Marex Group (MRX) Q2 2026 earnings summary

Executive summary

• Achieved record revenue and profitability in Q2 and H1 2026, with Q2 revenue up 39% to $696 million and adjusted profit before tax up 56% to $166 million, marking the sixth consecutive record profit quarter since IPO.

• All business segments contributed to growth, with 77 clients generating over $5 million in annual revenue, up from 49 in 2025.

• Demonstrated resilience and consistent structural growth through a diversified business model, organic expansion, and disciplined M&A.

• Continued innovation in market structure, including digital assets, cross-margining, and new clearing solutions.

• Completed redomiciliation to Bermuda and issued $500 million hybrid capital and $500 million senior notes.

Financial highlights

• Q2 2026 revenue: $696 million (+39% YoY); adjusted PBT: $166 million (+56% YoY); adjusted PBT margin: 23.8%-24%.

• H1 2026 revenue: $1.39 billion (+43% YoY); adjusted PBT: $319 million (+57% YoY); adjusted EPS for H1: $3.29; reported EPS for H1: $3.61.

• Return on equity: 37.5%-37.8% in Q2; adjusted ROE: 37.8%.

• Profit after tax in Q2: $155 million, including $35 million gain from Winterflood Custody sale.

• Basic EPS for Q2: $2.09 (+103% YoY); H1: $3.61 (+80% YoY); trailing 12-month reported EPS: $5.72.

Outlook and guidance

• Confident in maintaining growth at the high end of the 10%-20% target range, with M&A expected to contribute around 20% of growth.

• Margins expected to remain strong, with potential for slow, steady increases.

• Q3 trends in July and early August consistent with H1 performance; healthy pipeline for new client balances and continued growth in clearing.

• Management expresses confidence in sustainable growth, citing a diversified platform, successful acquisitions, and a healthy pipeline.

• Dividend of $0.16 per share approved, payable September 9, 2026.