Financial Data and Key Metrics Changes - Marex reported record financial performance with revenue exceeding $2 billion, a 27% increase from $1.6 billion in 2024 [4][5] - Fourth quarter revenue grew 38% year-on-year from $416 million to $572 million, with adjusted profit before tax increasing 41% to $115 million [5][14] - Full year profit after tax increased at a faster rate due to an improved effective tax rate, which declined from 26% to 25% [6] Business Line Data and Key Metrics Changes - Clearing revenue in Q4 increased 10% to $137 million, with average customer balances rising 18% to $14 billion [15] - Agency and execution revenue surged 51% to $290 million in Q4, driven by strong growth in securities and Prime services [16][17] - Market making revenue grew 83% to $81 million, with metals and securities performing particularly well [18][19] - Solutions revenue increased 57% to $63 million, marking the strongest quarter on record [21] Market Data and Key Metrics Changes - Exchange volumes increased by 5% year-on-year and 8% compared to Q3, with equity markets at or near all-time highs in Q4 [11] - The operating environment was supportive, with a notable spike in volatility in April, although overall growth continued despite reduced volumes [10] Company Strategy and Development Direction - Marex's strategy focuses on broadening product offerings, geographic expansion, and disciplined M&A to enhance client relationships and deepen market penetration [4][7] - The firm aims for sustainable profit growth with a target of 10% organic growth and 5%-10% from selective acquisitions [33] - Digital assets initiatives are progressing, with plans to extend trading capabilities and support for crypto futures [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver growth amid a complex operating environment, citing increased demand for services and a diversified business model [41] - The firm anticipates continued growth in all business segments, particularly in hedging and investment solutions, driven by global expansion and product diversification [44] Other Important Information - Marex maintained a strong capital position with regulatory capital of $927 million against a requirement of $403 million, representing a capital ratio of 230% [26] - The company announced a quarterly dividend of $0.15 per share for Q4 2025, to be paid on March 31 [28] Q&A Session Summary Question: Current environment and client behavior - Management noted increased exchange volumes and volatility, which are seen as tailwinds for the business, while also acknowledging some headwinds due to high volatility [39][40] Question: Growth and outlook for hedging and investment solutions - Management expressed confidence in the growth of the solutions business, driven by global expansion and additional product offerings [44][45] Question: Growth in larger accounts and geographic focus - The firm has seen significant growth in large accounts, particularly in North America, with strong engagement from hedge funds and large financial players [50][51] Question: Digital opportunities and tokenization - Management is focused on developing a digital prime brokerage offering and sees potential in tokenization, particularly in providing digital assets as collateral [54][56] Question: Impact of geopolitical turmoil in the Middle East - Management remains optimistic about opportunities in the Middle East despite geopolitical uncertainties, noting consistent growth in volumes and product offerings [76][78] Question: M&A pipeline and opportunities - The firm continues to pursue acquisitions across various service lines, with a focus on expanding capabilities in Asia and Latin America [81]

Core Insights - Marex Group plc reported a record fourth quarter for Q4 2025, with significant revenue and profit growth driven by strong client activity and market conditions [2][6][27] - The company achieved a quarterly revenue increase of 38% to $572.1 million and an Adjusted Profit Before Tax growth of 41% to $114.9 million, with earnings per share rising by 50% to $1.14 [4][6][27] - For the full year 2025, revenue reached $2,024.1 million, a 27% increase from 2024, with Adjusted Profit Before Tax growing by 30% to $418.1 million, marking 11 consecutive years of profit growth [3][5][33] Financial Performance - Q4 2025 financial highlights include: - Revenue: $572.1 million, up 38% from Q4 2024 ($415.6 million) [4][7] - Adjusted Profit Before Tax: $114.9 million, a 41% increase from Q4 2024 ($81.4 million) [4][27] - Basic EPS: $1.14, a 50% increase from Q4 2024 ($0.76) [4][7] - Full-year 2025 performance metrics: - Revenue: $2,024.1 million, up 27% from FY 2024 ($1,594.7 million) [3][5] - Adjusted Profit Before Tax: $418.1 million, a 30% increase from FY 2024 ($321.1 million) [3][33] - Basic EPS: $4.12, a 39% increase from FY 2024 ($2.96) [3][7] Revenue Breakdown - Q4 2025 revenue growth was driven by: - Agency and Execution revenue increased by 51% to $290.4 million [6][50] - Market Making revenue surged by 83% to $81.4 million, supported by high client activity in Metals [6][61] - Hedging and Investment Solutions revenue rose by 57% to $62.7 million [6][62] - For FY 2025: - Net trading income increased by $359.5 million to $851.9 million, with Agency and Execution as the largest contributor [29][31] - Net commission income rose by $121.4 million to $977.5 million, primarily from Agency and Execution [30][31] Cost and Expense Management - Total expenses for Q4 2025 increased by 36% to $462.7 million, reflecting higher compensation and benefits costs [14][23] - Compensation and benefits rose by 42% to $344.6 million, driven by performance-related compensation and increased headcount [14][24] - For FY 2025, total expenses increased by 24% to $1,624.2 million, aligned with revenue growth and ongoing investments [32][33] Strategic Initiatives - The company continued to execute its M&A strategy, integrating recent acquisitions to enhance earnings resilience [2][10] - Marex expanded its geographic footprint and product capabilities, particularly in the Middle East and Brazil [10] - The Prime Services segment has become a significant contributor to profitability, reflecting successful integration and growth [2][10]

Table of Contents As filed with the Securities and Exchange Commission on October 21, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Marex Capital Markets Inc. 140 East 45th Street, 10th Floor New York, New York 10017 Marex Group plc (Exact Name of Registrant as Specified in its Charter) Not Applicable (Translation of Registrant's Name into English) (State or Other Jurisdiction of Incorporat ...

Table of Contents As filed with the Securities and Exchange Commission on April 15, 2024. Registration No. 333-278231 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Marex Group plc (Exact Name of Registrant as Specified in its Charter) Not Applicable (Translation of Registrant's Name into English) (State or Other Jurisdiction of Incorporation or Organization) England and Wales 6200 Not Applicable (Pr ...

Table of Contents As filed with the Securities and Exchange Commission on March 26, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Marex Group plc (Exact Name of Registrant as Specified in its Charter) Not Applicable (Translation of Registrant's Name into English) England and Wales 6200 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial ...