Our activities expose us to several financial risks, including credit risk, market risk, and liquidity risk. We manage these exposures through a suite of mitigating controls supported by our risk management framework. This framework is designed to be both prudent and adaptive to changes in our operating and market environment. Ultimate oversight of our risk management framework rests with our Board of Directors. The Board’s risk appetite is articulated and controlled through various mechanisms, including risk appetite statements applicable to each of the different categories of risk, and a defined risk classification model. Implementation of our risk appetite across the business is overseen by both our Risk Committee and our Audit and Compliance Committee. Each Committee is responsible for establishing tolerance levels for the categories of risk within its remit, enabling us to assess risk exposures in the context of our strategic objectives. These tolerances are classified as (i) low, (ii) moderate, or (iii) acceptable, with the majority designated as low. Risk limits, supported by defined triggers, are set for each risk measure by the Risk Committee and Audit and Compliance Committee pursuant to the authority delegated by our Board of Directors. These limits establish the operating boundaries within which our executive management team is authorized to conduct the business. Risk limits may be updated as necessary to reflect changes in our corporate and strategic priorities, as well as emerging risks. Together, these limits form a key component of our overall risk appetite framework. A risk appetite dashboard is maintained by our risk management team and reported monthly to Executive Management and quarterly to the Risk Committee and the Board. Any breach of a trigger or risk limit is escalated promptly to determine and implement appropriate remediation. Risk appetite measures are further supported by a suite of key risk indicators established by our executive management team to facilitate more granular, day-to-day risk monitoring across the business. Dedicated personnel within our Risk Department monitor and manage exposures arising from (a) our own positions and (b) the positions of our clients, including related counterparty exposures, in each case within the risk appetite set by our Board. For additional information, see Note 35 to our consolidated financial statements included elsewhere in this Annual Report. 172 Credit risk The maximum credit risk exposure relating to financial assets is represented by the gross carrying value as at the balance sheet date. Credit risk in the Group principally arises from cash and cash equivalents deposited with third party institutions, exposures from transactions and balances with exchanges and clearing houses, and exposures resulting from transactions and balances relating to clients and counterparties, some of which have been granted credit lines. The Group only makes treasury deposits with banks and financial institutions that have received approval from the Group’s Executive Risk & Credit Committee (or their authorized delegates). These deposits are also subject to counterparty limits with respect to concentration and maturity. The Group’s exposure to client and counterparty transactions and balances is managed through the Group’s credit policies and, where appropriate, the use of initial and variation margin credit limits, in conjunction with position limits for all clients and counterparties. These exposures are monitored both intraday and overnight. The limits are set by the Group’s Executive Risk & Credit Committee (or their authorized delegates) through a formalized process. The Group has received collateral in respect of its derivative assets during the year ended December 31, 2025 amounting to $277.0m (2024: $420.1m). Collateral was recognized in amounts payable to clients. Market risk The Group’s activities expose it to financial risks primarily generated through financial (including interest rate, equity and foreign exchange markets) and commodity market price exposures. The Group’s Agency & Execution, Market Making and Hedging and Investment Solutions businesses generate market risk as the Group acts as principal. In Agency and Execution, while client transactions are typically matched, market risk may arise due to differences in trade timing or duration. In Market Making, Marex provides liquidity and acts as principal to transactions, with trading portfolios exposed to market movements across the instruments in which Marex makes prices – primarily within the metals, agriculture, energy, and financial securities markets. Hedging and Investment Solutions activities involve market risk stemming from structured products, hedging strategies, and investment-related positions designed to meet client risk management objectives. The Market Risk function is responsible for identifying, measuring, monitoring, and limiting these market risk exposures across all business segments. Through the application of risk limits, controls, and governance frameworks, Market Risk seeks to constrain adverse changes in market prices and thereby limit potential fluctuations in the value of Marex’s trading portfolios. Market risk sensitivity The Group manages market risk exposure using appropriate risk management techniques within predefined and independently monitored parameters and limits. The Group uses a range of tools to monitor and limit market risk exposures. These include Value-at-Risk ("VaR"), sensitivity limits and stress testing. VaR is used for Agency & Execution and Market Making with the exception of Darton Group Ltd, Tangent Trading, whilst stress testing is used for Hedging and Investment Solutions business. Value at Risk VaR is a technique that estimates the potential losses that could occur on risk positions as a result of movements in market rates and prices over a specified time horizon and to a given level of confidence. The VaR model used by the Group is based on the Historical Simulation technique. 173 The Group validates VaR by comparing to alternative risk measures, for example, scenario analysis and exchange initial margins as well as the back testing of calculated results against actual profit and loss. The Group recognizes the limitations of VaR by augmenting its VaR limits with other position and sensitivity limit structures. The Group also applies a wide range of stress testing, both on individual portfolios and on the Group’s consolidated positions. Market risk management in the Agency & Execution segment VaR, risk sensitivity limits and stress testing are used to assess market risk associated with the Agency & Execution segment. The Agency & Execution segment includes the following eleven desks: December 31, 2025 December 31, 2024 Business VaR VaR Additional risk metrics monitored European Emerging Bonds less than $0.5m Stress, GMV, DV01, CS01, Aged Inventory Equities Market Making less than $0.5m less than $0.5m Gross long/short and single name equity delta, FX delta FX Frontier less than $0.5m less than $0.5m FX delta by currency, tenor and book FX OTC less than $0.5m less than $0.5m FX delta by currency, tenor and book Interest Rate Swaps less than $0.5m less than $0.5m PV01 by currency and tenor U.S. Emerging Corporate Bond less than $0.5m less than $0.5m Stress, GMV, DV01, CS01, Aged Inventory U.S. Equity Securities Lending less than $0.5m less than $0.5m Stress, GMV, DV01 U.S. Fixed Income Corporate Bond less than $0.5m less than $0.5m Stress, GMV, DV01, CS01, Aged Inventory U.S. Fixed Income Financing Services less than $0.5m less than $0.5m Stress, GMV, DV01 Marex Fund (Formerly Volatility Performance Fund) less than $0.5m less than $0.5m Equity delta and vega, tenor, FX delta Winterflood- Equities Market Making less than $0.5m Gross long/short and single name equity delta, FX delta, DV01 Market risk management in the Market Making segment VaR, is used to assess market risk associated with the Market Making segment which include the following four desks: 174 December 31, 2025 December 31, 2024 Business VaR VaR Additional risk metrics monitored Agricultural less than $1.0m less than $3.0m Outright Delta, Delta spreads, Vega Metals less than $2.0m less than $2.0m Outright Delta, Delta spreads, Vega CSC Commodities less than $0.5m less than $0.5m Outright Delta, Delta spreads, Vega Energy Market Making less than $1.5m less than $1.0m Outright Delta, Delta spreads, Vega, Stress Market risk management in the Hedging and Investment Solutions segment Stress testing is used to assess market risk associated with the Hedging and Investment Solutions segment. The market risk profile of the business is managed via risk sensitivities according to the prevailing risk factors of issued products and hedges. This is monitored and controlled daily on a net risk profile for each desk and supported by additional stress concentration and scenario-based analyses. Sensitivity analysis measures the impact of individual market factor movements on specific instruments or portfolios, including the key risks per asset class as follows: •Commodity risk •Equity risk •Foreign exchange risk •Interest rate risk •Credit spread risk •Digital asset risk Risk sensitivity limits together with scenario stresses are used to manage the market risk for the Hedging and Investment Solutions segment given the inherent complexity of its products. The products traded within this segment gives rise to a number of different market risk exposures, commonly known as the “greeks”, e.g. delta, gamma, vega. Within each asset class, and in aggregate across the segment, the market risks are captured, measured, monitored and limited within the risk limits agreed with the Market Risk function. The net equity market risk exposure to customized OTC derivatives, which includes structured notes issuance, within Hedging and Investment Solutions, including hedges, using the delta measure for the year ending December 31, 2025 was less than $17.0m (2024: less than $8.5m). A notional delta exposure of $17.0m implies that a 1% movement in the underlying equity markets would be expected to result in an approximate income statement impact of $0.17m. Risks on other asset classes are small. Sensitivity measures are used to monitor the market risk positions within each risk type, and granular risk limits are set for each desk with consideration for market liquidity, customer demand and capital constraints among other factors. Risk sensitivity calculations are made using a dedicated Risk Engine, whose models have been validated. They are calculated by altering a risk factor and repricing all products to observe the profit and loss impact of the change. The Group issues products and enters into OTC derivatives trades on cryptocurrencies, primarily Bitcoin, Ethereum, Solana, Ripple and their corresponding exchange-traded funds. 175 Foreign currency risk The Group’s policy is to minimize volatility as a result of foreign currency exposure. We monitor net exposure in foreign currencies on a daily basis and buy or sell currency to minimize the exposure. We also enter into hedges for material future dated non-USD commitments through the use of derivative instruments, which may be designated as cash flow hedge relationships in accordance with the Group's accounting policy. The associated gains and losses on derivatives that are used to hedge GBP commitments are recognized in other comprehensive income and will be recycled when the anticipated commitments take place and included in the initial cost of the hedged commitments. As at December 31, 2025, the aggregate amount of gains/(losses) under foreign exchange forward contracts deferred in the cash flow hedge reserve relating to the exposure on these anticipated future commitments is a gain of $1.2m (2024: $1.8m loss). It is anticipated that these commitments will become due monthly over the course of the maturity analysis note above, at which time the amount deferred in equity will be recycled to profit and loss. As at December 31, 2025 no ineffectiveness (2024: $nil) has been recognised in profit and loss arising from the hedging of these future dated GBP commitments. For additional information, see Note 23 to our consolidated financial statements included elsewhere in this Annual Report. Interest rate risk The Group is exposed to interest rate risk on cash, investments, derivatives, client balances and bank borrowings. The main interest rate risk is derived from interest-bearing deposits in which the Group invests surplus funds and bank borrowings, although the Group’s exposure to interest rate fluctuations is limited through the offset that exists between the bulk of its interest-bearing assets and interest-bearing liabilities. Since the return paid on client liabilities is generally reset to prevailing market interest rates on an overnight basis, the Group is only exposed for the time it takes to reset its investments which are held at rates fixed for a maturity which does not exceed three months, with the exception of US Treasuries, which have a maturity of up to two years. The Group’s risk management strategy is to reduce the volatility in the Group’s interest receipts owing to changes in the short term reference rate for the Group’s short term deposits. As such, management monitors the reference rates to ensure that any adverse changes in the reference rate does not adversely affect the Group’s earnings. During 2024, to hedge against future perceived interest rate headwinds, the Group entered into a series of interest rate swaps in USD and EUR to ensure a smoother profile of interest rate returns. Further hedges were added during 2025. The Group has designated certain interest rate swaps as hedging instruments and the associated gains and losses on the interest rate swaps hedging future interest cash flows are recognized in other comprehensive income. As at December 31, 2025, the aggregate amount of gains/(losses) under interest rate contracts deferred in the cash flow hedge reserve relating to the exposure on these anticipated future commitments is a gain of $11.3m (2024: $24.6m loss). As at December 31, 2025 no ineffectiveness has been recognised in profit and loss arising from the hedging of these future dated commitments (2024: $nil). The Group’s exposures to interest rate risk arise from financial assets and liabilities measured at fair value, issued debt securities, investments, client balances and derivatives. Changes in interest rates also have an impact on the Group’s net interest income. The overarching risk objective is to match the risk profile of interest-bearing assets and liabilities, while maintaining risk limits and monitoring processes for residual exposures. Interest rate risk arising from financial assets and financial liabilities measured at 176 fair value within our trading portfolio is managed as part of the market risk management framework. The Group’s approach to issued debt securities, including medium-term note programs, is to convert fixed rate coupons to floating rates of interest to match predominantly floating interest rate earning assets. This is typically achieved using interest rate derivatives, which are designated as fair value hedge relationships in accordance with the Group’s accounting policy. For further detail on the Group's hedging arrangements, please refer to Note 23. The interest rate risk of investments is managed by approved risk limits, which consider credit quality and duration. The Group’s objective is to reduce the volatility of net interest income arising from client-driven balances (e.g. cash deposits to meet margin requirements), which can be remunerated on a fixed or floating (spread) basis. Interest rate exposure arises from fixed rate client interest terms, where the corresponding assets yield a floating rate of interest at an exchange, bank account and investments. The Group has entered into a rolling portfolio of interest rate swaps, for a portion of relevant client balances, which are designated as fair value hedges in accordance with the Group accounting policy. The interest rate movements are monitored for potential impact to net interest income ('NII') continuously. The Group is sensitive to movements in short term rates, as changes to the rate will require a rebalancing of any fixed rate exposure. The Group considers that short term rates include rates that reference periods between overnight and 3 months on the basis that these are the most common fixing periods for interest rate products. The interest rate exposure is managed using a variety of instruments and is exposed to material changes in the short term rates as these are likely to reflect fixing periods during which floating rate exposure is effectively fixed until the next fixing date is reached. Analysis of recent changes to short term rates suggest that movements are usually within a 100bps range; this is based on a review of Fed Funds rate moves between January 2023 and December 2025 and as such, the Group has considered a movement of 100bps to be a material scenario over a 3-month period. The Group has modelled the interest rate sensitivity to include the impact of rate movements on the income earned on average investment balances offset with expenses paid on interest bearing liabilities and debt funding. This reflects the proportion of client assets which are interest bearing and the average balances of our debt funding. The sensitivity analysis has been determined based on the exposure at the reporting date and does not include effects that may arise from increased margin calls at exchanges, changes in client behavior or related management actions. It is estimated, that as at December 31, 2025, if the relevant short term interest rates had been 100bps higher, NII on interest-bearing financial assets and financial liabilities for the year ended December 31, 2025 would increase by $34.0m (2024: $17.0m). If the short-term interest rates had been 100bps lower, NII for interest-bearing financial assets and financial liabilities for the year ended December 31, 2025 would decrease by $34.0m (2024: $17.0m). This impact relates solely to NII and does not include the impact of compensation or taxes which would reduce the impact on profit after tax. For additional information, see Note 23 to our consolidated financial statements included elsewhere in this Annual Report. Fair value hedge As part of the Group's management of market risk exposures, the following fair value hedges were in place as at December 31, 2025 and 2024: –An interest rate swap and a cross currency swap agreement in place with a notional amount of €300m whereby the Group receives SOFR + 6.1% and $327.3m in return for €300m and paying fixed 8.375%. The interest rate swap and cross currency swap are being used to hedge the exposure to changes in the fair value of the fixed rate 8.375% senior debt issuance. 177 –An interest rate swap with a notional amount of $600.0m whereby the Group receives the fixed rate of 6.404% and pays the floating rate of SOFR + 2.5751%. The risk being hedged is the exposure to changes in the fair value of the fixed-rate senior bond issuance due to fluctuations in market interest rates. The Group entered into the following hedges during the year ended 31 December 2025: •An interest rate swap entered into in May 2025 as part of the senior note issuance. The swap has a notional amount of $500.0m whereby the Group receives the fixed rate of 5.829% and pays the floating rate of the Secured Overnight Financing Rate ("SOFR") + 2.4187%. The risk being hedged is the exposure to changes in the fair value of the fixed-rate senior bond issuance due to fluctuations in market interest rates. •Interest rate swap agreements entered into in 2025 with respect to certain U.S. treasury instruments acquired during the period. The swaps have a cumulative notional amount of $300.0m whereby the Group receives the floating rate of SOFR and pays the fixed rate under each contract. The risk being hedged is the exposure to changes in the fair value of the entire portion of the fixed-rate U.S. treasury instruments due to fluctuations in market interest rates. There is an economic relationship between the hedged items and the hedging instruments as the terms of the interest rate swap match the terms of the fixed rate loan (i.e. notional amount, maturity, payment and reset dates). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. To test the hedge effectiveness, the Group uses the hypothetical derivative method and hedge effectiveness is assessed by comparing the changes in the fair value of the hedging instrument against the changes in the fair value of the hypothetical derivative representing the hedged risk. Hedge ineffectiveness can arise from: •different interest rate curve applied to discount the hedged item and hedging instrument; •differences in timing of cash flows of the hedged item and hedging instrument; •the counterparties’ credit risk differently impacting the fair value movements of the hedging instrument and hedged item. For additional information, see Note 23 to our consolidated financial statements included elsewhere in this Annual Report. Concentration risk To mitigate the concentration of credit risk exposure to a particular single customer, counterparty or group of affiliated customers or counterparties, the Group monitors these exposures carefully and ensures that these remain within pre-defined limits. Large exposure limits are determined in accordance with appropriate regulatory rules. Further concentration risk controls are in place to limit exposure to clients or counterparties within single countries of origin and operation through specific country credit risk limits as set by the Board Risk Committee. The largest concentration of cash balances as at December 31, 2025 was 56% (2024: 44%) to a UK-based, A+ rated global banking group (2024: UK-based, AA- rated global banking group). The largest concentration of exposures to exchanges, clearing houses and other counterparties as at December 31, 2025 was 30% to the CME (2024: 26%) and 8% to Eurex (2024: 3%). 178 The largest concentration of exposures to treasury instruments is to the United States Government as 100% (2024: 86%) of the instruments are issued by the U.S. Government or a U.S. Government sponsored enterprise.During the year the Group elected to include only direct exposure to Treasury instruments and Reverse Repurchase Agreements which have been pledged or repledged as collateral are no longer included (refer to Note 18 for further detail). Liquidity risk The Group defines liquidity risk as the risk of not being able to meet current and future cash flow and collateral needs without undue cost or adverse impact on the Group’s financial standing. Liquidity risk is assessed and managed under the Internal Capital Adequacy and Risk Assessment (ICARA) process, as required by the UK Investment Firm Prudential Regime (IFPR) under the supervision of the Financial Conduct Authority. The Group also has an internal Liquidity Risk Framework, which supplements and complements the ICARA process. The Group’s main liquidity risk exposures arise from structured products issued under the Financial Product Program, provision of derivative hedging solutions and provision of client clearing services. Market risks arising from structured products are hedged in derivative form and Marex is required to post margin to its hedging counterparties. Structured products in note format also give rise to refinancing risk. Some structured notes (e.g. autocallable notes) have early redemption features which are automatically triggered when predetermined conditions are met. This results in a dynamic maturity profile for a portion of the outstanding structured notes issuance. Client derivative solutions and clearing services also give rise to short-term liquidity risk exposure as Marex is obligated to post margin to clearing houses and hedging counterparties, which may be before receiving margin from clients. A fundamental pillar of the ICARA is the liquid asset threshold requirement, which is sized according to a daily dynamic liquidity stress testing process. The liquidity stress test considers a combination of market-driven and idiosyncratic scenarios covering the Group’s liquidity risk exposures. The effect of structured note early redemption features is monitored as part of the Group’s funding metrics and factored into the liquidity stress test. The Group has limits and early warning indicators for its liquidity metrics, including the headroom of liquid assets above the liquidity requirement, which are monitored daily. In the event of a deterioration in liquidity headroom, the Group has access to $380.0m (2024: $275.0m committed revolving credit facilities, of which $150m is available to the Group as a whole (note 27(c)), as well as secured borrowing arrangements and a range of liquidity recovery options as set out in the liquidity framework. For additional information, see Note 35 to our consolidated financial statements included elsewhere in this Annual Report.