London Stock Exchange Group plc: Interim results

London Stock Exchange Group plc

Interim results for six months ended 30 June 2025

Strong growth and margin progression, AEPS +20%, significant shareholder returns. 2025 margin guidance improved, new £1 billion share buyback in H2

David Schwimmer, CEO said:

"We have continued our strong and consistent growth track record, with a good performance from our subscription businesses enhanced by our leading markets platforms, which drove upside from increased volatility in the period. At the same time, we have improved our margins strongly as we realise the benefits of our ongoing transformation and deliver attractive operating leverage.

"We have built a business which is strategically aligned to a number of powerful growth drivers: the long-term growth in demand for data to feed and drive the modern economy, including for AI models, the digitisation of financial markets and the increasing demands of regulatory, financial and reputational risk management. We continue to make significant investments in product innovation for our customers, to generate growth over the long term. The first half was marked by a consistent cadence of new product launches, which we expect to continue in H2.

"Our strong cash generation supports significant shareholder returns: after the £500 million buyback in H1, we intend to execute up to a further £1 billion in buybacks over the coming months and have raised the interim dividend 15%. We also continue to evaluate inorganic growth opportunities. Given the substantial improvement in profitability year-on-year, we are also upgrading our margin guidance for 2025 to +75-100 bps from +50-100 bps."

This release contains revenues, costs, earnings and key performance indicators (KPIs) for the six months ended 30 June 2025. Constant currency variances are calculated on the basis of consistent FX rates applied across the current and prior year period (GBP:USD 1.278 GBP:EUR 1.181). Organic growth is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and by including acquisitions from the date of acquisition with a comparable adjustment to the prior year.  Within the financial information and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.

¹ Recoveries mainly relate to fees for third-party content, such as exchange data, that is distributed directly to customers.

² The Group reports adjusted operating expenses before depreciation, amortisation and impairment, adjusted earnings before interest, tax, depreciation, amortisation and impairment (EBITDA), adjusted depreciation, amortisation and impairment, adjusted operating profit, adjusted basic earnings per share (EPS) and free cash flow. These measures are not measures of performance under IFRS and should be considered in addition to, and not as a substitute for, IFRS measures of financial performance and liquidity. Adjusted performance measures provide supplemental data relevant to an understanding of the Group's financial performance and exclude non-underlying items of income and expense that are material by their size and/or nature. Non-underlying items include: amortisation and impairment of goodwill and other purchased intangible assets, incremental amortisation and impairment of the fair value adjustments of intangible assets recognised as a result of acquisitions, tax on non-underlying items and other income or expenses not considered to drive the operating results of the Group (including transaction, integration and separation costs related to acquisitions and disposals of businesses), as well as restructuring costs.

³ Annual Subscription Value (ASV) metric is based on subscription revenues in Data & Analytics, FTSE Russell, Risk Intelligence and data solutions within Markets. Organic, constant currency variance.

⁴ ISIN: GB00B0SWJX34; TIDM: LSEG.

Interim results investor and analyst presentation, webcast and conference call:

David Schwimmer (Chief Executive Officer) and Michel-Alain Proch (Chief Financial Officer) will host a webcast presentation on LSEG's 2025 interim results for analysts and institutional shareholders today at 10:00am (UK time). This will be followed by the opportunity to ask questions via the conference call line.

To access the webcast or telephone conference call please register in advance using the following link:

https://sparklive.lseg.com/LondonStockExchangeGroup/events/4f27bfa3-a63e-4ad0-9c70-65edaa6b1880/lseg-h1-2025-interim-results

To ask a question live you will need to register for the telephone conference call here:

https://registrations.events/direct/LON379580

Presentation slides can be viewed at https://www.lseg.com/en/investor-relations

The interim results for the six months ended June 2025 have been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The results are also available in full on the corporate website at https://www.lseg.com/en/investor-relations/financial-results/.

LSEG Innovation Forum, 10 November 2025

LSEG will be hosting an Innovation Forum, with in-depth demonstrations of new products across the Group, on 10 November 2025 at our offices in Paternoster Square in London. Please register your interest at [email protected].

Contacts: London Stock Exchange Group plc

Investor relations:

Peregrine Riviere / Chris Turner

Madeleine Yoxall / Sharon Muzikarova
[email protected]

Media:

Lucie Holloway / Rhiannon Davies
+44 (0)20 7797 1222

[email protected] 

Additional information can be found at www.lseg.com