Tp Icap Group Plc · LSE:TCAP
Tp Icap — FY2024 Earnings Presentation
58 slides from Tp Icap's earnings presentation, Mar 11, 2025
Slide 1: Preliminary Results for the 12 months ended 31 December 2024
SX sf TP ICAP GROUR. PEG For the 12 months ended 31 December 2024
Slide 2: Nicolas Breteau
e Nicolas Breteau
Slide 3: Our agenda
11 March 2025, Our agenda » v Nicolas Breteau, Group CEO Robin Stewart, Group CFO Daniel Fields, CEO, Global Broking Andrew Polydor, CEO, Energy & Commodities Mark Govoni, CEO, Liquidnet Silvina Aldeco-Martinez, CEO, Parameta Solutions Nicolas Breteau, Group CEO All speakers TP ICAP Group ple Prelim
Slide 4: Classification: Internal
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Slide 5: Classification: Internal
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Slide 6: Classification: Internal
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Slide 8: Robin Stewart
e Robin Stewart
Slide 9: 2024 income statement
11 March 2025, 2024 income statement £m 2024 2023! Change CC Change Revenue 2,253 2,191 5% Adjusted EBITDA 398 372 11% ed EBITDA margin 17.7% 16.9% 0.9%pts Adjusted EBIT 324 299 12% Ac 1 EBIT 14.4% 13.7% 0.9 Net finance costs (21) (28) (25%) Adjusted profit before tax 303 271 12% Tox (80) (67) 19% E
Slide 10: Classification: Internal
300 250 200 150 100 50 0 Classification: Internal
Slide 11: Significant items
11 March 2025, Significant items £m 2024 2023 Restructuring & related costs 14 26 Property rationalisation! 4 15 Liquidnet integration 5 9 Group operational efficiencies programme 10 2 Disposals, acquisitions and investment in new business 62 51 Amortisation of intangible assets arising on consolida
Slide 12: Classification: Internal
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Slide 13: Classification: Internal
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Slide 14: Classification: Internal
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Slide 15: Classification: Internal
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Slide 16: Classification: Internal
450 400 350 300 250 200 150 100 50 0 Classification: Internal
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Slide 18: £1,226m £1,208m Classification: Internal
£1,208m £1,226m • • • • Classification: Internal
Slide 19: Investing to simplify, enhancing client experience
11 March 2025, Investing to simplify, enhancing client experience 1 2 3 2 Procurement O Technology and Target Operating +, Key levers & Vendor (8 Data Model pemepranan 2 Target (Q) o—® benefits >£50m cost savings 4 5 Real Estate Legal entities Optimisation rationalisation >£50m cash release Targeted
Slide 20: Classification: Internal
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Slide 21: Daniel Fields
e Daniel Fields
Slide 22: Classification: Internal
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Slide 23: Classification: Internal
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Slide 24: Classification: Internal
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Slide 25: Andrew Polydor
e ndrew Polydor
Slide 26: Classification: Internal
• 1 2 • • • • • • • • 3 4 Classification: Internal
Slide 27: Classification: Internal
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Slide 28: Classification: Internal
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Slide 29: Classification: Internal
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Slide 30: Mark Govoni
he ‘ » ip = Mark Govoni
Slide 31: Classification: Internal
• • • • (41%) • (59%) • Classification: Internal
Slide 32: Classification: Internal
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Slide 34: Classification: Internal
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Slide 35: Silvina Aldeco-Martinez
& a Aldeco-Martinez
Slide 36: Classification: Internal
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Slide 37: Operating in a large market with tailwinds for data and analytics
11 March 2025, a Operating in a large market with tailwinds for data and analytics Substantial Market... ... Market Drivers ..Client Use Cases f2 Increasing regulatory complexities 2 OTC derivatives notional volumes Buyside search for yields across new asset classes c.20x larger than lobal equit g g
Slide 38: Our solutions reach a diversified client base globally
11 March 2025, Our solutions reach a diversified client base globally... 550+ CLIENTS 55% REVENUE 8% Buy-side 57% Sell-side 21% Market Data Vendors & PRAs 14% Corporates & Other 350+ CLIENTS 30% REVENUE Pp 300+ CLIENTS R&,, . 1.5% REVENUE 20% Buy-side > Buy-side 34% Sell-side Sell-side 42% Market Da
Slide 39: $253M Classification: Internal
$253M 91% Classification: Internal
Slide 40: Classification: Internal
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Slide 41: Diversified, growing global distribution
11 March 2025, Diversified, growing global distribution Third-Party nels Price Reporting Data Vendors Agencies (PRAs) Independent ° Index Providers Software 78% 22% Vendors = Energy Trading = & Risk Exchanges “ Industry Management Standard Feeds Instant Global Scale Growing Share of Subscription Rev
Slide 42: Classification: Internal
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Slide 43: Nicolas Breteau
e Nicolas Breteau
Slide 44: Medium-term value drivers
11 March 2025, Medium-term value drivers aa Strong cash generation, shareholder returns, positive outlook TRANSFORMATION DIVERSIFICATION DYNAMIC CAPITAL MANAGEMENT (2) Broking businesses well positioned Parameta upside es Strong cash potential generation Fusion / AWS Liquidnet Potential listing of d
Slide 45: Q&A
Slide 46: Appendix
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Slide 47: 2024 revenue breakdown
11 March 2025, 2024 revenue breakdown Revenue by business division! Global Broking revenue by asset class! Parameta Solutions Inter-division £198m revenues +8% Equiti £24m quities 241m +9% +3% Liquidnet Division £354m +15% Global Broking Rates £1,274m. £574m +4% A% FX & Money Energy & Markets Commod
Slide 48: Divisional Analysis - reported currency basis
11 March 2025, Divisional Analysis - reported currency basis Energy & Liquidnet Parameta 2024 (£m) Global Broking Commodities Division Solutions Corp/Elim Group Revenue 1,274 461 354 198 (34) 2,253 Contribution 491 142 136 99 868 Contrib margin 38.5% 30.8% 38.4% 50% 38.5% Management and support cost
Slide 49: Divisional Analysis - constant currency basis
11 March 2025, Divisional Analysis - constant currency basis Energy & Liquidnet Parameta 2024 (£m) Global Broking Commodities Division Solutions Corp/Elim Group Revenue 1,274 461 354 198 (34) 2,253 Contribution 491 142 136 99 868 Contrib margin 38.5% 30.8% 38.4% 50.0% 38.5% Management and support co
Slide 50: 2024 reported cash flow
11 March 2025, 2024 reported cash flow £m 2024 2023 (restated)! EBIT reported 236 125 Depreciation, amortisation and other non-cash items 152 229 Change in net Matched Principal and stock lending balances 8 (24) Movement in working capital 71 108 Taxes and interest paid (75) (122) Capital expenditur
Slide 51: Classification: Internal
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Slide 52: Liquidnet division revenue
11 March 2025, Liquidnet division revenue Constant Reported Currency £m 2024 2023! Change Change Total division revenue 354 315 12% 15% - Liquidnet Cash Equities 201 175 15% 18% - Liquidnet Listed Derivatives? 3 2 50% 50% - Rest of the division® 150 138 9% 11% 1. neportd creny.2- Excutionof equity &
Slide 53: Balance Sheet
11 March 2025, Balance Sheet &m December December 2024 2023 Goodwill & other intangibles 1,701 1,716 Other non-current assets 227 289 Current assets less current and nor-current liabilities (202) (155) Cash and financial instruments 1,228 1,218 Deferred tax liabilities (24) (61) Interest bearing loa
Slide 54: Debt Finance
1 11 March 2025, Debt Finance £m Dec 2024 Dec 2023 5.25% £247m Sterling Notes January 2024! 37 5.25% £250m Sterling Notes May 2026! 251 250 2.625% £250m Sterling Notes November 2028! 249 249 7.875% £250m Sterling Notes April 2030" 251 251 Subtotal 751 787 Loan from related party (RCF with Totan)? Re
Slide 55: Net Funds/(Debt)
11 March 2025, Net Funds/(Debt) a “Cavivolents Investments Subt=tal Overdraft Totalfunds Debt coities fund Cdebe) At 1 January 2024 1,029 189 1,218 (10) 1,208 (827) (251) 130 Reported net cash flow from operating activities! 369 - 369 8 377 AT 15 439 Net cash flow from investment activities (64) (24
Slide 56: Classification: Internal
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Slide 57: Classification: Internal
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Slide 58: Disclaimer
11 March 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 proper