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.
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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.
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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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£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.
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