Good morning, everyone, and thank you for joining us. This is our agenda today: I start with the highlights; Robin will take you through the financial results; I then look at the operational performance of each division and wrap up before we take questions.

Let's start with the headlines, where growth rates are in constant currency. We have delivered a strong first half.

Group revenue increased 8% to 1.3 billion, with an excellent performance from Global Broking and disciplined execution across the group. Group adjusted EBIT grew 9% to 196 million, and we are proposing an interim dividend of 5.6 pence, an increase of 8%.

We have also announced another share buyback of 30 million today. This takes total distributions announced since 2023 to around 660 million, including 110 million of buybacks this year.

In addition, we have made good progress on strategic initiatives with the completion of our Vantage Capital Markets acquisition, which adds to our capabilities in Asia Pacific; the launch of our new dealer-to-client credit platform, Real-Q; and excellent progress on transformation plan, where we now expect to exceed our 2027 target a year early. This strong performance shows how we're benefiting from successful execution of our three strategic priorities: diversification, transformation, and dynamic capital management.

This strategy has served us well, and we now plan to build on it with an emphasis on medium-term revenue growth. Over the next five years, we aim to capitalize on key competitive advantages.

First, as an industry leader, we have a unique position at the heart of vast and growing over-the-counter markets. Second, we have built a diverse business.

We serve a broad client base, including both the sell side and the buy side. We operate in every major asset class in each region across the world.

Third, we've invested in technology to create a scalable market infrastructure platform. Fourth, our value proposition is compelling and is built on strong client relationships.

Clients know they can rely on our impartiality, along with deep liquidity, unique market insight, and seamless execution. Fifth, despite our scale, we have additional opportunities to grow organically through product and geographic expansion or via acquisitions.

Our ambition is to capitalize on these key strengths to drive additional growth and operating leverage. This underpins our commitment to maximize shareholder value over the medium term.

Now let me hand over to Robin to talk you through the results in detail.

Thank you, Nicolas, and good morning, everyone. I'll start with the headlines in constant currency.

We delivered a strong first-half performance. Total revenue grew 8% to 1.3 billion, with excellent growth of 11% in Global Broking.

Adjusted EBIT was up 9% at 196 million as we maintained good cost discipline, and the group adjusted EBIT margin increased to 15.2% with a 3% uplift in productivity. Basic adjusted earnings per share grew 10% to 19.3 pence.

As you've heard from Nicolas, we've announced an interim dividend of 5.6 pence, up 8%, together with another share buyback of 30 million. Turning to the group income statement: net finance costs decreased slightly to 16 million, and the effective tax rate was 27%.

We delivered adjusted earnings of 140 million before significant items, up 8%. Significant items were 36 million as we accelerated investment in our transformation plan to unlock cost efficiencies.

Let's turn now to the year-on-year movement in earnings before interest and tax. Adjusted EBIT increased from 180 million last year to 196 million this year.

We have restated last year's result using 2026 exchange rates to give the basis for a like-for-like comparison without the impact of foreign exchange. Contribution increased by 22 million, and we also benefited from 2 million of front-office savings from our transformational plan.

Back-office savings of 4 million offset inflation, higher national insurance contributions, and ongoing investment in the business. As a result, net management and support costs are broadly unchanged.

Turning next to the business divisions, where growth rates are shown in constant currency: revenue in Global Broking increased 11% to 783 million, with our scalable electronic platforms driving higher levels of client engagement and trading activity in supportive market conditions. Adjusted EBIT increased 22% to 159 million, and the margin improved from 18.4% to 20.3%.

Revenue in Energy & Commodities of 233 million was up 2%. The adjusted EBIT margin was around 10% in the first quarter, but performance was impacted in the second quarter when conflict in the Middle East dampened activity.

As this business made a number of key hires and invested in broker retention in 2025. These additional costs impacted the division's adjusted EBIT, which decreased from 26 to 12 million.

This investment positions the division well for future revenue growth, and we expect this to feed through when markets recover. In Liquidnet, revenue of 194 million was broadly stable as growth in cash equities was offset by a decline in the multi-asset business against a strong prior-year comparator.

Adjusted EBIT was also stable at 32 million, with a margin of 16.5%. Finally, Parameta Solutions revenue grew 6% to 102 million.

The adjusted EBIT margin was 35.3%, reflecting planned investment, with an improved trend in the second quarter, which we expect to continue in the second half. We are transferring certain agency and digital asset activities between divisions to better align and enhance performance.

We'll update you on this at the third quarter. Now let's look at cash flow.

There was an operating cash outflow of 77 million, compared with an inflow of 24 million a year ago. Around 70% of this is due to a change in net settlement balances, which reversed immediately after the period end.

Excluding this, the underlying cash flow from operations was around 100 million. We had other working capital outflows of 96 million, which reflects an increase in accounts receivable due to higher revenue and bonus payments.

Capex increased by 6 million to 42 million, largely due to office fit-out costs in our hubs in Manila and Belfast. We also acquired Vantage Capital Markets for a cash consideration of 22 million, paid dividends of 88 million, and almost completed the 80 million share buyback announced in March.

The group's net cash balance was 652 million at the end of June, compared to 903 million at the year end. Turning now to our transformation plan: as you heard from Nicolas, we now expect to exceed our 2027 target a year ahead of schedule, delivering at least 50 million in annualized savings by the end of this year.

This acceleration is reflected in significant items, which I'll cover on the next slide. We've also identified around 15 million of additional savings, which we expect to execute in 2027 at no more than 1x cost.

We'll provide more detail at the full year. As a result of simplifying our business, improving efficiency, and unlocking cash from the balance sheet, we are announcing another share buyback today.

Any potential returns in the future will be supported by earnings generation. Turning to significant items: these are not included in our adjusted results, we can measure underlying business performance and make more meaningful year-on-year comparisons.

Significant items before tax increased by 1 million to 45 million. Almost half were non-cash, including 18 million for the amortization of intangible assets.

Restructuring and related costs increased by 5 million as we accelerated delivery of our transformation plan, and disposals, acquisitions, and investment reduced by 9 million. Turning now to our 2026 outlook: we expect to achieve adjusted EBIT in line with current market expectations, subject to foreign exchange.

We also expect group net finance expense of around 35 million, an effective tax rate of around 27%, and significant items of around 80 million before tax, excluding legal and regulatory matters. This is around 10 million higher than previously indicated, reflecting the accelerated delivery of our transformation plan.

I'd like to conclude by looking at the medium term. You can see here how disciplined execution of our strategy has resulted in a strong track record of growth and increasing operating leverage.

Since 2021, we have delivered compound growth in revenue of more than 5% and adjusted EBIT of 9%. Our priority now is to invest in growing our business and delivering against our medium-term ambition for mid- to high single-digit revenue growth.

We will maintain the flexibility to pursue value-accretive acquisitions and will look to return excess cash not required for other purposes via share buybacks. With that, I'll now hand you back to Nicolas.

Thank you, Robin. Now let's look at the highlights for each division, starting with Global Broking, which delivered a strong first half.

Revenue was up 11% to 783 million, and adjusted EBIT grew 22%, showing that our scalable platform delivers significant operating leverage. Revenue growth was broad-based with a strong performance across equities, rates, and credit.

Asia Pacific was our strongest region. We further enhanced our presence in Asia Pacific with the acquisition of Vantage Capital Markets.

In June, we launched our new dealer-to-client platform brand, Real-Q, which is an important step forward. Real-Q brings together Neptune's pre-trade bond data with Liquidnet Credit's trading interest from buy-side clients.

Looking ahead, Global Broking will continue to grow its franchise organically, to pursue value-accretive acquisitions, and to use tech and AI to improve efficiency and capture new revenue opportunities. Turning to Energy & Commodities: revenue was broadly stable at 233 million, while profitability was impacted by weak market conditions in the second quarter.

Oil and related products account for over 50% of Energy & Commodities revenue, and conflict in the Middle East led to a spike in activity in March when oil futures volumes increased 134%. This strong month was more than offset by negative market conditions in the second quarter.

Market futures volumes in June were a third lower than last year, as the physical flow of oil was badly interrupted, together with all related hedging activity. In other areas such as power, gas, and other energy, we delivered good growth.

Our Energy & Commodities business remains well-positioned in the longer term. We have recently added new capability in areas of growing demand such as agricultural products, freight derivatives, and nuclear fuel derivatives.

We've expanded our footprint in the UAE and Brazil, two fast-growing regions where physical and derivative activity plays to our strength. Finally, we have deployed Fusion order management and new workflow tools, enabling us to capture high-quality data more efficiently.

This benefits clients in Parameta Solutions as well as Energy & Commodities. Liquidnet maintained its strong position during the first half.

Revenue was stable at 194 million, and adjusted EBIT margin remained robust at 16.5%. While Liquidnet had a strong first quarter, market conditions were impacted by the Middle East conflict in the second quarter, and this reduced activity in the block trading.

Our cash equities business demonstrated strong operating leverage with revenue growth of 6% and adjusted EBIT up 10%. There were strong performances in algorithmic trading, which grew 25%; cross-border trading, which increased 13%; and Asia Pacific, which was up 21%.

Growth in cash equities offset a 5% decline in revenues from our multi-asset business against a strong comparator last year, when multi-asset grew 29%. Over the longer term, Liquidnet has a significant revenue and margin potential.

First, we continue to diversify both in cash equities and other asset classes. Second, we continue to innovate.

Our sales trading tool, FirstMate, is just one example. This complements the work of our brokers by using AI to help identify trading opportunities and coordinate execution.

Third, we see an opportunity to increase operating leverage and margin further as we continue to scale greater volumes. Turning now to our data and analytics business, Parameta Solutions, where revenue increased 6% to 102 million.

EBIT margin was lower in the first quarter, as expected, due to planned investment, but we expect it to improve in the second half as the benefits from our investment feeds through. This already started in the second quarter when new sales hires began to contribute and our opportunity pipeline strengthened.

Our indices continue to gain traction, and we are expanding our award-winning swap rate index franchise into additional currencies. With its new sales force now fully embedded, Parameta is expanding its client base, in particular with buy-side clients and in the US.

It is also broadening its product offering, drawing on proprietary data from TP ICAP as well as third parties, and using AI to accelerate bringing new products to market. To conclude: we have seen today how successful execution of our strategy has resulted in a stronger, more resilient business.

We're now building on this progress with an emphasis on medium-term growth, taking advantage of our competitive strength. We are an industry leader in large and growing over-the-counter markets, which clients need help to navigate.

We have a well-diversified business, placing us at the center of transactions across many products and services for multiple clients across the world. We have a well-invested scalable platform capable of supporting future growth and increasing operating leverage.

We have a compelling client proposition with strong client relationships built on trust. We have additional opportunities to grow, both organic and inorganic.

In short, we plan to deliver further growth, increase operating leverage, and maximize shareholder value over the medium term by capitalizing on these strengths. With that, I'll now hand back to the operator for questions.

Morning. It's Rae Maile at Peel Hunt.

I wonder, Nicolas, can you help the market understand: obviously a very strong first-half performance, increased cost savings, but no change to full-year guidance, but then this confidence in what you can do over the medium term. As you look at the business, how do you think about that medium-term objective compared with current market conditions?

Yes, absolutely. Thanks for your question.

Robin, would you like to start?

Yes. I think for us, the medium-term ambition that we have is very much, we see that predicated on the trend that we've had leading up to this, to our results.

We've seen very strong compound growth on the revenue over the last four, since 2021, of 5%. We've seen EBIT growth of 9%.

In growing OTC markets and with all the work and effort that we're doing on transforming the business and creating the scalable platform that we have, we see that ambition as something which is very achievable over that medium term.

Thanks. Maybe just help the market think about what parts of the business do you think will generate most of that growth over the medium term?

I think we have multiple growth engines across the business, we think that all divisions will contribute to this growth of revenue, but also this delivering more operating leverage. I'll start with Global Broking, where we see the benefit of the continuous growth generally of the OTC markets.

In addition, we have still some wide spaces where we are investing and fulfilling some new needs from clients, for example, when it comes to balance sheet optimization, for instance. This combined with more technology and AI in the business will contribute to both increasing the revenue and the operating margin.

If I turn to our Energy & Commodities business, we continue to see structural growth. Our gas and power businesses are doing very well.

We are convinced that the oil market activity and the hedging in particular will resume. Our recent investments will pay off in the future, and we see also our economy is getting more and more electrified, with more needs for products that we are building.

If I turn to Liquidnet, here we have good operating leverage. You've seen our platform revenue were up 6% on the cash equity and our EBIT margin was up 10%, more leverage and more profitability to come from there.

Our diversification across multi-assets is also an engine for growth in Liquidnet. Last but not least, Parameta, we know that the world we're getting into needs more and more data, not less.

We are very well-positioned for that in the future. I would say, sorry, it's a long answer, but multiple growth engines across the business.

That's great. Thank you.

Morning, guys, and thanks. Jonas Døhlen from Deutsche Bank here.

Just two questions from me. On the Global Broking productivity side, revenue and contribution per broker increased while support costs declined.

What evidence suggests this is structural, workflow-led productivity rather than mainly stronger market activity? How should we think about the sustainability of 20% margin, give or take?

On Parameta, with Q2 margin improving and the trend expected to continue, how should we think about kind of the H2 margin and how this develops over the medium term? Is that improvement driven by revenue acceleration or slower investment growth?

Thank you for your question. Ladies first, maybe.

Sibilla, would you like to answer the question about Q2 on Parameta?

Yes, and thank you very much for the interest. Parameta has had a stronger Q2 than Q1, and that's a result of the pipeline that we have been building from December of last year through the whole of Q1, and executed strongly in Q2.

New business activity is particularly attractive when it comes to some of our new product introductions, including the red palm oil offering, which has seen one of the largest customer signs so far. You might have remembered me talking about this new solution towards the beginning of this year.

Our index offering is now also hitting really good momentum, creating revenue that is AUM-linked. These are some of the examples of what has been driving the acceleration of growth in Q2 versus Q1 and what will sustain the second half of the year.

Thank you, Sibilla. Dan, a few words about on productivity?

On productivity, obviously, we had a good first half with growth across the board, and that was both from our new businesses and new hires as well as supportive market conditions. That translated into a higher profit margin of above 20%, as you noted.

I think in terms of the sustainability, the reality is that we invest in technology as part of the foundation upon which our business is built, and that both contributes to the productivity of the individual brokers and the ongoing, sustainable profitability of the businesses. It's hard to isolate what that means in terms of electronification foundation versus the ongoing growth that we have built and continue to see as an opportunity, but increased productivity is part of the growth of the business going forward.

Thank you. Thanks.