LSEG Raises 2025 Margin Guidance as Adjusted EPS Grows

The Tip Desk · March 12, 2026 · 2 min read

The company returned £2.1 billion to shareholders via buybacks in 2025.

London Stock Exchange Group Plc, a diversified global financial markets infrastructure and data business, upgraded its 2025 margin guidance to +75-100 basis points from a previous range of +50-100 basis points. The company attributed this move to a substantial improvement in profitability year-on-year.

For the full year 2025, the company reported total income including recoveries of £9,346 million, an increase of 7.3% in constant currency and 5.5% on a reported basis. This growth was supported by all four divisions. Organic income growth for the period was 7.1%, while ASV1 growth rose 15.7%.

Profitability metrics showed an upward trajectory. Adjusted EBITDA reached £4,365 million, compared to £3,945 million in 2024, with the adjusted EBITDA margin increasing to 50.3% from 48.8%. Adjusted operating profit rose to £3,506 million from £3,165 million in the prior year. Adjusted earnings per share grew to 420.6p from 363.5p.

Cost management contributed to these results. Cost of sales declined 5.1% on a reported basis to £1,113 million. The company noted that underlying growth in costs was more than offset by a change to the SwapClear revenue surplus contract, which resulted in a lower pay away through cost of sales. Excluding this specific item, cost of sales growth was 4.9%, which remained below revenue growth.

Cash generation supported significant capital returns. The company executed £2.1 billion in share buybacks during 2025. Additionally, dividends per share were 150.0p. Equity free cash flow for the year was £2,445 million, up from £2,184 million in 2024.

Looking forward, the company intends to execute up to £1 billion in further buybacks in the second half of 2025, following a £500 million buyback in the first half. The company also raised the interim dividend 15% and continues to evaluate inorganic growth opportunities.