2025年度报告和账目

OverviewIFCTP ICAP at a glance 12025 highlights2Chair’s statement4Chief Executive Officer’s review We connect institutional buyers andsellers across the world’s financial,energy, and commodities markets.By providing access to deep liquidityand unique data, we enable clientsto transact with confidence. Strategic report10Market trends 12Strategy14Business model16Key performance indicators18Stakeholder engagement22Sustainability38Financial and operating review50Principal risks and uncertainties55Viability statement and going concern56Task Force on Climate-related Financial Disclosures(‘TCFD’) Our capacity to connect underpinstrusted client relationships, supports thecommunities in which we operate, andpositions us to anticipate, adapt to, andshape change. It is what makes TP ICAPfundamental to the effective functioningof efficient and liquid wholesale markets,today and in the future. Governance report68Governance at a glance 70Board Chair’s governance letter72Board of Directors74Compliance with the Code76Corporate governance report86Report of the Nominations & Governance Committee92Report of the Audit Committee98Report of the Risk Committee102Report of the Remuneration Committee125Directors’ report128Statement of Directors’ responsibilities Financial statements129Independent Auditor’s Report to the members of TP ICAP Group plc136Consolidated Income Statement137Consolidated Statement of Comprehensive Income138Consolidated Balance Sheet139Consolidated Statement of Changes in Equity140Consolidated Cash Flow Statement141Notes to the Consolidated Financial Statements Annual Report and Accounts 2025 Our purposeTo provide clients with access to global financial, energy, and commodities markets, enhancing price discovery,liquidity, and data distribution, through responsible andinnovative solutions. Our visionTo be the world’s most trusted and innovative specialist in liquidity and data solutions. Additional information181TP ICAP Group plc shareholder information 183Group undertakings189Appendix – Alternative Performance Measures192Glossary Our missionThrough our talent and technology, we connect clients to superior liquidity and data solutions. TP ICAP at a glance We connect clients in global markets Driving value and growth Our five-point investment proposition TP ICAP connects clients to deep liquidity and unique data through a scaled,diversified, and technology-enabled platform Strategic pillars 01 02 03 Dynamic capitalmanagementCapital allocation supportinginvestment and returns. TransformationTechnology-led transformationand operational excellence. DiversificationExpanding and enhancing ouroffering across clients, products,and regions. Across all major asset classes: We connect: Rates | FX | Credit | EquitiesOil | Gas | Power | Digital AssetsEnergy-transition-linked products Banks | Asset ManagersHedge Funds | Corporates | ProducersTrading Houses | Market Makers Diversified and resilient Scale, breadth, and growth Capturing new opportunities Read moreabout our strategy on page 12 > We have a track record of creatinginnovative new growth businesses,such as Parameta Solutions, aleading data and analytics business.> We are also well placed to capturelong-term growth opportunities inadjacent markets and asset classes.For example, in the energytransition, and emergingtokenisation and digital assets. > We are a world-leading providerof critical financial marketinfrastructure, sitting at the heartof global OTC markets.> Our markets benefit from structuraland cyclical growth drivers.> Our scale, and the breadth of ouroffering across clients, products,and regions, are difficult for othersto replicate and are majorcompetitive differentiators. > Our business has four divisionswith distinct revenue drivers andclient bases – Global Broking,Energy & Commodities, Liquidnet,Parameta Solutions.> Supported by operations in 60offices across 28 countries, webenefit from a diversifiedgeographic footprint. 2025 financial highlights Operating profit (‘EBIT’) Profit before tax Global reach and broking expertise £2,353m £230m £264m 05 04 Basic EPS Operating profit (‘EBIT’) margin Dividend paymentDividend policy targets dividend cover of c.2x on adjusted post-tax earnings(50% payout ratio). Typically based on apayout range of 30 to 40% of half-yearadjusted post-tax earnings with thebalance paid in the final dividend. 11.2% 25.2p 5,400EmployeesIncluding c.2,700 brokers £122m Maximising shareholder value This has enabled us toreturn significant valueto shareholders. Harnessing technologyto transform our business Total dividendTotal dividend for the year of 16.8 penceper share (2024: 16.1p), an increaseof 4%. Final dividendFinal dividend of 11.6 pence per share recommended for 2025, and payable toshareholders on 22 May 2026. > We maximise shareholder returnsthrough a disciplined approach tocapital allocation.> Our business has a consistenttrack record for converting a highpropo