London Stock Exchange Group (LSEG) H2 2024 earnings summary

Executive summary

• Achieved 8.4% total income growth (7.7% organic) for 2024, with all divisions contributing and 80 basis points of margin improvement year-over-year.

• Equity free cash flow reached £2.2 billion, supporting increased shareholder returns, including £1.7 billion in dividends and buybacks, and a 12.2% increase in final dividend per share.

• Transformation strategy advanced through innovation, customer focus, integration of new technologies and partnerships, notably with Microsoft.

Financial highlights

• FY2024 total income (excluding recoveries) was £8,494 million, up 6.1% from 2023; organic growth at 7.7%.

• Adjusted operating profit up 10.6% to £3,165 million; adjusted EPS up 12.2% to 363.5p.

• Adjusted EBITDA margin improved to 48.8% (up from 47.2% in 2023).

• CapEx at £957 million (11.3% of revenue), with a planned reduction to 10% in 2025.

• £1 billion deployed on buybacks in 2024; leverage at 1.7x net debt/EBITDA.

Outlook and guidance

• 2025 guidance: 6.5–7.5% organic constant currency income growth, 50–100bps EBITDA margin improvement, capex at ~10% of income, and equity free cash flow of at least £2.4 billion.

• Medium-term: margin to increase ~250bps over 2023–2026, cumulative free cash flow to exceed adjusted profit after tax.

• 2025 adjusted tax rate expected at 24–25%.

• £500 million share buyback planned in H1 2025.

• Microsoft partnership benefits expected to drive more growth in 2026 and beyond.