CEO letter

Behind the results are initiatives aiming to make us a better firm for our people and our clients. Ours is a long-lead-time business, and many of those initiatives have been some years in the making and represent a significant investment. They reached concrete conclusions in 2025 and will drive higher growth and performance in 2026 and beyond.

Starting with the foundations of our business, we continue to focus on making TMF a great place to work for talented people. We launched new career management solutions, such as TalentHub, saw regretted attrition fall to 6% of staff turnover, and, for the first time, filled the majority of open roles through promotion. That investment in talent creates stability, strengthens culture and, ultimately, underpins the client experience of TMF Group.

We are living through a rupture in trade and technology. As TMF Group, we are committed to making sure that we are a great solution for our clients as they cope with and prosper in the new world that is emerging. I want to thank our clients for their continued trust in TMF Group as their partner, and to thank our colleagues for their hard work supporting our clients and for doing so much in 2025 to lay the foundations for a strong future.

Regarding client care, we set out our strategy of flawless service some years ago and have been working on it ever since. In 2025, we saw NPS improve sharply, from 44 in 2024 to 55 in 2025, lifting us from a strong to an excellent rating for a professional services firm. Our strategy also involved pivoting from a sales focus to a relationship focus regarding the way we engage with clients. That became particularly relevant as clients responded to world events by rethinking trade corridors and consolidating their suppliers. In 2025, the annual contract value of new business increased by 18% over 2024, 75% of which came from existing clients as we deepened our relationships with them. The majority of that new business growth will land in 2026, as contracts won take time to be on-boarded and go live. This points to higher organic growth ahead.

We are also working to transform our client value proposition. Known internally as VP2.0, this is a richer offering delivered in a higher quality and more productive platform. The first value proposition to launch was our new payroll solution, Optix, with clients going live from October 2025. We extended our payroll offering to a broader set of Employer Services that complement payroll, including HR administration, Employer of Record, employee benefit and salary payment solutions. Work has been performed across all service lines, with Global Entity Management and Fund Administration the next to go live.

We are embedding AI into these changes as an exciting new way to enrich what we can do. Clients have high expectations around technology and we want to provide a conduit for them to access the best technology shaped in the most effective ways. AI is increasingly finding its way into processes we run for daily client service. It is also enabling new solutions that sit on top of our services to help clients stay in control and get ahead of any change.

Finally, we have invested substantially 'under the bonnet' in recent years to make TMF Group a better and more reliable partner to our clients. In 2025, we introduced a new global KYC platform, FenX, a new global Finance system, D365 - which was supporting nearly 90% of TMF revenue by year end - and a universal service catalogue for our complete offering. The prize is a stronger backbone to run TMF Group, resulting in a simpler, faster, better client experience, from scoping to onboarding to invoicing. Creating that backbone involved a big effort from all our people and this, inevitably, had a big impact on the 2025 results. However, doing so has also set us up for a strong and sustainable performance in the future.

Mark Weil | CEO

  • *Definitions are provided in the Reconciliation of non‑IFRS information section