Marex Group Plc · NASDAQ:MRX
Marex — Q3 2025 Earnings Presentation
25 slides from Marex's earnings presentation, Nov 6, 2025
Slide 1: Third quarter 2025 results
Diversified Resilient Dynamic Third quarter 2025 results November 6, 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 • Q3 year-to-date Adjusted Profit Before Tax1 of $303m: up 26% year-on-year with Q3 continuing our momentum from H1 • Q3 Adjusted Profit Before Tax1 of $101m: up 25% year-on-year, at the top end of previously announced preliminary range • Diversified and resilien
Slide 5: Delivered strong performance in our key metrics
Delivered strong performance in our key metrics 24% 23% Revenue ($m) 1,452 485 1,179 391 Q3 2024 Q3 2025 YTD 2024 YTD 2025 Margin 20.6% 20.7% Margin 20.3% 20.9% Probit 25% ($m) 26% AdjustedProfit Tax1Tax Before Adjusted 303 Before 101 81 240 Q3 2024 Q3 2025 YTD 2024 YTD 2025 Revenue per front 13% (a
Slide 6: Continued momentum in a mixed market environment
Continued momentum in a mixed market environment Marex quarterly Adjusted PBT1 Exchange volumes2 Margin 20.6% 19.6% 20.6% 21.3% 20.7% (8)% YoY +25% YoY (ADTV) (14)% QoQ (5)% QoQ ($m) 96 106 101 81 81 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Volatility: CBOE Mar
Slide 7: Diversification of the firm has led to greater earnings resilience
Diversification of the firm has led to greater earnings resilience 2023 2025 YTD annualized Correlation to Segment Revenue drivers Adjusted % of total Adjusted % of total exchange volumes (excl. unallocated (excl. unallocated PBT ($m)1 corporate center) PBT ($m)1 corporate center) • Commissions: exc
Slide 8: Financial performance
Financial performance Rob Irvin, CFO
Slide 9: Financial highlights: Q3 and YTD 2025
Financial highlights: Q3 and YTD 2025 Q3 Q3 % YTD YTD % ($m) 2025 2024 Change2 2025 2024 Change2 • Q3 year-to-date revenue of $1.45 billion, +23% YoY and Adjusted Revenue 485 391 24% 1,452 1,179 23% Profit Before Tax1 of $303 million, +26% YoY Front Office Costs (264) (215) 23% (795) (650) 22% Contr
Slide 10: Quarterly performance by business segment
Quarterly performance by business segment Clearing Market Making Adj. PBT Adj. PBT 53% 53% 47% 51% 50% 33% 20% 32% 32% 16% Margin1 Margin1 139 134 117 125 119 8 6 Revenue 3 3 Revenue 57 ($m) 52 53 72 66 ($m) 44 5 44 62 66 68 10 14 11 6 10 13 9 0 4 12 7 7 41 0 55 56 48 59 62 32 16 23 24 6 Q3 2024 Q4
Slide 11: Year-to-date performance by business segment
Year-to-date performance by business segment Clearing Market Making Adj. PBT 53% 50% Adj. PBT 35% 27% Margin1 Margin1 392 163 342 154 17 25 Revenue 3 Revenue 33 ($m) 20 206 ($m) 27 197 18 7 100 88 142 169 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Net Interest Income Net Commission Income Net Trading Incom
Slide 12: Net interest income and average balances
Net interest income and average balances NII and total average balances1 NII movements Q3 2025 vs. Q3 2024 Avg. Fed Net Interest YoY 5.3% 5.3% 5.3% 4.7% 4.3% 4.3% 4.3% Income ($m)4 Q3 24 Q3 25 change YoY Drivers funds rate NII ($m) 35.6 65.4 63.5 62.6 53.4 34.6 38.6 Interest • Avg. Fed Funds rate: -
Slide 13: Vast majority of balance sheet driven by client activity
Vast majority of balance sheet driven by client activity Total1 Client Activities (Sept-25) Residual Client Repurchase Settlement Period End ($bn) Dec-24 Sept-25 Balances Agreements Securities Derivatives Gross-up3 Sept-25 Driven by client activity Cash and Liquid Assets2 6.2 7.6 4.5 0.2 2.9 ~80% of
Slide 14: 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% 227% 1.1 1.5 860 723 5.8 3.8 379 309 Dec-24 Sept-25 Dec-24 Sep-25 Capital Requirement2 Regulatory Ca
Slide 15: Client-driven business model and robust risk management
Client-driven business model and robust risk management Market Making daily revenue distribution YTD 2025 Track record of low realized group credit losses Number of days $0 50 45 YTD 2025 daily As a % of Revenue 40 average VaR1 $3.9m 35 30 0.2% 0.1% 0.3% 0.1% 25 20 ($m) 15 10 5 0 <($1.0m) ($1.0) - (
Slide 16: Conclusion
MAREX" Conclusion lan Lowitt, CEO
Slide 17: Building a track record of sustainable profit growth as a public company
Building a track record of sustainable profit growth as a public company Consistent strong profit growth Adjusted PBT1 ($m) • Delivered consistent performance in a more challenging operating +51% CAGR +26% YoY Q3 YTD environment 321 303 • Positioned to deliver ~10% organic profit growth through a ra
Slide 18: Q&A
Q&A
Slide 19: Appendix
Appendix
Slide 20: Exchange volumes data
Exchange volumes data (million contracts) Q3 2024 Q3 2025 % change Q3 2024 TTM1 Q3 2025 TTM1 % change Clearing Market Volumes2 2,991 2,761 (8)% 11,296 12,017 6% Marex Revenue ($m) 116.7 133.5 14% 341.6 391.5 15% Marex Volumes 288 298 4% 1,054 1,257 19% Agency and Execution - Energy Market Volumes3 4
Slide 21: Interest rate sensitivity
Interest rate sensitivity Fed funds forward curve Illustrative Adjusted Profit Before Tax movement from rate sensitivity1 ($m) 6.0 % 5.0 % +1.0% ~20 4.0 % Implied year- end rate ~3.7% 3.0 % at September +0.5% ~10 2025 2.0 % (0.5%) (~10) 1.0 % 0.0 % Jun Dec Jun Dec Jun Dec Jun Dec (1.0%) (~20) 22 22
Slide 22: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended 9 months ended 9 months ended ($m) 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Profit After Tax 73.2 58.4 222.4 161.3 Taxation charge 25.6 20.6 78 56.7 Profit Before Tax 98.8 79.0
Slide 23: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 12 months ended 12 months ended 12 months ended ($m) 31 December 2024 31 December 2023 31 December 2022 Profit After Tax 218 141.3 98.2 Taxation charge 77.8 55.2 23.4 Profit Before Tax 295.8 196.5 121.6 Goodwill impairment charge1 — 10.7
Slide 24: 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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