London Stock Exchange Group plc

Good morning and welcome to the Investor and Analyst call for ELSEG's 2025 full year results. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session through the phone lines and instructions will follow at that time. I would like to remind all participants that this call is being recorded. I will now hand over to David Schwimmer, Chief Executive Officer, to open the presentation. Please go ahead.

Good morning and welcome to our 2025 full year results. I'm joined by our CFO, Map, and our head of IR, Peregrine Riviere. We have delivered another year of strong performance and rapid strategic transformation for the group. Revenues grew 7.6%, with all businesses contributing positively and data and analytics accelerating. Our focus on driving efficient and scalable growth delivered 210 basis points of margin expansion. a little over half of that organic, taking full-year EBITDA margins north of 50% for the first time. Adjusted EPS grew 16%, reflecting our disciplined execution throughout the P&L. We continue to invest in future growth with the post-trade solutions transaction in Q4. We continue to deliver strong cash conversion with 2.8 billion pounds of dividends and buybacks in the year. And today, we've announced our plan to execute a further 3 billion pounds of buybacks over the next 12 months. We see a great opportunity to invest in our own shares during this market dislocation. This strong performance is a direct result of the strong execution of our long-term strategy and the rapid transformation we're driving across our business. November's Innovation Forum provided insight into how we are innovating across LSEG as we deliver on our AI strategy. We are already seeing the fruits of that innovation. Our LSEG Everywhere AI data strategy is embedding our trusted data into the AI tooling of financial services. It's only been a few months since we launched our MCP server, but early demand has been very strong. I'll give you some numbers on that later. We're also innovating to capitalize on the accelerating pace of change in capital markets, building new platforms for growth in digital assets. We launched our digital markets platform last year and at the start of this year successfully piloted tokenized cash settlement via our new digital settlement house. The strategic partnership with 11 leading banks we announced at our Q3 results is accelerating growth and helping us unlock the multi-year opportunity in post-trade solutions. A great example of our strong customer relationships and partnership-led approach creating unique opportunities for growth. Let's take a step back. and look at our 2025 performance in the context of the multi-year delivery of our strategy. We have achieved a lot over the last five years. Financial performance has been very strong, with organic growth on an upward trend and

improving things significantly. As you can see from the left-hand side of this slide. In the process, we've all of our businesses.