Marex Group Plc · NASDAQ:MRX
Marex — Investor Day (April 2025)
105 slides from Marex's investor day presentation, Apr 2, 2025
Slide 1: Investor Day 2025
Investor Day 2025 April 2nd, 2025
Slide 2: Disclaimers
Disclaimers: No Offer This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any of its affiliates nor should it or any part of it form the basis of, or be relie
Slide 3: Investor day agenda
Investor day agenda Time (Local) Topic Speaker 09:30 – 10:00 Introduction and Group Overview Ian Lowitt Clearing Thomas Texier Agency and Execution Paolo Tonucci; Matt Thistle 10:00 – 11.30 Market Making Simon Van Den Born; Bastien Declercq Hedging and Investment Solutions Nilesh Jethwa 11:30 – 12:0
Slide 4: Today's presenters
Today’s presenters Ian Lowitt Paolo Tonucci Rob Irvin Thomas Texier Matt Thistle Group Chief Executive Officer Chief Strategist and CEO, Group Chief Financial Officer Head of Clearing Global Head of Energy Capital Markets Simon van den Born Nilesh Jethwa Bastien Declercq Dean Shoosmith President, Ma
Slide 5: Investor feedback
Investor feedback “It is extremely rare to see a smallcap financials company that has a genuine source of sustainable competitive advantage. Most are timing plays, whereas Marex is set up to grow through the cycle.” Source: Long-only portfolio manager 5
Slide 6: Few public companies deliver Marex's level of consistent growth
Few public companies deliver Marex’s level of consistent growth All Constituents Russell 3000 ~4,000 EuroStoxx 600 FTSE 350 Our relative performance Long-term Revenue Growth over the past ten years ~20% 10-year revenue CAGR 282 versus ~4,000 publicly traded companies, shows Consistent Profitability
Slide 7: Our interconnected platform provides access to energy, commodities and financial markets
Our interconnected platform provides our clients with access to energy, commodities and financial markets globally anagers & Other Asset M Market Participants Clearing Services 1 Key market connectivity to global exchanges es Agen ervic cy & S Ex ring ec u a Illustrative Exchanges 2 Agency & Executi
Slide 8: Our strategy and investment case remain unchanged since IPO
Our strategy and investment case remain unchanged since IPO… Large, growing market with high barriers to entry and declining competitive intensity Scalable platform providing critical services to growing client base Client-driven business model; prudent approach to capital and liquidity management D
Slide 9: …but we have seen an improvement in several key elements
…but we have seen an improvement in several key elements Competitive Growth trends 1 2 environment driving our markets improving further Marex brand Successfully grown 3 4 recognition as a market share public company 9
Slide 10: Growth trends driving our markets
1 Growth trends driving our markets Accelerating growth in exchange contracts across Marex addressable markets Long-term secular drivers 11% CAGR • Demand for cleared products and derivatives 13.7 • Increasing demand for energy and commodities 4% CAGR 10% 12.2 11.6 CAGR • Financial markets expansion
Slide 11: Competitive environment improving further
2 Competitive environment improving further Investment & Commercial Small Independents Banks Barriers to entry • Increasing focus on their largest clients ✓ Depth of product knowledge and • Lacking global presence and narrow expertise across asset classes product coverage • Juniorization of client c
Slide 12: Successfully grown market share
3 Successfully grown market share Marex’s revenue growth outpaced its peers in 20241 Marex growth above industry volumes across the platform in 20242 28% (2023 – 2024 volume growth) 30% 27% 22% 23% 16% 12% 11% 10% 12% 10% 3% 3% BGC StoneX Clarkson TPICAP ICE CME Clearing Agency & Execution Energy Ag
Slide 13: Marex brand recognition as a public company
4 Marex brand recognition as a public company Clients People “Marex has been able to give me a level of service that I’m not “Being part of a larger financial organization provides us with getting from my clearing banks. They are willing to take an increased structure and a framework for growth, whi
Slide 14: Strong 2024 performance
Strong 2024 performance Revenue growth predominately organic in 2024 Adjusted Profit Before Tax1 growth & Margin1 expansion ($m) ($m) 18% 20% +28% +40% 1,595 1,245 321 230 2023 2024 2023 2024 Adjusted Return on Equity1 expansion Segmental Adjusted Profit Before Tax1 growth & Margin1 expansion (% PBT
Slide 15: Strong performance has continued in Q1 2025
Strong performance has continued in Q1 2025 Q1 2025 Revenue range ($m) +25% (at midpoint) • Positive market conditions continued into Q1 2025 449-464 366 ➢ Exchange volumes 6% above Q4 2024 levels2 Q1 2024 Q1 2025 • Strong client activity across our platform Q1 2025 Adjusted PBT1 range • Positive mo
Slide 16: Focused on organic growth with track record of value-accretive acquisitions
Focused on organic growth with track record of value-accretive acquisitions Bolt-on M&A Scalable Growth Strategy Adjusted PBT1 ($m) M&A3 $321 Organic2 $12 Prime brokerage & Clients outsourced trading $79 business M&A3 $230 Transformative $49 M&A Products Organic2 $59 M&A3 Organic2 $122 $7 Geography
Slide 17: Driving growth through bringing new clients onto our platform
Driving growth through bringing new clients onto our platform Bringing new clients onto our platform… …and widening the list of large clients… …and diversifying the client base Number of active clients1 Number of clients >$1m of revenue Number of clients $250k - $1m of revenue +54% CAGR +40% CAGR +3
Slide 18: High quality of earnings: relative stability in average profitability
High quality of earnings: relative stability in average profitability Relative stability in distribution of average monthly Adjusted PBT1 Increasing stability in the distribution of daily Adjusted PBT1 2024 2021 YoY Average daily PBT $1.3m $0.3m 4.0x Sharpe Standard Deviation $0.8m $0.6m 1.3x 2.2 4.
Slide 19: High quality of earnings: scale and repeat revenues
High quality of earnings: scale and repeat revenues Revenue growth by segment Drivers of recurring revenues across our platform ($m) Infrastructure Regular 43% CAGR reliant services client flow 1,595 ✓✓ ✓ Clearing Essential connectivity to Ancillary flows access exchanges across the platform 466 57%
Slide 20: 10-year track record of strong profit growth
10-year track record of strong profit growth through a variety of conditions Adjusted PBT1 | ($m) 321 CAGR: ~35% $230 122 80 16 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GDP Growth 2.2% 2.6% 1.9% 2.7% 2.4% 1.7% (4.3%) 5.8% 2.9% 1.7% 1.7% (OECD) Fed Funds 0.1% 0.1% 0.4% 1.0% 1.8% 2.2% 0.
Slide 21: Illustration of potential Marex scale in five years
Illustration of potential Marex scale in five years Adjusted PBT1 ($m) 1,200 • Illustrative 5-year profitability using a range 800 of growth rates consistent with recent performance 520 • Margin1 expansion to mid-20% level through 321 +0% pa 321 economies of scale 230 122 80 2021 2022 2023 2024 Illu
Slide 22: Conclusion
Conclusion 2024 Highlights • Gained market share and expanded our client base • Strong financial performance • Diversified funding with senior debt issue ~10% • Successful IPO and secondary offering Organic Adjusted PBT1 • Greater brand recognition as a public company growth annually 2025 + Outlook
Slide 23: Clearing
MAREX! Clearing
Slide 24: Overview of Clearing
Overview of Clearing Senior management Marex clearing connects clients to global exchanges • Previously Managing Director and Chief ~2,900 60 5 Active Clients1 Global Exchanges Operating Officer at R.J. O’Brien Years at Marex • Kyte Group Chief Operating Officer 28 • Various leadership positions at
Slide 25: Marex Clearing provides essential market connectivity to global exchanges
Marex Clearing provides essential market connectivity to global exchanges Clearing Revenue Model Execution Order Commissions for Interest Income Execution Clearing Trades on Client Balances Client Exchange Client • Interest income earned Revenue • Commissions paid by on balances that clients clients
Slide 26: Marex competitive positioning in a market with high barriers to entry
Marex competitive positioning in a market with high barriers to entry Competitive landscape Competitive strengths and weaknesses Served by: Large Banks & Investment Banks • Increased capital requirements Large Global Banks Large Banks • Retreat in challenging market environments & Investment Banks •
Slide 27: Marex is a top-10 player in a market with declining competitive intensity
Marex is a top-10 player in a market with declining competitive intensity Number of FCMs declined 53% since 2002, top 10 players hold ~75% of margin balances Declining number of clearers while futures funds continue to grow 1 $400 120 Count of Futures Commission Futures Funds ($bn) 100 $300 80 Merch
Slide 28: Global presence supports client demand to trade in all regions
Global presence supports client demand to trade in all regions Commodities Americas Revenues Precious Brussels Financials ($m) Amsterdam Endex APAC Lisbon Paris Revenues Derivatives Market ($m) 199 EMEA 112 42 Revenues 4 ($m) 2022 2024 2022 2024 225 Exchanges 9 Exchanges 21 112 2022 2024 Exchanges 3
Slide 29: Growing client activity on our platform and increasing market share
Growing client activity on our platform and increasing market share on key exchanges Key volumes by asset class Marex volumes by asset class 10% CAGR 77% CAGR 10% CAGR 10% CAGR 2021 2024 2021 2024 Metals Agriculture Energy Financials and Other Note(s): FIA data 1. All volumes traded on Marex key exc
Slide 30: Leveraging our platform to maximize client opportunities
Leveraging our platform to maximize client opportunities Revenue by client1 Client A Client B Trading Firm Global Commodity Trading Company ($m) ($m) 8.8 7.9 3.9 1.0 2021 2024 2021 2024 Clearing Other Services Clearing Other Services • Existing relationships with several desks in energy and financia
Slide 31: Clearing financial performance
Clearing financial performance Revenue by type Adjusted Profit Before Tax2 & Margin2 ($m) 57% CAGR ($m) 32% 53% 466 247 198 120 8 267 38 112 2021 2024 2021 2024 Net Commissions and Other1 Net Interest Income Active clients3 Client balances4 (#) ($bn) 2,750 2,850 12.8 1,968 5.7 2021 2024 Jan-2022 202
Slide 32: Agency and Execution
Agency and Execution
Slide 33: Overview of Agency and Execution
Overview of Agency and Execution Senior management Low-risk client execution generating stable & repeatable revenue Securities Energy 7 14 Providing Essential Liquidity & Years at Years at Execution to Clients On an Agency, Marex Marex Equities Credit Oil Low-Risk Basis 31 26 Industry Industry Envir
Slide 34: Agency and Execution business model overview
Agency and Execution business model overview Multiple execution models, with minimal market risk Execution channels • Large block trades Agency Only Marex is not a counterparty and Client A • Require specialist execution acts as an agent, matching buyers and sellers who face off • Differentiation th
Slide 35: Agency and Execution is comprised of two businesses
Agency and Execution is comprised of two businesses Securities Energy Example • Equities • Oil Products products / • Credit • • Rates Prime Services 42 • Natural Gas • • Power Freight 40 # of desks • FX Desks • Environmentals Desks Product Listed Physical Listed Physical Securities Forex OTC Securit
Slide 36: Our energy business connects market participants globally
Our energy business connects market participants globally 40 trading desks providing full product coverage Diversified revenue by product and geography Energy products: On-exchange Off-exchange Revenue by product Freight & Other ✓ European Nat Gas, US Natural Gas Nat Gas ✓ ✓ Financial Energy Product
Slide 37: Energy – continuously addressing desk productivity
Energy – continuously addressing desk productivity Growth drivers and productivity initiatives in place since 2021 Revenue growth driven by significantly improved productivity ($m) 0.7 1.4 ~2x Revenue / FTE1 Driving Revenue • Through targeted desk acquisition and Growth productivity improvements (#)
Slide 38: Marex energy revenues are growing faster than exchange volumes
Marex energy revenues are growing faster than exchange volumes Marex energy revenues are outpacing exchange volume growth Key markets by exchange Exchange Volumes1 10% CAGR • Crude Oil • Light Ends • PetChems ICE • Environmentals • LNG • Power • Fuel Oil • Natural Gas • Shipping • Crude Oil • Natura
Slide 39: Energy client case studies
Energy client case studies Revenue by client1 Client C Client D U.S. Load Serving Entities Leading European Gas Utility ($m) ($m) 3.8 7.2 0.8 0.4 2021 2024 2021 2024 Commission Revenue Additional Revenue Energy Clearing Securities • Leading power operators have a requirement to purchase a material v
Slide 40: Securities – gaining share in a growing market
Securities – gaining share in a growing market with a wider range of products Marex volumes in securities are significantly outpacing the market… …with increasing product offerings Market1 • Equity derivatives Marex1 11% CAGR Equities • Cash equities • Equity financing • Corporate bonds • MBS Credit
Slide 41: Prime Services at a glance
Prime Services at a glance Client Base Key Products Revenue Model • Cash and synthetic Prime • Commissions Brokerage covering all asset • Financing Revenues ~$25bn ~500 Hedge Banks and classes globally Total AUM Clients1 Funds Broker Dealers • Securities Based Swap Dealer: Drivers: Prime Services Eq
Slide 42: Securities market dynamics increasing client demand for specialist execution
Securities market dynamics increasing client demand for specialist execution Challenges in competitive landscape Our opportunities Investment Banks ✓ Single point of execution for clients to connect with global capital markets • Increased regulatory complexity and capital costs • Legacy technology
Slide 43: Securities client case studies
Securities client case studies Revenue by client1 Client E Client F Client G Large US Financial Institution Large Multi-Asset Manager European Corporate ($m) ($m) ($m) 14.8 12.8 8.9 10.7 3.4 2.6 2.2 2.4 2021 2024 2021 2022 2023 2024 2021 2024 Securities Other • Originally executing energy and equity
Slide 44: Margin expansion opportunity in Agency and Execution
Margin expansion opportunity in Agency and Execution Adjusted Profit Before Tax1 growth & Margin1 expansion Continued gradual margin expansion ($m) 13% 16% Integrating and optimizing recent acquisitions 65% CAGR Building scale around our FX capabilities Optimizing desk capabilities by increasing com
Slide 45: Market Making
Market Making
Slide 46: Overview of Market Making
Overview of Market Making Senior management Providing liquidity by leveraging extensive market connectivity Buyers Sellers 14 6 Years at Years at Marex Marex Corporations Corporations 37 16 Industry Industry Financial Financial Experience Simon van den Born Experience Bastien Declercq Institutions I
Slide 47: Specialization is key in opaque and non-commoditized markets
Specialization is key in opaque and non-commoditized markets business Metals Agriculture Energy & Environmentals Financials Industrial Precious Ferrous Grains Softs Oil Gas Environmentals Equity Fixed Income Copper Nickel Platinum Silver Iron Ore Wheat Oilseeds Coffee Cocoa Crude Oil Natural Gas Bio
Slide 48: Diversity across asset classes has led to a resilient business model
Diversity across asset classes has led to a resilient business model Asset classes Revenue # ($m) 14% CAGR 57 208 39 141 2021 2024 2021 2024 Metals Agriculture Energy Financials Freight Metals Agriculture Energy Financials Significantly growing our asset class coverage to satisfy client needs 48
Slide 49: Client-driven business model with disciplined approach to risk
Client-driven business model with disciplined approach to risk Market Making daily revenue distribution # days 100 0 • Achieved significantly more high revenue days in 2024 80 compared to 2022 whilst maintaining a similar low level of loss-making days 60 • Prudent risk tolerance delivers revenue gro
Slide 50: Optimizing client experience on our Neon platform
Optimizing client experience and driving growth in client activity on our Neon platform Client adoption increasing significantly Volumes (000s) • Combines trading, risk, market data and insights on the 336 global commodities market • Currently provide trading capabilities in Metals (Industrial and P
Slide 51: Focus on producers and consumers of commodities
Focus on producers and consumers of commodities Producers & Refiners Consumers Banks Trading Firms & Asset Managers Metals Agriculture Energy Absent notable clients or Environmentals competitors Clients whose business relies on day-to-day trading 51
Slide 52: Creating solutions for clients – metals
Creating solutions for clients – metals London metals exchange (LME) average price swap contracts Fixed vs. Floating Average Price Swap Contract Commodity swap contracts are ✓ used by producers and consumers to hedge price Would like to FIX a exposure “known” SELL price for Marex provides a Producer
Slide 53: Creating solutions for clients – oil refining
Creating solutions for clients – oil refining Trading illiquid commodities by understanding the product lifecycle to provide bespoke solutions to our clients’ specifications Small molecules Cool (25oc) Refinery Gases Bottled gas Low boiling point Very volatile Flows easily Naphtha Making chemicals I
Slide 54: Creating solutions for clients – a net-zero voyage hedge
Creating solutions for clients – a net-zero voyage hedge • Increased geopolitical and climatological unpredictability has resulted in higher levels of volatility in commodity prices • Shipping companies, now more than ever, are looking to manage their commodity price risk with systematic risk manage
Slide 55: Hedging and Investment Solutions
Hedging and Investment Solutions
Slide 56: Overview of Hedging and Investment Solutions
Overview of Hedging and Investment Solutions Segment leadership Manufacturing and distribution of customized derivatives • Established Marex Solutions in 2017 Manufacturing Distribution 8 Years at Marex • Grew business from inception to $162m in revenue The Derivatives Engine Hedging OTC derivatives
Slide 57: How does Marex Solutions fit in with the broader Marex group?
How does Marex solutions fit in with the broader Marex group? Most of Marex uses …but Marex Solutions manufactures and Benefits for clients Exchange-Traded Derivatives… sells customized derivatives Increased Product ✓ Flexibility Cross Margining Between ✓ Assets Derivative Exchange-Traded Derivative
Slide 58: One capability, two distinct distribution channels
One capability, two distinct distribution channels Providing customized derivative solutions to different client bases Hedging Solutions Financial Products Main • Enables corporates to hedge their exposure via OTC derivatives: • Customizable investment platform allowing investors to gain exposure Pr
Slide 59: Financial Products – structured notes for investors
Financial Products – structured notes for investors Capital protected product example1 Structured notes portfolio | 4,029 notes inventory Average Maturity (Months) Customer Demand: If S&P 500 goes up, 19 18 17 15 17 client gets full upside S&P 500 Upside 2,667 ($m) + Principal protection if Issues S
Slide 60: Hedging Solutions – flexible hedging products
Hedging Solutions – flexible hedging products Illustrative trade: Marex Solution creating flexible hedging products to meet a coffee producer’s specific needs 1 Contract Expiration Need 2 Currency Need Brazilian Coffee Producer Could Sell 3 Month Contract for July Market Offers Contracts in USD • Co
Slide 61: Client case study – Global airline group with fuel and FX exposure
Client case study – Global airline group with fuel and FX exposure Innovative solution allowing corporate client and investors to uniquely benefit from the Marex platform Jet fuel Jet fuel Airline client hedges their full fuel oil Airline client exposure Hedging exposure Market and FX exposures FX S
Slide 62: Client flow business with minimal directional market risk
Client flow business with minimal directional market risk Disciplined and experienced risk managers, with ‘right-way’ risk for Marex Hedging Solutions Financial Products • Variation margin credit lines provided to clients • No credit risk for Marex: clients assume Marex credit risk via the Credit Ri
Slide 63: Daily revenue distribution is narrower and higher
Daily revenue distribution is narrower and higher due to scale and diversification Scale and diversification by asset class Daily revenue distribution (# days) 0 # of trades 120 Higher and narrower executed 68% CAGR distribution of daily 100 revenue 80 Financial Products ~54k 60 40 Significantly few
Slide 64: Strong growth and natural diversification by business line
Strong growth and natural diversification by business line Revenue Adjusted Profit Before Tax & Margin1 FO FTE2 65 86 109 133 166 27% 36% 28% 26% 26% ($m) 2024: Strong ($m) equity markets 42 162 2022: Ukraine- commodity price 34 128 32 volatility 28 100 57% 89 52% 48% 47 65% 13 63% 48% 43% 53% 35% 3
Slide 65: Expanding our global footprint and distribution capabilities
Expanding our global footprint and distribution capabilities and drive growth EMEA1 FO 104 FTE2 41 74% 69% Americas1 FO 22 36 FTE2 2020 2024 26% 17% Stockholm APAC1 FO FTE2 2 26 2020 2024 London Frankfurt Montreal Zurich Paris Geneva Minneapolis Milan New York 0% 13% Chicago Madrid Miami Hong Kong D
Slide 66: Scalable Platform & Growth Strategy
Scalable Platform & Growth Strategy
Slide 67: Key metrics demonstrate scalable nature of the platform
Key metrics demonstrate scalable nature of the platform Increasing client activity Improving productivity Improving margins and returns Average balances1 Revenue per front office FTE3 Adj. Profit Before Tax margin4 ($bn) +42% CAGR ($m) (%) +5 ppt. 13.5 1.3 20% 0.9 15% 4.7 2021 2024 2021 2024 2021 20
Slide 68: Client-driven growth strategy
Client-driven growth strategy Focusing on our four interconnected services, we look to expand our geographic footprint and product capabilities increasing our relevance to a broader client base Biofuels and Biogas Middle East Americas Producers and Consumers Equity of Commodities Emissions Securitie
Slide 69: Driving growth through bringing new clients onto our platform
Driving growth through bringing new clients onto our platform Bringing new clients onto our platform… …and widening the list of large clients… …and diversifying the client base Number of active clients1 Number of clients >$1m of revenue Number of clients $250k - $1m of revenue +54% CAGR +40% CAGR +3
Slide 70: Track record of deepening relationship through cross-selling
Track record of deepening relationship through cross-selling Offering a full suite of complementary services to our clients Revenue by client1 Client H Client I Client J Global Commodities Group Global Multi-Asset Manager Large Trading House ($m) ($m) ($m) 15.3 14.7 12.8 5.3 2.6 1.6 2021 2024 2021 2
Slide 71: Global platform with growth opportunities across all regions
Global platform with growth opportunities across all regions EMEA Americas APAC +34% CAGR +58% CAGR 885 +69% CAGR 578 Revenue ($m)1 131 373 142 27 2021 2024 2021 2024 2021 2024 % of Revenue 69% 56% 26% 36% 5% 8% FTEs1 662 1,398 343 733 56 203 • Built upon FX capabilities with the • Integrated Prime
Slide 72: Track record of value accretive M&A
Track record of value accretive M&A to accelerate growth strategy 2018 – 2020 2021 – 2022 2023 – 2024 2025 Acquisitions 6 acquisitions 4 acquisitions 7 acquisitions 2 acquisitions Small tuck-in Volatility Marquee Bolt-on Transformational Average PAT 8x3 8x4 8x 6x multiple1,2 Total premium 58 174 63
Slide 73: Rosenthal Collins Group provided entry into North America
Rosenthal Collins Group provided entry into North America Revenue ($m) Profit Before Tax2 ($m) & Margin2 Client assets ($m) • Acquisition in February 2019 of a US clearing platform for US$12m premium1 5% 50% 112 1,698 • Creation of a scalable North 1,446 American business while adding clearing capab
Slide 74: ED&F Man and OTCex expand financial services capabilities
ED&F Man and OTCex expand financial services capabilities ED&F Man OTCex • Acquisition of a global capital markets franchise for a negative premium1 December 2022 • Acquisition of a financial markets brokerage business for US$16m premium1 February 2023 • Addition of more than 1,000 clients and expan
Slide 75: TD Cowen adds Prime Services capabilities
TD Cowen adds Prime Services capabilities Growth in products and capabilities fueled by the Marex platform Prime’s global reach and market access ✓ Fully integrated technology stack and client reporting system in less than a Global presence, proprietary execution and strong client relationships prov
Slide 76: Investing to create a full-service global offering in financial securities markets
Investing to create a full-service global offering in financial securities markets Acquisitions Geographic diversification Hamilton EU Legacy Court Marex Marex ED&F Man OTCex Cowen Group 2025 Americas MENA Equity Options ✓ ✓ ✓ ✓✓✓ APAC FX ✓ ✓ ✓ ✓✓✓ FTEs Revenue Rates ✓ ✓ ✓✓ Credit ✓ ✓ ✓✓ Repo ✓ ✓ St
Slide 77: Robust acquisition screening process leads to attractive pipeline
Robust acquisition screening process leads to attractive pipeline • Screen opportunities to fill strategic product and or geographic gaps Acquisition • On an annual basis we assess 50+ opportunities, building an attractive pipeline for coming year 1 screening process • Focus on bolt-on and medium-si
Slide 78: Executing our growth strategy to expand our addressable market
Executing our growth strategy to expand our addressable market Marex has ~2%1 share of the addressable market, providing significant opportunity for growth 2021 2024 Market Making Market Making $5bn $4bn Carbon Credits Hedging & Investment 7% Hedging & 9% Solutions Investment $14bn 27% Recycled Meta
Slide 79: Financial Overview
Financial Overview
Slide 80: Highly attractive financial profile
Highly attractive financial profile Diversified and high-quality revenue mix Margin expansion from scale and productivity 10 years of sequential Adjusted PBT growth1 Strong return on equity Well-capitalised with prudent liquidity, underpinned Disciplined capital allocation policy by conservative ris
Slide 81: Consistent strong performance in our key metrics
Consistent strong performance in our key metrics (2021 – 2024) Revenue Adjusted profit before tax1 Adjusted PAT attributable to common equity1 ($m) ($m) ($m) 43% 59% 52% CAGR CAGR CAGR Growth 1,595 321 231 542 80 66 Adjusted profit before tax margin1 Reported return on equity Adjusted return on equi
Slide 82: Diversified revenue mix with strong growth rates and margins
Diversified revenue mix with strong growth rates and margins Clearing Agency and Execution Market Making Hedging and Investment Solutions Revenue • Commission per trade • Spread between buying and • Commission per trade • Return built into product pricing Model • Interest income selling prices Reven
Slide 83: NII accounted for 14% of revenues at the peak of the rate cycle
NII accounted for 14% of revenues at the peak of the rate cycle in 2024 Average balances1 Diversified sources of revenue growth ($bn) Revenue ($m) Avg. Fed 0.1% 1.7% 5.0% 5.2% funds rate +$350m NII ($m) n.m. 29 122 227 1,595 1,245 12.9 13.5 711 542 9.5 ~14% of 5.0 ~10% of revenue ~4% of revenue reve
Slide 84: Drivers of net interest income
Drivers of net interest income Net interest income drivers Illustrative Adjusted Profit Before Tax1 movement from rate sensitivity ($m) Movement in average balances1 +1.0% ~20 Fixed spread on balances shared with clients +0.5% ~10 Growing contribution from Prime Services (0.5%) (~10) Interest expens
Slide 85: Flexible cost base due to high variable cost mix
Flexible cost base due to high variable cost mix Adjusted cost1 breakdown % Variable Costs ($m) +28% Clearing 49% 1,258 985 Agency and Execution 62% 882 690 Market Making 50% Hedging and Investment 45% 376 Solutions 294 2023 2024 53% Control & Support Front Office Note(s): 1. These costs are include
Slide 86: Scale benefits driving profit margin expansion over time
Scale benefits driving profit margin expansion over time Adjusted Profit Before Tax1 Margin expansion Margin drivers: gradual progression over time 15% 17% 18% 20% Continued profit growth driving economies of scale ($m) 321 Expansion of product capabilities and geographic reach 230 Business mix evol
Slide 87: Majority of balance sheet supports client activity
Majority of balance sheet supports client activity Client Activities (2024) Period End Total Total Repurchase Client Residual Residual December 31, 2024 ($bn) 2023 2024 Agreements Securities Derivatives Balances 2023 2024 Cash and Liquid Assets2 4.5 6.2 2.2 2.3 4.0 Driven by client activity Trade Re
Slide 88: 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 ($m) Funding Sources and Maturity Profile ($m) Total Capital Ratio3 Liquidity Headroom4 229% 234% 1,060 723 3,800 538 309 1,449 235 691 1,440 742 431 481 98 597 592 333 333 53 14
Slide 89: Free cash flow conversion supports disciplined capital allocation policy
Free cash flow conversion supports disciplined capital allocation policy Free cash flow generation1 Capital allocation policy • Strong free cash flow conversion in mid-90% range, supporting capital allocation policy and underpinning growth strategy Maintain strong capital position and significant li
Slide 90: Q1 2025 trading update
Q1 2025 trading update 3 Months ended 3 Months ended March 31, 20251 March 31, 2024 Unaudited ($m) Estimated Low Estimated High Actuals • Positive market conditions continued into Q1 2025 Revenue 449 464 366 Reported Profit Before Tax 94 102 59 • Strong client activity across our platform Tax 25 27
Slide 91: Risk & Compliance
Risk & Compliance
Slide 92: Risk & Compliance at Marex
Risk & Compliance at Marex The role of Risk at Marex Led by our experienced executive team 4 24 • Joined Marex in Jan 2021 and oversees Risk, Compliance & ✓ A strong independent line into the risk functions with direct Board oversight, supporting key commercial services Financial Crime Compliance •
Slide 93: Risk & Compliance on a global basis requires scale, expertise and investment
Risk & Compliance on a global basis requires scale, expertise and investment Marex is subject to complex global regulatory oversight • Investment in regulatory, risk and 167 Staff 106 EMEA | 47 Americas | 14 APAC compliance is hard to replicate and a significant advantage Global Presence • Marex ope
Slide 94: Focused on downside risk and mitigation
Focused on downside risk and mitigation Key risk exposures How we manage the risks Post mitigation Agency & Market Clearing Solutions Execution Making • Strict margin call discipline ✓ Track record of low realised credit losses • Intraday / end of day monitoring ✓ Well managed credit utilization Cre
Slide 95: Strong track record of credit risk management
Strong track record of credit risk management Track record of low realized credit losses Realized credit loss ($m) 0.9 1.1 1.0 4.5 • Credit risk is primarily generated through credit lines, margin calls and exposure to third-party institutions As a % of Revenue • Successful track record of managing
Slide 96: Limiting counterparty risk through daily margin calls
Limiting counterparty risk through daily margin calls Diverse credit portfolio risk by sector and region Risk by Sector1 13% Trading + Distribution • Rigorous and prudent credit assessment managed by an experienced 5% 39% global risk team Agricultural Production 5% Metals • Two-thirds of credit expo
Slide 97: Market Making: Client-driven business model with disciplined approach to risk
Market Making: Client-driven business model with disciplined approach to risk Market making daily revenue distribution # days 0 100 • Achieved significantly more high revenue days in 2024 80 compared to 2022 whilst maintaining a similar low level of loss-making days 2024 daily average 60 VaR1 $3.2m
Slide 98: Solutions: Client flow business with minimal directional market risk
Solutions: Client flow business with minimal directional market risk Solutions daily revenue distribution # days 0 120 Higher and narrower • Client-driven business with a focus on structured distribution of daily products tailored for clients and OTC hedging 100 revenue solutions 80 • Little directi
Slide 99: Closing Remarks
MAREX" Closin Remarks
Slide 100: Conclusion
Conclusion Focused on organic growth, supplemented by Successfully executing our growth strategy disciplined value-accretive M&A Well-capitalised with prudent liquidity, underpinned High-quality, diversified and resilient revenues by conservative risk management and profits Delivering consistent and
Slide 101: Appendix
MAREX" Appendix
Slide 102: Non-IFRS Definitions
Non-IFRS Definitions In addition to our results determined in accordance with IFRS Accounting Standards (IFRS), we believe the following non-IFRS measures provide useful information both to management and investors in measuring our financial performance for the reasons outlined below. These measures
Slide 103: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended 3 months ended 31 March 2025 31 March 2025 31 March 2024 ($m) Estimated Low Estimated High Actuals Profit After Tax 69.9 75.6 43.6 Taxation charge 24.5 26.5 15.3 Profit Before Tax 94.4 102.1 58.9 Bargain pur
Slide 104: 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
Slide 105: Marex
MAREX"