**Summary of London Stock Exchange Group PLC (LSEG) Q3 2025 Trading Statement**
**Key Highlights**
1. **Strong Financial Performance**
Total income (excl. recoveries) grew by **6.4%** organically, led by **Risk Intelligence (+13.9%)**, **FTSE Russell (+9.3%)**, **Data & Analytics (+4.9%)**, and **Markets (+6.3%)**.
Subscription businesses grew by **6.5%**, with **Annual Subscription Value (ASV) growth of 5.6%**, expected to accelerate in Q4.
**EBITDA margin guidance raised** to the top of the range (c.100 bps increase), excluding a further c.100 bps benefit from SwapClear revenue share changes.
2. **Strategic Progress**
Launched innovative AI-driven products, positioning LSEG as a leader in AI for financial services, with partnerships like **Microsoft**, **Databricks**, and **Snowflake**.
Deepened Microsoft partnership by integrating LSEG data into **Microsoft 365 Copilot** and **Copilot Studio**.
Launched **MCP infrastructure** for enhanced connectivity and AI ecosystem.
3. **Capital Allocation**
Announced a **£1 billion share buyback** by February 2026, adding to the **£1 billion completed in the last three months**, totaling **£2.5 billion** over 12 months.
**Post Trade Solutions (PTS) transaction** 11 leading banks acquired a **20% stake in PTS** for £170 million, valuing PTS at £850 million. This strengthens customer partnerships and enhances margins.
**SwapClear revenue share amendment** extended to 2045, improving EBITDA margins by c.100 bps and accreting 2-3% to Adjusted EPS.
4. **AI and Innovation**
Focused on **trusted data**, **transformative products**, and **intelligent enterprise** as pillars of AI strategy.
Integrated trusted data into industry workflow tools and scaled AI distribution through partnerships.
5. **Operational Growth**
**Markets** delivered positive growth across all businesses, supported by new trading functionality.
**Risk Intelligence** saw strong demand for screening and identity verification services, with new product launches.
**FTSE Russell** grew despite a modest Q3 mandate renewal cycle, with strong asset-based revenue growth.
6. **Financial Targets**
Confirmed organic constant currency growth in Total Income (excl. recoveries) of **6.5-7.5%** for FY2025.
Capex intensity maintained at c.10% of Total Income.
Equity free cash flow of at least **£2.4 billion**.
**CEO Commentary (David Schwimmer)**
"LSEG continued its strong momentum in Q3, driving growth across all business lines and improving profitability. Strategic partnerships and AI-driven innovation position LSEG as a leader in financial services, while effective capital allocation, including share buybacks and strategic transactions, enhances shareholder value."
**Conclusion**
LSEG delivered robust Q3 2025 results, with strong growth, margin expansion, and strategic advancements in AI and partnerships. The company remains focused on innovation, customer alignment, and disciplined capital allocation to drive long-term growth and shareholder returns.