StoneX Group Inc.

Hello, and thank you for standing by. Welcome to StoneX Group, Inc. first quarter fiscal year 26 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to hand the call over to Bill Dunaway. Sir, you may begin.

Good morning, and welcome to our earnings conference call for our quarter-ended December 31, 2025, our first quarter of fiscal 2026. After the market closed yesterday, we issued a press release reporting our results for the quarter, and this press release is available on our website at www.stonex.com, as well as a slide presentation, which we will refer to on during this call. The presentation and an archive of the webcast will also be available on our website after the call's conclusion. Before getting underway, we are required to advise you and all participants should note that the following discussion should be considered in conjunction with the most recent financial statements and notes thereto as well as the Form 10-Q filed with the SEC. This discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC. Although the company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the company's actual results will not differ materially from any results expressed or implied by the company's forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether a result of new information, future events, or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance. With that, I will now turn the call over to Philip Smith, the company's Chief Executive Officer, for a brief introduction.

Thank you, Bill. Good morning, everyone, and thank you for joining our first quarter earnings call for fiscal 2026. I'm very pleased to report a very strong start to our fiscal year, reporting record net operating revenues, net income, and EPS, which showcases the power and the scale of the ecosystem we have built at Stonex, and of which we are incredibly proud of. We play a vital role in the global financial and physical markets by serving a wide and diverse range of clients. Our platform enables clients to access multiple markets, giving them the flexibility and choice they need to pursue opportunities and or mitigate risk wherever they arise. This broad market access positions us with several avenues for growth as demonstrated by our performance this quarter. When conditions shift, from one market to another. We have the breadth of products and services to support our clients' needs wherever they arise. This diversification is a core strength of our business model. Bill will go into more detail around our financials, but I would like to highlight a few areas that help drive our record results. Record listed derivatives volumes and average client equity, significantly enhanced by the acquisition of RJ O'Brien. Record commercial performance driven by an exceptional performance in global metals, and in particular in our precious metals business, which generated $75 million in segment income this quarter, which is $24 million more than it did in the entire financial year 25. This was an exceptional quarter whereby our global footprint, the depth of our product vertical, And our logistics expertise in being able to move physical metal globally in order to take full advantage of locational discounts and premiums, being second to only the largest two global bullion banks, allowed Stonix to record its best revenue quarter ever. To remind you of the deep dive into metals we provided in our Q2 earnings call last year, our unique precious metals vertical includes the following. Stonex is a leading OTC liquidity provider in all precious metals. Stonex is uniquely positioned as the only non-bank participant in setting the gold, silver, platinum, and palladium daily price benchmarks. Stonex is the number one non-bank FCM, providing access to futures contracts on exchange for all metals. Stonex is a wholesale and retail service producer of small bars and coins direct to consumers under our Stonex bullion platform, or to third party companies themselves servicing direct to consumers. Stonex is one of the largest wholesale physical bullion businesses moving metal across jurisdictions efficiently to satisfy locational shortages and oversupply of material. Stonex owns a recently CME accredited vault, which now has in excess of $1.2 billion worth of metal in custody after only a couple of quarters of operations. providing bolting, storage, and custody services. And of course, Sonix owns a London Good Delivery silver recycling and refining facility, providing investment-grade products into the bullion market from recycled material. Together, these products and capabilities produce a truly unique ecosystem in the metals market. In addition, our institutional segment reported a record quarter, which was enhanced by the addition of RJO O'Brien's institutional business as well as the investment banking, equity research, and institutional sales and trading benchmark. This was in addition to record revenues reported on legacy StoneX equities, fixed income, and prime service business lines, underscoring the true value of our ecosystem. Finally, we also saw record payments average daily volume to start off the fiscal year. Bill will now cover our financials in more detail.