Marex Group plc (NASDAQ:MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the first quarter of 2025 (‘Q1 2025’).

Revenue grew by 28% to $467.3 million (Q1 2024: $365.8m) with strong growth across all business segments, as Marex continues to diversify its platform and drive greater earnings resilience. This growth was driven by robust client activity and positive market conditions.

Net commission income increased by 15% to $250.7 million (Q1 2024: $218.9m). The growth was driven by Agency and Execution, which grew 22% to $182.9 million (Q1 2024: $150.5m) reflecting a strong performance in Securities and Energy, supported by record transaction volumes.

Net trading income increased by 50% to $159.1 million (Q1 2024: $106.2m). The growth was driven by a $40.8 million increase in Agency and Execution to $49.9 million (Q1 2024: $9.1m), mainly due to Rates, FX and Equities. The most significant contribution came from the continued build-out of Marex’s Prime Services capabilities, which grew by $33.4m, including growth in its securities based swaps offering.

In addition, net trading income in Marex’s Market Making segment increased by $10.7m to $54.9m (Q1 2024: $44.2m) driven by growth in all asset classes.

Net interest income increased by 50% to $53.4 million (Q1 2024: $35.6m) reflecting $5.8bn growth in average balances to $17.1bn, which more than offset lower average Fed Funds rates compared to Q1 2024.

Front office costs increased by 23% to $258.4m (Q1 2024: $210.1m), predominantly reflecting higher compensation costs on strong revenue performance across the Group. Front office headcount growth reflected restructuring activity in Agency and Execution and reallocation of FTE from front office to control and support in Q2 2024. Excluding these, average front office FTE headcount grew by 11% year on year.

Control and support costs increased by 33% to $106.8m (Q1 2024: $80.6m). This was primarily driven by investment in technology to support automation and business growth, as well as investments in Marex’s finance, risk, and compliance functions to support its controlled growth and development as a public company. This also included specific investments relating to acquisitions and its compliance with Sarbanes-Oxley.

Reported Profit Before Tax increased by 66% to $98.0 million (Q1 2024: $58.9m), driven by strong revenue growth and improved operating margins.

Adjusting items reduced by $10.5 million to $(1.7)m (Q1 2024: $ 8.8m). These costs are primarily related to corporate activities and are recognised within Marex’s Corporate segment. Adjusting items reduced mainly due to IPO-related costs and owner fees in Q1 2024, as well as a bargain purchase gain on an acquisition in Q1 2025.

As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased by 42% to $96.3m (Q1 2024: $67.7m) and Adjusted Profit Before Tax Margin1 improved to 21% (Q1 2024: 19%), while Profit After Tax Margin increased to 16% (Q1 2024: 12%).

The Board of Directors approved an interim dividend of $0.15 per share, expected to be paid on 10 June 2025 to shareholders on record as at close of business on 27 May 2025.