London Stock Exchange Group (LSEG) H1 2025 earnings summary

Executive summary

• Achieved 8.7% reported and 7.8% organic revenue growth in H1 2025, with double-digit adjusted EPS growth and all business segments contributing positively.

• EBITDA margin expanded by 150 basis points to 49.5%, reflecting strong operational leverage and disciplined cost control.

• Robust shareholder returns with GBP 1 billion in buybacks and dividends in H1, and another GBP 1 billion buyback announced for H2.

• Investments in product innovation, AI, digital transformation, and customer partnerships are accelerating growth.

• Interim dividend increased by 14.6% to GBP 0.47 per share, supported by strong free cash flow and disciplined capital allocation.

Financial highlights

• H1 2025 total income (excl. recoveries) reached GBP 4,489m, up 6.8% reported and 7.8% organic year-over-year.

• Adjusted EBITDA grew 11.2% to GBP 2,223m, with margin up to 49.5%.

• Adjusted EPS increased 21.8% to 208.9p; equity free cash flow up 43.6% to GBP 935m.

• Net finance expense reduced to GBP 66m from GBP 112m, reflecting active debt management.

• Interim dividend of 47.0p per share (+14.6%), with leverage at 1.6x net debt/EBITDA.

Outlook and guidance

• EBITDA margin guidance for 2025 raised to a 75–100 basis point improvement, with organic constant currency income growth guidance of 6.5–7.5%.

• H1 organic revenue growth exceeded the upper end of guidance; full-year guidance maintained due to market volatility.

• Capex intensity expected at ~10% of income in 2025, with further declines anticipated.

• Equity free cash flow expected at least GBP 2.4bn for 2025.

• Confident in delivering all 2025 and medium-term targets, including a 250bps EBITDA margin increase by 2026.