Marex Group (MRX) Investor presentation summary

Strategy and business model

• Focus on providing market access, infrastructure services, and liquidity across global markets, connecting clients to over 60 exchanges worldwide.

• Revenue streams are diversified across Clearing, Agency & Execution, Market Making, and Hedging & Investment Solutions.

• Business mix is shifting toward high-margin, recurring infrastructure-led activities, with Clearing, Prime, and Financing now representing about 70% of profitability.

• Ongoing investment in technology, AI, and digital assets to enhance productivity and expand addressable markets.

• Strategic M&A targets high-barrier, scalable businesses to fill product or geographic gaps, with disciplined integration and strong financial returns.

Financial performance and growth

• 2025 revenue reached $2.0bn, up 27% YoY, with Adjusted Profit Before Tax (PBT) at $418m, up 30% YoY.

• All business segments contributed to growth, with Agency & Execution revenue up 51% YoY and Market Making up 13% YoY.

• Adjusted PBT margin expanded to 20.7% for the year, with a strong Adjusted Return on Equity of 29.9%.

• Earnings quality improved, with higher recurring revenues and a Sharpe ratio of 6.2, indicating stable and reliable earnings.

• Expenses grew in line with revenue, reflecting ongoing investment in talent and infrastructure.

Client and market expansion

• Active clients grew 19% YoY to 3,465, with top-tier clients ($5m+ revenue) increasing 36% and driving over $300m in incremental revenue.

• Client base is increasingly diversified, with a strong pipeline of large clients and cross-sell opportunities.

• Expansion into digital assets and new geographies is broadening the addressable market and reinforcing competitive positioning.

• Competitive intensity in core markets has declined, while barriers to entry remain high due to technology, expertise, and capital strength.