Earnings release
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London Stock Exchange Group plc: Q3 2026 Trading Update Sustained high growth; strong customer adoption of our AI solutions; raising full-yearguidance for revenue growth, EBITDA margins and cash flow; enhancing long-termgrowth with planned acquisitions of Octus and Trumid David Schwimmer, CEO said: “LSEG’s record performance continued in Q3, with accelerating growth across our subscriptionbusinesses and sustained performance in Markets. Reflecting this strength, we are raising our full-yearguidance for revenue, EBITDA margin and free cash flow. We continue to work with the world’s leadingfinancial institutions as they experiment with, integrate and scale AI across their organisations. “Our strong cash generation enables us to invest in compelling growth opportunities while also returningcapital to shareholders. The planned acquisition of Octus adds valuable proprietary solutions in the high-growth illiquid and private credit space. Alongside the acquisition of Trumid’s innovative credit tradingservices and our existing scale in liquid credit, we are becoming a global leader in fixed income data andtrading. “Through buybacks and dividends, we will have returned 10% of our market capitalisation to shareholdersbetween January 2026 and February 2027, with capacity for a further £1.0-1.5bn of buybacks in 2027. "LSEG is on track to deliver its strongest annual growth since 2018, and we continue to invest to furtherenhance our capacity for sustained, long-term growth and value creation, building a business that is betterpositioned than ever.” Q3 2026 highlights (All growth rates on an organic constant currency basis unless otherwise stated) Strong, broad-based growth: Total income (excl. recoveries) +8.8% (+8.6% year-to-date). Led by Markets +12.5%, FTSE Russell +10.2%, Risk Intelligence +9.8%, and Data & Analytics +5.2% Sustained strength in Markets: leading global markets infrastructure benefitting from consistent investment and innovation Accelerating subscription businesses1: 6.6% growth in subscription businesses in Q3; on track to deliver full year acceleration of c.50bps Raising revenue, margin and cash flow guidance: expecting full year growth of at least 8.0%, EBITDA margin expansion of 100-120bps, and equity free cash flow of at least £2.8 billion Driving adoption of AI solutions: 95% of top 200 customers using LSEG AI products; more than two-thirds of top 50 customers with MCP connection; expecting a growing contribution to revenues over time Enhancing growth with acquisitions of Octus and Trumid: highly complementary businesses, creating a global fixed income leader across the liquidity spectrum Returning capital to shareholders: £2.6 billion returned via buybacks this year; current £3.0 billion programme to complete by February 2027; capacity for a further £1.0-1.5 billion in 2027 This release contains revenues, cost of sales and key performance indicators (KPIs) for the three months ended 30 September 2026 (Q3). Constant currencyvariances 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 variance iscalculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and including acquisitionsfrom the date of acquisition with a comparable adjustment to the prior year. Certain columns and rows may not add due to the use of rounded numbers.1. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence Q3 2026: Strong, broad-based growth LSEG serves its customers through the whole trade lifecycle and data value chain, across multiple assetclasses. Trading and data are becoming more intertwined as financial markets grow and increase insophistication, reinforcing our strategy and strengthening our proposition. The success of this approach isbecoming increasingly evident in our financial and operational performance, driving a record financialperformance in Q3 and increased expectations for the full year.
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Our Markets businesses delivered strong double-digit growth in Q3 and a five year CAGR of over 9%.Continuing macroeconomic and geopolitical uncertainty complemented the established secular tailwindsfrom electronification of trading, increasing focus on capital efficiency, and more sophisticated riskmanagement. Our track record of investing in our core, market-leading franchises like SwapClear andTradeweb, driving scale and growth in established businesses like ForexClear and CDSClear, andinnovating for customers in new areas like Post Trade Solutions and Digital Markets, delivers multipledrivers of long-term growth. Our subscription businesses – Data & Analytics, FTSE Russell and Risk Intelligence – accelerated in Q3,up 6.6%. We continue to see broad demand across Data & Analytics, with particularly good traction inareas of recent investment including cloud-based solutions and our expanded private market content. InOctober we announced a partnership with NVIDIA, enabling customers to reduce processing of our TickHistory data from hours to seconds. As indicated at H1, FTSE Russell re-accelerated and RiskIntelligence continued to deliver strong growth and powerful new solutions. Record Q3 financial performance reflects the multiple levers of growth the Group has and the significantprogress we have made both in transforming individual businesses and in combining them to createadditional opportunities. Our upgraded guidance puts us on track to deliver the strongest organic annualrevenue growth since 2018 and c.400bps of cumulative EBITDA margin expansion over the last threeyears. Successful customer adoption of AI solutions; multi-year monetisation Our comprehensive, accurate and proprietary data powers business-critical systems for most of theworld’s leading financial institutions. With customer trust built up over decades and a history of opennessin the way we operate, we are the natural partner of choice for the world’s largest buyside and sellsideinstitutions, among others, as they experiment with, integrate and scale AI across their organisations. Theadoption of AI represents a significant long-term opportunity for LSEG and our customers, which weanticipate will drive demand for data, and the associated growth in revenue, for the long-term. We made significant progress in delivery of our AI strategy in Q3: Connecting LSEG Everywhere – Our large customers increasingly access our AI-ready data via multiple distribution channels including APIs, cloud platforms, MCP servers and traditional bulk feeds.Over two-thirds of our top 50 Data & Analytics customers have now connected to our MCP servers,and consumption through this channel for all users grew 5x quarter-on-quarter in Q3. We continue toexpand the data and services made available through MCP, with additional datasets includingtranscripts, fixed income indices and risk models, and we remain on track to have the majority of ourdata available by year end. We also continue to take advantage of new distribution opportunities forour data, expanding our partnership with OpenAI in Q3, ensuring our data is available wherevercustomers choose to consume it. Driving adoption of transformational products – We rapidly scaled customer adoption of our Workspace AI solutions in Q3, ending the quarter with 47,000 AI Search users, up 30,000 from our H1results in mid-July. Customer feedback is strong and engagement continues to grow, with averagequeries per user up 30% in Q3. AI Search is also now available in Microsoft Teams. We have alsoexpanded our premium Workspace AI offering, Deep Research, leading to a 60% increase in usageduring Q3. Commercialising customer engagement – Consistent with the approach outlined previously, our strategic priority remains driving customer adoption of our AI solutions and embedding our content innew AI distribution channels and agents. Customer engagement remains high with a 50% quarter-on-quarter increase in the number of commercial conversations involving AI in Q3 and consistent with thecommercial model laid out in our H1 results. Enhancing the value of our broader Data & Analytics business – 80% of the AI agreements struck with customers thus far involve the purchase of additional datasets, illustrating how AI is enhancingour existing offering, opening up new distribution channels, and demonstrating how our Data &Analytics business is more valuable in an AI world. Creating shareholder value through active capital allocation The highly cash generative nature of our business gives us significant flexibility in capital allocation. Weregularly assess acquisition opportunities, and we return surplus capital to shareholders subject toleverage and other considerations. Acquisitions
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In a separate release today, we are announcing that we have agreed to acquire Octus for a cashconsideration of $3.535 billion. Octus is a leading provider of credit solutions, serving customers acrossprivate, illiquid and distressed credit. The acquisition will transform LSEG’s presence in credit and privatemarkets data, creating a leading proposition in these high-growth areas. Combining Octus’ capabilitieswith LSEG’s fixed income data, analytics and distribution means customers will benefit from an integratedview of public and private credit intelligence, enabling them to source deals, assess risk and manage theirportfolios through LSEG’s platform. Earlier this week, Tradeweb announced that it had entered into a definitive agreement to acquire Trumid,an electronic credit trading marketplace, for a net purchase price of approximately $1.75 billion. Tradeweband Trumid have highly complementary trading protocols and the combined suite of credit tradingproducts will further differentiate Tradeweb’s multi-asset class platform, in part by expanding into earlierstages of the bond lifecycle. These two acquisitions are not only highly complementary to LSEG’s and Tradeweb’s existingbusinesses, they will also accelerate LSEG’s strategy in fixed income, building a global leader inintelligence, data, workflows and trading across the entire credit liquidity spectrum. Share buybacksWe repurchased £500 million of LSEG shares in Q3, taking our cumulative buybacks so far this year to£2.6 billion. Under our current programme we expect to repurchase a further £0.8 billion in Q4 and Q12027, concluding by February 2027, with the final tranche expected to start in the coming weeks. Wehave capacity for further share buybacks of £1.0-1.5 billion in 2027. Consistent with previous guidance, we expect to end the current financial year around the middle of our1.5-2.5x net debt to adjusted EBITDA leverage range. On a pro forma basis including the transactions andbuyback programmes above, we anticipate ending 2027 around the upper end of our 1.5x-2.5x leveragerange, before returning to the middle of that range by the end of 2028. Further raising 2026 outlook, reflecting Q3 momentum and current operating environment Following the continued strength of our business in Q3, we are further raising our guidance as follows: Organic constant currency growth in total income excluding recoveries is now expected to be at least 8.0%, (initial guidance of 6.5-7.5%, raised to 7.0%-7.5% at H1). This combines anacceleration in our subscription businesses’ organic growth and continued strong growth in ourMarkets division An improvement in constant currency EBITDA margin of 100-120 basis points (initial guidance of 80-100 basis points, raised to around 100 basis points at H1) Equity free cash flow of at least £2.8 billion, up from previous guidance of £2.7 billion. Both are based on foreign exchange rates of £1 = $1.32 and €1.17 Capex intensity of c.9.5% of total income excluding recoveries Underlying effective tax rate of 24-25% Investor and analyst conference call: LSEG will host a conference call covering the Q3 Trading Update and the Octus acquisition for analystsand investors today at 10:00am (UK time). On the call will be David Schwimmer (Chief Executive Officer)and Michel-Alain Proch (Chief Financial Officer). To access the webcast or telephone conference call please register in advance using the following link: https://www.lsegissuerservices.com/spark-insights/LondonStockExchangeGroup/events/a509c49e-bfe0-4dae-9ee1-212d8efffc89/lseg-s-q3-2026-trading-update To ask a question live you will need to register for the telephone conference call here: https://registrations.events/direct/LON17542VIP6UNzROqjiWhlAC Digital Markets webinar, 9 December 2026 LSEG will be hosting a Digital Markets webinar at 2pm UK time on 9 December 2026. The event will befully virtual. Further information can be found here: https://www.lsegissuerservices.com/spark-insights/LondonStockExchangeGroup/events/e5eb87aa-f932-44a0-8dc6-3af4a6174fbf/lseg-digital-market-webinar Contacts: London Stock Exchange Group plc
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Investors Peregrine Riviere / Chris Turner Neha Kasabia / Sharon Muzikarova ir@lseg.com Media Lucie Holloway / Rhiannon Davies +44 (0) 20 7797 1222newsroom@lseg.com Additional information can be found at www.lseg.com. Q3 2026 summary (Commentary on performance is on an organic constant currency basis, unless otherwise stated) Q3 2026 £m Q3 2025 £m Variance % Organic constant currency variance % Workflows 479 471 1.7% 2.8% Data & Feeds 483 453 6.6% 7.5% Analytics 61 58 5.2% 6.0% Data & Analytics1 1,023 982 4.2% 5.2% Subscription 169 157 7.6% 7.9% Asset-based 96 84 14.3% 14.7% FTSE Russell 265 241 10.0% 10.2% Risk Intelligence 160 144 11.1% 9.8% Subscription Businesses2 1,448 1,367 5.9% 6.6% Equities 112 102 9.8% 9.4% Fixed Income, Derivatives & Other 428 375 14.1% 14.4% FX 70 67 4.5% 4.3% OTC Derivatives 186 160 16.3% 16.7% Securities & Reporting 61 55 10.9% 6.2% Non-Cash Collateral 27 30 (10.0%) (9.3%) Net Treasury Income 73 61 19.7% 21.3% Markets 957 850 12.6% 12.5% Other 2 2 - 4.7% Total Income (excl. recoveries) 2,407 2,219 8.5% 8.8% Recoveries 94 89 5.6% 6.4% Total Income (incl. recoveries) 2,501 2,308 8.4% 8.8% Cost of sales (294) (292) 0.7% 1.1% Gross Profit 2,207 2,016 9.5% 9.9% 1. Numbers reflect revenue reallocations across D&A business lines. See page 8 for further detail.2. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence. Total Income (excluding recoveries) was up 8.8% on an organic basis. Data & Analytics was up 5.2%, with our ongoing innovation and investment in content driving continued customer demand across our Workflow, Data & Feeds and Analytics solutions. Workflows grew 2.8%, with particular strength in our FX and Banking communities. Adoption of AI-powered workflows continued to build during the quarter, with Workspace AI Search reaching47,000 users and Deep Research exceeding 11,000 users. Customer engagement also continuedto deepen, reflecting growing demand for AI-enabled tools and insights across the Workspaceplatform. Data & Feeds was up 7.5%, reflecting broad-based demand across our content and data solutions and good retention. Ongoing enhancements to StarMine models and debt corporate actions in Q3further expanded the breadth of our content offering. We continued to see strong demand for our
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Tick History data as our investment in new cloud-based distribution channels is making it easier forcustomers to consume our high-quality historical market data. Analytics was up 6.0%, reflecting strong commercial momentum, with a good mix of new client wins and growth across existing customer relationships. We continued to expand the breadth ofour Yield Book offering through new models and broader coverage, while enhancing distribution ofour analytics content through Snowflake and Databricks. FTSE Russell was up 10.2%. As anticipated, subscription revenue growth reaccelerated to 7.9% in the quarter, benefitting from continued demand for core flagship index data. 25 new ETFs on FTSERussell indices were launched during the quarter, up from 17 in Q3 2025. Product innovationcontinued with the launch of the FTSE MarketPsych Thematic Index Series, combining AI-poweredthematic intelligence with FTSE Russell’s transparent, rules-based index methodology. Asset-basedrevenues remained strong, growing at 14.7%, reflecting continued growth in ETF assets undermanagement from record inflows and market appreciation. Risk Intelligence was up 9.8%. We continued to see strong customer demand for World-Check’s screening solutions with notable activity from ecommerce platforms in the quarter. We furtherstrengthened our leading screening offering with the launch of Active Intelligence and World-CheckResolve, improving screening efficiency by around 75% through the application of AI to our trusted,industry-standard data. Our Digital Identity & Fraud business continued to deliver strong growth, withcustomers turning to our solutions to help address the increasing regulatory obligations in thepayments space. Markets was up 12.5%. Against a backdrop of continued geopolitical uncertainty and elevated market volatility, customers continue to rely on our trading venues and post trade infrastructure to accessliquidity, manage risk and optimise collateral, driving strong and broad-based growth across thedivision. Equities was up 9.4%, reflecting higher trading activity across our trading venues and continued growth in data revenues. Innovation remained a focus during the quarter, with plans announced tolaunch UK tokenised equity structures, further supporting the digitalisation of capital markets. Fixed Income, Derivatives & Other was up 14.4%, supported by strong trading activity at Tradeweb. Average daily trading volumes increased 22% year-on-year to $3.2 trillion. Ratesvolumes grew strongly, up 34%, benefiting from shifting interest rate expectations and increasedcustomer activity across government bonds and rates derivatives. Credit also performed well, withvolumes up 45%, reflecting continued adoption of electronic trading protocols driving recordactivity in US investment-grade credit markets. FX grew 4.3%, reflecting continued client activity amid elevated market volatility. OTC Derivatives was up 16.7%, with strength across our suite of clearing solutions, particularly SwapClear which continued to benefit from elevated clearing volumes and strong customeractivity. CDSClear also delivered strong growth following the onboarding of new members. Growthcontinued in our Post Trade Solutions, with client adoption of TradeAgent particularly notable. Securities & Reporting grew 6.2%, driven by higher settlement volumes in EquityClear and continued growth in Regulatory Reporting, benefitting from elevated market activity. Non-Cash Collateral was down 9.3%, reflecting lower non-cash collateral balances following the implementation of a minimum cash framework by LCH. Net Treasury Income was up 21.3%, benefiting from higher cash collateral balances amid elevated market volatility and the introduction of LCH’s minimum cash framework. Launched inJuly 2026, the framework supports greater liquidity resilience across LCH’s clearing services. Group cost of sales grew by 1.1%, benefitting from the revised SwapClear revenue surplus share agreement struck in 2025. Excluding this, cost of sales would have grown at 12.0%, reflectingbusiness mix and the continued investment in content and data capabilities supporting our productoffering. Gross profit was up 9.9%, ahead of growth in Total Income (excl. recoveries) as a result of the lower growth in cost of sales. Revenue reallocation To better align with our operating model, certain revenue items have been reallocated within the Data &Analytics business lines effective from Q3 2026. Results for prior periods have been re-presented, with
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the impact on Q3 set out in the table below. Q3 2026 £m Q3 2025 £m Workflows (4) (5) Data & Feeds 3 4 Analytics 1 1 Data & Analytics - - Divisional non-financial KPIs FTSE Russell Q3 2026 Q3 2025 Variance % Index – ETF AUM ($bn): - Period end 2,261 1,732 30.5% - Average 2,245 1,662 35.1% Markets Q3 2026 Q3 2025 Variance % Equities UK Value Traded (£m) – average daily value 5,656 4,288 31.9% Fixed income, Derivatives and Other Tradeweb average daily volume ($m) All asset classes 3,153,074 2,575,256 22.4% Rates – Cash 603,274 534,513 12.9% Rates – Derivatives 1,344,856 921,043 46.0% Credit – Cash 19,211 16,161 18.9% Credit – Derivatives 41,706 25,863 61.3% FX Average daily total volume ($bn) 586 530 10.6% OTC Derivatives SwapClear – IRS notional cleared ($trn) 592 502 17.9% SwapClear – Client trades (‘000) 1,725 1,334 29.3% ForexClear – Notional cleared ($bn) 17,649 12,573 40.4% ForexClear – Members 42 40 5.0% Securities & Reporting EquityClear trades (m) 286 243 17.7% RepoClear – nominal value (€trn) 104.4 83.3 25.3% Collateral Average non-cash collateral (€bn) 203.5 206.7 (1.5%) Average cash collateral (€bn) 117.6 96.3 22.1% Foreign Exchange The majority of LSEG revenues are in US dollars followed by sterling, euro and other currencies. USD GBP EUR Other Total income by division1,2 59% 15% 17% 9%
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Data & Analytics1 64% 6% 15% 15% FTSE Russell 71% 20% 3% 6% Risk Intelligence 63% 10% 15% 12% Markets 49% 26% 23% 2% Revenues include a £3 million loss from realised embedded derivatives within Data & Analytics in thequarter (£5 million benefit in the comparative period). For the nine months ended 30 September 2026,these amounted to a £2 million benefit (nil in the comparative period). 1 Total income includes recoveries 2 Percentage splits based on Q3 2026Due to rounding, income percentages may not add to 100%. Spot / Average Rates Average rate 3 months ended 30 September 2026 Closing rate at 30 September 2026 Average rate 3 months ended 30 September 2025 Closing rate at 30 September 2025 GBP : USD 1.345 1.328 1.349 1.342 GBP : EUR 1.168 1.170 1.154 1.144 For definitions of technical terms – refer to the Glossary contained in the 2025 Annual Report, page 197. Total income and gross profit by quarter 2025 2026 £m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Workflows 486 473 471 474 1,904 487 485 479 1,451 Data & Feeds 458 457 453 472 1,840 478 490 483 1,451 Analytics 60 57 58 59 234 60 61 61 182 Data & Analytics1 1,004 987 982 1,005 3,978 1,025 1,036 1,023 3,084 Subscription 155 159 157 159 630 160 165 169 494 Asset-based 83 75 84 82 324 88 91 96 275 FTSE Russell 238 234 241 241 954 248 256 265 769 Risk Intelligence 143 144 144 148 579 153 157 160 470 Subscription Businesses2 1,385 1,365 1,367 1,394 5,511 1,426 1,449 1,448 4,323 Equities 102 103 102 105 412 114 116 112 342 Fixed Income, Derivatives & Other 394 383 375 387 1,539 452 412 428 1,292 FX 69 70 67 66 272 74 71 70 215 OTC Derivatives 161 153 160 167 641 183 172 186 541 Securities & Reporting56 59 55 59 229 61 63 61 185 Non-cash collateral 27 30 30 30 117 29 30 27 86 Net treasury income 65 63 61 68 257 74 69 73 216 Markets 874 861 850 882 3,467 987 933 957 2,877 Other 2 2 2 2 8 2 2 2 6 Total income (excl. recoveries) 2,261 2,228 2,219 2,278 8,986 2,415 2,384 2,407 7,206 Recoveries 93 90 89 88 360 93 93 94 280 Total income (incl. recoveries) 2,354 2,318 2,308 2,366 9,346 2,508 2,477 2,501 7,486 Cost of sales (308) (294) (292) (219) (1,113) (289) (287) (294) (870) Gross profit 2,046 2,024 2,016 2,147 8,233 2,219 2,190 2,207 6,616 1. Numbers reflect revenue reallocations across D&A business lines. See page 8 for further detail.2. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence.
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Organic, constant-currency revenue growth by quarter 2025 2026 % Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Workflows 3.6% 3.3% 3.2% 2.4% 3.1% 3.2% 2.8% 2.8% 2.9% Data & Feeds 6.1% 6.7% 6.3% 7.2% 6.6% 7.0% 7.5% 7.5% 7.3% Analytics 7.5% 9.1% 7.5% 6.9% 7.7% 5.4% 6.3% 6.0% 5.9% Data & Analytics1 5.0% 5.1% 4.9% 4.9% 5.0% 5.1% 5.2% 5.2% 5.1% Subscription 8.4% 9.3% 5.1% 5.7% 7.1% 7.7% 4.8% 7.9% 6.8% Asset-Based 12.5% (1.4%) 18.2% 2.6% 7.7% 10.9% 19.0% 14.7% 14.8% FTSE Russell 9.8% 5.5% 9.3% 4.7% 7.3% 8.8% 9.4% 10.2% 9.5% Risk Intelligence 10.7% 13.7% 13.9% 8.7% 11.7% 10.5% 9.0% 9.8% 9.8% Subscription Businesses2 6.3% 6.0% 6.5% 5.2% 6.0% 6.3% 6.3% 6.6% 6.4% Equities 5.1% 3.7% 2.6% 9.1% 5.1% 11.1% 13.2% 9.4% 11.2% Fixed Income, Derivatives & Other 17.3% 18.5% 9.9% 9.5% 13.7% 18.4% 7.6% 14.4% 13.5% FX 12.3% 13.9% 3.1% 1.4% 7.5% 11.8% 3.6% 4.3% 6.5% OTC Derivatives 16.8% 12.1% 9.2% 9.0% 11.6% 16.0% 11.2% 16.7% 14.7% Securities & Reporting(9.8%) (9.9%) 1.8% 8.3% (3.0%) 9.0% 7.4% 6.2% 7.6% Non-Cash Collateral (0.4%) 5.9% 6.0% 9.1% 5.2% 7.3% (0.0%) (9.3%) (0.9%) Net Treasury Income (6.3%) 0.1% (7.1%) 3.1% (2.6%) 17.0% 8.1% 21.3% 15.4% Markets 10.5% 10.9% 6.3% 8.1% 8.9% 15.5% 8.3% 12.5% 12.1% Other (52.1%) (32.3%)(0.3%) (34.1%)(35.6%) (6.1%) (29.4%)4.7% (11.9%) Total Income (excl. recoveries) 7.8% 7.8% 6.4% 6.2% 7.1% 9.8% 7.1% 8.8% 8.6% 1. Numbers reflect revenue reallocations across D&A business lines. See page 8 for further detail. 2. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence.
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION This Announcement contains inside information within the meaning of Article 7(1) of the assimilated Regulation No. 596/2014 as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented. LSEG to acquire Octus, creating market leader across public and private credit solutions 22 October 2026 LSEG (London Stock Exchange Group plc) today announces that it has agreed to acquireOctus, a leading provider of credit intelligence, data and workflows, for a cash consideration of $3.535 billion from funds advised by Permira, and Octus’ management, including its founder, Kent Collier. The acquisition of Octus will transform LSEG’s presence in credit andprivate market data, creating a leading proposition in these high-growth areas. Combining Octus’ capabilities with LSEG’s fixed income data, analytics and distribution means customerswill benefit from integrated solutions and intelligence across public and private credit enabling them to source deals, assess risk and manage their portfolios through LSEG’s platform. About Octus Founded in 2013 by Kent Collier, Octus is a leading provider of credit solutions across intelligence, data and analytics, serving customers across private, illiquid and distressed credit.Headquartered in New York City and with a global footprint, it has over 900 employees, 750 customers and more than 40,000 individual users including buy-side firms, investment banks,law firms and advisory firms. Octus’ proprietary data covers the full credit lifecycle, with a leading position in illiquid credit.Its offering includes intelligence, fundamental data and expert analysis that is uniquely developed by Octus’ teams, who source hard-to-access credit documentation, includingcovenants and deal terms, and turn it into structured, searchable data. Its data is integrated into its purpose-built workflow and portfolio management tools, adding further proprietary data and information for credit market participants. Customers connect to data and insights directlyvia Octus’ platform, an MCP connector or via AI workflows. In 2026 Octus is expected to generate over $300 million in revenue, with strong double-digit growth and an adjusted EBITDA margin of around 40%. It has achieved double-digitcompound growth in revenue since 2022. Strategic rationale Octus’ product set and customer coverage are highly complementary to LSEG’s existing fixedincome products. LSEG already has a significant presence in the liquid credit space, through news (IFR), evaluated pricing and corporate actions, and analytics (Yield Book and LPC). Octus brings leading specialism and capability in illiquid and private credit, creating a singlesource of fixed income data & analytics and workflow spanning the entire credit spectrum. In addition, Octus has a very strong buyside customer footprint, particularly with hedge fundsand alternative investment managers, where LSEG has historically been under-penetrated. Octus significantly expands LSEG’s fixed income offering. LSEG is becoming a leading end- to-end credit data, analytics and workflow provider, supporting customers at every stage of the credit lifecycle, across the full public and private credit continuum. Through LSEG’s existingdata and analytics capabilities and the acquisition of Octus, alongside Tradeweb’s planned acquisition of Trumid, LSEG is creating a global leader in fixed income and credit. Public and private credit markets are converging, with the private credit industry havinggrown substantially in recent years to an estimated size of $3.5 trillion. The private markets data, workflow and access solutions served market segment is currently $7-9 billion and is expected to grow at a double-digit rate, underpinned by private markets AUM growth and
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customer demand for timely, accurate and predictive intelligence, and proprietary data and analytics in this less liquid market segment. The transaction will unlock attractive synergies, both immediate and longer term, as LSEGbuilds differentiated solutions for customers. There is significant opportunity to drive sales of Octus’ intelligence and workflow solutions across LSEG’s global footprint, and to bringLSEG’s products to Octus’ credit- and buy-side-focused customers. LSEG will also develop enhanced products, combining Octus’ proprietary content with Workspace, LPC, Yield Book, PRS and Tradeweb, to help customers develop a consistent view of a fragmented market witha common data structure, valuation and portfolio management tools. Upon completion, Octus will be part of LSEG’s Data & Analytics division, with Kent Collier, Founder and CEO of Octus continuing to run the Octus businesses, reporting to Gianluca Biagini and Ron Lefferts, Co-Heads of Data & Analytics. David Schwimmer, CEO, LSEG, said: “Combining Octus’ leading proprietary data andintelligence with LSEG’s data and analytics business creates a powerful offering for our customers, and further accelerates our growth. Acquiring Octus enables LSEG to deliver best-in-class credit data, intelligence and workflows, across the liquidity spectrum, to a broader range of customers. LSEG’s existing data and analytics capabilities, alongside the acquisition of Trumid announced by Tradeweb and now the acquisition of Octus, position LSEG as aglobal leader in fixed income to partner with our customers throughout the trade lifecycle. I look forward to partnering with Kent and the team at Octus to continue to drive futuregrowth.” Kent Collier, CEO, Octus, said: “I’m excited by the prospect and opportunity of Octus becoming part of LSEG. Octus’ customer-first mindset and drive to deliver the absolute best products to our clients is a natural cultural fit with LSEG. Joining LSEG will pair our data,intelligence and workflows with global distribution and fixed income depth: a combination that provides tremendous opportunity for further growth and expansion.” Financial effects The transaction is expected to be immediately accretive to LSEG’s Data & Analytics organic revenue growth, and additive to LSEG’s guidance for Group organic subscription revenuegrowth of around 7% in 2027. Due to Octus’ strong margin profile and operating leverage, there is no change to LSEG’s medium-term guidance for underlying EBITDA margin toincrease by a cumulative c. 150 basis points 2027-2029 from the 2026 baseline. The transaction will be neutral to Adjusted EPS in the first full year after completion, and accretive thereafter. The acquisition will be financed by external debt. Allowing for forecast cash flow, the completion of the current £3 billion share buybackprogramme by February 2027, the completions of the Octus and Trumid acquisitions, and capacity for further share buybacks of £1-1.5 billion, we expect leverage at the end of 2027 tobe around the upper end of the target range of 1.5-2.5x, before returning to the middle of the range by the end of 2028. The transaction is expected to close in H1 2027, subject to regulatory approval. David Schwimmer and Michel-Alain Proch, LSEG’s CFO, will host a conference call for analysts and investors at 10:00am UK time this morning covering LSEG’s Q3 2026 trading update and these acquisitions. To access the webcast or telephone conference call please register in advance using thefollowing link: https://www.lsegissuerservices.com/spark-insights/LondonStockExchangeGroup/events/a509c49e-bfe0-4dae-9ee1-212d8efffc89/lseg-s- q3-2026-trading-update To ask a question live you will need to register for the telephone conference call here: https://registrations.events/direct/LON17542VIP6UNzROqjiWhlAC Morgan Stanley & Co. International plc is acting as lead financial adviser and Barclays CapitalInc. is acting as financial adviser to LSEG. Evercore and Goldman Sachs & Co. LLCare acting
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as financial advisers to Octus’ shareholders. Contacts Media Lucie Holloway / Rhiannon Davies +44 (0)20 7797 1222 newsroom@lseg.com Investors Peregrine Riviere / Chris Turner ir@lseg.com The person responsible for this announcement on behalf of LSEG is Lisa Condron, the Company Secretary of LSEG. About LSEG LSEG creates opportunity across the global economy. We unlock the power of markets for customers all over the world. Through our open ecosystem of markets infrastructure and data solutions, we partner with ourcustomers at every stage of trading – to make accessing and deploying capital simpler, faster and more effective. Our insights bring clarity to complexity, and our critical services ensure resilience and stability. We enable our customers to act with confidence and conviction, with trust andintegrity at the heart of everything we do. Backed by more than three centuries of experience, we are at the forefront of change andmarket innovation. Our exceptional people collaborate across borders and disciplines, delivering excellence and putting our customers first. We reimagine the way our industryworks and operates – and with our deep expertise, global scale and trusted partnerships, we turn ideas into reality. From scaling new technologies to shaping new markets, LSEG is driving the transformation of global finance. We move the financial system forward every day – to make more possible forour customers. LSEG. Make more possible. Forward-looking statements This announcement may contain statements which are, or may be deemed to be, “forward- looking statements”. Forward-looking statements are prospective in nature and are not basedon historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differmaterially from the future results expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "is subject to", "budget", "scheduled", "estimates", "forecasts", “seeks”, “aims”, “predicts”, "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases orstatements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Although LSEG believes that the expectations reflected in such forward-looking statementsare reasonable, LSEG can give no assurance that such expectations will prove to be correct. There are a number of factors that could cause actual results and developments to differ
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materially from those expressed or implied by such forward-looking statements. These factors include future market conditions, the behaviour of other market participants, the actions ofregulators and other factors such as changes in the political, social and regulatory framework, or in economic or technological trends or conditions. None of LSEG or any of its associates or directors, officers or advisers provides anyrepresentation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordancewith their legal or regulatory obligations (including under the Listing Rules and the Disclosure Guidance and Transparency Rules of the FCA), LSEG is under no obligation, and LSEGexpressly disclaims any intention or obligation, to update or revise publicly any forward- looking statements, whether as a result of new information, future events or otherwise. Transmission of this announcement Neither this announcement, nor any copy of it may be taken or transmitted directly orindirectly into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Any failure to comply with this restrictionmay constitute a violation of such laws or regulations. Persons into whose possession this announcement or other information referred to therein comes, should inform themselves about,and observe, any restrictions in such laws or regulations.
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