Slide 1: Diversified Resilient Dynamic: First quarter 2025 results
Diversified Resilient Dynamic First quarter 2025 results May 15, 2025
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 presentation that do not relate to matters of historical fact should be considered forward-looking
Slide 3: Performance highlights
Performance highlights Ian Lowitt, CEO
Slide 4: Financial and operational highlights
Financial and operational highlights • Strong Q1 performance: Robust client activity and positive market conditions drove 42% growth in adjusted profit before tax 1 to $96 million • Revenue increased by 28% to $467 million with strong revenue growth across all business segments • Agency and Executio
Slide 5: Delivered strong performance in our key metrics
Delivered strong performance in our key metrics Revenue Adjusted profit before tax1 Adjusted PAT attributable to common equity1 ($m) ($m) ($m) 39% 28% 42% Growth 467 68 366 96 49 68 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Adjusted profit before tax margin1 Reported return on equity Adjusted
Slide 6: Increasing client activity and share gains on the Marex platform
Increasing client activity and share gains on the Marex platform (million contracts) Q1 2024 Q1 2025 % change Q1 2024 TTM1 Q1 2025 TTM1 % change Clearing Market Volumes 2 2,771 3,191 15% 10,194 11,891 17% Marex Revenue ($m) 101 119 18% 353 485 37% Marex Volumes 267 312 17% 913 1,161 27% Agency and E
Slide 7: Growth trends driving exchange volumes in our markets
Growth trends driving exchange volumes in our markets Growth in exchange contracts across Marex addressable markets Accelerated into the first quarter (# contracts, bn) 11% CAGR 13.7 15% 12.2 10% 11.6 CAGR 21-24 3.2 10.1 11% 2.8 18% CAGR YoY 21-24 14% YoY 2021 2022 2023 2024 Q1 2024 Q1 2025 Financia
Slide 8: Operating environment: delivered growth through varied market backdrops
Operating environment: delivered growth through varied market backdrops Marex Adjusted PBT1 Growth Bloomberg Commodities Index Volatility (BCOM) ($m) +40% 0.25 2022 Avg: 0.21 2023 Avg: 0.18 2024 Avg: 0.12 2025 YTD: 0.13 YoY +89% 0.20 YoY 0.15 +52% YoY 321 +42% 0.10 Q1 YoY 230 0.05 122 96 0.00 2022 2
Slide 9: Successful follow-on offerings leading to increased daily trading liquidity
Successful follow-on offerings leading to increased daily trading liquidity Volume Share Price (000s) 8,000 $52 April 17 th, 2025 Follow-on #2: 11.8m shares (upsized) 7,000 • Free float: ~70% $47 6,000 $42 October 24th, 2024 Follow-on #1: 5,000 9.7m shares (upsized) • Free float: ~52% $37 4,000 $35.
Slide 10: Financial performance
Financial performance Rob Irvin, CFO
Slide 11: Financial highlights: first quarter 2025
Financial highlights: first quarter 2025 ($m) Q1 2025 Q1 2024 % Change2 Revenue 467.3 365.8 28% • Q1 2025 performance in line with prior guidance range Front Office Costs (258.4) (210.1) 23% Control and Support Costs (106.8) (80.6) 33% • Revenue +28%, with strong growth across all business Provision
Slide 12: Strong performance by business segment
Strong performance by business segment Clearing Agency and Execution Market Making Hedging and Investment Solutions 42% Revenue ($m) 18% 240 27% 9% 168 101 119 42 53 41 45 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Margins 49% 47% 13% 24% 25% 32% 29% 25% Adjusted Profit Before T
Slide 13: Continued growth in average balances
Continued growth in average balances Average balances1 Fed funds forward curve Avg. Fed funds rate2 5.2% 5.3% 5.3% 5.3% 4.7% 4.3% 6.0 % 5.0 % NII ($m) 227.1 35.6 65.4 63.5 62.6 53.4 4.0 % Apr 2025 3.0 % Sep 2024 2.0 % 1.0 % ($bn) 17.1 0.0 % 15.5 Mar Dec Sep Jun Mar Jul Dec 22 22 23 24 25 25 25 13.5
Slide 14: Majority of balance sheet supports client activity
Majority of balance sheet supports client activity Total Client Activities (Mar-25) Residual Repurchase Client Period End ($bn) Dec-24 Mar-25 Agreements Securities Derivatives Balances Dec-24 Mar-25 Driven by client activity Cash and Liquid Assets2 6.2 6.2 2.2 4.0 4.0 ~80%1 of the balance sheet is d
Slide 15: 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 ($m) Total Funding Sources ($m) Total Capital Ratio3 Liquidity Headroom4 228% 243% 1,060 1,217 752 4,320 3,847 536 309 235 Q1 2024 Q1 2025 Dec-24 Mar-25 Capital Requirement2 Regu
Slide 16: Conclusion
Conclusion Ian Lowitt, CEO
Slide 17: Q&A
Q&A
Slide 18: Appendix
Appendix 18
Slide 19: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended ($m) 31 March 2025 31 March 2024 Profit After Tax 72.5 43.6 Taxation charge 25.5 15.3 Profit Before Tax 98.0 58.9 Bargain purchase gains1 (3.4) — Acquisition costs2 — 0.2 Amortization of acquired brands and
Slide 20: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 12 months ended 12 months ended 12 months ended ($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 charge 1 — 1
Slide 21: Adjusted Sharpe Ratio 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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