Marginalia
Two hundred pages in. The handful that matter out.
Marginalia reads a company’s annual report end to end and returns six plain-English sections. Every figure is drawn straight from the document — described, never advised.
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The brief below is a complete, unedited example of what comes back.
What comes back
Below is a complete brief, generated from a real published annual report and shown unedited — the same six sections you get for your own file.
London Stock Exchange Group plc
Business Snapshot
What the company does
LSEG is a provider of financial markets infrastructure and data products, delivering capabilities in data, indices and analytics, capital formation, trade execution, clearing and risk management.
The company generates revenue through a combination of recurring subscription-based services and transactional fees derived from its four business divisions: Data & Analytics, FTSE Russell, Risk Intelligence and Markets.
What Changed Year-over-Year
Revenue, profit & key line items
Revenue increased from £8,579m in 2024 to £9,081m in 2025.
Profit for the year rose to £1,506m compared with £921m in the prior year.
The adjusted EBITDA margin expanded to 50.3% from 48.8% in the prior year.
Operating profit increased to £2,127m from £1,463m in 2024.
Basic earnings per share rose to 238.4p from 128.8p in the prior year.
Total assets increased to £796,704m from £732,819m in 2024, driven primarily by clearing member assets.
Net cash flows from operating activities increased to £3,622m from £3,396m.
Management's Stated Risks
Risks leadership flagged
- Central counterparty (CCP) risk
The company faces financial and operational risks inherent in central clearing, where a member default could lead to losses from adverse price movements or liquidation costs.
- Model risk
Flaws in model design, data sourcing, implementation or misuse — including risks from generative and agentic AI — could result in financial loss or reputational harm.
- Technology risk
Dependence on complex, interconnected systems means outages or infrastructure failures could interrupt market operations and impact customer access.
- Information and cyber security
The company is exposed to cyber threats targeting systems and data, which could pose systemic risks to the broader financial sector.
- Third-party risk
Reliance on third-party providers, including cloud services, exposes the group to technology, cyber, geopolitical and regulatory risks if those providers fail to meet obligations.
- Regulatory change and compliance
Operating within complex, evolving cross-border regulatory environments requires the company to anticipate and adapt to changes to ensure ongoing compliance.
- Disruptive technology
Emerging technologies such as AI, cloud computing and distributed ledger systems could reshape market dynamics and challenge core services.
Flags Worth Noticing
Auditor, related-party, debt
- Auditor
Deloitte LLP was appointed as auditor on 25 April 2024, with a total uninterrupted engagement period of two years covering the years ending 31 December 2024 to 31 December 2025.
- Related party
The Company has a tax indemnity receivable from Thomson Reuters for tax liabilities incurred prior to the separation of the Refinitiv business on 1 October 2018, measured at £44 million as of 31 December 2025.
- Related party
The Company has a corresponding tax indemnity payable to Thomson Reuters, measured at £177 million as of 31 December 2025.
- Debt
The Company reported total borrowings of £1,366 million as of 31 December 2025, consisting of bonds maturing between 2027 and 2030.
- Noted
The Group reported a share buyback obligation of £417 million in current payables as of 31 December 2025.
- Tone shift
Management noted that the UBS/Credit Suisse merger led to contract optimisation and reduced that client's contribution to Data & Analytics Annual Subscription Value (ASV).
Where the Money Went
Capital allocation
Open Questions
Worth exploring next — not advice
- 01
What specific factors contributed to the expansion of the adjusted EBITDA margin from 48.8% to 50.3%?
- 02
What are the primary drivers behind the increase in total assets from £732,819m to £796,704m?
- 03
How does the company plan to mitigate the impact of contract optimisation and reduced contributions from the UBS/Credit Suisse merger on its Data & Analytics ASV?
- 04
What is the nature of the £133 million difference between the £177 million tax indemnity payable to Thomson Reuters and the £44 million receivable?
- 05
How does the company's reliance on third-party cloud service providers influence its overall technology and cyber-security risk profile?
- 06
What are the terms of the £417 million share buyback obligation reported in current payables?