Slide 1: Second quarter 2025 results
Diversified Resilient Dynamic Second quarter 2025 results August 13, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-lookin
Slide 3: Performance highlights
Performance highlights Ian Lowitt, CEO
Slide 4: Financial and operational highlights
Financial and operational highlights • Record H1 performance: ~$1 billion of revenue and Adjusted Profit Before Tax1 of $203 million, +27% year on year • Record Q2 performance: Adjusted Profit Before Tax1 of $106 million, +16% year on year and +10% sequentially on Q1 • Revenue +18% to $500 million i
Slide 5: Delivered strong performance in our key metrics in H1 and Q2 2025
Delivered strong performance in our key metrics in H1 and Q2 2025 18% 23% Revenue ($m) 500 967 422 788 Q2 2024 Q2 2025 H1 2024 H1 2025 Margins 21.7% 21.3% Margins 20.2% 21.0% Probit 16% AdjustedProfit 27% Tax BeforeTax1 Adjusted Before 106 203 92 159 Q2 2024 Q2 2025 H1 2024 H1 2025 13% Revenue per f
Slide 6: Financial performance
Financial performance Rob Irvin, CFO
Slide 7: Financial highlights: H1 and Q2 2025
Financial highlights: H1 and Q2 2025 Q2 Q2 % H1 H1 % ($m) 2025 2024 Change2 2025 2024 Change2 • Record H1 2025 revenue of $967m, +23% YoY and Adjusted Profit Before Tax of $203m, +27% YoY Revenue 500 422 18% 967 788 23% Front Office Costs (272) (225) 21% (531) (435) 22% • H1 2025 Adjusted PBT margin
Slide 8: Performance by business segment in Q2 2025
Performance by business segment in Q2 2025 Clearing Agency and Execution Market Making Hedging and Investment Solutions 59% Revenue ($m) 12% (17)% 261 (9)% 165 124 139 70 57 45 41 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Margins 56% 51% 14% 26% 42% 32% 32% 15% Adjusted Profit
Slide 9: Performance by business segment in H1 2025
Performance by business segment in H1 2025 Clearing Agency and Execution Market Making Hedging and Investment Solutions 15% 50% Revenue ($m) (1)% 258 0% 500 225 333 111 110 86 86 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Margins 53% 49% 13% 25% 35% 32% 30% 20% Adjusted Profit B
Slide 10: Increasing client activity and share gains on the Marex platform
Increasing client activity and share gains on the Marex platform (million contracts) Q2 2024 Q2 2025 % change Q2 2024 TTM1 Q2 2025 TTM1 % change Clearing Market Volumes2 2,856 3,212 12% 10,677 12,247 15% Marex Revenue ($m) 124 139 12% 405 496 23% Marex Volumes 271 357 32% 975 1,247 28% Agency and Ex
Slide 11: Net interest income and average balances
Net interest income and average balances NII and total average balances1 NII movements Q2 2025 vs. Q2 2024 Avg. Fed Net Interest YoY 5.3% 5.3% 5.3% 4.7% 4.3% 4.3% Income ($m)4 Q2 24 Q2 25 change YoY Drivers funds rate NII ($m) 35.6 65.4 63.5 62.6 53.4 34.6 Interest • Avg. Fed Funds rate: -100bps 184
Slide 12: Majority of balance sheet supports client activity
Majority of balance sheet supports client activity Total1 Client Activities (Jun-25) Residual Client Repurchase Settlement Period End ($bn) Dec-24 Jun-25 Balances Agreements Securities Derivatives Gross-up3 Jun-25 Driven by client activity Cash and Liquid Assets2 6.2 6.9 3.4 0.2 3.3 ~80% of the bala
Slide 13: Prudent approach to capital and liquidity underpins Investment Grade ratings
Prudent approach to capital and liquidity underpins Investment Grade ratings Regulatory Capital1 vs. Capital Requirement2 ($m) Total Funding Sources ($bn) Total Capital Ratio3 Liquidity Headroom 234% 242% 1.1 2.0 827 723 5.7 3.8 342 309 Dec-24 Jun-25 Dec-24 Jun-25 Capital Requirement2 Regulatory Cap
Slide 14: Client-driven business model and robust risk management
Client-driven business model and robust risk management Market Making daily revenue distribution H1 2025 Track record of low realized group credit losses Number of days by As a % of Revenue trading profitability $0 0.2% 0.1% 0.3% 0.1% 35 30 H1 2025 daily ($m) average VaR1 $4.0m 25 20 15 4.5 10 5 1.1
Slide 15: Operational update
Operational update Ian Lowitt, CEO
Slide 16: Diversified model delivered consistent growth in a varied H1 market environment
Diversified model delivered consistent growth in a varied H1 market environment Marex sequential quarterly revenue growth Marex sequential quarterly Adjusted PBT1 growth Margin 19.6% 20.6% 21.3% ($m) +7% +12% ($m) +10% +18% 467 500 416 96 106 81 Q4 2024 Q1 2025 Q2 2025 Q4 2024 Q1 2025 Q2 2025 H1 202
Slide 17: High quality and reliable earnings
High quality and reliable earnings Distribution of average monthly Adjusted PBT1 Distribution of daily Adjusted PBT1 # of days Adj. Sharpe Trailing twelve months Jun-25 2.2 4.1 4.3 5.2 6.0 Ratio2 Trailing twelve months Jun-24 +/- 5.1 +/- 5.2 Average has shifted right, 1 becoming more profitable +/-
Slide 18: Agency and Execution
Agency and Execution Growth in Prime Services driving margin expansion for Agency and Execution • Agency and Execution strength driven by growth in Energy (+26%), Adjusted PBT margin1 13% 17% 25% Securities ex-Prime (+34%) and Prime (+228%) • Prime has become a substantial component of Agency and Re
Slide 19: Disciplined acquisitions with limited capital usage
Disciplined acquisitions with limited capital usage Attractive M&A pipeline for the remainder of 2025 while remaining disciplined on our criteria ~150 Run rate impact Actual contribution PAT contribution ~35 ($m) ~10 2023 2024 2025 Capital consumed ~$50m ~$65m ~$150m (cumulative 2023-2025) Run-rate
Slide 20: Marex trading liquidity continued to increase with PE ownership down to ~17%
Marex trading liquidity continued to increase with PE ownership1 down to ~17% ADV (000s) Share Price 8,000 $52 PE holding: PE holding: ~17% after two ~30% after second 7,000 144 block deals follow-on $47 6,000 $42 PE holding: 5,000 ~48% after first follow-on $37 4,000 $32 3,000 PE holding: $27 2,000
Slide 21: Conclusion
Conclusion Marex Adjusted PBT1 Adjusted • Delivered record profitability in the first half of 2025 PBT1 Margin 20.2% 21.0% +27% • Executing strategy to expand product capabilities and geographic ($m) footprint to grow our client base and gain market share • Continue to see an attractive M&A pipeline
Slide 22: Q&A
Q&A
Slide 23: Appendix
Appendix
Slide 24: Interest rate sensitivity
Interest rate sensitivity Fed funds forward curve Illustrative Adjusted Profit Before Tax movement from rate sensitivity1 ($m) 6.0 % +1.0% ~20 5.0 % 4.0 % Implied year- end rate ~3.7% +0.5% ~10 at June 2025 3.0 % 2.0 % (0.5%) (~10) 1.0 % 0.0 % (1.0%) (~20) Jun Dec Jun Dec Jun Dec Jun Dec 22 22 23 23
Slide 25: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended 6 months ended 6 months ended ($m) 30 June 2025 30 June 2024 30 June 2025 30 June 2024 Profit After Tax 76.7 59.3 149.2 102.9 Taxation charge 26.9 20.8 52.4 36.1 Profit Before Tax 103.6 80.1 201.6 139.0 Barg
Slide 26: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 12 months ended 12 months ended 12 months ended ($m) 31 December 2024 31 December 2023 31 December 2022 Profit After Tax 218.0 141.3 98.2 Taxation charge 77.8 55.2 23.4 Profit Before Tax 295.8 196.5 121.6 Goodwill impairment charge1 — 10
Slide 27: Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation
Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation We define the Adjusted Sharpe ratio as the ratio calculated as the average of monthly Adjusted Profit Before Tax divided by the Standard Deviation of monthly Adjusted Profit Before Tax. The Adjusted Sharpe ratio is used by manageme
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