TP ICAP Group (TCAP) Q1 2025 TU earnings summary

Executive summary

• Total revenue rose 10% to £629m, marking the best quarter ever, driven by heightened market volatility from U.S. trade policy uncertainty.

• Board remains comfortable with 2025 adjusted EBIT expectations despite recent USD weakening.

Financial highlights

• Global Broking revenue increased 14%, with strong performance across all asset classes.

• Liquidnet revenue up 16%, continuing strong momentum.

• Energy & Commodities revenue remained flat, as expected.

• Parameta Solutions revenue grew 6%, following a record Q1 2024 that included one-off revenue.

Outlook and guidance

• Board maintains confidence in current 2025 adjusted EBIT market expectations.

• Approximately 60% of revenues and 40% of costs are USD-denominated, with recent USD weakening noted.