Marex Group (MRX) Barclays 23rd Annual Global Financial Services Conference summary

Business performance and growth

• Stock price increased 85% year-on-year since IPO, with strong financial performance and PBT up 75% on a run rate basis.

• Business model centers on providing connectivity to exchanges, focusing on sticky, profitable client relationships in clearing and execution.

• Growth driven by both organic initiatives and acquisitions, with a target of 40% annual growth from M&A and 60% organically.

• Recent acquisitions in the Middle East, Brazil, and Cowen's Prime Brokerage have rapidly increased profitability and revenue.

• Financials now represent about 40% of revenues, with a goal to exceed 50% as diversification continues.

Response to short report and investor confidence

• Addressed allegations from a short report, with investors and clients reassured after management's rebuttal.

• Continued client growth and increased balances indicate no lingering concerns among stakeholders.

Operating environment and macro trends

• Exchange volumes and volatility have been supportive, with rising interest rates providing a favorable backdrop.

• Anticipated rate cuts in 2025 expected to have a modest impact on PBT, offset by share gains and new products.

• Firm has averaged 35% annual growth over the past decade, with momentum expected to continue.