Marex Group (MRX) investor relations material

Strategic evolution and growth drivers

• Consistent double-digit growth since IPO, with 2025 PBT reaching $418 million and exceeding initial forecasts by over $100 million, driven by scaling with larger institutional clients and impactful M&A.

• Growth is increasingly led by infrastructure businesses—clearing, prime, and financing—now representing about 70% of profitability, with the Cowen acquisition contributing 25% of profit.

• Technology, especially AI and electronic execution, accelerates productivity, margin expansion, and new product development, while digital assets expand the addressable market and serve as a client acquisition tool.

• Geographic expansion and brand strengthening have enabled larger mandates and talent attraction, with the Americas now nearly half of profitability.

• Proposed re-domiciling to Bermuda aims to streamline governance, reduce costs, align with Nasdaq listing, and support global scalability, pending shareholder and regulatory approval in H2 2026.

Financial performance and guidance

• 2025 revenue grew 27% to over $2 billion, adjusted PBT up 30% to $418 million, and ROE reached 28%, with a Sharpe ratio of 6.2 and only six negative days in 2025.

• Q1 2026 is forecasted to deliver record adjusted PBT of $140–$150 million, up 45–55% year-over-year, with strong performance across all business segments.

• Maintains a 10–20% annual growth target, with potential for higher compounding; at 30% growth, PBT could reach $918 million and EPS $9.01 by 2028.

• Margins have improved from 15% to 21% over five years, with a path to mid-20s% in the next 3–5 years, driven by AI and infrastructure-led business mix.

• Capital allocation prioritizes maintaining investment-grade ratings, supporting organic and inorganic growth, and returning capital via dividends and potential buybacks.

Business segment highlights

• Clearing: Largest non-bank FCM globally, $528 million revenue in 2025 with a 50% margin, client balances up to $16 billion, and a global footprint across 60+ exchanges and 20+ countries.

• Prime services: $28 billion client assets, now a quarter of group profit, with a sustainable 20–30% annual growth rate and a shift from prime-of-prime to direct prime relationships.

• Digital assets: Over $400 billion transacted in 2025, $150 million revenue, acting as a door opener for institutional clients and enabling cross-selling across divisions.

• Capital markets: Largest revenue contributor, with $763 million in 2025, focusing on multi-asset, infrastructure-led, and recurring revenue streams, expanding in FX, credit, and electronic trading.

• M&A: Over $80 million deployed in 2025, with disciplined criteria (20%+ PBT margin, 20%+ ROE, <3-year payback), and $35 million in year-one run-rate PAT from six bolt-on acquisitions.