Marex Group Plc · NASDAQ:MRX
Marex — Investor Day (March 2026)
74 slides from Marex's investor day presentation, Mar 26, 2026
Slide 1: Marex Investor Day
Marex Investor Day March 26, 2026, VAUVAS Investor Day Full presentation MA a |
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: Marex Investor Day presenters
Marex Investor Day March 26, 2026, AAN lan Lowitt Rob Irvin Group CEO Group CFO Paolo Tonucci Thomas Texier Chief Strategist & CEO, Capital Markets Group Head of Clearing Nilesh Jethwa CEO, Marex Solutions EX
Slide 4: Introduction & strategic overview
Marex Investor Day ch 26, 2026 MA PO >a Introduction & strategic overview Group CEO
Slide 5: What we thought we had at IPO
What we thought we had at IPO Our proposition at IPO Targeting ~$350m PBT business in 2026 Adjusted PBT2 ($m) Diversified platform built around four interconnected services, capable of growing across market environments Growth forecast at IPO 350 (+15% YoY) Large ~$70bn TAM1 with modest ~2% market s
Slide 6: Performance and positioning materially exceeded IPO expectations
Performance and positioning materially exceeded IPO expectations Opportunity set has broadened 2025 PBT exceeded IPO plan by over $100m Adjusted PBT1 ($m) Performance materially exceeded IPO expectations +30% Exchange volumes grew ~10%, broadly in line with IPO YoY assumptions, but our earnings grew
Slide 7: 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 greater share of Scaling with larger institutional clients wallet and cross-sell Clients Expanding infrastructure-led revenues Increase recurr
Slide 8: Scaling with larger institutional clients
Scaling with larger institutional clients Revenue by client size band Active clients +19% YoY Active clients (>$25k)1 Revenue by client size ($m) Growth driven primarily by existing clients increasing activity across the platform Client size bands 2024 2025 △ % YoY 2024 2025 △ % YoY • All 49 top-tie
Slide 9: 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 10: High quality and reliable earnings
High quality and reliable earnings Distribution of average monthly Adjusted PBT Distribution of daily Adjusted PBT1 +/- 5.6 # of days 2024 Average has shifted 1 2025 right by ~$400k +/- 5.2 +/- 4.5 34.8 2 3 Small tail Increasing number of larger 26.8 with only 6 transactions with sophisticated clien
Slide 11: Disciplined M&A: operating from a position of choice
Disciplined M&A: operating from a position of choice Pipeline 2025 6 bolt-on Targeted acquisitions Focus on high- Screen 100+ acquisitions to fill geographic or barrier, scalable opportunities product gaps businesses M&A criteria Average PAT ~6x pre-synergies | ~5x post-synergies multiple3 Profit Be
Slide 12: AI an accelerator of growth, also reinforcing our competitive advantage
AI an accelerator of growth, also reinforcing our competitive advantage Accelerator of growth and productivity Scalable, controlled Increased productivity of programmers, Improved engagement and resilient growth driving efficiencies with clients + Reinforcing rather than disrupting our competitive p
Slide 13: Digital Assets: exposure to an uncorrelated and expanding asset class
Digital Assets: exposure to an uncorrelated and expanding asset class Established presence in digital assets, with capabilities primarily Digital asset natives in Clearing, Solutions, Prime Services and Financing • New products quick to market • Lack of balance sheet • Typically narrower focus • Unr
Slide 14: Q1 2026 performance
Q1 2026 performance Reliable and consistent earnings across market cycles Q1 2026 Adjusted PBT1 range is a core objective ($m) YoY Growth Extreme volatility provided a real-world test of the model +29% +46% +52% +55% +42% +16% +25% +41% +45-55% +22-30% Growth vs. Client defaults are rare but managed
Slide 15: Illustration of potential Marex scale in three years
Illustration of potential Marex scale in three years Adjusted PBT1 ($m) 918 30% pa growth 2026 2027 2028 Adj. PBT1 $543m $706m $918m EPS2 $5.37 $6.92 $9.01 20% pa growth 2026 2027 2028 722 Adj. PBT1 $502m $602m $722m EPS2 $4.94 $5.84 $7.01 636 556 15% pa growth 2026 2027 2028 Adj. PBT1 $481m $553m $
Slide 16: 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 ($m) Adjusted PBT Margin1 1 Business mix evolving towards higher-margin, infrastructure- led activities 14.8% 14.7
Slide 17: Proposed redomicile of Marex Group plc to Bermuda
Proposed redomicile of Marex Group plc to Bermuda New corporate structure will better align with how we operate today as a global business Current structure Principal objective is to create shareholder value by: • Marex Group plc – incorporated in England, listed in the US 1 Simplifying our corporat
Slide 18: Conclusion
Conclusion Opportunity set materially expanded since IPO Outlook Competitive position significantly strengthened ~10% Earnings mix increasingly infrastructure-led, recurring and resilient Organic Adjusted PBT1 growth annually + Inorganic growth Stronger organization with deeper capability and experi
Slide 19: Financial overview
Marex Investor Day March 26, 2026 MA R Financial overview with Rob Irvin Group CFO
Slide 20: Highly attractive and resilient financial profile
Highly attractive and resilient financial profile Revenue ($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 21: Marex financial profile at a glance in 2025
Marex financial profile at a glance in 2025 Diversified and resilient business segment mix 11% 8% $2bn +27% Adjusted PBT1 37% Revenue YoY Clearing Agency & Execution Market Making 44% Hedging & Investment Solutions $418m +30% Adjusted PBT1 YoY Geographic breadth 8% and diversification Adjusted PBT1
Slide 22: Revenue growth across the platform while maintaining cost discipline
Revenue growth across the platform while maintaining cost discipline and a flexible cost base Diversified revenue growth across the platform Total expenses1 +63% 2,024 14 197 +57% 1,595 236 1,624 64 1,245 162 39 48 1,307 208 128 50 474 1,035 154 1,049 50 376 695 294 542 1,111 882 466 528 690 374 202
Slide 23: Vast majority of balance sheet driven by client activity
Vast majority of balance sheet driven by client activity Total1 Client Activities (Dec-25) Residual 1 Client 2 Repurchase 3 Securities 4 Derivatives 5 Settlement 1 Client balances: Period End ($bn) Dec-24 Dec-25 Dec-25 Balances Agreements Gross-up5 • Margin posted at exchanges, fully Cash and Liquid
Slide 24: Highly cash generative, supporting growth and strong liquidity headroom
Highly cash generative, supporting growth and strong liquidity headroom FY25 ($m)1 Sources and uses of cash Client working capital Corporate Total Highly cash generative operations Cash profits generated from operations - 365 365 Over 100% of profit was converted into cash Increase in debt funding 1
Slide 25: Capital allocation framework to support growth and resilience
Capital allocation framework to support growth, preserve resilience and deliver sustained value to shareholders Dec 2024 Dec 2025 Actual Sources of capital Sources of Capital • $253m of capital generated from earnings, after dividends and AT1 coupons ($m) 253 27 1,292 • Total capital increased by $2
Slide 26: Disciplined capital allocation policy
Disciplined capital allocation policy Capital and liquidity Organic growth Capital returns Disciplined M&A Maintain strong capital Invest in organic growth Quarterly dividend reflects Deploy surplus capital to position and significant opportunities that confidence in growth outlook selective inorgan
Slide 27: Q1 2026 trading update
Q1 2026 trading update 3 Months ended 3 Months ended March 31, 20261 March 31, 2025 Unaudited ($m) Estimated Low Estimated High Actuals Revenue 667 697 467 Reported Profit Before Tax from 137 147 98 Continuing Operations Reported Profit After Tax from 103 110 73 Continuing Operations Adjusted Profit
Slide 28: Clearing
wager = MAREX Clearing with Thomas Texier Group Head of Clearing
Slide 29: Clearing at a glance
Clearing at a glance Clearing Strategy $528m 50% Revenue1 Adj. PBT1,2 margin 1 Continued client acquisition, particularly larger institutional clients, driving sustainable growth in client balances and volumes 2 Expand product breadth to attract and retain clients, and deepen relationships through i
Slide 30: Competitive position strengthened further since IPO
Competitive position strengthened further since IPO Competitive landscape Our competitive advantages 1 Broad multi-asset coverage Large Banks & Investment Banks with deep product expertise • Increasing focus on largest global relationships Large Global Banks • Rationalization of client coverage mode
Slide 31: Broadened asset class coverage since IPO
Broadened asset class coverage since IPO Digital Assets Initial Margin Financial Products Energy Agriculture Metals 2023 2025 Key milestones Acquired Added ~$10bn Added Acquired ~$14bn Clearing balances1 Clearing balances1 Product coverage Metals ✓✓ ✓✓ Energy ✓✓ ✓✓ Agriculture ✓✓ ✓✓ Equities ✓ ✓✓ Ra
Slide 32: Expanded global footprint and diversified the business further
Expanded global footprint and diversified the business further New offices Americas Revenues ($m) Existing offices 271 143 2023 2025 Europe Revenues ($m) 165 156 2023 2025 Middle East Revenues ($m) 24 3 2023 2025 APAC Revenues ($m) 68 21 2023 2025 33
Slide 33: Consistent growth in Clearing client balances
Consistent growth in Clearing client balances Sustained global client balance growth since IPO Opportunity for continued share gains from large bank FCMs Average client balances ($bn) Segregated funds, $bn1 74.3 Large Investment Banks Mid-tier Bank & Non-Bank FCMs Top 10 players hold 14.0 ~75% of ma
Slide 34: Highly scalable and technology-led Clearing platform
Highly scalable and technology-led Clearing platform Client activity has Increasing productivity across Technology investment scaled rapidly the platform underpins scalable platform Contracts cleared (m) Front office FTE (average) • Single global operating infrastructure • Efficient operating model
Slide 35: Disciplined risk management sits at the core of Clearing
Disciplined risk management sits at the core of Clearing Multiple independent controls and risk layers sit between client activity and Board oversight • Rigorous risk profiling before decision to onboard Selective client onboarding criteria • Strict controls and limits set from outset • Clear unders
Slide 36: Right-to-win in Clearing
Right-to-win in Clearing: why are we successful in winning new clients? Virtuous circle of success with particularly larger clients since our IPO Differentiating factors Why it matters to clients • Clearing is our core capability in which we have invested significantly 1 Market coverage and expertis
Slide 37: Trafigura
Case Study Trafigura Client relationship: long standing Agency and Execution – Energy client of Marex The service we receive from Marex has been consistently exceptional. They have become a key Relationship expanded when Marex had the strategic enabler for our business, providing the opportunity to
Slide 38: Digital assets an established asset class for exchange traded derivatives
Digital assets an established asset class for exchange traded derivatives Digital Assets for Clearing ~135m ~25m Market crypto Marex crypto 1 A significant and expanding asset class that is uncorrelated with contracts cleared contracts cleared traditional assets and markets in 2025 in 2025 2 Marex h
Slide 39: Positioning Marex for the next generation of market structure
Positioning Marex for the next generation of market structure Established position in evolving market structure 01 24/7 market structure Connectivity to a global network of exchanges across • 24/7 trading ready across spot and futures markets (Coinbase / CME) traditional and digital venues • Growing
Slide 40: Summary Q&A
Summary Scaled and highly profitable Clearing franchise Stronger competitive position since IPO Consistent balance growth and success with larger clients High reliance on clearing infrastructure among clients Scalable, technology-enabled operating model Disciplined risk framework Positioned at the c
Slide 41: Capital Markets
March 26, 2026 MAREX Capital Markets with Paolo Tonucci Chief Strategist & CEO, Capital Markets
Slide 42: Capital Markets Ecosystem
Capital Markets Ecosystem 43
Slide 43: Capital Markets at a glance
Capital Markets at a glance Capital Markets Strategy $763m 30% Revenue1 Adj. PBT1,2 margin 1 Acquire high-value customers in need of multi-product execution, with growing balance-sheet, Prime and clearing requirements 2 Extend ‘breadth’ of coverage offering clients access to liquidity across multipl
Slide 44: Expanded scale, product breadth and earnings mix since IPO
Expanded scale, product breadth and earnings mix since IPO Revenue ($m) +121% 763 Pre-IPO 443 346 15 58 100 2020 2021 2022 2023 2024 2025 Key Milestones Acquired Acquired Acquired Established Acquired Structured FX & US credit desk Product coverage Equities (cash & listed derivatives) ✓ ✓ ✓✓ ✓✓ ✓✓ ✓
Slide 45: Multi-asset class offering with clear competitive advantages
Multi-asset class offering with clear competitive advantages FX / Prime Digital Equities Credit Rates Payments Services Assets Products • Cash equities • Corporate bonds • Financial futures • Emerging market • Multi-asset prime • Spot liquidity & options cash FX brokerage • Listed equity • Structure
Slide 46: Vertically integrated across the full trade lifecycle
Vertically integrated across the full trade lifecycle Integrated client relationship Integration drives client stickiness, recurring revenues and higher 01 02 03 return on capital ✓ Higher client retention and wallet share Pre-trade Execution Post-trade ✓ Recurring Financing and • Electronic access
Slide 47: Capital Markets: Prime Services
Capital Markets: Prime Services 48
Slide 48: Prime Services at a glance
Prime Services at a glance Client base1 Key products Revenue model • Cash and synthetic Prime • Commissions ~$28bn 600+ Hedge Banks and Brokerage covering all asset Total client Broker • Financing Revenues Clients Funds classes globally Dealers Prime Services assets • Securities Based Swap Dealer: E
Slide 49: Prime Services: from acquisition to major profit contributor
Prime Services: from acquisition to major profit contributor Marex acquired the TD Cowen Prime Services business in late 2023; it now contributes ~25% of Group profitability1 Revenue ($m) +223% Before integration After integration • ~$80m revenue business • >3x higher revenue • High-quality business
Slide 50: Disciplined risk management embedded in the Prime model
Disciplined risk management embedded in the Prime model Conservative risk framework supports stable and repeatable Prime earnings Highly selective client base • Rigorous risk profiling before decision to onboard • Fully collateralized, portfolio-based margin model Collateral-first approach with dyna
Slide 51: Kettle Hill Capital Management
Case Study Kettle Hill Capital Management Client relationship spanning more than 10 years At the start of our relationship, we were a small firm Relationship transitioned from Cowen to TD with less than $70m in AUM. It was clear to us that and now to Marex, reflecting strong continuity Marex underst
Slide 52: Capital Markets: Growth Opportunities
Capital Markets: Growth Opportunities 53
Slide 53: FX & Payments: extending client infrastructure
FX & Payments: extending client infrastructure Launching payments capability, with platform build-out underway through 2026 E-FX Corporate FX Institutional FX Payments FX hedging and execution Execution and liquidity for asset Cross-border payments Electronic FX execution and solutions for corporate
Slide 54: Electronic trading: scaling the platform
Electronic trading: scaling the platform Where we are today Where we are going 1 Hybrid model combining electronic Hedge Funds, Asset Commercial Hedgers 1 Unified electronic platform across pricing, and high-touch execution Managers and SWFs and Systematic Clients execution and risk 2 Established el
Slide 55: Summary Q&A
Summary Multi-asset execution platform significantly expanded since IPO Prime Services now a core driver of profitability and client engagement Increasingly infrastructure-led revenues with stronger client stickiness Multi-product relationships driving cross-sell and higher wallet share Electronic t
Slide 56: Digital asset Strategy
March 26, 2026 MAREX Digital asset Strategy with Nilesh Jethwa CEO, Marex Solutions
Slide 57: Why are digital assets becoming a real asset class?
Why are digital assets becoming a real asset class? Market Cap Growth ($tn) Spot vs. Derivatives Daily Trading Volume ($bn) $3.2tn 100 Clarity on Bitlicense (US) 3 SEC approved Bitcoin ETFs Clarity on 80 FCA licensing Clarity on MAS & SFC 2 60 SEC approved licensing regime for Ethereum ETFs digital
Slide 58: Marex Digital Assets at a glance
Marex Digital Assets at a glance Digital Assets Strategy $400bn+ 1 Establish Marex as the institutional partner of choice for digital Digital assets transacted in 2025 assets by fully leveraging its existing cross-business capabilities 2 Continue scaling the digital asset franchise in a risk-control
Slide 59: Marex's collective Digital Assets offering
Marex’s collective Digital Assets offering Build a Marex Digital Asset offering, a one-stop shop for digital assets Prime Brokerage Listed Digital Asset (Brokerage & Execution) Marex Digital Assets Offering Derivatives Spot, Listed Derivatives & Comprehensive digital asset platform integrating custo
Slide 60: Marex's value proposition for Digital Assets
Marex’s value proposition for Digital Assets Built on strong and established expertise in traditional markets, Marex is well positioned to lead and scale in digital assets as institutional adoption grows Digital Assets Marex’s Advantages Culture ✓ Agility to launch new products ✓ In-house subject ma
Slide 61: Video: Marex's unique positioning in the digital assets market
Video: Marex's unique positioning in the digital assets market Bridging the gap between traditional finance and the digital assets ecosystem 62
Slide 62: Watch the video
Watch the video Watch the video 66
Slide 63: The financial world is moving to 24/7 – starting with Digital Assets
The financial world is moving to 24/7 – starting with Digital Assets A new standard is being created. Digital Assets is redefining financial services Enables: ✓ 24/7 risk ✓ 24/7 ✓ Improving Marex’s ✓ Automated management settlement counterparty risk exposure workflows Success Story 1 Success Story 2
Slide 64: Cross collaboration across Marex
Cross collaboration across Marex Clients initially come to Marex for Digital Assets but broaden their relationship into traditional asset classes as well Case Study 1 Case Study 2 Digital Assets as a Door Opener Servicing Existing Clients • Digital assets served as a door opener and materially • Dig
Slide 65: Video: How agentic AI can serve clients faster
Video: How agentic AI can serve clients faster From market intelligence to product creation to client identification 66
Slide 66: Watch the video
Watch the video Watch the video 70
Slide 67: Summary Q&A
Summary Digital assets is an uncorrelated and structurally growing asset class and a catalyst for 24/7 markets Marex is well positioned to lead, combining institutional governance with a culture of agility, innovation and experimentation Strategic client acquisition tool - opening the door and provi
Slide 68: Conclusion & Q&A
a March 26,2026 MAREX Conclusion & Q&A with lan Lowitt Group CEO
Slide 69: Appendix
MAREX | Appendix
Slide 70: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 Months ended 3 Months ended March 31, 2026 March 31, 2025 Unaudited ($m) Estimated Low Estimated High Actuals Profit After Tax 103 111 73 Profit After Tax from Discontinued Operations - 1 - Profit After Tax from Continuing Operations 1
Slide 71: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended ($m) 31 December 2025 31 December 2024 Profit After Tax from Continuing Operations 85.5 56.7 Taxation charge 25.7 21.1 Profit Before Tax from Continuing Operations 111.2 77.8 Bargain purchase gains1 0.0 0.0
Slide 72: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 12 months ended 12 months ended 12 months ended 12 months ended ($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 73: Appendix – Reconciliation to statutory cashflow
Appendix – Reconciliation to statutory cashflow Total Allocation by cashflow category Allocation by sources and uses of cash Cash Increase in debt Working Financing Investing Client working Corporate Period End ($m) Dec-25 profits funding capital movements activities activities capital Profit Before
Slide 74: Adjusted Sharpe Ratio Reconciliation
Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation Q4 2024 Q4 2025 Average Monthly Profit After Tax ($m) 18.2 25.6 Standard Deviation on monthly Profit After Tax1 3.9 4 We define the Adjusted Sharpe ratio as the average of monthly Adjusted Profit Before Reported Sharpe Ratio 4.7 6.