Financial and Operational Highlights
Half-year 2026 (H1 2026) performance
| Revenue | Adjusted Profit Before Tax1 | Profit After Tax3 | Basic EPS3 |
| +43% | +57% | +79% | +80% |
| H1 2025: | H1 2025: | H1 2025: | H1 2025: |
- 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 - 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 - 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
- Basic EPS3 increased 80% to
$3.61 , and on a trailing 12-month basis was$5.72
Q2 2026 performance
| Revenue | Adjusted Profit Before Tax1 | Profit After Tax3 | Basic EPS3 |
| +39% | +56% | +102% | +103% |
| Q2 2025: | Q2 2025: | Q2 2025: | Q2 2025: |
- 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
- Adjusted Profit Before Tax1 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 - 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
- Clearing increased 16% to
Financial and Operational Highlights
Strategic Execution
- Completed the Group's redomiciliation to
Bermuda on1 July 2026 , aligning the corporate structure with Marex's international business and supporting the next phase of growth - Issued
$500m of hybrid capital and$500m of senior unsecured notes, increasing equity and liquidity available to support client activity and future growth - Announced the acquisition of
Bright Point and completed the acquisition of Levmet andWebb Traders , expanding capabilities across Clearing inAsia , physical commodities and equity derivatives inEurope - Completed the sale of the Winterflood custody business, generating a pre-tax gain of approximately
$35 million
| Financial Highlights ($m) | Q2 2026 | Q2 2025 | Change | H1 2026 | H1 2025 | Change |
| Revenue | 695.8 | 500.1 | 39% | 1,388.1 | 967.4 | 43% |
| Profit After Tax | 155.3 | 76.7 | 102% | 267.7 | 149.2 | 79% |
| Profit After Tax Margin (%) | 22.3% | 15.3% | 700 bps | 19.3% | 15.4% | 390 bps |
| Profit Before Tax2 from Continuing Operations | 158.2 | 103.6 | 53% | 308.0 | 201.6 | 53% |
| Profit Before Tax2 Margin (%) | 22.7% | 20.7% | 200 bps | 22.2% | 20.8% | 140 bps |
| Profit After Tax2 from Continuing Operations | 119.9 | 76.7 | 56% | 232.2 | 149.2 | 56% |
| Profit After Tax2 Margin from Continuing Operations (%) | 17.2% | 15.3% | 190 bps | 16.7% | 15.4% | 130 bps |
| Return on Equity (%) | 37.5% | 28.4% | 910 bps | 34.8% | 28.6% | 620 bps |
| Basic Earnings per Share3 ($) | 2.09 | 1.03 | 103% | 3.61 | 2.01 | 80% |
| Diluted Earnings per Share3 ($) | 1.99 | 0.98 | 103% | 3.43 | 1.91 | 80% |
| Adjusted Profit Before Tax1 | 165.9 | 106.4 | 56% | 318.6 | 202.7 | 57% |
| Adjusted Profit Before Tax Margin1 | 23.8% | 21.3% | 250 bps | 23.0% | 21.0% | 200 bps |
| Adjusted Profit after Tax Attributable to Common Equity1 | 124.0 | 77.0 | 61% | 236.9 | 145.3 | 63% |
| Adjusted Return on Equity (%)1 | 37.8% | 31.4% | 640 bps | 37.5% | 30.7% | 680 bps |
| Average Common Equity | 1,310.9 | 981.1 | 34% | 1,262.9 | 946.4 | 33% |
| Adjusted Basic Earnings per Share ($)1 | 1.72 | 1.08 | 59% | 3.29 | 2.05 | 60% |
| Adjusted Diluted Earnings per Share ($)1 | 1.64 | 1.02 | 61% | 3.13 | 1.95 | 61% |
- 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.
- Represents results from Continuing Operations.
- 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).
Basis of Preparation
As outlined above, effective
Prior to
| Conference Call Information: Marex’s management will host a conference call to discuss the Group's financial results today, https://events.q4inc.com/attendee/240823774 Enquiries please contact: Marex Investors – Media – | ||
Financial Review
The following table presents summary financial results and other data as of the dates and for the periods indicated:
Summary Financial Results
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||
| $m | $m | Change | $m | $m | Change | |
| Net commission income | 252.1 | 257.1 | (2)% | 547.8 | 507.8 | 8% |
| Net trading income | 394.8 | 203.3 | 94% | 727.1 | 362.4 | 101% |
| Net interest income | 29.7 | 34.6 | (14)% | 70.6 | 88.0 | (20)% |
| Net physical commodities income | 19.2 | 5.1 | 276% | 42.6 | 9.2 | 363% |
| Revenue | 695.8 | 500.1 | 39% | 1,388.1 | 967.4 | 43% |
| Expenses | ||||||
| Compensation and benefits | (404.1) | (305.9) | 32% | (824.9) | (597.6) | 38% |
| Depreciation and amortization | (11.4) | (8.6) | 33% | (23.1) | (16.5) | 40% |
| Other expenses | (122.8) | (83.7) | 47% | (229.5) | (157.5) | 46% |
| Total expenses3 | (538.3) | (398.2) | 35% | (1,077.5) | (771.6) | 40% |
| Net provision for credit losses | (1.8) | (1.1) | 64% | (8.8) | (1.1) | 700% |
| Bargain purchase gain on acquisitions | – | 0.2 | n.m.2 | – | 3.6 | n.m.2 |
| Other income | 2.5 | 2.6 | (4)% | 6.2 | 3.3 | 88% |
| Profit before tax from continuing operations | 158.2 | 103.6 | 53% | 308.0 | 201.6 | 53% |
| Tax | (38.3) | (26.9) | 42% | (75.8) | (52.4) | 45% |
| Profit after tax from continuing operations | 119.9 | 76.7 | 56% | 232.2 | 149.2 | 56% |
| Gain on sale of discontinued operations4 | 35.4 | – | n.m.2 | 35.5 | – | n.m.2 |
| Profit After Tax | 155.3 | 76.7 | 102% | 267.7 | 149.2 | 79% |
| Reconciliation to Adjusted Profit Before Tax¹: | ||||||
| Profit After Tax | 155.3 | 76.7 | 102% | 267.7 | 149.2 | 79% |
| Gain on sale of discontinued operations4 | (35.4) | – | n.m.2 | (35.5) | – | n.m.2 |
| Profit after tax from continuing operations | 119.9 | 76.7 | 56% | 232.2 | 149.2 | 56% |
| Tax | 38.3 | 26.9 | 42% | 75.8 | 52.4 | 45% |
| Profit before tax from continuing operations | 158.2 | 103.6 | 53% | 308.0 | 201.6 | 53% |
| Bargain purchase gains | – | (0.2) | n.m.2 | – | (3.6) | n.m.2 |
| Amortization of acquired brands and customer lists | 2.4 | 1.7 | 41% | 5.3 | 3.0 | 77% |
| Owner fees | – | – | n.m.2 | – | 0.4 | (100)% |
| Public offering of ordinary shares | – | 1.3 | n.m.2 | – | 1.3 | (100)% |
| Merger and acquisition costs | 1.5 | – | n.m.2 | 1.5 | – | n.m.2 |
| Redomiciliation costs | 3.8 | – | n.m.2 | 3.8 | – | n.m.2 |
| Adjusting items | 7.7 | 2.8 | 175% | 10.6 | 1.1 | 864% |
| Adjusted Profit Before Tax1 | 165.9 | 106.4 | 56% | 318.6 | 202.7 | 57% |
- 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.
- 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 Q2 2026 are$(359.8)m (Q2 2025:$(272.2)m ) and Control and Support Costs for theGroup for Q2 2026 are$(161.6)m (Q2 2025:$(116.0)m ). Total Front Office Costs for theGroup for H1 2026 are$(734.1)m (H1 2025:$(530.6)m ) and Control and Support Costs for theGroup for H1 2026 are$(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. - 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: $nil).
Financial Review
Summary Financial Results
Group Headcount
The following table provides a breakdown of Front Office and Control and Support Headcount:
| Average Full Time Equivalent ("FTE") headcount1 | Q2 2026 | Q2 2025 | Change | H1 2026 | H1 2025 | Change |
| Front office | 1,698 | 1,318 | 29% | 1,667 | 1,301 | 28% |
| Control and support | 1,666 | 1,259 | 32% | 1,680 | 1,221 | 38% |
| Total2 | 3,364 | 2,577 | 31% | 3,347 | 2,522 | 33% |
- For analysis purposes, average headcount is used in the performance commentary outlined below.
- Headcount table represents headcount for continuing operations and FTE associated with the Group's discontinued operation have been excluded for comparability.
Performance for Q2 2026
Revenue increased by
Net trading income increased by
Net commission income decreased by
Net physical commodities income increased by
Net interest income decreased by
Total expenses increased by
Compensation and benefits increased by
Other expenses increased by
Profit Before Tax from Continuing Operations increased by
Profit After Tax increased by
Adjusting items totalled
Adjusted Profit Before Tax¹ increased by
Financial Review
Summary Financial Results
Performance for H1 2026
Revenue increased by
Net trading income more than doubled, increasing by
Net interest income decreased by
Total expenses increased by
Profit Before Tax from Continuing Operations increased by
Adjusting items totalled
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
Net interest income1
| Q2 2026 | Q2 2025 | Change | H1 2026 | H1 2025 | Change | |
| Average Fed Funds % | 3.6% | 4.3% | (70) bps | 3.6% | 4.3% | (70) bps |
| Average balances ($bn)2 | 24.8 | 18.0 | 6.8 | 23.5 | 17.6 | 5.9 |
| Interest Income ($m) | 205.7 | 181.4 | 24.3 | 401.7 | 360.2 | 41.5 |
| Interest paid out ($m) | (80.9) | (68.2) | (12.7) | (149.8) | (127.7) | (22.1) |
| Interest on balances ($m) | 124.8 | 113.2 | 11.6 | 251.9 | 232.5 | 19.4 |
| Net Yield on balances % | 2.0% | 2.5% | (50) bps | 2.1% | 2.3% | (20) bps |
| Average notional debt securities ($bn) | (7.1) | (4.9) | (2.2) | (6.7) | (4.5) | (2.2) |
| Yield % | 5.4% | 6.5% | (110) bps | 5.5% | 6.5% | (100) bps |
| Interest expense ($m) | (95.1) | (78.6) | (16.5) | (181.3) | (144.5) | (36.8) |
| Net Interest Income ($m) | 29.7 | 34.6 | (4.9) | 70.6 | 88.0 | (17.4) |
- 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 . - Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period.
Financial Review
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 Q2 2026
Revenue increased by
Net commission income increased marginally by
Net interest income increased by
Net trading income increased by
Adjusted Profit Before Tax¹ increased by
Performance for H1 2026
Revenue increased by
Net commission income increased by
Net interest income increased by
Net trading income decreased by
Adjusted Profit Before Tax¹ increased by
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||
| $m | $m | Change | $m | $m | Change | |
| Net commission income | 72.4 | 71.5 | 1% | 160.5 | 139.3 | 15% |
| Net interest income | 77.5 | 59.1 | 31% | 145.0 | 107.5 | 35% |
| Net trading income | 11.4 | 8.2 | 39% | (7.0) | 11.2 | (163)% |
| Revenue | 161.3 | 138.8 | 16% | 298.5 | 258.0 | 16% |
| Front office costs | (56.3) | (45.3) | 24% | (105.8) | (87.5) | 21% |
| Control and support costs | (24.5) | (22.3) | 10% | (47.3) | (42.6) | 11% |
| Recovery/(Provision) of credit losses | (1.2) | (0.6) | 100% | (8.0) | (0.6) | 1,233% |
| Depreciation and amortization | (0.1) | (0.1) | –% | (0.2) | (0.2) | –% |
| Other income | – | – | n.m.3 | – | – | n.m.3 |
| Adjusted Profit Before Tax ($m)1 | 79.2 | 70.5 | 12% | 137.2 | 127.1 | 8% |
| Adjusted Profit Before Tax Margin1 | 49.1% | 50.8% | (170) bps | 46.0% | 49.3% | (330) bps |
| Front office headcount (No.)2 | 294 | 279 | 5% | 289 | 276 | 5% |
| Clearing client balances (average) ($bn)4 | 19.1 | 12.8 | 49% | 17.6 | 12.4 | 42% |
- 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.
- 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.
Financial Review
Segmental performance
Clearing
| 12 months ended | 12 months ended | ||
| Key Performance Indicators | H1 2026 | H1 2025 | Change |
| Marex contracts cleared (m) | 1,320 | 1,247 | 6% |
| Market volumes (m)1 | 12,945 | 12,247 | 6% |
- “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).
Financial Review
Segmental performance
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 Q2 2026
Revenue increased by
Securities revenue increased by
Energy revenue decreased by
Adjusted Profit Before Tax¹ increased by
Performance for H1 2026
Revenue increased by
Securities revenue increased by
Energy revenue decreased by
Adjusted Profit Before Tax¹ increased by
Financial Review
Segmental performance
Agency and Execution
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||
| $m | $m | Change | $m | $m | Change | |
| Equities | 67.6 | 50.2 | 35% | 130.4 | 99.5 | 31% |
| Rates | 31.1 | 31.4 | (1)% | 65.3 | 59.8 | 9% |
| Credit | 11.9 | 18.7 | (36)% | 22.5 | 33.1 | (32)% |
| FX | 51.5 | 7.8 | 560% | 83.2 | 14.0 | 494% |
| Prime | 120.0 | 61.1 | 96% | 194.4 | 113.9 | 71% |
| Other securities | 0.4 | (0.6) | n.m.3 | 0.4 | (0.7) | n.m.3 |
| Securities | 282.5 | 168.6 | 68% | 496.2 | 319.6 | 55% |
| Energy | 64.6 | 92.0 | (30)% | 170.3 | 180.2 | (5)% |
| Other | 3.9 | 0.2 | 1,850% | 6.8 | 0.5 | 1,260% |
| Revenue | 351.0 | 260.8 | 35% | 673.3 | 500.3 | 35% |
| Front office costs | (206.7) | (168.9) | 22% | (411.3) | (330.6) | 24% |
| Control and support costs | (29.0) | (22.3) | 30% | (55.7) | (43.3) | 29% |
| Recovery/(Provision) of credit losses | (0.6) | (0.6) | –% | (0.7) | (0.6) | 17% |
| Depreciation and amortization | (0.1) | (0.2) | (50)% | (0.2) | (0.3) | (33)% |
| Other income | 2.3 | 0.2 | n.m.3 | 2.7 | 0.2 | n.m.3 |
| Adjusted Profit Before Tax ($m)1 | 116.9 | 69.0 | 69% | 208.1 | 125.7 | 66% |
| Adjusted Profit Before Tax Margin1 | 33.3% | 26.5% | 680 bps | 30.9% | 25.1% | 580 bps |
| Front office headcount (No.)2 | 905 | 677 | 34% | 891 | 673 | 32% |
- 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.
- The headcount is the average for the period.
- n.m. = not meaningful as a percentage.
| 12 months ended | 12 months ended | ||
| Key Performance Indicators | H1 2026 | H1 2025 | Change |
| Marex volumes: Energy (m)1 | 23 | 22 | 6% |
| Marex volumes: Securities (m)2 | 352 | 311 | 13% |
- 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.
Financial Review
Segmental performance
Market Making
Our Market Making business provides direct liquidity to our clients across a variety of products in the Energy, Metals, Securities and Agriculture markets.
Performance for Q2 2026
Revenue increased by
Metals revenue increased by
Securities revenue increased by
Energy revenue increased by
Agriculture revenue increased by
Adjusted Profit Before Tax¹ increased by
Performance for H1 2026
Revenue increased by
Metals revenue increased by
Securities revenue increased by
Energy revenue increased by
Agriculture revenue increased by
Adjusted Profit Before Tax¹ increased by
Financial Review
Segmental performance
Market Making
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||
| $m | $m | Change | $m | $m | Change | |
| Metals | 65.7 | 41.2 | 59% | 130.2 | 63.9 | 104% |
| Agriculture | 7.7 | (0.1) | n.m.3 | 18.1 | 7.1 | 155% |
| Energy | 15.0 | 10.9 | 38% | 47.0 | 19.5 | 141% |
| Securities | 29.8 | 5.4 | 452% | 62.5 | 19.8 | 216% |
| Revenue | 118.2 | 57.4 | 106% | 257.8 | 110.3 | 134% |
| Front office costs | (61.2) | (32.6) | 88% | (131.8) | (61.5) | 114% |
| Control and support costs | (11.7) | (6.5) | 80% | (23.9) | (13.6) | 76% |
| Recovery/(Provision) of credit losses | – | – | n.m.3 | (0.2) | – | n.m.3 |
| Depreciation and amortization | (0.8) | (0.1) | 700% | (1.7) | (0.2) | 750% |
| Other income | 0.1 | – | n.m.3 | 0.2 | – | n.m.3 |
| Adjusted Profit Before Tax ($m)1 | 44.6 | 18.2 | 145% | 100.4 | 35.0 | 187% |
| Adjusted Profit Before Tax Margin1 | 37.7% | 31.7% | 600 bps | 38.9% | 31.7% | 720 bps |
| Front office headcount (No.)2 | 269 | 158 | 70% | 264 | 152 | 74% |
- 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.
- The headcount is the average for the period.
- n.m. = not meaningful as a percentage.
Financial Review
Segmental performance
Hedging and Investment Solutions
Our Hedging and Investment Solutions business provides high-quality bespoke hedging and investment solutions to our clients through our proprietary product creation platform.
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.
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.
Performance for Q2 2026
Revenue increased by
Hedging Solutions revenue increased by
Financial Products revenue increased by
Adjusted Profit Before Tax¹ increased by
Front office costs increased by
Performance for H1 2026
Hedging and Investment Solutions revenue increased by
Hedging Solutions revenue more than doubled, increasing by
Financial Products revenue increased by
Adjusted Profit Before Tax¹ increased by
Financial Review
Segmental performance
Hedging and Investment Solutions
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||
| $m | $m | Change | $m | $m | Change | |
| Hedging Solutions | 33.9 | 19.6 | 73% | 69.4 | 33.9 | 105% |
| Financial Products | 37.1 | 21.1 | 76% | 94.6 | 51.8 | 83% |
| Revenue | 71.0 | 40.7 | 74% | 164.0 | 85.7 | 91% |
| Front office costs | (35.6) | (25.3) | 41% | (85.2) | (51.0) | 67% |
| Control and support costs | (10.3) | (9.0) | 14% | (20.9) | (17.1) | 22% |
| Recovery/(Provision) of credit losses | – | – | n.m.4 | – | – | n.m.4 |
| Depreciation and amortization | (0.2) | (0.1) | 100% | (0.3) | (0.3) | –% |
| Other income | – | – | n.m.4 | – | – | n.m.4 |
| Adjusted Profit Before Tax ($m)1 | 24.9 | 6.3 | 295% | 57.6 | 17.3 | 233% |
| Adjusted Profit Before Tax Margin1 | 35.1% | 15.5% | 1,960 bps | 35.1% | 20.2% | 1,490 bps |
| Front office headcount (No.)2 | 230 | 204 | 13% | 223 | 200 | 12% |
| Structured notes balance ($bn)3 | 4.9 | 3.8 | 29% | 4.9 | 3.8 | 29% |
- 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.
- The headcount is the average for the period.
- The Structured notes balance presented is for the period ending
June 30, 2026 . The balance consisted of 10,075 notes with an average maturity of 15 months and a total market value of$4.9bn . The period endingJune 30, 2025 balance consisted of 5,877 notes with an average maturity of 15 months and a total market value of$3.8bn . - n.m. = not meaningful as a percentage.
Financial Review
Segmental performance
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 are recharged to other segments through inter-segmental funding allocations to reflect their consumption of these resources. Revenue generated in Corporate decreased in H1 2026 as the Group maintained surplus levels of liquidity during the year.
Control and support costs increased in H1 2026 reflecting an increase in 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.
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||
| $m | $m | Change | $m | $m | Change | |
| Revenue | (5.7) | 2.4 | (338)% | (5.5) | 13.1 | (142)% |
| Control and support costs | (86.1) | (56.0) | 54% | (167.0) | (106.2) | 57% |
| Recovery/(Provision) of credit losses3 | (0.1) | 0.1 | (200)% | 0.1 | 0.1 | –% |
| Depreciation and amortization | (7.9) | (6.5) | 22% | (15.5) | (12.5) | 24% |
| Other income | 0.1 | 2.4 | (96)% | 3.2 | 3.1 | 3% |
| Adjusted Loss Before Tax ($m)1 | (99.7) | (57.6) | 73% | (184.7) | (102.4) | 80% |
| Control and support headcount (No.)2 | 1,666 | 1,259 | 32% | 1,680 | 1,221 | 38% |
- 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.
- The headcount is the average for the period.
- The recovery/(provision) for credit losses within Corporate reflects the quarterly update to the Group’s IFRS 9 expected credit loss provision.
Financial Review
Summary Financial Position
Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform.
Total Assets have increased from
Debt securities increased by
The remaining balance sheet growth was primarily driven by increased securities, up
The Group's equity base increased by 48% to
| $m | $m | Change | |
| Restated | |||
| Cash & Liquid Assets1 | 9,097.3 | 7,035.6 | 29% |
| Trade Receivables | 9,908.7 | 9,035.8 | 10% |
| Reverse Repo Agreements | 2,964.4 | 3,117.1 | (5)% |
| Securities2 | 16,147.4 | 9,801.1 | 65% |
| Derivative Instruments | 2,895.7 | 2,340.3 | 24% |
| Other Assets3 | 758.3 | 681.3 | 11% |
| 354.3 | 335.4 | 6% | |
| Assets Held for Sale | – | 357.4 | (100)% |
| Total Assets | 42,126.1 | 32,704.0 | 29% |
| Trade Payables | 12,865.2 | 10,985.3 | 17% |
| Repurchase Agreements | 4,062.9 | 4,148.9 | (2)% |
| Securities4 | 12,010.2 | 7,712.4 | 56% |
| 6,853.9 | 5,721.6 | 20% | |
| Derivative Instruments | 3,889.0 | 2,253.8 | 73% |
| Other Liabilities5 | 576.1 | 323.6 | 78% |
| Liabilities Held for Sale | – | 294.8 | (100)% |
| Total Liabilities | 40,257.3 | 31,440.4 | 28% |
| Total Equity | 1,868.8 | 1,263.6 | 48% |
- 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.
Financial Review
On
Following the redomiciliation to
Liquidity
| $m | $m | |
| Total available liquid resources | 4,324.5 | 2,747.1 |
| Liquidity headroom | 1,814.1 | 1,045.8 |
As at
The Group's Liquid Assets comprise cash and high-quality liquid assets that can be readily converted to meet immediate and short-term obligations. These include non-segregated cash, short-term money market funds, unencumbered securities guaranteed by the
Total available liquid resources additionally include the undrawn portion of the Group’s committed RCF, which provides an additional source of contingent funding beyond the liquid assets used to calculate liquidity headroom. On
Liquidity headroom represents the excess of Liquid Assets over the Group's Liquidity Requirement. The Liquidity Requirement is determined in accordance with the Group's Liquidity Risk Framework and reflects the peak liquidity impact arising from severe but plausible stress scenarios over a 30-day horizon. The requirement incorporates a combination of systemic and idiosyncratic stress factors, net of eligible stress mitigants.
Capital Management
| $m | $m | |
| Share capital and retained earnings | 1,430.3 | 1,209.3 |
| Hybrid perpetual instruments and AT1 | 500.5 | 97.6 |
| Other equity components¹ | (62.0) | (43.3) |
| Total equity | 1,868.8 | 1,263.6 |
| Capital deductions and other adjustments² | (367.4) | (336.5) |
| Group capital resources | 1,501.4 | 927.1 |
| Group capital requirement³ | 523.3 | 402.6 |
| Capital surplus | 978.1 | 524.5 |
| Group capital ratio4 | 287% | 230% |
- Other equity components comprise own shares, other reserves, and non-controlling interests.
- Group capital resources are derived from total equity after deductions and other adjustments principally in respect of goodwill, intangible assets, deferred tax assets and valuation adjustments. Hybrid perpetual instruments are included at their principal amount of
$500.0m . - The Group capital requirement is an internal management measure calculated using internal methodologies broadly consistent with methodologies previously applied by the Group.
- The Group capital ratio represents Group capital resources as a percentage of the Group capital requirement.
The Group applies a disciplined capital allocation framework, with maintaining sufficient capital to support its investment grade credit ratings as a key priority. Within that framework, the Group also seeks to support organic growth, return capital to shareholders through dividends and deploy excess capital into selective acquisitions. This is consistent with the capital allocation priorities communicated at the Group’s 2026 Investor Day.
To support the Board’s oversight and capital allocation decisions, the Group monitors internal capital measures comprising Group capital resources, a Group capital requirement and a Group capital ratio. These are management measures, applied under the Group's internal risk appetite framework described above, and do not represent regulatory capital requirements at the total Group level.
Financial Review
Capital Management
Group capital resources increased to
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, growth strategy and long-term prospects, capital and liquidity management, acquisitions (including expected timing, synergies and integration benefits) and dividend payments. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
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 Ukraine or the ongoing conflicts in the Middle East, on market volatility, global macroeconomic conditions and commodity prices; changes to the U.S. regulatory regime, including with respect to tariffs; changes in interest rate levels or tariffs; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; risks associated with the use of artificial intelligence; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; our ability to identify, negotiate, complete, finance or successfully integrate future acquisitions; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investigations or civil or criminal sanctions; short seller activity and securities litigation, and other risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) as updated by our other reports filed with the SEC.
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 from continuing operations adjusted for (i) tax, (ii) goodwill impairment charges, (iii) merger and 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, (xi) public offering of ordinary shares and (xii) redomiciliation costs. Items (i) to (xii) 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.
The Group has expanded its definition of acquisition costs, relabeling this item as Merger & Acquisition (M&A) activity to better reflect the broader range of transactions now captured. The Group undertakes acquisition activity as part of its business strategy, and M&A-related costs may therefore recur from period to period. Management generally excludes costs arising from transactions outside the Group's normal course of M&A activity in support of its core business, such as the acquisition and disposal of Winterflood Custody Business, which was non-operating in nature and unrelated to the Group's ongoing trading activities. Costs from routine, bolt-on acquisitions are typically not excluded, as these are considered part of the underlying cost base of the business. Each item is assessed by management on its individual facts and circumstances.
Adjusted Profit Before Tax is an important 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 from continuing operations.
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 and hybrid perpetual note holders, which is the coupons on the AT1 and hybrid perpetual issuances 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, excluding additional Tier 1 capital, hybrid perpetual instruments and non-controlling interest. Average Common Equity for a three-month period is calculated using the opening and closing quarter-end balances. For a six-month period, it is calculated using the balances at December 31 of the prior year, March 31 and June 30 of the current year. We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital.
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 using the opening and closing quarter-end balances. For a six-month period, it is calculated using the balances at December 31 of the prior year, March 31 and June 30 of the current year.
Appendix 1
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).
Appendix 1
Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |
| $m | $m | $m | $m | |
| Profit After Tax | 155.3 | 76.7 | 267.7 | 149.2 |
| Gain on sale of discontinued operations | (35.4) | – | (35.5) | – |
| Profit after tax from continuing operations | 119.9 | 76.7 | 232.2 | 149.2 |
| Taxation charge | 38.3 | 26.9 | 75.8 | 52.4 |
| Profit Before Tax from Continuing Operations | 158.2 | 103.6 | 308.0 | 201.6 |
| Bargain purchase gains1 | – | (0.2) | – | (3.6) |
| Amortization of acquired brands and customer lists2 | 2.4 | 1.7 | 5.3 | 3.0 |
| Owner fees3 | – | – | – | 0.4 |
| Public offering of ordinary shares4 | – | 1.3 | – | 1.3 |
| Merger and acquisition costs5 | 1.5 | – | 1.5 | – |
| Redomiciliation costs6 | 3.8 | – | 3.8 | – |
| Adjusted Profit Before Tax | 165.9 | 106.4 | 318.6 | 202.7 |
| Tax and the tax effect on Adjusting Items7 | (37.2) | (26.1) | (73.8) | (50.8) |
| Profit attributable to AT1 and hybrid perpetual note holders8 | (4.9) | (3.3) | (8.2) | (6.6) |
| Profit attributable to non-controlling interest9 | 0.2 | – | 0.3 | – |
| Adjusted Profit after Tax Attributable to Common Equity | 124.0 | 77.0 | 236.9 | 145.3 |
| Profit After Tax Margin from Continuing Operations (%) | 17.2% | 15.3% | 16.7% | 15.4% |
| Adjusted Profit Before Tax Margin10 | 23.8% | 21.3% | 23.0% | 21.0% |
| Basic Earnings per Share ($) | 2.09 | 1.03 | 3.61 | 2.01 |
| Diluted Earnings per Share ($)11 | 1.99 | 0.98 | 3.43 | 1.91 |
| Adjusted Basic Earnings per Share ($) | 1.72 | 1.08 | 3.29 | 2.05 |
| Adjusted Diluted Earnings per Share ($)11 | 1.64 | 1.02 | 3.13 | 1.95 |
| Weighted average number of shares | 72,113,045 | 71,450,299 | 71,949,055 | 70,998,545 |
| Period end number of shares | 72,348,205 | 71,699,922 | 72,348,205 | 71,699,922 |
| Average Common Equity12 | 1,310.9 | 981.1 | 1,262.9 | 946.4 |
| Adjusted Return on Equity (%) | 37.8% | 31.4% | 37.5% | 30.7% |
- 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 customer 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.
- Costs relating to the public offerings of ordinary shares by certain selling shareholders.
- Merger and acquisition costs: These primarily consist of professional advisory and legal fees in relation to M&A activity.
- Redomiciliation costs: Costs incurred in relation to the migration of the Group's TopCo to
Bermuda . - Tax and the tax effect on Adjusting Items 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) and hybrid perpetual note holders includes coupons, which are accounted for as dividends.
$500m of hybrid capital was issued inJune 2026 . - Profit 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
June 30, 2026 75,803,797; three months endedJune 30, 2025 75,101,773; six months endedJune 30, 2026 75,639,807; six months endedJune 30, 2025 74,650,019. - Common Equity for each three-month period is calculated as the average balance of total equity minus additional Tier 1 capital, hybrid perpetual instruments and non-controlling interest as at
March 31 andJune 30 of the current year. Common Equity for each year is calculated as the average balance of total equity minus additional Tier 1 capital, hybrid perpetual instruments and non-controlling interest as atDecember 31 of the prior year andMarch 31 andJune 30 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 | |
| Q2 2026 | $m | $m | $m | $m | $m | $m |
| Net commission income/(expense) | 72.4 | 171.6 | 8.1 | – | – | 252.1 |
| Net trading income | 11.4 | 183.1 | 102.9 | 97.4 | – | 394.8 |
| Net interest income/(expense) | 77.5 | (4.0) | (11.7) | (26.4) | (5.7) | 29.7 |
| Net physical commodities income | – | 0.3 | 18.9 | – | – | 19.2 |
| Revenue | 161.3 | 351.0 | 118.2 | 71.0 | (5.7) | 695.8 |
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | |
| Q2 2025 | $m | $m | $m | $m | $m | $m |
| Net commission income/(expense) | 71.5 | 187.2 | (1.6) | – | – | 257.1 |
| Net trading income | 8.2 | 76.2 | 59.2 | 59.7 | – | 203.3 |
| Net interest income/(expense) | 59.1 | (3.2) | (4.7) | (19.0) | 2.4 | 34.6 |
| Net physical commodities income | – | 0.6 | 4.5 | – | – | 5.1 |
| Revenue | 138.8 | 260.8 | 57.4 | 40.7 | 2.4 | 500.1 |
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | |
| H1 2026 | $m | $m | $m | $m | $m | $m |
| Net commission income/(expense) | 160.5 | 379.2 | 8.1 | – | – | 547.8 |
| Net trading income | (7.0) | 293.1 | 229.4 | 211.6 | – | 727.1 |
| Net interest income/(expense) | 145.0 | (1.6) | (19.7) | (47.6) | (5.5) | 70.6 |
| Net physical commodities income | – | 2.6 | 40.0 | – | – | 42.6 |
| Revenue | 298.5 | 673.3 | 257.8 | 164.0 | (5.5) | 1,388.1 |
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | |
| H1 2025 | $m | $m | $m | $m | $m | $m |
| Net commission income/(expense) | 139.3 | 370.1 | (1.6) | – | – | 507.8 |
| Net trading income | 11.2 | 126.1 | 114.1 | 111.0 | – | 362.4 |
| Net interest income/(expense) | 107.5 | 2.4 | (9.7) | (25.3) | 13.1 | 88.0 |
| Net physical commodities income | – | 1.7 | 7.5 | – | – | 9.2 |
| Revenue | 258.0 | 500.3 | 110.3 | 85.7 | 13.1 | 967.4 |
Appendix 3 – Supplementary IFRS Financial Information
Consolidated Income Statement
| 6 months ended | 6 months ended | |
| $m | $m | |
| Commission and fee income | 1,192.0 | 953.7 |
| Commission and fee expense | (644.2) | (445.9) |
| Net commission income | 547.8 | 507.8 |
| Net trading income | 727.1 | 362.4 |
| Interest income | 548.2 | 418.7 |
| Interest expense | (477.6) | (330.7) |
| Net interest income | 70.6 | 88.0 |
| Net physical commodities income | 42.6 | 9.2 |
| Revenue | 1,388.1 | 967.4 |
| Expenses | ||
| Compensation and benefits | (824.9) | (597.6) |
| Depreciation and amortization | (23.1) | (16.5) |
| Other expenses | (229.5) | (157.5) |
| Total expenses | (1,077.5) | (771.6) |
| Provision for credit losses | (8.8) | (1.1) |
| Bargain purchase gain on acquisitions | – | 3.6 |
| Other income | 6.2 | 3.3 |
| Profit before tax from continuing operations | 308.0 | 201.6 |
| Tax | (75.8) | (52.4) |
| Profit after tax from continuing operations | 232.2 | 149.2 |
| Gain on sale of discontinued operations | 35.5 | – |
| Profit after tax | 267.7 | 149.2 |
Appendix 3 – Supplementary IFRS Financial Information
Consolidated Statement of Financial Position
| $m | $m | |
| Restated1 | ||
| Assets | ||
| Non-current assets | ||
| 261.8 | 237.4 | |
| Intangible assets | 92.5 | 98.0 |
| Property, plant and equipment | 36.6 | 34.0 |
| Right of use asset | 79.1 | 76.9 |
| Investments | 31.7 | 28.5 |
| Trade and other receivables | 63.9 | 50.2 |
| Derivative instruments | 6.5 | 19.6 |
| Deferred tax | 48.5 | 30.6 |
| 71.8 | 83.1 | |
| 829.0 | 319.9 | |
| Total non-current assets | 1,521.4 | 978.2 |
| Current assets | ||
| Corporate income tax receivable | 27.6 | 27.6 |
| Trade and other receivables | 9,844.8 | 8,985.6 |
| Inventory | 534.8 | 483.7 |
| Equity instruments (unpledged) | 1,368.3 | 582.8 |
| Equity instruments (pledged as collateral) | 11,638.6 | 6,360.1 |
| Derivative instruments | 2,889.2 | 2,320.7 |
| Stock borrowing | 3,140.5 | 2,858.2 |
| 11.9 | 138.5 | |
| 4,238.6 | 3,496.8 | |
| Fixed income securities (unpledged) | 16.6 | 33.7 |
| Fixed income securities (pledged as collateral) | 78.4 | 82.4 |
| Reverse repurchase agreements | 2,964.4 | 3,117.1 |
| Cash and cash equivalents | 3,851.0 | 2,881.2 |
| Assets classified as held for sale | – | 357.4 |
| Total current assets | 40,604.7 | 31,725.8 |
| Total assets | 42,126.1 | 32,704.0 |
- During the period, the Group made a voluntary change in accounting policy for regular way matched principal transactions from trade to settlement date accounting. Please refer to the interim financial statements for further details and impact of the change on the Statement of Financial Position.
Appendix 3 – Supplementary IFRS Financial Information
Consolidated Statement of Financial Position
| $m | $m | |
| Restated1 | ||
| Liabilities | ||
| Current liabilities | ||
| Repurchase agreements | 4,062.9 | 4,148.9 |
| Trade and other payables | 12,865.2 | 10,985.3 |
| Stock lending | 10,119.0 | 5,496.7 |
| Short securities | 1,891.2 | 2,215.7 |
| Short term borrowings | 432.0 | 200.0 |
| Lease liability | 12.9 | 9.9 |
| Derivative instruments | 3,829.4 | 2,234.4 |
| Corporate tax | 23.0 | 8.5 |
| Debt securities | 4,092.5 | 3,394.3 |
| Provisions | 6.6 | 3.8 |
| Liabilities related to assets classified as held for sale | – | 294.8 |
| Total current liabilities | 37,334.7 | 28,992.3 |
| Non-current liabilities | ||
| Lease liability | 88.7 | 87.4 |
| Derivative instruments | 59.6 | 19.4 |
| Debt securities | 2,761.4 | 2,327.3 |
| Deferred tax liability | 12.9 | 14.0 |
| Total non-current liabilities | 2,922.6 | 2,448.1 |
| Total liabilities | 40,257.3 | 31,440.4 |
| Total net assets | 1,868.8 | 1,263.6 |
| Equity | ||
| Share capital | 0.1 | 0.1 |
| Share premium | 227.2 | 227.2 |
| Retained earnings | 1,203.0 | 982.0 |
| Own shares | (57.3) | (58.5) |
| Other reserves | (2.7) | 15.4 |
| Total equity attributable to the ordinary shareholders of the Group | 1,370.3 | 1,166.2 |
| Non-controlling interest | (2.0) | (0.2) |
| Additional Tier 1 capital (AT1) | 5.2 | 97.6 |
| Hybrid perpetual instruments | 495.3 | – |
| Total equity | 1,868.8 | 1,263.6 |
- During the period, the Group made a voluntary change in accounting policy for regular way matched principal transactions from trade to settlement date accounting. Please refer to the interim financial statements for further details and impact of the change on the Statement of Financial Position.
