TP ICAP Revenue Hits £2.35bn as Broking Activity Rises

TP ICAP reported record annual revenue of £2.35 billion for the year ended 31 December 2025, up 6% at constant currency, driven by strong activity across over-the-counter financial markets and higher demand for risk management products. Adjusted earnings before interest and tax increased 10% to £348 million, while reported EBIT rose 12% to £264 million. Chief Executive Nicolas Breteau stated, “This strong performance reflects the disciplined execution of our strategy. We grew the business, maintained strict cost control and continued to drive operating leverage.”

Global Broking Drives Group Performance

Global Broking was the main driver of the group’s performance, with revenue rising 10% at constant currency to £1.38 billion, accounting for 58% of group revenue. The division delivered adjusted EBIT of £241 million, up from £202 million in 2024.

Within Global Broking, rates revenue increased 12% to £635 million, supported by high market activity and client demand for hedging tools. Equities revenue rose 12% to £266 million, credit revenue climbed 15% to £129 million, and FX and money markets revenue increased 2% to £321 million. TP ICAP reported that broker productivity rose 8% year on year, helped by investment in electronic and hybrid execution.

Other Divisional Performance

Energy & Commodities revenue fell 2% at constant currency to £449 million after a strong prior-year comparison. Oil revenue declined 7% due to softer market conditions, while power and gas revenue rose 6%.

Liquidnet revenue rose 4% to £365 million, helped by growth in multi-asset agency brokerage, rates, futures, foreign exchange, Asia-Pacific trading, algorithmic trading, and inter-region activity.

Parameta Solutions, the group’s data and analytics arm, increased revenue 5% to £202 million, with subscription-based revenue accounting for 97% of the division’s total. However, adjusted EBIT fell to £76 million from £81 million, and the margin declined to 37.6% from 42.0%, reflecting planned investment in sales transformation and pricing changes.

Profit and Earnings Metrics

Profit before tax climbed 7% to £230 million, and attributable earnings rose 11% to £186 million. Basic earnings per share increased 14% to 25.2 pence, while adjusted basic earnings per share rose 5% to 33.5 pence.

Capital Returns and Dividends

TP ICAP recommended a final dividend of 11.6 pence per share, taking the full-year dividend to 16.8 pence, up 4%. The final dividend is scheduled for payment on 22 May 2026 to shareholders on the register at the close of business on 10 April.

The group also announced an £80 million share buyback, including £50 million released early from its legal entity rationalisation programme. TP ICAP said it has delivered or announced £588 million of dividends and buybacks over the past 3 years.

Cost Savings and Technology Investment

The company said it has already actioned and achieved £35 million of annualised savings, £10 million ahead of plan, and remains confident of reaching at least £50 million by 2027.

Technology spending remains a central part of the plan. TP ICAP said 70% of its IT systems are now in the cloud, with a target of 80% by the end of 2026. The group also cited its Amazon Web Services partnership, cloud migration, AI training, and work through its AI & Innovation Lab.

2026 Outlook

TP ICAP said current trading remains supported by favourable market conditions. The company noted that foreign exchange moves could create a £9 million to £10 million adjusted EBIT headwind in 2026. Despite the expected currency drag, the board expects 2026 adjusted EBIT to be in line with current market expectations of £361 million.