just now
Global financial services platform Marex Group has reported record third quarter results, with revenue from both its FX and Prime businesses more than doubling year on year.
Group revenue for the three months to 30 September 2026 rose 53% to $743.2m, up from $484.6m in Q3 2025 and $47.4m higher than the previous record set in Q2 2026. Adjusted profit before tax rose 75% to $176.1m, and the adjusted profit before tax margin widened by 300 basis points to 23.7%.
For the first nine months of 2026, revenue rose 47% to $2,131.3m and adjusted profit before tax rose 63% to $494.7m.
“Marex delivered another record performance in the third quarter, with revenue and Adjusted Profit Before Tax growing both year on year and sequentially. Adjusted Profit Before Tax was $176m for the quarter and $495m for the first nine months of 2026, reflecting the continued successful execution of our strategy through acquisitions, market share gains and deeper institutional client relationships. We continue to see momentum and expect to close the year with a larger, more diversified earnings base, continued opportunities for organic and inorganic growth, and confidence in delivering our 10–20% Adjusted Profit Before Tax growth target in 2027.” - Ian Lowitt, Group Chief Executive Officer, Marex
FX Revenue More Than Doubles
FX revenue rose 131% to $59.1m in Q3 2026, up from $25.6m a year earlier and from $51.5m in Q2 2026. Marex attributed the growth to corporate FX, including the scaling of Hamilton Court on the group’s platform, alongside growth across its wider FX business.
Marex completed its acquisition of UK FX specialist Hamilton Court Group in July 2025, so the year-on-year comparison with Q3 2025 includes Hamilton Court in both periods. Hamilton Court offers corporate clients FX products ranging from spot, forwards and swaps to bespoke options and derivative structures.
The nine-month figures are less like-for-like. FX revenue more than tripled to $142.3m from $39.6m, which Marex said reflected nine months of contribution from Hamilton Court compared with three months in 2025.
FX also contributed to growth in the Hedging and Investment Solutions segment, where Hedging Solutions revenue rose to $32.4m from $22.8m on continued client onboarding and demand for hedging products across commodities and FX.
Prime Revenue Doubles
Prime revenue rose to $114.5m from $57.2m in Q3 2025, with average prime client balances at around twice prior-year levels, which Marex attributed to continued market share gains. The quarter was slightly below the record $120.0m Prime reported in Q2 2026. Over nine months, Prime revenue rose 81% to $308.9m, supported by strong client demand and continued momentum in securities-based swaps.
Prime and FX both sit within the Securities division of the Agency and Execution segment, where Securities revenue rose 58% to $285.9m. Equities revenue rose 23% to $65.8m on demand for securities lending and equity derivatives, and Rates revenue rose to $33.8m from $29.2m. Credit revenue fell to $13.7m from $16.1m, and Energy broking revenue slipped to $72.1m from $75.0m as activity in some larger oil products stayed subdued.
Segment adjusted profit before tax rose 73% to $114.7m and the margin widened to 31.8% from 25.6%. Marex attributed the improvement to a shift in business mix toward higher-margin securities activities, including FX and Prime.
In August 2026, Marex launched an aggregated FX and precious metals liquidity platform for its prime services clients. It gives hedge funds, asset managers and professional clients multi-dealer liquidity through a single prime brokerage relationship, with cross-asset margining across the wider prime platform. The same month, Marex made a strategic investment in institutional digital asset technology provider Digital Prime Technologies, building on their existing partnership on Tokenet, an institutional digital asset lending marketplace.
Metals Drive Market Making
Market Making revenue more than tripled to $150.8m from $43.8m, and segment adjusted profit before tax rose to $57.9m from $7.0m. Marex noted that the comparison also reflects a comparatively low prior-year base.
Metals revenue rose to $91.0m from $23.6m. Marex said elevated prices and heightened volatility drove increased client activity and hedging demand across precious and base metals, including copper. The quarter also included the first full-quarter contribution from Monaco-headquartered liquidity provider Levmet, which trades physical and derivatives markets across base metals, ferrous metals, energy and power and was acquired in June 2026. Net physical commodities income rose to $34.7m from $16.2m, mainly reflecting Levmet.
Securities market making revenue rose to $36.0m from $12.7m, underpinned by UK equity market maker Winterflood Securities. Marex agreed to buy Winterflood for £103.9m in 2025, completed the deal in December 2025 and agreed to sell its custody arm, a sale that completed in June 2026 with a $35.1m gain. The quarter also included two months of revenue from European equity derivatives market maker Webb Traders, acquired in August 2026.
Energy market making revenue rose to $13.0m from $7.3m on client hedging demand, while Agriculture revenue rose to $10.8m from $0.2m, helped by price movements in coffee, cocoa and sugar.
Acquisitions, Capital And Outlook
Marex said it has a strong pipeline of further M&A opportunities. The next deal to complete is the agreed acquisition of Singapore-based multi-asset clearing business Bright Point International, announced in July 2026, which will add about $800m in client balances and more than 70 staff across Singapore, Hong Kong, China, Norway and the UK. In October 2025, Marex also agreed to acquire Geneva-based fixed income market maker Valcourt.
Clearing revenue rose 27% to $170.1m in Q3, with average clearing client balances up 41% to $18.7bn on new client wins and higher activity from existing clients. Marex has built out clearing through acquisitions before, including its 2022 purchase of ED&F Man Capital Markets, and in 2024 it became the first non-bank futures commission merchant to join LCH SwapClear.
To support growth, Marex issued $500m of senior notes in April 2026 and $500m of hybrid perpetual notes in June 2026, and replaced its $150m revolving credit facility with a $490m facility, which was undrawn at 30 September. Total equity rose to $2.0bn from $1.3bn at the end of 2025, and the group capital ratio stood at 274%. Marex completed its redomiciliation to Bermuda on 1 July 2026 and now reports as Marex Group Limited.
Net interest income fell to $35.7m from $38.5m. Interest income grew as average balances rose to $25.2bn from $18.6bn, despite a 60 basis point fall in average Fed Funds rates, but higher interest expense on the April senior notes and increased structured note issuance more than offset the gain.
The board approved a dividend of $0.16 per share, payable on 2 December 2026 to shareholders on record at the close of business on 16 November 2026.
Find the right liquidity provider
Add your requirements to the Match Matrix and get matched with the liquidity providers that fit. Get matched with an LP
Send one request to multiple brokers
Post your requirements once and LIQUIDITYFINDER shares them with multiple relevant companies, so you do not have to approach each one yourself. Post your request
Found this interesting? Become a member of LIQUIDITYFINDER, join the community and join the discussion - join here.
