Financial and Operational Highlights
Performance for the three months ended
| Revenue | Adjusted Profit Before Tax1 | Profit Before Tax2 | Basic EPS |
| +48% | +59% | +53% | +55% |
| Q1 25: | Q1 25: | Q1 25: | Q1 25: |
- Record quarter driven by strong client activity and supportive market conditions
- Revenue growth across all business segments, supported by elevated volatility and higher exchange volumes alongside continued structural growth and share gains, including with larger institutional clients
- Clearing balances increased to
$16bn , driven by higher margin requirements, continued client wins and increased margin balances from larger clients - Market Making benefited from elevated volatility, with strong client activity across asset classes, particularly in Metals and Energy as well as the strong contribution from Winterflood
- Agency and Execution performed strongly across
Energy and Securities , with Prime Services continuing to see strong client demand and ongoing growth - Hedging and Investment Solutions delivered a record quarter, benefiting from growing client activity and the investments we have made in technology and platform capabilities
- Increased Q1 2026 dividend to
$0.16 per share, to be paid in the second quarter of 2026, reflecting confidence in future growth prospects
Strategic Execution
- Sale of Winterflood custody business: Regulatory approval received, with an expected capital benefit of
$40m in Q2 2026 - Completed successful USD senior unsecured debt issuance: Highly oversubscribed transaction with pricing tighter than the prior year, further diversifying funding sources
- Proposed redomiciling to
Bermuda : Continued progress with global regulatory approvals; shareholder vote scheduled forMay 21, 2026 , with implementation expected in the second half of 2026
Current trading
- April trading performance remains strong, tracking above
April 2025 , driven by supportive market conditions and continued structural expansion of the platform
| Financial Highlights ($m) | 3 months ended | 3 months ended | Change |
| Revenue | 692.3 | 467.3 | 48% |
| Profit Before Tax from Continuing Operations | 149.8 | 98.0 | 53% |
| Profit Before Tax2Margin (%) | 21.6% | 21.0% | 60 bps |
| Profit After Tax from Continuing Operations | 112.3 | 72.5 | 55% |
| Profit After Tax Margin from Continuing Operations (%) | 16.2% | 15.5% | 70 bps |
| Return on Equity (%) | 34.4% | 28.7% | 570 bps |
| Basic Earnings per Share ($) | 1.52 | 0.98 | 55% |
| Diluted Earnings per Share ($) | 1.43 | 0.92 | 55% |
| Adjusted Profit Before Tax1 | 152.7 | 96.3 | 59% |
| Adjusted Profit Before Tax Margin1 | 22.1% | 20.6% | 150 bps |
| Adjusted Profit after Tax Attributable to Common Equity1 | 112.9 | 68.2 | 66% |
| Adjusted Return on Equity (%)1 | 37.4% | 29.9% | 750 bps |
| Average Common Equity1 | 1,208.7 | 913.7 | 32% |
| Adjusted Basic Earnings per Share ($)1 | 1.57 | 0.97 | 62% |
| Adjusted Diluted Earnings per Share ($)1 | 1.48 | 0.91 | 63% |
- 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 IFRS measure to its most directly comparable IFRS measure.
- Profit before Tax refers to the Profit Before Tax from Continuing Operations.
| Conference Call Information: Marex’s management will host a conference call to discuss the Group's financial results today, https://events.q4inc.com/attendee/725545282 Enquiries please contact: Marex Investors – +1 914 200 2508 / astrachan@marex.com Media – +44 7786 548 889 / nratchford@marex.com / +1 716 525 7239 / +44 7976 870 961 | marex@fticonsulting.com | ||
Financial Review
The following table presents summary financial results and other data as of the dates and for the periods indicated:
Summary Financial Results
| 3 months ended | 3 months ended | ||
| $m | $m | Change | |
| Net commission income | 295.7 | 250.7 | 18% |
| Net trading income | 332.3 | 159.1 | 109% |
| Net interest income | 40.9 | 53.4 | (23)% |
| Net physical commodities income | 23.4 | 4.1 | 471% |
| Revenue | 692.3 | 467.3 | 48% |
| Expenses | |||
| Compensation and benefits | (420.8) | (291.7) | 44% |
| Depreciation and amortization | (11.7) | (7.9) | 48% |
| Other expenses | (106.7) | (73.8) | 45% |
| Total expenses3 | (539.2) | (373.4) | 44% |
| Bargain purchase gain on acquisitions | — | 3.4 | n.m.2 |
| Net provision for credit losses | (7.0) | — | n.m.2 |
| Other income | 3.7 | 0.7 | 429% |
| Profit Before Tax from Continuing Operations | 149.8 | 98.0 | 53% |
| Tax | (37.5) | (25.5) | 47% |
| Profit After Tax from Continuing Operations | 112.3 | 72.5 | 55% |
| Profit After Tax from Discontinued Operations | 0.1 | — | n.m.2 |
| Profit After Tax | 112.4 | 72.5 | 55% |
| Reconciliation to Adjusted Profit Before Tax¹: | |||
| Profit Before Tax from Continuing Operations | 149.8 | 98.0 | 53% |
| Bargain purchase gains | — | (3.4) | n.m.2 |
| Amortization of acquired brands and customer lists | 2.9 | 1.3 | 123% |
| Owner fees | — | 0.4 | n.m.2 |
| Adjusting items | 2.9 | (1.7) | (271)% |
| Adjusted Profit Before Tax1 | 152.7 | 96.3 | 59% |
- 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 IFRS measure to its most directly comparable IFRS measure.
- n.m. = not meaningful as a percentage.
- Compensation and benefits and other expenses are analyzed between Front Office and Control & Support. Total Front Office Costs for the
Group for Q1 2026 are$374.3m (Q1 2025:$258.4m ) and Control and Support Costs for theGroup for Q1 2026 are$153.2m (Q1 2025:$106.8m ). Certain expenses are considered non-operating in nature and are excluded from Adjusted Profit Before Tax. Refer to Appendix 1 for further detail on the Group’s Non-IFRS measures.
Group Headcount
The following table provides a breakdown of Front Office and Control and Support Headcount:
| Average Full Time Equivalent (‘FTE’) headcount1 | 3 months ended | 3 months ended | Change |
| Front office | 1,636 | 1,284 | 27% |
| Control and support | 1,695 | 1,183 | 43% |
| Total2 | 3,331 | 2,467 | 35% |
- For analysis purposes, average headcount is used in the performance commentary outlined below.
- Headcount table represents headcount for continuing operations and FTE associated with the Group's discontinued operation have been excluded for comparability.
Performance for the three months ended
Revenue increased by
Net trading income more than doubled, increasing by
Net commission income increased by
Net physical commodities income increased by
Net interest income decreased by
Total expenses increased by
Compensation and benefits increased by
Other expenses increased by
Reported Profit Before Tax increased by
Adjusted Profit Before Tax¹ increased by
Net interest income1
| 3 months ended | 3 months ended | Change | |
| Average Fed Funds % | 3.6% | 4.3% | (70) bps |
| Average balances ($bn)2 | 22.1 | 17.1 | 5.0 |
| Interest Income ($m) | 196.0 | 178.9 | 17.1 |
| Interest paid out ($m) | (68.9) | (59.6) | (9.3) |
| Interest on balances ($m) | 127.1 | 119.3 | 7.8 |
| Net Yield on balances % | 2.3% | 2.8% | (50) bps |
| Average notional debt securities ($bn) | (6.4) | (4.1) | (2.3) |
| Yield % | 5.5% | 6.6% | (110) bps |
| Interest expense ($m) | (86.2) | (65.9) | (20.3) |
| Net Interest Income ($m) | 40.9 | 53.4 | (12.5) |
- 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 quarter ended 31 March balances.
- Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period.
Segmental performance
Clearing
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.
Performance for the three months ended
Clearing revenue increased by
Net commission income increased by
Net interest income increased by
Net trading income decreased by
Despite the client loss, our strong underlying performance drove Adjusted Profit Before Tax¹ to grow 2% to
| 3 months ended | 3 months ended | ||
| $m | $m | Change | |
| Net commission income | 88.1 | 67.8 | 30% |
| Net interest income | 67.5 | 48.4 | 39% |
| Net trading income | (18.4) | 3.0 | (713%) |
| Revenue | 137.2 | 119.2 | 15% |
| Front office costs | (49.5) | (42.2) | 17% |
| Control and support costs | (22.8) | (20.3) | 12% |
| Net provision for credit losses | (6.8) | — | n.m.3 |
| Depreciation and amortization | (0.1) | (0.1) | —% |
| Adjusted Profit Before Tax ($m)1 | 58.0 | 56.6 | 2% |
| Adjusted Profit Before Tax Margin1 | 42.3% | 47.5% | (520) bps |
| Front office headcount (No.)2 | 284 | 273 | 4% |
| Clearing client balances (average) ($bn)4 | 16.0 | 12.0 | 33% |
- 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 IFRS measure to its most directly comparable IFRS measure.
- The headcount is the average for the period.
- n.m. = not meaningful as a percentage.
- Clearing client balances represent the average daily balances placed by clients and held by Marex in the Quarter.
| Key Performance Indicators | 12 months ended | 12 months ended | Change |
| Marex contracts cleared (m) | 1,365 | 1,161 | 18% |
| Market volumes (m)1 | 12,901 | 11,891 | 8% |
- “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).
Agency and Execution
Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.
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.
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
Performance for the three months ended
Revenue increased by
Securities revenue increased by
Energy revenue increased by
Adjusted Profit Before Tax1 increased by
| 3 months ended | 3 months ended | ||
| $m | $m | Change | |
| Equities | 62.8 | 49.3 | 27% |
| Rates | 34.2 | 28.4 | 20% |
| Credit | 10.6 | 14.4 | (26%) |
| FX | 31.7 | 6.2 | 411% |
| Prime | 74.4 | 52.8 | 41% |
| Other securities | — | (0.1) | n.m.3 |
| Securities | 213.7 | 151.0 | 42% |
| Energy | 105.7 | 88.2 | 20% |
| Other | 2.9 | 0.3 | 867% |
| Revenue | 322.3 | 239.5 | 35% |
| Front office costs | (204.6) | (161.7) | 27% |
| Control and support costs | (26.7) | (21.0) | 27% |
| Net provision for credit losses | (0.1) | — | n.m.3 |
| Depreciation and amortization | (0.1) | (0.1) | — % |
| Other income | 0.4 | — | n.m.3 |
| Adjusted Profit Before Tax ($m)1 | 91.2 | 56.7 | 61% |
| Adjusted Profit Before Tax Margin1 | 28.3% | 23.7% | 460 bps |
| Front office headcount (No.)2 | 876 | 670 | 31% |
- 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 IFRS measure to its most directly comparable IFRS measure.
- The headcount is the average for the period.
- n.m = not meaningful as a percentage.
| Key Performance Indicators | 12 months ended | 12 months ended | Change |
| Marex volumes: Energy (m)1 | 25 | 20 | 23% |
| Marex volumes: Securities (m)2 | 330 | 302 | 9% |
- 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.
- 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.
Market Making
Our Market Making business provides direct liquidity to our clients across a variety of products across the Energy, Metals, Securities and Agriculture markets.
Performance for the three months ended
Revenue increased by
Metals revenue increased by
Energy revenue increased by
Securities revenue increased by
Agriculture revenue increased by
Adjusted Profit Before Tax1 increased by
| 3 months ended | 3 months ended | ||
| $m | $m | Change | |
| Metals | 64.5 | 22.7 | 184% |
| Agriculture | 10.4 | 7.2 | 44% |
| Energy | 32.0 | 8.6 | 272% |
| Securities | 32.7 | 14.4 | 127% |
| Revenue | 139.6 | 52.9 | 164% |
| Front office costs | (70.6) | (28.9) | 144% |
| Control and support costs | (12.2) | (7.1) | 72% |
| Depreciation and amortization | (0.9) | (0.1) | 800% |
| Net provision for credit losses | (0.2) | — | n.m.3 |
| Other income | 0.1 | — | n.m.3 |
| Adjusted Profit Before Tax ($m)1 | 55.8 | 16.8 | 232% |
| Adjusted Profit Before Tax Margin1 | 40.0% | 31.8% | 820 bps |
| Front office headcount (No.)2 | 259 | 144 | 80% |
- 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 IFRS measure to its most directly comparable IFRS measure.
- The headcount is the average for the period.
- n.m = not meaningful as a percentage.
Hedging and Investment Solutions
Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.
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.
Financial products allow 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 supported by our new trading platforms.
Performance for the three months ended
Hedging and Investment Solutions delivered a record quarter, with revenue increasing by
Hedging Solutions revenue increased by
Financial Products revenue increased by
Adjusted Profit Before Tax¹ increased by
| 3 months ended | 3 months ended | ||
| $m | $m | Change | |
| Hedging Solutions | 35.5 | 14.3 | 148% |
| Financial Products | 57.5 | 30.7 | 87% |
| Revenue | 93.0 | 45.0 | 107% |
| Front office costs | (49.6) | (25.6) | 94% |
| Control and support costs | (10.6) | (8.1) | 31% |
| Depreciation and amortization | (0.1) | (0.2) | (50)% |
| Adjusted Profit Before Tax ($m)1 | 32.7 | 11.1 | 195% |
| Adjusted Profit Before Tax Margin1 | 35.2% | 24.7% | 1,050 bps |
| Front office headcount (No.)2 | 217 | 197 | 10% |
| Structured notes balance ($bn)3 | 4.7 | 3.1 | 52% |
- 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 IFRS measure to its most directly comparable IFRS measure.
- The headcount is the average for the period.
- The Structured Notes balance presented is for the period ending
March 31, 2026 , the balance consisted of 8,465 notes with an average maturity of 15 months and a total market value of$4,740m . The31 March 2025 balance consisted of 5,099 notes with an average maturity of 16 months and a total market value of$3,123m .
Corporate
Corporate manages the control and support functions of the Group and provides operational support to the business functions. In addition, Corporate manages the Group’s funding requirements. Interest expense is incurred through the issuance of senior debt and structured notes which is recharged to other segments through inter-segmental funding allocations to reflect their consumption of these resources. Revenues generated in Corporate decreased in Q1 2026 from the prior period as the Group maintained surplus levels of liquidity.
Control and support costs increased from the prior year reflecting an increase in salary and discretionary pay linked to the performance of the Group, the recently completed acquisitions and continued investment across our finance, risk, technology and compliance functions as we invest in our people and systems to support the Group's future growth.
| 3 months ended | 3 months ended | ||
| $m | $m | Change | |
| Revenue | 0.2 | 10.7 | (98)% |
| Control and support costs | (80.9) | (50.3) | 61% |
| Net recovery of credit losses | 0.2 | — | n.m.3 |
| Depreciation and amortization | (7.6) | (6.0) | 27% |
| Other income | 3.1 | 0.7 | 343% |
| Adjusted Loss Before Tax ($m)1 | (85.0) | (44.9) | 89% |
| Control and support headcount (No.)2 | 1,695 | 1,183 | 43% |
- 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 IFRS measure to its most directly comparable IFRS measure.
- The headcount is the average for the period.
- n.m = not meaningful as a percentage.
Summary Financial Position
Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform.
Total Assets rose from
The Group's equity base increased during the three months ended
| $m | $m | Change | |
| Cash & Liquid Assets1 | 8,638.3 | 7,017.9 | 23% |
| Trade Receivables | 10,735.3 | 11,043.4 | (3%) |
| Reverse Repo Agreements | 3,250.3 | 3,117.1 | 4% |
| Securities2 | 9,638.8 | 9,782.3 | (1%) |
| Derivative Instruments | 2,835.7 | 2,340.3 | 21% |
| Other Assets3 | 486.0 | 681.3 | (29%) |
| 331.9 | 335.4 | (1%) | |
| Assets Held for Sale | 613.8 | 357.4 | 72% |
| Total Assets | 36,530.1 | 34,675.1 | 5% |
| Trade Payables | 14,765.7 | 12,956.4 | 14% |
| Repurchase Agreements | 3,900.8 | 4,148.9 | (6%) |
| Securities4 | 6,682.2 | 7,712.4 | (13%) |
| 6,212.0 | 5,721.6 | 9% | |
| Derivative Instruments | 2,754.0 | 2,253.8 | 22% |
| Other Liabilities5 | 280.0 | 323.6 | (13%) |
| Liabilities Held for Sale | 588.9 | 294.8 | 100% |
| Total Liabilities | 35,183.6 | 33,411.5 | 5% |
| Total Equity | 1,346.5 | 1,263.6 | 7% |
- Cash & Liquid Assets are cash and cash equivalents, treasury instruments (pledged as collateral and unpledged), treasury instruments (pledged) and assets held under agreements to sell (repledged) and fixed income securities (pledged as collateral and unpledged).
- Securities assets are equity instruments and stock borrowing.
- Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.
- Securities liabilities are stock lending and short securities.
- Other Liabilities are deferred tax liability, lease liability, short term borrowings, provisions and corporation tax.
Liquidity
| $m | $m | |
| Total available liquid resources | 2,991.3 | 2,747.1 |
| Liquidity headroom | 1,372.5 | 1,045.8 |
A prudent approach to capital and liquidity and commitment to maintain an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at
Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds, unencumbered securities guaranteed by the
Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the
Regulatory capital
The Group is subject to consolidated supervision by the
The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at
The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalized relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.
Maintaining a prudent approach to capital and liquidity in order to maintain an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximize shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development.
The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarizes the Group’s capital position as at
| $m | $m | |
| Core equity Tier 1 Capital1 | 920.7 | 829.2 |
| Additional Tier 1 Capital (net of issuance costs) | 97.6 | 97.6 |
| Tier 2 Capital | 0.3 | 0.3 |
| Total Capital Resources | 1,018.6 | 927.1 |
| Own Funds Threshold Requirement2 | 402.6 | 402.6 |
| Total Capital Ratio3 | 253% | 230% |
- Total capital resources include unaudited results for the three months ended
March 31, 2026 . - Own Funds Requirement presented as higher of K-factor requirements and the Own Funds Threshold Requirement (OFTR) based on the latest ICARA process.
- Total Capital Ratio expresses the Group’s total capital as a percentage of Own Funds Requirement.
At
Dividend
The Board of Directors approved the payment of a dividend of
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding expected financial results, the proposed redomiciliation to
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
Appendix 1
Non-IFRS Financial Measures and Key Performance Indicators
This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Basic Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies.
Adjusted Profit Before Tax
We define Adjusted Profit Before Tax as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gains, (v) owner fees, (vi) amortization of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs, (x) fair value of the cash settlement option on the Growth Shares and (xi) public offering of ordinary shares. Items (i) to (xi) are referred to as “Adjusting Items.” Adjusting Items are excluded because they are not reflective of our ongoing underlying trading performance. They typically relate to acquisition accounting, shareholder-related activities and other non-recurring items, which can vary significantly between periods and are not considered part of the Group’s core operations.
Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax.
We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.
Adjusted Profit Before Tax Margin
We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue.
IFRS accounting standards do not define profit margin. Therefore the most directly comparable IFRS measure for profit margin is Profit After Tax divided by revenue.
Adjusted Profit After Tax Attributable to Common Equity
We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to AT1 note holders, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons, and (iii) profit attributable to non-controlling interest.
We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital.
The most directly comparable IFRS Accounting Standards measure is profit after tax.
Adjusted Return on Equity
We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period.
Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Average Common Equity for the three months ended
The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is Return on Equity, which is calculated as profit after tax for the period divided by average equity. Average equity is calculated as the average of total equity as at 31 December of the prior year and 31 March of the current year.
Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share
Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is Basic Earnings per Share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group.
Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for Diluted Earnings per Share. The most directly comparable IFRS Accounting Standards metric is Diluted Earnings per Share.
We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.
These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.
These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under IFRS Accounting Standards. Some of these limitations are:
- they do not reflect costs incurred in relation to the acquisitions that we have undertaken;
- they do not reflect impairment of goodwill;
- other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; and
- the adjustments made in calculating these non-IFRS measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature.
Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.
Key Performance Indicators
We also use key performance indicators (“KPIs”) such as Average Balances and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.
Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:
“FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.
“Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.
“Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.
“Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.
“Contracts Cleared” means the total number of contracts cleared in a given period.
“Volumes” means the volume of exchange traded derivatives transacted in a given period.
Clearing 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).
Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:
| Q1 2026 | Q1 2025 | |
| $m | $m | |
| Profit After Tax | 112.4 | 72.5 |
| Profit After Tax from Discontinued Operations | (0.1) | — |
| Profit After Tax from Continuing Operations | 112.3 | 72.5 |
| Taxation charge | 37.5 | 25.5 |
| Profit Before Tax from Continuing Operations | 149.8 | 98.0 |
| Bargain purchase gain1 | — | (3.4) |
| Amortization of acquired brands and customer lists2 | 2.9 | 1.3 |
| Owner fees3 | — | 0.4 |
| Adjusted Profit Before Tax | 152.7 | 96.3 |
| Tax and the tax effect on Adjusting Items4 | (36.6) | (24.8) |
| Profit attributable to AT1 note holders5 | (3.3) | (3.3) |
| Loss attributable to non-controlling interest6 | 0.1 | — |
| Adjusted Profit after Tax Attributable to Common Equity | 112.9 | 68.2 |
| Profit After Tax Margin from Continuing Operations (%) | 16.2% | 15.5% |
| Adjusted Profit Before Tax Margin7 | 22.1% | 20.6% |
| Basic Earnings per Share ($) | 1.52 | 0.98 |
| Diluted Earnings per Share ($)8 | 1.43 | 0.92 |
| Adjusted Basic Earnings per Share($) | 1.57 | 0.97 |
| Adjusted Diluted Earnings per Share ($)8 | 1.48 | 0.91 |
| Weighted average number of shares | 71,783,244 | 70,541,771 |
| Period end number of shares | 71,930,870 | 71,231,706 |
| Average Common Equity9 | 1,208.7 | 913.7 |
| Adjusted Return on Equity(%) | 37.4% | 29.9% |
- A bargain purchase gain was recognized as a result of the Group's acquisition of
Darton Group Limited (“Darton”). - This represents the amortization charge for the period of acquired brands and customers lists.
- Owner fees relate to management services to parties associated with the former ultimate controlling party based on a percentage of the Group’s profitability. Owner fees are excluded from operating expenses as they do not form part of the operation of the business and ceased to be incurred after the completion of our offering.
- Adjusted Operating Tax represents the tax effect on the Group's non-operating adjusting items and the tax benefit of the coupons.
- Profit attributable to Additional Tier 1 (AT1) note holders includes the coupons on the AT1 which are accounted for as dividends.
- Loss attributable to non-controlling interest relates to the Group's acquisition of
Hamilton Court. - Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by Revenue for the period.
- The weighted average numbers of diluted shares used in the calculation of earnings per share are as follows: three months ended
March 31, 2026 76,218,307 and three months endedMarch 31, 2025 74,934,788. - Average Common Equity for each three-month period is calculated as the average balance of total equity minus additional Tier 1 capital and non-controlling interest as at 31 December of the prior year and 31 March of the current year.
Appendix 2 – Supplementary Segmental Financial Information
Revenue
The following tables present the Group's segmental revenue for the periods indicated:
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | |
| Q1 2026 | $m | $m | $m | $m | $m | $m |
| Net commission income/(expense) | 88.1 | 207.6 | — | — | — | 295.7 |
| Net trading income | (18.4) | 110.0 | 126.5 | 114.2 | — | 332.3 |
| Net interest income/(expense) | 67.5 | 2.4 | (8.0) | (21.2) | 0.2 | 40.9 |
| Net physical commodities income | — | 2.3 | 21.1 | — | — | 23.4 |
| Revenue | 137.2 | 322.3 | 139.6 | 93.0 | 0.2 | 692.3 |
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | |
| Q1 2025 | $m | $m | $m | $m | $m | $m |
| Net commission income/(expense) | 67.8 | 182.9 | — | — | — | 250.7 |
| Net trading income | 3.0 | 49.9 | 54.9 | 51.3 | — | 159.1 |
| Net interest income/(expense) | 48.4 | 5.6 | (5.0) | (6.3) | 10.7 | 53.4 |
| Net physical commodities income | — | 1.1 | 3.0 | — | — | 4.1 |
| Revenue | 119.2 | 239.5 | 52.9 | 45.0 | 10.7 | 467.3 |
Appendix 3 – Supplementary IFRS Financial Information
Consolidated Income Statement
| Quarter ended | Quarter ended | |
| $m | $m | |
| Commission and fee income | 720.4 | 503.7 |
| Commission and fee expense | (424.7) | (253.0) |
| Net commission income | 295.7 | 250.7 |
| Net trading income | 332.3 | 159.1 |
| Interest income | 257.3 | 198.8 |
| Interest expense | (216.4) | (145.4) |
| Net interest income | 40.9 | 53.4 |
| Net physical commodities income | 23.4 | 4.1 |
| Revenue | 692.3 | 467.3 |
| Expenses | ||
| Compensation and benefits | (420.8) | (291.7) |
| Depreciation and amortization | (11.7) | (7.9) |
| Other expenses | (106.7) | (73.8) |
| Total expenses | (539.2) | (373.4) |
| Net provision for credit losses | (7.0) | — |
| Bargain purchase gain on acquisitions | — | 3.4 |
| Other income | 3.7 | 0.7 |
| Profit before tax from continuing operations | 149.8 | 98.0 |
| Tax | (37.5) | (25.5) |
| Profit after tax from continuing operations | 112.3 | 72.5 |
| Profit after tax from discontinued operations | 0.1 | — |
| Profit after tax | 112.4 | 72.5 |
Consolidated Statement of Financial Position
| $m | $m | |
| Assets | ||
| Non-current assets | ||
| 237.2 | 237.4 | |
| Intangible assets | 94.7 | 98.0 |
| Property, plant and equipment | 35.0 | 34.0 |
| Right of use asset | 74.1 | 76.9 |
| Investments | 30.6 | 28.5 |
| Trade and other receivables | 50.8 | 50.2 |
| Derivative instruments | 6.5 | 19.6 |
| Deferred tax | 33.4 | 30.6 |
| 190.2 | 83.1 | |
| 353.1 | 319.9 | |
| Total non-current assets | 1,105.6 | 978.2 |
| Current assets | ||
| Corporate income tax receivable | 12.8 | 27.6 |
| Trade and other receivables | 10,684.5 | 10,993.2 |
| Inventory | 300.1 | 483.7 |
| Equity instruments (unpledged) | 459.7 | 586.9 |
| Equity instruments (pledged as collateral) | 6,305.3 | 6,337.2 |
| Derivative instruments | 2,829.2 | 2,320.7 |
| Stock borrowing | 2,873.8 | 2,858.2 |
| 474.7 | 138.5 | |
| 4,431.7 | 3,496.8 | |
| Fixed income securities (unpledged) | 14.6 | 16.0 |
| Fixed income securities (pledged as collateral) | 105.1 | 82.4 |
| Reverse repurchase agreements | 3,250.3 | 3,117.1 |
| Cash and cash equivalents | 3,068.9 | 2,881.2 |
| Assets classified as held for sale | 613.8 | 357.4 |
| Total current assets | 35,424.5 | 33,696.9 |
| Total assets | 36,530.1 | 34,675.1 |
| $m | $m | |
| Liabilities | ||
| Current liabilities | ||
| Repurchase agreements | 3,900.8 | 4,148.9 |
| Trade and other payables | 14,765.7 | 12,956.4 |
| Stock lending | 4,407.2 | 5,496.7 |
| Short securities | 2,275.0 | 2,215.7 |
| Short term borrowings | 155.0 | 200.0 |
| Lease liability | 10.7 | 9.9 |
| Derivative instruments | 2,724.3 | 2,234.4 |
| Corporate tax | 12.0 | 8.5 |
| Debt securities | 3,932.9 | 3,394.3 |
| Provisions | 5.0 | 3.8 |
| Liabilities related to assets classified as held for sale | 588.9 | 294.8 |
| Total current liabilities | 32,777.5 | 30,963.4 |
| Non-current liabilities | ||
| Lease liability | 84.1 | 87.4 |
| Derivative instruments | 29.7 | 19.4 |
| Debt securities | 2,279.1 | 2,327.3 |
| Deferred tax liability | 13.2 | 14.0 |
| Total non-current liabilities | 2,406.1 | 2,448.1 |
| Total liabilities | 35,183.6 | 33,411.5 |
| Total net assets | 1,346.5 | 1,263.6 |
| Equity | ||
| Share capital | 0.1 | 0.1 |
| Share premium | 227.2 | 227.2 |
| Retained earnings | 1,081.7 | 982.0 |
| Own shares | (52.9) | (58.5) |
| Other reserves | (4.9) | 15.4 |
| Total equity attributable to the ordinary shareholders of the Group | 1,251.2 | 1,166.2 |
| Non-controlling interest | (2.3) | (0.2) |
| Additional Tier 1 capital (AT1) | 97.6 | 97.6 |
| Total equity | 1,346.5 | 1,263.6 |
