Diversified global financial services platform Marex Group plc (NASDAQ:MRX) today reported the Group’s preliminary unaudited financial results for the fourth quarter of 2025 (Q4 2025).
Revenue increased by $156.5 million to $572.1 million (Q4 2024: $415.6m), reflecting strong performance across all operating segments. The largest contribution came from Agency and Execution (+$98.2m), supported by Market Making (+$36.9m), Solutions (+$22.8m) and Clearing (+$12.0m).
Net trading income increased by $163.7 million to $291.8 million (Q4 2024: $128.1m), underpinned by Agency and Execution (+$99.9m). Growth reflected the continued scaling of Prime and growth in FX, including the integration of Hamilton Court alongside improved performance in Equities and Credit. Net trading income growth was also supported by Solutions (+$39.4m), which had a strong performance across both Financial Products and Hedging Solutions and Market Making (+$18.7m) as Metals performed strongly.
Net commission income increased by $11.5m to $237.5m (Q4 2024: $226.0m). The increase was predominantly driven by Clearing (+$4.2m), reflecting strong client retention and the onboarding of new, larger institutional clients as Marex broadened its product offering and expanded regionally, including contributions from Aarna Capital Limited.
Interest income decreased marginally by $3.9m to $181.3m (Q4 2024: $185.2m) reflecting an 80 bps reduction in the average Fed Funds rate which was broadly offset by growth in average balances to $19.7bn (Q4 2024: $15.5bn) over the same period. This decrease was further impacted by higher interest expense of $32.2m reflecting the Group’s senior debt issuances in November 2024 ($600m) and May 2025 ($500m) and structured note issuance in Solutions.
Net physical commodities income increased by $17.8m to $16.7m (Q4 2024: loss of $1.1m), primarily due to an increase in sales volumes from physical recycled metal, reflecting an increase in client demand, supplemented by increased demand for physical energy products. Hedging activity undertaken to mitigate the related market risk partially offsets a portion of these gains and is included as a reduction within trading income.
Costs increased to support strong revenue performance and continued investment, with total expenses increasing by $121.8m to $462.7m (Q4 2024: $340.9m), reflecting higher front office and control and support costs. This increase was consistent with the ongoing investment to support growth alongside the contributions from acquisitions completed during FY 2025, including Aarna, Hamilton Court, Winterflood and Agrinvest.
Reported Profit Before Tax increased by $33.4m to $111.2m (Q4 2024: $77.8m), with margin improving to 19.4% (Q4 2024: 18.7%), driven by strong revenue growth and a higher contribution from Agency and Execution, particularly Prime. Adjusting items of $3.7m in Q4 2025 (Q4 2024: $3.6m) included amortisation of acquired brands, customer lists and acquisition related costs.
Adjusted Profit Before Tax increased by $33.5m to $114.9m (Q4 2024: $81.4m), Marex’s strongest quarter on record, and the Adjusted Profit Before Tax Margin¹ increased to 20.1% (Q4 2024: 19.6%).
Ian Lowitt, Group Chief Executive Officer, stated:
“This was a record fourth quarter for Marex, marked by a strong, broad-based performance, supportive market conditions and high levels of client activity. This included growing engagement with larger clients, which reflects our strengthening competitive position. Quarterly revenue increased 38% to $572.1 million, Adjusted Profit Before Tax rose 41% to $114.9 million, and earnings per share advanced by 50% to $1.14. This momentum supported full year Adjusted Profit Before Tax¹ growth of 30% to $418.1 million in 2025, extending our 11-year track record of sequential profit growth.
We continued to execute our M&A strategy, integrating recent acquisitions and further enhancing the resilience of our earnings. Prime Services continues to scale and serves as a clear example of how transformational acquisitions can be when successfully integrated and empowered to grow on our platform. Our pipeline of acquisition opportunities remains attractive, complemented by ongoing investment in organic growth initiatives across our four service areas.
We believe our diversified and scalable platform is well positioned to deliver sustainable growth across a variety of market conditions. We remain committed to disciplined capital allocation, excellent client service and long-term value creation for our shareholders.”
