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Diversified Resilient Dynamic Third quarter 2026 results November 5, 2026
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2 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding expected financial results, targets, including our 2027 growth target, growth strategy and long-term prospects, market opportunities and product and geographic expansion, new products and initiatives (including our innovation pipeline), net interest income, capital and liquidity management, credit ratings, acquisitions (including expected timing, synergies and integration benefits and the expected completion of pending acquisitions, including Bright Point) 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 presentation relate only to events or information as of the date on which the statements are made in this presentation. 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 presentation, 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.
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3 Performance highlights Ian Lowitt, CEO
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4 Strategic execution delivering consistently strong performance Note(s): 1. Adjusted Profit Before Tax and Adjusted Profit Before Tax Margin 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 non-IFRS measure to its most directly comparable IFRS measure. Third quarter 2026 Revenue $743m +53% YoY Adjusted PBT1 | Margin1 Adjusted RoE1 35.7% +810 bps YoY Adjusted basic EPS1 $1.75 +73% YoY Year-to-date 2026 Consistent earnings growth Another record quarter, with year-on-year and quarter-on-quarter adjusted PBT growth Margin expansion Year-on-year margin improvement, supported by growth and business mix Structural growth Executing our strategy to expand capabilities and drive sustainable growth Higher earnings base Market share gains, deeper client relationships and acquisitions increasing earnings capacity $176m | 24% +75% YoY | +300bps YoY Revenue $2.1bn +47% YoY Adjusted RoE1 36.9% +730 bps YoY Adjusted basic EPS1 $5.04 | $6.25 +65% YoY | TTM+63% YoY | +230bps YoY $495m | 23% Adjusted PBT1 | Margin1
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5 100.5 114.9 152.7 165.9 176.1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Delivering earnings growth across different market environments Exchange volumes2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Note(s) (charts may not directly cast due to rounding): 1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” on the Earnings Release for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. 2. FIA data, includes exchange traded volumes on key exchanges for Marex (CBOT, CME, COMEX, Eurex, Euronext, ICE, LME, SGX, NYMEX) for Agriculturals, Energy, Non-Precious Metals (Commodities) and Currency, Equity Index, Individual Equity, Interest Rates (Financials). 3. Source: Bloomberg Marex quarterly Adjusted PBT1 ($m) +75% YoY +6% QoQ +20% YoY +2% QoQ Commodities: Bloomberg Commodity Index (BCOM)3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Volatility: CBOE Market Volatility (VIX)3 Average quarterly VIX: 1616 18 20 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 18 -12% QoQ0% YoY 150 100 0 Price Volatility
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6 Structural growth sustaining momentum through Q3 STRUCTURAL GROWTH IN ACTION EXPANDING CAPABILITIES Acquisitions Webb Traders and Levmet contributed to sequential earnings growth, while acquisitions continue to broaden our capabilities ACCELERATING FX GROWTH Integrating and scaling Consolidating FX offerings post acquisition of Hamilton Court, accelerating growth without increased risk EXPANDING INSTITUTIONAL RELATIONSHIPS Prime and Clearing Market share gains in Prime and growing relationships with larger institutional clients in Clearing $176m record adjusted PBT +75% YoY | +6% QoQ 82 clients > $5m annualized revenue up from 49 in 2025 Q3 OUTCOMES
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7 29 Q4 37 Q1 22 Q2 29 Q3 34 Q4 75 Q1 50 Q2 53 Q3 53 Q4 68 Q1 92 Q2 81 Q3 81 Q4 96 Q1 106 Q2 101 Q3 115 Q4 153 Q1 166 Q2 2021 2022 2023 2024 2025 2026 YoY % QoQ % 123% 83% 160% 27% 8% (39)% 84% 30% 16% 15% 104% 123% 123% (33)% 82% 6% 56% (1)% (9)% 29% 84% 35% 52% (12)% 55% 1% 42% 18% 16% 10% 25% (6)% 41% 14% 59% 33% 56% 9% Diversified business model Growth supported by a diversified platform across products, business lines and geographies Structural growth Increased earnings power Growth in infrastructure-intensive businesses and economies of scale driving gradual margin expansion Deliberate investment in growth to offset cyclical impacts of markets and drive consistent growth through market cycles Consistent earnings growth through market cycles Quarterly Adjusted PBT1 ($m) Strategic takeaways Note(s): 1. Adjusted Profit Before Tax is a non-IFRS measure. 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 non-IFRS measure to its most directly comparable IFRS measure. Q3 75% 6% 176 IPO
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8 Innovation is opening doors to new large institutional clients New capabilities attracting institutional clients and supporting growth Examples of recent initiatives 6 clients live US Treasury Cross-margining 15 more in the pipeline, including large institutional clients Live as an FCM on Kalshi Prediction Markets First OTC swap on Canton Network Tokenization Expanding tokenized trading and collateral capabilities Clearing and Market Making capabilities Compute Futures Positioning Marex to support a potentially significant new asset class Responding to client demand for new products, creating opportunities to establish and grow institutional relationships Providing institutional clients with access to prediction markets through Marex's FCM platform
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9 Financial performance Rob Irvin, CFO
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10 Note(s) (table may not directly cast due to rounding): 1. These are non-IFRS financial 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 non-IFRS measure to its most directly comparable IFRS measure. 2. Percentage change calculated on numbers presented to the nearest tenth of a million. 3. Discontinued operations comprised of $35.1m gain on disposal of the Winterflood custody business and $0.4m of profit after tax generated in H1 2026. 4. n.m. = not meaningful as a percentage. Financial highlights: Q3 2026 and YTD Q3 key drivers of performance Strong revenue growth Q3 revenue increased across all four segments: Clearing +27%, Agency & Execution +40%, Market Making +244% and Solutions +26% Margin expansion Revenue +53% YoY versus front office costs +49% and control & support costs +37% Adjusted PBT margin1 increased 300bps to 23.7% Limited adjusting items1 $3.4m of adjusting items1 in Q3, with reported PBT of $173m broadly aligned with adjusted PBT1 of $176m Group income statement ($m) Q3 2026 Q3 2025 YoY2 YTD 2026 YTD 2025 YoY2 Revenue 743.2 484.6 53% 2,131.3 1,452.0 47% Front office costs (392.6) (264.0) 49% (1,126.7) (794.6) 42% Control & support costs (158.9) (116.3) 37% (473.7) (339.1) 40% Depreciation & amortization (9.3) (7.9) 18% (27.2) (21.4) 27% Adjusted expenses (560.8) (388.2) 44% (1,627.6) (1,155.1) 41% Net provision for credit losses (6.7) (0.1) n.m.4 (15.5) (1.2) n.m.4 Other income 0.4 4.2 (90%) 6.6 7.5 (12%) Adjusted PBT1 176.1 100.5 75% 494.7 303.2 63% Adjusted PBT margin1 23.7% 20.7% +300bps 23.2% 20.9% +230bps Adjusting items1 (3.4) (1.7) 100% (14.0) (2.8) 400% Reported PBT (continuing) 172.7 98.8 75% 480.7 300.4 60% Tax (42.4) (25.6) 66% (118.2) (78.0) 52% Reported PAT (continuing) 130.3 73.2 78% 362.5 222.4 63% Discontinued operations gain3 — — n.m.4 35.5 — n.m.4 Reported PAT 130.3 73.2 78% 398.0 222.4 79%
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11 67.0 67.4 58.0 79.2 84.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue ($m) YTD 2025 YTD 2026 Net Commission Income 206 237 Net Interest Income 169 228 Net Trading Income 17 3 Total 392 469 YoY growth +20% Note(s) (charts may not directly cast due to rounding): 1. This is a non-IFRS financial measure. See Appendix 1 of the Earnings Release “Non-IFRS Financial Measures and Key Performance Indicators” on the Earnings Release for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. 194.1 221.8 YTD 2025 YTD 2026 +26%YoY +14% YoY YTD 2026 performanceQuarterly performance Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Commission Income 66 70 88 72 77 Net Interest Income 62 59 68 78 83 Net Trading Income 6 8 (18) 11 10 Total 134 137 137 161 170 YoY growth +27% Adjusted PBT1 ($m) Adjusted PBT1 ($m) Adjusted PBT Margin1 50% 49% 42% 49% 50% Contracts cleared (m) 298 313 397 312 344 Average Clearing client balances ($bn) 13.3 14.0 16.0 19.1 18.7 Adjusted PBT Margin1 50% 47% Contracts cleared (m) 967 1,054 Average Clearing client balances ($bn) 12.7 17.9 Clearing - larger client wins and deeper client relationships driving growth
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12 191.9 322.8 YTD 2025 YTD 2026 66.2 89.0 91.2 116.9 114.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Note(s) (charts may not directly cast due to rounding): 1. 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 non-IFRS measure to its most directly comparable IFRS measure. Adj PBT Margin1 Adj PBT Margin126% 31% 28% 33% 32% 25% 31% Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Prime 57 87 74 120 115 FX 26 27 32 52 59 Credit 16 15 11 12 14 Rates 29 26 34 31 34 Equities 53 55 63 68 66 Securities 182 209 214 283 286 Energy 75 76 106 65 72 Other 2.0 5.1 2.9 3.9 3.1 Total 259 290 322 351 361 YoY growth +40% Revenue ($m) YTD 2025 YTD 2026 Prime 171 309 FX 40 142 Credit 49 36 Rates 89 99 Equities 153 196 Securities 501 782 Energy 255 242 Other 2.5 9.9 Total 759 1,034 YoY growth +36% +68% YoY Adjusted PBT1 ($m) Adjusted PBT1 ($m) Agency and Execution - strong performance in Prime, FX and Equities YTD 2026 performanceQuarterly performance +73% YoY
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13 Market Making - strong performance from an expanded franchise in a favorable environment 16% 33% 40% 38% 38% 27% Note(s) (charts may not directly cast due to rounding): 1. 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 non-IFRS measure to its most directly comparable IFRS measure. 42.1 158.3 YTD 2025 YTD 2026 39% Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Metals 24 50 65 66 91 Ags 0 4 10 8 11 Energy 7 7 32 15 13 Securities 13 20 33 30 36 Total 44 81 140 118 151 YoY growth +244% Revenue ($m) YTD 2025 YTD 2026 Metals 88 221 Ags 7 29 Energy 27 60 Securities 33 99 Total 154 409 YoY growth +165% 7.0 26.8 55.8 44.6 57.9 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adj PBT Margin1 Adj PBT Margin1 Adjusted PBT1 ($m) Adjusted PBT1 ($m) YTD 2026 performanceQuarterly performance +276% YoY+727% YoY
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14 Adj PBT Margin1 Adj PBT Margin1 Adjusted PBT1 ($m) Adjusted PBT1 ($m) Hedging and Investment Solutions - growth supported by client demand and platform investment 25% 23% 35% 35% 23% 22% 32% Note(s) (charts may not directly cast due to rounding): 1. 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 non-IFRS measure to its most directly comparable IFRS measure. Revenue ($m) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Hedging Solutions 23 23 36 34 32 Financial Products 26 40 58 37 29 Total 48 63 93 71 61 YoY growth +26% Revenue ($m) YTD 2025 YTD 2026 Hedging Solutions 57 102 Financial Products 77 123 Total 134 225 YoY growth +68% 12.0 14.3 32.7 24.9 13.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 29.2 71.4 YTD 2025 YTD 2026 YTD 2026 performanceQuarterly performance +15% YoY +145% YoY
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15 Note(s) (chart and tables may not directly cast due to rounding): 1. Reflects the average of the daily holdings in exchanges, banks and other investments over the period. 2. Clearing client balances represent the average daily balances placed by clients and held by Marex. 3. House balances are daily average balances and include the Group’s 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 results. 5. Interest expense comprises interest paid out to clients through NII sharing arrangements and the Group's funding costs. A breakdown is provided in the press release. 12.7 17.9 13.3 14.0 16.0 19.1 18.7 5.2 6.1 5.3 5.7 6.1 5.7 6.5 17.9 24.0 18.6 19.7 22.1 24.8 25.2 Clearing client balances²House balances³ YTD Q3 2025 YTD Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net interest income and average balances NII and total average balances1 Q3 2026 vs. Q2 2026 NII movements Q3 2026 vs. Q3 2025 NII movements Average balances ($bn) YTD 2025 YTD 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Avg. Fed Funds rate 4.3% 3.6% 4.3% 3.9% 3.6% 3.6% 3.7% NII ($m) 126.5 106.3 38.5 26.1 40.9 29.7 35.7 Clearing NII ($m) 169.1 227.9 61.6 58.5 67.5 77.5 82.9 Net Interest Income ($m)4 Q2 2026 Q3 2026 QoQ Change Drivers Interest income 205.7 221.7 7.8% • Avg. Fed Funds rate: +10 bps • Growth in avg. balances +$0.4bn Interest expense5 (176.0) (186.0) 5.7% • Avg. senior debt issuance: +$0.1bn • Avg. structured note issuance: +$0.4bn Total NII 29.7 35.7 20.2% Net Interest Income ($m)4 Q3 2025 Q3 2026 YoY Change Drivers Interest income 194.0 221.7 14.3% • Avg. Fed Funds rate: -60 bps • Growth in avg. balances +$6.6bn Interest expense5 (155.5) (186.0) 19.6% • Avg. senior debt issuance: +$0.5bn • Avg. structured note issuance: +$1.8bn Total NII 38.5 35.7 (7.3)%
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16 Vast majority of balance sheet driven by client activity Note(s) (tables may not directly cast due to rounding): 1. Period ended September 30, 2026 and December 31, 2025. 2. Cash & Liquid Assets are cash and cash equivalents, treasury instruments (pledged as collateral and unpledged), treasury instruments (pledged) and assets held under agreements to sell (repledged) and fixed income securities (pledged as collateral and unpledged). Securities assets are equity instruments and stock borrowing. Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment. Assets and Liabilities held for sale relate to the disposal of the Winterflood custody business. Securities liabilities are stock lending and short securities. Other Liabilities are deferred tax liability, lease liability, short term borrowings, provisions and corporation tax. 3. During the period, the Group made a voluntary change in accounting policy for regular way matched principal transactions from trade to settlement date accounting. Please refer to the interim financial statements for further details and impact of the change on the Statement of Financial Position. Driven by client activity ~80% of the balance sheet is driven by client activity…. Modest corporate balance sheet ….leading to a relatively modest sized corporate balance sheet Net debt & leverage Net debt and leverage levels consistent with investment grade rating Highly liquid balance sheet The balance sheet is made up of short-duration, highly liquid instruments Total1 Client Activities (Sep-26) Residual Period End ($bn) Dec-25 (restated3) Sep-26 Client Balances Repurchase Agreements Securities Derivatives Sep-26 Cash and Liquid Assets2 7.0 8.7 5.5 3.2 Trade and Other Receivables 9.0 12.7 3.0 4.8 4.9 Reverse Repurchase Agreements 3.1 2.9 2.6 0.3 — Securities2 9.8 14.7 14.7 — Derivative Assets 2.3 5.2 1.6 3.6 — Other Assets2 0.7 0.7 0.7 Goodwill and other intangibles 0.3 0.4 0.4 Assets Held for Sale2 0.4 — — Total Assets 32.7 45.4 8.5 2.6 21.4 3.6 9.3 Trade Payables 11.0 13.8 8.5 3.4 1.8 Repurchase Agreements 4.1 5.5 2.6 2.9 — Securities2 7.7 10.5 10.5 — Derivative Liabilities 2.3 5.9 2.7 3.2 — Other Liabilities2 0.3 0.2 0.2 Debt Securities 5.7 7.6 1.9 0.4 5.3 Liabilities Held for Sale2 0.3 — — Total Liabilities 31.4 43.4 8.5 2.6 21.4 3.6 7.3 Net Assets 1.3 2.0 2.0 Total Equity 1.3 2.0 2.0
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17 403 610 927 1,673 Capital Requirement Capital Resources Dec-25 Sept-26 Capital Resources vs. Capital Requirement ($m) Total Funding Sources5 ($bn) Group Capital Ratio2 230% 274% Liquidity Headroom6 $1.0 $1.3 43 Prudent approach to capital and liquidity underpins Investment Grade ratings RAC ratio1 10.7% 12.3% 6.2 8.9 Dec-25 Sept-26 Note(s): Some of the funding shown above is denominated in other currencies that have been converted to USD. 1. S&P Risk-Adjusted Capital (RAC) Ratio. 2. The Group capital ratio represents Group capital resources as a percentage of the Group capital requirement. 3. The Group capital requirement is an internal management measure calculated using internal methodologies. 4. 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. 5. Total Funding Sources comprise committed revolving credit facilities (RCFs), vanilla debt, hybrid capital instruments and structured notes. 6. Liquidity Headroom represents the excess of Liquid Assets over the Group's Liquidity Requirement.
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18 85% 87%100% 100%100% 100% Days Weeks Months YTD 2025 YTD 2026 10 9 6 16 17 16 15 100 <($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>$2.0m 1.0 4.5 0.8 2023 2024 2025 YTD 2026 Client-driven business model and robust risk management Market Making daily revenue distribution YTD 2026 Track record of low realized group credit losses Positive Market Making trading revenue As a % of revenue 0.1% 0.3% 0.0% Note(s): 1. Represents average daily value at risk (VaR) on a 1 day 99% confidence level. ($m) YTD 2026 daily average VaR1 $5.6m $0 0.0% Number of days by trading profitability 0.0
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19 Conclusion Ian Lowitt, CEO
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20 Q&A
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21 Appendix
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22 Note(s) (table may not directly cast due to rounding): 1. A bargain purchase gain was recognized as a result of the Group's acquisition of Darton Group Limited (“Darton”); 2. This represents the amortization charge for the period of acquired brands and customer lists; 3. 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; 4. Costs relating to the public offerings of ordinary shares by certain selling shareholders; 5. Merger and acquisition costs: These primarily consist of professional advisory and legal fees in relation to M&A activity; 6. Redomiciliation costs: Costs incurred in relation to the migration of the Group's TopCo to Bermuda; 7. 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; 8. Profit attributable to Additional Tier 1 (AT1) and hybrid perpetual note holders includes coupons, which are accounted for as dividends. $500m of hybrid capital was issued in June 2026; 9. Loss/(Profit) attributable to non-controlling interest relates to the Group's acquisition of Hamilton Court; 10. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by revenue for the period; 11. The weighted average numbers of diluted shares used in the calculation of earnings per share are as follows: three months ended September 30, 2026 75,829,637; three months ended September 30, 2025 75,381,685; nine months ended September 30, 2026 75,544,617; nine months ended September 30, 2025 75,723,200; 12. Average Common Equity for each three-month period is calculated as the average balance of total equity minus additional Tier 1 capital, hybrid perpetual instruments and non-controlling interest as at June 30 and September 30 of the current year. Average Common Equity for each nine month period is calculated as the average balance of total equity minus additional Tier 1 capital, hybrid perpetual instruments and non-controlling interest as at December 31 of the prior year and March 31, June 30 and September 30 of the current year. 13. Adjusted Return on Equity is calculated as the Adjusted Profit Attributable to Common Equity divided by the average Common Equity for the period. 14. Excludes the impact of the gain on disposal of the Winterflood custody business ($m) 3 months ended September 30, 2026 3 months ended September 30, 2025 9 months ended September 30, 2026 9 months ended September 30, 2025 Profit After Tax from Continuing Operations 14 130.3 73.2 362.5 222.4 Taxation charge 42.4 25.6 118.2 78.0 Profit Before Tax from Continuing Operations 14 172.7 98.8 480.7 300.4 Bargain purchase gains1 — — — (3.6) Amortization of acquired brands and customer lists2 2.2 1.7 7.5 4.7 Owner fees3 — — — 0.4 Public offering of ordinary shares4 — — — 1.3 Merger and acquisition costs5 0.4 — 1.9 — Redomiciliation costs6 0.8 — 4.6 — Adjusted Profit Before Tax 176.1 100.5 494.7 303.2 Tax and the tax effect on Adjusting Items7 (39.9) (24.7) (113.7) (75.5) Profit attributable to AT1 and hybrid perpetual note holders8 (9.8) (3.3) (18.0) (9.9) Loss/(Profit) attributable to non-controlling interest9 0.2 (0.3) 0.5 (0.3) Adjusted Profit After Tax Attributable to Common Equity 126.6 72.2 363.5 217.5 Profit After Tax Margin from Continuing Operations 14 17.5% 15.1% 17.0% 15.3% Adjusted Profit Before Tax Margin10 23.7% 20.7% 23.2% 20.9% Basic Earnings per Share ($) 1.52 0.97 5.13 2.98 Diluted Earnings per Share ($)11 1.45 0.92 4.89 2.80 Adjusted Basic Earnings per Share ($) 1.75 1.01 5.04 3.05 Adjusted Diluted Earnings per Share ($)11 1.67 0.96 4.81 2.87 Weighted average number of shares 72,378,948 71,699,922 72,093,928 71,238,377 Average Common Equity12 1,419.8 1,047.8 1,314.3 980.9 Adjusted Return on Equity (%)13 35.7 % 27.6 % 36.9 % 29.6 % Profit Before Tax to Adjusted Profit Before Tax Reconciliation
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23 Profit Before Tax to Adjusted Profit Before Tax 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 was recognized as a result of the Group's acquisition of Darton Group Limited (“Darton”). Bargain purchase gains in 2023 and 2022 relate to gains of $0.3m recognized as a result of the acquisition of ED&F Man Capital Markets’ Hong Kong business in 2023 and $71.6m recognized as a result of the ED&F Man Capital Markets’ US and UK businesses in 2022. 3. This represents the amortization charge for the period of acquired brands and customer lists. 4. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes. 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 $2.3m. Subsequent to the IPO when the holders of the Growth Shares elected to settle the awards in ordinary shares, the liability was derecognized. 9. Costs relating to the public offerings of ordinary shares by certain selling shareholders. 10. Merger and acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of Winterflood, Cowen's Prime Services and Outsourced Trading business. 11. Adjusted Operating Tax represents the tax effect on the Group's non-operating adjusting items and the tax benefit of the coupons. 12. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends. 13. Profit attributable to non-controlling interest relates to the Group's acquisition of Hamilton Court. 14. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax by revenue for the period. 15. The weighted average numbers of diluted shares used in the calculation of earnings per share are as follows: year ended December 31, 2025 76,126,884; year ended December 31, 2024 75,279,454; year ended December 31, 2023: 70,323,467 16. Excludes the impact of the Winterflood custody business, ($m) 12 months ended December 31, 2025 12 months ended December 31, 2024 12 months ended December 31, 2023 12 months ended December 31, 2022 Profit After Tax from Continuing Operations 16 307.9 218.0 141.3 98.2 Taxation charge 103.7 77.8 55.2 23.4 Profit Before Tax from Continuing Operations16 411.6 295.8 196.5 121.6 Goodwill impairment charges1 — — 10.7 53.9 Bargain purchase gain2 (3.6) — (0.3) (71.6) Amortization of acquired brands and customer lists3 6.9 5.5 2.1 1.7 Activities relating to shareholders4 — 2.4 3.1 0.5 Employer tax on vesting of growth shares5 — 2.2 — — Owner fees6 0.4 2.4 6.0 3.4 IPO preparation costs7 — 8.6 10.1 0.7 Fair value of the cash settlement option on the growth shares8 — 2.3 — — Public offering of ordinary shares9 1.3 1.9 — — Merger and acquisition costs10 1.5 0.0 1.8 11.5 Adjusted Profit Before Tax 418.1 321.1 230.0 121.7 Tax and the tax effect on the Adjusting Items11 (100.4) (76.8) (54.1) (23.9) Profit attributable to AT1 note holders12 (13.3) (13.3) (13.3) (5.1) Profit attributable to non-controlling interest13 (0.5) — — — Adjusted Profit After Tax Attributable to Common Equity 303.9 231.0 162.6 92.7 Profit After Tax Margin from Continuing Operation16 15.2% 13.7% 11.0% 14.0% Adjusted Profit Before Tax Margin14 20.7% 20.1% 18.0% 17.0% Basic Earnings per Share ($) 4.12 2.96 1.94 n/m Diluted Earnings per Share ($)15 3.86 2.72 1.82 n/m Adjusted Basic Earnings per Share ($) 4.26 3.34 2.46 n/m Adjusted Diluted Earnings per Share ($)15 3.99 3.07 2.31 n/m Weighted average number of shares 71,352,867 69,231,625 66,018,514 n/m
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24 Adjusted Sharpe Ratio (of Adjusted Profit Before Tax) Reconciliation 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 the mean. The profit after tax variance is calculated as the sum of the squares of the difference between monthly profit after tax 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 profit after tax basis) and the Adjusted Sharpe ratio (on a monthly Adjusted Profit Before Tax basis). 2. This is calculated on a trailing twelve month basis. We define the Adjusted Sharpe ratio as the average of monthly Adjusted Profit Before Tax divided by the Standard Deviation of monthly Adjusted Profit Before Tax. The Adjusted Sharpe ratio is used by management to measure our underlying earnings stability and assess the scale of the increase in our Adjusted Profit Before Tax. The most directly comparable IFRS ratio is the Sharpe ratio, which is calculated as the average monthly Profit After Tax divided by the Standard Deviation of monthly Profit After Tax. Q3 2025 Q3 2026 Average Monthly Profit After Tax ($m)2 23.2 40.3 Standard Deviation on Monthly Profit After Tax1 4.0 14.0 Reported Sharpe Ratio 5.7 2.9 Average Monthly Adjusted Profit Before Tax ($m)2 32.0 50.8 Standard Deviation on Monthly Adjusted Profit Before Tax1 5.2 12.9 Adjusted Sharpe Ratio 6.1 3.9
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25 Marex volumes data (million contracts) Q3 2026 Q3 2025 % change Q3 2026 TTM Q3 2025 TTM % change Clearing Market Volumes¹ 3,320 2,761 20% 13,504 12,017 12% Marex Revenue ($m) 170 134 27% 605 516 17% Marex Volumes 344 298 15 % 1,367 1,257 9% Agency and Execution - Energy Marex Revenue ($m) 72 75 (4) % 318 328 (3%) Marex Volumes2 5.6 5.1 10 % 23.4 22.1 6% Agency and Execution - Securities Marex Revenue – ex-Prime ($m) 171 124 38% 595 418 42% Marex Volumes 95 71 34% 376 301 25% Marex Revenue – Prime ($m) 115 57 100% 396 202 96% Note(s) (table may not directly cast due to rounding): 1. “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). 2. In Q3 2025 we refined the Marex volumes data for Energy to better reflect trading activity in the business. Prior year comparatives have been revised for comparability.