Marex Group plc · NASDAQ:MRX
Marex — Q3 2026 Earnings Presentation
25 slides from Marex's earnings presentation, Nov 5, 2026
Slide 1: Third quarter 2026 results
Diversified Resilient Dynamic Third quarter 2026 results November 5, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking
Slide 3: Performance highlights
Performance highlights Ian Lowitt, CEO 3
Slide 4: Strategic execution delivering consistently strong performance
Strategic execution delivering consistently strong performance Third quarter 2026 Consistent earnings growth Another record quarter, with year-on-year Revenue Adjusted PBT1 | Margin1 Adjusted basic EPS1 Adjusted RoE1 and quarter-on-quarter adjusted PBT growth $743m $176m | 24% $1.75 35.7% Margin exp
Slide 5: Delivering earnings growth across different market environments
Delivering earnings growth across different market environments Marex quarterly Adjusted PBT1 ($m) Exchange volumes2 +75% YoY +6% QoQ +20% YoY +2% QoQ 165.9 176.1 152.7 100.5 114.9 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Volatility: CBOE Market Volatility (VIX
Slide 6: Structural growth sustaining momentum through Q3
Structural growth sustaining momentum through Q3 STRUCTURAL GROWTH IN ACTION EXPANDING CAPABILITIES ACCELERATING FX GROWTH EXPANDING INSTITUTIONAL RELATIONSHIPS Acquisitions Integrating and scaling Prime and Clearing Webb Traders and Levmet Consolidating FX offerings post Market share gains in Prime
Slide 7: Consistent earnings growth through market cycles
Consistent earnings growth through market cycles Quarterly Adjusted PBT1 ($m) Strategic takeaways Diversified business model 166 176 Growth supported by a diversified 153 platform across products, business lines and geographies 115 IPO 106 96 101 92 81 81 Structural growth 75 68 Deliberate investmen
Slide 8: New capabilities attracting institutional clients and supporting growth
New capabilities attracting institutional clients and supporting growth Examples of recent initiatives Innovation is opening doors to new large US Treasury Cross-margining Prediction Markets institutional clients 6 clients live Live as an FCM on Kalshi 15 more in the pipeline, including large Provid
Slide 9: Financial performance
Financial performance Rob Irvin, CFO 9
Slide 10: Financial highlights: Q3 2026 and YTD
Financial highlights: Q3 2026 and YTD Q3 key drivers of performance Group income statement ($m) Q3 2026 Q3 2025 YoY2 YTD 2026 YTD 2025 YoY2 Strong revenue growth Revenue 743.2 484.6 53% 2,131.3 1,452.0 47% Q3 revenue increased across all four segments: Front office costs (392.6) (264.0) 49% (1,126.7
Slide 11: Clearing - larger client wins and deeper client relationships driving growth
Clearing - larger client wins and deeper client relationships driving growth Quarterly performance YTD 2026 performance Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue ($m) YTD 2025 YTD 2026 Net Commission Net Commission 66 70 88 72 77 206 237 Income Income Net Interest Net Interest 62
Slide 12: Agency and Execution - strong performance in Prime, FX and Equities
Agency and Execution - strong performance in Prime, FX and Equities Quarterly performance YTD 2026 performance Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue ($m) YTD 2025 YTD 2026 Prime 57 87 74 120 115 Prime 171 309 FX 26 27 32 52 59 FX 40 142 Credit 16 15 11 12 14 Credit 49 36 Rates
Slide 13: Market Making - strong performance from an expanded franchise
Market Making - strong performance from an expanded franchise in a favorable environment Quarterly performance YTD 2026 performance Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue ($m) YTD 2025 YTD 2026 Metals 24 50 65 66 91 Metals 88 221 Ags 0 4 10 8 11 Ags 7 29 Energy 7 7 32 15 13 Ene
Slide 14: Hedging and Investment Solutions - growth supported by client demand
Hedging and Investment Solutions - growth supported by client demand and platform investment Quarterly performance YTD 2026 performance Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue ($m) YTD 2025 YTD 2026 Hedging Hedging 23 23 36 34 32 57 102 Solutions Solutions Financial Financial 26
Slide 15: Net interest income and average balances
Net interest income and average balances NII and total average balances1 Q3 2026 vs. Q3 2025 NII movements Net Interest YoY YTD 2025 YTD 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Income ($m)4 Q3 2025 Q3 2026 Change Drivers Avg. Fed • Avg. Fed Funds rate: -60 bps 4.3% 3.6% 4.3% 3.9% 3.6% 3.6% 3.7%
Slide 16: Vast majority of balance sheet driven by client activity
Vast majority of balance sheet driven by client activity Total1 Client Activities (Sep-26) Residual Dec-25 Client Repurchase Period End ($bn) (restated3) Sep-26 Balances Agreements Securities Derivatives Sep-26 Driven by client activity Cash and Liquid Assets2 7.0 8.7 5.5 3.2 ~80% of the balance she
Slide 17: Prudent approach to capital and liquidity underpins Investment Grade ratings
Prudent approach to capital and liquidity underpins Investment Grade ratings Capital Resources vs. Capital Requirement ($m) Total Funding Sources5 ($bn) RAC ratio1 Liquidity 10.7% 12.3% Headroom6 $1.0 $1.3 Group Capital Ratio2 230% 274% 8.9 1,673 6.2 927 610 403 Dec-25 Sept-26 Dec-25 Sept-26 3 4 Cap
Slide 18: Client-driven business model and robust risk management
Client-driven business model and robust risk management Market Making daily revenue distribution YTD 2026 Track record of low realized group credit losses Number of days by trading profitability As a % of revenue $0 ($m) 0.1% 0.3% 0.0% 0.0% YTD 2026 daily average 100 VaR1 $5.6m 4.5 10 16 17 16 15 9
Slide 19: Conclusion
Conclusion Ian Lowitt, CEO 19
Slide 20: Q&A
MAREX| Q&A
Slide 21: Appendix
MAREX| Appendix
Slide 22: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 3 months ended 3 months ended 9 months ended 9 months ended ($m) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Profit After Tax from Continuing Operations 14 130.3 73.2 362.5 222.4 Taxation charge 42.4 25.6
Slide 23: Profit Before Tax to Adjusted Profit Before Tax Reconciliation
Profit Before Tax to Adjusted Profit Before Tax Reconciliation 12 months ended 12 months ended 12 months ended 12 months ended ($m) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 Profit After Tax from Continuing Operations 16 307.9 218.0 141.3 98.2 Taxation charge 103.7 77.8
Slide 24: Adjusted Sharpe Ratio Reconciliation
Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation Q3 2025 Q3 2026 Average Monthly Profit After Tax ($m)2 23.2 40.3 Standard Deviation on Monthly Profit After Tax1 4.0 14.0 We define the Adjusted Sharpe ratio as the average of monthly Adjusted Profit Before Reported Sharpe Ratio 5.
Slide 25: Marex volumes data
Marex volumes data (million contracts) Q3 2026 Q3 2025 % change Q3 2026 TTM Q3 2025 TTM % change Clearing Market Volumes¹ 3,320 2,761 20% 13,504 12,017 12% Marex Revenue ($m) 170 134 27% 605 516 17% Marex Volumes 344 298 15 % 1,367 1,257 9% Agency and Execution - Energy Marex Revenue ($m) 72 75 (4)%