BGC Group, Inc.

Greetings and welcome to the BGC Group first quarter 2026 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 during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Jason Krasikas, Head of Investor Relations. Thank you. You may begin.

Hello, everyone. This morning we issued BGC's first quarter 2026 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the first quarter of 2026 with the prior year period, unless otherwise specified. All references on today's call to historic, record, and strongest results are 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 gap 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 gap terms. reconciliations of these items to the corresponding gap 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 contains 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 the forward-looking statements, and a complete discussion of the 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 John Abouliraj, Chief Executive Officer of BGC Group.

Thank you, Jason. Good morning and welcome to our first quarter 2026 conference call. With me today are my fellow co-chief executive officers, Sean Windyett and JP Obant, along with our Chief Financial Officer, Jason Hoff. BGC delivered another record quarter. Revenues increased 44% to $955 million, with growth across every asset class and geography. Excluding OTC, revenues grew 23% to $817 million, which was also a record. Pre-tax earnings hit an all-time high, up more than 44%. Our ECS revenues more than doubled to $330 million, reinforcing our position as the world's largest energy broker. FMX posted its best-ever quarter, setting ADV records for U.S. Treasuries, FX, and futures. FMX UST ADV grew 51% in the first quarter to a record $90 billion, representing 41% market share. We built on last year's $25 million cost reduction program, which is now expected to result in $35 million of annualized cost savings. We will continue to identify and execute cost savings throughout 2026 to drive further margin expansion. A final point on the macro backdrop. The Iran conflict, which began on February the 28th, drove elevated volatility across energy, rates, and FX through the final month of the quarter. Through February the 27th, before the conflict began, revenues were tracking up 41%. Finishing the full quarter up 44% reinforces that our record results this quarter were driven primarily by our underlying business, with the conflict serving only as an incremental contributor. With that, I'd like to turn the call over to Sean to go over the quarterly results of the business in more detail.