TP ICAP Group PLC (TCAPF) Q4 2025 Earnings Call Transcript

SA Transcripts158.94K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call TP ICAP Group PLC (TCAPF) Q4 2025 Earnings Call March 12, 2026 5:00 AM EDT Company Participants Nicolas Breteau - Group CEO & Executive DirectorRobin Stewart - CFO & Executive DirectorDaniel Fields - Chief Executive Officer of Global Broking DivisionJoachim EmanuelssonMark Govoni - Chief Executive Officer of LiquidnetSilvina Aldeco Martinez - Chief Executive Officer of Parameta SolutionsDominic Lagan - Head of Investor Relations Conference Call Participants Stuart Duncan - Peel Hunt LLP, Research DivisionCara Thomson - Rothschild & Co Redburn, Research DivisionEnrico Bolzoni - JPMorgan Chase & Co, Research Division Presentation Nicolas BreteauGroup CEO & Executive Director Good morning, everyone, and thank you for joining us today. We delivered a strong financial performance in 2025 as we executed our strategy. So this is our agenda for today. I will start with the highlights and strategic progress. Our Group CFO, Robin Stewart, will then take you through the financials in more detail. After that, you'll hear from our divisional heads. You already know Dan, Mark and Silvina and they are joined by Joachim Emanuelsson, our Co-Head of Energy and Commodities, who is presenting for the first time. Finally, I will wrap up before we move to Q&A. So let me begin with the financial headlines where all movements are in constant currency. 2025 was another outstanding year for TP ICAP. Our revenue grew 6% to GBP 2.4 billion. This includes record revenue growth of 10% in Global Broking, driven by deep client engagement across all asset classes. Along with good top-line performance, we delivered strong operating leverage. Our Group adjusted EBIT increased 10% to GBP 348 million and adjusted EBIT margin expanded by 50 basis points to 14.8%. This excellent result reflects 2 things: the effective execution across our major franchises and robust cost discipline despite inflation. As you can see, this