London Stock Exchange Group (LSEG) Q1 2025 TU earnings summary

Executive summary

• Total income grew 8.7% year-over-year on a constant currency basis, with 7.8% organic growth after accounting for M&A, notably the ICD acquisition within Tradeweb.

• All divisions contributed to growth, with Markets division achieving double-digit gains amid elevated volatility.

• Subscription businesses performed well, with Data & Analytics (D&A) showing slight acceleration and market businesses benefiting from higher volumes.

• Strategic transformation continues, with investments in product pipeline, engineering, and Microsoft partnership.

• Share buyback program underway, with £245 million of £500 million completed by April 30.

Financial highlights

• Total income (excluding recoveries) reached £2,261m, up from £2,089m in Q1 2024.

• Data & Analytics organic growth was 5.1%, up from 4.8% in the previous quarter.

• FTSE Russell organic growth was 9.6%, with subscription growth at 8.2% and asset-based revenue up 12.5%.

• Risk Intelligence grew 10.7% year-over-year, driven by World-Check and digital identity/fraud expansion.

• Markets up 10.7% organically (13.5% with ICD acquisition); strong growth in Fixed Income, Derivatives & Other (+17.3%), FX (+12.3%), and OTC Derivatives (+16.8%).

Outlook and guidance

• Full-year 2025 guidance confirmed: organic constant currency income growth of 6.5–7.5%.

• EBITDA margin expected to improve by 50–100 basis points.

• Capex intensity targeted at ~10% of total income (excluding recoveries).

• Equity free cash flow forecasted at least £2.4 billion; effective tax rate 24–25%.

• Strong pipeline of new services and continued high investment in innovation.