Full Year 2025 London Stock Exchange Group PLC Earnings Call Transcript

Feb 26, 2026 / 10:00AM GMT

Release Date Price: €98 (+10.73%)

Transcript

Key Points

Positve

London Stock Exchange Group PLC (LDNXF) reported a 7.6% revenue growth with all business segments contributing positively.
The company achieved a 210 basis points margin expansion, with EBITDA margins surpassing 50% for the first time.
Adjusted EPS grew by 16%, reflecting disciplined execution across the P&L.
The company announced a GBP3 billion share buyback plan, indicating confidence in its own shares.
Strong cash conversion was highlighted with GBP2.8 billion returned to shareholders through dividends and buybacks in 2025.

Negative

There is a market narrative questioning the impact of AI on the business, which the company disagrees with.
The company faces potential challenges in maintaining pricing power as AI and MCP (Multi-Cloud Platform) could make it easier for users to switch between data providers.
The company's leverage ratio is expected to increase to 2.0-2.1 times net debt to EBITDA by the end of 2026 due to the share buyback and other capital allocations.
There is a risk of increased competition in the data market as more data becomes accessible through AI-native channels.
The company is still in the early stages of AI adoption, and the full financial benefits of AI deployment are yet to be realized.

Operator

Good morning and welcome to the investor and analyst call for LSEG's 2025 full-year results.

(Operator Instructions)

I would like to remind all participants that this call is being recorded.

I will now hand over to David Schwimmer, Chief Executive Officer, to open the presentation. Please go ahead.

David Schwimmer

London Stock Exchange Group PLC - Group Chief Executive Officer, Executive Director

Good morning and welcome to our 2025 full-year results.

I'm joined by our CFO, Mapp, and our Head of IR, Peregrine Riviere.

We have delivered another year of strong performance and rapid strategic transformation for the group. Revenues grew 7.6% with all businesses contributing positively and data and analytics accelerating. Our focus on driving efficient and scalable growth delivered 210 basis points of margin expansion, a little over half of that organic, taking full-year EBITDA margins north of 50% for the first time. Adjusted EPS grew 16%, reflecting our disciplined execution throughout the P&L.

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