London Stock Exchange PLC (LSEG.L): Our takeaways from the H1 2026 results call

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London Stock Exchange PLC (LSEG.L): Our takeaways from the H1 2026 results call

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30 Jul 2026 08:36:35 ET │ 11 pages

London Stock Exchange PLC (LSEG.L)

Our takeaways from the H1 2026 results call

CITI'S TAKE

Buy LSEG shares are down 3-4% on the back of H1 results. The H1 results

themselves were stronger than expected, with in-line revenues and an Price (29 Jul 26 16:30) £91.98

underlying 1% cost beat (excluding investment phase in). However, Target price £129.00

unchanged revenue guidance sits below consensus. This is Expected share price return 40.2%

understandable, in our view, with LSEG embedding conservatism into the Expected dividend yield 1.8%

assumed Tradeweb revenues in H2. We expect consensus may be happy Expected total return 42.1%

to remain above the guided range, as long as Tradeweb consensus

Market Cap £44,915M revenues are not downgraded. The conference call provided helpful colour

US$60,055M on how LSEG is adapting its business to adopt AI, with detailed arguments

about why the market is wrong to assume that AI will disrupt rather than

enhance its revenue growth. We provide below our key takeaways from

the call. Andrew Lowe, CFAAC

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Investors should look through the group revenue guidance and focus on andrew.lowe@citi.com

subscription revenue guidance – LSEG’s shares are underperforming peers by c2% Hannah Leivdal

following H1 results. We attribute this to the unchanged 2026 organic constant- +44-20-7500-4475

currency revenue guidance of 7.0% to 7.5% being below consensus of 7.8%, while hannah.leivdal@citi.com

the upgraded EBITDA margin guidance is in line with consensus. LSEG’s decision to

Nicholas Hermanleave the guidance unchanged is understandable, in our view, given the range of

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