Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “LSEG has delivered a steady set of results, with revenue and profits broadly in line with expectations, but the key positive sits firmly in the outlook rather than the rear‑view mirror.
“The 2026 revenue growth guide of 6.5–7.5 per cent edges ahead of prior consensus and suggests modest upgrades are likely, reinforcing confidence in the durability of the growth profile.
“Under the bonnet, the message is one of continued operating leverage and disciplined execution, rather than any single blow‑out line item.
“In short, no fireworks in the numbers, but enough reassurance to keep the investment case on track.
“The more important debate for investors centres on AI, where LSEG has been caught up in the recent sell‑off amid fears that generative models disrupt data and software businesses.
“Management has very deliberately put AI front and centre in today’s release, positioning LSEG as an enabler of AI adoption rather than a casualty of it, with trusted, licensed data becoming more valuable as usage scales.
“That framing makes sense to us: LSEG owns scarce, regulated datasets and critical market infrastructure that AI models need, but cannot easily replicate.
“In our view, this remains a structural winner from AI, and the valuation looks attractive – today’s results probably won’t be enough to materially alter the negative narrative, but it’s a start.”
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