London Stock Exchange Group (LSEG) H2 2025 earnings summary

Executive summary

• FY25 organic revenue grew 7.1%; adjusted EPS rose 15.7%, and EBITDA margin expanded 210 bps to 50.3%.

• Growth was broad-based, supported by data demand, product innovation, AI distribution and post-trade platforms.

• Transformation included over-delivery of Refinitiv synergies and migration to modern workflow platforms.

Financial highlights

• Total income excluding recoveries reached £8,986m, up 5.8% reported and 7.1% organic; FY25 revenue growth was 7.6%.

• Adjusted EBITDA rose 9.0% to £4,523m; adjusted operating profit increased 10.8% to £3,506m, and adjusted EPS reached 420.6p, up 15.7%.

• Equity free cash flow was £2,445m, up 12%; per-share growth was 13.6%.

• Total OpEx increased 3.5%; third-party services fell 11.6% year over year and headcount declined by 700.

• Dividend per share increased 15.4%; £2.1bn of buybacks were completed.

Outlook and guidance

• FY26 organic revenue growth guidance is 6.5%-7.5%; subscription growth is expected to progress from 6% in FY25 to ~6.5% in FY26 and 7% in FY27.

• FY26 guidance includes 80-100 bps EBITDA margin improvement, CapEx intensity of ~9.5% and at least £2.7bn equity free cash flow.

• FY27-FY29 guidance: mid- to high-single-digit income growth, ~150 bps cumulative margin improvement, CapEx intensity ~8% by FY29 and double-digit equity FCF-per-share CAGR.