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 ~70% of profitability.

• Growth is driven by scaling with larger institutional clients, expanding infrastructure revenues, targeted M&A, and investment in technology and AI.

• Digital assets are a growing focus, with established capabilities in clearing, solutions, prime services, and financing.

Financial performance and growth

• Achieved record Q1 2026 revenue of $692m (+48% YoY), with adjusted profit before tax (PBT) of $153m (+59% YoY) and margin expansion to 22.1%.

• Full-year 2025 revenue reached $2bn (+27% YoY), with adjusted PBT of $418m and basic EPS of $4.12 (+30% YoY).

• Return on equity reached 28% in 2025 and 37.4% in Q1 2026, reflecting strong profitability.

• All business segments contributed to growth, with market making and hedging & investment solutions posting particularly strong YoY gains.

• Earnings quality is high, with a stable and improving adjusted Sharpe ratio (6.2 in 2025), and only a small number of negative days.

Client and product expansion

• Active clients grew 19% YoY to 3,465 in 2025, with top-tier clients ($5m+ revenue) increasing 36% and generating over $300m in incremental revenue.

• Growth is primarily driven by increased activity from existing clients and a strong pipeline of large clients.

• The client base is increasingly diversified, with top-tier clients representing only one-third of total revenue.

• New product capabilities and cross-selling are expanding the addressable market.