Tp Icap Group Plc · LSE:TCAP

Tp Icap — FY2025 Earnings Presentation

46 slides from Tp Icap's earnings presentation, Mar 12, 2026

  1. Slide 1: Full Year Results

    TP ICAP GROUP PLC FULL YEAR RESULTS For the year ended 31 December 2025

  2. Slide 2: Nicolas Breteau, Group CEO

    NICOLAS BRETEAU GROUP CEO

  3. Slide 3: Our agenda

    12 March 2026 Our agenda  Financial performance & outlook  Strategic progress  Divisional performance  Summary  Q&A Preliminary results for year ended 31 Dec 25 3

  4. Slide 4: A very strong year: continued revenue growth and margin expansion

    12 March 2026 A very strong year: continued revenue growth and margin expansion Consistent top-line growth with improving profitability 2025 Highlights Revenue >+5% CAGR Adjusted EBIT +9% CAGR  Revenue +6% to £2.4bn 2,500 15%  Global Broking: record revenue growth +10% 2,000  Adj. EBIT +10% to £3

  5. Slide 5: Our strategy is delivering

    12 March 2026 Our strategy is delivering Broadening Driving efficiency, Financial strength, revenues across modernisation, investment, and clients, products, and scalable sustainable and regions growth returns  Clients: buy-side, banks, trading  Simplified operating model  Invest in organic growt

  6. Slide 6: Robin Stewart, Group CFO

    ROBIN STEWART GROUP CFO

  7. Slide 7: Key financial highlights

    12 March 2026 Key financial highlights Revenue (£m) 2,353 +5.5% Adjusted EBIT (£m) 348 2,221 +8.8% 2,112 CAGR 317 CAGR 2,042 280 1,902 267 248 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Group productivity1 (£k) 250 Shareholder distributions2 (£m) 234 +33.4% 722 752 +7.2% 20 CAGR 692 630 CAGR

  8. Slide 8: Income statement

    12 March 2026 Income statement £m 2025 20241 Change CC Change Revenue 2,353 2,253 4% 6% Adjusted EBITDA 423 398 6% 8%  Adj. EBIT +7% (+10% in constant currency) Adjusted EBIT 348 324 7% 10%  Margin increased to 14.8% (2024: 14.4%) Net finance costs (34) (21) 62% Adjusted profit before tax 314 303

  9. Slide 9: Adjusted EBIT

    12 March 2026 Adjusted EBIT 1 1 13 8 348 17 £m (9) 324 (7) 317 2024 reported FX 2024 CC Contribution Efficiencies Management Efficiencies Other FX: 2025 currency programme: & support costs1 programme: items2 retranslation Front-office Back-office of cash/net savings savings financial assets 1. Inclu

  10. Slide 10: Significant items

    12 March 2026 Significant items £m 2025 2024 Restructuring & related costs 28 14 Property rationalisation1 - 4 Group operational efficiencies programme 28 10  Total significant items reduced to £84m (2024: Disposals, acquisitions and investment in new business 58 62 £89m) Amortisation of intangible

  11. Slide 11: Divisional analysis – constant currency basis

    12 March 2026 Divisional analysis – constant currency basis Energy & Liquidnet Parameta 2025 (£m) Global Broking Commodities Division Solutions2 Corp/Elim Group Revenue 1,376 449 365 202 (39) 2,353 Y-o-Y growth +10% -2% +4% +5% - +6% Contribution 528 122 140 91 - 881 Contribution margin 38.4% 27.2%

  12. Slide 12: Cash and financial assets

    12 March 2026 Cash and financial assets Investments c.£1,230m  Broker hiring c.£1,070m  Neptune acquisition Unrestricted c.£330m  Capex cash1 c.£220m Returns to shareholders  Dividends  Share buybacks Restricted cash reduced by c.£50m Near-term cash Restricted c.£900m commitments: Reduction in

  13. Slide 13: Investing to simplify, enhance client experience

    12 March 2026 Investing to simplify, enhance client experience Tracking ahead of plan 1 2 3 4 5 Procurement Key levers Technology and Target Operating Real Estate Legal entity & Vendor Data Model Optimisation consolidation Management £50m Target cash released Delivered ahead of target benefits 2025

  14. Slide 14: 2026 current trading and outlook

    12 March 2026 2026 current trading and outlook Key items 2025 actual 2026 expected Adjusted EBIT £348m In line with consensus1 Net finance expense (£34m) (c.£35m) Effective tax rate 27% 27% Significant items (pre-tax) £84m c.£70m2  The Group has continued to benefit from supportive market condition

  15. Slide 15: Daniel Fields, CEO, Global Broking

    DANIEL FIELDS CEO, GLOBAL BROKING

  16. Slide 16: Record performance

    12 March 2026 Record performance Growth across all asset classes, regions and brands Revenue by asset class (£m) 2025 Highlights +6.5% CAGR  Record performance: 1,376 1,255 25  Revenue growth: +10% year-on-year 1,213 129 24  Adjusted EBIT +19% to £241m, margin increased to 18% 19 112 113 266 237

  17. Slide 17: Strategic execution

    12 March 2026 Strategic execution +7%  Expanded coverage: Hybrid & electronic revenue vs. CAGR +7% Broker productivity CAGR 734  Focus areas: APAC, Credit  Global coverage expanded 654 660 615  VCM acquisition (announced January 2026) 554 502  Hybrid and electronic execution growth:  Continued

  18. Slide 18: Driving innovation in credit

    12 March 2026 Driving innovation in credit Market context New platform AxeMatch  Large and growing market:  Next-gen credit trading platform  D2C matching protocol  > USD 41 trillion in 20251  Neptune + Liquidnet Fixed Income  Protected, low-leakage workflows  Electronification accelerating 

  19. Slide 19: Strategic priorities

    12 March 2026 Strategic priorities Focus for 2026:  Global scale: all major asset classes,  Grow organically, aligned to products, liquidity pools client demand  World-class brands: commanding  Pursue inorganic opportunities leading market share that add value  Deep client connectivity: broker

  20. Slide 20: Joachim Emanuelsson, Co-CEO, Energy & Commodities

    JOACHIM EMANUELSSON CO-CEO, ENERGY & COMMODITIES

  21. Slide 21: A global leader in Energy & Commodities broking

    12 March 2026 A global leader in Energy & Commodities broking Revenue (£m) 2025 Highlights +6.3%  Financial performance CAGR 2  Revenue down 2% y-o-y to £449m (2024: £457m) 457  Adj. EBIT £41m (2024: £56m) 444 449  Adj. EBIT margin decreased to 9% (2024: 12%) 374  Strategic investment  Complet

  22. Slide 22: Fast-paced, dynamic markets present growth opportunities

    12 March 2026 Fast-paced, dynamic markets present growth opportunities Structural demand drivers reinforced by macroeconomic and geopolitical trends Oil: Energy Transition  Global oil demand continues to rise modestly through to 2035 Power: Energy Other  Electricity fastest-growing sector of energ

  23. Slide 23: Our leading Digital Assets exchange

    12 March 2026 Our leading Digital Assets exchange Institutional crypto and tokenisation market poised for rapid acceleration Growing institutional demand Fusion Digital Assets Banks increasingly want to  Clear differentiation access digital assets1 Matched principal model FCA-registered exchange To

  24. Slide 24: Strategic priorities

    12 March 2026 Strategic priorities Focus for 2026:  Global scale and breadth:  Disciplined investment in high-quality unmatched product coverage and broker talent geographic reach  Expand platform across new and  High-quality execution ecosystem: adjacent markets and geographies multi-platform,

  25. Slide 25: Mark Govoni, CEO, Liquidnet

    MARK GOVONI CEO, LIQUIDNET

  26. Slide 26: A next-generation agency execution specialist servicing the buy-side

    12 March 2026 A next-generation agency execution specialist servicing the buy-side Sustained revenue growth (£m) 2025 Highlights  Financial performance +9.4% CAGR  Revenue £365m (2024: £350m), +4%  Adj. EBIT margin 15.3% (2024: 15.1%) 365 350  Multi-asset & Advisory +10% 305  Liquidnet Platform

  27. Slide 27: Driving diversification and expansion

    12 March 2026 Driving diversification and expansion Building new capabilities and capturing new market opportunities Segment revenue growth (£m)  Enhancing equities platform 365  Algo trading up +26% 350  Cross-border trading up +6% 305  APAC up +14%1 163 148  Expanding in other asset classes 1

  28. Slide 28: Strategic priorities

    12 March 2026 Strategic priorities Focus for 2026: Leverage network to drive growth and  Deep, trusted electronic connectivity operating leverage  Hard to replicate network  Expand and diversify platform, aligned to client demand  Deep, high-quality liquidity pools  Continued innovation  Pione

  29. Slide 29: Silvina Aldeco-Martinez, CEO, Parameta Solutions

    SILVINA ALDECO-MARTINEZ CEO, PARAMETA SOLUTIONS

  30. Slide 30: Disciplined delivery through a transformational year

    12 March 2026 Disciplined delivery through a transformational year Revenue progression (£m) 2025 Highlights +6.6% CAGR  Financial performance  Revenue +5% to £202m (2024: 193m) 202 193  Adj. EBIT £76m (2024: £81m), with 38% margin reflecting planned 179 166 investment to support growth  Target i

  31. Slide 31: Execute the drivers of sustainable growth

    12 March 2026 Execute the drivers of sustainable growth Proprietary data, recurring revenues and significant runway for expansion Growth pillars A differentiated growth opportunity  Expand global client base Commercial Platform & analytics capability  Accelerate upsell, cross-sell and new logo acq

  32. Slide 32: Strategic priorities

    12 March 2026 Strategic priorities Structural strengths underpinning sustainable growth Focus for 2026:  Deepen buy-side adoption Market position & assets  Broaden data offering  Leading market position  Accelerate US growth  Access to proprietary data reflecting deep liquidity pools  Accredit

  33. Slide 33: Nicolas Breteau, Group CEO

    NICOLAS BRETEAU GROUP CEO

  34. Slide 34: Summary and outlook

    12 March 2026 Summary and outlook Record results in 2025 Outlook Strong delivery: financials, strategy & discipline Well positioned for growth  Record Group revenue and profits  Confident outlook for 2026, and beyond  Record revenue growth in Global Broking  Structural advantages from scale, bre

  35. Slide 35: Leveraging scale, breadth, and market growth

    12 March 2026 Leveraging scale, breadth, and market growth Underpinned by proven track record of execution Scale Breadth Growth We are #1 in the Banks | Asset Managers Cyclical $846tn Hedge Funds | Corporates Macroeconomic | Geopolitical Global OTC market1 Trading Houses | Market Makers uncertainty

  36. Slide 36: Q&A

    Q&A

  37. Slide 37: Appendix

    APPENDIX

  38. Slide 38: Divisional Analysis – reported currency basis

    12 March 2026 Divisional Analysis – reported currency basis Energy & Liquidnet Parameta 2025 (£m) Global Broking Commodities Division Solutions Corp/Elim Group Revenue 1,376 449 365 202 (39) 2,353 Contribution 528 122 140 91 - 881 Contribution margin 38.4% 27.2% 38.4% 45.0% - 37.4% Management and su

  39. Slide 39: 2025 reported cash flow

    12 March 2026 2025 reported cash flow £m 2025 2024 EBIT reported 264 236 Depreciation, amortisation and other non-cash items 162 152 Change in net Matched Principal and stock lending balances (27) 8 Movement in working capital (98) 71 Taxes and net interest paid (75) (75) Capital expenditure (74) (6

  40. Slide 40: Free cash flow generation and cash conversion

    12 March 2026 Free cash flow generation and cash conversion 3-year average cash conversion ratio of 113% 20 162 (98) £m 264 (74) (47) (28) (27) 172 346 1 2025 Depreciation, Net Dividends Working Capital Capex Taxes paid Net Interest and Change in net Free Cash Reported amortisation and from JV loan

  41. Slide 41: Balance Sheet

    12 March 2026 Balance Sheet £m Dec 2025 Dec 2024 Goodwill & other intangibles 1,703 1,701 Other non-current assets 203 227 Current assets less current and non-current liabilities (50) (202) Cash and financial instruments 1,069 1,228 Net deferred tax liabilities (30) (24) Interest bearing loans and b

  42. Slide 42: Debt Finance

    12 March 2026 Debt Finance £m Dec 2025 Dec 2024 5.25% £250m sterling Notes May 20261 19 251 2.625% £250m sterling Notes November 20281 250 249 7.875% £250m sterling Notes April 20301 252 251 6.375% £250m sterling Notes April 20321 248 - Subtotal 769 751 Loan from related party (RCF with Totan) 2 - -

  43. Slide 43: Net Funds/(Debt)

    12 March 2026 Net Funds/(Debt) Cash and cash Financial Lease Net £m Overdraft Total funds Debt1 equivalents Investments liabilities funds/(debt) At 1 January 2025 1,068 160 (2) 1,226 (751) (221) 254 Reported net cash flow from operating activities 1 221 - (30) 191 48 17 256 Net cash flow from invest

  44. Slide 44: Capital allocation framework

    12 March 2026 Capital allocation framework Investing in Dividend DYNAMIC CAPITAL MANAGEMENT Returning 1 TRANSFORMATION the Business 2 3 Distributions Balance Sheet DIVERSIFICATION 4 Capital3 Organic growth, Regulatory, working 50% of adjusted Sharing surplus cash inorganic growth capital requirement

  45. Slide 45: Debt Maturity Profile – as at December 2025

    12 March 2026 Debt Maturity Profile – as at December 2025 The Group’s core debt (EMTN bonds) comprises: £m  5.25% £19m sterling Notes maturing May 2026  2.625% £250m sterling Notes maturing November 2028 350  7.875% £250m sterling Notes maturing April 2030  6.375% £250m sterling Notes maturing J

  46. Slide 46: Disclaimer

    12 March 2026 Disclaimer This communication and all information contained in or attached to it (including, but not limited to market prices/levels and market commentary) (the "Information") is for informational purposes only, is confidential, may be legally privileged and is the intellectual propert

TP ICAP Group — FY2025 Earnings Presentation on 6ix