London Stock Exchange Group plc (LDNXF) Q1 2025 Trading Update Call Transcript

London Stock Exchange Group plc (OTCPK:LDNXF) Q1 2025 Trading Update Conference Call May 1, 2025 3:30 AM ET

Company Participants

Peregrine Riviere – Head, Investor Relations
David Schwimmer – Chief Executive Officer
Matt Boyle – Chief Financial Officer

Conference Call Participants

Arnaud Giblat – BNP Paribas Exane
Russell Quelch – Redburn Atlantic
Hubert Lam – Bank of America
Ben Bathurst – RBC
Enrico Bolzoni – JPMorgan
Bruce Hamilton – Morgan Stanley
Michael Werner – UBS
Benjamin Goy – Deutsche Bank
Andrew Coombs – Citi
Ian White – Autonomous Research
Julian Dobrovolschi – ABN AMRO
Thomas Mills – Jefferies

Operator

Good morning. And welcome to the Investor and Analyst Call for LSEG’s First Quarter 2025 Trading Update. 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 Peregrine Riviere, Head of Investor Relations, to open the presentation. Please go ahead.

Peregrine Riviere

Thanks, Pauli. Good morning, everyone. And welcome to LSEG’s first quarter update. I’m here with David and Matt. Matt will make some brief opening remarks on our Q1 performance, and then we’ll open up to questions on the conference call line.

So let me hand over to him right now.

Matt Boyle

Thanks, Peregrine, and good morning, everyone. Glad to be with you today. We have started the year well, with total income growth of 8.7% on a constant currency basis. This includes 90 basis points of M&A benefits, mainly from the ICD acquisition within Tradeweb. That leaves organic growth of 7.8%, and I will actually refer to this metric through the rest of my comments.

Our subscription businesses all perform well, with D&A