TP ICAP Group (TCAP) Q4 2025 earnings summary

Executive summary

• Delivered record revenue of £2.4 billion in 2025, up 6% year-over-year, with strong growth in Global Broking and margin expansion to 14.8%.

• Adjusted EBIT rose 10% to £348 million, supported by operational efficiency and technology investments.

• Announced £80 million share buyback, including £50 million from early cash release.

• Strategic progress included diversification, transformation, and dynamic capital management.

• Nearly £600 million returned to shareholders over three years through dividends and buybacks.

Financial highlights

• Revenue grew 6% year-over-year to £2.4 billion; adjusted EBIT up 10% to £348 million.

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

• Adjusted EBITDA increased 8% to £423 million; reported earnings rose 11% to £186 million.

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

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

Outlook and guidance

• Expect FX headwind of £9–10 million to adjusted EBIT if current rates persist.

• 2026 adjusted EBIT consensus at £361 million; net finance expense around £35 million.

• Effective tax rate on adjusted earnings expected at 27%; significant items around £70 million before tax.

• Well positioned for growth, leveraging scale, breadth, and global connectivity.