BGC Group, Inc.

Greetings and welcome to the BGC Group fourth quarter full year 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Krasickas, Head of Investor Relations. Thank you. You may begin.

Hello, everyone. This morning we issued BGC's fourth quarter and full year 2025 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the fourth quarter of 2025 with the prior year period unless otherwise stated. All references to record and or strongest results are compared to BGC's standalone financial results, excluding Newmark prior to the spinoff in November 2018. We will be referring to our results on a non-GAAP basis, which include the terms adjusted earnings and adjusted EBITDA. Please refer to today's investor materials on our website for additional details on our financial results and for complete and updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results, and how, when, and why management uses them, as well as relevant industry and economic statistics. The outlook discussed today assumes no material acquisitions or dispositions. Our expectations are subject to change based on various macroeconomic, social, political, and or other factors. Information on this call can take forward-looking statements, including without limitation, statements about our economic outlook and business. These statements are subject to risks and uncertainties, which could cause our actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward-looking statements. For information on factors that could cause actual results to differ from forward-looking statements and a complete discussion of risks and other factors that may impact these forward-looking statements, see our SEC filings, including but not limited to the risk factors and disclosures within these SEC documents. With that, I am now happy to turn the call over to Sean Windy, Co-Chief Executive Officer of BGC Group.

Thank you, Jason. Good morning and welcome to our fourth quarter and full year 2025 conference call. With me today are my fellow co-chief executive officers, John Abouliraj and JP Oban, along with our chief financial officer, Jason Hoff. BGC delivered record-breaking revenues for both fourth quarter and full year 2025, with increases of 32% and 30% respectively. This strong growth extended across all asset classes and geographies, driven by double-digit organic growth and our acquisition of OTC. We achieved the strongest annual results in our history, with revenues approaching $3 billion and EPS growing by 24% under GAAP and 19% for adjusted earnings. We significantly expanded our market share, completed our second largest acquisition, and became the world's largest energy broker. We completed the first phase of our cost reduction program, that will realize $25 million of annualized savings in 2026 with further cost savings targeted throughout the year. FMX produced another record year with our FMX UST business ending 2025 with a 40% market share. Our FMX futures exchange continued its rapid growth with SOCRA futures average daily volumes and open interest increasing 82% and 97% respectively from the previous quarter. This strong momentum has continued into 2026 with volumes, open interest, and market share all setting new daily highs. Three years ago, on our fourth quarter 2022 earnings call, we declared BGC a growth company once again. Since then, we produced 13% revenue growth in 2023, 12% in 24, 30% in 2025, and have now guided 34% growth for the first quarter of 2026 at the midpoint of guidance. Our revenues have increased from $1.8 billion in 2022 to nearly $3 billion this year. Over the same period, our adjusted EPS has risen by 71%, to $1.18 per share. We have become the largest ECS broker globally, diversified our customer base, and introduced competition to the US interest rate futures market. We believe our company is stronger than ever and perfectly positioned for continued success as we move into 2026, with the year already off to a record-breaking start. With that, I'd like to turn the call over to John to go over the quality results of the business in more detail. Thank you, Sean.