Marex Group plc Ordinary Shares Q4 FY2025 earnings call

2025 was a year of continued growth with record financial performance. Revenue over $2,000,000,000, profit up sevenfold from 2020 to 2025. Growth across segments via organic and M&A. Q4 had record profitability with revenue up 38% and adjusted profit before tax up 41%. Full-year revenue up 27% and adjusted PBT up 30%. Clearing saw client balance growth, M&A strategy effective. Agency and Execution had strong Prime performance. Market Making and Solutions showed good momentum. Emphasized platform and organization barriers, client growth including large clients, digital assets and AI initiatives.

Clearing: Q4 revenue increased 10% to $137,000,000, full-year revenue up 13% to $528,000,000; average Clearing balances in Q4 reached $14,000,000,000. Agency and Execution: Q4 revenue grew 51% to $290,000,000, full-year revenue up to $1,050,000,000; Prime was a standout. Market Making: Q4 revenue rose 83% to $81,000,000, full-year revenue $236,000,000; strong in Metals and Securities. Solutions: Q4 revenue grew 57% to $63,000,000, full-year revenue $197,000,000.

Management confident in 2026 growth, expects continued growth across businesses. M&A pipeline attractive. Positive on digital assets and AI applications, maintains previous growth expectations range.

Market high volatility may affect client behavior and margin requirements; geopolitical conflicts uncertainty impact business; regulatory changes influence; interest rate fluctuations impact net interest income.

Q: Daniel Thomas Fannon asked about current environment and Solutions business growth.

A: Ian Lowitt said high volatility but demand for services high, expects Solutions to continue growing.

Q: William Raymond Katz asked about large account growth and digital assets.

A: Ian Lowitt talked about large clients from financial players, Paolo Tonucci expanded on digital asset infrastructure and progress.

Q: Benjamin Elliot Budish asked about high volatility impact and prediction markets.

A: Ian Lowitt explained high volatility effects and expectation of prediction markets on exchanges.

Q: Patrick Malcolm Moley asked about Middle East geopolitics and M&A pipeline.

A: Ian Lowitt and Paolo Tonucci discussed Middle East business and M&A focus on capabilities and geographies.

Q: Alexander Blostein asked about Prime Services growth and M&A impact.

A: Paolo Tonucci and Crispin Robert Irvin talked about Prime client growth and M&A's organic and inorganic split