Slides
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TP ICAP GROUP PLC H1 2026 RESULTS For the six months ended 30 June 2026 TP ICAP
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22026 Interim Results 6 August 2026 Agenda • Strategic overview • Financial performance & outlook • Divisional performance • Summary • Q&A
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32026 Interim Results 6 August 2026 H1 2026 highlights • Strong H1 performance, building on FY 2025 momentum • Excellent performance in core Global Broking franchise • Acquisition of Vantage Capital Markets • Launch of RealQ brand • Transformation plan is set to exceed 2027 target this year • £30m share buyback and increased interim dividend Strong H1 financial performance and strategy delivery NB: Growth rates shown are in constant currency Group Revenue £1.3bn +8% Interim dividend 5.6 pence +8% Group Adj. EBIT £196m +9% 2026 total buybacks £110m
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42026 Interim Results 6 August 2026 • Strong performance and continued delivery against our strategic goals ◦ Diversification ◦ Transformation ◦ Dynamic capital management • Over next 5-yrs we will capitalise on key competitive strengths ◦ Industry leader in growing OTC markets ◦ Diversified regionally, by client, and by asset class ◦ Well-invested, scalable platform ◦ Value proposition based on impartiality ◦ Multiple growth engines across our business as well as inorganic opportunities Strategic overview Our success is founded on our trusted reputation Global OTC derivatives market Dec-21June-22Dec-22June-23Dec-23June-24Dec-24June-25Dec-25500 600 700 800 900 4-year CAGR +9.0% 1. BIS - OTC derivatives outstanding (May 2026 release). Notional amounts outstanding represent the gross nominal value of OTC derivative contracts outstanding at the reporting date and are a measure of overall market size. 1
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RECORD H1 FINANCIAL PERFORMANCE ROBIN STEWART GROUP CFO
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62026 Interim Results 6 August 2026 H1 2026 financial highlights 1. Group productivity is calculated by dividing total Group external broking revenue by the number of brokers Revenue (£m) 1,224 1,200 1,292 H1 2025 actual rates H1 2025 constant FX H1 2026 Adjusted EBIT (£m) 184 180 196 H1 2025 actual rates H1 2025 constant FX H1 2026 Productivity (£k) 400 394 404 H1 2025 actual rates H1 2025 constant FX H1 2026 Basic adj. EPS (p) 17.6 19.3 H1 2025 actual rates H1 2026 1 +8% +9% +3% +10%
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72026 Interim Results 6 August 2026 Income statement 1. In reported currency 6 months to 30 June (£m) H1 2026 H1 20251 Change CC Change Revenue 1,292 1,224 6 % 8 % Adjusted EBIT 196 184 7 % 9 % Net finance costs (16) (17) (6) % Adjusted profit before tax 180 167 8 % Tax (48) (46) 4 % Share of JVs and associates (net) 8 9 (11) % Adjusted earnings 140 130 8 % Total significant items (post-tax) (36) (31) 16 % Reported earnings 104 99 5 % Basic average number of shares (m) 725.3 737.9 (2) % Adjusted basic EPS (p) 19.3 17.6 10 % Reported basic EPS (p) 14.3 13.4 7 % Dividend per share (p) 5.6 5.2 8 % • Adj. EBIT +7% (+9% in constant currency) • Margin increased to 15.2% (H1 2025: 15.0%) • Transformation plan accelerated
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82026 Interim Results 6 August 2026 Adjusted EBIT 180 22 2 (9) 4 (6) 3 196 H1 2025 CC Contribution Efficiencies programme: Front- office savings Net management and support costs Efficiencies programme: Back-office savings Other items FX: retranslation of cash/net financial assets H1 2026 CC 1. Including other operating income and other gains and losses £m 1
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92026 Interim Results 6 August 2026 Divisional analysis 6 months to 30 June 2026 (£m) Global Broking Energy & Commodities Liquidnet Division Parameta Solutions2 Intercompany eliminations Group Revenue 783 233 194 102 (20) 1,292 Y-o-Y growth (constant currency) 11% 2% 1% 6% - 8% Contribution 304 56 74 44 - 478 Contribution margin 38.8% 24.0% 38.1% 43.1% - 37.0% Net management and support costs1 (145) (44) (42) (8) (43) (282) Adjusted EBIT 159 12 32 36 (43) 196 Adjusted EBIT margin 20.3% 5.2% 16.5% 35.3% - 15.2% 1. Includes depreciation and amortisation, other gains/(losses) and other operating income 2. The revenue profile of Parameta Solutions is broken down into Data & Analytics £97m (+8% y-o-y) and inter-division revenue £5m (-17% y-o-y)
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102026 Interim Results 6 August 2026 Summary cash flow 6 months to 30 June (£m) H1 2026 H1 2025 EBIT 152 140 Depreciation & amortisation 87 82 Change in net settlement balances (174) (1) Other working capital (96) (128) Tax and interest (46) (69) Operating cash flow (77) 24 Capex (42) (36) Acquisitions (22) (25) Other 69 32 Investing activities 5 (29) Dividends (88) (86) Shares repurchased1 (81) (69) Other (14) 5 Financing activities (183) (150) Net change in cash (255) (155) FX movements 4 (44) Cash at end of period 652 867 • Cash at period end of £652m compared with year-end closing balance of £903m • c.70% of movement in cash reflects a £174m change in net settlement balances ◦ Temporary and reversed immediately after period end • Capex includes office fit-outs for Manila and Belfast hubs • Acquisition consideration for Vantage Capital Markets • Completed £80 million share buyback announced in March 1. Includes £17m of own shares
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112026 Interim Results 6 August 2026 Investing to simplify, enhance client experience Will exceed £50m target a year ahead of schedule; more to come Target Operating Model Real Estate Optimisation Procurement & Vendor Management Legal entity consolidation Technology and Data Key levers Target benefits 1 Cumulative annualised savings Cumulative investment Phasing c.£35m (c. £25m target) c.£40m (c. £40m target) 2025 2026 2027 c.£45m (c.£35m target) c.£70m (c.£60m target) 2 3 4 5 2024 £15m £10m £50m cash released Delivered ahead of target £50m c.£50m c.£70m at least £50m c.£50mNow expect to exceed 2027 target a year ahead of plan
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122026 Interim Results 6 August 2026 Significant items • Total significant pre-tax items increased to £45m (H1 2025: £44m) • We expect significant items to be c.£80m before tax for 2026 6 months to 30 June (£m) H1 2026 H1 2025 Restructuring & related costs 19 14 Group operational efficiencies programme 19 14 Disposals, acquisitions and investment 24 33 Amortisation of intangible assets arising on consolidation 18 20 Acquisitions/disposals 1 2 Strategic project costs1 5 11 Legal & regulatory matters 1 (3) EBIT 44 44 Other financing2 1 - Profit before tax 45 44 Tax relief (9) (13) Reported earnings 36 31 1. Project costs, primarily in relation to assessment of strategic M&A options 2. Time value of Neptune put option
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132026 Interim Results 6 August 2026 2026 outlook 1. The mean analyst consensus forecast for 2026 adjusted EBIT is £365m (range: £357m to £378m). This company-compiled consensus comprises 6 analyst forecasts as at 11/06/26 2. Excluding legal and regulatory matters 3. Approximately 60% of Group revenue and 40% of Group costs are US dollar-denominated Key items (£m) 2025 actual 2026 expected Revenue 2,353 - Adjusted EBIT 348 In line with consensus1 Net finance expense (34) c.(35) Effective tax rate (%) 27 c.27 Significant items (pre-tax) 84 c.802 • We remain confident in the outlook for 2026, and the Board expects to achieve Adjusted EBIT in line with current market expectations, subject to FX3.
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142026 Interim Results 6 August 2026 1,902 2,353 13.0% 14.8% Revenue Adj. EBIT margin % 2021 2025 2030 ambition Medium-term ambition To continue delivering compounding revenue growth and increasing operating leverage Revenue +>5% / Adj. EBIT +9% (CAGR 2021-25) NB: Historic revenue figures shown are in constant currency using FY 2025 FX rates. 2030 revenues are illustrative and not shown to scale. Mid to high single-digit % growth
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CONTINUED MOMENTUM & STRATEGY DELIVERY NICOLAS BRETEAU GROUP CEO
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162026 Interim Results 6 August 2026 • H1 2026 revenue +11% YoY to £783m, with adj. EBIT margin of 20.3% (H1 2025: 18.5%) • Significant operating leverage, adj. EBIT +22% ◦ D e l i v e r i n g c o s t - e f f i c i e n t e x p a n s i o n i n l i n e w i t h s t r a t e g y • Good YoY growth in both Q1 and Q2, growth across all asset classes • Completed Vantage Capital Markets acquisition • Launched RealQ • AI tools already deployed and gaining traction Revenue (£m) 712 704 783 H1 2025 actual FXH1 2025 constant FX H1 2026 Global Broking Continuing to deliver a long-term strategy anchored in core franchise strengths +11% NB: Growth rates shown are in constant currency
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172026 Interim Results 6 August 2026 Energy & Commodities Focused execution in mixed market conditions Revenue (£m) 238 229 233 H1 2025 actual FXH1 2025 constant FX H1 2026 +2% NB: Growth rates shown are in constant currency • H1 2026 revenue +2% YoY to £233m, with adj. EBIT margin of 5.2% (H1 2025: 11.4%) • Oil and related products account for >50% of divisional revenue • Strong Q1 followed by market disruption in Q2 • Growth in other areas: Power +5%, Gas +16%, and Other Energy +9% • Well-positioned for recovery, following recent investments ◦ Agricultural products, Freight Derivatives and Nuclear Fuel Derivatives ◦ APAC regional opportunities ◦ Fusion Order Management
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182026 Interim Results 6 August 2026 • H1 2026 revenue +1% YoY to £194m, and adj. EBIT margin slightly down at 16.5% (H1 2025: 16.7%) • Liquidnet cash equities platform demonstrated strong operating leverage ◦ Strength in algos, cross-border trading and strong regional growth in APAC • After a strong Q1, block trading activity moderated in Q2 • Multi-asset faced very strong prior year comps • Continued expansion across other asset classes • First Mate successfully deployed, early traction is encouraging Liquidnet Buy-side agency execution specialist with long-term growth and margin upside Revenue (£m) 195 192 194 H1 2025 actual FXH1 2025 constant FX H1 2026 +1% NB: Growth rates shown are in constant currency
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192026 Interim Results 6 August 2026 Parameta Solutions Strategic, high-margin data solutions franchise, with accelerating growth • H1 2026 revenue +6% YoY to £102m, with ARR +6% YoY >£200m at period end, and adj. EBIT margin of 35.3% (H1 2025: 36.5%) • Acceleration in new business in H1 • Materially stronger pipeline • EBIT margin as expected due to planned investments • Expanding award-winning EUR and USD Swap Rate Indices into additional currencies Revenue (£m) 100 96 102 H1 2025 actual FXH1 2025 constant FX H1 2026 +6% NB: Growth rates shown are in constant currency
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202026 Interim Results 6 August 2026 Summary Delivering compounding growth, improving profitability, and shareholder value • Strong H1 results and good progress executing our strategy • Our value proposition is compelling and built on trust • We are well diversified, with clear opportunities for growth • Our investments have built a modern, scalable platform • Tech and AI driving the next phase of efficiencies • Creating value through efficient growth and improving operating leverage 1,902 2,353 13.0% 14.8% Revenue Adj. EBIT margin % 2021 2025 2030 ambition Revenue >+5% / Adj. EBIT +9% (CAGR 2021-25) Mid to high single-digit % growth NB: Historic revenue figures shown are in constant currency using FY 2025 FX rates. 2030 revenues are illustrative and not shown to scale.
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Q&A
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APPENDIX
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232026 Interim Results 6 August 2026 Divisional analysis – reported currency basis 6 months to 30 June 2025 (£m) Revenue 712 238 195 100 (21) 1,224 Contribution 277 69 75 44 - 465 Contribution margin 38.9% 29.0% 38.5% 44.0% - 38.0% Net management and support costs1 (146) (42) (42) (8) (43) (281) Adjusted EBIT 131 27 33 36 (43) 184 Adjusted EBIT margin 18.4% 11.3% 16.9% 36.0% - 15.0% 6 months to 30 June 2026 (£m) Global Broking Energy & Commodities Liquidnet Division Parameta Solutions Intercompany eliminations Group Revenue 783 233 194 102 (20) 1,292 Y-o-Y growth 10% (2)% (1)% 2% - 6% Contribution 304 56 74 44 - 478 Contribution margin 38.8% 24.0% 38.1% 43.1% - 37.0% Net management and support costs1 (145) (44) (42) (8) (43) (282) Adjusted EBIT 159 12 32 36 (43) 196 Adjusted EBIT margin 20.3% 5.2% 16.5% 35.3% - 15.2% 1. Includes depreciation and amortisation, other gains/(losses) and other operating income
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242026 Interim Results 6 August 2026 Divisional analysis – constant currency basis 6 months to 30 June 2025 (£m) Global Broking Energy & Commodities Liquidnet Division Parameta Solutions Intercompany eliminations Group Revenue 704 229 192 96 (21) 1,200 Contribution 274 67 74 41 - 456 Contribution margin 38.9% 29.3% 38.5% 42.7% - 38.0% Net management and support costs1 (144) (41) (42) (6) (43) (276) Adjusted EBIT 130 26 32 35 (43) 180 Adjusted EBIT margin 18.5% 11.4% 16.7% 36.5% - 15.0% 1. Includes depreciation and amortisation, other gains/(losses) and other operating income
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252026 Interim Results 6 August 2026 Balance sheet As at 30 June (£m) H1 2026 H1 2025 Goodwill & other intangibles 1,738 1,678 Other non-current assets 206 217 Current assets less current and non-current liabilities 178 (68) Cash and financial instruments 790 1,017 Net deferred tax liabilities (40) (25) Interest bearing loans and borrowings (775) (769) Right-of-use assets 119 118 Lease liabilities (201) (208) Net assets 2,015 1,960 Shareholders’ equity 1,995 1,941 Attributable to non-controlling interests 20 19 Total equity 2,015 1,960
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262026 Interim Results 6 August 2026 Debt finance £m H1 2026 H1 2025 5.25% £250m sterling Notes May 20261 – 20 2.625% £250m sterling Notes November 20281 250 249 7.875% £250m sterling Notes April 20301 252 252 6.375% £250m sterling Notes June 20321 248 248 Revolving Credit Facility drawn - banks2 25 – Subtotal 775 769 Loan from related party (RCF with Totan) 2 – – Overdrafts 172 11 Debt (used as part of net (funds)/debt) 947 780 Lease liabilities 201 208 Total debt 1,148 988 1. Sterling Notes are reported at their par value net of discount and unamortised issue costs and including interest accrued at the reporting date 2. £350m committed revolving facility (RCF) and Yen 20bn committed facility with The Tokyo Tanshi Co. Ltd were undrawn as at 30 June 2026
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272026 Interim Results 6 August 2026 Net funds/(debt) £m Cash and cash equivalents Financial Investments Overdraft Total funds Debt1 Lease liabilities Net funds/ (debt) At 1 January 2026 936 166 (33) 1,069 (769) (199) 101 Reported net cash flow from operating activities net of overdraft 32 - (139) (107) 24 6 (77) Net cash flow from investment activities 34 (29) - 5 - - 5 Dividends paid (84) - - (84) - - (84) Repayment of Sterling Notes (19) - - (19) 19 - - Drawdown on Revolving Credit Facility 25 - - 25 (25) - - Share buyback (64) - - (64) - - (64) Other financing activities (22) - - (22) (2) - (24) Payments of lease liabilities (18) - - (18) - 18 – Non-cash changes - - - - (22) (25) (47) Effect of movements in exchange rates 4 1 - 5 - (1) 4 At 30 June 2026 824 138 (172) 790 (775) (201) (186) Net funds excluding lease liabilities 824 138 (172) 790 (775) - 15 1. Debt movement represents £24m of interest and £1m of fees on bank and loan facilities
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282026 Interim Results 6 August 2026 Debt maturity profile - as at June 2026 The Group’s core debt (EMTN bonds) comprises: • 2.625% £250m Sterling Notes maturing Nov 2028 • 7.875% £250m Sterling Notes maturing Apr 2030 • 6.375% £250m Sterling Notes maturing Jun 2032 The Group’s Revolving Credit Facilities (RCFs) comprise: • ¥20bn RCF with Totan (a related party) which matures in Aug 2028 • £350m RCF with syndicate banks maturing in Dec 2028 • At 30 June 2026, £25m was drawn under the Syndicated RCF £m 692 250 250 250 250 250 350 92 EMTN bonds Syndicated RCF Totan facility 2027 2028 2029 2030 2031 2032
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292026 Interim Results 6 August 2026 Europe Brent futures contracts monthly YoY % change Source: ICE Futures Europe, historical volumes futures contracts
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302026 Interim Results 6 August 2026 Disclaimer This communication and all information contained in or attached to it (including, but not limited to market prices/levels and market commentary) (the "Information") is for informational purposes only, is confidential, may be legally privileged and is the intellectual property and/or proprietary information of one of the companies of TP ICAP group plc ("TP ICAP") or third parties. The Information contains certain forward-looking statements with respect to the expectations, plans and aims of TP ICAP relating to future performance, financial positions and results. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the Group’s control and/or that may cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of this communication. However, we can give no assurance or representation that expectations will not differ materially from actual outcomes. TP ICAP undertakes no obligation to update these forward-looking statements. Nothing in the Information should be construed as a profit forecast. TP ICAP does not make any representation or warranty, express or implied, as to the accuracy, completeness or correctness of the Information, which is subject to change without notice. TP ICAP does not accept any responsibility or liability for any direct or indirect loss or damage, howsoever caused, arising from or in connection with the Information. The terms of this disclaimer are governed by the laws of England and Wales. For further information please see www.tpicap.com.