TP ICAP Group PLC

Latest Results (16.04.2026):

TP ICAP Group PLC — preliminary results for the year ended 31 December 2025 (covering Q4 2025 / FY2025): the Group reported record revenue of £2,353m and adjusted EBIT of £348m (up 10% at constant currency), beating market expectations; reported EBIT was £264m. Management announced an £80m share buyback (including a £50m legal-entity cash release) and a final dividend of 11.6p, taking total 2025 dividend to 16.8p.

Top-line and profit

Revenue £2,353m (+6% at constant currency; +4% reported). Adjusted EBIT £348m (+10% constant currency; +7% reported). Reported EBIT £264m and profit before tax £230m.

Earnings per share

Adjusted basic EPS 33.5p (2025) vs 31.8p (2024). Reported basic EPS 25.2p (2025) vs 22.1p (2024). Weighted average shares reduced to 736.8m (basic).

Capital returns

Board recommending final dividend 11.6p (total 16.8p for 2025, +4%). Announced £80m share buyback (includes £50m from early legal-entity rationalisation). Nearly £600m of dividends and buybacks delivered/announced since 2023.

Division performance

Global Broking: record revenue £1,376m (+10% constant currency) and adjusted EBIT contribution £241m. Liquidnet: revenue £365m (+4% constant currency) and adjusted EBIT £56m. Parameta Solutions: revenue £202m (+5% constant currency) with 97% subscription revenue. Energy & Commodities: revenue £446m (-2% constant currency) as expected.

Costs, efficiency and transformation

Group net management & support costs £533m (reduced 1% year-on-year despite inflation). Operational efficiencies delivered £35m annualised savings to date (£21m in‑year), ahead of plan and targeting at least £50m by 2027. 70% of IT systems on cloud, targeting 80% in 2026.

Capital structure and liquidity

Gross debt/adjusted EBITDA leverage ~1.6x. Issued new £250m Sterling Notes maturing 2032 and repurchased >90% of £250m notes due May 2026. Syndicated RCF extended to Dec 2030; ¥20bn RCF in Japan extended to Feb 2028.

Significant items and tax

Significant items (pre-tax) ~£84m (2025) with ~half non-cash; tax on adjusted earnings c.27% (2025 effective adjusted tax rate 26.8%). Management expects significant items c.£70m before tax in 2026.

Outlook and guidance

Board expects 2026 adjusted EBIT in line with market consensus (company-compiled mean £361m), though management flags a £9–10m FX headwind at current spot rates. Guidance: net finance expense ~£35m; adjusted tax rate ~27%; dividend cover ~2x adjusted post-tax earnings.

Strategic progress and M&A

Post-period acquisition of Vantage Capital Markets announced to strengthen equity derivatives and fixed income in APAC; earlier Neptune Networks deal supporting new full-service credit platform and AxeMatch™. Continued electronification and AI focus (AWS partnership, AI & Innovation Lab).