Marex Q3 2026 Adjusted Profit Jumps 75% on Broad Revenue Growth

Marex Group plc (NASDAQ: MRX) reported record adjusted profit before tax for the third quarter of 2026 as revenue increased across all four business segments, led by a sharp expansion in Market Making and continued growth in Agency and Execution. Adjusted profit before tax rose 75% year over year to $176.1 million, while revenue increased 53% to $743.2 million.

The adjusted profit before tax margin, a non-IFRS measure, widened by 300 basis points to 23.7%. Adjusted basic earnings per share increased 73% to $1.75, and adjusted return on equity reached 35.7%, up 810 basis points from a year earlier.

Reported profit before tax from continuing operations rose 75% to $172.7 million, broadly tracking the adjusted result after $3.4 million of adjusting items. Reported profit after tax increased 78% to $130.3 million.

Marex said the margin expansion reflected revenue growth outpacing costs. Front-office expenses rose 49% to $392.6 million, while control and support costs increased 37% to $158.9 million. Adjusted expenses were up 44% at $560.8 million. The company also recorded a $6.7 million net provision for credit losses, compared with $0.1 million a year earlier.

For the first nine months of 2026, revenue climbed 47% to $2.13 billion and adjusted profit before tax increased 63% to $494.7 million. The year-to-date adjusted margin expanded by 230 basis points to 23.2%, while adjusted basic EPS rose 65% to $5.04. Reported profit after tax was $398.0 million, including a $35.5 million contribution from discontinued operations, principally a gain on the disposal of the Winterflood custody business.

Growth across all four segments

Clearing revenue rose 27% to $170 million, supported by larger client wins and deeper institutional relationships. Contracts cleared increased 15% to 344 million, while average Clearing client balances rose to $18.7 billion from $13.3 billion. The segment’s adjusted profit before tax increased 26% to $84.6 million, with a 50% adjusted margin.

Agency and Execution revenue grew 40% to $361 million. Prime revenue doubled to $115 million, and foreign-exchange revenue increased to $59 million from $26 million. Securities revenue reached $286 million, compared with $182 million a year earlier, while Energy revenue declined to $72 million from $75 million. Segment adjusted profit before tax rose 73% to $114.7 million, with a 32% adjusted margin.

Market Making delivered the fastest growth, with revenue rising 244% to $151 million. Metals revenue increased to $91 million from $24 million, while Securities revenue rose to $36 million from $13 million. Adjusted profit before tax advanced to $57.9 million from $7.0 million, and the adjusted margin expanded to 38% from 16%. Marex attributed the performance to an expanded franchise operating in a favorable environment.

Hedging and Investment Solutions revenue increased 26% to $61 million, supported by client demand and platform investment. Adjusted profit before tax rose 15% to $13.8 million, though the adjusted margin declined to 23% from 25%. For the first nine months, the segment generated $225 million of revenue and $71.4 million of adjusted profit before tax, increases of 68% and 145%, respectively.

Acquisitions and institutional expansion

Marex said acquisitions and deeper client relationships are increasing its earnings capacity. Webb Traders and Levmet contributed to sequential earnings growth during the quarter, while the company continued integrating and scaling its foreign-exchange operations following the acquisition of Hamilton Court.

The number of clients generating more than $5 million in annualized revenue reached 82, up from 49 in 2025. Marex also cited market-share gains in Prime and expanding relationships with larger institutional Clearing clients.

The company is developing additional institutional capabilities, including U.S. Treasury cross-margining, prediction-market access through its futures commission merchant platform, tokenized trading and collateral services, and clearing and market-making capabilities for compute futures. Six clients were live on the Treasury cross-margining service, with another 15 in the pipeline, according to the presentation.

Capital and risk considerations

Marex ended September with $2.0 billion of net assets, up from $1.3 billion at the end of 2025. The company said about 80% of its $45.4 billion balance sheet was driven by client activity and consisted largely of short-duration, highly liquid instruments.

Capital resources totaled $1.67 billion against an internal capital requirement of $610 million. The group capital ratio was 274%, while liquidity headroom stood at $1.3 billion. Total funding sources increased to $8.9 billion.

The company cautioned that its outlook remains exposed to commodity-market activity and pricing, geopolitical developments, interest rates, tariffs, counterparty defaults, market volatility and regulatory uncertainty. Other identified risks include technology and data-security failures, artificial-intelligence use, acquisition integration, liquidity constraints and weaknesses in internal control over financial reporting. Marex also noted that forward-looking expectations concerning growth, acquisitions, product expansion and other initiatives are not guarantees of future performance.