TP ICAP Group (LON:TCAP) outlined what executives called a “strong financial performance” for 2025, pointing to revenue growth, margin expansion, and a new £80 million share buyback as the group continued to execute against its priorities of diversification, transformation, and dynamic capital management.
2025 results: revenue growth and operating leverage
Management said 2025 revenue rose 6% in constant currency to £2.4 billion, supported by record growth in Global Broking. Adjusted EBIT increased 10% to £348 million, with adjusted EBIT margin expanding 50 basis points to 14.8%. Adjusted EBITDA increased 8% to £423 million.
Stewart said net finance costs increased to £34 million, at the top end of guidance, due to refinancing a bond at higher interest rates and lower interest income on cash balances. The effective tax rate on adjusted profit increased to 27%, which Stewart said was below the company’s 28% guidance after one-off credits during the year.
Capital returns and efficiency program
Executives highlighted a new £80 million share buyback, which includes £50 million of cash released “ahead of plan” through the rationalization of legal entities. The company said it has delivered or announced close to £600 million in dividends and buybacks over the past three years, which management described as almost a third of the group’s market capitalization.
Stewart provided an update on TP ICAP’s efficiency program, which was announced in August 2024 and targets £50 million of annualized savings by the end of 2027, alongside the release of £50 million in cash at a cost of £70 million. By the end of 2025, the company said it had delivered £35 million of cost savings at a cost of £40 million. Stewart said the company expects a lower run-rate reduction in 2026, while the overall target remains unchanged.
Division performance: Global Broking strength, Energy & Commodities pressure
Global Broking was the standout, with revenue up 10% to just under £1.4 billion, which management attributed to “strong execution and supportive market conditions” with growth across all asset classes and regions. Adjusted EBIT rose 19.3% to £241 million and margin improved to 17.5% (with the divisional head later citing margin up to 18%). Dan (Global Broking) cited rates up 12%, credit up 15%, equities up 12%, and FX and money markets up 2%.
In Energy & Commodities, revenue declined 2% to £449 million against what management described as two strong prior years, with Stewart pointing to a competitive market for talent. Adjusted EBIT decreased 27% to £41 million as the company invested to attract and retain brokers, compressing margins. The company said it expects the benefits of this investment to feed through in 2026. Joachim Emanuelsson said targeted recruitment has been completed, with revenue benefits expected to build progressively through 2026 and beyond.
Liquidnet reported revenue up 4% to £365 million, with adjusted EBIT rising 6% to £56 million and a “slight expansion” in margin to 15.3%. Mark (Liquidnet) said the performance was driven mainly by double-digit growth in the multi-asset business, while equities revenues were stable. He said Liquidnet maintained a leading position in block trading, which was subdued in the second half.
Parameta Solutions posted revenue growth of 5% to £202 million, with management noting that 97% of revenues were subscription-based. Stewart said planned investment affected adjusted EBIT (reported at £76 million) and adjusted EBIT margin (37.6%). Silvina (Parameta Solutions) said the division doubled the size of its sales organization and strengthened marketing, customer success, and business operations, with improving lead generation and pipeline that she expects to feed into financial performance in 2026.
Strategic initiatives: credit platform, digital assets, and AI
Management repeatedly emphasized diversification across clients, products, and regions. The CEO said Liquidnet and Parameta now account for around 40% of group adjusted EBIT, underscoring a broader buy-side mix. The group also highlighted expansion in Asia-Pacific and pointed to the acquisition of Vantage Capital Markets, announced in January, to strengthen presence in Hong Kong and Tokyo in addition to London.
In Global Broking, executives discussed the acquisition of Neptune Networks and the buildout of a new credit platform, co-owned by nine leading investment banks. Dan said the company is launching a dealer-to-client matching protocol called AxeMatch, designed to combine dealer and investor trading interest and facilitate “low-leakage, high-integrity workflows.”
Energy & Commodities leadership highlighted new capabilities in weather derivatives, dry bulk, and digital assets, as well as geographic expansion in the UAE and Brazil. Emanuelsson also discussed Fusion Digital Assets, which he said is FCA-registered and offers “deep anonymous liquidity” in spot Bitcoin and Ether. He said the platform delivered over $2 billion of notional trading volume in the fourth quarter and is moving to a matched principal model in partnership with Standard Chartered as custodian and settlement agent to improve onboarding and trading access.
Across the group, executives described artificial intelligence as both an efficiency lever and a product enabler. Mark highlighted an AI-powered Liquidnet sales trading tool called FirstMate designed to surface trading opportunities and improve access to liquidity. At Parameta, Silvina said AI is helping improve data quality and accelerate product delivery, citing an “AI engineering agent” called Arbi that enabled the launch of euro and dollar swap rate indexes in six weeks.
During Q&A, management said proprietary data provides protection against AI-related competitive risks, while also positioning AI as an opportunity to accelerate product development and help customers query complex datasets. Management also said the company partners with several large players in large language models through relationships including AWS and Snowflake, but has not decided to create an AI plugin, citing the highly proprietary nature of its data. Executives added that AI tools can increase broker productivity by simplifying workflows and consolidating client orders across communication channels into a unified order book.
Cash, working capital, and 2026 outlook
Stewart said restricted cash declined by £50 million due to the legal entity rationalization, while unrestricted cash decreased by about £110 million as the company invested in the business and returned cash to shareholders. She cited hiring new brokers, the Neptune acquisition, ongoing capex, dividends, and buybacks as uses of cash.
On working capital, Stewart told investors cash flow conversion over a three-year cycle remains above 100%, but 2025 saw working capital outflows that reduced conversion. She attributed this mainly to a “very successful end to the year” with December trading materially higher than the prior year and timing differences in settlement balances that have since reversed, which she described as temporary.
For guidance, Stewart said the group has benefited from supportive market conditions in the current fiscal year to date. At current FX spot rates, TP ICAP expects a headwind of around £9-10 million to adjusted EBIT. Despite that, management said it is comfortable with current consensus for 2026 adjusted EBIT of £361 million. The company also guided to net finance expense of around £35 million, an effective tax rate on adjusted earnings of around 27%, and significant items of about £70 million before tax (excluding legal and regulatory matters).
