Marex Achieves Record-Breaking Profit Quarter, Demonstrating Sustainable Growth
Marex, a leading global commodities brokerage and trading firm, has reported another record-breaking profit quarter in its second quarter (Q2) 2026 earnings conference call. The company's financial performance has been impressive, with revenues increasing by 39% year-over-year to $696 million and adjusted profit before tax rising by 56% to $166 million.
According to Ian Lowitt, Group CEO of Marex, Q2 2026 was the sixth record quarter since the company went public in April 2024. The adjusted profit before tax margin expanded to 24%, reflecting the increasing contribution from higher-margin infrastructure-intensive businesses. Basics earnings per share increased to $2.09, and return on equity (ROE) was a remarkable 37.5%.
Excluding non-operating items such as the $35 million gain on the sale of the Winterflood Custody business, adjusted earnings per share (EPS) was $1.72. For the first half of the year, adjusted profit before tax was $319 million, equivalent to the group's total annual profit in 2024. Adjusted EPS for the first half was $3.29, while reported EPS was $3.61 on a trailing 12-month basis.
Rob Irvin, Group CFO, highlighted that market conditions remain important to individual businesses within Marex. However, at the group level, the portfolio of businesses has increasing earnings resilience. Volumes on key exchanges reduced by 17% compared with the first quarter, but adjusted PBT still increased by 9% versus the first quarter.
This impressive performance is a testament to Marex's diversified strategy, which includes investments in structural growth to offset cyclical market impacts. As Lowitt emphasized, "We've worked hard to build a business that is diversified across products, business lines, and geographies to support sustainable growth."
The company's track record of sustainable growth is evident in its ability to increase profitability sequentially every year over the past 12 years. Over the past five years, Marex has delivered year-over-year adjusted profit growth in 19 out of 20 quarters. This remarkable record includes periods of elevated volatility, lower volatility, increasing and decreasing interest rates, and varying levels of exchange activity.
Since its IPO in Q2 2024, quarterly adjusted PBT has grown at an average rate of 48% year-on-year, with the upper quintile averaging 72% and the lower quintile averaging 21%. This gives Marex a high degree of confidence in its ability to grow at least in line with the top end of its 10%-20% growth target range.
