Marex Group Limited announces second quarter 2026 results

About this update from Marex Group Plc

[{"type":"image","size":{"original":{"url":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw=="}},"alt":"Marex Group Limited"},{"type":"text","tagName":"p","content":" NEW YORK, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Marex Group Limited ('Marex' or the 'Group'; Nasdaq: MRX) a diversified global financial services platform providing market access, infrastructure services and essential liquidity to clients across commodities and financial markets, today reported the Group's preliminary unaudited financial results for the second quarter ('Q2 2026'). "},{"type":"text","tagName":"p","content":" Ian Lowitt, Group Chief Executive Officer, stated, \"We delivered record first half revenue and profitability, with Adjusted Profit Before Tax1 for the first six months of 2026 of $318.6m. We had a record second quarter with Adjusted Profit Before Tax1 of $165.9m, beating our strong performance in the first quarter. We are executing on our strategic plan to create a firm that can grow sustainably across a range of market environments. In every quarter since the IPO and in all but one quarter in the last five years, we've increased Adjusted Profit Before Tax1 from the year-earlier period. This growth trajectory has been achieved through a range of market environments as Marex's underlying structural growth has offset cyclical factors. In the second quarter we continued to expand margins, improving our Adjusted Profit Before Tax Margin1 by 250 basis points to 23.8%, reflecting the increasing contribution from higher-margin, infrastructure-intensive businesses. Our success in broadening and deepening our franchise has enabled us to increase the business we do with our largest clients and made us more attractive to a broader set of clients. This, combined with our diversified platform, our culture and increasing levels of profitability from our recent acquisitions and healthy pipeline of future acquisitions, adds to our confidence about our ability to grow.\" "},{"type":"text","tagName":"p","content":" Financial and Operational Highlights "},{"type":"text","tagName":"p","content":" Half-year 2026 (H1 2026) performance "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax1 "}]},{"val":[{"type":"text","tagName":"p","content":" Profit After Tax3 "}]},{"val":[{"type":"text","tagName":"p","content":" Basic EPS3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" $1,388.1m "}]},{"val":[{"type":"text","tagName":"p","content":" $318.6m "}]},{"val":[{"type":"text","tagName":"p","content":" $267.7m "}]},{"val":[{"type":"text","tagName":"p","content":" $3.61 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" +43% "}]},{"val":[{"type":"text","tagName":"p","content":" +57% "}]},{"val":[{"type":"text","tagName":"p","content":" +79% "}]},{"val":[{"type":"text","tagName":"p","content":" +80% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" H1 2025: $967.4m "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025: $202.7m "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025: $149.2m "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025: $2.01 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Record first half revenue and profitability , Adjusted Profit Before Tax1 increasing 57% to $318.6m reflecting the continued structural growth of the franchise. Profit after Tax included a $35.1m gain on disposal of Winterflood's custody business "}]},{"val":[{"type":"text","tagName":"p","content":" Revenue growth across all business segments , driven by continued success in broadening and deepening client relationships across the platform, with 77 clients now generating more than $5m of annualized revenue "}]},{"val":[{"type":"text","tagName":"p","content":" Continued margin expansion , with Adjusted Profit Before Tax margin1 increasing 200 bps to 23.0% (H1 2025: 21.0%) reflecting the increasing contribution from higher-margin, infrastructure-intensive businesses "}]},{"val":[{"type":"text","tagName":"p","content":" Basic EPS 3 increased 80% to $3.61 , and on a trailing 12-month basis was $5.72 "}]}]},{"type":"text","tagName":"p","content":" Q2 2026 performance "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax1 "}]},{"val":[{"type":"text","tagName":"p","content":" Profit After Tax3 "}]},{"val":[{"type":"text","tagName":"p","content":" Basic EPS3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" $695.8m "}]},{"val":[{"type":"text","tagName":"p","content":" $165.9m "}]},{"val":[{"type":"text","tagName":"p","content":" $155.3m "}]},{"val":[{"type":"text","tagName":"p","content":" $2.09 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" +39% "}]},{"val":[{"type":"text","tagName":"p","content":" +56% "}]},{"val":[{"type":"text","tagName":"p","content":" +102% "}]},{"val":[{"type":"text","tagName":"p","content":" +103% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Q2 2025: $500.1m "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025: $106.4m "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025: $76.7m "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025: $1.03 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Record second quarter revenue and profitability , continuing Marex's track record of year-on-year Adjusted Profit Before Tax1 growth in every quarter since IPO, demonstrating the increased earnings power of Marex's diversified platform "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax 1 increased 56% to $165.9m (Q2 2025: $106.4m), and increased 9% on the very strong first quarter. Adjusted Profit Before Tax margin1 expanded to 23.8% (Q2 2025: 21.3%), reflecting the increasing contribution from higher-margin, infrastructure-intensive businesses "}]},{"val":[{"type":"text","tagName":"p","content":" Revenue growth across all business segments , with revenue increasing 39% to $695.8m (Q2 2025: $500.1m) Clearing increased 16% to $161.3 million , benefiting from record average client balances, driven by new client wins and expanding relationships with existing clients, alongside higher margin requirements Agency and Execution increased 35% to $351.0 million , driven by continued momentum across Prime Services, FX and Equities, partially offset by lower Energy revenues Market Making increased 106% to $118.2 million , reflecting broad-based growth across asset classes and the continued successful integration of Winterflood Hedging and Investment Solutions increased 74% to $71.0 million , reflecting strong growth across both Financial Products and Hedging Solutions, supported by continued client demand and prior platform investment "}]}]},{"type":"text","tagName":"p","content":" Financial and Operational Highlights  "},{"type":"text","tagName":"p","content":" Strategic Execution "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Completed the Group's redomiciliation to Bermuda on 1 July 2026, aligning the corporate structure with Marex's international business and supporting the next phase of growth "}]},{"val":[{"type":"text","tagName":"p","content":" Issued $500m of hybrid capital and $500m of senior unsecured notes , increasing equity and liquidity available to support client activity and future growth "}]},{"val":[{"type":"text","tagName":"p","content":" Announced the acquisition of Bright Point and completed the acquisition of Levmet and Webb Traders , expanding capabilities across Clearing in Asia, physical commodities and equity derivatives in Europe "}]},{"val":[{"type":"text","tagName":"p","content":" Completed the sale of the Winterflood custody business , generating a pre-tax gain of approximately $35 million "}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Financial Highlights ($m) "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" 695.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 500.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 39% "}]},{"val":[{"type":"text","tagName":"p","content":" 1,388.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 967.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 43% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit After Tax "}]},{"val":[{"type":"text","tagName":"p","content":" 155.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 76.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 102% "}]},{"val":[{"type":"text","tagName":"p","content":" 267.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 149.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 79% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit After Tax Margin (%) "}]},{"val":[{"type":"text","tagName":"p","content":" 22.3% "}]},{"val":[{"type":"text","tagName":"p","content":" 15.3% "}]},{"val":[{"type":"text","tagName":"p","content":" 700 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 19.3% "}]},{"val":[{"type":"text","tagName":"p","content":" 15.4% "}]},{"val":[{"type":"text","tagName":"p","content":" 390 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit Before Tax2 from Continuing Operations "}]},{"val":[{"type":"text","tagName":"p","content":" 158.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 103.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 53% "}]},{"val":[{"type":"text","tagName":"p","content":" 308.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 201.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 53% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit Before Tax2 Margin (%) "}]},{"val":[{"type":"text","tagName":"p","content":" 22.7% "}]},{"val":[{"type":"text","tagName":"p","content":" 20.7% "}]},{"val":[{"type":"text","tagName":"p","content":" 200 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 22.2% "}]},{"val":[{"type":"text","tagName":"p","content":" 20.8% "}]},{"val":[{"type":"text","tagName":"p","content":" 140 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit After Tax2 from Continuing Operations "}]},{"val":[{"type":"text","tagName":"p","content":" 119.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 76.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]},{"val":[{"type":"text","tagName":"p","content":" 232.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 149.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit After Tax2 Margin from Continuing Operations (%) "}]},{"val":[{"type":"text","tagName":"p","content":" 17.2% "}]},{"val":[{"type":"text","tagName":"p","content":" 15.3% "}]},{"val":[{"type":"text","tagName":"p","content":" 190 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 16.7% "}]},{"val":[{"type":"text","tagName":"p","content":" 15.4% "}]},{"val":[{"type":"text","tagName":"p","content":" 130 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Return on Equity (%) "}]},{"val":[{"type":"text","tagName":"p","content":" 37.5% "}]},{"val":[{"type":"text","tagName":"p","content":" 28.4% "}]},{"val":[{"type":"text","tagName":"p","content":" 910 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 34.8% "}]},{"val":[{"type":"text","tagName":"p","content":" 28.6% "}]},{"val":[{"type":"text","tagName":"p","content":" 620 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Basic Earnings per Share3 ($) "}]},{"val":[{"type":"text","tagName":"p","content":" 2.09 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.03 "}]},{"val":[{"type":"text","tagName":"p","content":" 103% "}]},{"val":[{"type":"text","tagName":"p","content":" 3.61 "}]},{"val":[{"type":"text","tagName":"p","content":" 2.01 "}]},{"val":[{"type":"text","tagName":"p","content":" 80% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Diluted Earnings per Share3 ($) "}]},{"val":[{"type":"text","tagName":"p","content":" 1.99 "}]},{"val":[{"type":"text","tagName":"p","content":" 0.98 "}]},{"val":[{"type":"text","tagName":"p","content":" 103% "}]},{"val":[{"type":"text","tagName":"p","content":" 3.43 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.91 "}]},{"val":[{"type":"text","tagName":"p","content":" 80% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax1 "}]},{"val":[{"type":"text","tagName":"p","content":" 165.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 106.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]},{"val":[{"type":"text","tagName":"p","content":" 318.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 202.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 57% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax Margin1 "}]},{"val":[{"type":"text","tagName":"p","content":" 23.8% "}]},{"val":[{"type":"text","tagName":"p","content":" 21.3% "}]},{"val":[{"type":"text","tagName":"p","content":" 250 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 23.0% "}]},{"val":[{"type":"text","tagName":"p","content":" 21.0% "}]},{"val":[{"type":"text","tagName":"p","content":" 200 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit after Tax Attributable to Common Equity1 "}]},{"val":[{"type":"text","tagName":"p","content":" 124.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 77.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 61% "}]},{"val":[{"type":"text","tagName":"p","content":" 236.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 145.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 63% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Return on Equity (%)1 "}]},{"val":[{"type":"text","tagName":"p","content":" 37.8% "}]},{"val":[{"type":"text","tagName":"p","content":" 31.4% "}]},{"val":[{"type":"text","tagName":"p","content":" 640 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 37.5% "}]},{"val":[{"type":"text","tagName":"p","content":" 30.7% "}]},{"val":[{"type":"text","tagName":"p","content":" 680 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Average Common Equity "}]},{"val":[{"type":"text","tagName":"p","content":" 1,310.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 981.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 34% "}]},{"val":[{"type":"text","tagName":"p","content":" 1,262.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 946.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 33% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Basic Earnings per Share ($)1 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.72 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.08 "}]},{"val":[{"type":"text","tagName":"p","content":" 59% "}]},{"val":[{"type":"text","tagName":"p","content":" 3.29 "}]},{"val":[{"type":"text","tagName":"p","content":" 2.05 "}]},{"val":[{"type":"text","tagName":"p","content":" 60% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Diluted Earnings per Share ($)1 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.64 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.02 "}]},{"val":[{"type":"text","tagName":"p","content":" 61% "}]},{"val":[{"type":"text","tagName":"p","content":" 3.13 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.95 "}]},{"val":[{"type":"text","tagName":"p","content":" 61% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" These are non-IFRS financial measures. See Appendix 1 \"Non-IFRS Financial Measures and Key Performance Indicators\" for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. "}]},{"val":[{"type":"text","tagName":"p","content":" Represents results from Continuing Operations. "}]},{"val":[{"type":"text","tagName":"p","content":" Includes the impact of discontinued operations. Discontinued operations comprised a $35.1m gain on disposal of the Winterflood custody business and $0.3m of profit after tax generated in Q2 2026 (Q2 2025: $nil) and $0.4m for H1 2026 (H1 2025: $nil). "}]}]},{"type":"text","tagName":"p","content":" Basis of Preparation "},{"type":"text","tagName":"p","content":" As outlined above, effective July 1 2026, the Marex Group (the \"Group\") completed its redomiciliation from England and Wales to Bermuda, and the Marex Group Limited became the ultimate parent holding company of the Group pursuant to a statutory scheme of arrangement under English law. "},{"type":"text","tagName":"p","content":" Prior to July 1, 2026, the Group's parent company was Marex Group plc, a public limited company incorporated in England and Wales with its registered office at 155 Bishopsgate, London EC2M 3TQ, United Kingdom. The consolidated financial results presented in this press release, which reflect the Group's financial performance for the first six months of the fiscal year 2026, are therefore the consolidated financial results of Marex Group plc and not Marex Group Limited. "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Conference Call Information: Marex's management will host a conference call to discuss the Group's financial results today, August 12, 2026, at 9am Eastern Time. A live webcast of the call can be accessed from Marex's Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here: https://events.q4inc.com/attendee/240823774 Enquiries please contact: Marex Investors – Adam Strachan +1 914 200 2508 / [email protected] Media – Nicola Ratchford, Marex / FTI Consulting US / UK +44 7786 548 889 / [email protected] / +1 716 525 7239 / +44 7976 870 961 | [email protected] "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"text","tagName":"p","content":" Financial Review "},{"type":"text","tagName":"p","content":" The following table presents summary financial results and other data as of the dates and for the periods indicated: "},{"type":"text","tagName":"p","content":" Summary Financial Results "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net commission income "}]},{"val":[{"type":"text","tagName":"p","content":" 252.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 257.1 "}]},{"val":[{"type":"text","tagName":"p","content":" (2)% "}]},{"val":[{"type":"text","tagName":"p","content":" 547.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 507.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 8% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net trading income "}]},{"val":[{"type":"text","tagName":"p","content":" 394.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 203.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 94% "}]},{"val":[{"type":"text","tagName":"p","content":" 727.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 362.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 101% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net interest income "}]},{"val":[{"type":"text","tagName":"p","content":" 29.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 34.6 "}]},{"val":[{"type":"text","tagName":"p","content":" (14)% "}]},{"val":[{"type":"text","tagName":"p","content":" 70.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 88.0 "}]},{"val":[{"type":"text","tagName":"p","content":" (20)% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net physical commodities income "}]},{"val":[{"type":"text","tagName":"p","content":" 19.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 5.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 276% "}]},{"val":[{"type":"text","tagName":"p","content":" 42.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 9.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 363% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" 695.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 500.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 39% "}]},{"val":[{"type":"text","tagName":"p","content":" 1,388.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 967.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 43% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Expenses "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Compensation and benefits "}]},{"val":[{"type":"text","tagName":"p","content":" (404.1) "}]},{"val":[{"type":"text","tagName":"p","content":" (305.9) "}]},{"val":[{"type":"text","tagName":"p","content":" 32% "}]},{"val":[{"type":"text","tagName":"p","content":" (824.9) "}]},{"val":[{"type":"text","tagName":"p","content":" (597.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 38% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Depreciation and amortization "}]},{"val":[{"type":"text","tagName":"p","content":" (11.4) "}]},{"val":[{"type":"text","tagName":"p","content":" (8.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 33% "}]},{"val":[{"type":"text","tagName":"p","content":" (23.1) "}]},{"val":[{"type":"text","tagName":"p","content":" (16.5) "}]},{"val":[{"type":"text","tagName":"p","content":" 40% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other expenses "}]},{"val":[{"type":"text","tagName":"p","content":" (122.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (83.7) "}]},{"val":[{"type":"text","tagName":"p","content":" 47% "}]},{"val":[{"type":"text","tagName":"p","content":" (229.5) "}]},{"val":[{"type":"text","tagName":"p","content":" (157.5) "}]},{"val":[{"type":"text","tagName":"p","content":" 46% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Total expenses 3 "}]},{"val":[{"type":"text","tagName":"p","content":" (538.3) "}]},{"val":[{"type":"text","tagName":"p","content":" (398.2) "}]},{"val":[{"type":"text","tagName":"p","content":" 35% "}]},{"val":[{"type":"text","tagName":"p","content":" (1,077.5) "}]},{"val":[{"type":"text","tagName":"p","content":" (771.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 40% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net provision for credit losses "}]},{"val":[{"type":"text","tagName":"p","content":" (1.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (1.1) "}]},{"val":[{"type":"text","tagName":"p","content":" 64% "}]},{"val":[{"type":"text","tagName":"p","content":" (8.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (1.1) "}]},{"val":[{"type":"text","tagName":"p","content":" 700% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Bargain purchase gain on acquisitions "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" 0.2 "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" 3.6 "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other income "}]},{"val":[{"type":"text","tagName":"p","content":" 2.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 2.6 "}]},{"val":[{"type":"text","tagName":"p","content":" (4)% "}]},{"val":[{"type":"text","tagName":"p","content":" 6.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 3.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 88% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit before tax from continuing operations "}]},{"val":[{"type":"text","tagName":"p","content":" 158.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 103.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 53% "}]},{"val":[{"type":"text","tagName":"p","content":" 308.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 201.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 53% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Tax "}]},{"val":[{"type":"text","tagName":"p","content":" (38.3) "}]},{"val":[{"type":"text","tagName":"p","content":" (26.9) "}]},{"val":[{"type":"text","tagName":"p","content":" 42% "}]},{"val":[{"type":"text","tagName":"p","content":" (75.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (52.4) "}]},{"val":[{"type":"text","tagName":"p","content":" 45% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit after tax from continuing operations "}]},{"val":[{"type":"text","tagName":"p","content":" 119.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 76.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]},{"val":[{"type":"text","tagName":"p","content":" 232.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 149.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Gain on sale of discontinued operations 4 "}]},{"val":[{"type":"text","tagName":"p","content":" 35.4 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 35.5 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit After Tax "}]},{"val":[{"type":"text","tagName":"p","content":" 155.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 76.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 102% "}]},{"val":[{"type":"text","tagName":"p","content":" 267.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 149.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 79% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Reconciliation to Adjusted Profit Before Tax¹: "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit After Tax "}]},{"val":[{"type":"text","tagName":"p","content":" 155.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 76.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 102% "}]},{"val":[{"type":"text","tagName":"p","content":" 267.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 149.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 79% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Gain on sale of discontinued operations 4 "}]},{"val":[{"type":"text","tagName":"p","content":" (35.4) "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" (35.5) "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit after tax from continuing operations "}]},{"val":[{"type":"text","tagName":"p","content":" 119.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 76.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]},{"val":[{"type":"text","tagName":"p","content":" 232.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 149.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Tax "}]},{"val":[{"type":"text","tagName":"p","content":" 38.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 26.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 42% "}]},{"val":[{"type":"text","tagName":"p","content":" 75.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 52.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 45% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Profit before tax from continuing operations "}]},{"val":[{"type":"text","tagName":"p","content":" 158.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 103.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 53% "}]},{"val":[{"type":"text","tagName":"p","content":" 308.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 201.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 53% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Bargain purchase gains "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" (0.2) "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" (3.6) "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Amortization of acquired brands and customer lists "}]},{"val":[{"type":"text","tagName":"p","content":" 2.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 41% "}]},{"val":[{"type":"text","tagName":"p","content":" 5.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 3.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 77% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Owner fees "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" 0.4 "}]},{"val":[{"type":"text","tagName":"p","content":" (100)% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Public offering of ordinary shares "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" 1.3 "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" 1.3 "}]},{"val":[{"type":"text","tagName":"p","content":" (100)% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Merger and acquisition costs "}]},{"val":[{"type":"text","tagName":"p","content":" 1.5 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.5 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Redomiciliation costs "}]},{"val":[{"type":"text","tagName":"p","content":" 3.8 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 3.8 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.2 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusting items "}]},{"val":[{"type":"text","tagName":"p","content":" 7.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 2.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 175% "}]},{"val":[{"type":"text","tagName":"p","content":" 10.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 864% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax 1 "}]},{"val":[{"type":"text","tagName":"p","content":" 165.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 106.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 56% "}]},{"val":[{"type":"text","tagName":"p","content":" 318.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 202.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 57% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" These are non-IFRS financial measures. See Appendix 1 \"Non-IFRS Financial Measures and Key Performance Indicators\" for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. "}]},{"val":[{"type":"text","tagName":"p","content":" n.m. = not meaningful as a percentage. "}]},{"val":[{"type":"text","tagName":"p","content":" Compensation and benefits and other expenses are analyzed between Front Office and Control & Support. Total Front Office Costs for the Group for Q2 2026 are $(359.8)m (Q2 2025: $(272.2)m) and Control and Support Costs for the Group for Q2 2026 are $(161.6)m (Q2 2025: $(116.0)m). Total Front Office Costs for the Group for H1 2026 are $(734.1)m (H1 2025: $(530.6)m) and Control and Support Costs for the Group for H1 2026 are $(314.8)m (H1 2025: $(222.8)m). Certain expenses are considered non-operating in nature and are excluded from Adjusted Profit Before Tax. Refer to Appendix 1 for further detail on the Group's Non-IFRS measures. "}]},{"val":[{"type":"text","tagName":"p","content":" Discontinued operations comprised a $35.1m gain on disposal of the Winterflood custody business and $0.3m of profit after tax generated in Q2 2026 (Q2 2025: $nil) and $0.4m for H1 2026 (H1 2025: $nil). "}]}]},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Summary Financial Results  "},{"type":"text","tagName":"p","content":" Group Headcount "},{"type":"text","tagName":"p","content":" The following table provides a breakdown of Front Office and Control and Support Headcount: "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Average Full Time Equivalent (\"FTE\") headcount1 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Front office "}]},{"val":[{"type":"text","tagName":"p","content":" 1,698 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,318 "}]},{"val":[{"type":"text","tagName":"p","content":" 29% "}]},{"val":[{"type":"text","tagName":"p","content":" 1,667 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,301 "}]},{"val":[{"type":"text","tagName":"p","content":" 28% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Control and support "}]},{"val":[{"type":"text","tagName":"p","content":" 1,666 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,259 "}]},{"val":[{"type":"text","tagName":"p","content":" 32% "}]},{"val":[{"type":"text","tagName":"p","content":" 1,680 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,221 "}]},{"val":[{"type":"text","tagName":"p","content":" 38% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Total 2 "}]},{"val":[{"type":"text","tagName":"p","content":" 3,364 "}]},{"val":[{"type":"text","tagName":"p","content":" 2,577 "}]},{"val":[{"type":"text","tagName":"p","content":" 31% "}]},{"val":[{"type":"text","tagName":"p","content":" 3,347 "}]},{"val":[{"type":"text","tagName":"p","content":" 2,522 "}]},{"val":[{"type":"text","tagName":"p","content":" 33% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" For analysis purposes, average headcount is used in the performance commentary outlined below. "}]},{"val":[{"type":"text","tagName":"p","content":" Headcount table represents headcount for continuing operations and FTE associated with the Group's discontinued operation have been excluded for comparability. "}]}]},{"type":"text","tagName":"p","content":" Performance for Q2 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $195.7m to a record $695.8m (Q2 2025: $500.1m), growing 39% year-on-year and an increase of $3.5m from the previous record quarter in Q1 2026. Growth was broad-based across all four business segments, demonstrating continued momentum across the Group's diversified platform. "},{"type":"text","tagName":"p","content":" Net trading income increased by $191.5m to $394.8m (Q2 2025: $203.3m), driven by Agency and Execution (+$106.9m), Market Making (+$43.7m) and Hedging and Investment Solutions (+$37.7m). Agency and Execution benefited from continued momentum across Prime, FX and Equities. Market Making benefited from stronger performance across Metals and Energy, together with the contribution from Winterflood within Securities following completion of the acquisition in December 2025. Hedging and Investment Solutions benefited from increased client activity and continued strength in structured products. "},{"type":"text","tagName":"p","content":" Net commission income decreased by $5.0m to $252.1m (Q2 2025: $257.1m), principally reflecting lower Energy activity in Agency and Execution as market volumes and client demand moderated. "},{"type":"text","tagName":"p","content":" Net physical commodities income increased by $14.1m to $19.2m (Q2 2025: $5.1m), primarily reflecting a stronger performance in physical recycled metals within Market Making, supported by higher client demand and activity. "},{"type":"text","tagName":"p","content":" Net interest income decreased by $4.9m to $29.7m (Q2 2025: $34.6m). Interest income grew, reflecting higher average balances of $24.8bn (Q2 2025: $18.0bn), which more than offset a 70 bps reduction in the average Fed Funds rate. However, higher interest expense associated with the Group's two $500m senior debt issuances, completed in May 2025 and April 2026, together with increased structured note issuance in Hedging and Investment Solutions, more than offset the increase in interest income. "},{"type":"text","tagName":"p","content":" Total expenses increased by $140.1m to $538.3m (Q2 2025: $398.2m), reflecting higher performance-related compensation following the strong revenue performance, continued investment in technology and infrastructure and the impact of acquisitions completed since the prior-year period, principally Hamilton Court, Winterflood and Levmet. "},{"type":"text","tagName":"p","content":" Compensation and benefits increased by $98.2m to $404.1m (Q2 2025: $305.9m), reflecting higher performance-related compensation and a larger workforce. Average FTE headcount increased by 31% to 3,364 (Q2 2025: 2,577), reflecting acquisitions and continued investment in front office and control and support capabilities. "},{"type":"text","tagName":"p","content":" Other expenses increased by $39.1m to $122.8m (Q2 2025: $83.7m), driven by the impact of acquisitions, continued investment in technology and infrastructure, and higher professional fees. "},{"type":"text","tagName":"p","content":" Profit Before Tax from Continuing Operations increased by $54.6m to $158.2m (Q2 2025: $103.6m), with the margin increasing to 22.7% (Q2 2025: 20.7%). The improvement reflected strong revenue growth and an increased contribution from higher-margin businesses, which more than offset higher performance-related compensation and continued investment in the business. "},{"type":"text","tagName":"p","content":" Profit After Tax increased by $78.6m to $155.3m (Q2 2025: $76.7m), including $35.4m from discontinued operations, comprising a $35.1m gain on the disposal of the Winterflood custody business and a $0.3m of profit after tax generated prior to completion of the sale in June 2026. "},{"type":"text","tagName":"p","content":" Adjusting items totalled $7.7m in Q2 2026 (Q2 2025: $2.8m), comprising $2.4m of amortization of acquired brands and customer lists, $1.5m of professional advisory and legal fees in relation to M&A activity and $3.8m of redomiciliation costs. "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $59.5m to a record $165.9m (Q2 2025: $106.4m), representing growth of 56% year-on-year and an increase of $13.2m from Q1 2026, the previous record quarter. Adjusted Profit Before Tax Margin¹ increased to 23.8% (Q2 2025: 21.3%), reflecting strong revenue growth and the increased contribution from higher-margin, infrastructure-intensive businesses. "},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Summary Financial Results  "},{"type":"text","tagName":"p","content":" Performance for H1 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $420.7m to a record $1,388.1m (H1 2025: $967.4m), representing growth of 43% year-on-year. The first half comprised two record quarters delivered in different market environments. Q1 benefited from exceptional market activity and volatility, while Q2 delivered a further record despite more moderated market conditions, supported by sequential growth in Agency and Execution and Clearing. "},{"type":"text","tagName":"p","content":" Net trading income more than doubled, increasing by $364.7m to $727.1m (H1 2025: $362.4m), driven by Agency and Execution, Market Making and Hedging and Investment Solutions. Net commission income increased by $40.0m to $547.8m (H1 2025: $507.8m), driven by Clearing and Agency and Execution, particularly Equities, partially offset by lower Energy activity in Agency and Execution during the second quarter. "},{"type":"text","tagName":"p","content":" Net interest income decreased by $17.4m to $70.6m (H1 2025: $88.0m). Interest income grew, reflecting higher average balances of $23.5bn (H1 2025: $17.6bn), which more than offset a 70 bps reduction in the average Fed Funds rate. However, higher interest expense related to the Group's two $500m senior debt issuances, completed in May 2025 and April 2026, together with increased structured note issuance in Hedging and Investment Solutions, brought net interest income lower overall. "},{"type":"text","tagName":"p","content":" Total expenses increased by $305.9m to $1,077.5m (H1 2025: $771.6m), reflecting higher performance-related compensation following the strong revenue performance, continued investment in technology and infrastructure and the impact of recent acquisitions, principally Aarna, Hamilton Court, Agrinvest, Winterflood and Levmet. Average FTE headcount increased by 33% to 3,347 (H1 2025: 2,522). "},{"type":"text","tagName":"p","content":" Profit Before Tax from Continuing Operations increased by $106.4m to $308.0m (H1 2025: $201.6m), with the margin increasing to 22.2% (H1 2025: 20.8%). The improvement reflected strong revenue growth and an increased contribution from higher-margin businesses. "},{"type":"text","tagName":"p","content":" Adjusting items totalled $10.6m in H1 2026 (H1 2025: $1.1m), comprising amortization of acquired brands and customer lists, costs in relation to M&A activity and redomiciliation costs. Adjusted Profit Before Tax¹ increased by $115.9m to a record $318.6m (H1 2025: $202.7m), representing growth of 57% year-on-year. Adjusted Profit Before Tax Margin¹ increased to 23.0% (H1 2025: 21.0%), reflecting strong revenue growth and the increased contribution from higher-margin, infrastructure-intensive businesses. "},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" These are non-IFRS financial measures. See Appendix 1 \"Non-IFRS Financial Measures and Key Performance Indicators\" for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. "}]}]},{"type":"text","tagName":"p","content":" Net interest income 1 "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Average Fed Funds % "}]},{"val":[{"type":"text","tagName":"p","content":" 3.6% "}]},{"val":[{"type":"text","tagName":"p","content":" 4.3% "}]},{"val":[{"type":"text","tagName":"p","content":" (70) bps "}]},{"val":[{"type":"text","tagName":"p","content":" 3.6% "}]},{"val":[{"type":"text","tagName":"p","content":" 4.3% "}]},{"val":[{"type":"text","tagName":"p","content":" (70) bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Average balances ($bn)2 "}]},{"val":[{"type":"text","tagName":"p","content":" 24.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 18.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 6.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 23.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 17.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 5.9 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Interest Income ($m) "}]},{"val":[{"type":"text","tagName":"p","content":" 205.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 181.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 24.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 401.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 360.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 41.5 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Interest paid out ($m) "}]},{"val":[{"type":"text","tagName":"p","content":" (80.9) "}]},{"val":[{"type":"text","tagName":"p","content":" (68.2) "}]},{"val":[{"type":"text","tagName":"p","content":" (12.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (149.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (127.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (22.1) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Interest on balances ($m) "}]},{"val":[{"type":"text","tagName":"p","content":" 124.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 113.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 11.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 251.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 232.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 19.4 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net Yield on balances % "}]},{"val":[{"type":"text","tagName":"p","content":" 2.0% "}]},{"val":[{"type":"text","tagName":"p","content":" 2.5% "}]},{"val":[{"type":"text","tagName":"p","content":" (50) bps "}]},{"val":[{"type":"text","tagName":"p","content":" 2.1% "}]},{"val":[{"type":"text","tagName":"p","content":" 2.3% "}]},{"val":[{"type":"text","tagName":"p","content":" (20) bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Average notional debt securities ($bn) "}]},{"val":[{"type":"text","tagName":"p","content":" (7.1) "}]},{"val":[{"type":"text","tagName":"p","content":" (4.9) "}]},{"val":[{"type":"text","tagName":"p","content":" (2.2) "}]},{"val":[{"type":"text","tagName":"p","content":" (6.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (4.5) "}]},{"val":[{"type":"text","tagName":"p","content":" (2.2) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Yield % "}]},{"val":[{"type":"text","tagName":"p","content":" 5.4% "}]},{"val":[{"type":"text","tagName":"p","content":" 6.5% "}]},{"val":[{"type":"text","tagName":"p","content":" (110) bps "}]},{"val":[{"type":"text","tagName":"p","content":" 5.5% "}]},{"val":[{"type":"text","tagName":"p","content":" 6.5% "}]},{"val":[{"type":"text","tagName":"p","content":" (100) bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Interest expense ($m) "}]},{"val":[{"type":"text","tagName":"p","content":" (95.1) "}]},{"val":[{"type":"text","tagName":"p","content":" (78.6) "}]},{"val":[{"type":"text","tagName":"p","content":" (16.5) "}]},{"val":[{"type":"text","tagName":"p","content":" (181.3) "}]},{"val":[{"type":"text","tagName":"p","content":" (144.5) "}]},{"val":[{"type":"text","tagName":"p","content":" (36.8) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net Interest Income ($m) "}]},{"val":[{"type":"text","tagName":"p","content":" 29.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 34.6 "}]},{"val":[{"type":"text","tagName":"p","content":" (4.9) "}]},{"val":[{"type":"text","tagName":"p","content":" 70.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 88.0 "}]},{"val":[{"type":"text","tagName":"p","content":" (17.4) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" The interest income and interest expense amounts are presented net of certain elements which are presented gross within the IFRS Consolidated Income Statement. See Appendix 3 for period ended June 30, 2026. "}]},{"val":[{"type":"text","tagName":"p","content":" Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period. "}]}]},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Segmental performance "},{"type":"text","tagName":"p","content":" Clearing "},{"type":"text","tagName":"p","content":" Marex provides Clearing services across the full range of commodity and financial markets. We act as principal for our clients and provide direct access to more than 60 exchanges globally. "},{"type":"text","tagName":"p","content":" Performance for Q2 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $22.5m to $161.3m (Q2 2025: $138.8m), driven primarily by higher net interest income from increased average client balances. "},{"type":"text","tagName":"p","content":" Net commission income increased marginally by $0.9m to $72.4m (Q2 2025: $71.5m), while the prior-year period benefited from elevated client activity following the April 2025 tariff announcements. "},{"type":"text","tagName":"p","content":" Net interest income increased by $18.4m to $77.5m (Q2 2025: $59.1m), driven by record average client balances of $19.1bn (Q2 2025: $12.8bn). Balance growth reflected structural growth from existing and new clients, alongside increased activity from some of our larger trading clients and higher margin requirements. This more than offset the 70 bps reduction in average Fed Funds rates year-on-year. "},{"type":"text","tagName":"p","content":" Net trading income increased by $3.2m to $11.4m (Q2 2025: $8.2m), reflecting strong performance across the segment.  "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $8.7m to $79.2m (Q2 2025: $70.5m). Adjusted Profit Before Tax Margin¹ decreased to 49.1% in Q2 2026 (Q2 2025: 50.8%). Front office costs increased by $11.0m to $56.3m (Q2 2025: $45.3m), due to higher performance-related pay and a larger front office workforce. Average front office headcount increased to 294 (Q2 2025: 279), reflecting continued investment in geographic expansion and product capabilities. "},{"type":"text","tagName":"p","content":" Performance for H1 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $40.5m to $298.5m (H1 2025: $258.0m), driven by higher net commission income and net interest income, partially offset by the impact of the client default in the first quarter. "},{"type":"text","tagName":"p","content":" Net commission income increased by $21.2m to $160.5m (H1 2025: $139.3m), reflecting heightened client activity and volatility during the first quarter, particularly across Energy and Metals, together with continued client onboarding and growth across Asia and the Middle East. Activity moderated during the second quarter, following the exceptional levels experienced in Q1 2026. "},{"type":"text","tagName":"p","content":" Net interest income increased by $37.5m to $145.0m (H1 2025: $107.5m), reflecting higher average client balances of $17.6bn (H1 2025: $12.4bn). The increase reflected structural growth in balances from existing and new clients, alongside increased activity from some of our larger trading clients and higher margin requirements, more than offsetting lower average Fed Funds rates. "},{"type":"text","tagName":"p","content":" Net trading income decreased by $18.2m to a loss of $7.0m (H1 2025: $11.2m). This includes the impact of a default from a natural gas client, recognized across both trading income ($28.2m) and credit loss provisions ($5.7m). The loss arose from an idiosyncratic event during a period of exceptional volatility. The impact of the default was partly offset by lower performance-related compensation across the front office and control and support functions. "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $10.1m to $137.2m (H1 2025: $127.1m), with Adjusted Profit Before Tax Margin¹ decreasing to 46.0% (H1 2025: 49.3%) primarily reflecting the impact of the client default. "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net commission income "}]},{"val":[{"type":"text","tagName":"p","content":" 72.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 71.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 1% "}]},{"val":[{"type":"text","tagName":"p","content":" 160.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 139.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 15% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net interest income "}]},{"val":[{"type":"text","tagName":"p","content":" 77.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 59.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 31% "}]},{"val":[{"type":"text","tagName":"p","content":" 145.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 107.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 35% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net trading income "}]},{"val":[{"type":"text","tagName":"p","content":" 11.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 8.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 39% "}]},{"val":[{"type":"text","tagName":"p","content":" (7.0) "}]},{"val":[{"type":"text","tagName":"p","content":" 11.2 "}]},{"val":[{"type":"text","tagName":"p","content":" (163)% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" 161.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 138.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 16% "}]},{"val":[{"type":"text","tagName":"p","content":" 298.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 258.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 16% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Front office costs "}]},{"val":[{"type":"text","tagName":"p","content":" (56.3) "}]},{"val":[{"type":"text","tagName":"p","content":" (45.3) "}]},{"val":[{"type":"text","tagName":"p","content":" 24% "}]},{"val":[{"type":"text","tagName":"p","content":" (105.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (87.5) "}]},{"val":[{"type":"text","tagName":"p","content":" 21% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Control and support costs "}]},{"val":[{"type":"text","tagName":"p","content":" (24.5) "}]},{"val":[{"type":"text","tagName":"p","content":" (22.3) "}]},{"val":[{"type":"text","tagName":"p","content":" 10% "}]},{"val":[{"type":"text","tagName":"p","content":" (47.3) "}]},{"val":[{"type":"text","tagName":"p","content":" (42.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 11% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Recovery/(Provision) of credit losses "}]},{"val":[{"type":"text","tagName":"p","content":" (1.2) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 100% "}]},{"val":[{"type":"text","tagName":"p","content":" (8.0) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 1,233% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Depreciation and amortization "}]},{"val":[{"type":"text","tagName":"p","content":" (0.1) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.1) "}]},{"val":[{"type":"text","tagName":"p","content":" –% "}]},{"val":[{"type":"text","tagName":"p","content":" (0.2) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.2) "}]},{"val":[{"type":"text","tagName":"p","content":" –% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other income "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax ($m) 1 "}]},{"val":[{"type":"text","tagName":"p","content":" 79.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 70.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 12% "}]},{"val":[{"type":"text","tagName":"p","content":" 137.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 127.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 8% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax Margin1 "}]},{"val":[{"type":"text","tagName":"p","content":" 49.1% "}]},{"val":[{"type":"text","tagName":"p","content":" 50.8% "}]},{"val":[{"type":"text","tagName":"p","content":" (170) bps "}]},{"val":[{"type":"text","tagName":"p","content":" 46.0% "}]},{"val":[{"type":"text","tagName":"p","content":" 49.3% "}]},{"val":[{"type":"text","tagName":"p","content":" (330) bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Front office headcount (No.)2 "}]},{"val":[{"type":"text","tagName":"p","content":" 294 "}]},{"val":[{"type":"text","tagName":"p","content":" 279 "}]},{"val":[{"type":"text","tagName":"p","content":" 5% "}]},{"val":[{"type":"text","tagName":"p","content":" 289 "}]},{"val":[{"type":"text","tagName":"p","content":" 276 "}]},{"val":[{"type":"text","tagName":"p","content":" 5% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Clearing client balances (average) ($bn)4 "}]},{"val":[{"type":"text","tagName":"p","content":" 19.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 12.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 49% "}]},{"val":[{"type":"text","tagName":"p","content":" 17.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 12.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 42% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" These are non-IFRS financial measures. See Appendix 1 \"Non-IFRS Financial Measures and Key Performance Indicators\" for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. "}]},{"val":[{"type":"text","tagName":"p","content":" The headcount is the average for the period. "}]},{"val":[{"type":"text","tagName":"p","content":" n.m. = not meaningful as a percentage. "}]},{"val":[{"type":"text","tagName":"p","content":" Clearing client balances represent the average daily balances placed by clients and held by Marex. "}]}]},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Segmental performance  "},{"type":"text","tagName":"p","content":" Clearing  "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 12 months ended "}]},{"val":[{"type":"text","tagName":"p","content":" 12 months ended "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Key Performance Indicators "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Marex contracts cleared (m) "}]},{"val":[{"type":"text","tagName":"p","content":" 1,320 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,247 "}]},{"val":[{"type":"text","tagName":"p","content":" 6%  "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Market volumes (m)1 "}]},{"val":[{"type":"text","tagName":"p","content":" 12,945 "}]},{"val":[{"type":"text","tagName":"p","content":" 12,247 "}]},{"val":[{"type":"text","tagName":"p","content":" 6%  "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" \"Market Volumes\" are calculated as futures and options traded and/or cleared on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX, COMEX, SGX). "}]}]},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Segmental performance  "},{"type":"text","tagName":"p","content":" Agency and Execution "},{"type":"text","tagName":"p","content":" Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets. "},{"type":"text","tagName":"p","content":" Our Securities division provides essential liquidity and risk management solutions to clients across global financial markets. Leveraging our international network, we connect buyers and sellers in equities, credit, financing, foreign exchange (FX), and rates, enabling efficient price discovery and tailored hedging strategies. Through our Prime business we also deliver comprehensive solutions for institutional clients, including clearing, custody, capital introduction, portfolio financing, and outsourced trading. "},{"type":"text","tagName":"p","content":" Our Energy division provides essential liquidity to clients by connecting buyers and sellers in the energy markets. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental and crude markets in North America; and oil products globally. We achieve this through the breadth and depth of the services we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams. "},{"type":"text","tagName":"p","content":" Performance for Q2 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $90.2m to $351.0m (Q2 2025: $260.8m), driven by continued momentum across Securities, partially offset by lower Energy revenue. "},{"type":"text","tagName":"p","content":" Securities revenue increased by $113.9m to a record $282.5m (Q2 2025: $168.6m), reflecting strong growth across Prime, FX and Equities. Prime revenue increased by $58.9m to a record $120.0m (Q2 2025: $61.1m), supported by strong client demand, deeper institutional relationships and continued momentum in securities-based swaps. FX revenue increased by $43.7m to $51.5m (Q2 2025: $7.8m), primarily reflecting the contribution from Hamilton Court following completion of the acquisition in July 2025. Equities revenue increased by $17.4m to $67.6m (Q2 2025: $50.2m), driven by client growth and continued momentum across equity derivatives and securities financing. This growth was partially offset by lower Credit revenue, reflecting lower client activity and transaction volumes in a subdued credit market, while Rates revenue was broadly stable. "},{"type":"text","tagName":"p","content":" Energy revenue decreased by $27.4m to $64.6m (Q2 2025: $92.0m), reflecting lower market volumes and client activity as conditions normalized from the record levels experienced in Q1 2026, with exchange based volumes also impacted by the ongoing conflict in the Middle East. The prior-year period benefited from heightened activity and significant volumes across the larger desks following the April 2025 tariff announcements. "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $47.9m to $116.9m (Q2 2025: $69.0m), with Adjusted Profit Before Tax Margin¹ increasing to 33.3% (Q2 2025: 26.5%). The improvement reflected strong revenue growth and a favorable shift in business mix towards higher-margin Securities activities, particularly Prime. Average front office headcount increased to 905 (Q2 2025: 677), reflecting the addition of Hamilton Court alongside continued investment in new trading desks and capabilities. "},{"type":"text","tagName":"p","content":" Performance for H1 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $173.0m to $673.3m (H1 2025: $500.3m), driven by strong growth across Securities, partially offset by lower Energy revenue. "},{"type":"text","tagName":"p","content":" Securities revenue increased by $176.6m to $496.2m (H1 2025: $319.6m). Prime revenue increased by $80.5m to $194.4m (H1 2025: $113.9m), supported by strong client demand and continued momentum in securities-based swaps. FX revenue increased by $69.2m to $83.2m (H1 2025: $14.0m), primarily reflecting the contribution from Hamilton Court. Equities revenue increased by $30.9m to $130.4m (H1 2025: $99.5m), driven by market share gains. Rates revenue increased by $5.5m to $65.3m (H1 2025: $59.8m), partially offset by a $10.6m decrease in Credit revenue to $22.5m (H1 2025: $33.1m). "},{"type":"text","tagName":"p","content":" Energy revenue decreased by $9.9m to $170.3m (H1 2025: $180.2m), with record performance in Q1 2026 more than offset by lower market activity and volumes in the second quarter. "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $82.4m to $208.1m (H1 2025: $125.7m), with Adjusted Profit Before Tax Margin¹ increasing to 30.9% (H1 2025: 25.1%) driven by the greater contribution from higher-margin Securities activities, particularly Prime. Average front office headcount increased to 891 (H1 2025: 673), reflecting the addition of Hamilton Court and continued investment in new capabilities. "},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Segmental performance  "},{"type":"text","tagName":"p","content":" Agency and Execution  "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Equities "}]},{"val":[{"type":"text","tagName":"p","content":" 67.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 50.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 35% "}]},{"val":[{"type":"text","tagName":"p","content":" 130.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 99.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 31% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Rates "}]},{"val":[{"type":"text","tagName":"p","content":" 31.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 31.4 "}]},{"val":[{"type":"text","tagName":"p","content":" (1)% "}]},{"val":[{"type":"text","tagName":"p","content":" 65.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 59.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 9% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Credit "}]},{"val":[{"type":"text","tagName":"p","content":" 11.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 18.7 "}]},{"val":[{"type":"text","tagName":"p","content":" (36)% "}]},{"val":[{"type":"text","tagName":"p","content":" 22.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 33.1 "}]},{"val":[{"type":"text","tagName":"p","content":" (32)% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" FX "}]},{"val":[{"type":"text","tagName":"p","content":" 51.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 7.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 560% "}]},{"val":[{"type":"text","tagName":"p","content":" 83.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 14.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 494% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Prime "}]},{"val":[{"type":"text","tagName":"p","content":" 120.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 61.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 96% "}]},{"val":[{"type":"text","tagName":"p","content":" 194.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 113.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 71% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other securities "}]},{"val":[{"type":"text","tagName":"p","content":" 0.4 "}]},{"val":[{"type":"text","tagName":"p","content":" (0.6) "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 0.4 "}]},{"val":[{"type":"text","tagName":"p","content":" (0.7) "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Securities "}]},{"val":[{"type":"text","tagName":"p","content":" 282.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 168.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 68% "}]},{"val":[{"type":"text","tagName":"p","content":" 496.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 319.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 55% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Energy "}]},{"val":[{"type":"text","tagName":"p","content":" 64.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 92.0 "}]},{"val":[{"type":"text","tagName":"p","content":" (30)% "}]},{"val":[{"type":"text","tagName":"p","content":" 170.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 180.2 "}]},{"val":[{"type":"text","tagName":"p","content":" (5)% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other "}]},{"val":[{"type":"text","tagName":"p","content":" 3.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 0.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,850% "}]},{"val":[{"type":"text","tagName":"p","content":" 6.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 0.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,260% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" 351.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 260.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 35% "}]},{"val":[{"type":"text","tagName":"p","content":" 673.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 500.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 35% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Front office costs "}]},{"val":[{"type":"text","tagName":"p","content":" (206.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (168.9) "}]},{"val":[{"type":"text","tagName":"p","content":" 22% "}]},{"val":[{"type":"text","tagName":"p","content":" (411.3) "}]},{"val":[{"type":"text","tagName":"p","content":" (330.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 24% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Control and support costs "}]},{"val":[{"type":"text","tagName":"p","content":" (29.0) "}]},{"val":[{"type":"text","tagName":"p","content":" (22.3) "}]},{"val":[{"type":"text","tagName":"p","content":" 30% "}]},{"val":[{"type":"text","tagName":"p","content":" (55.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (43.3) "}]},{"val":[{"type":"text","tagName":"p","content":" 29% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Recovery/(Provision) of credit losses "}]},{"val":[{"type":"text","tagName":"p","content":" (0.6) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.6) "}]},{"val":[{"type":"text","tagName":"p","content":" –% "}]},{"val":[{"type":"text","tagName":"p","content":" (0.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 17% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Depreciation and amortization "}]},{"val":[{"type":"text","tagName":"p","content":" (0.1) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.2) "}]},{"val":[{"type":"text","tagName":"p","content":" (50)% "}]},{"val":[{"type":"text","tagName":"p","content":" (0.2) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.3) "}]},{"val":[{"type":"text","tagName":"p","content":" (33)% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other income "}]},{"val":[{"type":"text","tagName":"p","content":" 2.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 0.2 "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 2.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 0.2 "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax ($m) 1 "}]},{"val":[{"type":"text","tagName":"p","content":" 116.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 69.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 69% "}]},{"val":[{"type":"text","tagName":"p","content":" 208.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 125.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 66% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax Margin1 "}]},{"val":[{"type":"text","tagName":"p","content":" 33.3% "}]},{"val":[{"type":"text","tagName":"p","content":" 26.5% "}]},{"val":[{"type":"text","tagName":"p","content":" 680 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 30.9% "}]},{"val":[{"type":"text","tagName":"p","content":" 25.1% "}]},{"val":[{"type":"text","tagName":"p","content":" 580 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Front office headcount (No.)2 "}]},{"val":[{"type":"text","tagName":"p","content":" 905 "}]},{"val":[{"type":"text","tagName":"p","content":" 677 "}]},{"val":[{"type":"text","tagName":"p","content":" 34% "}]},{"val":[{"type":"text","tagName":"p","content":" 891 "}]},{"val":[{"type":"text","tagName":"p","content":" 673 "}]},{"val":[{"type":"text","tagName":"p","content":" 32% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" These are non-IFRS financial measures. See Appendix 1 \"Non-IFRS Financial Measures and Key Performance Indicators\" for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. "}]},{"val":[{"type":"text","tagName":"p","content":" The headcount is the average for the period. "}]},{"val":[{"type":"text","tagName":"p","content":" n.m. = not meaningful as a percentage. "}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 12 months ended "}]},{"val":[{"type":"text","tagName":"p","content":" 12 months ended "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Key Performance Indicators "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Marex volumes: Energy (m)1 "}]},{"val":[{"type":"text","tagName":"p","content":" 23 "}]},{"val":[{"type":"text","tagName":"p","content":" 22 "}]},{"val":[{"type":"text","tagName":"p","content":" 6% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Marex volumes: Securities (m)2 "}]},{"val":[{"type":"text","tagName":"p","content":" 352 "}]},{"val":[{"type":"text","tagName":"p","content":" 311 "}]},{"val":[{"type":"text","tagName":"p","content":" 13% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" We have refined the Marex volumes data for Energy to better reflect trading activity in the business. Prior year comparatives have been revised for comparability. "}]},{"val":[{"type":"text","tagName":"p","content":" Volumes represent only a portion of Marex's securities revenue, primarily volumes linked to exchange-traded derivatives. This measure excludes contributions from our prime business, securities lending, FX, repo and credit. "}]}]},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Segmental performance  "},{"type":"text","tagName":"p","content":" Market Making "},{"type":"text","tagName":"p","content":" Our Market Making business provides direct liquidity to our clients across a variety of products in the Energy, Metals, Securities and Agriculture markets. "},{"type":"text","tagName":"p","content":" Performance for Q2 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $60.8m to $118.2m (Q2 2025: $57.4m), reflecting broad based growth across all asset classes. Market conditions were more normalized than in Q1 2026 but client activity remained healthy and significantly above Q2 2025. "},{"type":"text","tagName":"p","content":" Metals revenue increased by $24.5m to $65.7m (Q2 2025: $41.2m), driven by diversified client activity across base, precious and recycled metals, as developments in the Middle East created favorable trading opportunities during the quarter. "},{"type":"text","tagName":"p","content":" Securities revenue increased by $24.4m to $29.8m (Q2 2025: $5.4m), primarily reflecting the inclusion of Winterflood following the completion of its acquisition in December 2025, which continued to perform strongly. "},{"type":"text","tagName":"p","content":" Energy revenue increased by $4.1m to $15.0m (Q2 2025: $10.9m), supported by continued client hedging demand and trading opportunities, particularly in crude oil markets. "},{"type":"text","tagName":"p","content":" Agriculture revenue increased by $7.8m to $7.7m (Q2 2025: loss of $0.1m), reflecting a more stable performance across the business compared with a challenging market environment in the prior-year period. "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $26.4m to $44.6m (Q2 2025: $18.2m). Adjusted Profit Before Tax Margin¹ increased to 37.7% (Q2 2025: 31.7%), reflecting revenue growth significantly outpacing the increase in costs. Front office costs increased by $28.6m to $61.2m (Q2 2025: $32.6m), principally reflecting higher performance-related pay and the cost of a larger front office workforce. Average front office headcount increased to 269 (Q2 2025: 158), primarily reflecting the inclusion of Winterflood and Levmet alongside continued investment in the business. "},{"type":"text","tagName":"p","content":" Performance for H1 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $147.5m to $257.8m (H1 2025: $110.3m), reflecting broad-based growth across all asset classes. "},{"type":"text","tagName":"p","content":" Metals revenue increased by $66.3m to $130.2m (H1 2025: $63.9m), representing the largest contributor to growth. Q1 benefited from heightened market volatility, while Q2 performance was supported by continued diversified client activity across base, precious and recycled metals under more normalized market conditions.  "},{"type":"text","tagName":"p","content":" Securities revenue increased by $42.7m to $62.5m (H1 2025: $19.8m), primarily reflecting the inclusion of Winterflood following completion of its acquisition in December 2025, which continued to perform strongly. "},{"type":"text","tagName":"p","content":" Energy revenue increased by $27.5m to $47.0m (H1 2025: $19.5m). Performance was particularly strong in Q1 2026, when developments in the Middle East generated heightened volatility and client hedging activity. Q2 conditions were more normalized, although client activity remained above the prior-year period. "},{"type":"text","tagName":"p","content":" Agriculture revenue increased by $11.0m to $18.1m (H1 2025: $7.1m), reflecting a more stable performance and improved trading conditions compared with the prior-year period. "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $65.4m to $100.4m (H1 2025: $35.0m). Adjusted Profit Before Tax Margin¹ increased to 38.9% (H1 2025: 31.7%), reflecting revenue growth significantly outpacing the increase in costs. Front office costs increased by $70.3m to $131.8m (H1 2025: $61.5m), principally reflecting higher performance-related pay and the cost of a larger front office workforce. Average front office headcount increased to 264 (H1 2025: 152), primarily reflecting the inclusion of Winterflood and continued investment across the business. "},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Segmental performance  "},{"type":"text","tagName":"p","content":" Market Making  "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Q2 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" H1 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" $m "}]},{"val":[{"type":"text","tagName":"p","content":" Change "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Metals "}]},{"val":[{"type":"text","tagName":"p","content":" 65.7 "}]},{"val":[{"type":"text","tagName":"p","content":" 41.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 59% "}]},{"val":[{"type":"text","tagName":"p","content":" 130.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 63.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 104% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Agriculture "}]},{"val":[{"type":"text","tagName":"p","content":" 7.7 "}]},{"val":[{"type":"text","tagName":"p","content":" (0.1) "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 18.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 7.1 "}]},{"val":[{"type":"text","tagName":"p","content":" 155% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Energy "}]},{"val":[{"type":"text","tagName":"p","content":" 15.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 10.9 "}]},{"val":[{"type":"text","tagName":"p","content":" 38% "}]},{"val":[{"type":"text","tagName":"p","content":" 47.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 19.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 141% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Securities "}]},{"val":[{"type":"text","tagName":"p","content":" 29.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 5.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 452% "}]},{"val":[{"type":"text","tagName":"p","content":" 62.5 "}]},{"val":[{"type":"text","tagName":"p","content":" 19.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 216% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" 118.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 57.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 106% "}]},{"val":[{"type":"text","tagName":"p","content":" 257.8 "}]},{"val":[{"type":"text","tagName":"p","content":" 110.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 134% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Front office costs "}]},{"val":[{"type":"text","tagName":"p","content":" (61.2) "}]},{"val":[{"type":"text","tagName":"p","content":" (32.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 88% "}]},{"val":[{"type":"text","tagName":"p","content":" (131.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (61.5) "}]},{"val":[{"type":"text","tagName":"p","content":" 114% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Control and support costs "}]},{"val":[{"type":"text","tagName":"p","content":" (11.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (6.5) "}]},{"val":[{"type":"text","tagName":"p","content":" 80% "}]},{"val":[{"type":"text","tagName":"p","content":" (23.9) "}]},{"val":[{"type":"text","tagName":"p","content":" (13.6) "}]},{"val":[{"type":"text","tagName":"p","content":" 76% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Recovery/(Provision) of credit losses "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]},{"val":[{"type":"text","tagName":"p","content":" (0.2) "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Depreciation and amortization "}]},{"val":[{"type":"text","tagName":"p","content":" (0.8) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.1) "}]},{"val":[{"type":"text","tagName":"p","content":" 700% "}]},{"val":[{"type":"text","tagName":"p","content":" (1.7) "}]},{"val":[{"type":"text","tagName":"p","content":" (0.2) "}]},{"val":[{"type":"text","tagName":"p","content":" 750% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other income "}]},{"val":[{"type":"text","tagName":"p","content":" 0.1 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]},{"val":[{"type":"text","tagName":"p","content":" 0.2 "}]},{"val":[{"type":"text","tagName":"p","content":" – "}]},{"val":[{"type":"text","tagName":"p","content":" n.m.3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax ($m) 1 "}]},{"val":[{"type":"text","tagName":"p","content":" 44.6 "}]},{"val":[{"type":"text","tagName":"p","content":" 18.2 "}]},{"val":[{"type":"text","tagName":"p","content":" 145% "}]},{"val":[{"type":"text","tagName":"p","content":" 100.4 "}]},{"val":[{"type":"text","tagName":"p","content":" 35.0 "}]},{"val":[{"type":"text","tagName":"p","content":" 187% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax Margin1 "}]},{"val":[{"type":"text","tagName":"p","content":" 37.7% "}]},{"val":[{"type":"text","tagName":"p","content":" 31.7% "}]},{"val":[{"type":"text","tagName":"p","content":" 600 bps "}]},{"val":[{"type":"text","tagName":"p","content":" 38.9% "}]},{"val":[{"type":"text","tagName":"p","content":" 31.7% "}]},{"val":[{"type":"text","tagName":"p","content":" 720 bps "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Front office headcount (No.)2 "}]},{"val":[{"type":"text","tagName":"p","content":" 269 "}]},{"val":[{"type":"text","tagName":"p","content":" 158 "}]},{"val":[{"type":"text","tagName":"p","content":" 70% "}]},{"val":[{"type":"text","tagName":"p","content":" 264 "}]},{"val":[{"type":"text","tagName":"p","content":" 152 "}]},{"val":[{"type":"text","tagName":"p","content":" 74% "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"list","bulletedList":false,"items":[{"val":[{"type":"text","tagName":"p","content":" These are non-IFRS financial measures. See Appendix 1 \"Non-IFRS Financial Measures and Key Performance Indicators\" for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. "}]},{"val":[{"type":"text","tagName":"p","content":" The headcount is the average for the period. "}]},{"val":[{"type":"text","tagName":"p","content":" n.m. = not meaningful as a percentage. "}]}]},{"type":"text","tagName":"p","content":" Financial Review  "},{"type":"text","tagName":"p","content":" Segmental performance  "},{"type":"text","tagName":"p","content":" Hedging and Investment Solutions "},{"type":"text","tagName":"p","content":" Our Hedging and Investment Solutions business provides high-quality bespoke hedging and investment solutions to our clients through our proprietary product creation platform. "},{"type":"text","tagName":"p","content":" Tailored Hedging Solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons. "},{"type":"text","tagName":"p","content":" Our Financial Products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost-effective manner through a structured product. We cover all asset classes with a global reach including digital assets and leverage our access to these markets. "},{"type":"text","tagName":"p","content":" Performance for Q2 2026 "},{"type":"text","tagName":"p","content":" Revenue increased by $30.3m to $71.0m (Q2 2025: $40.7m), reflecting strong growth across both Financial Products and Hedging Solutions in a supportive market environment. "},{"type":"text","tagName":"p","content":" Hedging Solutions revenue increased by $14.3m to $33.9m (Q2 2025: $19.6m), driven by continued client onboarding, regional expansion and increased demand for hedging products across commodities and FX. "},{"type":"text","tagName":"p","content":" Financial Products revenue increased by $16.0m to $37.1m (Q2 2025: $21.1m), reflecting continued strength in structured product activity across a broad range of asset classes. Structured note balances increased by 29% to $4.9bn (Q2 2025: $3.8bn) reflecting increased activity. Growth was supported by new client wins, an expanding distribution network and higher issuance activity enabled by prior investment in the technology platform. "},{"type":"text","tagName":"p","content":" Adjusted Profit Before Tax¹ increased by $18.6m to $24.9m (Q2 2025:...

View stock analysis, news, and events for Marex Group Plc