London Stock Exchange Group (LSEG) H2 2025 earnings summary

Executive summary

• Achieved strong financial performance with 7.6% reported and 7.1% organic revenue growth, and 16% adjusted EPS growth year-over-year for 2025, with all business segments contributing positively and accelerated data and analytics growth.

• EBITDA margin expanded by 210 basis points to 50.3%, surpassing 50% for the first time, reflecting operating leverage and cost control, with over half of the improvement organic.

• Strategic transformation included over-delivery of Refinitiv synergies, migration to modern workflow platforms, and significant AI-driven innovation.

• Signed £1.9bn in multi-year data agreements in Q4 2025, with up to 7-year durations, and expanded AI partnerships.

• Announced a further GBP 3 billion share buyback over the next 12 months, reflecting confidence in share value.

Financial highlights

• Total income (excluding recoveries) rose to £8,986m, up 5.8% reported and 7.1% organic year-over-year; EBITDA margin improved by 110 basis points underlying, plus 100 from Post Trade Solutions.

• Adjusted operating profit grew 10.8% to £3,506m; adjusted EPS reached 420.6p, up 15.7%; free cash flow per share up 13.6% year-over-year.

• Dividend per share increased 15.4%, in line with EPS; record free cash flow of GBP 2.45 billion, beating guidance.

• Share buybacks totaled GBP 2.1 billion in 2025; leverage ended at 1.8x net debt to EBITDA.

• Integration costs fell by 41% as Refinitiv integration neared completion.

Outlook and guidance

• Guiding to 6.5%-7.5% organic revenue growth for 2026, with steady acceleration in subscription businesses and 80-100 basis points margin improvement; CapEx intensity targeted at 9.5%.

• Free cash flow expected to reach at least GBP 2.7 billion in 2026; dividend growth to continue in line with earnings.

• Medium-term guidance (2027-2029): mid to high single-digit revenue growth, 150 basis points cumulative margin improvement, CapEx intensity to fall to ~8%.

• Double-digit compound annual growth in free cash flow per share targeted for coming years.