Record Q1 results with 48% revenue growth and 59% adjusted profit growth confirm strong momentum. The $33.9M client default in Clearing is an idiosyncratic event that did not derail segment profitability. Watch the May 21 shareholder vote on Bermuda redomiciling and the Q2 2026 $40M capital benefit from the Winterflood custody sale. Elevated volatility may not persist, but diversified revenue streams and April's positive trend support the bullish thesis.
Price Chart
Executive Summary
Marex Group reported record Q1 2026 results with revenue of $692.3M (+48% YoY), Adjusted PBT of $152.7M (+59% YoY), and EPS of $1.52 (+55% YoY), driven by broad-based growth across all segments amid elevated market volatility. The quarter included a $33.9M client default loss in Clearing, but this was absorbed by strong performance elsewhere, and management noted positive April trading trends. The results follow a recent $500M senior debt issuance and precede a May 21 shareholder vote on redomiciling to Bermuda.
Key Facts
- Q1 2026 revenue of $692.3M, up 48% from $467.3M in Q1 2025
- Adjusted Profit Before Tax of $152.7M, up 59% from $96.3M in Q1 2025
- Basic EPS of $1.52, up 55% from $0.98 in Q1 2025
- Market Making revenue surged 164% to $139.6M; Hedging & Investment Solutions revenue doubled to $93.0M
- Clearing segment absorbed a $33.9M client default loss (natural gas), yet Adjusted PBT still grew 2% to $58.0M
- Dividend increased to $0.16 per share (from $0.12 prior), payable June 3, 2026
- Total Capital Ratio improved to 253% from 230% at year-end 2025
- April 2026 trading performance tracking above April 2025 levels
- Sale of Winterflood custody business received regulatory approval, expected $40M capital benefit in Q2 2026
- Shareholder vote on redomiciling to Bermuda scheduled for May 21, 2026
Financial Impact
Revenue +$225M YoY to $692.3M; Adjusted PBT +$56.4M to $152.7M; EPS +$0.54 to $1.52
Risk Factors
- Client default in Clearing ($33.9M) highlights counterparty risk during volatile periods
- Net interest income declined 23% YoY due to lower Fed Funds rate and higher debt costs
- Expenses grew 44% YoY, outpacing revenue growth in some segments
- Management cautions extreme Q1 volatility may not persist, which could normalize Market Making and Solutions revenues
- Pending redomiciling vote introduces execution and regulatory risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001997464-26-000055 |
| Document: earningsrelease-6kfilingxc.htm | 0001997464-26-000055 |
| Document: 0001997464-26-000055-index-headers.html | 0001997464-26-000055 |
| Document: 0001997464-26-000055-index.html | 0001997464-26-000055 |
| Document: 0001997464-26-000055.txt | 0001997464-26-000055 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $70.35 | awaiting T+20 | — | $70.73 (+0.54%) |
Oct 14, 2026 13d ago | Insider Cluster | $72.30 | awaiting T+20 | — | $70.73 (+2.17%) |
Oct 13, 2026 13d ago | Press Release | $69.38 | awaiting T+20 | — | $70.73 (+1.95%) |
Oct 7, 2026 20d ago | 6-K | $71.88 | awaiting T+20 | — | $70.73 (−1.60%) |
Sep 16, 2026 5w ago | Insider Cluster | $73.27 $72.30 | ▼ −1.32% | ▼ −2.53% | $70.73 (−3.47%) |
Aug 18, 2026 9w ago | Insider Cluster | $70.19 $73.27 | ▲ +4.39% | ▲ +6.34% | $70.73 (+0.77%) |
Aug 12, 2026 10w ago | 6-K | $71.13 $74.09 | ▲ +4.16% | ▲ +6.06% | $70.73 (−0.56%) |
Aug 12, 2026 10w ago | Press Release | $71.13 $74.09 | ▲ +4.16% | ▲ +6.06% | $70.73 (−0.56%) |
Jul 27, 2026 13w ago | Press Release | $64.60 | awaiting T+20 | — | $70.73 (+9.49%) |
Jul 15, 2026 14w ago | Insider Cluster | $63.55 $72.36 | ▲ +13.86% | ▲ +10.25% | $70.73 (+11.30%) |
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