About Marex

platform, providing essential liquidity, market

access and infrastructure services to clients in

the energy, commodities and financial markets.

We have over 35 offices, access to 58 exchanges,

and a client-focussed technology platform.

Our diversified and resilient business

model delivered double digit growth in

Adjusted Operating Profit before tax

over the past nine years in a variety of

market conditions

We have delivered on our strategy to

grow our capabilities, our geographic

reach, and our clients, through organic

growth and selective acquisitions

Recent acquisitions have dramatically

transformed our scale and scope and

extended our geographic footprint

Successful issuance of €300 million

in unsecured 5-year senior notes,

funding our recent growth

Investment grade credit ratings

affirmed by S&P Global and Fitch

Strong financial performance driven

by client activity on our platform

About Marex

Marex is a diversified and global financial services platform. We are agile and entrepreneurial. Our teams are dedicated to providing excellent service to our clients across the globe, underpinned by our strong balance sheet, credit rating and robust risk controls. At the heart of our firm is our ability to connect clients to global markets for commodities, financial products and energy.

Products

Focusing on our four core services, we look to expand our product coverage into adjacent markets or asset classes to increase our relevance to a broader client base.

Clients

We provide services that are essential for our clients to run their businesses effectively. We look to add new clients to our platform and deepen relationships with our existing clients through cross-selling.

Geography

We have an extensive global presence across 17 countries and are actively increasing our presence in the Middle East, the Americas and Asia Pacific, which are growth markets for us.

Recent progress

Over the last few years, we have gradually built out our product offering and expanded the asset classes we cover through both organic and inorganic investments. The acquisition of ED&F Man Capital Markets increased our capabilities in clearing, as well as financial securities in agency and execution. Acquiring OTCex also bolstered our broking capabilities in financial markets. In late 2023, we acquired Cowen’s prime and outsourced trading businesses, creating opportunities to provide additional services to our growing asset manager client base.

Recent progress

We have been highly successful in bringing new clients to our platform, with the total number of active clients exceeding 4,000 at the end of 2023, while increasing average balances from less than $1 billion in 2018 to $13.2 billion at the end of 2023. We have also increased the amount of business we do with our largest clients, increasing our share of wallet, seeing an increase in the number of clients that generate over $1 million of Revenue from 43 in 2018 to 234 in 2023, with Revenue generated from our Top 10 clients increasing to $137 million in 2023.

Recent progress

By expanding our global footprint we have seen the Revenue generated from the Americas and APAC regions grow from $248 million in 2022 to $553 million in 2023. In fact, Revenue from these regions now accounts for 45% of the Group’s total Revenue. We have achieved our extensive global presence through both organic growth and strategic acquisitions. For example, the acquisition of ED&F Man Capital Markets has significantly increased our U.S. and Middle East capabilities while our acquisition of Cowen’s prime brokerage business enabled us to diversify our product offering in financial securities in the U.S.

Looking ahead

We see opportunities to develop in Market Making in certain commodities and also to develop further in Clearing in the Americas. There is also a significant opportunity to develop more environmental products, particularly ‘green’ contracts, pairing carbon certificates with underlying commodities.

Looking ahead

We continue to add clients through organic and inorganic growth and increase Revenue generated from our smaller clients. There is a significant opportunity to cross-sell additional services to existing clients, especially for those clients who are newer to our platform.

Looking ahead

We see opportunities for growth in the securities and commodities markets in the United States and in the broader Americas region. In Asia Pacific we seek to capitalise on numerous structural growth opportunities and recent new exchange memberships on SGX and ASX. In the Middle East we see opportunities to expand in energy and environmentals, metals and financial securities.

The combination of our global footprint and broad range of products and services means we have a scalable platform that can serve the evolving needs of our clients. New services include prime brokerage and outsourced trading, and we have bolstered our renewable metals offering and extended our range of financial products.

Our geographic expansion has also yielded benefits. We have seen significant Revenue growth in the U.S. and have expanded activities in APAC and in the Middle East. The Americas now account for 37% of Revenue and 43% of our Adjusted Operating Profit.

Our track record is a testament to our resilience. Our risk management procedures are central to this resilience, with a prudent risk tolerance delivering consistent profitability with limited market risk.

This has resulted in improving positive trading weeks and months since 2021, and no single negative month since 2021.

This is the result of our diligent risk assessment, proactive measures, and prudent financial management.

Investment in our business model means we are well positioned to capture structural growth within the services that we provide, off-setting any cyclical headwinds, whilst still managing our risk to a reasonable level.

Marex embodies dynamism and is ready to embrace innovation and proactively adapt to shifts in the financial landscape. This means we are able not just to withstand market volatility, but also to benefit from it.

We see that volatility has become the norm, driven by macro-economic events and exacerbated by geopolitical events.

Our trading volumes tell a story of our dynamic nature, with total contracts cleared and trades executed growing 245% and 122% respectively in 2023. We are quick to respond to market demands, adjusting our strategies to seize new opportunities while staying ahead in a competitive environment.

This includes developing new products in our Environmentals business, where we see great opportunity to support our clients as they navigate the green transition.

In December 2023, we completed the acquisition of the prime brokerage and outsourced trading businesses of Cowen, which have now been rebranded under the Marex name. This acquisition will create opportunities to provide additional services to a new set of clients.

Despite a decrease in market volatility and a changing mix of business, our Market Making Revenues marginally declined to $153.9 million in 2023. Although the Adjusted Operating Profit dropped (50%) year-on-year this represents a strong performance, as Revenues in 2022 had been boosted by the extraordinary volatility sparked by the Russian invasion of Ukraine. Many of our competitors saw considerable declines in their market making and trading businesses.

Our Hedging and Investment Solutions business (Marex Solutions), which enables clients to hedge positions in commodities, foreign exchange and rates, and also creates structured investment products which are distributed to investors via third parties, was able to grow Revenue organically by more than 28%. Marex Solutions is not just a significant contributor to our profits but is also an important source of funding for the Group as when we issue structured notes, the buyers of those notes lend money to the Group in exchange for an enhanced return.

People

The organic growth and acquisitions which have enabled us to deliver these exceptional results have also resulted in a significant increase in our headcount which now stands at more than 2,000, up from around 1,600 at the end of 2022. Management has worked hard to ensure that these businesses and individuals are integrated into Marex’s systems and culture and that all our employees understand our values and how we do business.

It is essential that, as we grow, we ensure that we understand and manage the risks which are an integral part of our business and that we maintain open, transparent and constructive relationships with the many regulators to whom we are accountable in the territories where we operate. To this end, we have invested heavily in our Control and Support functions to ensure that they keep pace with our growth, and we will continue to do so.

A prudent approach to managing our balance sheet underpins our strategy and we ensure that Marex holds sufficient surplus capital and liquidity to satisfy our regulators and to support our investment grade credit ratings. These ratings help Marex to be seen as a trusted counterparty for our clients. We continue to diversify our funding sources and, in February 2023, we successfully completed our inaugural public senior bond issuance, raising €300 million. This bond issuance further strengthens the Group’s liquidity position, diversifies its funding sources and extends its debt maturity profile.

In our Environmentals business, we continue to expand our capabilities as we help our clients transition to a lower-carbon economy. To support this, in July we acquired Global Metals Network, a recycled metals market maker in Hong Kong. We also acquired Eagle Commodities which offers carbon certificates alongside traditional energy products. Thanks to our range of services, we are well placed to help clients meet their regulatory requirements and switch to environmental products.

These efforts are one element of our broader People & Planet plan, which underpins our sustainability objective to cultivate positive change in the markets in which we operate. Elsewhere within Marex, we have made great strides towards meeting our climate-related reporting requirements, bringing in an advisor on our Climate Related Financial Disclosures (‘CFD’) reporting and also implementing Environmental Social and Governance (‘ESG’) carbon emission reporting software. These actions will help us meet compliance requirements and establish a baseline for a credible transition pathway to net-zero.

Governance/Leadership

In addition to Carla Stent, we also said goodbye last year to Stanley, Lord Fink, who stepped down after 13 years on the Board. Stanley was there from the beginning and we all benefited from his years of accumulated experience and wisdom.

In further Board changes, Sarah Ing stepped up to become Senior Independent Director and remains Chair of the Audit Committee. We also welcomed Linda Myers and Madelyn Antoncic, both of whom joined the Board in January 2024. Linda and Madelyn are both proven leaders with outstanding credentials in their respective fields of corporate law, and markets and risk management. In March 2024, Linda became Chair of the Remuneration Committee taking over from Jeremy Isaacs who has performed this role for the past seven years.

I am extremely grateful to our Non-Executive Directors and Committee Chairs for the support they give our management team as we strive for best in class governance, and I thank them for their efforts.

On the executive side, Rob Irvin joined us in March 2023 as Chief Financial Officer, and Graham Francis in July as Chief Operating Officer. Paolo Tonucci relinquished the role of Chief Financial Officer and stepped down from the board in May in order to concentrate full time on his new roles as Chief Executive of Capital Markets and Chief Strategist. Rob Irvin was appointed to the Board in May 2023.

I would like to thank our executive team, led with distinction by Ian Lowitt, for the enormous amount of hard work they have put in during 2023 and over the previous years, which has resulted in the impressive performance detailed in this report.

Future

The next few years will be exciting ones for Marex as we continue to build the business. We believe there will be many opportunities to grow our share of existing markets as well as to expand into adjacent areas as larger competitors retrench and leave the field. We expect to pursue these opportunities both organically and through acquisition. In parallel, we will continue to forge a distinctive Marex culture and identity as we evolve from our roots as a commodities-focussed broker and market maker into a diversified global financial services platform with market access and infrastructure at the heart of our offering. We view the future with excitement and confidence.

Robert Pickering

Chair

22 April 2024

I am pleased to report that 2023 was another exceptional year when we transformed the scale and scope of the Firm. We continued to deliver on our strategy to grow our capabilities, our geographic reach, and our client base. We continued to invest in our platform and our people, and our Revenue grew 75% to $1.2 billion and our Adjusted Operating Profit was up 89% to $230 million.

The strength of our 2023 performance further demonstrates our ability to successfully navigate challenging periods in global markets. We have now increased Adjusted Operating Profit in each of the past nine years, a 34% CAGR since 2014. This sustained high performance is further confirmation of the strength of our organisation and the demand for our

services. Building on this momentum, we see a significant opportunity to capture additional market share across a total serviceable addressable market in Revenue terms exceeding $70 billion.

Macro conditions were broadly supportive through the year, with higher interest rates globally acting as a tailwind. While commodity markets showed less extreme volatility than the previous year, conditions were positive, and our business remained resilient.

We continued to add clients to our global platform in 2023, steadily increasing the amount of business we are doing with them, maintaining a strong level of organic growth. Revenue has been driven by a combination of client-driven organic growth, supplemented by selective acquisitions.

Our scalable platform has continued to demonstrate its ability to process a significant increase in levels of client activity on the platform this year, with total

trades executed up 80% (CAGR) since 2021 to 129 million trades. As we build scale in the business, so we also see an improvement in returns, with reported return on equity of 19%, up from 17% in 2022.

We have posted these record results while maintaining a strong capital and liquidity position that underpins our investment grade credit rating.

The steps we have taken to diversify the business have created a resilient business and scalable platform that continues to serve the evolving needs of our clients. Nowhere has this been more evident than in Clearing, where we have grown to become a global cross-asset clearer. Owing to the depth of our clearing proposition, we have attracted new clients and extended support for existing customers, delivering a 245% increase in contracts cleared, to 856 million in 2023. This growth has a demonstrable impact on bottom line.

During the year, we joined the top 10 largest futures commission merchants (‘FCMs’) by client assets in the U.S., and we also maintained a top five market share in many of the largest exchanges.

In Q4 2022, we acquired ED&F Man Capital Markets across the UK, U.S., Middle East and Australia, which significantly expanded both our product coverage and international presence, creating a more competitive and internationally diversified Firm. Throughout 2023, the integration of the business has been successful, reflective of the highly complementary nature of the service offering in Clearing and Agency and Execution.

We also took some important steps in 2023 to integrate our trading and reporting systems, which will improve our operating efficiency. We will also review our operations to reduce complexity, such as rationalising our legal entity structure, ensuring we remain agile.

I would like to take this opportunity to thank everyone at Marex for their hard work and dedication throughout the year. It is due to this effort that we continue to provide such a high-quality service to our clients.

Delivering on our growth strategy

Our growth strategy is to extend the breadth of our product offering, while expanding our international reach to bring more clients onto our platform. We have continued to diversify our business through both organic and inorganic investment with a view to creating sustainable earnings growth that ensures Marex is resilient regardless of market conditions.

The strategic investments we have made in recent years have allowed us to cross-sell additional services to our existing clients, whilst also attracting new ones. We now have over 4,000 active clients, up from around 2,800 a year ago, to whom we provide our services. The mix of organic and inorganic growth over a long period has created a very competitive franchise that can cater to both blue-chip and boutique clients.

We remain particularly excited about the opportunities in expanding into environmental and renewable products, and we have continued to invest in these areas. We see robust demand from our clients for this, with Revenue from our Environmentals business up 75% compared to 2022.

In addition, our acquisition of Global Metals Network, the recycled metals market maker based in Hong Kong, builds on our ambition to become a leading provider of environmental commodities while also accelerating our geographic expansion.

Given our presence in the metals, agriculture and energy markets, we see a compelling opportunity to become a leading market maker of best in class carbon credits, offering execution and clearing services in the various credit markets. We anticipate that over time green versions of contracts will operate alongside current energy and commodities contracts, providing an attractive growth opportunity.

We also acquired Cowen’s prime and outsourced trading businesses during 2023, bolstering our provision of essential market infrastructure connecting clients to markets, whilst also creating opportunities to provide additional services to a new set of clients. Through the acquisition we added clients, and a business that is geographically and strategically aligned with Marex’s growth ambitions.

The acquisitions we have made have materially enhanced the skills and capabilities we need to grow organically. We have a track record in improving the performance of the businesses we acquire, through business rationalisation and creating Revenue synergies.

Our geographic expansion has also yielded widespread benefits. Our enlarged U.S. franchise delivered strong Revenue growth in both the legacy Marex business and from the ED&F Capital Markets acquisition. In the year, the Americas region contributed 43% of Group Adjusted Operating Profit.

In the APAC region, where we are investing in our clearing offering, Revenue rose 126% year-on-year.

In the Middle East, we are increasing our coverage of the energy and financial securities markets. This is still a relatively modest part of the Group, but our Revenue is growing each month. We now have over 40 employees in the region to service our growing client base.

These operations complement our Capital Markets business, which continues to benefit from increased volumes. Collectively they give us a global reach for our agency and execution, and clearing services.

Crucially, Marex is benefiting from increased scale that geographic expansion is creating. As we build our business, there are more opportunities for cross-selling, and our margins and returns are improving. We are continuing to onboard numerous clients each year as we extend our reach across geographies and services.

We recognise that while our strength is in commodities, our clients are looking for support in other markets. This has informed our strategy to expand into financial markets to meet this need.

Marex is also benefiting from the structural opportunities provided by the unusual combination of high barriers to entry and declining competitive intensity. Regulatory and capital requirements, along with an increasing need for technology investment mean that larger banks are selectively reducing services they offer in our space. This gives us further confidence going forward.

Prudent approach to capital and liquidity

Our robust balance sheet supports this growth. We hold high-quality liquid assets to underpin the activity on the Marex platform.

We increased our total assets by 13% to $17.8 billion as at 31 December 2023. There was significant growth in our capital base; with total equity up 14% to $775.7 million at year end. This increase reflected $141.3 million in profit after tax partly offset by the payment of dividends and AT1 coupon in the period.

We continue to grow and diversify our funding sources, with total liquid resources of $1,369.8 million and liquidity headroom of $738.8 million as at 31 December 2023.

In February 2023 Marex raised €300 million of unsecured nominal fixed rate 5-year senior notes. The notes, which received an investment grade credit rating, support our expansion – both our organic growth and our M&A activity.

Our ability to manage risk and monitor client positions has in the past allowed us to navigate market turbulence and support our clients during challenging periods.

People

Our people are central to our success. That’s why we’ve taken steps this year to make Marex an even more attractive place to work.

This year we onboarded over 800 new colleagues and have established new initiatives to support career development, including enhancing our induction processes.

We rolled out official corporate titles to everyone across the business. The move gives us more uniform structure across geographies and means individuals can now see a more transparent path to develop their careers at Marex.

We launched a new Diversity, Equity and Inclusion (‘DE&I’) steering committee. This committee was instrumental in driving various initiatives forward this year, including the appointment of 20 DE&I champions to act as advocates for DE&I across the globe.

We also introduced a mentoring pilot for female talent to foster greater representation. More than 40 mentees partnered with individuals from the management executive team in the first stage of the pilot. We also held four events that we marked globally – International Women’s Day, Pride, Pink October, and Movember.

Wellness events for colleagues, including lunchtime yoga and exercise classes, are also held regularly. And we continue to support our colleagues’ charitable fundraising, contributing $470k in charitable matched giving in 2023.

To support our growing scale, we strengthened our executive team this year. Rob Irvin joined us from HSBC as Chief Financial Officer and Graham Francis joined us from TP ICAP as Chief Operating Officer, both bringing strong financial experience. I look forward to continuing to work with them both in delivering on Marex’s strategic priorities.

This is an exciting time for Marex. I’d like to thank all our teams for their hard work to deliver our initiatives and provide the standards our clients expect.

Awards

It is always pleasing to be recognised for our expertise and excellent service. This year Marex won several awards. The Energy Risk Awards named Marex commodity broker of the year and base metals house of the year, while Global Investor FOW International named Marex Non-Bank FCM of the Year and Client Clearing Provider of the Year. The British Legal Awards also nominated our in-house legal team for legal department of the year.

Positive outlook

Marex is well positioned for future growth following another year of expansion and strategic development. We see clear opportunities to continue adding to our product coverage, ensuring our global clients can access the services they require across a comprehensive range of asset classes.

We remain focussed on extending our geographic footprint so we can provide more clients with essential services. As a Firm, we are nimble and have numerous growth initiatives identified across our four core service areas so we can grow our business, irrespective of changes in the external environment.

Our scalable platform means we can achieve continued structural growth that will offset the impact of any cyclical headwinds.

In 2023 we’ve built on our strategy to create a diversified and resilient business. We are well positioned going into 2024, and I’m confident about the year ahead.

Our success is down to the people at Marex. Across the Group, our colleagues are working hard to give our clients excellent service and provide the structure we need to deliver for our clients and our investors.

Ian Lowitt

Chief Executive Officer

22 April 2024

Our reported results are prepared in accordance with IFRS, as detailed in the notes to the financial statements starting on page 108. We also present alternative performance measures (non-GAAP financial measures) such as Adjusted Operating Profit which is used to compare period-on-period performance, as it excludes one-off income statement items to enhance comparability between periods. The results of our businesses and regions are presented on an adjusted basis below, which is consistent with how we manage and assess performance.

Revenue

The Group delivered strong performance in 2023 with Revenue growth of 75% to $1,244.6 million from $711.1 million in 2022. This performance was driven by organic growth in the underlying business, additional net interest income due to elevated interest rates, and the acquisitions, most notably ED&F Man Capital in Q4 2022.

Revenue increased across all segments except for Market Making and was primarily driven by an increase in Revenue from our Agency and Execution and Clearing businesses, which benefited from an increased number of clients on our platform as a result of both organic and inorganic growth. The reduction in Market Marketing Revenue reflects lower levels of volatility and client activity compared to the exceptional conditions seen in the prior period.