TP ICAP Group (TCAP) Q4 2025 earnings summary

Executive summary

• Revenue grew 6% year-over-year to £2.4 billion, with record performance in Global Broking and broad-based growth across the group.

• Adjusted EBIT increased 10% to £348 million, with margin expanding to 14.8%.

• Announced a share buyback of £80 million, supported by early release of £50 million in cash from efficiency programs.

• Strategic priorities advanced: diversification, transformation, and dynamic capital management, including acquisitions and technology investments.

• Delivered or announced £600 million in dividends and buybacks over the last three years.

Financial highlights

• Adjusted EBITDA rose 8% to £423 million; adjusted EBIT margin improved by 50bps to 14.8%.

• Adjusted basic EPS up 5% to 33.5p; full-year dividend increased 4% to 16.8p.

• Net finance costs increased to £34 million due to bond refinancing and lower interest income.

• Free cash flow was £172 million, with a 70% FCF conversion ratio for the year.

• Unrestricted cash decreased by £110 million, reflecting investments and shareholder returns.

Outlook and guidance

• 2026 adjusted EBIT expected at £361 million, with a potential FX headwind of £9–10 million.

• Net finance expense forecast at £35 million; effective tax rate on adjusted earnings at 27%.

• Efficiency program targets £50 million annualized savings by 2027; £35 million already delivered.

• Significant items expected to be c. £70 million before tax in 2026.

• Continued investment in technology, AI, and expansion in Asia-Pacific and digital assets.