Slides
Page 1
Diversified Resilient Dynamic Second quarter 2025 results August 13, 2025
Page 2
Disclaimer 2 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 expected financial results, acquisitions 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 conflict 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; 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; 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; 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; 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 investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended 31 December 2024 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.
Page 3
Performance highlights Ian Lowitt, CEO
Page 4
• Record H1 performance: ~$1 billion of revenue and Adjusted Profit Before Tax1 of $203 million, +27% year on year • Record Q2 performance: Adjusted Profit Before Tax1 of $106 million, +16% year on year and +10% sequentially on Q1 • Revenue +18% to $500 million in a more varied market environment compared to Q1, reflecting high quality diversified revenues • Agency and Execution: standout result, with broad-based growth across Securities, particularly Prime Services and strong performance in Energy • Prime Brokerage business providing attractive new source of revenues and margin expansion • Clearing: continued to grow balances, driven by new client wins and increased client activity on higher levels of market volatility • Success in winning larger financials focused clients has driven a shift in mix, leading to higher clearing volumes and lower rate per contract • M&A: executing growth strategy by expanding our geographic footprint and product capabilities, adding new clients to our platform • Executed four bolt-on acquisitions and several smaller deals in the first six months of this year; attractive pipeline for the r est of the year • Cumulative effect of these and prior transactions is powerful, diversifying the franchise with minimal capital outlay • Prudent approach to capital and funding: continued to hold significant levels of surplus liquidity following issuance of $500 million 3 -year senior unsecured notes • Risk management discipline: robust approach to managing risk while supporting our clients through higher volatility • Further reduction in private equity shareholder ownership: significantly oversubscribed follow-on offering in April and subsequent sell-downs by private equity shareholders resulted in residual ownership reducing to 17% Financial and operational highlights 4 Note(s): 1. This is a non-IFRS financial measure. Adjusted Profit Before Tax defined as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gain, (v) owner fees, (vi) amortisation 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. See Appendix 1 of the Earnings Release, “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IF RS measure to its most directly comparable non -IFRS measure.
Page 5
Delivered strong performance in our key metrics in H1 and Q2 2025 5 Note(s) (charts may not directly cast due to rounding) 1. Adjusted Profit Before Tax, Adjusted Profit After Tax Attributable to Common Equity, Adjusted Profit Before Tax Margin, Adjusted Return on Equity, and Adjusted Sharpe Ratio are non-IFRS measures. . See Appendix 1 of the Earnings Release “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly co mparable non-IFRS measure. 2. Revenue per Front Office FTE means Front Office revenue for a given period divided by the average Front Office FTE for the same period. FTE represents average number of our full-time equivalents over the period, including permanent employees and contractors. Revenue figures presented on an annualized basis. Revenue ($m)Adjusted Probit Before Tax Revenue per front office FTE2 (annualized, $m) Revenue ($m)Adjusted Profit Before Tax1 92 106 Q2 2024 Q2 2025 422 500 Q2 2024 Q2 2025 1.34 1.52 Q2 2024 Q2 2025 18% 16% 21.7% 21.3%Margins 13% 159 203 H1 2024 H1 2025 788 967 H1 2024 H1 2025 1.26 1.49 H1 2024 H1 2025 23% 27% 20.2% 21.0%Margins 18%
Page 6
Financial performance Rob Irvin, CFO
Page 7
Note(s) (table may not directly cast due to rounding): 1. Theses are non-IFRS financial measures. Adjusted results exclude non -operating and other non-recurring expenses such as goodwill impairment charges, acquisition costs, bargain purchase gain, owner fees, amortisation of acquired brands and customer lists, activities in relation to shareholders, employer tax on the vesting of Growth Shares, IPO preparation costs, fair value of the cash settlem ent option on the Growth Shares and public offering of ordinary shares. See Appendix 1 of the Earnings Release “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly co mparable non-IFRS measure. 2. Percentage change calculated on numbers presented to the nearest tenth of a million . n.m. = not meaningful to present as a percentage. Financial highlights: H1 and Q2 2025 7 ($m) Q2 2025 Q2 2024 % Change2 H1 2025 H1 2024 % Change2 Revenue 500 422 18% 967 788 23% Front Office Costs (272) (225) 21% (531) (435) 22% Control and Support Costs (116) (100) 16% (223) (181) 23% Provision for credit losses (1) 2 (158)% (1) 2 (150)% Depreciation and amortization (9) (8) 12% (17) (16) 6% Other income 3 - n.m. 3 1 n.m. Adjusted Profit Before Tax1 106 92 16% 203 159 27% Adjusted Profit Before Tax Margin1 21.3% 21.7% (40)bps 21.0% 20.2% 80bps Adjusting items1 (3) (11) (75)% (1) (20) (95)% Profit before tax 104 80 29% 202 139 45% Tax (27) (21) (52) (36) Profit after tax 77 59 29% 149 103 45% Adjusted Return on Equity1 31.4% 36.6% (520)bps 30.7% 31.6% (90)bps Common Equity 981 729 35% 947 732 29% Adjusted Basic EPS1 ($) 1.08 0.96 13% 2.05 1.70 21% Adjusted Diluted EPS1 ($) 1.02 0.90 13% 1.95 1.59 23% • Record H1 2025 revenue of $967m, +23% YoY and Adjusted Profit Before Tax of $203m, +27% YoY • H1 2025 Adjusted PBT margin 21.0%, +80bps YoY , driven by margin expansion in Agency and Execution • Q2 2025 revenue of $500m, +18% YoY , demonstrating the diversification of our revenues in a more varied market backdrop • Total costs broadly in line with revenues, +16% YoY , reflecting higher compensation costs and investments in support functions • Adjusted PBT of $106m, +16% YoY , compared to a strong second quarter in 2024, and margin of 21.3%, broadly stable YoY • Strong Adjusted RoE1 31.4% impacted by higher equity • Adjusted Basic EPS1 $1.08, +13% YoY driven by profit growth
Page 8
Performance by business segment in Q2 2025 Revenue ($m)Adjusted Profit Before Tax1 124 139 Q2 2024 Q2 2025 69 71 Q2 2024 Q2 2025 12% 8 Clearing Agency and Execution Market Making Hedging and Investment Solutions 165 261 Q2 2024 Q2 2025 70 57 Q2 2024 Q2 2025 45 41 Q2 2024 Q2 2025 Note(s) (charts may not directly cast due to rounding): 1. This is a non-IFRS financial measure. Adjusted Profit Before Tax defined as profit after tax adjusted for ( i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gain, (v) owner fees, (vi) amortisation 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. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” on the Earnings Release for additional information and for a reconciliation of each such IFRS measure to its most directly comparable non-IFRS measure. 59% 22 69 Q2 2024 Q2 2025 29 18 Q2 2024 Q2 2025 14 6 Q2 2024 Q2 2025 (17)% (9)% 56% 51%Margins 14% 26% 42% 32% 32% 15%
Page 9
Performance by business segment in H1 2025 Revenue ($m)Adjusted Profit Before Tax1 225 258 H1 2024 H1 2025 119 127 H1 2024 H1 2025 9 Clearing Agency and Execution Market Making Hedging and Investment Solutions 333 500 H1 2024 H1 2025 111 110 H1 2024 H1 2025 86 86 H1 2024 H1 2025 Note(s) (charts may not directly cast due to rounding): 1. This is a non-IFRS financial measure. Adjusted Profit Before Tax defined as profit after tax adjusted for ( i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gain, (v) owner fees, (vi) amortisation of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs, (x) fair value of the cash settlement option on the Growth Shares and (xi) public offering of ordinary shares. See Appendix 1 of the Earnings Release “Non- IFRS Financial Measures and Key Performance Indicators” on the Earnings Release for additional information and for a reconcil iation of each such IFRS measure to its most directly comparable non -IFRS measure. 53% 49%Margins 45 126 H1 2024 H1 2025 40 35 H1 2024 H1 2025 26 17 H1 2024 H1 2025 15% 50% (1)% 0% 13% 25% 35% 32% 30% 20%
Page 10
Increasing client activity and share gains on the Marex platform 10 Note(s) (table may not directly cast due to rounding): Please see quarterly earnings results for the quarterly volumes data. 1. Timeframe reflects the trailing twelve months ended 30 June 2024 and 2025 2. All volumes traded on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX) 3. Energy volumes on CBOT, Eurex, ICE, NYMEX, SGX 4. Financial securities (corporate bonds, equities, FX, repo, volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX (million contracts) Q2 2024 Q2 2025 % change Q2 2024 TTM1 Q2 2025 TTM1 % change Clearing Market Volumes2 2,856 3,212 12% 10,677 12,247 15% Marex Revenue ($m) 124 139 12% 405 496 23% Marex Volumes 271 357 32% 975 1,247 28% Agency and Execution - Energy Market Volumes3 427 532 25% 1,569 1,921 22% Marex Revenue ($m) 70 92 31% 262 323 23% Marex Volumes 14 22 54% 56 67 20% Agency and Execution - Securities Market Volumes4 2,679 3,026 13% 10,251 11,677 14% Marex Revenue ($m) 94 169 80% 358 538 50% Marex Revenue – Securities ex- Prime ($m) 77 108 40% 317 376 19% Marex Volumes 65 74 14% 259 311 20%
Page 11
Net interest income and average balances 11 Note(s): 1. Reflects the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average bal ances were calculated as the average month end amount of segregated and non -segregated client balances that generated interest inco me over a given period. 2. Clearing client balances represent the average daily balances placed by clients and held by Marex 3. House balance are daily average balances and include the Groups liquid resources and other house positions 4. The interest income and interest expense amounts are net of certain elements which are presented gross within the statutory r esults Average balances ($bn) NII and total average balances1 9.8 10.7 11.5 11.9 12.0 12.8 1.5 2.8 2.3 3.6 5.1 5.2 11.3 13.5 13.8 15.5 17.1 18.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Clearing client balances House balances Avg. Fed funds rate 5.3% 5.3% 5.3% 4.7% 4.3% 4.3% NII ($m) 35.6 65.4 63.5 62.6 53.4 34.6 Clearing NII ($m) 30.2 56.8 54.7 56.4 48.4 59.1 NII movements Q2 2025 vs. Q2 2024 Net Interest Income ($m)4 Q2 24 Q2 25 YoY change YoY Drivers Interest income 184.2 181.4 (2.8) • Avg. Fed Funds rate: -100bps • Growth in avg. balances:+$4.5bn Interest expense (118.8) (146.8) (28.0) • Senior debt issuance: +$0.9bn • Structured note issuance: +$1.4bn Total NII 65.4 34.6 (30.8) Net Interest Income ($m)4 Q1 25 Q2 25 QoQ change QoQ Drivers Interest income 178.9 181.4 +2.5 • Avg. Fed Funds rate: flat • Growth in avg. balances +$0.9bn Interest expense (125.5) (146.8) (21.3) • Senior debt issuance: +$0.3bn • Structured note issuance: +$0.5bn Total NII 53.4 34.6 (18.8) NII movements Q2 2025 vs. Q1 2025 2 3
Page 12
Majority of balance sheet supports client activity 12 Note(s): 1. Period ended June 30, 2025 and 31 December 2025. Tables may not directly cast due to rounding 2. Cash and liquid assets are cash and cash equivalents, treasury instruments pledged as collateral, treasury instruments unpledged and fixed income securities. Securities assets are equity instruments and stock borrowing. Other assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment. Securities liabilities are stock lending and short securities. Other li abilities are deferred tax liability, lease liability, provisions, and corporation tax. 3. Settlement gross-up relates to specific pending bond settlements within our matched principal business. Driven by client activity ~80% of the balance sheet is driven by client activity…. Modest corporate balance sheet ….leading to a relatively modest sized corporate balance sheet Net debt & leverage Net debt and leverage levels managed to maintain investment grade rating Highly liquid balance sheet The balance sheet is made up of short-duration, highly liquid instruments, driving fast turnover in items Period End ($bn) Total1 Client Activities (Jun-25) Residual Dec-24 Jun-25 Client Balances Repurchase Agreements Securities Derivatives Settlement Gross-up3 Jun-25 Cash and Liquid Assets2 6.2 6.9 3.4 0.2 3.3 Trade Receivables 7.6 10.9 4.2 0.5 2.4 2.0 1.9 Reverse Repurchase Agreements 2.5 2.6 2.6 - Securities2 6.5 8.5 8.5 - Derivative Assets 1.2 1.5 1.5 - Other Assets2 0.2 0.4 0.4 Goodwill and Intangibles 0.2 0.3 0.3 Total Assets 24.3 31.2 7.6 3.3 10.9 1.5 2.0 5.9 Trade Payables 9.7 13.4 7.6 3.2 2.0 0.5 Repurchase Agreements 2.3 3.3 3.3 - Securities2 6.7 6.8 6.8 - Debt Securities 3.6 5.3 0.8 0.4 4.1 Derivative Instruments 0.8 1.1 1.1 - Other Liabilities2 0.3 0.2 0.2 Total Liabilities 23.3 30.1 7.6 3.3 10.9 1.5 2.0 4.8 Net Assets 1.0 1.1 Total Equity 1.0 1.1
Page 13
3.8 5.7 Dec-24 Jun-25 Note(s): Some of the funding shown above is denominated in other currencies that have been converted to USD. 1. Regulatory capital represents tangible equity and other instruments that qualify as regulatory capital. 2. Minimum capital requirement determined by the Own Funds Threshold Requirement (“OFTR”) based on Marex’s latest Internal Capit al Adequacy and Risk Assessment (“ICARA”) process. 3. The Group’s total capital resources as a percentage of Own Funds Requirement 13 309 342 723 827 Dec-24 Jun-25 Capital Requirement2 Regulatory Capital1 Total Capital Ratio3 242%234% 2.0 Prudent approach to capital and liquidity underpins Investment Grade ratings Regulatory Capital1 vs. Capital Requirement2 ($m) Total Funding Sources ($bn) Liquidity Headroom 1.1
Page 14
Client-driven business model and robust risk management 14 Market Making daily revenue distribution H1 2025 Number of days by trading profitability 0 5 10 15 20 25 30 35 <($1.0m) ($1.0) - (0.5m) ($0.5) - 0.0m $0.0 - 0.5m $0.5 - 1.0m $1.0 - 1.5m $1.5 - 2.0m >$2.0m 800 928 2024 H1 2025 +15% 86% 85% 98% 100%100% 100% 2024 H1 2025 Days Weeks Months($000s) Note(s): 1. Represents average daily value at risk (VaR) on a 1 day 99% confidence level. We have transitioned to a new consolidated Group VaR model (from Monte Carlo Simulation to Historical Simulation) that was approved by the Board Risk Committee in Dec 2024. Each of the individual businesses transitioned across separately over H1-25 on completion of the model validation and back-testing. $0 H1 2025 daily average VaR1 $4.0m Track record of low realized group credit losses As a % of Revenue 0.2% 0.3% 0.1% 0.1% ($m) 1.1 1.0 4.5 0.7 2022 2023 2024 H1 2025 Positive Market Making trading revenue Daily average Market Making revenue
Page 15
Operational update Ian Lowitt, CEO
Page 16
Diversified model delivered consistent growth in a varied H1 market environment 16 1. This is a non-IFRS financial measure. Adjusted Profit Before Tax defined as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gain, (v) owner fees, (vi) amortisation 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. See Appendix 1 of the Earnings Release“Non-IFRS Financial Measures and Key Performance Indicators” on the Earnings Release for additional information and for a reconciliation of each such IFRS measure to its most directly comparable non-IFRS measure. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability. 2. Exchange volumes include: Total CME and ICE volumes FIA data, includes exchange traded volumes on key exchanges for Marex (CBOE, CBOT, CME, COMEX, Eurex, Euronext, ICE, LME, SGX, Singapore) for Agriculturals, Energy, Non-Precious Metals (Commodities) and Currency, Equity Index, Individual Equity, Interest Rates (Financials) 3. Bloomberg H1 2025 exchange volumes2 Q4 2024 Q1 2025 Q2 2025 +1%+12% Marex sequential quarterly revenue growth 416 467 500 Q4 2024 Q1 2025 Q2 2025 Marex sequential quarterly Adjusted PBT1 growth ($m) 81 96 106 Q4 2024 Q1 2025 Q2 2025 +10% 20.6% 21.3%Margin +18% 19.6% ($m) +7%+12% H1 2025 volatility: CBOE Market Volatility (VIX)(3) 0 10 20 30 40 50 60 70 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Q1 2025 avg: 19 Q2 2025 avg: 24Q4 2024 avg: 17 +7% +27%
Page 17
High quality and reliable earnings 17 Note(s): 1. Adjusted Profit Before Tax is a non-IFRS measure. Please refer to the Appendices of the Earnings Release for the definition and reconciliation to the nearest IFRS measure. 2. Adjusted Sharpe Ratio is a non-IFRS measure and is calculated as the monthly average Adjusted Profit Before Tax divided by its standard deviation over the prior twelve months. On a Reported PAT basis, the Sharpe ratio is as follows; 5.4 for H1 2025 4.7 for FY2024 and 3.2 for FY2023. Distribution of average monthly Adjusted PBT1 Distribution of daily Adjusted PBT1 6.6 10.1 19.2 26.8 30.4 2021 2022 2023 2024 H1 2025 2.2 5.24.34.1 +/- 5.2 +/- 4.5 +/- 2.5 +/- 3.0 Adj. Sharpe Ratio2 Average monthly Adjusted PBT1 ($m) Standard deviation ($m) 6.0 Trailing twelve months Jun-25 Trailing twelve months Jun-24 +/- 5.1 1 2 Average has shifted right, becoming more profitable Small tail with only 5 negative days 3 Set firm up to take advantage of favorable opportunities # of days
Page 18
Agency and Execution Growth in Prime Services driving margin expansion for Agency and Execution • Agency and Execution strength driven by growth in Energy (+26%), Securities ex-Prime (+34%) and Prime (+228%) • Prime has become a substantial component of Agency and Execution and is a source of recurring revenues at high margins • Prime has two reinforcing business: • Prime Services: • Prime-of-prime business servicing institutional investors with ~$25bn AUM • On-balance sheet business providing financing on a direct and synthetic basis including security-based swaps launched in H2 2024 • Outsourced Trading: fully managed trading solution, handling execution, market access, and operational support to institutional clients • Continued to see a significant increase in clients on our platform with a strong pipeline • Increased client demand for financing, though leverage remains below industry average • Primary risk is due to client leverage, which is carefully managed and remains very low 18 143 143 180 154 170 206 35 49 114 H1 2024 H2 2024 H1 2025 Energy Securities (ex-Prime) Prime Services 13% 17% 25% Adjusted PBT margin1 Revenue ($m) +50% 333 362 500 +228% +34% +26% Note(s): 1. Adjusted Profit Before Tax is a non-IFRS measure. Please refer to the Appendix of the Earnings release for the definition and reconciliation to the nearest IFRS measure.
Page 19
Disciplined acquisitions with limited capital usage 19 Capital consumed (cumulative 2023-2025) ~$50m ~$65m ~$150m ~10 ~35 ~150 2023 2024 2025 Actual contribution Run rate impact Run-rate PAT(1) contribution of nearly $150 million compared to $150 million of capital consumed PAT contribution ($m) Attractive M&A pipeline for the remainder of 2025 while remaining disciplined on our criteria Note(s): 1. Run-rate Profit After Tax (PAT) is a non-IFRS measure. Please refer to the Appendix of the Earnings release for the definition and reconciliation to the nearest IFRS measure.
Page 20
Marex trading liquidity continued to increase with PE ownership1 down to ~17% 20 $19.00 $17 $22 $27 $32 $37 $42 $47 $52 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Share PriceADV (000s) PE holding: ~62% at IPO Avg. Daily Traded Volume August 277k shares January July August 400k shares 1.2m 1.8m shares ~$6 million ~$13 million ~$47 million ~$65 million PE holding: ~48% after first follow-on PE holding: ~30% after second follow-on PE holding: ~17% after two 144 block deals Note(s): 1. A secondary offering in April 2025 and subsequent sell-downs by the pre-IPO private equity shareholders, resulted in their residual ownership reducing to 17%.
Page 21
Conclusion 21 • Delivered record profitability in the first half of 2025 • Executing strategy to expand product capabilities and geographic footprint to grow our client base and gain market share • Continue to see an attractive M&A pipeline, while maintaining our strict discipline on deals • Maintaining record levels of surplus liquidity and managing our risk well, supporting our clients through periods of market volatility ~10% Organic Adjusted PBT1 growth annually Marex Adjusted PBT1 ($m) 159 203 H1 2024 H1 2025 +27% 20.2% 21.0%Adjusted PBT1 Margin + Inorganic growth Medium-term growth from Investor Day Note(s): 1. Adjusted Profit Before Tax is a non-IFRS measure. Please refer to the Earnings Release Appendices for the definition and reconciliation to the nearest IFRS measure.
Page 22
Q&A
Page 23
Appendix
Page 24
Interest rate sensitivity 24 Note(s): 1. Reflects incremental Adjusted Profit Before Tax or loss over a given financial year. This is a non-IFRS financial measure. See Appendix 1 of the Earnings Release “Non-IFRS Financial Measures and Key Performance Indicators” on the Earnings Release for additional information and for a reconciliation of each such IFRS measure to its most directly comparable non -IFRS measure. ($m) +1.0% +0.5% (0.5%) (1.0%) ~20 ~10 (~10) (~20) Illustrative Adjusted Profit Before Tax movement from rate sensitivity1Fed funds forward curve 0.0 % 1.0 % 2.0 % 3.0 % 4.0 % 5.0 % 6.0 % Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Implied year- end rate ~3.7% at June 2025
Page 25
Profit Before T ax to Adjusted Profit Before T ax Reconciliation Note(s) (table may not directly cast due to rounding): 1. A bargain purchase gain was recognised as a result of the Group's acquisition of Darton Group Limited (“Darton”); 2. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of ED&F Man Capital Markets business, the OTCex group and Cowen's Prime Services and Outsourced Trading business; 3.This represents the amortisation charge for the year/period of acquired brands and customers lists; 4. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes. In prior years, this balance was presented as part of amortisation of acquired brands and customer lists; 5. Employer tax on vesting of the growth shares represents the Group's tax charge arising from the vesting of the growth shares; 6. 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; 7. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses; 8. Fair value of the cash settlement option on the growth shares represents the fair value liability of the growth shares at $2.3m. Subsequent to the initial public offering when the holders of the growth shares elected to take equity, the liability was derecognized; 9. Costs relating to the public offerings of ordinary shares by certain selling shareholders; 10. Adjusting Operating Tax represents the tax effect on the Group's non-operating adjusting items; 11. Profit attributable to Additional Tier 1 (AT1) note holders includes the coupons on the AT1 which are accounted for as dividends and the tax benefit of the coupons; 12. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by revenue for the period; 13. The weighted average numbers of diluted shares used in the calculation of earnings per share are as follows: three months ended 30 June 2025 75,101,773; three months ended 30 June 2024 74,083,017; six months ended 30 June 2025 74,650,019; six months ended 30 June 2024 72,894,223; 14.Common Equity for each three-month period is calculated as the average balance of total equity minus additional Tier 1 capital a s at 31 March and 30 June of the related year. Common Equity for each six-month period is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year and 31 March and 30 June of the current year. 25 3 months ended 3 months ended 6 months ended 6 months ended ($m) 30 June 2025 30 June 2024 30 June 2025 30 June 2024 Profit After Tax 76.7 59.3 149.2 102.9 Taxation charge 26.9 20.8 52.4 36.1 Profit Before Tax 103.6 80.1 201.6 139.0 Bargain purchase gains1 (0.2) — (3.6) — Acquisition costs2 — (0.2) — — Amortisation of acquired brands and customer lists3 1.7 1.8 3.0 2.6 Activities relating to shareholders4 — — — 2.4 Employer tax on vesting of the growth shares5 — 2.2 — 2.2 Owner fees6 — 0.7 0.4 2.4 IPO preparation costs7 — 4.6 — 8.3 Fair value of the cash settlement option on the growth shares8 — 2.3 — 2.3 Public offering of ordinary shares9 1.3 — 1.3 — Adjusted Profit Before Tax 106.4 91.5 202.7 159.2 Tax and the tax effect on the Adjusting Items10 (26.1) (21.4) (50.8) (36.9) Profit attributable to AT1 note holders11 (3.3) (23.3) (6.6) (6.6) Adjusted Profit After Tax Attributable to Common Equity 77.0 66.8 145.3 115.7 Profit After Tax Margin 15.3% 14.0% 15.4% 13.1% Adjusted Profit Before Tax Margin12 21.3% 21.7% 21.0% 20.2% Basic Earnings per Share ($)13 1.03 0.81 2.01 1.41 Diluted Earnings per Share ($)14 0.98 0.76 1.91 1.32 Adjusted Basic Earnings per Share ($)15 1.08 0.96 2.05 1.70 Adjusted Diluted Earnings per Share ($)16 1.02 0.90 1.95 1.59 Weighted average number of shares 71,450,299 69,349,518 70,998,545 68,160,724 Common Equity 981.1 729.2 946.4 731.5
Page 26
($m) 12 months ended 31 December 2024 12 months ended 31 December 2023 12 months ended 31 December 2022 Profit After Tax 218.0 141.3 98.2 Taxation charge 77.8 55.2 23.4 Profit Before Tax 295.8 196.5 121.6 Goodwill impairment charge1 — 10.7 53.9 Bargain purchase gains2 — (0.3) (71.6) Acquisition costs3 — 1.8 11.5 Amortization of acquired brands and customer lists4 5.5 2.1 1.7 Activities relating to shareholders5 2.4 3.1 0.5 Employer tax on vesting of growth shares6 2.2 — — Owner fees7 2.4 6.0 3.4 IPO preparation costs8 8.6 10.1 0.7 Fair value of the cash settlement option on the growth shares9 2.3 — — Public offering of ordinary shares10 1.9 — — Adjusted Profit Before Tax 321.1 230.0 121.7 Tax and the tax effect on the Adjusting Items1 (76.8) (54.1) (23.9) Profit attributable to AT1 note holders12 (13.3) (13.3) (5.1) Adjusted Profit After Tax Attributable to Common Equity16 231.0 162.6 92.7 Profit After Tax Margin 14% 11% 14% Adjusted Profit Before Tax Margin13 20% 18% 17% Basic Earnings per Share ($)14 2.96 1.94 1.39 Diluted Earnings per Share ($)15 2.72 1.82 1.36 Adjusted Earnings per Share ($)14 3.34 2.46 1.40 Adjusted Diluted Earnings per Share ($)15 3.07 2.31 1.37 Profit Before T ax to Adjusted Profit Before T ax Reconciliation Note(s) (table may not directly cast due to rounding): 1. Goodwill impairment charge in 2023 relates to the impairment charge recognized for the Volatility Performance Fund S.A.CGU, largely due to declining projected revenue. Goodwill impairment charge in 2022 relates to the impairment charge recognized for the OTC Energy CGU in 2022, largely due to declining budgeted performance and macroeconomic factors, such as high inflation and interest rates.“2. A bargain purchase gain is expected to be recognized in 2025 as a result of the Group's acquisition of Darton Group Limited. Bargain purchase gains in 2023 and 2022 relate to gains of $0.3 million recognized as a result of the acquisition of ED&F Man Capital Markets ’Hong Kong business in 2023 and $71.6 million recognized as a result of the ED&F Man Capital Markets’ US and UK businesses in 2022.“3. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of Cowen's Prime Services and Outsourced Trading business. 4. This represents the amortisation charge for the period of acquired brands and customers lists. 5. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes. 6. Employer tax on vesting of the Growth Shares represents the Group’s tax charge arising from the vesting of the Growth Shares. 7. Owner fees relate to management services fees paid to parties associated with the ultimate controlling party based on a percentage of our EBITDA in each year, presented in the income statement within other expenses. 8. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses. 9. Fair value of the cash settlement option on the Growth Shares represents the fair value liability of the Growth Shares at $2.3 million. Subsequent to the IPO when the holders of the Growth Shares elected to settle the awards in ordinary shares, the liability was derecognized. 10. Costs relating to the public offerings of ordinary shares by certain selling shareholders. 11. Tax and the tax effect on the Adjusting Items represents the tax for the period and the tax effect of the other Adjusting Items removed from Profit After Tax to calculate Adjusted Profit Before Tax. The tax effect of the other Adjusting Items was calculated at the Group’s effective tax rate for the respective period. 12. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends. 13. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax divided by revenue for the period. 14. The weighted average numbers of shares used in the calculation for the three months ended 31 March 2025 range estimates and three months ended 2024 actuals were 70,541,771 and 65,683,374 respectively. Weighted average number of shares have been restated as applicable for the Group's reverse share split. The weighted average numbers of shares used in the calculation for the years ended December 31, 2024, 2023, 2022 and 2021 were 69,231,625, 66,018,514, 66,051,966 and 66,800,000 respectively. 15. The weighted average numbers of diluted shares used in the calculation for the three months ended 31 March 2025 range estimates and three months ended 2024 actuals were 74,942,291 and 70,383,309 respectively. Weighted average number of shares have been restated as applicable for the Group's reverse share split. The weighted average numbers of diluted shares used in the calculation for the years ended December 31, 2024, 2023, 2022 and 2021 were 75,279,454, 70,323,467, 67,570,821 and 68,900,000 respectively. Common equity was $775.6m, $629.2m and $523.9m for 31 December 2024, 2023 and 2022 respectively. 26
Page 27
Adjusted Sharpe Ratio (of Adjusted Profit Before T ax) Reconciliation Q2 2024 Q2 2025 Average Monthly Profit After Tax ($m) 13.6 22.0 Standard Deviation on monthly Profit After Tax1 5.1 4.1 Reported Sharpe Ratio 2.7 5.4 Average monthly Adjusted Profit Before Tax 22.0 30.4 Standard Deviation on monthly Adjusted Profit Before Tax1 6.7 5.1 Adjusted Sharpe Ratio 3.3 6.0 Note(s) (table may not directly cast due to rounding): 1. In each period, standard deviation is calculated as the square root of the variance of monthly profit after tax relative to t he mean. The profit after tax variance is calculated as the sum of the squares of the difference between monthly profit after ta x and the mean profit after tax, divided by the number of months, and the calculation of the ratio is the same for the Sharpe ratio (on a monthly p rofit after tax basis) and the Adjusted Sharpe ratio (on a monthly Adjusted Profit Before Tax basis). 27 We define the Adjusted Sharpe ratio as the ratio calculated as the average of monthly Adjusted Profit Before T ax divided by the Standard Deviation of monthly Adjusted Profit Before T ax. The Adjusted Sharpe ratio is used by management to measure our underlying earnings stabilityand assess the scale of the increase in our Adjusted Profit Before T ax. The most directly comparable IFRS ratio is the Sharpe ratio, which is calculated as the average monthly Profit After T ax divided by the Standard Deviation of monthly Profit After T ax.