Marex Group Plc · NASDAQ:MRX
Marex — Investor Presentation (August 2026)
38 slides from Marex's investor presentation, August 2026
Slide 1: Diversified Resilient Dynamic Investor Presentation
Diversified Resilient Dynamic Investor Presentation August, 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: Strategy Overview
MAREX Strategy Overview
Slide 4: Highly experienced management team
Highly experienced management team Ian Lowitt Paolo Tonucci Rob Irvin Group CEO Chief Strategist Group CFO and CEO Capital Markets Ian joined Marex in November 2012 Paolo joined Marex in May 2018 as Rob joined Marex in March 2023 as as CFO and became CEO in 2016. COO, became CFO in 2020 and is CFO.
Slide 5: Providing market access, infrastructure services and liquidity to clients globally
Providing market access, infrastructure services and liquidity that connects our clients to markets globally Clearing Asset managers & other Agency & Execution market participants Revenue model Risk management Revenue model Risk management Commission per trade Credit risk managed by Commission per t
Slide 6: Highly attractive and resilient financial profile
Highly attractive and resilient financial profile Revenue ($m) 1 2 2,024 1,595 Diversified and high-quality Track record of consistent 1,245 revenue mix strong profit growth 543 711 415 2020 2021 2022 2023 2024 2025 Adjusted Profit Before Tax1 ($m) 3 4 418 Well-capitalized with prudent Disciplined c
Slide 7: Marex financial profile at a glance in 2025
Marex financial profile at a glance in 2025 Diversified and resilient business segment mix 11% 7% $2bn +27% Adjusted PBT1 Revenue YoY 40% Clearing Agency & Execution 43% $418m +30% Market Making Hedging & Investment Solutions Adjusted PBT1 YoY Geographic breadth 8% and diversification Adjusted PBT1
Slide 8: The same strategy – broader capabilities and larger opportunity
The same strategy – broader capabilities and larger opportunity Strategic pillars at IPO How it has scaled and evolved Meaningful driver of growth, driven by Scaling with larger institutional clients greater share of wallet and cross-sell Clients Expanding infrastructure-led revenues Increase recurr
Slide 9: Success with larger clients is driving significant growth
Success with larger clients is driving significant growth Revenue by client size band Top-tier client revenue growth Active clients (>$25k)1 Revenue by Average revenue Revenue from $5m+ clients client size ($m) per client ($m) increased 59% Client size FY 2025 H1 2026 % YoY FY 2025 H1 2026 % YoY F
Slide 10: Earnings mix shifting toward infrastructure businesses
Earnings mix shifting toward infrastructure businesses Infrastructure businesses drive recurring, high margin Adjusted PBT1 by infrastructure reliance and scalable earnings Higher proportion of recurring, infrastructure-based earnings than at IPO 418 +$188m High: Clearing, Prime and financing now dr
Slide 11: Resulting in high quality and reliable earnings
Resulting in high quality and reliable earnings Distribution of average monthly Adjusted PBT1 Distribution of daily Adjusted PBT1 # of days Adj. 2.2 4.1 4.3 5.2 6.2 3.2 Sharpe Ratio2 Average daily Adj. PBT($) +/- 13.8 2023 916k 2024 1.3m 2025 1.7m TTM June 2026 2.1m +/- 5.6 +/- 5.2 Negative days $3
Slide 12: Building scale today to drive sustainable margin expansion over time
Building scale today to drive sustainable margin expansion over time Adjusted Profit Before Tax1 Margin expansion Expect gradual margin expansion while investing in growth Adjusted PBT1 ($m) Adjusted PBT Margin1 1 Business mix evolving towards higher-margin, infrastructure- led activities 14.8% 14.7
Slide 13: Disciplined acquisitions delivering significant growth post integration
Disciplined acquisitions delivering significant growth post integration 1 2 M&A in 2026 Abu Dhabi based UK/Europe-based FX and UK cash equities Completed M&A clearing firm payments firm market maker in 20253 Expanded clearing presence Expanded FX franchise Expanded cash equities APAC clearing and ad
Slide 14: AI an accelerator of growth, also reinforcing our competitive advantage
AI an accelerator of growth, also reinforcing our competitive advantage Accelerator of growth and productivity Scalable, controlled Increased productivity of programmers, Improved engagement and resilient growth driving efficiencies with clients + Reinforcing rather than disrupting our competitive p
Slide 15: Market structure innovation continues to differentiate Marex with clients
Market structure innovation continues to differentiate Marex with clients Examples of recent initiatives Reinforcing Marex's position at the forefront of market structure innovation US Treasury Acceptance of USDC while creating client cross-margining stablecoin as collateral engagement opportunities
Slide 16: Conclusion and Outlook
Conclusion Opportunity set materially expanded since IPO Outlook ~10% + Competitive position significantly strengthened Inorganic Organic Adjusted Earnings mix increasingly infrastructure-led, recurring & resilient PBT1 growth growth annually Stronger organization with deeper capability and experien
Slide 17: Financial performance
MAREX’ larclarers| F co) 2) Cc O = Oo = ® or
Slide 18: Financial highlights: H1 and Q2 2026
Financial highlights: H1 and Q2 2026 ($m) Q2 2026 Q2 2025 H1 2026 H1 2025 Half year 2026: consistent strong growth % Change2 % Change2 Revenue 695.8 500.1 39% 1,388.1 967.4 43% Revenue Adjusted Profit Before Tax1 Front Office Costs (359.8) (272.2) 32% (734.1) (530.6) 38% $1,388m $319m Control and Su
Slide 19: Delivered strong performance in key financial metrics
Delivered strong performance in key financial metrics 39% 43% Revenue ($m) Margin 21.3% 23.8% Margin 21.0% 23.0% Before Tax1 ($m) Adjusted Profit 56% 57% Adj. RoE1 31.4% 37.8% Adj. RoE1 30.7% 37.5% Equity (%)2 Return on Adj. EPS1 $1.08 $1.72 Adj. EPS1 $2.05 $3.29 Basic Earnings Per Share ($)2 Note(s
Slide 20: Clearing - strong growth in client balances
Clearing - strong growth in client balances Quarterly performance H1 2026 performance Revenue ($m) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue H1 2025 H1 2026 ($m) Net Commission 72 66 70 88 72 Net Commission Income 139 161 Income Net Interest 59 62 59 68 78 Net Interest Income 108 145 Income N
Slide 21: Agency and Execution - Prime Services continues to drive growth and margin expansion
Agency and Execution - Prime Services continues to drive growth and margin expansion Quarterly performance H1 2026 performance Revenue Revenue Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2025 H1 2026 ($m) ($m) Prime 61 57 87 74 120 Prime 114 194 FX 8 26 27 32 52 FX 14 83 Credit 19 16 15 11 12 Credi
Slide 22: Market Making - broad-based growth supported by client activity
Market Making - broad-based growth supported by client activity Quarterly performance H1 2026 performance Revenue Revenue Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2025 H1 2026 ($m) ($m) Metals 41 24 50 65 66 Metals 64 130 Ags 0 0 4 10 8 Ags 7 18 Energy 11 7 7 32 15 Energy 20 47 Securities 5 13 20
Slide 23: Hedging and Investment Solutions - continued growth reflecting strong client demand
Hedging and Investment Solutions - continued growth reflecting strong client demand and platform investment Quarterly performance H1 2026 performance Revenue Revenue Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2025 H1 2026 ($m) ($m) Hedging Hedging 20 23 23 36 34 34 69 Solutions Solutions Financial F
Slide 24: Net interest income and average balances
Net interest income and average balances NII and total average balances1 Q2 2026 vs. Q2 2025 NII movements H1 2025 H1 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Interest YoY Q2 2025 Q2 2026 Drivers Income ($m)4 Change Avg. Fed 4.3% 3.6% 4.3% 4.3% 3.9% 3.6% 3.6% Funds rate • Avg. Fed Funds rate
Slide 25: Vast majority of balance sheet driven by client activity
Vast majority of balance sheet driven by client activity Total1 Client Activities (Jun-26) Residual Dec-25 Client Repurchase Period End ($bn) Jun-26 Securities Derivatives Jun-26 (restated) Balances Agreements Driven by client activity Cash and Liquid Assets2 7.0 9.1 5.3 3.8 ~80% of the balance shee
Slide 26: Prudent approach to capital and liquidity underpins Investment Grade ratings
Prudent approach to capital and liquidity underpins Investment Grade ratings Capital Resources vs. Capital Requirement ($m) Total Funding Sources5 ($bn) RAC ratio1 Liquidity 10.7% 12.4% Headroom6 1.0 1.8 Group Capital Ratio2 230% 287% 3 4 Note(s): Some of the funding shown above is denominated in o
Slide 27: Client-driven business model and robust risk management
Client-driven business model and robust risk management Market Making daily revenue distribution H1 2026 Track record of low realized group credit losses Number of days by trading profitability $0 H1 2026 daily average VaR1 $5.8m As a % of revenue 0.1% 0.3% 0.0% 0.0% ($m) Positive Market Making trad
Slide 28: Appendix
MAREX | Appendix
Slide 29: Run by a highly experienced management team
Run by a highly experienced management team Cultivating an environment where talent …led by our experienced executive team can thrive… Years at Marex Industry experience Strong culture and values that revolve around 13 36 8 32 3 17 5 25 1 14 respect, integrity and development Actively working to inc
Slide 30: Competitive environment improving further
Competitive environment improving further Investment & Barriers to entry Small Independents Commercial Banks • Depth of product knowledge and • Lacking global presence and narrow • Increasing focus on their expertise across asset classes product coverage largest clients • Global reach providing 24/6
Slide 31: Growth trends driving our markets
Growth trends driving our markets Long-term secular drivers Accelerating growth in exchange contracts across Marex addressable markets • Demand for cleared products and derivatives (# contracts, bn) • Increasing demand for energy and commodities 10% • Financial markets expansion CAGR • Demographic t
Slide 32: Focused on organic growth with track record of value-accretive acquisitions
Focused on organic growth with track record of value-accretive acquisitions Scalable Growth Strategy Adjusted Profit Before Tax1 Recent M&A ($m) Prime brokerage & outsourced M&A3 $418 trading business Organic2 Clients ~25% + M&A3 $321 ~75% Organic2 ~15% Products ~85% $230 + Geography Organic growth
Slide 33: Driving growth through bringing new clients onto our platform
Driving growth through bringing new clients onto our platform Bringing new clients …and widening the …diversifying the client base… onto our platform… list of large clients Number of active clients1 Number of clients $25k - $5m of revenue Number of clients >$5m of revenue +36% YoY +19% YoY +19% YoY
Slide 34: Unique service offering and market leading position
Unique service offering and market leading position Marex’s Primary Competitors by Core Businesses1 Hedging and Clearing Market Making Agency and Execution Investment Solutions FCMs and Brokerage No structured notes business Inter-dealer Brokers Focused on Financial markets
Slide 35: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended 6 months ended 6 months ended ($m) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Profit After Tax from Continuing Operations 119.9 76.7 232.2 149.2 Taxation charge 38.3 26.9 75.8 52.4 Profit Before
Slide 36: 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 ($m) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 Profit After Tax from Continuing Operations 307.9 218.0 141.3 98.2 Taxation charge 103.7 77.8 55
Slide 37: Adjusted Sharpe Ratio Reconciliation
Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation Q2 2025 Q2 2026 Average Monthly Profit After Tax ($m)2 22.0 35.5 Standard Deviation on Monthly Profit After Tax1 4.1 15.4 We define the Adjusted Sharpe ratio as the average of monthly Adjusted Profit Before Reported Sharpe Ratio 5.
Slide 38: Marex volumes data
Marex volumes data (million contracts) Q2 2026 Q2 2025 % change Q2 2026 TTM Q2 2025 TTM % change Clearing Market Volumes¹ 3,256 3,212 1% 12,945 12,247 6% Marex Revenue ($m) 161 139 16% 569 500 14% Marex Volumes 312 357 (13)% 1,320 1,247 6% Agency and Execution - Energy Marex Revenue ($m) 65 92 (29)%