Marex Group(MRX 2.84%) released its Q2 2025 results on August 13, 2025, highlighting an 18% year-over-year revenue increase to $500 million and adjusted profit before tax (PBT) of $106 million, up 16% year-over-year. Management emphasized margin expansion, rapid growth in agency and execution, with revenues up 59% to $261 million, and proactive liquidity actions, while also addressing a recent short seller report and confirming continued progress on M&A and operational resilience.

Revenue and margin expansion drive Marex Group profits

First half 2025 revenues grew 23% year-over-year to $967 million, and adjusted profit before tax reached $203 million, up 27% on the prior-year period, with companywide adjusted margins expanded to 21% from 20.2% a year earlier. Revenues per front office full-time equivalent (FTE) climbed to an annualized $1.5 million, indicating increased productivity levels.

"Second quarter revenues grew 18% to $500 million, delivering adjusted PBT of $106 million. Revenue in the first six months of the year grew 23% to $967 million while margins expanded to 21%. Revenues per front office FTE increased to $1.5 million on an annualized basis, reflecting the significant effort our businesses have made to improve our productivity at the desk level as we invest in growing each of our segments."
-- Ian Lowitt, Group CEO

This combination of higher productivity and expanding margins indicates operational leverage and earnings scalability across the Marex Group platform, supporting the company’s long-term profit growth targets.

Marex Group leverages M&A for material earnings contribution

The acquisition of Cowen Prime Brokerage elevated its annualized revenue run rate from $85 million to over $200 million since integration, while the company expects the WinterFlood acquisition to add scale and efficiency to the equities business in 2026. Over the past three years, cumulative acquisition premiums of approximately $150 million have generated a run-rate post-tax profit contribution of nearly $150 million, representing around 30% of group profits before unallocated corporate center impact.

"over three years, we have paid an aggregate of around $150 million in premium, and the profit after tax contribution is nearly $150 million on a run rate basis, largely but not exclusively as a result of the success with Cowen. This is around 30% of profits before considering our unallocated corporate center. As you know, we recently announced the expected acquisition of WinterFlood, which is not included in these numbers, but will contribute to our performance in 2026 and beyond."
-- Ian Lowitt, Group CEO

This disciplined, incremental M&A strategy diversifies earnings and accelerates growth with low dilution, providing Marex Group with a competitive advantage in capturing niche and scalable capabilities while maintaining robust profitability.

Robust liquidity and risk management underpin Marex Group resilience

Liquidity stood at $2 billion in surplus above regulatory requirements at the end of Q2 2025, reflecting proactive funding actions, including $500 million of senior notes issued in May 2025 and a second follow-on equity transaction in April 2025. Despite increased net interest expense from elevated average structured note balances and additional debt, adjusted return on equity (non-GAAP) remained strong at 31.4%, and realized credit losses were minimal at $700,000, equivalent to 0.1% of revenues.

"Critically, we strengthened our liquidity position through the quarter, with a $500 million senior notes issuance that we executed in early May, as we continue to extend and diversify our funding sources. We held a record level of liquidity at the end of the quarter, with $2 billion of surplus versus the regulatory requirement. We also completed our second successful equity follow-on transaction in mid-April. The residual position held by our pre-IPO private equity shareholders is now just 17%, down from 64% at the IPO. Increasing the public float was an important strategic goal, and we have been successful at this."
-- Ian Lowitt, Group CEO

This focus on liquidity diversification and conservative risk posture supports client growth and positions the company to weather industry volatility and rate headwinds.

Looking Ahead

Management reaffirmed its commitment to sustainable annual profit growth in the 10% to 20% range, with 10% organic and the remainder from acquisitions. No significant additional debt issuance is planned for the second half of 2025, and the company expects to fund the WinterFlood acquisition from existing resources. Share dilution will be capped at 1%, with no planned share buybacks, though management left open the possibility if capital and market conditions warrant.