London Stock Exchange Group plc
Annual Report 2025
Strategic Report
Approval of the Strategic Report is provided
in the Director’s report on page 104
LSEG at a glance 1
Group highlights 2
Our investment case 3
Chair’s statement 4
Chief Executive Officer’s statement 5
Executive management team 6
Market trends and our response 8
Our purpose and strategy 10
Our business model 14
Key performance indicators 16
Divisional review: Data & Analytics 20
Divisional review: FTSE Russell 22
Divisional review: Risk Intelligence 23
Divisional review: Markets 24
Chief Financial Officer’s review 26
Financial review 28
Sustainability 37
Board engagement with stakeholders 47
Section 172(1) statement 50
Principal risks and uncertainties 52
Financial viability statement 56
Governance
Complying with the UK Corporate
GovernanceCode 58
Corporate governance introduction 59
Board of Directors 60
Corporate governance report 64
Report of the Nomination Committee 72
Report of the Audit Committee 76
Report of the Risk Committee 80
Directors’ Remuneration Report 82
Directors’ Report 104
Statement of Directors’ responsibilities 109
Financial Statements
Independent Auditor’s Report 111
Consolidated income statement 118
Consolidated statement
of comprehensive income 119
Consolidated balance sheet 120
Consolidated statement of changes
in equity 121
Consolidated cash flow statement 122
Notes to the consolidated
financial statements 123
Company balance sheet 180
Company statement of changes
in equity 181
Notes to the Company
financial statements 182
Additional Information
Alternative performance measures 194
Glossary 197
Investor Relations 199
Disclaimers 200
Contents
Make more possible
LSEG at a glance
What we do
Our business Our purpose and values Our strategy
Our four business divisions – Data &
Analytics, FTSE Russell, Risk Intelligence
and Markets – provide customers with a
comprehensive solution suite spanning the
entire trade lifecycle and data value chain.
Data & Analytics
Open platform delivering trusted data
feeds,analytics and workflow solutions,
empowering customers to turn insights
intoaction across trading, investing and
riskmanagement.
FTSE Russell
Global benchmarks, indices and data
solutions covering a range of asset classes,
supporting portfolio construction, asset
allocation, and risk and performance analysis.
Risk Intelligence
Trusted screening, identity verification
and fraud prevention solutions that enable
organisations to meet regulatory and
compliance obligations and mitigate risk
offinancial crime.
Markets
Venues and platforms to raise and
transfer capital through capital issuance
and secondary trading, alongside a
comprehensive suite of clearing and
post-trade services, enabling customers
to access liquidity, manage risk and
optimise resources.
We drive financial stability by operating
businesses that are of systemic importance,
fundamental to the financial ecosystem and
that serve our customers’ critical needs.
We empower economies by helping
ourcustomers to raise capital, support
employment, innovate and access global
financial networks, across multiple
asset classes.
We enable customers to create sustainable
growth by providing the tools and data that
enable financial markets to manage risk and
make informed investment decisions.
Underpinning our purpose, our values –
Integrity, Partnership, Excellence and
Change – guide how we work with
customers, partners and each other.
We are a global, multi-asset class financial
markets infrastructure (FMI) and data
provider, serving our customers across
the trade lifecycle. Our business is defined
by aclear set of strategic differentiators:
– We are trusted to deliver services
meeting business-critical needs.
– We build and maintain deep partnerships
with our customers.
– We support an open ecosystem.
– We offer integrated solutions including
AIfunctionality.
– We operate an AI-enabled data machine
and distribution.
For more detail on our strategy
– refertopages 11 to 13.
For more detail on our purpose
– refer to page 10.
For more detail on our divisions
– refertopages 20 to 25.
Financial Statements Additional InformationGovernanceStrategic Report
1London Stock Exchange Group plc | Annual Report 2025
Group highlights
1 Continuing operations.
2 Recoveries relate to fees for third-party content, such
as exchange data, that is distributed to customers.
They represent low margin pass-through revenues and
are offset in cost of sales. We exclude recoveries in our
performance commentary when trying to convey the best
sense of underlying business performance.
3 Adjusted figures exclude the impact of any non-underlying
items. For more information on the criteria that constitute
non-underlying items, refer to page 194.
4 Includes benefit from the Post Trade Solutions transaction.
5 Internal reduction of Scope 1, Scope 2 (market), Scope 3
(selected – business travel, home working, commuting, fuel
and energy related (FERA)) emissions vs a 2019 baseline.
Financial highlights Adjusted financial highlights
1,3
Sustainability highlights
Total income growth
including recoveries
2
Total income growth excluding recoveries
2
(organic, constant currency basis)
Reduction in greenhouse
gas emissions
5
+5.5% +7.1%
-
66%
2024: +5.7% 2024: +7.7% 2024: -54%
EBITDA Adjusted EBITDA margin Sustainable issuers
£4,365m
+50.3%
243
2024: £3,945m 2024: 48.8% 2024: 235
Operating profit Adjusted operating profit Female representation at senior leadership
£2,127m £3,506m 36%
2024: £1,463m 2024: £3,165m 2024: 41%
Basic earnings per share Adjusted earnings per share
For a full list of our key performance indicators
– refer to pages 16 to 19.
238.4p 420.6p
2024: 128.8p 2024: 363.5p
Dividends per share
Our financial performance in the year, including
the above metrics, is discussed in more detail
in our Financial review on pages 28 to 36.
150.0p
2024: 130.0p
2
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Our investment case: all-weather growth
With market-leading positions built on trusted partnerships and
aligned to attractive long-term trends, LSEG’s highly cash-generative,
well-diversified financial model, driven by largely recurring revenue,
offers a compelling investment story.
For more information on our business
model – refer to pages 14and 15.
Find out more about our products
and services in our Divisional reviews
on pages 20 to 25.
1 Based on publicly available information on listed peers.
2 For a reconciliation to statutory free cash flow, refer to our Financial review on page 35.
3 Refers to period between 1 January 2022 and 31 December 2025.
4 Includes +100bps benefit from the Post Trade Solutions transaction.
How we have positioned our business What this delivers to shareholders
We operate in markets that offer long-term, structural growth
– All of our businesses operate in addressable markets with
a strong growth profile – at least mid-single-digit annual
percentage growth or better.
– Key drivers include the growing use of data in decision-
making, the digitalisation of markets, increasing regulation,
capital optimisation, and reputation and risk management.
We have strong competitive positions, withscope
toimprovefurther
– We are a top-three global player in all of our major businesses,
and a clear leader in real-time data, interest rateswaps clearing,
electronic fixed income trading and counterparty screening.
– We are investing at a significantly higher rate than our peers
1
to enhance our products and further strengthen our
competitive position.
We are highly diversified – by product, asset class
andgeography
– We have leading data, trading and clearing franchises in
equities, foreign exchange and fixed income, and a growing
presence in commodities and derivatives.
– We provide services in more than 170 countries, with
operations in over 60.
The combination of our trade lifecycle anddata value
chains is unmatched
– We are a leader in pre-trade research, counterparty risk
management, execution, benchmarking and clearing.
– The trade lifecycle offerings enhance the depth and breadth
of our trusted data, with millions of datapoints added every
second. We increasingly combine the two to develop
differentiated products for customers.
We are a trusted, long-term partner withan open model
– Our data and financial markets infrastructure are deeply trusted
to power the processes of major institutions globally; through
our partnership approach, we operate and grow critical
platforms that are developed in partnership with the industry.
– Our LSEG Everywhere AI strategy is a natural extension of
our open model, delivering our data in an easy-to-access
way to where our customers are working.
High-quality and high-visibility revenue
– Over 70% of our income is recurring in nature and benefits
from long-term customer relationships. Our services are
vital to our customers’ businesses.
– Our transactional revenue, which comes mainly from
Tradeweb and post trade, is very high quality with strong
existing positions and long-term growth drivers.
Uncorrelated growth
– We are not over-exposed to any single macroeconomic
or industry measure – be it GDP growth, debt issuance,
volatility or equity markets performance.
– We have achieved consistent mid to high single-digit
organic revenue growth since 2018, despite significant
and unforeseen factors – including the Covid-19 pandemic,
the Russia/Ukraine war and the rapid increase in inflation
and interest rates.
Improving profitability and cash generation
– EBITDA margin is expanding significantly, with organic
improvement of 250bps guided across the three years
to 2026, with a further 130bps benefit from the Post
Trade Solutions transaction realised over 2025 and 2026.
– With capex intensity declining, we are delivering very
strong free cash flow, which reached £2.4 billion in 2025
2
.
Strong capital allocation track record, driving
long-term growth and shareholder value
– Our adjusted earnings per share (AEPS) and dividend
CAGRs over the last 20 years have been 16% and
17% respectively.
– M&A has driven significant value over time, through
thecombination of major acquisitions, such as Refinitiv,
and continued bolt-on deals to enhance our services
tocustomers.
– We are consistently proactive in deploying excess
capital, with £4.6 billion of share buybacks executed
since2022
3
.
Recurring revenue (as a % of
total income incl. recoveries)
EBITDA margin expansion
(on constant currency basis)
Capex (as a % of total
income excl. recoveries)
Equity free cash flow
generatedin 2025
73% +210bps
10.2% £2.4bn
3
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
Returned to shareholders via share
buybacks in 2025
£2.1bn
2024: £1bn
Total dividend per share for 2025
150.0p
2024: 130.0p
Chair’s
statement
Overview
LSEG delivered a strong performance in
2025. Total income excluding recoveries was
£9.0 billion, up 7.1% on an organic, constant
currency basis. Adjusted operating profit grew
to £3.5 billion, up 14.3%
1
, with adjusted EPS
increasing 15.7% on headline basis, benefiting
from strong profit growth as well as lower net
finance expenses, the acquisition of minorities
in our clearing house LCH in 2024, and ongoing
share buybacks. Equity free cash flow rose
to £2.4 billion, with EBITDA growth converted
to free cash flow as a result of lower capital
intensity and effective debt management.
Our active capital allocation remains focused
on organic investment, targeted inorganic
growth and returning surplus capital to
shareholders. We completed a significant
partnership and investment in our Post Trade
Solutions business with 11 leading banks taking
a 20% stake. We also completed £2.1 billion
in share buybacks in 2025, bringing the total
buybacks to £4.6 billion since 2022. The Board
is proposing a final dividend of 103.0 pence
per share, bringing the total to 150.0 pence
per share, a 15.4% increase.
Governance
The Board aims to maintain high governance
and ethical standards. More information is
available in our Corporate Governance Report
from page 64.
In December, Dominic Blakemore and Martin
Brand confirmed they will step down from the
Board following LSEG’s Annual General Meeting
in April 2026. Dominic has served as a
Non-Executive Director since 1 January 2020,
and Martin has served as a Non-Executive
Director since February 2021. I would like to
thank Dominic and Martin for their significant
contributions during a period of rapid
transformation for the Group.
Lloyd Pitchford joined the Board in April 2025
as a Non-Executive Director. Lloyd also
became a member of the Audit, Risk and
Nomination Committees, and will succeed
Dominic as Chair of the Audit Committee
after the conclusion of the AGM in April 2026.
DameElizabeth Corley joined the Board as
a Non-Executive Director in December 2025
and became a member of the Risk and
Nomination Committees.
Our Board aims to meet the diversity goals
in the Financial Conduct Authority’s UK Listing
Rules and Parker Review. In compliance with
the FCA’s Listing Rules, one of four senior
Board positions is held by a woman. At the end
of 2025, five of 13 Board members were women,
meaning we were just below the FCA’s Listing
Rules target of 40% for female representation.
We are in compliance with the Parker Review,
with one of the Board’s Directors having
a minority ethnic background.
For further information on Board diversity and
the appointment process, please refer to the
Nomination Committee report, from page 72.
As part of our commitment to visit at least one
international office per year, the Board visited
LSEG’s offices in New York City, in addition to
holding conversations in London, to hear from
our colleagues and learn about our customers
in these regions. The Board also participated
in four virtual sessions in 2025 with colleagues
from around the world.
Sustainability
LSEG plays a vital role in the world’s financial
system and we are uniquely positioned to help
customers meet their sustainability objectives.
In 2025, the London Stock Exchange’s
Sustainable Bond Market (SBM) celebrated
its 10th anniversary. Since its inception, we
have helped issuers raise $464 billion through
967 individual issuances of green, social,
sustainability and transition bonds.
We continued to have impact in the community,
through the LSEG Foundation, providing
funding to strategic and regional charity
partners focused on economic empowerment.
This funding has now directly supported over
a million people across the world since 2022.
We also had record numbers of colleagues
volunteering their time this year.
You can read more about our sustainability
strategy and the actions we are taking to
become a strategic enabler and steward
of sustainable economic growth in the
sustainability section of the Strategic Report
(pages 37 to 46). This section also covers
LSEG’s approach to climate change and
highlights progress against our climate targets.
Summary
In partnership with our customers, LSEG
is reshaping how financial services are built,
delivered and experienced, and 2025 has
been another strong year for the Group.
All of our businesses have strong competitive
positions in the markets they serve and we
have aligned the Group to benefit from
long-term industry trends.
On behalf of the Board, I want to thank our
global teams and partners for their collaboration
and support throughout the year.
Don Robert CBE
Chair
25 February, 2026
1 On organic, constant currency basis.
In partnership with
our customers, LSEG
is reshaping how
financial services are
built, delivered and
experienced, and 2025
has been another strong
year for the Group.
Don Robert CBE
Chair
4London Stock Exchange Group plc | Annual Report 2025
Strategic Report
Growth in total income excluding
recoveries (organic, constant
currency basis)
+7.1%
2024: +7.7%
Growth in adjusted earnings
pershare
+15.7%
2024: +12.2%
Chief Executive
Officer’s statement
Introduction
LSEG has progressed significantly with its
transformation in 2025. We have built a Group
with a unique portfolio of businesses, all
of which have strong, competitive positions.
Our solutions support critical functions in
the global financial system, with real strategic
partnerships grounded in expertise and trust.
We are highly diversified, by asset class,
geography, customer type and product,
giving us a very strong economic model that
enables us to deliver growth regardless of
macroeconomic or geopolitical volatility. As we
look back on the year’s market-shaping events,
we have continued to live our purpose: driving
financial stability, empowering economies and
enabling sustainable growth. From supporting
our customers through the volatility of early
April, helping them navigate the new world of
AI with our trusted data, or sharing our insights
with governments and regulators, we played a
key role in keeping the markets moving in 2025.
We have aligned LSEG to a number of
very strong and long-term industry trends.
The growing demand for data in decision-
making is not new, but AI is driving that
demand to new heights. Electronification and
digitalisation of trading also continue at pace,
and through Tradeweb and our digital markets
infrastructure, we are at the forefront of that
trend. And whether through FTSE Russell,
Risk Intelligence, Markets or Data & Analytics,
we are supporting customers as they navigate
ever-changing regulation.
Through the unmatched breadth of our offering
across the whole trade lifecycle and data value
chain, we are building the future of finance,
transforming how our customers interact with
us, with each other and with markets. To deliver
on this ambitious agenda, we have put in place
a strong leadership team with the capabilities
we need to execute for our customers.
Performance in 2025
We have delivered another year of strong
and consistent performance, with all divisions
contributing to revenue growth. Total income
excluding recoveries grew 7.1% on an organic,
constant currency basis. We have also
improved profitability, increasing EBITDA
margin by 210bps
1
, reflecting our focus on
delivering efficient and sustainable growth.
We have delivered significant and, in some
cases, radical innovation across the business.
We have deepened industry partnerships
and established new LSEG Data Access
Agreements with several key customers.
These agreements deliver significant
commercial benefits and further demonstrate
LSEG’s value as a long-term strategic partner.
Our Data & Analytics division continued
its positive momentum. In June, we retired
Eikon and moved customers to Workspace,
a modern, customisable, modular interface
that establishes a common platform for
innovation and growth. This was one of the
largest financial services workflow migrations
in history. We have also continued to improve
functionality with hundreds of enhancements
over the year, including the launch of Microsoft
Excel and PowerPoint add-ins, and the
integration of the Workspace app into Teams.
We have begun the roll-out of Open Directory
to FX and Commodities user communities, with
other communities to follow. Open Directory
enables secure, federated collaboration across
financial institutions.
In Data & Feeds, we are making it easier for
customers to find, access and consume our
data through our LSEG Everywhere strategy.
We have also continued to expand our content
offering: for example, in private markets we
have added leading datasets from Preqin®
and Nasdaq’s eVestment. Together with
Dun & Bradstreet data, these sources provide
an end-to-end curated view of private markets
that others cannot match.
Our Analytics business continued to grow,
supported by strong sales of our Analytics
API with AI enablement and natural language
functionality. Strategic partnerships with
Snowflake and Databricks have expanded
the distribution channels to make it easier
for our customers to access our analytics
within their existing workflows. We introduced
the Model-as-a-Service offering to empower
our customers to monetise and distribute their
own models through our API, reaching new
end users and enhancing the value of our
platform. Furthermore, we have launched
natural language functionality across other
Analytics products, enhancing user experience
and productivity.
FTSE Russell delivered solid growth over the
year across both subscription and asset-based
revenue. We had strong commercial momentum,
with a record 44 new equity ETFs launched
over the year and time-to-market for custom
indices significantly reduced. We are
collaborating more closely with Tradeweb,
powering FTSE Russell fixed income indices
with Tradeweb data. In addition, in response
to growing customer demand for private
company data, we launched the FTSE StepStone
Global Private Markets Indices, the first global
benchmarks to provide daily data on private
market performance.
Risk Intelligence continued to deliver double-
digit growth, as we built on our strong position
in a growing market by making significant
product enhancements. We launched
World-Check On Demand and World-Check
Verify, a more flexible platform for our sanctions
and anti-money laundering data.
We have delivered
another year of
strong and consistent
performance, with all
divisions contributing
to revenue growth.
David Schwimmer
Chief Executive Officer
1 Adjusted EBITDA margin improvement on constant currency
basis; includes +100bps benefit from the Post Trade
Solutions transaction.
5
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
But our strategic vision goes far beyond
screening. Unlike competitors that tend to
provide individual solutions, we operate along
the compliance lifecycle combining digital
identity and fraud solutions with screening
and due diligence capabilities. We will
continue to combine these capabilities
into integrated solutions.
Amidst ongoing macroeconomic uncertainty,
our Markets division continued to support
customers’ trading activity. Tradeweb grew
strongly with its innovative trading protocols
and close customer relationships driving
record volumes. Following the acquisition
of ICD in 2024, we launched direct US Treasury
bill trading on the ICD portal to further integrate
workflows for corporate treasurers. We also
expanded algorithmic trading capabilities for US
Treasuries, improving liquidity and execution
for clients. Tradeweb’s platform will be
available in Workspace in 2026.
Within Equities, we welcomed a number of
listings on the London Stock Exchange and
have an active pipeline for 2026. We continue
to innovate with the launch of two new market
platforms, the Private Securities Market and
Digital Markets Infrastructure (DMI), both of
which have the potential to transform the
capital markets ecosystem. Our DMI delivers
blockchain-powered scale and efficiencies
for the full asset lifecycle of a trade – from
issuance, tokenisation and distribution to
post-trade asset settlement and servicing.
We have built this platform in Microsoft’s Azure
environment, and it is asset-class agnostic.
The first use case is in private markets and we
have completed the first private fund transaction.
We are adding other asset classes as adoption
builds. Fixed income is the next use case
following the successful trial tokenisation
of a gilt using DMI.
Within our post trade businesses, we continue
to build platforms for long-term growth and
deepen our industry partnerships. In Post
Trade Solutions, services we provide for
the bilateral OTC derivatives market, we
announced a partnership with 11 leading global
banks which have taken a 20% stake in the
business, enhancing our strategic alignment
with key customers. The uncleared opportunity
is comparable to that of the cleared segment.
Our members and clients want to manage
their whole portfolios in one place, bringing
efficiency to their capital and margin
requirements, and materially simplifying and
standardising processes. We are uniquely
placed to do that, given the assets we have
built and brought together under one roof,
and our proven track record of delivering
real value through long-term partnership.
AI strategy
Artificial intelligence is transforming
financial markets. With our unmatched data,
infrastructure and partnerships, LSEG is at
the forefront of this change. Our LSEG
Everywhere AI strategy encompasses three
key pillars: Trusted Data, Transformative
Products, and Intelligent Enterprise.
Trusted Data: customer demand for data that is
accurate, comprehensive, verified and auditable
is significant. Here, LSEG sets the standard
with over 33 petabytes of trusted data: a valuable
portfolio of proprietary, non-replicable, historical
data supported by LSEG-defined standards
and curation. Crucially, this data is constantly
refreshed, updated and added to, ensuring our
customers always work with the most current
and most precise information available.
Transformative Products: we are applying AI
to the products we build for our customers to
reimagine how financial services professionals
work – with speed, simplicity and insight.
The introduction of the Model Context Protocol
(MCP) is creating a new era of data-driven
innovation. It gives us the ability to have LSEG
AI-ready data safely presented alongside
large language models (LLMs) and we have
announced partnerships with Anthropic,
Databricks, OpenAI, Snowflake and others.
We also announced the next step in our strategic
partnership with Microsoft, with agents built
in Microsoft Copilot Studio, and deployed in
Microsoft 365 Copilot, enabled with LSEG data.
Intelligent Enterprise: we are deploying AI
across our own business and operations – so
we can innovate faster and serve our customers
better. For example, in our data operations, we
are extracting content nine times faster where
we are using AI; and in customer operations,
we have reduced the mean time to resolve
customer queries by 40%.
Growth outlook
LSEG has changed beyond all recognition in
the last five years. We will continue to do so as
technologies evolve, regulation changes and
customers encounter new problems to solve.
These changes mean that we have many
opportunities ahead. We have extraordinary
talent combined with world-class assets, and
we are investing and innovating to deliver
on those opportunities, powering near-,
medium- and longer-term growth.
Our success is driven by the strength and
dedication of our global team, and I am
confident in our ability to deliver long-term
growth and create value for our shareholders.
On behalf of the Executive Committee, thank
you to all our colleagues for their continued
commitment to ‘make more possible’ for our
customers around the world and for LSEG.
David Schwimmer
Chief Executive Officer
25 February, 2026
Executive management team
David Schwimmer, Chief Executive Officer,
leads day-to-day management of the
Group, supported by the Executive
Committee. The team meets regularly to
review a wide range of business matters,
including implementation of strategy,
financial performance, investment and
projects, talent development, corporate
culture, and setting and monitoring of
performance targets.
Profiles of the Executive team provided
on the next page are as at January 2026.
For further information on David Schwimmer,
as well as on our Chief Financial Officer,
Michel-Alain Proch, who are also members
of the Board of Directors, see our Board
of Directors overview on page 60.
Changes to the Executive Committee
Steve John joined the Group in April 2025
as Chief Corporate Affairs & Marketing Officer.
Ron Lefferts transitioned from his role as
Head of Sales and Account Management
to become Co-Head of the Data & Analytics
division alongside Gianluca Biagini, who
joined LSEG in August 2025.
Chris Coleman was appointed as Head
of Sales and Account Management,
succeeding Ron Lefferts. Chris joined
the Group in January 2026.
Chief Executive Officer’s statement continued
6
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Catherine Johnson
General Counsel
Joined LSEG in 1996
Catherine manages a global team of lawyers
and compliance professionals, advising the
Board and senior executives on key legal and
compliance issues, and strategic initiatives.
Catherine qualified as a lawyer in 1993 and
has held a number of senior roles in her
career at LSEG.
Steve John
Chief Corporate Affairs & Marketing Officer
Joined LSEG in April 2025
Steve leads LSEG’s Corporate Affairs &
Marketing function, covering marketing,
communications, government relations,
sustainability and central teams. He brings
extensive experience from senior roles at
McKinsey & Company, Bupa and PepsiCo,
most recently serving as Chief Communications
and Brand Officer at HSBC Group.
Erica Bourne
Chief People Officer
Joined LSEG in 2023
As CPO, Erica leads LSEG’s HR policies and
programmes. With over 25 years of experience,
Erica has held a number of leadership and
executive roles across technology, consulting
and financial services, and previously led the
People function at Burberry Group.
Michel-Alain Proch
Group Chief Financial Officer
Joined LSEG in 2024
As CFO, Michel-Alain leads LSEG’s global
finance organisation. He previously served
as Group CFO of Publicis Groupe, and prior
to that held CFO and senior executive roles at
Ingenico and Atos, where he oversaw several
major strategic acquisitions and integrations.
David Schwimmer
Group Chief Executive Officer
Joined LSEG in 2018
As CEO, David has led the Group’s
transformation into a global leader in financial
markets infrastructure and data services.
He began his career in law before spending
20 years at Goldman Sachs in a number of
senior roles, most recently as Global Head
of Market Structures.
Ron Lefferts
Co-Head of Data & Analytics
Joined LSEG in 2021
Based in the US, Ron shares responsibility
for leading LSEG’s Data & Analytics division.
He previously headed LSEG’s global Sales
& Account Management function and has
over 25 years of experience in technology
consulting and financial services, including
senior roles at Protiviti and IBM.
Gianluca Biagini
Co-Head of Data & Analytics
Joined LSEG in August 2025
Based in the UK, Gianluca co-leads LSEG’s
Data & Analytics division. Before joining
LSEG, Gianluca led Data, Valuations and Risk
Analytics at S&P Global Market Intelligence.
Prior to his tenure at S&P Global, Gianluca
played a pivotal role in founding and globally
expanding Bloomberg Data Solutions.
Balbir Bakhshi
Chief Risk Officer
Joined LSEG in 2021
Balbir oversees risk management at LSEG,
including risk identification and mitigation.
He previously led Non-Financial Risk
Management at Deutsche Bank and spent
more than 20 years in senior risk leadership
roles at Credit Suisse.
Chris Coleman
Head of Sales and Account Management
Joined LSEG in January 2026
Chris is responsible for LSEG’s global Sales
and Account Management team, driving
revenue growth and strengthening customer
partnerships. He brings over 30 years
of experience in sales and relationship
management, most recently as Executive
Vice President, Head of Global Client
Coverage at State Street.
Daniel Maguire
Head of Markets and CEO, LCH Group
Joined LSEG in 2008
Daniel has held various senior roles across
LCH and LSEG, with 26 years of experience
in capital markets, risk and default
management, product management and
regulatory strategy, and over 20 years spent
at LSEG across two tenures.
Pascal Boillat
Chief Operating Officer
Joined LSEG in 2024
Pascal oversees operational activities at
LSEG, bringing over 35 years’ experience in
technology and operations for global financial
institutions. Previously, he served as Group
Executive at Commonwealth Bank of Australia
(CBA), managing technology, operations and
data functions.
Irfan Hussain
Chief Information Officer
Joined LSEG in 2024
Irfan leads LSEG’s technology and engineering
team, driving innovation in global financial
markets. In a 28-year career at Goldman Sachs,
Irfan held many senior positions including,
most recently, Chief Operating & Strategy
Officer in the Engineering division.
Executive management team
7
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
Market trends and our response
Our success is built on our
ability to understand and
capitalise on the structural
changes that are shaping
financial markets and the
global economy.
Demand for data and its
integration into workflows
Rise of new technologies
including AI
Electronification of
financial markets and
digitalisation of trading
Regulation, risk management
and capital optimisation
Increased macroeconomic
uncertainty and volatility
Overview and impact Overview and impact
Global demand continues to grow for
high quality, trusted and accurate data
that can be easily integrated into workflows.
There is continued demand for datasets
and products covering new and alternative
asset classes, such as private markets.
Customers also increasingly expect
end-to-end experiences, and to be met
in their preferred channels and
commercial models.
AI is amplifying demand for reliable,
auditable and proprietary data, particularly
as firms seek to power advanced analytics
and algorithmic strategies.
AI is also creating new opportunities for
innovation and raising client expectations
for functionality and personalisation,
including tools that can deliver advanced
insights and more intuitive user experiences.
Advances in technology, particularly
AI, are also driving opportunities for
significant operational efficiencies
through process automation.
Electronification of financial markets
continues to drive trading volume
growth, improve efficiency and enable
access to liquidity. This trend is expected
to continue as many asset classes are
far from reaching maturity in adoption
of electronic and automated trading.
Digitalisation is also unlocking growth
across multiple segments including
digital exchanges, digital payments
and currencies, and retail and wealth,
driving greater demand for efficiency
and financial security across the
trade lifecycle.
Accelerated digitalisation also creates
new risks for our clients and their
customers. Firms are investing in
mitigating these risks, seeking to better
understand their customer base and
supply network, and minimise incidences
of fraud and illicit activity through
anti-money laundering and digital
customer identification solutions.
Financial markets are undergoing structural
change as regulatory frameworks evolve
and diverge across jurisdictions, adding
complexity for providers operating on
a global scale. Liquidity fragmentation
across venues adds further challenges
for execution and risk management.
At the same time, regulatory and capital
requirements continue to increase the
importance of efficiency and financial
security, driving demand for solutions that
optimise balance sheets and streamline
post-trade processes. These shifts
underscore the importance of integrated
platforms and clearing services that can
deliver transparency, resilience and cost
savings in an increasingly interconnected
and complex environment.
The evolving inflation and interest rate
environment, geopolitical instability,
fragmentation and uneven global
growth have created a challenging
environment for investors, companies
and financial institutions.
These dynamics, seen throughout 2025,
highlight the importance of trusted venues
and stable clearing houses that are capable
of meeting demand spikes and support
financial stability.
LSEG response LSEG response
We continue to provide clients with
a uniquely broad offering of reliable,
auditable and proprietary data, including
from our venues. We are also continuing
to invest to enhance the breadth of our
data offering in areas such as private
markets. See page 12.
With LSEG Workspace, we are creating
a seamless, end-to-end experience that
increasingly acts as a primary gateway
to LSEG’s leading content, analytics and
collaboration tools, providing access
to services across the Group, including
LCH, FX, FTSE Russell and, in the near
future, Tradeweb. Our open ecosystem
approach, tailored Workspace offering
and initiatives such as custom index
creation in FTSE Russell, allow us to
deliver flexible, integrated solutions.
We are executing our LSEG Everywhere
AI strategy built on trusted data and
our open approach to unlock new
opportunities. Leveraging Model Context
Protocol to allow governed access to our
data, we have partnered with a number
of providers, including Anthropic (Claude),
OpenAI, Rogo, Snowflake and Databricks
to serve our customers wherever they
choose to work.
A key differentiator is the freshness and
scale of our real-time data, with up to
15 million new datapoints added every
second, ensuring customers have access
to information that is constantly updated,
highly accurate and dependable in fast
moving global markets. See page 21.
Our Fixed Income and FX venues are
well positioned to capitalise on the
electronification trend and we are
driving innovation to remain the platform
of choice. We are embracing the
digitalisation of assets, building digital
market infrastructure, launching Digital
Asset Clear and developing digital asset
indices. Our Private Securities Market,
which received regulatory approval in
2025, is also digitalising the previously
manual process of private placements,
creating a repeatable process built
on existing market infrastructure.
We also continue to develop innovative
solutions in Risk Intelligence, such as
World-Check On Demand, transforming
the way data is created and delivered
and supporting customers’ compliance,
verification and Know Your Customer
(KYC) workflows. See page 23.
We are using our expertise in clearing,
combined with our deep and long-
standing customer relationships, to
drive innovation in the largely untapped
uncleared space, working alongside
our partners to support their regulatory
compliance and capital optimisation
needs. In 2025, 11 global banks invested
in Post Trade Solutions. See page 25.
Through our market infrastructure
businesses, we play a key role in helping
participants to navigate this market
environment and manage risk. Heightened
market volatility drives revenue for
businesses such as our clearing houses
(28% YoY growth in SwapClear trade count
vs 2024), FX venues (10% YoY growth in
ADV vs 2024) and Tradeweb (17% YoY
growth in ADV vs 2024).
8
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Market trends and our response continued
Demand for data and its
integration into workflows
Rise of new technologies
including AI
Electronification of
financial markets and
digitalisation of trading
Regulation, risk management
and capital optimisation
Increased macroeconomic
uncertainty and volatility
Overview and impact Overview and impact
Global demand continues to grow for
high quality, trusted and accurate data
that can be easily integrated into workflows.
There is continued demand for datasets
and products covering new and alternative
asset classes, such as private markets.
Customers also increasingly expect
end-to-end experiences, and to be met
in their preferred channels and
commercial models.
AI is amplifying demand for reliable,
auditable and proprietary data, particularly
as firms seek to power advanced analytics
and algorithmic strategies.
AI is also creating new opportunities for
innovation and raising client expectations
for functionality and personalisation,
including tools that can deliver advanced
insights and more intuitive user experiences.
Advances in technology, particularly
AI, are also driving opportunities for
significant operational efficiencies
through process automation.
Electronification of financial markets
continues to drive trading volume
growth, improve efficiency and enable
access to liquidity. This trend is expected
to continue as many asset classes are
far from reaching maturity in adoption
of electronic and automated trading.
Digitalisation is also unlocking growth
across multiple segments including
digital exchanges, digital payments
and currencies, and retail and wealth,
driving greater demand for efficiency
and financial security across the
trade lifecycle.
Accelerated digitalisation also creates
new risks for our clients and their
customers. Firms are investing in
mitigating these risks, seeking to better
understand their customer base and
supply network, and minimise incidences
of fraud and illicit activity through
anti-money laundering and digital
customer identification solutions.
Financial markets are undergoing structural
change as regulatory frameworks evolve
and diverge across jurisdictions, adding
complexity for providers operating on
a global scale. Liquidity fragmentation
across venues adds further challenges
for execution and risk management.
At the same time, regulatory and capital
requirements continue to increase the
importance of efficiency and financial
security, driving demand for solutions that
optimise balance sheets and streamline
post-trade processes. These shifts
underscore the importance of integrated
platforms and clearing services that can
deliver transparency, resilience and cost
savings in an increasingly interconnected
and complex environment.
The evolving inflation and interest rate
environment, geopolitical instability,
fragmentation and uneven global
growth have created a challenging
environment for investors, companies
and financial institutions.
These dynamics, seen throughout 2025,
highlight the importance of trusted venues
and stable clearing houses that are capable
of meeting demand spikes and support
financial stability.
LSEG response LSEG response
We continue to provide clients with
a uniquely broad offering of reliable,
auditable and proprietary data, including
from our venues. We are also continuing
to invest to enhance the breadth of our
data offering in areas such as private
markets. See page 12.
With LSEG Workspace, we are creating
a seamless, end-to-end experience that
increasingly acts as a primary gateway
to LSEG’s leading content, analytics and
collaboration tools, providing access
to services across the Group, including
LCH, FX, FTSE Russell and, in the near
future, Tradeweb. Our open ecosystem
approach, tailored Workspace offering
and initiatives such as custom index
creation in FTSE Russell, allow us to
deliver flexible, integrated solutions.
We are executing our LSEG Everywhere
AI strategy built on trusted data and
our open approach to unlock new
opportunities. Leveraging Model Context
Protocol to allow governed access to our
data, we have partnered with a number
of providers, including Anthropic (Claude),
OpenAI, Rogo, Snowflake and Databricks
to serve our customers wherever they
choose to work.
A key differentiator is the freshness and
scale of our real-time data, with up to
15 million new datapoints added every
second, ensuring customers have access
to information that is constantly updated,
highly accurate and dependable in fast
moving global markets. See page 21.
Our Fixed Income and FX venues are
well positioned to capitalise on the
electronification trend and we are
driving innovation to remain the platform
of choice. We are embracing the
digitalisation of assets, building digital
market infrastructure, launching Digital
Asset Clear and developing digital asset
indices. Our Private Securities Market,
which received regulatory approval in
2025, is also digitalising the previously
manual process of private placements,
creating a repeatable process built
on existing market infrastructure.
We also continue to develop innovative
solutions in Risk Intelligence, such as
World-Check On Demand, transforming
the way data is created and delivered
and supporting customers’ compliance,
verification and Know Your Customer
(KYC) workflows. See page 23.
We are using our expertise in clearing,
combined with our deep and long-
standing customer relationships, to
drive innovation in the largely untapped
uncleared space, working alongside
our partners to support their regulatory
compliance and capital optimisation
needs. In 2025, 11 global banks invested
in Post Trade Solutions. See page 25.
Through our market infrastructure
businesses, we play a key role in helping
participants to navigate this market
environment and manage risk. Heightened
market volatility drives revenue for
businesses such as our clearing houses
(28% YoY growth in SwapClear trade count
vs 2024), FX venues (10% YoY growth in
ADV vs 2024) and Tradeweb (17% YoY
growth in ADV vs 2024).
9
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
Our purpose
LSEG is a key participant in the global
economy as a leading financial markets
infrastructure and data provider.
Our purpose is driving financial stability,
empowering economies and enabling
customers to create sustainable growth.
We drive financial stability
by operating businesses that
are of systemic importance,
fundamental to the financial
ecosystems and meet critical
customer needs.
We empower economies
by helping our customers
to raise capital, support
employment, innovate and
access global financial networks,
across multiple asset classes.
We enable customers to
create sustainable growth
by providing the tools and data
that enable financial markets to
manage risk and make informed
investment decisions.
This purpose underpins everything we do and sets the foundation for our strategy, our operations and our culture.
Purpose and strategy
10
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
AI Strategy – LSEG Everywhere
Artificial intelligence is transforming financial markets. With our unmatched data, infrastructure
and partnerships, we are uniquely positioned at the forefront of this change across three
key pillars:
Our strategy
Our strategy is to provide customers with a global, multi-asset
class financial markets infrastructure and data ecosystem,
operating across the trade lifecycle and data value chain.
Global, multi-asset
class FMI and data
provider across
the trade lifecycle
Open
ecosystem
Integrated
solutions, including
AI functionality
Trusted to
deliverservices
meeting business-
critical needs
Deep partnership
with our customers
AI-enabled
data machine
and distribution
Purpose and strategy continued
Trusted Data
We curate trusted,
high-quality data to scale AI
in financial services through
our open, LLM-agnostic
partnership approach.
Transformative Products
We are reimagining
how financial services
professionals work, with
AI-enabled products that
bring speed, simplicity
and conviction to our
customers’ workflows
and decision-making.
Intelligent Enterprise
We are deploying AI across
our own business, so we
can innovate faster and
serve our customers better.
Global, multi-asset class FMI and data
provider across the trade lifecycle
We serve ever more of our customers’
needs pre-, at and post-trade, across asset
classes and geographies.
Integrated solutions, including
AI functionality
We offer seamless integration across
different elements of our product set,
including AI functionality, to drive greater
insights from our data and reduce friction
in customer workflows.
AI-enabled data machine and distribution
To enhance our ability to enrich our leading
data offering and better monetise it, we are
investing in our ‘data turbine’, from content
ingestion through to data management and
distribution – accelerated by AI and our
partnership with a number of the world’s
leading technology companies.
Trusted to deliver services meeting
business-critical needs
Our long-standing heritage of playing a vital
role in global financial markets remains at
the core of what we do; our customers trust
and rely on us to serve critical needs.
Deep partnership with our customers
Our level of relevance to our customers
creates the opportunity for strong
partnership. From developing our clearing
houses to now building new products
powered by AI, we partner with our
customers to transform industries.
Open ecosystem
Interoperability is in our DNA. When other
exchange groups focused on vertical
integration of trading and clearing, we
championed open access – and stay true
to this philosophy today with our market
infrastructure and our data.
11
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
Progress in 2025 Priorities in 2026
Advancing our partnership with Microsoft, we launched
a new Workspace Office Add-in and Workspace app
in Teams. We continue to pilot GenAI tools in Workspace
and delivered our first agentic workflows.
Under our LSEG Everywhere strategy, we launched MCP
infrastructure, giving customers enhanced connectivity
and allowing them to create their own AI agents using
LSEG data in Microsoft Copilot Studio. LSEG’s AI-ready
content will also be accessible to licensed ChatGPT and
Claude users via MCP.
Other AI-driven distribution partnerships for our trusted
data launched during 2025 include Rogo, Databricks and
Snowflake, supporting our goal to make licensed LSEG
data available wherever our customers are working.
We are investing in products that improve liquidity in
growing and less liquid asset classes. These include the
new Private Securities Market and private company data
partnerships with Nasdaq, Preqin and StepStone and
the launch of the FTSE StepStone Global Private Market
Indices. We have also facilitated the first trade on our
Digital Markets Infrastructure platform.
In our post trade business, we continued the strong
pace of innovation, launching crypto derivatives clearing
through DigitalAssetClear and Listed Rates UST futures
with FMX, and streamlined ForexClear FX clearing and
settlement by migrating to the CLS main session.
In Risk Intelligence, we launched World-Check On
Demand, providing continuous access to our leading
screening platform in real time. The Global Account
Verification Portal also expanded to EMEA and APAC,
enabling customers to instantly verify bank accounts
and International Bank Account Numbers across dozens
of countries.
Delivery of the 2026 LSEG-Microsoft
Partnership roadmap remains a key priority
and we are executing on our LSEG
Everywhere strategy.
Priorities for 2026 include:
– Scaling Open Directory – a cross-firm
communications tool and collaboration
network within Microsoft Teams, enriched
with LSEG’s data and analytics
– Rolling out Workspace AI functionality
at scale
– Developing existing and new partnerships
to expand LSEG Everywhere
– Launching Model-as-a-Service, enabling
customers to monetise proprietary models
using LSEG infrastructure
We will also continue to partner with clients
to scale adoption of our new products and
services in Markets, including:
– Building critical mass of companies and
investors on our Private Securities Market
– Expanding deployment of our Digital
Markets Infrastructure
– Delivering on our vision for Post Trade
Solutions, following the recent investment
from global banks
– Launching CNH clearing and settlement
services with connectivity to OmniClear
in Hong Kong
Launching
new products
and creating
new markets
Execution priorities
We completed the migration of around 350,000 users
to our next-generation workflow tool, LSEG Workspace,
sunsetting the legacy platform in the process.
We re-platformed our trade routing network in Microsoft
Azure, connecting 1,600 brokers and asset managers
via the cloud. We also made substantial progress in
migrating to software-defined networks, reducing device
obsolescence by 80% while tripling capacity.
We are increasingly embedding AI into our processes.
For example, our AI-powered Question and Answer
Service (QAS) is now being used in over 80% of all
customer cases, enabling half of customer queries
to be resolved within an hour.
We are investing to enable scalable
growth and embedding a product-led
operating model.
Priorities for 2026 include:
– Re-platforming and scaling our real-time
data network
– Delivering our modernisation programmes
across FTSE Russell and FX
– Accelerating the transformation of
our database estate to enable further
multi-cloud content distribution
Modernising
our platforms
and processes
Our progress in 2025 and evolving priorities for 2026 and beyond
Purpose and strategy continued
12
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Progress in 2025 Priorities in 2026
Delivering
reliably and
resiliently for
the markets
and our
customers
We continue to migrate services to the cloud, including
LCH’s core collateral management platform, enhancing
scalability and resiliency.
We have made enhancements in our Engineering
platforms and improved risk management, which have
reduced major incidents by 50%, while increasing release
velocity by 25%.
We are delivering resiliency improvements across
the business through strengthened controls, process
automation and a focus on risk culture.
We continue to enhance the reliability of
customer experience across our product suite.
Priorities for 2026 include:
– Ongoing migration of data and
applications to Microsoft Azure, enhancing
data onboarding and product delivery
– Continued development and
implementation of a unified revenue
and billing platform
Execution priorities
Purpose and strategy continued
Our progress in 2025 and evolving priorities for 2026 and beyond continued
Improving
operating
leverage
We continue to integrate our leading content and
products with Workspace, offering customers a
more seamless end-to-end experience. For example,
customers can now access FXall, FTSE Russell indices
and LCH data via Workspace. We have also consolidated
our proprietary research and content across communities
(LSEG Research and Insights) into Workspace.
We are unifying and improving the customer experience.
We continue to expand our collaboration with Tradeweb,
including a new partnership between LCH RepoAgent
and Tradeweb, to improve settlement efficiency in
bilateral markets. We have further expanded FTSE
Russell’s partnership with Tradeweb, including updating
the price source for a number of our indices to Tradeweb.
We are making the breadth of Data & Analytics products
more accessible to our customers through a single
commercial contract, LSEG Data Access (LDA).
These agreements now account for 16% of D&A ASV
(vs 9% in 2024).
Our goal is to deliver the best value possible
to our customers by offering our integrated
products and solutions across the trade
lifecycle and data value chain, underpinned
by AI.
Priorities for 2026 include:
– Consolidating our relationships with
more global financial institutions through
long-term, strategic LDA partnerships
– Improving monetisation of the strong
growth in data consumption through
LSEG Everywhere partnerships
– Deepening our collaboration with
Tradeweb, including integrating
Tradeweb’s data and dealing platform
into Workspace
Monetising
our integrated
business
We delivered 210bps of EBITDA margin expansion
1
, of
which 110bps reflected underlying operational improvement.
We continue to optimise staff costs, including through our
engineering workforce in-sourcing programme: 60% of
our engineers are now internal, compared to 49% in 2024.
This progress is consistent with the wider Group, where
the proportion of internal employees
2
has increased to
75% from 71% last year, driven by a reduction in external
contractors from c. 11,000 to c. 9,200.
We have realised efficiency gains from Zero-Based
Budgeting for large components of our cost base and
driven operating efficiencies from automation of content
collection and ingestion.
In addition, the Post Trade Solutions transaction
described on page 27 improved the Group EBITDA
margin by a further 100bps year-on-year.
We will complete our objective of improving
adjusted EBITDA margin by 250bps
organically across the three years to 2026,
or by 380bps including the benefit of the
Post Trade Solutions transaction:
– Optimising staff costs and reducing
external headcount, as we transition to
a product-led operating model, heading
towards our target engineering resource
mix of 80% internal
– Scaling use of AI productivity tools
to increase operational efficiency,
particularly in Engineering, Operations,
Sales and Marketing
– Continuing to deliver our multi-cloud strategy
1 On constant currency basis.
2 Includes Tradeweb.
13
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
What we do
We are a leading provider of financial markets infrastructure and data. We bring deep expertise
across the financial markets value chain and effectively leverage innovative technologies and AI.
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100m
instruments covered
byLSEG’s real-time data
$523bn
2025 FX total ADV
>43,000
customers served
>1,700
partners
2
>60
locations globally
$18.1tn
2025 FTSE Russell AUM
$688tn
total volume on
Tradeweb in 2025
100
customers in the top
100 global banks
1
>33 petabytes
of LSEG data is being
made AI-ready
>26,000
employees globally
1 Excluding Russian banks; top 100 banks by total assets.
2 D&A only.
14
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Our business model continued
How we are structured and the value we create
Data value chain Serving financial services and new customer segments
1 Share of Group income excl. recoveries.
Capital Formation
and Issuance
Pre-Trade and
Liquidity Discovery
Trade Execution
Post-Trade and
Capital Optimisation
Data Sourcing
Data Management
and Transformation
Models and Analytics
Distribution
Data & Analytics
Delivers leading breadth
and depth of trusted,
high-quality data and
actionable insights to
inform, equip and support
clients in their business-
critical operations and
decision-making.
FTSE Russell
Provides a leading range
ofcategory-defining
benchmarks and indices
tosupport investors
inmaking informed
decisions, manage risk
and capitalise on new
investment opportunities.
Risk Intelligence
Provides clients with
a comprehensive suite
of trusted solutions that
help them efficiently and
effectively navigate risks
including fraud, reputation,
financial crime and
compliance.
Markets
Partners with the market
and its participants across
the trade lifecycle, providing
scalable, essential, trusted
and resilient infrastructure
and innovative solutions
across asset classes
and geographies.
Income
£4.0bn
Share of Group income 44%
1
£1.0bn
Share of Group income 11%
1
£0.6bn
Share of Group income 6%
1
£3.5bn
Share of Group income 39%
1
Revenue
model
Recurring
98%
Transactional
2%
Recurring
100%
Recurring
78%
Transactional
22%
Transactional
59%
Net
Treasur y
Income
7%
Recurring
33%
Other market
participants
include
– Bloomberg
– S&P Global
– FactSet
– S&P Global
– MSCI
– RELX
– Dow Jones
– Moody’s
– MarketAxess
– CBOE Global Markets
– Deutsche Borse
– CME
We have a well defined and compelling value proposition across our divisions, which allows
us to offer a seamlessly integrated end-to-end service that meets our clients’ business-critical
needs across the increasingly interlinked trade lifecycle and data value chain.
Trade lifecycle Serving customers pre-, at- and post-trade
15
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
Key performance indicators (KPIs)
2025 financial KPIs
Our core financial KPIs
measure the rate and quality
of growth, profitability
and capital efficiency.
Our performance continues
to demonstrate the value we
are delivering for both our
customers and shareholders.
These KPIs align with our Group Strategic Objectives
(GSOs) which help determine Executive Director
remuneration and performance-related pay for all
employees. Further detail on the GSO performance
assessment can be found in our Directors’
Remuneration Report on pages 82 to 103.
1 Organic constant currency income growth,
excluding recoveries.
2 For more information on the criteria that constitute
non-underlying items, see page 194.
3 Based on an equivalent perimeter of the Group as
in 2023 and excluding the benefit from the Post Trade
Solutions transaction.
4 To calculate capex intensity, we use cash capital
expenditure, excluding sales commissions.
Organic income growth
1
Annual Subscription Value (ASV) growth Adjusted EBITDA margin Adjusted earnings per share (AEPS) Capex intensity
Definition
Income growth, independent of FX
movements and any impact from acquisitions
or disposals.
Definition
A point-in-time measure of our book
of recurring contracts compared to
12 months ago.
Definition
EBITDA – excluding non-underlying items
2
– over total income (excluding recoveries).
Definition
Earnings per share, adjusted to remove any
non-underlying items.
2
Definition
Capital expenditure
4
as a proportion of total
income excluding recoveries.
Why this is important for LSEG
Income growth is a key measure of our
success since we operate in growing
markets and aim to hold or grow market
share. For 2025, we guided to organic
income growth (excluding recoveries)
of 6.5-7.5%.
Our medium-term guidance is to deliver
mid-to-high single digit organic income
growth annually.
Why this is important for LSEG
A high proportion of our revenues across
Data & Analytics, FTSE Russell and Risk
Intelligence are subscription-based with
a high degree of visibility. ASV growth
measures the year-on-year growth of that
recurring book of business at a point in time.
ASV growth has three key drivers: retention,
new sales and price increases.
Why this is important for LSEG
We are building a more efficient, scalable
business and expanding underlying
profitability over time, demonstrating the
intrinsic operating leverage of the Group.
As we grow our revenue while modernising
our technology infrastructure and streamlining
our cost base, improving margin allows us
to reinvest for future growth.
For 2025, we guided to organic EBITDA
margin expansion of 50–100bps on an
organic constant currency basis.
Why this is important for LSEG
AEPS is a key financial metric that is both
central to our market valuation and a significant
element of employees’ performance-related
remuneration. Growth in our AEPS reflects our
degree of success in driving strong top-line
performance, as well as managing costs
including tax and interest, and capital allocation.
Why this is important for LSEG
In accordance with our guidance, our capex
intensity has moderated as the majority
of the Refinitiv integration investment has
concluded. Capex is now focused on
pursuing a wide range of growth initiatives.
While we expect capex intensity to reduce
further, any declines from here are likely to
be incremental, as we intend to maintain the
ratio at a high single-digit level to support
continued growth and innovation.
Performance
We delivered organic income growth of 7.1%
in 2025, successfully meeting our guidance.
As expected, growth moderated from the
prior year, reflecting a normalisation in both
Tradeweb and FTSE Russell following their
exceptionally strong performances in 2024.
Data & Analytics continued to accelerate,
supported by the completion of Eikon-to-
Workspace migration, broader cloud
distribution and the launch of our first
jointly-developed solutions with Microsoft.
Risk Intelligence delivered solid underlying
growth underpinned by sustained client
demand and ongoing product innovation.
In Markets, we continued to expand into new
markets and asset classes and captured the
benefit of elevated volumes during the year.
For 2026, our guidance for organic income
growth is 6.5-7.5%.
Performance
We achieved ASV growth of 5.9% as of
December 2025, reflecting a resilient
performance and delivery on our commitment
to reacceleration into year end. Modest
deceleration versus the prior year partly
reflected normalisation of growth in FTSE
Russell and Risk Intelligence, and the impact
of the UBS/Credit Suisse merger, which led
to contract optimisation and reduced their
contribution to Data & Analytics ASV.
Usage-based revenue models are not
captured within ASV and, as these models
become increasingly adopted across
our business, ASV may become a less
comprehensive indicator of overall revenue
performance over time. As our commercial
model evolves, we expect to transition to
a revised set of commercial KPIs in 2026
that provide a better forward-looking view
of the business momentum.
Performance
Our 2025 adjusted EBITDA margin rose to
50.3%, up 150bps from last year. Excluding
a 60bps FX headwind, margin increased by
210bps on a constant currency basis. Of the
210bps expansion, 100bps was achieved
through the Post Trade Solutions transaction,
and 110bps was delivered organically.
This result exceeded all guidance provided
throughout the year – 50–100bps announced
in February 2025, increased to 75–100bps
in July 2025, and subsequently raised
to 100bps in October 2025.
We remain confident in delivering on our
guidance to increase adjusted EBITDA
margin by c.250bps
3
across the three years
to 2026, excluding the impact of M&A.
In 2026, we are targeting a further +80-
100bps increase in adjusted EBITDA margin,
supported by continuous efficiency
improvements and operating leverage.
Performance
Adjusted earnings per share (AEPS) from
continuing operations was 420.6 pence.
The 15.7% increase in AEPS year-on-year was
driven by a strong improvement in underlying
profitability and the changes in the SwapClear
revenue share agreement, partly offset by
higher depreciation – reflecting our continued
investment in technology and product – and
higher tax expense and non-controlling
interest as a result of Tradeweb’s continued
growth. Share buybacks reduced the average
share count in 2025, which acted as a tailwind
for AEPS.
Performance
Capex intensity in 2025 was 10.2%, in line
with our full-year 2025 guidance of around
10% and 110bps lower than in 2024, due to
lower costs related to the Refinitiv integration
and an improved investment control process.
Cash capex in the year of £919 million
reflected ongoing investment in key growth
programmes. We have accelerated product
innovation in our Workspace platform,
investing in new, powerful capabilities
in partnership with Microsoft, expanded
and deepened our best-in-class data and
analytics offering, and enhanced content
and distribution capabilities of this data.
We have also invested in platforms for
future growth and launched new products
in our Markets, FTSE Russell and Risk
Intelligence businesses.
In 2026, we are guiding to further capex
intensity improvement to c. 9.5%.
Organic income growth
1
ASV growth Adjusted EBITDA margin Adjusted earnings per share Capex intensity
+7.1% +5.9% 50.3% 420.6p 10.2%
2024: +7.7% 2024: +6.3% 2024: 48.8% 2024: 363.5p 2024: 11.3%
2025
7.1%
2024
2023
7.1%
7.7 %
2025
2024
2023
6.7%
5.9%
6.3%
2025
2024
2023
47. 2%
50.3%
48.8%
2025
2024
2023
323.9p
420.6p
363.5p
2025
2024
2023
12.9%
10.2%
11.3%
Link to strategic objectives
Income growth is key in delivering our
adjusted operating profit (AOP) targets, which
carry a 60% weighting in determining annual
performance-related pay.
Link to strategic objectives
ASV growth can be an indicator of future
income growth. Delivery against Future
Growth KPIs carries a 15% weighting in
determining annual performance-related pay.
Link to strategic objectives
EBITDA margin performance is a key factor
in determining Group AOP, while also aligning
with our Efficiency objective.
Link to strategic objectives
Earnings per share growth is a reflection of
profitability, linked to Group AOP and aligning
with our Efficiency objective.
Link to strategic objectives
Falling capex intensity is a product of
both accelerating growth and disciplined
investment, in line with our Efficiency objective.
16
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Organic income growth
1
Annual Subscription Value (ASV) growth Adjusted EBITDA margin Adjusted earnings per share (AEPS) Capex intensity
Definition
Income growth, independent of FX
movements and any impact from acquisitions
or disposals.
Definition
A point-in-time measure of our book
of recurring contracts compared to
12 months ago.
Definition
EBITDA – excluding non-underlying items
2
– over total income (excluding recoveries).
Definition
Earnings per share, adjusted to remove any
non-underlying items.
2
Definition
Capital expenditure
4
as a proportion of total
income excluding recoveries.
Why this is important for LSEG
Income growth is a key measure of our
success since we operate in growing
markets and aim to hold or grow market
share. For 2025, we guided to organic
income growth (excluding recoveries)
of 6.5-7.5%.
Our medium-term guidance is to deliver
mid-to-high single digit organic income
growth annually.
Why this is important for LSEG
A high proportion of our revenues across
Data & Analytics, FTSE Russell and Risk
Intelligence are subscription-based with
a high degree of visibility. ASV growth
measures the year-on-year growth of that
recurring book of business at a point in time.
ASV growth has three key drivers: retention,
new sales and price increases.
Why this is important for LSEG
We are building a more efficient, scalable
business and expanding underlying
profitability over time, demonstrating the
intrinsic operating leverage of the Group.
As we grow our revenue while modernising
our technology infrastructure and streamlining
our cost base, improving margin allows us
to reinvest for future growth.
For 2025, we guided to organic EBITDA
margin expansion of 50–100bps on an
organic constant currency basis.
Why this is important for LSEG
AEPS is a key financial metric that is both
central to our market valuation and a significant
element of employees’ performance-related
remuneration. Growth in our AEPS reflects our
degree of success in driving strong top-line
performance, as well as managing costs
including tax and interest, and capital allocation.
Why this is important for LSEG
In accordance with our guidance, our capex
intensity has moderated as the majority
of the Refinitiv integration investment has
concluded. Capex is now focused on
pursuing a wide range of growth initiatives.
While we expect capex intensity to reduce
further, any declines from here are likely to
be incremental, as we intend to maintain the
ratio at a high single-digit level to support
continued growth and innovation.
Performance
We delivered organic income growth of 7.1%
in 2025, successfully meeting our guidance.
As expected, growth moderated from the
prior year, reflecting a normalisation in both
Tradeweb and FTSE Russell following their
exceptionally strong performances in 2024.
Data & Analytics continued to accelerate,
supported by the completion of Eikon-to-
Workspace migration, broader cloud
distribution and the launch of our first
jointly-developed solutions with Microsoft.
Risk Intelligence delivered solid underlying
growth underpinned by sustained client
demand and ongoing product innovation.
In Markets, we continued to expand into new
markets and asset classes and captured the
benefit of elevated volumes during the year.
For 2026, our guidance for organic income
growth is 6.5-7.5%.
Performance
We achieved ASV growth of 5.9% as of
December 2025, reflecting a resilient
performance and delivery on our commitment
to reacceleration into year end. Modest
deceleration versus the prior year partly
reflected normalisation of growth in FTSE
Russell and Risk Intelligence, and the impact
of the UBS/Credit Suisse merger, which led
to contract optimisation and reduced their
contribution to Data & Analytics ASV.
Usage-based revenue models are not
captured within ASV and, as these models
become increasingly adopted across
our business, ASV may become a less
comprehensive indicator of overall revenue
performance over time. As our commercial
model evolves, we expect to transition to
a revised set of commercial KPIs in 2026
that provide a better forward-looking view
of the business momentum.
Performance
Our 2025 adjusted EBITDA margin rose to
50.3%, up 150bps from last year. Excluding
a 60bps FX headwind, margin increased by
210bps on a constant currency basis. Of the
210bps expansion, 100bps was achieved
through the Post Trade Solutions transaction,
and 110bps was delivered organically.
This result exceeded all guidance provided
throughout the year – 50–100bps announced
in February 2025, increased to 75–100bps
in July 2025, and subsequently raised
to 100bps in October 2025.
We remain confident in delivering on our
guidance to increase adjusted EBITDA
margin by c.250bps
3
across the three years
to 2026, excluding the impact of M&A.
In 2026, we are targeting a further +80-
100bps increase in adjusted EBITDA margin,
supported by continuous efficiency
improvements and operating leverage.
Performance
Adjusted earnings per share (AEPS) from
continuing operations was 420.6 pence.
The 15.7% increase in AEPS year-on-year was
driven by a strong improvement in underlying
profitability and the changes in the SwapClear
revenue share agreement, partly offset by
higher depreciation – reflecting our continued
investment in technology and product – and
higher tax expense and non-controlling
interest as a result of Tradeweb’s continued
growth. Share buybacks reduced the average
share count in 2025, which acted as a tailwind
for AEPS.
Performance
Capex intensity in 2025 was 10.2%, in line
with our full-year 2025 guidance of around
10% and 110bps lower than in 2024, due to
lower costs related to the Refinitiv integration
and an improved investment control process.
Cash capex in the year of £919 million
reflected ongoing investment in key growth
programmes. We have accelerated product
innovation in our Workspace platform,
investing in new, powerful capabilities
in partnership with Microsoft, expanded
and deepened our best-in-class data and
analytics offering, and enhanced content
and distribution capabilities of this data.
We have also invested in platforms for
future growth and launched new products
in our Markets, FTSE Russell and Risk
Intelligence businesses.
In 2026, we are guiding to further capex
intensity improvement to c. 9.5%.
Organic income growth
1
ASV growth Adjusted EBITDA margin Adjusted earnings per share Capex intensity
+7.1% +5.9% 50.3% 420.6p 10.2%
2024: +7.7% 2024: +6.3% 2024: 48.8% 2024: 363.5p 2024: 11.3%
2025
2024
2023
6.7%
5.9%
6.3%
2025
2024
2023
47. 2%
50.3%
48.8%
2025
2024
2023
323.9p
420.6p
363.5p
2025
2024
2023
12.9%
10.2%
11.3%
Link to strategic objectives
Income growth is key in delivering our
adjusted operating profit (AOP) targets, which
carry a 60% weighting in determining annual
performance-related pay.
Link to strategic objectives
ASV growth can be an indicator of future
income growth. Delivery against Future
Growth KPIs carries a 15% weighting in
determining annual performance-related pay.
Link to strategic objectives
EBITDA margin performance is a key factor
in determining Group AOP, while also aligning
with our Efficiency objective.
Link to strategic objectives
Earnings per share growth is a reflection of
profitability, linked to Group AOP and aligning
with our Efficiency objective.
Link to strategic objectives
Falling capex intensity is a product of
both accelerating growth and disciplined
investment, in line with our Efficiency objective.
Key performance indicators (KPIs) continued
17
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
2025 non-financial KPIs
We aim to be a strategic
enabler and steward of
sustainable economic growth,
while cultivating an inclusive,
high-performance culture
and managing our impact
on the environment.
These five core non-financial
KPIs measure our progress,
but also help us highlight the
areas where we can improve.
These KPIs align with our Group Strategic
Objectives (GSOs). Further detail on the GSO
performance assessment can be found in our
Directors’ Remuneration Report on pages 82 to 103.
For more detail on LSEG’s sustainability approach,
including Equity, Diversity and Inclusion goals, refer
to the Sustainability section of this report on pages
37 to 46.
Key performance indicators (KPIs) continued
1 Reduction of Scope 1, Scope 2 (market-based) and selected
Scope 3 (business travel, colleague commuting and FERA)
emissions vs a 2019 baseline. This metric applies to
emissions in scope of our science-based targets.
Employee engagement Gender diversity in leadership Ethnic diversity in leadership Sustainable issuers Greenhouse gas emissions
Definition
Employee engagement reflects employee
responses to questions on overall satisfaction
and likelihood to recommend LSEG as
a place to work.
Definition
The proportion of female representation
in senior leadership roles, which includes
LSEG’s Executive Committee and
Group Leaders.
Definition
The proportion of ethnically diverse
representation in senior leadership roles,
which includes LSEG’s Executive Committee
and Group Leaders.
Definition
The total number of issuers across the Green
Economy Mark, the Sustainable Bond Market
and the Voluntary Carbon Market.
Definition
The percentage change in the greenhouse
gas emissions arising from our business
operations relative to a 2019 baseline.
These emissions include Scope 1, Scope 2
(market-based) and Scope 3 (business travel,
colleague commuting and fuel- and energy-
related activities (FERA)).
Why this is important for LSEG
We recognise the importance of an
engaged workplace and an inclusive
high-performance culture, where opinions
can be openly shared, contributions
recognised, and individual and team
achievements celebrated.
Why this is important for LSEG
We aim to build a global and diverse
leadership team through merit-based
processes, that help to attract, retain and
promote a global, diverse pipeline of talent,
in compliance with relevant laws.
Why this is important for LSEG
We aim to build a global and diverse
leadership team through merit-based
processes, that help to attract, retain
and promote a global, diverse pipeline
of talent, in compliance with relevant laws.
Why this is important for LSEG
Through our sustainable finance products,
we support customers who want to invest
in the green economy or raise capital to meet
their sustainability objectives. One measure
of our progress in this respect is the overall
level of issuer engagement in sustainable
finance across the London Stock Exchange,
with the goal of growing the number of issuers
over time.
Why this is important for LSEG
As a global organisation it is important to
manage risks and opportunities arising from
a changing climate. One way to mitigate risk
is to reduce carbon emissions associated
with our business operations.
Performance
Our overall engagement score remains
stable at 74, consistent with last year.
Over 20,000 colleagues (78%) shared
feedback via LSEG Engage, a survey that
offers colleagues the opportunity to provide
feedback and improvement points on a range
of topics. The survey revealed that most
colleagues feel empowered and receive the
support and feedback they need from their
people leaders. Areas for improvement
included better communicating LSEG’s
strategy internally and a need for continuing
focus on customer experience and process
simplification. For more information, refer
to the Sustainability section of this report
on page 44.
Performance
At the end of 2025, the number of women
in senior leadership stood at 36% (down
from 41% in 2024). We remain committed to
merit-based, inclusive hiring and progression
at senior leadership level, tracking progress
via tailored business unit action plans.
For more information on gender diversity
at LSEG, refer to page 45.
Performance
At the end of 2025, ethnic minority
representation in senior leadership roles
stood at 15% (down from 16% in 2024).
We remain committed to merit-based,
inclusive hiring and progression at senior
leadership level, tracking progress via
tailored business unit action plans.
For more information on ethnic diversity
at LSEG, refer to page 45.
Performance
At the end of the year, we had 243 total
issuers across our Sustainable Bond Market
and Voluntary Carbon Market or that display
the Green Economy Mark. Together, the
Green Economy Mark cohort raised a
combined £635 million in 2025. This year
also marked a significant milestone for the
Sustainable Bond Market, which celebrated
its 10th anniversary. Since its inception, the
Sustainable Bond Market has helped raise
$464 billion through 967 issuances issued
by over 190 entities.
Performance
By the end of 2025, these greenhouse gas
emissions had reduced 66% relative to the
2019 baseline year. These reductions were
largely driven by operational efficiencies,
green energy instruments, reduced business
travel and improved data quality.
Employee engagement score Gender diversity in leadership Ethnic diversity in leadership Sustainable issuers
Reduction of Scope 1, Scope 2 (market-
based) and selected Scope 3 (business
travel, colleague commuting and FERA)
1
74 36% 15% 243
-
66%
2024: 74 2024: 41% 2024: 16% 2024: 235 2024: -54%
2025
2024
2023
75
74
74
2025
2024
2023
42%
36%
41%
2025
2024
2023
14%
15%
16%
2025
2024
2023
236
243
235
2025
2024
2023
-34%
-66%
-54%
Link to strategic objectives
Employee engagement aligns with our
Culture objective: to leverage embedded
values to drive an inclusive, high-
performance culture.
Link to strategic objectives
This KPI aligns with our Culture objective.
Link to strategic objectives
This KPI aligns with our Culture objective.
Link to strategic objectives
This KPI aligns with our Sustainability objective.
Link to strategic objectives
This KPI aligns with our Sustainability objective.
18
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Employee engagement Gender diversity in leadership Ethnic diversity in leadership Sustainable issuers Greenhouse gas emissions
Definition
Employee engagement reflects employee
responses to questions on overall satisfaction
and likelihood to recommend LSEG as
a place to work.
Definition
The proportion of female representation
in senior leadership roles, which includes
LSEG’s Executive Committee and
Group Leaders.
Definition
The proportion of ethnically diverse
representation in senior leadership roles,
which includes LSEG’s Executive Committee
and Group Leaders.
Definition
The total number of issuers across the Green
Economy Mark, the Sustainable Bond Market
and the Voluntary Carbon Market.
Definition
The percentage change in the greenhouse
gas emissions arising from our business
operations relative to a 2019 baseline.
These emissions include Scope 1, Scope 2
(market-based) and Scope 3 (business travel,
colleague commuting and fuel- and energy-
related activities (FERA)).
Why this is important for LSEG
We recognise the importance of an
engaged workplace and an inclusive
high-performance culture, where opinions
can be openly shared, contributions
recognised, and individual and team
achievements celebrated.
Why this is important for LSEG
We aim to build a global and diverse
leadership team through merit-based
processes, that help to attract, retain and
promote a global, diverse pipeline of talent,
in compliance with relevant laws.
Why this is important for LSEG
We aim to build a global and diverse
leadership team through merit-based
processes, that help to attract, retain
and promote a global, diverse pipeline
of talent, in compliance with relevant laws.
Why this is important for LSEG
Through our sustainable finance products,
we support customers who want to invest
in the green economy or raise capital to meet
their sustainability objectives. One measure
of our progress in this respect is the overall
level of issuer engagement in sustainable
finance across the London Stock Exchange,
with the goal of growing the number of issuers
over time.
Why this is important for LSEG
As a global organisation it is important to
manage risks and opportunities arising from
a changing climate. One way to mitigate risk
is to reduce carbon emissions associated
with our business operations.
Performance
Our overall engagement score remains
stable at 74, consistent with last year.
Over 20,000 colleagues (78%) shared
feedback via LSEG Engage, a survey that
offers colleagues the opportunity to provide
feedback and improvement points on a range
of topics. The survey revealed that most
colleagues feel empowered and receive the
support and feedback they need from their
people leaders. Areas for improvement
included better communicating LSEG’s
strategy internally and a need for continuing
focus on customer experience and process
simplification. For more information, refer
to the Sustainability section of this report
on page 44.
Performance
At the end of 2025, the number of women
in senior leadership stood at 36% (down
from 41% in 2024). We remain committed to
merit-based, inclusive hiring and progression
at senior leadership level, tracking progress
via tailored business unit action plans.
For more information on gender diversity
at LSEG, refer to page 45.
Performance
At the end of 2025, ethnic minority
representation in senior leadership roles
stood at 15% (down from 16% in 2024).
We remain committed to merit-based,
inclusive hiring and progression at senior
leadership level, tracking progress via
tailored business unit action plans.
For more information on ethnic diversity
at LSEG, refer to page 45.
Performance
At the end of the year, we had 243 total
issuers across our Sustainable Bond Market
and Voluntary Carbon Market or that display
the Green Economy Mark. Together, the
Green Economy Mark cohort raised a
combined £635 million in 2025. This year
also marked a significant milestone for the
Sustainable Bond Market, which celebrated
its 10th anniversary. Since its inception, the
Sustainable Bond Market has helped raise
$464 billion through 967 issuances issued
by over 190 entities.
Performance
By the end of 2025, these greenhouse gas
emissions had reduced 66% relative to the
2019 baseline year. These reductions were
largely driven by operational efficiencies,
green energy instruments, reduced business
travel and improved data quality.
Employee engagement score Gender diversity in leadership Ethnic diversity in leadership Sustainable issuers
Reduction of Scope 1, Scope 2 (market-
based) and selected Scope 3 (business
travel, colleague commuting and FERA)
1
74 36% 15% 243
-
66%
2024: 74 2024: 41% 2024: 16% 2024: 235 2024: -54%
2025
2024
2023
42%
36%
41%
2025
2024
2023
14%
15%
16%
2025
2024
2023
236
243
235
2025
2024
2023
-34%
-66%
-54%
Link to strategic objectives
Employee engagement aligns with our
Culture objective: to leverage embedded
values to drive an inclusive, high-
performance culture.
Link to strategic objectives
This KPI aligns with our Culture objective.
Link to strategic objectives
This KPI aligns with our Culture objective.
Link to strategic objectives
This KPI aligns with our Sustainability objective.
Link to strategic objectives
This KPI aligns with our Sustainability objective.
Key performance indicators (KPIs) continued
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Analytics
£231m
6%
Revenue profile
1
Revenue split
Data
& Feeds
£1,822m
46%
Workflows
£1,925m
48%
Recurring
98%
Transactional
2%
Divisional review
Data & Analytics
Data & Analytics delivered
another strong year in 2025,
as sustained investment
in product innovation and
platform modernisation
continued to accelerate
growth across all
three businesses.
During the year, we
completed the successful
retirement of Eikon and
migration of around
350,000 users to
Workspace, establishing
a modern, modular
environment that enables
faster delivery of new
functionality and deeper
customer engagement.
We also broadened cloud-
based distribution of our
data and analytics, with
customers increasingly
consuming large-scale
datasets, such as Tick
History, via cloud channels.
In parallel, we delivered the
first wave of solutions under
our strategic partnership
with Microsoft.
Gianluca Biagini and Ron Lefferts
Co-Heads of Data & Analytics
In 2025, leadership of the Data & Analytics
division transitioned to a new co-head
structure, with Gianluca Biagini and Ron
Lefferts appointed to jointly lead the business.
Gianluca joined from S&P Global, bringing
extensive experience in data, valuations
and analytics, while Ron moved from his role
leading LSEG’s global sales organisation.
Both report to David Schwimmer and are
members of the Executive Committee.
Our Data & Analytics business helps
customers unlock critical insights through our
data feeds, analytics, workflow and AI solutions.
The breadth, depth and reliability of our content
empower users to make informed decisions,
uncover opportunities and drive efficiency
across their operations. We serve a global
customer base spanning the world’s largest
financial institutions, investment banks, traders,
asset managers and corporates, across all
major asset classes including FX, commodities,
fixed income, equities and derivatives.
The division comprises three business areas,
each addressing different customer needs:
Workflows
User-facing end-to-end workflows platform,
banking, investment management and wealth
communities, providing seamless access to
trusted data, analytics and AI tools through
an open, interoperable architecture.
Structural market trends driving growth:
– Continued electronification and demand for
integrated, end-to-end workflow solutions
– Rapid adoption of AI and cloud-based
collaboration tools
– Increasing demand for trusted data
and insights
Performance
+3.1% organic revenue growth, supported by
continued Workspace upgrades and deeper
customer engagement. Key milestones included
the launch of Excel and PowerPoint add-ins
and the introduction of the Workspace app for
Microsoft Teams, improving productivity and
collaboration. We also began rolling out Open
Directory, a secure collaboration network
embedded in the Microsoft Teams app, to
selected FX and Commodities communities.
Growth was partly offset by contract
optimisation following the UBS-Credit Suisse
merger, but underlying momentum
remains strong.
Data & Feeds
Serving the full spectrum of business-critical
data needs across asset classes, delivery
speeds (latencies) and channels, including
real-time data and news, text, reference and
legal entity information, now enhanced with
cloud-enabled distribution and AI-ready
formats for seamless integration into
customers’ ways of working.
Structural market trends driving growth:
– Rising demand for trusted, auditable
data across front, middle and back-office
applications
– Growing adoption of cloud-based delivery
for easier access, scalability and integration,
as customers seek to simplify data
management and reduce cost
– High growth in back-tested and algorithmic
trading strategies, requiring significant data
history and analysis of multiple data sets
Performance
+6.6% organic revenue growth, underpinned
by strong demand for real-time data and
continued expansion of cloud delivery.
Customers increasingly accessed historical
datasets such as Tick History via the cloud,
while Pricing & Reference Services (PRS)
extended its reach with broader fixed
income coverage and enhanced distribution.
Partnerships with AI-native platforms, including
Databricks, Claude and Microsoft Copilot,
supported early adoption of AI-driven use cases.
Analytics
Provides cross-asset models and analytics
solutions for a wide range of customer needs,
including risk management, regulatory and
historical analysis. Key offerings include Yield
Book fixed income, Lipper fund performance,
private credit analytics and StarMine sentiment
analysis, now enhanced with AI-powered tools
and API-based delivery.
20
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Structural market trends driving growth:
– Rapid adoption of AI-driven analytics
leveraging trusted deterministic asset class
specialist models
– Cloud-native distribution and interoperability
across platforms – from no analytics
experience to developer environments
– Increasing demand for higher-quality insight
from data for use in building strategies
and models
Performance
+7.7% organic revenue growth, driven by
continued strength in Yield Book, LPC and
Lipper, supported by adoption of the Analytics
API and introduction of new proprietary LSEG
models. We expanded distribution through
partnerships with Databricks, Claude and
Snowflake, enabling AI-driven use cases,
and introduced Model-as-a-Service, allowing
customers to deploy custom models at scale.
2025 highlights
Eikon migration to Workspace
In 2025, LSEG completed a major platform
migration, retiring the Eikon desktop and
transitioning c. 350,000 users to Workspace.
This multi-year programme consolidated
fragmented workflows into a modern, modular
platform designed for speed, interoperability
and innovation. The migration was executed
smoothly, supported by extensive customer
engagement and enhanced onboarding.
Workspace now serves as the central hub for
trading, banking and investment workflows.
It provides access to trusted data, insights and
news, AI-powered analytics and collaboration
features, with full Microsoft 365 interoperability.
Customer engagement has surged, with
trading users increasing desktop application
usage by 40% year-on-year. This milestone
not only simplifies user experience but also
accelerates our ability to deliver continuous
enhancements, positioning Workspace as the
future central hub for LSEG’s broader offering.
Delivering innovation through
the Microsoft Partnership
2025 marked a turning point in our strategic
collaboration with Microsoft, as we moved
from product ideation to delivery. We launched
Workspace integrations with Microsoft 365,
including Excel and PowerPoint add-ins and
the Workspace app for Teams, enabling
seamless interoperability between financial
workflows and enterprise productivity tools.
These integrations have significantly improved
user productivity, allowing customers to
combine LSEG’s trusted data with familiar
Microsoft environments.
We also introduced Open Directory, a secure
collaboration network built on Microsoft
Teams, enabling compliant, cross-organisation
communication – and we opened new channels
by enabling access through our Analytics
API into the Microsoft PowerPlatform and
Divisional review continued
Data & Analytics continued
VisualStudio Code environment. We also
integrated LSEG’s trusted data into Microsoft
Copilot Studio, giving customers the ability
to create custom AI agents and agentic
workflows that streamline decision-making
and automate tasks. In trading, we re-
platformed Autex Trade Routing on Azure,
creating a first-of-its-kind cloud solution for
1,600 investment firms and brokers, delivering
greater speed, resilience and scalability.
Alongside these launches, we advanced our
Data-as-a-Service platform, adding highly
used datasets such as Company Fundamentals,
covering over 100,000 companies.
These innovations represent just the first wave
of delivery under our partnership, with more
to come in 2026.
LSEG Everywhere
Delivering trusted data wherever customers
work is the goal of our LSEG Everywhere
strategy. As AI adoption accelerates and
workflows become increasingly distributed,
customers need seamless access to
authoritative content across various
environments. This is enabled by the Model
Context Protocol (MCP), an open standard
that lets AI agents access LSEG’s high-quality,
structured data safely and consistently across
platforms, embedding our content directly
into customer workflows.
Building on this, we launched a series of
partnerships that extend our reach beyond
traditional channels. Databricks enables
customers to build and deploy AI agents
powered by LSEG’s auditable data, while
Rogo integrates our content into intelligent
applications for investment banking
workflows. Through Snowflake, customers
can embed our datasets into Cortex AI tools,
and integration with Microsoft Copilot Studio
brings our trusted data into productivity
and agentic AI solutions. Most recently, our
collaboration with Anthropic makes LSEG’s
licensed AI-ready content available to Claude
for Financial Services, and our work with
OpenAI extends this access to ChatGPT
users, enabling secure, enterprise-grade
AI workflows.
Alongside these partnerships, we expanded
multi-cloud distribution via AWS, Azure and
Google, offering flexibility and choice to our
customers. Together, these initiatives position
LSEG as a key enabler of AI-driven workflows,
ensuring our data and analytics are accessible
across every major consumption layer, from
Workspace to APIs and third-party platforms.
Alongside these milestones,
our new LSEG Everywhere
strategy extended access
to trusted data across new
AI-native environments,
positioning us as a key
enabler of AI-driven
workflows and setting
the stage for continued
momentum into 2026.
1 Data & Analytics recurring vs transactional revenue
profile includes recoveries.
Performance commentary growth rates are provided
on an organic constant currency basis.
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Revenue profile Revenue split
Asset-
based
fees
£324m
34%
Subscriptions
£630m
66%
Recurring
100%
FTSE Russell continued
to advance its position
as a leading global index
and benchmark provider,
supported by favourable
structural tailwinds and
continued momentum
across our diversified index
and benchmarking franchise.
Growth was underpinned by
ongoing expansion of passive
investing, steady demand
for high-quality benchmark
solutions and rising interest
in private markets.
We further strengthened
our position through
targeted innovation and
strategic partnerships,
delivering new capabilities
across private assets,
sustainability and equity
index operations, thus
supporting our customers
in a rapidly evolving
investment landscape.
Fiona Bassett
Head of FTSE Russell
Divisional review
FTSE Russell
FTSE Russell provides a comprehensive
suite of index and benchmark solutions
designed to help investors measure
performance with precision and maintain
consistency across investment strategies
and asset allocation decisions.
Structural market trends driving growth:
– Expansion of passive investment strategies
– Rising demand for customised and thematic
index solutions
– Growing interest in benchmarks for
private markets
Performance
+7.3% organic revenue growth, reflecting
strong subscription and asset-based revenue
performance. Subscription growth was driven
by sustained demand for flagship equity indices
and increasing adoption of custom solutions,
while asset-based revenues benefited from
robust ETF inflows and favourable market
conditions, with AUM reaching record highs.
Performance remained resilient despite
a quieter year for mandate renewals, which
limited price realisation. We drove additional
growth through innovation in private markets
and sustainability-linked benchmarks.
2025 highlights
Partnering with StepStone to advance
private markets benchmarking
In 2025, FTSE Russell entered into a strategic
partnership with StepStone to strengthen
our capabilities in the fast-growing private
markets segment. The collaboration brings
together FTSE Russell’s index engineering
and governance expertise with StepStone’s
proprietary, institutional-grade private
markets dataset to address the industry’s
long-standing need for more timely and
transparent performance measures.
The launch of StepStone Global Private
Market Indices marked a major milestone,
delivering the industry’s first daily private
market benchmarks and enabling investors
to monitor trends with greater agility compared
to traditional quarterly measures. These indices
also establish a foundation for future index-
tracking investment products and represent
the first phase of a broader roadmap, with
further indices and advanced analytical tools
planned for 2026.
Expanding our global ESG benchmarking
with the FTSE Blossom World Index Series
We strengthened our sustainable investment
offering with the launch of the FTSE Blossom
World Index Series, developed in response
to growing client demand for transparent
and globally consistent ESG benchmarks.
Building on the strong adoption of the FTSE
Blossom Japan Index, the new indices extend
coverage to the US, Europe and APAC,
using FTSERussell’s proprietary ESG Data
Model to identify companies demonstrating
robust ESG practices. With industry-neutral
construction and limited exclusions, the series
provides a broad market exposure while
enabling integration of ESG considerations
into equity strategies.
Modernising the Russell US Indexes
with a semi-annual reconstitution
We took an important step in 2025
to modernise our flagship US equity
benchmarks, announcing the transition
of the Russell US Indexes to a semi-annual
reconstitution schedule from 2026.
The change reflects our commitment
to maintaining timely and representative
measures of the US equity market. Following
extensive market consultation and analysis,
we began implementing key operational
enhancements in 2025, including improved
free-float methodology, upgraded index
operations, and new client tools such as the
Russell Monitor List and Enhanced Indicative
Review. A parallel test run completed in
November 2025 validated readiness ahead
of the first reconstitution, supporting a smooth
transition and continued benchmark integrity.
Performance commentary growth rates are provided
on an organic constant currency basis.
22
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Revenue profile Revenue split
Risk
intelligence
£579m
100%
Recurring
78%
Transactional
22%
Divisional review
Risk Intelligence
2025 was a year of strong
progress for Risk Intelligence,
as we continued to deliver
trusted compliance and
fraud prevention solutions
in an environment of rising
regulatory complexity and
digital risk.
Demand for World-Check
remained strong, and we
enhanced our offering
with low-latency,
cloud-native solutions.
Our Digital Identity and
Fraud portfolio achieved
double-digit growth,
driven by the global increase
in digital transactions and
cross-border payments.
Taken together, we helped
customers meet regulatory
obligations and manage
risk with confidence,
underscoring our role
as their trusted partner.
David Wilson
Head of Risk Intelligence
Within Risk Intelligence, our solutions enable
regulated institutions and corporates to meet
Know Your Customer (KYC) and Know Your
Third Party (KY3P) obligations, perform due
diligence, and mitigate identity and payment
fraud risks.
Structural market trends driving growth:
– Heightened focus on reputational risk
– Accelerating digitalisation and adoption
of digital currencies
– Proliferation of online fraud
– Evolving regulatory requirements
Performance
+11.7% organic revenue growth, driven by
sustained demand for our World-Check
screening solutions and strong uptake of
digital identity and fraud services, with over
500 million transactions verified this year.
Growth was supported by innovation, including
the launch of World-Check On Demand and
World-Check Verify, alongside the expansion
of Global Account Verification (GAV) to new
geographies. Performance was partially
offset by continued weakness in our due
diligence business.
2025 highlights
Transforming screening with
real-time intelligence
Risk Intelligence made important progress
this year in delivering real-time, integrated
compliance solutions with two major
innovations expanding the World-Check
portfolio. World-Check On Demand
introduced a new standard for how risk
intelligence is created and delivered, providing
continuously updated sanctions, politically
exposed persons (PEPs), adverse media
and enforcement data through a flexible API.
By giving institutions instant access to trusted,
precise intelligence, the solution helps
accelerate onboarding, reduce false positives
and address operational bottlenecks, often
highlighted by customers in our global
risk studies.
We also introduced World-Check Verify,
a next-generation, cloud-native screening
API developed in partnership with AWS.
The solution performs real-time, automated
checks against World-Check risk data at the
exact moment a payment or onboarding event
occurs, verifying names and entities with low
latency and high accuracy. Purpose-built
for modern, digital payment environments,
it embeds secure screening directly into
transaction and onboarding workflows,
ensuring compliance runs seamlessly in
the background without slowing down the
customer experience.
Together, these innovations demonstrate
LSEG’s deep expertise in combining trusted,
AI-enabled data with real-time architecture to
deliver market-leading compliance solutions.
Strengthening payment security with
Global Account Verification (GAV)
In 2025, we expanded our trusted payments
capabilities with the launch of Global Account
Verification (GAV) across APAC and EMEA,
following its initial roll-out in the US. GAV
facilitates real-time validation of bank accounts
and ownership across 43 countries, helping
organisations confirm their payee details match
before a transfer is executed. Delivered via
API, GAV integrates directly into client systems,
enabling greater efficiency and strengthening
organisations’ ability to shield their customers
from increasingly sophisticated fraud attempts.
Performance commentary growth rates are provided
on an organic constant currency basis.
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London Stock Exchange Group plc | Annual Report 2025
£272m (8%)
£257m (7%)
£413m (12%)
£1,538m
(44%)
Recurring
33%
Revenue profile Revenue split
Net Treasury
Income
7%
Transactional
59%
£117m (3%)
£641m (18%)
£229m (7%)
■ Equities ■ Fixed Income, Derivatives & Other
■ FX ■ OTC Derivatives ■ Securities & Reporting
■ Non-Cash Collateral ■ Net Treasury Income
Divisional review
Markets
We delivered another
strong performance this
year in Markets, with positive
growth and new product
launches across all business
lines. We have continued
to support customers with
new trading functionality
and tools, and have taken
substantial steps in
expanding the funding
continuum with the launch
of the Private Securities
Market and our Digital
Markets Infrastructure
platform.
Within our post trade
businesses, we have
continued to innovate,
expanding into new
markets and asset classes.
This, together with the
growth in our CDSClear
and ForexClear businesses
as well as the strengthening
of our partnership with
major customers in Post
Trade Solutions and
SwapClear, gives us an
excellent platform for
further long-term growth.
Daniel Maguire
Head of LSEG Markets
and CEO,LCH Group
We help customers across the trade lifecycle
optimise their financial resource consumption
and risk, manage their regulatory reporting
obligations, and reduce operational complexity
and cost. We provide access to diverse
liquidity pools across multiple asset classes
– equities, fixed income, exchange-traded
funds and products, and foreign exchange –
fostering growth for customers, communities
and economies worldwide. We are home to
several capital formation and execution
venues: the London Stock Exchange, AIM,
Turquoise, FXall, FX Matching and Tradeweb.
LSEG Markets combines these flagship trading
services with our global, highly important,
multi-asset class clearing infrastructure.
The division is split across the seven
sub-businesses described below:
Equities
Capital raising and trading on the
LondonStock Exchange, including equity
and debt capital markets. A trusted long-term
partner to the market and the number one
exchange, by capital raised, in Europe.
In addition, Turquoise, the Group’s
multilateral trading facility (MTF), provides
access to broader multi-asset trading across
global markets.
Structural market trends driving growth:
– Expanding economies
– Growing demand for growth capital
– Pipeline of private equity-backed businesses
seeking next stage of investment
Performance
+5.1% organic revenue growth driven by
growth in equity transaction volumes and data
revenues. We have continued to expand the
funding continuum, launching a new Private
Securities Market and conducting the first
private funds transaction on our Digital Markets
Infrastructure (DMI).
Fixed Income, Derivatives & Other
Electronic marketplaces for rates, credit,
equities and money markets products, built
and operated through Tradeweb.
Structural market trends driving growth:
– Electronification of fixed income markets
– Expanding global markets
Performance:
+13.7% organic revenue growth. Average
daily volume across all asset classes was
$2.6 trillion, a 17% increase on 2024,
representing strong market activity across
Tradeweb’s global asset classes, enhanced
by its innovative trading protocols.
FX
A market leader in dealer-to-client and
dealer-to-dealer FX trading, providing
electronic trading, workflow and data to the
institutional foreign exchange community
through FXall and FX Matching.
Structural market trends driving growth:
– Access to liquidity
– Cross-border trading and business
globalisation
Performance:
+7.5% organic revenue growth with both
platforms, FXall, our dealer-to-client platform,
and FX Matching, our dealer-to-dealer
platform, seeing growth in the year from
product enhancements, including integrating
FXall into LSEG Workspace, new strategic
customers and greater volumes driven by
higher volatility in the market.
OTC Derivatives
Clearing and capital optimisation solutions for
OTC derivatives, including interest rate swaps,
foreign exchange and credit default swaps.
The largest of these services is SwapClear,
which is responsible for over 90% of the
interest rate swap notional cleared globally.
24
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Divisional review continued
Markets continued
Structural market trends driving growth:
– Increasing regulation
– Heightened market volatility
– Rising demand for risk management
and capital optimisation solutions
Performance
+11.6% organic revenue growth driven by
innovation, including new forward clearing
capabilities in ForexClear, the international
expansion of CDSClear, and greater clearing
activity as a result of the higher volatility
stemming from the macroeconomic
environment.
Securities & Reporting
Securities clearing, capital optimisation
and regulatory reporting solutions.
Structural market trends driving growth:
– Increasing regulation
– Rising demand for risk management
and capital optimisation solutions
– Growing debt issuance
Performance
-3.0% organic revenue growth with RepoClear
continuing to perform well, delivering strong
volume growth in fixed income clearing.
This was offset by the impact of the termination
of the Euronext clearing agreement, with the
headwind ending in the third quarter of 2025.
Non-Cash Collateral
Fees earned from handling non-cash
collateral balances.
Performance
+5.2% organic revenue growth as clearing
members optimised their collateral positions
from cash to non-cash.
Net Treasury Income (NTI)
Income earned on cash deposited with LCH
as margin and default funds as part of the risk
management process.
Performance
-2.6% organic revenue growth, reflecting lower
overall collateral balances, down by 1.5%, as
a result of the loss of collateral balances linked
to the Euronext migration as well as collateral
optimisation by customers.
2025 highlights
Strengthening our partnership and
strategic alignment with key customers
in post trade
We announced a significant transaction in
our post trade business, with 11 leading global
banks acquiring a 20% stake in Post Trade
Solutions, replicating the original, highly
successful LCH model. By bringing major
industry participants closer to the business
and giving them a role in shaping its future,
we are creating aligned incentives for
adoption and long-term growth. This initiative
builds on the strong momentum of Post Trade
Solutions, supported by double-digit volume
growth across the solutions suite and the
ongoing expansion of our global network.
In parallel, we enhanced our revenue-sharing
arrangements within SwapClear, extending
the agreement with partner banks by
10 years and increasing our share of the
economics. These changes strengthen and
deepen our strategic alignment with major
customers and give us a great platform
for further, long-term growth and product
adoption, while delivering attractive margin
and earnings enhancement.
Building next-generation infrastructure
for digital markets
We launched our Digital Markets
Infrastructure (DMI) platform in September,
marking a major step in our ambition to be
the first global exchange group helping
customers across the full funding continuum.
Developed in collaboration with Microsoft
and powered by Azure, DMI uses blockchain
technology to deliver efficiencies across
the full asset lifecycle, across multiple asset
classes. We have conducted the first private
funds transaction on this infrastructure,
supporting private funds to raise capital
using distributed ledger technology, and
we continue to collaborate with Microsoft
to develop and scale the platform, including
the addition of further asset classes.
Expanding access to capital for private
businesses with Private Securities Market
This year marked an important step forward
in broadening access to the UK’s capital
markets with the launch of the London Stock
Exchange’s Private Securities Market. As the
first operator to receive a PISCES Approval
Notice from the FCA, we are establishing
a regulated venue where private companies
can access intermittent liquidity auctions for
the first time, supported by the same resilient
infrastructure that underpins our public
markets. The market is designed around
the needs of private companies, offering
flexibility over auction timing, as well as
investor participation and disclosures
through our dedicated portal. By creating
a transparent and efficient mechanism for
founders, employees and early investors to
access liquidity, and by enabling institutions
to engage with high-growth private
businesses, this initiative strengthens
the UK’s funding continuum and expands
the options available to the next generation
of innovative companies.
Market volatility driven by
macroeconomic events is an
important underlying driver
of business performance
and we have been successful
in capturing the upside of
higher trading and clearing
volumes this year.
Performance commentary growth rates are provided
on an organic constant currency basis.
25
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London Stock Exchange Group plc | Annual Report 2025
Chief Financial
Officer’s review
I am very satisfied
with the strong progress
the business is making,
supported by continued
improvement in our
investment and capital
allocation processes,
as well as the delivery
of significant
operating leverage.
Michel-Alain Proch
Chief Financial Officer
2025 performance
LSEG continued its consistent and strong
performance in 2025. Reported growth in total
income excluding recoveries was 5.8%, and
7.1% on an organic, constant currency basis.
Our subscription businesses (Data & Analytics,
FTSE Russell and Risk Intelligence) were
up 6.0%. Reported EBITDA grew by 10.6%
to £4,365 million. On a constant currency
basis, we delivered a 210bps EBITDA margin
improvement, or 110bps excluding the benefit
of the Post Trade Solutions transaction
described below, and brought our capex
intensity down from 11.3% to 10.2%, as guided.
Free cash flow of £2.4 billion allowed us to
grow the dividend by 15.4%, execute £2.1 billion
of share buybacks and invest £717 million in
the Post Trade transaction while still keeping
leverage below the middle of our target range.
Adjusted earnings per share grew 15.7% to
420.6 pence, driven by robust income growth
and continued improvement in underlying
profitability. Basic earnings per share increased
85.1% to 238.4 pence, benefitting from reduced
amortisation and impairment charges. Share
buybacks completed over the last 12 months
provided an additional boost to both adjusted
and reported EPS. More detail on our financial
performance can be found in our financial
review from page 28.
Key features of our financial delivery
In last year’s annual report we wrote about the
opportunities to create a more profitable LSEG,
with more of our strong revenue growth being
translated into earnings and cash flow over
time. We have improved operating leverage
significantly, and we now have in place a much
more rigorous and data-driven process for
allocating investment. In addition, the broader
Finance function is adding increasing value
in areas such as Treasury and Corporate
Development, as well as Procurement.
I will touch on each of these below.
Operating leverage: last year we put in place
reinforced cost control through process and
discipline, to drive margin improvement mainly
through two overarching principles.
The first is the labour cost equation – this
is the cost of our own staff plus our external
contractors. The opportunity here is to have
the total of these two costs decreasing as
a percentage of income over time. We are
successfully driving this through a combination
of two levers. First, we are insourcing within
Engineering, a programme led by Irfan Hussain,
our CIO. This enhances our engineering
expertise and builds a strong product culture,
while also driving efficiencies as typically, our
own employees are more productive. In 2025,
we reduced our total engineering headcount
from 15,101 to 14,244 and increased the
insourced mix to 60% from 49%. We have
more to go from here, with a final target of
80% insourced. Second, we are optimising
the mix of our resources between our
high-cost locations and our global delivery
and excellence centres, while delayering
across the organisation.
The second principle is the opportunity to
operate more efficiently and effectively across
our strategic programmes to ensure that we
are running fewer, bigger programmes, with
impact on growth and opex, and clearer
prioritisation of capex over time. The Group
Investment Committee, which we introduced
last year and which is co-chaired by David
Schwimmer and me, meets on a fortnightly
basis to review all the major projects under
way across the Group, which amounted to
£919 million of investment spend in 2025.
New enterprise resource planning (ERP)
platform: during 2025, we successfully
commenced the implementation of our new
Oracle Cloud ERP, consolidating our legacy
ERP and performance management systems
across the Group. This will significantly
streamline the financial planning and reporting
process, driving improved and faster insights.
We expect to complete this programme
in 2027.
Refinancing and liability management: we
continued to take an active role in debt capital
markets, effectively managing finance costs
while diversifying our sources of funding.
Earlier in the year, we completed another bond
tender offer, buying back $250 million of our
2031 $1.25 billion bond, which generated a
positive net present value and reduced our
net finance expense. To further diversify the
Group’s debt investor base, LSEG issued its
maiden Swiss franc bond and accessed the
Japanese yen private placement market for
the first time. Combined with additional bond
issuances in sterling and euro, the Group
raised a total of £1,689 million of new long-term
debt in 2025.
Post Trade Solutions investment and
SwapClear profit share arrangements: this
transaction, described in more detail below,
is the culmination of several years of planning,
partnership and thoughtful financial structuring,
coordinated by our Group Corporate
Development team. The outcome is beneficial
to all parties: our partner banks have aligned
their interests with us in the success and
direction of Post Trade Solutions, which will
enhance its growth and market opportunity;
LSEG will benefit from a greater share of
SwapClear revenue surplus over the next
This section includes references to adjusted
performance measures that better reflect
the underlying performance of our business
(e.g.,equityfree cash flow). For more information
on these measures – refer to page 194.
26
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Chief Financial Officer’s review continued
10 years, with clear financial benefits for our
shareholders; and the extension of these
financial arrangements for a further 10 years,
until 2045, ensures continued strategic
alignment with our partner banks.
2026 guidance
We are confident of further growth and
improvement in our EBITDA margin in 2026,
leading to strong growth in equity free cash
flow. Financial guidance for 2026 is as follows:
– Organic constant currency growth in total
income excluding recoveries of 6.5-7.5%
including an acceleration in our subscription
divisions’ organic growth
– An improvement in constant currency
EBITDA margin of +80-100 bps
– Capex intensity of c. 9.5% of total income
excluding recoveries
– Equity free cash flow of at least £2.7 billion,
based on foreign exchange rates of
£1 = $1.32 and €1.17
– Underlying effective tax rate of 24-25%
Capital allocation
Our goal is to invest for growth using the cash
we generate, building a platform for long-term
value creation while rewarding investors today
through a progressive dividend, growing
broadly in line with AEPS. We allocate capital
within appropriate leverage bounds for our
earnings profile, with a target leverage range
of 1.5–2.5x operating net debt to adjusted
EBITDA before foreign exchange gains
and losses.
Our intention is to maintain business-as-usual
leverage around the middle of this range.
Leverage at the end of December 2025
was 1.8x (December 2024: 1.7x).
LSEG generated £2.4 billion of equity free
cash flow after having invested £919 million
in capex. Total capex intensity (as a percentage
of total income excluding recoveries) was
10.2%, 110 bps lower than 2024 and in line
with our guidance.
Key growth programmes ongoing during
2025 included continued enhancements
to Workspace, product development with
Microsoft across our Data & Analytics portfolio,
investment in AI-ready data including the
development of Model Context Protocol
(MCP) servers, ongoing Post Trade Solutions
innovation and continued investment in
Tradeweb. Meanwhile integration costs
from acquisitions fell, as planned.
During the year, we allocated capital
as follows:
Acquisitions and disposals – £717 million
In October, we announced that 11 leading
global banks had agreed to invest in
PostTrade Solutions, taking a 20% stake
for cash consideration of £170 million. These
banks are major customers of LSEG’s clearing
services and Post Trade Solutions business.
This initiative continues the strong history of
strategic partnership with LSEG and market
participants, replicating the original LCH
model that continues to prove so successful
for LCH and its customers.
At the same time, we acquired an increased
proportion of the revenue surplus from
the SwapClear business, while extending
the revenue surplus sharing arrangements
with the majority of founding members by
a further 10 years to 2045. We will pay a
total cash consideration of £1.2 billion for this
change in terms, payable in two instalments,
in 2025 (£0.9 billion) and 2026 (£0.25 billion).
The transaction overall is very attractive
both strategically and financially, immediately
improving Group EBITDA margin by 100bps,
and being 2-3% enhancing to Adjusted EPS
in 2025.
Dividend – £718 million
The total cash outflow for the year was
£718 million, comprising the 2024 final
dividend and the 2025 interim dividend.
The proposed final dividend for 2025, subject
to shareholder approval, is 103.0 pence –
giving a total for the year of 150.0 pence,
up 15.4% on 2024. This is consistent with
our dividend policy and reflects a payout
ratio of 35.7% of AEPS, in line with our range
of 33-40%. Dividends per share have grown
at a compound annual rate of 17% over the
last 20 years.
Share buyback – £2.1 billion
We remain very focused on capital discipline
and will, from time to time, return excess
capital to shareholders to the extent that
we stay within our target leverage range.
We returned £2.1 billion to shareholders via
share repurchases in 2025 at an average
price of £93.44.
We plan to complete a further £3 billion
of share buybacks over the 12 months
to February 2027.
Michel-Alain Proch
Chief Financial Officer
Growth in adjusted operating profit
(on organic, constant currency basis)
+14.3%
2024: +9.0%
Adjusted EBITDA margin
50.3%
2024: 48.8%
Leverage at year-end
1.8x
2024: 1.7x
Net investment in Post Trade
Solutions transaction in 2025
£0.7bn
27
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
(All growth rates are expressed on an organic constant currency basis, unless otherwise stated).
Reported
2025
£m
2024
£m
Variance
%
Constant
currency
variance
%
Organic
constant
currency
variance
%
Data & Analytics
1
3,978 3,859 3.1% 5.0% 5.0%
FTSE Russell
1
954 911 4.7% 7.3% 7.3%
Risk Intelligence 579 531 9.0% 11.2% 11.7%
Markets
1,2
3,467 3,180 9.0% 10.4% 8.9%
Other 8 13 (38.5%) (35.6%) (35.6%)
Total income (excl. recoveries) 8,986 8,494 5.8% 7.6% 7.1%
Recoveries
3
360 364 (1.1%) 1.0% 1.0%
Total income (incl. recoveries) 9,346 8,858 5.5% 7.3% 6.8%
Cost of sales (1,113) (1,173) (5.1%) (2.7%) (2.7%)
Gross profit 8,233 7,685 7.1% 8.8% 8.2%
Reported
EBITDA 4,365 3,945 10.6%
Operating profit 2,127 1,463 45.4%
Profit before tax 1,969 1,258 56.5%
Basic earnings per share
4
(p) 238.4 128.8 85.1%
Dividends per share (p) 150.0 130.0 15.4%
Adjusted
5
Operating expenses before depreciation, amortisation and impairment (3,711) (3,560) 4.2% 4.2% 3.5%
EBITDA 4,523 4,148 9.0% 12.3% 11.8%
EBITDA margin 50.3% 48.8%
Depreciation, amortisation and impairment (1,017) (983) 3.5% 4.5% 3.7%
Operating profit 3,506 3,165 10.8% 14.7% 14.3%
Net finance costs (179) (195) (8.2%)
Gains on digital and related assets 11 – n/m
Profit before tax 3,338 2,970 12.4%
Taxation (800) (713) 12.2%
Profit/(loss) for the year 2,538 2,257 12.5%
Equity holders 2,204 1,934 14.0%
Non-controlling interests 334 323 3.4%
Earnings per share
4
(p) 420.6 363.5 15.7%
This financial review contains revenues, costs, earnings and key performance indicators (KPIs) for the twelve months ended 31 December 2025. Constant currency variances are calculated on the basis
of consistent FX rates applied across the current and prior year period (GBP:USD 1.278 GBP:EUR 1.181). Organic growth is calculated on a constant currency basis, adjusting the results to remove
disposals from the entirety of the current and prior year periods, and by including acquisitions from the date of acquisition with a comparable adjustment to the prior year. Within the financial information
and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. n/m has been used where variance percentages are not meaningful.
1 During 2025, some revenue items were reallocated between business lines to better reflect our product-led operating model. We have restated 2024 comparators for this and a summary of the
movements can be found in Note 2.1 of the Financial Statements.
2 From 2025, Capital Markets and Post Trade are reported under a single Markets division.
3 Recoveries relate to fees for third-party content, such as exchange data, that is distributed directly to customers.
4 Weighted average number of shares used to calculate basic earnings per share and adjusted basic earnings per share is 524 million (2024: 532 million).
5 The Group reports adjusted operating expenses before depreciation, amortisation and impairment, adjusted earnings before interest, tax, depreciation, amortisation and impairment (EBITDA),
adjusted depreciation, amortisation and impairment, adjusted operating profit and adjusted basic earnings per share (EPS). These measures are not measures of performance under IFRS and
should be considered in addition to, and not as a substitute for, IFRS measures of financial performance and liquidity. Adjusted performance measures provide supplemental data relevant to
an understanding of the Group’s financial performance and exclude non-underlying items of income and expense that are material by their size and/or nature. Non-underlying items include:
amortisation and impairment of goodwill and purchased intangible assets, incremental amortisation and impairment of the fair value adjustments of intangible assets recognised as a result of
acquisitions, significant impairment of software and other non-current assets linked to a change in strategy or operating model, tax on non-underlying items and other income or expenses not
considered to drive the operating results of the Group (including transaction, integration and separation costs related to acquisitions and disposals of businesses), as well as restructuring costs.
Financial review
Total income excluding recoveries of
£8,986 million grew 7.6% on a constant
currency basis and 7.1% organically. Growth
on a reported basis was 5.8%. Total income
including recoveries of £9,346 million was up
7.3% in constant currency, and 5.5% higher
on a reported basis. This growth was driven by
a strong performance across all four divisions.
Cost of sales of £1,113 million declined 2.7%
on an organic constant currency basis, or 5.1%
on a reported basis, with underlying growth
more than offset by a change to the SwapClear
revenue surplus contract resulting in a lower
pay away through cost of sales. Excluding this,
cost of sales growth was 4.9%, below that
of revenues.
London Stock Exchange Group plc | Annual Report 2025 28
Strategic Report
2024
EBITDA
margin
FX-related
items
1
2024
comparable
Staff costs Third-party
services
Loss of
EuroClear
dividend
Change in
SwapClear
revenue
surplus agreement
2025
underlying
FX-related
items
1
2025
EBITDA
margin
1 FX-related items represent fair value movements on embedded derivative contracts losses (2025: £33 million loss;
2024: £40 million gain) and foreign exchange (gains)/losses (2025: £1 million gain; 2024: £1 million gain) and translational FX.
Delivering significant margin expansion
48.8% -40bps
+80bps -30bps
-20bps
+60bps
+110bps
underlying operating leverage
+140bps
Labour costs
48.4%
50.5%+100bps
50.3%
Adjusted
1
2025
£m
2024
£m
Variance
%
Constant
currency
variance
%
Organic
constant
currency
variance
%
Staff costs 2,301 2,226 3.4% 5.0% 4.2%
Third-party services 344 396 (13.1%) (11.2%) (11.6%)
Total labour costs 2,645 2,622 0.9% 2.5% 1.8%
As % of total income excl. recoveries 29.4% 30.9%
IT costs 668 636 5.0% 7.7% 7.4%
Other costs 366 343 6.7% 10.4% 9.7%
Fair value losses/(gains) on embedded derivative contracts and foreign exchange gains 32 (41) n/m
Adjusted operating expenses before depreciation, amortisation and impairment 3,711 3,560 4.2% 4.2% 3.5%
1 Adjusted excludes the impact of non-underlying items. A full reconciliation to total operating expenses before depreciation, amortisation and impairment can be found in the Alternative Performance
Measures section of this report.
Financial review continued
Our main costs relate to our people, with
adjusted staff costs of £2,301 million and
adjusted third-party services of £344 million.
These two lines together make up the
total labour costs for the organisation of
£2,645 million, and account for 71% of the total
adjusted operating expense base. The labour
cost ratio, which looks at labour costs as a
percentage of total income excl. recoveries,
has improved by 150 basis points, driven by
disciplined resource control and the ongoing
workforce insourcing programme
implemented from 2024.
Adjusted EBITDA rose 11.8% to £4,523 million,
with the adjusted EBITDA margin increasing to
50.3% (2024: 48.8%). Movements in FX-related
items reduced the margin by 20 basis points
in the current period and increased it by 40
basis points in the prior period. As a result, the
organic constant currency margin improvement
year-on-year was 210 basis points, of which
100 basis points reflected the impact of the
SwapClear revenue surplus contract change.
Reported depreciation, amortisation
and impairment of £2,238 million (2024:
£2,482 million) includes £1,221 million (2024:
£1,499 million) of non-underlying amortisation
and impairment which largely relates to the
amortisation of purchased intangible assets
(mainly Refinitiv). The year-on-year reduction is
largely driven by the £235 million non-underlying
impairment charge taken in 2024, partly offset
by two months of amortisation related to the
£1.2 billion intangible asset recognised in
association with the SwapClear revenue
surplus contract change. Adjusted depreciation,
amortisation and impairment of £1,017 million
grew by 3.7%. The growth in depreciation and
amortisation reflects our continued investment
in technology and product.
Reconciliation of Adjusted operating profit to Reported operating profit
2025
£m
2024
£m
Adjusted operating profit 3,506 3,165
Non-underlying items:
Transaction costs/(costs credit) (25) 15
Integration, separation & restructuring costs (133) (226)
Profit on disposal – 8
Depreciation, amortisation and impairment of intangibles and other assets (1,221) (1,499)
Operating Profit 2,127 1,463
London Stock Exchange Group plc | Annual Report 2025 29
Financial Statements Additional InformationGovernanceStrategic Report
Data & Analytics
2025
£m
2024
1
£m
Variance
%
Organic
constant
currency
variance
%
Workflows 1,925 1,899 1.4% 3.1%
Data & Feeds 1,822 1,740 4.7% 6.6%
Analytics 231 220 5.0% 7.7%
Total revenue (excl. recoveries) 3,978 3,859 3.1% 5.0%
Recoveries 360 364 (1.1%) 1.0%
Total revenue (incl. recoveries) 4,338 4,223 2.7% 4.6%
Cost of sales (821) (808) 1.6% 4.6%
Gross profit 3,517 3,415 3.0% 4.6%
Adjusted operating expenses before depreciation, amortisation and impairment (1,900) (1,846) 2.9% 1.4%
Adjusted EBITDA 1,617 1,569 3.1% 8.6%
Adjusted depreciation, amortisation and impairment (574) (561) 2.3% 3.3%
Adjusted operating profit 1,043 1,008 3.5% 11.8%
Adjusted EBITDA margin 40.7% 40.7%
Adjusted EBITDA margin (excluding fair value movements on embedded derivative contracts) 41.4% 39.7%
1 During 2025, some revenue and cost items were reallocated between business lines to better reflect our product-led operating model. We have restated 2024 comparators for this and a summary
of the movements can be found in Note 2.1 of the Financial Statements.
Financial review continued
Reported operating profit of £2,127 million grew
by 45.4% on a reported basis, and adjusted
operating profit of £3,506 million grew 14.3%
on organic, constant currency basis driven
by strong income growth and cost discipline
highlighted above.
Transaction costs mainly relate to awards and
incentive plans linked to previous acquisitions.
Integration, separation and restructuring costs
primarily relate to the Refinitiv integration and
totalled £133 million in the period, down from
£226 million in 2024. The reduction reflects
the tapering of integration-related spend
as committed.
Net finance expense/Tax/
Non-controlling interest
Adjusted net finance expense was £179 million
(2024: £195 million), and £187 million (2024:
£205 million) on a reported basis. Both years
included a gain arising from bond tenders
(2025: £23 million, 2024: £24 million). The
reduction in net finance expense includes
a £12 million gain realised following the
discontinuance and subsequent redesignation
of the US Dollar net investment hedge.
Adjusted gains on digital and related assets
of £11 million relates to the gain recognised on
Tradeweb’s sale of Canton Coins. The coins
were originally received as compensation for
Tradeweb’s role as Super Validator on
the network.
Profit before tax increased by 56.5% on
a reported basis to £1,969 million (2024:
£1,258 million) and by 12.4% to £3,338 million
on an adjusted basis at actual rates (2024:
£2,970 million). The Group’s underlying
effective tax rate was 24.0% (2024: 24.0%).
The reported tax charge in the period of
£463 million (2024: £337 million) represents
a tax rate of 23.5% (2024: 26.8%). The 2024
rate was impacted by a legislative rate change
applicable to the surplus on one of the Group’s
defined benefit pension schemes.
Profit attributable to non-controlling interests
increased by 8.9% on a reported basis to
£257 million (2024: £236 million) and by 3.4%
to £334 million on an adjusted basis at actual
rates (2024: £323 million). The increase reflects
the continued strong growth at Tradeweb,
partially offset by the annualisation impact of
the additional 11.6% minority interests in LCH
Group acquired in 2024.
Earnings per share
Basic earnings per share (EPS) was 238.4 pence
(2024: 128.8 pence) with the 85.1% increase
from last year mainly reflecting strong growth
in revenue and EBITDA, alongside reduced
amortisation and impairment charges and a
lower tax rate. EPS growth was further supported
by share buybacks over the last 12 months and
the annualisation impact of the buyout of LCH
minority interests in 2024.
Adjusted basic earnings per share (AEPS) was
420.6 pence (2024: 363.5 pence). The 15.7%
increase in AEPS year-on-year was driven by
solid income growth and a tightly controlled
cost base.
Dividend
The Board is proposing a final dividend of
103.0 pence per share
1
, which together with
the interim dividend of 47.0 pence per share
paid to shareholders in September 2025,
results in a 15.4% increase in the total dividend
to 150.0 pence per share. The final dividend of
103.0 pence per share will be paid on 20 May
2026 to all shareholders on the share register
at the record date of 17 April 2026, subject to
shareholder approval.
1 ISIN: GB00B0SWJX34; TIDM: LSEG
London Stock Exchange Group plc | Annual Report 2025 30
Strategic Report
Financial review continued
Data & Analytics provides customers with high
value data, analytics, workflow solutions and
data management capabilities. The division
is split into three areas addressing different
customer needs. Total revenue excluding
recoveries of £3,978 million grew 5.0%, driven
by broad-based strength across business lines.
Workflows revenue of £1,925 million increased
by 3.1% with strength in FX, Commodities and
banking users. The sustained growth follows
the successful roll-out of Workspace and
sunsetting of Eikon, the legacy platform,
as planned. We continued to strengthen
Workspace’s functionality with enhancements
deployed across the year, including the
Workspace app in Teams and new Microsoft
Excel and PowerPoint add-ins developed
in partnership with Microsoft.
Data & Feeds revenue grew 6.6% to
£1,822 million, with broad-based growth
driven by an increase in demand for data.
We continued to enhance our content and
extend distribution channels across real-time
and pricing & reference services. This is
resonating strongly with customers and is
supporting sustained revenue growth and
gross sales momentum.
Analytics revenue of £231 million was up 7.7%
primarily driven by customer demand for the
Analytics API which gives clients access to
the full range of the Group’s analytics models,
and expansion of our distribution channels
including Databricks and Snowflake.
Cost of sales of £821 million reflects the cost
of purchased content and royalties, including
news, specialist data and exchange data, which
are required for Data & Analytics products.
Growth at 4.6% was below that of revenues.
Adjusted operating expenses before
depreciation, amortisation and impairment
increased by 1.4%. Careful management of staff
costs meant cost growth was below that of
revenues despite ongoing investment in the
Microsoft partnership and other product
development initiatives.
Adjusted EBITDA of £1,617 million was up
8.6%, with the adjusted EBITDA margin at
40.7% (2024: 40.7%). Excluding the fair value
movements on embedded derivative contracts
relating to the division (2025: £31 million charge,
2024: £38 million benefit) the underlying margin
expanded 170 basis points driven by the top-line
performance combined with strong cost control.
FTSE Russell
2025
£m
2024
1
£m
Variance
%
Organic
constant
currency
variance
%
Subscriptions 630 603 4.5% 7.1%
Asset-based 324 308 5.2% 7.7%
Total revenue 954 911 4.7% 7.3%
Cost of sales (58) (63) (7.9%) (4.5%)
Gross profit 896 848 5.7% 8.2%
Adjusted operating expenses before depreciation, amortisation and impairment (261) (254) 2.8% 5.1%
Adjusted EBITDA 635 594 6.9% 9.4%
Adjusted depreciation, amortisation and impairment (89) (73) 21.9% 23.1%
Adjusted operating profit 546 521 4.8% 7.5%
Adjusted EBITDA margin 66.6% 65.2%
1 During 2025, some revenue and cost items were reallocated between business lines to better reflect our product-led operating model. We have restated 2024 comparators for this and a summary
of the movements can be found in Note 2.1 of the Financial Statements.
FTSE Russell provides customers with index
and benchmark solutions across asset classes
and investment objectives. Total revenue of
£954 million grew by 7.3%.
Subscription revenue of £630 million
increased by 7.1% driven by demand for
our flagship equity indices and benchmarks.
As highlighted, there were fewer multi-year
customer mandates due for renewal in the
year, leading to a more modest growth in
subscription revenues. We saw good sales
momentum across our portfolio and further
commercialisation of new offerings including
the FTSE StepStone Global Private Market
indices and the geographic expansion of
Russell indices.
Asset-based revenue of £324 million grew
by 7.7%. We saw strong momentum in ETFs,
with a record 44 launches across our equity
franchise, nearly doubling from the prior year.
While inflows were strong, supported by
market movements, reported growth was
moderated by a strong comparator period
and the impact of a mandate loss last year.
Cost of sales of £58 million, which includes
third-party data costs and revenue share
payments, declined by 4.5%. The reduction
is driven by last year’s mandate loss which
had a revenue share component.
Adjusted operating expenses before
depreciation, amortisation and impairment
of £261 million grew by 5.1%. Adjusted EBITDA
of £635 million grew 9.4%, and the adjusted
EBITDA margin of 66.6% saw an improvement
of 140 basis points on the prior year driven
by the strong top-line performance and a
controlled cost base. Adjusted depreciation,
amortisation and impairment increased 23.1%
driven by the depreciation of platform
investments made in previous years.
London Stock Exchange Group plc | Annual Report 2025 31
Financial Statements Additional InformationGovernanceStrategic Report
Financial review continued
Risk Intelligence
2025
£m
2024
1
£m
Variance
%
Constant
currency
variance
%
Organic
constant
currency
variance
%
Total revenue 579 531 9.0% 11.2% 11.7%
Cost of sales (53) (46) 15.2% 15.7% 15.7%
Gross profit 526 485 8.5% 10.8% 11.3%
Adjusted operating expenses before depreciation, amortisation and impairment (193) (192) 0.5% 1.4% 2.0%
Adjusted EBITDA 333 293 13.7% 16.9% 17.4%
Adjusted depreciation, amortisation and impairment (48) (48) – 2.3% 2.3%
Adjusted operating profit 285 245 16.3% 19.8% 20.4%
Adjusted EBITDA margin 57.5% 55.2%
1 During 2025, some revenue and cost items were reallocated between business lines to better reflect our product-led operating model. We have restated 2024 comparators for this and a summary
of the movements can be found in Note 2.1 of the Financial Statements.
KPIs
2025 2024
Variance
%
Index – ETF AUM ($bn)
– Period end 1,827 1,433 27.5%
– Average 1,595 1,340 19.0%
Subscription businesses’ KPIs
These KPIs cover the Data & Analytics, FTSE Russell and Risk Intelligence businesses. All growth on an organic, constant currency basis.
2025 2024
Annual subscription value growth (%)
1
5.9% 6.3%
Subscription revenue growth (%)
2
5.9% 5.9%
Revenue growth in subscription businesses (%)
3
6.0% 6.2%
New KPIs 2025 H1 2025
Gross Sales (£m)
4
481 435
Retention rate (%)
5
92.4% 92.6%
New product vitality index (%)
6
24% 19%
1 Annualised subscription value growth is a constant currency point-in-time, year-on-year, organic measure of subscription growth in Data & Analytics, FTSE Russell and Risk Intelligence and data
solutions within Markets.
2 12-month rolling basis.
3 Total revenue growth, including revenue items not included in ASV growth and subscription revenue growth.
4 New business subscription sales over the last 12 months.
5 Retention rate reflects the % of annualised subscription revenues from 12 months ago still being received today.
6 Proportion of revenue from products that are new or enhanced in the last five years.
Risk Intelligence provides businesses with
screening tools for customers and third parties,
digital identity verification and fraud prevention,
and enhanced due diligence solutions.
Total revenue of £579 million grew 11.7%.
We continue to see strong business
momentum and customer demand for our
screening and identity verification services.
Within our screening business we launched
World-Check On Demand and World-Check
Verify, delivering precise, real-time intelligence
on sanctions, politically exposed persons
(PEPs), adverse media and enforcement
actions. Our digital identity verification and
fraud prevention business saw good volume
growth with over 500 million transactions
executed in 2025, up 16.5% from 2024.
These were partially offset by continued
weakness in our due diligence business.
Cost of sales of £53 million, comprising data
and content costs, increased 15.7% on a
constant currency basis, linked to the strong
uptick in volumes in our digital identity and
fraud business.
Adjusted operating expenses before
depreciation, amortisation and impairment
of £193 million grew modestly by 2.0%,
reflecting strong cost control in the period.
Adjusted EBITDA of £333 million grew 17.4%,
and the adjusted EBITDA margin increased by
230 basis points to 57.5% driven by the strong
top-line performance and disciplined
cost control.
London Stock Exchange Group plc | Annual Report 2025 32
Strategic Report
Financial review continued
Markets
2025
£m
2024
1
£m
Variance
%
Constant
currency
variance
%
Organic
constant
currency
variance
%
Equities 412 392 5.1% 5.1% 5.1%
Fixed Income, Derivatives & Other 1,539 1,334 15.4% 17.3% 13.7%
FX 272 260 4.6% 7.5% 7.5%
OTC Derivatives 641 582 10.1% 11.6% 11.6%
Securities & Reporting 229 235 (2.6%) (3.0%) (3.0%)
Non-Cash Collateral 117 111 5.4% 5.2% 5.2%
Total revenue 3,210 2,914 10.2% 11.6% 9.9%
Net Treasury Income 257 266 (3.4%) (2.6%) (2.6%)
Total income 3,467 3,180 9.0% 10.4% 8.9%
Cost of sales (181) (256) (29.3%) (28.2%) (28.2%)
Gross profit 3,286 2,924 12.4% 13.7% 12.1%
Adjusted operating expenses before depreciation, amortisation and impairment (1,357) (1,268) 7.0% 8.6% 6.6%
Adjusted EBITDA 1,929 1,656 16.5% 17.7% 16.4%
Adjusted depreciation, amortisation and impairment (306) (301) 1.7% 2.1% (0.2%)
Adjusted operating profit 1,623 1,355 19.8% 21.2% 20.2%
Adjusted EBITDA Margin 55.6% 52.1%
Markets provides businesses with access to
capital through issuance, and offers secondary
market trading for equities, fixed income, interest
rate derivatives, foreign exchange (FX) and
other asset classes. In addition, the business
provides clearing, risk management, capital
optimisation and regulatory reporting solutions.
Total revenue of £3,210 million grew 11.6% on
a constant currency basis, and 9.9% organically.
Total income, including Net Treasury Income,
was £3,467 million, up 8.9%.
Equities revenue of £412 million increased
5.1% driven by growth in trading volumes and
data revenues.
Fixed Income, Derivatives & Other revenue
primarily comprises Tradeweb, a global
operator of electronic marketplaces for rates,
credit, equities and money markets. Revenue
of £1,539 million grew by 13.7% year-on-year.
Average daily volume across all asset classes
was $2.6 trillion, a 16.9% increase on 2024
(including the impact of the ICD acquisition),
driven by Tradeweb’s innovative
trading protocols.
FX revenue of £272 million increased 7.5%.
Activity across both our platforms, FXall, our
dealer-to-client platform, and FX Matching,
our dealer-to-dealer platform, remained strong,
benefiting from heightened market volatility.
OTC Derivatives revenue increased to
£641 million, up 11.6%, driven by growth in
clearing and compression activity across
all asset classes, despite a strong prior year
comparator. SwapClear cleared a record
$1,941 trillion of interest rate swaps (‘IRS’)
notional, up 21.2% on the prior year, ForexClear
launched new forward clearing capabilities and
CDSClear expanded internationally. Post Trade
Solutions is also seeing good traction.
Securities & Reporting revenue of £229 million
declined 3.0%, reflecting the final impact of the
termination of the Euronext clearing agreement
which more than offset the strong volume
growth in fixed income clearing. The nominal
value cleared at RepoClear was up 7.8%.
Non-Cash Collateral revenue of £117 million
increased by 5.2% reflecting a customer
preference to hold a greater proportion of
their collateral in non-cash instruments over
cash. This trend was reflected in the average
non-cash collateral, which rose by 4.5% to
€209.6 billion, while average cash collateral
declined by 7.1% to €101.3 billion.
Net Treasury Income of £257 million saw a
2.6% decline reflecting a lower cash collateral
balance as a result of the reduction in cash
balances following last year’s loss of business
from Euronext, and the mix effect noted above
from favouring non-cash collateral.
Cost of sales decreased 28.2%, to £181 million,
largely driven by the change to the revenue
surplus agreement from the Swapclear business.
Previously the founding members of SwapClear
were entitled to c.30% of SwapClear’s revenue
surplus which in 2024 amounted to €0.2 billion.
The revenue surplus share was reduced to 15%
for 2025 and will be 10% from 2026 through to
2045. Excluding this, cost of sales would have
increased 6.7%.
Adjusted operating expenses before
depreciation, amortisation and impairment of
£1,357 million were up 6.6%, largely driven by
the strong revenue performance at Tradeweb.
Adjusted EBITDA rose to £1,929 million,
growing 16.4%, and the adjusted EBITDA
margin improved by 350 basis points to 55.6%
(2024: 52.1%). The change to the revenue
surplus contract for the Swapclear business
drove 260 basis points of the improvement.
London Stock Exchange Group plc | Annual Report 2025 33
Financial Statements Additional InformationGovernanceStrategic Report
Financial review continued
KPIs
2025 2024
Variance
%
Equities
UK Value Traded (£bn) – average daily value 4.8 4.2 14.3%
Fixed Income, Derivatives and Other
Tradeweb average daily volume ($m)
All asset classes
2
2,624,828 2,244,948 16.9%
Rates – Cash 549,040 483,627 13.5%
Rates – Derivatives
3
955,070 783,234 21.9%
Credit – Cash 17,203 16,040 7.3%
Credit – Derivatives 23,301 17,653 32.0%
FX
Average daily total volume ($bn) 525 479 9.6%
OTC Derivatives
SwapClear – IRS notional cleared ($trn) 1,941 1,601 21.2%
SwapClear – Client trades (‘000) 5,308 3,990 33.0%
ForexClear – Notional cleared ($bn) 48,113 36,617 31.4%
ForexClear – Members 40 39 2.6%
Securities & Reporting
EquityClear trades (m) 1,077 1,024 5.2%
RepoClear – nominal value (€trn) 334.2 309.9 7.8%
Collateral
Average non-cash collateral (€bn) 209.6 200.6 4.5%
Average cash collateral (€bn) 101.3 109.0 ( 7.1%)
1 During 2025, some revenue and cost items were reallocated between business lines to better reflect our product-led operating model. We have restated 2024 comparators for this and a summary
of the movements can be found in Note 2.1 of the Financial Statements.
2 Inclusive of the acquisition of ICD in August 2024.
3 2024 volumes revised from previous reporting to align with Tradeweb disclosures.
London Stock Exchange Group plc | Annual Report 2025 34
Strategic Report
Financial review continued
The Group continued to be highly cash
generative, with reported EBITDA of
£4,365 million (2024: £3,945 million),
reflecting strong top-line growth and
continued margin expansion. Non-cash
items impacted EBITDA by £259 million
(2024: £76 million) with the increase from last
year including the effect of foreign exchange
rate movements. The working capital outflow
of £419 million was largely driven by three
factors: approximately £150 million of supplier
payment timing including some upfront
prepayments, the impact of the SwapClear
revenue surplus contract change and Net
Treasury Income timing of around £75 million.
Total operating cash flow was £4,205 million
(2024: £3,971 million), an increase of
£234 million year-on-year.
Total cash capex of £919 million saw a
£38 million decline year-on-year (2024:
£957 million), demonstrating our commitment
to disciplined investment and continued
reduction in capital intensity.
Equity free cash flow rose 12.0% to
£2,445 million (2024: £2,184 million), representing
111% conversion of profits attributable to LSEG
shareholders (2024: 113%).
The Group deployed £921 million on the
purchase of an increased proportion of the
revenue surplus from the SwapClear business.
A further payment of £250 million will be made
in 2026. The Group also received £34 million
from non-controlling interests in LCH Group to
maintain their ownership stakes following this
acquisition. The Group sold a 20% stake in
Post Trade Solutions to a group of global banks
for £170 million. Together, these items came
to a net outflow of £717 million in the year.
Total shareholder distributions and associated
costs were £2,870 million (2024: £1,694 million).
These comprise £2,072 million outflow related
to LSEG share buybacks, £80 million of
Tradeweb share buybacks and dividend
payments of £718 million to LSEG shareholders.
Total net cash inflow was £515 million (2024:
£47 million cash outflow).
Cash Flow
2025
£m
2024
£m
Reported EBITDA 4,365 3,945
Non-cash items
1
259 76
Change in working capital
1
(419) (50)
Operating cash flow
2
4,205 3,971
Net interest paid (187) (180)
Net taxes paid (396) (395)
Capex (919) (957)
Lease payments (161) (156)
Other items
3
(97) (99)
Equity free cash flow
4
2,445 2,184
Acquisition, disposals and changes in non-controlling interests proceeds
5
(717) (788)
Acquisitions and disposal proceeds of financial assets (151) (17)
Dividends to LSEG shareholders (718) (642)
Net borrowings 1,875 360
Share buybacks (2,152) (1,052)
Other (67) (92)
Net cash flow 515 (47)
1 For 2024, £12 million has been reclassified from changes in working capital to non-cash items.
2 Group cash flow does not include cash and cash equivalents held by LCH Ltd and LCH SA on behalf of the Group’s clearing members for use in their operations as managers of the clearing
and guarantee systems. These balances represent margins and default funds held for counterparties for short periods in connection with these operations. Movements in net clearing member
balances include interest paid and received thereon.
3 Includes sales commissions paid, dividends received, dividends paid to non-controlling interests and proceeds on the disposal of digital assets.
4 Equity free cash flow is the cash generated before M&A, returns to shareholders and financing activities.
5 Acquisitions, disposals and changes in non-controlling interests comprise the following items from the Cashflow statement: Payment for SwapClear intangible asset; Acquisition of subsidiaries,
net of cash acquired; Proceeds from disposal of business; Proceeds from changes in non-controlling interests; and Purchase of non-controlling interests. For 2024, this also includes £377 million
of proceeds from the Euroclear stake sale.
London Stock Exchange Group plc | Annual Report 2025 35
Financial Statements Additional InformationGovernanceStrategic Report
Financial review continued
Net Debt/Leverage/Ratings
Net Debt
31 December
2025
£m
31 December
2024
£m
Gross borrowings 11,718 9,965
Cash and cash equivalents (3,949) (3,475)
Net derivative financial assets (171) (36)
Net debt 7,598 6,454
Less lease liabilities (627) (634)
Regulatory and operational amounts 1,204 1,358
Operating net debt 8,175 7,178
Foreign Exchange
The majority of LSEG revenues and expenses are in US dollars followed by sterling, euro and other currencies. A 10 cent devaluation
1
in the US dollar
or euro against sterling has an adverse impact on Total Income (excluding recoveries) of approximately 4.0% and 1.5% respectively. The impact on
EBITDA is slightly greater, at approximately 4.5% and 2.0% respectively. These sensitivities are approximate and exclude the impact of embedded
derivatives and other FX-related balance sheet revaluations.
USD GBP EUR Other
2025 Total income
2
58% 16% 17% 9%
2025 Underlying expenses
3
53% 24% 8% 15%
2025 Total income by division
Data & Analytics 63% 6% 15% 16%
FTSE Russell 71% 21% 3% 5%
Risk Intelligence 63% 9% 15% 13%
Markets 48% 28% 22% 2%
1 Analysis was updated for FY25 average rates and assumes GBP:USD 1.318 and GBP:EUR 1.168.
2 Total income includes recoveries.
3 Underlying expenses includes cost of sales and adjusted operating expenses before depreciation, amortisation and impairment.
Spot/Average Rates
Average rate
12 months
ended
31 Dec 2025
Closing
rate at
31 Dec 2025
Average rate
12 months
ended
31 Dec 2024
Closing
rate at
31 Dec 2024
GBP : USD 1.318 1.347 1.278 1.251
GBP : EUR 1.168 1.146 1.181 1.205
For definitions of technical terms – refer to the Glossary on page 197.
At 31 December 2025, the Group had operating
net debt of £8,175 million (31 December 2024:
£7,178 million) after setting aside £1,204 million
for regulatory and operational amounts. The
increase was driven by the acquisition of an
increased proportion of the revenue surplus
from the SwapClear business, and the share
buyback programme in 2025.
At year end, leverage
1
was 1.8x, increasing
slightly compared to the previous year
(31 December 2024: 1.7x). The Group remains
well positioned within its targeted leverage
range of 1.5x-2.5x operating net debt to
adjusted EBITDA before foreign exchange
gains or losses.
The Group has access to committed revolving
credit facilities of £3.0 billion, consisting of a
£1,925 million facility and a £1,075 million facility,
both maturing in December 2027. In addition,
Tradeweb has a $500 million facility expiring in
November 2028. No drawings were outstanding
under these facilities or the Tradeweb facility as
at 31 December 2025 (31 December 2024: £nil).
As part of the ongoing financing of the Group
and to further diversify the Group’s debt
investor base, LSEG issued bonds totalling
£900 million, €500 million, CHF150 million
and JPY40 billion, with maturities ranging
from 2028 to 2037.
In March 2025, the Group completed a tender
offer to repurchase $250 million of the original
$1,250 million bond maturing in 2031.
In April 2025, a €500 million bond issued
in April 2021 matured.
LSEG is rated A with stable outlook by
Standard & Poor’s and A3 with stable outlook
by Moody’s. LCH Limited and LCH SA are rated
AA- with stable outlook by Standard & Poor’s.
1 Leverage is calculated as operating net debt (i.e. net debt
before lease liabilities and after excluding amounts set aside
for regulatory and operational purposes) to adjusted EBITDA
before foreign exchange gains and losses.
London Stock Exchange Group plc | Annual Report 2025 36
Strategic Report
Board engagement with stakeholders
Our approach to meaningful engagement is
built on two-way dialogue, enabling the Board
to gain a clear understanding of stakeholders’
interests, needs and concerns that are relevant
to the Group’s long-term success. This dialogue
also helps the Board assess stakeholders’
influence on the operation of our business and
their perspective on the delivery of strategy
and decision-making. These insights are
carefully considered in Board discussions and
decisions, supporting better outcomes for the
Group’s sustainable success.
We have summarised how the Board has
engaged with stakeholders and how that
engagement has influenced Board discussions.
The Board engages our stakeholders through
a combination of direct engagement by
Directors and indirect engagement by senior
leadership, who maintain ongoing dialogue
with stakeholders. Insights and outcomes from
these interactions are integrated into our
business planning processes and regularly
reported to the Board.
Read more about the activities of the Board
in the Corporate Governance Report beginning
on page 57.
The development of strong relationships between LSEG
and itsexternal stakeholders is an intrinsic part of our purpose
and culture. The Board recognises the importance of maintaining
strong engagement with key stakeholders throughout the year.
Colleagues
Customers
Suppliers
Regulators and policymakers
Investors
Colleagues
With over 26,000 people in more
than 60 countries, ourdiverse
workforce is central to our success.
Regular engagement at all levels
fosters meaningful dialogue
between the Board and employees,
supporting an engaged workforce
that underpins delivery for
allstakeholders.
Key matters for stakeholder group
– Progress of strategic partnerships
– Change management
– Values-driven culture and
working environment
– Equity, diversity and inclusion
– Regular and meaningful
communication
– Talent acquisition
– Learning and development
opportunities
– Sustainability strategy and
plansto achieve net zero
More information on employee
engagement can be found on page 44
of the Strategic Report.
How the Board has engaged
– The Board met employees in our London and
New York offices through “In Conversation with
the Board” sessions. Participating employees
represented the different divisions and functions
across our businesses. These sessions provided
an opportunity for employees to share their
experiences at LSEG and voice suggestions for
improvement. Discussions covered talent and
succession planning, Board strategy, and
Board governance.
– Non-Executive Directors continued to engage
with our people through employee forums.
The forums were held quarterly with employees
from different regions. These sessions were
designed to provide Non-Executive Directors
with direct exposure to the workforce, enabling
them to gain insights into employee experiences,
cultural dynamics and emerging concerns
across different levels of the business.
Participating employees were given a valuable
opportunity to share ideas, and raise topics
of importance from their respective areas.
Directors provided feedback, addressing topics
such as our product-led strategy, embedding
a strong risk culture, and the growing
importance of technology and AI. Employee
concerns raised in the forums were discussed
at the next Board meeting, and the outcomes
of these engagements were communicated to
the wider workforce through intranet articles.
– Regular townhalls were held at Group and
Divisional levels in 2025 led by the CEO and
Executive Committee members, featuring
tailored discussion topics and interactive
Q&A sessions. Senior leaders provided
updates on the Group’s progress in delivering
LSEG’s strategy.
– The annual LSEG Engage employee survey provided
colleagues with an opportunity to share views on working
at LSEG, with 78% participation and over 50,000 comments
received. The results were presented to the Board as part
of the annual presentation of people strategy and culture
by the Chief People Officer. The Board reviewed employee
feedback and noted insights around what was working well
and what could be improved.
– Don Robert attended the EMEA Sales Acceleration Summit
where discussion points included workplace culture, how
the Board tracks strategy execution through market data
and client feedback.
– Don Robert also attended the Group Leader Conference
where discussion points included topics of particular interest
to the Board, such as innovation and growth opportunities.
– The Board received regular updates from the Chief People
Officer on key aspects of the people strategy andculture at
LSEG, including talent and capability development, as well
as progress on equity, diversity and inclusion initiatives.
How this engagement influenced Board discussions
– Board members and management provided feedback to
the Board on employee engagement activities. TheBoard
continued to recognise the importance of workforce
engagement, particularly in the context of business
transformation and change management initiatives.
– The Board discussed management actions to address
concerns raised by colleagues, including theneed for:
– clearer communication of the Group’s strategy
andpurpose.
– continued focus on embedding LSEG leadership
behaviours.
– further development of a product-led approach toenable
teams to solve customer problems and simplify processes.
– The Board reviewed actions taken in response to themes
highlighted in the 2025 LSEG Engage survey, including the
need to further embed the Group’s values.
47
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025
Board engagement with stakeholders continued
Customers
Customer partnerships underpin
our global diversified business and
drive value across all divisions.
Aligning our strategy, services and
products to the needs and interests
of our customers is key to delivering
sustainable long-term growth.
The Board regularly reflects on
the importance of our journey to
becoming product-led and
customer-centric.
Key matters for stakeholder group
– Product development
and innovation
– Product quality
– Digitalisation and transformation
– Cost management
– System stability and resilience
– Strategic partnerships
– Sustainability
How the Board has engaged
– Customer feedback is regularly shared with the
Board by the Group CEO, the Group CFO and
Executive team, providing real-time customer
insights. A dedicated customer agenda item
is included at every Board meeting.
– Each Board meeting included discussions on
key customer relationships, emerging issues and
strategic partnerships such as the LSEG–Microsoft
Partnership (LMP). Directors met with management
outside of Board meetings to review progress on
LMP initiatives.
– Management held engagement meetings with
customers focusing on strengthening relationships,
product offerings, technology transformation and
operational resilience.
– William Vereker participated in a Fireside Chat titled
“Everything at Stake – Big Decisions That Define Us”.
This global session, held as part of LSEG Risk Week,
featured the UK Head of BNP Paribas, a key LSEG
customer, and the UK CEO of Microsoft in
conversation with LSEG’s Group Chief Risk Officer,
exploring the importance of high-stakes decisions
and leadership in risk management.
– In 2025, the Board met with a key strategic
customer during its visit to our New York office to
gain deeper insight into their priorities and ambitions,
and to explore how LSEG could continue to partner
with them across our broad range of services
and products.
How this engagement influenced Board discussions
– The Board gained a deeper understanding of
customers’ priorities and ambitions, supporting LSEG
to strengthen strategic relationships and further align
its products and services with customer needs.
– Customer feedback informed the Board’s view
onproduct and service performance, highlighting
opportunities for improvement and shaping
strategicplanning.
– The Board supported management in allocating capital
and investing in technology and operational resilience.
This included advancing our strategic partnership with
Microsoft to develop next-generation data, analytics
and cloud infrastructure solutions, enabling greater
efficiency, agility and enhanced services for customers.
Suppliers
The Board recognises that
third-party suppliers are important
stakeholders ofthe Group. Certain
key suppliers play an important role
as strategic partners and providers
of cloud services, and news and
analytics. Theysupport the Group’s
execution ofits strategy and delivery
of products and services for
ourcustomers.
Key matters for stakeholder group
– Partnerships
– Communication and collaboration
– Contract and payment terms
– Performance measures
and reliability
– Joint risk-assessment
andmitigation
– Strategic alignment and
growth opportunities
– Sustainability
How the Board has engaged
– The Board maintains oversight of the Group’s key
suppliers. It reviews and approves any supplier
contracts with a financial value of £50 million or
more (over the lifetime of the contract), and receives
updates on the management of, and relationships
with, third-party suppliers where appropriate.
– The Board endorses management’s approach for
UK entities to adopt the Prompt Payment Code,
avoluntary code of practice for businesses,
administered by the Office of the Small Business
Commissioner on behalf of the Department for
Business and Trade. It sets standards for payment
practices between organisations of any size and
theirsuppliers.
– Each year, the Board considers modern slavery
risks within the Group’s business and supply chain,
and approves the Group’s Modern Slavery
Statement. The Board expects its contractors,
suppliers and business partners to uphold these
standards. More information on the Group’s supply
chain management practices, including the Modern
Slavery Statement, is available at: www.lseg.com/en/
sustainability-at-lseg/disclosures-and-reports.
How this engagement influenced Board discussions
– Each Board meeting included discussions on key
suppliers, notably the LSEG–Microsoft Partnership,
with a focus on product delivery and the outlook for
the year. In addition, meetings of the LSEG Microsoft
Partnership Committee were held during the year,
which Non-Executive Directors were invited to attend.
– The Board reviews the terms of material contracts
with suppliers and approves them as necessary. Italso
oversees initiatives aimed at improving efficiency,
enhancing sustainability and strengthening supply
chain resilience.
– The Risk Committee provides oversight of the
riskrelating to third-party suppliers to ensure thatthese
arrangements are managed within riskappetite and
any issues are appropriately remediated and escalated
to the Board asnecessary.
48
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Board engagement with stakeholders continued
Regulators and policymakers
The Board recognises the
importance ofmaintaining an open
and cooperative relationship with
policymakers and regulators on
matters that affect our Group,
industry, customers and people.
We share information and
perspectives with those who
influence policy and regulation to
ensure they understand ourviews
on issues that impact financial
markets, and data and analytics.
The Group operates a significant
number ofregulated entities globally,
which aresupervised at thelegal
entity level. Ourprimary regulators
interact withthe boards of those
regulated entities rather than the
Group Board. The regulatory
environment remains critical to
thesuccess of ourbusiness.
Key matters for stakeholder group
– Market competitiveness
– Compliance with applicable
lawsandregulation
– Data issues
– Sustainability and governance
– Innovation and technology
– AI and digital assets
– Operational resilience
– Financial stability
How the Board has engaged
– The Board considers policy, regulatory
developments and supervisory guidance that may
affect the Group’s business when discussing and
making decisions. These considerations span
operations at the Group, division, region and market
level. The Board also encourages subsidiary boards
to proactively engage with relevant regulators.
– Regulatory matters and other important themes are
discussed as part of the Chairs’ Forum (comprised
ofthe Chair of the Group Board and the chairs of
several key regulated subsidiaries and attended by
the Group CEO), the outputs of which are provided
to the Board.
– The Board periodically receives reports on
socio-political events and issues that could impact
the Group and its operations.
– In its discussions of strategy, delivery of key
objectives and matters such as M&A, the Board
considers the priorities and focus areas of
policymakers and regulators.
– The Group CEO provided the Board with regular
updates on the views and priorities of regulators
andpolicymakers during the year.
How this engagement influenced Board discussions
– The Board considered macroeconomic and
geopolitical developments as part of its annual
strategy session.
– Developments in regulatory matters, including
governance and reporting obligations, are
incorporated into Board papers prepared by
management and provided to the Board forreview.
– The Board continuously monitors developments
inregulation and best practice relating to non-financial
reporting requirements, corporate governance and
the audit regime.
Investors
Our shareholders are critical to the
long-term success of the Group.
Maintaining regular and transparent
dialogue is not only essential for
building confidence and supporting
delivery of our strategic objectives,
but is also a cornerstone of good
corporate governance.
Key matters for stakeholder group
– Drivers of financial performance
– Strategic and financial outlook
– Industry dynamics
– Impact of new technologies
including AI
– Remuneration
– Board composition
How the Board has engaged
– The Chair, Senior Independent Director and
Committee Chairs were available to engage with
major shareholders on governance, sustainability,
remuneration and other topics of interest. All
shareholders had the opportunity to meet and
ask questions of the Board at the AGM.
– On behalf of the Board, senior management
(including the CEO, CFO and divisional leaders) and
the Investor Relations (IR) team engaged extensively
with shareholders through one-to-one meetings as
well as participation at industry conferences in the
UK and internationally. In 2025, this included over
580 investor engagements and attendance at
11 conferences across key markets.
– Regular IR updates were presented at scheduled
Board meetings, providing insights from investor
feedback, outcomes of engagement activities,
sell-side research and market sentiment analysis
from corporate brokers.
– The Board places strong emphasis on investor
education, supported by the IR team through
targeted events. In 2025, these included a Risk
Intelligence webinar, providing deep insight into
divisional capabilities and growth drivers. In November,
LSEG hosted an Innovation Forum, a full-day event
showcasing the Group’s technology and product
innovation, attended by over 100 investors in person
and a further 200 online.
– Shareholders had access to comprehensive online
resources via the Group’s Investor Relations website
(www.lseg.com/en/investor-relations), including AGM
results, financial reports, presentations, regulatory
announcements and recordings of results calls. The
Board recognises the importance of understanding
investor priorities and perspectives, and is supported
by the IR function, which reports to the Chief Financial
Officer and manages a comprehensive engagement
programme throughout the year.
How this engagement influenced Board discussions
– As a result of shareholders’ significant focus on AI
and its potential impact on LSEG, the Board supported
a more detailed disclosure around drivers of revenue
in Data & Analytics in our third-quarter trading update,
which was followed by a full presentation of our AI
strategy at November’s Innovation Forum.
– Investor feedback informed strategic priorities and
capital allocation decisions, helping the Board balance
investment in growth opportunities with returns to
shareholders. In particular, the additional £1 billion
of share buyback announced with the third-quarter
trading update was a proactive measure that was
strongly supported by shareholders.
– Market sentiment and shareholder perspectives were
considered in long-term planning and influenced the
Board’s decisions on strategic direction, corporate
governance and sustainability commitments.
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Section 172(1) statement
Read more about the activities of the Board in the
Corporate Governance Report starting on page 57.
Investment
inPost Trade
Solutions &
enhanced
revenue
sharerights
toSwapClear
Stakeholders considered:
The Board approved a strategic transaction involving
the Group’s Post Trade Solutions (‘PTS’) business and
the SwapClear revenue surplus share arrangements,
reflecting its commitment to long-term value creation
and alignment with key stakeholders.
This transaction is accretive to EBITDA margins for both
the Markets division and the Group overall, and was
accretive to adjusted EPS in 2025, with further benefits
expected in 2026.
Minority Stake Sale in PTS
LSEG agreed to sell a 20% minority stake in its Post
Trade Solutions business to 11 leading global banks
(the ‘Investing Banks’) – key customers of LSEG’s clearing
services and the Post Trade Solutions business – for
£170 million, valuing the whole of PTS at £850 million.
The Investing Banks will have strategic input into PTS’s
future direction, with three bank-nominated directors
joining the PTS Board. This strengthens LSEG’s strategic
partnership model with its customers, replicating the
original LCH model that continues to prove so successful
for LCH and its customers.
Acquisition of Additional SwapClear Revenue
SurplusShare
As part of the same transaction, LSEG also agreed to
acquire a greater share of the revenue surplus from the
SwapClear business, reducing SwapClear’s founding
members’ (which includes the Investing Banks)
entitlement from 30% to 15% in 2025 (effective from
1 January 2025) and to 10% from 2026. In return, LSEG will
pay: i) £1.2 billion in two instalments (in 2025 and 2026);
and ii) up to £200 million in contingent consideration,
should certain future growth targets be met.
The Investing Banks have extended their 10% revenue
share entitlement from 2035 to 2045, reinforcing their
long-term commitment to the partnership.
Board considerations:
The Board’s decision to proceed with this transaction
reflects its long-standing commitment to innovation,
customer partnership and long-term value creation.
The SwapClear business, founded in collaboration with
clearing members 25 years ago, has been instrumental
in driving growth and robust risk management in the
OTC derivatives market. This success has been
underpinned by a deep, strategic partnership with
our customers.
Building on this foundation, the Board recognised
a significant opportunity to extend this collaborative
model through the Post Trade Solutions transaction.
The decision was informed by a clear understanding
of stakeholder interests – particularly those of our
clearing and PTS customers – and the potential to
deliver material efficiencies in capital, risk and
operational processes across the bilateral OTC
derivatives market.
The Board carefully considered the strategic, financial
and stakeholder implications of the transaction,
including strengthening long-term partnerships
with key customers; enhancing governance through
customer representation on the PTS Board; improving
capital efficiency and revenue alignment through
revised surplus share arrangements; and supporting
the Group’s growth strategy and delivering accretive
financial outcomes.
Additional information about
the investment inPTS and
SwapClear revenue surplus
share arrangements can
befound on page 27.
Section 172 of the Companies Act 2006 (Section 172) requires
a director of a company to act in the way he or she considers,
in good faith, would most likely promote the success of the
company for the benefit of its members as a whole.
This section forms our Section 172 disclosure,
detailing how the Directors considered the
matters set out in Section 172 (1) (a) to (f) of the
Companies Act 2006 when performing their
duty to promote the success of the Company.
The Board’s engagement with stakeholders
enables the Directors to understand how the
Group’s strategy and operations affect key
stakeholder groups, as well as to consider
their interests and perspectives. Throughout
the year, the Board and individual Directors
engage with a broad range of stakeholders
– both directly and through management –
The three key decisions/decision areas
outlined in this section (the investment in
Post Trade Solutions, the Share Buyback
Programmes and Strategic Partnerships)
highlight the Board’s active role in shaping
the Group’s strategic direction. These decisions
have been identified as strategically significant
to the Group, or particularly relevant to our
stakeholders. They demonstrate how the
Board considers a range of stakeholder
interests and impacts when making decisions
aimed at promoting the long-term success
of the Company.
to develop this understanding. These insights
support the Board in fulfilling its duties under
Section 172(1) and contribute to robust
discussion and well-informed decision-making.
While the Board takes stakeholder views into
account, it recognises that not every decision
will align with the interests of all stakeholders.
The Board considers the Group’s key
stakeholders to be: customers; workforce;
shareholders/investors; policymakers and
regulators; and suppliers. Further details on
the Board’s engagement with our stakeholders
can be found on pages 47 to 49.
Colleagues Customers Suppliers Regulators and policymakers Investors
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Section 172(1) statement continued
Share buyback
programmes
Stakeholders considered:
During 2025, the Board approved three share buyback
programmes, resulting in total share repurchases of
£2.5 billion over the 12-month period from March 2025
to February 2026. The Directors exercised the authorities
granted at the 2024 and 2025 Annual General Meetings
(AGMs) to implement these programmes. On 3 March
2025, the Company announced a share buyback
programme with Morgan Stanley & Co. International Plc
to repurchase ordinary shares for a total consideration of
£500 million. On 4 August 2025, a second programme
was launched with Goldman Sachs International to
repurchase ordinary shares with an aggregate value of
up to £1 billion. Most recently, on 4 November 2025, the
Company commenced a third buyback programme with
Citigroup Global Markets Limited for a further £1 billion.
Board considerations:
The Board reviewed management’s proposals to return
value to shareholders through the market purchase of
the Company’s own shares. In reaching its decision,
the Board carefully evaluated the views and potential
impacts on a broad range of stakeholders.
Key considerations included the implications for the
Group’s credit rating and leverage, capital requirements,
future M&A opportunities, debt capacity and delivery
of sustainable returns. The Board was mindful to ensure
that the proposed share buybacks would not hinder the
Group’s ability to invest in growth and strategic initiatives.
The Board maintains oversight of the Group’s capital
allocation strategy, including shareholder returns.
Decisions are made in the context of prevailing market
conditions and the macroeconomic outlook, with the
aim of optimising capital resources while considering
regulatory requirements, strategic priorities and LSEG’s
risk appetite. The Board also considered the impact of
these capital allocation decisions on key stakeholders,
including shareholders, employees and pension
scheme members. The buybacks were fully aligned
with LSEG’s capital allocation policy and were
supported by shareholders.
Further details on the share
buyback programmes can be
found in the Chief Financial
Officer’s review on page 27
and in the Directors’ Report
on pages 104 and 105.
Strategic
partnerships
Stakeholders considered:
Microsoft partnership
The Board continued to recognise the importance of its
strategic partnership with Microsoft in enhancing LSEG’s
products and strengthening its competitive position.
During 2025, the partnership made strong progress,
and the Board dedicated regular time to discussing its
development, both during formal Board meetings and
through engagement with senior executives outside
of those meetings.
Through this collaboration, LSEG is transforming access
to financial data by leveraging cutting-edge, AI-driven
innovation at scale. The partnership enables customers
to build, deploy and scale agentic AI directly into their
workflows, supported by secure and seamless connectivity.
This capability helps financial professionals unlock
deeper insights, accelerate decision-making and
streamline complex workflows.
Amazon Web Services collaboration
The Board continues to consider the interests of
stakeholders in relation to LSEG’s cloud strategy and
technology partnerships. In line with this, LSEG extended
its multi-year collaboration with Amazon Web Services
(AWS), to support its Markets, Risk Intelligence and FTSE
Russell divisions. This builds on the existing relationship
between the two organisations and reflects the Board’s
commitment to enhancing operational resilience, security
and innovation.
By migrating internal systems to the cloud, LSEG aims
to strengthen its infrastructure while delivering new
services and products to customers. The adoption of
advanced cloud-based generative AI capabilities will
enable the Risk Intelligence division to provide faster
and more accurate risk analysis, helping customers
remain agile and resilient in a dynamic market
environment. Through the AWS partnership, LSEG will
continue to offer customers access to historical and
quantitative FTSE Russell indices, supporting deeper
market insights and reducing time-to-insight and
operational costs. In addition, LSEG Markets will make
use of cloud enabled, scalable infrastructure solutions
to deliver resilient services to its global customer base.
Board considerations:
The Board actively considered strategic technology
partnerships, including those with Microsoft and
Amazon Web Services (AWS), as part of its oversight
of the Group’s long-term strategy. These partnerships
are central to LSEG’s transformation agenda, supporting
innovation, operational resilience and enhanced
customer experience.
The decision-making process at Board level involved
a structured evaluation of each partnership’s strategic
alignment with the Group’s objectives. Directors
considered how the partnerships would deliver
long-term value for shareholders and other
stakeholders, including customers, suppliers,
employees and regulators. Other important factors
included the promotion of sustainable growth and
the maintenance of high standards of resilience and
security. The Board also reviewed potential risks
and benefits associated with cloud migration, AI
integration and data infrastructure modernisation.
The Board considers the partnership with Microsoft to
be a key enabler of long-term value creation. It reflects
a shared commitment between LSEG and Microsoft to
redefine the future of financial services through secure,
AI-powered innovation. By combining LSEG’s trusted
market data with Microsoft’s cloud and AI capabilities,
LSEG empowers its customers while reinforcing its
market position in Data and Analytics. Similarly, the
AWS collaboration supports the Group’s commitment
to innovation, customer experience and operational
excellence. It helps to ensure that stakeholder interests
are considered in the development and deployment
of cloud-based solutions, particularly in areas such
as risk intelligence, index data delivery and
infrastructure resilience.
Ongoing dialogue at Board level ensures continued
oversight of these partnerships, with regular updates
from management on progress, customer feedback
and future development plans. The Board views these
collaborations as key enablers of LSEG’s long-term
strategy to provide customers with a global financial
markets infrastructure and data ecosystem.
Further information on the
LSEG–Microsoft Partnership,
including key achievements
in 2025 and planned
developments in 2026, can
befound in the Strategic
Reporton page 12.
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Principal risks and uncertainties
Managing risk is fundamental to the successful execution
of our strategy and the resilience of our operations.
Our risk management approach is described
below, including key enablers such as our
organisational and risk governance structures,
risk culture and risk appetite. We also describe
the principal risks faced by the Group,
together with their Executive leads and
mitigation activities.
As well as our principal risks, we continuously
identify, monitor and assess external emerging
risks that have the potential to impact our
businesses. In most cases, we mitigate such
risks through the establishment of appropriate
contingency plans and continue to monitor
the development of the risks until they can be
properly quantified and removed or included
as a principal risk.
Risk management approach
Our Enterprise Risk Management Framework
(ERMF) sets out our approach to risk
management throughout the full risk lifecycle,
from identification through to mitigation,
monitoring and reporting. It also outlines
the key enablers of our approach across
governance, organisational structure and
culture that support its implementation
across our businesses.
LSEG operates a three lines of defence model,
providing appropriate segregation of duties
and clear roles and responsibilities, including
Risk, Compliance and Internal Audit.
Accountability for risk management across the
end-to-end product or service delivery sits
within the first line of defence, independent
oversight and challenge with the second line
and objective, independent assurance with
the third line. Risk culture is a key enabler
of our three lines of defence by ensuring
everyone understands and embraces their
role in managing risks. The ERMF promotes
our risk culture and accountability by
articulating risk appetite and desired
behaviours through policies, providing
frameworks and tools to ensure risk is
considered in key business decisions. It also
makes risks transparent by embedding
individual accountability through employee
objectives and performance management.
In order to support a coherent view of risk
across our businesses, we have in place
a Group Risk Taxonomy that provides an
inventory of all types of risks that are identified
as inherent in business strategies and
objectives. These include strategic, non-
financial and financial risks, and are then
reflected in our Group Risk Appetite Statements
and managed through principles set out in
our Group policies. Regular risk assessments
determine whether risks are within the risk
appetite set by the Board and are reported
to senior management and the Board.
Group risk appetite
Risk appetite is the level of risk that we will
accept in pursuit of our strategic objectives.
The risk appetite is one of the key principles
of the ERMF and is used as a benchmark for
both assessment and monitoring of the risks
in our Group Risk Taxonomy, with regular
reporting of aggregated risks to Executive
and Board-level committees.
The Board approves our risk appetite annually,
which is cascaded through the organisation
with divisions and functions establishing
more detailed risk appetite statements and
monitoring their risk profile against the agreed
appetite levels. Any risks that are outside of
these agreed appetite levels are escalated
through our risk governance structures and
to the appropriate risk committees and boards.
Risk governance
Effective governance and oversight are
enabled through our risk governance structure
that comprises Board-level (Board, Board
Audit and Board Risk) and Executive-level
committees to promote active discussion
and resolution of risk issues.
Group-level committees include: an overall
Group Executive Risk Committee, and
Group-level subcommittees including the
Financial; Model; Technology, Cyber and
Resilience; and Non-Financial Risk Committees,
all of which meet on a regular basis. Other
subcommittees, such as the New Product and
Reputational Risk Committee, meet on an ad
hoc basis as required. Each of these committees
has detailed Terms of Reference, approved by
the Board or their parent committee, which sets
out their respective roles and responsibilities.
Principal risks
The principal risks outlined below reflect risks
that have been deemed to be material to our
businesses. These risks are grouped across
the categories of Strategic, Financial and
Model, and Non-Financial risks and include
a description of the specific exposures they
present to our businesses and the mitigation
activities we have in place to address them.
Strategic Report
52London Stock Exchange Group plc | Annual Report 2025
Strategic risks
Strategic risks are risks that could impact the successful execution of our strategy.
Risk category Risk description Mitigation
Global
economic and
geopolitical
Executive lead
Chief Executive Officer
Risk trend
LSEG’s global footprint exposes us to economic and
geopolitical developments that may impact market
activity and performance. Conflicts in Ukraine and
the Middle East, shifting Western relations with China
and protectionist US policies such as tariffs and trade
restrictions, are reshaping global trade and investment
flows, which contribute to financial regionalisation,
increased volatility and slower growth, and in turn
may reduce transaction volumes and revenues across
our markets.
Our diversified revenue streams across regions, customers
and recurring subscriptions help manage localised downturns
and short-term market shifts. In volatile conditions, our Markets
businesses benefit from increased trading activity. We actively
monitor market movements, hedge foreign exchange and interest
rate exposures and stress-test financial resilience to manage
potential impacts. We also regularly assess geopolitical and
macroeconomic risks and integrate them into strategic
planning with oversight from our Financial and Non-Financial
Risk Committees.
Sustainability
Executive lead
Chief Risk Officer,
Divisional Group Heads
Risk trend
Environmental, social and governance factors present
evolving risks to our businesses, including regulatory
compliance, reputational exposure and financial
impacts. The risk of scrutiny or adverse consequences
may arise even where we comply with laws and
regulations as views of governments and regulatory
authorities diverge across jurisdictions. Climate-related
risks, both physical (e.g., extreme weather affecting
assets and people) and transitional (e.g., policy shifts,
product availability and market changes) may also
affect operations as global standards and expectations
continue to develop.
See the Sustainability section on pages 37 to 46 of this
report and our Sustainability Report for further detail.
We have embedded sustainability risks in our Group Risk
Taxonomy and manage these through our Sustainability Risk
Management Framework, which defines the minimum requirements
for identifying, assessing and managing these risks. All business
areas are responsible for identifying and assessing the exposure
their operations have to these risks which is done through a
variety of methods, such as horizon scanning, emerging risk
reviews, formal Risk and Control Assessments and climate risk
modelling. Oversight is integrated into our strategic planning and
is supported by ongoing monitoring of risk exposures, including
greenwashing, product risks, regulatory developments and
climate risks.
Reputation/
Brand/IP
Executive lead
Group Chief Corporate
Affairs and Marketing
Officer
Risk trend
Our reputation and globally recognised brands are
critical to our credibility and commercial success.
A single incident, whether operational, legal or
market-related, can impact brand value across the
Group. As our different businesses have continued to
become more closely integrated, potential reputational
exposure has increased. Additionally, limited intellectual
property protection could allow our competitors to
develop or otherwise protect similar or the same
products or processes, impacting our competitiveness
and resulting in legal or financial costs or lower revenues.
We actively monitor brand usage and enforce guidelines to protect
our reputation and prevent infringement. Reputational risks are
escalated through governance forums, supported by coordinated
corporate affairs, marketing and stakeholder engagement plans.
We also monitor the assessment of reputational risks that is
completed as part of our new products and initiatives approval
process. Our values and Code of Conduct reinforce responsible
behaviour across the Group. We also safeguard our intellectual
property through legal protections and contractual arrangements
with employees, partners and third parties.
Transformation
Executive lead
Chief Executive Officer,
Chief Operating Officer
Risk trend
We are delivering a significant change agenda across
strategic programmes, including platform and product
upgrades, cloud migration, integration of acquisitions
and the execution of the LSEG-Microsoft Partnership.
These initiatives introduce execution risk as we adapt
to evolving customer needs, integrate new
technologies and improve our technology estate.
Rapid market and technological shifts, including the
continued advancement of artificial intelligence (AI),
heighten the risk of disruption to our business model,
whilst also impacting delivery of change and
operational resilience.
We manage transformation risk through the application of
the Group’s Enterprise Risk Management Framework and
our documented Group Delivery Disciplines. Together, these
establish the minimum requirements for delivering change and
support consistent oversight and governance across strategic
programmes, acquisitions and divestments. This is further
embedded through our Transformation and Change Frameworks,
which provide standards and guidance for effective programme
assessment, execution and integration of acquisitions. Group Risk
monitor transformation activities and execution risk with Internal
Audit providing independent assurance over select programmes.
The Group Investment Committee is the Executive Committee
which provides oversight of the strategic change portfolio.
Principal risks and uncertainties continued
Increasing Stable Decreasing
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Principal risks and uncertainties continued
Financial and model risks
The risk of financial failure or loss of earnings and/or capital as a result of investment activity, lack of liquidity, funding or capital, and/or the
inappropriate use of models.
Risk category Risk description Mitigation
Central
counterparty
Executive lead
Head of Markets
Risk trend
Through LCH, we are exposed to financial and
operational risks inherent in central clearing. In the
event of a member default, the central counterparty
(CCP) must manage market and liquidity risks while
restoring a matched book, potentially incurring losses
from adverse price movements or liquidation costs.
Additional risks arise from investing member collateral
and fulfilling payment obligations, alongside non-financial
risks such as legal, compliance and reputational
exposures linked to day-to-day operations.
We have structured LCH to withstand major member defaults
through the implementation of the CCP rulebook and layered
financial safeguards, including margin requirements, default
funds and the holding of its own capital. Investment risk is
managed via strict counterparty and asset eligibility criteria, with
a focus on liquidity and capital preservation. We regularly test
these protections through fire-drills and stress-testing activities.
LCH’s Investment and Liquidity Risk Framework, which utilises
internal credit scoring, portfolio limits and liquidity stress tests,
ensures our resilience under extreme market conditions.
Model risk
Executive lead
Divisional Group Heads,
Chief Risk Officer
Risk trend
We rely on a wide range of models across our business
to support decision-making, risk management, analytics
and regulatory compliance. These include margining
models, market abuse detection, stress testing and
climate risk modelling. Risks arise from potential flaws
in the design, data sourcing, incorrect implementation
or misuse of model outputs, which can in turn lead to
financial loss or reputational harm. The growing use
of artificial intelligence particularly ‘generative’ and
‘agentic’ models introduces new dimensions of risk,
with the potential for hallucinations, or unintended or
unpredictable behaviours also causing loss or harm.
We manage model risk through a comprehensive governance
framework, including a model risk policy, lifecycle controls and
a centralised model management system. All our models undergo
independent validation that considers their design, intended
use and input, including where AI capabilities are employed.
Key models are subject to a formalised monitoring process.
Oversight is provided by our Model Risk Committee, supported
by divisional working groups to ensure full coverage and
alignment with risk objectives. Regular, independent review of
models by our Model Risk Management team helps to identify
and assess models with potential business impact, reinforcing
accountability and control across the Group.
Non-financial risks
The risk of loss or other adverse consequences to the business resulting from the inadequacy of, or failures associated with, internal processes,
people and systems, or from external events.
Risk category Risk description Mitigation
Technology
Executive lead
Chief Information Officer
Risk trend
Our products and services depend on complex,
interconnected technology systems, both internal
and third-party. Disruptions such as system outages,
performance degradation, or failures due to change
activities or ageing infrastructure could impact
customer access, interrupt market operations and
affect data service and delivery. As our reliance on
digital platforms and use of AI grows, so does the
potential impact of technology-related incidents
on business continuity and stakeholder confidence.
We continue to invest in strengthening the resilience of our
technology estate through strategic upgrades and lifecycle
management. Technology changes are governed by a robust
change framework, with rigorous testing to ensure stability.
Key risk indicators and scenario analysis also help us identify
vulnerabilities, and plan and test recovery strategies. Cloud
migration is enhancing our service resilience, while improved
monitoring tools support faster issue detection and recovery
when incidents occur.
Information and
cyber security
Executive lead
Chief Information Officer
Risk trend
We are exposed to cyber threats targeting our
systems and data, including attempts to access,
disrupt or compromise information. The evolving
geopolitical landscape and rapid adoption of
emerging technologies continue to intensify the threat
environment. As a financial markets infrastructure
provider, a significant cyber incident could not only
impact our operations and customers but also pose
systemic risks to the broader financial sector and
global markets.
We manage our cyber risk through continuous investment in
security capabilities and a dedicated cyber security function
led by the Chief Information Security Officer. Threat intelligence
is proactively gathered and assessed to stay ahead of evolving
adversaries. Our approach aligns with industry frameworks,
including the NIST-based Cyber Risk Institute profile, and meets
regulatory assurance standards. While we cannot fully eliminate
cyber risk, our focus remains on resilience to withstand and
recover from cyber attacks with minimal disruption to our
operations and stakeholders.
Business
continuity
Executive lead
Chief Operating Officer,
Chief Risk Officer,
Divisional Group Heads
Risk trend
We are exposed to potential operational disruption
from a range of geopolitical, environmental, public
infrastructure and other external events. Such
disruptions can affect customer access and
market stability.
We maintain a robust Group Crisis Management Framework
to guide response and recovery during disruptive events.
This includes escalation protocols, crisis team plans, and scenario
playbooks covering threats such as ransomware, geopolitical
events, third-party outages. We deliver annual training across
the Group, which prioritises staff wellbeing and critical services.
Routine use of the framework ensures we effectively prepare
for, triage, communicate and recover, supporting operational
resilience and continuity of service.
Increasing Stable Decreasing
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Risk category Risk description Mitigation
Third-party
Executive lead
Chief Operating Officer,
Divisional Group Heads,
Chief Information Officer
Risk trend
We rely on third-party providers, including cloud
services, to support our operations and service
delivery. These relationships expose the Group to
a range of non-financial risks, such as technology,
cyber, geopolitical, regulatory and reputational
risks. Failures by third parties to meet contractual
or regulatory obligations could result in service
disruption, financial loss, increased costs or
reputational harm.
Our Third-Party Risk Management Framework covers the full
lifecycle from the selection and contracting to the monitoring
and exit of third parties and ensures risks are identified, assessed
and actively managed at key stages, with a focus on maintaining
service continuity and compliance. We closely monitor
relationships with critical providers to ensure they meet
contractual and regulatory obligations, helping to prevent
disruption and safeguard operational resilience.
Data
Executive lead
Divisional Group Heads,
Chief Operating Officer
Risk trend
We collect, process and distribute data across a wide
range of formats and use cases. Failure to manage data
effectively, whether in terms of quality, usage rights
or record management, could lead to reputational
damage, financial loss or regulatory action. As an
integrated financial markets infrastructure business,
improper use of data may also impact customer trust
and compliance obligations.
Data risk is managed through our comprehensive governance
framework led by Enterprise Information Governance, divisional
Chief Data Officers and Privacy Officers. Our controls and
monitoring activities mitigate risks relating to data accuracy,
security and lawful use, across the full data lifecycle. Our privacy
compliance is supported by activities aligned with global data
protection regulations, helping to safeguard personal and
sensitive information.
People
and talent
Executive lead
Chief People Officer
Risk trend
Our ability to achieve our strategic objectives depends
on attracting, developing and retaining diverse,
high-performing talent. Risks may arise from insufficient
career development, compensation challenges or
ineffective leadership and organisational structures.
External factors such as market competition and
geopolitical conditions may further impact our
workforce engagement and ability to retain our staff.
We are continuously embedding our values across the
organisation, supported by our performance model and various
leadership programmes. Equity, diversity and inclusion remain
a priority, with active networks, updated policies and enhanced
benefits aimed at fostering a culture of belonging. Career
development, succession planning and leadership training
are actively promoted, alongside a structured framework for
promotion and progression to ensure our people have the skills
and support needed to thrive.
Regulatory
change and
compliance
Executive lead
General Counsel,
Chief Executive Officer,
Divisional Group Heads
Risk trend
As a global business, we operate within diverse,
complex and evolving cross-border regulatory
environments and must anticipate and adapt to
changes in these regulations to ensure ongoing
compliance. Specific regulatory risks to our business
include market access, market competitiveness,
data issues including localisation, financial crime
and operational resilience.
The Group Compliance function sets global policies, defines risk
appetite and conducts horizon scanning to anticipate changes
across financial market regulatory compliance. Compliance
experts are embedded in business units to provide tailored
guidance, while assurance activities and risk-based reviews
support ongoing oversight. Specialist central teams are in place
for financial crime and employee compliance. Policies are regularly
updated and mandatory training delivered to ensure employees
remain informed and aligned with regulatory standards.
Emerging risks
Emerging risks are newly developing external risks which are difficult to quantify due to their remote or evolving nature. We continue to monitor their
development until we can quantify their impact to our businesses and be removed or included as a principal risk as required.
Risk category Risk description Mitigation
Disruptive
technology
Executive lead
Chief Information Officer,
Divisional Group Heads
Risk trend
We face the risk of disruption from emerging
technologies and evolving business models that lower
barriers to entry and intensify competition in the areas
in which we operate. Advances in AI and associated
generative technologies, cloud computing, quantum
technologies and distributed ledger systems could
reshape market dynamics, introduce new competitors
and challenge core services we provide. These
developments may impact our commercial models,
introduce new cybersecurity and data risks, and
reduce demand for our centralised infrastructure.
We actively monitor emerging technologies and market shifts
through our Strategy function and partnerships with external
advisers. Investment scanning, proof-of-concept testing and
customer collaboration help us anticipate and respond to
changing consumption patterns. We continue to build strong
partnerships with AI focused businesses to ensure our data
remains fully accessible within the evolving ecosystem of AI
enabled tools. We have also invested in upgrading and future
proofing our technology so we can deliver our data quickly
and seamlessly to new AI applications as they emerge. We also
participate in industry and academic forums, and engage with
regulators to shape and align with evolving frameworks that
support innovation while maintaining market resilience.
Our internal frameworks, systems and controls ensure a
structured approach to innovation and adoption of these
technologies is balanced with the right level of oversight.
Increasing Stable Decreasing
Principal risks and uncertainties continued
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Financial viability statement
In accordance with Provision 31 of the UK
Corporate Governance Code, the Directors
confirm that they have a reasonable
expectation that the Group will continue
to operate and meet its liabilities, as they
fall due, for the next three years.
Viability period
The Directors’ assessment has been made
with reference to the Group’s current position
and prospects, the Group’s three-year
business plan, the Group’s risk appetite and
the expected impact of severe but plausible
downside scenarios. Given the Group’s
acquisitive nature in recent years and future
organic growth strategy, a three-year window
is considered the most appropriate horizon for
the Group’s management to make its viability
statement because it is the period over which
it can forecast, with reasonable clarity, the
Group’s financial performance, cash flows and
strategic position. A 12-month period from the
date of signing of the financial statements is
considered for the going concern assessment
(see note 1.2 to the financial statements on
page 182).
Business planning process
The business plan makes certain assumptions
about the performance of the core revenue
streams and segments, using existing product
lines as well as assumptions on take-up of new
product lines. It considers known inorganic
activity, as well as assumptions on: the
appropriate levels of investment to support
expected performance; the ability to refinance
debt as required; and expected returns
to shareholders.
Assessment of viability
The principal risks and uncertainties facing
the Group are set out on pages 52 to 55 of
the Strategic Report. In addition, the financial
risk management note (see note 17.5 to the
financial statements on pages 166 to 171)
includes: the Group’s objectives, policies and
processes for managing its capital; its financial
risk management objectives; and its exposure
to credit risk, liquidity risk and market risk.
The business plan is stress-tested using
severe but plausible downside scenarios,
as determined relevant by the Financial Risk
Committee, over the full three-year plan
period. These scenarios are then assessed
against the Group’s risk appetite parameters.
Impacts on the performance of core revenue
streams and segments are modelled through
flexing business inputs, with appropriate
mitigating factors also considered.
The scenarios tested cover a broad range
of risks. Some of the key scenarios modelled
are discussed in the table below.
The results show that the geopolitical threat
scenario would have the largest impact on
Group EBITDA. No scenario over the three-
year period leads to a breach of the Group’s
risk appetite thresholds, or an inability to
meet the Group’s financial obligations through
insufficient headroom. The likelihood of these
scenarios materialising is viewed as remote.
Borrowing facilities
The Group’s borrowing facilities and respective
repayment dates, and the net debt position
of the Group, are included in note 16 to the
financial statements, on pages 152 to 156.
Conclusion
The Directors assessed the prospects and
viability of the Group in accordance with
Provision 31 of the UK Corporate Governance
Code taking into account the Group’s
three-year business plan, and the principal
risks to the Group’s future performance and
liquidity. The Directors have a reasonable
expectation that the Group has the ability to
meet its obligations over the viability period.
Scenario Assumption Associated risk
Global
financial crisis
A replay of the 2008 crisis, reassessed
for purpose and fitness with current market
conditions. The scenario considers the
collapse of a major financial institution and
a simultaneous default of one medium-sized
(domestic rather than international) bank.
Additionally, the scenario includes the
consolidation of four globally systemic
banks into two.
Global economic and
geopolitical. See page 53
for more information.
Geopolitical
threat
Escalation of geopolitical tensions that
impacts global markets and trade. This
scenario considers the impact to revenues
due to sanctions and supply chain issues,
and access to funding.
Global economic and
geopolitical. See page 53
for more information.
Cyber
security threats
The scenario considers a cyber ransomware
attack impacting the Group’s ability to serve
a large portion of its customers.
Information and cyber
security. See page 54 for
more information.
56
Strategic Report
London Stock Exchange Group plc | Annual Report 2025
Governance
In this section
Complying with the UK Corporate
Governance Code 58
Corporate governance introduction 59
Board of Directors 60
Corporate governance report 64
Report of the Nomination Committee 72
Report of the Audit Committee 76
Report of the Risk Committee 80
Directors’ Remuneration report 82
Directors’ report 104
Statement of Directors’ responsibilities 109
This section of the Annual Report
describes how LSEG is governed and
the control structures we have in place.
Good corporate governance is key to
promoting the long-term sustainable
success of the Company, achieving the
Group’s objectives, generating value
for shareholders and contributing to
wider society.
London Stock Exchange Group plc | Annual Report 2025 57
Financial Statements Additional InformationStrategic Report Governance
Complying with the UK Corporate Governance Code
Throughout the financial year ended 31
December 2025 and to the date of this report,
London Stock Exchange Group plc has applied
the principles and complied with the provisions
of the UK Corporate Governance Code 2024
(the “Code”).
The Code is publicly available at the website
of the UK Financial Reporting Council at
www.frc.org.uk. Details of how the principles
of the Code have been applied can be found
throughout this Governance section, the
Strategic Report, and the Committee reports.
The following table outlines where narrative
on the Code principles is positioned
throughout the Annual Report:
Section heading Page
1. Board leadership and Company purpose
A. Leadership, long-term sustainable success, generating value for shareholders
and contributing to wider society
Corporate governance report 65
B. Company purpose, values and strategy Our purpose and strategy
Sustainability
10 to 11
37
C. Governance reporting Corporate governance report 64 to 71
D. Effective engagement with stakeholders Board engagement with stakeholders
Corporate governance report
47 to 49
65
E. Workforce policies and practices Sustainability 44 to 45
2. Division of responsibilities
F. Leadership of the Board Corporate governance report 66
G. Board composition and division of responsibilities Board of Directors
Corporate governance report
60 to 63
66 to 67
H. Role and time commitment of Non-Executive Directors Corporate governance report 66 to 67
I. Policies, processes, information, time and resources, and support of the Company Secretary Corporate governance report 64 to 71
3. Composition, succession and evaluation
J. Board appointment process and effective succession planning Report of the Nomination Committee 72 to 75
K. Board and Committee skills, experience and knowledge Board of Directors
Corporate governance report
60 to 63
67
L. Annual Board and individual Director evaluation Corporate governance report 68 to 69
4. Audit, risk and internal control
M. Independence and effectiveness of internal and external audit function Report of the Audit Committee 78
N. Fair, balanced and understandable assessment of the Company’s position and prospects Report of the Audit Committee 79
O. Procedures to manage risk, oversee internal control framework and determine
nature and extent of principal risks
Principal risks and uncertainties
Corporate governance report
52 to 55
70 to 71
5. Remuneration
P. Remuneration policies and practices Report of the Remuneration Committee 82 to 103
Q. Procedure for developing policy on Executive, Director and
senior management remuneration
Report of the Remuneration Committee 82 to 103
R. Independent judgement and discretion in remuneration outcomes Report of the Remuneration Committee 82 to 103
London Stock Exchange Group plc | Annual Report 2025 58
Governance
Corporate governance introduction
Dear Shareholders,
On behalf of the Board, I am pleased to
present our Corporate governance report
for the year ended 31 December 2025, which
aims to provide details of how our Board has
approached its responsibilities during the
year, as well as an overview of how LSEG is
governed, the activities of the Board and the
control structures we have in place. Our Board
is responsible for the long-term sustainable
success of the Company, generating value
for shareholders and contributing to wider
society. We approach this by supporting and
challenging executive management to ensure
that we operate to high governance standards
in line with our purpose and values. This report
explains how we seek to achieve this and
contains some highlights from 2025 from my
perspective as Chair. Together with the reports
of the Committees, we have set out how
the UK Corporate Governance Code 2024
(the “Code”) has been applied during the year.
Changes to our Board
During the year, we welcomed Lloyd Pitchford
and Dame Elizabeth Corley to our Board
as independent Non-Executive Directors.
We also announced that Dominic Blakemore
and Martin Brand would step down from the
Board as Non-Executive Directors following
the conclusion of the Annual General Meeting
in April 2026. At that time, Lloyd will succeed
Dominic as Chair of the Audit Committee.
You can read more about our new Directors
and the processes followed in relation to Board
appointments in the Report of the Nomination
Committee on page 72 to 75.
On behalf of the Board, I would like to thank
Dominic and Martin for their significant
contributions during a period of rapid
transformation for the Group. I would also
like to thank Dominic for his leadership of
the Audit Committee over the past six years.
Engagement with our stakeholders
Listening to our stakeholders, and
understanding their perspectives, is key to
ensuring that our discussions and decision-
making as a Board appropriately considers,
and where appropriate, responds to their
views. During 2025, we continued our
programme of engagement with key
stakeholder groups, to ensure that our
dialogue with them remains consistent
and effective. You can read more about
our engagement with our key stakeholders
on pages 47 to 49.
Board composition
We continue to meet two of the three Board
diversity targets set out in the Financial Conduct
Authority’s UK Listing Rules. We also meet
one of the targets recommended by the FTSE
Women Leaders Review (with one of our four
senior Board positions being held by a woman)
and the Parker Review recommendations (with
one of the Directors being from a minority
ethnic background).
Following the conclusion of the Annual General
Meeting in April 2026, female representation
on the Board will be 45% and all three of the
FCA’s targets will be met at that time, as well
as both recommendations of the FTSE Women
Leaders Review. For more information on
Board diversity, please see the Nomination
Committee report on pages 72 to 75.
Commitment to sustainability
Our Board continues to make LSEG’s
contribution to sustainability a priority,
reflecting the expectations of our stakeholders.
Across the Group, we are advancing a range
of initiatives that support our ambition to act
as a strategic enabler of sustainable economic
growth. With our global reach, data capabilities
and market infrastructure, LSEG is uniquely
positioned to lead the transition to a sustainable
future. Further information on the Group’s
work on sustainability can be found in the
Sustainability section of the Strategic Report
on pages 37 to 46.
Committee governance
The Chairs of the Audit Committee, Risk
Committee, Nomination Committee and
Remuneration Committee report on the
activities of each of the Committees during
the year from pages 72 to 103. I would like to
thank the Committee Chairs for the work they
have done during the year.
External Board performance review
This year’s review of the performance of our
Board was externally facilitated and conducted
by No 4 Consulting, an independent advisory
firm. The Board reviewed the results and
agreed areas of focus for 2026. We are
committed to ensuring that these focus areas
are acted upon to further enhance Board
performance. I can confirm that the actions
from the 2024 effectiveness review were
completed during the year. Summaries of our
actions from the 2024 effectiveness review
and the results of the 2025 review can be
found on pages 68 and 69.
Compliance with the Code
The Company has applied the principles
and complied with the provisions of the
Code throughout the financial year ended
31 December 2025 and to the date of this
report. This report is intended to give
shareholders a clear and comprehensive
picture of the Group’s governance
arrangements and how they operated during
the year. Further information on compliance
with the Code is detailed on page 58.
Conclusion
I would like to express my thanks to my
Board colleagues for their commitment and
constructive challenge throughout 2025
as we continue to support the Company’s
execution of its strategy in the coming year.
I hope this report provides valuable insights
into our activities and approach to governance.
I encourage all shareholders to vote their shares
in favour of all resolutions to be considered at
our AGM in April 2026. Full details of the AGM
will be provided in the Notice of Meeting.
Don Robert CBE
Chair
25 February 2026
London Stock Exchange Group plc | Annual Report 2025 59
Financial Statements Additional InformationGovernanceStrategic Report
Michel-Alain Proch
Group Chief Financial Officer
Appointed to the Board inMarch2024.
David Schwimmer
Group Chief Executive Officer
Appointed to the Board inAugust2018.
Don Robert CBE
Chair of the Company
Appointed to the Board in January 2019
and Chair of the Company in May 2019.
Board of Directors
The Board’s membership reflects a wide range of skills and business
experience, drawn from a number of industries, which is critical for
bringing the expertise required and to enable different perspectives
to be brought to Board discussions.
Skills, knowledge and contribution
– Strong track record in global financial
services, international business and mergers
and acquisitions
– Expert regulatory knowledge, accompanied
with a deep understanding of technology
and data and analytics
– Significant executive and non-executive
listed board experience
Experience
Don spent 18 years at multinational information
company Experian plc, where he most recently
served as Chairman (2014-2019). Prior to that
he was Group Chief Executive (2005-2014)
and CEO of the North American business
(2001-2005). Don has served in a variety
of senior roles including Chair of the US
Consumer Data Industry Association, Senior
Independent Director of Compass Group plc,
Non-Executive Director of the Court of
Directors, Bank of England and Chair of the
videogames services company, Keywords
Studios plc (2023-2024).
Other current appointments
Chair, Bupa; Chair of Council, The London
School of Hygiene & Tropical Medicine;
Partner, Corten Capital; Non-Executive
Director, Validis Group Holdings Limited;
Non-Executive Director, FlexFactor; Visiting
Fellow, Oxford University; Honorary Group
Captain, Royal Air Force; Supporting Chair,
Chapter Zero.
Skills, knowledge and contribution
– A wealth of knowledge surrounding
market structure, investment banking and
emerging markets
– Extensive experience in corporate finance,
capital markets, and mergers and acquisitions
– Deep understanding of the business and the
markets within which the Group operates
Experience
Since joining the Group in 2018, David has
overseen the transformation of LSEG from
a European regional exchange group to a
diversified, global leader in financial markets
infrastructure and data services. Prior to his
role at LSEG, David spent 20 years at Goldman
Sachs in a number of senior roles, most
recently as Global Head of Market Structure
and Global Head of Metals & Mining. Prior
to joining Goldman Sachs, he practiced law
at Davis Polk & Wardwell.
Other current appointments
Non-Executive Director, Centre for
New American Security (Not-for-Profit).
Skills, knowledge and contribution
– Significant financial leadership experience
in global listed companies
– Deep experience across global, financial
infrastructure and IT data solutions firms
– Extensive experience of mergers and
acquisitions and delivering strategic growth
Experience
Prior to joining the Group on 26 February
2024, Michel-Alain was Group Chief Financial
Officer of Publicis Groupe SA (2021-2024)
where he led the global finance team across
100 countries. Prior to joining Publicis Groupe,
Michel-Alain was CFO of Ingenico until its
acquisition by Worldline (2019-2020), and then
served as adviser to the CEO in the integration
of the two companies. He previously spent
almost 13 years at Atos in a number of senior
roles, including Group Chief Financial Officer,
CEO, North America and Group Chief Digital
Officer, completing and integrating several
strategic acquisitions. Michel-Alain was
formerly the Vice-Chairman of Maison
Du Monde (2020-2024).
Other current appointments
Non-Executive Director and Chair of the
Audit Committee, Pluxee N.V.
Audit Committee
Nomination Committee
Remuneration Committee
Risk Committee
Committee Chair
A
N
Re
Ri
N Re
Director changes in 2025
Lloyd Pitchford – Joined the Board on 30 April 2025.
Dame Elizabeth Corley – Joined the Board on
1 December 2025.
Director changes after 31 December 2025
Dominic Blakemore – Steps down from the
Board following the AGM on 23 April 2026.
Martin Brand – Steps down from the Board
following the AGM on 23 April 2026.
London Stock Exchange Group plc | Annual Report 2025 60
Governance
Dominic Blakemore
Independent Non-Executive Director
Appointed to the Board inJanuary2020.
Martin Brand
Independent Non-Executive Director
Appointed to the Board inJanuary2021.
Dame Elizabeth Corley
Independent Non-Executive Director
Appointed to the Board inDecember 2025.
Professor KathleenDeRose
Independent Non-Executive Director
Appointed to the Board inDecember2018.
Board of Directors continued
Skills, knowledge and contribution
– Executive leadership experience in capital
markets and asset and wealth management
– Significant non-executive listed board
experience
– Expertise in the financial technology market,
risk management, and data and analytics
Experience
Kathleen is a Clinical Associate Professor of
Finance at New York University Leonard N. Stern
School of Business. Previous to this, she held
a number of senior roles at Credit Suisse Group
AG (2010-2015). Kathleen’s other prior positions
have included Managing Partner, and Head of
Portfolio Management and Research at Hagin
Investment Management (2006-2010), and
Managing Director, Head of Large Cap Equities
at Bessemer Trust (2003-2006). Preceding
2003, Kathleen also held a number of roles at
Deutsche Bank and JPMorgan Chase (formerly
Chase Manhattan Bank). In addition to her senior
executive positions, Kathleen was founding
Chair of Evolute Group AG (2016-2017) and
served as a board member of EDGE (Economic
Dividends for Gender Equality) (2014-2015).
Other current appointments
Non-Executive Director, Experian plc;
Chairperson, Apron Payments Ltd;
Non-Executive Director, Voya Financial Inc.;
Non-Executive Director, Taxwell; Head
of Fintech Initiative, Fubon Centre for
Technology, Business, and Innovation.
Skills, knowledge and contribution
– Significant board and executive experience
across listed companies
– Highly accomplished in corporate
finance, with a focus on the financial
technology sector
– Extensive experience in strategic
planning, data and analytics, and mergers
and acquisitions
Experience
Martin is Head of Blackstone Capital Partners
at Blackstone Inc. His work at Blackstone Inc.
has seen him involved in several of their
high-profile investments including: Sphera,
Ellucian, Refinitiv, Bumble, IntraFi and Paysafe.
He is a member of several of Blackstone’s
investment committees. He previously worked
as a derivatives trader with Goldman Sachs
in New York and Tokyo, and with McKinsey
& Company in London. He was Chair of
Tradeweb Markets (a subsidiary of LSEG)
until February 2022 and a Director of Refinitiv
until 2021.
Other current appointments
Non-Executive Director, Bumble Inc; Director,
UKG Software; Director, Liftoff Mobile;
Director, Smartsheet Inc; Trustee, American
Academy Berlin.
N
NA Ri
Skills, knowledge and contribution
– Deep expertise in asset management, impact
investment and global financial markets
– Significant non-executive experience across
a range of listed company boards
– Extensive experience in governance and
strategic leadership across the financial
services industry
Experience
Dame Elizabeth is Chair of Schroders plc,
a role she has held since 2022, having joined
the Board in 2021. She previously held
non-executive director roles at BAE Systems
plc (2016-2025), Pearson plc (2014-2021) and
Morgan Stanley Inc (2018-2022). From 2005
to 2016, Elizabeth was Chief Executive Officer
of Allianz Global Investors, first overseeing
operations in Europe and later globally. Earlier
in her career, she held senior positions at
Merrill Lynch Investment Managers (1993-2004).
Other current appointments
Chair Emerita, Impact Investing Institute;
Non-Executive Director, Green Finance
Institute Limited; Director, British Museum
Trust; Member, Leverhulme Trust Investment
Committee; Member, CFA Research & Policy
Center Advisory Council.
N Ri
Skills, knowledge and contribution
– Extensive experience in corporate finance,
investor relations and capital markets
– Significant financial leadership experience
from various international financial
institutions
– Strong strategic planning and decision-
making experience
Experience
Dominic is a chartered accountant and has
been Group Chief Executive Officer of Compass
Group plc since 2018. Previously, he served
as Deputy Chief Executive Officer (2017),
Group Chief Operating Officer, Europe
(2015-2017) and Group Finance Director
(2012-2015). Prior to these roles, Dominic
served as Chief Financial Officer of Iglo
Foods Group Limited (2010-2011). He also
held the position of European Finance &
Strategy Director at Cadbury plc (2008-2010).
Dominic was formerly a Non-Executive Director
and Chair of the Audit, Risk and Compliance
Committee of Shire plc (2014-2018).
Other current appointments
Vice-Chair, University College London;
Chair, FareShare.
N RiA
London Stock Exchange Group plc | Annual Report 2025 61
Financial Statements Additional InformationGovernanceStrategic Report
Tsega Gebreyes
Independent Non-Executive Director
Appointed to the Board inJune 2021.
Scott Guthrie
Non-Executive Director
Appointed to the Board inFebruary2023.
Cressida Hogg CBE
Senior Independent Director
Appointed to the Board inMarch2019.
Lloyd Pitchford
Independent Non-Executive Director
Appointed to the Board inApril2025.
Board of Directors continued
Skills, knowledge and contribution
– Significant board and executive level
experience combined with a strong
corporate background in infrastructure,
private equity, mergers and acquisitions,
and investments
– Strong Chair experience and competency
in embedding corporate governance values
– Specialist knowledge in capital markets,
financial services regulation and pensions
Experience
Cressida was Global Head of Infrastructure
at Canada Pension Plan Investment Board
(2014-2018). Previous to this, she spent nearly
20 years with 3i Group plc and was one of
the co-founders of 3i’s Infrastructure business
in 2005, before becoming Managing Partner
in 2009. In addition to her senior executive
positions, Cressida served as Chair of Land
Securities Group plc (2018-2023) having been
appointed as a Non-Executive Director in 2014.
Other current appointments
Chair, BAE Systems plc; Member, Wellcome
Trust Investment Committee; Member,
The Takeover Panel; President, Confederation
of British Industry.
N ReA
Skills, knowledge and contribution
– Market-leading experience in cloud
infrastructure and data and analytics
– A deep and valuable understanding
of the technology market
– Specialist in digital transformation
Experience
Scott has over 28 years of experience leading
large technology teams at Microsoft and has
been Executive Vice President of Microsoft’s
Cloud and AI division since 2014. He is
responsible for Microsoft Azure and Microsoft’s
Cloud and Data Platforms. Scott was previously
Corporate Vice President of Microsoft Azure
(2011-2014), Corporate Vice President of
Microsoft’s Developer Division (2008-2011)
and General Manager Microsoft Developer
Division (2005-2008).
Other current appointments
None.
Skills, knowledge and contribution
– Deep financial services and capital markets
experience gained from various global
senior executive and non-executive roles
– Significant expertise in international
business and technology
– Strong background in strategy and
business development
Experience
Tsega is a Founding Director at Satya Capital
Limited. Previously, she spent seven years
at Celtel International, a leading mobile
telecommunications provider in the Middle East
and North Africa. During her tenure at Celtel,
Tsega held a variety of senior roles including
Senior Group Adviser, Zain Africa BV (2007-2016),
Chief Strategy and Development Officer
(2005-2007), Chief Business Development and
Mergers & Acquisitions Officer (2003-2005) and
Director, Mobile Commerce and New Product
Development (2000-2003). In addition to her
senior executive positions, Tsega has served
as Vice Chair of SES SA, and Non-Executive
Director of Sonae SA (2015-2019), ISON Group
(2013-2018), Hygeia Nigeria Limited (2009-
2015) and Non-Executive Director of
Mastercard Foundation (2023-2025).
Other current appointments
Senior Independent Director, Airtel Africa plc;
Advisory Council Member, Mo Ibrahim
Foundation; Non-Executive Director, Mastercard
Foundation Asset Management Corporation.
NA
N
Ri
Skills, knowledge and contribution
– Significant expertise in financial
management and strategic planning within
global growth organisations
– Extensive experience in data and
information management in highly regulated
environments, whilst overseeing complex
data driven initiatives
– Brings a wealth of experience from senior
roles across multiple sectors, offering
a broad and diverse perspective
Experience
Lloyd is the Chief Financial Officer at Experian
plc, a role he has held since 2014. Before joining
Experian, Lloyd served as the Chief Financial
Officer of Intertek Group plc (2010-2014) and
held senior finance roles at BG Group plc
(1999-2010), including Group Financial
Controller (2005-2010). He also gained valuable
experience in financial and commercial roles
at Mobil Oil (1991-1999). Prior to joining the
LSEG Board, Lloyd served as a Non-Executive
Director at Bunzl plc (2017-2025), where
he chaired the Audit Committee and was
a member of the Remuneration, Nomination
and Sustainability Committees.
Other current appointments
None.
N RiA
London Stock Exchange Group plc | Annual Report 2025 62
Governance
William Vereker
Independent Non-Executive Director
Appointed to the Board inOctober2022.
Dr. Val Rahmani
Independent Non-Executive Director
Appointed to the Board inDecember2017.
Skills, knowledge and contribution
– Significant expertise and knowledge of
technology and technical risk management
– Deep understanding of digital transformation,
innovation, sales and marketing
– Extensive listed director experience
accompanied by expert corporate
governance knowledge
Experience
Val worked for IBM for almost 30 years and
was Chief Executive Officer of cyber security
start-up, Damballa Inc., for four years.
Her past career also included Non-Executive
Director positions at Aberdeen Asset
Management plc, Teradici Corporation and
CTG, Inc. Val previously ran the Innovation
Panel for Standard Life Aberdeen and holds
a Doctorate of Philosophy in Chemistry from
the University of Oxford.
Other current appointments
Non-Executive Director, RenaissanceRe
Holdings Limited; Non-Executive
Director, Entrust.
Skills, knowledge and contribution
– Highly experienced banker, including
experience in executive roles
– Significant knowledge and experience
of capital markets, post-trade and
investment banking
– Deep knowledge of financial services
and regulatory and government relations
Experience
William was Vice Chair of the EMEA Investment
Bank at JP Morgan in 2020. Prior to that he
served as the Prime Minister’s Business Envoy
(2018-2019) and held senior roles at UBS
(2013-2018), including Global Head of Investment
Banking (2016-2018). Before joining UBS,
William held a number of senior executive roles
at Nomura (2009-2013) and Lehman Brothers
(2005-2008). He began his career at Morgan
Stanley where he held a number of roles in
M&A and Investment Banking. William was
also Chair of Santander UK (2020-2025) and
a Member of the UK Investment Council
(2021-2024).
Other current appointments
Non-Executive Director, Macquarie Group
Limited; Member, Advisory Board, Celonis
GmbH; Chair, Advisory Board of Gonville
and Caius College, Cambridge; Member
and Special Advisor, Delancey Credit Fund
Investment Committee.
N Re Ri
N Re Ri
Board of Directors continued
Board and Committee meetings
The table shows the number of scheduled and ad hoc meetings attended against the number of meetings each Director was eligible to attend.
Director Board Audit Risk Nomination Remuneration
Don Robert CBE
1
6/7 2/2 3/4
David Schwimmer 7/7
Michel-Alain Proch 7/7
Dominic Blakemore 7/7 4/4 4/4 2/2
Martin Brand
2
5/7 2/2
Dame Elizabeth Corley
3
1/1 1/1 0/1
Kathleen DeRose 7/7 4/4 4/4 2/2
Tsega Gebreyes 7/7 4/4 4/4 2/2
Scott Guthrie 7/7 2/2
Cressida Hogg CBE 7/7 4/4 2/2 4/4
Lloyd Pitchford
4
4/6 2/3 2/3 2/2
Val Rahmani 7/7 4/4 2/2 4/4
William Vereker 7/7 4/4 2/2 4/4
1 Don Robert was unable to attend an ad hoc Remuneration Committee meeting in April 2025 due to a pre-existing commitment, or the Board meeting in October 2025 due to a family commitment.
Cressida Hogg chaired the Board on that occasion.
2 Martin Brand did not attend an ad hoc Board meeting in June 2025 due to a potential conflict of interest. Mr Brand was unable to attend the Board meeting in July 2025 due to another
commitment.
Directors who joined the Board in 2025
3 Dame Elizabeth Corley was appointed as a Director on 1 December 2025. Dame Elizabeth was unable to attend the Nomination Committee meeting in December 2025 due to a pre-existing
commitment which had been arranged and agreed with the Chair prior to joining the Board.
4 Lloyd Pitchford was appointed as a Director on 30 April 2025. Mr Pitchford was unable to attend the Board and Committee meetings in June 2025 due to a pre-existing commitment which had
been arranged and agreed with the Chair prior to joining the Board.
London Stock Exchange Group plc | Annual Report 2025 63
Financial Statements Additional InformationGovernanceStrategic Report
Corporate governance report
Board activities
Principal activities during the year
Each of the regular meetings includes a wide-ranging report from the Chief Executive Officer, together with reports from the Chief Financial Officer
and the Chief Operating Officer. Reports from the Committee Chairs and updates on major projects, including the LSEG-Microsoft Partnership, were
also provided at each Board meeting. The Board’s activities supported the delivery of our purpose and strategy as set out in the Strategic Report
from page 10.
During the year, the key matters considered by the Board included the following:
Area of focus Key activities and outcomes
Customers – Received briefings on customer engagement, including sales and
account management, and banking customers.
– Held a direct customer engagement session during the visit to the
New York office resulting in deeper insights gained on customer
needs and concerns.
– Received updates on customer metrics, key customer
initiatives and new products and services, including in relation
to the partnership with Microsoft and the use of AI to improve
customer experience.
Strategy and
execution
– Discussed the long-term strategic direction and priorities at the
Annual Board Strategy Day and approved the Group strategy.
– Received regular updates on progress against the strategic
objectives.
– Monitored progress on the strategic partnership with Microsoft
for next-generation data and analytics, cloud infrastructure and
AI integration.
– Received regular updates on progress to transition to a product-led
operating model, AI-ready products, transformation, achieving
stated targets and synergies, customer matters, people and culture,
and technology.
– Considered LSEG’s competitive position against its industry
peers as part of strategic planning and execution discussions
at the Board Strategy Day.
– Approved the SwapClear partnership and the Post Trade
Solutions transaction, which comprised of the sale of a 20%
equity stake in Post Trade Solutions to key customer banks,
in combination with an amendment and extension of the
SwapClear revenue share arrangements. The partnership
deepens the relationships with key customer banks,
supporting future growth.
Finance
andcapital
– Examined the Group’s financial performance at every Board
meeting and approved the Group’s financial statements.
– Reviewed and approved the annual budget and three-year
strategic plan.
– Considered and approved the final and interim dividends, resulting
in the payment of £718 million to shareholders during the year.
– Approved on-market share buybacks returning value to shareholders
of £2.5 billion over the 12-month period from March 2025 to
February 2026.
– Approved debt programme matters including: a $250 million
repurchase of the $1,250 million 2.5% bond issued in April 2021
under the Global Medium Term Note Programme; an increase
of the European Medium Term Note (EMTN) Programme limit
to £10 billion; and the issuance of fixed rate bonds to the value
of CHF150 million, JPY40 billion and £900 million under the
EMTN Programme.
Sustainability – Reviewed and approved LSEG’s Sustainability Report 2024
(including TCFD Report), Sustainability Databook 2024 and Modern
Slavery Statement.
– Received a briefing on upcoming changes to sustainability
reporting including the EU Corporate Sustainability Reporting
Directive, UK Sustainability Reporting Standards, and reviewed and
challenged LSEG’s approach to reporting against the regulations.
– Reviewed LSEG’s sustainability performance against strategy
and targets in 2025 and discussed the priorities for 2026.
People
and culture
– Received updates on the people and culture strategy, and
reviewed examples of how the strategy was being implemented
and would support the Group’s strategic ambitions.
– Received updates on focus areas to promote a high-performance
culture including: organisational design; leadership; talent
development and workforce capability; equity, diversity and
inclusion; and performance and reward.
– Received updates on leadership and cultural initiatives to support
the transition to a product-led operating model.
– Received updates on: employee welfare, including rewards,
benefits and wellbeing offerings; and compensation reviews.
– Received updates on the Group’s progress to support equity,
diversity and inclusion, including the launch of a multi-year
Disability Action Plan.
– Approved updates to the Code of Conduct setting out the
standards of behaviour expected at LSEG and promoting
an inclusive, high-performance culture.
– Received regular updates from the Directors on their
engagement with colleagues across the Group – see page 47
for details of the Board/Employee Engagement programme.
– Discussed the results of the annual LSEG Engage survey and
related management actions in response to workforce feedback.
Risk
management
and internal
controls
– Received updates from the Chief Risk Officer on key risk
management and internal control matters, and discussed key risks
and, where applicable, risk-reduction activities.
– Considered the Group’s risk profile and approved the principal and
emerging risks.
– Received updates on technology risk, cyber security, sustainability
risk and operational resilience, including refreshed key risk indicators.
– Reviewed and approved the Group’s risk appetite statements.
– Reviewed and approved the risk management and internal
control frameworks and their effectiveness.
– Received briefings on the preparations for compliance
with the revised requirements of Provision 29 of the Code.
– Received updates from the Chairs of the Risk and Audit
Committees on matters considered by these Committees.
London Stock Exchange Group plc | Annual Report 2025 64
Governance
Corporate governance report continued
Board and Committee meetings
Comprehensive Board and Committee papers,
comprising an agenda and formal reports and
briefing papers, are sent to Directors in advance
of each meeting. Directors are also updated
with written and verbal reports from senior
executives and external advisers during
meetings. The Non-Executive Directors meet
privately without the Executive Directors being
present after every Board meeting.
Board training and deep dives
The Board regularly reviews the need for
additional training and focused briefings on
key topics. During 2025, the Board participated
in sessions relating to artificial intelligence
strategy and governance as well as new
sustainability reporting regulations.
The strategic partnership with Microsoft was
discussed at every Board meeting and during
separate sessions with management outside
of Board meetings to receive updates on
products and progress. The Board also
received comprehensive briefings on the
Group’s business divisions and strategy during
the Board visit to the New York office.
Chairs’ Forum
The Chairs’ Forum is comprised of the Chairs of
the Group’s principal regulated subsidiaries and
the Chair of the Company, with the Group CEO
being invited to meetings on a regular basis.
The Forum provides opportunities for relevant
subsidiary Chairs from across the Group to
engage on common themes and topics of
interest. During the year, this included: the
completion of the SwapClear partnership and
investment in Post Trade Solutions with key
customer banks; challenges and opportunities
presented by artificial intelligence; multi-year
technology planning and innovation; and
non-executive director rotations.
Culture
The Board has established the Group’s
strategy, purpose and values and understands
the importance of satisfying itself that the
Group’s culture is also aligned and
appropriately embedded. The Board receives
an annual update from the Chief People Officer
on progress to embed the Group’s strategic
ambitions around culture and an analysis of
key areas of feedback from the annual
engagement survey results. Board members
also utilised engagement sessions with
colleagues and townhalls to monitor and
promote LSEG’s culture by directly listening
to the views of the workforce and highlighting
the cultural ambitions of the Group. To support
the Board’s ongoing assessment and oversight
of culture, the Board received dashboards at
each Board meeting monitoring key cultural
performance indicators.
Organisational frameworks and policies
underpin the relationship between LSEG’s
purpose, values and culture. The Board
reviewed and approved the Group’s Code
of Conduct which sets out the behavioural
and ethical expectations that are essential
to preserving the desired culture at LSEG.
Further information about how LSEG monitors
and embeds its culture, can be found in the
Strategic Report on pages 44 to 47.
Stakeholder engagement
The Board seeks to understand the interests,
needs and concerns of shareholders and other
key stakeholders (including the workforce,
customers, suppliers and regulators) to enable
LSEG to pursue long-term sustainable success.
For more information on how we engage with
our stakeholders as well as how the Board has
discharged its duties under Section 172 of the
Companies Act, please see pages 47 to 51 of
the Strategic Report.
Our governance framework
The structure of our governance framework is
set out in the diagram on page 66 and confirms
that the Board holds primary responsibility
for ensuring the long-term success of the
Company, primarily for the benefit of our
shareholders. The Board has delegated certain
responsibilities to its Committees and delegates
authority for day-to-day operations to the CEO.
Board responsibilities
The LSEG Board is collectively responsible
for the long term, sustainable success of the
Company, the delivery of sustainable value
to its shareholders and contributing to
wider society.
The Board:
– Provides leadership of the Company and
is responsible for setting the strategy and
maintaining high standards of governance.
– Leads the development of the Group’s
culture, values and behaviours.
– Oversees the execution of the Group’s
strategy and holds executive management
to account for its delivery.
– Oversees key strategic matters and their
related risks, including sustainability,
technology (including cyber and AI) and
human capital management.
– Reviews and holds management to account
for financial and business performance.
– Ensures necessary resources are in place for
the Group to be able to meet its objectives
and measures performance against these.
– Ensures the establishment of a framework
of effective controls, which enable risk to
be assessed and managed.
– Bears ultimate responsibility for the oversight
of risk management and internal controls.
– Ensures that its responsibilities to
shareholders and stakeholders are met,
including through effective engagement
(including having workforce policies and
practices that are consistent with the
Company’s values and that support the
Company’s long-term sustainable success).
In carrying out their duties, the Directors act
in accordance with all relevant and applicable
legislative and regulatory rules. In particular,
they take into account Directors’ duties
contained in the Companies Act 2006 (the
“Act”) and will consider the factors listed in
Section 172 of the Act and any other relevant
factors. LSEG’s Section 172(1) statement for
the year ended 31 December 2025, including
details of certain Board decisions taken during
the year, can be found on pages 50 to 51 of the
Strategic Report.
The Directors have full access to the advice
and services of the Group Company Secretary,
who is responsible for advising on corporate
governance matters.
Board Committees
The Board has delegated certain
responsibilities to four Board Committees:
the Audit, Nomination, Remuneration and Risk
Committees. Full details of the Committees’
responsibilities are set out in individual Terms
of Reference which are available on the
corporate website. The work undertaken
by each Committee during the financial year
is detailed within the respective Committee
reports on pages 72 to 103.
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Corporate governance report continued
Division of responsibilities
The Board maintains a division of
responsibilities between the leadership of the
Board and executive leadership of the Group.
The responsibilities of the Chair, the Senior
Independent Director and the Group Chief
Executive are approved by the Board.
The Board’s statement of division of
responsibilities has been made publicly available
on our website: www.lseg.com/en/about-us/
corporate-governance.
Chair
Don Robert CBE
– Leads the Board and is responsible for
the overall effectiveness of its operation
– Manages and is accountable for Board
succession planning
– Ensures that there is effective
communication by the Company with
its shareholders and other key
stakeholders, including personally
engaging with these parties
– Chairs all general meetings of the
members of the Company, including
the Annual General Meeting
– Ensures that Board members receive
accurate, timely, and clear information
to make informed decisions
Group Chief Financial Officer
Michel-Alain Proch
– Provides expert knowledge and
experience on all financial matters
– Collaborates with the CEO and other
executives to shape and execute the
Company’s strategic plans
– Communicates the Company’s financial
performance to shareholders, and other
key stakeholders
– Manages and oversees the budgeting
and financial planning process
– Supports the CEO in developing and
executing the strategic and financial
objectives of the Company
Group Company Secretary
Lisa Condron
– Ensures that the Board has the policies,
processes, information, time and
resources it needs to function effectively
– Ensures that good information flows
within the Board, its Committees and
between Senior Management and
Directors
– Facilitates new Directors’ inductions,
and arranges Board training to assist with
the Directors’ professional development
– Ensures that the Board has access to
independent professional advice
when necessary
– Reports to the Chair on all Board
governance matters
Non-Executive Directors
– Provide independent oversight and
challenge to management
– Assist management in the development
of strategy
– Review the Group’s financial information
– Engage key stakeholders
– Perform additional duties as required by
membership of the Board’s committees
Senior Independent Director
Cressida Hogg CBE
– Acts as a sounding board for the Chair
– Leads the review of the performance
of the Chair
– Develops succession plans for the Chair
– Acts as an intermediary between the
Chair and other Directors when
necessary
– Is available to shareholders as necessary
Group Chief Executive Officer
David Schwimmer
– Leads the Company on strategy and
overall commercial objectives
– Manages the day-to-day business
of the Company
– Leads and promotes the Company’s
purpose, culture, values and behaviours
– Implements the decisions of the Board,
together with the Executive Committee
– Acts as a key representative of the
Company, supported by the CFO and
other members of the Executive
Committee, during engagement with
shareholders and other stakeholders
LSEG governance framework
Shareholders
Board of Directors
See biographies on pages 60 to 63
Board Committees
Nomination Committee
See page 72
Audit Committee
See page 76
Risk Committee
See page 80
Remuneration Committee
See page 82
Group Chief Executive Officer
Executive Committee
See biographies on page 7
Group management
committees
London Stock Exchange Group plc | Annual Report 2025 66
Governance
Relevant sector experience: Non-Executive Directors
Data and analytics
Post trade
Capital markets
Technology
Financial qualifications
FTSE100/Listed experience as either
NED (other than LSEG) or Executive
FS regulated
Sustainability
4
1
8
7
3
10
6
3
Corporate governance report continued
Board composition
As at the date of this report, the Board is
comprised of 13 members: the Chair, nine
independent Non-Executive Directors, one
Non-Executive Director (the Director appointed
in connection with the strategic partnership
with Microsoft) and two Executive Directors.
Five of the Directors are women; one of the
Directors is from a minority ethnic background;
and one senior position is held by a female
Director (Senior Independent Director).
Dominic Blakemore and Martin Brand will step
down from the Board following the conclusion
of the AGM in April 2026, after which the Board
will be comprised of 11 members, including
seven independent Non-Executive Directors.
Further information about diversity, inclusion
and equal opportunity in the Board and
executive management can be found in the
Nomination Committee report starting on
page72.
Skills and expertise
The Board, with support of the Nomination
Committee, keeps under review the skills and
experience of the Board to ensure that it has
the breadth and depth of expertise to carry out
its duties and responsibilities. The Directors
remain satisfied that the Board contains the
necessary skills and expertise to fulfil the
Company’s long-term strategic objectives.
In December 2025, the Directors considered
the relevant sector experience for each
Non-Executive Director; this has been
summarised in the adjacent table.
Further details on the Nomination Committee
review of Board composition can be found
on pages 72 to 75.
Director independence
The Board, with support from the Nomination
Committee, has evaluated the independence
of all the Non-Executive Directors. In assessing
each Director, the Board considers whether
there are relationships or circumstances that
are likely to affect or could appear to affect
a Director’s judgement.
Scott Guthrie was appointed to the Board
as a Non-Executive Director in 2023. Scott
represents Microsoft Corporation and was
appointed in connection with the strategic
partnership. The Board agreed that Scott
would not be considered independent under
the Code given his relationship with Microsoft.
Scott is not a member of the Audit,
Remuneration or Risk Committees.
Kathleen DeRose and Lloyd Pitchford are
directors on the Board of Experian plc. The
Board is satisfied that this does not impair their
independence as Non-Executive Directors as
they both demonstrate independent thought,
character and judgement, provide constructive
challenge and are independent of management.
As such, the Board considers them to
be independent.
The Board has evaluated the independence
of the other Non-Executive Directors and
concluded that each is independent in
character and judgement. The Chair was
independent on appointment.
In line with the Code, at least half the Board,
excluding the Chair, are independent
Non-Executive Directors. All Directors are
subject to annual re-election at the AGM.
Time commitment and conflicts of interest
The Nomination Committee is responsible for
reviewing time commitments and significant
external appointments being undertaken
by the Directors. The Chairman’s additional
external appointments require approval by
the Board.
During the year, the Nomination Committee
reviewed the additional external appointment
of William Vereker as a Non-Executive Director
of Macquarie Group Limited. It was agreed that
the proposed appointment would not create
any material conflict of interest and it was
confirmed that William would have sufficient
time to undertake the new role in addition
to existing commitments.
In accordance with the Companies Act 2006,
the Directors have adopted a policy and
procedures for the disclosure and authorisation
of conflicts of interest. The Company’s Articles
of Association allow the Board to authorise
conflicts of interest that may arise and to
impose such limits or conditions as it thinks fit.
The Company has established procedures
whereby actual and potential conflicts of
interest are regularly reviewed, appropriate
authorisation is sought prior to the appointment
of any new Director, and new conflicts are
addressed appropriately. These procedures
have been followed during 2025.
The decision to authorise a conflict of interest
can only be made by non-conflicted Directors
and, in making such decisions, the Directors
must act in a way they consider, in good faith,
would be most likely to promote the
Company’s success.
Induction
The Group Company Secretary oversees
the development of induction programmes
for new Directors. These are designed to be
comprehensive, formal and tailored to each
Director, including discussions with key
members of management and certain of the
Group’s advisers. The programmes focus on
the Group’s purpose, values, culture, strategy,
operations, governance and stakeholders
while considering the new Director’s relevant
and existing skills and experience, as well
as any additional requirements for Board
Committee membership. New Non-Executive
Directors receive an induction pack containing
corporate and governance documents outlining
the responsibilities attached to their appointment.
Dame Elizabeth Corley was appointed as
a Non-Executive Director and a member
of the Risk and Nomination Committees on
1 December 2025. Noting Dame Elizabeth’s
extensive knowledge of financial services and
capital markets, her induction programme was
tailored to focus on LSEG’s business strategy
and risk profile. The induction plan includes
meetings with the Chair, Executive Directors,
Committee Chairs, each of the Executive
Committee members, the Divisional Heads
of Risk Intelligence and FTSE Russell, the Chief
Internal Auditor and senior colleagues from
the Finance leadership team. In addition, Dame
Elizabeth had in-depth sessions with the Group
Company Secretary and the external auditors.
London Stock Exchange Group plc | Annual Report 2025 67
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Corporate governance report continued
Board performance and leadership
The Board annually reviews its performance in line with the UK Corporate Governance Code 2024 (the “Code”), with a review being externally
facilitated every three years. In 2025, the Board performance review was externally facilitated by No 4 Consulting.
2024 performance review
The 2024 performance review was facilitated internally and identified areas for further focus by the Board during 2025. These are summarised
below, together with the resulting actions taken in 2025.
Area Area of focus Summary of actions taken
Stakeholder
oversight
Continued focus on understanding customer
views and requirements, including the
opportunities and related risks, with increased
insights from a broader range of external
parties and experts.
– Continued direct and indirect engagement with customers, as summarised in the
‘Board engagement with stakeholders’ section on page 48 and ‘Principal activities
during the year’ table on page 64.
Strategic
oversight
Continued focus on the key strategic areas
including: delivery of the LSEG-Microsoft
Partnership (LMP), operational transformation
and resilience, technology and AI, Data &
Analytics strategy; and further incorporation
of sustainability matters into Board discussions.
– Reviewed the progress of the LMP at every Board meeting during the year, including
programmes to deliver next-generation data and analytics, cloud infrastructure and
AI integration.
– Monitored the ongoing transformation to a customer-centric and product-led
organisation.
– Received briefings on AI strategy and products.
– Considered sustainability matters four times during the year.
– Continued the focus on key strategic areas as summarised in the ‘Principal activities
during the year’ table on page 64.
Risk
oversight
Continued focus on technology resilience
alongside delivery of the technology strategy.
– Oversight of product development, in particular in relation to developments arising
from the partnership with Microsoft and AI-ready products.
– Received updates on technology and product initiatives, which included the
associated risks and mitigations in place to support the technology strategy.
– Received updates on technology risk, cyber security and operational resilience,
including refreshed key risk indicators.
People
oversight
Continued focus on plans to develop talent
in senior management.
– The Nomination Committee reviewed executive succession plans and development
plans for senior leaders within the Group.
– Directors had direct engagement with some of the top talent in senior management.
London Stock Exchange Group plc | Annual Report 2025 68
Governance
2025 performance review
In 2025, the Board undertook an externally
facilitated review of the performance of the
Board, its Committees, the Chair and the
individual Directors. The Board engaged
JanHall of No 4 to facilitate this review.
No 4 is not currently engaged in any other
work on behalf of the Company.
Jan interviewed each of the Directors using
agreed discussion guidelines as the basis
for each conversation. She sought the views
of Directors on areas including:
– Strategy, transformation, performance
delivery and culture
– AI, data and product development
– Risk management
– Board organisation
– Succession planning
– Stakeholder management
– Board dynamics and Non-Executive Director
and Executive interaction
– Board knowledge and inductions
– Board Committees
The outputs of the review were reported to,
and considered by, the Board and actions and
focus areas for the Board and its Committees
to undertake in 2026 were agreed. These are
set out below.
The results of the review will also be used
to assist the Board in its future development,
together with the development of its
Committees and individual Directors.
Results
The review found that the Board and
its Committees are functioning well and
are effective.
The review identified a number of positive
attributes including:
– Board dynamics and leadership:
how well the Board works together with
everyone feeling able to speak up and
the Chair’s effective leadership of
the Board
– Board composition: the current mix of
skill sets and experience, recognising
the need to continue to succession plan
for the future
– Board Committees: their overall
effectiveness and the performance by
each of the Committee Chairs, how each
Committee member is able to contribute
and the quality of discussions
– Non-Executive Director and Executive
relationships: strong relationships with
open and constructive interactions
– Board support and management
of meetings: Board governance and
Board support was positively rated
The results indicated that the Board
considers that it has the appropriate
balance of skills, experience,
independence and knowledge to enable
it and its Committees to discharge their
duties and responsibilities effectively.
Board areas of focus for 2026
The Board agreed the areas of focus for
2026 should be:
– Strategic oversight: focus on long-term
strategy to ensure the Group is well
placed for the next stage of
development and is able to meet future
opportunities and challenges
– Board composition: continue to plan
the future composition of the Board
and its Committees to ensure it has the
appropriate mix of skills and experience
to support the Group’s future strategy
and growth as well as navigate the
evolving external landscape
– People oversight: continued oversight
of Executive succession planning and
development, and ensuring that the
organisation adapts and grows to
support the future strategy
– Deepening Board knowledge: ensure
that the Board remains up to speed with
the trends impacting the Group through
additional Board deep dives
Committee areas of focus for 2026
Audit Committee
– Continued oversight of the programme
of work being undertaken to ensure
compliance with revised Provision 29
of the Code, in close alignment with the
Risk Committee
– Providing support to the new Chief
Internal Auditor
Risk Committee
– Working with the Audit Committee to
ensure compliance with Provision 29
of the Code
– Technology resilience and cyber
security remain key areas of focus
Remuneration Committee
– Preparation for the 2027 Remuneration
Policy review
Nomination Committee
– Board and Executive succession
planning to ensure that the Group is
well placed to deliver its future strategy
Corporate governance report continued
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Risk management and internal control
The Board is ultimately responsible for
the Company’s overall approach to risk
management and internal control. The Board is
supported in discharging its risk management
and internal control responsibilities by the
Audit and Risk Committees, which have been
delegated specific duties as set out in their
Terms of Reference.
The Board has established and maintains a
risk management framework which prescribes
the extent of the principal risks the Group is
willing to take to achieve its long-term strategy.
The system of internal controls has been
designed to manage the Group’s activities
within the risk appetite set by the Board and
provide reasonable assurance that risks are
being effectively managed or mitigated.
The framework covers all material controls,
including those to manage financial, operational
and compliance risks, and safeguards the
quality and integrity of both internal and
external financial and non-financial reporting.
The Audit and Risk Committees work jointly to
monitor the adequacy and effectiveness of the
Company’s systems of risk management and
internal control and oversee the work to further
enhance and strengthen the internal control
environment. Further details on the work of the
Audit Committee can be found on pages 76 to
79 and further details on the work of the Risk
Committee can be found on pages 80 to 81.
The Group is committed to operating within
a robust control environment. A summary of
the Group’s risk management frameworks
and internal controls are listed below.
Principal and emerging risk management
The Board, with support from the Risk
Committee, conducted a robust assessment
of the Company’s principal and emerging
risks for the financial year. The Risk Committee
monitors the Group’s risk profile including its
principal and emerging risks during the year
and updates the Board after each meeting.
A summary of the Company’s principal and
emerging risks and the procedures to identify
and manage those risks can be found on
pages 52 to 55.
Risk management framework
The Risk Committee reviews the Enterprise
Risk Management Framework (ERMF) at least
annually and recommends enhancements to
the Board. The ERMF sets out the Company’s
approach to managing risk and ensures that
risks are adequately understood and managed
within risk appetite across the Group. Further
details on the ERMF can be found in the principal
risks and uncertainties section of the Strategic
Report on page 52.
Risk appetite statement
The Group Risk Appetite Statement outlines
the key concepts of risk appetite and risk
tolerance that the Group will accept in pursuit
of its strategic objectives. The Board, following
recommendation from the Risk Committee,
approves the Group Risk Appetite Statement
at least annually. Further information on the
Group Risk Appetite Statement can be found
in the Principal risks and uncertainties section
in the Strategic report on page 52.
Internal control framework
The Audit Committee monitors the
effectiveness of the Group’s internal control
framework. The Board, with support from the
Audit Committee, reviews the effectiveness
of the Group’s key controls including those
related to financial, operational, reporting
and compliance. During 2025, the Board,
with support from the Audit Committee, had
oversight of enhancement programmes to
the Group’s material and key internal controls
in preparation for the new requirements of
Provision 29 of the Code and the EU Corporate
Sustainability Reporting Directive. A summary
of the Audit Committee’s oversight of the
internal control framework can be found in the
Report of the Audit Committee on page 78.
Financial control framework
The Group has an established Financial
Control Framework (FCF) that seeks to
maintain a robust financial control environment,
that mitigates the risk of material financial
misstatement and helps protect the Group
against financial fraud. The FCF aims to ensure
clear links between the Group’s financial
reporting risks and the associated processes
and control environment, making sure these
are tested and appropriately documented.
The FCF is also focused on ensuring the right
culture and training is in place to support a
risk-first mindset. The FCF is monitored by
the Audit Committee, which receives regular
updates on the FCF, including the results
of controls assurance. The Audit Committee
updates the Board on the effectiveness of
the FCF, along with the progress being made
to enhance the FCF, at least annually.
Financial reporting controls
The Group’s financial reporting process
is facilitated using accounting policies
and reporting formats and is supported by
guidance issued to all reporting entities within
the Group. Management is responsible for
maintaining the control environment for
financial reporting and ensuring that policies
and procedures exist around the maintenance
of records. The submission of financial reports
from each material reporting entity is subject
to a rigorous review. Management must provide
assurance regarding the reliability and accuracy
of the Group’s financial reports and controls.
Relevant financial controls are subject to
independent testing as well as self-attestation
by control owners, the results of which are
reported to the Audit Committee. The Audit
Committee reviews the application of the
Group’s accounting policies as well as
significant estimates, assumptions and
judgements. It also reviews the externally
reported interim and full-year results and
satisfies itself that these are fair, balanced and
understandable. The Board, with support from
the Audit Committee, reviews the effectiveness
of the Group’s internal controls over
financial reporting.
Policy governance framework
LSEG operates a Policy Governance
Framework (PGF) which details the internal
governance for all Group policies. The PGF
outlines the development, maintenance,
implementation and compliance requirements
of all Group policies. It details how various
risks within Group policies are addressed and
ensures that all Group policies comply with
the PGF. The Risk Committee is responsible
for the oversight and approval of the PGF.
Internal Audit
The Board, together with the Audit Committee,
is responsible for ensuring the independence
and effectiveness of the Internal Audit function.
Internal Audit’s primary function is to provide
independent and objective assurance to
the Board, Audit Committee and executive
management on the adequacy and effectiveness
of the Group’s system of internal controls.
The Internal Audit function provides opinion
and challenge on the control environment and
provides assurance on the Group’s ERMF.
Internal Audit provides an opinion on the
adequacy and effectiveness of the Group’s
framework of governance, risk management
and controls on an annual basis. This is
achieved through a programme of assurance
over key risks applicable to the Group and
audits required by regulation. To ensure
independence, the Internal Audit function sits
within the third line of defence in the Group’s
risk control structure and has no operational
responsibilities for the legal entities or
processes which it reviews.
The independence of the Internal Audit
function from executive management is
protected by the following measures:
– The Audit Committee approves the Internal
Audit budget, annual plan, charter and
mandate.
– The Chief Internal Auditor reports to the
Group CFO for administrative matters, with
a secondary reporting line to the Chair of the
Audit Committee, and has direct access to
the Chair of the Board.
Corporate governance report continued
London Stock Exchange Group plc | Annual Report 2025 70
Governance
– The Remuneration Committee, with input
from the Chair of the Audit Committee and
the Group CFO, assesses the performance
of the Chief Internal Auditor.
– The Audit Committee approves the
appointment or removal of the Chief
Internal Auditor.
Further details on the Internal Audit function
can be found in the internal audit charter which
is available on the Group’s website at: www.
lseg.com/en/about-us/corporate-governance.
Management structure and delegation
of authority
The Group operates a matrix structure
designed to optimise resource allocation
and organisational capacity. Subject to the
Schedule of Matters Reserved for the Board,
the Board has delegated the day-to-day
running of the Group to the CEO. The CEO is
supported by the Group Executive Committee
(ExCo), which is designed to ensure open
challenge and support effective decision-
making. Each ExCo member is accountable
for a key operating division, business area
or function.
The ExCo meets regularly to assist the CEO
in exercising his authority over material matters
that have strategic, cross-business area or
Group-wide implications. Delegation from the
Board requires ExCo members to maintain
responsibility for, and sustain, a control
environment that is appropriate to their
division, business area or function.
The ExCo has established subcommittees: the
Financial, Investment and Capital Committee
(FICC); the Executive Risk Committee (ERC);
the Group Investment Committee (GIC); and
the Sustainability Committee. FICC’s
responsibilities include: reviewing the financial
and legal implications of Group contracts;
approving changes to the Group’s corporate
structure; reviewing the financial and reporting
implications of acquisitions and disposals;
annual reviews of the Group’s overall tax
and treasury governance policies; and
monitoring of the Group’s intragroup lending
arrangements. The ERC oversees matters such
as risk culture, risk profile oversight, risk policy
oversight, risk appetite and risk disclosures
and reporting. The GIC has delegated authority
to set the strategic direction of the Group’s
capital investment and oversee its delivery.
The remit of the Sustainability Committee
includes the oversight of sustainability and
climate-related risks.
Assessment and effectiveness
In conjunction with the Board’s review of this
Annual Report, the Board, with support from
the Audit and Risk Committees, conducted a
robust review of both the principal risks facing
the Group, including those that would threaten
its business model, future performance and
liquidity, and the operation and effectiveness
of the Group’s risk management and internal
control framework through 2025 until the date
of approval of the Annual Report. As part of its
assessment, the Board reviewed the processes
for identifying, assessing, managing and
escalating principal and emerging risks and the
integration of those processes within the Group.
The Board concluded that overall, the risk
management systems are adequate and are
responsive to the Group’s risk profile and
long-term strategic objectives, and that
appropriate enhancement plans were in
place to strengthen the control environment.
The enhancements to the Group’s risk
management arrangements that are being
implemented as part of continuous
improvement programmes are overseen
by the Audit or Risk Committee as appropriate.
The Board will continue to consider further
enhancements to its risk management and
internal control framework, to ensure that
it complies with regulatory and legal
developments, as well as changes to the
external environment.
Further information
Further detail on the Group’s risk management
(including an overview of the principal risks
and a summary of emerging risks) is provided
on pages 52 to 55.
Corporate governance report continued
London Stock Exchange Group plc | Annual Report 2025 71
Financial Statements Additional InformationGovernanceStrategic Report
Report of the Nomination Committee
Priorities for 2026
The priorities set by the Committee for
2026are to:
– Keep under review the succession plans
for the Board and senior management
and ensure those plans and the talent
pipeline are merit-based and support
diversity, inclusion and equal opportunity
– Continue to ensure that Board succession
is appropriately managed in a staggered
and orderly way
– Continue to ensure that the Board
collectively maintains the right
combination of skills, experience
and knowledge
– Ensure that the focus areas identified
from the 2025 Committee effectiveness
review are considered by the Committee
Achievements for 2025
During the year, the Nomination Committee:
– Oversaw the search, evaluation and
nomination to the Board for the appointment
of Dame Elizabeth Corley as Non-Executive
Director with effect from 1December 2025
– Recommended to the Board the
appointment of Lloyd Pitchford as Chair
of the Audit Committee when Dominic
Blakemore steps down from the Board
in April 2026
– Focused on the areas identified in the
2024 Committee effectiveness review to
further develop internal succession plans
and the talent development strategy for
senior management
– Reviewed the current and future composition
of the Board with consideration for the
appropriate balance of skills, expertise,
tenure and diversity
Composition and meetings
The Committee’s membership is comprised of
all the Non-Executive Directors, with a majority
being independent. Structuring the membership
in this way enables Non-Executive Directors to
participate in all discussions relating to Board
composition and succession planning, which
reflects the importance placed on these topics
by the Company and the Code. The names and
biographies of the Non-Executive Directors who
form this Committee can be found on pages 60
to 63 of this annual report.
On 4 December 2025, it was announced that
Dominic Blakemore and Martin Brand will step
down as Non-Executive Directors of the
Company at the AGM to be held in April 2026.
The Committee is grateful to Dominic and
Martin for their guidance and support during
their tenures as Committee members.
The Group Chief Executive Officer, the Chief
People Officer and external advisers attend
meetings as requested by the Committee.
The Group Company Secretary is the
Secretary to the Committee and attends
all meetings.
During the year, the Committee met twice.
In addition, the Committee members met with
candidates for director and senior management
positions as part of the Committee’s
nomination processes.
Purpose and responsibilities
The responsibilities of the Committee include:
ensuring that the Board retains the appropriate
balance of skills, knowledge, experience and
diversity to support the strategic objectives
of the Group; maintaining a formal, rigorous
and transparent approach to the appointment
of new directors; and maintaining effective
succession plans for the Board and senior
management.
Further details on the responsibilities of the
Nomination Committee can be found in the
Committee’s Terms of Reference, which are
reviewed annually and are available on the
Company’s website at: www.lseg.com/en/
about-us/corporate-governance.
Committee performance
The Committee’s performance was assessed
as part of the 2025 Board and Committee
performance review. The result of the review
was that the Committee is performing effectively.
Further details on the 2025 Board and
Committee performance review and arising
focus areas for the Committee can be found
in the Governance section of this annual report
on pages 68 to 69.
Don Robert CBE
Chair of the Nomination Committee
London Stock Exchange Group plc | Annual Report 2025 72
Governance
Tenure of Independent Directors
A. 0 to 2 years
B. 3 to 4 years
C. 5 to 6 years
D. 7 to 9 years
* Includes nine independent directors and the Chair, as at 31 December 2025.
2
3
2
3
Board succession planning
Board succession planning is a key role of the
Committee. The Committee recognises the
need to regularly refresh the Board to ensure
that it is best placed to support and challenge
management on its strategy and execution,
with the appropriate balance of skills, tenure
and diversity. During the year, the Committee
reviewed the structure and composition of the
Board and its Committees to ensure that critical
skills and experience were refreshed. In its
review, the Committee considered likely future
changes, with consideration given to the
expertise, diversity and tenure of the Board.
The review helped the Committee to identify
Board succession requirements.
The Committee recognises that several
Directors were appointed at a similar time
and has therefore been undergoing a process
of refreshing its composition to ensure that it
has a mix of tenures as well as retaining the
appropriate mix of skills and experience.
Following his retirement from the Board at
the AGM in April 2026, Dominic Blakemore will
be succeeded as Chair of the Audit Committee
by Lloyd Pitchford. Lloyd has been a member
of the Audit Committee since his appointment
to the Board in April 2025 and previously
served as the Chair of the Audit Committee
of Bunzl plc. The timing of the change allows
for a meaningful handover period as part of
a planned succession. In advance of Dominic
Blakemore and Martin Brand stepping down
from the Board, the Committee reviewed and
updated the Board succession plans.
Board appointments
The Chair of the Board, with support from the
Nomination Committee, leads the process for
the appointment of new directors to our Board.
During the year, the Committee supported
the process to appoint a new Non-Executive
Director, based on merit and objective criteria,
resulting in the appointment of Dame Elizabeth
Corley with effect from 1 December 2025
(as initially announced on 30 May 2025).
DameElizabeth brings a wealth of investor,
governance and boardroom expertise and
extensive experience from across the global
financial services industry. She is currently
Chair of the Board at Schroders plc and
previously held non-executive director roles
at BAE Systems plc, Pearson plc and Morgan
Stanley Inc. and senior management roles
at Allianz Global Investors and Merrill Lynch
Investment Managers. The process was
supported by Russell Reynolds Associates, an
external search consultant and a signatory to
the Voluntary Code of Conduct for Executive
Search Firms, which provided regular updates
including a long-list and shortlist of candidates.
In addition to its engagement as the Board’s
external search consultant, Russell Reynolds
Associates provided executive search services
to the Company. Shortlisted candidates met
the Chair, Don Robert, and a selection of
candidates also met the CEO and/or the Senior
Independent Director. The final candidate also
met with Dominic Blakemore (Chair of the Audit
Committee), Kathleen DeRose (Chair of the
Risk Committee) and William Vereker (Chair of
the Remuneration Committee). Feedback was
reported to the Nomination Committee and the
Committee recommended Dame Elizabeth’s
appointment, which was approved by the Board.
As discussed in last year’s Nomination
Committee report, we welcomed Lloyd Pitchford
as a Non-Executive Director on 30 April 2025.
In December 2025, the Committee
recommended to the Board his appointment
as Chair of the Audit Committee as successor
to Dominic Blakemore in that role.
Principal activities during the year
Area of focus Matters considered Key outcomes Future priorities
Board
appointments
Oversaw the search, evaluation
and nomination process of
Non-Executive Directors.
The nomination and appointment
of DameElizabeth Corley as
a Non-Executive Director.
Continue to support in the search,
nomination and appointment process
for future new Directors.
Senior
management
appointments
Supported the search, evaluation
and nomination process of Executive
Committee members.
The appointment of Steve John as Chief
Corporate Affairs & Marketing Officer,
Gianluca Biagini as Co-Head of Data &
Analytics and Chris Coleman as Group Head
of Sales & Account Management.
Continue to support the selection
process for future senior management
appointments.
Succession
planning
Reviewed succession plans for the
Board and senior management.
Further developed succession plans
and ensured their alignment to the
Group’s strategy.
Continue to review and oversee the
development of succession plans for
the Board, its Committees and senior
management to ensure that the Group is
well placed to deliver its future strategy.
Oversaw the nomination process for a
successor to the current Audit Committee
Chair, who will step down in April 2026.
The nomination and appointment of
LloydPitchford as Chair of the Audit
Committee with effect from April 2026.
Board
composition
Reviewed the structure, size, skills,
expertise, diversity and tenure of the
Board and its Committees.
Identified future needs of the Board,
which supported the development of
succession plans.
Continue to review the composition of the
Board and its Committees to ensure that
the right combination of skills, experience
and knowledge is maintained.
Report of the Nomination Committee continued
London Stock Exchange Group plc | Annual Report 2025 73
Financial Statements Additional InformationGovernanceStrategic Report
Senior management succession plans
and appointments
During the year, the Committee reviewed
succession plans for management. In
its review, the Committee challenged
management to further develop its internal
talent and ensure the strategies used for talent
development are merit-based and support
inclusion across the Group.
The Chair of the Board participates in the
interview and selection process for Executive
Committee members, along with other
Nomination Committee members as appropriate.
The Committee will continue to support the
Chief Executive Officer to further develop
senior management succession plans and
talent pipelines, with consideration
for inclusion.
During 2025, we welcomed new members to
the Executive Committee. In April, Steve John
joined as Chief Corporate Affairs & Marketing
Officer and in August, Gianluca Biagini joined
as Co-Head of Data & Analytics. Ron Lefferts
was appointed as Co-Head of Data & Analytics
in August, working together with Gianluca,
and continued to lead LSEG’s global Sales &
Account Management (SAM) team until January
2026. On 12 January 2026, we welcomed
Chris Coleman as Group Head of SAM. In the
selection processes, the Chief Executive and
Chief People Officer were supported by the
Board Chair and other members of the
Committee, who participated in the interview
processes. Further details on the Executive
Committee can be found on page 7.
Board performance
The results of the 2025 Board and Committee
performance review and the actions taken
during the year in relation to the 2024 Board
and Committee effectiveness review are
described in the Corporate Governance
Report on pages 68 and 69. The work of
the Nomination Committee during the year
reflected the key area of focus for 2025 that
arose from the 2024 evaluation, which was
to continue focusing on internal succession
plans and talent development for senior
management. In addition to Board and
Executive succession planning, the Committee
will continue to keep talent development for
senior management as a focus area during
2026 and will support the Board to ensure
that all focus areas arising from the 2025
evaluation are actioned.
Time commitment
The Committee reviews the time commitments
of the Directors and the Committee and/or
the Board approves any significant external
appointments being undertaken by the Directors.
Further information about the Directors’
external appointments can be found in the
Corporate Governance Report on page 67.
Diversity, inclusion and equal opportunity
Board composition
The Board is comprised of Directors with a
wide range of skills and business experience,
drawn from a variety of sectors and industries,
which brings valuable expertise and
perspectives to Board discussions.
As at 31 December 2025, the Board: (i) met
two of the three targets laid out in the Financial
Conduct Authority’s UK Listing Rule 6.6.6R(9);
(ii) met one of the two recommendations of the
FTSE Women Leaders Review; and (iii) met the
recommendations of the Parker Review. As at
that date, the Board had female representation
of 38%, one of the four senior positions was
held by a woman and one director was from
a minority ethnic background. Following the
departure of Dominic Blakemore and Martin
Brand in April 2026, female representation on
the Board will be 45% and all three of the FCA’s
targets will be met at that time, as well as both
recommendations of the FTSE Women
Leaders Review.
Board succession plans and appointments
are based on merit and objective criteria.
Other than appointments made under the
relationship agreement with Microsoft, the
appointments procedure continues to be
conducted with a robust selection process,
led by the Nomination Committee and
supported by external search consultancies.
These external search consultancies provide
a wide range of candidates which supports
the Board’s approach to succession plans
and appointments.
The Board, with support from the Nomination
Committee, operates a diversity policy
which enables diversity, inclusion and equal
opportunity. The Board Diversity Policy states
that in making appointments and forming
succession plans, the Board will not discriminate
on the basis of any diversity criteria, including:
age; disability; gender identity or expression;
marital or parental status; race, including
colour, ethnicity, nationality, country of origin,
or cultural background; religion or belief; and
sex or sexual orientation; as well as other
forms of diversity.
The Board Diversity Policy also states the
Board’s aim to maintain a minimum of 40%
female representation on the Board; to have
a woman in at least one of the roles of Chair,
Chief Executive Officer, Chief Financial Officer
or Senior Independent Director; and have
at least one Director from a minority ethnic
background. The Policy, which is reviewed
annually, is available on the Company’s
website at www.lseg.com/en/about-us/
corporate-governance.
Executive management composition
The FCA’s UK Listing Rules and the
recommendations of the FTSE Women Leaders
Review and Parker Review require companies
to report on the diversity balance of its
Executive Management (Group Executive
Committee and Group Company Secretary).
As at 31 December 2025, our Executive
Management had 25% female representation
and 17% ethnicity representation.
The Code and the recommendations of the
FTSE Women Leaders Review and Parker
Review require companies to report on
the diversity balance of senior leadership
(Executive Committee and Group Leaders).
As at 31 December 2025, our senior leadership
comprised 36% female representation (2024:
41%) and 15% underrepresented ethnic groups
(2024: 16%).
In addition, as at 31 December 2025, the
gender diversity of the boards of our subsidiary
companies increased to 35% (2024: 33%).
LSEG operates a Group-wide Equity, Diversity
and Inclusion Policy. The Policy is available
on the Group website at: www.lseg.com/en/
sustainability-at-lseg/inclusive-culture.
Other initiatives
Our Group continues to be an active
participant in industry-wide diversity initiatives.
LSEG is a member of the Valuable 500, a
collective of 500 CEOs and their companies,
innovating together for disability inclusion.
LSEG was an early signatory of HMTreasury’s
Women in Finance Charter in the UK and fully
met the recommendations of the Charter.
For more information about our culture,
please see pages 44 to 46 of the Sustainability
section of this Annual Report.
Report of the Nomination Committee continued
London Stock Exchange Group plc | Annual Report 2025 74
Governance
Diversity reporting
The table below sets out the diversity data of the Board and executive management as at 31 December 2025 in accordance with the Financial
Conduct Authority’s UK Listing Rule 6.6.6R(10). Board diversity data is collected directly from each Director using a questionnaire and was provided
on a self-identifying basis.
Reporting table on sex/gender representation as at 31 December 2025
Number of
Board members
Percentage
of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number
in executive
management
1
Percentage
of executive
management
1
Men 8 62 3 9 75
Women 5 38 1 3 25
Not specified/prefer not to say 0 0 0 0 0
Reporting table on ethnicity representation as at 31 December 2025
Number of
Board members
Percentage
of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number
in executive
management
1
Percentage
of executive
management
1
White British or other White (including minority white groups) 12 92 4 10 83
Mixed/Multiple Ethnic Groups 0 0 0 0 0
Asian/Asian British 0 0 0 2 17
Black/African/Caribbean/Black British 1 8 0 0 0
Other ethnic group including Arab 0 0 0 0 0
Not specified/prefer not to say 0 0 0 0 0
1 Defined as the Executive Committee and the Group Company Secretary in accordance with the FCA’s UK Listing Rule 6.6.6R(10).
Don Robert CBE
Chair
25 February 2026
Report of the Nomination Committee continued
London Stock Exchange Group plc | Annual Report 2025 75
Financial Statements Additional InformationGovernanceStrategic Report
Priorities for 2026
The priorities set by the Committee for
2026 are:
– Reviewing the impact and accounting
of any complex transactions and
uncertain tax positions and ensuring
these are accurately represented in the
Group’s Annual Report and Accounts
– Monitoring and reviewing the risk
management and internal control
framework and material controls in line
with Provision 29 of the 2024 Code
– Reviewing the progress of the external
audit and the performance of the
external auditor
– Monitoring the work undertaken resulting
from the risk-based methodology of the
Internal Audit function
Achievements for 2025
The main achievements of the Audit
Committee in 2025 were:
– Reviewing and recommending to the Board
the full-year and half-year 2025 results and
approving the associated key accounting
judgements, estimates and assumptions
– Reviewing and approving our Annual Report
and Accounts and our Annual Sustainability
Report
– Oversight of the 2025 external audit
– Monitoring and reviewing several matters
including the Post Trade Solutions
transaction and progress of specific
uncertain tax provisions
– Reviewing the financial control framework
and the Group’s preparations for the
revised UK Corporate Governance Code
(the ‘2024 Code’)
– Monitoring the progress of improving IT
general controls against the
remediation plan
– Assessing the Group’s migration to
a new ERP
– Oversight of the transition to a new
Group Chief Internal Auditor
Composition and meetings
The Committee comprises five (2024: four)
Independent Non-Executive Directors.
The Committee welcomed Lloyd Pitchford
as a member on 30 April 2025. Dominic
Blakemore will step down as the Chair
of the Audit Committee in April 2026 with
Lloyd Pitchford succeeding him as the Chair.
The composition of the Committee and
number of meetings held are shown in the
Corporate Governance Report on page 63.
The UK Corporate Governance Code (the Code)
requires at least one member of the Committee
to have recent and relevant financial experience
and that members shall have competence
relevant to the sector in which the company
operates. The Chair of the Committee,
Dominic Blakemore, is a qualified chartered
accountant with a career in a variety of senior
finance roles. LloydPitchford is also a qualified
accountant and is Chief Financial Officer of
Experian plc. The Chairs of the Audit and
Risk Committees each sit on both committees,
which makes sure that issues relevant to both
committees are identified and managed.
The skills and experience of each Committee
member are provided in the Board of Directors
section on pages 60 to 63.
The Chair of the Company, Group Chief
Executive Officer, Group Chief Financial Officer,
Group Financial Controller, Group Chief Risk
Officer, Group Chief Internal Auditor, and
representatives of the external auditor,
Deloitte LLP (Deloitte), are all regular attendees
at Committee meetings. Other members of
management may also be invited to present
specific matters. The Group Company
Secretary is the Secretary to the Committee.
In addition to formal meetings, the Chair of the
Committee and some Committee members
met with senior management during the year.
The Chair of the Committee also meets
separately with the external auditor, as
required, ahead of each meeting.
Purpose and responsibilities
The Audit Committee assists the Board
through the following key responsibilities:
– Overseeing and monitoring financial and
sustainability reporting including the integrity
of the financial statements
– Reviewing significant financial reporting
and tax matters, tax governance policy
and accounting policies
– Assessing the effectiveness of the Group’s
risk management and internal control
framework (along with the Risk Committee)
– Monitoring and reviewing the effectiveness
of the Group’s Internal Audit function,
including its scope of work and findings,
and ensuring that it has adequate resources
and appropriate access to information
to perform its duties effectively and
independently from executive management
Report of the Audit Committee
Dominic Blakemore
Chair of the Audit Committee
London Stock Exchange Group plc | Annual Report 2025 76
Governance
– Overseeing the relationship with the
external auditor, including monitoring their
objectivity and independence, approving
the annual audit plan and reviewing external
audit findings
– Approving the external audit fees,
monitoring non-audit fees paid to the
external auditor and ensuring that the
external audit is put out to tender on
a periodic basis
Further details on the functions and
responsibilities of the Audit Committee can be
found in the Committee’s Terms of Reference
which are reviewed annually and are available
on the Company’s website at: www.lseg.com/
en/about-us/corporate-governance.
Committee performance
The Committee’s performance was assessed
as part of the 2025 Board and Committee
performance review. The result of the review
was that the Committee is performing well
and operating effectively. Further details
on the review can be found on page 69.
Matter considered How the Committee addressed the matter
Carrying value of goodwill and purchased intangibles
The Group carries significant amounts of goodwill and purchased intangible
assets on its balance sheet. In line with IAS 36 Impairment of Assets, goodwill
allocated to the Group’s cash-generating units (CGUs) is assessed for
impairment. Purchased intangible assets are also reviewed for impairment,
with their useful economic lives also assessed.
Impairment tests for the Group’s CGUs are based on value-in-use calculations
which require significant estimates over:
– Future performance
– Growth rates
– Discount rates
The Committee considered the approach and methodology to performing
the detailed annual CGU impairment assessment. This included reviewing
key assumptions:
– Cash flow expectations
– Short- and long-term growth rates
– The Group’s cost of capital
The Committee also considered and approved the approach to the
impairment and useful life assessment of purchased intangibles.
See note 9.1 to the consolidated financial statements on pages 141 to 142
for details of the impairment review.
Uncertain tax positions
The Group is subject to taxation in the many countries in which it operates.
There are four main uncertain tax positions (UTPs) for which the Group has
used guidance under IFRIC 23 Uncertainty over Income Tax Treatments
to determine the possible outcomes, and to assign a probability to each
of those outcomes:
– Valuation of certain Refinitiv intellectual property
– US tax credits
– Intercompany financing arrangements
– Diverted Profits Tax to Thomson Reuters
During 2025 a significant matter with an associated UTP was resolved:
– US Internal Revenue Service (IRS) audit
The Committee reviewed UTPs throughout the year with a particular focus
on the in-year developments below:
– US IRS audit:
The Committee notes that this matter is now closed with agreement
having been reached with the IRS.
– Valuation of certain Refinitiv intellectual property:
The Committee was updated on developments and notes that the
Group expects to close this matter in due course following HMRC
internal governance procedures.
– US tax credits:
The Committee noted that the Group is awaiting the resolution
of another taxpayer’s legal proceedings on a similar matter.
– Intercompany financing arrangements:
The Committee noted the Group has received inquiries from HMRC
in relation to the tax treatment of certain historical intercompany
financing arrangements.
The Audit Committee determined that the provisions and disclosure
for these matters are appropriate.
See note 6.3 to the consolidated financial statements on pages 136 to 137
for details of the uncertain tax positions.
Income Statement presentation and alternative performance measures
The Group separately identifies results before non-underlying items (these
are referred to as “adjusted”) to provide a performance measure of the
day-to-day operating results of the Group. Judgement is applied to ensure
that the criteria for a non-underlying item is met.
The Group changed its Income Statement presentation to a single column
approach to align with best practice and peer companies. All alternative
performance measures, including adjusted results, are shown in the
Alternative Performance Measures section of this report.
The Committee discussed and approved the change in Income Statement
presentation, discussed the appropriateness of alternative performance
measures and agreed on the classification of non-underlying items for
the year.
The Committee discussed the quality of earnings in relation to the Group’s
adjusted operating profit.
See the Alternative Performance Measures section of this report on pages
194 to 196.
Activities during the year
The Committee is satisfied that is has complied with the FRC Minimum Standard through undertaking its role and discharging its responsibilities.
Below we set out the main work undertaken by the Audit Committee:
1. Financial reporting
Significant accounting judgements, estimates and assumptions, and other matters related to the financial statements
The Committee reviewed, discussed and approved the half-year and full-year financial results, significant accounting judgements and estimates
and the adequacy of disclosures. The main topics considered are set out below:
Report of the Audit Committee continued
London Stock Exchange Group plc | Annual Report 2025 77
Financial Statements Additional InformationGovernanceStrategic Report
2. Internal controls, internal audit
and risk management
The Committee continued to exercise
disciplined oversight of the effectiveness of
the Group’s internal controls and Internal Audit
function, in line with principles of the Code.
It fulfilled its responsibilities by reviewing and
discussing regular reports from management,
the external auditor and the Internal
Audit function.
The Committee received a number of updates
on the Group’s Financial Control Framework
and preparations for compliance with Provision
29 of the UK Code. The Committee reviewed
the results of independent testing of internal
controls over financial reporting. It also
reviewed the approach to material controls
over non-financial reporting.
The Committee assessed the progress
being made on improving IT general controls
following observations made by Deloitte
as part of their 2024 audit. Management
recognised that the IT control environment
required enhancement and reported on
the progress of the remediation plan to the
Committee throughout 2025. The Committee
reviewed management’s assessment that there
are sufficient mitigating controls to reduce risk
of a material financial misstatement down to
an acceptable level.
Internal Audit provides risk-based, objective
and independent assurance, advice, insight
and foresight to the Group. Internal Audit
delivers assurance on the design and
effectiveness of controls that support first line
business activities as well as the Group’s risk
management and governance frameworks.
As regards the work of Internal Audit,
the Committee:
– Monitored Internal Audit’s progress against
the 2025 audit plan, including reviewing and
approving any changes to the plan during
the course of the year
– In December 2025, considered and
approved the 2026 internal audit plan
and budget
– Received the annual Internal Audit Opinion
which sets out the function’s view on the
effectiveness of the Group’s control
environment and risk culture as well
as themes and root cause analysis arising
from audit work performed
– Received updates on emerging audit issues
and themes during the course of the year
– Tracked management’s progress to address
actions within reasonable timeframes
– Approved the Internal Audit Charter which
was updated to reflect revised Global
Internal Audit Standards (effective January
2025) and the UK Chartered Institute of
Internal Auditors code
– Received updates from the Internal
Audit function on progress against the
revised standards
– Received a report from the Director of
Audit Professional Practices on the results
of the function’s quality assurance activities
The Group Chief Internal Auditor meets
regularly with the Chair of the Audit Committee.
The Group Chief Internal Auditor reports to the
Group Chief Financial Officer with a secondary
reporting line to the Audit Committee Chair.
The Group appointed a new Chief Internal
Auditor during the year, who started in
February 2026. The Committee was involved
in the interview process and approved
the appointment.
The Committee assessed the effectiveness of
the Internal Audit function throughout the year
using qualitative and quantitative indicators.
The Committee concluded that the Internal
Audit function is both independent and
effective, in line with principle M of the Code.
In addition, the Committee (in conjunction with
the Risk Committee) relied on this assurance
process throughout the year, as well as the
other evidence reviewed on internal controls,
to advise the full Board on its reporting to
shareholders on the Group’s risk management
and internal control framework. This aligns with
principle O of the Code. The Board statement
can be found on pages 70 to 71.
3. Oversight of the external auditor
The Committee has primary responsibility
for overseeing the relationship with the
external auditor, Deloitte. This includes:
conducting the process to select the external
auditor; recommending their appointment,
reappointment and removal to the Board
for approval by shareholders at each AGM;
continuous assessment of the auditor’s
independence, effectiveness and quality
of work; approving the statutory audit fee
and non-audit services; reviewing and
approving the annual audit plan; and meeting
with Deloitte to review any issues and the
findings of the audit.
The Committee reviewed and approved
the 2025 audit plan presented by Deloitte.
This included the scope of the audit, the
assessment of the key audit risks and areas
of focus as well as the materiality threshold for
the Group. Reports from Deloitte on the status
of their 2025 plan and the results of their work,
as well as Deloitte’s own assessment of their
independence, were received throughout the
year. The external auditor’s reports were used
to challenge decisions by the Group.
The Committee assessed the effectiveness
of the external audit throughout the year
in accordance with principle M of the Code.
The Committee relied on its own judgement
supported by the following evidence:
– A report from management on their own
evaluation of the effectiveness of the
external auditor based on a questionnaire
prepared in accordance with the Financial
Reporting Council’s (FRC’s) guidance and
completed by key stakeholders
– Review of the FRC’s Audit Quality Report
on Deloitte
– The separate meetings held with Deloitte
at each Committee meeting without
management being present
The Committee satisfied itself that the external
audit has been conducted effectively, with
appropriate rigour and challenge, and that
Deloitte had applied appropriate professional
scepticism throughout the audit.
Report of the Audit Committee continued
Matter considered How the Committee addressed the matter
Reallocation of goodwill
The Group restructured its external segmental reporting to align with revised
internal management reporting lines. This resulted in a reassessment of the
Group’s CGU structure and the associated goodwill allocated to each CGU.
The Committee reviewed the approach for the change in segmental
reporting structure and its impact on the CGU structure and goodwill
allocation. Further details on the goodwill reallocation can found in note
9.1 to the consolidated financial statements on pages 141 to 142.
Other matters reviewed:
– Discounts from partners and suppliers (significant judgement)
– Pensions (significant judgement, estimates and assumptions)
– Revenue recognition
– Capitalisation and impairment of internally developed software
The Committee discussed these items noting that there were no material
changes in approach compared with the prior year.
London Stock Exchange Group plc | Annual Report 2025 78
Governance
Deloitte were appointed as the Group’s
external auditor at the AGM in April 2024 for
the 2024 year-end audit following an audit
tender undertaken in 2022. Fiona Walker was
appointed as lead audit partner for the 2024
year-end audit. In February 2026, the Audit
Committee approved the appointment of
James Polson as lead audit partner for the
2025 year-end audit with Fiona Walker
expected to resume as lead audit partner
for the 2026 year-end audit. The lead audit
partner is required to rotate every five years.
Report on external auditor’s fees and
safeguards on non-audit services
The Committee has a policy governing
the engagement of the external auditor to
provide non-audit services, which is reviewed
on an annual basis. The policy permits the
provision of some audit-related and non-audit
services by the external auditor but prohibits
certain services such as: accounting/
bookkeeping services; internal auditing;
certain tax and payroll services; remuneration
services; and more generally any work
which could compromise their independence.
All engagements are brought to the Committee
for approval. The policy also places restrictions
on the employment of former employees of the
external auditor.
The policy allows approval for any audit
and non-audit services between £50,000 to
£100,000 to be delegated to the Group Chief
Financial Officer and any engagements under
£50,000 to the Group Financial Controller.
Any such approvals are then reported to the
Audit Committee at the next meeting.
The Committee fully complied with the policy
in the year.
A breakdown of audit and non-audit service
fees paid and payable to the external auditor
for the year ended 31 December 2025 is
provided below and in note 4.2 to the
consolidated financial statements.
Year ended 31 December
2025
£m
2024
£m
Services
Audit of parent and consolidated
financial statements 7 5
Audit of subsidiary companies 11 10
Non-audit services 2 1
Total 20 16
Deloitte provided non-audit services of
£1.8 million; 9% of total fees (2024: £1.3 million;
8% of total fees). This comprised of audit-
related assurance services of £0.5 million
(2024: £0.5 million) and other non-audit
services £1.3 million (2024: £0.8 million).
In each case, the Committee concluded
that the appointment of Deloitte to perform
certain non-audit services would not impair
their independence and represented the
most effective way of obtaining the services.
The Committee is satisfied that the Group
and Deloitte have been compliant with IESBA
and FRC auditor independence rules.
The Committee has complied with the relevant
parts of the Competition and Markets Authority
Final Order on the statutory audit market for
the year ended 31 December 2025.
4. Other matters
Going concern and long-term financial
viability statement
The Directors are required to assess whether
it is appropriate to prepare the financial
statements on a going concern basis and,
in accordance with the Code, provide
a statement on the Group’s viability. At its
meeting in February 2026, the Committee
reviewed the Group’s forecasts and
projections, taking into account reasonably
possible changes in trading performance.
It confirmed that the going concern basis in
preparing the financial statements continues
to be appropriate. See page 109 of the
Statement of Directors’ responsibilities for
the going concern statement. At the same
meeting, the Committee also considered the
Group’s long-term viability with reference to
the Group’s current position and prospects,
three-year business plan, risk appetite and
possible downside scenarios. See page 56
of the Strategic Report for the financial
viability statement.
Fair, balanced, and understandable
(FBU) reporting
In line with principle N of the Code, the
Committee satisfied itself that the Annual
Report is fair, balanced and understandable
and has presented its conclusions to the
Board. The Committee reviewed drafts of the
Annual Report and Accounts and considered:
– That statutory measures have been given
equal prominence to the alternative
performance measures used
– That information contained in the Strategic
Report represents a fair reflection of
performance during the year
– Information within the Strategic Report and
narrative reporting across the Annual Report
is consistent with that reported in the
Financial Statements
– Key areas of estimation and judgement are
consistently applied
The Committee discussed with management
the process undertaken to ensure that the
relevant requirements of FBU reporting were
met. This process included:
– Independent reviews of the entire report
by people not directly involved in preparing
the report
– Extensive review and verification processes
by the appropriate departments and senior
managers to ensure the accuracy of
the content
– Consideration of the balance of disclosure
between positive and negative points on
the Group’s performance in the year
See page 109 of the Statement of Directors’
responsibilities for the fair, balanced and
understandable statement.
EU Corporate Sustainability Reporting
Directive (CSRD)
Management provided the Committee with
an update on its CSRD programme including
the revised plan following the two-year
postponement in the application date of
CSRD for the Group.
Whistleblowing investigations
The Group’s whistleblowing policy provides
a method of addressing concerns while at the
same time offering whistleblowers protection
from victimisation, harassment or disciplinary
proceedings. During the year, the Committee
continued to closely monitor the effectiveness
and independence of the Speak-Up and
whistleblowing arrangements of the Group.
Dominic Blakemore
Chair of the Audit Committee
25 February 2026
Report of the Audit Committee continued
London Stock Exchange Group plc | Annual Report 2025 79
Financial Statements Additional InformationGovernanceStrategic Report
Priorities for 2026
The Committee’s priorities for 2026 include
the following focus areas:
– Oversight of the continued work maturing
the risk culture across the Group
– Monitoring of the Group’s risk profile
against risk appetite, and the mitigation
activities and progress of programmes
in place to reduce risk exposure
– Monitoring the external risk environment
and the potential impacts to the Group’s
strategy and performance
– Any other areas identified for the
Committee in the 2025 Board
performance review.
Achievements for 2025
The Risk Committee held four regular meetings
during the year, providing oversight of key
strategic risk reduction programmes and the
emerging risk environment of the Group.
These activities included:
– Monitoring the Group risk profile against
risk appetite, including the delivery of the
ongoing programmes of work to reduce
exposure to the most material risks
– Oversight of the ongoing work to further
enhance the risk culture across the Group
– Monitoring the external risk environment
and ongoing exposure of the Group to
macroeconomic and geopolitical events
– Reviewing and subsequently recommending
the Enterprise Risk Management Framework
(ERMF) and Risk Appetite Statement for
Board approval
– Reviewing and approving the Group’s
counterparty limits
The Group Chief Risk Officer (CRO) also
provided regular updates on key risk matters
to the Chair throughout the year.
Composition and meetings
The Committee comprises six independent
Non-Executive Directors, (skills and experience
detailed in the Board of Directors section on
pages 60 to 63).
The Chair of the Company, Group Chief
Executive Officer, Group Chief Financial Officer,
Group Chief Risk Officer (CRO), Group Head
of Compliance and Group Chief Internal
Auditor, are all standing attendees at
Committee meetings. The Group Company
Secretary is the Secretary to the Committee.
Other members of management are also
invited to present to the Committee on
specific matters relevant to its remit.
Purpose and responsibilities
The Risk Committee has non-executive
responsibility for overseeing high-level risk
matters and risk governance across the Group.
It regularly reviews the Group’s risk profile,
including divisional risks, and assesses
the adequacy of processes for identifying,
managing, mitigating, and reporting key
risks, including principal risks. The Committee
advises the Board on overall risk appetite,
tolerance and strategy, and evaluates the
effectiveness of the ERMF and its integration
into decision-making.
The Committee also sets standards for timely
and accurate reporting of material risks,
including compliance reporting for regulated
entities, and periodically reviews best
practices in enterprise risk management.
Further details on the Committee’s
responsibilities are outlined in its Terms of
Reference, which are reviewed annually and
available in the corporate governance section
of the Group’s website at: www.lseg.com/en/
about-us/corporate-governance.
Committee performance review
The Committee’s performance was assessed
as part of the 2025 Board and Committee
review, which this year was conducted by an
external party. Further details can be found
in the Governance section on page 69 of
this report.
Report of the Risk Committee
Kathleen DeRose
Chair of the Risk Committee
London Stock Exchange Group plc | Annual Report 2025 80
Governance
Risk management function
The CRO is responsible for leading and
overseeing the Group’s risk management
framework. The CRO reports directly to the
Chief Executive Officer and, to safeguard
independence, also to the Chair of the Risk
Committee. The Committee approves the
CRO’s mandate and ensures they have the
authority and resources required to fulfil their
responsibilities, and meets the CRO without
the presence of executive management at
each Committee meeting. The Committee
is also consulted on the appointment or
removal of the CRO.
Compliance function
Group Compliance forms part of the wider
LSEG Legal and Compliance function.
Led by the Group Head of Compliance, it
supports the Group in managing compliance
risks and by embedding a compliance culture
by setting compliance frameworks and
providing independent advice and challenge
to the Group. The Group Head of Compliance
reports to the Group’s General Counsel and
has a standing agenda item at each Committee
meeting to provide updates on the Compliance
programme of work, and to provide an opinion
on key business activities and decisions.
Kathleen DeRose
Chair of the Risk Committee
25 February 2026
Principal activities throughout the year
The Committee established formal agendas covering all responsibilities delineated in the Committee’s Terms of Reference. During the year,
the Committee discharged these responsibilities with the following activities:
Matter considered How the Committee addressed the matter
Principal and emerging risks Provided robust reviews of principal and emerging risks, which included:
1. Review and recommendation of the Group Risk Appetite Statement to the Board, which was approved
2. Review and challenge of scenario analyses, risk management, and risk mitigation across the Group
3. Review of focus topics including technology, third party, change execution, treasury and geopolitical risks
4. Monitoring of the potential impacts of emerging risks on the Group’s strategy and business model, including
– Prolonged global inflation and associated central bank policies
– Technology stock valuations and market concentration
– Activity in public and private debt markets
Compliance Monitored compliance in line with the Group’s regulatory obligations and in accordance with the defined risk appetite.
Key updates to the Committee included:
– Review of regular compliance reports, including the assessment of changes and remedial action required to ensure
continued compliance with financial services regulations, such as financial crime and fraud
– Review and challenge of identification of key regulatory compliance risks and Group-wide thematic observations
– Review of the outcome of assurance activities conducted by the Compliance function
Enterprise Risk Management
Framework (ERMF)
Focused on the continued embedding of the Group’s ERMF to support the Group’s 2025 strategic objectives, which
included the focus topics of:
– Delivery of the ongoing Risk Culture campaign, including the annual Risk Culture week, development and delivery
of risk training and enhanced measurement of risk culture
– Review and approval of the ERMF
– Review of the Group’s counterparty credit limits which were approved during the year
Report of the Risk Committee continued
London Stock Exchange Group plc | Annual Report 2025 81
Financial Statements Additional InformationGovernanceStrategic Report
Contents
Statement by the Chair 83 to 84
Remuneration at a glance 85 to 88
Summary of Executive Director
Remuneration Policy 88
Annual Report on Remuneration 89 to 103
Composition and meetings
The Committee is appointed by the Board
and comprises the Remuneration Committee
Chair and three independent Non-Executive
Directors (NEDs). The Group Company
Secretary is the Secretary to the Committee.
Where appropriate, the Committee invites
the views of the Chief Executive Officer,
Chief Financial Officer, Chief People Officer
and the Chief Risk Officer via the Risk
Committee. None of these individuals nor
the Chair participated in any discussion
relating to their own remuneration.
Purpose, responsibility and terms
of reference
The Committee’s remit includes the
remuneration of the Chair of the Company,
Executive Directors and senior management
(with NED fees determined by the Board),
reviewing the design of all share incentive
plans for approval by the Board and
shareholders, and overseeing remuneration
arrangements for all of our employees.
Details of the Committee’s remit and activities
are set out in this Report. The Committee has
written Terms of Reference which are available
from the Group Company Secretary and in the
Corporate Governance section of our website
at https://www.lseg.com/en/about-us/
corporate-governance.
Committee performance
The Committee’s performance was assessed
as part of the 2025 Board and Committee
effectiveness review. The review determined
that the Committee is performing well and
operating effectively. Further details can be
found in the Corporate Governance section
of this Annual Report on page 59.
Directors’ Remuneration report
William Vereker
Chair of the Remuneration Committee
Priorities for 2026
The priorities in 2026 include:
– Triennial review of the Remuneration
Policy and consultation with shareholders
– Ensuring remuneration design remains
effective in motivating high-performing
talent and attracting future talent
– Continue to progress towards pay clarity
and pay free from bias, ahead of the EU
Pay Transparency Directive implementation
Activities for 2025
The key activities of the Remuneration
Committee (Committee) included:
– Shareholder engagement on the
implementation of the 2024 Remuneration
Policy (Policy)
– 2025 remuneration outcomes and granting
of 2025 Long-Term Incentive (LTI) awards
– Remuneration approach for 2026, including
the design of Annual Bonus and LTI awards
– Remuneration design for senior leaders
below Board level to ensure effectiveness
in motivating high-performing talent and
attracting future talent
– Progress towards pay clarity and pay free
from bias ahead of EU Pay Transparency
Directive implementation
– Continued evolution of the Reward
Framework for the wider workforce
Details of the agenda items for each
Committee meeting are set out on page 103.
London Stock Exchange Group plc | Annual Report 2025 82
Governance
Directors’ Remuneration report continued
1 Annual Subscription Value (ASV)
2 Earnings per Share (EPS)
Statement by the Chair of the
Remuneration Committee
On behalf of the Board, I am pleased to present
the Directors’ Remuneration report for the year
ended 31 December 2025.
This statement on pages 83 to 84 provides
further detail and context for the decisions
made by the Committee in the year.
A “Remuneration at a glance” section for
our Executive Directors is set out on pages
85 to 88, summarising:
– 2025 total remuneration including vesting
outcomes for Annual Bonus and LTI
– Remuneration structure and how this will
be implemented for 2026
– Alignment of incentives to Company strategy
– Wider workforce remuneration
– Summary of the current Remuneration Policy
Our Annual Report on Remuneration, which
sets out remuneration outcomes for 2025 and
explains how we intend to apply the Policy in
2026, is set out on pages 89 to 103.
Shareholder feedback from the 2025 AGM
At LSEG’s Annual General Meeting (AGM) on
1 May 2025, the 2024 Directors’ Remuneration
Report was passed with 69.6% of votes
in favour.
Following the vote, the Board has continued
to engage with shareholders around the
implementation of the Remuneration Policy,
particularly in relation to the 2025 LTI awards.
These engagements confirmed that the large
majority of shareholders continue to support
the recommendations of the Remuneration
Committee. However, we acknowledge that
there were a range of views regarding the
vesting curve for the global sector peer
component of the Relative Total Shareholder
Return (TSR) metric. Having carefully reflected
on feedback, for the 2026 awards, we will
revert to the structure of the 2024 LTI awards,
with a payout starting from 25% for median
TSR performance relative to our global sector
peers. In line with our Policy, the Committee
will also review the formulaic outcome of
incentives to ensure these are reflective of the
performance of the Company and the relevant
individuals over the period.
The Board would like to thank shareholders
that took part in the engagement process and
values the feedback and insights gained.
LSEG performance for 2025
LSEG has delivered another year of strong
and consistent performance, with all divisions
contributing to organic income growth of
7.1%, 210bps Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA)
margin and 14.3% organic growth in Adjusted
Operating Profit (AOP), all on a constant
currency basis. During 2025, LSEG’s unique
and diversified portfolio of businesses
progressed significantly with its transformation.
Our integrated solutions and strategic
partnerships, grounded in expertise and
trusted data, ensured our key role in keeping
the markets moving for our customers in 2025.
Key highlights for 2025 include:
– Completing a significant partnership and
investment in our Post Trade Solutions (PTS)
business with 11 leading banks taking a 20%
stake, enabling long-term value creation
– Delivering our LSEG Everywhere AI strategy
centred on Trusted Data, Transformative
Products, and Intelligent Enterprise,
including partnerships with Anthropic,
Databricks, OpenAI, Snowflake and others
– Deepening long-term industry partnerships
and establishing new LSEG Data Access
Agreements with several key customers
– Progressing in delivery of our strategic
partnership with Microsoft, enhancing
our products and strengthening our
competitive position
– Significant EBITDA gains achieved through
continued focus on operating leverage and
efficiency across the Group
– Strong free cash flow of £2.4 billion enabling
us to grow the dividend by 15.4% and execute
£2.1 billion of share buybacks
2025 Annual Bonus outcomes
Executive Directors were eligible to receive
an Annual Bonus based on meeting or
exceeding targets that were set at the
beginning of the year, looking at the Group’s
financial performance, strategic objectives
and their personal individual contribution.
The Committee received input from the
Risk Committee with regard to performance
linked to risk culture (awareness, transparency
and accountability) when assessing
remuneration decisions.
For FY2025, we exceeded our Group AOP
target, with growth of 14.3% (organic, constant
currency basis).
There were significant achievements against
the Strategic Business Case objectives and
our Group Strategic Objectives (GSOs).
The Group continues to make strong progress
in the strategic transformation of our business,
supported by ongoing enhancements in our
investment and capital allocation processes,
and improving operating leverage significantly.
Summary of key decisions
– No increase to salaries for Executive
Directors in 2026
– 2025 Annual Bonus outcomes for
Executive Directors are around 75%
of maximum
– 2023 LTI awards will vest at 46%
of maximum
– 2026 Annual Bonus and LTI award
levels in line with Policy
– Wider workforce average salary
budget 2.5% overall
LSEG performance for 2025
+7.1%
Organic income growth
+5.9%
ASV
1
growth
+15.7%
Adjusted EPS
2
growth
£2.1bn
returned to shareholders
via buybacks executed in 2025
150.0p
Dividends per share
London Stock Exchange Group plc | Annual Report 2025 83
Financial Statements Additional InformationGovernanceStrategic Report
Directors’ Remuneration report continued
Statement by the Chair of the Remuneration Committee continued
In the context of this strong performance,
the overall outcome of 72% of maximum for
the FY2025 Group bonus pool underscores
the stretching nature of the performance
targets set by the Committee.
As a result of the Group’s performance and
the personal contribution of the Executive
Directors, the Committee determined that the
Executive Directors will be awarded Annual
Bonuses of ~75% of their maximum opportunity.
40% of the bonus payment will be deferred into
shares for three years.
Further details can be found on pages 90 to 93.
2023 LTI award outcomes
The Adjusted Earnings per Share (AEPS)
element of the LTI awards made in 2023 will
vest at 77% and the Relative TSR element will
vest at 0%. The vesting outcome reflects the
delivery of AEPS growth of 9.8% compound
annual growth rate (CAGR). TSR performance
over the performance period was 18.6%,
representing 33rd percentile performance
relative to the FTSE 100 peer group. Overall,
this results in a vesting outcome of 46%
of maximum.
2025 incentive outcomes
2025 Annual Bonus and 2023 LTI outcomes
are based on reported financial figures
where relevant. The Committee reviewed
the incentive outcomes in the round and
is comfortable they are reflective of overall
Group financial and strategic performance.
The Committee determined that no discretion
should be exercised to adjust any of the
formulaic outcomes.
The Committee reviewed LSEG’s share price
performance in determining the extent to
which the 2023 LTI award should vest and
concluded that no windfall gains had occurred.
Implementation in 2026
The Committee is proposing to continue to
apply a similar approach to the implementation
of our Policy for 2026 as set out below.
Salary
The Committee has reviewed salaries for the
Executive Directors and determined that no
increases will be applied for 2026. Therefore,
the salary for the CEO will remain at £1,375,000
and at £850,000 for the CFO. The Committee
remains mindful of the wider workforce, for
which the average salary budget is 2.5% overall.
Annual Bonus
There is no change to the bonus design for
FY2026, with targets continuing to be set
at stretching levels. Annual Bonuses will be
awarded in line with our Policy, with 40%
deferred into shares for three years.
LTI awards
The Committee has carefully considered
how we will operate our LTI awards in 2026.
The performance measures and weightings for
the 2026 grant will continue to be 60% AEPS
and 40% Relative TSR and awarded in line with
our Policy.
We have reviewed the AEPS element and,
considering internal and external forecasts,
have set the AEPS targets at 5% to 10% CAGR.
To achieve maximum vesting, an incremental
£1.2 billion AOP would be required in 2028,
representing additional income of approximately
£2.35 billion, relative to 2025. This will be
driven primarily by organic growth, reflecting
the transition from acquisition and integration-
led profitability, to the organisation’s underlying
performance and transformation driving EPS
growth. We expect that this AEPS range will
be aligned with both the FTSE 30 and our
global sector peers. This demonstrates
LSEG’s continued commitment to setting
stretching targets.
Relative TSR performance will continue to
be assessed equally against our global sector
peer group and the FTSE 100, the former
consisting of organisations of comparable
scale and complexity to LSEG and with which
we compete for capital and talent. The vesting
range will start from 25% payout for median
performance, scaling to 100% payout for upper
quartile performance for both peer groups.
A summary of key remuneration decisions
for FY2025 and FY2026 is provided in the
Remuneration at a glance section overleaf.
Concluding remarks
The purpose of this statement and the wider
Directors’ Remuneration report is to explain
the Group’s approach to remuneration, which
reflects best practice and market trends while
continuing to support the commercial needs
of the Group, and the interests of shareholders
and all other stakeholders. The Committee
places great importance on ensuring that there
is a clear link between pay and performance,
including a focus on culture and adherence
to the Group’s risk framework, and that our
remuneration outcomes are reflective of this
wider context.
The Committee remains committed to
open and constructive engagement with
shareholders and looks forward to further
dialogue as we prepare for the triennial
review of our Remuneration Policy, which
will be presented for shareholder approval
in 2027. This follows the Executive Director
remuneration changes introduced in the
previous review, which received strong
shareholder support and have underpinned
our ability to attract and retain high-calibre
talent during a period of significant
transformation.
During 2026, the Committee will undertake
a comprehensive review to ensure our
remuneration continues to secure the talent
required to deliver LSEG’s growth ambitions
and transformation goals. As part of this, we
will review alignment with our global sector
peers on the full remuneration mix of salary,
Annual Bonus, and Long-Term Incentives.
I would like to thank my fellow Committee
members and all internal and external
stakeholders for their valuable input over the
year, and I look forward to further engagement
in 2026 as we undertake our triennial
Policy review.
William Vereker
Chair of the Remuneration Committee
25 February 2026
London Stock Exchange Group plc | Annual Report 2025 84
Governance
Directors’ Remuneration report continued
Remuneration at a glance
Annual Bonus outcome
Annual Bonus measures
Weighting
(%bonus
opportunity)
Outcome
David
Schwimmer
Outcome
Michel-Alain
Proch
Financial: Group AOP 60% 49.5% 49.5%
Future Growth: ASV and Net Sales 10% 3.2% 3.2%
Strategic Business Cases 5% 3.1% 3.1%
Group Strategic Objectives 15% 9.8% 9.8%
Personal Leadership Impact 10% 9.0% 9.5%
Total 100% 74.6% 75.1%
Final outcome approved by the Committee 74.6% 75.1%
LTI outcome
LTI measures
Weighting
(%LTI
opportunity)
Outcome
David
Schwimmer
AEPS growth 60% 46%
Relative TSR 40% 0%
Total 100% 46%
Final outcome approved by the Committee 46%
LTI award is not applicable to Michel-Alain Proch who joined LSEG in 2024.
Salary
Pension and
Benefits
Annual
Bonus
Long-Term
Incentive
Total
Remuneration
Shareholding
David Schwimmer
Shareholding (as % of salary), as at 31 December 2025, using the closing MMQ share price of £89.52.
Shares counting towards shareholding requirement (as % of salary) Unvested shares on a net of expected tax basis which do not count towards shareholding requirement (as % of salary)
Shareholding requirement under the Policy (as % of salary)
Michel-Alain Proch has five years from his date of appointment on 1 March 2024 to achieve his shareholding requirement.
Michel-Alain Proch
902% 682% 341% 456%
Value of shareholding at 31 December 2025: £12.4m
Value of shareholding at 31 December 2025: £2.9m
Total remuneration outcomes (£000)
David Schwimmer (Chief Executive Officer)
2025 max
9,430
6,419
7,86 4
2025 actual
2024 actual
1,375 294 4,125 3,636
1,375 295 3,000 3,194
1,375 294 3,077 1,673
2025 LTI value represents the 2023 LTI award vesting in March 2026.
Michel-Alain Proch (Chief Financial Officer)
2025 max
4,828
4,405
4,339
2025 actual
2024 actual
721 339 1,245 2,034
850 116 1,277
850 116 1,700 2,162
2,162
LTI award is not applicable as he joined LSEG in 2024. LTI values represent the buyout awards for forfeited compensation of his Publicis Groupe LTIPs.
2025 total
remuneration
(£000)
6,419
2025 total
remuneration
(£000)
4,405
London Stock Exchange Group plc | Annual Report 2025 85
Financial Statements Additional InformationGovernanceStrategic Report
Policy implementation for 2026 (unchanged from 2025)
1
Element David Schwimmer Michel-Alain Proch
Salary £1,375,000 £850,000
Pension and Benefits Pension: 10% of salary
Benefits: entitlement as per the Policy
Pension: 10% of salary
Benefits: entitlement as per the Policy
Annual Bonus Max 300% of salary
Based on financial, strategic and individual performance
40% mandatory deferral into shares for three years
Max 200% of salary
Based on financial, strategic and individual performance
40% mandatory deferral into shares for three years
LTI Max 550% of salary
Based 60% on AEPS and 40% on TSR performance
assessed over three years
Further two-year holding period
Max 400% of salary
Based 60% on AEPS and 40% on TSR performance
assessed over three years
Further two-year holding period
Shareholding requirement 600% of salary
100% of requirement to be held for two years post departure
400% of salary
100% of requirement to be held for two years post departure
1 Following shareholder feedback, 2026 LTI awards will revert to start from 25% payout for median performance for both peer groups.
Alignment of performance measures and strategy
Weighting
Performance
measures
Annual
Bonus LTI Alignment to strategy and Key Performance Indicators (KPIs)
Group AOP 60% Key profitability measure for the Group aligned to our growth objective, essential
as we aim to drive sustainable value creation for all our stakeholders
K
ASV and
Net Sales
10% ASV growth can be an indicator of future income growth
1
K
Strategic
Business Cases
5% Ensures focus on leading indicators of next year’s revenue growth and strategic
businesscases that will drive multi-year growth
1
K
Group Strategic
Objectives
15% GSOs are determined annually in accordance with LSEG’s Board-approved strategy
toguide us through our multi-year transformation journey to achieve our ambition
2
3
4
5
6
K
Personal
Leadership
Impact
10% Aligned to the Company’s strategic priorities, with performance assessed equally
on both “what” has been achieved with “how” it has been delivered, to reinforce the
culture in driving sustainable high performance
2
3
4
5
6
K
AEPS growth 60% Key growth measure; reflects our success in driving strong top-line performance,
aswell as managing costs including tax, interest and capital allocation
5
K
Relative TSR 40% Maintains focus on how LSEG’s business performance compares to appropriate peer
groups, including from a talent perspective and investor expectations
Key LTI measure
for investors
KPIs are set out on pages 16-19 of the Annual Report.
Future Growth
1
KPI
K
Culture
2
Resilience
3
Customer
4
Efficiency
5
Sustainability
6
Delivery of remuneration
Year 1
Salary
Pension
and
Benefits
Annual
Bonus
LTI
Illustrative timing of when the different remuneration elements are normally received. Annual Bonus and LTI shares typically vest in March of the relevant year.
Year 2 Year 3
Year 4 Year 5
Paid in cash
Pension allowance
paid in cash; Benefits
paid per Policy
60% in cash
40% in deferred shares vesting after three years
Three-year performance period Two-year holding period
Directors’ Remuneration report continued
Remuneration at a glance continued
London Stock Exchange Group plc | Annual Report 2025 86
Governance
Wider workforce remuneration
LSEG’s global Reward Framework provides
alignment between our remuneration for
Executive Directors and the broader
employee population.
The Committee oversees arrangements for all
our employees, and reviews broader workforce
policies and practices to support in executive
pay decisions.
As set out below, our single aligned global
Reward Framework is based on the following
principles: (i) we reward performance; (ii) we
are rigorous and disciplined in our approach
to pay; and (iii) we are focused on clarity and
pay free from bias.
Variable pay
Fixed pay
Salary
Reflects value of individual roles, which is linked with individual
performance, internal peers, market context and role criticality to the
business. Base salary bands vary by grade, location and job family.
Reviewed annually, increases not guaranteed.
Executive Director alignment
Salary review considers the same factors.
Annual Bonus
Discretionary plan, with target bonus opportunity based on grade,
outcome based on Group, personal and/or divisional performance.
Otherteams participate in performance-based plans such as
discretionary sales incentive plans.
Senior employees are subject to 40% bonus deferral into shares.
All eligible – 86% participate in the discretionary performance-related
Annual Bonus. Remainder participate in other performance-based plans.
Deferral applies for the Executive Committee and Group Leaders (~100).
Executive Director alignment
Eligible for discretionary plan on similar basis. Annual Bonuses
aresubject to 40% deferral into shares for three years.
Pension andBenefits
Competitive benefits and pension plans aligned to country
marketpractices.
Available to all.
Executive Director alignment
Eligible for market-aligned benefits and receive a pension
allowance aligned with wider workforce.
Long-Term Incentives
Employee share plans offer employees the opportunity to acquire
LSEG shares on a favourable basis.
Senior employees are eligible for LTIs to incentivise and reward
long-term performance, driving shareholder alignment. Performance
share awards vest after three years subject to performance, restricted
share awardsvest over three years.
35% participation in employee share plans across 38 countries.
Executive Committee and Group Leaders (~100) eligible for
performance share awards, nextmost senior cohort (~400) eligible
for restricted share awards.
Executive Director alignment
Participation in employee share plan on same terms.
Eligible for same performance share awards but with further
two year holding period.
Not eligible for restricted share awards.
Remuneration at a glance continued
Directors’ Remuneration report continued
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Financial Statements Additional InformationGovernanceStrategic Report
Directors’ Remuneration report continued
Element and purpose Operation and performance measures Maximum
Salary
Core pay reflecting role responsibilities
and enables recruitment and retention.
Reviewed annually considering size and scope of role, organisation size, market
competitiveness, skills and expertise of individual, performance, wider market,
economic conditions and increases across the Group.
Not performance-linked.
No defined maximum;
increases based on same
factors described in
middle column.
Benefits
Market-competitive benefits and
supports wellbeing.
UK flexible benefits plan with core cover (private medical, life assurance, income
protection) and cash allowance for elective benefits. Car transportation may
be provided where necessary to perform the duties of their role. Participation
in Sharesave Plan. Directors’ and Officers’ insurance and indemnification
is provided.
Not performance-linked.
No defined maximum;
set at market-competitive
levels.
Retirement benefits
Provides retirement benefits and
supports recruitment and retention.
Annual pension allowance through defined contribution plan or cash allowance.
Not performance-linked.
10% of salary (aligned
with wider UK workforce).
Annual Bonus
Rewards annual performance against
challenging financial, strategic and
individual targets.
Deferral reinforces retention and
alignment with shareholders.
Group-wide bonus pool funded on the achievement of Group financial and
strategic goals. Executive Directors’ bonuses are allocated from the pool, based
on Group financial and strategic goals plus individual performance. At least 70%
of the bonus pool and bonuses are linked to financial metrics. 40% of bonus is
deferred into shares for three years. Malus and clawback apply.
CEO: 300% of salary;
other Executive
Directors: 200%.
Long-Term Incentives
Incentivises long-term performance and
aligns reward with shareholder value.
Annual share awards vest after three years and further two year holding period.
Dividends (or equivalents) may apply. Performance targets are TSR and other
financial metrics. Straight-line vesting applies between threshold and maximum
performance. Malus and clawback apply.
CEO: 550% of salary;
other Executive
Directors: 400%.
Shareholding
Aligns with shareholders’ interests.
Minimum shareholding requirement (MSR): CEO 600% of salary, other Executive
Directors 400% of salary, to be built within five years. Must hold 100% of MSR for
two years post departure.
No defined maximum.
Summary of Executive Director
Remuneration Policy
The Remuneration Policy (Policy) was approved
by shareholders at the 25 April 2024 AGM with
89% support. The table below summarises the
key terms of the Policy for Executive Directors.
The Policy for Non-Executive Directors is
outlined on page 99.
The full Remuneration Policy Report is set out
on pages 127 to 136 of the 2023 Annual Report,
available at our website: www.lseg.com/en/
investor-relations/annual-reports/2023.
The Committee applies the principles
prescribed by the UK Corporate Governance
Code when determining remuneration policy
and practices, as described on page 128
of the 2023 Annual Report. There have
been no changes to the Policy during the
financial period.
Remuneration at a glance continued
London Stock Exchange Group plc | Annual Report 2025 88
Governance
Annual Report on Remuneration
This section sets out how remuneration arrangements have operated during FY2025, and also provides details on how we intend to operate
our Policy during FY2026. This report will be subject to an advisory vote at the 2026 Annual General Meeting (AGM). The Policy has operated
as intended in 2025 in terms of Company performance and quantum.
Single total figure of remuneration for Executive Directors (audited)
David Schwimmer Michel-Alain Proch
FY2025
£000
% of
total
FY2024
£000
% of
total
FY2025
£000
% of
total
FY2024
£000
% of
total
Fixed remuneration
Salary 1,375 1,375 850 721
Flexible benefits allowance 15 15 1 1
Benefits
1
142 143 30 266
Pension
2
137 137 85 72
Variable remuneration
Annual Bonus 3,077 3,000 1,277 1,245
Long-Term Incentive – performance
3
1,381 2,460 – –
Long-Term Incentive – share price growth
3
292 578
4
– –
Buy-out award – 2,162
5
2,034
6
Total remuneration of which 6,419 7,708 4,405 4,339
Fixed remuneration 1,669 26% 1,670 22% 966 22% 1,060 24%
Variable remuneration 4,750 74% 6,038 78% 3,439 78% 3,279 76%
Fixed remuneration
1 Benefits include the value of private medical, income protection and life assurance plus expatriate allowances (including tax filing support) and commuting expenses (including car transportation
where appropriate) with associated taxes. David Schwimmer receives a flexible benefits annual allowance of £15,000. Michel-Alain Proch receives an annual wellness allowance of £1,000.
These allowances are not used to calculate bonus payments or pension allowances.
As an expatriate from the US to UK, David Schwimmer receives the following: tax preparation and filing assistance in the US and the UK; the Group will meet the costs of repatriating Mr Schwimmer’s
effects back to the US if the company terminates his employment other than in circumstances such as serious misconduct which would justify termination.
As an expatriate from France to the UK, Michel-Alain Proch received 30 days of temporary accommodation following his relocation to the UK and a one-off contribution of £100,000 to support
with mobility-related costs associated with establishing residency in the UK (as reported in FY2024) and receives tax filing support in accordance with LSEG’s usual practices and approved Policy.
David Schwimmer and Michel-Alain Proch contributed £500 per month to the Sharesave plan during 2025; this benefit has been valued based on the 20% discount to market value on the
Sharesave option exercise price.
2 David Schwimmer and Michel Alain-Proch each received a pension allowance of 10% of base salary as a taxable non-consolidated cash supplement, which is in line with the wider workforce.
Variable remuneration
3 The FY2025 value represents the estimated value of the 2023 award vesting in March 2026. The value delivered through performance is calculated as the number of shares forecast to vest in
2026 multiplied by the share price on the grant date. The value delivered through share price growth is calculated as the same number of shares multiplied by the difference between the average
share price in the last three months of the financial year, being £88.77, and the share price on the grant date, being £73.26. The Committee does not intend to amend the outcome or make any
adjustments in regard to share price growth, on the basis that this reflects our view of the Group’s underlying performance and returns for shareholders over the performance period.
4 Performance shares vested at 82% on 7 April 2025 at £103.25 per share.
5 As disclosed in the 2023 Directors’ Remuneration Report, a buy-out award was granted to Michel-Alain during 2024 to compensate for the forfeiture of his Publicis Groupe 2022 LTIP. The Group
replaced the forfeited Publicis Groupe 2022 LTIP with a performance share award (PSU), which vested as soon as practicable following Publicis Groupe’s formal confirmation of the performance
outcome. The amount disclosed reflects the actual vesting outcome of this Publicis Groupe award of 100% and £110.85 per share.
6 As also disclosed in the 2023 Directors’ Remuneration Report, a buy-out award was granted to Michel-Alain during 2024 to compensate for the forfeiture of his Publicis Groupe 2021 LTIP. Given the
proximity of the vesting date with Michel-Alain’s start date at LSEG, the Group replaced the Publicis Groupe 2021 LTIP with a cash buy-out award of £2,034k reflecting the actual outcome of this
Publicis Groupe award.
Executive Directors are covered by the Directors’ and Officers’ insurance and indemnification.
There are no contractual malus or clawback provisions in place in relation to benefits.
There were no money or assets reported in any previous financial year that were subject to a recovery of sums paid or withholding during the year.
Payments for loss of office (audited)
No payments were made for loss of office during the year.
Payments to past directors (audited)
No payments were made to past directors during the year.
Directors’ Remuneration report continued
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Directors’ Remuneration report continued
Annual Report on Remuneration continued
Annual Bonus (audited)
Executive Directors are eligible to receive an
Annual Bonus based on meeting or exceeding
the Group’s financial performance metrics
and strategic objectives as well as personal
performance, with targets set at the beginning
of the year.
The Remuneration Committee also receives
input from the Risk Committee with regard to
performance linked to risk culture (awareness,
transparency and accountability) when
assessing remuneration decisions.
The 2025 Group bonus pool was assessed
60% against Group AOP, 15% against
Future Growth and 25% against GSOs.
The Committee considers Group AOP to be
of particular significance for the Group and
believes it should continue to be the main
financial measure for the Annual Bonus plan.
Balanced with this, the Future Growth measure
enables the Committee to apply specific focus
to the achievement of future revenue targets.
We remain committed to driving financial
stability, empowering economies and enabling
customers to create sustainable growth.
Whilst each individual objective is not
formulaically weighted, environment, social
and governance (ESG) considerations are
embedded throughout our GSOs as shown
in the summary assessment table on page 92.
The maximum bonus opportunity for FY2025
was CEO: 300% of salary and CFO: 200% of
salary. Executive Directors must defer 40%
of their bonus into shares for three years.
Dividend equivalents will be paid in respect
of deferred shares on vesting.
The Executive Directors’ awards are funded
from the Group bonus pool. FY2025 bonus
awards for the Executive Directors are
determined: Group AOP (60%); Future Growth
(15%); Group Strategic Objectives (15%); and
Personal Leadership Impact (10%) measures.
Personal Leadership Impact is assessed
against contribution to the GSOs, including
cultural objectives, and against role-related
goals and expected leadership behaviours,
taking into account both what has been
achieved and how the individuals achieved
their targets.
Based on the assessments set out on pages 91 to 93, and confirming that no discretion was applied, the Remuneration Committee determined the
following 2025 Annual Bonus outcomes for each Executive Director:
David Schwimmer
(Chief Executive Officer)
Michel-Alain Proch
(Chief Financial Officer)
Total Annual Bonus outcome (% maximum) 74.6% 75.1%
Maximum Annual Bonus (% of salary) 300% 200%
Salary £1,375,000 £850,000
2025 Annual Bonus £3,077,038 £1,276,613
of which 40% deferred (into shares) £1,230,815 £510,645
Fixed Pay in 2026
Salary
There are no changes to the base salaries
of the CEO and CFO which are therefore:
CEO: £1,375,000
CFO: £850,000
Wider workforce average salary budget
is 2.5% overall.
Benefits
Benefit arrangements for 2026 remain
unchanged and in line with Policy.
Pension
Pension arrangements for 2026 remain
unchanged and in line with Policy.
London Stock Exchange Group plc | Annual Report 2025 90
Governance
Directors’ Remuneration report continued
Annual Report on Remuneration continued
2025 Annual Bonus outcome (audited)
FY2025 Annual Bonus outcomes
The Committee determined the overall 2025 Annual Bonus outcome with reference to the 12-month performance period ending 31 December
2025 as set out below.
Performance
measure Weighting Threshold Target Maximum Actual
Outcome
(% max)
Weighted
outcome
£3,277m
(15% vests)
£3,469m
(30% vests)
£3,628m
(60% vests)
Group AOP 60% £3,589m 82.5% 49.5%
Future Growth
2.5% 5% 10%
ASV and Net Sales 10% 3.2% 32% 3.2%
Strategic
BusinessCases
1.25% 2.5% 5%
5% 3.1% 63% 3.1%
Details of performance are set out below.
Group Strategic
Objectives:
15%
3.75% 7.5% 15%
9.8% 65% 9.8%
Culture
P
Resilience
Details of performance against each of these are set out overleaf.
P
Customer
P
Efficiency
L
Sustainability
O
Personal
Leadership Impact
10%
2.5%
5%
10%
9.0%
David Schwimmer 90% 9.0%
9.5%
Michel-Alain Proch 95% 9.5%
Details of performance against this are set out on page 93.
Total Annual Bonus outcome (% max)
David Schwimmer 74.6%
Michel-Alain Proch 75.1%
P
P
O
Further details on performance outcomes
The Committee determined that no discretion
should be exercised to adjust any of the
formulaic outcomes.
The outcome under the Group AOP measure
is based on the reported figure.
ASV growth of 5.9% reflected a resilient
performance and delivery on our commitment
to reacceleration into year end, notwithstanding
progress against Net Sales being below the
targets set.
For the Strategic Business Cases metric, the
Committee’s evaluation reflected continued
progress in the strategic delivery of our
partnership with Microsoft, significant benefit
realised from the programme of app migrations
and on-site systems’ decommissioning
and strong progress onboarding clients
to new PTS services. The assessment also
acknowledges significant benefits of the
PTS consortium transaction and the successful
extension of the SwapClear revenue-surplus
sharing arrangements by 10 years; combined,
these improved Group EBITDA margin by
100 basis points and have been immediately
EPS accretive.
Not performing
N
Underperforming
U
Performing
P
Outperforming
O
Leading
L
London Stock Exchange Group plc | Annual Report 2025 91
Financial Statements Additional InformationGovernanceStrategic Report
Summary assessment of Group Strategic Objectives
Measure Objective KPIs (including alignmentto ESG) Performance against objective
Culture
P
Develop leadership capability,
embed a product-led operating
model and build an inclusive,
high-performance culture
– Engagement score
– Inclusive leadership
– Product-led organisation
S
– Maintained a strong engagement score of 74 reflecting
colleagues’ empowerment as we continue to transform our
businesses and operating model
– Maintained an inclusive leadership culture
– Significant progress in the transition to a customer-centric
and product-led organisation
Resilience
P
Drive risk awareness
andmanagement, and improve
infrastructure and processes to
deliver reliably for the markets
and our customers
– Critical (P1) and significant
(P2) risk events
– Critical and significant
issue closure
– Business risk maturity
assessment
G
– Continued year-on-year reduction in the number of critical
risk events, having embedded the Group’s Enterprise Risk
Management Framework
– Further strengthened the organisation’s resilience through
enhanced controls, process automation and an enhanced,
robust risk culture across the organisation
– Further improvement in business risk maturity, including
delivery of the firm-wide control enhancement plan, resulting
in strengthened results against external benchmarks
Customer
P
Deliver an exceptional
customer experience and drive
engagement with our products
across the trade lifecycle and
data value chain
– Operations customer
experience (CX) score
– Yield from pricing strategy
– Brand familiarity
S
– Delivered improvements in customer experience including
improvements to time-to-market and speed in answering
customer queries. Over 80% of customer cases use our
AI-powered Question and Answer Service (QAS) enabling
half of customer queries to be resolved within an hour
– Continued to integrate our leading content and products with
LSEG Workspace, offering customers a more integrated and
seamless end-to-end experience
– Increase in brand familiarity was supported by steps taken
to simplify and scale the LSEG brand, the LSEG Insight Series
reaching 17 countries and the Eurasia Group Strategic Partnership
Efficiency
L
Simplify and modernise our
platforms and processes;
enable scalable growth and
drive operating leverage
– Realisation of Fit for
Growth savings
– Operating leverage
– Capex portfolio outcomes
S G
– Fit for Growth efficiency programme delivered £131 million
exit-rate opex savings to drive margin improvement
– Significant improvement in operating leverage facilitated
incremental reinvestment into existing growth initiatives, including
LSEG Everywhere, and our transition to a product-led organisation
– Significant progress to optimise staff costs including workforce
in-sourcing programme, and introducing use of AI tools in core
functions to drive productivity and efficiency gains
Sustainability
O
Establish LSEG as strategic
enabler and steward of
sustainable economic growth
– ESG ratings
– CSRD
1
-readiness milestones
and pre-assurance
– Stakeholder perception
E S G
– Significant progress in LSEG’s ESG ratings, with upgrades from
three of the four benchmarks
– Completed major CSRD milestones and Deloitte pre-assurance
– Increased stakeholder perception score with 81% of stakeholders
perceiving LSEG as a leader in sustainable finance and investment
1 Corporate Sustainability Reporting Directive.
P
P
P
L
O
Environmental
E
Social
S
Governance
G
Not performing
N
Underperforming
U
Performing
P
Outperforming
O
Leading
L
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London Stock Exchange Group plc | Annual Report 2025 92
Governance
Annual Bonus for 2026
There is no change to the bonus design for
FY2026, with targets continuing to be set at
stretching levels. Annual Bonus targets have
not been disclosed as they are considered
commercially sensitive and will be disclosed
retrospectively in the 2026 Directors’
Remuneration Report.
Annual Bonus maximum opportunities
will be awarded in line with our Policy
(CEO: 300% of salary, CFO: 200% of salary),
with 40% of any bonus deferred into shares
for three years.
Assessment of Personal Leadership Impact
The Committee assessed the outcome of the Personal Leadership Impact objective of the Executive Directors based on the following.
David Schwimmer, Chief Executive Officer Michel-Alain Proch, Chief Financial Officer
– Under David’s leadership, LSEG delivered strong financial performance
in 2025, achieving 7.1% organic income growth (excl. recoveries), above
the mid-point of guidance. AOP organic growth was very strong at 14.3%.
He continued to oversee active and value-creating capital allocation
through M&A and share buybacks, bringing the total buybacks to £4.6bn
since 2022. He also drove enhanced scalability and operating efficiency,
resulting in a 210bps increase in Group EBITDA margin.
– David is driving LSEG’s strategic transformation, with major internal and
external programmes including leading our accelerated AI transformation,
driving digitalisation capabilities across our market infrastructure and
advancing partnerships. David has displayed a strong focus on
communications to colleagues, customers and markets.
– LSEG is innovating at pace, facilitated by an active capital allocation policy
across all of our divisions. David oversaw the completion of the Post Trade
Solutions partnership and investment, which generated financial benefits
to group EBITDA margin and AEPS in 2025, while creating a deeper
strategic partnership with 11 leading banks taking a 20% stake. The LSEG
Everywhere AI strategy, LSEG’s unmatched data and our infrastructure
position us as a long-term strategic partner of choice, as do the new LSEG
Data Access Agreements. The migration of customers to Workspace from
Eikon, a common platform for innovation and growth providing hundreds
of enhancements a year, was one of the largest financial services
workflow migrations in history.
– David has continued to strengthen the Microsoft Partnership and advance
the product-led transformation by championing and supporting delivery,
complemented by his sustained prioritisation of a strong risk culture,
embedding risk awareness and resilience across the Group.
– He continued to foster an inclusive, high-performance culture, with
employee engagement scores remaining strong at 74 during a period of
organisational change. This was underpinned by his hiring and development
of talent at both the Executive Committee and Group Leader levels,
including the smooth onboarding of the Co-Head of Data and Analytics
and Chief Corporate Affairs and Marketing Officer enhancing the
effectiveness of senior leadership.
– David successfully evolved LSEG’s external profile, leading an extensive
international programme of media and public engagements supporting
policy priorities, brand visibility and customer objectives. He also maintained
strong investor engagement to discuss performance and strategy.
– Michel-Alain had a strong year as CFO, delivering cost efficiency and
driving our transition to a product-led operating and profitability model.
He continues to enhance the Group’s capability and rigour in data-driven
investment planning and capital allocation, and champions performance
management and cost discipline across the Group.
– Under Michel-Alain’s guidance, LSEG has delivered 210bps of in-year
margin improvement, including 110bps of underlying gains. This continues
the upward trajectory that started during his first year of office and provides
confidence in further improvement in 2026. This reflects Michel-Alain’s
continued focus on operating leverage through cost discipline and
improved scalability across the Group. Free cash flow was also strong
at £2.4bn, in line with guidance, allowing dividend growth of 15.4% and
the completion of £2.1bn in share buybacks in 2025.
– He led LSEG’s active role in debt capital markets, effectively managing
the Group’s financing costs while diversifying our sources of funding.
– Michel-Alain is a trusted figure amongst shareholders, markets and
customers, displaying his rigorous understanding of our business and its
growth opportunities when co-hosting LSEG’s recent Innovation Forum.
– He continues to be a highly effective leader and complementary
partner to the CEO, providing strong enterprise leadership and driving
growth programmes.
– Michel-Alain robustly managed the transition in the financial control
framework audit and advanced key functional transformation initiatives.
This included the first phase of implementation of our new Enterprise
Resource Platform (ERP), strengthening Finance’s planning and operating
foundations and driving faster insights on business performance.
Figures are on a constant currency basis.
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Financial Statements Additional InformationGovernanceStrategic Report
David Schwimmer, Chief Executive Officer
Performance measure Weighting
Threshold
(25% vests)
Maximum
(100% vests) Actual
Outcome
(% max)
Weighted
outcome
Average adjusted EPS growth 60% 6.0% 11.5% 9.8% 77% 46%
Relative TSR growth 40% Median Upper
Quartile
33rd
percentile
0% 0%
Below Threshold
Total 100% 46%
Measure Weighting Awards
Threshold
(25% vesting)
Stretch
(100% vesting)
Average AEPS growth
Average earnings per share, adjusted to remove any non-underlying items.
60%
2024 7.0% p.a. 12.5% p.a.
2025 5.0% p.a. 11.0% p.a.
2026 5.0% p.a. 10.0% p.a.
Relative TSR vs global sector peers
1
Measures the total returns delivered to shareholders (share price growth plus dividends
paid) over the three-year performance period, relative to LSEG’s global sector peers.
20%
2024 50th percentile 75th percentile
2025 50th percentile
2
75th percentile
2026 50th percentile 75th percentile
Relative TSR vs FTSE 100
As above, measuring LSEG’s performance relative to UK FTSE 100 firms.
20%
2024 50th percentile 75th percentile
2025 50th percentile 75th percentile
2026 50th percentile 75th percentile
1 Global sector peers for 2024 includes CME, Intercontinental Exchange, MSCI, Deustche Börse, Nasdaq, Cboe, Euronext, S&P Global, Moody’s, FactSet, Morningstar, Experian, RELX, and Wolters
Kluwer, and for 2025 and 2026 additionally includes MarketAxess, Hong Kong Exchanges and Clearing, Equifax, Verisk and Transunion.
2 For the 2025 award, the Relative TSR element vests from 50% for relative TSR performance at median against global sector peers.
Awards vest on a straight-line basis for performance between threshold and stretch, with nil vesting for performance below threshold.
Directors’ Remuneration report continued
Annual Report on Remuneration continued
Long-Term Incentives (audited)
2023 LTI award outcome (vesting in 2026)
The Committee determined the 2023 LTI award vesting outcome with reference to the three-year performance period ending 31 December 2025
as set out below. The 2023 LTI award granted to David Schwimmer was 300% of his salary at the grant date.
2023 LTI award is not applicable to Michel-
Alain Proch who joined LSEG in 2024. The
buy-out award granted to Michel-Alain Proch
during 2024 to compensate for the forfeiture
of his Publicis Groupe 2022 LTIP vested during
2025 as set out on page 89.
In relation to the 2023 LTI award, the outcome
under the AEPS measure is based on the
reported figure. The AEPS element will vest
at 77% and the Relative TSR element will
vest at 0%. The vesting outcome reflects
the delivery of AEPS growth of 9.8% CAGR.
TSR performance over the performance period
was 18.6%, representing 33rd percentile
performance relative to the FTSE 100 peer
group. Overall, this results in a vesting
outcome of 46% of the maximum.
The Committee does not intend to amend the
outcome or make any adjustments in regard
to share price growth, on the basis that this
vesting reflects our view of the Group’s
underlying performance and returns for
shareholders over the performance period.
Overall, the Committee determined that no
discretion should be exercised to adjust any
of the formulaic outcomes.
The award is subject to a two-year post-vesting
holding period.
The final vesting outcome (incorporating the
actual share price at vesting) will be disclosed
in the 2026 Directors’ Remuneration Report.
2022 LTI award (vesting in 2025)
As disclosed in the 2024 Directors’
Remuneration Report, the 2022 LTI award
granted to David Schwimmer vested at 82%,
based on relative TSR performance and
adjusted EPS performance in the performance
period to December 2024. The vesting price
at 7 April 2025 was £103.25. These values are
shown in FY2024 in the single total figure table.
LTI (granted under the Equity
Incentive Plan)
The Equity Incentive Plan (EIP) was approved
by shareholders at the 2024 AGM.
LTI awards are granted under the EIP and for
Executive Directors are subject to a two-year
holding period in addition to the three-year
vesting period, resulting in a total five-year
period from the date of grant.
Malus and clawback provisions will apply
to these awards, allowing the Committee
to reduce subsisting awards or request the
re-transfer of value in respect of already paid
or vested awards in certain circumstances
(see page 96).
The performance conditions applying to
awards from 2024 are shown below. Details of
the performance conditions for awards granted
before 2024 are provided in the respective
Annual Reports available on our website.
London Stock Exchange Group plc | Annual Report 2025 94
Governance
Directors’ Remuneration report continued
Annual Report on Remuneration continued
LTI awards granted in FY2025 (audited)
Awards during FY2025 were granted on 12 March 2025 under the EIP as follows for the Executive Directors.
David Schwimmer Michel-Alain Proch
LTI
(conditional award)
% of salary 550% 400%
Face value £7,562,500 £3,400,000
Share price
1
£110.55 £110.55
Number of shares granted
2
68,407 30,755
1 The share price of £110.55 was determined using the closing price (MMQ) on 11 March 2025 as approved by the Share Scheme Committee (a sub-committee of the Remuneration Committee).
2 The applicable performance conditions are set out on the previous page. TSR is measured over a two-month trailing average at the start and end of the three-year performance period (ending
31 December 2027) and compared to the relevant peer group. EPS is measured over the same three-year performance period ending 31 December 2027. At minimum performance, 30% of the
award is receivable.
Long-Term Incentives for 2026
Based on the context and an assessment of personal performance, the Remuneration Committee intends to make grants to the Executive
Directors as set out below.
David Schwimmer Michel-Alain Proch
Long-Term Incentive award
(subject to performance)
% of salary 550% 400%
Amount £7,562,500 £3,400,000
2026 LTI awards will remain subject to
the same performance measures and
weightings as for 2025.
The Committee has given careful
consideration to the target ranges applicable
to the 2026 grant, in particular to ensure
that AEPS growth targets are appropriately
stretching taking into account both internal
and external forecasts. For the AEPS
element (60% weighting), the performance
targets will range from 5% to 10% CAGR.
To achieve maximum vesting, an incremental
£1.2 billion AOP would be required in 2028,
representing additional income of approximately
£2.35 billion, relative to 2025. This will be
driven primarily by organic growth, reflecting
the transition from acquisition and integration-
led profitability, to the organisation’s underlying
performance and transformation driving EPS
growth. We expect that this AEPS range will
be one aligned with both the FTSE 30 and
our global sector peers. This continues to
demonstrate LSEG’s commitment to setting
stretching targets.
For the Relative TSR element (40% weighting),
performance will continue to be assessed
against our global sector peers and the
FTSE 100, weighted 50:50. The vesting
range will start from 25% payout for median
performance, scaling to 100% payout for
upper quartile performance for both
peer groups.
London Stock Exchange Group plc | Annual Report 2025 95
Financial Statements Additional InformationGovernanceStrategic Report
Directors’ Remuneration report continued
Annual Report on Remuneration continued
Malus and clawback provisions
Malus and clawback provisions apply to all
share incentive awards granted to Executive
Directors. Clawback provisions apply to annual
bonuses paid to Executive Directors.
In respect of awards under the EIP, the malus
provisions allow the Committee in its absolute
discretion to determine, at any time prior to
the payment or vesting of an award, to reduce,
cancel or impose further conditions in certain
circumstances, including:
(a) material misstatement or restatement in the
Company’s or any member of the Group’s
audited financial accounts (other than as
a result of a change in accounting practice);
(b) the negligence, fraud or serious misconduct
of an individual, or fraud or serious
misconduct with the knowledge of
a participant;
(c) conduct by an individual which results in,
or is or was reasonably likely to result in
(whether or not such result has transpired
e.g., if undiscovered and/or if no mitigating
steps had been taken):
(i) significant reputational damage to the
Company, any member of the Group
or to a relevant business unit (as
appropriate);
(ii) a material adverse effect on the financial
position of the Company, any member
of the Group or to a relevant business
unit (as appropriate);
(iii) a material downturn in the financial
performance of the Company, any
member of the Group or to a relevant
business unit (as appropriate);
Other share plans
All permanent employees in Sri Lanka and
the UK, including Executive Directors, can
join the HMRC-approved Save As You Earn
(SAYE) scheme, saving up to £500 per month
(or local equivalent) for three years. At maturity,
savings can be used to buy shares at up to
a 20% discount, with no performance
conditions attached.
(iv) a material corporate failure of the
Company, any member of the Group
or to a relevant business unit
(as appropriate);
(v) a material adverse effect on the
business opportunities and prospects
for sustained performance or profitability
of the Company, any member of the
Group or relevant business unit
(as appropriate); or
(vi) a material failure of risk management
in the Company, any member of the
Group or to a relevant business unit
(as appropriate),
or an individual being (or having been):
a member of; an employee of; or
responsible for, a business unit, the
Company or a member of the Group that
suffers (or may or could reasonably have
suffered) any of the same;
(d) where the grant, vesting, exercise, payment
or release of an award would not be
sustainable according to the financial
situation of the Group as a whole nor
justified on the basis of the performance
of the Group, the relevant business unit
and the relevant individual;
(e) conduct or behaviour by an individual that,
following an investigation, is reasonably
considered by the Committee to constitute
a breach of the Company’s values and/or
standards as stipulated by the Group’s
Code of Conduct or any of the Company’s
policies, procedures or any provision of any
staff handbook in force from time to time;
(f) unreasonable failure by an individual
to protect the interests of the Group’s
stakeholders;
Our SharePurchase Plan offers similar benefits
to employees outside Sri Lanka and the UK,
allowing employees to purchase up to £500
of LSEG shares per month with an award of
matching shares that vest after three years,
also without performance conditions. In 2025,
SharePurchase expanded to China, giving 98%
of permanent employees worldwide access
to share plans.
(g) where a participant ceases to be an
employee by reason of their retirement
(as determined by the Committee) at any
time prior to payment or vesting, but
becomes employed in an executive role
by any entity other than a role for which
they receive no remuneration;
(h) an error in assessing any performance
conditions applicable to an award or in the
information or assumptions on which the
award was granted, vests or is exercised,
paid or released; or
(i) any other circumstances that the
Committee, in exercising appropriate
discretion and acting fairly and reasonably,
considers to be similar in nature or effect
to those above.
Clawback provisions allow the Committee
in its absolute discretion to claw back from
individuals some or all of the vested EIP awards
or paid bonus in the same circumstances
outlined for malus above.
Clawback will normally apply for a period
of three years following vesting of share
awards and/or payment of cash bonus unless
the Committee determines otherwise. The
Committee believes this is an appropriate
time period which aligns with the length of the
performance period for long-term incentives.
Similar but not identical malus and/or clawback
triggers apply to existing awards under other
LSEG discretionary share incentive plans, and
to annual bonuses.
The malus and clawback provisions were not
used in FY2025 for any awards granted to
Executive Directors.
David Schwimmer and Michel-Alain Proch
contribute to the SAYE on the same terms as
other employees. These all-employee share
plans are a key part of our benefits offering
and support retention, with 35% of eligible
employees participating globally across
38 countries in 2025.
London Stock Exchange Group plc | Annual Report 2025 96
Governance
Directors’ Remuneration report continued
Annual Report on Remuneration continued
Shareholding requirements for 2026
There are no changes to the in-employment and post-employment MSR for 2026.
Minimum shareholding requirement (audited)
All Directors are subject to an MSR, as set out in the Remuneration Policy. The MSR is 600% of salary for the CEO, 400% of salary for the CFO and
100% of base fee for NEDs. Any Executive Director who steps down from the Board continues to be subject to an MSR for two years post departure
at the lower of their actual shareholding and 100% of their MSR.
Current shareholdings are summarised in the following table:
Requirement
(% salary/fee)
Shareholding as at
31 December 2025
(% salary/fee)
1,2
Requirement met
3
Executive Directors
David Schwimmer 600 902%
Michel-Alain Proch
4
400 341%
–
Non-Executive Directors
Don Robert CBE 100 124%
Dr. Val Rahmani 100 135%
Professor Kathleen DeRose 100 141%
Cressida Hogg CBE 100 100%
Dominic Blakemore 100 152%
Martin Brand
5
– N/A
N/A
Tsega Gebreyes 100 113%
William Vereker 100 132%
Scott Guthrie
5
– N/A
N/A
Lloyd Pitchford 100 141%
Dame Elizabeth Corley
6
100 – –
1 For Executive Directors, this includes shares held outright plus deferred share awards granted under the Deferred Bonus Plan (DBP), on a ‘net of expected taxes’ basis, that are unvested and
subject to continued employment.
2 Based on a share price of £89.52 (being the closing MMQ share price on 31 December 2025).
3 MSR (percentage of base salary or basic fee) required to be reached within five years of appointment for Executive Directors and within three years for NEDs.
4 Has five years from the date of appointment on 1 March 2024 to achieve his MSR.
5 MSR does not apply as are not paid a fee for their service.
6 Has three years from the date of appointment on 1 December 2025 to achieve her MSR.
There have been no further changes in these interests between 31 December 2025 and 25 February 2026.
Outside appointments
Executive Directors are allowed to accept
appointments as NEDs of other companies
with the prior approval of the Chair or
Nomination Committee, as appropriate.
Approval will only be given where the
appointment does not represent a conflict
of interest with the Company’s activities,
the director has sufficient time to undertake
the additional role and where the wider
exposure gained will be beneficial to the
development of the individual. Executive
Directors may retain fees to encourage them
to seek out the development opportunities
and valuable experience afforded by these
appointments and in recognition of the
personal responsibility they assume in
such roles.
Service contracts for Executive Directors
The Executive Directors’ service contracts do
not have a fixed term and provide for a period
of 12 months’ notice by either party.
London Stock Exchange Group plc | Annual Report 2025 97
Financial Statements Additional InformationGovernanceStrategic Report
Statement of Directors’ shareholdings and share interests at 31 December 2025 (audited)
The interests of the Executive Directors and NEDs in the shares of LSEG plc, or scheme interests in relation to those shares, including the interests
of their connected persons, were:
Shares held Awards held
Owned outright
1
Unvested and subject to
performance conditions
Unvested and subject to
continued employment
2
Vested but not exercised
Executive Directors
David Schwimmer 122,720 194,424 29,814 –
Michel-Alain Proch 30,000 69,000 16,007 –
Non-Executive Directors
Don Robert CBE 10,000 – – –
Dr. Val Rahmani 1,429 – – –
Professor Kathleen DeRose 1,500 – – –
Cressida Hogg CBE 1,683 – – –
Dominic Blakemore 1,611 – – –
Martin Brand – – – –
Tsega Gebreyes 1,200 – – –
William Vereker 1,400 – – –
Scott Guthrie 623 – – –
Lloyd Pitchford 1,500 – – –
Dame Elizabeth Corley
3
– – – –
1 Ordinary shares include both ordinary shares listed on the London Stock Exchange and American Depositary Receipts (ADRs) representing ordinary shares (at a ratio of 1 ordinary share (LSEG):
4 ADR (LNSTY)).
2 Refers to the Deferred Bonus Plan (DBP) and share options granted under Sharesave. Since 2021, LTI performance share and DBP awards have been granted as conditional awards. All subject
to continued employment and malus provisions.
3 Date of appointment is 1 December 2025.
There are no vested but unexercised options and no options were exercised in the relevant financial year.
There have been no further changes in these interests between 31 December 2025 and 25 February 2026.
The original date of appointment as Directors of the Company is as follows:
Name Date Appointed
Effective date of
letter of appointment Time to expiry Notice period
LSEG Committee
membership/chairmanship
Don Robert CBE 01/01/2019 01/01/2025 AGM in 2028 6 months
Dr. Val Rahmani 20/12/2017 20/12/2023 19/12/2026 None
Professor Kathleen DeRose 28/12/2018 28/12/2024 27/12/2027 None
Cressida Hogg CBE 08/03/2019 08/03/2025 07/03/2028 None
Dominic Blakemore
1
01/01/2020 01/01/2023 23/04/2026 None
Martin Brand
1
29/01/2021 17/05/2024 16/05/2027 None
Tsega Gebreyes 01/06/2021 01/06/2024 31/05/2027 None
William Vereker 03/10/2022 03/10/2025 02/10/2028 None
Lloyd Pitchford 30/04/2025 30/04/2025 29/04/2028 None
Dame Elizabeth Corley 01/12/2025 01/12/2025 30/11/2028 None
Shareholder director
Scott Guthrie
2
01/02/2023 01/02/2026 31/01/2029
A
Audit Committee
N
Nomination Committee
Re
Remuneration Committee
Ri
Risk Committee
S
SID Committee Chair
1 Dominic Blakemore and Martin Brand will step down from the Board following the AGM In April 2026 as announced on 4 December 2025.
2 Shareholder director representing Microsoft.
N Re
N Re Ri
Ri A N
S A N Re
A N Ri
N
A N Ri
Re N Ri
A N Ri
N Ri
N
A
Directors’ Remuneration report continued
Annual Report on Remuneration continued
London Stock Exchange Group plc | Annual Report 2025 98
Governance
Directors’ Remuneration report continued
Annual Report on Remuneration continued
Non-Executive Directors’ remuneration table (audited)
Committee membership
as at 31 December 2025
FY2025
LSEG fees
£000
FY2025
Taxable
benefits
1
£000
FY2025
Total
£000
FY2024
LSEG fees
£000
FY2024
Taxable
benefits
1
£000
FY2024
Total
£000
Don Robert CBE 720 6 726 625 12 637
Dr. Val Rahmani 95 53 148 95 61 156
Professor Kathleen DeRose 135 47 182 135 49 184
Cressida Hogg CBE 150 4 154 150 4 154
Dominic Blakemore 135 4 139 135 4 139
Tsega Gebreyes 95 5 100 95 2 97
William Vereker 135 4 139 135 4 139
Martin Brand
2
– 11 11 – 6 6
Scott Guthrie
3
– 25 25 – 24 24
Lloyd Pitchford
4
64 – 64 – – –
Dame Elizabeth Corley
4
8 – 8 – – –
Total Non-Executive Directors’ fees 1,537 159 1,696 1,370 167 1,537
A
Audit Committee
N
Nomination Committee
Re
Remuneration Committee
Ri
Risk Committee
S
SID Committee Chair
1 Taxable benefits relate to any travel allowance payments and travelling expenses, including grossed up taxes where applicable.
2 Does not receive a fee for his role. Under his letter of appointment, Martin Brand is entitled to receive a travel allowance of £4,000 per intercontinental trip. Mr Brand chose to waive this travel
allowance during 2025.
3 Shareholder director appointed to the Board on 1 February 2023 who does not receive a fee for his role.
4 Appointed during 2025 and FY2025 remuneration reflects the part-year.
Non-Executive Directors’ fees for 2026
Fees for the NEDs are reviewed every three years by the Board to ensure they remain competitive and aligned to market practice. Fees were
last updated in 2023. During the year, the Board reviewed fees relative to FTSE 30 companies and global sector peers. As a result, the Board
has agreed to increase the fee for the Senior Independent Director and the Non-Executive Director base fee, and introduce a fee for committee
membership (excluding the Nominations Committee) for 2026, as outlined below. NEDs are also required to build up a shareholding requirement
of 100% of their annual base fees within three years of appointment.
Fees With effect from 1 Jan 2025 With effect from 1 Jan 2026
Chair of the Company £720,000 £720,000
Senior Independent Director £150,000 £180,000
Non-Executive Director base fee £95,000 £120,000
Audit/Remuneration/Risk Committee Chair £40,000 £40,000
Audit/Remuneration/Risk Committee member £0 £15,000
N Re
N Re Ri
Ri A N
S A N Re
A N Ri
A N Ri
Re N Ri
N
N
A N Ri
N Ri
A
Non-Executive Directors’ remuneration
NED remuneration is determined by the
Board and is neither performance related nor
pensionable. The Chair’s fee is determined
by the Remuneration Committee. The fees
for NEDs are set at a level to recognise the
significant responsibilities and to attract
individuals with the necessary experience and
capability to make a meaningful contribution to
the Company. Fees are reviewed every three
years, relative to global sector peers, FTSE 30
companies and other companies of a similar
size and complexity.
Neither the Chair nor the NEDs participate
in any of the Company’s annual bonus or
long-term incentive plans and are not entitled
to any payments on termination.
To recognise the global nature of the
Company’s business and the additional time
commitment required for travel, a travel
allowance of £4,000 per intercontinental trip
is paid. The Group Chair is not eligible for this
allowance as he receives an all-inclusive fee
for his role.
Travel and other appropriate expenses with
associated taxes (including fees incurred in
obtaining professional advice) incurred while
performing their duties are reimbursed to the
Chair and to the NEDs.
London Stock Exchange Group plc | Annual Report 2025 99
Financial Statements Additional InformationGovernanceStrategic Report
0
500
1,000
1,500
2,000
2,500
3,000
£m
Relative importance of spend on pay
2024
Dividends paid and share buyback Total employee costs
2025 2024 2025
Directors’ Remuneration report continued
Annual Report on Remuneration continued
Percentage change in
Directors’ remuneration
The table below shows year-on-year
percentage changes in salary, benefits,
and annual bonus for each Executive and NED
compared to the global average for employees.
Amounts have been annualised where
appropriate for comparability. Variations
reflect the following specific circumstances:
(i) NED benefits reduced in 2021 due to lower
travel costs during the Covid-19 pandemic
and increased in 2022 with the resumption of
global travel; (ii) 2021 reductions for employees
reflected the integration of Refinitiv and
changes in geographic mix; (iii) 2023 CEO
benefit increase was mainly due to tax filing
and immigration costs; and (iv) 2024
Remuneration Policy reset Executive Director
pay to align more closely with the median
of our global sector peer group.
2025 2024 2023 2022 2021
Salary/
fees Benefits
Annual
Bonus
Salary/
fees Benefits
Annual
Bonus
Salary/
fees Benefits
Annual
Bonus
Salary/
fees Benefits
Annual
Bonus
Salary/
fees Benefits
Annual
Bonus
Executive Directors
1
David Schwimmer 0% 0% 3% 38% -36% 90% 0% 63% 10% 2% -14% -12% 24% -23% 19%
Michel-Alain Proch
3
0% -90% 3% – – – – – – – – – – – –
Non-Executive
Directors
2
Don Robert CBE 15% -49% – 0% -11% – 0% -58% – 19% 584% – 0% -85% –
Dr. Val Rahmani 0% -13% – 0% -7% – 19% 31% – 0% 1093% – 0% -73% –
Professor
Kathleen DeRose 0% -4% – 0% 41% – 23% -16% – 0% 640% – 38% -44% –
Cressida Hogg CBE 0% 0% – 0% – – 0% – – 39% – – 35% – –
Dominic Blakemore 0% 3% – 0% – – 23% – – 0% – – 9% – –
Tsega Gebreyes
3
0% 97% – 0% 55% – 19% -94% – 0% – – – – –
William Vereker
3
0% 2% – 0% – – 34% – – – – – – – –
Martin Brand
4
– 87% – – – – – – – – – – – – –
Scott Guthrie
3,4
– 5% – – 54% – – – – – – – – – –
Lloyd Pitchford
3
– – –
Dame
Elizabeth Corley
3
– – –
Average pay
of our employees 2% -5% 5% -3% 3% 10% 5% 4% 16% 14% 17% -15% -29% -37% -47%
1 Calculated using data from the single total figure of remuneration table on page 89.
2 Calculated using data from the Non-Executive Directors’ Remuneration Table on page 99.
3 Following Directors were appointed to the Board during the year and their amounts have been annualised where appropriate for comparability: Michel-Alain Proch on 1 March 2024,
Tsega Gebreyes on 1 June 2021, William Vereker on 3 October 2022, Scott Guthrie on 1 February 2023, Lloyd Pitchford on 30 April 2025, and Elizabeth Corley on 1 December 2025.
4 Does not receive a fee for their role.
Relative importance of spend on pay
The table right shows the relative FY2025
versus FY2024 expenditure of the Group on
dividends and share buyback versus total
employee costs. These figures are underpinned
by amounts from the Notes to the Financial
Statements at the back of this Annual Report.
Year-on-year
increases (%) FY2025 FY2024
Annual
increase
Dividends paid
and share
buyback in
financial period £2,790m £1,647m +69%
1
Total
employee costs £2,846m £2,735m
2
+4%
1 The increase in dividends paid and share buybacks in 2025
is largely driven by the higher overall buyback amount, with
£2.1 billion executed in-year.
2 FY2024 total employee costs have been re-presented
to show total payments to employees.
London Stock Exchange Group plc | Annual Report 2025 100
Governance
0
2,000
4,000
6,000
8,000
10,000
0
100
200
300
400
500
TSR and CEO remuneration
Dec 15 Dec 16
Return index rebased to 100
CEO remuneration (£000s)
Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25
LSEG TSR
David Schwimmer was appointed as CEO on 1 August 2018.
FTSE 100 TSR CEO remuneration
Directors’ Remuneration report continued
Annual Report on Remuneration continued
Alignment between pay and performance
Total Shareholder Return performance
and CEO pay
The following graph shows, for the financial
period ended 31 December 2025 and for each
of the previous ten financial periods, the TSR
on a holding of the Company’s ordinary shares
of the same kind and number as those by
reference to which the FTSE 100 is calculated.
The TSR graph represents the value, at
31 December 2025, of £100 invested in LSEG
plc on 31 December 2015, compared with the
value of £100 invested in the FTSE 100 Index
over the same period. The FTSE 100 Index
has been chosen for the purposes of this
graph as it is widely used and understood,
and LSEG plc is a constituent of the index.
The CEO single total figure of remuneration
is additionally provided.
Historic levels of CEO pay
Period ended:
(12 months unless otherwise stated) CEO
CEO Single
total figure of
remuneration (£’000)
Annual Bonus
payout as % of
maximum opportunity
Long-Term Incentive
vesting as % of
maximum opportunity
31 December 2025 David Schwimmer 6,419 75% 46%
31 December 2024 David Schwimmer 7,708 73% 82%
31 December 2023 David Schwimmer 5,392 70% 60%
31 December 2022 David Schwimmer 4,854 64% 82%
31 December 2021 David Schwimmer 6,847 72% 100%
31 December 2020 David Schwimmer 6,479 76% 100%
31 December 2019 David Schwimmer 2,456 75% –
3
31 December 2018 David Schwimmer
1
2,153 76% –
3
29 November 2017 Xavier Rolet
2
5,799 79% 100%
31 December 2016 Xavier Rolet 6,880 91% 91%
1 Appointed as CEO on 1 August 2018.
2 Stepped down from the Board on 29 November 2017; data therefore represents 11-month figures.
3 Awards vesting in 2019 and 2020 vested at 89.6% and 100% respectively; these grants were not applicable to David Schwimmer.
London Stock Exchange Group plc | Annual Report 2025 101
Financial Statements Additional InformationGovernanceStrategic Report
Directors’ Remuneration report continued
Annual Report on Remuneration continued
The Committee has reviewed the ratios and
pay data for the individuals identified at each
of the relevant quartiles and believe they are
reflective of the Company’s wider pay policies.
The remuneration received by each of the
individuals is in line with our Reward
Framework. Executive Directors’ and other
senior managers’ remuneration includes a
greater proportion of performance-related pay
when compared to the identified employees.
The Committee considers this is essential to
differentiate levels of responsibility and align
pay to sustainable long-term performance and
shareholders’ interests. This is consistent with
our 2024 Remuneration Policy which reset
Executive Director remuneration to align more
closely with the median pay of our global
sector peers.
As a significant proportion of the CEO’s
remuneration is linked to performance and
share price, it is expected that annual changes
in the pay ratio will be significantly influenced
by LTI outcomes each year and will fluctuate
accordingly. This is evidenced in the
fluctuations in the median pay ratio over time.
Notes to the calculation
We have chosen to use Option C in the
regulations to determine the pay ratios.
The best equivalents for the UK individuals
at the 25th, 50th and 75th percentiles were
determined using the hourly rate from our
gender pay analysis.
To ensure a sufficiently robust representation
at each quartile, we calculate the average total
pay and benefits of a number of employees
centred around each quartile. Any anomalies
arising in the amounts (for example, if an
employee left part way through the year)
are adjusted or excluded.
Option C leverages the comprehensive
analysis we have completed as part of
our UK gender pay gap reporting exercise.
It comprises 92% of the UK population (from
the entities with 250 or more employees,
excluding Tradeweb).
Total pay and benefits reflect remuneration
earned in the financial year, including a best
estimate of the accrued FY2025 bonus, which
will not be finalised until after the signing of
this report.
Our approach to calculating the pay ratio
ensures that the best equivalents determined
are a reflective and true representation of
workforce pay at the relevant percentiles.
Further information on our Pay Equity reporting
is in our 2025 Sustainability Report.
Details on total pay and benefits figures
– The 2025 total pay and benefits of the
identified employees was determined based
on data as at 31 December 2025
– The 2025 base salary for the 25th, 50th and
75th percentile employees are as follows:
£69,700, £90,500, £114,500
– The 2025 total pay and benefits for the 25th,
50th and 75th percentile employees are
as follows: £91,400, £125,400, £159,100
– The CEO is the highest paid individual in
the Group
Year Method 25th percentile pay ratio 50th percentile pay ratio 75th percentile pay ratio
2025 C 70 51 40
2024 C 83 62 52
2023 C 61 46 34
2022 C 61 40 31
2021 C 97 63 49
2020 C 93 67 49
2019 C 31 21 19
CEO to employee pay ratio
Paying our employees competitively relative to
their role, skills, experience and performance
is central to our approach to remuneration, and
our Reward Framework and policies support
us in doing this. The Committee consider pay
ratios as a useful reference point to inform pay
decisions, but also take into account a number
of other internal and external factors when
determining executive pay outcomes, including:
– Our Reward Framework which establishes
the compensation structure, elements
and leverage for each career stage in the
organisation, providing the Committee
with oversight of workforce remuneration
– The Group’s financial and strategic
performance, including consideration of risk
– Each individual’s performance, including
conduct and behaviour, against
personal objectives
– External market surveys
– Wider context and the views of shareholders
and investor bodies
The table below shows the ratios of the CEO
single total figure of remuneration to the total
pay and benefits of UK employees at the 25th,
50th and 75th percentile.
London Stock Exchange Group plc | Annual Report 2025 102
Governance
Directors’ Remuneration report continued
Annual Report on Remuneration continued
Engagement with stakeholders
The Committee is mindful of shareholder
views when setting and evaluating ongoing
remuneration principles and commits to
consulting with key shareholders including
institutional investor bodies prior to any key
decisions and changes to the Remuneration
Policy. In formulating the current Policy,
we consulted extensively with nearly 100
shareholders, representing approximately 80%
of LSEG’s voting rights, and proxy agencies.
We are grateful for the valuable input provided
during this process, which informed the detail
of our Policy. The Committee looks forward to
further dialogue as we prepare for the triennial
review of our Remuneration Policy, which will
be presented for shareholder approval in 2027.
We hold annual briefings with people leaders
and Executive Committee members to explain
in detail the Reward Framework and alignment
with the Executive Director Remuneration
Policy, achieving attendance from over 85%
of people leaders. While employees are not
directly consulted on the development of the
Remuneration Policy for Executive Directors,
employee forums held in key regional locations
give employees the opportunity to provide
feedback and express their views on any topic
including executive remuneration. In addition,
this Annual Report is used to communicate
and engage with our employees regarding
executive remuneration alignment with the
wider workforce. The Annual Report is also
shared in employee communications.
Advisors
Until 30 April 2025, Willis Towers Watson
(WTW) was the principal advisor appointed by
the Committee to provide independent advice
on executive remuneration policy and practice.
Following a competitive tender process,
PwC was appointed by the Remuneration
Committee as independent remuneration
consultants to the Committee with effect
from 1 May 2025. Ellason was appointed as
an additional independent advisor by the
Committee in 2023 to support with the review
of LSEG’s Remuneration Policy.
PwC, WTW and Ellason are members of the
Remuneration Consultants Group and, as such,
voluntarily operate under the code of conduct
in relation to executive remuneration consulting
in the UK. The Committee is satisfied that their
advice was independent and objective.
WTW provides a range of unrelated
professional services to the Group in the
ordinary course of business, including actuarial
and accounting services and wider reward
advisory work. PwC provides unrelated
professional services to the Group in the
ordinary course of business including tax,
advisory and risk compliance services.
The fees paid to these advisors for services to
the Committee in the year ended 31 December
2025, based on hours spent, were as follows:
Advisor Fees paid in the year
PwC £50,123
WTW £51,478
Ellason £8,600
To assist the Committee, the results of market
surveys are made available. Where appropriate,
the Committee invites the views of the Chief
Executive Officer, Chief Financial Officer, Chief
People Officer and the Chief Risk Officer via
the Risk Committee. None of these individuals
nor the Chair participated in any discussion
relating to their own remuneration.
Remuneration Committee activities in 2025
February July December
Executive Directors’ and Executive Committee
remuneration outcomes
Executive Directors’ and Executive Committee
performance review
Annual Bonus and LTI performance measures and design
Directors’ Remuneration Report
All employee remuneration
Global Pay Equity review
Business performance and bonus pool outturn
Governance
Shareholder feedback
AGM season market and governance update
Group Chair fee review
Remuneration Committee Terms of Reference
Statement of shareholder voting
The table below sets out the results of the advisory vote on the Directors’ Remuneration Report at the 2025 AGM and the binding vote on the
Remuneration Policy Report at the 2024 AGM.
Votes for Votes against
Votes
cast
Votes
withheldNumber % Number %
Remuneration Policy Report (2024 AGM) 399,211,048 88.99 49,413,030 11.01 448,624,078 82,082
Annual Report on Remuneration (2025 AGM)
1
292,722,684 69.61 127,792,714 30.39 420,515,398 3,919,580
1 An update to the response to the voting result on the Annual Report on Remuneration resolution at the 2025 AGM is provided in the Statement by the Remuneration Committee Chair on page 83.
Signed on behalf of the Board of Directors
William Vereker
Chair of the Remuneration Committee
25 February 2026
This report has been prepared in accordance
with Schedule 8 to The Large and Medium-
sized Companies and Groups (Accounts and
Reports) Regulations 2008 (as amended),
and the relevant sections of the Listing Rules.
London Stock Exchange Group plc | Annual Report 2025 103
Financial Statements Additional InformationGovernanceStrategic Report
The Directors of the Company are pleased to
present their Annual Report to shareholders,
together with the financial statements for
the year ended 31 December 2025 with
comparatives for the year ended
31 December 2024.
This report has been prepared in accordance
with requirements outlined within The Large
and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008 and
forms part of the management report as
required under the FCA’s Disclosure Guidance
and Transparency Rule (DTR) 4. This section,
together with the Strategic Report and other
sections of the Annual Report as set out in
the table below, fulfils the requirements of the
Directors’ Report. For information on matters
of strategic importance, including a review of
the Group’s business areas, a financial review
and the principal risks and uncertainties of
the Company, refer to the Strategic Report.
Index to the Directors’ Report
and other disclosures
AGM 199
Articles of Association 105
Board of Directors 60
Branches 108
Business model 14
Conflicts of interest 67
Directors’ indemnity 105
Directors’ loss of office 89
Dividends 104
Employee engagement 47
Employment information 106
Engagement with suppliers 48
Engagement with stakeholders
and Section 172(1) statement 47
Essential contracts and change of control 107
Financial instruments 157
Going concern 123
Greenhouse gas emissions reporting 43
UK Listing Rule 6.6.1R cross-reference table 104
Modern slavery 46
Political donations 106
Purchase of own shares 105
Related party transactions 124
Share capital 104
Substantial shareholders 199
Viability statement 56
Information required to be disclosed by
UK Listing Rule 6.6.1R (starting on the page
indicated) is set out in the adjacent table.
UK Listing Rule 6.6.1R cross-reference table
Interest capitalised N/A
Publication of unaudited
financial information N/A
Details of long-term incentive schemes N/A
Waiver of emoluments by a Director 106
Waiver of future emoluments by a Director N/A
Non pre-emptive issues of equity for cash N/A
Item 7 (in relation to major subsidiary
undertakings) N/A
Parent participation in a placing
by a listed subsidiary N/A
Contracts of significance 107
Provision of services by
a controlling shareholder N/A
Shareholder waivers of dividends 104
Shareholder waivers of future dividends 104
Agreements with controlling shareholders N/A
Strategic Report
LSEG presents a fair review of the Group
during the financial year in the Strategic Report
set out on pages 1 to 56, as required by the
Companies Act 2006. The Strategic Report,
which includes a review of the Group’s
business areas, a financial review and the
principal risks and uncertainties of the
Company, was approved by the Board on
25 February 2026 and is incorporated into
this Directors’ Report by reference.
Results
The Group made a profit before taxation,
before non-underlying items for the year,
of £3,338 million (2024: £2,970 million).
After taking into account amortisation
of purchased intangible assets and other
non-underlying items, the profit of the Group
before taxation for the year was £1,969 million
(2024: £1,258 million). Profit after taxation for
the year was £1,506 million (2024: £921 million).
Dividends
The Directors are recommending a final
dividend for the year of 103 pence (2024:
89 pence) per share which is expected to be
paid on 20 May 2026 to shareholders on the
register on 17 April 2026. Together with the
interim dividend of 47 pence (2024: 41 pence)
per share paid on 17 September 2025, this
produces a total dividend for the period
of 150 pence (2024: 130 pence) per share,
estimated to amount to £718 million (2024:
£688 million).
The Group maintains a progressive dividend
policy, with a payout ratio of 33-40% of full-year
AEPS, and the interim dividend being calculated
as approximately one-third of the expected
full-year dividend.
A standard dividend waiver agreement is
in place for the employee benefit trust (EBT).
Information on the EBT can be found in note 18
of the consolidated financial statements on
page 172.
Share capital
As at 31 December 2025, the Company’s
share capital consisted of 531,859,674 ordinary
shares of 6 ⁄ pence each (“ordinary shares”),
made up of: (i) 510,408,075 ordinary shares
(excluding treasury shares) (95.97%), which
carry one vote each; and (ii) 21,451,599 ordinary
shares held in treasury (4.03%). The total
number of voting rights in the Company on
31 December 2025 was 510,408,075. More
information on the Company’s share capital
can be found in note 18 of the consolidated
financial statements on page 173.
During the period from 1 January 2025 to
the date of this report, the Company returned
capital to shareholders via its on-market share
buyback programmes:
– on 3 March 2025, a £500 million share
buyback programme commenced, which
completed on 13 June 2025. 4,482,734
ordinary shares were purchased and placed
in treasury.
– on 4 August 2025, a £1 billion share buyback
programme commenced and completed on
3 November 2025. 11,011,759 ordinary shares
were purchased and placed in treasury.
– on 4 November 2025, a further £1 billion
share buyback programme commenced
and completed on 10 February 2026.
11,675,487 ordinary shares were purchased
and cancelled upon settlement.
For further information on the rationale for
these share purchases see page 27 of the
Strategic Report.
During the year to 31 December 2025:
– 965,000 ordinary shares held in treasury
were transferred to the EBT and 120,231
ordinary shares were issued and allotted to
the EBT. These transactions were made to
satisfy awards made under the Company’s
employee share plans.
– 5,200,000 of the ordinary shares that had
been purchased during the year and placed
in treasury were cancelled.
As at 25 February 2026, the total number of
voting rights in the Company was 505,367,111.
The figure 505,367,111 may be used by
shareholders as the denominator for the
calculations by which they will determine
if they are required to notify their interest in,
or a change to their interest in, the Company
under the DTR.
Directors’ report
London Stock Exchange Group plc|Annual Report 2025 104
Governance
Share rights
The rights and obligations attached to the
Company’s ordinary shares are set out in the
Company’s Articles of Association. The Company
has one class of shares in issue, consisting of
ordinary shares of 6 ⁄ pence each.
No shareholder shall be entitled to vote at a
general meeting, either in person or by proxy,
in respect of any share held by him or her
unless all monies presently payable by him
or her in respect of that share have been paid.
In addition, no shareholder shall be entitled to
vote, either in person or by proxy, if he or she
has been served with a notice under Section
793 of the Companies Act 2006 (concerning
interests in those shares) and has failed to
supply the Company with the requisite
information.
Other than restrictions considered to be
standard for a UK listed company (for example,
restrictions on partly paid certificated shares),
there are no limitations on the holding, transfer
or voting rights of ordinary shares in the
Company, all of which are governed and
regulated by the Company’s Articles of
Association and applicable legislation
and regulation.
The Company is not aware of any other
agreements between holders of shares that
may result in restrictions on the transfer of
shares or on voting rights.
Corporate Governance Statement
The Company has applied the principles
and complied with the provisions of the UK
Corporate Governance Code 2024 (the “Code”)
throughout the year. The Code is publicly
available on the Financial Reporting Council
website (www.frc.org.uk). Further information
on compliance with the Code can be found
on page 58.
The Corporate Governance Statement sets
out how the Company complies with the Code
and includes a description of the main features
of our internal control and risk management
arrangements in relation to the financial
reporting process; this is set out on pages
70 and 71. The information required by DTR 7.2
can be found in the Directors’ Report on
page 104.
Further information regarding the composition
and operation of the Board and its Committees,
including the Board Diversity Policy, can be
found on pages 64 to 103.
Articles of Association
The Company’s Articles of Association
may only be amended by special resolution
at a general meeting of the shareholders.
The Company’s Articles of Association contain
provisions relating to the appointment and
removal of Directors. The Articles of Association
can be obtained from Companies House in the
UK and are available on the Company’s website
at: www.lseg.com/en/about-us/corporate-
governance.
Authority to issue shares
Subject to the provisions of the Companies
Act 2006 and without prejudice to any rights
attached to any existing shares or class of
shares, any share may be issued with such
rights or restrictions as the Company may by
ordinary resolution determine or, subject to
and in default of such determination, as the
Board shall determine.
Authority to allot shares
The authority conferred on the Directors at last
year’s AGM to allot shares in the Company up
to a maximum nominal amount of £12,236,935
(representing 33.3% of the issued share capital
of the Company (excluding treasury shares) as
at the latest practicable date before publication
of the Notice of the Company’s last AGM) or, in
connection with a pre-emptive offer to existing
shareholders by way of a rights issue, up to
a maximum nominal amount of £24,473,871
(representing 66.6% of the issued share capital
of the Company (excluding treasury shares) as
at the latest practicable date before publication
of the Notice of the Company’s last AGM),
expires on the date of the forthcoming AGM.
Shareholders will be asked to give a similar
authority to allot shares at the forthcoming AGM.
Authority to purchase shares
The authority for the Company to purchase
in the market up to 53,060,997 of its ordinary
shares (representing 10% of the issued share
capital of the Company as at the latest
practicable date before publication of the
Notice of the Company’s last AGM) granted
at the Company’s last AGM, expires on the
date of the forthcoming AGM.
The Company has utilised the authority
obtained at the last AGM to conduct share
buyback programmes to purchase ordinary
shares with an aggregate value of up to
£2.5 billion, as summarised on page 104 of
the Directors’ Report. This includes share
purchases made under the authority granted
at the Company’s 2024 AGM in the period
between March 2025 and the last AGM.
As at 31 December 2025, 22,129,016 ordinary
shares had been purchased by the Company
at an average purchase price of £93.44 per
ordinary share for a total consideration of
£2,068 million. These ordinary shares
represented 4.34% of the Company’s issued
share capital (excluding treasury shares) as
at 31 December 2025. 15,494,493 of these
ordinary shares were placed in treasury and
6,634,523 were cancelled upon settlement.
A further 5,040,964 ordinary shares were
purchased by the Company from 1 January
to 10 February 2026 at an average purchase
price of £82.34 per ordinary share for a total
consideration of £415 million. All shares
purchased during this period were cancelled
upon settlement.
In aggregate, the Company had as at
25 February 2026 purchased 27,169,980
ordinary shares (nominal value of 6 ⁄ pence)
as part of the share buyback programmes for
a total consideration of £2,483 million. These
purchased ordinary shares represent 5.38% of
the company’s issued share capital (excluding
treasury shares) as at 25 February 2026.
Shareholders will be asked to give a similar
authority to purchase shares at the
forthcoming AGM.
Directors’ interests
Directors’ interests in the shares of the
Company as at 31 December 2025, according
to the register maintained under the Companies
Act 2006, are set out in the Directors’
Remuneration Report on page 98. No company
in the Group was, during or at the end of the
year, party to any contract of significance in
which any Director was materially interested.
Directors’ indemnity
There were qualifying third-party indemnity
provisions (as defined by Section 3 of the
Companies Act 2006) in force during the
course of the year ended 31 December 2025.
Directors have the benefit of indemnity
arrangements from the Company in respect
of liabilities incurred as a result of their office
and execution of their powers, duties and
responsibilities. The Company maintained
a Directors’ and Officers’ liability insurance
policy throughout the year. This policy covers
the Directors for any such liabilities in respect
of which they are not indemnified by the
Company and, to the extent to which it has
indemnified the Directors, also covers the
Company. Neither the Company’s indemnity
nor insurance provides cover for a Director
in the event that the Director is proved to
have acted fraudulently or dishonestly. Such
qualifying third-party indemnity provisions
remain in force as at the date of approving
this Directors’ Report.
Directors’ report continued
London Stock Exchange Group plc|Annual Report 2025 105
Financial Statements Additional InformationGovernanceStrategic Report
Waiver of Directors’ emoluments
Under his letter of appointment, Martin Brand is
entitled to receive a travel allowance of £4,000
per intercontinental trip. Mr Brand has chosen
to waive this travel allowance during 2025.
Employees
Information on the Group’s employees,
including the Group’s approach to human
rights, inclusion and pay equity, the outcomes
relating to the Group’s employee engagement
survey and further examples of employee
engagement, can be found in the Sustainability
section starting on page 37. Information on
the Group’s share schemes is provided in the
Directors’ Remuneration Report starting on
page 82.
The Group welcomes and gives full, fair and
merit-based consideration to applications from
diverse candidates, including persons with
visible and non-visible disabilities. As with all
areas of inclusion, our focus is on providing the
right tools to support people to be successful
in the workplace. The Group assists all
employees who have a disability with training,
career development and progression
opportunities and, in a situation where an
existing employee develops a disability,
our approach is to provide continuing support
and training as appropriate.
Where changes to working practices or
structure affect employees, they are consulted
and given the appropriate assistance.
LSEG is a Valuable 500 Iconic Leader and
as such has made a pledge to ensure that it:
– drives towards removing bias related to
disability hiring and provides the necessary
tools for people with a disability to succeed
– has inclusive hiring and onboarding practices
– makes subtitles available for all videos
it publishes
– creates inclusive offices and infrastructure
across all its locations, relying on
consistent guidelines
– has a Company-wide leadership pledge
and commitment to support disability
– improves physical accessibility for
existing locations
We are committed to providing a safe and
inclusive environment for everyone. The LSEG
Accessibility Network works in partnership
with the Group to make sure commitments are
implemented. We recognise key observances,
such as International Day of Persons with
Disabilities and World Mental Health Day, to
raise awareness, reduce stigma and celebrate
the contribution of people with disabilities.
All employees are provided with information
on matters of concern to them in their work
through regular briefing meetings and internal
publications. To inform employees of the
economic and financial factors affecting our
business, regular updates are posted on our
intranet and engagement events are hosted,
such as townhall style meetings, with members
of our Executive Committee, providing a
briefing on specific areas of the business.
Alongside this, information is cascaded to
employees through people leaders, also
supporting employee engagement.
Sustainability
We are committed to the pursuit of sustainable
economic development. As a Group, we
recognise that this requires us to use resources
in ways that deliver long-term sustainability
and profitability for the business. These
considerations are also built into how we
develop our products and services.
Further details of our approach to climate,
our targets and progress on environmental
matters, as well as methodology and
verification, can be found in the Sustainability
section on pages 37 to 46.
Research and development
LSEG undertakes research and development
activities that align with new revenue
opportunities. The research combines
significant domain expertise with modern
quantitative, data science and cloud-
engineering practices. The large variety of
data and analytics available at LSEG enables
research and development to apply current
techniques and technologies. Technical
expertise features prominently in LSEG
research functions, including AI and large
language models, quantitative and data-driven
modelling, machine learning and natural
language processing. Research also includes
significant expertise in customer experience
design and user experience.
Political donations
During the year, the Group did not make
any direct political donations or incur any
political expenditure.
It remains LSEG’s policy not to make direct
political donations or to incur direct political
expenditure; however, the application of the
relevant provisions of the Companies Act
2006 is potentially very broad in nature and,
like last year, the Board is seeking shareholder
authority to ensure that the Group does not
inadvertently breach these provisions as a
result of the breadth of its business activities,
although the Board has no intention of using
this authority. As with previous years, the
Board is proposing that shareholders pass a
resolution at the forthcoming AGM to authorise
the Group to:
– make political donations to political parties
and independent election candidates not
exceeding £100,000 in total
– make political donations to political
organisations other than political parties
not exceeding £100,000 in total
– incur political expenditure not exceeding
£100,000 in total
– provided that in any event the aggregate
amount of any such donations and
expenditure made or incurred by the Group
shall not exceed £100,000
Notwithstanding LSEG’s policy not to make
political donations, we recognise the rights
of our employees to participate in the political
process. Their rights to do so are governed
by the applicable laws in the countries in which
we operate. For example, in the US under the
Federal Election Campaign Act, eligible
employees can establish non-partisan political
action committees (PACs) to support voluntary
employee participation in the political process.
Corporate PACs are a common feature of the
US political system and operate independently
of any political party or candidate.
LSEG US Holdco, Inc. operates a PAC for eligible
employees. Consistent with US law, LSEG US
Holdco, Inc. pays for the PAC’s administrative
expenses; providing such support is not
considered to be a political donation or
expenditure under US law. In accordance with
the applicable law, contributions from the PAC
are funded entirely by voluntary contributions
from eligible employees. All decisions on the
amounts and recipients of contributions are
directed by a steering committee comprising
employees eligible to contribute to the PAC.
All PAC receipts and disbursements are
publicly disclosed on the FEC’s website:
www.fec.gov/data/browse-data.
Directors’ report continued
London Stock Exchange Group plc|Annual Report 2025 106
Governance
Significant agreements
There are no agreements between the
Company and its directors or employees
providing for compensation for loss of office
or employment (whether through resignation,
purported redundancy or otherwise) that arise
specifically in connection with a takeover bid.
The following are significant agreements as at
31 December 2025, to which the Company is
a party, that take effect, alter or terminate upon
a change of control of the Company following
a takeover bid.
Strategic Initiatives Agreement with Microsoft
As part of the strategic partnership with
Microsoft Corporation, certain subsidiaries of
the Company are party to a strategic initiatives
agreement with Microsoft Ltd (the “Strategic
Initiatives Agreement”).
Under the Strategic Initiatives Agreement,
the parties have agreed to jointly pursue
strategic initiatives in relation to LSEG’s data
architecture, Workspace solution and analytics
capabilities, as well as explore the development
of digital market infrastructure based on
cloud technology.
The Strategic Initiatives Agreement includes
a provision permitting Microsoft to terminate
the agreement in circumstances where the
Company comes under the control of an entity
that Microsoft are prohibited from dealing with
by a sanctioning body, or that is based in a
jurisdiction subject to international sanctions.
Thomson Reuters News Agreement
Certain subsidiaries within the Group are party
to an agreement with Reuters News dated
1 October 2018, under which Reuters News
provides, for a 30-year term, various categories
of general news and financial content,
alongside certain accompanying intellectual
property licence agreements in relation to
the provision of such content (the “Thomson
Reuters News Agreement”). The Thomson
Reuters News Agreement includes a provision
requiring consent to assign the agreement
pursuant to a change in control of the
Company in certain circumstances, a breach
of which could potentially lead to a termination
of the agreement.
Facility agreements
Amended 2017 Revolving Credit Facility
On 22 November 2023, the amended and
restated £1,425 million syndicated, committed,
revolving credit facility agreement was further
amended and extended (the “Amended 2017
RCF”). The facility limit was increased to
£1,925 million and the maturity date was
extended to 16 December 2027. The facility
provides flexible financing capacity for the
general corporate purposes of the Group and
includes £1,925 million euro and US dollar
swingline facilities as backstop support for
commercial paper issuance.
2020 Revolving Credit Facility
The Company has a syndicated, committed
revolving credit facility agreement dated
16December 2020 (the “2020 Facility”),
which came into effect upon the completion
of the Refinitiv acquisition. The facility offers
the Group additional flexible financing and is
available for the general corporate purposes
of the Group. It contained two one-year
extension options, both of which have been
exercised. Consequently, the final maturity
date of the revolving credit facility is now
16 December 2027.
Terms of Amended 2017 and 2020
Revolving Credit Facilities
The terms of the Amended 2017 and 2020
Facilities are appropriate for an investment-
grade borrower and each includes change
of control provisions which, if triggered, allow
the relevant facility agent, upon instructions
from the majority lenders, to cancel the facility
and declare all outstanding loans under the
relevant agreement, together with accrued
interest and all other amounts accrued, due
and payable. These facilities apply SONIA and
SOFR rates (including an appropriate credit
adjustment spread) where applicable.
Tradeweb Revolving Credit Facility
Tradeweb has a $500 million revolving credit
facility, entered into in April 2019 and maturing
in November 2028. The facility provides
borrowing capacity to be used to fund ongoing
working capital needs, letters of credit and for
general corporate purposes, including potential
future acquisitions and expansions.
Notes
Euro Medium-Term Notes
The Company, together with its subsidiaries
LSEG Netherlands B.V., LSEG Finance plc
(formerly LSEGA Financing plc) and LSEG US
Fin Corp., has issued to the wholesale fixed
income market under its Euro Medium-Term
Note Programme (the value of which is
£10billion), six tranches of euro notes for a
total of €3.5 billion due from 2026 to 2031,
one $100 million tranche of US dollar notes
due in 2027, four tranches of Japanese yen
notes for a total of ¥40 billion, one CHF150
million tranche of Swiss Franc notes maturing
in 2032, and two tranches of sterling notes for
a total of £900 million maturing from 2028 to
2032. The notes contain a ‘redemption upon
change of control’ provision which, if triggered
by the combination of a change of control
and, within 120 days thereafter, a credit rating
downgrade to non-investment grade, allows
noteholders to exercise their option to require
the Company or where applicable its subsidiaries
to redeem the notes and pay any accrued and
unpaid interest due.
Global Medium-Term Notes
The Company, together with its subsidiaries
LSEG Netherlands B.V. and LSEG Finance plc
(formerly LSEGA Financing plc), has issued
to the wholesale fixed income market under
its Global Medium-Term Note Programme
(the value of which is £10 billion) one £500 million
tranche of sterling notes due in 2030, two
tranches of euro notes due from 2028 to 2033
for a total of €1 billion, and four tranches of US
dollar notes for a total of $3.5 billion due from
2026 to 2041. The notes contain a ‘redemption
upon change of control’ provision which, if
triggered by the combination of a change of
control and, within 120 days thereafter, a credit
rating downgrade to non-investment grade,
allows noteholders to exercise their option to
require the Company and/or its subsidiaries
to redeem the notes and pay any accrued and
unpaid interest due.
Standalone 144A Notes
LSEG US Fin Corp., a subsidiary of the Company,
has issued to the wholesale fixed income
market under standalone documentation two
tranches of US dollar notes due from 2027
to 2034 for a total of $1,250 million. The notes
contain a ‘redemption upon change of control’
provision which, if triggered by the combination
of a change of control and, within 120 days
thereafter, a credit rating downgrade to
non-investment grade, allows noteholders
to exercise their option to require LSEG US
Fin Corp. to redeem the notes and pay any
accrued and unpaid interest due.
Commercial Paper
The Company’s subsidiaries, LSEG Netherlands
B.V., LSEG Finance plc (formerly LSEGA
Financing plc) and LSEG US Fin Corp. issue
commercial paper to the debt capital markets
from time to time under the £2,250 million Euro
Commercial Paper (ECP) Programme and the
$2,500 million US Commercial Paper (USCP)
Programme. The programmes provide flexible
financing capacity for the general corporate
purposes of the Group and are backstopped
by the £1,925 million euro and US dollar
swingline facilities available under the
Amended 2017 Revolving Credit Facility
and the £1,075 million 2020 Revolving Credit
Facility. At 31 December 2025, there were
balances outstanding of $944 million under
the USCP programme, and €252 million and
£75 million under the ECP programme.
Directors’ report continued
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Financial Statements Additional InformationGovernanceStrategic Report
Employee share plans
The rules of the Company’s employee share
plans set out the consequences of a change
of control of the Company on employees’
rights under the plans. Generally, such
rights will vest on a change of control and
participants will become entitled to acquire
shares in the Company (although in certain
circumstances the Remuneration Committee
has the discretion to defer vesting and to
require rights to be exchanged for equivalent
rights over the acquiring company’s shares).
More information on Employee Share Plans
can be found in the Directors’ Remuneration
Report on page 87.
Employee Benefit Trust
As at 31 December 2025, the trustee of the
London Stock Exchange Employee Benefit
Trust, which is an independent trustee, held
1,398,424 ordinary shares under the terms
of the trust for the benefit of employees and
former employees of the Company and its
subsidiaries. The trust is a discretionary trust
and the shares are held to meet employees’
entitlements under the Company’s share plans.
Employees have no voting rights in relation
to the unencumbered shares while they are
held in trust. The trustee has full discretion
to exercise the voting rights attached to the
unencumbered shares or to abstain from
voting. Shares acquired by employees through
the Company’s employee share plans rank
equally with the ordinary shares in issue and
have no special rights.
Branches outside the UK
The Company does not directly operate
any branches outside of the UK. Certain
subsidiaries of the Company have established
branches in a number of different countries in
which they operate. A full list of the Company’s
subsidiary entities can be found in note 10.1 of
the Company financial statements starting
on page 186.
Financial risk management
The use of financial instruments by the Group
and the Group’s financial risk management
have been specifically considered by the
Directors, and relevant disclosures appear in
the Principal risks section, on pages 52 to 55
of this Annual Report; and in note 17.5 of the
consolidated financial statements, on pages
166 to 172 of this Annual Report.
Directors’ statement as to disclosure
of information to auditors
In accordance with Section 418(2) of the
Companies Act 2006, the Directors confirm,
in the case of each Director in office at the date
the Directors’ Report is approved as listed on
pages 60 to 63, that:
– so far as the Director is aware, there is
no relevant audit information of which the
Company’s auditors are unaware; and
– they have taken all the steps that they ought
to have taken as a Director in order to make
himself or herself aware of any relevant
audit information and to establish that
the Company’s auditors are aware of
that information.
Future developments
The Group’s likely future developments can be
found in the Market trends and our response
section of the Annual Report (pages 8 to 9).
Events since the financial year end
There were no important events that occurred
since the end of the financial year other than as
disclosed in notes 8 and 18.1 of the consolidated
financial statements.
Auditors
Deloitte LLP was reappointed as the
Company’s external auditor for the financial
year ended 31 December 2025 following
shareholder approval at the AGM held on 1 May
2025. The reappointment of Deloitte LLP as
the Company’s external auditor for the financial
year ended 31 December 2026 will be subject
to shareholder approval at the AGM to be held
on 23 April 2026.
By Order of the Board
Lisa Condron
Group Company Secretary
25 February 2026
Directors’ report continued
London Stock Exchange Group plc|Annual Report 2025 108
Governance
Statement of Directors’ responsibilities
The Directors are responsible for preparing
the Annual Report, the Directors’ Remuneration
Report and the financial statements in
accordance with applicable United Kingdom
law and regulations.
Company law requires the Directors to prepare
financial statements for each financial year.
Under that law the Directors have elected
to prepare the Group financial statements
in accordance with UK-adopted international
accounting standards (“IFRS”), and the parent
company financial statements in accordance
with the Companies Act 2006 and Financial
Reporting Standard (“FRS”) 101 Reduced
Disclosure Framework.
Under company law, the Directors must not
approve the financial statements unless they
are satisfied that they give a true and fair view
of the state of the affairs of the Group and the
parent company and of the profit or loss for
that year.
In preparing those financial statements, the
Directors are required to:
– in respect of the Group financial statements,
select suitable accounting policies in
accordance with IFRS, including IAS 1 and
IAS 8: Accounting Policies, Changes in
Accounting Estimates and Errors, and then
apply them consistently;
– in respect of the parent company financial
statements, select suitable accounting
policies in accordance with FRS 101 and
then apply them consistently;
– present information, including accounting
policies, in a manner that provides relevant,
reliable, comparable and understandable
information;
– make judgements and accounting estimates
that are reasonable and prudent;
– provide additional disclosures when
compliance with the specific requirements
in IFRS and in respect of the parent company
financial statements, FRS 101, is insufficient
to enable users to understand the impact
of particular transactions, other events and
conditions on the Group and the Company’s
financial position and financial performance;
– in respect of the Group financial statements,
state whether UK-adopted international
accounting standards have been followed,
subject to any material departures disclosed
and explained in the financial statements;
– in respect of the parent company financial
statements, state whether applicable UK
accounting standards, including FRS 101,
have been followed, subject to any material
departures disclosed and explained in the
financial statements; and
– prepare the financial statements on the going
concern basis, unless it is inappropriate to
presume that the Group and the Company
will continue in business.
The Directors confirm that they have complied
with the above requirements in preparing the
financial statements.
The Directors are responsible for keeping
adequate accounting records that are sufficient
to show and explain the Group and the
Company’s transactions and disclose with
reasonable accuracy at any time the financial
position of the Company and the Group and
to enable them to ensure that the financial
statements and the Directors’ Remuneration
Report comply with the Companies Act
2006, as well as other applicable laws and
regulations, including the requirements of
the UK Listing Rules and the Disclosure
Guidance and Transparency Rules.
As regards the Group financial statements, the
Directors are also responsible for safeguarding
the assets of the Company and the Group and
for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Under applicable law and regulations, the
Directors are also responsible for preparing
a strategic report, directors’ report, directors’
remuneration report and corporate
governance statement that comply with that
law and those regulations. The Directors are
responsible for the maintenance and integrity
of the corporate and financial information on
the Company’s website. Legislation in the UK
governing the preparation and dissemination
of financial statements may differ from
legislation in other jurisdictions.
The Group’s business activities, together with
the factors likely to affect its future development,
performance and position are set out in the
Strategic Report sections of the Annual Report
on pages 1 to 56. In particular, the Principal
risks and uncertainties for the Group are set
out on pages 52 to 55.
The financial risk management objectives and
policies of the Group and the exposure of the
Group to capital risk, credit risk, market risk and
liquidity risk are discussed in note 17.5 of the
consolidated financial statements on pages
166 to 172. The Group continues to meet Group
and individual entity capital requirements and
day-to-day liquidity needs through the Group’s
cash resources and available credit facilities.
The combined total of committed facilities
and bonds issued at 31 December 2025 was
£14,470 million (2024: £12,747 million).
The Directors have reviewed the Group’s
forecasts and projections, taking into account
reasonably possible changes in trading
performance, which show that the Group has
sufficient financial resources. On the basis
of this review, and after making due enquiries,
the Directors have a reasonable expectation
that the Company and the Group have adequate
resources to continue in operational existence
for the foreseeable future. Accordingly, they
continue to adopt the going concern basis in
preparing the financial statements. The Group’s
business activities, together with the factors
likely to affect its future development,
performance and position, its objectives and
its policies in managing the financial risks to
which it is exposed, and its capital, are set out
in the Strategic Report on pages 1 to 56.
Each of the Directors, whose names and
functions are set out on pages 60 to 63 of this
Annual Report confirms that, to the best of their
knowledge and belief:
– the Group financial statements, which have
been prepared in accordance with IFRS, and
the parent company financial statements,
which have been prepared in accordance
with FRS 101, give a true and fair view of the
assets, liabilities, financial position and profit
or loss of the Group and the parent company
taken as a whole;
– the report of the Directors contained in the
Annual Report, including the Strategic Report,
includes a fair review of the development
and performance of the business and the
position of the parent company and the
Group taken as a whole, together with
a description of the principal risks and
uncertainties that they face; and
– they consider that the Annual Report, the
Group financial statements and the parent
company financial statements, taken as
a whole, are fair, balanced and
understandable and provide the information
necessary for shareholders to assess the
Group and the parent Company’s position,
performance, business model and strategy.
By Order of the Board
Lisa Condron
Group Company Secretary
25 February 2026
London Stock Exchange Group plc | Annual Report 2025 109
Financial Statements Additional InformationGovernanceStrategic Report
Financial Statements
In this section
Independent Auditor’s Report 111
Consolidated financial statements
Consolidated income statement 118
Consolidated statement of comprehensive income 119
Consolidated balance sheet 120
Consolidated statement of changes in equity 121
Consolidated cash flow statement 122
Notes to the consolidated financial statements
1 Accounting policies 123
2 Segment information 126
3 Total income and contract liabilities 128
4 Operating expenses before depreciation,
amortisation and impairment 132
5 Finance income and costs, and other gains 133
6 Taxation 134
7 Earnings per share 137
8 Dividends 138
9 Intangible assets 138
10 Property, plant and equipment 143
11 Investments in financial assets 144
12 Pension and other retirement benefit schemes 145
13 Receivables 149
14 Cash and cash equivalents 150
15 Payables 151
16 Borrowings, lease liabilities and net debt 152
17 Financial assets and financial liabilities 157
18 Share capital, share premium and other reserves 172
19 Non-controlling interests 174
20 Share-based payments 176
21 Commitments and contingencies 178
Company financial statements
Company balance sheet 180
Company statement of changes in equity 181
Notes to the Company financial statements
1 Accounting policies 182
2 Income statement 183
3 Investments in subsidiaries 183
4 Receivables 183
5 Cash and cash equivalents 184
6 Payables 184
7 Borrowings 184
8 Share-based payments 185
9 Financial guarantees 185
10 Group companies 186
Key to symbols used in this section
Accounting policy
Significant accounting estimates,
assumptions and judgements
110London Stock Exchange Group plc | Annual Report 2025
Financial Statements
Independent Auditor’s Report to the members
of London Stock Exchange Group plc
Report on the audit of the financial statements
1. Opinion
In our opinion:
– the financial statements of London Stock Exchange Group plc
(the ‘Parent Company’) and its subsidiaries (the ‘Group’) give a
true and fair view of the state of the Group’s and of the Parent
Company’s affairs as at 31 December 2025 and of the Group’s
profit for the year then ended;
– the Group financial statements have been properly prepared
in accordance with United Kingdom adopted international
accounting standards;
– the Parent Company financial statements have been properly
prepared in accordance with United Kingdom Generally
Accepted Accounting Practice, including Financial Reporting
Standard 101 “Reduced Disclosure Framework”; and
– the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
– the consolidated income statement;
– the consolidated statement of comprehensive income;
– the consolidated and Parent Company balance sheets;
– the consolidated and Parent Company statements of changes
in equity;
– the consolidated cash flow statement; and
– the related notes 1 to 21 to the consolidated financial statements
and notes 1 to 10 to the Parent Company financial statements.
The financial reporting framework that has been applied in the
preparation of the Group financial statements is applicable law and
United Kingdom adopted international accounting standards. The
financial reporting framework that has been applied in the preparation
of the Parent Company financial statements is applicable law and United
Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure
Framework” (United Kingdom Generally Accepted Accounting Practice).
2. Basis for opinion
We conducted our audit in accordance with International Standards on
Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under
those standards are further described in the auditor’s responsibilities
for the audit of the financial statements section of our report.
We are independent of the Group and the Parent Company in
accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the Financial Reporting
Council’s (the ‘FRC’s’) Ethical Standard as applied to listed public interest
entities, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. The non-audit services provided
to the Group and Parent Company for the year are disclosed in note 4.2
to the Group financial statements. We confirm that we have not provided
any non-audit services prohibited by the FRC’s Ethical Standard to the
Group or the Parent Company.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
3. Summary of our audit approach
Key audit
matters
The key audit matters that we identified in the current
year were:
– Revenue recognition;
– Valuation of intangible assets arising from business
combinations, including goodwill; and
– Capitalisation and subsequent impairment assessment
of internally-developed intangible assets.
Within this report, key audit matters are identified
as follows:
Newly identified
Increased level of risk
Similar level of risk
Decreased level of risk
Materiality The materiality that we used for the Group financial
statements was £99 million which was determined
on the basis of 5% of profit before tax.
Scoping Our Group audit scoping accounted for 97.5% of revenue,
99.6% of profit before tax and 99.0% of net assets.
Significant
changes in
our approach
The risk in respect of our key audit matter on revenue
recognition has been reduced in the current year because
we have revisited our risk assessment and determined
the asset-based revenue accrual in FTSE Russell (“FTSE
AUM”) involves limited management judgement and was
tested in the prior period without issue.
The risk in respect of our key audit matter on the
valuation of intangible assets arising from business
combinations, including goodwill, has also decreased
in the year due to the availability of headroom on certain
CGUs which were within the scope of this key audit
matter in the prior year. The focus of our testing in the
current year is on the CGU most sensitive to changes
in assumptions, being Post Trade Solutions CGU.
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4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’
use of the going concern basis of accounting in the preparation of the
financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Group’s and Parent
Company’s ability to continue to adopt the going concern basis of
accounting included:
– We obtained the going concern assessment prepared by the Group
and assessed the basis for the assumptions used in the forecast
information including operational profitability, the Group’s debt
repayment obligations and capital expenditure requirements as
well as undrawn facilities. We also considered the achievability of
budgeted growth with reference to historical performance, external
market data and the Group’s existing commitments.
– We considered the effect of key risks on the Group’s business model
and analysed how these risks might affect the Group’s liquidity position,
including access to debt, and thus its ability to continue to operate as
a going concern.
– We re-built the Group’s going concern model to evaluate arithmetic
accuracy.
– We assessed the downside stress scenarios applied by the Directors
in their analysis and whether these represented appropriately robust
sensitivities. In addition to Directors’ scenarios, we performed
independent sensitivity testing to assess the robustness of liquidity
headroom and the feasibility of mitigating actions.
– We assessed the Directors’ reverse stress scenario and the Directors’
conclusion that such a scenario is remote.
– We considered the regulatory requirements over specific entities
in the Group and any potential impact on the wider Group’s going
concern assessment.
– We read the disclosures included in note 1.2 and assessed their
consistency with the going concern assessment and compliance
with relevant reporting requirements.
Based on the work we have performed, we have not identified any
material uncertainties relating to events or conditions that, individually
or collectively, may cast significant doubt on the Group’s and Parent
Company’s ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the UK
Corporate Governance Code, we have nothing material to add or
draw attention to in relation to the Directors’ statement in the financial
statements about whether the Directors considered it appropriate
to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect
to going concern are described in the relevant sections of this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement,
were of most significance in our audit of the financial statements of
the current period and include the most significant assessed risks of
material misstatement (whether or not due to fraud) that we identified.
These matters included those which had the greatest effect on: the
overall audit strategy; the allocation of resources in the audit; and
directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
5.1. Revenue recognition
Key audit
matter
description
The Group recognised revenue from external customers of £9,081 million for the year ended 31 December 2025 (2024: £8,579 million).
Of this, £4,338 million relates to Data & Analytics (“D&A”) (2024: £4,223 million) as outlined in note 3.
91% of revenue that arises in D&A is subscription revenue. Due to its quantum and the ongoing IT control deficiencies outlined in Section
7.2, this continues to be an area of significant audit effort.
How the scope
of our audit
responded
to the key
audit matter
We performed the following procedures:
– Obtained an understanding of relevant controls over the Group’s material revenue streams. However, as a result of continuing IT
control deficiencies set out in Section 7.2, we were not able to rely on controls over revenue and in response to these deficiencies
we altered the nature and extent of our procedures accordingly;
– Obtained the underlying revenue data from relevant systems within the subscription revenue data flow and, where possible, used
data analytics to reconcile subscription revenue to invoice and cash records;
– For any amounts where we were unable to reconcile to invoices and/or cash using data analytics, we agreed a sample of transactions
back to order forms, contracts, evidence of the Group fulfilling the performance obligation, billing documents and bank statements; and
– We tested the datasets utilised as inputs into the data analytics model by tracing a sample to underlying source documentation.
Key
observations
We are satisfied that subscription revenue is appropriately recognised for the year-ended 31 December 2025.
Report on the audit of the financial statements continued
Independent Auditor’s Report to the members of London Stock Exchange Group plc continued
London Stock Exchange Group plc | Annual Report 2025 112
Financial Statements
Report on the audit of the financial statements continued
5.2. Valuation of intangible assets arising from business combinations, including goodwill
Key audit
matter
description
At 31 December 2025, and as outlined in note 9 and page 77 of the Report of the Audit Committee, the Group reported £18,689 million
of goodwill (2024: £19,668 million) and £9,031 million of assets arising from business combinations, such as customer relationships,
brands and databases and content (“purchased intangible assets”) (2024: £10,785 million), net of amortisation.
As outlined in the Group’s accounting policy in note 9 and the Audit Committee Report on page 77, goodwill is assessed for impairment
at least annually, irrespective of whether or not indicators of impairment exist and for intangible assets whenever an indication of
impairment is identified. The Group performs its annual impairment assessment as at 30 September, and a roll forward assessment
at 31 December.
Impairment assessments are performed by comparing the carrying amount of each cash generating unit (“CGU”), or group of CGUs, to
its recoverable amount, using the higher of value in use or fair value less costs to dispose. In performing the impairment test, a number
of estimates are required, the most significant of which are:
– Short-term revenue forecasts and related cash flows;
– Selection of appropriate discount rates; and
– Long-term growth rates.
Impairment of purchased intangible assets and goodwill has been identified as a key audit matter as a result of the quantitative
significance to the financial statements, and the application of management judgement and estimation in performing impairment
reviews. Additionally, our key audit matter focused on the CGU most sensitive to changes in assumptions, being Post Trade Solutions.
How the scope
of our audit
responded
to the key
audit matter
We performed the following procedures:
– Obtained an understanding of relevant controls over the identification of impairment indicators and impairment tests;
– Challenged the Group’s impairment methodology for compliance with IAS 36, Impairment of assets (“IAS 36”), and performed
procedures to confirm that the impairment tests were performed in line with the documented methodology;
– Performed an independent recalculation of the Group’s impairment model to test the accuracy of the model;
– Challenged management’s impairment tests as at 30 September 2025, including:
– Assessing the budgets by:
– comparing future revenue growth forecasts against historical performance; and
– inspecting other management information and considering whether key judgements made are in line with our understanding
of the business and third party data;
– Alongside our valuation specialists, compared the discount rate and long-term growth rate used by management to our own
independently determined ranges;
– Evaluated management’s roll forward assessment of impairment tests at 31 December 2025, including an independent assessment
of any potential impairment triggers between 30 September and the year-end; and
– Evaluated management’s disclosures in note 9 for compliance with IAS 36.
Key
observations
We are satisfied that the Group’s judgements and estimates in relation to the valuation of goodwill and purchased intangible assets
are reasonable.
5.3. Capitalisation and subsequent impairment assessment of internally-developed intangible assets
Key audit
matter
description
The Group reported £3,553 million of internally-developed intangible assets, net of amortisation and impairment, at 31 December 2025
(2024: £2,517 million), as outlined in note 9.
The capitalisation of certain expenditure on internally-developed assets is subjective and management judgement is required to assess
whether expenditure should be capitalised in accordance with IAS 38, Intangible Assets (“IAS 38”). The Group’s criteria for capitalisation
are outlined in note 9.
Additionally, internally-developed intangible assets are assessed for indicators of impairment annually in accordance with IAS 36.
Judgement is required by the Group in identifying whether events or changes in circumstances indicate that the carrying amounts may
not be recoverable, and, where impairment indicators are identified, the appropriate recoverable amount.
In the prior year, a detailed review of internally-developed intangible assets identified an impairment of £216 million. In the current
year, management has performed a similar detailed review and recognised an impairment of £12 million. As a result of the reduction
in impairment identified by the Group, we have focused our key audit matter on those assets where management did not identify an
impairment in the current year and the risk that impairment indicators may be present but not identified by management.
How the scope
of our audit
responded
to the key
audit matter
We performed the following procedures:
– Obtained an understanding of relevant controls over the capitalisation of expenses, as well as the relevant controls over the
impairment assessment for internally-developed intangible assets;
– For a sample of additions, we assessed whether the costs had been appropriately capitalised including to the relevant projects,
in accordance with IAS 38. This included tracing to supporting documentation, such as business cases and relevant committee
approvals and, where required, inquiry of individual software developers; and
– For a sample of assets including those under development, where impairments were not identified by management, we challenged
management’s assessment of impairment indicators with reference to the criteria in IAS 36.
Key
observations
We are satisfied that the Group’s judgements in relation to the capitalisation and subsequent impairment assessment of internally-
developed intangible assets are reasonable.
Independent Auditor’s Report to the members of London Stock Exchange Group plc continued
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6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of
a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and
in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements Parent Company financial statements
Materiality £99 million (2024: £74 million) £89 million (2024: £74 million)
Basis for
determining
materiality
5% of profit before tax (2024: 5% of normalised profit before tax) 0.4% of net assets and capped at 90% of Group materiality
(2024: 0.4% of net assets)
Rationale for
the benchmark
applied
In determining the Group materiality, we considered a number of factors,
including industry benchmarks and the needs and interests of the users of
the Group financial statements, for whom profit before tax remains the key
performance measure.
In the prior year, materiality was based on a normalised profit before tax
to adjust for significant non-recurring impairments. No similar significant
non-recurring events were identified in the current year. As a result, reported
profit before tax is considered to provide an appropriate, stable and
representative benchmark for determining materiality for the current year.
The Parent Company holds the Group’s investments and
is not profit driven. The balance sheet is the key measure
of financial health that is important to shareholders since
the primary concern for the Parent Company is the receipt
and payment of dividends. However, given the size of the
entity’s balance sheet, we have capped materiality at 90%
of the Group’s materiality.
Reported profit before tax
£1,969m
Group materiality
£99m
Component performance materiality range
£35m to £62m
Audit Committee Reporting Threshold
£4.9m
Independent Auditor’s Report to the members of London Stock Exchange Group plc continued
6.2. Performance materiality
We set performance materiality at a level lower than materiality to
reduce the probability that, in aggregate, uncorrected and undetected
misstatements exceed the materiality for the financial statements as
a whole.
Group
financial statements
Parent Company
financial statements
Performance
materiality
70% of Group materiality
(2024: 65%)
70% of Parent Company
materiality (2024: 65%)
Basis and
rationale for
determining
performance
materiality
In determining performance materiality, we considered
the following factors:
– the degree of centralisation and commonality
of processes;
– the quality of the control environment; and
– the low number of misstatements (corrected and/or
uncorrected) identified in our previous audit.
Performance materiality increased to 70% based on our
increased understanding of the entity, now that this is
no longer a first-year audit.
6.3. Error reporting threshold
We agreed with the Audit Committee that we would report to the
Committee all audit differences in excess of £4.9 million (2024: £3.7m),
as well as differences below that threshold that, in our view, warranted
reporting on qualitative grounds. We also report to the Audit Committee
on disclosure matters that we identified when assessing the overall
presentation of the financial statements.
7. An overview of the scope of our audit
7.1. Identification and scoping of components
Our audit was scoped by obtaining an understanding of the Group and
its environment and assessing the risks of material misstatement at the
Group level. We structured our audit approach to reflect how the Group
is organised, taking into account any changes in structure, business
environment and effectiveness of controls, whilst ensuring our audit
was both effective and risk focused.
Due to the centralised nature of the business, which includes a number
of shared service centres and central management of financial reporting
for components, a significant portion of our testing was performed
centrally by the Group audit team in the UK and India. The Group team
was structured in line with the Group’s operating segments, with
divisional partners working alongside the Group engagement partner.
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Financial Statements
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Where we identified that processes, controls and financial reporting
were not centrally managed, and instead performed locally, we
considered quantitative and qualitative factors regarding our scoping.
We identified Tradeweb Markets Inc (“Tradeweb”) as a component
where an audit of the entire financial information was required. We also
identified LCH Ltd and LCH SA as components where an audit of one
or more account balances, classes of transactions, and disclosures
was required. LCH Ltd was identified as a separate component in the
current year due to key processes, controls, and financial reporting
being performed locally rather than centrally. The range of component
performance materialities used was £35m to £62m. Our scoping
accounted for 97.5% of revenue (2024: 97.8%), 97.6% of profit before
tax (2024: 94.5%) and 98.7% of net assets (2024: 98.7%).
At the Group level, we also tested the consolidation process and
carried out analytical procedures to confirm our conclusion that there
were no significant risks of material misstatements of the aggregated
financial information of the remaining account balances not subject
to audit procedures.
7.2. Our consideration of the control environment
The Group relies on the effectiveness of a number of IT systems and
applications to ensure that financial transactions are recorded completely
and accurately. The main financial accounting, reporting, trading and
treasury systems were identified as key IT systems relevant to our audit.
The IT control environment, including certain aspects of LCH SA and
LCH Ltd, is managed centrally at a Group or divisional level and was
tested by IT specialists who were part of the Group audit team.
Tradeweb operates under a separate IT environment and therefore
testing was performed by the component audit team.
As a result of certain IT control deficiencies related to application
user access management and the management of privileged access
accounts, we were unable to rely on controls over key IT systems
and adopted a fully substantive approach to our audit testing, with
the exception of certain elements of operating expenses and payroll.
As the same deficiencies were not identified in Tradeweb, a controls
reliant approach was adopted by that component team.
The Audit Committee has discussed these internal control deficiencies,
and management’s response as discussed on page 78. As deficiencies
in the control environment increase the risk of fraud and error within the
financial statements, we performed additional procedures to respond
to the potential risks, including, and as described in the “Revenue
recognition” Key Audit Matter, using data analytics to perform 100%
testing for elements of certain revenue streams.
7.3. Our consideration of climate-related risks
In planning our audit, we considered the potential impact of climate
change on the Group’s business and its financial statements. The Group
continues to evolve its assessment of and response to the potential
impacts of environmental, social and governance (“ESG”) related risks,
including climate change, as outlined in the Sustainability Report and
climate related financial disclosures. We held discussions with
management to understand the process for identifying climate-related
risks, the consideration of mitigating actions and the impact on the
Group’s financial statements which can be found in the Climate-related
financial disclosures aligned to the Taskforce on Climate-related
Financial Disclosure (“TCFD”) requirements on pages 38 to 43.
Management do not expect any material climate change related
financial impact on their business. We performed our own qualitative
risk assessment of the potential impact of climate change on the
Group’s account balances and classes of transactions based on our
understanding of the nature of the Group’s underlying operations.
We read the climate-related disclosures included in the Annual Report
and considered whether they are materially consistent with note 1.8
in the financial statements and our knowledge obtained in the audit.
7.4. Working with other auditors
Detailed audit instructions were sent to the auditors of each in-scope
component. These instructions identified the significant audit risks,
other areas of audit focus, the account balances, classes of transactions
and disclosures considered material and their relevant risks of material
misstatement as assessed by the Group audit team. The instructions
also set out certain audit procedures to be performed and the
information to be reported back to the Group audit team, and other
matters relevant to the audit.
For all in-scope components, the Group audit team was involved in the
audit work performed by component auditors through a combination of
providing referral instructions, regular interaction with component teams
during the year using video conferencing tools including planning and
closing calls, physical onsite visits by the Group engagement partner
and other team members to all components and overseas audit teams,
and review and challenge of related component inter-office reporting,
their audit files and of findings from their work.
8. Other information
The other information comprises the information included in the
Annual Report, other than the financial statements and our auditor’s
report thereon. The Directors are responsible for the other information
contained within the Annual Report.
Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the course of
the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to
a material misstatement in the financial statements themselves. If, based
on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report
that fact.
We have nothing to report in this regard.
9. Responsibilities of Directors
As explained more fully in the Statement of Directors’ Responsibilities,
the Directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view,
and for such internal control as the Directors determine is necessary to
enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible
for assessing the Group’s and the Parent Company’s ability to continue
as a going concern, disclosing as applicable, matters related to going
concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Group or the Parent Company
or to cease operations, or have no realistic alternative but to do so.
Report on the audit of the financial statements continued
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10. Auditor’s responsibilities for the audit
of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these
financial statements.
A further description of our responsibilities for the audit of the
financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms
part of our auditor’s report.
11. Extent to which the audit was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws
and regulations. We design procedures in line with our responsibilities,
outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are
capable of detecting irregularities, including fraud is detailed below.
11.1. Identifying and assessing potential risks related
to irregularities
In identifying and assessing risks of material misstatement in respect
of irregularities, including fraud and non-compliance with laws and
regulations, we considered the following:
– the nature of the industry and sector, control environment and
business performance including the design of the Group’s
remuneration policies, key drivers for Directors’ remuneration,
bonus levels and performance targets;
– the Group’s own assessment of the risks that irregularities may occur
either as a result of fraud or error;
– results of our enquiries of management, internal audit, members of
the legal, risk and compliance functions, the Directors and the Audit
Committee about their own identification and assessment of the risks
of irregularities, including those that are specific to the Group’s sector;
– any matters we identified having obtained and reviewed the Group’s
documentation of their policies and procedures relating to:
– identifying, evaluating and complying with laws and regulations
and whether they were aware of any instances of non-compliance;
– detecting and responding to the risks of fraud and whether they
have knowledge of any actual, suspected or alleged fraud;
– the internal controls established to mitigate risks of fraud or
non-compliance with laws and regulations;
– the matters discussed among the audit engagement team including
component audit teams and relevant internal specialists, including
data analytics, tax, valuations, pensions, IT, regulatory and forensic
specialists regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and
incentives that may exist within the organisation for fraud and identified
the greatest potential for fraud in the following areas: valuation of
intangible assets arising from business combinations, including goodwill
and capitalisation and subsequent impairment assessment of internally-
developed intangible assets. In common with all audits under ISAs (UK),
we are also required to perform specific procedures to respond to the
risk of management override.
We also obtained an understanding of the legal and regulatory
frameworks that the Group operates in, focusing on provisions of
those laws and regulations that had a direct effect on the determination
of material amounts and disclosures in the financial statements.
The Group operates in multiple countries and locations around the
world which are regulated by the local regulator and is required to
comply with local frameworks. The key laws and regulations we
considered in this context included the UK Companies Act, UK
Corporate Governance Code, The Financial Conduct Authority’s
(“FCA”) Listing Rules, and tax legislation.
In addition, we considered provisions of other laws and regulations that
do not have a direct effect on the financial statements but compliance
with which may be fundamental to the Group’s ability to operate or to
avoid a material penalty. These included the Group’s specific regulatory
solvency requirements and other requirements set out in the Financial
Services and Markets Act 2000, European Markets Infrastructure
Regulations and other rules and regulations of the Securities and
Exchange Commission (“SEC”), Commodity Futures Trading Commission
(“CFTC”) and other relevant FCA.
11.2. Audit response to risks identified
As a result of performing the above, we identified valuation of intangible
assets arising from business combinations, including goodwill and
capitalisation and subsequent impairment assessment of internally-
developed intangible assets as key audit matters related to the potential
risk of fraud. The key audit matters section of our report explains the
matters in more detail and also describes the specific procedures we
performed in response to those key audit matters.
Our procedures to respond to risks identified included the following:
– reviewing the financial statement disclosures and testing to
supporting documentation to assess compliance with provisions
of relevant laws and regulations described as having a direct effect
on the financial statements;
– enquiring of management, the Audit Committee and in-house and
external legal counsel concerning actual and potential litigation
and claims;
– performing analytical procedures to identify any unusual or
unexpected relationships that may indicate risks of material
misstatement due to fraud;
– reading minutes of meetings of those charged with governance,
reviewing internal audit reports and reviewing correspondence
with regulatory bodies, such as the FCA and HMRC; and
– in addressing the risk of fraud through management override of
controls, testing the appropriateness of journal entries and other
adjustments; assessing whether the judgements made in making
accounting estimates are indicative of a potential bias; and evaluating
the business rationale of any significant transactions that are unusual
or outside the normal course of business.
We also communicated relevant identified laws and regulations and
potential fraud risks to all engagement team members including internal
specialists and component audit teams, and remained alert to any
indications of fraud or non-compliance with laws and regulations
throughout the audit.
Independent Auditor’s Report to the members of London Stock Exchange Group plc continued
Report on the audit of the financial statements continued
London Stock Exchange Group plc | Annual Report 2025 116
Financial Statements
Report on other legal and regulatory requirements
12. Opinions on other matters prescribed by the Companies
Act 2006
In our opinion the part of the Directors’ Remuneration Report to be
audited has been properly prepared in accordance with the Companies
Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
– the information given in the Strategic Report and the Directors’ Report
for the financial year for which the financial statements are prepared
is consistent with the financial statements; and
– the Strategic Report and the Directors’ Report have been prepared
in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the
Parent Company and their environment obtained in the course of the
audit, we have not identified any material misstatements in the Strategic
Report or the Directors’ Report.
13. Corporate Governance Statement
The Listing Rules require us to review the Directors’ statement in
relation to going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the Group’s compliance
with the provisions of the UK Corporate Governance Code specified
for our review.
Based on the work undertaken as part of our audit, we have concluded
that each of the following elements of the Corporate Governance
Statement is materially consistent with the financial statements and
our knowledge obtained during the audit:
– the Directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any material
uncertainties identified set out on page 104;
– the Directors’ explanation as to its assessment of the Group’s
prospects, the period this assessment covers and why the period
is appropriate set out on page 56;
– the Directors’ statement on fair, balanced and understandable set
out on page 79;
– the Board’s confirmation that it has carried out a robust assessment
of the emerging and principal risks set out on page 70;
– the section of the Annual Report that describes the review of
effectiveness of risk management and internal control frameworks
set out on page 70; and
– the section describing the work of the Audit Committee set out on
page 77.
14. Matters on which we are required to report by exception
14.1. Adequacy of explanations received and accounting records
Under the Companies Act 2006 we are required to report to you if,
in our opinion:
– we have not received all the information and explanations we require
for our audit; or
– adequate accounting records have not been kept by the Parent
Company, or returns adequate for our audit have not been received
from branches not visited by us; or
– the Parent Company financial statements are not in agreement with
the accounting records and returns.
We have nothing to report in respect of these matters.
14.2. Directors’ remuneration
Under the Companies Act 2006 we are also required to report if in our
opinion certain disclosures of Directors’ remuneration have not been
made or the part of the Directors’ Remuneration Report to be audited
is not in agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
15. Other matters which we are required to address
15.1. Auditor tenure
Following the recommendation of the Audit Committee, we were
appointed by the shareholders at the annual general meeting on
25 April 2024 to audit the financial statements for the year ending
31 December 2024 and subsequent financial periods. The period
of total uninterrupted engagement including previous renewals and
reappointments of the firm is accordingly two years, covering the
years ending 31 December 2024 to 31 December 2025.
15.2. Consistency of the audit report with the additional report
to the Audit Committee
Our audit opinion is consistent with the additional report to the Audit
Committee we are required to provide in accordance with ISAs (UK).
16. Use of our report
This report is made solely to the Company’s members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
Company’s members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone
other than the Company and the Company’s members as a body, for
our audit work, for this report, or for the opinions we have formed.
As required by the Financial Conduct Authority (FCA) Disclosure
Guidance and Transparency Rule (DTR) 4.1.15R – DTR 4.1.18R, these
financial statements will form part of the Electronic Format Annual
Financial Report filed on the National Storage Mechanism of the FCA in
accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides
no assurance over whether the Electronic Format Annual Financial
Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R.
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
25 February 2026
Independent Auditor’s Report to the members of London Stock Exchange Group plc continued
London Stock Exchange Group plc | Annual Report 2025 117
Financial Statements Additional InformationGovernanceStrategic Report
Consolidated income statement
2025 | 2024 | ||
| Year ended 31 December | Notes | £m | £m |
Revenue | 2.1, 3.1 | ||
Net treasury income | 2.1, 3.1 | ||
Other income | 2.1, 3.1 | ||
Total income | |||
Cost of sales | 2.1 | ( | ( |
Gross profit | |||
Operating expenses before depreciation, amortisation and impairment | 4 | ( | ( |
Profit on disposal of business | |||
Income from equity investments | 11.1 | ||
Share of profit/(loss) after tax of associates and joint ventures | ( | ||
Earnings before interest, tax, depreciation, amortisation and impairment | |||
Depreciation, amortisation and impairment | 9, 10 | ( | ( |
Operating profit | |||
Finance income | 5.1 | ||
Finance costs | 5.1 | ( | ( |
Gains on digital and related assets | 5.2 | ||
Profit before tax | |||
Income tax expense | 6.1 | ( | ( |
Profit for the year | |||
| Profit attributable to: | |||
Equity holders | |||
Non-controlling interests | 19 | ||
Profit for the year | |||
| Earnings per share attributable to equity holders | |||
Basic earnings per share | 7 | ||
Diluted earnings per share | 7 | ||
| Dividend per share in respect of the financial year | |||
Dividend per share paid during the year | 8 | ||
Dividend per share declared for the year | 8 |
London Stock Exchange Group plc | Annual Report 2025 118
Financial Statements
Consolidated statement of comprehensive income
| 2025 | 2024 | ||
Year ended 31 December | Notes | £m | £m |
Profit for the year | |||
| Other comprehensive (loss)/income | |||
| Items that will not be subsequently reclassified to the income statement | |||
Actuarial gains/(losses) on retirement benefit assets and obligations | 12.2 | ( | |
(Losses)/gains on equity instruments designated as fair value through other comprehensive income (FVOCI) | 11.1 | ( | |
Tax relating to items that will not be reclassified | 6.1 | ( | |
| Items that may be subsequently reclassified to the income statement | |||
Net (losses)/gains on net investment hedges | 17.4e | ( | |
(Gains)/losses recycled to the income statement | 17.4e | ( | |
| Debt instruments at FVOCI: | |||
– Net gains from changes in fair value on debt instruments at FVOCI | |||
Net exchange (losses)/gains on translation of foreign operations | ( | ||
Tax relating to items that may be reclassified | 6.1 | ( | |
( | |||
Other comprehensive (loss)/income net of tax | ( | ||
Total comprehensive income | |||
| Total comprehensive income attributable to: | |||
Equity holders | |||
Non-controlling interests | 19 | ||
Total comprehensive income |
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Consolidated balance sheet
| 2025 | 2024 | ||
| At 31 December | Notes | £m | £m |
| Assets | |||
| Non-current assets | |||
Intangible assets | 9 | ||
Property, plant and equipment | 10 | ||
Investments in associates and joint ventures | |||
Investments in financial assets | 11 | ||
Derivative financial instruments | 17.1 | ||
Receivables | 13 | ||
Retirement benefit assets | 12.3 | ||
Deferred tax assets | 6.2 | ||
| Current assets | |||
Receivables | 13 | ||
Clearing member assets | 17.1 | ||
Investments in financial assets | 11 | ||
Derivative financial instruments | 17.1 | ||
Current tax receivable | |||
Cash and cash equivalents | 14 | ||
Digital assets | |||
Total assets | |||
| Liabilities | |||
| Current liabilities | |||
Payables | 15 | ||
Contract liabilities | 3.4 | ||
Borrowings and lease liabilities | 16 | ||
Clearing member financial liabilities | 17.2 | ||
Derivative financial instruments | 17.2 | ||
Current tax payable | |||
Provisions | |||
| Non-current liabilities | |||
Borrowings and lease liabilities | 16 | ||
Payables | 15 | ||
Contract liabilities | 3.4 | ||
Derivative financial instruments | 17.2 | ||
Retirement benefit obligations | 12.3 | ||
Deferred tax liabilities | 6.2 | ||
Provisions | |||
Total liabilities | |||
Net assets | |||
| Equity | |||
| Capital and reserves attributable to the Company’s equity holders | |||
Ordinary share capital | 18.1 | ||
Share premium | 18.1 | ||
Retained earnings | |||
Other reserves | 18.2 | ||
Total equity attributable to the Company’s equity holders | |||
Non-controlling interests | 19 | ||
Total equity |
London Stock Exchange Group plc
Registered number 5369106
London Stock Exchange Group plc | Annual Report 2025 120
Financial Statements
Consolidated statement of changes in equity
| Attributable to equity holders | ||||||||
| Total | ||||||||
| attributable | Non- | |||||||
| Ordinary | Share | Retained | Other | to equity | controlling | |||
| share capital | premium | earnings | reserves 1 | holders | interests | Total equity | ||
Notes | £m | £m | £m | £m | £m | £m | £m | |
1 January 2024 | ||||||||
Profit for the year | ||||||||
Other comprehensive income | ||||||||
Total comprehensive income | ||||||||
Share buyback by the Company | ( | ( | ( | |||||
Dividends | 8, 19 | ( | ( | ( | ( | |||
Share-based payments | 20 | |||||||
| Tax on share-based payments less | ||||||||
than expense recognised | 6.1 | |||||||
Purchase of non-controlling interests | ( | ( | ( | ( | ||||
Tradeweb share buyback 2 | ( | ( | ||||||
| Shares withheld from employee | ||||||||
options exercised (Tradeweb) 3 | ( | ( | ||||||
Tax on investment in partnerships | 6.1 | ( | ( | |||||
| Adjustments to non-controlling | ||||||||
interest | ||||||||
31 December 2024 | ||||||||
Profit for the year | ||||||||
Other comprehensive income/(loss) | ( | ( | ( | ( | ||||
Total comprehensive income/(loss) | ( | |||||||
Share buyback by the Company | 18.1 | ( | ( | ( | ( | |||
Dividends | 8, 19 | ( | ( | ( | ( | |||
Share-based payments | 20 | |||||||
| Tax on share-based payments less | ||||||||
than expense recognised | 6.1 | |||||||
| Transfer between reserves | 18.2 | ( | ||||||
Purchase by non-controlling interests | 19 | |||||||
Put option liability for non-controlling interests’ shares | 15, 18.2 | ( | ( | ( | ||||
Tradeweb share buyback 2 | ( | ( | ||||||
| Shares withheld from employee | ||||||||
options exercised (Tradeweb) 3 | ( | ( | ||||||
Tax on investment in partnerships | 6.1 | |||||||
1 See note 18.2 for details of other reserves.
2 In 2022, Tradeweb Markets Inc. (Tradeweb), a subsidiary of the Group, authorised a share repurchase programme, primarily to offset annual dilution from stock-based compensation plans. Its share
repurchase programme authorises the purchase of up to US$30 0 million of Tradeweb’s common stock. The share repurchase programme does not require Tradeweb to acquire a specific number
of shares and may be suspended, amended or discontinued at any time.
3 Tradeweb is required to withhold shares issued as a result of employee share plans in order to settle the associated taxes payable by the employee.
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Consolidated cash flow statement
2025 | 2024 | ||
| Year ended 31 December | Notes | £m | £m |
| Operating activities | |||
Profit for the year | |||
| Adjustments to reconcile profit to net cash flow: | |||
– Taxation | 6.1 | ||
– Net finance costs | 5.1 | ||
– Gain on digital and related assets | 5.2 | ( | |
– Amortisation and impairment of intangible assets | 9 | ||
– Depreciation and impairment of property, plant and equipment | 10 | ||
– Impairment of investment in associate | |||
– Profit on disposal of business | ( | ||
– Share-based payments | 20 | ||
– Foreign exchange gains | ( | ( | |
– Fair value losses/(gains) on embedded foreign exchange contracts | ( | ||
– Dividend income | ( | ||
– Other movements 1 | |||
| Working capital changes and movements in other assets and liabilities: | |||
– (Increase)/decrease in receivables, contract and other assets 1 | ( | ||
– Decrease in payables, contract and other liabilities 1 | ( | ( | |
– Decrease in net clearing member balances | ( | ||
Cash generated from operations | |||
Interest received | |||
Interest paid | ( | ( | |
Net taxes paid | ( | ( | |
Net cash flows from operating activities | |||
| Investing activities | |||
Payments for intangible assets | 9 | ( | ( |
Payment for SwapClear intangible asset | 9 | ( | |
Payments for property, plant and equipment | ( | ( | |
Acquisition of subsidiaries, net of cash acquired | ( | ||
Investments in financial assets and joint ventures | 11 | ( | ( |
Proceeds from disposal of financial assets | 11 | ||
Proceeds from disposal of digital assets and other business | |||
Dividends received | |||
Net cash flows used in investing activities | ( | ( | |
| Financing activities | |||
Payment of principal portion of lease liabilities | 16.4 | ( | ( |
Repayment of borrowings and settlement of derivative financial instruments 2 | 16.4 | ( | ( |
Proceeds from borrowings 2 | 16.4 | ||
Dividends paid to equity holders | 8 | ( | ( |
Dividends paid to non-controlling interests | 19 | ( | ( |
Repurchase of shares by Company | 18.1 | ( | ( |
Repurchase of shares by subsidiary (Tradeweb) | ( | ( | |
Proceeds from changes in non-controlling interests | 19 | ||
Purchase of non-controlling interests | 19 | ( | |
Other financing activities | ( | ( | |
Net cash flows used in financing activities | ( | ( | |
Increase/(decrease) in cash and cash equivalents | ( | ||
Foreign exchange translation | ( | ( | |
Cash and cash equivalents at 1 January | |||
Cash and cash equivalents at 31 December 3 | 14 |
1 For 2024, movements of £197 million have been reallocated between other assets and other liabilities. In addition, £1 2 million has been reclassified from other liabilities to other movements.
These have no overall impact on the cash generated from operations.
2 For 2025, proceeds from borrowings include a net increase in borrowings with short-term maturities of £851 million. For 2024, repayment of borrowings and settlement of derivative financial
instruments include a net decrease in borrowings with short-term maturities of £192 million.
3 Group cash flow does not include cash and cash equivalents held by the Group’s post trade operations on behalf of the Group’s clearing members for use in their operations as managers of
the clearing and guarantee systems. These balances represent margins and default funds held for counterparties for short periods in connection with these operations. See notes 17.1 and 17.2.
The movement in clearing balances represents change in member cash collateral balances and interest paid to members thereon. Interest received through placement of clearing member
collateral is included within other working capital adjustments within operating cash flows.
London Stock Exchange Group plc | Annual Report 2025 122
Financial Statements
Notes to the consolidated financial statements
1. Accounting policies
London Stock Exchange Group plc | Annual Report 2025 123
Financial Statements Additional InformationGovernanceStrategic Report
Notes to the consolidated financial statements continued
1. Accounting policies continued
London Stock Exchange Group plc | Annual Report 2025 124
Financial Statements
Notes to the consolidated financial statements continued
International accounting standards and interpretations | Effective date |
| Amendments to IFRS 9 Financial Instruments and IFRS | 1 January 2026 |
| 7 Financial Instruments: Disclosures – Classification | |
and measurement of financial instruments and contracts referencing nature-dependent electricity 1 | |
Annual improvements to IFRS 1 | 1 January 2026 |
| IFRS 18 Presentation and Disclosure in Financial | 1 January 2027 |
Statements 2 | |
| IFRS 19 Subsidiaries without Public Accountability: | 1 January 2027 3 |
Disclosures 1 |
1.7 Significant accounting estimates, assumptions
and judgements
The preparation of financial statements requires management
to make estimates, assumptions and judgements that affect the
reported amounts of revenues, expenses, assets and liabilities
and the accompanying disclosures. Estimates, assumptions and
judgements are regularly reviewed based on historical experience,
current circumstances and expectations of future events. As the
use of estimates is inherent in financial reporting, actual results
could differ from these estimates.
Significant accounting estimates and assumptions are those that
have a risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
Significant judgements are those made by management in
applying the Group’s significant accounting policies that have
a material impact on the amounts presented in the financial
statements. Significant judgement may be exercised in
management’s accounting estimates and assumptions.
Significant estimates, assumptions and judgements are described
in the relevant notes to the financial statements (identified by the
following symbol ).
| Significant | |||
| estimates and | Significant | ||
| Note | assumptions | judgement | |
4 | Supplier/partner discounts | ||
6.3 | Uncertain tax positions | ||
9 | Recoverable amounts of certain CGUs | ||
9 | Estimated useful economic lives of | ||
| material purchased intangible assets | |||
12 | Recognition of pension surplus | ||
12 | Net present value of pension assets | ||
| and liabilities |
1.8 Climate change
We have considered the impact of climate change on the Group’s
operations as outlined in the risks disclosed on pages 40 to 41 of
the Strategic Report as well as in the Sustainability Report. We
have also reviewed the potential impact of climate change on the
Group’s financial results and position. The areas that are deemed
to be most relevant to climate change are set out below. Based
on an assessment in each area, we have concluded that climate
change is not currently expected to have a material impact on the
Group’s financial position, estimates or judgements. The Directors
monitor this on an ongoing basis.
– Going concern and viability – The Group has a long-term
ambition to achieve net zero by 2040 and has set targets to
reduce selected carbon emissions by 50% by 2030. There is
no other direct impact on the viability of the Group. There is
no climate-related scenario that is deemed to have a probable
likelihood of occurring which could impact the Group’s going
concern assessment.
– Revenue – We provide a range of climate-related products and
services such as admission on the sustainable bond market
and environmental, social and governance (ESG) indices.
Revenue earned from these support the Group and enable
others to make sustainable investment decisions aligned with
their ESG objectives.
– Expenses – Our main operating cost relates to our staff
costs, followed by IT costs. As a global business, some of
our people will travel overseas to see customers or their teams.
We encourage responsible business travel. To support our
long-term ambition to achieve net zero, the Group purchases
carbon credits and energy attribute certificates to offset the
impact of the Group’s carbon emissions. The cost of purchasing
these was not material during the year. Carbon credits are
purchased once the Group’s emissions for the year have
been calculated.
– Impairment of goodwill and intangible assets – Forecasted
cash flows are not expected to be impacted materially by
climate change over the period for which forecasts have been
prepared, due to the nature of the Group’s revenue streams.
The impact on costs mainly relates to employee travel, property
costs and data centre costs.
– Useful lives of assets – The Group’s physical assets consist
mainly of property and IT equipment. Given the type of IT
equipment owned by the Group, we do not expect climate
change to impact the future useful lives of these assets. The
useful lives of our property could be impacted by climate change
in the form of physical obsolescence of assets or because of a
natural disaster (such as flooding), however any such impact on
the carrying value of related assets is not expected to be material.
1. Accounting policies continued
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1. Accounting policies continued
| Data & | FTSE | Risk | |||||
| Analytics | Russell | Intelligence | Markets | Other | Group | ||
Note | £m | £m | £m | £m | £m | £m | |
Revenue 1 | 3.1 | 4,338 | 954 | 579 | 3,210 | – | 9,081 |
Net treasury income | 3.1 | – | – | – | 257 | – | 257 |
Other income | 3.1 | – | – | – | – | 8 | 8 |
Total income | 4,338 | 954 | 579 | 3,467 | 8 | 9,346 | |
Cost of sales | (821) | (58) | (53) | (181) | – | (1,113) | |
Gross profit | 3,517 | 896 | 526 | 3,286 | 8 | 8,233 | |
| Adjusted operating expenses before depreciation, amortisation | |||||||
and impairment | (1,900) | (261) | (193) | (1,357) | – | (3,711) | |
Share of profit after tax of associates and joint ventures | – | – | – | – | 1 | 1 | |
Adjusted EBITDA | 1,617 | 635 | 333 | 1,929 | 9 | 4,523 | |
Adjusted depreciation, amortisation and impairment | (574) | (89) | (48) | (306) | – | (1,017) | |
Adjusted operating profit | 1,043 | 546 | 285 | 1,623 | 9 | 3,506 |
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 126
Financial Statements
| Data & | FTSE | Risk | |||||
| Analytics | Russell | Intelligence | Markets | Other | Group | ||
Note | £m | £m | £m | £m | £m | £m | |
Revenue 1,2 | 3.1 | 4,223 | 911 | 531 | 2,914 | – | 8,579 |
Net treasury income | 3.1 | – | – | – | 266 | – | 266 |
Other income | 3.1 | – | – | – | – | 13 | 13 |
Total income | 4,223 | 911 | 531 | 3,180 | 13 | 8,858 | |
Cost of sales 1 | (808) | (63) | (46) | (256) | – | (1,173) | |
Gross profit | 3,415 | 848 | 485 | 2,924 | 13 | 7,685 | |
| Adjusted operating expenses before depreciation, amortisation | |||||||
and impairment 1 | (1,846) | (254) | (192) | (1,268) | – | (3,560) | |
Income from equity investments | – | – | – | – | 27 | 27 | |
Share of loss after tax of associates and joint ventures | – | – | – | – | (4) | (4) | |
| Adjusted EBITDA | 1,569 | 594 | 293 | 1,656 | 36 | 4,148 | |
| Adjusted depreciation, amortisation and impairment | (561) | (73) | (48) | (301) | – | (983) | |
Adjusted operating profit | 1,008 | 521 | 245 | 1,355 | 36 | 3,165 |
Notes to the consolidated financial statements continued
2025 | 2024 | ||
Notes | £m | £m | |
Profit for the year | 1,506 | 921 | |
Taxation | 6.1 | 463 | 337 |
Profit before tax | 1,969 | 1,258 | |
Finance income | 5.1 | (153) | (175) |
Finance costs | 5.1 | 340 | 380 |
Gains on digital and related assets | 5.2 | (29) | – |
Operating profit | 2,127 | 1,463 | |
Non-underlying items before interest, tax, depreciation, amortisation and impairment | 158 | 203 | |
Non-underlying depreciation, amortisation and impairment | 9, 10 | 1,221 | 1,499 |
Adjusted operating profit | 3,506 | 3,165 | |
| Adjusted depreciation, amortisation | |||
and impairment | 9, 10 | 1,017 | 983 |
Adjusted EBITDA | 4,523 | 4,148 |
2025 | 2024 1 | |
£m | £m | |
UK | 10,237 | 9,843 |
US | 16,346 | 17,961 |
Europe, excluding UK | 2,661 | 2,810 |
Asia and other regions | 2,737 | 3,046 |
Total | 31,981 | 33,660 |
2. Segment information continued
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Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 128
Financial Statements
Notes to the consolidated financial statements continued
3. Total income and contract liabilities continued
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Notes to the consolidated financial statements continued
3. Total income and contract liabilities continued
| Data & | FTSE | Risk | |||||
| Analytics | Russell | Intelligence | Markets | Other | Group | ||
Note | £m | £m | £m | £m | £m | £m | |
| Revenue from external customers | |||||||
Workflows | 1,925 | – | – | – | – | 1,925 | |
Data & feeds | 1,822 | – | – | – | – | 1,822 | |
Analytics | 231 | – | – | – | – | 231 | |
Recoveries | 360 | – | – | – | – | 360 | |
Subscriptions | – | 630 | – | – | – | 630 | |
Asset-based | – | 324 | – | – | – | 324 | |
Customer & third-party risk solutions | – | – | 579 | – | – | 579 | |
Equities | – | – | – | 412 | – | 412 | |
Fixed income, derivatives and other | – | – | – | 1,539 | – | 1,539 | |
FX | – | – | – | 272 | – | 272 | |
OTC derivatives | – | – | – | 641 | – | 641 | |
Securities & reporting | – | – | – | 229 | – | 229 | |
Non-cash collateral | – | – | – | 117 | – | 117 | |
Total revenue | 4,338 | 954 | 579 | 3,210 | – | 9,081 | |
Net treasury income | 3.3 | – | – | – | 257 | – | 257 |
Other income | – | – | – | – | 8 | 8 | |
Total income | 4,338 | 954 | 579 | 3,467 | 8 | 9,346 | |
| Timing of revenue recognition | |||||||
Services satisfied at a point in time | 74 | 1 | 128 | 2,060 | – | 2,263 | |
Services satisfied over time | 4,264 | 953 | 451 | 1,150 | – | 6,818 | |
Total revenue | 4,338 | 954 | 579 | 3,210 | – | 9,081 |
London Stock Exchange Group plc | Annual Report 2025 130
Financial Statements
Notes to the consolidated financial statements continued
3. Total income and contract liabilities continued
| Data & | FTSE | Risk | |||||
| Analytics | Russell | Intelligence | Markets | Other | Group | ||
Note | £m | £m | £m | £m | £m | £m | |
| Revenue from external customers | |||||||
Workflows | 1,899 | – | – | – | – | 1,899 | |
Data & feeds | 1,740 | – | – | – | – | 1,740 | |
Analytics | 220 | – | – | – | – | 220 | |
Recoveries | 364 | – | – | – | – | 364 | |
Subscriptions | – | 603 | – | – | – | 603 | |
Asset-based | – | 308 | – | – | – | 308 | |
Customer & third-party risk solutions | – | – | 531 | – | – | 531 | |
Equities | – | – | – | 392 | – | 392 | |
Fixed income, derivatives and other | – | – | – | 1,334 | – | 1,334 | |
FX | – | – | – | 260 | – | 260 | |
OTC derivatives | – | – | – | 582 | – | 582 | |
Securities & reporting | – | – | – | 235 | – | 235 | |
Non-cash collateral | – | – | – | 111 | – | 111 | |
Total revenue 1 | 4,223 | 911 | 531 | 2,914 | – | 8,579 | |
Net treasury income | 3.3 | – | – | – | 266 | – | 266 |
Other income | – | – | – | – | 13 | 13 | |
Total income | 4,223 | 911 | 531 | 3,180 | 13 | 8,858 | |
| Timing of revenue recognition | |||||||
Services satisfied at a point in time | 75 | 1 | 121 | 1,826 | – | 2,023 | |
Services satisfied over time | 4,148 | 910 | 410 | 1,088 | – | 6,556 | |
Total revenue 1 | 4,223 | 911 | 531 | 2,914 | – | 8,579 |
2025 | 2024 | |
£m | £m | |
UK | 2,918 | 2,717 |
US | 3,418 | 3,224 |
Europe, excluding UK | 1,253 | 1,205 |
Asia | 1,035 | 991 |
Other | 457 | 442 |
Total revenue | 9,081 | 8,579 |
3.3 Net treasury income
Net treasury income is earned from instruments held at amortised cost
or fair value as follows:
2025 | 2024 | |
£m | £m | |
| Instruments held at amortised cost | ||
Treasury income on assets | 2,497 | 3,622 |
Treasury expense on assets¹ | (409) | (759) |
Treasury expense on liabilities | (2,566) | (3,465) |
| Net expense from instruments held | ||
at amortised cost | (478) | (602) |
| Instruments held at fair value | ||
Treasury income | 735 | 868 |
Net income from instruments held at fair value | 735 | 868 |
Net treasury income | 257 | 266 |
1 Treasury expense on assets represents amounts that earned negative interest rates.
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3. Total income and contract liabilities continued
Notes to the consolidated financial statements continued
2025 | 2024 | |
£m | £m | |
Non-current contract liabilities | 72 | 68 |
Current contract liabilities | 273 | 290 |
Total contract liabilities | 345 | 358 |
2025 | 2024 | |
£m | £m | |
1 January | 358 | 345 |
Recognised as revenue during the year | (219) | (253) |
Deferred during the year | 230 | 268 |
Foreign exchange translation | (24) | (2) |
31 December | 345 | 358 |
2025 | 2024 | ||
Note | £m | £m | |
Staff costs | 4.1 | 2,417 | 2,367 |
IT costs | 675 | 648 | |
Third-party services | 371 | 448 | |
Short-term lease costs | 12 | 10 | |
| Fair value gains on contingent | |||
consideration | – | (21) | |
Other costs | 362 | 360 | |
3,837 | 3,812 | ||
Foreign exchange gains | (1) | (1) | |
| Fair value losses/(gains) on embedded | |||
foreign exchange contracts | 33 | (40) | |
Total operating expenses before depreciation, amortisation and impairment | 3,869 | 3,771 |
2025 | 2024 | ||
Notes | £m | £m | |
Salaries and other benefits | 2,320 | 2,255 | |
Social security costs | 230 | 215 | |
Pension costs | 12.1 | 120 | 100 |
Share-based payment expense | 20 | 176 | 165 |
Total payments made to employees | 2,846 | 2,735 | |
Amounts capitalised as development costs | (429) | (368) | |
Total staff costs | 2,417 | 2,367 |
2025 | 2024 | |
£m | £m | |
Salaries and other benefits | 18 | 21 |
Pension costs | 1 | 1 |
Share-based payments 1 | 23 | 18 |
Total compensation | 42 | 40 |
London Stock Exchange Group plc | Annual Report 2025 132
Financial Statements
4. Operating expenses before depreciation, amortisation and impairment continued
| Note | ||
| – Interest income on retirement | 12 | Pension and other |
| benefit assets | retirement benefit | |
| – Interest costs on retirement | schemes | |
| benefit obligations | ||
– Interest on borrowings | 16.1 | Borrowings |
| – Lease interest income | 16.2 | Lease liabilities and net |
| – Lease interest expense | investments in leases |
Notes to the consolidated financial statements continued
2025 | 2024 | |
UK | 4,941 | 4,900 |
US | 3,247 | 3,235 |
India | 7,811 | 7,164 |
Europe, excluding UK | 3,313 | 3,199 |
Philippines | 2,223 | 2,216 |
Sri Lanka | 1,712 | 1,720 |
China | 1,224 | 1,279 |
Other Asia | 2,009 | 2,079 |
Africa and Middle East | 562 | 589 |
Other | 653 | 657 |
Average number of employees 1 | 27,038 |
2025 | 2024 | |
£m | £m | |
UK | 5,043 | 4,855 |
US | 3,218 | 3,234 |
India | 8,541 | 7,439 |
Europe, excluding UK | 3,388 | 3,284 |
Philippines | 2,225 | 2,242 |
Sri Lanka | 1,721 | 1,842 |
China | 1,222 | 1,222 |
Other Asia | 1,962 | 2,046 |
Africa and Middle East | 540 | 573 |
Other | 656 | 649 |
Total number of employees | 28,516 | 27,386 |
2025 | 2024 | |
£m | £m | |
| Audit of parent and consolidated | ||
financial statements | 7 | 5 |
Audit of subsidiary companies | 11 | 10 |
Non-audit services 1 | 2 | 1 |
Total auditors’ fees | 20 | 16 |
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5. Finance income and costs, and other gains continued
6. Taxation
This note explains how our Group tax charge arises. The note also
provides information on deferred tax and uncertain tax positions.
Notes to the consolidated financial statements continued
5.2 Gains on digital and related assets
2025 | 2024 | |
£m | £m | |
Gains on digital and related assets 1 | 29 | – |
1 The gain in the year relates to two transactions undertaken by Tradeweb in relation
to Canton coins.
2025 | |||
London Stock Exchange Group plc | Annual Report 2025 134
Financial Statements
6.1 Income tax
2025 | 2024 | ||
Note | £m | £m | |
| Current tax expense | |||
| UK corporation tax expense at 25% | |||
(2024: 25%) | 184 | 145 | |
Overseas tax expense | 256 | 311 | |
Adjustments in respect of previous years | (12) | (13) | |
428 | 443 | ||
| Deferred tax expense | |||
Deferred tax expense | 282 | 142 | |
Adjustments in respect of previous years | 5 | (4) | |
| Deferred tax benefit in relation to amortisation | |||
and impairment of intangible assets | (252) | (244) | |
6.2 | 35 | (106) | |
Total income tax expense | 463 | 337 |
Factors affecting the tax charge for the year
The tax charge for the year differs from that derived from the standard
rate of corporation tax in the UK of 25% (2024: 25%) as explained below:
2025 | 2024 | |
£m | £m | |
Profit before tax | 1,969 | 1,258 |
| Profit multiplied by standard rate of corporation | ||
tax in the UK | 492 | 315 |
Overseas earnings taxed at lower rate | (36) | (15) |
Adjustment arising from changes in tax rates | 2 | 44 |
Expenses not deductible | 2 | 10 |
Adjustments in respect of previous years | (7) | (17) |
Deferred tax not recognised | 10 | – |
Total income tax expense | 463 | 337 |
Tax (charged)/credited directly to other comprehensive income
2025 | 2024 | ||
Note | £m | £m | |
Current tax benefit/(expense) related to – Gains/losses on financial assets (at FVOCI) | – | (34) | |
– Net gains on net investment hedges | 5 | – | |
5 | (34) | ||
Deferred tax (expense)/benefit related to – Actuarial movements on retirement | |||
benefit obligations | (14) | 60 | |
– Gains/losses on financial assets (at FVOCI) | 1 | 12 | |
6.2 | (13) | 72 | |
| Total tax (charged)/credited directly | |||
to other comprehensive income | (8) | 38 |
Tax credited/(charged) directly to equity
2025 | 2024 | ||
Note | £m | £m | |
Current tax benefit related to – Share-based payments less than expense recognised | 14 | 4 | |
14 | 4 | ||
Deferred tax benefit/(expense) related to – Share-based payments less than expense recognised | 13 | 10 | |
| – Investment in partnerships (recognised | |||
in non-controlling interests) | 17 | (11) | |
6.2 | 30 | (1) | |
Total tax credited directly to equity | 44 | 3 |
2025 | 2024 | |
£m | £m | |
Deferred tax assets | 528 | 659 |
Deferred tax liabilities | (1,785) | (1,995) |
Net deferred tax liabilities | (1,257) | (1,336) |
Notes to the consolidated financial statements continued
6. Taxation continued
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6. Taxation continued
| Tax losses | |||||||||
| Goodwill | and other | Provisions | |||||||
| and | carry- | Property, | Retirement | and other | |||||
| intangible | forward | plant and | Share | benefit | Investment in | temporary | |||
assets 1 | attributes | equipment | schemes | obligations | partnerships 2 | differences | Total | ||
Group | Note | £m | £m | £m | £m | £m | £m | £m | £m |
1 January 2024 | (2,668) | 575 | 69 | 65 | (40) | 466 | 57 | (1,476) | |
Tax recognised in the income statement | 6.1 | 276 | (114) | (3) | 2 | (41) | (14) | – | 106 |
Tax recognised in other comprehensive income | 6.1 | – | – | – | – | 60 | – | 12 | 72 |
Tax recognised in equity | 6.1 | – | – | – | 10 | – | (11) | – | (1) |
Foreign exchange translation and other | (39) | 13 | – | – | – | (11) | – | (37) | |
31 December 2024 | (2,431) | 474 | 66 | 77 | (21) | 430 | 69 | (1,336) | |
Tax recognised in the income statement | 6.1 | 274 | (246) | (19) | (1) | (5) | (72) | 34 | (35) |
Tax recognised in other comprehensive income | 6.1 | – | – | – | – | (14) | – | 1 | (13) |
Tax recognised in equity | 6.1 | – | – | – | 13 | – | 17 | – | 30 |
Foreign exchange translation and other | 152 | (22) | (1) | (2) | – | (31) | 1 | 97 | |
31 December 2025 | (2,005) | 206 | 46 | 87 | (40) | 344 | 105 | (1,257) |
Notes to the consolidated financial statements continued
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Financial Statements
Notes to the consolidated financial statements continued
Earnings per share is presented on four bases: basic earnings
per share, diluted earnings per share, adjusted basic earnings per
share and adjusted diluted earnings per share. Earnings per share
is calculated as the Group’s profit for the financial year divided by
the weighted average number of shares in issue during the year.
2025 | 2024 | |
Basic earnings per share | 238.4p | 128.8p |
Diluted earnings per share | 237.0p | 128.0p |
Adjusted basic earnings per share | 420.6p | 363.5p |
Adjusted diluted earnings per share | 418.2p | 361.5p |
2025 | 2024 | |
millions | millions | |
Weighted average number of shares 2 | 524 | 532 |
Dilutive effect of share options and awards | 3 | 3 |
Diluted weighted average number of shares | 527 | 535 |
7. Earnings per share
6. Taxation continued
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| Amortisation | ||
| period or useful | ||
Assets | Amortisation method | economic life |
| Customer and supplier | Straight-line basis | 5 to 25 years |
| relationships | ||
Brands | Straight-line basis | 4 to 25 years |
Databases and content | Straight-line basis | 5 to 12 years |
Software | Straight-line basis or | 7 to 15 years |
| reducing balance basis | ||
Licences and intellectual property | Straight-line basis | 3 to 25 years |
Notes to the consolidated financial statements continued
2025 | 2024 | |
£m | £m | |
Final dividend for the year ended 31 December 2023 paid 22 May 2024: 79.3p per ordinary share | – | 425 |
| Interim dividend for the year ended 31 December 2024 paid 18 September 2024: 41.0p per ordinary share | – | 217 |
Final dividend for the year ended 31 December 2024 paid 21 May 2025: 89.0p per ordinary share | 471 | – |
Interim dividend for the year ended 31 December 2025 paid 18 September 2025: 47.0p per ordinary share | 247 | – |
718 | 642 |
London Stock Exchange Group plc | Annual Report 2025 138
Financial Statements
9. Intangible assets continued
Notes to the consolidated financial statements continued
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9. Intangible assets continued
Notes to the consolidated financial statements continued
| Purchased intangible assets | |||||||
| Software, | Software, | ||||||
| Customer and | licences and | contract | |||||
| supplier | Databases | intellectual | costs and | ||||
| Goodwill | relationships | Brands | and content | property | other | Total | |
£m | £m | £m | £m | £m | £m | £m | |
| Cost | |||||||
1 January 2024 | 19,276 | 9,668 | 1,998 | 2,580 | 857 | 4,860 | 39,239 |
Intangible assets acquired on acquisition of subsidiaries | 258 | 307 | 3 | – | 146 | – | 714 |
Additions | – | – | – | – | – | 934 | 934 |
Disposal of business | – | – | – | – | – | (3) | (3) |
Disposals, reclassifications and other | – | (10) | – | – | – | (429) | (439) |
Foreign exchange translation | 164 | 172 | 33 | 49 | 12 | (31) | 399 |
31 December 2024 | 19,698 | 10,137 | 2,034 | 2,629 | 1,015 | 5,331 | 40,844 |
Additions 1 | – | – | – | – | – | 863 | 863 |
Additions to SwapClear intangible asset 2 | – | – | – | – | – | 1,171 | 1,171 |
Disposals, reclassifications and other 3 | – | – | – | – | – | (116) | (116) |
Foreign exchange translation | (980) | (679) | (128) | (188) | (45) | (73) | (2,093) |
31 December 2025 | 18,718 | 9,458 | 1,906 | 2,441 | 970 | 7,176 | 40,669 |
| Accumulated amortisation and impairment | |||||||
1 January 2024 | 30 | 2,166 | 693 | 687 | 373 | 2,143 | 6,092 |
Amortisation | – | 607 | 145 | 223 | 73 | 903 | 1,951 |
Impairment | – | – | – | – | – | 216 | 216 |
Disposal of business | – | – | – | – | – | (1) | (1) |
Disposals, reclassifications and other | – | (10) | – | – | – | (424) | (434) |
Foreign exchange translation | – | 40 | 14 | 17 | 2 | (23) | 50 |
31 December 2024 | 30 | 2,803 | 852 | 927 | 448 | 2,814 | 7,874 |
Amortisation 2,4 | – | 601 | 141 | 216 | 76 | 939 | 1,973 |
Impairment 5 | – | – | – | – | – | 12 | 12 |
Disposals, reclassifications and other 3 | – | – | – | – | – | (112) | (112) |
Foreign exchange translation | (1) | (182) | (54) | (70) | (14) | (30) | (351) |
31 December 2025 | 29 | 3,222 | 939 | 1,073 | 510 | 3,623 | 9,396 |
Net book values 6 | |||||||
31 December 2025 | 18,689 | 6,236 | 967 | 1,368 | 460 | 3,553 | 31,273 |
31 December 2024 | 19,668 | 7,334 | 1,182 | 1,702 | 567 | 2,517 | 32,970 |
London Stock Exchange Group plc | Annual Report 2025 140
Financial Statements
| Net book value of goodwill | ||||
| Foreign | ||||
| 1 January | exchange | 31 December | ||
| 2025 | Reallocation | translation | 2025 | |
| £m | £m | £m | £m | |
Data & Analytics | 6,671 | – | (285) | 6,386 |
FTSE Russell | 5,496 | – | (247) | 5,249 |
Risk Intelligence | 1,660 | – | (53) | 1,607 |
Capital Markets, excluding Tradeweb | 2 | (2) | – | – |
Digital & Securities Markets | – | 2 | – | 2 |
FX | – | – | – | – |
Tradeweb | 5,249 | – | (375) | 4,874 |
Post Trade | 590 | (590) | – | – |
LCH Ltd | – | 26 | 1 | 27 |
LCH SA | – | 92 | 4 | 96 |
Post Trade Solutions | – | 472 | (24) | 448 |
Regulatory Reporting | – | – | – | – |
19,668 | – | (979) | 18,689 |
Assumption | Determination of assumption |
| Short- and medium-term revenue | The short-term revenue and cost growth assumptions are based on the business plans prepared by management |
| and cost growth | for the three-year period ending 31 December 2028 and extended by a further three years for trended medium- |
| term growth. Business plans are based on an assessment of current trends, anticipated market and regulatory | |
| developments, discussions with customers and suppliers and management’s experience. | |
| Long-term economic growth rates | Cash flows beyond an initial three-year period are extrapolated using a medium-term growth rate (as discussed |
| (used to determine terminal values) | above) for a further three years. At which point the cash flows are extrapolated using estimated long-term growth |
| rates, which are based on external estimates of GDP and inflation. | |
Pre-tax discount rates | Weighted average cost of capital is determined using market risk-free rates based on the yields of government |
| bonds most relevant to the operations of the CGU, adjusted for country and operational risk and the cost of | |
| borrowing for the Group. |
Notes to the consolidated financial statements continued
9. Intangible assets continued
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Long-term growth rates | Pre-tax discount rates | |||
2025 | 2024 | 2025 | 2024 | |
% | % | % | % | |
Data & Analytics | 4.0 | 4.0 | 11.3 | 11.0 |
FTSE Russell | 3.7 | 3.9 | 11.1 | 11.8 |
Risk Intelligence | 3.7 | 3.8 | 12.1 | 12.5 |
Digital & Securities Markets | 3.4 | 3.7 | 9.9 | 9.1 |
Tradeweb | 3.8 | 4.0 | 10.4 | 10.7 |
LCH Ltd | 3.4 | N/A | 12.6 | N/A |
LCH SA | 3.2 | N/A | 9.6 | N/A |
Post Trade Solutions | 3.8 | N/A | 8.2 | N/A |
| Net book value | Remaining | ||
| of material | amortisation | ||
| intangible assets | period | ||
2025 | 2024 | ||
£m | £m | 2025 | |
| Customer and supplier relationships | |||
Refinitiv | 4,516 | 5,303 | 11 years |
Tradeweb | 687 | 823 | 8-15 years |
Frank Russell | 247 | 288 | 9-14 years |
ICD | 229 | 264 | 14 years |
Acadia | 195 | 223 | 15 years |
| Brands | |||
Refinitiv | 331 | 449 | 10 years |
Frank Russell | 366 | 422 | 14 years |
Tradeweb | 134 | 158 | 10 years |
| Databases and content | |||
Refinitiv | 1,368 | 1,693 | 6-7 years |
Software, contract costs and other SwapClear | 1,157 | N/A | 10 years |
Notes to the consolidated financial statements continued
9. Intangible assets continued
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Financial Statements
Notes to the consolidated financial statements continued
10. Property, plant and equipment
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Land & Buildings | Plant and equipment | |||||
| Leasehold | ||||||
| Freehold | Right-of-use | improve- | Right-of-use | |||
| property | assets | ments | assets | Owned | Total | |
£m | £m | £m | £m | £m | £m | |
| Cost | ||||||
1 January 2024 | 17 | 711 | 150 | 113 | 723 | 1,714 |
Additions | 4 | 44 | 7 | 36 | 91 | 182 |
Lease modifications | – | 30 | – | 42 | – | 72 |
Disposals, reclassifications and other | (6) | (107) | 4 | (12) | (26) | (147) |
Foreign exchange translation | (1) | (1) | (2) | 1 | 4 | 1 |
31 December 2024 | 14 | 677 | 159 | 180 | 792 | 1,822 |
Additions | 1 | 96 | 13 | 18 | 106 | 234 |
Lease modifications | – | 28 | – | 31 | – | 59 |
Disposals, reclassifications and other 1 | – | (42) | 3 | (18) | (31) | (88) |
Foreign exchange translation | (2) | (18) | (3) | (4) | (27) | (54) |
31 December 2025 | 13 | 741 | 172 | 207 | 840 | 1,973 |
| Accumulated depreciation and impairment | ||||||
1 January 2024 | 2 | 354 | 86 | 44 | 512 | 998 |
Depreciation | – | 85 | 16 | 58 | 106 | 265 |
Impairment | – | 17 | – | – | – | 17 |
Disposals, reclassifications and other | – | (103) | (2) | (15) | (23) | (143) |
Foreign exchange translation | – | – | – | – | 4 | 4 |
31 December 2024 | 2 | 353 | 100 | 87 | 599 | 1,141 |
Depreciation | – | 78 | 18 | 61 | 96 | 253 |
Disposals, reclassifications and other 1 | – | (33) | (6) | (17) | (24) | (80) |
Foreign exchange translation | – | (11) | (2) | (3) | (20) | (36) |
31 December 2025 | 2 | 387 | 110 | 128 | 651 | 1,278 |
| Net book values | ||||||
31 December 2025 | 11 | 354 | 62 | 79 | 189 | 695 |
31 December 2024 | 12 | 324 | 59 | 93 | 193 | 681 |
10. Property, plant and equipment continued
Notes to the consolidated financial statements continued
2025 | 2024 | ||
Notes | £m | £m | |
| Non-current | |||
Equity instruments | 11.1 | 61 | 50 |
Debt instruments | 11.2 | 18 | 8 |
79 | 58 | ||
| Current | |||
Debt instruments | 11.2 | 130 | – |
130 | – | ||
Total investments in financial assets | 17.1 | 209 | 58 |
London Stock Exchange Group plc | Annual Report 2025 144
Financial Statements
2025 | 2024 | |
£m | £m | |
1 January | 50 | 372 |
Additions | 25 | 9 |
Disposals | (1) | (377) |
Fair value (losses)/gains recognised in other comprehensive income | (11) | 60 |
Foreign exchange translation | (2) | (14) |
31 December | 61 | 50 |
2025 | 2024 | |
£m | £m | |
Digital Asset Holdings, LLC | 18 | – |
Finbourne Technology Limited | 14 | 14 |
Fnality International Limited | 10 | – |
OpenExchange, Inc. | 7 | 8 |
Module Q, Inc. | – 6 |
2025 | 2024 | |
£m | £m | |
1 January | 8 | – |
Additions 1 | 250 | 8 |
Disposals 1 | (127) | – |
Fair value gains recognised in other comprehensive income | 10 | – |
Foreign exchange translation | 7 | – |
31 December | 148 |
Notes to the consolidated financial statements continued
11. Investments in financial assets continued
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12. Pension and other retirement benefit schemes continued
Notes to the consolidated financial statements continued
2025 | 2024 | |
£m | £m | |
Retirement benefit assets | 238 | 162 |
Retirement benefit obligations | (86) | (64) |
Net retirement benefit asset | 152 | 98 |
2025 | 2024 | ||
Note | £m | £m | |
1 January | 98 | 93 | |
| Pension expense, including net | |||
interest income | (25) | (9) | |
Actuarial gains/(losses) | 12.2 | 64 | (3) |
Employer contributions and benefits paid | 13 | 16 | |
Other | 1 | – | |
Foreign exchange translation | 1 | 1 | |
31 December | 152 | 98 |
2025 | 2024 | ||
Note | £m | £m | |
Large UK schemes 1 | 12.4 | 200 | 141 |
Other plans | (48) | (43) | |
Net retirement benefit asset 2 | 152 | 98 |
2025 | 2024 | ||
Notes | £m | £m | |
Defined contribution schemes | 90 | 87 | |
| Defined benefit schemes – current/past | |||
service cost, curtailment and expenses | 30 | 13 | |
Pension costs recognised in staff costs | 4.1 | 120 | 100 |
Net interest income | 5.1 | (5) | (4) |
| 115 | 96 |
London Stock Exchange Group plc | Annual Report 2025 146
Financial Statements
| Net surplus/ | |||
Assets | Liabilities | (deficit) | |
£m | £m | £m | |
1 January 2024 | 2,331 | (2,174) | 157 |
| Pension (expense)/income | |||
| recognised in the income statement | |||
| – Past/current service cost | |||
and administrative fees | – | (8) | (8) |
– Interest income/(cost) | 103 | (96) | 7 |
| Remeasurements recognised | |||
| in other comprehensive income | |||
– Movement on plan assets, excluding interest income, recognised in other comprehensive income | (248) | – | (248) |
| – Actuarial gains | |||
– financial assumptions | – | 222 | 222 |
| – Actuarial gains | |||
– demographic assumptions | – | 7 | 7 |
Employer contributions 1 | 6 | – | 6 |
Benefits paid | (108) | 108 | – |
Other | (3) | 1 | (2) |
| 31 December 2024 | 2,081 | (1,940) | 141 |
| Pension (expense)/income | |||
| recognised in the income statement | |||
| – Past/current service cost | |||
and administrative fees | – | (7) | (7) |
– Interest income/(cost) | 107 | (99) | 8 |
| Remeasurements recognised | |||
| in other comprehensive income | |||
– Movement on plan assets, excluding interest income, recognised in other comprehensive income | 12 | – | 12 |
| – Actuarial gains | |||
– financial assumptions | – | 35 | 35 |
| – Actuarial gains | |||
– demographic assumptions | – | 18 | 18 |
– Actuarial losses – experience | – | (11) | (11) |
Employer contributions 1 | 5 | – | 5 |
Benefits paid | (113) | 113 | – |
Other | 1 | (2) | (1) |
31 December 2025 | 2,093 | (1,893) | 200 |
| Buy-in | 2025 | 2024 | |
| status | £m | £m | |
RPF | Partial 1 | 190 | 125 |
SPS | Full 2 | 8 | 8 |
LSE Section of LSEGPS | Full 3 | 1 | 3 |
LCH Section of LSEGPS | Full 3 | 1 | 5 |
Net retirement benefit asset | 200 | 141 |
Notes to the consolidated financial statements continued
12. Pension and other retirement benefit schemes continued
London Stock Exchange Group plc | Annual Report 2025 147
Financial Statements Additional InformationGovernanceStrategic Report
2025 | 2024 | |
Fair value of assets | £m | £m |
| Equities | ||
– Quoted | 112 | 108 |
– Unquoted | 6 | 10 |
| Bonds | ||
– Unquoted 1 | 778 | 729 |
Buy-in policy | 888 | 920 |
Cash and cash equivalents | 16 | 20 |
Multi-assets and other | 293 | 294 |
Total fair value of assets | 2,093 | 2,081 |
12. Pension and other retirement benefit schemes continued
2025 | 2024 | |
| Discount rate | ||
– Non-insured | 5.50% | 5.50% |
– Insured | 5.40% | 5.36% |
Price inflation | 2.90% | 3.23% |
Rate of increase in salaries | – | 3.20% |
| Life expectancy from age 65 (years) | ||
– Non-retired male member | 23.1 | 23.9 |
– Non-retired female member | 25.1 | 26.0 |
– Retired male member | 22.6 | 22.3 |
– Retired female member | 24.4 | 24.3 |
| (Decrease)/increase | |||
in scheme obligations 1 | |||
| Change in | 2025 | 2024 | |
Assumption | assumption | £m | £m |
Discount rate | +0.5% | (103) | (110) |
Price inflation | +0.5% | 56 | 60 |
Mortality rate | +1 year | 58 | 64 |
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 148
Financial Statements
2025 | 2024 | |
£m | £m | |
Less than 1 year | 111 | 106 |
Between 1 and 2 years | 113 | 110 |
Between 2 and 5 years | 360 | 350 |
Over 5 years | 656 | 652 |
Total expected benefit payments | 1,240 | 1,218 |
Notes to the consolidated financial statements continued
12. Pension and other retirement benefit schemes continued
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13. Receivables continued
2025 | 2024 | ||
Note | £m | £m | |
| Non-current | |||
Net investments in leases | 53 | 58 | |
Tax indemnity receivable | 62 | 61 | |
Deposits receivable | 19 | 17 | |
Other receivables | 3 | 5 | |
| Non-current receivables classified | |||
as financial assets | 17.1 | 137 | 141 |
Prepayments | 59 | 23 | |
Contract assets | – | 11 | |
196 | 175 | ||
| Current | |||
Trade receivables | 957 | 951 | |
Fees receivable | 388 | 300 | |
| Expected credit loss on trade receivables | |||
and fees receivable | (23) | (20) | |
Net trade receivables | 1,322 | 1,231 | |
Net investments in leases | 5 | 4 | |
Deposits receivable | 48 | 49 | |
Other receivables 1,2 | 70 | 90 | |
| Current receivables classified | |||
as financial assets 2 | 17.1 | 1,445 | 1,374 |
Prepayments | 206 | 218 | |
Contract assets | 5 | 5 | |
Other taxes receivable 2 | 97 | 68 | |
1,753 | 1,665 | ||
Total receivables | 1,949 | 1,840 |
2025 | 2024 | |
£m | £m | |
1 January | 20 | 13 |
New provisions for expected credit losses | 27 | 14 |
Amounts written off as uncollectable | (24) | (7) |
31 December | 23 | 20 |
2025 | 2024 | |
£m | £m | |
Less than 1 year | 6 | 6 |
Between 1 and 2 years | 6 | 6 |
Between 2 and 5 years | 16 | 17 |
Over 5 years | 36 | 41 |
Total | 64 | 70 |
Notes to the consolidated financial statements continued
2025 | 2024 | ||
Note | £m | £m | |
Cash at bank | 781 | 821 | |
Cash equivalents | 3,168 | 2,654 | |
Total cash and cash equivalents 1 | 17.1 | 3,949 | 3,475 |
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Financial Statements
2025 2024
Notes £m | £m | ||
| Non-current | |||
| Tradeweb tax receivable | |||
agreement liability | 202 | 261 | |
Tax indemnity payable | 249 | 250 | |
Put option liability for non-controlling interests’ shares 1 | 18.2 | 172 | – |
Other payables | 3 | 6 | |
| Non-current payables classified | |||
as financial liabilities | 17.2 | 626 | 517 |
Deferred compensation | 10 | 7 | |
636 | 524 | ||
| Current | |||
Trade payables | 237 | 323 | |
Accrued expenses | 1,049 | 1,127 | |
| Share buyback obligation | 18.1 | 417 | – |
| Deferred consideration for SwapClear | |||
intangible asset | 9 | 250 | – |
Other payables 2 | 200 | 294 | |
| Current payables classified | |||
as financial liabilities | 17.2 | 2,153 | 1,744 |
Social security and other taxes payable | 147 | 141 | |
2,300 | 1,885 | ||
Total payables | 2,936 | 2,409 |
Notes to the consolidated financial statements continued
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Notes to the consolidated financial statements continued
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Financial Statements
Notes to the consolidated financial statements continued
16. Borrowings, lease liabilities and net debt continued
| Carrying value | ||||||
| Maturity | Facility/bond | 2025 | 2024 | Interest rate | ||
| date | £m | £m | £m | % | ||
| Committed bank facilities | ||||||
Multi-currency revolving credit facility 1 | Dec 2027 | 1,925 | – | (2) | see note 2 | |
Multi-currency revolving credit facility 1 | Dec 2027 | 1,075 | – | (2) | see note 2 | |
Tradeweb multi-currency revolving credit facility 1 | Nov 2028 | 371 | (1) | (2) | see note 3 | |
3,371 | (1) | (6) | ||||
Commercial paper | 1,841 | 1,037 | 0.502 | |||
| Bonds | ||||||
€500 million bond, issued April 2021 | Apr 2025 | – | – | 415 | – | |
$1,000 million bond, issued April 2021 | Apr 2026 | 742 | 742 | 798 | 1.375 | |
€700 million bond, issued September 2023 | Sep 2026 | 611 | 617 | 592 | 4.125 | |
$500 million bond, issued March 2024 | Mar 2027 | 371 | 370 | 397 | 4.875 | |
€600 million bond, issued September 2024 | Sep 2027 | 524 | 521 | 494 | 2.750 | |
$100 million bond, issued September 2024 | Sep 2027 | 74 | 74 | 79 | 4.000 | |
€500 million bond, issued December 2018 | Dec 2027 | 436 | 435 | 413 | 1.750 | |
€500 million bond, issued April 2021 | Apr 2028 | 436 | 435 | 414 | 0.250 | |
$1,000 million bond, issued April 2021 | Apr 2028 | 742 | 741 | 797 | 2.000 | |
¥11,500 million | bond, issued April 2025 | Apr 2028 | 55 | 54 | – | 1.493 |
£400 million bond, issued September 2025 | Oct 2028 | 400 | 401 | – | 4.500 | |
€500 million bond, issued September 2017 | Sep 2029 | 436 | 435 | 413 | 1.750 | |
£500 million bond, issued April 2021 | Apr 2030 | 500 | 496 | 496 | 1.625 | |
¥14,300 million bond, issued April 2025 | Apr 2030 | 68 | 68 | – | 1.732 | |
€700 million bond, issued September 2023 | Sep 2030 | 611 | 629 | 608 | 4.231 | |
$750 million bond, issued April 2021 4 | Apr 2031 | 557 | 554 | 795 | 2.500 | |
€500 million bond, issued November 2025 | Nov 2031 | 436 | 432 | – | 3.000 | |
₣150 million bond, issued April 2025 | Apr 2032 | 141 | 140 | – | 1.150 | |
£500 million bond, issued September 2025 | Sep 2032 | 500 | 498 | – | 4.875 | |
€500 million bond, issued April 2021 | Apr 2033 | 436 | 432 | 410 | 0.750 | |
$750 million bond, issued March 2024 | Mar 2034 | 557 | 561 | 587 | 5.297 | |
¥9,000 million bond, issued April 2025 | Apr 2035 | 43 | 43 | – | 2.188 | |
¥5,200 million bond, issued April 2025 | Apr 2037 | 25 | 24 | – | 2.382 | |
$750 million bond, issued April 2021 | Apr 2041 | 557 | 549 | 592 | 3.200 | |
9,258 | 9,251 | 8,300 | ||||
Total borrowings excluding lease liabilities | 11,091 | 9,331 |
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| Significant | ||||
| Quoted prices in | Significant | unobservable | ||
| active markets | observable inputs | inputs | ||
| (Level 1) | (Level 2) | (Level 3) | Total | |
31 December 2025 | £m | £m | £m | £m |
Bonds | 8,847 | 75 | – | 8,922 |
Commercial paper | – | 1,846 | – | 1,846 |
| Significant | ||||
| Quoted prices in | Significant | unobservable | ||
| active markets | observable inputs | inputs | ||
| (Level 1) | (Level 2) | (Level 3) | Total | |
31 December 2024 | £m | £m | £m | £m |
Bonds | 7,694 | 78 | – | 7,772 |
| Commercial paper | – | 1,040 | – | 1,040 |
2025 | 2024 | |||||
Drawn | Swapped 1 | Effective | Drawn | Swapped 1 | Effective | |
Currency | £m | £m | £m | £m | £m | £m |
Sterling | 1,454 | – | 1,454 | 566 | – | 566 |
Euro | 4,678 | (1,277) | 3,401 | 3,968 | (1,376) | 2,592 |
US dollar | 4,630 | 1,277 | 5,907 | 4,797 | 1,376 | 6,173 |
Other currencies | 329 | – | 329 | – | – | – |
Total borrowings excluding lease liabilities | 11,091 | – | 11,091 | 9,331 | – | 9,331 |
Notes to the consolidated financial statements continued
16. Borrowings, lease liabilities and net debt continued
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Financial Statements
| 2025 2024 | ||
£m | £m | |
Non-current lease liabilities | 502 | 494 |
Current lease liabilities | 125 | 140 |
Total lease liabilities | 627 | 634 |
2025 | 2024 | ||
Notes | £m | £m | |
1 January | 634 | 636 | |
Leases terminated early | (1) | (1) | |
New lease contracts | 10 | 114 | 81 |
Lease modifications | 10 | 59 | 72 |
Lease interest expense | 5.1 | 20 | 20 |
Lease payments – principal | 16.4 | (161) | (156) |
Lease payments – interest | (20) | (20) | |
Foreign exchange translation | (18) | 2 | |
31 December | 627 | 634 |
16. Borrowings, lease liabilities and net debt continued
Notes to the consolidated financial statements continued
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16.3 Net debt
Net debt (as described in the Alternative Performance Measures section of this report) comprises cash and cash equivalents less lease liabilities
and borrowings, adjusted for derivative financial instruments.
2025 | 2024 | ||
Notes | £m | £m | |
| Non-current | |||
Bank borrowings | 16.1 | 1 | 6 |
Bonds | 16.1 | (7,892) | (7,885) |
Lease liabilities | 16.2 | (502) | (494) |
Derivative financial assets | 17.1 | 112 | 63 |
Derivative financial liabilities | 17.2 | (10) | (63) |
(8,291) | (8,373) | ||
| Current | |||
Cash and cash equivalents | 14 | 3,949 | 3,475 |
Commercial paper | 16.1 | (1,841) | (1,037) |
Bonds | 16.1 | (1,359) | (415) |
Lease liabilities | 16.2 | (125) | (140) |
Derivative financial assets | 17.1 | 84 | 50 |
Derivative financial liabilities | 17.2 | (15) | (14) |
693 | 1,919 | ||
Net debt | (7,598) | (6,454) |
16.4 Liabilities from financing activities
Movement in the Group’s financial liabilities arising from financing activities:
| Bank | Commercial | Trade finance | Lease | Total | ||
borrowings | Bonds | paper | loans | liabilities | borrowings | |
£m | £m | £m | £m | £m | £m | |
1 January 2024 | 9 | 7,847 | 1,206 | 1 | 636 | 9,699 |
Cash flows from financing activities | (17) | 572 | (164) | – | (156) | 235 |
Interest paid | – | – | (72) | – | – | (72) |
Arrangement fees paid | – | (11) | – | – | – | (11) |
Other movements 1 | 2 | (27) | 70 | (1) | 152 | 196 |
Foreign exchange translation | – | (81) | (3) | – | 2 | (82) |
31 December 2024 | (6) | 8,300 | 1,037 | – | 634 | 9,965 |
Cash flows from financing activities | – | 1,079 | 796 | – | (161) | 1,714 |
Interest paid | – | – | (48) | – | – | (48) |
Arrangement fees paid | – | (1) | – | – | – | (1) |
Other movements 1 | 5 | (8) | 48 | – | 172 | 217 |
Foreign exchange translation | – | (119) | 8 | – | (18) | (129) |
31 December 2025 | (1) | 9,251 | 1,841 | – | 627 | 11,718 |
1 Other movements include non-cash movements relating to:
– Amortisation of commercial paper interest of £48 million (2024: £70 million), amortisation of arrangement fees of £10 million (2024: £9 million) and bond fair value adjustment of £5 million
(2024: nil), which increase the carry value of borrowings.
– Bond fair value adjustment of nil (2024: £11 million) and discount on partial repurchase of bond of £23 million (2024: £24 million), which decrease the carrying value of borrowings.
– Movements in lease liabilities (see note 16.2).
16. Borrowings, lease liabilities and net debt continued
Notes to the consolidated financial statements continued
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Financial Statements
17. Financial assets and financial liabilities
Notes to the consolidated financial statements continued
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17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
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Financial Statements
Amortised cost | FVOCI | FVPL | Total | |
31 December 2025 | £m | £m | £m | £m |
Clearing business financial assets 1 | ||||
– Clearing member trading assets | – | – | 662,458 | 662,458 |
– Other receivables from clearing members | 4,601 | – | – | 4,601 |
– Other financial assets 2 | 319 | 24,330 | – | 24,649 |
– Clearing member cash and cash equivalents 2 | 65,553 | – | – | 65,553 |
Total clearing member assets | 70,473 | 24,330 | 662,458 | 757,261 |
Receivables 3 | 1,564 | – | 18 | 1,582 |
Cash and cash equivalents | 3,949 | – | – | 3,949 |
Investments in financial assets – equity instruments | – | 61 | – | 61 |
Investments in financial assets – debt instruments | – | 148 | – | 148 |
| Derivative financial instruments designated as fair value hedges | ||||
– Interest rate swaps | – | – | 68 | 68 |
| Derivative financial instruments not designated as hedges | ||||
– Cross-currency interest rate swaps | – | – | 115 | 115 |
– Foreign exchange forward contracts | – | – | 8 | 8 |
– Embedded foreign exchange contracts | – | – | 5 | 5 |
Total derivative financial instruments | – | – | 196 | 196 |
Total financial assets | 75,986 | 24,539 | 662,672 | 763,197 |
Amortised cost | FVOCI | FVPL | Total | |
31 December 2024 | £m | £m | £m | £m |
| Clearing business financial assets | ||||
– Clearing member trading assets | – | – | 594,555 | 594,555 |
– Other receivables from clearing members | 6,882 | – | – | 6,882 |
– Other financial assets | – | 18,134 | – | 18,134 |
– Clearing member cash and cash equivalents | 72,909 | – | – | 72,909 |
Total clearing member assets | 79,791 | 18,134 | 594,555 | 692,480 |
Receivables 1,2 | 1,515 | – | – | 1,515 |
Cash and cash equivalents | 3,475 | – | – | 3,475 |
Investments in financial assets – equity instruments | – | 50 | – | 50 |
Investments in financial assets – debt instruments | – | 8 | – | 8 |
| Derivative financial instruments designated as net investment hedges | ||||
– Foreign exchange forward contracts | – | – | 2 | 2 |
| Derivative financial instruments designated as fair value hedges | ||||
– Interest rate swaps | – | – | 57 | 57 |
| Derivative financial instruments not designated as hedges | ||||
– Foreign exchange forward contracts | – | – | 27 | 27 |
– Embedded foreign exchange contracts | – | – | 27 | 27 |
Total derivative financial instruments | – | – | 113 | 113 |
Total financial assets | 84,781 | 18,192 | 594,668 | 697,641 |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
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Amortised cost | FVPL | Total | |
31 December 2025 | £m | £m | £m |
| Clearing business financial liabilities | |||
– Clearing member trading liabilities | – | 662,458 | 662,458 |
– Other payables to clearing members | 94,986 | – | 94,986 |
Total clearing member financial liabilities | 94,986 | 662,458 | 757,444 |
Payables 1 | 2,779 | – | 2,779 |
Borrowings and lease liabilities | 11,718 | – | 11,718 |
| Derivative financial instruments designated as net investment hedges | |||
– Cross-currency interest rate swaps | – | 8 | 8 |
| Derivative financial instruments not designated as hedges | |||
– Foreign exchange forward contracts | – | 13 | 13 |
– Embedded foreign exchange contracts | – | 4 | 4 |
Total derivative financial instruments | – | 25 | 25 |
Total financial liabilities | 109,483 | 662,483 | 771,966 |
Amortised cost | FVPL | Total | |
31 December 2024 | £m | £m | £m |
| Clearing business financial liabilities | |||
– Clearing member trading liabilities | – | 594,555 | 594,555 |
– Other payables to clearing members | 98,085 | – | 98,085 |
Total clearing member financial liabilities | 98,085 | 594,555 | 692,640 |
Payables 1 | 2,261 | – | 2,261 |
Borrowings and lease liabilities | 9,965 | – | 9,965 |
| Derivative financial instruments designated as net investment hedges | |||
– Cross-currency interest rate swaps | – | 25 | 25 |
| Derivative financial instruments designated as fair value hedges | |||
– Interest rate swaps | – | 1 | 1 |
| Derivative financial instruments not designated as hedges | |||
– Cross-currency interest rate swaps | – | 37 | 37 |
– Foreign exchange forward contracts | – | 12 | 12 |
– Embedded foreign exchange contracts | – | 2 | 2 |
Total derivative financial instruments | – | 77 | 77 |
Total financial liabilities | 110,311 | 594,632 | 704,943 |
Notes to the consolidated financial statements continued
17. Financial assets and financial liabilities continued
London Stock Exchange Group plc | Annual Report 2025 160
Financial Statements
| Quoted prices | Significant | Significant | ||
| in active | observable | unobservable | ||
| markets | inputs | inputs | ||
| (Level 1) | (Level 2) | (Level 3) | Total | |
31 December 2025 | £m | £m | £m | £m |
| Clearing business financial assets | ||||
– Derivative instruments | – | 4,785 | – | 4,785 |
– Non-derivative instruments | – | 657,673 | – | 657,673 |
– Other financial assets | 24,330 | – | – | 24,330 |
24,330 | 662,458 | – | 686,788 | |
Investments in financial assets – equity instruments | – | – | 61 | 61 |
Investments in financial assets – debt instruments | 130 | – | 18 | 148 |
Receivables | 18 | – | – | 18 |
| Derivative financial instruments designated as fair value hedges | ||||
– Interest rate swaps | – | 68 | – | 68 |
| Derivative financial instruments not designated as hedges | ||||
– Cross-currency interest rate swaps | – | 115 | – | 115 |
– Foreign exchange forward contracts | – | 8 | – | 8 |
– Embedded foreign exchange contracts | – | 5 | – | 5 |
Total financial assets measured at fair value 1 | 24,478 | 662,654 | 79 | 687,211 |
| Quoted prices | Significant | Significant | ||
| in active | observable | unobservable | ||
| markets | inputs | inputs | ||
| (Level 1) | (Level 2) | (Level 3) | Total | |
31 December 2024 | £m | £m | £m | £m |
| Clearing business financial assets | ||||
– Derivative instruments | – | 4,367 | – | 4,367 |
– Non-derivative instruments | – | 590,188 | – | 590,188 |
– Other financial assets | 18,134 | – | – | 18,134 |
18,134 | 594,555 | – | 612,689 | |
Investments in financial assets – equity instruments | – | – | 50 | 50 |
Investments in financial assets – debt instruments | – | – | 8 | 8 |
| Derivative financial instruments designated as net investment hedges | ||||
– Foreign exchange forward contracts | – | 2 | – | 2 |
| Derivative financial instruments designated as fair value hedges | ||||
– Interest rate swaps | – | 57 | – | 57 |
| Derivative financial instruments not designated as hedges | ||||
– Foreign exchange forward contracts | – | 27 | – | 27 |
– Embedded foreign exchange contracts | – | 27 | – | 27 |
Total financial assets measured at fair value 1 | 18,134 | 594,668 | 58 | 612,860 |
London Stock Exchange Group plc | Annual Report 2025 161
Financial Statements Additional InformationGovernanceStrategic Report
| Quoted prices | Significant | Significant | ||
| in active | observable | unobservable | ||
| markets | inputs | inputs | ||
| (Level 1) | (Level 2) | (Level 3) | Total | |
31 December 2025 | £m | £m | £m | £m |
| Clearing business financial liabilities | ||||
– Derivative instruments | – | 4,785 | – | 4,785 |
– Non-derivative instruments | – | 657,673 | – | 657,673 |
– | 662,458 | – | 662,458 | |
| Derivative financial instruments designated as net investment hedges | ||||
– Cross-currency interest rate swaps | – | 8 | – | 8 |
| Derivative financial instruments not designated as hedges | ||||
– Foreign exchange forward contracts | – | 13 | – | 13 |
– Embedded foreign exchange contracts | – | 4 | – | 4 |
Total financial liabilities measured at fair value 1 | – | 662,483 | – | 662,483 |
| Quoted prices | Significant | Significant | ||
| in active | observable | unobservable | ||
| markets | inputs | inputs | ||
| (Level 1) | (Level 2) | (Level 3) | Total | |
31 December 2024 | £m | £m | £m | £m |
| Clearing business financial liabilities | ||||
– Derivative instruments | – | 4,367 | – | 4,367 |
– Non-derivative instruments | – | 590,188 | – | 590,188 |
– | 594,555 | – | 594,555 | |
| Derivative financial instruments designated as net investment hedges | ||||
– Cross-currency interest rate swaps | – | 25 | – | 25 |
| Derivative financial instruments designated as fair value hedges | ||||
– Interest rate swaps | – | 1 | – | 1 |
| Derivative financial instruments not designated as hedges | ||||
– Cross-currency interest rate swaps | – | 37 | – | 37 |
– Foreign exchange forward contracts | – | 12 | – | 12 |
– Embedded foreign exchange contracts | – | 2 | – | 2 |
Total financial liabilities measured at fair value 1 | – | 594,632 | – | 594,632 |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 162
Financial Statements
Euro denominated bonds | 2025 | 2024 |
Carrying value of debt on the balance sheet | (£870m) | (£827m) |
Nominal value of hedging instrument | €1,000m | €1,000m |
Hedge ratio | 1:1 | 1:1 |
Hedge effectiveness | 100% | 100% |
Change in carrying value of hedging instrument | (£39m) | £50m |
Change in value of net investment | £39m | (£50m) |
Cumulative gain held in hedging reserve for continuing hedges | £20m | £59m |
| Gain held in the hedging reserve for relationships | ||
for which hedge accounting no longer applies | £22m | £22m |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
| Cross-currency interest rate swap | |
– redesignated on 30 June 2025 | 2025 |
Fair value of derivative liability on the balance sheet | (£8m) |
Nominal value of hedging instrument | $239m |
Hedge ratio | 1:1 |
Hedge effectiveness | 100% |
Change in fair value of derivative | £3m |
Change in value of net investment | (£3m) |
| Cumulative gain held in hedging reserve | |
| for continuing hedges | £3m |
CHF denominated bonds | 2025 |
Carrying value of debt on the balance sheet | (£140m) |
Nominal value of hedging instrument | CHF150m |
Hedge ratio | 1:1 |
Hedge effectiveness | 100% |
Change in carrying value of hedging instrument | (£4m) |
Change in value of net investment | £4m |
| Cumulative loss held in hedging reserve | |
for continuing hedges | (£4m) |
JPY denominated bonds | 2025 |
Carrying value of debt on the balance sheet | (£189m) |
Nominal value of hedging instrument | JPY40bn |
Hedge ratio | 1:1 |
Hedge effectiveness | 100% |
Change in carrying value of hedging instrument | £20m |
Change in value of net investment | (£20m) |
Cumulative gain held in hedging reserve for continuing hedges | £20m |
GBP/JPY foreign exchange forward contracts | 2025 | 2024 |
Fair value of derivative asset on the balance sheet | – | £1m |
Nominal value of hedging instrument | JPY39bn | JPY39bn |
Hedge ratio | 1:1 | 1:1 |
Hedge effectiveness | 100% | 100% |
Change in fair value of derivative | (£7m) | – |
Change in value of net investment | £7m | – |
| Cumulative loss held in the hedging reserve | ||
| for relationships for which hedge accounting | ||
no longer applies | (£7m) | – |
London Stock Exchange Group plc | Annual Report 2025 163
Financial Statements Additional InformationGovernanceStrategic Report
GBP/CHF foreign exchange forward contracts | 2025 | 2024 |
Fair value of derivative asset on the balance sheet | – | £1m |
Nominal value of hedging instrument | CHF50m | CHF50m |
Hedge ratio | 1:1 | 1:1 |
Hedge effectiveness | 100% | 100% |
Change in fair value of derivative | (£1m) | – |
Change in value of net investment | £1m | – |
| Cumulative loss held in the hedging reserve | ||
| for relationships for which hedge accounting | ||
no longer applies | (£1m) | – |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
€1,400 million interest rate swaps | 2025 | 2024 |
Fair value of derivative asset on the balance sheet | £41m | £57m |
Change in fair value of the derivative | (£16m) | (£2m) |
Nominal value of the hedging instruments | €1,400m | €1,400m |
Hedge ratio | 1:1 | 1:1 |
Carrying amount of the borrowings on the balance sheet | (£1,246m) | (£1,200m) |
| Accumulated amounts of fair value adjustment | ||
on the hedged items | (£26m) | (£43m) |
Change in value of hedged items | £17m | £2m |
| Hedge ineffectiveness recorded in finance income | ||
and finance costs in the income statement | £2m | (£1m) |
US$750 million interest rate swaps | 2025 | 2024 |
Fair value of derivative asset on the balance sheet | £16m | (£1m) |
Change in fair value of the derivative | £18m | (£9m) |
Nominal value of the hedging instruments | US$750m | US$750m |
Hedge ratio | 1:1 | 1:1 |
Carrying amount of the borrowings on the balance sheet | (£561m) | (£587m) |
| Accumulated amounts of fair value adjustment | ||
on the hedged items | (£8m) | £9m |
Change in value of hedged items | (£17m) | £9m |
| Hedge ineffectiveness recorded in finance income | ||
and finance costs in the income statement | – | – |
£900 million interest rate swaps | 2025 |
Fair value of derivative asset on the balance sheet | £11m |
Change in fair value of the derivative | £5m |
Nominal value of the hedging instruments | £900m |
Hedge ratio | 1:1 |
Carrying amount of the borrowings on the balance sheet | (£899m) |
| Accumulated amounts of fair value adjustment | |
on the hedged items | (£5m) |
Change in value of hedged items | (£5m) |
| Hedge ineffectiveness recorded in finance income | |
and finance costs in the income statement | – |
London Stock Exchange Group plc | Annual Report 2025 164
Financial Statements
Traded against sterling | Traded against US dollar | |||
2025 | 2024 | 2025 | 2024 | |
Sell/(buy) | £m | £m | £m | £m |
Euro | 2 | (55) | 138 | 121 |
US dollar | (194) | (1) | – | – |
Japanese yen | (54) | (49) | – | – |
Singapore dollar | (40) | (33) | – | – |
Hong Kong dollar | (39) | (32) | – | – |
Romanian leu | (14) | (22) | – | – |
Australian dollar | (20) | (15) | – | – |
Canadian dollar | (30) | (14) | – | – |
South African rand | 13 | 12 | – | – |
Danish krone | (10) | (9) | – | – |
Taiwan dollar | (28) | (8) | – | – |
Swiss franc | (8) | (6) | – | – |
Other currencies | (26) | (18) | – | – |
2025 | 2024 | ||
Note | £m | £m | |
1 January | 13 | (40) | |
| Net (losses)/gains on net | |||
investment hedges | 18.2 | (29) | 47 |
Amounts recycled to the income statement | 18.2 | (5) | 6 |
31 December | (21) | 13 |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 165
Financial Statements Additional InformationGovernanceStrategic Report
2025 | 2024 | |
Book value of capital | £m | £m |
Total shareholders’ funds | 19,779 | 23,013 |
Group borrowings excluding lease liabilities | 11,091 | 9,331 |
2025 | 2024 | |
Regulatory and operational capital | £m | £m |
Regulatory cash and cash equivalents | 1,188 | 1,342 |
Letters of credit | 16 | 16 |
Total regulatory and operational capital | 1,204 | 1,358 |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 166
Financial Statements
2025 | 2024 | ||
Total collateral held | £bn | £bn | |
Collateral security | Cash received | 91 | 92 |
Non-cash pledged | 186 | 177 | |
Guarantees pledged | – | 1 | |
Total collateral as at 31 December | 277 | 270 | |
Maximum collateral held during the year | 303 | 334 |
2025 | 2024 | |
£bn | £bn | |
Total investment portfolio | 90 | 90 |
Maximum portfolio size during the year | 107 | 110 |
| Additional portfolio information: | ||
Proportion invested securely | 99.95% | 99.98% |
Weighted average maturity (days) | 82 | 72 |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 167
Financial Statements Additional InformationGovernanceStrategic Report
| Trade receivables | ||||
| Fees | ||||
receivable | <180 days | >180 days | Total | |
31 December 2025 | £m | £m | £m | £m |
Expected credit loss rate | <1% | <1% | 23.9% | |
Total receivables | 388 | 869 | 88 | 1,345 |
Expected credit loss | – | (3) | (20) | (23) |
Net trade and fees receivables | 388 | 866 | 68 | 1,322 |
| Trade receivables | ||||
| Fees | ||||
receivable | <180 days | >180 days | Total | |
31 December 2024 | £m | £m | £m | £m |
Expected credit loss rate | <1% | <1% | 18.0% | |
Total receivables | 300 | 865 | 86 | 1,251 |
Expected credit loss | – | (2) | (18) | (20) |
Net trade and fees receivables | 300 | 863 | 68 | 1,231 |
2025 | 2024 | |
Country/organisation | £bn | £bn |
France | 20 | 20 |
US | 15 | 17 |
UK | 10 | 10 |
European Union (supranational) | 1 | 2 |
Other | 3 | 2 |
17. Financial assets and financial liabilities continued
Credit and concentration risk continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 168
Financial Statements
| Less than | Between 1 | Between 2 | Over | ||
| 1 year | and 2 years | and 5 years | 5 years | Total | |
31 December 2025 | £m | £m | £m | £m | £m |
Borrowings (excluding lease liabilities) | 3,264 | 1,622 | 3,710 | 3,816 | 12,412 |
Lease liabilities | 147 | 121 | 196 | 260 | 724 |
Current payables | 2,230 | – | – | – | 2,230 |
Clearing member liabilities | 757,444 | – | – | – | 757,444 |
Non-current payables | – | 63 | 319 | 302 | 684 |
| Less than | Between 1 | Between 2 | Over | ||
| 1 year | and 2 years | and 5 years | 5 years | Total | |
31 December 2024 | £m | £m | £m | £m | £m |
Borrowings (excluding lease liabilities) | 1,664 | 1,584 | 3,423 | 3,932 | 10,603 |
Lease liabilities | 158 | 113 | 215 | 213 | 699 |
Current payables | 1,845 | – | – | – | 1,845 |
Clearing member liabilities | 692,640 | – | – | – | 692,640 |
Non-current payables | – | 28 | 335 | 195 | 558 |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 169
Financial Statements Additional InformationGovernanceStrategic Report
| Less than | Between 1 | Between 2 | Over | ||
| 1 year | and 2 years | and 5 years | 5 years | Total | |
31 December 2025 | £m | £m | £m | £m | £m |
Gross inflow | 3,608 | 67 | 961 | 91 | 4,726 |
Gross outflow | (3,543) | (66) | (894) | (69) | (4,573) |
| Less than | Between 1 | Between 2 | Over | ||
| 1 year | and 2 years | and 5 years | 5 years | Total | |
31 December 2024 | £m | £m | £m | £m | £m |
Gross inflow | 3,250 | 642 | 277 | 669 | 4,838 |
Gross outflow | (3,253) | (671) | (355) | (689) | (4,968) |
2025 | 2024 | ||||
| Profit | Profit | ||||
| after tax | Equity | after tax | Equity | ||
| £m | £m | £m | £m | ||
Euro | Sterling weakens | 18 | (57) | 18 | (66) |
Sterling strengthens | (16) | 53 | (16) | 60 | |
US dollar | Sterling weakens | 26 | (18) | 18 | (19) |
Sterling strengthens | (23) | 16 | (16) | 7 |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
Liquidity, settlement and custodial risk continued
London Stock Exchange Group plc | Annual Report 2025 170
Financial Statements
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 171
Financial Statements Additional InformationGovernanceStrategic Report
| Amounts not | |||||
| netted, but | |||||
| Amount as | available in | ||||
| Gross | Amount | reported in the | event of | Net | |
| amount | offset | balance sheet | default 1 | amount | |
31 December 2025 | £m | £m | £m | £m | £m |
Other financial assets 2,3 | 2,425,148 | (1,890,182) | 534,966 | (534,966) | – |
Reverse repurchase agreements 2 | 135,408 | (7,917) | 127,491 | (127,491) | – |
Derivative financial instruments 4 | 191 | – | 191 | (12) | 179 |
Total assets | 2,560,747 | (1,898,099) | 662,648 | (662,469) | 179 |
Other financial liabilities 2,3 | (2,451,253) | 1,916,287 | (534,966) | 534,966 | – |
Repurchase agreements 2 | (135,408) | 7,917 | (127,491) | 127,491 | – |
Derivative financial instruments 4 | (21) | – | (21) | 12 | (9) |
Total liabilities | (2,586,682) | 1,924,204 | (662,478) | 662,469 | (9) |
| Amounts not | |||||
| netted, but | |||||
| Amount as | available in | ||||
| Gross | Amount | reported in the | event of | Net | |
| amount | offset | balance sheet | default 1 | amount | |
31 December 2024 | £m | £m | £m | £m | £m |
Other financial assets 2, 3 | 1,804,271 | (1,799,904) | 4,367 | (4,367) | – |
Reverse repurchase agreements 2 | 686,211 | (96,023) | 590,188 | (590,188) | – |
Derivative financial instruments 4 | 86 | – | 86 | (48) | 38 |
Total assets | 2,490,568 | (1,895,927) | 594,641 | (594,603) | 38 |
Other financial liabilities 2, 3 | (1,819,018) | 1,814,651 | (4,367) | 4,367 | – |
Repurchase agreements 2 | (686,211) | 96,023 | (590,188) | 590,188 | – |
Derivative financial instruments 4 | (75) | – | (75) | 48 | (27) |
Total liabilities | (2,505,304) | 1,910,674 | (594,630) | 594,603 | (27) |
17. Financial assets and financial liabilities continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 172
Financial Statements
| Number of | Ordinary | Share | ||
shares 1 | share capital 1 | premium 2 | Total | |
millions | £m | £m | £m | |
1 January 2024 | 541 | 38 | 978 | 1,016 |
Share buyback | (11) | – | – | – |
Issue of shares to the Employee Benefit Trust 3 | 1 | – | – | – |
31 December 2024 | 531 | 38 | 978 | 1,016 |
Share buyback | (22) | (1) | – | (1) |
Issue of shares to the Employee Benefit Trust 3 | 1 | – | – | – |
31 December 2025 | 510 | 37 | 978 | 1,015 |
18.2 Other reserves
| Merger relief, capital | Non- | Foreign | ||||
| redemption and | controlling | exchange | ||||
| reverse acquisition | interest put | Hedging | translation | |||
reserves 1 | option reserve 2 | reserve 3 | reserve 4 | Total | ||
Notes | £m | £m | £m | £m | £m | |
1 January 2024 | 18,289 | – | (40) | 1,625 | 19,874 | |
Net gains on net investment hedges | 17.4e | – | – | 47 | – | 47 |
Amounts recycled to income statement | 17.4e | – | – | 6 | – | 6 |
Foreign exchange differences on translation of foreign operations | – | – | – | 191 | 191 | |
31 December 2024 | 18,289 | – | 13 | 1,816 | 20,118 | |
Net losses on net investment hedges | 17.4e | – | – | (29) | – | (29) |
Amounts recycled to income statement | 17.4e | – | – | (5) | – | (5) |
Foreign exchange differences on translation of foreign operations | – | – | – | (1,248) | (1,248) | |
Shares cancelled | 1 | – | – | – | 1 | |
Transfer to retained earnings 5 | (1,300) | – | – | – | (1,300) | |
Put option liability for non-controlling interests’ shares | 15 | – | (172) | – | – | (172) |
31 December 2025 | 16,990 | (172) | (21) | 568 | 17,365 |
1 Includes:
– Merger relief reserve of £16,986 million (2024: £18,286 million), a potentially distributable reserve arising as a result of shares issued to acquire subsidiaries;
– Capital redemption reserve of £516 million (2024: £515 million), a reserve set up as a result of a court approved capital reduction scheme and is non-distributable; and
– Reverse acquisition reserve of £(512) million (2024: £(512) million), a reserve as a result of the acquisition of London Stock Exchange plc in 2007. It is recognised on consolidation as a result
of a capital reduction scheme and is non-distributable.
2 The non-controlling interest put option reserve represents the Group’s estimate of the expected redemption amount associated with the arrangements over the non-controlling interests in LSEG
PTS Holdings Limited. The reserve reflects the present value of the expected redemption amount, recognised in equity.
3 The hedging reserve represents the cumulative fair value adjustments recognised in respect of net investment and cash flow hedges entered into in accordance with hedge accounting principles.
It is distributable under certain circumstances. Net gains and losses are recognised in other comprehensive income and balances remain in equity until both the hedging instrument and the
underlying instrument are derecognised.
4 The foreign exchange translation reserve records the cumulative impact of foreign exchange rate movements on the translation of non-sterling subsidiary companies into sterling. It is distributable
under certain circumstances. Net gains and losses on translation are recognised in other comprehensive income and amounts remain in equity until the subsidiary is derecognised.
5 During the year, reserves of £1,300 million, which were originally recognised on acquisition of the Borsa Italiana group, were transferred from merger relief reserve to retained earnings.
18. Share capital, share premium and other reserves continued
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 173
Financial Statements Additional InformationGovernanceStrategic Report
19. Non-controlling interests
Notes to the consolidated financial statements continued
Financial information for subsidiary entities or groups that have material
non-controlling interests is provided below:
| Proportion of economic interest held | ||
by non-controlling interests | 2025 | 2024 |
Tradeweb group | 49.1% | 49.2% |
Post Trade Solutions group 1 | 20.0% | – |
LCH group 2 | 5.6% | 5.8% |
Turquoise Global Holdings Limited | 15.8% | 15.8% |
1 In October 2025, the Group sold a 20% stake in LSEG PTS Holdings Limited for £170 million
and recognised an increase in non-controlling interests.
2 In October 2025, LCH Group Holdings Limited undertook a capital issuance in which not all
non-controlling shareholders participated, resulting in the Group’s interest increasing by 0.2%.
The participating non-controlling shareholders paid £34 million and the Group recognised an
increase in non-controlling interests of £28 million and an increase in equity attributable to
owners of the parent of £6 million.
| Profit for the year allocated | 2025 | 2024 | |
| to non-controlling interests | Notes | £m | £m |
Tradeweb group | 19.1 | 229 | 184 |
Post Trade Solutions group | 19.2 | – | – |
LCH group | 19.3 | 28 | 53 |
Other | – | (1) | |
| 257 | 236 |
| Accumulated balance of | 2025 | 2024 | |
| non-controlling interests | Notes | £m | £m |
Tradeweb group | 19.1 | 2,046 | 2,026 |
Post Trade Solutions group | 19.2 | 167 | – |
LCH group | 19.3 | 168 | 106 |
Other | 8 | 8 | |
| 2,389 | 2,140 |
Summarised financial information for the Tradeweb, Post Trade Solutions
and LCH groups is provided below.
19.1 Tradeweb group
The Group has a 45.6% economic interest in Tradeweb Markets Inc, a
US company. Tradeweb Markets Inc is the parent company of Tradeweb
Markets LLC in which the Group holds a further direct interest. This gives
the Group an effective economic interest of 50.9% in Tradeweb Markets
LLC (2024: 50.8%).
The Tradeweb group’s summarised financial information below differs
from that reported by Tradeweb. The numbers disclosed here include
adjustments to bring their accounting policies in line with those used
by the Group and include the impact of acquisition accounting.
| Summarised financial information attributable | 2025 | 2024 |
to non-controlling interests 1 | £m | £m |
Profit for the year attributable to non-controlling interests | 229 | 184 |
| Total comprehensive income for the year | ||
attributable to non-controlling interests | 81 | 222 |
| Dividends paid to non-controlling interests | ||
in the year | 42 | 37 |
1 The summarised financial information includes any amortisation and impairment of goodwill
and purchased intangible assets, and the related deferred tax benefit, attributable to
non-controlling interests.
2025 | 2024 | |
Summarised balance sheet 1 | £m | £m |
Non-current assets | 8,056 | 8,814 |
Current assets | 1,868 | 1,406 |
Current liabilities | (381) | (345) |
Non-current liabilities | (471) | (492) |
Net assets | 9,072 | 9,383 |
| Attributable to: | ||
Equity holders of the company | 7,026 | 7,357 |
Non-controlling interests | 2,046 | 2,026 |
Total equity | 9,072 | 9,383 |
1 The summarised balance sheet includes goodwill and purchased intangible assets together
with associated amortisation, impairment and deferred tax.
Summarised total comprehensive income 1 | 2025 | 2024 |
| and cash flows | £m | £m |
Total income for the year | 1,558 | 1,350 |
Total profit for the year | 700 | 446 |
Total comprehensive income for the year | 324 | 544 |
Net increase/(decrease) in cash and cash equivalents | 476 | (268) |
1 The summarised total comprehensive income of the Tradeweb group excludes any
amortisation and impairment of goodwill and purchased intangible assets (together with
any associated deferred tax).
London Stock Exchange Group plc | Annual Report 2025 174
Financial Statements
19.2 Post Trade Solutions group
In October 2025, the Group completed the sale of a 20% interest in
LSEG PTS Holdings Limited, the holding company for the Group’s Post
Trade Solutions businesses (based in the UK and the US), for a total
consideration of £170 million. Following the transaction, the Group
retained an 80% ownership interest in LSEG PTS Holdings Limited.
| Summarised financial information attributable | 2025 | 2024 |
to non-controlling interests 1 | £m | £m |
Profit for the period attributable to non-controlling interests | – | – |
| Total comprehensive loss for the period | ||
attributable to non-controlling interests | (3) | – |
1 The summarised financial information for the two months ended 31 December 2025, from
the date of the non-controlling interest holders’ investment, includes any amortisation and
impairment of goodwill and purchased intangible assets, together with the related deferred
tax benefit, attributable to non-controlling interests.
2025 | 2024 | |
Summarised balance sheet 1 | £m | £m |
Non-current assets | 838 | – |
Current assets | 232 | – |
Current liabilities | (167) | – |
Non-current liabilities | (66) | – |
Net assets | 837 | – |
| Attributable to: | ||
Equity holders of the company | 670 | – |
Non-controlling interests | 167 | – |
Total equity | 837 | – |
1 The summarised balance sheet includes goodwill and purchased intangible assets of all
businesses within the Post Trade Solutions group, together with associated amortisation,
impairment and deferred tax.
Summarised total comprehensive income 1 | 2025 | 2024 |
| and cash flows | £m | £m |
Total income for the period | 31 | – |
Total loss for the period | (1) | – |
Total comprehensive loss for the period | (13) | – |
Net increase in cash and cash equivalents | 4 | – |
1 The summarised total comprehensive income of the Post Trade Solutions group for the two
months ended 31 December 2025, from the date of the non-controlling interest holders’
investment, excludes any amortisation and impairment of goodwill and purchased intangible
assets (together with any associated deferred tax).
19.3 LCH group
The Group owns 94.4% of LCH Group Holdings Limited, which is the
parent of LCH Limited, based in the UK, and LCH SA, based in France.
In October 2025, the Group and some non-controlling interest holders
made additional capital contributions to LCH Group Holdings Limited.
As a result of the relative levels of contributions made, the non-controlling
interest was slightly reduced, and the Group’s ownership interest
increased by 0.2%. The Group received £34 million in cash consideration
from those non-controlling interest holders that participated in the capital
contribution process.
| Summarised financial information attributable | 2025 | 2024 |
to non-controlling interests 1 | £m | £m |
Profit for the year attributable to non-controlling interests | 28 | 53 |
| Total comprehensive income for the year | ||
attributable to non-controlling interests | 34 | 45 |
| Dividends paid to non-controlling interests | ||
in the year | – | 38 |
1 The summarised financial information includes any amortisation and impairment of goodwill
and purchased intangible assets, and the related deferred tax benefit, attributable to
non-controlling interests.
2025 | 2024 | |
Summarised balance sheet 1 | £m | £m |
Non-current assets | 1,624 | 487 |
Current assets | 759,733 | 694,487 |
Current liabilities | (758,227) | (693,265) |
Non-current liabilities | (47) | (46) |
Net assets | 3,083 | 1,663 |
| Attributable to: | ||
Equity holders of the company | 2,915 | 1,557 |
Non-controlling interests | 168 | 106 |
Total equity | 3,083 | 1,663 |
1 The summarised balance sheet includes goodwill and purchased intangible assets together
with associated amortisation, impairment and deferred tax.
Summarised total comprehensive income 1 | 2025 | 2024 |
| and cash flows | £m | £m |
Total income for the year | 1,110 | 1,070 |
Total profit for the year | 523 | 407 |
Total comprehensive income for the year | 613 | 356 |
Net (decrease)/increase in cash and cash equivalents | (130) | 101 |
1 The summarised total comprehensive income of the LCH group excludes any amortisation
and impairment of goodwill and purchased intangible assets (together with any associated
deferred tax).
Notes to the consolidated financial statements continued
19. Non-controlling interests continued
London Stock Exchange Group plc | Annual Report 2025 175
Financial Statements Additional InformationGovernanceStrategic Report
2025 | 2024 | ||
Notes | £m | £m | |
Group share plans 1 | 20.1 | 95 | 92 |
| Tradeweb share schemes | |||
(recognised in non-controlling interests) | 20.2 | 81 | 73 |
Total share-based payment expense | 4.1 | 176 | 165 |
2025 | 2024 | |
£m | £m | |
Share-based payments | 95 | 89 |
Cash receipts from employees on vesting | 8 | 13 |
| 103 | 102 |
20. Share-based payments
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 176
Financial Statements
Notes to the consolidated financial statements continued
SAYE options
Movements in the number of share options and awards outstanding and
their weighted average exercise prices are as follows:
| Weighted | ||
| average | ||
| exercise | ||
| price | ||
Number | £ | |
1 January 2024 | 546,098 | 64.98 |
Granted | 218,628 | 81.73 |
Exercised | (193,401) | 64.91 |
Lapsed/forfeited | (43,906) | 65.79 |
31 December 2024 | 527,419 | 71.88 |
Granted | 193,444 | 72.95 |
Exercised | (133,553) | 64.24 |
Lapsed/forfeited | (81,942) | 76.55 |
31 December 2025 | 505,368 | 73.55 |
Exercisable at 31 December 2025 | 11,580 | 67.61 |
| 31 December 2024 | 37,177 | 66.99 |
The weighted average share price of London Stock Exchange Group plc
shares during the year was £102.95 (2024: £97.73).
The range of exercise prices and the weighted average remaining
contractual life of awards and options outstanding are as follows:
2025 | 2024 | |||
| Weighted | Weighted | |||
| average | average | |||
| remaining | remaining | |||
| contractual | contractual | |||
| Number | life | Number | life | |
| outstanding | Years | outstanding | Years | |
| SAYE | ||||
– Between £60 and £65 | 9,443 | 0.4 | 147,911 | 0.7 |
– Between £65 and £70 | 145,880 | 1.3 | 163,037 | 1.8 |
– Between £70 and £75 | 189,849 | 3.3 | – | – |
– Between £80 and £85 | 160,196 | 2.4 | 216,471 | 2.8 |
Total | 505,368 | 527,419 |
The inputs used in the Black-Scholes model for the valuation of the
share options are as follows:
Date of grant | 29-Sep |
Grant date share price (£) | 84.00 |
Expected life (years) | 3.34 |
Exercise price (£) | 72.95 |
Dividend yield (%) | 1.25 |
Risk-free interest rate (%) | 4.14 |
Volatility (%) | 19.94 |
Fair value (£) | 14.21 |
Equity-settled share awards
The number of awards and the weighted average fair value of the awards
granted during the year are as follows:
| 2025 | ||
| Weighted | ||
| Awards | average | |
| granted | fair value | |
| Number | £ | |
PSU | 588,575 | 87.20 |
RSU | 499,089 | 101.75 |
DBP | 136,463 | 112.08 |
ISIP | 55,843 | 96.53 |
20.2 Tradeweb share plans
Tradeweb grants awards, including performance-based restricted share
units (PRSUs), performance share units (PSUs), stock options, restricted
stock units (RSUs) and dividend equivalent rights. The awards may have
performance-based and time-based vesting conditions. Stock options
have a maximum contractual term of 10 years.
– PRSUs (Equity-Settled)
PRSUs are promises to issue shares at the end of a three-year
vesting period. The number of shares a participant will receive upon
vesting is determined by a performance modifier, which is adjusted
based on Tradeweb’s financial performance. For PRSU awards granted
during 2024 and thereafter, Tradeweb’s financial performance is
determined based on the compound annual growth rate over a
three-year performance period beginning on 1 January in the year
of grant. For PRSU awards granted during 2023, Tradeweb’s financial
performance was determined based on the financial performance
in the grant year, and any earned awards that remain outstanding
are subject to time-based vesting conditions. The fair value of the
equity-settled PRSUs is calculated as at the grant date using the
share price.
– PSUs (Equity-Settled)
PSUs are promises to issue shares at the end of a three-year vesting
period. The number of shares a participant will receive upon vesting
is determined by a performance modifier, which is adjusted based on
Tradeweb’s total shareholder return over a three-year performance
period. The fair value of the equity-settled PSUs is calculated as at
the grant date using the Monte Carlo simulation model.
20. Share-based payments continued
London Stock Exchange Group plc | Annual Report 2025 177
Financial Statements Additional InformationGovernanceStrategic Report
Contract | Description | Minimum commitment |
| 10-year strategic partnership | To architect LSEG’s data infrastructure using the Microsoft | Minimum cloud-related spend of US$2.8 billion |
| with Microsoft | Cloud, and to jointly develop new products and services for | over the term of the partnership 1 |
| data and analytics | ||
| Collaboration with Amazon | Extension of collaboration with Amazon Web Services to | Cloud-related spend commitment over the term |
| Web Services | provide cloud services to LSEG’s Markets, Risk Intelligence | of the agreement |
| and FTSE Russell divisions. This will strengthen LSEG’s | ||
| resilience and security while delivering new services and | ||
| products for customers. | ||
| Agreement with Reuters News, | To receive news and editorial content | Minimum CPI adjusted payment, which was |
| entered into in 2018, for a 30-year term | US$398 million for 2025 |
Notes to the consolidated financial statements continued
London Stock Exchange Group plc | Annual Report 2025 178
Financial Statements
London Stock Exchange Group plc
Company Financial Statements
Year ended 31 December 2025
Registered number 5369106
London Stock Exchange Group plc | Annual Report 2025 179
Financial Statements Additional InformationGovernanceStrategic Report
2025 2024
At 31 December Notes £m £m
Assets
Non-current assets
Investments in subsidiaries 3 25,020 24,954
Receivables 4 44 138
Deferred tax assets 5 16
25,069 25,108
Current assets
Receivables 4 668 853
Cash and cash equivalents 5 2 4
670 857
Total assets 25,739
25,965
Liabilities
Current liabilities
Payables 6 2,667 604
2,667 604
Non-current liabilities
Borrowings 7 1,366 1,318
Payables 6 919 883
Derivative financial instruments 8 25
2,293 2,226
Total liabilities 4,960
2,830
Net assets 20,779
23,135
Equity
Capital and reserves attributable to the Company’s equity holders
Ordinary share capital 37 38
Share premium 978 978
Retained earnings
1
2,262 3,321
Other reserves 17,502 18,798
Total equity 20,779
23,135
1 As permitted by Section 408 of the Companies Act 2006, the Company’s income statement has not been presented in these financial statements. The profit for the year was £849 million
(2024: £1,07 0 million).
The financial statements on pages 180 to 192 were approved by the Board on 25 February 2026 and signed on its behalf by:
David Schwimmer Michel-Alain Proch
Chief Executive Officer Chief Financial Officer
25 February 2026
London Stock Exchange Group plc
Registered number 5369106
Company balance sheet
London Stock Exchange Group plc | Annual Report 2025 180
Financial Statements
Other reserves
Number of
shares
1
Ordinary
share capital
Share
premium
Retained
earnings
Merger relief
reserve
2
Capital
redemption
reserve
3
Total
attributable to
equity holders
Notes millions £m £m £m £m £m £m
1 January 2024 541 38 978 3,796 18,283 515 23,610
Profit for the year (and total
comprehensive income) – – – 1,070 – – 1,070
Share buyback (11) – – (1,005) – – (1,005)
Dividends – – – (642) – – (642)
Issue of shares to the
Employee Benefit Trust 1 – – – – – –
Share-based payments 8 – – – 89 – – 89
Cash receipts from employees
on vesting – – – 13 – – 13
31 December 2024 531 38 978 3,321 18,283 515 23,135
Profit for the year (and total
comprehensive income) – – – 849 – – 849
Share buyback
4
(22) (1) – (2,497) – 1 (2,497)
Dividends
5
– – – (718) – – (718)
Issue of shares to the
Employee Benefit Trust
6
1 – – – – – –
Share-based payments 8 – – – 95 – – 95
Cash receipts from employees
on vesting – – – 8 – – 8
Transfer between reserves
7
– – – 1,297 (1,297) – –
Recognition of Employee
Benefit Trust as an extension
of the Company
8
– – – (93) – – (93)
31 December 2025 510 37 978 2,262 16,986 516 20,779
1 At 31 December 2025, the Company held 21,451,599 (2024: 12,122,106) treasury shares which were acquired as part of its share buyback programme and 1,398,424 (2024: 1,605,133) shares were
held by the Employee Benefit Trust.
2 The merger relief reserve is a potentially distributable reserve arising as a result of shares issued to acquire subsidiaries.
3 The capital redemption reserve was set up as a result of a court approved capital reduction scheme and is non-distributable.
4 During 2025, the Company repurchased 22.1 million of its own shares in the market under Board approved share buyback programmes. Of these, 11.8 million shares were cancelled and the
remainder are being held as treasury shares. Further details of the share buyback are disclosed in note 18 of the Group’s consolidated financial statements We plan to execute an ordinary share
buyback of £3 billion, which will commence as soon as is practicable and is expected to be completed by February 2027.
5 Dividends declared and paid are disclosed in note 8 of the Group's consolidated financial statements. The Board proposed a final dividend in respect of the year ended 31 December 2025
of 103.0p per share (31 December 2024: 89.0p per share).
6 The Board approved the allotment and issue of 120,231 ordinary shares at par to the Employee Benefit Trust (2024: 176,777 ordinary shares at par) and the transfer of 965,000 treasury shares
(2024: 1,375,000) to settle employee share plans.
7 During the year, reserves of £1,297 million were transferred from the merger relief reserve to retained earnings, of which £1,300 million was originally recognised on acquisition of the Borsa
Italiana group.
8 In June 2025, the Employee Benefit Trust deed was amended to change the sponsoring company from London Stock Exchange plc to London Stock Exchange Group plc. As a result of this
amendment, the Employee Benefit Trust is now treated as an extension of the Company.
Company statement of changes in equity
London Stock Exchange Group plc | Annual Report 2025 181
Financial Statements Additional InformationGovernanceStrategic Report
Reporting entity
Notes to the Company financial statements
1. Accounting policies
This section describes the Company’s material accounting policy
information that relates to its financial statements and notes as a whole.
Where an accounting policy relates to a particular note, it is disclosed in
that note. These policies have been consistently applied to all the periods
presented, unless otherwise stated.
1.1 Basis of preparation
The Company’s financial statements are prepared in accordance
with the Companies Act 2006 and Financial Reporting Standard
(FRS) 101 Reduced Disclosure Framework.
The following disclosure exemptions under FRS 101 have been
considered and applied where deemed to be applicable:
– Paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment
(details of the number and weighted-average exercise prices
of share options, and how the fair value of goods or services
received was determined)
– IFRS 7 Financial Instruments: Disclosures
– Paragraphs 91 to 99 of IFRS 13 Fair Value Measurement
(including disclosure of valuation techniques and inputs used
for fair value measurement of assets and liabilities)
– The following paragraphs of IAS 1 Presentation of Financial
Statements
– 10(d) (statement of cash flows)
– 16 (statement of compliance with all IFRS)
– 111 (cash flow information)
– 134-136 (capital management disclosures)
– IAS 7 Statement of Cash Flows
– Paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors (requirement for the disclosure
of information when an entity has not applied a new IFRS that
has been issued but is not yet effective)
– The requirements in IAS 24 Related Party Disclosures to
disclose related party transactions entered into between two
or more members of a group, provided that any subsidiary which
is a party to the transaction is wholly owned by such a member
– Paragraphs 17 and 18A of IAS 24 (key management
compensation and amounts incurred for key management
services provided by a separate management entity)
– IAS 36 Impairment of Assets disclosure of impairment reviews
– Paragraphs 88C and 88D of IAS 12 Income Taxes (qualitative
and quantitative information about its exposure to Pillar Two
income taxes)
The financial statements are prepared on a historical cost basis
except for derivative financial instruments which are measured
at fair value. The financial statements have been prepared on
a going concern basis (see note 1.2 to the consolidated financial
statements for this assessment).
As permitted by Section 408 of the Companies Act 2006, the
Company’s income statement has not been presented in these
financial statements.
1.2 Significant accounting estimates, assumptions
and judgements
Estimates, assumptions and judgements are regularly reviewed
based on historical experience, current circumstances and
expectations of future events. There are no significant accounting
estimates, assumptions and judgements in the preparation of the
Company financial statements that have a significant effect on
the amounts recognised in its financial statements.
1.3 Material accounting policy information applied in the
current reporting period that relates to the Company
financial statements as a whole
Foreign currencies
The financial statements are presented in sterling, which is the
Company’s functional currency.
Transactions in foreign currencies are initially recorded and
translated into the functional currency at the exchange rate ruling
at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated into sterling
at the exchange rate prevailing at the reporting date. Foreign
exchange gains and losses resulting from the settlement of such
foreign currency transactions or from the translation of monetary
assets and liabilities denominated in foreign currencies are
recognised in the income statement, either within operating
expenses or net finance costs depending on the nature of the
item or transaction.
Non-monetary items measured in terms of historical cost in
a foreign currency are not retranslated. Non-monetary items
measured at fair value that are denominated in foreign currencies
are retranslated at the exchange rate at the date when the fair
value was determined. The foreign exchange gain or loss on
assets and liabilities carried at fair value is reported as part of the
fair value gain or loss. This means foreign exchange gains and
losses on non-monetary assets and liabilities held at fair value
through profit or loss are recognised in the income statement
within operating expenses.
Taxation
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to taxation authorities.
Dividends
Dividend distributions to the Company’s equity holders are
recognised as a liability in the Company financial statements
in the period in which the dividends are approved by the
Company’s shareholders.
These financial statements have been prepared for London Stock Exchange Group plc (the “Company”). The Company is a public limited company,
incorporated and domiciled in England and Wales. The address of its registered office is 10 Paternoster Square, London, EC4M 7LS.
London Stock Exchange Group plc | Annual Report 2025 182
Financial Statements
2. Income statement
2.1 Employees
The Company had no employees in the year (2024: nil). Details of
Directors’ emoluments are disclosed in the Remuneration Report
on pages 82 to 103.
3. Investments in subsidiaries
4. Receivables
2.2 Auditors’ fees
The fees paid or are payable to the Company’s auditors, Deloitte LLP,
and its associates for 2025 in respect of audit services were £0.1million
(2024: £0.1 million).
Accounting policy
Investments in subsidiaries, as well as loans and other
contributions to subsidiaries, are recognised at cost less
accumulated impairment.
Investments in subsidiaries are reviewed for impairment when
events indicate the carrying amount may not be recoverable.
When an indication of impairment is identified, the investment’s
recoverable amount is estimated as the higher of its fair value
less costs of disposal and its value-in-use. An impairment loss
is recognised when the recoverable amount of an investment
is less than its carrying amount.
2025 2024
£m £m
Cost
1 January 26,287 26,287
Additional investments in subsidiaries
1,2
578 –
Disposals
2
(512) –
31 December 26,353 26,287
Accumulated impairment
1 January 1,333 1,333
31 December 1,333 1,333
Net book value
31 December 25,020
24,954
1 During the year, the Company invested £55 million in London Stock Exchange Group
(Services) Limited and £11 million in London Stock Exchange Reg Holdings Limited.
2 In October 2025, the Company contributed 100% of the shares of AcadiaSoft Inc.
(which merged with LSEGH US PT, Inc.) with a carrying value of £512 million in exchange
for London Stock Exchange Reg Holdings Limited issuing new ordinary shares to the
Company for £512 million.
A full list of the Group’s subsidiaries as at 31 December 2025 is provided
in note 10.1.
Accounting policy
Amounts due from Group companies are initially measured at
fair value and are subsequently reported at amortised cost less
provision for expected credit losses. Allowances for expected
credit losses are made based on the risk of non-payment, taking
into account ageing, previous experience, economic conditions
and forward-looking data.
The Company has a tax indemnity receivable from Thomson
Reuters for any tax liabilities incurred before Refinitiv (previously
the Thomson Reuters Financial & Risk Business) separated from
Thomson Reuters on 1 October 2018. The tax indemnity receivable
is measured on the same basis as the corresponding indemnified
tax liabilities. When there is a change in the indemnified tax
liabilities, which is recognised within tax in the income statement,
there is an offsetting change in the tax indemnity receivable.
This change is recognised within operating expenses in the
income statement.
2025 2024
£m £m
Non-current
Tax indemnity receivable 44 43
Amounts due from Group companies – 95
44 138
Current
Amounts due from Group companies
1
537 665
Group relief receivable 119 177
Other receivables 4 –
Prepayments 8 11
668 853
Total receivables 712
991
1 Amounts falling due from Group companies within one year are unsecured, repayable
on demand and are predominantly interest bearing.
Notes to the Company financial statements continued
London Stock Exchange Group plc | Annual Report 2025 183
Financial Statements Additional InformationGovernanceStrategic Report
5. Cash and cash equivalents
2025 2024
£m £m
Cash at bank 2 4
Total cash and cash equivalents 2
4
2025 2024
£m £m
Non-current
Tax indemnity payable 177 178
Amounts due to Group companies
1
742 705
919 883
Current
Trade payables 5 4
Other payables 51 22
Share buyback obligation 417 –
Accrued expenses 11 27
Amounts due to Group companies² 2,183 551
2,667 604
Total payables 3,586
1,487
1 Amounts falling due to Group companies after more than one year are unsecured, interest
bearing and repayable at maturity, in September 2034.
2 Amounts falling due to Group companies within one year are unsecured, repayable
on demand and are predominantly interest bearing.
2025 2024
£m £m
Non-current
Bank borrowings – committed bank facilities
1
– (4)
Bonds 1,366 1,322
Total borrowings 1,366
1,318
1 Balances are shown net of capitalised arrangement fees. Where there are no amounts
borrowed on a particular facility, this gives rise to a negative balance.
Notes to the Company financial statements continued
6. Payables
7. Borrowings
Accounting policy
Amounts due to Group companies are initially recognised at
fair value and are subsequently measured at amortised cost.
Accrued expenses are recognised for goods and services
received before the end of the year for which no invoice has
been received. They are measured at amortised cost.
The Company has a tax indemnity payable to Thomson Reuters
with a matching tax receivable. The tax indemnity payable is
measured on the same basis as the indemnified tax receivable.
When there is a change in the indemnified tax receivable, which
is recognised within tax in the income statement, there is an
offsetting change in the tax indemnity payable. This change is
recognised within operating expenses in the income statement.
Accounting policy
Borrowings are initially recorded at the fair value of amounts
received, net of capitalised direct issue costs and arrangement
fees (including upfront facility fees).
Subsequently, these liabilities are carried at amortised cost.
Interest payable on the borrowings, direct issue costs and
arrangement fees (including upfront facility fees) are recognised
in the income statement over the period of the borrowings using
the effective interest method.
London Stock Exchange Group plc | Annual Report 2025 184
Financial Statements
The Company has the following committed bank facilities and unsecured bonds:
Maturity
date
Facility/
bond
Carrying value
Interest
rate
2025
£m
2024
£m
£m %
Committed bank facilities
Multi-currency revolving credit facility
1
Dec 2027 1,925 – (2) see note
2
Multi-currency revolving credit facility
1
Dec 2027 1,075 – (2) see note
2
3,000 – (4)
Bonds
€500 million bond, issued December 2018 Dec 2027 436 435 413 1.750
€500 million bond, issued September 2017 Sep 2029 436 435 413 1.750
£500 million bond, issued April 2021 Apr 2030 500 496 496 1.625
1,372 1,366 1,322
Total borrowings 1,366
1,318
1 Negative balances represent the value of unamortised arrangement fees.
2 Interest is payable at the risk-free rate plus a margin and credit adjustment spread (CAS). The CAS is variable and depends on the tenor and currency of the borrowings.
7. Borrowings continued
Accounting policy
The Group operates a number of equity-settled share-based
payment plans for the employees of its subsidiaries using the
Company’s equity instruments. The share-based payment is
recharged to its subsidiaries by the Company with a corresponding
increase in retained earnings within equity. The expense is determined
by the fair value (using a stochastic valuation model) of the options
granted or shares awarded at the date of the grant. The calculated
expenses are recognised over the relevant vesting periods.
Further details on the share plans are provided in the Directors’
Remuneration Report on pages 82 to 103 and note 20 to the consolidated
financial statements.
The Company has an Employee Benefit Trust to administer the share
plans and to acquire Company shares to meet the commitments to
Group employees. At 31 December 2025, 1,398,424 Company shares
were held by the trust (2024: 1,605,133). The Employee Benefit Trust
is treated as an extension of the Company and is fully funded by the
Company via loans, cash gifts and the issue and transfer of shares.
The cost of the shares held by the Employee Benefit Trust is recognised
directly in equity.
9. Financial guarantees
The Company has guaranteed unsecured bonds and commercial
paper issued by LSEG Finance plc, LSEG Netherlands B.V. and LSEG
US Fin Corp which at 31 December 2025 amounted to £9,727 million
(2024: £8,020 million).
8. Share-based payments
Notes to the Company financial statements continued
London Stock Exchange Group plc | Annual Report 2025 185
Financial Statements Additional InformationGovernanceStrategic Report
10. Group companies
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Australia
Level 10, 60 Margaret Street, Sydney, NSW 2000
EnergybankLink Pty Limited Ordinary 100.0 100.0
Lipper Australia Pty Limited Ordinary 100.0 100.0
Refinitiv Australia Pty Limited Ordinary 100.0 100.0
Telfer Investments Australia Pty
Limited
Ordinary 100.0
100.0
Special 100.0
Telfer Pty Limited Ordinary 100.0
100.0
Special 100.0
The Red Flag Group (Australia) Pty
Limited
Ordinary 100.0 100.0
Tora Trading Services Pty Limited Ordinary 100.0 100.0
Level 6, 14 Martin Place, Sydney, NSW 2000
Tradeweb Australia Pty Limited Ordinary A 100.0
50.9
Ordinary B 100.0
TWAS Holding I Pty Limited Ordinary 100.0 50.9
TWAS Holding II Pty Limited Ordinary 100.0 50.9
Austria
Kohlmarkt 8-10, 1010, Vienna
Refinitiv Austria GmbH Ordinary 100.0 100.0
Bahrain
Flat 1002, Building 1459, Road 4626, Block 346, Manama
R.M.E. Bahrain Limited W.L.L. Ordinary 100.0 100.0
Bermuda
C/o Conyers Corporate Services (Bermuda) Ltd, Clarendon House, 2 Church
Street, Hamilton, HM 11
Refinitiv (Canvas) Holdings 1 Limited Common 100.0 100.0
Refinitiv (Canvas) Holdings 2 Limited Common 100.0 100.0
Refinitiv (Canvas) Holdings 3 Limited Common 100.0 100.0
Refinitiv UK Holding Company Limited Ordinary 100.0 100.0
Brazil
Avenida Doutor Cardoso de Melo 1855, Vila Olimpia, São Paulo 04548-005
Refinitiv Brasil Servicos Economicos
Limitada
Ordinary 100.0 100.0
Refinitiv Tecnologia em Sistemas
Brasil Limitada
Ordinary 100.0 100.0
485, Rua Apeninos, room 12, Aclimação, in the City of São Paulo,
State of São Paulo, 01533-000, Brazil
Tradeweb Brasil Limitada Ordinary 100.0 50.9
Notes to the Company financial statements continued
10.1 Subsidiaries
In accordance with section 409 of the Companies Act 2006, a full list of
the Company’s subsidiaries as at 31 December 2025 is provided below.
Companies owned directly by the Company
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
United Kingdom – England & Wales
10 Paternoster Square, London EC4M 7LS
London Stock Exchange (C) Limited Ordinary £ 100.0
100.0
Ordinary € 100.0
London Stock Exchange Group
(Services) Limited
Ordinary 100.0 100.0
London Stock Exchange Group
Holdings (Italy) Limited
Ordinary 100.0 100.0
London Stock Exchange Group
Holdings (R) Limited
Ordinary 100.0 100.0
London Stock Exchange Group
Holdings Limited
Ordinary 100.0 100.0
London Stock Exchange plc Ordinary 100.0 100.0
London Stock Exchange Reg Holdings
Limited
Ordinary 100.0 100.0
LSEG Finance plc (formerly LSEGA
Financing plc)
Ordinary 100.0 100.0
LSEGA Limited Ordinary 100.0 100.0
LSEGA2 Limited Ordinary 100.0 100.0
LSEGH (Luxembourg) Limited Ordinary 100.0 100.0
Cayman Islands
C/o Intertrust Corporate Services (Cayman) Ltd, 1 Nexus Way, Camana Bay,
Grand Cayman, KY1-9005
Refinitiv Parent Limited Ordinary
1
70.5 100.0
Netherlands
10th Floor, Eduard van Beinumstraat 24, Amsterdam 1077 CZ
LSEG Netherlands B.V. Ordinary 100.0 100.0
London Stock Exchange Group plc | Annual Report 2025 186
Financial Statements
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
British Virgin Islands
C/o Harkom Corporate Services, Jayla Place, Wickhams Cay I, 2nd Floor,
Road Town, Tortola, VG1110
The Red Flag Group (BVI) Limited Ordinary 100.0 100.0
Canada
77 City Centre Drive, Wet Tower, Suite 300, Toronto, ON, L5B 1M5
FTSE Global Debt Capital Markets, Inc Ordinary 100.0 100.0
Suite 2400, 333 Bay Street, Toronto, ON M5H 2T6
Millennium IT Software (Canada) Inc Common 100.0 100.0
Suite 400, 333 Bay Street, Toronto, ON M5H 2R2
Refinitiv Canada Holdings Limited Common 100.0 100.0
Cayman Islands
C/o Intertrust Corporate Services (Cayman) Ltd, 1 Nexus Way, Camana Bay,
Grand Cayman, KY1-9005
Caspian Holdings Limited Ordinary 100.0 100.0
Refinitiv TW Holdings Limited Ordinary 100.0 100.0
Tora Trading Services Limited Ordinary 100.0 100.0
Zawya Limited Common 100.0 100.0
C/o Vistra (Cayman) Limited, P.O. Box 31119, Hibiscus Way, 802 West Bay
Road, Grand Cayman, KY1-1205 Cayman Islands
TWC Limited Ordinary 100.0 50.9
China
Room 8B, 18th Floor, E1 Office Building, Oriental Plaza, East Chang’an Street,
Dongchen District, Beijing, China
FTSE (Beijing) Consulting Limited Ordinary 100.0 100.0
Room 2026-33, 5th Floor, 1st to 16th Floor, Inner 01, Building 2, No.3 Court,
Jinli South Road, Fengtai District, Beijing China
Refinitiv Information Services (China)
Co. Limited
Contribution
Unit
100.0 100.0
A2 Tower, ZhongGuanCun #1, 81 BeiQing Road, Haidian District, Beijing
100193
Refinitiv Technology (China) Co.
Limited
Contribution
Unit
100.0 100.0
Unit 201F, Building No.2, No. 138 Fen Yang Road, Xuhui District, Shanghai,
200030
Tradeweb Information Technology
Services (Shanghai) Co. Ltd.
Contribution
Unit
100.0 50.9
Cook Islands
C/o Cook Islands Trust Corporation, 1st Floor, BCI House, PO Box 141,
Avaura, Rarotonga
Alta Limited Ordinary 100.0 100.0
Data Development Services Limited Ordinary 100.0 100.0
Lipper Asia Limited Ordinary 100.0 100.0
Monitor Services Hong Kong Limited Ordinary 100.0 100.0
10. Group companies continued
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Costa Rica
San Jose-Santa Ana radial a San Antionio de Belen, Doscientos metros
norte de la Cruz Roja de Santa Ana, Edificio Murano, Piso Uno, Oficina 13
Refinitiv Costa Rica Srl Ordinary 100.0 100.0
Cyprus
Kerkyras & John Kennedy, 11, Amaranthe House, Ground Floor, Limassol,
3107, Cyprus
Refinitiv Cyprus Limited Ordinary 100.0 100.0
Czechia
Na Perstyne 342/1, Staré Mesto, 110 00 Praha 1
Refinitiv Czech Republic s.r.o. Ordinary 100.0 100.0
Denmark
Vesterbrogade 1E, 4.Sal, DK-1620, Copenhagen V
Refinitiv Denmark A/S Ordinary 100.0 100.0
Finland
Spaces Postitalo, Mannerheiminaukio 1A, Helsinki 00100
Refinitiv Finland OY AB Ordinary 100.0 100.0
France
Le Centorial, 18 rue du Quatre-Septembre, 75002 Paris
Banque Centrale de Compensation
(LCH SA)
Ordinary 100.0 94.4
Beyond Ratings Ordinary 100.0 100.0
FTSE EU SAS Ordinary 100.0 100.0
Refinitiv France Holdings SARL Ordinary 100.0 100.0
Refinitiv France SAS Ordinary 100.0 100.0
20 Avenue Andre Malraux, 92300 Levallois-Perret
The Red Flag Group (France) SAS Ordinary 100.0 100.0
Germany
Maurenbrecher Strasse 16, 47803 Krefeld
Quaternion Risk Management
Deutschland GmbH
Ordinary 100.0 80.0
Friedrich-Ebert-Anlage 49, 60327 Frankfurt am Main
Refinitiv Germany GmbH Ordinary 100.0 100.0
Refinitiv Germany Holdings GmbH Ordinary 100.0 100.0
Greece
53 Solonos Street, 10672 Athens
Refinitiv Hellas Single Member SA Ordinary 100.0 100.0
Guernsey
C/o Alternative Risk Management Ltd, Level 5, Mill Court, La Charroterie,
St. Peter Port GY1 1EJ
Refinitiv Europe Middle East and
Africa (Central Region) Limited
Ordinary 100.0 100.0
Notes to the Company financial statements continued
Companies owned indirectly by the Company continued
London Stock Exchange Group plc | Annual Report 2025 187
Financial Statements Additional InformationGovernanceStrategic Report
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Hong Kong SAR
18/F ICBC Tower, 3 Garden Road, Central
FTSE China Index Limited Ordinary 100.0 100.0
FTSE International (Hong Kong)
Limited
Ordinary 100.0 100.0
IntegraScreen Limited Ordinary 100.0 100.0
LSEG HK Financing Limited Ordinary 100.0 100.0
The Red Flag Group (HK) Limited Ordinary 100.0 100.0
The Red Flag Group Limited Ordinary 100.0 100.0
The Red Flag Group Products (HK)
Limited
Ordinary 100.0 100.0
Tora Trading Services (Asia) Limited Ordinary 100.0 100.0
Tora Trading Services Limited Ordinary 100.0 100.0
Hungary
Szervita tér 8, Budapest 1052
Refinitiv Hungary Kft. Ordinary 100.0 100.0
India
Godrej Centre – Indiranagar, 2nd Old Madras Road, Binnamangala, India,
560038, Indiranagar (Bangalore), Bangalore North, Bangalore
TW Global Capability Centre Private
Limited
Ordinary 100.0 50.9
One World Center, 12th Floor, Tower 1, 841 Senapati Bapat Marg, Mumbai
400013
Millennium Information Technologies
(India) Private Limited
Ordinary 100.0 100.0
Refinitiv Global Private Limited Ordinary 100.0 100.0
Refinitiv India Private Limited Ordinary 100.0 100.0
Refinitiv India Shared Services Private
Limited
Ordinary 100.0 100.0
Refinitiv India Transaction Services
Private Limited
Ordinary 100.0 100.0
Ascend Coworks, 1304, FP463, Opp Cadbury Co, Khopat, Thane,
Maharashtra, 400601, India
TW Technology and Trading Private
Limited
Ordinary 100.0 50.9
Indonesia
Menara Astra, #37-118, Jl. Jendral Sudirman Kav 5-6, Jakarta Pusat, Jakarta
10220
PT Refinitiv Services Indonesia Ordinary
Bearer
100.0 100.0
PT LSEG Transaction Services
Indonesia
Class A
2
100.0
49.0
Class B –
10. Group companies continued
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Ireland
12/13 Exchange Place, IFSC, Dublin, D01 P8H1
Financial & Risk Transaction Services
Ireland Limited
Ordinary 100.0 100.0
Refinitiv Ireland Limited Ordinary 100.0 100.0
Quaternion Risk Management Limited Ordinary 100.0 80.0
Unit 3100, Lake Drive, Citywest Business Campus, Dublin 24, D24 AK82
LSEG Ireland Limited Ordinary 100.0 100.0
LSEG Ireland 2 Limited Ordinary 100.0 100.0
LSEG Ireland 3 Limited Ordinary 100.0 100.0
Israel
121-123 Derech Menachem Begin, Azrieli Sarona Building, 30 Fl, Tel Aviv
6701203
Refinitiv Israel Limited Ordinary 100.0 100.0
Italy
Piazza Generale Armando Diaz 2, Milan 20123
FTSE Italy S.p.a. Ordinary 100.0 100.0
Refinitiv Italy Holding S.p.a. Ordinary 100.0 100.0
Refinitiv Italy S.p.a. Ordinary 100.0 100.0
Japan
30/F Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6330
Mergent Japan KK Ordinary 100.0 100.0
Refinitiv Japan KK Ordinary 100.0 100.0
Tora Trading Services KK Ordinary 100.0 100.0
JP Tower 2-7-2 Marunouchi, Chiyoda-ku, Level 14, Tokyo, 100-7014
Tradeweb Japan KK Ordinary 100.0 50.9
Jersey
13 Castle Street, St Helier JE1 1ES
LSEGA Jersey Limited Ordinary 100.0 100.0
Refinitiv Hong Kong Limited Ordinary 100.0 100.0
Tora Trading Services (Jersey) Limited Ordinary 100.0 100.0
Korea
9F S Tower, 82 Saemunan-ro, Jongno-gu, Seoul 03185
Refinitiv Korea Limited Common
– Voting
100.0 100.0
Luxembourg
C/o Crestbridge Luxembourg, 33 Avenue J.F. Kennedy, L-1855 Luxembourg
globeSettle S.à r.l. Ordinary 100.0 100.0
LSEG LuxCo 1 S.à r.l. Ordinary 100.0 100.0
LSEG LuxCo 2 S.à r.l. Ordinary 100.0 100.0
Notes to the Company financial statements continued
Companies owned indirectly by the Company continued
London Stock Exchange Group plc | Annual Report 2025 188
Financial Statements
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Malaysia
Suite 13.03, 13th floor, Menara Tan & Tan, 207 Jalan Tun Razak, Kuala Lumpur
50400
IntegraScreen (Malaysia) Sdn Bhd Ordinary 100.0 100.0
LSEG Malaysia Sdn Bhd Ordinary 100.0 100.0
Refinitiv Malaysia Sdn Bhd Ordinary 100.0 100.0
Refinitiv Transaction Services
Malaysia Sdn Bhd
Ordinary 100.0 100.0
The Red Flag Group (Malaysia) Sdn
Bhd
Ordinary 100.0 100.0
Mauritius
C/o International Proximity, 5th Floor, Ebene Esplanade, 24 Bank Street,
Cybercity, Ebene, Mauritius
Reuters Asia Pacific Limited Ordinary 100.0 100.0
Mexico
Torre 3, Privada Paseo de los Tamarindos 120, Bosques de las Lomas,
Mexico City 05120
FTSE Mexico S de R.L. de C.V. Ordinary 100.0 100.0
Torre Esmeralda II, Blvd. Manuel Avila Camacho 36, Piso 19, Lomas de
Chapultepec, Mexico City 11000
Refinitiv de Mexico, S.A. de C.V. Common 100.0 100.0
Netherlands
Eduard van Beinumstraat 24, 10th Floor, Amsterdam 1077 CZ
Global Data Consortium Netherlands
B.V.
Ordinary 100.0 100.0
LSEG Regulatory Reporting B.V.
(formerly UnaVista TRADEcho B.V.)
Ordinary 100.0 100.0
Quantile B.V. Ordinary 100.0 80.0
Refinitiv Netherlands B.V. Ordinary 100.0 100.0
Refinitiv Netherlands Finance B.V. Ordinary 100.0 100.0
Refinitiv Netherlands Holdings B.V. Ordinary 100.0 100.0
Refinitiv Netherlands Overseas
Holdings B.V.
Ordinary 100.0 100.0
Turquoise Global Holdings Europe
B.V.
Ordinary 100.0 84.2
Strawinskylaan 457 1077 XX, Amsterdam
Tradeweb EU B.V. Ordinary 100.0 50.9
Tradeweb Execution Services B.V. Ordinary 100.0 50.9
New Zealand
C/o Business Advisory Group Limited, Level 9, 55 Shortland Street, Auckland
1010
Refinitiv New Zealand Limited Ordinary 100.0 100.0
Norway
Dronning Eufemias gate 16, 0191 Oslo
Refinitiv Norge AS Ordinary 100.0 100.0
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Panama
The Century Tower, Via Ricardo J. Alfaro y Calle 65, Oeste Piso 10, Local 1005,
Panama
IntegraScreen (Panama), Inc. Ordinary 100.0 100.0
Obarrio, 55th East, “Santa Rita O” St., SFC Tower, 15th Floor, Office 15-ABC,
Panama City, Panama
The Red Flag Group International
(Panama) S.A.
Ordinary 100.0 100.0
Peru
102 Real 2, Avenida Victor Andrés Belaúnde 147, Lima 15073
Refinitiv Peru Srl Ordinary 100.0 100.0
Philippines
Level 6, Ayala Triangle Gardens, Tower 2, Paseo de Roxas Cor Makati Ave,
Bel-Air, Makati City, Philippines
The Red Flag Group (Philippines) Inc. Ordinary 100.0 100.0
AcadiaSoft Philippines Inc. Ordinary 100.0 80.0
Poland
Ul. Opolska 22, 40-084 Katowice
IntegraScreen Sp. z o.o. Ordinary 100.0 100.0
Ul. Marszalkowska 126/134, 00-008 Warsaw
Refinitiv Poland Sp. z o.o. Ordinary 100.0 100.0
UI. Kotlarska 11, 31-539 Krakow
The Red Flag Group (Poland) Sp. z o.o. Ordinary 100.0 100.0
Portugal
Rua Mouzinho da Silveira 10, Lisboa, 1250-167
Refinitiv Portugal Unipessoal Limitada Ordinary 100.0 100.0
Romania
6L Iuliu Maniu Boulevard, Campus 6.1, 4th Floor, District 6, Bucharest 061344
LSEG Business Services RM S.R.L. Ordinary 100.0 100.0
Refinitiv Romania S.R.L. Ordinary 100.0 100.0
77, 21 Decembrie 1989 Boulevard, Building E, Floor 1 Cluj-Napoca, Cluj
County
Tora Trading Services S.R.L. Ordinary 100.0 100.0
Russian Federation
5 Petrovka Street, Berlin House, Business Centre, Moscow 107031
Refinitiv RUS LLC Ordinary 100.0 100.0
Saudi Arabia
3229, Financial Boulevard, 6789, Al Aqeeq Dist., Riyadh, 13519
LSEG Saudi Arabia LLC Ordinary 100.0
100.0
4962 Ibn Rawahah, 6933 Al Muhammadiyah Dist., Riyadh, 12361
Refinitiv Saudi for Information and
Communication Technology
Ordinary
3
75.0 75.0
C/o, PPG KSA FOR BUSINESS SERVICES LLC, Office #118, Offices Zone,
King Abdulaziz Road, Riyadh, 12432
Tradeweb Company Ordinary 100.0 50.9
Notes to the Company financial statements continued
10. Group companies continued
Companies owned indirectly by the Company continued
London Stock Exchange Group plc | Annual Report 2025 189
Financial Statements Additional InformationGovernanceStrategic Report
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Singapore
1 Raffles Quay, #28-01, Singapore 048583
Global Data Consortium Singapore
Pte Ltd
Ordinary 100.0 100.0
Refinitiv Asia Pte Ltd Ordinary 100.0 100.0
Refinitiv Transaction Services Pte Ltd Ordinary 100.0 100.0
The Red Flag Group Pte Ltd Ordinary 100.0 100.0
9 Raffles Place, #26-01, Republic Plaza, Singapore 048619
Tora Trading Services Pte Ltd Ordinary 100.0 100.0
Tradeweb Asia Pte. Ltd Ordinary 100.0 50.9
Spain
Paseo de la Castellana 95, 7a, Edificio Torre Europa, Madrid 28046
Refinitiv SL Ordinary 100.0 100.0
Sri Lanka
Exchange House, Trace Expert City, Maradana, Colombo 10
LSEG Business Services Colombo
(Private) Limited
Ordinary 100.0 100.0
65/2, Sir Chittampalam A Gardiner Mawatha, Colombo 02
Millennium IT Services (Private)
Limited
Ordinary 100.0 100.0
1 Millennium Drive, Malabe, Colombo 10115
Millennium IT Software (Private)
Limited
Ordinary 100.0 100.0
Sweden
c/o Covendum, Kungsgatan 9, Stockholm, 11143
Refinitiv Sweden AB Ordinary 100.0 100.0
Switzerland
Rue de Lausanne 17, 1201 Genève
Refinitiv International Holdings SARL Ordinary 100.0 100.0
Refinitiv SA Ordinary 100.0 100.0
Baarerstrasse 112, 6300 Zug
The Red Flag Group (Switzerland) AG Ordinary 100.0 100.0
Taiwan, China
26F, 100 Song Ren Road, Xinyi District, Taipei City 110
FTSE International Taiwan Limited Ordinary 100.0 100.0
Thailand
U Chu Liang Building, 34th Floor, 968 Rama IV Road, Silom, Bangrak,
Bangkok 10500
Refinitiv (Thailand) Limited A Ordinary
2
100.0
49.0
B Preference
2
100.0
Refinitiv Holdings (Thailand) Limited Preference
2
–
49.0
Ordinary
2
100.0
Refinitiv Software (Thailand) Limited Ordinary
2
100.0 49.0
Turkey
Is Kuleleri, Kule 2, Kat 1-2, 4. Levent, Istanbul 34330
Refinitiv Enformasyon Limited Sirketi Ordinary 100.0 100.0
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
United Arab Emirates
Office 15501, Level 15, The Gate Building, Dubai International Finance
Centre, PO Box 121208, Dubai
FTSE International (MEA) Limited Ordinary 100.0 100.0
Premises 501, 5th Floor, Thomson Reuters Building, Dubai Media City,
PO Box 1426, Dubai
Refinitiv Middle East FZ-LLC Ordinary 100.0 100.0
Office 104, Building 3, PO Box 500 630, Dubai Internet City, Dubai
The Red Flag Group FZ-LLC Ordinary 100.0 100.0
Unit GD-GB-00-15-BC-52-0 Level 15, Gate District Gate Building, Dubai
International Financial Centre, Dubai
Tradeweb (DIFC) Limited Ordinary 100.0 50.9
P.O. Box 41640, Green Tower, District-Deira, Dubai
Zawya Internet Content Provider LLC Ordinary
2
49.0 49.0
United Kingdom – England & Wales
1 Fore Street Avenue, London EC2Y 9DT
Institutional Cash Distributors Limited Ordinary 100.0 50.9
Tradeweb Europe Limited Ordinary 100.0 50.9
Tradeweb Execution Services Limited Ordinary 100.0 50.9
10 Paternoster Square, London EC4M 7LS
Blaxmill (Eleven) Limited Ordinary 100.0 100.0
Blaxmill (Nine) Limited Ordinary 100.0 100.0
Blaxmill (Ten) Limited Ordinary 100.0 100.0
Blaxmill (Thirteen) Limited Ordinary 100.0 100.0
Blaxmill (Thirty-Three) Limited Ordinary 100.0 100.0
Blaxmill (Twelve) Limited Ordinary 100.0 100.0
Blaxmill (Twenty-Eight) Limited Ordinary 100.0 100.0
Enterprise Risk Management
Technology Limited
Ordinary 100.0 100.0
FTSE (Australia) Limited Ordinary 100.0 100.0
FTSE (Japan) Limited Ordinary 100.0 100.0
FTSE Fixed Income Europe Limited Ordinary 100.0 100.0
FTSE Global Debt Capital Markets
Limited
Ordinary 100.0 100.0
FTSE International Limited Ordinary 100.0 100.0
International Commodities Clearing
House Limited
Ordinary 100.0 94.4
LCH Group Holdings Limited Ordinary 94.4 94.4
LCH Limited Ordinary 100.0 94.4
LCH.Clearnet Group Limited Ordinary 100.0 94.4
London Stock Exchange Connectivity
Solutions LP
Partnership
interest
4
– –
London Stock Exchange LEI Limited Ordinary 100.0 100.0
LSEG (ELT) Limited Ordinary 100.0 100.0
LSEG (F) Limited Ordinary 100.0 100.0
LSEG (M) Financing Limited Ordinary 100.0 100.0
Notes to the Company financial statements continued
10. Group companies continued
Companies owned indirectly by the Company continued
London Stock Exchange Group plc | Annual Report 2025 190
Financial Statements
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
LSEG B1 Limited Ordinary 100.0 100.0
LSEG B2 Limited Ordinary 100.0 100.0
LSEG B3 Limited Ordinary 100.0 100.0
LSEG Business Services Limited Ordinary 100.0 100.0
LSEG Employment Services Limited Ordinary 100.0 100.0
LSEG F1 Limited Ordinary
5
99.5 100.0
LSEG F2 Limited Ordinary 100.0 100.0
LSEG F3 Limited Ordinary 100.0 100.0
LSEG Foundation (charitable
incorporated organisation)
–
6
– –
LSEG International Financing Limited Ordinary 100.0 100.0
LSEG Pension Trustees Limited Ordinary 100.0 100.0
LSEG Post Trade Services Limited Ordinary 100.0 80.0
LSEG Regulatory Reporting Limited
(formerly UnaVista Limited)
Ordinary 100.0 100.0
LSEG Technology Limited Ordinary 100.0 100.0
LUH Financing Limited Limited by
guarantee
4
– –
Refinitiv Group Nominees Limited Limited by
guarantee
4
– –
Refinitiv UK Financial Limited Ordinary 100.0 100.0
SSC Global Business Services Limited Ordinary 100.0 100.0
SwapAgent Limited Ordinary 100.0 80.0
The London Clearing House Limited Ordinary 100.0 94.4
The London Produce Clearing House
Limited
Ordinary 100.0 94.4
TicketAid Limited Ordinary 100.0 100.0
Tora Trading Services Limited Ordinary 100.0 100.0
Turquoise Global Holdings Limited Ordinary A 100.0 84.2
Ordinary B 67.5
UK LSEG Financing 1 Limited Ordinary 100.0 100.0
UK LSEG Financing Limited Ordinary 100.0 100.0
Five Canada Square, Canary Wharf, London E14 5AQ
Financial & Risk Organisation Limited Ordinary 100.0 100.0
Global World-Check Ordinary 100.0 100.0
Global World-Check Holdings
(Nominee) Limited
Ordinary 100.0 100.0
Global World-Check Holdings Limited Ordinary 100.0 100.0
LSEG Data and Risk Limited (formerly
Refinitiv UK Parent Limited)
Ordinary 100.0 100.0
Lipper Limited Ordinary 100.0 100.0
REDI Technologies Limited Ordinary 100.0 100.0
Refinitiv Benchmark Services (UK)
Limited
Ordinary 100.0 100.0
Refinitiv Limited Ordinary 100.0 100.0
Refinitiv Transaction Services Limited Ordinary 100.0 100.0
Refinitiv UK (Rest Of World) Holdings
Limited
Ordinary 100.0 100.0
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Refinitiv UK Eastern Europe Limited Ordinary 100.0 100.0
Refinitiv UK Holdings Limited Ordinary 100.0 100.0
Refinitiv UK Overseas Holdings
Limited
Ordinary 100.0 100.0
Reuters Pension Fund Limited Limited by
guarantee
7
– –
Reuters SPS Trustee Limited Limited by
guarantee
7
– –
RRP Pension Trustee Limited Limited by
guarantee
7
– –
Cannon Green Building, 27 Bush Lane, London, EC4R 0AN
LSEG PTS Holdings Limited Ordinary 80.0 80.0
Quantile Technologies Limited Ordinary 100.0 80.0
United States
C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE
19808
BondDesk Group LLC Membership
Interest
100.0 50.9
DW SEF LLC Membership
Interest
100.0 50.9
ICD Intermediate Holdco 1, LLC Membership
Interest
100.0 50.9
ICD Intermediate Holdco 2, LLC Membership
Interest
100.0 50.9
Institutional Cash Distributors
Technology LLC
Membership
Interest
100.0 50.9
r8fin Holdings LP Limited
Partnership
8
– –
r8fin LLC Membership
Interest
100.0 50.9
r8fin Technology Services LLP Membership
Interest
100.0 50.9
Refinitiv US Tradeweb LLC Ordinary
9
100.0 45.6
Tech Hackers LLC Membership
Interest
100.0 50.9
Tradeweb Direct LLC Contribution
Unit
100.0 50.9
Tradeweb Global Holding LLC Ordinary 100.0 50.9
Tradeweb Global LLC Ordinary 100.0 50.9
Tradeweb IDB Markets, Inc. Ordinary 100.0 50.9
Tradeweb LLC Common 100.0 50.9
Tradeweb Markets Inc. Class A
9
–
45.6
Class B
9
100.0
Class C
9
100.0
Class D
9
98.3
Tradeweb Markets LLC Membership
Interest
100.0 50.9
TW SEF LLC Limited
Liability
Company
Interest
100.0 50.9
Notes to the Company financial statements continued
10. Group companies continued
Companies owned indirectly by the Company continued
London Stock Exchange Group plc | Annual Report 2025 191
Financial Statements Additional InformationGovernanceStrategic Report
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
TWEL Holding LLC Limited
Liability
Company
Interest
100.0 50.9
TWICD I Inc Ordinary 100.0 50.9
TWICD II Inc Ordinary 100.0 50.9
C/o Corporate Service Company, 251 Little Falls Drive, Wilmington, DE 19808
Dealerweb LLC Common 100.0 50.9
C/o Corporation Service Company, 2710 Gateway Oaks Drive, Sacramento,
CA 95833
Institutional Cash Distributors LLC Membership
Interest
100.0 50.9
C/o United Agent Group Inc, Suite 201, Brandywine Plaza, 1521 Concord Pike,
Wilmington DE 19803
AcadiaSoft, Inc. Common
stock
100.0 80.0
FTSE Fixed Income LLC Membership
Interest
100.0 100.0
FX Alliance International, LLC Common 100.0 100.0
FX Alliance, LLC Common 100.0 100.0
Giact Systems, LLC Membership
Interest
100.0 100.0
IAG US LLC Member
Shares
100.0 100.0
Intrinsic Research Systems, Inc. Common 100.0 100.0
LCH.Clearnet LLC Ordinary 100.0 94.4
LSEG Information Services (US) Inc. Ordinary 100.0 100.0
LSEG Financing Corporation Ordinary 100.0 100.0
LSEG Financing LLC Membership
Units
100.0 100.0
LSEG US Fin Corp Ordinary 100.0 100.0
LSEG US Holdco, Inc. Common 100.0 100.0
LSEGA, Inc. Common
Stock
100.0 100.0
LSEGH (I) LLC Ordinary 100.0 100.0
LSEGH Inc. Common 100.0 100.0
Maystreet LLC Common
Stock
100.0 100.0
Mergent, Inc. Ordinary 100.0 100.0
Millennium IT (USA) Inc. Common 100.0 100.0
Refinitiv Global Markets Inc. Common 100.0 100.0
Refinitiv US IP Corp Ordinary 100.0 100.0
Refinitiv US LLC Member
Interest
100.0 100.0
Refinitiv US Organization LLC Member
Interest
100.0 100.0
Refinitiv US Personal Focus Inc. Ordinary 100.0 100.0
Refinitiv US PME LLC Class A 100.0
100.0
Class B 100.0
Refinitiv US SEF LLC Ordinary 100.0 100.0
Refinitiv US Services Corp Ordinary 100.0 100.0
The Red Flag Group Inc. Ordinary 100.0 100.0
The Yield Book, Inc. Common 100.0 100.0
Name, address and
country of incorporation
Class of
share held
Share ownership %
Parent Group
Tora Holdings LLC Common 100.0 100.0
Tora Trading Services LLC Common 100.0 100.0
Turquoise Global Holdings US, Inc. Common 100.0 84.2
C/o Corporation Service Company, 1821 Logan Avenue, Cheyenne, WY
82001
TIPS LLC Member
Interest
100.0 50.9
C/o United Agent Group Inc, 155 E. Boardwalk #490, Fort Collins, CO 80525
Lipper Inc. Ordinary 100.0 100.0
C/o United Agent Group Inc, 707 W. Main Avenue #B1, Spokane, WA 99201
Frank Russell Company Common 100.0 100.0
C/o United Agent Group Inc, 600 Mamaroneck Avenue #400, Harrison, NY
10528
FTSE Americas, Inc. Ordinary 100.0 100.0
REDI Global Technologies LLC Member
Interest
100.0 100.0
1 29.5% is held by the Company indirectly.
2 The Group’s equity interest is 49.0%, but the ultimate economic interest is 100.0%.
3 The Group’s equity interest is 75.0%, but the ultimate economic interest is 100.0%.
4 The Group’s voting and economic interest is 100.0%.
5 0.5% directly held by the Company.
6 The Group has control through its right to appoint a majority of trustees.
7 The Group has control through its right to appoint a majority of directors.
8 The Group’s voting and economic interest is 50.9%.
9 The Group’s voting interest in Tradeweb Markets Inc. and Refinitiv US Tradeweb LLC is 89.9%.
10.2 Associates and joint ventures
As at 31 December 2025, the Company does not directly own any
associates or joint ventures.
The Group’s associate and joint venture undertakings are:
Name, address and
country of incorporation
Identity of
each class of
share held
Share
ownership %
held by the
investing
company
Ultimate
Group share
ownership %
Australia
Level 10, 60 Margaret Street, Sydney, NSW2000
ASX Refinitiv Charity
Foundation Ltd
Charitable
incorporated
organisation
50.0 50.0
British Virgin Islands
OMC Chambers, Wickhams Cay 1, Road Town, Tortola
LabCi Holding Inc Ordinary 47.6 47.6
United Kingdom – England & Wales
3 Spring Mews, London SE11 5AN
Citywire Holdings Limited Ordinary 22.0 18.6
107 Cheapside, London EC2V 6DN
Fomtech Limited Ordinary 23.3 23.3
United States
270 Madison Ave #301, New York, NY 10016
iAltA Capital Markets, LLC Ordinary 50.0 50.0
All equity-accounted investees have the same year end as the Group,
except Fomtech Limited which has a 31 August year end.
Notes to the Company financial statements continued
10. Group companies continued
Companies owned indirectly by the Company continued
London Stock Exchange Group plc | Annual Report 2025 192
Financial Statements
Additional Information
In this section
Alternative performance measures 194
Glossary 197
Investor Relations 199
Disclaimers 200
Financial Statements Additional InformationGovernanceStrategic Report
London Stock Exchange Group plc | Annual Report 2025 193
Alternative performance measures
An alternative performance measure (APM) is a measure of historical or future financial performance, financial position or cash flow, other than
a measure defined or specified in the applicable financial reporting framework. APMs should be considered in addition to, and not as a substitute
for, IFRS measures of financial performance and liquidity. The Group’s APMs discussed in this report are listed below and defined later in this section.
Alternative performance measure Closest equivalent IFRS measure Reconciled, presented or defined in section
Performance metrics
Adjusted operating expenses before
depreciation, amortisation and impairment
Operating expenses before depreciation,
amortisation and impairment
Performance metrics
Adjusted EBITDA Profit before tax Note 2.2 to the consolidated financial statements
Adjusted EBITDA margin N/A Performance metrics
Adjusted depreciation, amortisation
and impairment
Depreciation, amortisation and impairment Performance metrics
Adjusted operating profit Profit before tax Note 2.2 to the consolidated financial statements
Adjusted net finance costs Net finance costs Performance metrics
Adjusted profit before tax Profit before tax Performance metrics
Adjusted profit for the year Profit for the year Performance metrics
Adjusted earnings per share Earnings per share Note 7 to the consolidated financial statements
Constant currency growth N/A Performance metrics
Organic (constant currency) growth N/A Performance metrics
Annual Subscription Value (ASV) growth N/A Performance metrics
Cash flow metrics
Equity free cash flow Cash generated from operations Cash flow metrics
Net debt Borrowings less cash and cash equivalents and
net derivative financial assets
Cash flow metrics
Operating net debt Borrowings less cash and cash equivalents, net
derivative financial assets and lease liabilities
Cash flow metrics
Leverage N/A Cash flow metrics
Capex intensity N/A Cash flow metrics
Performance metrics
Adjusted measures
We use ‘adjusted’ measures including
adjusted EBITDA to assess the profitability
and performance of our business. These are
not measures of performance under IFRS but
provide supplemental data that helps convey
an understanding of the Group’s financial
performance when read together with the
statutory results. Adjusted measures exclude
non-underlying items (defined below).
Non-underlying items
The Group classifies income or expenses
as non-underlying when they do not arise in
the normal course of business and they are
material by amount or nature. Non-underlying
items typically reflect the impact of mergers,
acquisitions and disposals and other significant
restructuring activity that would otherwise
not be recognised or incurred. The main
non-underlying items are:
– Amortisation and impairment of goodwill
and purchased intangible assets. Purchased
intangible assets include customer
relationships, trade names and databases
and content, all of which were acquired as
a result of business combinations.
– Incremental amortisation and impairment
of any fair value adjustments of intangible
assets recognised as a result of acquisitions.
– Amortisation and impairment of intangible
assets recognised as a result of mergers,
acquisitions or other strategic initiatives.
– Significant impairment of software and other
non-current assets linked to a change in
strategy or operating model.
– Transaction, integration and separation costs
directly related to acquisitions and disposals
of businesses.
– Significant restructuring costs which are not
considered to drive the day-to-day operating
results of the Group.
– Tax on non-underlying items and
non-underlying tax items.
When items meet the criteria, they are
recognised and classified as non-underlying
and this is applied consistently from year to
year. Any releases to provisions originally
booked as a non-underlying item are also
classified as non-underlying.
After the acquisition of a business, revenue
generated and operating costs incurred by that
business are not classified as non-underlying.
London Stock Exchange Group plc | Annual Report 2025 194
Additional Information
The following table reconciles adjusted measures to the corresponding reported figures::
2025 2024
Year ended 31 December
Total
£m
Exclude:
Non-
underlying
£m
Adjusted
1
£m
Total
£m
Exclude:
Non-
underlying
£m
Adjusted
1
£m
Revenue 9,081 – 9,081 8,579 – 8,579
Net treasury income 257 – 257 266 – 266
Other income 8 – 8 13 – 13
Total income 9,346 – 9,346 8,858 – 8,858
Cost of sales (1,113) – (1,113) (1,173) – (1,173)
Gross profit 8,233 – 8,233 7,685 – 7,685
Staff costs (2,417) (116) (2,301) (2,367) (141) (2,226)
IT costs (675) (7) (668) (648) (12) (636)
Third-party services (371) (27) (344) (448) (52) (396)
Other costs (374) (8) (366) (349) (6) (343)
Foreign exchange gains 1 – 1 1 – 1
Fair value (losses)/gains on embedded foreign exchange contracts (33) – (33) 40 – 40
Operating expenses before depreciation, amortisation and impairment
2
(3,869) (158) (3,711) (3,771) (211) (3,560)
Profit on disposal of business – – – 8 8 –
Income from equity investments – – – 27 – 27
Share of profit/(loss) after tax of associates and joint ventures 1 – 1 (4) – (4)
Earnings before interest, tax, depreciation, amortisation and impairment 4,365 (158) 4,523 3,945 (203) 4,148
Amortisation of purchased intangible assets (1,034) (1,034) – (1,048) (1,048) –
Amortisation of software
3
(939) (186) (753) (903) (215) (688)
Impairment of software and other intangible assets (12) (1) (11) (216) (186) (31)
Depreciation and impairment of property, plant and equipment (253) – (253) (282) (17) (265)
Impairment of investment in associate – – – (33) (33) –
Depreciation, amortisation and impairment
4
(2,238) (1,221) (1,017) (2,482) (1,499) (983)
Operating profit/(loss) 2,127 (1,379) 3,506 1,463 (1,702) 3,165
Finance income 153 – 153 175 – 175
Finance costs (340) (8) (332) (380) (10) (370)
Gains on digital and related assets 29 18 11 – – –
Profit/(loss) before tax 1,969 (1,369) 3,338 1,258 (1,712) 2,970
Income tax expense (463) 337 (800) (337) 376 (713)
Profit/(loss) for the year 1,506 (1,032) 2,538 921 (1,336) 2,257
Profit/(loss) attributable to:
Equity holders 1,249 (955) 2,204 685 (1,249) 1,934
Non-controlling interests 257 (77) 334 236 (87) 323
Profit/(loss) for the year 1,506 (1,032) 2,538 921 (1,336) 2,257
Earnings per share attributable to equity holders
5
Basic earnings per share 238.4p 420.6p 128.8p 363.5p
Diluted earnings per share 237.0p 418.2p 128.0p 361.5p
1 Before non-underlying items (‘adjusted’).
2 Non-underlying operating expenses before depreciation, amortisation and impairment are classified as follows:
2025
£m
2024
£m
Transaction costs/(costs credit) 25 (15)
Integration and separation costs
(2a)
131 211
Restructuring and other costs 2 15
Non-underlying operating expenses 158 211
2a Integration and separation costs mainly consist of Refinitiv integration costs of £121 million (2024: £166 million).
3 Includes amortisation of the SwapClear intangible asset of £19 million for two months since its initial recognition and fair value uplifts.
4 Non-underlying depreciation, amortisation and impairment of £1,221 million (2024: £1,499 million) mainly relates to the amortisation of intangible assets recognised as a result of the acquisition of Refinitiv.
5 Adjusted profit for the year attributable to equity holders is used to calculate adjusted basic earnings per share and adjusted diluted earnings per share.
Alternative performance measures continued
London Stock Exchange Group plc | Annual Report 2025 195
Financial Statements Additional InformationGovernanceStrategic Report
Alternative performance measures continued
Adjusted EBITDA margin
Adjusted EBITDA margin is calculated as
adjusted EBITDA divided by total income
excluding recoveries.
Constant currency growth
We serve customers in over 170 different
countries and a significant proportion of our
income is generated in currencies other than
our reporting currency, sterling. Movements in
exchange rates can therefore have a significant
impact on our reported financial growth rates
and so it can be helpful for us to remove this
volatility when assessing and disclosing
business performance. We calculate constant
currency growth rates on the basis of consistent
exchange rates applied across the current and
prior year period.
Leverage
Leverage is calculated as operating net debt
(as above) divided by adjusted EBITDA (before
foreign exchange gains and losses) for the
prior 12 months.
Organic (constant currency) growth
We measure organic growth rates in order
to compare business performance with prior
periods independent of acquisition and
disposal activity. Organic growth is calculated
on a constant currency basis, adjusting the
results to remove disposals from the entirety
of the current and prior year periods, and
by including acquisitions from the date of
acquisition with a comparable adjustment
to the prior year.
Capex intensity
We use capex intensity as a measure of our
rate of investment, relative to the income we
generate. Capex intensity is calculated as cash
capex (excluding sales commissions), divided
by total income excluding recoveries.
Annual Subscription Value (ASV) growth
Our ASV growth metric measures the
year-on-year expansion in the annualised
value of our book of subscription contracts,
at a point in time. By annualising the value
of contracts that have recently been initiated,
the metric can be indicative of future growth
in subscription revenue within Data & Analytics,
FTSE Russell and Risk Intelligence and data
solutions within Markets.
Cash flow metrics
Equity free cash flow
We use equity free cash flow to determine residual cash inflow or outflow, after operational usages of cash such as interest payments, taxes paid,
dividends paid to minority interests and capital expenditure. Equity free cash flow represents the cash that we have available to distribute to
shareholders via dividends and buybacks, and for other uses such as M&A activity and debt repayments.
Year ended 31 December
2025
£m
2024
£m
Cash generated from operations 4,205 3,971
Net interest paid (187) (180)
Net taxes paid (396) (395)
Capex
1
(919) (957)
Payment of principal portion of lease liabilities (161) (156)
Other items
2
(97) (99)
Equity free cash flow 2,445 2,184
1 Includes payments for intangible assets and property, plant and equipment, but excludes sales commissions paid and payment for the SwapClear intangible asset.
2 Includes sales commissions paid, dividends received, dividends paid to non-controlling interests and proceeds on the disposal of digital assets.
Net debt and operating net debt
At 31 December
2025
£m
2024
£m
Borrowings and lease liabilities 11,718 9,965
Cash and cash equivalents (3,949) (3,475)
Net derivative financial assets (171) (36)
Net debt 7,598 6,454
Less: lease liabilities (627) (634)
Add back: regulatory and operational amounts 1,204 1,358
Operating net debt 8,175 7,178
London Stock Exchange Group plc | Annual Report 2025 196
Additional Information
Glossary
$
US dollar, unless otherwise specified.
Acadia
Acquired March 2023, provider of automated
uncleared margin processing and integrated
risk and optimisation services for the global
derivatives community.
ADV
Average daily volumes or average daily
value traded.
AI
Artificial intelligence.
AIM
The Group’s market for smaller and growing
companies established in London.
APAC
Asia-Pacific.
API
Application programming interface.
ASV
Annual Subscription Value. A point in time
measure of our recurring book of subscription
contracts versus 12 months ago.
AUM
Assets under management.
Autex Trade Route (ATR)
Global FIX-based order-routing network,
delivering order flow in equities, options,
futures, FX and fixed income.
CAGR
Compound annual growth rate.
CCP
Central Counterparty – stands between two
parties to a trade to eliminate counterparty
risk by ensuring that settlement takes place.
CDSClear
LCH’s over-the-counter credit default swap
(CDS) clearing service.
Company
London Stock Exchange Group plc.
Data-as-a-Service
Cloud-based, on-demand data platform
providing access to LSEG’s extensive
financial datasets.
Derivatives
Tradable financial instruments whose value
is determined by the value of underlying
instruments; this could be equity, an index,
a commodity or any other tradable instrument.
Exchange traded derivatives (ETD)
Listed derivatives traded on an electronic
trading venue such as an exchange and
cleared through a clearing house.
Over the counter (OTC)
Derivatives are negotiated privately between
two parties and may be cleared through
a clearing house.
DigitalAssetClear
Segregated clearing service for cash-settled
Bitcoin index futures and options contracts
traded on GFO-X, the UK’s first FCA-regulated,
centrally-cleared multilateral trading facility
(MTF) dedicated to digital asset futures
and options.
DMI
Digital Markets Infrastructure.
EBITDA
Earnings before interest, tax, depreciation
and amortisation.
Eikon
Refinitiv’s legacy financial desktop solution
replaced by Workspace.
EMEA
Europe, Middle East and Africa.
Exchange-traded fund (ETF)
Low-cost and flexible investments that track
indices and sectors.
FCA
Financial Conduct Authority, the current
regulator of conduct of providers of financial
services in the UK and of UK trading venues
such as recognised investment exchanges
(RIEs) and MTFs.
Fintech
Financial technology.
FMI
Financial Market Infrastructure.
ForexClear
LCH’s over-the-counter foreign exchange
clearing service.
FTSE Russell
FTSE International Limited and its subsidiaries,
the Group subsidiary that is a leading global
provider of index and analytics solutions.
FX
Foreign exchange.
FXall
The Group’s dealer-to-client electronic FX
trading and workflow platform.
FX Matching
The Group’s dealer-to-dealer FX trading venue.
GAV
Global Account Verification; an API product
designed to address challenges of Authorised
Push Payment (APP) fraud.
Green Economy Mark
Mark recognising equity issuers on London
Stock Exchange with 50% or more green
revenues.
GSO
Group strategic objective.
Group/LSEG
The Company and its Group undertakings.
ICD
Institutional Cash Distributors; an institutional
investment technology provider for corporate
treasury organisations acquired by Tradeweb
in 2024.
IPO
Initial public offering – the process whereby
companies join our markets and raise capital
for the first time.
KYC
‘Know your customer’ screening.
LCH or LCH Group
LCH Group Holdings Limited and its
subsidiaries, the Group’s 94.4% owned global
clearing and risk management business.
LDA
LSEG Data Access; premium multi-year
agreement giving customers access to a broad
selection of LSEG’s products on all-you-can-
eat basis in a single contract.
Lipper
Lipper provides global, independent fund
performance data in a precise, granular fund
classification system, and includes mutual
funds, closed-end funds (CEFs), exchange-
traded funds (ETFs), hedge funds, domestic
retirement funds, pension funds, and
insurance products.
LLM
Large language model.
London Stock Exchange Group plc | Annual Report 2025 197
Financial Statements Additional InformationGovernanceStrategic Report
Glossary continued
LPC Data
Syndicated loan, direct lending and CLO
market data, news and analysis, acquired
by LSEG as part of the Refinitiv transaction.
LSE
London Stock Exchange plc.
Main Market
The market for companies that have been
admitted to trading on the London Stock
Exchange’s principal market.
MCP
Model Context Protocol; an open-source
standard for connecting AI applications
to sources of data.
Multilateral trading facility (MTF)
Alternative electronic trading systems as
categorised under the Markets in Financial
Instruments Directive (MiFID).
Non-Executive Director (NED)
A Non-Executive Director (NED) is a member
of the Board who is not part of the Company’s
executive management team.
NTI
Net treasury income. Income earned on cash
deposited with LCH (the Central Counterparty)
as margin and default funds as part of the risk
management process.
Open Directory
Inter-company chat and collaboration product
accessible via Microsoft Teams and
interoperable with LSEG Workspace.
OTC
Over-the-counter trades in financial
instruments executed outside a Regulated
Market or MTF – see also Derivatives.
Paris Agreement
A legally binding international treaty on climate
change, signed at the COP21 conference in
Paris in 2015.
Parker Review
An independent review commissioned in 2017
to consider how to improve the ethnic and
cultural diversity of UK boards.
PISCES
Private Intermittent Securities and Capital
Exchange System.
Post Trade Solutions
A solutions suite made up of Acadia, Quantile,
SwapAgent and TradeAgent, providing risk
management and optimisation services to the
uncleared derivatives market.
Primary Market
The listing of securities for the first time via
an IPO or introduction of existing securities.
PRS
Pricing and Reference Services.
Refinitiv
Refinitiv, a global provider of financial market
data and infrastructure, was founded in 2018.
It became a subsidiary of London Stock
Exchange Group as of 29 January 2021.
Refinitiv transaction/acquisition
The all-share acquisition of Refinitiv by London
Stock Exchange Group plc, completed on
29 January 2021.
Regulated Market
A multilateral system that brings together
multiple third-party buying and selling in
financial instruments in accordance with
rules authorised under provisions of MiFID.
Repo
Repurchase agreement – the process of
borrowing money by combining the sale and
subsequent repurchase of an asset cleared
through LCH.
RNS
Regulatory News Service, the Group’s
Primary Information Provider, for dissemination
of regulatory and non-regulatory news to
the market.
Secondary Market
The public market on which securities once
issued are traded.
SEDOL
The Group’s securities identification service.
StarMine
Unique value-added analytics and predictive
financial modelling, designed to improve
investment decision making and control risk.
Sustainable Bond Market (SBM)
A dedicated segment of London Stock
Exchange for social and sustainable bonds.
Sustainable issuers
The total number of issuers across the
Sustainable Bond Market and the Voluntary
Carbon Market, plus those that display the
Green Economy Mark.
SwapAgent
LCH’s service designed to simplify the
processing, margining and settlement
of non-cleared derivatives.
SwapClear
LCH’s over-the-counter interest rate swap
clearing service.
The Yield Book
The Yield Book provides fixed income
analytics that enables market makers and
institutional investors to perform portfolio
analysis and risk management. LSEG acquired
The Yield Book in August 2017 and
incorporated it within FTSE Russell.
Tick History Data
LSEG’s historical archive of real-time pricing
data, covering OTC and exchange-traded
instruments from trading venues and third-
party contributors.
Tradeweb
Global operator of electronic marketplaces
for rates, credit, equities and money markets,
majority owned by LSEG.
Turquoise
Turquoise Global Holdings Limited, the Group’s
84.2% owned pan-European MTF equity trading
subsidiary, a venture between the Group and
a number of global investment bank clients.
UST Futures
U.S. Treasury Futures.
Voluntary Carbon Market (VCM)
The Voluntary Carbon Market enables private
investors, governments, non-governmental
organisations and businesses to voluntarily
purchase carbon offsets to offset their emissions.
Workspace
LSEG’s data and analytics workflow solution
designed to provide access to company
financial data and economic indicators as well
as news, analytics and productivity tools.
World-Check
The Group’s risk intelligence database
designed to assist organisations in meeting
their KYC and third-party due diligence
screening obligations.
London Stock Exchange Group plc | Annual Report 2025 198
Additional Information
Investor Relations
Shareholder services
Equiniti registrars Shareview services
Shareholders who hold London Stock
Exchange Group shares in certificated form
or within an Equiniti Investment Account or
ISA can access Shareview. Shareview is a free
service provided by our registrars, Equiniti.
It may be accessed through the internet at:
www.shareview.co.uk.
By creating a Shareview portfolio, shareholders
will gain online access to information about
their London Stock Exchange Group shares
and other investments, including:
– Direct access to information held for you on
the share register including share movements.
– A daily indicative valuation of all investments
held in your portfolio.
– A range of information and practical help
for shareholders.
To register at Shareview shareholders will
need their shareholder reference (which can
be found on your share certificate) and they
will be asked to select their own personal
identification number.
If shareholders have any problems in
registering their portfolio for the Shareview
service, contact Equiniti on 0371 384 2544.
For calls from outside the UK, contact Equiniti
on +44 (0)121 415 7047.
American Depositary Receipts
London Stock Exchange Group plc sponsors
an American Depositary Receipt (ADR)
programme in the United States. Four
American Depositary Shares (ADSs) represent
one ordinary share. ADSs are traded over-the-
counter on the OTCQX Best Market using the
symbol ‘LSEGY’.
Enquiries regarding ADR holder accounts and
payment of dividends should be directed to:
Citibank Shareholder Services
PO Box 43077, Providence, Rhode Island
02940-3077, USA.
tel: 1-877-CITI-ADR (toll-free)
or +1-781-575-4555 (outside US)
email: citibank@shareholders-online.com
website: www.citi.com/dr
Group’s share price service
To obtain share price information for London
Stock Exchange Group plc, see our website at:
www.lseg.com.
By clicking on the Investor Relations tab, you
will find the Company’s share price, historical
closing prices and volumes and an interactive
share price graph.
Substantial shareholders
As at 31 December 2025 the Company had
been informed of the following notifiable voting
rights in the issued share capital of the Company
in accordance with DTR 5 of the FCA’s
Disclosure Guidance and Transparency Rules:
– Qatar Investment Authority 6.2%
– BlackRock, Inc. 5.7%
– The Capital Group Companies, Inc. 5.1%
– Microsoft Corporation 4.1%
– Lindsell Train Limited 4.1%
Between 31 December 2025 and 25 February
2026 the Company had not received any
additional notifications pursuant to DTR 5.
Financial calendar (provisional)
– Ex dividend date for final dividend
– 16 April 2026.
– Final dividend record date – 17 April 2026.
– AGM – 23 April 2026.
– Q1 Trading Statement (revenues only)
– 23 April 2026.
– Final dividend payment – 20 May 2026.
– Half year end – 30 June 2026.
– Interim results (for six months ended
30 June 2026) – 30 July 2026.
– Q3 Trading Statement (revenues only)
– 22 October 2026.
– Financial year end – 31 December 2026.
– Preliminary results – February 2027.
Please refer to our website: www.lseg.com/en/
investor-relations and click on the shareholder
services section for up-to-date details.
For Tradeweb’s reporting dates please refer
to their website: investors.tradeweb.com.
2026 AGM
The AGM for the year ended 31 December
2025 will be held on 23 April 2026 at
‘87 Barts Close’, 87 Bartholomew Close,
London EC1A 7EB, starting at 10.30am.
Investor Relations
London Stock Exchange Group plc
10 Paternoster Square London
EC4M 7LS
For enquiries relating to shareholdings in
London Stock Exchange Group plc email
ir@lseg.com.
Visit the Investor Relations section of our
website for up-to-date information including
the latest share price, announcements,
financial reports and details of analysts and
consensus forecasts: www.lseg.com/en/
investor-relations.
Registered office
London Stock Exchange Group plc
10 Paternoster Square London
EC4M 7LS
Registered company number
London Stock Exchange Group plc: 5369106
Registrar information
Equiniti
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
T +44 (0)371 384 2030
Lines open 8:30 to 17:30 Monday to Friday.
www.shareview.co.uk
Independent auditors
Deloitte LLP
2 New Street Square
London
EC4A 3BZ
Principal legal adviser
Freshfields LLP
100 Bishopsgate
London
EC2P 2SR
T +44 (0)20 7936 4000
Corporate brokers
Citi
33 Canada Square
Canary Wharf
London
E14 5LB
T +44 (0)20 7500 5000
www.citigroup.com
Goldman Sachs
Plumtree Court
25 Shoe Lane
London
EC4A 4AU
T +44 (0)20 7774 1000
www.goldmansachs.com
Morgan Stanley
25 Cabot Square
Canary Wharf
London E14 4QA
T +44 (0)20 7425 8000
www.morganstanley.com
London Stock Exchange Group plc | Annual Report 2025 199
Financial Statements Additional InformationGovernanceStrategic Report
Disclaimers
LSEG, LSEG Coat of Arms, London Stock
Exchange, London Stock Exchange Group,
LSE, the London Stock Exchange Coat of
Arms Device, FTSE Russell, FTSE, FTSE
Russell, SEDOL, SETS, UnaVista, Beyond
Ratings, CDSClear, GIACT, LCH, SwapClear,
SwapAgent, EquityClear, ForexClear,
RepoClear, MillenniumIT, Refinitiv, the Refinitiv
logo, Refinitiv Workspace, Lipper, World-
Check, REDI, FXall, Eikon, Red Flag Group,
Scivantage, Datastream, Tradeweb, Turquoise,
the Yield Book, WGBI, Main Market and the
Green Economy Mark are trademarks of
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London Stock Exchange Group plc | Annual Report 2025 200
Additional Information
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