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Record revenue growth of 44% was primarily driven by the successful integration of OTC Global Holdings and strong organic performance across all asset classes.

The Energy, Commodities, and Shipping (ECS) segment more than doubled in revenue, solidifying BGC's position as the world's largest energy broker.

Management attributed the vast majority of quarterly performance to underlying business strength, noting that the Iran conflict contributed only an incremental $20 million to the total $955.5 million revenue.

FMX US Treasury market share reached a record 41%, up from 33% a year ago, demonstrating successful displacement of incumbents in the rates market.

The company expanded its annualized cost savings target from $25 million to $35 million, primarily through compensation adjustments and closing non-profitable logistics units.

Growth in the Fenics electronic platform was led by higher trading volumes in rates, credit, and FX, alongside increased demand for market data services.

Second quarter revenue guidance of $785 million to $845 million assumes a return to market normality following high volatility in the prior year period.

The Q2 outlook accounts for a $50 million bridge from Q1, comprised of $10 million from the KACE sale and logistics unit closure, the lapping of a $20 million tariff-driven volume spike in Q2 2025, and the non-recurrence of a $20 million revenue benefit from the Iran conflict seen in Q1 2026.

Management expects share repurchases to increase throughout the remainder of 2026 as the company moves past the seasonally high cash-use period of the first quarter.

The Lucera infrastructure business is projected to maintain a 20% plus growth rate as it expands connectivity into new fixed income and FX product lines.

Full-year 2026 adjusted earnings tax rate is anticipated to remain between 11% and 14%.

Completed the sale of the KACE Financial business on December 31, 2025, for up to $119 million to streamline the Fenics portfolio.

Closed a non-profitable logistics business previously operated by OTC to eliminate drag on margins and focus on core brokerage.

Identified a temporary 'risk-off' decline in FMX futures open interest due to geopolitical conflict, though management reports recovery trends are already emerging.

Compensation expenses increased by 51.5% for adjusted earnings, reflecting the OTC acquisition, higher commissionable revenues, and currency headwinds from a weaker U.S. dollar.

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Management explained the Q2 guide reflects a difficult year-over-year comparison against April 2025's 'Liberation Day' tariff volumes and the loss of $10 million in quarterly revenue from divested businesses.

Despite the lower headline growth in Q2, the company expects 12.7% organic growth for the first half of the year.

Management argued that BGC operates as a multi-modal exchange where voice and hybrid trading often correlate with and outperform purely electronic volumes during periods of high volatility.

Outperformance is attributed to specific market share gain strategies rather than just general market tailwinds.

The decline in open interest was characterized as a temporary reaction to the Iran conflict, with volumes already showing signs of recovery toward previous highs.

Management emphasized that market participants are actively supporting BGC as a necessary 'second player' to provide competition in the US Treasury and futures markets.

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