Good morning everyone, and thank you for joining us today. We delivered a strong financial performance in 2025 as we executed our strategy. This is our agenda for today. I will start with the highlights and strategic progress. Our Group CFO, Robin Stewart, will then take you through the financials in more detail. After that, you'll hear from our divisional heads. You already know Dan, Mark, and Silvina, and they are joined by Joachim Emanuelsson, our Co-head of Energy & Commodities, who is presenting for the first time. Finally, I will wrap up before we move to Q&A. Let me begin with the financial headlines where all movements are in constant currency. 2025 was another outstanding year for TP ICAP. Our revenue grew 6% to GBP 2.4 billion. This includes record revenue growth of 10% in Global Broking, driven by deep client engagement across all asset classes. Along with strong top-line performance, we delivered solid operating leverage. Our group adjusted EBIT increased 10% to GBP 348 million, and the adjusted EBIT margin expanded by 50 basis points to 14.8%. This result reflects two things: effective execution across our major franchises and robust cost discipline despite inflation. As you can see, this performance continues the growth trajectory we have delivered since 2021. Revenue has grown at more than 5% a year, margins have expanded, and adjusted EBIT has compounded at 9% per year. We are also announcing a share buyback today of GBP 80 million. This includes GBP 50 million of cash released ahead of plan by the successful rationalizations of our legal entities. Our sustained performance demonstrates the strength of our diversified model and strategy. We continue to deliver strong progress on our three strategic priorities: diversification, transformation, and dynamic capital management. First, diversification. We are broadening our revenue base across clients, products, and regions. Liquidnet and Parameta help diversify our client base by serving the buy side. These two divisions now account for around 40% of group-adjusted EBIT, a clear demonstration of that diversification. The acquisition of Neptune Networks also enables us to build a credit platform offering matching solutions between the buy side and the sell side. On products, we are diversifying further in Liquidnet, covering credit, rates, and foreign exchange in addition to equities. The energy transition is also an opportunity for Energy & Commodities to launch new products, and we are growing our digital assets exchange. Regionally, we continue to build out all our franchises in Asia-Pacific. The acquisition of Vantage Capital Markets, announced in January, will further strengthen our presence in Hong Kong and Tokyo in addition to London. This diversification gives us greater resilience and predictability through the cycle. Second is transformation. We continue to modernize our operating platform, deliver our efficiency program, and simplify the group by reducing the number of legal entities. This has enabled us to release GBP 50 million in cash ahead of plan. We are also on course to deliver GBP 50 million of annualized savings by 2027. Our technology transformation is advancing with continued migration to the cloud and the development of our Fusion platform. Client adoption of Fusion is growing, and revenue delivered electronically in Global Broking is increasing. We are deploying artificial intelligence across the group to drive efficiency and deliver faster for clients, as well as powering new products, workflows, and growth for the future. Third, dynamic capital management. Our financial strength underpins our ability to invest to grow both organically and inorganically while delivering sustainable returns for shareholders. The board continues to review a potential minority listing of Parameta Solutions, while being mindful that the context for a successful listing remains challenging. In the meantime, we continue to invest in the growth of Parameta. Over the past three years, we have delivered or announced close to GBP 600 million in dividends and buybacks, almost a third of the group's market capitalization. This includes the GBP 80 million buyback just announced. This is a clear sign of our confidence in the group's long-term prospects and disciplined approach to capital allocation. I will now hand over to Robin to take you through all these numbers in more detail. Thank you, Nico, and good morning, everyone. As you've heard, we delivered a strong performance in 2025. I'll start with the headlines in constant currency. Revenue grew 6% to £2.4 billion. Group adjusted EBIT was up 10% at £348 million. Group productivity was up 4% at £752,000 per broker. We've announced a final dividend of £0.116, bringing the full-year dividend to £0.168, up 4% year-on-year. This continues a trajectory of growth over the last four years for all four metrics. The bottom right chart shows total distributions over the past three years, including buybacks, amounting to almost £600 million. Looking at the group income statement in more detail. Adjusted EBITDA increased 8% in constant currency to GBP 423 million. Adjusted EBIT grew 10% to GBP 348 million, with margin improving to 14.8%. Net finance costs increased to GBP 34 million, at the top end of our guidance, due to refinancing a bond at higher interest rates and lower interest income on our cash balances. The effective tax rate on adjusted profit increased to 27%, below our 28% guidance after some one-off credits. Taken together, this resulted in adjusted earnings before significant items of GBP 247 million, up 2%. Adjusted basic earnings per share grew 5% to 33.5 pence. Let's turn now to the year-on-year movements in our earnings before interest and tax. Adjusted EBIT was GBP 348 million, up from GBP 324 million. The 2024 result is restated using 2025 exchange rates, providing a like-for-like comparison without foreign exchange impact. Contribution increased by GBP 17 million, and we benefited from GBP 8 million of front-office savings from our operational efficiencies program. Back-office savings of GBP 13 million offset inflation, higher national insurance contributions, and ongoing investment in the business. Net management and support costs reduced 1%. Finally, a weaker US dollar, especially in the second quarter, reduced the P&L charge on the retranslation of net financial assets on the balance sheet by GBP 1 million. Turning next to significant items, which are excluded from our adjusted results to measure underlying business performance and make meaningful year-on-year comparisons. Significant items before tax reduced by GBP 5 million to GBP 84 million. Restructuring and related costs increased by GBP 14 million as we invested in our efficiency program for the first full year. Disposals, acquisitions, and investments were down GBP 4 million, mainly due to lower strategic project costs for Parameta Solutions. Almost half of significant items were non-cash, including GBP 40 million for amortization of intangible assets. In 2026, we expect significant items to be around GBP 70 million before tax, excluding legal and regulatory matters. Turning next to business divisions, where revenue comparisons are in constant currency, Global Broking revenue increased 10% to just under GBP 1.4 billion, driven by strong execution and supportive market conditions with growth across all asset classes and regions. Global Broking Adjusted EBIT increased 19.3% to GBP 241 million, with margin improving 1.4 percentage points to 17.5%. Moving to Energy & Commodities: revenue was GBP 449 million, down 2% against two strong prior years, reflecting a competitive market for talent. As a result, management support costs in the division were reduced by 4%. Adjusted EBIT decreased 27% to GBP 41 million as we invested to attract and retain talent, resulting in margin compression. We expect the benefit of this investment to feed through in 2026. In Liquidnet, revenue increased 4% to GBP 365 million. Adjusted EBIT rose 6% to GBP 56 million, with a slight margin expansion to 15.3%. Finally, Parameta Solutions revenue grew 5% to GBP 202 million, with 97% of revenues subscription-based. We made planned investments in Parameta during the year, which impacted both adjusted EBIT at GBP 76 million and adjusted EBIT margin of 37.6%. Looking at cash, we hold restricted cash for regulatory capital and liquidity requirements as well as collateral. This was reduced by GBP 50 million due to rationalizing our legal entities. Unrestricted cash decreased by about GBP 110 million as we invested in the business and returned cash to shareholders. This includes growth initiatives like hiring new brokers, acquiring Neptune, ongoing CapEx, and dividend payments and buybacks. Let me turn now to our efficiency program. In August 2024, we announced a program targeting GBP 50 million of annualized savings by the end of 2027 and releasing GBP 50 million in cash at a cost of GBP 70 million. By the end of 2025, we had delivered GBP 35 million of cost savings at a cost of GBP 40 million. We expect a lower run rate reduction in 2026, but our target remains unchanged. Having released GBP 50 million of cash early, we are now returning it to shareholders by increasing the share buyback from GBP 30 million to GBP 80 million, as Nicolas mentioned. Turning now to guidance, the group has continued to benefit from supportive market conditions in the current fiscal year. If current FX spot rates persist for the rest of the year, we would expect a headwind of around GBP 9-10 million to our adjusted EBIT. Despite this, we are comfortable with current consensus for 2026, with adjusted EBIT of GBP 361 million. We also expect group net finance expense around GBP 35 million, the effective tax rate on adjusted earnings to be around 27%, and significant items to be around GBP 70 million before tax, excluding legal and regulatory matters. Thank you. I will now hand over to Dan to discuss Global Broking. Thank you, Robin, and good morning, everyone. 2025 was an exceptional year for Global Broking. Revenue grew 10%, an increase of GBP 120 million to just under GBP 1.4 billion. This growth was broad-based across all asset classes and regions. Rates grew 12%, credit 15%, equities 12%, and FX and money markets up 2%. Adjusted EBIT grew 19%, an increase of GBP 39 million to GBP 241 million, and margin increased to 18%. During the year, we announced the acquisition of Neptune Networks and began building our new credit platform with nine leading investment banks. After year-end in January, we announced the acquisition of Vantage Capital Markets, strengthening our presence in equity derivatives and fixed income across London, Hong Kong, Tokyo, and Dubai. Throughout the year, we expanded coverage by adding brokers and investing in targeted growth areas, particularly Asia Pacific and credit. We continued to enhance our electronic platform, Fusion, simplifying workflows and improving functionality across all asset classes. In parallel, we rolled out AI capabilities in areas such as pricing insights, liquidity enhancement, and workflow automation to help our teams move faster and serve clients more effectively. These investments are delivering results. Hybrid and electronic revenue has grown 7% a year since 2021 to GBP 660 million, with productivity improving at the same rate. This demonstrates the effectiveness of combining expert brokers with high-quality electronic systems. The breadth and depth of our coverage, together with execution that can be voice, hybrid, or electronic, mean clients can choose how they want to transact in any market environment. While volatile markets can be supportive, what drives our results is the quality of our execution. One of the most important developments in 2025 was our next-generation credit trading platform. In June, we acquired Neptune Networks. Neptune is the leading provider of pre-trade bond data connected to 35 major sell-side institutions. Liquidnet Credit captures real-time buy-side trading interest from 500 clients. We’re building a new credit platform, bringing these complementary capabilities together. The platform is co-owned by nine leading global banks, ensuring dealer-backed liquidity and strong alignment from day one. We’re launching a new dealer-to-client matching protocol, AxeMatch. AxeMatch is unique because of the quality of its proprietary data. It brings together real-time trading interest from dealers and investors to generate genuine, actionable opportunities to trade. This intelligence is delivered through low-leakage, high-integrity workflows that enable trusted counterparty negotiation, giving clients clearer confidence to trade. In short, AxeMatch unlocks liquidity that didn’t previously exist, and it does so with efficiency, precision, and certainty. Looking ahead, our priorities are to continue growing our core franchises organically, pursue inorganic opportunities that add value, and enhance our infrastructure and technology. We’re building on key strengths. Global Broking is a market-leading franchise with vast liquidity pools. We have strong brands and deep client connectivity, together with trusted infrastructure across compliance, governance, and technology. As our performance demonstrates, clients value our offering, and we continue to enhance this to best serve their needs. Thank you. I’ll now hand over to Joachim to take you through Energy & Commodities. We’ve completed the rollout of our Fusion order management system across all desks and deployed AI to improve workflow for brokers and enhance the customer experience. This has increased efficiency and the quality of data capture, strengthening the value proposition of Energy & Commodities, Parameta Solutions, and the wider group. Turning to the market backdrop, as you’re aware, markets continue to be shaped by macro and geopolitical uncertainty. 2025 was the year of two halves. The first half was challenging, but as clients adjusted to high volatility, activity picked up and the fourth quarter was notably stronger. Our diversified offering spans oil, power, and gas, alongside markets linked to the energy transition. This enabled us to support a broad client base across cycles and capture volatility when it arises. The long-term outlook across the energy sector remains supportive. Demand for oil is expected to grow, driving sustained activity in physical and derivative markets. Power and gas represent significant growth opportunities. We’re now in the age of electricity, according to the International Energy Agency. Power demand is set to grow roughly 40% by 2025, driven largely by data center expansion. Gas demand is forecasted to rise around 20%, particularly in Asia. The energy transition remains a structural theme, with strong growth expected in renewables and nuclear energy. Turning to digital assets, institutional adoption accelerated in 2025, supported by new regulation, including the uncertain in the United States. Banks and asset managers increasingly want access to crypto and tokenized assets through safe, regulated venues. Our award-winning exchange, Fusion Digital Assets, is registered by the FCA. It offers deep anonymous liquidity in spot Bitcoin and Ether. In Q4, it delivered over $2 billion of notional trading volume. This month, we’re moving to a matched principal model in partnership with Standard Chartered as custodian and settlement agent. This strengthens our position, making it easier for clients to onboard, connect, and trade. We expect this to drive greater institutional participation and increase electronic revenue flow. As demand for tokenization grows, clients will increasingly look to us to use venues for all digital assets. We're well-positioned to meet that institutional demand, and the industry continues to evolve. We continue to hire and invest in high-quality talent, expand into adjacent markets and geographies, and deepen client engagement across an increasingly dynamic environment. Our scale, product breadth, and specialist expertise make us well-positioned to capture the growth opportunities these markets offer. Thank you. I will now hand over to Mark to take you through Liquidnet. Thank you, Joachim, and good morning, everyone. 2025 was another year of disciplined execution. Revenue was up 4% on a record performance in the prior year, mainly driven by double-digit growth in our multi-asset business. Adjusted EBIT margin was 15.3%. Equities revenues were stable, and we maintained our leading position in the block trading market, which was subdued in H2. We were number one in the 5x large-in-scale market in Europe and number two in the agency ATS block market in the U.S. We continue to strengthen and diversify the Liquidnet franchise. In cash equities, alongside our leading position in the block market, we are diversifying through cross-border and algo trading. Algo trading revenue increased 26%, a clear sign that clients value our advanced execution tools. Cross-border trading rose 6% as we leveraged our global footprint. We continued to invest in Asia-Pacific, which grew 14% as we captured growing institutional activity in the region. We are also diversifying across other asset classes, and taken together, rates, futures, FX, and advisory revenues grew 10%. In addition, we're accelerating innovation with AI. We have developed a proprietary AI sales trading tool called FirstMate, which supplements our people with machine intelligence to surface trading opportunities, coordinate execution, and improve access to liquidity. By leveraging proprietary datasets, it has the potential to drive additional revenue and improve customer experience. Overall, our strategy of diversification and innovation is working. Looking ahead, we have three key priorities in 2026. First, we will further diversify and expand our platform. Our investment priorities are led by client demand as we broaden our product offering and expand multi-asset execution capabilities. Second, we'll continue to innovate—from AI-driven product development to enhanced algos to improved block trading protocols—to raise the quality of our execution. Third, we are driving greater efficiencies as we invest for growth while maintaining strong cost discipline. We will increase operating leverage as volumes scale across the network. Liquidnet is a highly trusted, electronically connected network of over 1,000 buy-side firms. It has deep liquidity pools globally and a proven track record of innovation across asset classes. These advantages are difficult to replicate and give us a strong competitive edge. Thank you. I will now hand it over to Silvina to talk about Parameta Solutions. Thank you, Mark, and good morning, everyone. In 2025, we focused on execution and strengthening Parameta's capabilities. We delivered revenue growth of 5% while transforming our commercial structure and introducing a more sustainable long-term pricing strategy. We successfully doubled the size of our sales organization, and we also strengthened our marketing, customer success, and business operations teams. As a result, our lead generation is improving, our commercial reach has expanded, and our data-led sales force is building a stronger pipeline. We expect this to feed into our financial performance this year. Our business is based on proprietary data that is not publicly available. It represents deep pools of liquidity. As you know, we have an exclusive long-term relationship around data with TP ICAP, and the data is of a proprietary nature. We are also expanding third-party data agreements. Yesterday, we announced a partnership with Marex, enhancing the depth and diversity of our data offering. We continue executing our strategy for sustainable growth. First, we are expanding our global client base and deepening penetration across both the buy side and sell side. With our new sales force fully embedded, we are engaging more clients more frequently with a broader range of value-added products. Second, product innovation: we are shortening product development cycles and accelerating time to market. AI is a core enabler, improving data quality, accelerating engineering workflows, and supporting faster product delivery. For example, we have developed a proprietary AI engineering agent called Arbi. Arbi allows us to launch the euro and dollar swap rate indexes in just six weeks. Third, we are optimizing efficiency and scalability through expanded operations in Manila and Madrid. We also have a unique data technology platform that operates across multiple asset classes, jurisdictions, and TP ICAP brands, as well as third-party brands. We are now extending this flexible data platform as a service. Our strategic agreement with Marex exemplifies how we combine datasets from different players to create and distribute new products, supporting the broader OTC ecosystem. In 2026, we have three main priorities. First, deepen buy-side adoption across hedge funds, asset managers, and systematic trading firms. Second, broaden our offering through new data from TP ICAP and third parties, while expanding analytics and index capabilities. Third, accelerate growth in the U.S. We operate from a position of strength with leading market position, access to proprietary data, accreditation as a benchmark and index administrator, and a modern scalable technology platform. In short, we enter the next phase of Parameta’s development with a well-invested business, differentiated proprietary data, and a clear path to accelerated growth. Thank you. I will now hand back to Nico to wrap up. Thank you, Silvina. 2025 was another excellent year for TP ICAP. We delivered broad-based growth across the group with record revenues in Global Broking. We maintained tight cost discipline despite inflation, resulting in a double-digit uplift in adjusted EBIT. We also released GBP 50 million of cash ahead of plan through our efficiency program. All this has enabled us to announce today a share buyback of GBP 80 million. Looking ahead, we are well-positioned to capture further growth opportunities. TP ICAP is the leading player in a global over-the-counter market valued at $846 trillion, which is growing. As the market leader, we sit at the center of global financial flows, so our scale matters. Our diversification does. We serve a broad client base from the sell side to the buy side. We operate in every major asset class, support a wide range of instruments, and offer multiple execution protocols. We have a presence in every major market across the globe. Both cyclical and structural trends are driving growth. Macro and geopolitical uncertainty continues to drive volatility. Our scale and diversity enable us to capture this additional activity that volatility creates. Long-term trends are driving demand for new asset classes, such as digital assets, for high-quality data and analytics, and for digital and API-driven connectivity. We have built a business that is exceptionally well-positioned to capitalize on these growth trends through disciplined execution. That’s why we move forward confident in our ability to meet client needs, grow, and deliver long-term value for shareholders. Thank you. We're now happy to take your questions. All right. Thank you. Good morning, everyone. We will now be taking questions from the room. Please state your name and organization, and hold for a mic as a member of the team brings one to you. We have one here. Morning. It’s Stuart Duncan from Peel Hunt. I’ve got two questions if that’s okay. First, on Liquidnet, the margin seems to have stalled around 15%. Just wondering what you need to do to improve that, even if it’s towards Global Broking levels. Secondly, on the data side, you discussed benefits from proprietary data and sources. I’d be interested in the general threat from AI and what you see as the potential impact. Okay. Maybe Mark Govoni, you want to start with that? Sure. Thanks for the question. As we look back to the prior year, cyclicality affects all markets. The first half was strong from a volatility profile, largely due to Liberation Day. The second half was subdued. As we continue to expand across the asset structure, we expect margin expansion. Scaling volumes in equities will also help. We’re confident that our current cost base provides the opportunity to continue expanding margins in the future. On the data front, proprietary data protects the company against AI risks. From Parameta’s perspective, AI is an opportunity. We use AI to improve speed to market. Parameta combines data and software engineering. Accelerated software engineering allows faster market delivery. We also utilize AI to retrieve information from vast unstructured data that traditional tools handle slowly. A third use case enables customers to answer complex questions from our data. For example, middle office teams may not be able to create Python code themselves. We are creating an agentic AI where you can introduce your question, and behind the scenes, an agent generates the code for you. Thank you. Quick question here, please. Luke Ahern, Investor. Robin, on working capital, can you explain the move over the last year? Yes. Working capital continues over a three-year cycle to be over 100%. In 2025, some outflows reduced cash flow conversion, mainly due to a strong year-end and high December trading. Timing differences through settlement balances also reversed. We see this as temporary and expect the three-year average to remain around 100%. Okay. Hi, it’s Cara Thompson from Rothschild & Co. Joachim, you said you completed all targeted hires. How should we think about the timeline for the energy division to reach full productivity? Will that be by year-end or into next year? It takes time for new hires to onboard and engage clients. We did a lot of hiring in 2024 and into 2025. Revenue benefits will come through 2026 and continue into 2027. I’d add that timing is positive because current macro conditions are generating high volatility. The division is seeing very intense activity, so it’s well-timed. All right. Thanks. It’s Enrico Bolzoni from J.P. Morgan. A couple of questions. On AI, data vendors are partnering with major AI companies to distribute data. Is this something you’re considering, and what could be the P&L impact? Also, AI adoption might affect talent dynamics—could it positively impact contribution margin? Sorry, do the first one? You wanna start? Yeah. Yes. Today, we partner with several large players in the LLM space, including AWS and Snowflake. We haven’t created an AI plugin like other companies because our data is highly proprietary. The risk is higher if we expose it publicly. We partner with customers and evaluate their AI use cases, whether ring-fenced internal models or public AIs. That’s our current policy. Regarding broking, AI enhances broker productivity by providing better tools. For example, we rolled out software that harmonizes client orders received via chat, voice, email, or other channels. This gives brokers a unified order book immediately, improving efficiency and capacity. As we continue to roll out those solutions, we are increasing the value of the seat for the brokers, creating a competitive advantage for attracting talent. To summarize, this is a positive development. It will positively impact competition for talent, because we are more advanced than the rest of the market in deploying AI solutions. Our strategic partnership with Amazon Web Services is making a real difference. Maybe, Dan, would you like to give one or two examples of… Sure. I’d reiterate that AI is generally supportive for us. We are at the center of complex networks, and the broker’s role is to integrate data into a single order book and act on it. AI simplifies these workflows. Where there used to be five steps, now there’s one. This increases productivity, which is positive for brokers and clients alike. It allows us to act faster and more efficiently. That’s the workflow aspect of AI, which we’re aggressively applying across our businesses. Additionally, we provide color and market information to clients. With AI, we can synthesize data in a targeted way for each client. We’re working on this across different businesses. Third, in areas with large electronic flows, AI helps reduce integration time from minutes to seconds. That means we can respond first to clients and provide the best service. Do we have questions online, maybe? No. Can you give me some more? No, we haven’t had questions coming in via phone lines. Are there any more questions in the room? If not, we look forward to seeing you announce your results in August. Thank you, everyone. Thank you very much. Okay. Thank you.