Marex Group plc Ordinary Shares Earnings Recaps
Q2 2026
Aug 14, 2026
Marex’s stock jumped 20.7% on confirmation of strong recurring profit growth and expanding high-margin business lines, underscoring sustained structural growth despite softer market volumes.
Key takeaways
- Q2 revenues rose 39% year-over-year to $696 million, with adjusted profit before tax up 56% to $166 million.
- Adjusted profit margin expanded to 24%, driven by increased contribution from higher-margin, infrastructure-intensive businesses.
- Despite a 17% decline in exchange volumes and lower market volatility, adjusted PBT increased 9% sequentially, demonstrating earnings resilience.
- Client base expansion notable, with 77 clients generating more than $5 million annual revenue (up from 49 in 2025) and a 34% increase in average revenue per client.
- First half adjusted PBT of $319 million matches total 2024 profit, supporting confidence in sustainable structural growth and diversified earnings streams.
Q1 2026
May 9, 2026
Shares declined 2.5% following Marex's Q1 2026 report, reflecting investor caution despite solid top-line growth and elevated volatility; concerns likely linger around moderating client balance growth and a cautious outlook for balance increases ahead.
Key takeaways
- Revenues rose 48% year-over-year to $692 million, with adjusted profit before tax up 59% to $153 million.
- EPS increased 55% to $1.52, with trailing 12-month EPS at $4.66 and ROE at 34.4%, up 570 basis points.
- All business segments contributed positively, led by strong clearing volumes (+32% quarter-on-quarter) and elevated market volatility.
- Clearing client balances reached an average of $16 billion, up from $14 billion in Q4, driven by higher margin requirements, new client wins, and increased balances from large clients; however, management flagged expectation for a moderation in balance growth pace.
- Winterflood, now included fully in Market Making, performed ahead of prior expectations, with a pending capital-boosting custody business sale expected in Q2.
Q3 2025
Nov 7, 2025
Marex achieved robust Q3 2025 results with a 25% year-on-year increase in adjusted profit before tax to $101 million, driven by strong performance in its Clearing and Prime Services segments despite challenging market conditions.
Key takeaways
- Adjusted profit before tax for the first nine months of 2025 reached $303 million, up 26% year-on-year.
- Q3 revenues increased 24% to $485 million, enhancing margins to 20.9%.
- The Clearing segment saw a 4% quarter-over-quarter increase in average client balances, bolstered by strong client onboarding.
- Prime Services generated $171 million in revenue in the first nine months after acquisition, now representing nearly 25% of total profits.
- The company is pursuing M&A opportunities to further diversify and enhance growth, including the recent acquisition of Winterflood.