23 April 2026
If you are covering LSEG’s Q1 2026 trading update, please see the following comment from Will Howlett, financials analyst at Quilter Cheviot:
“London Stock Exchange Group (LSEG) has made a strong start to the year, delivering 9.8% organic constant currency growth in the first quarter versus 8.0% consensus. The headline beat is driven by Markets, benefitting from heightened volatility around interest rate expectations following the Iran conflict.
“Importantly, the underlying performance of the subscription businesses was also encouraging, with combined growth accelerating to 6.3% from 5.4% in the fourth quarter of last year, adjusting for a modest one off in its Data & Feeds business. While key performance indicator disclosure is limited this quarter, Microsoft Cloud Platform momentum continues to build, with 90 customers now live, up from 69 in February, and a further 64 onboarding.
“Against a backdrop where LSEG has been drawn into the ‘AI winner versus loser’ debate, a clear first quarter beat and guidance nudged to the upper half of the 6.5–7.5% fiscal year 2026 organic constant currency range should help ease concerns around the durability of growth. Other fiscal year 2026 guidance remains unchanged.”
