TP ICAP Group (TCAP) Q3 2025 TU earnings summary

Executive summary

• Group revenue increased 7% year-over-year to £1,783m for the nine months ended 30 September 2025, with a 5% rise in reported currency.

• Third quarter revenue reached £560m, up 3% year-over-year, despite a record comparative period.

Financial highlights

• Global Broking revenue rose 10% year-over-year for the nine months, and 7% in Q3.

• Energy & Commodities revenue declined 3% for the nine months and 7% in Q3, reflecting competitive pressures.

• Liquidnet revenue grew 9% for the nine months but fell 2% in Q3 compared to strong prior-year growth.

• Parameta Solutions revenue increased 5% for the nine months and 4% in Q3.

Outlook and guidance

• Board remains comfortable with full year 2025 market expectations for adjusted EBIT, subject to FX movements, particularly USD/GBP.

• Approximately 60% of revenues and 40% of costs are USD-denominated, highlighting FX sensitivity.

• Benefits from new hiring in Energy & Commodities expected from 2026 onwards.