Slide 1: Fourth quarter and full year 2025 results
Diversified Resilient Dynamic Fourth quarter and full year 2025 results March 3, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation 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-looking
Slide 3: Performance highlights
Performance highlights Ian Lowitt, CEO 3
Slide 4: Financial and operational highlights
Financial and operational highlights 1 2 3 4 Record quarterly Consistently strong FY 2025 Diversified and resilient Prime Services a stand-out performance in Q4: growth: earnings model: success: Revenue +38% to $572m Revenue +27% to $2.0bn Strengthened earnings resilience In 2025, generated over $25
Slide 5: Delivered strong performance in key financial metrics
Delivered strong performance in key financial metrics 38% 27% Revenue ($m) 572 2,024 416 1,595 Q4 2024 Q4 2025 FY 2024 FY 2025 Margin 19.6% 20.1% Margin 20.1% 20.7% Before Tax1 ($m) Adjusted Profit 41% 30% 115 321 418 81 Q4 2024 Q4 2025 FY 2024 FY 2025 460 bps 260 bps Equity (%) Return on 23.4% 28.0
Slide 6: Delivering consistent growth through different market environments
Delivering consistent growth through different market environments Marex quarterly Adjusted PBT1 Exchange volumes2 Margin 19.6% 20.6% 21.3% 20.7% 20.1% +5% YoY +8% QoQ +41%YoY +14% QoQ ($m) (ADTV) 106 115 96 101 81 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Volat
Slide 7: Financial performance
Financial performance Rob Irvin, CFO 7
Slide 8: Financial highlights: Q4 and full year 2025
Financial highlights: Q4 and full year 2025 Full year 2025: consistent strong growth ($m) Q4 2025 Q4 2024 % Change2 FY 2025 FY 2024 % Change2 Revenue 572.1 415.6 38 % 2,024.1 1,594.7 27 % Revenue Adjusted Profit Before Tax1 $2.0bn $418m Front Office Costs Control and Support Costs (316.3) (135.0) (2
Slide 9: Clearing - strong levels of client activity and onboarding of new clients
Clearing - strong levels of client activity and onboarding of new clients Quarterly performance FY 2025 performance Revenue ($m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue ($m) FY 2024 FY 2025 Net Commission Net Commission 66 68 72 66 70 263 275 Income Income Net Interest Net Interest 56 48 59
Slide 10: Agency and Execution - broad-based growth across asset class led by Prime
Agency and Execution - broad-based growth across asset class led by Prime Quarterly performance FY 2025 performance Revenue ($m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue ($m) FY 2024 FY 2025 Prime 31 53 61 57 87 Prime 84 258 FX 6 6 8 26 27 FX 14 66 Credit 13 14 19 16 15 Credit 55 65 Rates 25
Slide 11: Market Making - client activity driving growth, led by Metals and Securities
Market Making - client activity driving growth, led by Metals and Securities Quarterly performance FY 2025 performance Revenue ($m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue ($m) FY 2024 FY 2025 Metals 6 23 41 24 50 Metals 106 138 Ags 16 7 -0 0 4 Ags 34 12 Energy 13 9 11 7 7 Energy 33 34 Secur
Slide 12: Hedging and Investment Solutions - record quarter driven by client growth and product expansion
Hedging and Investment Solutions - record quarter driven by client growth and product expansion Quarterly performance FY 2025 performance Revenue ($m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue ($m) FY 2024 FY 2025 Hedging Hedging 8 14 20 23 23 69 79 Solutions Solutions Financial Financial 32 3
Slide 13: Net interest income and average balances
Net interest income and average balances NII and total average balances1 Annual NII Movements Net Interest YoY FY 2024 FY 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Income ($m)4 FY 2024 FY 2025 Change Drivers Avg. Fed • Avg. Fed Funds rate: -100 bps 5.2% 4.2% 4.7% 4.3% 4.3% 4.3% 3.9% Interest inco
Slide 14: Strong performance drove increase in variable expenses, alongside continued investment in growth and M&A
Strong performance drove increase in variable expenses, alongside continued investment in growth and M&A Total expenses increase broadly in-line with revenues Revenue ($m) Total expenses aligned to revenue 416 +38% YoY 572 performance as ~55% of expenses are variable Total expenses ($m) +36% YoY Rev
Slide 15: Vast majority of balance sheet driven by client activity
Vast majority of balance sheet driven by client activity Total1 Client Activities (Dec-25) Residual Client Repurchase Settlement Period End ($bn) Dec-24 Dec-25 Balances Agreements Securities Derivatives Gross-up3 Dec-25 Driven by client activity Cash and Liquid Assets2 6.2 7.0 4.1 0.2 — — — 2.7 ~80%
Slide 16: Prudent approach to capital and liquidity underpins Investment Grade ratings
Prudent approach to capital and liquidity underpins Investment Grade ratings Regulatory Capital1 vs. Capital Requirement2 ($m) Total Funding Sources ($bn) Total Capital Liquidity Ratio3 234% 230% Headroom 1.1 1.0 927 6.2 723 3.8 403 309 Dec-24 Dec-25 Dec-24 Dec-25 Capital Requirement² Regulatory Cap
Slide 17: Client-driven business model and robust risk management
Client-driven business model and robust risk management Market Making daily revenue distribution FY 2025 Track record of low realized group credit losses Number of days by trading profitability 60 $0 56 50 FY 2025 daily average VaR1 $3.8m As a % of revenue 27 28 21 0.2% 0.1% 0.3% 0.04% 8 3 ($m) <($1
Slide 18: Conclusion
Conclusion Ian Lowitt, CEO 18
Slide 19: Success with larger clients is driving significant growth
Success with larger clients is driving significant growth Revenue by client size band Active clients +19% YoY driven by both organic growth and Active clients (>$25k)1 Revenue by client size ($m) Average revenue per client ($m) acquisitions Client size bands 2024 2025 △ % YoY 2024 2025 △ % YoY 2024
Slide 20: High quality and reliable earnings
High quality and reliable earnings Distribution of average monthly Adjusted PBT1 Distribution of daily Adjusted PBT1 Adj. Sharpe # of days Ratio2 2.2 4.1 4.3 5.2 6.2 2025 2024 +/- 5.6 34.8 1 Average has shifted right +/- 5.2 by ~400k 26.8 +/- 4.5 19.2 Standard 2 Small tail Increasing number of large
Slide 21: Building a track record of sustainable profit growth as a public company
Building a track record of sustainable profit growth as a public company Consistent strong profit growth Adjusted PBT1 ($m) Delivered record profit, reflecting strong, broad-based performance across the +47% CAGR whole business +30% YoY Positioned to deliver ~10% organic profit growth through a rang
Slide 22: Q&A
MAREX| Q&A
Slide 23: Appendix
MAREX| Appendix
Slide 24: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended ($m) 31 December 2025 31 December 2024 Profit After Tax from Continuing Operations 85.5 56.7 Taxation charge 25.7 21.1 Profit Before Tax from Continuing Operations 111.2 77.8 Bargain purchase gains1 0.0 0.0
Slide 25: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 12 months ended 12 months ended 12 months ended 12 months ended ($m) 31 December 2025 31 December 2024 31 December 2023 31 December 2022 Profit After Tax from Continuing Operations 307.9 218.0 141.3 98.2 Taxation charge 103.7 77.8 55.2 2
Slide 26: Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation
Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation FY 2024 FY 2025 Average Monthly Profit After Tax ($m) 18.2 25.6 Standard Deviation on Monthly Profit After Tax1 3.9 4.0 We define the Adjusted Sharpe ratio as the average of monthly Adjusted Profit Before Reported Sharpe Ratio 4.7
Slide 27: Interest rate sensitivity
Interest rate sensitivity Fed funds forward curve Illustrative Adjusted Profit Before Tax movement from rate sensitivity2 6.0% ($m) +1.0% 20 5.0% 4.0% +0.5% 10 3.0% (0.5%) -10 Implied year-end rate ~3.1% at 2.0% December 20261 (1.0%) -20 1.0% Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 J
Slide 28: Marex volumes data
Marex volumes data (million contracts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Clearing Market Volumes¹ 2,771 2,856 2,991 2,853 3,191 3,212 2,761 2,984 Marex Revenue ($m) 101 124 117 125 119 139 134 137 Marex Volumes 267 271 288 290 312 357 298 313 Agency and Execution - Ener