Operator

Hello, everyone. Thank you for joining us, and welcome to Marex's First Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Adam Strachan, Head of Investor Relations. Please go ahead.

Adam Strachan
Head of Investor Relations

Good morning, everyone, and thanks for joining us today for Marex's First Quarter 2026 Earnings Conference Call. Speaking today are Ian Lowitt, Group CEO; and Rob Irvin, Group CFO. After Ian and Rob have made their formal remarks, we will open the call to questions. Before we begin, I would like to remind everyone that certain matters discussed in today's conference call are forward-looking statements relating to future events, management's plans and objectives for the business and the future financial performance of the company that are subject to risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements.

The risk factors that may affect results are referred to in Marex's press release issued today. The forward-looking statements made today are as of the date of this call, and Marex does not undertake any obligation to update them. Finally, the speakers may refer to certain adjusted or non-IFRS financial measures on this call. A reconciliation schedule of the non-IFRS financial measures to the most directly comparable IFRS measures is also available in Marex's earnings release issued today. A copy of