Slides
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Earnings Call: 4 th Quarter 2025 November 25 th , 2025 StoneX Group Inc.
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Disclaimer 2 The StoneX Group Inc . group of companies provides financial services worldwide, including physical commodities, securities, exchange - traded and over - the - counter derivatives, risk management, global payments and foreign exchange products, through its subsidiaries, in accordance with applicable law in the jurisdictions where services are provided . References to over - the counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U . S . Commodity Futures Trading Commission (CFTC) as a swap dealer . SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM . StoneX Financial Inc . (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB . SFI is registered with the U . S . Securities and Exchange Commission (SEC) as a Broker - Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor . References to securities trading are made on behalf of the Broker - Dealer Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512 (c) . References to exchange - traded futures and options are made on behalf of the FCM Division of SFI and R . J . O'Brien & Associates, LLC . StoneX Financial Ltd is registered in England and Wales, Company No . 5616586 , authorized and regulated by the Financial Conduct Authority . Trading swaps and over - the - counter derivatives, exchange - traded derivatives and options and securities involves substantial risk and is not suitable for all investors . The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security . It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX Group companies to enter into any transaction with you . You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you . No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc . © 2025 StoneX Group Inc . All Rights Reserved Numbers presented through 9 / 30 / 2025 unless otherwise noted . Forward - Looking Statements The following presentation should be taken in conjunction with the most recent financial statements and notes thereto appearing in the most recent Annual Report on Form 10 - K, subsequent Quarterly Reports on Form 10 - Q and other reports filed with the SEC by StoneX Group Inc . (the “Company”) . This presentation may contain "forward - looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 . These forward - looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, including losses from our market - making and trading activities arising from counterparty failures, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of foreign, United States (“U . S . ”) federal and U . S . state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item 1 A of our Annual Report on Form 10 - K for the year ended September 30 , 2024 . Although the Company believes that its forward - looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the Company's actual results will not differ materially from any results expressed or implied by the Company's forward - looking statements . The Company undertakes no obligation to publicly update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law . Readers are cautioned that any forward - looking statements are not guarantees of future performance .
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Financial Overview Bill Dunaway Chief Financial Officer
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4 Fiscal Q4 2025 & Full Fiscal Year Highlights Fourth Quarter (1) $1,202.3mm Up 31 % $1.57 Up 1% Highlights • Versus the prior year quarter: • Net operating rev. (“NOR”) up $130.3mm or 29% • Total fixed comp. and other exp. up $57.3m or 24%; RJO/Benchmark add $32.4mm • On a consecutive quarterly basis (vs. Q3 2025): • NOR up $96.8mm or 20% • Total fixed compensation and other expenses up 14% • Variable compensation up 27%; Fixed up 12% • Q4’25 acquisition related items (~ $0.13 reduction in diluted EPS) • Includes $8.0mm in inv. banking and $1.3m in bridge loan financing charges • RJO / Benchmark • Net operating revenue, RJO - $69.6mm; Benchmark - $11.0mm • Pre - tax income, RJO - $22.1mm; Benchmark - $2.4mm • RJO, metrics (2 months) • 20mm listed derivative volume • $5.6bn per month in average client equity ($3.8bn qtrly ave ) • $50.0mm in interest on client balances • Quarterly ROE of 15.2% while equity has increased 72% over the last two years • Q4’25 Average client equity + MMF/FDIC sweep ~$12.6bn, up 65% vs Q4’24 and up 62% vs Q3’25 • Interest/fee income from client balances up $52.0mm vs Q4’24, up $62.7mm vs Q3’25. • Book value per share of $45.56, up 27% versus prior year Operating Revenues $5.89 Up 11% Operating Revenues Diluted EPS $4,126.9mm Up 20 % Diluted EPS Full Fiscal Year (2) $85.7mm Up 1 2 % Net Income 15.2% 18.5% Q4’24 Return on Equity Net Income $ 305 .9mm Up 17% 15.6% 16.9% Q4’24 Return on Equity (1) Quarterly percentage changes reflect fiscal Q4 2025 vs fiscal Q4 2024 figures (2) Full Fiscal Year percentage changes reflect fiscal year figures ending September 30, 2025, vs fiscal year ending September 30 , 2 024 Note: On March 21, 2025, the Company completed a 3 - for - 2 split of its common stock. All share and per share amounts contained he rein have been retroactively adjusted for this stock split
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5 Figures presented are quarterly; percentage changes reflect fiscal Q4 2025 vs fiscal Q4 2024. Key metrics presented do not a cco unt for all Operating Revenue generated (1) Listed Derivatives Client Equity balance pertains to client assets in our futures and options business on which we retain a share of interest earnings (2) Money Market Fund / FDIC Sweep balance pertains to client assets in our correspondent securities clearing business on whi ch we retain a share of fee income (3) Contracts For Difference (“CFD”), Average Daily Volume (“ADV”) and Rate Per Million (“RPM”) (4) Operating Revenue represents gross revenue less cost of sales of physical commodities (5) The calculation of Securities RPM represents the RPM after excluding interest income associated with our equities activit ies and deducting the interest expense associated with our fixed income activities from operating revenues Operating Revenue (4) by Product Listed Derivatives $207.6mm Up 76% OTC Derivatives $58.6mm Up 27% Physical Contracts $65.9mm Up 24% Securities $519.4mm Up 26% Payments $50.9mm Up 8% FX/CFDs (3) $55.6m Down 34% Interest / Fees Earned on Client Balances $165.6mm Up 46% Contracts (‘000s) & Rate per Contract 66,331 Up 15% $2.79 Up 40% Contracts (‘000s) & Rate per Contract 985 Up 3% $60.40 Up 23% Contracts (‘000s) & Rate per Contract N.A N.A ADV (3) (USDmm) & RPM (3)(5) $9,471 Up 25% $315 Up 23% ADV (USDmm) & RPM $79 Up 13% $10,234 Down 4% ADV (USDmm) & RPM $10,213 Down 7% $83 Down 32% Listed Deriv. Client Equity (1) & MMF/FDIC Sweep Balances (2) $11,321mm Up 71% $1,246mm Up 25% Key Operating Metrics Fiscal Q4 2025 Product Results & Key Metrics
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$126.1 $46.3 $45.4 $34.7 $31.2 $4.5 $2.5 $(5.1) $1,767.2 $2,052.8 FY24 Securities Listed derivatives Other Physical contracts OTC derivatives Payments FX/CFD contracts FY25 6 16% 29% Quarterly percentage changes reflect fiscal Q4 2025 vs fiscal Q4 2024 figures Fiscal Year balances reflect fiscal year figures ending September 30, 2025, vs fiscal year ending September 30, 2024 Fiscal Q4 2025 Fiscal 2025 ($millions) ($millions) Interest, net / fees earned on client balances Interest, net / fees earned on client balances $48.7 $43.1 $13.5 $10.3 $28.8 $12.5 $3.1 $(29.7) $454.8 $585.1 Q4'24 Securities Listed derivatives Other Physical contracts OTC derivatives Payments FX/CFD contracts Q4'25 Net Operating Revenue - Fiscal Q4 2025 & Full Fiscal Year 2025
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Commercial Institutional Self - Directed/Retail Payments Net Operating Revenue Segment Margin Segment Income 7 Quarterly figures reflect fiscal Q4 2025 vs fiscal Q4 2024 figures Segment margin calculated as segment income divided by net operating revenue 53% 53% 44% 46% 39% 30% 54% 61% $168 $211 - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Q4'24 Q4'25 25% $174 $292 Q4'24 Q4'25 67 % $76 $49 Q4'24 Q4'25 (35)% $30 $15 Q4'24 Q4'25 (51)% $46 $49 Q4'24 Q4'25 7% $25 $30 Q4'24 Q4'25 21 % $89 $111 - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 Q4'24 Q4'25 25% $77 $134 Q4'24 Q4'25 73% Segment Performance – Fiscal Q4 2025
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Commercial Institutional Self - Directed/Retail Payments Net Operating Revenue Segment Margin Segment Income 8 54% 51% 42% 45% 41% 46% 56% 58% Fiscal Year balances reflect fiscal year figures ending September 30, 2025, vs fiscal year ending September 30, 2024 Segment margin calculated as segment income divided by net operating revenue 7% 1% 36% 45% 12% 1% 4% Segment Performance – FY 2025 $721 $769 FY24 FY25 $391 $396 FY24 FY25 $630 $857 FY24 FY25 $266 $386 FY24 FY25 $281 $282 FY24 FY25 $116 $130 FY24 FY25 $200 $202 FY24 FY25 $113 $117 FY24 FY25
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9 Interest/Fees Earned on Client Balances by Quarter Annualized Interest Rate Sensitivity * Net operating revenues derived from interest /fees earned on client balances (1) Assumes a parallel shift in yields (2 ) Based on the total investable balances of $14.8bn as of 9/30/25 ($13.5bn from FCM and $1.3bn from Correspondent Clearing fu nds ), net of $1.1bn of fixed duration instruments. Net of Incremental Interest Expense on Variable Rate Debt, average quarterly balance of $520.6mm at 9/30/2025 (3) Based on a 27.5% effective tax rate Potential + / - Incremental Change in Net Interest & 12b1 Fees Earned (USDmm) (2) Annual Rate Change (bps) (1) Post-tax Effect on Net Income(3) Incremental Effect on Post-tax EPS (3) 25 $13.5 $0.26 50 $26.9 $0.51 75 $40.4 $0.77 100 $53.8 $1.02 $71.3 $67.0 $71.0 $70.8 $67.8 $62.0 $59.9 $112.6 $14.4 $14.2 $13.8 $14.6 $14.9 $14.4 $13.3 $14.0 $12.8 $23.0 $31.0 $28.2 $24.9 $25.3 $29.7 $39.1 $63.0 $74.0 $86.4 $83.4 $77.4 $74.5 $73.9 $112.2 $0 $20 $40 $60 $80 $100 $120 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 USDmm USDmm Interest Income - FCM Client Deposits Fee/Interest Income on Securities Clearing Other Interest Income Net Interest/Fee Income (RHS)* Interest Rate Sensitivity
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Sean O’Connor Executive Vice - Chairman
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Client-centric business Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 11 Delivering Growth Through M&A & Integration StoneX’s financial strength, regulatory position, and publicly traded status make it a trusted acquirer and integrator TRX Futures (Brokerage & Clearing) Mar-12 Nov-14 (Securities Clearing & Independent WM Business)(2) Jun-16 (SWIFT Service Bureau) Sep-18 (Singapore Futures & Options Brokerage & Clearing Business) Mar-19 Feb-20 Nov-22 Sep-24 30+ Acquisitions Over Last Decade (Investment Banking Platform) Mar-25 Apr-25 Share Price (Rebased(1)) Select Strategic Acquisitions Notes: Dates shown for select precedent transactions reflective of initial announcement date (1) Rebased to 15 - Mar - 07, date of FCStone’s initial public offering on NASDAQ Exchange for ~$130M of net proceeds (2) Later announced merger of wholly owned subsidiary Sterne, Agree & Leach in Jul - 17 as part of further consolidation of entit ies (Wholesale Meat- Trading) Sep-25 Right Corporation +1095% +211% Russell 2000 Broadens capabilities Clear value creation case Limited leverage Highly opportunistic
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Transactions Executed Bids Made Information Received Opportunities Reviewed 12 Building Momentum Through Scale StoneX maintains a proven track record of deal execution and a robust M&A pipeline 100 69 16 6 Notes: Illustrative number of opportunities reviewed during 2025
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13 Recent M&A Activities Build Our Ecosystem Grow and Diversify Our Client Base Operational Efficiency Capital Efficiency Scale Advantage Expands products and service Increase our market share Increase efficiency and client engagement Capital synergies realized Benefits from StoneX balance sheet and institutional strength Right Corporation Increasing our market share by addition of new clients, while addressing more needs and expanding our capabilities (1) StoneX acquired JBR’s precious metal recovery and refinery business on October 1, 2024 (2) StoneX made a strategic investment into Bamboo Payment Systems announced on March 17, 2025. The investment is accounted for under the equity method of accounting, and accordingly we do not consolidate Bamboo’s assets and lia bilities. (1) (2)
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14 Building the StoneX Ecosystem M&A Activities Right Corporation Enhancement of Products & Services Digital Assets Prime Brokerage Ag Hedging Platform OTC Products LatAm Wealth Management Precious Metals Vault Combining inorganic growth with innovative solutions for clients (2) (1) (1) StoneX acquired JBR’s precious metal recovery and refinery business on October 1, 2024 (2) StoneX made a strategic investment into Bamboo Payment Systems announced on March 17, 2025. The investment is accounted for under the equity method of accounting, and accordingly we do not consolidate Bamboo’s assets and lia bilities.
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Integration Update Abbey Perkins M&A Integration
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Rationale Transformational opportunity ▪ Became the largest non - bank FCM in the US with $ 13 . 7 billion ( 1 ) in required client segregated/secured assets ▪ Adding 156 million TTM listed derivative clearing volume Expanded products and capabilities ▪ Introducing complementary OTC and physical products to RJO’s strong agricultural client base ▪ Cross - sell underway servicing financial institutions across cash and listed derivatives fixed income products ▪ Leveraging RJO’s Dubai regulatory presence ▪ Utilize RJO risk management and cash management technology tools Significant cost synergies ▪ Dedicated integration team to realize expense and capital synergies ▪ UK integration underway and transfer of business to occur in fiscal Q 2 ’ 26 ▪ US FCM integration progressing to be completed in fiscal Q 4 ’ 26 Accretive to EPS and ROE ▪ RJO will be accretive in both EPS and ROE in both the near and long - term, ultimately driving value to our shareholders 16 RJO Integration Update (1) Customer assets includes assets required in segregation, as required by 4d(a)(2) and secured as Part 30.7. As of September 30, StoneX Financial Inc. held $7.4bn and R.J. O’Brien and Associates, LLC held $6.3bn.
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17 Key Integration Milestones Synergies On Track Expense Synergies $50mm ▪ Combining overseas operations (UK, France, Hong Kong and Singapore) into StoneX entities to be completed by fiscal Q 2 2026 – representing 25 % of expense synergies ▪ Merger of the two US FCM’s expected in late fiscal Q 4 2026 – targeting 50 % of expense synergies ▪ Remaining is expected to be realized in FY 2027 Capital Synergies $50mm ▪ Migration of RJO’s broker - dealer and UK business combination is expected to release $ 25 mm in capital ▪ Additional $ 30 - 40 mm will be released through the merger of the two US FCMs ▪ Dividend of $ 42 mm to StoneX HoldCo in Q 4 2025 from excess RJO cash Revenue Enhancement ▪ Confirmed little client overlap as expected at deal execution ▪ Significant effort to educate sales force and identify opportunities
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18 Closing Thoughts • Record net income of $ 85 . 7 mm, up 12 % . Diluted EPS of $ 1 . 57 , up 1 % . Acquisition - related charges of $ 9 . 3 mm pre - tax, or $ 0 . 13 EPS • ROE for the quarter of 15 . 2 % and 15 . 6 % for the full fiscal year • BV per share $ 45 . 56 – up $ 9 . 81 , or 27 % versus prior year • Results over the last two years have grown trailing twelve months operating revenues by 42 % , or a 19 % CAGR, and trailing twelve months earnings by 28 % , or a 13 % CAGR • RJO transaction closed - a transformational transaction positioning StoneX as a preferred counterparty across asset classes, client types and geographies . • Benchmark acquisition closed - accretive to both StoneX’s ecosystem and net earnings • A more volatile economic backdrop appears to be emerging — potentially surpassing levels of the past two years — but this environment plays to our strengths, as volatility continues to be a key driver of our business • Significant growth in our client assets – segregated funds, securities clearing, prime brokerage and metals – provides stable recurring income • We have a significant TAM – we believe digitization will continue to power growth
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Thank you