Marex Group plc (NASDAQ:MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the third quarter (‘Q3 2025’).
Revenue grew by 24% to $484.6 million (Q3 2024: $391.2m), driven by a strong performance in Clearing, Agency and Execution and Hedging and Investment Solutions.
Net commission income increased 14% to $232.2 million (Q3 2024: $202.8m). The increase was primarily driven by strong performance in Agency and Execution, which grew $24.7m to $166.6m (Q3 2024: $141.9m), led by higher Securities revenues, particularly in equities and credit, and further supported by Energy. Growth was also driven by Clearing, which increased $4.5m to $66.3m (Q3 2024: $61.8m), reflecting new client onboarding and increased contracts cleared.
Net trading income rose 63% to $197.7m (Q3 2024: $121.6m). The increase was supported by a $65.5m rise in Agency and Execution to $85.8m (Q3 2024: $20.3m), reflecting strong performance in Securities. The most significant contribution came from the continued strategic expansion of Marex’s Prime Services capabilities, including growth in its securities-based swaps offering, FX and stock lending. Growth was further supported by Hedging and Investment Solutions, which recorded its strongest quarter on record, with trading revenue increasing $24.1m to $69.8m (Q3 2024: $45.7m).
Reported Profit Before Tax increased $19.8m to $98.8m (Q3 2024: $79.0m), on the back of strong revenue growth and improved operating leverage. The Reported Profit Before Tax margin rose slightly to 20.4% (Q3 2024: 20.2%), reflecting margin expansion within Agency and Execution from the growth of higher-margin products, including Prime Services, and the restructuring of underperforming desks.
Adjusting items increased marginally by $0.2m to $1.7m (Q3 2024: $1.5m). Adjusting items in Q3 2025 related solely to the amortisation of acquired brands and customers lists within the Corporate segment.
As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax increased 25% to $100.5m (Q3 2024: $80.5m), while the Adjusted Profit Before Tax Margin1 improved 10bps to 20.7% (Q3 2024: 20.6%), reflecting Prime Services and the restructuring of underperforming desks.
Ian Lowitt, Group Chief Executive Officer, commented:
“I’m pleased to report strong third quarter financial results at the top end of our previously announced preliminary range and continuing the momentum from the first half of the year. Revenue for the third quarter was $485 million and we grew Adjusted Profit Before Tax1 to $101 million, up 25% year on year. In a more challenging operating environment, this quarter demonstrated how we have successfully diversified our business. This has been primarily driven by growth in our Prime services business, which continued to be a standout success and increased the resiliency of our earnings. Clearing remains at the heart of the firm and continued to perform very strongly as we had one of our highest-ever client onboarding quarters, driving 4% growth in average client balances to $13.3 billion. The fourth quarter has started very strongly, and we are optimistic about the rest of the year and the year ahead.”
