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StoneX Earnings Call : 3rd Quarter 2026 StoneX Group Inc. August 6th , 2026
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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 . © 2026 StoneX Group Inc . All Rights Reserved Numbers presented through 6 / 30 / 2026 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 , 2025 . 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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3 Introduction Philip Smith Chief Executive Officer
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Financial Overview Bill Dunaway Chief Financial Officer
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5 Fiscal Q3 2026 & TTM Highlights Third Quarter (1) $ 1 ,468.0mm Up 43 % $1.00 Up 85% Highlights • Versus the prior year quarter: • Net operating rev. (“NOR”) up $231.4mm or 47% • Total fixed comp. and other exp. up $56.7m or 22% • Includes $48.5mm from acquisitions • Professional fees down $18.0mm from legal fee recoveries and reduced spend • Severance and retention accruals of $4.2mm • On a consecutive quarterly basis (vs. Q2 2026): • NOR down ($109.4mm) or (13%) • Total fixed comp. and other exp. (excluding bad debt) down ($23.2mm) or (7%) • Severance and retention accruals down ($6.9mm) • RJO/Benchmark (Q3’26) contribution: • Net operating revenue • RJO - $78.8mm, net of ($9.8mm) MTM on RJO investment portfolio & exchange firm stock • Benchmark - $29.5mm • Quarterly ROE of 18.4% while equity has increased 77% over the last two years • Q3’26 Average client equity + MMF/FDIC sweep ~$16.2bn, up 108% vs Q3’25 and up 7% vs Q2’26 • Net interest/fee income from client balances up $38.0mm vs Q3’25, up $4.2mm vs Q2’26. • Book value per share of $23.70, up 32% versus prior year Operating Revenues $4.19 Up 61% Operating Revenues Diluted EPS $5,6 75 .3mm Up 48% Diluted EPS Trailing Twelve Months (2) $ 127 .9mm Up 102% Net Income 18.4% 13.1% Q2’25 Return on Equity Net Income $526 .9 mm Up 77% 20.8 % 16.6% Q3’25 Return on Equity (1) Quarterly percentage changes reflect fiscal Q3 2026 vs fiscal Q3 2025 figures (2) Trailing Twelve Months (TTM) percentage changes reflect TTM figures ending June 30, 2026, vs TTM figures ending June 30, 202 5 Note: On July 20, 2026, the Company completed a 3 - for - 2 split of its common stock. All share and per share amounts contained her ein have been retroactively adjusted for this stock split
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6 Figures presented are quarterly; percentage changes reflect fiscal Q3 2026 vs fiscal Q3 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 $284.3mm Up 125% OTC Derivatives $101.8mm Up 73% Physical Contracts $115.4mm Up 106% Securities $604.2mm Up 24% Payments $59.1mm Up 13% FX/CFDs (3) $70.9m Down 19% Interest / Fees Earned on Client Balances $169.0mm Up 64% Contracts (‘000s) & Rate per Contract 97,944 Up 73% $2.61 Up 23% Contracts (‘000s) & Rate per Contract 1,924 Up 89% $53.50 Down 8% Contracts (‘000s) & Rate per Contract N.A N.A ADV (3) & RPM (3)(5) $12,263mm Up 33% $302 Up 9% ADV & RPM $96mm Up 20% $9,915 Down 7% ADV & RPM $10,780mm Down 12% $102 Down 8% Listed Deriv. Client Equity (1) & MMF/FDIC Sweep Balances (2) $15,007mm Up 129% $1,181mm Down 2% Key Operating Metrics Fiscal Q3 2026 Product Results & Key Metrics
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Commercial Institutional Self - Directed/Retail Payments Net Operating Revenue Segment Margin Segment Income $83 $181 Q3'25 Q3'26 $172 $326 Q3'25 Q3'26 7 Quarterly figures reflect fiscal Q3 2026 vs fiscal Q3 2025 figures Segment margin calculated as segment income divided by net operating revenue 48% 56% 44% 42% 50% 39% 56% 61% Segment Performance – Fiscal Q3 2026 90 % $200 $312 Q3'25 Q3'26 $87 $130 Q3'25 Q3'26 $77 $64 Q3'25 Q3'26 $39 $25 Q3'25 Q3'26 $28 $34 Q3'25 Q3'26 $50 $56 Q3'25 Q3'26 22% 12 % (17 %) 49 % 56% 119 % (36%)
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Commercial Institutional Self - Directed/Retail Payments Net Operating Revenue Segment Margin Segment Income $373 $716 Q3'25 Q3'26 $726 $1,264 Q3'25 Q3'26 8 Trailing twelve months reflect trailing twelve months fiscal Q3 2026 vs trailing twelve months fiscal Q3 2025 figures Segment margin calculated as segment income divided by net operating revenue 51% 57% 45% 42% 47% 36% 56% 61% Segment Performance – Trailing Twelve Months 74% $739 $1,244 Q3'25 Q3'26 $329 $524 Q3'25 Q3'26 $309 $247 Q3'25 Q3'26 $145 $88 Q3'25 Q3'26 $112 $130 Q3'25 Q3'26 $199 $212 Q3'25 Q3'26 17 % 6% ( 20 %) 59 % 68% 92% ( 39 %)
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$70.8 $67.8 $62.0 $59.9 $112.6 $125.7 $116.0 $121.5 $14.6 $14.9 $14.4 $13.3 $14.0 $13.3 $11.8 $12.3 $28.2 $24.9 $25.3 $29.7 $39.1 $34.7 $28.7 $35.2 $83.4 $77.4 $74.5 $73.9 $112.2 $115.5 $107.7 $111.9 $0 $20 $40 $60 $80 $100 $120 $140 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1' 2026 Q2' 2026 Q3 ' 2026 USDmm USDmm Interest Income - FCM Client Deposits Fee/Interest Income on Securities Clearing Other Interest Income Net Interest/Fee Income (RHS)* 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 $14.1bn as of 6 /30/2026, net of $2.6bn of fixed duration instruments. Net of Incremental Interest Expense on Variable Rate Debt, balance of $660.7mm at 6/30/2026 (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 $11.7 $0.09 50 $23.5 $0.19 75 $35.2 $0.28 100 $46.9 $0.38 Interest Rate Sensitivity
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Global Prime Services Philip Smith Chief Executive Officer
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Segment Spotlight Global Prime Services 700+ Clients globally $16B+ Client balances $137m+ TTM net operating revenue 60%+ CAGR in net operating revenue since 2019 London Singapore Park City Atlanta New York A global, fully integrated prime brokerage platform built for mid - market managers and backed by the StoneX ecosystem. Note: TTM as of June 30, 2026 for client balances and trailing 12 - months for net operating revenue. 11
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A modular platform, delivered globally StoneX Execution Hedging Financing Repo SecLending Portfolio Swap Futures& OptionsFX FICC Equities Cross-Product Margining Reporting& Client Service M argin Lending Custody Global Capabilities Prime Services in the U.S. • Targeting hedge funds, ETFs & family offices • Equities, fixed income, futures & options, and securities financing & lending • Self - clearing and introduced clearing models • Advancements in automation and infrastructure enable us to capitalize on expansions in ETF space Prime Services across Europe, Middle East, Africa and Asia - Pacific • Serving hedge funds, institutions & digital asset funds • Execution, custody, financing & hedging • Repo financing is a key differentiator for StoneX • CASS - compliant custody solution • ~$1.5B in fiat and fixed income assets held for digital asset participants 12
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Compounding financial results 13 $0 $20 $40 $60 $80 $100 $120 $140 $160 $0 $5 $10 $15 $20 $25 2019 2020 2021 2022 2023 2024 2025 Q3 FY2026* Client Balances Driving Revenue Net Operating Revenue Client Balances & Net Operating Revenue 60x Growth in balances since 2019 *As of June 30, 2026 for client balances and trailing 12 - months for net operating revenue. Client Assets (Billions USD) Net Operating Revenue (Millions USD) 30x Growth in net operating revenue since 2019 • Broad - based growth across all client segments • Doubling global revenues nearly every year. • Targeting a substantial global addressable market
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• Increasingly delivering global solutions • Equity swaps in United States • Fixed income total return swaps • Fixed income prime brokerage expansion • Outsourced trading expanding globally, revenues up nearly 50% Expanded product set Prime Priority: Becoming more relevant to more clients • Providing capabilities across the entire lifecycle of a fund • Prime consultancy & capital introduction business for emerging managers • Relationships with fund administrators, legal counsel, COOs allow early engagement • Cross - sell opportunities through The Benchmark Company and R.J. O’Brien Growing client base • Cross - product margin provides collateral relief across products • Coordinated cross - sell to showcase full StoneX ecosystem • Cross - product reporting solutions to provide comprehensive views • More clients engaging with multiple products at the point of onboarding Deepening our value 14
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StoneX Execution Hedging Financing Custody Prime Services: The Connective Tissue of StoneX Retail segment Institutional segment Payments segment Commercial segment Delivering solutions and capabilities to clients across all StoneX segments, products, and geographies. 15
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16 Closing Thoughts • Net income of $ 127 . 9 mm, up 102 % versus prior year . Diluted EPS of $ 1 . 00 , up 85 % versus prior year . • ROE for the quarter of 18 . 4 % and 20 . 8 % for the trailing twelve - month period ended June 30 , 2026 . • ROE on tangible book value for the quarter of 25 . 0 % and 28 . 7 % for the trailing twelve - month period ended June 30 , 2026 . • BV per share $ 23 . 70 – up $ 5 . 67 , or 32 % versus prior year • Results over the last two years have grown trailing twelve months net operating revenues by 67 % , or a 29 % CAGR, and trailing twelve months earnings by 124 % , or nearly 50 % CAGR • Continued uncertainty across interest rates, inflation, trade policy, and commodity markets is driving increased demand for risk management, hedging, and liquidity, reinforcing the value of StoneX's diversified global ecosystem . • Our performance reflects the strength and scale of the StoneX ecosystem, with continued growth driven by investments in technology, talent, and products, and significant market opportunity still ahead .
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Thank you