Slide 1: BGC Group, Inc. Earnings Presentation Q1 2025
BGC GROUP, INC. NASDAQ: BGC E A R N I N G S P R E S E N TAT I O N Q 1 2 0 2 5
Slide 2: Disclaimer
2 DISCLAIMER DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statem
Slide 3: Q1 2025 Performance
Q1 2025 PERFORMANCE Highlights of Consolidated Results BUSINESS HIGHLIGHTS Q1 2025 Q1 2024 Change (USD millions) Revenues $664.2 $578.6 14.8% $664mm GAAP income from operations before income taxes 80.0 71.1 12.5% Q1 Record Revenue +14.8% yr/yr GAAP net income for fully diluted shares 52.8 46.4 13.8%
Slide 4: BGC Group Overview
4 BGC GROUP OVERVIEW BGC is a leading marketplace for OTC products that don’t trade on an exchange and provides critical liquidity for listed products that trade on exchange, as well as operating a fully regulated U.S. interest rate futures exchange. BUSINESS MODEL BGC REVENUE REVENUE DRIVERS DRIVER
Slide 5: Revenue by Asset Class
REVENUE BY ASSET CLASS (USD millions) Revenue By Asset Class 8% (USD millions) Q1 2025 Q1 2024 Change DATA, NETWORK & POST-TRADE AND Rates $200.9 175.1 14.8% OTHER2 30% ECS1 149.9 118.5 26.6% 9% RATES EQUITIES Foreign Exchange 110.0 84.0 31.0% $664 Credit 86.9 87.6 (0.7)% 13% CREDIT Equities 62.9 62
Slide 6: Diverse Global Product Offering
6 DIVERSE GLOBAL PRODUCT OFFERING Rates ECS Foreign Exchange Products Revenue Products Revenue Products Revenue Q1 2025 Q1 2025 Q1 2025 ▪ Government Bonds ▪ Spot FX ▪ Environmental & Energy 30% Transition Products ▪ OTC & Listed Interest ▪ FX Forwards Rate Derivatives ▪ Oil & Refined Products $201mm
Slide 7: Revenue by Geography
REVENUE BY GEOGRAPHY REVENUE GROWTH ACROSS ALL GEOGRAPHIES Revenue By Geography Q1 2025 Q1 2024 Change (USD millions) (USD millions) Americas $246.6 $200.0 23.3% EMEA 342.0 304.7 12.2% Asia Pacific 75.6 73.8 2.4% 37% $664 AMERICAS Total Revenue $664.2 578.6 14.8% 51% Revenue By Currency % of EMEA Q1
Slide 8: Front Office Productivity
FRONT OFFICE PRODUCTIVITY FRONT OFFICE HEADCOUNT AND PRODUCTIVITY Period–end Front Office Headcount >$1 million LTM Front Office Productivity (in USD 000s)1 $1,051 $962 Record LTM Front Office $881 $825 Productivity $754 $755 Consistent front office productivity growth 2,491 2,238 2,165 2,046 2,119
Slide 9: Consistent Earnings Growth
9 CONSISTENT EARNINGS GROWTH PRE-TAX ADJUSTED EARNINGS POST-TAX ADJUSTED EARNINGS & ADJUSTED EPS Pre-tax Adjusted Earnings Post-tax Adjusted Earnings Pre-tax Adjusted Earnings Margin 24.1% Adjusted EPS $0.29 23.4% 23.4% 22.3% $0.25 $160mm $0.23 20.1% $143mm $0.21 $135mm $125mm $0.18 $123mm $114mm $1
Slide 10: ECS (Energy, Commodities & Shipping) Overview
ECS (“ENERGY, COMMODITIES, & SHIPPING”) OVERVIEW BUSINESS HIGHLIGHTS REVENUE BREAKDOWN REVENUE GROWTH (excl. OTC which closed on April 1, 20251) Commodities $150mm & Metals Environmental & Energy Transition Record Q1 Revenue (Q1 2025 Revenue) Shipping Q1 $515mm & Freight 2025 $386mm +27% Oil & Refin
Slide 11: OTC Acquisition
OTC ACQUISITION OVERVIEW BENEFITS OF THE OTC ACQUISITION ▪ BGC becomes the world’s largest ECS broker, creating a one-stop-shop for clients’ global energy, commodities, & shipping needs Completed the acquisition of ▪ Provides immediate scale in oil & refined products, the world’s largest energy sour
Slide 12: ECS Strategic Acquisitions: Case Study & Revenue Pipeline
ECS STRATEGIC ACQUISITIONS: CASE STUDY & REVENUE PIPELINE SUCCESS OF TRIDENT ACQUISITION ECS ACQUISITIONS EXPECTED REVENUE IMPACT BGC has a strong track record of successful M&A integration and growth; Sage and OTC are expected to add an additional $450 million of annual ECS revenue Since acquiring
Slide 13: Fenics Overview, Revenue by Asset Class, Revenue Growth
OVERVIEW FENICS REVENUE BY ASSET CLASS REVENUE GROWTH $173mm Fenics Revenue Q1 2025 Revenue 18% $594mm 41% FOREIGN +16% EXCHANGE RATES $449mm Growth yr/yr $173mm $173mm $261mm $319mm $149mm $27mm Q1 2025 $209mm $22mm 21% $127mm $146mm 19% CREDIT FY 2016 FY 2018 FY 2020 FY 2022 LTM Q1 2025 DATA, NETW
Slide 14: Business Highlights
14 Exchange for US Interest Rate World’s Fastest Growing Wholesale State-Of-The-Art Spot FX & NDF Futures – The Most Widely Traded Cash US Treasury Platform Platform Futures Contracts In The World $60bn +33% $14bn +105% Launched SOFR futures in Record Volume ADV Growth Record Volume ADV Growth Septe
Slide 15: Business Highlights: FMX UST Volume & Market Share
BUSINESS HIGHLIGHTS FMX UST VOLUME & MARKET SHARE UST TRADING VOLUME $60bn 32.6% Q1 2025 Record Volume 29.8% 29.4% 30.3% (ADV yr/yr change) 27.9% 33% (Q1 2025 ADV) $60bn 25.3% 25.7% 23.4% $53bn $52bn 21.3% $47bn +33% $45bn $41bn $37bn $38bn $34bn FMX UST ADV Growth (Q1 2025 yr/yr) 9% 7%2 32.6% 1Q23
Slide 16: Data, Network & Post-Trade
DATA, NETWORK & POST-TRADE BUSINESS HIGHLIGHTS REVENUE GROWTH KEY BUSINESSES $32.5mm Quarterly Provider and generator of data across global Record Q1 Revenue $33mm financial and commodity markets, supported by (Q1 2025 Revenue) $27mm $22mm BGC’s deep wholesale liquidity pools $18mm ~10% Q1 2019 Q1 2
Slide 17: Outlook
17 OUTLOOK Q2 2025 OUTLOOK Guidance Actual Yr/Yr % Change Metric (USD million) Q2 2025 Q2 2024 Low Mid High Revenues $715 – $765 $550.8 +30% +34% +39% (Revenues excl. OTC Acquisition) $605 – $645 $550.8 +10% +13% +17% Pre-tax Adjusted Earnings $156 – $171 $125.8 +24% +30% +36% BGC expects to update
Slide 18: GAAP Financial Results
GAAP FINANCIAL RESULTS
Slide 19: Balance Sheet
19 BALANCE SHEET BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Assets Liabilities, Redeemable Partnership Interest, and Equity Cash and cash equ
Slide 20: Income Statement
20 INCOME STATEMENT BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) Three Months Ended Three Months Ended March 31, March 31, 2025 2024 2025 2024 Revenues: Other income (losses), net: Commissions $ 494,711 $ 415,172 Gains
Slide 21: Appendix
APPENDIX
Slide 22: Fenics Ecosystem
22 FENICS ECOSYSTEM DATA, NETWORK & RATES CREDIT FOREIGN EXCHANGE EQUITIES POST-TRADE KEY PRODUCTS: KEY PRODUCTS: KEY PRODUCTS: • FX Spot FENICS MARKET DATA • Investment Grade Bonds (IG) • FX Options (Fenics Markets associated Market Data) • Interest Rate Derivatives MARKETS • EGBs • High Yield Bond
Slide 23: Fenics Platforms At-A-Glance
FENICS PLATFORMS AT-A-GLANCE TRADING PLATFORMS DATA, NETWORK AND POST-TRADE Fenics MIDFX Asset Class: Rates Asset Class: Foreign Exchange Asset Class: Data, Network and Post-trade – Market Data Products: U.S. Government Securities (Benchmarks, T-Bills & Off-the-runs) Products: Spot FX and NDFs Distr
Slide 24: BGC's Fully Diluted Weighted-Average Share Count Summary
24 BGC’S FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT SUMMARY Fully Diluted Q1 2025 Fully Diluted Weighted-Average Share Count Summary Weighted- Ownership (%) For Adjusted Earnings Average Shares (millions) PUBLIC OWNERSHIP (% OF FULLY-DILUTED SHARE COUNT) PUBLIC 366.2 73% 73% Class A owned by Public
Slide 25: Strongly Capitalized & Investment Grade Credit Profile
25 STRONGLY CAPITALIZED & INVESTMENT GRADE CREDIT PROFILE BGC Group, Inc. (in $’000s) As of 3/31/2025 INVESTMENT GRADE CREDIT RATING Cash and cash equivalents $966,357 ▪ Investment Grade Credit Rated: Financial instruments owned, at fair value 179,730 • Fitch: BBB- (Outlook: Stable) Total Liquidity
Slide 26: BGC Revenue Correlation & Industry Volumes
26 BGC REVENUE CORRELATION & INDUSTRY VOLUMES BGC’S ASSET CLASS REVENUES ARE GENERALLY CORRELATED TO RELEVANT INDUSTRY SECONDARY MARKET TRADING VOLUMES Q1 2025 VS Q1 2024 Brokerage revenues are driven by secondary market trading volumes in the ASSET CLASS REVENUE TO INDUSTRY VOLUME CORRELATION1 INDU
Slide 27: Shareholder Value Creation
27 SHAREHOLDER VALUE CREATION BGC HAS A STRONG HISTORY OF CREATING VALUE FOR SHAREHOLDERS THROUGH ORGANIC GROWTH, ACQUISITIONS & INVESTMENTS IN TECHNOLOGY 2025 – Completed OTC Acquisition 1999 – eSpeed, leading electronic becoming the UST platform, IPOs world’s largest ECS 2023 – Completed 2004 – Ca
Slide 28: Non-GAAP Definitions and Reconciliation Tables
NON-GAAP DEFINITIONS AND RECONCILIATION TABLES
Slide 29: Reconciliation of GAAP to Adjusted Earnings
29 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS & GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Three Months Ended March 31, March 31, 2
Slide 30: Reconciliation of GAAP to Adjusted Earnings Footnotes
30 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS FOOTNOTES FOOTNOTES (1) The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in thousands): Three Months Ended March 31, 2025 2024 Issuance of common stock and grants of exchange
Slide 31: Other Select Financial Data
31 OTHER SELECT FINANCIAL DATA RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT STOCKHOLDERS TO ADJUSTED EBITDA (IN THOUSANDS) (UNAUDITED) (IN THOUSANDS) (UNAUDITED) Three Months Ended Three Months Ended March 31, March 31, 2025 2024 2025 2024 G
Slide 32: Differences Between Non-GAAP and GAAP Consolidated Results
32 DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS NON-GAAP FINANCIAL MEASURES The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (“RSUs”), that the Company has issued and outsta
Slide 33: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 33 (CONTINUED) The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted
Slide 34: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 34 (CONTINUED) METHODOLOGY FOR CALCULATING ADJUSTED EARNINGS TAXES Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted
Slide 35: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 35 (CONTINUED) MANAGEMENT RATIONALE FOR USING ADJUSTED EARNINGS BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are
Slide 36: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 36 (CONTINUED) TIMING OF OUTLOOK FOR CERTAIN GAAP AND NON-GAAP ITEMS BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing
Slide 37: Media and Investor Contact
37 37 Media Contact: Erica Chase +1 212-610-2419 Investor Contact: ir.bgcg.com Jason Chryssicas twitter.com/bgcgroupinc +1 212-610-2426 linkedin.com/company/bgc_group