Marex Group Limited reported record financial results for the first half of 2026, demonstrating substantial growth across all operating segments. The Group generated H1 2026 revenue of $1,388.1 million, up 43% year-on-year from $967.4 million in H1 2025. Profit after tax reached $267.7 million, representing a 79% increase compared to $149.2 million in the prior year period.
Adjusted Profit Before Tax, a key performance metric excluding non-recurring items, increased 57% to $318.6 million from $202.7 million in H1 2025. The Group's profitability expanded significantly, with Adjusted Profit Before Tax margin improving to 23.0% in H1 2026 from 21.0% in H1 2025, reflecting the increasing contribution from higher-margin, infrastructure-intensive businesses. Basic earnings per share surged 80% to $3.61 for the half-year, while the trailing twelve-month basic EPS reached $5.72.
Return on equity strengthened to 34.8% for H1 2026, with adjusted return on equity at 37.5%, demonstrating enhanced returns on the Group's growing equity base. Q2 2026 also delivered record quarterly performance. Revenue reached $695.8 million, up 39% from $500.1 million in Q2 2025, and Adjusted Profit Before Tax increased 56% to $165.9 million from $106.4 million.
This marked the tenth consecutive quarter of year-on-year Adjusted Profit Before Tax growth since the Group's IPO. The Group's Adjusted Profit Before Tax margin in Q2 expanded to 23.8% from 21.3% in the prior year quarter, reflecting revenue growth that significantly outpaced cost increases. All four business segments contributed to the strong performance.
Clearing revenue increased 16% to $161.3 million in Q2, driven by record average client balances of $19.1 billion, up 49% from $12.8 billion in Q2 2025. Agency and Execution revenues grew 35% to $351.0 million, with particularly strong momentum in Prime Services, foreign exchange, and equities, though offset partially by lower energy revenues. Market Making revenue more than doubled, increasing 106% to $118.2 million, reflecting broad-based growth across metals, agriculture, energy, and securities following the successful integration of Winterflood.
Hedging and Investment Solutions revenue increased 74% to $71.0 million, supported by continued client demand and platform investment benefits. For the six-month period, Clearing revenue increased 16% to $298.5 million, Agency and Execution revenue grew 35% to $673.3 million, Market Making revenue increased 134% to $257.8 million, and Hedging and Investment Solutions revenue jumped 91% to $164.0 million. A natural gas client default in the Clearing segment during the first quarter resulted in a $28.2 million trading loss and $5.7 million credit loss provision, creating a net trading loss of $7.0 million for the segment in H1 2026.
However, this single event did not prevent the segment from posting positive Adjusted Profit Before Tax of $137.2 million for the period. Total expenses increased 40% to $1,077.5 million in H1 2026, driven by higher performance-related compensation following strong revenue growth, a 33% increase in average full-time equivalent headcount to 3,347 employees, and continued investment in technology and infrastructure. Compensation and benefits expenses increased 38% to $824.9 million, reflecting both higher headcount and increased variable compensation.
Net interest income declined to $70.6 million in H1 2026 from $88.0 million in H1 2025, despite higher average client balances of $23.5 billion compared to $17.6 billion. The decrease was driven by higher interest expense associated with two $500 million senior debt issuances completed in May 2025 and April 2026, together with increased structured note issuance. These expenses more than offset the benefit of higher average Fed Funds rates of 3.6% in H1 2026 compared to 4.3% in H1 2025, which represented a 70 basis point reduction year-on-year.
The Group completed several significant strategic initiatives during the period. On July 1, 2026, following the reporting date, the Group completed its redomiciliation to Bermuda, with Marex Group Limited becoming the ultimate parent holding company. The Group issued $500 million of hybrid capital and $500 million of senior unsecured notes in April and June 2026, increasing total equity to $1.87 billion as of June 30, 2026, up 48% from $1.26 billion at December 31, 2025.
The Group completed acquisitions of Levmet, Webb Traders, and announced the acquisition of Bright Point, expanding its capabilities across clearing in Asia, physical commodities, and equity derivatives in Europe. Total available liquid resources stood at $4.32 billion at June 30, 2026, comprising $1,501.4 million in group capital resources against a capital requirement of $523.3 million, representing a capital ratio of 287%. Liquidity headroom totaled $1.81 billion.
The Group's total assets increased to $42.1 billion from $32.7 billion at December 31, 2025, with securities held for client financing activities increasing significantly to support Prime Services expansion. During the period, the Group sold the Winterflood custody business for approximately $76.4 million in cash consideration, realizing a pre-tax gain of approximately $35.1 million. The Board approved a dividend of $0.16 per share, payable on September 9, 2026, to shareholders of record at the close of business on August 24, 2026.
This reflects the Group's increased earnings power and commitment to returning capital to shareholders while maintaining investment-grade credit ratings and supporting future growth. Group Chief Executive Officer Ian Lowitt stated that the company delivered record first half revenue and profitability through executing its strategic plan to create a firm capable of growing sustainably across varying market environments. He emphasized that the Group has increased Adjusted Profit Before Tax year-on-year in every quarter since IPO and in all but one quarter over the last five years, demonstrating consistent growth through diverse market conditions underpinned by structural business development, margin expansion from higher-margin businesses, and successful acquisition integration.
Source: stocktitan.net