Interim report
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London Stock Exchange Group plc | Interim Report 2026 1 London Stock Exchange Group plc Interim results for six months ended 30 June 2026 Record first half financial performance, guidance raised, £2.1 billion share buybacks completed; AI monetisation to sustain long-term growth David Schwimmer, CEO said: “We have delivered a record first half performance, once again demonstrating our ability to grow and create value in any market environment. W e have driven growth across all of our businesses through continued product innovation and a strong focus on customer partnership. “Growth in our subscription businesses is accelerating. Our LSEG Everywhere data strategy is making great progress in a dynamic market environment. AI in financial services will drive enormous value, but comes with significant challenges for customers. We are the partner to help them address those challenges: we have the infrastructure, the proprietary data, the trust, the regulatory expertise and the institutional history. This is already evident in the complex and multi -layered data and AI solutions we are engaged on. Thousands of Workspace customers are now using AI Search, with very positive feedback. “Our Markets businesses had an exceptional first half, achieving double-digit growth through sustained investment. With our plans for LSE 24 and growing momentum of transactions on the Private Securities Market, we are opening up significant new market opportunities. “We are combining all of this innovation with a material improvement to margins and exceptional cash flow growth – enabling us to return a record £2.1 billion to shareholders via share buybacks in the first half with a further £1.4 billion to come, starting today. With an exciting product pipeline and deep customer engagement on AI, the business has never been better positioned for future growth.” Six months ending 30 June, reported 2026 £m 2025 £m Variance % Organic constant currency variance % Total income (excl. recoveries) 4,799 4,489 6.9% 8.4% Recoveries1 186 183 1.6% 3.6% Total income (incl. recoveries) 4,985 4,672 6.7% 8.3% Reported EBITDA 2,515 2,155 16.7% Operating profit 1,428 1,061 34.6% Profit before tax 1,278 991 29.0% Basic earnings per share (p) 163.8 122.7 33.5% Dividends per share (p) 55.0 47.0 17.0% Adjusted2 Operating expenses before depreciation, amortisation and impairment (1,882) (1,847) 1.9% 4.6% EBITDA 2,527 2,223 13.7% 14.1% EBITDA margin 52.7% 49.5% Operating profit 2,008 1,726 16.3% 16.6% Earnings per share (p) 244.9 208.9 17.2%
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London Stock Exchange Group plc | Interim Report 2026 2 Financial highlights (all growth rates relate to H1 and are expressed on an organic, constant currency basis, unless otherwise stated) • Total income (excl. recoveries) +8.4%; +6.9% on a reported basis • Broad-based growth: Data & Analytics + 5.1%; FTSE Russell + 9.1%; Risk Intelligence +9.7%; Markets +11.9% • All subscription business KPIs improving : ASV3 growth at June 2026 +6.1%; revenue retention rate at 92.8%; rolling 12-months gross sales of £482 million; NPVI4 at 25.0% • Significant margin improvement : Adjusted EBITDA + 14.1%, margin + 320bps, constant currency margin +260bps, of which 120bps is underlying and 140bps relates to the change in the SwapClear revenue share agreement in H2 2025. EBITDA +16.7% on a reported basis • Strong adjusted earnings growth: Adjusted EPS +17.2% at actual rates to 244.9p, driven by revenue growth and increased efficiency. Reported EPS +33.5% • Record cash generation: Equity free cash flow £ 1.2 billion and equity free cash flow per share of 242p, up 37.0% on a reported basis Strategic progress • LSEG Everywhere: significant progress in providing customers access to AI-ready data via MCP 5, multi-cloud environments or directly integrated into customer AI sta cks, with over 200 customers engaged. New partnerships with Amazon Quick and Google Gemini • Major enhancements to Workspace: roll-out of AI Search with 17,000 active users, deeper integration with Microsoft Copilot, over 20 customers now onboarded on Open Directory • Unprecedented rate of innovation in Markets: first Private Securities Markets transactions, LSE 24 launch planned, Digital Securities Depository collaboration with HSBC on DIGIT • Significant shareholder returns: a record £2.1 billion returned via buybacks in H1, with a further £1.35 billion planned to be completed by Feb 2027; interim dividend +17.0% to 55.0p per share6, to be paid on 16 September 2026 to all shareholders on the share register at the record date of 14 August 2026. The ex-dividend date is 13 August 2026 2026 guidance – EBITDA margin guidance raised • Organic constant currency growth in total income (excl. recoveries) raised to 7.0-7.5% (initially 6.5%-7.5%), including an acceleration in our subscription businesses’ organic growth • Constant currency EBITDA margin: guidance raised from +80-100 bps to around 100 bps • Capex intensity c. 9.5% • Equity free cash flow at least £2.7 billion • Underlying effective tax rate 24-25% This release contains revenues, costs, earnings and key performance indicators (KPIs) for the six months ended 30 June 202 6. Constant currency variances are calculated on the basis of consistent FX rates applied across the current and prior year period (GBP:USD 1.318 GBP:EUR 1.168). Organic growth is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and by including acquisitions from the date of acquisition with a comparable adjustment to the pri or year. Within the financial information and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. 1 Recoveries mainly relate to fees for third-party content, such as exchange data, that is distributed directly to customers. 2 For definition, see page 10. 3 Annual Subscription Value (‘ASV’) metric is based on subscription revenues in Data & Analytics, FTSE Russell, Risk Intelligence and data solutions within Markets. Organic, constant currency variance . 4 New Product Vitality Index provides the proportion of revenue derived from products launched or enhanced in the last five years . 5 Model Context Protocol. 6 ISIN: GB00B0SWJX34; TIDM: LSEG.
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London Stock Exchange Group plc | Interim Report 2026 3 Interim results investor and analyst presentation, webcast and conference call: David Schwimmer (Chief Executive Officer) and Michel-Alain Proch (Chief Financial Officer) will host a webcast presentation on LSEG’s 2026 interim results for analysts and institutional shareholders today at 10:00am (UK time). This will be followed by the opportunity to ask questions via the conference call line. To access the webcast or telephone conference call please register in advance using the following link: https://www.lsegissuerservices.com/spark- insights/LondonStockExchangeGroup/events/5eabe15a-81e0-4928-bc7f- 548eee012438/lseg-h1-2026-interim-results To ask a question live you will need to register for the telephone conference call here: https://registrations.events/direct/LON35022284 Presentation slides can be viewed at http://www.lseg.com/en/investor-relations Contacts: London Stock Exchange Group plc Investor relations: Peregrine Riviere / Chris Turner Neha Kasabia / Sharon Muzikarova ir@lseg.com Media: Lucie Holloway / Rhiannon Davies +44 (0)20 7797 1222 newsroom@lseg.com Additional information can be found at www.lseg.com
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London Stock Exchange Group plc | Interim Report 2026 4 Overview and strategic progress (All growth rates relate to H1 and are expressed on an organic, constant currency basis unless otherwise stated) H1 2026 performance in summary We entered 2026 with good commercial and product momentum, and have achieved strong results. Our approach has not changed but we are operating at a higher pace. We have aligned our businesses with attractive fundamental growth drivers, including: the customer need for seamless end-to-end solutions across asset classes and along the full length of the trade lifecycle; greater digitalisation and data-driven decision-making across financial markets; and the critical customer requirement for integrated risk and performance measurement capabilities. Across all of these, we are starting to see the adoption of AI driving incremental growth in demand for our trusted, constantly updated and industry-standard data as our customers look to simplify workflows and drive value-added insights. Our customers believe our solutions are more valuable in an AI world, not less. It has become increasingly apparent in recent months that financial institutions are addressing a number of significant and complex issues as they integrate AI into their processes in a way that is safe, consistent and cost-effective. With our unmatched data, infrastructure and deep institutional knowledge, we are establishing LSEG as a trusted partner on this journey , significantly enhancing our products and opening up powerful new distribution channels for our data and analytics. Total income excluding recoveries rose 8.4%, with good growth across all divisions . On a reported basis, total income excluding recoveries of £4,799 million was up 6.9%, reflecting a 1.5% headwind from currency translation effects. Adjusted operating expenses before depreciation, amortisation and impairment grew by 4.6%, demonstrating continued effective cost control. Adjusted EBITDA grew 14.1%, while adjusted EBITDA margin increased 320 basis points year-on-year to 52.7%, including a 60 basis point benefit from favourable FX movements. Margin expansion also benefited by 140 basis points from the change to the SwapClear revenue share agreement struck in October 2025. Due to the timing of recognition of the benefit, this year-on-year uplift will largely reverse in Q4 2026. The underlying, constant currency margin improvement of 120 basis points was driven by strong Markets revenue and the good cost control referenced above. Adjusted operating profit rose 16.6%, after growth in adjusted depreciation and amortisation of 5.6%. Reported operating profit grew 34.6% to £1,428 million on a headline basis. Financial performance is analysed in full in the Financial Review section starting on page 10. Progress on our growth priorities LSEG serves its customers through the trade lifecycle and the data value chain, across multiple asset classes. As market participants consume growing volumes of data to make trading and risk management decisions, these two threads are becoming more intertw ined, reinforcing our strategy and strengthening our position as we become increasingly indispensable to our customers. This is becoming even more accentuated with the adoption of AI and agentic solutions, where access to the deepest data sets that are constantly refreshed is essential for accurate decision-making and rigorous risk management . At the same time, customers are facing a number of material considerations with regards to AI and data, including heightened regulatory
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London Stock Exchange Group plc | Interim Report 2026 5 scrutiny, cyber risk, protection of their intellectual property and return on investment from token costs. As a result, we are deeply engaged with a growing number of financial institutions across a wide range of their AI and data plans . It is clear that our deep institutional knowledge, regulatory rigour and expertise, integrated workflows and trusted data are making us a critical partner in an AI world, supporting growth for many years to come. Data & Analytics We significantly accelerated our AI strategy in 2025, with the launch of LSEG Everywhere. Our goal is to deliver our trusted, AI-ready data to wherever our customers want to work with it, and we have made further strong progress on this through the first half of 2026 – with respect to platforms, data and customer engagement. In the first half we entered partnerships with Amazon Quick and Google Gemini, adding them to the roster of leading platforms through which we provide our data. We continued to onboard our data to our MCP server at a rapid pace, adding estimates, corporate actions and company fundamentals during Q2, and news in July . In the coming months we will add many more including the likes of macroeconomic data, transcripts and filings , as well as FTSE Russell data. We have also add ed a number of data sets to cloud platforms like Snowflake and Databricks. Since launch in December 2025, we have engaged with over 200 customers on access to our MCP server, which delivers context, accuracy, control and measurability for data consumption. As customers embrace AI to drive more insight from data, we are seeing a range of strategies evolve. For bigger institutions, the approach is typically complex and multi-faceted, combining existing feeds and APIs, MCP and agents across a range of functions , processes and AI platforms. This is strong validation of the LSEG Everywhere strategy, as customers build on our existing market-leading data provision and infrastructure with new tools and intelligence , and increasingly collaborate with forward-deployed engineers from LSEG (and often Microsoft) in the process. In Workflows, we have driven a very rapid pace of innovation, with a number of significant enhancements to Workspace in the last six months. Our flagship AI tool, AI Search, went into general availability in July. We now have 17,000 active users, with very positive customer feedback. Deep Research, for more advanced analysis and report-writing, has 7,000 users. We are also offering smoother connectivity between Workspace and LSEG’s trading venues. We have now added a large proportion of FXAll’s functionality and are in the process of making Tradeweb available on the platform. Initially we will offer data integration in Workspace, giving access to permissioned Tradeweb dealer pricing streams; this will be followed by deeper interoperability and dealing capability between the Tradeweb Institutional Viewer and Workspace. In Data & Feeds, we continue to see strong demand for our services . Traffic over our real - time network grew 29% year-on-year, reaching a new peak of 26 million messages per second in June 2026. Tick History customer requests via API grew 48%. We are making strong progress in our major programme to scale up our Real-Time network to provide significantly-expanded capacity. We launched our Quantitative Analytics Database on Databricks, comprising 50 data sets enabling AI workflows at scale. We also introduced a Private Markets news service and we launched the new LSEG Financial Data Catalogue, delivered flexibly via the web or feed, which makes our trusted, governed data more easily discoverable and accessible for customers. In Analytics, we launched our Model -as-a-Service platform with Societe Generale, and subsequently added Acadia models. We have a number of customers trialling the service, with further models in the pipeline for H2. We continue to take our leading analytics to new
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London Stock Exchange Group plc | Interim Report 2026 6 environments, with Yield Book Historical Analy tics now available in a Snowflake-native app, and the LSEG Lipper database now available in Snowflake and Databricks. Usage of the Analytics API increased 33% year-on-year in H1. AI monetisation As we develop LSEG Everywhere and work in close partnership with customers on their AI data strategies , we have established a clear commercial framework which reflects the increased value our data has for customers. This comprises a number of elements: • A recurring subscription to license the use of LSEG data sets with AI models (in addition to any existing use-case licences for those data sets); • Additionally for MCP, a recurring charge for access to this capability. We will introduce a number of usage-based price bands to this charge in due course; and • For Workspace, the value of AI Search and other functionality will be reflected in the annual price review up to certain usage levels , with additional charges for usage above this level. AI Deep Research will be a premium add-on. We believe this structure encourages adoption, reflects the additional value of our data as customers build it into their AI platforms , and allows us to recover variable costs for cloud consumption and token usage , as well as our investment in product . We expect the steady adoption of new use cases and services to provide strong visibility of continued revenue growth over the long term. FTSE Russell Our benchmarks and indices business continued its strong new product momentum across multiple asset classes. Total assets under management in ETFs linked to FTSE Russell indices reached the $2 trillion landmark, within which Fixed Income indices reached $100 billion. During H1 we launched 52 new ETFs ( 23 Equity and 29 Fixed Income, Currencies & Commodities (‘FICC’)), up from 42 in H1 2025 and with FICC launches nearly doubling . We also announced the introduction of the Russell 9000 index series, which expands the reach of the Russell indices framework from the US to global equity markets. We also reinforced our position as a leading multi-asset class provider, with sales of WMR, our leading FX benchmark, up 30%, and an expanded range of private equity, private credit and listed alternatives indices partnering with both LPX and Stepstone. Risk Intelligence In Screening, World-Check launched its new Sanctioned Securities Data File, a granular, instrument-level dataset engineered to help financial institutions identify and manage exposure to securities with direct or indirect links to sanctioned entities. The data set links global sanctions designations and ownership and control relationships directly to financial securities. Within Digital Identity & Fraud (‘DI&F’), we announced the launch of Identity Gateway, a new technology infrastructure layer designed to simplify access to trusted digital identity schemes. It enable s organisations to connect to multiple government -backed and regulated private digital identity schemes, allowing them to operate more seamlessly across borders. Identity Gateway is designed to reduce time-to-market by up to 80–90% compared to integration with multiple individual schemes. Volumes in DI&F continued to grow very strongly in H1, with Trusted Payments up 31% year-on-year and Identity Verification up 22%.
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London Stock Exchange Group plc | Interim Report 2026 7 KPIs for subscription businesses Total subscription business growth was 6.3% in H1. We introduced new KPIs across our three subscription divisions – D&A, FTSE Russell and Risk Intelligence – at the start of 20 26 to provide more insight into sales, retention and the pace of innovation . In addition, we will continue to report Annual Subscription Value (‘ASV’) growth this year , before retiring it as a KPI at the end of 2026. We have made good progress across all KPIs in the first half: • Rolling 12-month gross sales were £482 million, up from £481 million at the end of 2025, as we continued our strong new product momentum; • Revenue retention rate improved from 92.4% at the 2025 year-end to 92.8% at the end of June, reflecting continued improvements to our products; • New Product Vitality Index rose to 25% for the first half of 2026 compared to 24% for 2025. This measure calculates the proportion of revenue derived from products launched or enhanced in the last five years. The migration of customers to the Workspace platform has been the biggest driver of this figure; and • ASV growth was 6.1% at June 2026, up from 5.9% at December 2025, consistent with the acceleration in subscription revenue growth over the period. Markets Volumes across our Markets businesses were exceptionally strong in Q1, reflecting our success in building resilient and liquid platforms across multiple asset classes, enhanced by the volatile trading environment. Despite a strong comparable period in 2025, we achieved continued growth through Q2. Across H1 as a whole, Tradeweb’s average daily volume (‘ADV’) was up 25%. FX volumes were up 6% and Equities average daily value was up 34%. In OTC Derivatives, SwapClear IRS notional cleared was up 29%. Within Equities we are making tangible progress with new platforms. The Private Securities Market, which provides private companies with access to intermittent liquidity auctions leveraging the London Stock Exchange’s public markets infrastructure, successfully hosted its first transactions, with an encouraging pipeline building. Our Digital Markets Infrastructure is beginning to grow in the private funds segment, with six fund providers now onboarded. In July we announced LSE 24, a new 24/5 trading venue to support the next generation of digital, algorithmic and agentic trading, which will launch in H1 2027. Also announced in July, HSBC and LSEG have signed a memorandum of understanding to deliver a bilateral Digital Securities Depository (DSD) link to support investor access to the pilot Digital Gilt Instrument (DIGIT) issuance that will take place by Q1 2027 on HSBC’s DSD, HSBC Orion. The UK’s first digital government bond issuance will be an important milestone in advancing innovation and strengthening the UK’s leadership in digital finance. In our FX business, our US-based Streaming FX Spot business recently executed its first trades on AWS Outposts. This partnership, built on scalable, low latency architecture, delivers an estimated 70% latency improvement. Forward First Fixing, which we launched 18 months ago to provide significant efficiency gains for asset managers , produced another record quarter in Q2, with over $330 billion of volume executed. Within Post Trade Solutions , we added more than 80 customers during the first half and successfully launched TradeAgent. The service helps industry participants lower costs and mitigate risk in cleared and bilateral derivatives processing by standardising the full post-trade lifecycle. Adoption is progressing well, with 11 customers live and a strong pipeline. We also launched a new digital settlement service, Digital Settlement House (LSEG DiSH), an open -access platform which enables real -time settlement in commercial bank money between independent payment networks, both on and off chain. Via instantaneous settlement of cash, LSEG DiSH can offer dynamic management of intraday liquidity and funding, as well as 24/7 management of settlements and margin.
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London Stock Exchange Group plc | Interim Report 2026 8 Tradeweb continued its track record of innovation by entering into a strategic partnership with Kalshi, the largest regulated prediction market. The companies are collaborating with the goal of expanding institutional access to Kalshi’s prediction market data and analytics and advance market infrastructure for prediction markets trading through Tradeweb’s global electronic trading platform. Tradeweb has also made a minority investment in Kalshi. Capital allocation The highly cash generative nature of our business gives us significant flexibility in capital allocation. We invest for growth using the cash we generate, building a platform for long - term value creation , while at the same time rewarding investors through a progressive dividend, growing broadly in line with adjusted earnings per share (AEPS). We allocate capital within appropriate leverage bounds for our earnings profile, with a target leverage range of 1.5–2.5x operating net debt to adjusted EBITDA before foreign exchange gains and losses. Our intention is to maintain business-as-usual leverage around the middle of this range. Leverage at the end of June 2026 was 2.1x (December 2025: 1.8x). In the first half, LSEG generated £1.2 billion of equity free cash flow after having invested £428 million in capex. Total capex intensity (as a percentage of total income excluding recoveries) was 8.9%, 130 basis points lower than in 2025 and on track to meet our guidance for 2026 of c. 9.5%. Key current investment programmes include a significant capacity upgrade to our real -time data platform, continued enhancements to Workspace, product development with Microsoft across our Data & Analytics portfolio, investment in AI -ready data, ongoing Post Trade Solutions innovation and continued investment in Tradeweb. Over the first half we allocated capital as follows: Acquisitions – no cash flow impact in H1 Shortly after the period end, in July 2026, we reached agreement with t wo minority shareholders in LCH Group to buy their stakes, which amount to up to 1.05% of LCH Group, for a combined consideration of €70 million. Upon completion, which we expect to take place shortly, LSEG’s ownership of LCH Group will amount to over 95%. Dividend – £510 million The total cash cost of the dividend for the first half was £510 million, comprising the 2025 final dividend of 103.0 pence per share paid in May 2026. The proposed interim dividend for 202 6 is 55.0 pence, an increase of 17.0% over the 2025 interim dividend. This is consistent with our policy for the interim dividend to be set at around one-third of the expected full-year dividend, with a full-year AEPS pay-out ratio of c. 33-40%. Dividends per share have grown at a compound annual rate of 17% over the last 20 years. Share buyback – £2.1 billion We remain very focused on capital discipline and will, from time to time, return excess capital to shareholders to the extent that we stay within our target leverage range. In H1, we significantly increased our buyback commitment to reflect the Board’s view on the dislocation between th e intrinsic value of the business and the prevailing share price, acquiring 23.4 million shares at an average price of £88.39, amounting to total buybacks of £2.1 billion. We plan to apply up to a further £1.35 billion to share buybacks by February 2027, starting today. This will take the cumulative value of buybacks since 2022 to over £8 billion.
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London Stock Exchange Group plc | Interim Report 2026 9 2026 outlook and medium-term guidance After a strong first half we are raising our guidance, as outlined below: • Organic constant currency growth in total income excluding recoveries raised to 7.0-7.5% (previously 6.5-7.5%) including an acceleration in our subscription businesses’ organic growth • An improvement in constant currency EBITDA margin of around 100 basis points (previously 80-100 basis points) • Capex intensity of c. 9.5% of total income excluding recoveries • Equity free cash flow of at least £2.7 billion, based on foreign exchange rates of £1 = $1.32 and €1.17 • Underlying effective tax rate of 24-25% Our medium-term guidance framework, covering the period 2027-2029, is as follows: • Mid to high single digit organic constant currency growth in total income excluding recoveries annually, including acceleration in our subscription businesses • Underlying EBITDA margin to increase by a cumulative c. 150 basis points 2027-2029, as a result of continued strong revenue growth and ongoing operational efficiencies • Capex declining to c. 8% of total income (excluding recoveries) in 2029 • Double-digit compound annual growth rate in equity free cash flow per share
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London Stock Exchange Group plc | Interim Report 2026 10 Financial Review (all growth rates are expressed on an organic constant currency basis, unless otherwise stated) Six months ending 30 June, reported 2026 £m 2025 £m Variance % Organic constant currency variance % Data & Analytics 2,061 1,991 3.5% 5.1% FTSE Russell 504 472 6.8% 9.1% Risk Intelligence 310 287 8.0% 9.7% Markets 1,920 1,735 10.7% 11.9% Other 4 4 0.0% (18.1%) Total income (excl. recoveries) 4,799 4,489 6.9% 8.4% Recoveries1 186 183 1.6% 3.6% Total income (incl. recoveries) 4,985 4,672 6.7% 8.3% Cost of sales (576) (602) (4.3%) (2.5%) Gross profit 4,409 4,070 8.3% 9.9% Reported EBITDA 2,515 2,155 16.7% Operating profit 1,428 1,061 34.6% Profit before tax 1,278 991 29.0% Basic earnings per share2 (p) 163.8 122.7 33.5% Dividends per share (p) 55.0 47.0 17.0% Adjusted3 Operating expenses before depreciation, amortisation and impairment (1,882) (1,847) 1.9% 4.6% EBITDA 2,527 2,223 13.7% 14.1% EBITDA margin 52.7% 49.5% Depreciation, amortisation and impairment (519) (497) 4.4% 5.6% Operating profit 2,008 1,726 16.3% 16.6% Net finance costs (149) (66) 125.8% Profit before tax 1,859 1,660 12.0% Taxation (448) (399) 12.3% Profit/(loss) for the year 1,411 1,261 11.9% Equity holders 1,217 1,105 10.1% Non-controlling interests 194 156 24.4% Earnings per share2 (p) 244.9 208.9 17.2% This financial review contains revenues, costs, earnings and key performance indicators (KPIs) for the six months ended 30 Ju ne 2026. Constant currency variances are calculated on the basis of consistent FX rates applied across the current and prior year period (GBP:USD 1.318 GBP:EUR 1.168). Organic growth is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and by including acquisitions from the date of acquisition with a comparable adjustment to the prior year . Within the financial information and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purpo ses. 1 Recoveries relate to fees for third-party content, such as exchange data, that is distributed directly to customers. 2 Weighted average number of shares used to calculate basic earnings per share and adjusted basic earnings per share is 497 million (H1 2025: 529 million). 3 The Group reports adjusted operating expenses before depreciation, amortisation and impairment, adjusted earnings before inte rest, tax, depreciation, amortisation and impairment (EBITDA), adjusted depreciation, amortisation and impairment, adjusted operati ng profit and adjusted basic earnings per share (EPS). These measures are not measures of performance under IFRS and should be considered in additio n to, and not as a substitute for, IFRS measures of financial performance and liquidity. Adjusted performanc e measures provide supplemental data relevant to an understanding of the Group’s financial performance and exclude non -underlying items of income and expense that are material by their size
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London Stock Exchange Group plc | Interim Report 2026 11 and/or nature. Non -underlying items include: amortisation and impairment of goodwill and purchased intangible assets, incremental amortisation and impairment of the fair value adjustments of intangible assets recognised as a result of acquisitions, significant impairment of software and other non-current assets linked to a change in strategy or operating model, tax on non-underlying items and other income or expenses not considered to drive the operating results of the Group (including transaction, integration and separation costs related to acquisitions and disposals of businesses), as well as restructuring costs. Total income excluding recoveries of £4,799 million grew 8.4% on a constant currency basis. Growth on a reported basis was 6.9%. Total income including recoveries of £4,985 million was up 8.3% in constant currency, and 6.7% higher on a reported basis. This growth was driven by a positive performance across all four divisions. Cost of sales of £576 million declined 2. 5% on an organic constant currency basis, or 4.3% on a reported basis, with underlying growth more than offset by a change to the SwapClear revenue surplus contract resulting in a lower pay away through cost of sales. Excluding this, cost of sales growth was 8.6% on an organic constant currency basis. Six months ending 30 June 2026 £m 2025 £m Variance % Organic constant currency variance % Staff costs 1,211 1,173 3.2% 5.7% Third-party services 138 172 (19.8%) (15.4%) Total resource costs 1,349 1,345 0.3% 3.1% As % of total income excl. recoveries 28.1% 30.0% IT costs 343 324 5.9% 8.7% Other costs 191 165 15.8% 8.4% Fair value losses/(gains) on embedded derivative contracts and foreign exchange gains (1) 13 (107.7%) Adjusted operating expenses before depreciation, amortisation and impairment 1,882 1,847 1.9% 4.6% Our main costs relate to our people, with adjusted staff costs of £ 1,211 million and adjusted third-party services of £138 million. These two lines together make up the total resource costs for the organisation of £ 1,349 million, and account for 72% of the total adjusted operating expense base. The resource equation, which looks at resource costs as a percentage of total income excl. recoveries, has improved by 190 basis points, driven by disciplined resource control and the ongoing workforce insourcing programme. The growth in IT costs was primarily driven by higher cloud expenditure, while the increase in other costs reflected continued investment in marketing activities and property-related costs. Adjusted EBITDA rose 14.1% to £2,527 million, with the adjusted EBITDA margin increasing by 320 basis points to 52.7% (H1 2025: 49.5%). Movements in FX-related items improved the margin by 30 basis points in the current period and by 30 basis points in the prior period. The underlying constant currency margin improved by 120 basis points year-on-year, with an additional 140 basis point benefit coming from the change in SwapClear revenue share agreement. Due to the timing of recognition of the benefit, this year -on-year uplift will largely reverse in Q4 2026. Reported depreciation, amortisation and impairment of £ 1,087 million (H1 202 5: £1, 094 million) includes £ 568 million (H1 202 5: £597 million) of non -underlying amortisation which largely relates to the amortisation of purchased intangible assets (mainly Refinitiv). Excluding this, adjusted depreciation, amortisation and impairment of £ 519 million grew by 5.6%. The growth in depreciation and amortisation reflects our continued investment in technology and product.
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London Stock Exchange Group plc | Interim Report 2026 12 Reconciliation of adjusted operating profit to reported operating profit Six months ending 30 June 2026 2025 £m £m Adjusted operating profit 2,008 1,726 Non-underlying items: Transaction cost credit / (cost) 7 (15) Integration, separation & restructuring costs (19) (53) Depreciation, amortisation and impairment of intangibles and other assets (568) (597) Operating Profit 1,428 1,061 Reported operating profit of £1,428 million grew by 34.6% on a reported basis and adjusted operating profit of £2,008 million grew 16.3% on organic, constant currency basis, driven by strong income growth and cost discipline highlighted above, partially offset by higher depreciation and amortisation. Integration, separation and restructuring costs primarily relate to the Refinitiv integration and totalled £19 million in the period, down from £53 million in H1 2025. Key initiatives included the continued deployment of a single ERP platform across LSEG and the ongoing workforce insourcing programme. The reduction reflects the tapering of integration -related spend as these programmes progress towards completion. Non-underlying depreciation, amortisation and impairment of intangibles and other assets of £568 million mainly arose from the Refinitiv acquisition, with some additional amortisation associated with recent acquisitions as well as SwapClear intangible assets. Net finance expense / Tax / Non-controlling interest Adjusted net finance expense was £149 million (H1 2025: £66 million), and £150 million (H1 2025: £ 70 million) on a reported basis. The £83 million increase in adjusted net finance expense was driven by higher interest rates on refinanced long-term debt, as well as elevated leverage from the accelerated share buyback programme, and the benefit to H1 2025 net finance expense from £35 million of one-off gains from bond buybacks and net investment hedges. Profit before tax increased by 29.0% on a reported basis to £ 1,278 million (H1 202 5: £991 million) and by 12.0% to £1,859 million on an adjusted basis at actual rates (H1 2025: £1,660 million). The Group’s underlying effective tax rate was 24.1% (H1 2025: 24.0%). The reported tax charge in the period of £319 million (H1 2025: £230 million) represents a tax rate of 25.0% (H1 2025: 23.2%). Adjusted profits attributable to non -controlling interests totalled £ 194 million in the period, a 24.4% increase, with the growth mainly reflecting strong performance of the Tradeweb business. Earnings per share Basic earnings per share (EPS) was 163.8 pence (H1 2025: 122.7 pence) with the increase from last year mainly reflecting strong growth in revenue and EBITDA, alongside reduced amortisation and impairment charges. EPS growth was further supported by share buybacks over the last 12 months.
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London Stock Exchange Group plc | Interim Report 2026 13 Adjusted basic earnings per share (AEPS) was 244.9 pence (H1 202 5: 208.9 pence). The 17.2% increase in AEPS year -on-year was driven by strong improvement in underlying profitability. Dividend The Board has declared an interim dividend of 55.0 pence per share1, in line with our policy of the interim dividend being around one third of the expected full -year dividend, and representing a 17.0% increase (H1 2025: 47.0 pence). The interim dividend will be paid on 16 September 2026 to all shareholders on the share register at the record date of 14 August 2026. The ex-dividend date is 13 August 2026. 1 ISIN: GB00B0SWJX34; TIDM: LSEG
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London Stock Exchange Group plc | Interim Report 2026 14 Data & Analytics Six months ending 30 June 2026 £m 20251 £m Variance % Organic constant currency variance % Workflows 980 968 1.2% 2.8% Data & Feeds 961 907 6.0% 7.5% Analytics 120 116 3.4% 6.0% Total revenue (excl. recoveries) 2,061 1,991 3.5% 5.1% Recoveries 186 183 1.6% 3.6% Total revenue (incl. recoveries) 2,247 2,174 3.4% 5.0% Cost of sales (426) (408) 4.4% 7.4% Gross profit 1,821 1,766 3.1% 4.4% Adjusted operating expenses before depreciation, amortisation and impairment (950) (927) 2.5% 4.0% Adjusted EBITDA 871 839 3.8% 4.9% Adjusted depreciation, amortisation and impairment (282) (281) 0.4% 2.0% Adjusted operating profit 589 558 5.6% 6.4% Adjusted EBITDA margin 42.3% 42.1% Data & Analytics provides customers with trusted data, analytics, workflow and data management solutions. The division is organised into three businesses, each serving distinct customer requirements. Total revenue excluding recoveries of £ 2,061 million grew by 5.1%, driven by broad -based strength across business lines. Workflows revenue increased by 2.8% to £980 million, supported by continued innovation across Workspace. During the period, adoption of Workspace AI Search accelerated, and our Deep Research user base expanded, while customer engagement with Workspace reached record levels. Growth reflected good demand across key communities, particularly FX and Wealth. Data & Feeds revenue grew 7.5% to £961 million, with growth accelerating year -on-year, reflecting continued demand for LSEG's data and content offerings. Strong growth in Real - Time and Tick History was supported by increasing use of LSEG data within AI -enabled workflows. Deeper enterprise engagement also drove higher demand across financial, economic and company data. We continued to enhance our cloud-based and AI -enabled distribution capabilities while further expanding the breadth of our data offering. Analytics revenue increased by 6.0% to £120 million, supported by continued demand for Lipper and Yield Book, strong Analytics API usage and improving sales momentum. Growth was delivered against a strong comparative period in H1 2025 . During the period, LSEG expanded the distribution of analytics content through Snowflake and Databricks, launched new Models-as-a-Service capabilities and introduced new StarMine risk modelling solutions. Cost of sales of £ 426 million reflects the cost of purchased content and royalties, including news, specialist data and exchange data, which are required for Data & Analytics products. Growth at 7.4% on a constant currency basis reflects continued investment in content and data capabilities supporting our product offering.
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London Stock Exchange Group plc | Interim Report 2026 15 Adjusted operating expenses before depreciation, amortisation and impairment increased by 4.0%, below the rate of revenue growth, reflecting disciplined cost management. Adjusted EBITDA of £871 million was up 4.9% on a constant currency basis, and the adjusted EBITDA margin increased by 20 basis points to 42.3%. 1 During H2 2025, some cost items were reallocated between business lines to better reflect our product-led operating model. We have restated H1 2025 comparators for this and a summary of the movements can be found in Note 2.1 of the Financial Statements.
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London Stock Exchange Group plc | Interim Report 2026 16 FTSE Russell Six months ending 30 June 2026 £m 20251 £m Variance % Organic Constant currency variance % Subscription 325 314 3.5% 6.2% Asset-based 179 158 13.3% 14.9% Total revenue 504 472 6.8% 9.1% Cost of sales (33) (31) 6.5% 8.3% Gross profit 471 441 6.8% 9.2% Adjusted operating expenses before depreciation, amortisation and impairment (128) (130) (1.5%) 0.5% Adjusted EBITDA 343 311 10.3% 12.8% Adjusted depreciation, amortisation and impairment (49) (44) 11.4% 13.1% Adjusted operating profit 294 267 10.1% 12.8% Adjusted EBITDA margin 68.1% 65.9% FTSE Russell provides a comprehensive range of index and benchmark solutions spanning multiple asset classes and investment strategies. Total revenue of £504 million grew by 9.1%, driven by strong performance in asset-based revenues. Subscription revenues increased 6.2% to £325 million, reflecting continued demand for FTSE Russell’s index and benchmark solutions. Growth was achieved against a strong comparative period in H1 2025 and was supported by high customer retention rates and increasing adoption of custom indices. Asset-based revenues grew 14.9% to £179 million, driven by strong global equity market performance and continued growth in ETF assets under management. ETF assets linked to FTSE Russell indices surpassed $2 trillion for the first time, supported by strong investor inflows, record growth in APAC and continued momentum in ETF launches across the franchise. Cost of sales of £33 million, which includes third -party data costs and revenue share payments, grew by 8.3%, below the rate of revenue growth. Adjusted operating expenses before depreciation, amortisation and impairment of £128 million remained broadly flat on a constant currency basis. As a result, adjusted EBITDA increased 12.8% to £343 million, with the adjusted EBITDA margin expanding 220 basis points to 68.1%, demonstrating the scalability of the FTSE Russell business model and strong operating leverage. 1 During H2 2025, some cost items were reallocated between business lines to better reflect our product-led operating model. We have restated H1 2025 comparators for this and a summary of the movements can be found in Note 2.1 of the Financial Statements. KPIs H1 2026 H1 2025 Variance % Index – ETF AUM ($bn) - Period end 2,193 1,598 37.2% - Average 1,997 1,471 35.8%
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London Stock Exchange Group plc | Interim Report 2026 17 Risk Intelligence Six months ending 30 June 2026 £m 20251 £m Variance % Organic constant currency variance % Total revenue 310 287 8.0% 9.7% Cost of sales (30) (25) 20.0% 22.1% Gross profit 280 262 6.9% 8.5% Adjusted operating expenses before depreciation, amortisation and impairment (96) (95) 1.1% 3.0% Adjusted EBITDA 184 167 10.2% 11.7% Adjusted depreciation, amortisation and impairment (20) (24) (16.7%) (16.7%) Adjusted operating profit 164 143 14.7% 16.5% Adjusted EBITDA margin 59.4% 58.2% Risk Intelligence provides a suite of solutions across Screening, Digital Identity and Enhanced Due Diligence to help navigate risks, avoid reputational damage, reduce fraud, and ensure legal and regulatory compliance around the globe. Total revenue grew by 9.7% to £310 million. Screening delivered robust growth, supported by continued demand for AML and KYC solutions and improving retention. Digital Identity & Fraud also performed strongly, processing approximately 300 million transactions in H1, while Enhanced Due Diligence benefited from demand for third-party risk and pre-IPO reports. Cost of sales of £30 million, comprising data and content costs, increased 22.1% on a constant currency basis, reflecting higher customer usage in Digital Identity & Fraud together with investment in enhanced content and data offerings across Risk Intelligence. Adjusted operating expenses before depreciation, amortisation and impairment of £96 million increased 3.0% on a constant currency basis, demonstrating continued hiring discipline and targeted investment in high growth products. Adjusted EBITDA of £184 million grew 11.7%, and the adjusted EBITDA margin increased by 120 basis points to 59.4% driven by the strong top -line performance and disciplined cost control. 1 During H2 2025, some cost items were reallocated between business lines to better reflect our product-led operating model. We have restated H1 2025 comparators for this and a summary of the movements can be found in Note 2.1 of the Financial Statements.
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London Stock Exchange Group plc | Interim Report 2026 18 Subscription businesses’ KPIs These KPIs cover the Data & Analytics, FTSE Russell and Risk Intelligence businesses. All growth is on an organic, constant currency basis. H1 2026 H1 2025 Annual subscription value growth (%)1 6.1% 5.8% Gross Sales (£m)2 482 435 Retention rate (%)3 92.8% 92.6% New product vitality index (%)4 25.0% 19.0% 1 Annualised subscription value growth is a constant currency point -in-time, year-on-year, organic measure of subscription growth in Data & Analytics, FTSE Russell, Risk Intelligence and data solutions within Markets 2 New business subscription sales over the last 12 months 3 Retention rate reflects the % of annualised subscription revenues from 12 months ago still being received today 4 Proportion of revenue from products that are new or enhanced in the last five years
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London Stock Exchange Group plc | Interim Report 2026 19 Markets Six months ending 30 June 2026 £m 20251 £m Variance % Organic constant currency variance % Equities 230 205 12.2% 12.2% Fixed Income, Derivatives & Other 864 777 11.2% 13.0% FX 145 139 4.3% 7.6% OTC Derivatives 355 314 13.1% 13.6% Securities & Reporting 124 115 7.8% 8.2% Non-Cash Collateral 59 57 3.5% 3.5% Total revenue 1,777 1,607 10.6% 11.9% Net Treasury Income 143 128 11.7% 12.6% Total income 1,920 1,735 10.7% 11.9% Cost of sales (87) (138) (37.0%) (38.0%) Gross profit 1,833 1,597 14.8% 16.3% Adjusted operating expenses before depreciation, amortisation and impairment (708) (696) 1.7% 6.5% Adjusted EBITDA 1,125 901 24.9% 23.7% Adjusted depreciation, amortisation and impairment (168) (148) 13.5% 13.7% Adjusted operating profit 957 753 27.1% 25.7% Adjusted EBITDA Margin 58.6% 51.9% Markets provides businesses with access to capital and secondary market trading across equities, fixed income, interest rate derivatives, foreign exchange (FX) and other asset classes. It also delivers clearing, risk management, capital optimisation and re gulatory reporting solutions. Total revenue of £ 1,777 million grew 11.9% on a constant currency basis. Total income, including Net Treasury Income, was £1,920 million, also up 11.9%. Equities revenue of £230 million increased by 12.2% in H1, supported by strong trading activity across LSE and Turquoise, and robust auction volumes. Fixed Income, Derivatives & Other revenue of £864 million increased by 13.0% in H1. The business primarily comprises Tradeweb, a global operator of electronic marketplaces for rates, credit, equities and money markets. Average daily volume across all asset classes was $3.2 trillion, a 24.8% increase on H1 2025. Growth was driven by elevated trading activity across rates and credit markets, with particularly strong performance in rates products. Following exceptionally high market activity in the first quarter, trading volumes moderated in Q2 but remained at healthy levels. FX revenue of £ 145 million increased by 7.6% in H1, reflecting strong performance across FXall and Matching as elevated market volatility supported increased customer activity and trading volumes. Growth was achieved against an exceptionally strong comparative period in H1 2025. OTC Derivatives revenue of £355 million increased by 13.6% in H1, led by especially strong performances in clearing across SwapClear, ForexClear and CDSClear, supported by continued growth in Post Trade Solutions. Heightened market volatility and geopolitical uncertainty drove exceptional clearing activity across interest rate swap, foreign exchange and
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London Stock Exchange Group plc | Interim Report 2026 20 credit derivatives in the first quarter. This elevated demand continued into the second quarter, driving further strong growth, supported by the addition of new clearing members, clients and capabilities. Securities & Reporting revenue increased by 8.2% to £124 million in H1, driven by strong EquityClear performance, reflecting elevated trading activity and higher settlement volumes across equity markets , together with robust RepoClear volumes . Regulatory reporting also contributed to growth, supported by pricing actions and strong sales momentum. Non-cash collateral revenue increased by 3.5% to £59 million in H1. Growth was supported by resilient returns on non-cash collateral, which more than offset a modest reduction in non- cash collateral balances. Net Treasury Income increased by 12.6% to £143 million in H1, driven by strong growth in cash collateral balances supported by elevated market volatility. Cost of sales declined 38.0%, on a constant currency basis, to £ 87 million. The sharp decrease was driven by the benefit from the revised SwapClear revenue share agreement struck in October 2025. Previously the founding members of SwapClear were entitled to c. 30% of SwapClear's revenue surplus which in 2024 amounted to €0.2 billion. The revenue surplus share was reduced to 15% for 2025 and will be 10% from 2026 through to 2045. The financial benefit for 2025 was all booked in H2 2025. If it had been spread evenly over 2025, cost of sales would have increased 10.3% year-on-year. Adjusted operating expenses before depreciation, amortisation and impairment of £708 million were up 6.5% on a constant currency basis, reflecting continued investment in cyber security and operational resilience. Adjusted EBITDA rose to £1,12 5 million, up 23.7% on a constant currency basis. Adjusted EBITDA margin increased to 58. 6% from 51. 9% in H1 2025 . The change to the revenue surplus contract for the Swapclear business drove 350 basis points of the improvement. Due to the timing of recognition of the benefit, this year -on-year uplift will largely reverse in Q4 2026. 1 During H2 2025, some cost items were reallocated between business lines to better reflect our product-led operating model. We have restated H1 2025 comparators for this and a summary of the movements can be found in Note 2.1 of the Financial Statements.
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London Stock Exchange Group plc | Interim Report 2026 21 KPIs H1 2026 H1 2025 Variance % Equities UK Value Traded (£m) – average daily value 6,671 4,996 33.5% Fixed Income, Derivatives and Other Tradeweb average daily volume ($m)1 All asset classes 3,179,783 2,547,871 24.8% Rates – Cash 632,705 552,621 14.5% Rates – Derivatives 1,295,473 890,400 45.5% Credit – Cash 19,896 18,245 9.0% Credit – Derivatives 35,926 24,966 43.9% FX Average daily total volume ($bn) 561 530 5.8% OTC Derivatives SwapClear – IRS notional cleared ($trn) 1,165 900 29.4% SwapClear – Client trades (‘000) 3,283 2,651 23.8% ForexClear – Notional cleared ($bn) 33,311 22,945 45.2% ForexClear – Members 41 39 5.1% Securities & Reporting EquityClear trades (m) 621 591 5.1% RepoClear – nominal value (€trn) 182.8 167.8 8.9% Collateral Average non-cash collateral (€bn) 210.5 212.5 (0.9%) Average cash collateral (€bn) 110.2 104.0 6.0% 1 H1 2025 revised to align with Tradeweb methodology
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London Stock Exchange Group plc | Interim Report 2026 22 Cash flow Six months ending 30 June 2026 £m 2025 £m Reported EBITDA 2,515 2,155 Non-cash items 97 127 Change in working capital (477) (500) Operating cash flow1 2,135 1,782 Net interest paid (106) (87) Net taxes paid (244) (213) Capex (428) (424) Lease payments (95) (75) Other items2 (57) (48) Equity free cash flow3 1,205 935 Acquisitions and disposals of financial and other assets (67) (223) Dividends to LSEG shareholders (510) (471) Net borrowings 1,811 365 Share buybacks (2,267) (503) Other (74) (52) Net cash flow 98 51 1 Group cash flow does not include cash and cash equivalents held by the Group’s post trade operations on behalf of the Group’s clearing members for use in their operations as managers of the clearing and guarantee systems. These balances represent margins a nd default funds held for counterparties for short periods in connection with these operations. The movement in clearing balances represents c hange in member cash collateral balances and interest paid to members thereon. Interest received through placement of clearing member collateral is included within other working capital adjustments within operating cash flows 2 Includes sales commissions paid and dividends paid to non-controlling interests 3 Equity free cash flow is the cash generated before M&A, returns to shareholders and financing activities The Group’s business continued to be highly cash generative in the first half, with reported EBITDA of £ 2,515 million (H1 202 5: £ 2,155 million), reflecting strong top -line growth and continued margin expansion. Non-cash items impacted on EBITDA by £97 million (H1 2025: £127 million). The working capital outflow of £477 million saw a £23 million decline compared to prior year (H1 2025: £500 million). These factors supported operating cash flow of £ 2,135 million (H1 2025: £1,782 million), an increase of £353 million year-on-year. Equity free cash flow rose 28.9% to £1,205 million (H1 2025: £935 million), driven by higher operating cash flows, partly offset by higher cash tax , interest expense and lease payments. The change in the SwapClear revenue surplus contract contributed around £80 million of cash flow growth. Total cash capex of £428 million remained broadly stable year-on-year (H1 202 5: £4 24 million), demonstrating our commitment to disciplined investment and continued reduction in capital intensity. Total net cash inflow in the first half was £ 98 million (H1 2025: £51 million). No acquisitions were announced or completed in the period. Total shareholder distributions and associated costs amounted to £2,777 million (H1 2025: £974 million). These comprised £2,267 million of share buybacks , of which £2,087 million was executed by LSEG and £180 million by Tradeweb, and dividend payments of £510 million.
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London Stock Exchange Group plc | Interim Report 2026 23 Net debt / Leverage / Ratings Net Debt 30 June 2026 £m 31 December 2025 £m Gross borrowings 13,511 11,718 Cash and cash equivalents (4,056) (3,949) Net derivative financial assets (136) (171) Net debt 9,319 7,598 Less lease liabilities (614) (627) Regulatory and operational amounts 1,277 1,204 Operating net debt 9,982 8,175 At 30 June, the Group had operating net debt of £9, 982 million (31 December 2025: £8,175 million) after setting aside £1,277 million for regulatory and operational amounts. Leverage increased to 2.1x (31 December 2025: 1.8x) primarily driven by the accelerated share buyback executed in H1 2026 . The Group remains well positioned within its target leverage range of 1.5x-2.5x operating net debt to adjusted EBITDA before foreign exchange gains or losses. In June 2026, the Group cancelled its £1,925 million and £1,075 million revolving credit facilities and entered into a new £3,500 million revolving credit facility (RCF) which matures in June 2031. The RCF has extension options to extend the final maturity to June 2033. In addition, Tradeweb has a US$500 million RCF expiring in November 2028. No drawings were outstanding under either the Group RCF or Tradeweb RCF as at 30 June 2026 (31 December 2025: £nil). As part of the ongoing financing of the Group, in March 2026 US$3 billion of fixed rate bonds were issued under 144A documentation. The issue consisted of a US$1.5 billion bond maturing in March 2029, a US$500 million bond maturing in March 2031, and a US$ 1 billion bond maturing in March 2036. LSEG is rated A with stable outlook by Standard & Poor’s and A3 with positive outlook by Moody’s. LCH Limited and LCH SA are rated AA- with stable outlook by Standard & Poor’s. 1 Leverage is calculated as operating net debt (i.e. net debt before lease liabilities and after excluding amounts set aside fo r regulatory and operational purposes) to adjusted EBITDA before foreign exchange gains and losses.
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London Stock Exchange Group plc | Interim Report 2026 24 Foreign exchange As shown in the table below, the majority of LSEG revenues and expenses are in US dollars followed by sterling, euro and other currencies. A 10 cent devaluation 1 in the US dollar and euro against sterling would have an adverse impact on Total Income (excl. recoveries) of approximately 4.0% and 1.5% respectively. The impact on EBITDA is slightly greater, at approximately 4.5% and 2.0% respectively. These sensitivities are approximate and exclude the impact of embedded derivatives and other FX-related balance sheet revaluations. USD GBP EUR Other H1 2026 Total Income2 58% 16% 17% 9% H1 2026 Underlying Expenses3 51% 27% 7% 15% H1 2026 Total income by division USD GBP EUR Other Data & Analytics 63% 7% 15% 15% FTSE Russell 71% 21% 3% 5% Risk Intelligence 66% 6% 15% 13% Markets 49% 26% 23% 2% 1 Analysis was updated for H1’26 average rates and assumes GBP:USD 1.345 and GBP:EUR 1.153 2 Total income includes recoveries 3 Underlying expenses includes cost of sales and adjusted operating expenses Spot / Average Rates Average rate 6 months ended 30 June 2026 Closing rate at 30 June 2026 Average rate 6 months ended 30 June 2025 Closing rate at 30 June 2025 GBP : USD 1.345 1.327 1.297 1.372 GBP : EUR 1.153 1.161 1.187 1.170 For definitions of technical terms – refer to the Glossary contained in the 2025 Annual Report, page 197
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London Stock Exchange Group plc | Interim Report 2026 25 Total income and gross profit by quarter 2025 2026 £m Q1 Q2 Q3 Q4 FY Q1 Q2 H1 Workflows 491 477 476 481 1,925 491 489 980 Data & Feeds 454 453 449 466 1,822 475 486 961 Analytics 59 57 57 58 231 59 61 120 Data & Analytics 1,004 987 982 1,005 3,978 1,025 1,036 2,061 Subscription 155 159 157 159 630 160 165 325 Asset-Based 83 75 84 82 324 88 91 179 FTSE Russell 238 234 241 241 954 248 256 504 Risk Intelligence 143 144 144 148 579 153 157 310 Subscription Businesses1 1,385 1,365 1,367 1,394 5,511 1,426 1,449 2,875 Equities 102 103 102 105 412 114 116 230 Fixed Income, Derivatives & Other 394 383 375 387 1,539 452 412 864 FX 69 70 67 66 272 74 71 145 OTC Derivatives 161 153 160 167 641 183 172 355 Securities & Reporting 56 59 55 59 229 61 63 124 Non-Cash Collateral 27 30 30 30 117 29 30 59 Net Treasury Income 65 63 61 68 257 74 69 143 Markets 874 861 850 882 3,467 987 933 1,920 Other 2 2 2 2 8 2 2 4 Total Income (excl. recoveries) 2,261 2,228 2,219 2,278 8,986 2,415 2,384 4,799 Recoveries 93 90 89 88 360 93 93 186 Total Income (incl. recoveries) 2,354 2,318 2,308 2,366 9,346 2,508 2,477 4,985 Cost of sales (308) (294) (292) (219) (1,113) (289) (287) (576) Gross Profit 2,046 2,024 2,016 2,147 8,233 2,219 2,190 4,409 1. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence
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London Stock Exchange Group plc | Interim Report 2026 26 Organic, constant currency revenue growth by quarter 2025 2026 % Q1 Q2 Q3 Q4 FY Q1 Q2 H1 Workflows 3.5% 3.1% 3.0% 3.0% 3.1% 2.9% 2.7% 2.8% Data & Feeds 6.2% 6.9% 6.6% 6.7% 6.6% 7.3% 7.7% 7.5% Analytics 7.6% 9.2% 7.7% 6.4% 7.7% 5.2% 6.7% 6.0% Data & Analytics 5.0% 5.1% 4.9% 4.9% 5.0% 5.1% 5.2% 5.1% Subscription 8.4% 9.3% 5.1% 5.7% 7.1% 7.7% 4.8% 6.2% Asset-Based 12.5% (1.4%) 18.2% 2.6% 7.7% 10.9% 19.0% 14.9% FTSE Russell 9.8% 5.5% 9.3% 4.7% 7.3% 8.8% 9.4% 9.1% Risk Intelligence 10.7% 13.7% 13.9% 8.7% 11.7% 10.5% 9.0% 9.7% Subscription Businesses1 6.3% 6.0% 6.5% 5.2% 6.0% 6.3% 6.3% 6.3% Equities 5.1% 3.7% 2.6% 9.1% 5.1% 11.1% 13.2% 12.2% Fixed Income, Derivatives & Other 17.3% 18.5% 9.9% 9.5% 13.7% 18.4% 7.6% 13.0% FX 12.3% 13.9% 3.1% 1.4% 7.5% 11.8% 3.6% 7.6% OTC Derivatives 16.8% 12.1% 9.2% 9.0% 11.6% 16.0% 11.2% 13.6% Securities & Reporting (9.8%) (9.9%) 1.8% 8.3% (3.0%) 9.0% 7.4% 8.2% Non-Cash Collateral (0.4%) 5.9% 6.0% 9.1% 5.2% 7.3% (0.0%) 3.5% Net Treasury Income (6.3%) 0.1% (7.1%) 3.1% (2.6%) 17.0% 8.1% 12.6% Markets 10.5% 10.9% 6.3% 8.1% 8.9% 15.5% 8.3% 11.9% Other (52.1%) (32.3%) (0.3%) (34.1%) (35.6%) (6.1%) (29.4%) (18.1%) Total Income (excl. recoveries) 7.8% 7.8% 6.4% 6.2% 7.1% 9.8% 7.1% 8.4% 1. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence
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London Stock Exchange Group plc | Interim Report 2026 27 Principal risks The effective management of risk is critical to the delivery of the Group’s strategy and long-term performance. The Group maintains an enterprise-wide approach to identifying, assessing, managing and reporting risks, supported by clear governance, executive accountability and Board oversight that is outlined in our Enterprise Risk Management Framework (ERMF). Our regulated entities, including clearing houses, manage their risks in line with local regulation and the Group’s internal risk and investment policies. The Group continues to operate in a complex risk environment, shaped by geopolitical uncertainty, cyber threats, rapid technological change, evolving regulation and significant internal change. In addition to our principal risks, we identify and monitor emerging risks that are newly developing or difficult to quantify because of their uncertain timing, scale or impact. These risks are kept under review until they can be more fully assessed, managed through contingency planning where appropriate, or reflected within the Group’s principal risks. The risks outlined below are consistent with those disclosed in the 2025 Annual Report and are expected to remain relevant for the rest of the 2026 year. Strategic risks Strategic risks are risks that could affect the delivery of our strategy, our business model, our market position or major strategic initiatives. Global economic and geopolitical (Executive Lead: Chief Executive Officer) Risk description LSEG’s global footprint exposes us to economic and geopolitical developments that may impact market activity and performance. Conflicts in the Middle East and Ukraine, shifting Western relations with China and protectionist US policies such as tariffs and trade restrictions, are reshaping global trade and investment flows, which contribute to financial regionalisation, increased volatility and slower growth, and in turn may reduce transaction volumes and revenues across our markets. Sustainability (Executive Lead: Chief Risk Officer, Divisional Group Heads) Risk description Environmental, social and governance factors present evolving risks to our businesses, including regulatory compliance, reputational exposure and financial impacts. The risk of scrutiny or adverse consequences may arise even where we comply with laws and regulations as views of governments and regulatory authorities diverge across jurisdictions. Climate-related risks, both physical (e.g., extreme weather affecting assets and people) and transitional (e.g., policy shifts, product availability and market changes) may also affect operations as global standards and expectations continue to develop. Reputation/brand/IP (Executive Lead: Group Chief Corporate Affairs and Marketing Officer) Risk description Our reputation and globally recognised brands are critical to our credibility and commercial success. A single incident, whether operational, legal or market-related, can impact brand value across the Group. As our different businesses have continued to become more closely integrated, potential reputational exposure has increased. Additionally, limited intellectual property protection could allow our competitors to develop or otherwise protect similar or the same products or processes, impacting our competitiveness and resulting in legal or financial costs or lower revenues. Transformation (Executive Lead: Chief Executive Officer, Chief Operating Officer) Risk description We are delivering a significant change agenda across strategic programmes, including platform and product upgrades, cloud migration, integration of acquisitions and the execution of the LSEG-Microsoft Partnership. These initiatives introduce execution risk as we adapt to evolving customer needs, integrate new technologies and improve our technology estate. Rapid market and technological shifts, including the continued advancement of artificial intelligence (AI), heighten the risk of disruption to our business model, whilst also impacting delivery of change and operational resilience. Financial and model risks Financial risks are those that could result in financial loss, reduced earnings, or insufficient liquidity, funding or capital. Model risks are risks of financial losses or other adverse outcomes as a result of the design, use or performance of models. Central counterparty (Executive Lead: Head of Markets) Risk description Through LCH, we are exposed to financial and operational risks inherent in central clearing. In the event of a member default, the central counterparty (CCP) must manage market and liquidity risks while restoring a matched book, potentially incurring losses from adverse price movements or liquidation costs. Additional risks arise from investing member collateral and fulfilling payment obligations, alongside non-financial risks such as legal, compliance and reputational exposures linked to day-to-day operations.
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London Stock Exchange Group plc | Interim Report 2026 28 Model risk (Executive Lead: Divisional Group Heads, Chief Risk Officer) Risk description We rely on a wide range of models across our business to support decision-making, risk management, analytics and regulatory compliance. These include margining models, market abuse detection, stress testing and climate risk modelling. Risks arise from potential flaws in the design, data sourcing, incorrect implementation or misuse of model outputs, which can in turn lead to financial loss or reputational harm. The growing use of artificial intelligence particularly ‘generative’ and ‘agentic’ models introduces new dimensions of risk, with the potential for hallucinations, or unintended or unpredictable behaviours also causing loss or harm. Non-financial risks Non-financial risks are risks that could result from failures in our processes, people, systems, controls, suppliers or from external events, leading to customer, operational, regulatory, reputational or financial impacts. Technology (Executive Lead: Chief Information Officer) Risk description Our products and services depend on complex, interconnected technology systems, both internal and third-party. Disruptions such as system outages, performance degradation, or failures due to change activities or ageing infrastructure could impact customer access, interrupt market operations and affect data service and delivery. As our reliance on digital platforms and use of AI grows, so does the potential impact of technology-related incidents on business continuity and stakeholder confidence. Information and cyber security (Executive Lead: Chief Information Officer) Risk description We are exposed to cyber threats targeting our systems and data, including attempts to access, disrupt or compromise information. The evolving geopolitical landscape and rapid adoption of emerging technologies continue to intensify the threat environment. As a financial markets infrastructure provider, a significant cyber incident could not only impact our operations and customers but also pose systemic risks to the broader financial sector and global markets. Additionally, the use of Frontier AI by cyber attackers is compressing the time between vulnerability discovery and exploitation. Business continuity (Executive Lead: Chief Operating Officer, Chief Risk Officer, Divisional Group Heads) Risk description We are exposed to potential operational disruption from a range of geopolitical, environmental, public infrastructure and other external events. Such disruptions can affect customer access and market stability. Business continuity risk can arise from events such as geopolitical conflict, cyber incidents, public infrastructure failure, energy shortages, telecommunications disruption, severe weather, civil unrest or third-party failures. Over the course of the first half of the year, sufficient measures have been in place to mitigate this risk arising from the conflict in the Middle East. Third-party (Executive Lead: Chief Operating Officer, Divisional Group Heads, Chief Information Officer) Risk description We rely on third-party providers, including cloud services, to support our operations and service delivery. These relationships expose the Group to a range of non-financial risks, such as technology, cyber, geopolitical, regulatory and reputational risks. Failures by third parties to meet contractual or regulatory obligations could result in service disruption, financial loss, increased costs or reputational harm. Data (Executive Lead: Divisional Group Heads, Chief Operating Officer) Risk description We collect, process and distribute data across a wide range of formats and use cases. Failure to manage data effectively, whether in terms of quality, usage rights or record management, could lead to reputational damage, financial loss or regulatory action. As an integrated financial markets infrastructure business, improper use of data may also impact customer trust and compliance obligations. People and talent (Executive Lead: Chief People Officer) Risk description Our ability to achieve our strategic objectives depends on attracting, developing and retaining diverse, high-performing talent. Risks may arise from insufficient career development, compensation challenges or ineffective leadership and organisational structures. External factors such as market competition and geopolitical conditions may further impact our workforce engagement and ability to retain our staff.
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London Stock Exchange Group plc | Interim Report 2026 29 Regulatory change and compliance (Executive Lead: General Counsel, Chief Executive Officer, Divisional Group Heads) Risk description As a global business, we operate within diverse, complex and evolving cross-border regulatory environments and must anticipate and adapt to changes in these regulations to ensure ongoing compliance. Specific regulatory risks to our business include market access, market competitiveness, data issues including localisation, financial crime and operational resilience. Emerging risks Emerging risks are newly developing or rapidly evolving risks that are difficult to quantify because their timing, scale or impact remains uncertain. Disruptive technology (Executive Lead: Chief Information Officer, Divisional Group Heads) Risk description We face the risk of disruption from emerging technologies and evolving business models that lower barriers to entry and intensify competition in the areas in which we operate. Advances in AI and associated generative technologies, cloud computing, quantum technologies and distributed ledger systems could reshape market dynamics, introduce new competitors and challenge core services we provide. These developments may impact our commercial models, introduce new cybersecurity and data risks, and reduce demand for our centralised infrastructure.
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London Stock Exchange Group plc | Interim Report 2026 30 Statement of Directors' responsibilities The Directors confirm that, to the best of their knowledge: • the interim condensed consolidated financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and UK-adopted IAS 34; • the interim report herein includes a fair review of the information required by the Financial Conduct Authority’s Disclosure and Transparency Rules 4.2.7 and 4.2.8, namely: ‒ an indication of important events that have occurred during the first six months of the financial year and their impact on the interim condensed consolidated financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and ‒ material related party transactions in the first six months of the current financial year and any material changes in the related party transactions described in the last annual report. The Directors of London Stock Exchange Group plc are as follows: Don Robert CBE, David Schwimmer, Michel-Alain Proch, Dame Elizabeth Corley, Professor Kathleen DeRose, Tsega Gebreyes, Scott Guthrie, Cressida Hogg CBE, Lloyd Pitchford, Dr Val Rahmani and William Vereker. On behalf of the Board David Schwimmer Group CEO Michel-Alain Proch Group CFO 29 July 2026
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London Stock Exchange Group plc | Interim Report 2026 31 Condensed consolidated income statement Six months ended 30 June 2026 2025 Unaudited Unaudited Notes £m £m Revenue 2, 3 4,838 4,540 Net treasury income 2, 3 143 128 Other income 2, 3 4 4 Total income 4,985 4,672 Cost of sales 2 (576) (602) Gross profit 2 4,409 4,070 Operating expenses before depreciation, amortisation and impairment 4 (1,894) (1,915) Earnings before interest, tax, depreciation, amortisation and impairment 2,515 2,155 Depreciation, amortisation and impairment (1,087) (1,094) Operating profit 1,428 1,061 Finance income 5 65 91 Finance costs 5 (215) (161) Profit before tax 1,278 991 Taxation 6 (319) (230) Profit for the period 959 761 Profit attributable to: Equity holders 814 649 Non-controlling interests 145 112 Profit for the period 959 761 Earnings per share attributable to equity holders Basic earnings per share 7 163.8p 122.7p Diluted earnings per share 7 163.1p 122.0p Dividend per share Dividend per share paid during the period 8 103.0p 89.0p Dividend per share declared for the period 8 55.0p 47.0p
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London Stock Exchange Group plc | Interim Report 2026 32 Condensed consolidated statement of comprehensive income Six months ended 30 June 2026 2025 Unaudited Unaudited Note £m £m Profit for the period 959 761 Other comprehensive income/(loss) Items that will not be subsequently reclassified to the income statement Actuarial gains on retirement benefit assets and obligations 10 6 Gains/(losses) on equity instruments designated as fair value through other comprehensive income (FVOCI) 11.4 17 (4) Tax relating to items that will not be reclassified (5) (2) 22 - Items that may be subsequently reclassified to the income statement Net gains/(losses) on net investment hedges 11 (20) Gains recycled to the income statement (1) (3) Net gains/(losses) from changes in fair value of financial assets at FVOCI 10 (1) Net exchange gains/(losses) on translation of foreign operations 241 (1,742) Tax relating to items that may be reclassified (2) 5 259 (1,761) Other comprehensive income/(loss) net of tax 281 (1,761) Total comprehensive income/(loss) 1,240 (1,000) Total comprehensive income/(loss) attributable to: Equity holders 1,063 (934) Non-controlling interests 177 (66) Total comprehensive income/(loss) 1,240 (1,000)
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London Stock Exchange Group plc | Interim Report 2026 33 Condensed consolidated balance sheet As at 30 June 2026 31 December 2025 Unaudited Audited Notes £m £m Assets Non-current assets Intangible assets 9 30,965 31,273 Property, plant and equipment 696 695 Investment in associates and joint ventures 13 13 Investments in financial assets 11.4 129 79 Derivative financial instruments 11.1 98 112 Receivables 196 196 Retirement benefit assets 254 238 Deferred tax assets 540 528 32,891 33,134 Current assets Receivables 2,200 1,753 Clearing member assets 11.1 856,566 757,261 Investments in financial assets 11.4 186 130 Derivative financial instruments 11.1 74 84 Current tax receivable 343 384 Cash and cash equivalents 4,056 3,949 Digital assets 13 9 863,438 763,570 Total assets 896,329 796,704 Liabilities Current liabilities Payables 1,699 2,300 Contract liabilities 507 273 Borrowings and lease liabilities 10 3,317 3,325 Clearing member financial liabilities 11.2 856,682 757,444 Derivative financial instruments 11.2 25 15 Current tax payable 99 114 Provisions 38 44 862,367 763,515 Non-current liabilities Borrowings and lease liabilities 10 10,194 8,393 Payables 623 636 Contract liabilities 74 72 Derivative financial instruments 11.2 11 10 Retirement benefit obligations 88 86 Deferred tax liabilities 1,865 1,785 Provisions 36 39 12,891 11,021 Total liabilities 875,258 774,536 Net assets 21,071 22,168 Equity Capital and reserves attributable to the Company's equity holders Ordinary share capital 35 37 Share premium - 978 Retained earnings 11,424 1,399 Other reserves 7,242 17,365 Total equity attributable to the Company’s equity holders 18,701 19,779 Non-controlling interests 2,370 2,389 Total equity 21,071 22,168
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London Stock Exchange Group plc | Interim Report 2026 34 Condensed consolidated statement of changes in equity Attributable to equity holders Ordinary share capital1 Share premium Retained earnings Other reserves Total attribu- table to equity holders Non- control- ling interests Total equity Note £m £m £m £m £m £m £m 1 January 2025 38 978 1,879 20,118 23,013 2,140 25,153 Profit for the period - - 649 - 649 112 761 Other comprehensive income/(loss) - - 5 (1,588) (1,583) (178) (1,761) Total comprehensive income/(loss) - - 654 (1,588) (934) (66) (1,000) Share buyback by the Company3 - - (503) - (503) - (503) Dividends 8 - - (471) - (471) (21) (492) Share-based payments - - 50 - 50 39 89 Tax on share-based payments in excess of expense recognised - - (8) - (8) - (8) Shares withheld from employee options exercised (Tradeweb)4 - - - - - (38) (38) Tax on investment in partnerships - - - - - 20 20 30 June 2025 (Unaudited) 38 978 1,601 18,530 21,147 2,074 23,221 1 January 2026 37 978 1,399 17,365 19,779 2,389 22,168 Profit for the period - - 814 - 814 145 959 Other comprehensive income/(loss) - - 27 222 249 32 281 Total comprehensive income - - 841 222 1,063 177 1,240 Bonus issue2 10,347 - (10,347) - - - Capital reduction2 (10,347) (978) 11,325 - - - - Share buyback by the Company3 (2) - (1,662) 2 (1,662) - (1,662) Dividends 8 - - (510) - (510) (24) (534) Share-based payments - - 53 - 53 42 95 Tax on share-based payments in excess of expense recognised - - (22) - (22) - (22) Tradeweb share buyback - - - - - (180) (180) Shares withheld from employee options exercised (Tradeweb)4 - - - - - (63) (63) Tax on investment in partnerships - - - - - 29 29 30 June 2026 (Unaudited) 35 - 11,424 7,242 18,701 2,370 21,071 1 At 30 June 2026, the Company had 488 million ordinary shares in issue, excluding treasury shares (31 December 2025: 510 mil lion; 30 June 2025: 528 million) and held 20 million treasury shares (31 December 2025: 21 million; 30 June 2025: 16 million), acqu ired as part of its share buyback programme. 2 On 1 June 2026, the Company issued one bonus share with a nominal value of £10,347 million paid up from its merger relief r eserve. On 3 June 2026, the Company completed a Court approved capital reduction against its share capital and share premium. 3 During H1 2026, the Company repurchased and cancelled 23 million of its own shares under Board ‑approved share buyback programmes. In November 2025, the Company entered into an irrevocable agreement with its corporate broker to repurchase shares, including during the Group’s close period from 1 January 2026 until the announcement of the 2025 full -year results. At 31 December 2025, the outstanding obligation under this arrangement was £417 million and was recognised within payables. During H1 2026, 5 million shares were repurchased for £417 million pursu ant to this commitment and subsequently cancelled. The deduction from retained earnings in H1 2026 reflects: − £1,651 million to repurchase a further 18 million ordinary shares (H1 2025: £500 million to repurchase 4 million ordinary sha res); and − total costs directly attributable to this repurchase of £11 million (H1 2025: £3 million). We plan to execute up to a further £1.35 billion of share buybacks by February 2027. 4 Tradeweb is required to withhold shares issued as a result of employee share plans in order to settle the taxes payable by the employees.
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London Stock Exchange Group plc | Interim Report 2026 35 Condensed consolidated cash flow statement Six months ended 30 June 2026 2025 Unaudited Unaudited Notes £m £m Operating activities Profit for the period 959 761 Adjustments to reconcile profit to net cash flow: – Taxation 6 319 230 – Net finance costs 5 150 70 – Amortisation and impairment of intangible assets 9 973 962 – Depreciation and impairment of property, plant and equipment 114 132 – Share based payments 95 87 – Foreign exchange (gains)/losses (16) 4 – Fair value losses on embedded foreign exchange contracts - 19 – Other movements 18 17 Working capital changes and movements in other assets and liabilities: – Increase in receivables, contract and other assets (415) (714) – (Decrease)/increase in payables, contract and other liabilities (2) 152 – (Decrease)/increase in net clearing member balances (60) 62 Cash generated from operations 2,135 1,782 Interest received 58 54 Interest paid (164) (141) Net taxes paid (244) (213) Net cash flows from operating activities 1,785 1,482 Investing activities Payments for intangible assets 9 (375) (388) Payments for property, plant and equipment (86) (63) Investments in financial assets 11.4 (190) (265) Proceeds from disposal of financial assets 11.4 130 42 Other investing activities (7) - Net cash flows used in investing activities (528) (674) Financing activities Payments of principal portion of lease liabilities (95) (75) Repayment of borrowings1 10 (876) (667) Proceeds from borrowings1 10 2,687 1,032 Dividends paid to equity holders 8 (510) (471) Dividends paid to non-controlling interests (24) (21) Repurchase of shares by the Company (2,087) (503) Repurchase of shares by subsidiary (Tradeweb) (180) - Other financing activities (74) (52) Net cash flows used in financing activities (1,159) (757) Increase in cash and cash equivalents 98 51 Foreign exchange translation 9 (74) Cash and cash equivalents at 1 January 3,949 3,475 Cash and cash equivalents at 30 June2 4,056 3,452 1 Repayment of borrowings include a net decrease in borrowings with short -term maturities of £80 million. For H1 2025, a net increase in borrowings with short-term maturities of £655 million was included in proceeds from borrowings. 2 Group cash flow does not include cash and cash equivalents held by the Group’s post trade operations on behalf of the Group ’s clearing members for use in their operations as managers of the clearing and guarantee systems. These balances represent margins and default funds held for counterparties for short periods in connection with these operations. See notes 11.1 and 11.2. The movement in clearing balances represents change in member cash collateral balances and interest paid to members thereon. Interest received through placement of clearing member collateral is included within other working capital adjustments within operating cash flows.
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London Stock Exchange Group plc | Interim Report 2026 36 Notes to the interim condensed consolidated financial statements The interim condensed consolidated financial statements (interim statements) of London Stock Exchange Group plc (the ‘Company’, and together with its subsidiary companies, the ‘Group’) for the six months ended 30 June 2026 were approved by the Directors on 29 July 2026. The Company is a public company, incorporated and domiciled in England and Wales. The address of its registered office is 10 Paternoster Square, London, EC4M 7LS. 1. Basis of preparation The interim statements of the Group for the six months ended 30 June 2026 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and UK-adopted International Accounting Standard (IAS) 34 Interim Financial Reporting. The material accounting policies adopted in the preparation of these interim statements are consistent with those applied in the preparation of the Group’s consolidated financial statements for the year ended 31 December 2025. The interim statements are unaudited but have been reviewed by our auditors and their independent review report is included in this report. Comparative amounts presented for the condensed consolidated balance sheet relate to the Group’s position as at 31 December 2025. All other comparative amounts presented relate to the six months ended 30 June 2025 (referred to as H1 2025). The interim statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s consolidated financial statements for the year ended 31 December 2025, which were prepared in accordance with UK-adopted International Accounting Standards which are endorsed by the UK Endorsement Board. The interim statements do not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006. The statutory financial statements of London Stock Exchange Group plc for the year ended 31 December 2025, which carried an unqualified audit report and did not contain a statement under section 498 of the Companies Act 2006, have been delivered to the Registrar of Companies. Going concern The Group has prepared these interim statements on the basis that it will continue to operate as a going concern. In assessing the appropriateness of the going concern assumption, management has stress tested the Group’s most recent financial projections using severe but plausible downside scenarios as determined by the Group Risk Committee and considering the Group’s principal risks and borrowing facilities (see note 10). No scenario leads to an inability to meet the Group’s obligations or cash headroom falling below the Group’s risk thresholds. The Directors therefore consider there to be no material uncertainties that may cast significant doubt on the Group’s ability to continue to operate as a going concern. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the date when these interim statements are authorised for issue. Accordingly, the going concern basis has been adopted in the preparation of these interim statements. New standards, interpretations and amendments adopted by the Group During the period, the following amendments became effective. These have not had a material impact on the Group’s interim statements: • Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures – Classification and measurement of financial instruments and contracts referencing nature-dependent electricity; and • Annual improvements to IFRS. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Significant accounting estimates, assumptions and judgements The preparation of financial statements requires management to make estimates, assumptions and judgements that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures. Estimates, assumptions and judgements are regularly reviewed based on historical experience, current circumstances and expectations of future events. As the use of estimates is inherent in financial reporting, actual results could differ from these estimates.
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London Stock Exchange Group plc | Interim Report 2026 37 Significant accounting estimates and assumptions are those that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Significant judgements are those made by management in applying the Group’s significant accounting policies that have a material impact on the amounts presented in the financial statements. Significant judgement may be exercised in management’s accounting estimates and assumptions. The significant accounting estimates, assumptions and judgements, as described in the Group’s consolidated financial statements for the year ended 31 December 2025, are: Significant estimates and assumptions Significant judgement Note to the Group’s consolidated financial statements for the year ended 31 December 2025 Supplier/partner discounts ⚫ 4 Uncertain tax positions ⚫ ⚫ 6.3 Recoverable amounts of certain cash-generating units (CGUs) ⚫ 9 Estimated useful economic lives of material purchased intangible assets ⚫ 9 Recognition of pension surplus ⚫ 12 Net present value of pension assets and liabilities ⚫ 12 Other information The Group’s related parties are associates, joint ventures, defined benefit schemes and key management personnel, being the Directors and members of the Executive Committee, as well as entities controlled by key management personnel. All significant transactions with related parties are carried out on an arm’s length basis.
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London Stock Exchange Group plc | Interim Report 2026 38 2. Segment information IFRS 8 Operating Segments requires operating segments to be identified on the same basis as is reported internally for the review of performance and allocation of resources by the “chief operating decision maker”. For the Group, this is the Executive Committee. The Executive Committee uses “adjusted” measures, including adjusted EBITDA, to assess the profitability and performance of the operating segments. These adjusted measures exclude the impact of income or expenses classified as non-underlying when they do not arise in the normal course of business and are material in nature or amount. Non-underlying items include amortisation of purchased intangible assets, incremental amortisation of any fair value adjustments of intangible assets recognised as a result of acquisitions, significant impairments and significant integration and restructuring costs. The defined “adjusted” measures and criteria for classifying income or expenses as non-underlying are included in the Alternative Performance Measures section of this report, after the financial statements. During H2 2025, some cost items were reallocated between business lines to better reflect our product-led operating model. The segment information for H1 2025 was re-presented for this. 2.1 Segment results Results by operating segment for the six months ended 30 June 2026 are as follows: Data & Analytics FTSE Russell Risk Intelligence Markets Other Group Unaudited Note £m £m £m £m £m £m Revenue from external customers1 3 2,247 504 310 1,777 - 4,838 Net treasury income 3 - - - 143 - 143 Other income 3 - - - - 4 4 Total income 2,247 504 310 1,920 4 4,985 Cost of sales (426) (33) (30) (87) - (576) Gross profit 1,821 471 280 1,833 4 4,409 Adjusted operating expenses before depreciation, amortisation and impairment (950) (128) (96) (708) - (1,882) Adjusted EBITDA2 871 343 184 1,125 4 2,527 Adjusted depreciation, amortisation and impairment (282) (49) (20) (168) - (519) Adjusted operating profit2 589 294 164 957 4 2,008 1 Data & Analytics revenue includes recoveries of £186 million. Markets revenue includes net settlement and similar expenses recovered through the CCP clearing businesses of £4 million which comprises gross settlement income of £26 million less gross settl ement expenses of £22 million. 2 "Adjusted" measures exclude the impact of non-underlying items (see Alternative Performance Measures for the defined "adjusted" measures and criteria for classifying income or expenses as non-underlying).
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London Stock Exchange Group plc | Interim Report 2026 39 Results by operating segment for the six months ended 30 June 2025 are as follows: Data & Analytics FTSE Russell Risk Intelligence Markets Other Group Unaudited (Re- presented1) Note £m £m £m £m £m £m Revenue from external customers2 3 2,174 472 287 1,607 - 4,540 Net treasury income 3 - - - 128 - 128 Other income 3 - - - - 4 4 Total income 2,174 472 287 1,735 4 4,672 Cost of sales (408) (31) (25) (138) - (602) Gross profit 1,766 441 262 1,597 4 4,070 Adjusted operating expenses before depreciation, amortisation and impairment (927) (130) (95) (696) 1 (1,847) Adjusted EBITDA3 839 311 167 901 5 2,223 Adjusted depreciation, amortisation and impairment (281) (44) (24) (148) - (497) Adjusted operating profit3 558 267 143 753 5 1,726 1 During H2 2025, some cost items were reallocated between business lines to better reflect our product -led operating model (consistent with reporting to the Executive Committee). The impact on the previously reported H1 2025 results was: – Adjusted operating expenses before depreciation, amortisation and impairment of £14 million and £1 million moved to Data & An alytics and FTSE Russell respectively, from Risk Intelligence (£7 million) and Markets (£8 million). – Adjusted depreciation, amortisation and impairment of £8 million and £5 million moved to FTSE Russell and Risk Intelligence r espectively, from Data & Analytics (£8 million) and Markets (£5 million). 2 Data & Analytics revenue includes recoveries of £183 million. Markets revenue includes net settlement and similar expenses recovered through the CCP clearing businesses of £2 million which comprises gross settlement income of £23 million less gross settl ement expenses of £21 million. 3 "Adjusted" measures exclude the impact of non-underlying items (see Alternative Performance Measures for the defined "adjusted" measures and criteria for classifying income or expenses as non-underlying). 2.2 Adjusted EBITDA and adjusted operating profit Profit for the period is reconciled to adjusted operating profit and adjusted EBITDA for the six months ended 30 June as follows: Six months ended 30 June 2026 2025 Unaudited Unaudited Note £m £m Profit for the period 959 761 Taxation 319 230 Profit before tax 1,278 991 Finance income 5 (65) (91) Finance costs 5 215 161 Operating profit 1,428 1,061 Adjustments: ‒ Non-underlying items before interest, tax, depreciation, amortisation and impairment 12 68 ‒ Non-underlying depreciation, amortisation and impairment 568 597 Adjusted operating profit1 2,008 1,726 Adjusted depreciation, amortisation and impairment1 519 497 Adjusted EBITDA1 2,527 2,223 1 "Adjusted" measures exclude the impact of non-underlying items (see Alternative Performance Measures for the defined "adjusted" measures and criteria for classifying income or expenses as non-underlying).
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London Stock Exchange Group plc | Interim Report 2026 40 3. Total income 3.1 Total income The Group’s revenue from contracts with customers disaggregated by segment, major product and service line and timing of revenue recognition for the six months ended 30 June 2026 is shown below: Data & Analytics FTSE Russell Risk Intelligence Markets Other Group Unaudited £m £m £m £m £m £m Revenue from external customers Workflows 980 - - - - 980 Data & Feeds 961 - - - - 961 Analytics 120 - - - - 120 Recoveries 186 - - - - 186 Subscriptions - 325 - - - 325 Asset-based - 179 - - - 179 Risk Intelligence - - 310 - - 310 Equities - - - 230 - 230 Fixed Income, Derivatives & Other - - - 864 - 864 FX - - - 145 - 145 OTC Derivatives - - - 355 - 355 Securities & Reporting - - - 124 - 124 Non-Cash Collateral - - - 59 - 59 Total revenue 2,247 504 310 1,777 - 4,838 Net treasury income - - - 143 - 143 Other income - - - - 4 4 Total income 2,247 504 310 1,920 4 4,985 Timing of revenue recognition Services satisfied at a point in time 41 1 70 1,164 - 1,276 Services satisfied over time 2,206 503 240 613 - 3,562 Total revenue 2,247 504 310 1,777 - 4,838
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London Stock Exchange Group plc | Interim Report 2026 41 The Group’s revenue from contracts with customers disaggregated by segment, major product and service line and timing of revenue recognition for the six months ended 30 June 2025 is shown below: Data & Analytics FTSE Russell Risk Intelligence Markets Other Group Unaudited £m £m £m £m £m £m Revenue from external customers Workflows 968 - - - - 968 Data & Feeds 907 - - - - 907 Analytics 116 - - - - 116 Recoveries 183 - - - - 183 Subscriptions - 314 - - - 314 Asset-based - 158 - - - 158 Risk Intelligence - - 287 - - 287 Equities - - - 205 - 205 Fixed Income, Derivatives & Other - - - 777 - 777 FX - - - 139 - 139 OTC Derivatives - - - 314 - 314 Securities & Reporting - - - 115 - 115 Non-Cash Collateral - - - 57 - 57 Total revenue 2,174 472 287 1,607 - 4,540 Net treasury income - - - 128 - 128 Other income - - - - 4 4 Total income 2,174 472 287 1,735 4 4,672 Timing of revenue recognition Services satisfied at a point in time 39 - 63 1,040 - 1,142 Services satisfied over time 2,135 472 224 567 - 3,398 Total revenue 2,174 472 287 1,607 - 4,540 3.2 Net treasury income Net treasury income is earned from instruments held at amortised cost or fair value as follows: Six months ended 30 June 2026 2025 Unaudited Unaudited £m £m Instruments held at amortised cost Treasury income on assets 1,117 1,364 Treasury expense on liabilities (1,402) (1,585) Net expense from instruments held at amortised cost (285) (221) Instruments held at fair value Treasury income 428 349 Net income from instruments held at fair value 428 349 Net treasury income 143 128
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London Stock Exchange Group plc | Interim Report 2026 42 4. Operating expenses before depreciation, amortisation and impairment Six months ended 30 June 2026 2025 Unaudited Unaudited £m £m Staff costs 1,213 1,220 IT costs 347 328 Third-party services 141 186 Short-term lease costs 6 4 Other costs 188 164 1,895 1,902 Foreign exchange gains (9) (6) Fair value losses on embedded foreign exchange contracts 8 19 Total operating expenses before depreciation, amortisation and impairment 1,894 1,915 5. Finance income and finance costs Six months ended 30 June 2026 2025 Unaudited Unaudited £m £m Finance income Financial assets measured at amortised cost - Bank deposit and other interest income 57 54 Gain on partial repurchase of bond - 23 Hedge ineffectiveness on fair value hedges - 1 Fair value gain on derivative financial instruments 4 5 Net interest income on net retirement benefit assets 4 3 Foreign exchange gains - 5 65 91 Finance costs Financial liabilities measured at amortised cost - Interest payable on bank and other borrowings (187) (129) - Lease interest expense (10) (10) - Other finance expenses (4) (6) Derivative financial instruments interest expense (12) (13) Hedge ineffectiveness on fair value hedges (1) - Fair value loss on derivative financial instruments - (3) Foreign exchange losses (1) - (215) (161) Net finance costs (150) (70)
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London Stock Exchange Group plc | Interim Report 2026 43 6. Taxation 6.1 Income tax Six months ended 30 June 2026 2025 Unaudited Unaudited £m £m Current tax expense UK corporation tax expense at 25.0% (H1 2025: 25.0%) 105 62 Overseas tax expense 160 172 Adjustments in respect of previous years - (4) 265 230 Deferred tax expense Deferred tax expense 157 119 Deferred tax benefit in relation to amortisation and impairment of purchased intangible assets (109) (119) Adjustments in respect of previous years 6 - 54 - Total income tax expense 319 230 6.2. Uncertain tax positions The Group is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and government authorities. These matters of judgement sometimes give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. During H1 2026 the Group concluded the HMRC audit of intellectual property valuation. The matter did not have a material impact on the Group’s financial position as the final settled position aligned with the uncertain tax liability. The significant accounting estimates and judgements in respect of the remaining ongoing uncertain tax positions described in note 6.3 of the Group’s consolidated financial statements for the year ended 31 December 2025 remain the same. Management believes that the resolution of these remaining uncertain tax positions will not have a material impact on the Group’s financial position.
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London Stock Exchange Group plc | Interim Report 2026 44 7. Earnings per share Six months ended 30 June 2026 2025 Unaudited Unaudited Basic earnings per share 163.8p 122.7p Diluted earnings per share 163.1p 122.0p Adjusted basic earnings per share1 244.9p 208.9p Adjusted diluted earnings per share1 243.9p 207.7p 1 "Adjusted" measures exclude the impact of non-underlying items (see Alternative Performance Measures for the defined "adjusted" measures and criteria for classifying income or expenses as non-underlying). 7.1 Profit and adjusted profit for the period attributable to the Company's equity holders Six months ended 30 June 2026 2025 Unaudited Unaudited £m £m Profit for the financial period attributable to the Company's equity holders 814 649 Adjustments: ‒ Total non-underlying items net of tax 452 500 ‒ Non-underlying items attributable to non-controlling interests (49) (44) Adjusted profit for the period attributable to the Company's equity holders1 1,217 1,105 1 "Adjusted" measures exclude the impact of non-underlying items (see Alternative Performance Measures for the defined "adjusted" measures and criteria for classifying income or expenses as non-underlying). 7.2 Weighted average number of shares Six months ended 30 June 2026 2025 Unaudited Unaudited millions millions Weighted average number of shares1,2 497 529 Dilutive effect of share options and awards 2 3 Diluted weighted average number of shares 499 532 1 The weighted average number of shares excludes treasury shares and those held in the Employee Benefit Trust. 2 The change in the weighted average number of shares mainly reflects the impact of share buybacks in 2025 and H1 2026 (see f ootnotes 1 and 3 to the condensed consolidated statement of changes in equity). 8. Dividends Six months ended 30 June 2026 2025 Unaudited Unaudited £m £m Final dividend for 31 December 2024 paid 21 May 2025: 89.0p per Ordinary share - 471 Final dividend for 31 December 2025 paid 20 May 2026: 103.0p per Ordinary share 510 - 510 471 Dividends are only paid out of available distributable reserves of the Company. The Board has proposed an interim dividend in respect of the six months ended 30 June 2026 of 55.0p per share (H1 2025: 47.0p per share), which amounts to an expected payment of £268 million, to be paid in September 2026 (H1 2025: £247 million paid in September 2025). This is not reflected in these interim statements.
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London Stock Exchange Group plc | Interim Report 2026 45 9. Intangible assets Purchased intangible assets Goodwill Customer and supplier relationships Brands Databases and content Software licences and intellectual property Software, contract costs and other Total £m £m £m £m £m £m £m Cost 1 January 2026 18,718 9,458 1,906 2,441 970 7,176 40,669 Additions1 - - - - - 375 375 Disposals, reclassifications and other - - - - - (129) (129) Foreign exchange translation 179 132 25 37 9 (5) 377 30 June 2026 (Unaudited) 18,897 9,590 1,931 2,478 979 7,417 41,292 Accumulated amortisation and impairment 1 January 2026 29 3,222 939 1,073 510 3,623 9,396 Amortisation - 295 47 103 34 493 972 Impairment - - - - - 1 1 Disposals, reclassifications and other - - - - - (125) (125) Foreign exchange translation - 45 12 17 6 3 83 30 June 2026 (Unaudited) 29 3,562 998 1,193 550 3,995 10,327 Net book values2 30 June 2026 (Unaudited) 18,868 6,028 933 1,285 429 3,422 30,965 31 December 2025 18,689 6,236 967 1,368 460 3,553 31,273 1 During the period, the Group capitalised sales commissions paid to employees (contract costs) of £33 million (H1 2025: £27 million). 2 At 30 June 2026, software, contract costs and other net book value includes contract costs of £95 million (31 December 2025 : £93 million).
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London Stock Exchange Group plc | Interim Report 2026 46 9.1 Goodwill Carrying value of goodwill allocated to each of the Group’s CGUs Goodwill is allocated to and monitored by management at the level of the Group’s CGUs as set out below: Net book value of goodwill 1 January 2026 Foreign exchange translation 30 June 2026 (Unaudited) £m £m £m Data & Analytics 6,386 46 6,432 FTSE Russell 5,249 45 5,294 Risk Intelligence 1,607 10 1,617 Digital & Securities Markets 2 - 2 FX - - - Tradeweb 4,874 74 4,948 LCH Ltd 27 - 27 LCH SA 96 (1) 95 Post Trade Solutions 448 5 453 Regulatory Reporting - - - Total 18,689 179 18,868 9.2 Goodwill and purchased intangible assets: Impairment testing The Group performs its annual impairment testing for goodwill and purchased intangible assets as at 30 September and when circumstances indicate that the carrying values may be impaired. The Group’s impairment testing is based on value-in-use calculations. At interim reporting periods, the Group performs a review to identify any indicator that may suggest that the carrying amount of any of the Group’s CGUs may not be fully recoverable. As part of this assessment for H1 2026, management reviewed the key assumptions used to determine the value-in-use for the different CGUs against those used in the impairment assessment as at 30 September 2025. The Group’s review of potential indicators of impairment and recoverable amounts indicated that the carrying amounts of the Group’s CGUs were recoverable as at 30 June 2026.
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London Stock Exchange Group plc | Interim Report 2026 47 10. Borrowings and lease liabilities 30 June 31 December As at 2026 2025 Unaudited Audited £m £m Non-current Bank borrowings ‒ committed bank facilities1 (8) (1) Bonds 9,719 7,892 Lease liabilities 483 502 10,194 8,393 Current Commercial paper 2,206 1,841 Bonds 980 1,359 Lease liabilities 131 125 3,317 3,325 Total borrowings and lease liabilities 13,511 11,718 1 Balances are shown net of capitalised arrangement fees. Where there are no amounts borrowed on a particular facility, this gives rise to a negative balance. As at 30 June 2026, none of the facilities were drawn (31 December 2025: nil). Bonds In March 2026, the Group issued US$3 billion of fixed rate bonds under 144A documentation. The issue consisted of a US$1.5 billion bond maturing in March 2029, a US$500 million bond maturing in March 2031 and a US$1 billion bond maturing in March 2036. In April 2026, the US$1 billion bond issued in April 2021 matured. Commercial paper As at 30 June 2026, US$2,036 million (£1,534 million) (31 December 2025: US$1,383 million (£1,039 million)) was outstanding under the US Commercial Paper Programme, and €618 million (£532 million) (31 December 2025: €850 million (£742 million)) and £140 million (31 December 2025: £60 million) under the Euro Commercial Paper Programme. Revolving Credit Facility In June 2026, the Group cancelled its £1,925 million and £1,075 million revolving credit facilities and entered into a new £3,500 million revolving credit facility which matures in June 2031. The facility has options to extend the final maturity to 2033. Fair values The following table provides the fair value measurement hierarchy of the Group's borrowings, excluding lease liabilities: 30 June 2026 Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobserv- able inputs (Level 3) Total Unaudited £m £m £m £m Bonds 10,284 75 - 10,359 Commercial paper - 2,218 - 2,218 1 There were no transfers between levels during the period.
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London Stock Exchange Group plc | Interim Report 2026 48 11. Financial assets and financial liabilities The Group has a number of financial assets and financial liabilities. Financial assets mainly consist of clearing member assets, receivables and cash and cash equivalents. Financial liabilities are mainly clearing member balances, payables and borrowings. The Group classifies its financial instruments at: amortised cost; fair value through other comprehensive income (FVOCI); or fair value through profit or loss (FVPL). Other than borrowings, we have assessed that the fair values of financial assets and financial liabilities categorised as being at amortised cost approximate to their carrying values. The fair value of the Group’s borrowings is disclosed in note 10. The Group’s financial assets and financial liabilities held at fair value consist largely of securities which are restricted in use for the operations of the Group’s Central Counterparties (CCPs) as managers of their respective clearing and guarantee systems. 11.1 Financial assets 30 June 2026 Amortised cost FVOCI FVPL Total Unaudited £m £m £m £m Clearing business financial assets1 ‒ Clearing member trading assets - - 759,124 759,124 ‒ Other receivables from clearing members 3,418 - - 3,418 ‒ Other financial assets2 - 23,268 - 23,268 ‒ Clearing member cash and cash equivalents2 70,756 - - 70,756 Total clearing member assets 74,174 23,268 759,124 856,566 Receivables3 1,951 - 8 1,959 Cash and cash equivalents 4,056 - - 4,056 Investments in financial assets ‒ equity and equity-linked instruments - 129 11 140 Investments in financial assets ‒ debt instruments - 175 - 175 Derivative financial instruments designated as fair value hedges ‒ Interest rate swaps - - 78 78 Derivative financial instruments not designated as hedges ‒ Cross currency interest rate swaps - - 84 84 ‒ Foreign exchange forward contracts4 - - 5 5 ‒ Embedded foreign exchange contracts5 - - 5 5 Total derivative financial instruments - - 172 172 Total financial assets 80,181 23,572 759,315 863,068 1 At 30 June 2026 there were no provisions for expected credit losses in relation to any of the CCP businesses' financial ass ets held at amortised cost or FVOCI. The Group closely monitors its CCP investment portfolio and invests only in government debt an d other collateralised instruments where the risk of loss is minimal. This includes direct investments in highly rated, regulatory qualifying sovereign bonds and supranational de bt; investments in tri-party and bilateral reverse repos (receiving high-quality government securities as collateral); and, in certain jurisdictions, deposits with the central bank. The small proportion of cash that is invested unsecured is placed for short durations with highly rated counterparties where limits are applied with respect to credit quality, concentration and tenor. There was no significant increase in credit risk in the period and none of the assets are p ast due. 2 Clearing member cash and cash equivalents represent amounts received from clearing members to cover initial and variation m argins and default fund contributions that are not invested in bonds. These amounts are deposited with banks, including central ban ks, or invested securely in short-term reverse repurchase contracts (reverse repos). Other financial assets represent CCP investment in government bonds. 3 Prepayments of £326 million (non-current: £57 million and current: £269 million), other tax receivables of £105 million (all current) and contract assets of £6 million (all current) within receivables are not classified as financial instruments. 4 The Group uses foreign exchange forward contracts to manage its foreign exchange risk. It enters into a series of exchange contracts to purchase or sell certain currencies against sterling and US dollars in the future at fixed amounts. 5 The Group has embedded foreign currency derivatives primarily in revenue contracts where the currency of the contract is di fferent from the functional or local currencies of the parties involved.
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London Stock Exchange Group plc | Interim Report 2026 49 11.2 Financial liabilities 30 June 2026 Amortised cost FVPL Total Unaudited £m £m £m Clearing business financial liabilities ‒ Clearing member trading liabilities - 759,124 759,124 ‒ Other payables to clearing members 97,558 - 97,558 Total clearing member financial liabilities 97,558 759,124 856,682 Payables1 2,151 - 2,151 Borrowings and lease liabilities 13,511 - 13,511 Derivative financial instruments designated as net investment hedges ‒ Cross currency interest rate swaps - 9 9 Derivative financial instruments not designated as hedges ‒ Foreign exchange forward contracts - 23 23 ‒ Embedded foreign exchange contracts - 4 4 Total derivative financial instruments - 36 36 Total financial liabilities 113,220 759,160 872,380 1 Social security and other tax payables of £171 million within current payables are not classified as financial instruments. 11.3 Fair values The following tables provide the fair value measurement hierarchy of the Group's financial assets and financial liabilities measured at fair value: Financial assets 30 June 2026 Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobserv- able inputs (Level 3) Total Unaudited £m £m £m £m Clearing business financial assets ‒ Derivative instruments - 5,535 - 5,535 ‒ Non-derivative instruments - 753,589 - 753,589 ‒ Other financial assets 23,268 - - 23,268 23,268 759,124 - 782,392 Receivables - - 8 8 Investments in financial assets ‒ equity and equity-linked instruments 6 11 123 140 Investments in financial assets ‒ debt instruments 146 - 29 175 Derivative financial instruments designated as fair value hedges ‒ Interest rate swaps - 78 - 78 Derivative financial instruments not designated as hedges ‒ Cross currency interest rate swaps - 84 - 84 ‒ Foreign exchange forward contracts - 5 - 5 ‒ Embedded foreign exchange contracts - 5 - 5 Total financial assets measured at fair value1 23,420 759,307 160 782,887 1 There were no transfers between levels during the period.
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London Stock Exchange Group plc | Interim Report 2026 50 Financial liabilities 30 June 2026 Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobserv- able inputs (Level 3) Total Unaudited £m £m £m £m Clearing business financial liabilities ‒ Derivative instruments - 5,535 - 5,535 ‒ Non-derivative instruments - 753,589 - 753,589 - 759,124 - 759,124 Derivative financial instruments designated as net investment hedges ‒ Cross currency interest rate swaps - 9 - 9 Derivative financial instruments not designated as hedges ‒ Foreign exchange forward contracts - 23 - 23 ‒ Embedded foreign exchange contracts - 4 - 4 Total financial liabilities measured at fair value1 - 759,160 - 759,160 1 There were no transfers between levels during the period.
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London Stock Exchange Group plc | Interim Report 2026 51 11.4 Investments in financial assets Investments in financial assets are as follows: 30 June 31 December 2026 2025 Unaudited Audited £m £m Non-current Equity instruments 129 61 Debt instruments - 18 129 79 Current Debt instruments 175 130 Equity-linked instruments 11 - 186 130 Total investments in financial assets 315 209 Movements in the fair value of investments in financial assets are as follows: Equity instruments Equity-linked instruments Debt instruments Total £m £m £m £m 1 January 2026 61 - 148 209 Additions1 42 30 148 220 Conversion of equity-linked instruments 7 (7) - Disposals - - (130) (130) Fair value gains recognised in other comprehensive income 17 - 10 27 Fair value losses recognised in the income statement - (12) - (12) Foreign exchange translation 2 - (1) 1 30 June 2026 (Unaudited) 129 11 175 315 1 In January 2026, Tradeweb's digital asset loan receivable, which was recognised within receivables at 31 December 2025, con verted to pre-funded warrants issued by Canton Strategic Holdings, Inc. and are recognised as equity -linked instruments. Fair value of equity instruments The Group holds equity investments in a number of companies. In determining the fair value of equity instruments, recent market transactions are used as the primary source of an instrument’s value. If no such transactions can be identified, latest financial performance is compared with expectation to determine whether the value continues to be supported. If actual financial performance has deviated materially from expectation, internal valuations are calculated using a range of appropriate valuation methodologies including discounted cash flows and trading/transaction multiples. These valuation models generate a range of values by considering reasonable changes in the key unobservable inputs (e.g. terminal growth rates and discount rates). The investments are recognised at the lowest value in the range.
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London Stock Exchange Group plc | Interim Report 2026 52 12. Commitments and contingencies The Group has the following contracts in place for future expenditure which are not provided for in the consolidated financial statements: Contract Description Commitment 10-year strategic partnership with Microsoft To architect LSEG’s data infrastructure using the Microsoft Cloud, and to develop new products and services for data and analytics. Minimum cloud-related spend of US$2.8 billion over the term of the partnership1 Collaboration with Amazon Web Services Extension of collaboration with Amazon Web Services to provide cloud services to LSEG’s Markets, Risk Intelligence and FTSE Russell divisions. This will strengthen LSEG's resilience and security while delivering new services and products for customers. Cloud-related spend commitment over the term of the agreement Agreement with Reuters News, entered into in 2018, for a 30-year term To receive news and editorial content. Minimum CPI adjusted payment, which was US$398 million for 2025 1 The remaining commitment at 30 June 2026 is US$2.8 billion In the normal course of business, the Group can receive legal claims and be involved in legal proceedings and dispute resolution processes including, for example, in relation to commercial matters, service and product quality or liability issues, employee matters and tax audits. The Group is also subject to periodic reviews, inspections and investigations by regulators in the UK and other jurisdictions in which it operates, any of which may result in fines, penalties, business restrictions and other sanctions. A provision for a liability is recognised when it is probable that an outflow of economic benefits will be required to settle a present obligation from past events and a reliable estimate can be made of the amount of the obligation. Any provision recognised is inherently subjective and based on judgement. For many of these matters it is too early to determine the likely outcome, or to reliably estimate the amount of any loss as a consequence, and therefore no provision is made. While the outcome of legal, regulatory and tax matters can be inherently difficult to assess and/or the potential loss often cannot be reliably estimated, we do not believe that the liabilities, if any, which could result from the resolution of the legal, regulatory and tax matters that arise in the normal course of business are likely to have a material adverse effect on our consolidated financial position, profit, or cash resources. However, it is possible that future results could be materially affected by any developments relating to any such legal, regulatory and tax matters. 13. Events after the reporting period Acquisition of additional interest in LCH Group In July 2026, the Group agreed to acquire up to 1.05% of the issued share capital of LCH Group from two minority shareholders for total consideration of €70 million, subject to customary closing conditions.
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London Stock Exchange Group plc | Interim Report 2026 53 Independent review report to London Stock Exchange Group plc Conclusion We have been engaged by London Stock Exchange Group plc (“the Company”) and its subsidiaries (together, “the Group”) to review the condensed consolidated set of financial statements in the Interim Report for the six months ended 30 June 2026 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the consolidated cash flow statement and related notes 1 to 13. Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated set of financial statements in the Interim Report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. Basis for conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of consolidated financial statements included in this Interim Report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34 Interim Financial Reporting. Conclusion relating to going concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the Directors have inappropriately adopted the going concern basis of accounting or that the Directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern. Responsibilities of the Directors The Directors are responsible for preparing the Interim Report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. In preparing the Interim Report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the review of the financial information In reviewing the Interim Report, we are responsible for expressing to the Group a conclusion on the condensed consolidated set of financial statements in the Interim Report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report This report is made solely to the Group in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the Group those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group, for our review work, for this report, or for the conclusions we have formed. Deloitte LLP Statutory Auditor London, UK 29 July 2026
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London Stock Exchange Group plc | Interim Report 2026 54 Alternative performance measures An alternative performance measure (APM) is a measure of historical or future financial performance, financial position or cash flow, other than a measure defined or specified in the applicable financial reporting framework. APMs should be considered in addition to, and not as a substitute for, IFRS measures of financial performance and liquidity. The Group’s APMs discussed in this report are listed below and defined later in this section. The amounts presented in this section are unaudited. Alternative performance measure Closest equivalent IFRS measure Reconciled, presented or defined in section Performance metrics Adjusted operating expenses before depreciation, amortisation and impairment Operating expenses before depreciation, amortisation and impairment Performance metrics Adjusted EBITDA Profit before tax Note 2.2 to the condensed consolidated financial statements Adjusted EBITDA margin N/A Performance metrics Adjusted depreciation, amortisation and impairment Depreciation, amortisation and impairment Performance metrics Adjusted operating profit Profit before tax Note 2.2 to the condensed consolidated financial statements Adjusted net finance costs Net finance costs Performance metrics Adjusted profit before tax Profit before tax Performance metrics Adjusted profit for the period Profit for the period Performance metrics Adjusted earnings per share Earnings per share Note 7 to the condensed consolidated financial statements Cash flow metrics Equity free cash flow Cash generated from operations Cash flow metrics Net debt Borrowings less cash and cash equivalents and net derivative financial assets Cash flow metrics Operating net debt Borrowings less cash and cash equivalents, net derivative financial assets and lease liabilities Cash flow metrics Performance metrics Adjusted measures We use ‘adjusted’ measures including adjusted EBITDA to assess the profitability and performance of our business. These are not measures of performance under IFRS but provide supplemental data that helps convey an understanding of the Group’s financial performance when read together with the statutory results. Adjusted measures exclude non- underlying items (defined below). Non-underlying items The Group classifies income or expenses as non-underlying when they do not arise in the normal course of business and they are material by amount or nature. Non-underlying items typically reflect the impact of mergers, acquisitions and disposals and other significant restructuring activity that would otherwise not be recognised or incurred. The main non- underlying items are: • Amortisation and impairment of goodwill and purchased intangible assets. Purchased intangible assets include customer relationships, trade names and databases and content, all of which were acquired as a result of business combinations; • Incremental amortisation and impairment of any fair value adjustments of intangible assets recognised as a result of acquisitions; • Amortisation and impairment of intangible assets recognised as a result of mergers, acquisitions or other strategic initiatives; • Significant impairment of software and other non-current assets linked to a change in strategy or operating model; • Transaction, integration and separation costs directly related to acquisitions and disposals of businesses; • Significant restructuring costs which are not considered to drive the day-to-day operating results of the Group; and • Tax on non-underlying items and non-underlying tax items. When items meet the criteria, they are recognised and classified as non-underlying and this is applied consistently from year to year. Any releases to provisions originally booked as a non-underlying item are also classified as non-underlying. After the acquisition of a business, revenue generated and operating costs incurred by that business are not classified as non-underlying.
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London Stock Exchange Group plc | Interim Report 2026 55 The following table reconciles adjusted measures to the corresponding reported figures: Six months ended 30 June 2026 2025 Reported Exclude: Non- underlying Adjusted1 Total Exclude: Non- underlying Adjusted1 £m £m £m £m £m £m Gross profit 4,409 - 4,409 4,070 - 4,070 Staff costs (1,213) (2) (1,211) (1,220) (47) (1,173) IT costs (347) (4) (343) (328) (4) (324) Third-party services (141) (3) (138) (186) (14) (172) Other costs (194) (3) (191) (168) (3) (165) Foreign exchange gains 9 - 9 6 - 6 Fair value losses on embedded foreign exchange contracts (8) - (8) (19) - (19) Operating expenses before depreciation, amortisation and impairment2 (1,894) (12) (1,882) (1,915) (68) (1,847) Earnings before interest, tax, depreciation, amortisation and impairment 2,515 (12) 2,527 2,155 (68) 2,223 Amortisation of purchased intangible assets (479) (479) - (526) (526) - Amortisation of software3 (493) (96) (397) (429) (71) (358) Impairment of software and other intangible assets (1) - (1) (7) - (7) Depreciation and reversal of impairment of property, plant and equipment (114) 7 (121) (132) - (132) Depreciation, amortisation and impairment4 (1,087) (568) (519) (1,094) (597) (497) Operating profit/(loss) 1,428 (580) 2,008 1,061 (665) 1,726 Finance income 65 - 65 91 - 91 Finance costs (215) (1) (214) (161) (4) (157) Profit/(loss) before tax 1,278 (581) 1,859 991 (669) 1,660 Taxation (319) 129 (448) (230) 169 (399) Profit/(loss) for the period 959 (452) 1,411 761 (500) 1,261 Profit/(loss) attributable to: Equity holders5 814 (403) 1,217 649 (456) 1,105 Non-controlling interests 145 (49) 194 112 (44) 156 Profit/(loss) for the period 959 (452) 1,411 761 (500) 1,261 1 Before non-underlying items ("adjusted"). 2 Non-underlying operating expenses before depreciation, amortisation and impairment are classified as follows: Six months ended 30 June 2026 2025 £m £m Transaction (costs credit)/costs (7) 15 Integration and separation costs 19 50 Restructuring and other costs - 3 Non-underlying operating expenses 12 68 3 Includes amortisation of the SwapClear intangible asset of £58 million (H1 2025: nil). 4 Non-underlying depreciation, amortisation and impairment of £568 million (H1 2025: £597 million) mainly relates to the amortisati on of intangible assets recognised as a result of the acquisition of Refinitiv. 5 Adjusted profit for the period attributable to equity holders is used to calculate adjusted basic earnings per share and ad justed diluted earnings per share. Adjusted EBITDA margin Adjusted EBITDA margin is calculated as adjusted EBITDA divided by total income excluding recoveries.
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London Stock Exchange Group plc | Interim Report 2026 56 Cash flow metrics Equity free cash flow We use equity free cash flow to determine residual cash inflow or outflow, after operational usages of cash such as interest payments, taxes paid, dividends paid to minority interests and capital expenditure. Equity free cash flow represents the cash that we have available to distribute to shareholders via dividends and buybacks and for other uses such as M&A activity and debt repayments. Six months ended 30 June 2026 2025 £m £m Cash generated from operations 2,135 1,782 Net interest paid (106) (87) Net taxes paid (244) (213) Capex1 (428) (424) Payment of principal portion of lease liabilities (95) (75) Other items2 (57) (48) Equity free cash flow 1,205 935 1 Includes payments for intangible assets and payments for property plant and equipment, but excludes sales commissions paid. 2 Includes sales commissions paid and dividends paid to non -controlling interests. Net debt and operating net debt 30 June 31 December As at 2026 2025 £m £m Borrowings and lease liabilities 13,511 11,718 Cash and cash equivalents (4,056) (3,949) Net derivative financial assets (136) (171) Net debt 9,319 7,598 Less: lease liabilities (614) (627) Add back: regulatory and operational amounts 1,277 1,204 Operating net debt 9,982 8,175