London Stock Exchange Group (LSEG) Investor Update summary

Strategic transformation and innovation

• Achieved significant transformation over five years, integrating and modernizing platforms, and shifting from integration to product-led transformation with a focus on AI and engineering excellence.

• Leadership changes brought in industry experts to drive agility, efficiency, and product innovation, with over a third of group leaders joining in the last three years.

• Modernized infrastructure, including migration to Azure and unified platforms, enabling scalable, resilient, and customer-centric product delivery.

• Strong recurring revenue model, with 75% from subscriptions and robust cash generation supporting M&A and shareholder returns.

• Delivered above-guidance growth, exceeded synergy targets, improved margins, and reduced leverage post-Refinitiv acquisition.

Strategic positioning and growth

• Positioned for long-term sustainable growth with diversified, high-quality revenues and strong cash generation.

• Leading positions in large, growing market segments such as real-time data, benchmarks, KYC/AML screening, and rates trading.

• Businesses are increasingly integrated, offering end-to-end solutions and establishing industry standards.

• Aligned to structural growth drivers: technology adoption, electronification, regulation, and risk management.

• Diversified across asset classes, geographies, and customer communities, with a robust, integrated workflow.

Financial performance and shareholder returns

• 73% of income is high-quality recurring revenue, with strong product retention and visible revenues.

• Transactional revenues are structurally growing, with a 15% YoY increase.

• Organic revenue growth has accelerated post-Refinitiv integration, reaching 7.7% in 2024 and 7.3% YTD Q3 2025.

• Free cash flow is forecast to reach £2.4bn in 2025, supporting EPS and DPS CAGRs of 15% and 18% over 20 years.

• Confident in ability to monetize data through both subscription and usage-based models, with focus on maximizing customer value and revenue.