Marex Group (MRX) investor relations material

Business performance and growth

• Achieved 85% stock price increase year-on-year since IPO, with strong financial performance and sequential growth over the past decade.

• Run rate profit before tax (PBT) is 75% higher than pre-IPO, with $200M+ in PBT in the first half of the year.

• Business model centers on providing connectivity to exchanges for clients, resulting in sticky and profitable relationships.

• Growth is driven by both organic initiatives and acquisitions, with a target of 40% of annual growth from M&A.

• Recent acquisitions in the Middle East, Brazil, and Cowen's prime brokerage have rapidly increased profitability and expanded geographic reach.

Market environment and operating conditions

• Exchange volumes and volatility have been supportive, with higher interest rates and volatility benefiting the business.

• Anticipated rate cuts in 2025 are expected to have a modest impact on earnings, with a 100bps reduction equating to ~$20M PBT.

• Continued momentum in client acquisition and share gains is offsetting macro headwinds.

• Sequential growth is expected to continue, supported by new products, geographies, and acquisitions.

M&A strategy and integration

• Acquisitions are used to access new clients, products, and geographies that are difficult to build organically.

• Integration is prioritized to quickly realize synergies, with recent deals showing immediate profitability improvements.

• Pipeline includes 6-7 live deals, ranging from boutique to mid-sized firms, with openness to larger acquisitions if culturally aligned.

• Focus remains on disciplined returns and cultural fit, with no pressure to pursue large deals unless they meet strategic criteria.