Slides
Page 1
Earnings Call: 1 st Quarter 2026 February 5 th , 2026 StoneX Group Inc.
Page 2
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 12 / 31 / 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 statements about the benefits of our acquisition of RJO, expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX with respect to the acquisition, 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 .
Page 3
Financial Overview Bill Dunaway Chief Financial Officer
Page 4
4 Fiscal Q1 2026 & TTM Highlights First Quarter (1) $1,438.2mm Up 52% $2.50 Up 48% Highlights • Versus the prior year quarter: • Net operating rev. (“NOR”) up $232.3mm or 47% • Total fixed comp. and other exp. up $75.6m or 31% • On a consecutive quarterly basis (vs. Q4 2025): • NOR up $139.3mm or 24% • Total fixed comp. and other exp. up 10% • Variable comp. up 18%; Fixed up 2% • RJO / Benchmark (Q1 2026) • Net operating revenue, RJO - $93.0mm; Benchmark - $17.2mm • Fixed comp. and other exp., RJO - $39.5mm; Benchmark - $4.9mm • Pre - tax income ( excl intangibles), RJO - $28.5mm; Benchmark - $4.6mm • RJO, metrics • 30.9mm listed derivative volume • $5.8bn average client equity • $37.3mm in net interest on client balances • Quarterly ROE of 22.5% while equity has increased 70% over the last two years • Q1’26 Average client equity + MMF/FDIC sweep ~$14.5bn, up 86% vs Q1’25 and up 15% vs Q4’25 • Net interest/fee income from client balances up $38.1mm vs Q1’25, up $3.3mm vs Q4’25. • Book value per share of $48.17, up 30% versus prior year Operating Revenues $6.70 Up 20% Operating Revenues Diluted EPS $4,620.8mm Up 28 % Diluted EPS Trailing Twelve Months (2) $ 139 .0mm Up 63 % Net Income 22.5% 19.5% Q1’25 Return on Equity Net Income $ 359 .8mm Up 30 % 16.9% 17.0% Q1’25 Return on Equity (1) Quarterly percentage changes reflect fiscal Q1 2026 vs fiscal Q1 2025 figures (2) Trailing Twelve Months (TTM) percentage changes reflect TTM figures ending December 31, 2025, vs TTM figures ending December 31 , 2024 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
Page 5
5 Figures presented are quarterly; percentage changes reflect fiscal Q1 2026 vs fiscal Q1 2025. 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 $269.1mm Up 141% OTC Derivatives $63.1mm Up 72% Physical Contracts $156.7mm Up 69% Securities $575.9mm Up 43% Payments $54.6mm Down 4% FX/CFDs (3) $68.7m Down 30% Interest / Fees Earned on Client Balances $173.7mm Up 61% Contracts (‘000s) & Rate per Contract 84,120 Up 58% $2.84 Up 40% Contracts (‘000s) & Rate per Contract 1,007 Up 17% $63.55 Up 48% Contracts (‘000s) & Rate per Contract N.A N.A ADV (3) (USDmm) & RPM (3)(5) $10,615 Up 22% $320 Up 35% ADV (USDmm) & RPM $93 Up 11% $9,377 Down 10% ADV (USDmm) & RPM $11,253 Down 4% $93 Down 30% Listed Deriv. Client Equity (1) & MMF/FDIC Sweep Balances (2) $13,244mm Up 100% $1,259mm Up 5% Key Operating Metrics Fiscal Q1 2026 Product Results & Key Metrics
Page 6
$175.9 $115.2 $62.0 $57.9 $54.9 $38.8 $2.7 $(60.0) $1,837.7 $2,285.1 TTM Q1'25 Securities Listed derivatives Other Physical contracts OTC derivatives Payments FX/CFD contracts TTM Q1'26 $55.7 $68.4 $18.7 $58.3 $38.1 $26.5 $(2.6) $(30.8) $492.1 $724.4 Q1'25 Securities Listed derivatives Other Physical contracts OTC derivatives Payments FX/CFD contracts Q1'26 6 24% 47% Quarterly percentage changes reflect fiscal Q1 2026 vs fiscal Q1 2025 figures TTM figures reflect full year figures ending December 31, 2025, vs full year ending December 31, 2024 Fiscal Q1 2026 Trailing Twelve Months ($millions) ($millions) Interest, net / fees earned on client balances Interest, net / fees earned on client balances Net Operating Revenue - Fiscal Q1 2026 & Trailing Twelve Months
Page 7
Commercial Institutional Self - Directed/Retail Payments Net Operating Revenue Segment Margin Segment Income 7 Quarterly figures reflect fiscal Q1 2026 vs fiscal Q1 2025 figures Segment margin calculated as segment income divided by net operating revenue 54% 57% 45% 43% 60% 30% 62% 63% Segment Performance – Fiscal Q1 2026 $192 $316 - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Q1'25 Q1'26 65% $174 $324 Q1'25 Q1'26 86% $92 $61 Q1'25 Q1'26 (34)% $55 $18 Q1'25 Q1'26 (67)% $104 $179 - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Q1'25 Q1'26 72% $78 $139 Q1'25 Q1'26 78% $55 $54 Q1'25 Q1'26 (3)% $34 $34 Q1'25 Q1'26 (1)%
Page 8
Commercial Institutional Self - Directed/Retail Payments Net Operating Revenue Segment Margin Segment Income 8 55% 53% 43% 44% 46% 37% 57% 58% Trailing Twelve Months (TTM) figures reflect fiscal year figures ending December 31, 2025, vs fiscal year ending December 31 , 2 024 Segment margin calculated as segment income divided by net operating revenue Segment Performance – Trailing Twelve Months $748 $894 - 200.0 400.0 600.0 800.0 1,000.0 TTM Q1'25 TTM Q1'26 19% $411 $471 - 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 TTM Q1'25 TTM Q1'26 14% $656 $1,007 TTM Q1'25 TTM Q1'26 54% $307 $251 TTM Q1'25 TTM Q1'26 (18)% $143 $93 TTM Q1'25 TTM Q1'26 (35)% $279 $447 TTM Q1'25 TTM Q1'26 60% $197 $201 TTM Q1'25 TTM Q1'26 2% $112 $117 TTM Q1'25 TTM Q1'26 4%
Page 9
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 $13.1bn as of 12/31/2025 ($11.9bn from FCM and $1.3bn from Correspondent Clearing fu nds), net of $2.3bn of fixed duration instruments. Net of Incremental Interest Expense on Variable Rate Debt, balance of $ 488 . 8 mm at 12/31/2025 (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 $10.8 $0.20 50 $21.6 $0.40 75 $32.4 $0.60 100 $43.2 $0.80 Interest Rate Sensitivity $67.0 $71.0 $70.8 $67.8 $62.0 $59.9 $112.6 $125.7 $14.2 $13.8 $14.6 $14.9 $14.4 $13.3 $14.0 $13.3 $23.0 $31.0 $28.2 $24.9 $25.3 $29.7 $39.1 $34.7 $74.0 $86.4 $83.4 $77.4 $74.5 $73.9 $112.2 $115.5 $0 $20 $40 $60 $80 $100 $120 $140 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1' 2026 USDmm USDmm Interest Income - FCM Client Deposits Fee/Interest Income on Securities Clearing Other Interest Income Net Interest/Fee Income (RHS)*
Page 10
Integration Update
Page 11
11 RJO Integration Update Synergies On Track Expense Synergies $50mm ▪ Current realized annual RR expense synergies of ~ $ 21 mm ▪ Remain on track by Q 2 to complete consolidation of non - US businesses ▪ US FCM consolidation work in - flight and expected to be completed by end of Q 4 Capital Synergies $50mm ▪ UK business combination has released $ 20 mm in capital and expect to release remaining $ 5 mm in capital from RJO’s broker - dealer entity ▪ Still targeting $ 30 - 40 mm to be released through the consolidation of RJO’s FCM business ▪ Overall expect capital synergy of $ 55 - 65 mm to be realized Revenue Enhancement ▪ Successful integration of RJO’s metals business into StoneX ecosystem which has materially accelerated its performance ▪ Early success in introductions to StoneX’s physical trading business
Page 12
Global Hedging Philip Smith Chief Executive Officer Segment Spotlight
Page 13
13 Segment Spotlight Global Hedging Global Hedging and Risk Management Expertise Deep Market Access Across 40+ Global Derivative Exchanges Customized OTC and Structured Product Solutions Market Intelligence Technology - Driven Solutions and Trading Platforms Customers Served Agricultural Producers & Growers Co - operatives and Importers Farmers Merchants and Market Intermediaries Global Traders and Distributors Energy Producers and Resource Extractors Corporate Consumers and Industrial End - Users
Page 14
StoneX is uniquely positioned as the largest non - bank Futures Commission Merchant , supporting clients across the full commodity supply chain with integrated solutions to navigate volatile markets . What differentiates StoneX in this space? 14 ▪ Comprehensive clearing and execution capabilities across 40 + commodity exchanges worldwide . ▪ Registered swap dealer allows StoneX to offer more than 300 OTC products and customized structured product solutions to clients . ▪ Ability to integrate hedging strategies directly into physical contracts by collaborating with our physical businesses, delivering enhanced price - risk mitigation . ▪ Risk management consultants offer programs to clients with commodity exposure worldwide . Developing hedging strategies to manage risk and improve performance supported by market - leading digital platforms . ▪ Leading educator through hundreds of hedge schools, seminars, conferences and joint events each year — reinforcing StoneX’s role as a trusted , integral player across the global commodity supply chain . ▪ Trusted provider of Market Intelligence with boots - on - the - ground experience and 24 / 7 analysis across all global commodities .
Page 15
15 Build Our Ecosystem Higher Wallet Share Expand OTC product breadth and multi - commodity capability Deepen relationship with adjacent StoneX physical trading business Develop new strategic verticals such as power, carbon and environmental products Grow and Diversify Our Client Base Further develop expansive commercial IB network Expand footprint and build local presence to unlock new markets (e.g. Madrid and Paris) Develop strategic partnership s in niche markets to grow hedging and OTC capabilities Digitize Our Business Further develop ERP integration to automate clients’ workflows, and further embed StoneX into client operations Expand functionality of farmer focused mobile apps Development of AI tools increasing productivity and sophisticated risk management solutions. . Increased Volume and Lower Earnings Volatility Margin Expansion Expand Products and Services Increase Market Share Increase Efficiency and Client Engagement Global Hedging: Key Strategic Objectives
Page 16
16 Closing Thoughts • Record net income of $ 139 . 0 mm, up 63 % versus prior year . Diluted EPS of $ 2 . 50 , up 48 % versus prior year . • ROE for the quarter of 22 . 5 % and 16 . 9 % for the trailing twelve months ending December 31 , 2025 . • BV per share $ 48 . 17 – up $ 11 . 18 , or 30 % versus prior year • Results over the last two years have grown trailing twelve months net operating revenues by 38 % , or a 17 % CAGR, and trailing twelve months earnings by 56 % , or nearly 25 % CAGR . • A more volatile economic backdrop has emerged — 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 – average client funds, securities clearing, prime brokerage and metals – provides stable recurring income . • We believe our unique ecosystem, which offers extensive depth and breadth of product and a widespread geographical reach, combined with a significant TAM – will continue to power growth in the years to come .
Page 17
Thank you