The Group’s improved performance in 2025 reflects the continued robust earnings provided by its Less Transactional businesses, together with the benefit of inherent operating leverage as global transactional markets partially recovered.

We start the year with good transactional pipelines in most geographies and an expectation of progressive growth in global activity over the course of the year which, supported by our strong portfolio of Less Transactional business lines, positions the Group well for continued recovery in its financial performance.