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London Stock Exchange Group PLC
XMUN:LS4C

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London Stock Exchange Group PLC
XMUN:LS4C
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Price: 95.72 EUR -0.56%
Market Cap: €49.8B

London Stock Exchange Group PLC
Investor Relations

London Stock Exchange Group, or LSEG, is a financial market infrastructure company. It runs stock trading and clearing services, but a large part of the business now comes from market data, analytics, and index products. Its best-known offerings include LSEG Workspace, data feeds used by traders and analysts, FTSE Russell indexes, and clearing services through LCH. Its main customers are banks, asset managers, hedge funds, brokers, corporations, and other financial institutions. These customers use LSEG to trade securities, manage risk, price investments, track markets, and support investment research and portfolio decisions. Companies also pay LSEG to list securities and to use its index brands in funds and other products. LSEG makes money through subscriptions for data and software, fees from trading and post-trade services, and licensing payments for its indexes and market brands. What makes the business special is that it sits in the middle of the financial system in two different ways: it helps markets function through trading and clearing, and it sells the information tools that professionals use to understand those markets.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Jul 30, 2026
AI Summary
Q2 2026

Strong H1: LSEG reported organic revenue growth of 8.4%, with subscription revenue growth accelerating to 6.3% and adjusted EPS up 17%.

Margins up: EBITDA margin improved strongly, and management raised full-year margin guidance to around 100 bps of improvement, up from the prior 80 to 100 bps range.

Cash returns: Free cash flow per share rose 37%, and the company returned around GBP 2.6 billion to shareholders through dividends and buybacks in H1.

AI strategy: Management said AI is increasing the value of LSEG’s proprietary data, not reducing it, and highlighted over 200 customer engagements around MCP plus strong uptake of Workspace AI tools.

Outlook raised: Full-year revenue guidance was lifted to 7% to 7.5%, and the company said it is confident in reaching its 2026 subscription growth target of 6.5%.

Key Financials
Organic revenue growth
8.4%
Reported revenue growth
6.9%
Adjusted EBITDA growth
14%
Adjusted EPS growth
17%
Free cash flow per share growth
37%
Subscription revenue growth
6.3%
Markets revenue growth
12%
D&A revenue growth
5.1%
FTSE Russell revenue growth
6.2%
Risk Intelligence revenue growth
10%
Workflows growth
2.8%
Data & Feeds growth
7.5%
Analytics growth
6%
Net debt to EBITDA
2.1x
Interim dividend
55p per share
Shareholder returns
GBP 2.6 billion
Buybacks
GBP 2.1 billion
Dividends
GBP 500 million
Gross sales
GBP 482 million
Retention
almost 93%
New Product Vitality Index
25%
ASV growth
6.1%
Adjusted net finance expense
GBP 149 million
Tax rate
24% to 25%
Underlying EBITDA margin
52.4%
Operating expenses growth
4.6%
Cost of sales
down 2.5%
Labor cost as a percentage of total income
28.1%
Internal headcount
77%
Equity free cash flow
GBP 1.2 billion
Workspace AI search active users
17,000
Company Intelligence reports
3,000 or so per week
MCP customer engagements
over 200
MCP tool calls
nearly 5x
Workspace engagement uplift from FXall integration
10%
Messaging monthly active users
40,000
Private markets data customers piloting
1,000
Open Directory customers onboarded
over 20
LSEG Messenger active users
40,000
LDA share of D&A revenues
18%
Other Earnings Calls

Management

Mr. Michel-Alain M. Proch
CFO & Director

Michel-Alain M. Proch is a prominent executive known for his role in the financial services and information sectors. He joined the London Stock Exchange Group (LSEG) as Chief Financial Officer (CFO) in November 2020. In his capacity as CFO, Proch plays a crucial role in overseeing LSEG's financial strategy and operations, helping navigate the complexities of the global financial landscape. Proch has a substantial background in finance and leadership. Before joining LSEG, he held several high-profile positions, including as Group Chief Financial Officer at Ingenico Group, a global leader in seamless payment. His leadership experience also includes significant roles at Atos SE, where he was Group CFO and later became the Senior Executive Vice President in charge of North American operations and global IT activities. Throughout his career, Michel-Alain Proch has been recognized for his strategic vision and his ability to drive financial and operational efficiency. His expertise in financial markets and technology has been instrumental in fostering growth and innovation within the organizations he has served. Proch's educational background includes a degree from ESCP Europe, where he honed the skills that set the groundwork for his successful career in finance. His leadership and financial acumen continue to contribute significantly to the ongoing success and development of LSEG in the ever-evolving financial industry.

Mr. Pascal Boillat
Chief Operating Officer

Pascal Boillat is a notable executive associated with the London Stock Exchange Group PLC (LSEG). He holds the position of Chief Information and Operating Officer (CIOO) at LSEG. In this dual role, Boillat is responsible for driving the strategic direction and execution of the Group’s technology and operations functions. His purview includes overseeing the infrastructure, technology platforms, and operational processes that underpin the exchange’s global marketplaces and financial services. Before joining LSEG, Boillat amassed significant experience within the financial services sector, particularly in technology and operations. He served in notable positions at financial institutions such as Deutsche Bank, where he was the Chief Information Officer for the Corporate and Investment Bank and Head of Operations, and at FIS, where he was involved in technology and operations leadership. Boillat’s career is marked by a focus on innovation and efficiency, driving modernization initiatives, and improving operational resilience. His leadership at LSEG contributes to the group's focus on leveraging technology to enhance service delivery and operational excellence across its global platforms.

Mr. Irfan Hussain
Chief Information Officer

Irfan Hussain is the Chief Information Officer (CIO) at the London Stock Exchange Group PLC (LSEG), a role he has held since 2021. In his capacity as CIO, he is responsible for overseeing the Group's global technology strategy, operations, infrastructure, and architecture. His work is focused on ensuring that LSEG maintains robust, innovative, and secure technology solutions to support its diverse business operations. Before joining LSEG, Irfan Hussain accumulated extensive experience in the financial services sector, particularly in transformative technology roles. He served as the Global Chief Information Officer for Wealth and Investment Management at Bank of America. His career spans over two decades where he has been instrumental in driving digital transformation and enhancing operational efficiencies through technology. Irfan holds a degree in Computer Science and has been recognized for his expertise in integrating cutting-edge technology with financial systems, ensuring scalability and security. His technical leadership is pivotal in propelling LSEG’s strategic initiatives in market infrastructure and information services.

Ms. Erica Bourne
Chief People Officer

Erica Bourne is the Chief People Officer at the London Stock Exchange Group PLC (LSEG). She joined LSEG with a strong background in human resources and leadership. Prior to her current role, she has held numerous senior HR positions across notable organizations, including the likes of Burberry and American Express. Her expertise lies in developing and implementing innovative human resources strategies that align with an organization’s business goals and support a culture of inclusion and diversity. At LSEG, Erica is responsible for overseeing all aspects of the company's HR functions, driving employee engagement, talent management, and organizational development to support the Group's growth and transformation objectives. Her focus is on fostering an environment where employees are highly motivated and can thrive professionally. Her strategic insight and leadership have been integral to LSEG's efforts in building a dynamic and inclusive workplace culture.

Ms. Claire Dorrian
Head of London & Southern Region, UK Primary Markets, Capital Markets

Claire Dorrian is a notable figure at the London Stock Exchange Group (LSEG). She plays a key role in driving sustainable finance initiatives within the organization. As the Head of Sustainable Finance at LSEG, Claire is responsible for overseeing the development and implementation of strategies related to environmental, social, and governance (ESG) factors, ensuring that the group aligns its activities with broader sustainability goals. With an extensive background in finance and sustainability, Claire Dorrian is instrumental in promoting green finance products and services. She focuses on innovation and collaboration to enhance the exchange’s offerings in sustainable investment opportunities. Claire works closely with various stakeholders, including investors, regulators, and issuers, to advance LSEG’s mission to support the transition to a low-carbon economy. Her efforts include advocating for transparency and improving ESG data quality, which are crucial for investors who are increasingly seeking responsible and sustainable investment solutions. Through her leadership, LSEG aims to be at the forefront of integrating sustainability into financial markets, thereby influencing positive change within the industry. Claire Dorrian's contributions are significant in shaping LSEG’s approach to sustainable finance, reflecting a deep commitment to fostering a more resilient and equitable financial ecosystem.

Mr. John V. Millar
Head of Primary Markets

As of the latest available information, John V. Millar serves as the Group Director of Post Trade at the London Stock Exchange Group (LSEG) PLC. In his role, he is responsible for overseeing the post-trade services, which include clearing, settlement, and processing of trades conducted on the exchange. These services are crucial for ensuring that trades are completed accurately and efficiently, supporting the overall integrity and smooth operation of financial markets. John V. Millar brings extensive experience in financial services to his position at LSEG, having held various leadership roles that focused on operational management, risk management, and strategic development within the industry. His expertise lies in optimizing trading systems and enhancing the operational capabilities of financial institutions. Prior to his role at LSEG, Millar worked with several notable organizations in the financial sector, where he honed his skills in leadership, systems management, and business strategy. His broad knowledge and strategic insight contribute significantly to the advancement and innovation of post-trade services at LSEG, further consolidating its position as a leading financial market infrastructure provider globally. His work not only supports LSEG’s core objectives but also the broader financial ecosystem by fostering more resilient and efficient market operations. John V. Millar is recognized for his deep understanding of market dynamics and his ability to guide strategic initiatives effectively.

Mr. Dee Liyanwela
Head of Technology - Sri Lanka & Head of Shared Service Centres

Dee Liyanwela is a distinguished executive known for his significant contributions to the financial services and technology sectors. He holds a pivotal role at the London Stock Exchange Group (LSEG), where he has been influential in shaping strategic initiatives and fostering growth. Liyanwela's career at LSEG has been marked by a focus on technological innovation and operational excellence. He has worked on initiatives that leverage cutting-edge technology to improve financial market infrastructure and services. His leadership style is characterized by a drive for efficiency and a commitment to integrating advanced technologies to meet the evolving needs of clients and stakeholders. Before his tenure at LSEG, Liyanwela accumulated extensive experience in the financial services industry, holding various key roles that honed his expertise in technology management and strategic business development. His background provides him with a robust understanding of the complexities of global financial markets. Throughout his career, Dee Liyanwela has been recognized for his ability to lead and implement transformational changes, making him a valuable asset to any organization operating in the financial technology space.

Mr. Daniel John Maguire
Group Head of Post Trade & CEO of LCH Group

Daniel John Maguire is a prominent executive in the financial services industry, particularly known for his leadership role at the London Stock Exchange Group (LSEG). He has served as the CEO of LCH Group, a leading global clearing house, which is part of the LSEG. Maguire has a strong background in risk management, clearing operations, and financial markets. Maguire joined LCH in 1999 and has since held various significant positions, showcasing his expertise in derivatives markets and clearing operations. Under his leadership, LCH has continued to expand its services and strengthen its position in the global financial markets, providing clearing services for a broad range of asset classes. He is recognized for focusing on innovative solutions that enhance financial market resilience and stability. His contributions have been pivotal in aligning LCH’s operations with global regulatory standards, ensuring robust risk management frameworks, and driving the strategic growth of the clearing house within the broader scope of LSEG’s objectives. Daniel Maguire's extensive experience and thought leadership in clearing services and financial infrastructure have made him a key figure in the ongoing evolution of market structures and risk management solutions globally.

Mr. Murray Roos
Group Head of Capital Markets

Murray Roos is a prominent business executive known for his significant contributions to the financial services industry, particularly at the London Stock Exchange Group (LSEG). Before joining the LSEG, he gained extensive experience in financial markets, primarily through his work at major global banks. Murray Roos joined the London Stock Exchange Group as Head of Capital Markets in April 2020. In this capacity, he oversees the Group's Capital Markets business, which includes the primary and secondary markets across equities, fixed income, and derivatives. His role involves ensuring the development and growth of these markets, which are crucial components of the global financial ecosystem. Before his tenure at the LSEG, Roos held a pivotal role at Citigroup, where he served as Global Co-Head of Equities and Securities Services. At Citigroup, he was responsible for driving the strategic direction and expansion of the bank's equities and securities services globally. His experience also includes positions at Deutsche Bank, where he worked in various senior roles related to equity markets and derivatives. Roos is recognized for his strategic acumen and ability to navigate complex financial markets, making him a valuable asset to LSEG. His leadership contributes to the Group's mission to enable businesses and economies to thrive, through innovation and a commitment to maintaining resilient and efficient market infrastructure.

Mr. Balbir Bakhshi
Chief Risk Officer

Balbir Bakhshi is a prominent executive at the London Stock Exchange Group PLC (LSEG), where he serves as the Chief Risk Officer. In this role, he is responsible for overseeing and managing the firm's approach to risk management across its operations. Balbir Bakhshi has extensive experience in risk management, having held various senior positions in major financial institutions prior to joining LSEG. Before his tenure at the London Stock Exchange Group, Bakhshi was the Group Head of Non-Financial Risk Management at Deutsche Bank. His career also includes significant stints at other leading financial institutions, such as Credit Suisse and UBS, where he contributed to developing and implementing risk management frameworks and strategies. Bakhshi is recognized for his expertise in risk assessment, regulatory compliance, and strategic risk initiatives. Throughout his career, Balbir has developed a reputation for effectively managing risks while ensuring that organizations adhere to industry standards and regulatory requirements. His contributions to risk management have significantly impacted the institutions he has worked with, helping them navigate complex financial landscapes while maintaining sound risk practices.

Contacts

Address
London
10 Paternoster Square
Contacts
+442077971000
www.lseg.com