UK's London Stock Exchange Q1 total income rises; sees FY rev growth at upper end of forecast

London Stock Exchange

23/04/2026 07:17

Overview

UK exchange operator's Q1 total income excluding recoveries rose 9.8% yr/yr on organic basis

Subscription businesses grew 6.3%, with all divisions accelerating vs Q4 2025

Company completed £1.1 bln share buybacks in Q1, on track for £3 bln by Feb 2027

Outlook

London Stock Exchange expects 2026 organic revenue growth in upper half of 6.5-7.5% range

Company sees 2026 EBITDA margin improving by 80-100 basis points

London Stock Exchange expects 2026 equity free cash flow of at least £2.7 bln

Result Drivers

MARKET VOLATILITY - Co said strong trading volumes across asset classes were driven by customers seeking liquidity and risk management amid geopolitical uncertainty and volatile markets

DATA & ANALYTICS DEMAND - Co cited robust demand for data, analytics, and AI-enabled services, with increased customer engagement and adoption of new AI tools

PRODUCT INNOVATION - Co highlighted new digital asset indices, post-trade solutions, and private markets offerings as supporting revenue growth

Company press release: ID:nRSW5635Ba

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Total Income
GBP 2.51 bln
Q1 Total Income ex Recoveries
GBP 2.42 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"

Wall Street's median 12-month price target for London Stock Exchange Group PLC is GBp12,000.00, about 23.1% above its April 22 closing price of GBp9,748.00

The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 20 three months ago

Note: Reuters provides news for LSEG's news and data terminal, Workspace, and other products.

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)