Tp Icap Group Plc · LSE:TCAP
Tp Icap — H1 2025 Earnings Presentation
54 slides from Tp Icap's earnings presentation, Aug 6, 2025
Slide 1: Interim Results
TP ICAP GROUP PLC Interim Results For the six months ended 30 June 2025
Slide 2: Nicolas Breteau, Group CEO
Nicolas Breteau Group CEO
Slide 3: Our agenda
6 August 2025 Our agenda H1 2025 Highlights & Strategy Nicolas Breteau, Group CEO H1 2025 Financials Robin Stewart, Group CFO Global Broking Daniel Fields, CEO, Global Broking Energy & Commodities Andrew Polydor, Chairman, Energy & Commodities Liquidnet Mark Govoni, CEO, Liquidnet Parameta Solutions
Slide 4: Financial highlights: H1 2025
6 August 2025 Financial highlights: H1 2025 6%2 Record H1 revenue growth 1,400 4-year £1,224m • Revenue +9%1 to £1.2bn; capitalised on market conditions 1,200 £1,085m £1,089m £1,128m CAGR £966 m 1,000 Double-digit growth in adjusted EBIT Revenue 800 9%1 growth 600 400 • H1 2025 Adjusted EBIT +10%1 t
Slide 5: Financial highlights: H1 2025
6 August 2025 Financial highlights: H1 2025 Global Broking – record trading performance E&C and Parameta Solutions • Revenue H1 2025 +12%1 • E&C revenue: -2%1, vs. record H1 24 • Productivity: H1 2025 revenue/broker +11%1 • Parameta Solutions revenue: +5%1, broadly in line with Q1 25 Liquidnet momen
Slide 6: Strategic highlights: execution discipline
6 August 2025 Strategic highlights: execution discipline DYNAMIC CAPITAL MANAGEMENT DIVERSIFICATION TRANSFORMATION Delivering shareholder returns Expanding credit offering TP ICAP & AWS collaboration • Launching fifth buyback (£30m) • Acquired Neptune Networks to build a • Joint team mobilised (incl
Slide 7: Robin Stewart, Group CFO
Robin Stewart Group CFO
Slide 8: H1 2025 income statement
6 August 2025 H1 2025 income statement £m H1 2025 H1 20241 Change CC Change Revenue 1,224 1,144 7% 9% Adjusted EBITDA 220 206 7% 9% Adjusted EBITDA margin 18.0% 18.0% - - Adjusted EBIT 184 170 8% 10% Adjusted EBIT margin 15.0% 14.9% 0.1%pt 0.2%pts Net finance costs (17) (10) 70% Adjusted profit befo
Slide 9: Adjusted EBIT
6 August 2025 Adjusted EBIT £m 3 1 4 180 22 (12) (1) 160 184 170 (3) 140 167 120 100 80 60 40 20 0 H1 2024 reported FX H1 2024 CC Contribution Efficiencies Management Efficiencies Other FX: H1 2025 currency (restated) (restated) programme: & support costs programme: items1 retranslation Front-office
Slide 10: Significant items
6 August 2025 Significant items £m H1 2025 H1 2024 Restructuring & related costs 14 9 • £1m post tax reduction Property rationalisation1 - 8 • Restructuring & related costs +£5m: Group operational efficiencies programme 14 1 • Operational efficiency programme costs Disposals, acquisitions and invest
Slide 11: Global Broking
6 August 2025 Global Broking Constant Reported Currency • Strong revenue growth: 12%2 £m H1 2025 H1 20241 Change Change Rates 327 293 12% 14% • Supportive H1 2025 market conditions FX & Money Markets 169 162 4% 6% • Double-digit growth: Rates, Equities, and Credit Equities 136 120 13% 15% • Revenue
Slide 12: Energy & Commodities
6 August 2025 Energy & Commodities Constant Reported Currency £m H1 2025 H1 20241 Change Change • Total revenue down 2%2 Energy & Commodities 236 242 (2%) (2%) • Record performance in H1 2024 Inter-division revenue 2 2 - - • Highly competitive broker market Total revenue 238 244 (2%) (2%) • Investin
Slide 13: Liquidnet
6 August 2025 Liquidnet Constant Reported Currency • Total revenue +15%2 £m H1 2025 H1 20241 Change Change Total revenue 195 171 14% 15% • Sporadic volatility / trade uncertainty Contribution 75 66 14% • Liquidnet Cash Equities +6%2 Contribution margin 38.5% 38.6% (0.1%pts) • Other asset classes: +2
Slide 14: Parameta Solutions
6 August 2025 Parameta Solutions Constant Reported Currency • Revenue +5%2 £m H1 2025 H1 20241 Change Change • 98% revenue subscription-based Data & Analytics 94 95 (1%) 1% Inter-division revenue 6 2 n/m n/m • Annual Recurring Revenue (ARR) +5%3 Total revenue 100 97 3% 5% • 2025 price increases mode
Slide 15: H1 2025 reported cash flow
6 August 2025 H1 2025 reported cash flow £m H1 2025 H1 20241 EBIT reported 140 131 Depreciation, amortisation and other non-cash items 82 76 Change in net Matched Principal and clearing organisation balances (1) (2) • Operating cash flow: £103m reduction Movement in working capital (128) (22) • Work
Slide 16: Capital allocation framework
6 August 2025 Capital allocation framework 1 TRANSFORMATION 2 Balance Sheet DIVERSIFICATION 3 Distributions 4 Capital Investing in Dividend DYNAMIC CAPITAL Returning MANAGEMENT the Business 3 Organic growth, Regulatory, working 50% of adjusted Sharing surplus cash inorganic growth capital requiremen
Slide 17: Disciplined balance sheet management
6 August 2025 Disciplined balance sheet management Financial year 2023 Financial year 2024 H1 2025 Across 2026 and 2027 c. 4.5% of market cap1 c. 3.6% of market cap1 £30m £30m £30m £30m £30m > £200m H1 23: 1st Buyback FY 23: 2nd Buyback H1 24: 3rd Buyback FY 24: 4th Buyback4 H1 25: 5th Buyback Annou
Slide 18: Investing to simplify, enhance client experience
6 August 2025 Investing to simplify, enhance client experience On track with plan 1 2 3 4 5 Procurement Key levers Technology and Target Operating Real Estate Legal entities & Vendor Data Model Optimisation rationalisation Management >£50m Target >£50m cost savings cash release benefits H1 25 Target
Slide 19: 2025 full year guidance
6 August 2025 2025 full year guidance Market expectations Significant items • Subject to movements in FX rates, particularly current US • c. £115m (pre-tax), excluding legal and regulatory matters Dollar weakness against sterling, Board remains comfortable with current 2025 market expectations for a
Slide 20: Daniel Fields, CEO, Global Broking
Daniel Fields CEO, Global Broking
Slide 21: Global Broking
6 August 2025 Global Broking Capitalising on favourable market conditions A world-leading D-2-D liquidity venue and OTC data source H1 2025 Highlights Market-leading brands, strong market share • Strongest first half on record Global coverage: 1,800+ brokers, 28 countries • Revenue: +12%1 Revenue Mi
Slide 22: Supportive market conditions
6 August 2025 Supportive market conditions Significant macroeconomic and geopolitical volatility MOVE index movements since 1 Jan 2024 VIX movements since 1 Jan 2024 160 60.0 140 Weak US tech 50.0 earnings “Liberation 120 day” 40.0 100 Fed slashes rate cut 80 30.0 expectations 60 20.0 40 20 H1 24 H1
Slide 23: Transforming through technology
6 August 2025 Transforming through technology AWS strategic collaboration Fusion : building a next-gen platform • Accelerating Fusion development & scale • Reduce product delivery times • Development shaped by client needs H1 2025 Progress • Fusion platform continues to grow • Expanding products and
Slide 24: Building a full-service credit platform
6 August 2025 Building a full-service credit platform SELL-SIDE AXES BUY-SIDE AXES Full-service Fusion Desktop Credit Platform Blotter Sync Bank of Barclays BBVA BNP Citadel Confidentiality and trust America Paribas Aladdin Charles River Commonwealth Citi Crédit Deutsche Flow Data protection by Blac
Slide 25: Outlook and strategic priorities
6 August 2025 Outlook and strategic priorities Outlook Strategic priorities • Broadly supportive market conditions: • Grow global client franchises: • Complex geopolitical environment • Enhance coverage: products and regions • Value of deep liquidity • Invest in top-tier talent • Inflation / interes
Slide 26: Andrew Polydor, Chairman, Energy & Commodities
Andrew Polydor Chairman, Energy & Commodities
Slide 27: Energy & Commodities
6 August 2025 Energy & Commodities A world-leading energy & commodities broker Our Growth Strategy H1 2025 Highlights 1 Core 2 New Revenue: -2%1 vs. H1 2024, a record comparator Grow revenue Leverage Energy Investing in talent Transition • Brokers recruited • Strong pipeline in place 3 Enabling Laun
Slide 28: Rapidly evolving market environment
6 August 2025 Rapidly evolving market environment Energy security driving investment into renewables infrastructure Oil Revenue growth in Energy Transition-linked products5 • Outlook: Potential supply disruption; global demand peaks by 20301 200 £176m 180 £167m Power 160 3%6 • Outlook: Electricity u
Slide 29: TP ICAP Digital Assets
6 August 2025 TP ICAP Digital Assets Global cryptocurrency market reached $4 trillion for first time in July 1 Built for Institutional Growth • Fusion Digital Assets • FCA-registered spot crypto exchange for institutional investors • Segregated model and third-party digital custodian • Broking crypt
Slide 30: Outlook and strategic priorities
6 August 2025 Outlook and strategic priorities Outlook Strategic priorities • Mixed market fundamentals • Investing in talent and technology • Demand for energy products (Gas, Power) • Accelerate growth initiatives: • Energy Transition: • Digital Assets, Bulk Commodities, Energy Transition • Impact
Slide 31: Mark Govoni, CEO, Liquidnet
Mark Govoni CEO, Liquidnet
Slide 32: Liquidnet
6 August 2025 Liquidnet A next-generation agency execution specialist to the buy-side Strong H1 25 delivery: Revenue +15%1; Adjusted EBIT+38%1 Our Growth Strategy Significant Revenue Growth H1 2025 Highlights 2-year • Double-digit growth: +15%1 1 2 High / low CAGR: 11%1 • Sustained Equities platform
Slide 33: Delivering revenue growth and diversification
6 August 2025 Delivering revenue growth and diversification Scaling new capabilities, deepening relationships, expanding addressable market Diversifying equities platform Expanding in other asset classes Asset class revenue split (£m) • Continued diversification: • Broadening coverage: • Algorithmic
Slide 34: Equities environment
6 August 2025 Equities environment 4 5x LIS3 Market Share (EMEA) Shifting market dynamics in H1 2025 9% • Tariff uncertainty and geopolitical risks a wildcard 7% Liquidnet • Q1: Allocations shifting outside US to Europe, Emerging Markets 37% Venue 1 15% • Q2: US equities close H1 at record highs (Q2
Slide 35: Outlook and strategic priorities
6 August 2025 Outlook and strategic priorities Outlook Strategic priorities • Macro environment: markets normalising… • Deepening liquidity pool • … but, geopolitical tension, US trade policy uncertainty • Diversifying equities franchise persists • Growing US equities • Expanding multi-asset agency
Slide 36: Silvina Aldeco-Martinez, CEO, Parameta Solutions
Silvina Aldeco-Martinez CEO, Parameta Solutions
Slide 37: Parameta Solutions
6 August 2025 Parameta Solutions World-leading provider of OTC market data solutions 35+ years of unique data; ~1,100 clients; global footprint H1 2025 Highlights Proprietary data and technology platform • Revenue: +5% vs H1 2024 At intersection of markets, data, and technology • Resilient, more div
Slide 38: Five strategic levers to drive sustainable growth
6 August 2025 Five strategic levers to drive sustainable growth 5 4 Inorganic Growth • Strategic acquisitions to boost: 3 Optimisation • Workflow automation • Sharpening operations 2 Innovation • Analytics through: • Deploying more AI across • Streamlined distribution Product our Data Factory • Cost
Slide 39: Strategic execution on track
6 August 2025 Strategic execution on track Sales & Marketing: Customer • Strengthened global Sales team Acquisition • Launched new website and brand-building campaign • H1 25 lead generation up 10x vs. FY 2024 total leads • Onboarded new client segments Data Sources Expansion: • 20+ third-party sour
Slide 40: Outlook and strategic priorities
6 August 2025 Outlook and strategic priorities Outlook Strategic priorities • Secular demand for OTC data driven by: • Accelerate commercial strategy • Greater regulatory complexity, surveillance needs • Investment in sales force • Capital optimisation, reporting standards • Product expansion • Buy-
Slide 41: Nicolas Breteau, Group CEO
Nicolas Breteau Group CEO
Slide 42: The evolution of TP ICAP
6 August 2025 The evolution of TP ICAP Significant transformation. Well positioned for future growth. 96% Sell-side & buy-side 4.7x 40% 40% 55% £250m 2 Debt reduction / Increase in Data & Increase in Group revenue Increase in IT systems Analytics revenue Leading client non-broking growth Group produ
Slide 43: Attractive medium-term value drivers
6 August 2025 Attractive medium-term value drivers Strong cash generation, growth opportunities, shareholder returns, positive outlook 1 Fusion acceleration: AWS collaboration DIVERSIFICATION DYNAMIC CAPITAL MANAGEMENT 2 Operational efficiencies: On track £50m annual savings by 2027 3 Neptune acquis
Slide 44: Q&A
Q&A
Slide 45: Appendix
Appendix
Slide 46: H1 2025 revenue breakdown
6 August 2025 H1 2025 revenue breakdown Revenue by business division1 Global Broking revenue by asset class1 Parameta Solutions Inter-division £100m revenues +5% £13m Equities £136m +18% +15% Liquidnet Division £195m +15% Rates Total: Total: £327m Global Broking £1,224m2 14% £712m £712m +9% +12% +12
Slide 47: Divisional Analysis – reported currency basis
6 August 2025 Divisional Analysis – reported currency basis Energy & Liquidnet Parameta H1 2025 (£m) Global Broking Commodities Division Solutions Corp/Elim Group Revenue 712 238 195 100 (21) 1,224 Contribution 277 69 75 44 - 465 Contribution margin 38.9% 29.0% 38.5% 44.0% n/a 38.0% Management and s
Slide 48: Divisional Analysis – constant currency basis
6 August 2025 Divisional Analysis – constant currency basis Energy & Liquidnet Parameta H1 2025 (£m) Global Broking Commodities Division Solutions Corp/Elim Group Revenue 712 238 195 100 (21) 1,224 Contribution 277 69 75 44 - 465 Contribution margin 38.9% 29.0% 38.5% 44.0% n/a 38.0% Management and s
Slide 49: Liquidnet division revenue
6 August 2025 Liquidnet division revenue Constant Reported Currency £m H1 2025 H1 20241 Change Change Total division revenue 195 171 +14% +15% - Liquidnet Cash Equities 100 99 +1% +3% - Liquidnet Listed Derivatives2 4 1 +400% +270% - Rest of the division3 91 71 +28% +29% 1. In reported currency. 2.
Slide 50: Balance Sheet
6 August 2025 Balance Sheet £m June 2025 June 2024 Goodwill & other intangibles 1,678 1,702 Other non-current assets 217 247 Current assets less current and non-current liabilities (68) (50) Net cash and financial instruments 1,017 1,107 Deferred tax liabilities (25) (46) Interest bearing loans and
Slide 51: Debt Finance
6 August 2025 Debt Finance £m June 2025 Dec 2024 5.25% £250m Sterling Notes May 20261 20 251 2.625% £250m Sterling Notes November 20281 249 249 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 -
Slide 52: Net Funds/(Debt)
6 August 2025 Net Funds/(Debt) Cash and cash Financial Lease Net £m Subtotal Overdraft Total funds Debt1 equivalents Investments liabilities funds/(debt) At 1 January 2025 1,068 160 1,228 (2) 1,226 (751) (221) 254 Reported net cash flow from operating activities 1 61 - 61 (9) 52 22 11 85 Net cash fl
Slide 53: Debt Maturity Profile – as at 30 June 2025
6 August 2025 Debt Maturity Profile – as at 30 June 2025 The Group’s core debt (EMTN bonds) comprises: 500 • 5.25% £19.5m Sterling Notes maturing May 2026 450 • 2.625% £250m Sterling Notes maturing November 2028 400 ¥20b • 7.875% £250m Sterling Notes maturing April 2030 350 • 6.375% £250m Sterling N
Slide 54: Disclaimer
6 August 2025 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