Letter from the CEO

In 2024, we achieved our third successive year of double-digit revenue and EBITDA growth. Our growth is primarily organic and comes largely from serving and growing with our existing clients, on the back of our commitment to flawless service. In a very fragmented space, many firms continue to work with a large number of service providers country by country and service by service. We believe that clients will increasingly seek to reduce their supplier count to a few reliable, global partners to improve their confidence, control and efficiency. We want to make TMF Group the best solution for them, as a global partner with a single team working in 87 countries. As an example, recently we had several wins to manage the global SPV portfolios of major asset managers as they consolidate their service solution with TMF Group.

The most important thing is that we end the year a better firm for our people and our clients than we entered it. Three particular areas stand out – our people, our services and our resilience. Starting with our people, we are a service provider in which our people are everything, even as we deploy increasing levels of technology in our solutions to help them deliver more effectively and productively. So, I am particularly pleased with us ending 2024 with record levels of promotion and retention. Alongside that, we made a number of leadership hires in Operations & Technology, in Transformation, in Client Leadership and in Funds and Capital Markets services, reinforcing our steps to improve how we can serve our clients. We also reorganised to simplify our structure, reducing our global market count from 16 to 9 and giving primacy in our structure to a new Client function. We have supported that change in structure with new client relationship roles and client support processes.

In terms of services, we have innovated in response to client demand. Taking the area of employee management as an example, we have invested in a new global payroll platform built using client data insights to minimise the risk of error. We have created adjacent solutions for HR administration, Employee Benefits, Employer of Record, salary payment, and complex senior deferred cash and equity compensation. Similarly, work has gone on in our fund administration and entity management capabilities. We also added ESG reporting, loan administration and other specialist needs that clients sought help with.

Finally, our own resilience as a platform matters not just to us but to the clients who rely on us. Our strong financial performance, and our stable ownership all contribute to making TMF Group a reliable partner with the capacity to invest in building a better firm. In such an uncertain world, a key indicator of our resilience is our revenue diversification. No-one knows whether and where political, economic and physical conflict may flare. Our best defence is diversification. We go into 2025 with no client more than 1.2% of revenue and no country greater than 6% of revenue. That allowed us to grow through the shocks of Brexit, US/Mainland China trade sanctions, the Covid-19 pandemic and the Russia/Ukraine war.

As ever, I want to thank our clients for their continued trust in TMF Group as a partner to them and our colleagues for their continued hard work in achieving so much in 2024 and laying the foundations for further progress in 2025.

Mark Weil | CEO

• From 2 January 2025, Tucano Holdings Jersey Limited is majority shareholder of TMF Group Holding B.V.; the members of the Management Board and the Supervisory Board of TMF Group Holding B.V. have resigned at the date of transfer and, at that same date, were appointed as directors of Tucano Holdings Jersey Limited.