Below is an extract from Marex Group plc’s Q4 and FY25 results relating to the Hedging & Investment Solutions segment.
Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.
Tailored hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.
Our Financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost effective manner through a structured product. We cover all asset classes with a global reach including digital assets and leverage our access to these markets supported by our new trading platforms.
Performance for Q4 2025
Q4 2025 was Hedging and Investment Solutions’ strongest quarter on record, with revenue increasing by $22.8m to $62.7m (Q4 2024: $39.9m), driven by growth across both Financial Products and Hedging Solutions.
Hedging Solutions revenue increased by $14.9m to $22.6m (Q4 2024: $7.7m), reflecting improved market conditions, new client adds, including larger clients, and higher activity in energy and FX, partially offset by softer agricultural markets.
Financial Products revenue increased by $7.9m to $40.1m (Q4 2024: $32.2m), supported by continued strength in structured products. Performance was supported by expanded exchange access, regional growth – particularly in Asia – and the rollout of our new technology platform, which supported higher issuance volumes.
Adjusted Profit Before Tax¹ increased by $5.6m to $14.3m (Q4 2024: $8.7m), with Adjusted Profit Before Tax Margin¹ improving to 22.8% (Q4 2024: 21.8%. Front office costs increased by $14.7m to $40.4m (Q4 2024: $25.7m) to support ongoing growth initiatives, including technology investment and targeted headcount additions which increased the average FTEs to 211 (Q4 2024: 184).
Performance for FY 2025
Solutions revenue increased $35.3m to $196.8m (FY 2024: $161.5m), reflecting higher client activity across both Financial Products and Hedging Solutions.
Financial Products revenue increased $25.2m to $117.5m (FY 2024: $92.3m), driven by strong performance in structured products (equities, fixed income and digital assets). Hedging Solutions revenue increased $10.1m to $79.3m (FY 2024: $69.2m), reflecting growth in client volumes and expansion of the hedging client base, including significant new institutional client additions.
Adjusted Profit Before Tax¹ increased $1.5m to $43.5m (FY 2024: $42.0m), while the Adjusted Profit Before Tax Margin¹ decreased by 390 bps to 22.1% (FY 2024: 26.0%), primarily reflecting the impact of higher technology platform costs and continued investment in people to support long term growth, scalability and product diversification.
1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
2. The headcount is the average for the period.
3. The Structured Notes balance presented is period end (e.g. 31 December 2025 and 31 December 2024). The 31 December 2025 balance consisted of 7,328 notes with an average maturity of 15 months and a total market value of $4.2bn. The 31 December 2024 balance consisted of 4,031 notes with an average maturity of 17 months and a total market value of $2.7bn.
4. n.m = not meaningful as a percentage.
For complete financial and segmental details, view the full Marex Group earnings release
