Marex Group (MRX) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue up 48% year-over-year to $692.3m and adjusted profit before tax up 59% to $153m, reflecting broad-based growth across all business segments and surpassing prior guidance.

• All business segments contributed strongly, with particularly strong performance in Market Making and Hedging and Investment Solutions due to elevated market volatility.

• Operational highlights include increased clearing balances, successful $500m debt issuance, and regulatory approval for the sale of Winterflood's custody business.

• April trading continued strong, tracking above the prior year, and the outlook for the rest of 2026 remains positive.

Financial highlights

• Revenue rose 48% year-over-year to $692.3m; adjusted profit before tax increased 59% to $153m; profit after tax from continuing operations up 55% to $112.9m.

• Adjusted return on equity reached 37.4% (up 750 bps); adjusted basic EPS rose 62% to $1.57.

• Adjusted PBT margin expanded to 22.1% (up from 20.6% YoY); regulatory capital at $1.02bn, with a capital ratio of 253%.

• Dividend increased to $0.16 per share, payable in Q2 2026.

• Total assets increased 5% to $36.5bn; total equity up 7% to $1.35bn.

Outlook and guidance

• April trading performance is tracking above April 2025 levels, supported by favorable market conditions and ongoing platform expansion.

• Management expects continued growth for the full year, supported by a diversified business model, though extreme Q1 volatility is not expected to persist.

• Margins expected to remain at current levels in 2026, with potential to rise to mid-20s% over three years due to scale and efficiency gains.

• Pipeline for new client onboarding and acquisitions remains robust, with further growth anticipated in Clearing and Prime.

• Proposed redomicile to Bermuda progressing, with a shareholder vote scheduled for May 21, 2026.