the industry We see similar long-term potential in uncleared OTC products from our Post Trade Solutions business ~£0.8bn annual revenue1 A distinct, integrated offering Cleared OTC instruments Acadia Quantile ► LCH is the l
Slide 18: Q&A
Q&A LSEG
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