London Stock Exchange Group plc (LSEG) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the investor and analyst call for LSEG's third quarter 2025 trading update. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session through the phone lines and instructions will follow at that time. I would like to remind all participants that this call is being recorded. I will now hand over to David Schwimmer, CEO of LSEG, to open the presentation. Please go ahead. Good morning, everyone. Thanks for joining the call. I'm here with Map and Peregrine as usual, and we are also joined by Daniel McGuire, our head of markets, to talk about the post-trade transaction that we announced this morning. For this quarter, we're going to take a slightly different approach from a normal Q3, given the intense debate in recent months around our business and AI. I'll cover some key aspects of our AI strategy and the excitement we have about the current opportunities before Map goes through the Q3 numbers and Dan covers the post-trade transaction. Then, of course, we'll be happy to take your questions. It has been a really busy quarter with great progress on several fronts. Group organic growth continues to be very healthy at 6.4%, with DNA growing at 4.9%, similar to the first half. ASV growth came in at 5.6%, a little better than expected, and we anticipate it being better again in Q4. We're raising our margin guidance to the top of the original range at around 100 basis points of improvement, reflecting strong operating leverage and cost control. As you may have seen, we've launched a number of AI-related partnerships involving our data, which is valued and relied on by partners old and new as industry standard. We've announced an important transaction today that creates a strong partnership and align...