Marex Group plc announces second quarter 2025 results
Marex Group (NASDAQ:MRX) reported strong Q2 2025 financial results, with revenue increasing 18% to $500.1 million and Adjusted Profit Before Tax rising 16% to $106.4 million. The company maintained a robust Return on Equity of 28% and a Reported Profit Before Tax margin of nearly 21%.
Agency and Execution revenue surged 59% to $260.8 million, while Clearing revenue grew 12% to $138.8 million. The company declared a Q2 2025 dividend of $0.15 per share. Marex completed strategic acquisitions including Agrinvest and Hamilton Court Group, and announced the acquisition of Winterflood Securities to enhance its UK equities business.
The company successfully issued $500 million in 3-year senior unsecured notes in May, further diversifying funding sources. Private equity shareholding reduced to 17% following a significantly oversubscribed secondary offering.
Marex Group (NASDAQ:MRX) ha riportato solidi risultati nel secondo trimestre 2025: i ricavi sono saliti del 18% a 500,1 milioni di dollari e l'Adjusted Profit Before Tax è aumentato del 16% a 106,4 milioni di dollari. Il Return on Equity si è mantenuto robusto al 28% e il margine di Reported Profit Before Tax è stato vicino al 21%.
I ricavi da Agency e Execution sono balzati del 59% a 260,8 milioni di dollari, mentre i ricavi da Clearing sono cresciuti del 12% a 138,8 milioni di dollari. La società ha dichiarato un dividendo per il secondo trimestre 2025 di 0,15 dollari per azione. Marex ha completato acquisizioni strategiche, tra cui Agrinvest e Hamilton Court Group, e ha annunciato l'acquisizione di Winterflood Securities per rafforzare il suo business azionario nel Regno Unito.
In maggio la società ha emesso con successo obbligazioni senior non garantite a 3 anni per 500 milioni di dollari, diversificando ulteriormente le fonti di finanziamento. La quota di partecipazione del private equity è scesa al 17% dopo un'offerta secondaria ampiamente sovrasottoscritta.
Marex Group (NASDAQ:MRX) presentó sólidos resultados del segundo trimestre de 2025: los ingresos aumentaron un 18% hasta 500,1 millones de dólares y el Adjusted Profit Before Tax subió un 16% hasta 106,4 millones de dólares. La compañía mantuvo un Return on Equity del 28% y un margen de Reported Profit Before Tax cercano al 21%.
Los ingresos por Agency y Execution se dispararon un 59% hasta 260,8 millones de dólares, mientras que los ingresos por Clearing crecieron un 12% hasta 138,8 millones de dólares. La empresa declaró un dividendo para el segundo trimestre de 2025 de 0,15 dólares por acción. Marex completó adquisiciones estratégicas, incluidas Agrinvest y Hamilton Court Group, y anunció la adquisición de Winterflood Securities para fortalecer su negocio de acciones en el Reino Unido.
En mayo la compañía emitió con éxito 500 millones de dólares en bonos senior no garantizados a 3 años, diversificando así sus fuentes de financiación. La participación de private equity se redujo al 17% tras una oferta secundaria ampliamente sobresuscrita.
Marex Group (NASDAQ:MRX)는 2025년 2분기 견조한 실적을 발표했습니다. 매출은 18% 증가한 $500.1 million, 조정 세전이익(Adjusted Profit Before Tax)은 16% 늘어난 $106.4 million을 기록했습니다. 자기자본이익률(Return on Equity)은 28%로 견조했으며, 보고 기준 세전이익률은 거의 21%였습니다.
Agency 및 Execution 부문 매출은 59% 증가해 $260.8 million에 달했고, Clearing 매출은 12% 성장해 $138.8 million을 기록했습니다. 회사는 2025년 2분기 배당금으로 주당 $0.15를 선언했습니다. Marex는 Agrinvest와 Hamilton Court Group 등 전략적 인수를 완료했으며, 영국 주식 사업을 강화하기 위해 Winterflood Securities 인수를 발표했습니다.
회사는 5월에 $500 million 규모의 3년 만기 무담보 선순위 채권을 성공적으로 발행해 자금 조달원을 다각화했습니다. 2차 공모가 크게 초과 청약되면서 사모펀드 보유 지분은 17%로 축소되었습니다.
Marex Group (NASDAQ:MRX) a publié de solides résultats pour le deuxième trimestre 2025 : le chiffre d'affaires a augmenté de 18% pour atteindre 500,1 millions de dollars et l'Adjusted Profit Before Tax a progressé de 16% à 106,4 millions de dollars. Le Return on Equity est resté robuste à 28% et la marge de Reported Profit Before Tax s'est établie à près de 21%.
Les revenus Agency et Execution ont bondi de 59% à 260,8 millions de dollars, tandis que les revenus Clearing ont augmenté de 12% à 138,8 millions de dollars. La société a déclaré un dividende pour le T2 2025 de 0,15 $ par action. Marex a finalisé des acquisitions stratégiques, notamment Agrinvest et Hamilton Court Group, et annoncé l'acquisition de Winterflood Securities pour renforcer son activité actions au Royaume‑Uni.
En mai, la société a émis avec succès 500 millions de dollars d'obligations senior non garanties à 3 ans, diversifiant ainsi ses sources de financement. La participation du private equity est tombée à 17% après une offre secondaire fortement sursouscrite.
Marex Group (NASDAQ:MRX) meldete starke Finanzergebnisse für das zweite Quartal 2025: Der Umsatz stieg um 18% auf 500,1 Millionen US-Dollar und das Adjusted Profit Before Tax nahm um 16% auf 106,4 Millionen US-Dollar zu. Die Eigenkapitalrendite (Return on Equity) blieb mit 28% robust, und die Reported Profit Before Tax-Marge lag bei fast 21%.
Die Erlöse aus Agency- und Execution-Geschäften kletterten um 59% auf 260,8 Millionen US-Dollar, während die Clearing-Erträge um 12% auf 138,8 Millionen US-Dollar wuchsen. Das Unternehmen bestätigte für Q2 2025 eine Dividende von 0,15 US-Dollar je Aktie. Marex schloss strategische Übernahmen ab, darunter Agrinvest und Hamilton Court Group, und kündigte die Übernahme von Winterflood Securities zur Stärkung des UK-Aktiengeschäfts an.
Im Mai gab das Unternehmen erfolgreich 500 Millionen US-Dollar in dreijährigen unbesicherten Senior-Notes aus und diversifizierte damit seine Finanzierungsquellen weiter. Die Private-Equity-Beteiligung reduzierte sich nach einer stark überzeichneten Sekundärplatzierung auf 17%.
- Record Adjusted Profit Before Tax of $106.4M, up 16% year-over-year
- Strong revenue growth of 18% to $500.1M in Q2 2025
- Agency and Execution revenue increased 59% to $260.8M
- Strategic acquisitions strengthening market position (Agrinvest, Hamilton Court Group, Winterflood Securities)
- Successful $500M senior unsecured notes issuance diversifying funding sources
- Robust Return on Equity at 28% with 21% Profit Before Tax margin
- Market Making revenue decreased 17% to $57.4M
- Hedging and Investment Solutions revenue declined 9% to $40.7M
- Net Interest Income decreased 47% to $34.6M due to lower Fed rates
- Total reported costs increased 16% to $389.5M
Insights
Marex delivered strong Q2 results with 18% revenue growth and 16% profit growth, showing solid execution of diversification strategy.
Marex Group has delivered exceptionally strong Q2 2025 results that demonstrate the success of their diversification strategy. Revenue increased
The performance was driven by two key segments: Agency and Execution revenue surged
The company's strategic M&A activity continues to enhance their global footprint and capabilities. They completed acquisitions of Agrinvest (Brazil) and Hamilton Court Group (EMEA), while announcing the acquisition of Winterflood Securities, a UK equity market maker. These moves strengthen Marex's position across multiple geographies and product offerings.
Marex maintains strong financial discipline with solid capitalization following their
Cost management warrants attention as total reported costs increased
Net interest income declined substantially by
NEW YORK, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the second quarter ('Q2 2025').
Ian Lowitt, Group Chief Executive Officer, stated, “I am delighted with our very strong performance. In the first half we generated almost
This strong performance validates our strategy and our execution of that strategy. The acquisition of the Prime Services business from TD Cowen in late 2023 has been a particular success and has increased our earnings power, but it is the combination of all our acquisitions and organic growth initiatives which have delivered these great results. We remain very excited about our prospects going forward."
Financial and Operational Highlights:
H1 25 Performance
| Revenue | Adjusted Profit Before Tax1 | Profit Before Tax | Reported Basic EPS |
| + | + | + | + |
| H1 24: | H1 24: | H1 24: | H1 24: |
|
- Record Adjusted Profit Before Tax1 of
$202.7m , up27% year on year:- Revenue increased by
23% to$967.4m (H1 2024:$787.9m ), driven by growth in both Agency and Execution and Clearing - Adjusted Profit Before Tax1 margin increased to
21.0% (H1 2024:20.2% ), driven by margin expansion in Agency and Execution, reflecting growth in higher margin products and the benefits of restructuring
- Revenue increased by
Q2 25 Performance
| Revenue | Adjusted Profit Before Tax1 | Profit Before Tax | Reported Basic EPS |
| + | + | + | + |
| Q2 24: | Q2 24: | Q2 24: | Q2 24: |
- Record Adjusted Profit Before Tax1 of
$106.4m , up16% year on year:- Adjusted Profit Before Tax1 margin was broadly stable at
21.3% (Q2 2024:21.7% )
- Adjusted Profit Before Tax1 margin was broadly stable at
- Revenue increased by
18% to$500.1m , demonstrating the value in our diversified platform:- Agency and Execution revenue increased by
59% to$260.8m , driven by strong growth in Securities revenues and the ongoing expansion of Prime Services, as well as continued strong performance in Energy - Clearing revenue increased by
12% to$138.8m , as market volatility and new clients drove an increase in contracts cleared, and with the inclusion of Aarna Capital Limited which completed on 27 March 2025 - Market Making revenue decreased by
17% to$57.4m . Lower revenues in metals compared to a record second quarter last year more than offset strong performance in energy - Hedging and Investment Solutions revenue decreased by
9% to$40.7m , as elevated market volatility at the start of April led to a reduction, and shortening in duration, of client hedging activity, before improving later in the quarter
- Agency and Execution revenue increased by
Strategic Execution
- Executed growth strategy to add geographies, product capabilities and new clients to our platform:
- Completed the acquisition of Agrinvest, a Brazilian agricultural commodities business, on 1 July 2025, expanding our footprint in South America
- Hamilton Court Group acquisition completed on 1 July 2025, expanding our FX capabilities in EMEA
- Announced the acquisition of Winterflood Securities on 25 July 2025, a leading UK equity market maker, enhancing Marex’s existing UK cash equities business, adding new clients and a proprietary trading technology platform to Marex
- Prudent approach to capital and funding: continued to hold significant levels of surplus liquidity following issuance of
$500 million 3-year senior unsecured notes in May, further diversifying our sources of funding - Risk management discipline: robust approach to managing risk while supporting our clients ensured low credit provisions through periods of market volatility
- Dividend: Q2 2025 dividend of
$0.15 per share, to be paid in the third quarter of 2025 - Further reduction in private equity shareholding: a significantly oversubscribed secondary offering in April and subsequent sell-downs by the pre-IPO private equity shareholders, resulted in their residual ownership reducing to
17%
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| Financial Highlights: ($m) | 30 June 2025 | 30 June 2024 | Change | 30 June 2025 | 30 June 2024 | Change | |||||
| Revenue | 500.1 | 422.1 | 967.4 | 787.9 | |||||||
| Profit Before Tax | 103.6 | 80.1 | 201.6 | 139.0 | |||||||
| Profit Before Tax Margin (%) | 170 bps | 320 bps | |||||||||
| Profit After Tax | 76.7 | 59.3 | 149.2 | 102.9 | |||||||
| Profit After Tax Margin (%) | 130 bps | 230 bps | |||||||||
| Return on Equity (%) | (30) bps | 320 bps | |||||||||
| Basic Earnings per Share ($)2 | 1.03 | 0.81 | 2.01 | 1.41 | |||||||
| Diluted Earnings per Share ($)2 | 0.98 | 0.76 | 1.91 | 1.32 | |||||||
| Adjusted Profit Before Tax1 | 106.4 | 91.5 | 202.7 | 159.2 | |||||||
| Adjusted Profit Before Tax Margin (%)1 | (40) bps | 80 bps | |||||||||
| Adjusted Profit after Tax Attributable to Common Equity1 | 77.0 | 66.8 | 145.3 | 115.7 | |||||||
| Adjusted Return on Equity (%)1 | (520) bps | (90) bps | |||||||||
| Common Equity | 981.1 | 729.2 | 946.4 | 731.5 | |||||||
| Adjusted Basic Earnings per Share ($)1,2 | 1.08 | 0.96 | 2.05 | 1.70 | |||||||
| Adjusted Diluted Earnings per Share ($)1,2 | 1.02 | 0.90 | 1.95 | 1.59 |
|
| Conference Call Information: Marex’s management will host a conference call to discuss the Group's financial results today, 13 August 2025, at 9am Eastern Time. A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here: https://edge.media-server.com/mmc/p/gyie6oed Enquiries please contact: Marex Investors – Adam Strachan +1 914 200 2508 / astrachan@marex.com Media – Nicola Ratchford, Marex / FTI Consulting US / UK +44 7786 548 889 / nratchford@marex.com / +1 716 525 7239 / +44 7976 870 961 | marex@fticonsulting.com | ||
Financial Review
The following table presents summary financial results and other data as of the dates and for the periods indicated:
Summary Financial Results
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||||||
| $m | $m | Change | $m | $m | Change | ||||||
| Net commission income | 257.1 | 208.4 | 507.8 | 427.3 | |||||||
| Net trading income | 203.3 | 136.5 | 362.4 | 242.7 | |||||||
| Net interest income | 34.6 | 65.4 | (47)% | 88.0 | 101.0 | (13)% | |||||
| Net physical commodities income | 5.1 | 11.8 | (57)% | 9.2 | 16.9 | (46)% | |||||
| Revenue | 500.1 | 422.1 | 967.4 | 787.9 | |||||||
| Compensation and benefits | (305.9) | (256.0) | (597.6) | (485.9) | |||||||
| Depreciation and amortisation | (8.6) | (7.7) | (16.5) | (15.5) | |||||||
| Other expenses | (83.7) | (80.6) | (157.5) | (150.2) | |||||||
| Provision for credit losses | (1.1) | 1.9 | (158)% | (1.1) | 2.2 | (150)% | |||||
| Bargain purchase gain on acquisitions | 0.2 | — | n.m.2 | 3.6 | — | n.m.2 | |||||
| Other income | 2.6 | 0.4 | 3.3 | 0.5 | |||||||
| Profit Before Tax | 103.6 | 80.1 | 201.6 | 139.0 | |||||||
| Tax | (26.9) | (20.8) | (52.4) | (36.1) | |||||||
| Profit After Tax | 76.7 | 59.3 | 149.2 | 102.9 | |||||||
| Reconciliation to Adjusted Profit Before Tax:1 | |||||||||||
| Profit Before Tax | 103.6 | 80.1 | 201.6 | 139.0 | |||||||
| Bargain purchase gain | (0.2) | — | n.m.2 | (3.6) | — | n.m.2 | |||||
| Acquisition related costs | — | (0.2) | n.m.2 | — | — | n.m.2 | |||||
| Amortisation of acquired brands and customer lists | 1.7 | 1.8 | ( | 3.0 | 2.6 | ||||||
| Activities relating to shareholders | — | — | n.m.2 | — | 2.4 | n.m.2 | |||||
| Employer tax on vesting of the growth shares | — | 2.2 | n.m.2 | — | 2.2 | n.m.2 | |||||
| Owner fees | — | 0.7 | n.m.2 | 0.4 | 2.4 | (83)% | |||||
| IPO preparation and public offering of ordinary shares | — | 4.6 | n.m.2 | — | 8.3 | n.m.2 | |||||
| Fair value of the cash settlement option on the growth shares | — | 2.3 | n.m.2 | — | 2.3 | n.m.2 | |||||
| Equity issuance | 1.3 | — | n.m.2 | 1.3 | — | n.m.2 | |||||
| Adjusting items | 2.8 | 11.4 | (75)% | 1.1 | 20.2 | (95)% | |||||
| Adjusted Profit Before Tax1 | 106.4 | 91.5 | 202.7 | 159.2 |
|
Costs and Group Headcount
The Board and Senior Management also monitor costs split between Front Office Costs and Control and Support Costs to better understand the Group's performance. The table below provides the Group's management view of costs:
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | Change | 30 June 2025 | 30 June 2024 | |||||||
| $m | $m | $m | $m | Change | |||||||
| Front office costs1 | (272.2) | (224.8) | (530.6) | (434.9) | |||||||
| Control and support costs2 | (116.0) | (100.4) | (222.8) | (181.0) | |||||||
| Other | (1.3) | (11.4) | (89)% | (1.7) | (20.2) | (92)% | |||||
| Total Reported Costs | (389.5) | (336.6) | (755.1) | (636.1) |
|
The following table provides a breakdown of Front Office and Control and Support Headcount
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||||||
| Full Time Equivalent (‘FTE’) headcount1 | Average for the three-month period | Average for the three-month period | Change | Average for the six-month period | Average for the six-month period | Change | |||||
| Front office | 1,318 | 1,256 | 1,301 | 1,247 | |||||||
| Control and support | 1,259 | 1,066 | 1,221 | 1,040 | |||||||
| Total | 2,577 | 2,322 | 2,522 | 2,287 |
|
Performance for the three months ended 30 June 2025
Revenue grew by
Net commission income increased by
Net trading income rose by
Net Interest Income has decreased by
Total reported costs increased by
Control and Support costs increased
Reported Profit Before Tax increased by
Adjusting items reduced by
As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased
Performance for the six months ended 30 June 2025
Revenue grew by
Net interest income decreased
Total reported costs increased by
Reported Profit Before Tax increased
As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased
Net interest income1
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | Change | 30 June 2025 | 30 June 2024 | Change | ||||||
| Average Fed Funds % | (100) bps | (100) bps | |||||||||
| Average balances ($bn)2 | 18.0 | 13.5 | 4.5 | 17.6 | 12.4 | 5.2 | |||||
| Interest Income ($m) | 181.4 | 184.2 | (2.8) | 360.2 | 331.5 | 28.7 | |||||
| Interest paid out ($m) | (68.2) | (65.1) | (3.1) | (127.7) | (126.0) | — | |||||
| Interest on balances ($m) | 113.2 | 119.1 | (5.9) | 232.5 | 205.5 | 27.0 | |||||
| Net Yield on balances % | (100) bps | (80) bps | |||||||||
| Average notional debt securities ($bn) | (4.9) | (2.6) | (2.3) | (4.5) | (2.6) | (1.9) | |||||
| Yield % | (140) bps | (140) bps | |||||||||
| Interest expense ($m) | (78.6) | (53.7) | (24.9) | (144.5) | (104.5) | (40.0) | |||||
| Net Interest Income ($m) | 34.6 | 65.4 | (30.8) | 88.0 | 101.0 | (13) |
|
Clearing
Marex provides clearing services across the range of energy, commodity and financial markets. We face the exchange on behalf of our clients providing access to 60 exchanges globally.
Performance for the three months ended 30 June 2025
Clearing revenue increased
Net commission income increased by
Net trading income increased by
Net interest income increased to
Adjusted Profit Before Tax1 increased by
Performance for the six months ended 30 June 2025
Clearing revenue increased
Net commission income increased by
Adjusted Profit Before Tax1 increased
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||||||
| $m | $m | Change | $m | $m | Change | ||||||
| Net commission income | 71.5 | 66.1 | 139.3 | 135.6 | |||||||
| Net interest income | 59.1 | 56.8 | 107.5 | 87.0 | |||||||
| Net trading income | 8.2 | 1.3 | 11.2 | 2.3 | |||||||
| Revenue | 138.8 | 124.2 | 258.0 | 224.9 | |||||||
| Front office costs | (45.3) | (38.9) | (87.5) | (72.4) | |||||||
| Control and support costs | (22.3) | (16.1) | (42.6) | (33.4) | |||||||
| Recovery/(provision) for credit losses | (0.6) | 0.1 | (700)% | (0.6) | 0.1 | (700)% | |||||
| Depreciation and amortisation | (0.1) | (0.1) | —% | (0.2) | (0.2) | —% | |||||
| Other income | — | — | n.m.3 | — | — | n.m.3 | |||||
| Adjusted Profit Before Tax ($m)1 | 70.5 | 69.2 | 127.1 | 119.0 | |||||||
| Adjusted Profit Before Tax Margin1 | (500) bps | (400) bps | |||||||||
| Front office headcount (No.)2 | 279 | 262 | 276 | 256 |
|
| Key Performance Indicators | 12 months ended 30 June 2025 | 12 months ended 30 June 2024 | |||
| Change | |||||
| Marex contracts cleared (m) | 1,247 | 975 | |||
| Market volumes1(m) | 12,247 | 10,677 |
|
Agency and Execution
Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.
Our energy division provides essential liquidity to clients by connecting buyers and sellers in the energy markets to facilitate price discovery. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental, petrochemical and crude markets in North America; and oil products globally. We achieve this through the breadth and depth of the services we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams.
Our presence in the financial markets is growing as we integrate and optimise recent acquisitions, enabling Marex to diversify its asset class coverage away from traditional commodity markets. We are starting to see a maturation of our offerings across all asset classes, contributing to enhanced revenue growth and margin expansion for the overall business.
Performance for the three months ended 30 June 2025
Q2 2025 was a record quarter for Agency and Execution, with revenue increasing by
Securities revenues, increased by
Energy revenues increased by
Adjusted Profit Before Tax1 increased by
Performance for the six months ended 30 June 2025
Agency and Execution revenue increased
Securities revenues grew by
Energy revenues increased by
Adjusted Profit Before Tax1 increased
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||||||
| $m | $m | Change | $m | $m | |||||||
| Securities | 168.6 | 93.6 | 319.6 | 188.5 | |||||||
| Energy | 92.0 | 70.1 | 180.2 | 143.3 | |||||||
| Other revenue | 0.2 | 0.8 | (75)% | 0.5 | 0.8 | (38)% | |||||
| Revenue | 260.8 | 164.5 | 500.3 | 332.6 | |||||||
| Front office costs | (168.9) | (127.8) | (330.6) | (258.8) | |||||||
| Control and support costs | (22.3) | (14.0) | (43.3) | (28.1) | |||||||
| Provision for credit losses | (0.6) | — | n.m.3 | (0.6) | (0.3) | ||||||
| Depreciation and amortisation | (0.2) | (0.3) | (33)% | (0.3) | (0.5) | (40)% | |||||
| Other income | 0.2 | — | n.m.3 | 0.2 | — | n.m.3 | |||||
| Adjusted Profit Before Tax ($m)1 | 69.0 | 22.4 | 125.7 | 44.9 | |||||||
| Adjusted Profit Before Tax Margin1 | 1,200 bps | 1,200 bps | |||||||||
| Front office headcount (No.)2 | 677 | 673 | 673 | 677 | (1)% |
|
| 12 months | 12 months | ||||
| Key Performance Indicators | 30 June 2025 | 30 June 2024 | Change | ||
| Marex volumes: Energy (m) | 67 | 56 | |||
| Marex volumes: Securities (m) | 311 | 259 | |||
| Market volumes: Energy1(m) | 1,921 | 1,569 | |||
| Market volumes: Securities2(m) | 11,677 | 10,251 |
|
Market Making
Our Market Making business provides direct liquidity to our clients across a variety of products, primarily in the energy, metals and agriculture markets. This ability to make prices and trade as principal in a wide variety of energy, environmentals and commodity markets differentiates us from many of our competitors.
Performance for the three months ended 30 June 2025
Revenue decreased by
Q2 2024 marked the strongest quarter on record for Metals, with exceptional performance from heightened volatility in the metals market due to revised guidance on Russian metals from the LME. In comparison, Metals posted its second-best quarter on record in Q2 2025 with revenues of
Energy also performed strongly with revenue up
Q2 2025 was a challenging environment for Agriculture with revenue down
Securities revenue decreased to
Adjusted Profit Before Tax1 decreased by
Performance for the six months ended 30 June 2025
Market Making revenue decreased
Metals revenues in H1 2025 decreased by
Adjusted Profit Before Tax1 decreased
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||||||
| $m | $m | Change | $m | $m | Change | ||||||
| Metals | 41.2 | 47.0 | (12)% | 63.9 | 68.4 | (7)% | |||||
| Agriculture | (0.1) | 8.7 | (101)% | 7.1 | 14.3 | (50)% | |||||
| Energy | 10.9 | 6.2 | 19.5 | 13.8 | |||||||
| Securities | 5.4 | 7.6 | (29)% | 19.8 | 14.8 | ||||||
| Revenue | 57.4 | 69.5 | (17)% | 110.3 | 111.3 | (1)% | |||||
| Front office costs | (32.6) | (32.3) | (61.5) | (55.2) | |||||||
| Control and support costs | (6.5) | (8.2) | (21)% | (13.6) | (16.4) | (17)% | |||||
| Provision for credit losses | — | — | n.m.3 | — | — | n.m.3 | |||||
| Depreciation and amortisation | (0.1) | (0.1) | (0.2) | (0.2) | |||||||
| Other income | — | — | n.m.3 | — | — | n.m.3 | |||||
| Adjusted Profit Before Tax ($m)1 | 18.2 | 28.9 | (37)% | 35.0 | 39.5 | (11)% | |||||
| Adjusted Profit Before Tax Margin1 | (1,000) bps | (300) bps | |||||||||
| Front office headcount (No.)2 | 158 | 145 | 152 | 143 |
|
Hedging and Investment Solutions
Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.
Tailored commodity hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.
Our financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost-effective manner through a structured product.
Performance for the three months ended 30 June 2025
Revenue decreased by
Hedging Solutions revenue decreased by
Adjusted Profit Before Tax1 decreased by
Performance for the six months ended 30 June 2025
Q2 2025 was a more challenging market when compared to Q1 2025 following the announcement of US tariffs in April. Notwithstanding, on a cumulative basis H1 2025 Hedging and Investment Solutions revenue was stable at
Financial products revenue increased by
Adjusted Profit Before Tax1 decreased
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||||||
| $m | $m | Change | $m | $m | Change | ||||||
| Hedging solutions | 19.6 | 23.0 | (15)% | 33.9 | 42.5 | (20)% | |||||
| Financial products | 21.1 | 21.7 | (3)% | 51.8 | 43.5 | ||||||
| Revenue | 40.7 | 44.7 | (9)% | 85.7 | 86.0 | —% | |||||
| Front office costs | (25.3) | (25.5) | (1)% | (51.0) | (48.2) | ||||||
| Control and support costs | (9.0) | (6.7) | (17.1) | (13.3) | |||||||
| Provision for credit losses | — | 1.8 | (100)% | — | 1.8 | (100)% | |||||
| Depreciation and amortisation | (0.1) | (0.2) | (50)% | (0.3) | (0.3) | ||||||
| Other income | — | — | n.m.4 | — | — | n.m.4 | |||||
| Adjusted Profit Before Tax ($m)1 | 6.3 | 14.1 | (55)% | 17.3 | 26.0 | (33)% | |||||
| Adjusted Profit Before Tax Margin1 | (1,700) bps | (1,000) bps | |||||||||
| Front office headcount (No.)2 | 204 | 176 | 200 | 171 | |||||||
| Structured notes balance ($m)3 | 3,763.6 | 2,112.8 | 3,763.6 | 2,112.8 |
|
Corporate
Corporate manages the resources of the Group, makes investment decisions and provides operational support to the business segments. Corporate manages the Group’s funding requirements, interest expense is incurred through debt securities issuance, which is charged to other segments thorough inter-segmental funding allocations to reflect their consumption of these resources.
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||||||
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||||||
| $m | $m | Change | $m | $m | Change | ||||||
| Revenue | 2.4 | 19.2 | (88)% | 13.1 | 33.1 | (60)% | |||||
| Control and support costs3 | (56.0) | (55.8) | — | (106.2) | (90.2) | ||||||
| Recovery of credit losses | 0.1 | — | n.m.4 | 0.1 | 0.6 | (83)% | |||||
| Depreciation and amortisation | (6.5) | (7.0) | (7)% | (12.5) | (14.3) | (13)% | |||||
| Other income | 2.4 | 0.5 | 3.1 | 0.6 | |||||||
| Adjusted Loss Before Tax ($m)1 | (57.6) | (43.1) | (102.4) | (70.2) | |||||||
| Control and support headcount (No.)2 | 1,259 | 1,066 | 1,221 | 1,040 |
|
Summary Financial Position
Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform.
Total Assets have increased from
During the period, the Group benefited from increased liquidity driven by growth in the Group's Financial Products business combined with the
The Group's equity base increased during the first half of the year, with Total Equity increasing by
| 30 June 2025 | 31 December 2024 | ||||
| $m | $m | Change | |||
| Cash & Liquid Assets1 | 6,908.7 | 6,213.0 | |||
| Trade Receivables | 10,949.9 | 7,553.2 | |||
| Reverse Repo Agreements | 2,607.2 | 2,490.4 | |||
| Securities2 | 8,533.5 | 6,459.7 | |||
| Derivative Instruments | 1,471.7 | 1,163.5 | |||
| Other Assets3 | 435.3 | 199.7 | |||
| Goodwill and Intangibles | 282.0 | 233.0 | |||
| Total Assets | 31,188.3 | 24,312.5 | |||
| Trade Payables | 13,372.6 | 9,740.4 | |||
| Repurchase Agreements | 3,290.7 | 2,305.8 | |||
| Securities4 | 6,826.4 | 6,656.7 | |||
| Debt Securities | 5,257.8 | 3,604.5 | |||
| Derivative Instruments | 1,096.5 | 751.7 | |||
| Other Liabilities5 | 233.1 | 276.5 | (16)% | ||
| Total Liabilities | 30,077.1 | 23,335.6 | |||
| Total Equity | 1,111.2 | 976.9 |
|
Liquidity
| 30 June 2025 | 31 December 2024 | ||
| $m | $m | ||
| Total available liquid resources | 3,356.6 | 2,439.8 | |
| Liquidity headroom | 1,999.9 | 1,060.0 |
A prudent approach to capital and liquidity and commitment to maintain an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at 30 June 2025, the Group held
Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds, unencumbered securities guaranteed by the U.S. Government, excess funds held at exchanges, and other liquid unencumbered securities post haircut. The Group also includes any undrawn portion of its revolving credit facility in its total available liquid resources. The unsecured revolving credit facility of
Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the UK Investment Firms Prudential Regime (IFPR). The requirement includes a liquidity stress impact calculated from a combination of systematic and idiosyncratic risk factors.
Regulatory capital
The Group is subject to consolidated supervision by the UK Financial Conduct Authority and has regulated subsidiaries in jurisdictions both inside and outside of the UK.
The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at 30 June 2025 was determined by the Own Funds Threshold Requirement set via an assessment of the Group’s capital adequacy and risk assessment conducted annually.
The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalised relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.
Maintaining a prudent approach to capital and liquidity in order to maintain an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximise shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development. The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarises the Group’s capital position as at 30 June 2025 and as at the 2024 year end:
| 30 June 2025 | 31 December 2024 | ||
| $m | $m | ||
| Core equity Tier 1 Capital1 | 727.9 | 623.9 | |
| Additional Tier 1 Capital (net of issuance costs) | 97.6 | 97.6 | |
| Tier 2 Capital | 1.1 | 1.6 | |
| Total Capital resources | 826.6 | 723.1 | |
| Own Funds Threshold Requirement2 | 342.2 | 308.8 | |
| Total Capital Ratio3 |
|
At 30 June 2025, the Group had a Total Capital Ratio of
Dividend
The Group approved the payment of a dividend of
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.
Appendix 1
Non-IFRS Financial Measures and Key Performance Indicators
This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Basic Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies. 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.
Adjusted Profit Before Tax (formerly labelled Adjusted Operating Profit)
We define Adjusted Profit Before Tax 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. Items (i) to (xi) are referred to as “Adjusting Items.” Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax. We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.
Adjusted Profit Before Tax Margin (formerly labelled Adjusted Operating Profit Margin)
We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue. The most directly comparable IFRS Accounting Standards measure is profit margin, which is Profit after Tax divided by revenue.
Adjusted Profit After Tax Attributable to Common Equity (formerly labelled Adjusted Operating Profit after Tax Attributable to Common Equity)
We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to Additional Tier 1 (“AT1”) note holders, net of tax, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons. We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure is profit after tax.
Adjusted Return on Equity (formerly labelled Return on Adjusted Operating Profit after Tax Attributable to Common Equity)
We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period. Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the six months ended 30 June 2025 and 2024, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year, 31 March of the current year and 30 June of the current year. For the six months ended 30 June 2025 and 2024, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by two and then divided by average Common Equity for the period. It is presented on an annualised basis for comparison purposes. For the three months ended 30 June 2025 and 2024, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 March of the current year and 30 June of the current year. For the three months ended 30 June 2025 and 2024, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by four and then divided by average Common Equity for the period. It is presented on an annualised basis for comparison purposes.
We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is Return on Equity, which is calculated as profit after tax for the period divided by average equity. Average Equity for the six months ended 30 June 2025 and 2024 is calculated as the average of total equity at 31 December of the prior year, 31 March of the current year and 30 June of the current year. For the six months ended 30 June 2025 and 2024, Return on Equity is calculated for comparison purposes on an annualised basis as Profit After Tax for the period multiplied by two and then divided by Average Equity for the period. It is presented on an annualised basis for comparison purposes. Average Equity for the three months ended 30 June 2025 and 2024 is calculated as the average of total equity at 31 March of the current year and 30 June of the current year. For the three months ended 30 June 2025 and 2024, Return on Equity is calculated for comparison purposes on an annualised basis as Profit After Tax for the period multiplied by four and then divided by Average Equity for the period. It is presented on an annualised basis for comparison purposes.
Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share
Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) for the period divided by weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is basic earnings per share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group. Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for diluted earnings per share. The most directly comparable IFRS Accounting Standards metric is diluted earnings per share.
We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.
These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.
These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under IFRS Accounting Standards. Some of these limitations are:
- they do not reflect costs incurred in relation to the acquisitions that we have undertaken;
- they do not reflect impairment of goodwill;
- other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; and
- the adjustments made in calculating these non-IFRS financial measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature.
Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.
We also use key performance indicators (“KPIs”) such as Average Balances, Trades Executed, and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.
Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:
“FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.
“Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.
“Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.
“Trades Executed” means the total number of trades executed on our platform in a given year.
“Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.
“Contracts Cleared” means the total number of contracts cleared in a given period.
“Market Volumes” are calculated as follows:
- All volumes traded on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX)
- Energy volumes on CBOT, Eurex, ICE, NYMEX, SGX
- Financial securities (corporate bonds, equities, FX, repo, volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX
Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | ||||
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||
| $m | $m | $m | $m | ||||
| Profit After Tax | 76.7 | 59.3 | 149.2 | 102.9 | |||
| Taxation charge | 26.9 | 20.8 | 52.4 | 36.1 | |||
| Profit Before Tax | 103.6 | 80.1 | 201.6 | 139.0 | |||
| Bargain purchase gains1 | (0.2) | — | (3.6) | — | |||
| Acquisition costs2 | — | (0.2) | — | — | |||
| Amortisation of acquired brands and customer lists3 | 1.7 | 1.8 | 3.0 | 2.6 | |||
| Activities relating to shareholders4 | — | — | — | 2.4 | |||
| Employer tax on vesting of the growth shares5 | — | 2.2 | — | 2.2 | |||
| Owner fees6 | — | 0.7 | 0.4 | 2.4 | |||
| IPO preparation costs7 | — | 4.6 | — | 8.3 | |||
| Fair value of the cash settlement option on the growth shares8 | — | 2.3 | — | 2.3 | |||
| Public offering of ordinary shares9 | 1.3 | — | 1.3 | ||||
| Adjusted Profit Before Tax | 106.4 | 91.5 | 202.7 | 159.2 | |||
| Tax and the tax effect on Adjusting Items10 | (26.1) | (21.4) | (50.8) | (38.9) | |||
| Profit attributable to AT1 note holders11 | (3.3) | (3.3) | (6.6) | (6.6) | |||
| Adjusted Profit after Tax Attributable to Common Equity | 77.0 | 66.8 | 145.3 | 115.7 | |||
| Profit After Tax Margin | |||||||
| Adjusted Profit Before Tax Margin12 | |||||||
| Basic Earnings per Share ($) | 1.03 | 0.81 | 2.01 | 1.41 | |||
| Diluted Earnings per Share ($)13 | 0.98 | 0.76 | 1.91 | 1.32 | |||
| Adjusted Basic Earnings per Share($) | 1.08 | 0.96 | 2.05 | 1.70 | |||
| Adjusted Diluted Earnings per Share ($)13 | 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 | |||
| Period end number of shares | 71,699,922 | 70,290,886 | 71,699,922 | 70,290,886 | |||
| Common Equity14 | 981.1 | 729.2 | 946.4 | 731.5 | |||
| Adjusted Return on Equity (%) |
|
Appendix 2 – Supplementary Financial Information
Revenue
The following tables present the Group's segmental revenue for the periods indicated:
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | ||||||
| 3 months ended 30 June 2025 | $m | $m | $m | $m | $m | $m | |||||
| Net commission income/(expense) | 71.5 | 187.2 | (1.6) | — | — | 257.1 | |||||
| Net trading income | 8.2 | 76.2 | 59.2 | 59.7 | — | 203.3 | |||||
| Net interest income/(expense) | 59.1 | (3.2) | (4.7) | (19.0) | 2.4 | 34.6 | |||||
| Net physical commodities income | — | 0.6 | 4.5 | — | — | 5.1 | |||||
| Revenue | 138.8 | 260.8 | 57.4 | 40.7 | 2.4 | 500.1 |
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | ||||||
| 3 months ended 30 June 2024 | $m | $m | $m | $m | $m | $m | |||||
| Net commission income/(expense) | 66.1 | 144.0 | (1.7) | — | — | 208.4 | |||||
| Net trading income | 1.3 | 10.8 | 64.3 | 60.1 | — | 136.5 | |||||
| Net interest income/(expense) | 56.8 | 9.5 | (4.7) | (15.4) | 19.2 | 65.4 | |||||
| Net physical commodities income | — | 0.2 | 11.6 | — | — | 11.8 | |||||
| Revenue | 124.2 | 164.5 | 69.5 | 44.7 | 19.2 | 422.1 |
The following tables present the Group's segmental revenue for the periods indicated:
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | ||||||
| 6 months ended 30 June 2025 | $m | $m | $m | $m | $m | $m | |||||
| Net commission income/(expense) | 139.3 | 370.1 | (1.6) | — | — | 507.8 | |||||
| Net trading income | 11.2 | 126.1 | 114.1 | 111.0 | — | 362.4 | |||||
| Net interest income/(expense) | 107.5 | 2.4 | (9.7) | (25.3) | 13.1 | 88.0 | |||||
| Net physical commodities income | — | 1.7 | 7.5 | — | — | 9.2 | |||||
| Revenue | 258.0 | 500.3 | 110.3 | 85.7 | 13.1 | 967.4 |
| Clearing | Agency and Execution | Market Making | Hedging and Investment Solutions | Corporate | Total | ||||||
| 6 months ended 30 June 2024 | $m | $m | $m | $m | $m | $m | |||||
| Net commission income/(expense) | 135.6 | 294.5 | (2.8) | — | — | 427.3 | |||||
| Net trading income | 2.3 | 19.9 | 108.5 | 112.0 | — | 242.7 | |||||
| Net interest income/(expense) | 87.0 | 17.5 | (10.6) | (26.0) | 33.1 | 101.0 | |||||
| Net physical commodities income | — | 0.7 | 16.2 | — | — | 16.9 | |||||
| Revenue | 224.9 | 332.6 | 111.3 | 86.0 | 33.1 | 787.9 |
FAQ
What were Marex Group's (MRX) key financial results for Q2 2025?
How did Marex's different business segments perform in Q2 2025?
What acquisitions did Marex (MRX) complete in Q2 2025?
What was Marex's Return on Equity and profit margin in Q2 2025?
How much debt did Marex raise in Q2 2025?
