Slides
Page 1
Q3 2026 Trading Update Acquisition of Octus Record performance continues; investing in high-growth areas
Page 2
2LSEG | 2LSEG | ▪ 8.8%1 growth; double-digit growth in Markets; accelerating subscription growth ▪ Raising 2026 revenue, margin and cash flow targets; anticipating strongest annual growth since 2018 ▪ Broad-based innovation: NVIDIA Tick History partnership; World-Check Resolve, LSE24 ▪ Driving customer AI adoption; 95% of top 200 customers now consuming LSEG AI solutions ▪ Acquisition of Octus: leading supplier of proprietary data, analytics and workflows specialising in private credit. Highly complementary to LSEG’s fixed income coverage ▪ Tradeweb’s acquisition of Trumid2: electronic credit trading marketplace. Highly complementary trading protocols ▪ Returning ~10% of market cap to shareholders by Feb 20273; capacity to buy back an additional £1.0- 1.5bn in 2027 Strong Q3 – raising full year guidance Deploying capital for growth and shareholder returns Delivering record performance and high pace of innovation 1. Q3 organic, constant currency growth in total income (excl. recoveries) 2. Announced 19 October 2026, subject to receipt of required regulatory approvals and other customary closing conditions 3. £3.4bn of capital returned September YTD; expect to return a further £0.8bn over Q4 and Q1 2027, concluding by February 2027
Page 3
3LSEG | 5.0% 5.8% 6.3% 6.7% 7.7% 7.1% 8.6% Multiple, diverse drivers of growth reflects an all-weather business model 3LSEG | 2020 2021 2022 2023 20252024 9M 2026 1. Total Income (excl. recoveries) Source: LSEG data -4% +10% -40% +80% LSEG organic growth1 (LHS,%) World Real GDP growth (LHS,%) Global Debt Issuance growth (RHS, %) Fed Funds Rate (LHS,%) FTSE World Index growth (RHS, %) US Equity Volatility (RHS,%) Global Equity Issuance (RHS,%) 8.4% 5.0% 5.8% 5.0% 8.6% 7.1%7.7% 6.7%6.3%5.8% 3LSEG |
Page 4
4LSEG | Strong customer engagement with our AI solutions Workspace AI Search Rapidly growing usage 47,000 30,000 users added since H1 results1 Workspace Deep Research Deepening engagement +30% More queries per user, QoQ Broadening usageIncreasing usage 11,000 ~40% growth in users since H1 results1 +60% Growth in no. of queries, QoQ AI ready data Enhancing access 72% of Top 50 customers now connected to our MCP servers Rapidly scaling data consumption +5x Growth in MCP usage, QoQ Opening new distribution channels 80% of customers buying an AI licence also buy additional datasets Engaging customers +50% Increase in AI commercial conversations, QoQ2 ▪ 95% of our top 200 customers are using LSEG AI solutions ▪ 80% of our 50 largest customers are using two or more LSEG AI solutions AI commercial delivery 1. Users as at 30 September 2026 vs. the 20 July 2026 figures used in H1 results 2. No. of AI Deal Forum customer meetings, QoQ 4LSEG |
Page 5
5LSEG | Delivering strong, broad-based growth across all divisions (GBP million) Q3 2026 Q3 2025 Reported growth vs Q3 2025 Organic growth1 vs Q3 2025 Data & Analytics 1,023 982 4.2% 5.2% FTSE Russell 265 241 10.0% 10.2% Risk Intelligence 160 144 11.1% 9.8% Subscription Businesses 1,448 1,367 5.9% 6.6% Markets 957 850 12.6% 12.5% Total Income (excl. recoveries)2 2,407 2,219 8.5% 8.8% Recoveries 94 89 5.6% 6.4% Cost of Sales (294) (292) 0.7% 1.1% Gross Profit 2,207 2,016 9.5% 9.9% 1. Organic, constant currency growth 2. Totals include other income of £2 million in Q3 2026 and £2 million in Q3 2025
Page 6
6LSEG | 6LSEG | Continuing strength in subscription revenues1 1. Revenue growth of Data & Analytics, FTSE Russell and Risk Intelligence Accelerating recurring, visible subscription growth ▪ Continuing strong retention; good visibility ▪ Activation of strong 2025 and 2026 YTD sales; encouraging pipeline ▪ Ongoing pricing benefit from sustained investment in content, capabilities and distribution ▪ Multi-year contractual growth from LDA enterprise agreements (c.18% of Data & Analytics revenues) ▪ Growing contribution from AI revenues with long runway for growth 2025 H1 2026 +6.0% +6.3% +6.6% Q3 2026 Confirming +6.5% FY 2026 guidance
Page 7
7LSEG | 7LSEG | Markets benefiting from consistent investment and innovation Strong track record of organic growth across the Markets division2 8.7% 7.9% 10.9% 8.9% 12.1% FY22 FY23 FY24 FY25 9M 26 1. Q3 2026 vs. Q3 2025 2. Organic, constant currency growth Interest Rate Swaps +46% ADV of interest rate derivatives1 +18% Interest rate swap notional1 SwapClear Fixed Income +43% Notional cleared1 +25% Nominal value1 RepoClearCDSClear +19% ADV of cash credit instruments1 Equities +x% Notional cleared +x% ADV of cash credit instruments FX +32% ADV of value traded1 +11% ADV of nominal value traded1
Page 8
100-120bps Improvement in constant currency EBITDA margin At least 8.0% Organic, constant currency income1 growth, including an acceleration in our subscription businesses’ organic growth2 c.9.5% of total income1 Guidance raised again Revenue EBITDA Margin Guidance raised again Initially targeting 6.5-7.5%; target raised to 7.0-7.5% at H1 Guidance raised again Initially targeting 80-100bps improvement; target raised to c.100bps in H1 1. Total Income excl. recoveries 2. Subscription businesses consist of the Data & Analytics, FTSE Russell and Risk Intelligence divisions 3. Includes 30bps contribution from the change in the SwapClear revenue share agreement 4. Based on foreign exchange rates of £1 = $1.32 and €1.17 Delivery on-track Guidance raised Initially targeting £2.7 billion 8LSEG | At least £2.8 billion Capex Equity free cash flow 3 4
Page 9
9LSEG | Returning c. 10% of market cap to shareholders 1. £3.0bn buyback programme announced in FY2025 results and running to end February 2027, less the £2.2bn of that programme comp leted as of 30 September 2026 Remaining portion of FY 2025 buyback FY 2025 final dividend H1 2026 dividend paid in Q3 Remaining FY 2026 buyback1 Total capital return (Jan 2026 to Feb 2027) ~£0.3bn ~£4.2bn FY 2026 buyback executed YTD of which £0.5bn executed in Q3 £0.4bn 9LSEG | £4.2bn £0.5bn £0.3bn £0.4bn £2.2bn £0.8bn
Page 10
10LSEG | Acquisition of Octus ▪ Leading credit solutions: Proprietary data, insights and workflows, specialising in illiquid and private credit ▪ High-growth, scalable business: >$300m 1 revenue in 2026, strong double-digit growth; recurring subscription model; attractive c. 40% margin profile; no impact on Group mid-term margin guidance ▪ Excellent strategic fit: Creates a global leader in fixed income and accelerates LSEG’s Data & Analytics strategy ▪ Strong synergy potential: Cross-sell, product innovation and cost efficiencies enabled by LSEG’s distribution and scale ▪ Accretive to growth: immediately accretive to Data & Analytics’ growth; neutral to AEPS in the first full year post acquisition, accretive thereafter ▪ Leadership continuity: Octus’ CEO and senior leadership team will join LSEG’s Data & Analytics division ▪ Maintaining financial flexibility: £3bn share buyback programme to complete as planned, capacity for further buybacks of £1.0-1.5bn in 2027 10LSEG |1. Based on 9M 2026 actuals and management estimates
Page 11
11LSEG | 11LSEG | Monitor portfolio & risk Execute & manage Analyse & underwriteMonitor & source Leading less-liquid, distressed and leveraged credit intelligence Octus’ powerful credit solutions span the full credit lifecycle Powerful, integrated customer solutions Enabling customer needs across the full credit lifecycle Leveraged loans & high yield CLOs & structured credit Distressed & restructuring Private credit / direct lending Municipals / special situations Intelligence & expert analysis Data & analytics Workflow platforms Real-time news & alerts Legal / covenant analysis Private company & credit research Fundamentals & capital structures Regulatory / ESG data Risk & portfolio analytics | deal rooms origination & underwriting | portfolio management
Page 12
12LSEG | 12LSEG | A proprietary data advantage becomes more valuable with AI Octus combines hard-to-access content, 12+ years of structured credit history and expert validation to create trusted, decision-ready intelligence Sourced from hard-to- access markets1 2 3Structured and enriched over time More valuable in an AI-enabled world Proprietary, contributed and permissioned content Private data rooms, over 11 million customer-supplied documents and restricted credit materials Specialist primary sourcing Deep relationships and dedicated specialists surface intelligence before it becomes public Public and licensed sources Court records, filings and market information add breadth and context 12+ years of organised, proprietary credit history Normalised borrower, instrument and event histories show how capital structures evolve over time Broad structured coverage Fundamentals cover 3,300 issuers, alongside 3,500+ financial models across the credit lifecycle Embedded credit expertise 280+ financial and legal specialists interpret, verify and contextualise complex credit information Data that public AI cannot access Permissioned content and accumulated histories are absent from general-purpose models Trusted, decision-ready outputs Due diligence confirms high value in mission-critical customer processes AI increases the value of the proposition APIs, MCP and CreditAI embed proprietary intelligence directly into customer workflows
Page 13
13LSEG | 13LSEG | 63%18% 15% 4% Investment managers Law firms Investment banks Professional services A high growth business with a high retention customer base Diversified and complementary customer base 40,000+750+ customers individual users Increasing private credit scale and complexity More funds, broader participation and greater deal complexity increase demand for specialist credit information Multiple drivers of structural growth Rising demand for specialist data Underwriting, risk, compliance and reporting require more comprehensive, structured data Embedding data in AI and other customer systems APIs, cloud delivery and AI connectors bring proprietary credit content directly into customer workflows >$300m 2022 2023 2024 2025 2026E 1. Based on 9M 2026 actuals and management estimates 1 70% 26% 4% AMER EMEA APAC
Page 14
14LSEG | LSEG and Octus are highly complementary Fixed income focus Private company data Customer base Geographic reach Full spectrum of credit coverage Leading private markets coverage across equity and credit Cross sell opportunities Global distribution for Octus products Mainly illiquid / private / distressed Coverage of 95% of private credit universe 80% investment managers or law firms Americas-focused Global Weighted to sell- side Strategic partners / LDAs Data on 13.9m private companies D&B, Preqin, eVestment partnerships Liquid / public CLOs, loans and securitised products pricing and analytics Synergies 14LSEG |
Page 15
15LSEG | Very attractive financial profile Growth Accretive to D&A growth, recurring subscription revenues Future EBITDA margin improvement supported by strong operating leverage EPS neutral in first full year and accretive thereafter Incremental to 7% guidance for subscription businesses growth in FY27 >$300m revenue1 Double-digit revenue CAGR c. 40% EBITDA margin 1. Based on 9M 2026 actuals and management estimates
Page 16
16LSEG | PROTOCOLS RFQ PT A2A Sessions DRFQ Swarms Attributed trading CLIENT TYPES Asset Managers / Real Money Financial Advisors / RIAs Dealers Hedge Funds TRADE LIFECYCLE Secondary Trading Grey Markets CLIENT SECTORS Institutional Retail Wholesale Tradeweb today Trumid adds or expands 1. $1.97bn consideration less tax asset with a net present value of ~$220m 2. Estimate based on 9M 2026 performance and management estimates 3. 70% realised in year 1 on a run-rate basis; 95% by year 2 Acquisition of Trumid further extends our offering in high growth US Fixed Income markets $1.75bn1 consideration c. $150m revenue in 20262 $60m cost synergies3 c. 20% EBITDA margin; clear path to expansion Trumid fills several gaps at once, extending our credit franchise into new issuance, dealer protocols and hedge funds to serve clients across the full lifecycle of a bond 16LSEG |
Page 17
17LSEG | Building a global leader in fixed income across the credit spectrum Data, News & Analytics Workflows & Execution Venues Private and public loan document and compliance management Fixed income portfolio management incl. compliance, optimisation, OMS and research tools LSEG Tora Multi-asset OEMS platform Coverage of riskier debt and borrowers Syndicated loan pricing data and analytics Capital markets news and intelligence Fixed Income Pricing & Valuation Yield Book & StarMine Distressed High yield Investment grade Public / liquidPrivate / illiquid Combination brings together scaled data, analytics and distribution with proprietary credit content, specialist expertise and embedded workflows Investment committee deal rooms LSEG Workspace Octus LSEG Early distress signals, US bankruptcy alerts Debt covenants and lender protections Trumid 17LSEG | +
Page 18
18LSEG | 18LSEG | A balanced and disciplined approach to capital allocation 1. £8bn of shares to be bought back between Jan ‘22 – Feb ’27. 2. Excl. proceeds from disposals 3. Pro-forma; includes consideration for Octus and Trumid £19bn Capital allocation 2022-20263 ~17% Dividends ~42% Share buybacks ~41% M&A2 ▪ Balancing investment and shareholder returns: allocating capital where it creates the greatest long-term value ▪ Completing current £3bn buyback as planned by February 2027; c. 20% of market cap bought back since 2022 1 ▪ Capacity for a further £1-1.5bn buyback for 2027 ▪ Pro-forma 2027 year-end leverage around the upper end of target 1.5- 2.5x range; expected to return to the mid-point in 2028
Page 19
19LSEG | Delivering on our strategy for growth Record growth; guidance raised again Driving rapid adoption of AI solutions Innovating at an unprecedented pace Investing in our leading proprietary data and solutions Delivering on our strategy for growth
Page 20
Q&A