Marex Group (MRX) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $743.2m rose 53% YoY and adjusted PBT of $176.1m rose 75%; adjusted PBT margin expanded 300 bps to 23.7%.

• Growth spanned all four segments, supported by acquisitions, market-share gains and deeper institutional client relationships.

• 9M revenue was $2,131.3m, up 47%, and adjusted PBT was $494.7m, up 63%.

Financial highlights

• Q3 adjusted expenses rose 44% to $560.8m, including front-office costs up 49% and control and support costs up 37%.

• Q3 reported PBT was $172.7m, up 75%; continuing-operations PAT was $130.3m, up 78%.

• Q3 net trading income more than doubled to $420.2m; net commission income rose 9% to $252.6m and NII fell 7% to $35.7m.

• 9M adjusted basic EPS rose 65% to $5.04; adjusted diluted EPS increased 68% to $4.81.

• 9M reported PAT was $398.0m, including a $35.5m Winterflood custody disposal gain and $0.4m of pre-sale profit.

Outlook and guidance

• Targeting 10–20% adjusted PBT growth in 2027, with the outlook reflecting sustained momentum and organic and inorganic growth opportunities.

• October market and performance trends were in line with the year’s average; activity expected near current levels, subject to the Christmas slowdown.

• Bright Point is expected to close in early 2027, strengthening Asia clearing and China access; four further transactions have agreed commercial terms.

• 2027 growth budgeting includes the full-year impact of 2026 acquisitions and Bright Point, but excludes other potential deals.