What is Marex's gross profit margin?

What guidance did Marex's management provide for the next earnings period?

What is the revenue and EPS growth rate for Marex year over year?

What does Marex do and what are its main business segments?

What is Marex's latest dividend and current dividend yield?

What is the market's earnings forecast for Marex next quarter?

What factors drove the changes in Marex's revenue and profit?

Did Marex beat or miss consensus estimates last quarter?

- **Record Q3 performance**: $303M adjusted PBT (26% YoY), $485M revenue (24% YoY) with all segments growing. 
- **Clearing resilience**: Client balances +4% QoQ, NII stable at $50-60M despite 100bp rate cuts. 
- **Prime Services boom**: 9M revenue up 100% since acquisition, 25% margin expansion. 
- **Q4 outlook**: Strong start with record October, expects new PBT high in Q4. 
- **Crypto expansion**: Building end-to-end crypto clearing, stablecoin, and event contracts capabilities. 
- **2026 growth engine**: Active M&A pipeline targeting 20%+ ROE, debt issuance to establish US issuer profile.

**【CEO Summary Section】**
- Delivered adjusted profit before tax of $303 million for the first 9 months, up 26% year-on-year, with Q3 revenue at $485 million (24% YoY growth). 
- Clearing segment saw client balances grow 4% QoQ, driven by new large clients and stable NII despite rate cuts. 
- Prime Services revenue reached $171 million in 9 months, up from $85 million pre-acquisition, with 25% margin expansion. 
- Acquired Winterflood and expanded in Brazil, Middle East, and APAC, diversifying revenue mix away from exchange volumes (54% of profit now non-volume correlated). 
- Q4 started strongly with record October performance across Clearing, Prime, and Solutions. 

**【CFO Financial Commentary】**
- Q3 adjusted PBT of $101 million (25% YoY), driven by 24% revenue growth with costs rising in line. 
- Clearing NII stable at $50-60 million despite 100bp rate cuts, offset by balance growth. 
- Agency & Execution margins expanded to 25% on Prime Services growth. 
- Solutions segment delivered strongest quarter with 36% revenue growth. 
- Maintained strong balance sheet with $5.8 billion corporate funding and $1.5 billion surplus liquidity. 

**【Q&A Highlights】**
- Q4 momentum: Record October with strong Clearing, Prime, and Solutions performance; expects Q4 PBT to be a new high. 
- Crypto strategy: Building out crypto clearing, stablecoin custody, and event contracts capabilities. 
- M&A pipeline: 2026 expected to be active with accretive acquisitions at 20%+ ROE. 
- Capital management: Will issue $500M+ debt slugs to establish US issuer profile, targeting 25-30% ROE. 
- Litigation: Class action lawsuit from short report dismissed as groundless with minimal costs.

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