Record results, with adjusted EBIT ahead of expectations, announcing an £80m share buyback

Nicolas Breteau, Group CEO, said: “TP ICAP delivered another year of strong revenue and profit growth. At constant currency1 , our Global Broking franchise achieved record revenue growth of 10%, while total Group revenue increased by 6% to £2.4bn, and adjusted EBIT1 increased 10% to £348m. This continues the momentum we have built since 2021, with adjusted EBIT compounding at 9% annually.

“This strong performance reflects the disciplined execution of our strategy. We grew the business, maintained strict cost control and continued to drive operating leverage. This is evident in our increasingly diversified buy-side and sell-side offering, with both Global Broking and Liquidnet delivering record profitability.

“Reflecting our strong financial delivery, operational progress and continued capital discipline, I am pleased to announce the launch of an £80m share buyback. This distribution includes £50m from our legal entities rationalisation programme, delivered ahead of schedule.

“We operate at the centre of the world’s most complex financial markets, which present significant long‑term opportunities. We remain confident in our outlook, supported by the strength of our diversified business and disciplined delivery of our strategy.”

Record Group revenue

• Record Group revenue up 6% (+4% reported)

• Record Global Broking revenue growth up 10% (+8% reported); strong performance across all asset classes

• Energy & Commodities revenue down 2% (-3% reported), in line with the Group’s expectations

• Liquidnet revenue up 4% (+3% reported), following a record 2024. Strong performance across multi-asset agency brokerage2 up 10%, with equities platform delivering a stable year-on-year performance

• Parameta Solutions revenue up 5% (+2% reported), with subscription-based revenue at 97%

Diversification – investing for growth

TP ICAP continues to diversify across clients, products and regions, with each division contributing to that momentum. Our strategy is to broaden our offering, deepen our execution capabilities, and expand into adjacent markets, ensuring the Group is well-positioned for long‑term, profitable growth.

In Global Broking, we have expanded our Credit offering through the acquisition of Neptune Networks. We are launching a new full‑service credit platform that will feature AxeMatch™ – an innovative dealer‑to‑client protocol – built by bringing together Liquidnet Fixed Income with the capabilities gained through the Neptune acquisition. This also builds on the strong momentum of Rebalance, our anonymous dealer‑to‑dealer matching protocol, which continues to achieve high volumes across regions. Together, these developments will strengthen our electronic platform and broaden our credit execution offering.

In Energy & Commodities, our Digital Assets initiatives are positioning us well as institutional adoption accelerates. Fusion Digital Assets is gaining traction as an FCA-registered venue for institutional‑grade liquidity and execution, processing more than $2bn in notional trading volume over Q4 2025 alone. Its transition in March 2026 to a matched principal model – supported by Standard Chartered as custodian and settlement agent – strengthens our offering and enables faster client onboarding. It also delivers capital efficiency to clients, enhancing our competitive position as regulatory frameworks evolve, tokenisation accelerates and institutional participation grows.

See full results here

Source: TP ICAP

🚀 Over $2bn traded on Fusion Digital Assets in Q4 2025, following on from the $1bn+ month of Sep that was covered by @business

Our CEO talked in FY25 results about how the venue is positioned as a multi-asset exchange to support our clients in tokenisation

Bring on 2026 💪🏼 pic.twitter.com/XKYmqLDc9G

— Duncan Trenholme (@DuncanTrenholme) March 13, 2026