TP ICAP Group (TCAP) investor relations material

Executive summary

• Group revenue rose 8% year-over-year to £1.3bn, driven by strong Global Broking performance and disciplined execution across divisions.

• Adjusted EBIT increased 9% to £196m, with margin up to 15.2% and productivity per broker rising 3%.

• Interim dividend increased 8% to 5.6p per share, and a £30m share buyback was announced, bringing total distributions since 2023 to c.£660m.

• Strategic initiatives included the Vantage Capital Markets acquisition, launch of the RealQ credit platform, and an accelerated transformation plan expected to exceed 2027 targets a year early.

Financial highlights

• Revenue rose to £1,292m (+8% constant currency) vs. H1 2025.

• Adjusted EBIT increased to £196m (+9% constant currency), margin 15.2% (H1 2025: 15.0%).

• Adjusted basic EPS up 10% to 19.3p; interim dividend up 8% to 5.6p.

• Net cash at period end was £652m, down from £903m at year-end, mainly due to settlement balances and buybacks.

• Productivity per broker increased 3% to £404k.

Outlook and guidance

• 2026 adjusted EBIT expected in line with market expectations, subject to FX movements.

• Group net finance expense forecast at £35m, effective tax rate at 27%, and significant items at £80m before tax.

• Medium-term ambition for mid to high single-digit revenue and EBIT growth, supported by ongoing investment and value-accretive acquisitions.

• Transformation plan benefits to exceed £50m target a year ahead of schedule.