London Stock Exchange Group Plc · LSE:LSEG
London Stock Exchange — FY2025 Earnings Presentation
47 slides from London Stock Exchange's earnings presentation, Feb 26, 2026
Slide 1: More valuable in an AI world
More valuable in an AI world 2025 preliminary results
Slide 2: Strong financial performance and strategic transformation
Strong financial performance and strategic transformation Strong EBITDA margin Double-digit Significant revenue growth expansion earnings growth shareholder returns +7.6% 50.3% +15.7% 3 £2.8bn 4 +7.1% organic 1 +210 bps yoy 2 LSEG Everywhere Digital Assets Post Trade Solutions Very strong initial de
Slide 3: Delivering on our multi-year strategy, establishing a long runway of growth
Delivering on our multi-year strategy, establishing a long runway of growth Strong financial Transformational Establishing visible performance strategic delivery future growth Delivering organic revenue growth1 Over-delivery of synergies Multi-year customer agreements Realisation of cost and revenue
Slide 4: ~98% of group revenues derived from proprietary data, IP and market infrastructure
~98% of group revenues derived from proprietary data, IP and market infrastructure Division Product examples Key strengths ~2% of revenues1 D&A: Non-proprietary data Economic data, as-reported financials ✓ Rarely sold in isolation ✓ Regulated environments Data & Analytics ✓ Network effects ~42% Prop
Slide 5: Delivering growth with operating leverage
Delivering growth with operating leverage Michel-Alain Proch, CFO
Slide 6: Very strong financial execution
Very strong financial execution +7.1% 210bps 140bps +15.7% Improvement Organic revenue Improvement in in adjusted AEPS6 growth growth1 labour cost ratio5 EBITDA margin2 pence 100bps3 140bps 7.1% 7.7% 7.1% 323.9 363.5 420.6 30bps (10bps) 80bps 110bps4 10bps 2023 2024 2025 2023 2024 2025 2023 2024 202
Slide 7: Highly cash generative, with active capital allocation
Highly cash generative, with active capital allocation 10.2% +15.4% £2.1bn +14% Increase in Capital intensity1 Share buybacks total dividend per share Equity FCF2 per share growth pence £bn pence 150 12.9% 11.3% 10.2% 115 130 293 411 467 1.2 1.1 2.1 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023
Slide 8: Delivering broad-based growth across all divisions
Delivering broad-based growth across all divisions Reported growth Organic growth1 (GBP million) 2025 2024 vs 2024 vs 2024 Data & Analytics 3,978 3,859 3.1% 5.0% FTSE Russell 954 911 4.7% 7.3% Risk Intelligence 579 531 9.0% 11.7% Subscription businesses 5,510 5,301 3.9% 6.0% Markets 3,467 3,180 9.0%
Slide 9: Data & Analytics – product investment driving growth
Data & Analytics – product investment driving growth 6.6% 7.7% £m 3.1% 3,978 3,859 2024 Workflows Data & Feeds Analytics FX 2025 Workflows Data & Feeds Analytics Increased usage post Workspace Demand for data continues to grow; Improved access to analytics migration; continued pipeline content expan
Slide 10: Driving performance in FTSE Russell and Risk Intelligence
Driving performance in FTSE Russell and Risk Intelligence FTSE Russell Risk Intelligence £m £m 2025 Equity free cash flow 7.7% 11.7% 7.1% 954 579 911 531 1 2024 Subscription Asset-based FX 2025 2024 Organic M&A FX 2025 Strong demand for flagship equity indices and benchmarks; Sustained demand for Wo
Slide 11: Supplementing ASV with additional commercial indicators
Supplementing ASV1 with additional commercial indicators 2025 H1 2025 H2 2025 5.9% Q4 ASV guided to 5.8% 6.4% 5.8% Retention rate2 92.6% 92.4% 5.6% Q1 Q2 Q3 Q4 Gross sales3 £435m £481m ASV in isolation does not fully capture performance: New product Point-in-time metric, is volatile vitality index4
Slide 12: Markets – 8.9% growth, against a strong prior-year comparator
Markets – 8.9% growth, against a strong prior-year comparator 11.6% £m 13.7% 7.5% 3,438 3,438 3,467 3,363 3,382 3,180 3,180 2024 Fixed Income, Foreign OTC Derivatives Equities & M&A 2025 Derivatives & Other Exchange Other 1 & FX 2 Fixed Income Foreign Exchange OTC Derivatives Strong market activity
Slide 13: Strong EBITDA growth flowing through to AEPS
Strong EBITDA growth flowing through to AEPS Growth % vs 2024 (GBP million) 2025 2024 Reported Organic1 Total income excl. recoveries 8,986 8,494 5.8% 7.1% Operating leverage in action2 Adjusted EBITDA 4,523 4,148 9.0% 11.8% Adjusted EBITDA margin 50.3% 48.8% Adjusted depreciation, amortisation & im
Slide 14: Consistently improving cost control
Consistently improving cost control Growth % vs 2024 (GBP million) 2025 2024 Reported Organic1 Cost of sales 1,113 1,173 (5.1%) (2.7%) Good progress on our Staff costs 2,301 2,226 3.4% 4.2% insourcing programme Third-party services 344 396 (13.1%) (11.6%) HC: 38,221 HC: 37,495 Total labour costs 2,6
Slide 15: Delivering significant margin expansion
Delivering significant margin expansion +140bps +100bps -20bps Labour costs +80bps -30bps +60bps -40bps 50.5% 50.3% 48.8% 48.4% +110bps underlying operating leverage 2024 EBITDA FX-related 2024 comparable Staff cost Third-party services Loss of Euroclear Change in SwapClear 2025 underlying FX-relate
Slide 16: Net finance expense reduced through active debt management
Net finance expense reduced through active debt management (GBP million) 2025 2024 Interest expense on bank and other borrowings, 304 319 net of derivative interest Bank deposit and other interest income, and other gains (139) (169) Net lease interest expense 19 19 Interest differential and foreign
Slide 17: Tax rate in line with guidance
Tax rate in line with guidance (GBP million) 2025 2024 Reported income taxes 463 337 Non underlying items: Reversal in income tax on amortisation of intangibles arising from acquisition 298 367 Rate change on non-underlying attributes1 - (44) Transactions, integration and similar costs 28 50 Other 1
Slide 18: Double digit growth in AEPS
Double digit growth in AEPS +11.5% CAGR +15.7% 420.6 363.5 317.8 323.9 272.4 2021 1 2022 2023 2024 2025 1. Reported AEPS, as re-presented in the 2022 Annual Report AEPS presented in pence LSEG | 18
Slide 19: Reduction in non-underlying costs, as committed
Reduction in non-underlying costs, as committed (GBP million) 2025 2024 Integration costs Adjusted operating profit 3,506 3,165 reduced by >40% Non-underlying items: -9% Transaction (costs) / costs credit (25) 15 Integration, separation & restructuring costs (133) (226) -41% 247 226 Profit on dispos
Slide 20: Highly cash generative business model: strong free cash flow
Highly cash generative business model: strong free cash flow (GBP million) 2025 2024 Variance Reported EBITDA 4,365 3,945 420 10.6% Non-cash P&L items 259 76 183 n/m Operating leverage in action3 Change in working capital (419) (50) (369) n/m Operating cash flow 4,205 3,971 234 5.9% Total income 4 7
Slide 21: Deploying our strong equity free cash flow for growth and shareholder returns
Deploying our strong equity free cash flow for growth and shareholder returns £3.5bn Dividends - £718m1 Final dividend of 103.0p, up 15.7% £2.4bn Net acquisitions/disposals - £717m 2024 • Acquisition of increased Swapclear 2025 revenue surplus share leverage leverage • Sale of 20% stake in Post Trad
Slide 22: 2026 guidance: continued growth and improving profitability
2026 guidance: continued growth and improving profitability EBITDA Equity free Revenue Capex Margin cash flow At least 6.5-7.5% 80-100bps3 c.9.5% £2.7 billion4 organic, constant currency improvement in constant of total income1 income1 growth, currency EBITDA margin including an acceleration in our
Slide 23: Strong track record in free cash flow growth and active capital allocation
Strong track record in free cash flow growth and active capital allocation (GBP million) 2022 2023 2024 2025 2026 Capital intensity1 12.9% 12.5% 11.3% 10.2% c. 9.5% Capex 1,031 957 926 919 ~925 Equity free cash flow 27.2% margin2 25.7% 20.4% 20.1% Equity free cash flow3 2,184 2,445 2,700 2,700 1,514
Slide 24: Medium-term guidance: 2027 - 2029
Medium-term guidance: 2027 - 2029 accelerating subscription growth, strong cash conversion EBITDA Equity free Revenue Capex Capex Margin cash flow Mid to high c. 150 bps c. 8% Double-digit CAGR in Equity Free single digit cumulative improvement in underlying EBITDA margin of total income2 in 2029 Ca
Slide 25: More valuable in an AI world
More valuable in an AI world David Schwimmer, CEO
Slide 26: The three pillars of LSEG's AI strategy
The three pillars of LSEG’s AI strategy With our unmatched data, infrastructure, and partnerships, LSEG is uniquely positioned to benefit from AI-driven change Trusted Data Transformative Products Intelligent Enterprise Delivering the trusted, high-quality Reimagining how financial services Deployin
Slide 27: Our proprietary data and infrastructure is powering AI-driven growth
Our proprietary data and infrastructure is powering AI-driven growth ~10% Proprietary intellectual property, LSEG standards on technology and/or infrastructure ~90% public data sources e.g. company fundamentals, filings and transcripts, economic data ~45% Rarely sold in isolation Global #1 in real t
Slide 28: Customers are securing our proprietary data and solutions for the long term
Customers are securing our proprietary data and solutions for the long term Accelerating demand for our New agreements worth £1.9bn signed in Q4 2025 proprietary, highly valuable data Up to 7 years1 16% Citi Bank of America Supporting Citi’s front-to-back Integrating LSEG solutions incl. workflows w
Slide 29: We are driving huge growth in data consumption
We are driving huge growth in data consumption Our Real-Time platform Data consumption grows as we make it easier continues to scale at pace for customers to access 40 20 4x increase in Real-Time 40 ~35% p.a. growth in use data in 10 years1 35 35 of Tick History2 39m Peak number of datapoints provid
Slide 30: LSEG Everywhere: The partner of choice for financial markets data
LSEG Everywhere: The partner of choice for financial markets data Embedding our data into customers’ AI tools in 2025 23 September 2025 13 October 2025 3 December 2025 Powering customers Seamless integration of First provider giving to rapidly deploy AI agents LSEG data in AI agents ChatGPT users ac
Slide 31: >60 customers actively using our data through an MCP connector
>60 customers actively using our data through an MCP connector Strong growth in customers1 New distribution channels 30% 67 40% 44 28 9 30% 23 Dec 2 Feb 9 Feb 20 Feb Direct2 Claude ChatGPT Deepening existing reach Adding new customer reach Broadening usage Adding new users at existing MCP lead gener
Slide 32: Enhancing our data leadership through sustained investment in data and distribution
Enhancing our data leadership through sustained investment in data and distribution Expanding content Strong demand for Continuing available via MCP our cloud-based solutions data enhancement AI-ready data live Databricks partnership Real time data • Bond pricing • Market data • Broad availability o
Slide 33: Transformative products: leading solutions embedded in regulated workflows
Transformative products: leading solutions embedded in regulated workflows, meeting trading and other role-specific needs ~70% Trading-related workflows ~50% ~10% Trading Investment Mgt. • Dependency on exclusive and LSEG- enriched content – real-time displayed price data, liquidity and news. ~5% •
Slide 34: Engagement with our platform is stronger than ever
Engagement with our platform is stronger than ever Key Workspace users are ~25% more engaged1 Delivering one of the largest financial services workflow migrations in history, ~350,000 users 2,500 Dec-24 Dec-25 Establishing a common platform for innovation 2,000 Enhancing Workspace; hundreds of updat
Slide 35: Microsoft partnership is helping us build better product more quickly
Microsoft partnership is helping us build better product more quickly Enhancing Powering Workflows Analytics Open Directory Live now Analytics API Live now >50 institutional customers either live or in >50 new institutional customers since launch in 2024 onboarding pipeline across three user communi
Slide 36: Intelligent Enterprise | Enterprise-wide innovation and impact at scale
Intelligent Enterprise | Enterprise-wide innovation and impact at scale Engineer AI customer productivity service agent ~11% increase in 4,000+ users in first coding productivity2; month; ~70% resolution rate ~90% engineers using GitHub Copilot Innovating faster; serving our customers better Sales T
Slide 37: Growing our transactional revenues
Growing our transactional revenues Structurally growing transactional revenues Broad-based growth in 20252 +11% +16% +37% +14% +180bps SwapClear ForexClear CDSClear RepoClear Share of revenues revenues revenues revenues global interest rate swap trading3 Establishing digital platforms driving future
Slide 38: Post Trade Solutions: Unlocking the global opportunity in partnership with industry
Post Trade Solutions: Unlocking the global opportunity in partnership with industry We believe the long-term potential in uncleared OTC derivatives is similar in size to cleared products ~£0.9bn ~£0.1bn annual revenue annual revenue1 today Cleared OTC instruments Strong momentum in 2025 ► LCH is the
Slide 39: Our integrated offering creates more value
Our integrated offering creates more value Creating our own data flywheel Fully integrated workflow Customer Customer Trading flow End-to-end offering Integrated enterprise offering Customer Customer LSEG | 39
Slide 40: Our all-weather business model delivers consistent and accelerating growth
Our all-weather business model delivers consistent and accelerating growth LSEG organic World Real GDP Global Debt Issuance Fed Funds FTSE World Index US Equity Global Equity growth1 (LHS, %) growth (LHS, %) growth (RHS, %) Rate (LHS, %) growth (RHS, %) Volatility (RHS, %) Issuance (RHS, %) +10% +80
Slide 41: Delivering on our strategy for growth
Delivering on our strategy for growth Delivering Innovating strong growth to drive future growth Scaling Agile delivery capital allocation LSEG | 41 LSEG | 41
Slide 42: Appendix
Appendix LSEG
Slide 43: 2025 condensed consolidated income statement
2025 condensed consolidated income statement Transaction, Depreciation, Non- Non-underlying Non- 2025 integration, amortisation underlying underlying Non- loss 2025 (GBP million) separation and and finance gains on underlying attributable to adjusted P&L P&L restructuring impairment of expense digit
Slide 44: Re-presentation of 2024 divisional comparators
Re-presentation of 2024 divisional comparators During 2025, some revenue and cost items were reallocated between business lines to better reflect our product-led operating model (consistent with reporting to the Executive Committee). The impact on the previously reported 2024 results is: Data & FTSE
Slide 45: Net debt profile – by currency
Net debt profile – by currency (GBP million) Total USD EUR GBP Other 2026 Bonds 1,359 1,359 2027 Bonds 1,400 444 956 2028 Bonds 1,631 741 435 401 54 2029 Bonds 435 174 261 2030 Bonds 1,193 629 496 68 2031 Bonds 986 554 432 2032 Bonds 638 498 140 2033 Bonds 432 432 2034 Bonds 561 561 2035 Bonds 43 43
Slide 46: Net debt profile – fixed vs floating
Net debt profile – fixed vs floating (GBP million) Total Fixed rate Floating rate N/A 2026 Bonds 1,359 743 616 2027 Bonds 1,400 1,400 2028 Bonds 1,631 1,230 401 2029 Bonds 435 435 2030 Bonds 1,193 564 629 2031 Bonds 986 986 2032 Bonds 638 140 498 2033 Bonds 432 432 2034 Bonds 561 561 2035 Bonds 43 4
Slide 47: 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 Neha Kasabia Investor Relations Director Tel: +44 (0)
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