Marex Group (MRX) investor relations material

Strategic evolution and performance

• Broadened opportunity set and materially exceeded IPO expectations, with 2025 Adjusted PBT surpassing IPO plan by over $100m and a 40% YoY increase in 2025.

• Strategy remains consistent but has scaled through larger institutional clients, expanded infrastructure-led revenues, and targeted M&A, driving recurring, high-margin earnings.

• Earnings mix has shifted toward infrastructure businesses, now representing ~70% of profitability, with clearing, prime, and financing as primary growth drivers.

• High quality, reliable earnings demonstrated by a Sharpe ratio of 6.2 in 2025 and only six negative days in the year.

• Disciplined M&A added $35m in year-one run-rate PAT from six bolt-on acquisitions in 2025, with a payback period of three years.

Financial guidance and outlook

• Q1 2026 Adjusted PBT expected at $140–150m, up 22–30% from Q4 2025 and 45–55% from Q1 2025, marking record quarterly performance.

• Illustrative scenarios show potential Adjusted PBT reaching $918m by 2028 at a 30% annual growth rate, with EPS rising to $9.01.

• Margin expansion expected to continue, with Adjusted PBT margin projected to gradually rise toward the mid-20% range over the next 3–5 years.

• Organic Adjusted PBT growth targeted at 10% annually, with total growth (including inorganic) of 10–20% per year.

• Capital allocation remains disciplined, balancing organic and inorganic growth, maintaining a strong capital position, and supporting shareholder returns.

Business segment developments

• Clearing: Revenue reached $528m in 2025 with a 50% Adjusted PBT margin, over $14bn in client balances, and a global footprint across 60+ exchanges and 20+ countries.

• Capital Markets: Revenue grew to $763m in 2025, with Prime Services now contributing ~25% of group profitability and $28bn in client assets.

• Digital Assets: Over $400bn transacted in 2025, $150m in revenue, and a comprehensive institutional-grade platform integrating custody, financing, clearing, and execution.

• Electronic trading and payments infrastructure are being scaled to drive recurring, infrastructure-led revenues and deeper client integration.