Durability, M&A Repeatability, & Improving Margins; Thoughts Post Mgmt Meetings

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Durability, M&A Repeatability, & Improving Margins; Thoughts Post Mgmt Meetings

TD Cowen Marex Group plc

Global Research June 8, 2026

Portfolio Manager Summary

Following a robust 1Q26 update (see 5/6 and 5/6) and recent webcast (see 6/3), we were not

expecting much in terms of "new news" as part of hosting MRX's CEO, Mr. Ian Lowitt in Toronto

on 6/4. Yet, we came away increasingly confident in the durability and repeatability of MRX's

playbook. We offer a key takes below:

■MRX platform is increasingly well diversified, setting up for sustained cross cycle (vol/

rates) strong earnings growth;

■We believe investors are under-appreciating the strong inorganic growth opportunity,

with low integration risk, and strong/rapid deal synergies. The pipeline remains strong,

with reverse inquiries picking up. We believe management can sustain 4-6 deals per year,

amplifying growth and further enhancing platform scale/diversification, with low risk;

■We see pathway to continued strong organic growth, notably as MRX scales with larger

clients. Here, we see plenty of runway to build/grow with clients in the $5M+ segment,

particularly given 250 clients in $1-5M revenue category, with most of the larger clients

emerging from the lower contribution categories;

■AI/technology continues to fuel productivity, and support revenue growth beyond headcount

expansion, preserving culture & reducing friction - and further lowering platform risk profile,

in our view;

■While more institutional in scope, we are constructive on MRX emerging as a potential

retail opportunity as they leverage aggregators globally & post-Winterflood, increasingly

participate in nascent but building capital markets/IPO opportunities;

■While mid-/high-20%s adjusted PBT margins remains the key target in NT/MT, 30%+ remains