London Stock Exchange Group PLC reported a stronger-than-expected first quarter, posting total income of 2,415 million for the quarter, ahead of analysts' expectations of 2,355 million.
Top-line and guidance update
The group's organic constant currency growth rate for the quarter was 9.8%, outpacing the consensus forecast of 8.0%. In response to the outturn, LSEG adjusted its full-year organic constant currency total income growth guidance upward, placing it in the upper half of its previously communicated 6.5-7.5% range.
Business-line performance
Data & Analytics delivered 1,025 million in revenue, narrowly exceeding the estimate of 1,014 million.
Within Data & Analytics, organic constant currency growth was 5.1%. That growth was driven by a 2.9% increase in Workflow, 7.3% in Data & Feeds, and 5.2% in Analytics. FTSE Russell recorded revenue of 248 million, slightly above the 245 million estimate, while Risk Intelligence produced 153 million versus an anticipated 152 million.
Markets revenue amounted to 987 million, beating the forecast of 942 million.
Subscription momentum and platform adoption
Subscription businesses accelerated their growth to 6.3% in the quarter, up from 4.4% in the fourth quarter of 2025. FTSE Russell and Risk Intelligence posted organic constant currency growth of 8.8% and 10.5% respectively.
The company also reported increased adoption of its MCP platform, with the number of connected customers rising to 90 from 69 in February. An additional 64 customers are currently in the onboarding process.
Margin guidance
LSEG reiterated its full-year guidance for an improvement in constant currency EBITDA margin of 80 to 100 basis points.
These results left the group raising its expected full-year organic growth placement within a previously announced range while maintaining its margin improvement target and highlighting ongoing customer onboarding for its MCP platform.