Marex Group Limited

Marex reported Q2 2026 revenue of $696 million, up 39% year over year, and adjusted profit before tax of $166 million, up 56% year over year. Adjusted PBT margin expanded to 23.8% (described as 24%), adjusted basic EPS was $1.72, and basic EPS was $2.09; reported first-half revenue was $1.39 billion and first-half adjusted PBT was $319 million. The company said second-quarter NII was $30 million versus $35 million in 2Q25. For guidance, management said it remains comfortable growing at least in line with the top end of its 10% to 20% growth target range, expects no real change in the M&A contribution mix, and said July and early August trends are continuing at roughly first-half levels.

Ian Lowitt framed the quarter as evidence that Marex’s diversified platform is reducing dependence on exchange volumes and supporting resilient earnings. He emphasized that the company has built a business with structural growth, deeper client relationships, and a playbook of strategic acquisitions that add capabilities rather than simply buying earnings. His tone was upbeat and confident, especially on future margin potential, the M&A pipeline, and newer market-structure initiatives such as cross-margining, digital assets, and prediction markets.

Rob Irvin highlighted the first-half results of $1.39 billion of revenue and $319 million of adjusted PBT, then pointed to Q2 revenue of $696 million, up 39%, and adjusted PBT of $166 million, up 56%. He said adjusted PBT margin improved to 23.8%, adjusted ROE was 37.8%, and adjusted basic EPS rose 59% to $1.72, while reported PAT was $155 million including a $35 million gain on the Winterflood custody sale. On the balance sheet, he cited $42.1 billion of total assets, $500 million of hybrid capital issued in the quarter, $500 million of senior unsecured notes issued, $8.1 billion of funding sources, $1.8 billion of liquidity headroom, and a RAC ratio of approximately 12%, above S&P’s 10% strongly capitalized threshold. He also noted no realized credit losses in the quarter.

Analysts pressed management on how much M&A contributes to growth, the durability of the margin expansion, and whether Q3 was tracking close to Q2; Ian said M&A was still about 20% of Q2 growth and he did not expect a material change, while July and early August looked like a continuation of first-half trends. Questions on clearing balances focused on whether higher margin requirements normalize; management said price levels matter more than volatility, that about $1 billion of new balances had been added through early August, and that the majority of Q2 clearing balance growth came from outside the U.S. Analysts also asked about prime brokerage, metals market making, solutions growth, and new initiatives like treasury cross-margining and prediction markets; management said prime growth is driven by share gains with mid-sized hedge funds and funds, metals market making benefited from spreads and client activity rather than just volume, and prediction markets/digital assets could become meaningful but are still early.