Marex Group PLC (MRX) 2025 Q2 法說會逐字稿

Good morning, everyone, and thanks for joining us today for Marex's second-quarter 2025 earnings conference call. Speaking today are Ian Lowitt, Group CEO; and Rob Irvin, Group CFO. After Ian and Rob have made their formal remarks, we will open the call up to questions.

各位早安，感謝各位今天參加 Marex 2025 年第二季財報電話會議。今天發言的是集團執行長伊恩·洛維特和集團財務長羅伯·歐文。在伊恩和羅布發表正式演講後，我們將開放提問環節。

Before we begin, I'd like to remind everyone that certain matters discussed in today's conference call are forward-looking statements relating to future events, management's plans and objectives for the business, and the future financial performance of the company that are subject to risks and uncertainties.

在會議開始之前，我想提醒大家，今天電話會議中討論的某些事項屬於前瞻性陳述，涉及未來事件、管理層對業務的計劃和目標以及公司未來的財務業績，這些都存在風險和不確定性。

Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect results are referred to Marex's press release issued today. The forward-looking statements made today are as of the date of this call, and Marex does not undertake any obligation to update their forward-looking statements.

實際結果可能與這些前瞻性聲明中預期的結果有重大差異。可能影響結果的風險因素請參閱 Marex 今天發布的新聞稿。今天所作的前瞻性陳述僅代表截至本次電話會議之日的信息，Marex 不承擔更新其前瞻性陳述的任何義務。

Finally, the speakers may refer to certain adjusted or non-IFRS financial measures on this call. A reconciliation schedule of the non-IFRS financial measures to the most directly comparable IFRS measure is also available in Marex's earnings release issued today. A copy of today's release and investor presentation may be obtained by visiting the Investor Relations page of the website at marex.com.

最後，發言者可能會在本次電話會議中提及某些經調整或非國際財務報告準則的財務指標。Marex今天發布的獲利報告中也提供了非IFRS財務指標與最直接可比較的IFRS指標的調節表。投資者可透過造訪 marex.com 網站的投資者關係頁面取得今日發布的新聞稿和投資者簡報。

I will now turn the call over to Ian.

現在我將通話轉給伊恩。

Good morning, and welcome to our second-quarter 2025 earnings call. In the first six months of the year, we generated $967 million of revenue and $203 million of adjusted profit before tax, up 27% on the first half of last year.

早安，歡迎參加我們2025年第二季財報電話會議。今年上半年，我們實現了 9.67 億美元的營收和 2.03 億美元的稅前調整後利潤，比去年上半年成長了 27%。

Our second quarter was yet another record, with adjusted profit before tax of $106 million, up 16% year on year and up 10% sequentially on a record first quarter. These are terrific results. And I'm delighted with this performance, which reinforces our belief that we have built a platform that generates high-quality diversified earnings and is set up to deliver growth across a range of market environments.

我們第二季再次創下紀錄，稅前調整利潤為 1.06 億美元，年增 16%，比創紀錄的第一季環比成長 10%。這些結果非常棒。我對這項業績感到非常滿意，這更加堅定了我們的信念，即我們已經建立了一個能夠產生高品質多元化收益的平台，並且能夠在各種市場環境下實現成長。

While the second quarter had, as I will discuss later in my remarks, some positive factors, the operating environment was more varied. So being able to outperform last year's very strong quarter is heartening. These results validate our strategy and the way we are executing.

雖然第二季出現了一些正面因素（我將在後面的發言中討論這些因素），但經營環境更加多樣化。因此，能夠超越去年同期強勁的業績令人鼓舞。這些結果驗證了我們的策略和執行方式。

Those of you who have followed our earnings calls and our Investor Day will know I have cited the acquisition of Cowen's Prime Brokerage as potentially the most significant acquisition we have made to date. I remain positive about the opportunity even when the business had a slow start in 2024.

有關注我們財報電話會議和投資者日的各位都知道，我曾提到收購 Cowen 的主要經紀業務可能是我們迄今為止最重要的收購。即使公司在 2024 年開局緩慢，我仍然對這個機會保持樂觀。

Prime is proving a huge success for us. This is a business which had $85 million of revenue at Cowen and now on the Marex platform, is running well above $200 million of revenue on an H1 run rate basis. Our Clearing business also continues to perform strongly as we grew our balances, adding new clients and increased activity with existing clients.

Prime 對我們來說取得了巨大的成功。這家公司在 Cowen 的收入為 8,500 萬美元，現在在 Marex 平台上，上半年以運行率計算的收入已遠遠超過 2 億美元。我們的清算業務也持續保持強勁勢頭，我們的資金餘額不斷增長，新增客戶，現有客戶的業務量也大幅增加。

Our success with larger, more financial-oriented clients continues to drive higher Clearing volumes. We continue to execute on our growth strategy while realizing the benefits of previous bolt-on acquisitions. Aarna, which closed at the end of Q1, is running as forecasted at around 50% above pre-acquisition levels as the anticipated day-one synergies were captured.

我們與規模更大、更注重金融領域的客戶的成功，並持續推動著清算量的成長。我們持續執行成長策略，同時實現先前收購帶來的收益。Aarna 於第一季末完成收購，目前營運狀況符合預期，比收購前水準高出約 50%，因為預期中的第一天綜效已經實現。

I'll be talking later in my remarks about the cumulative effect of all of our acquisitions, which is considerable. And we are confident we will see more opportunities with an attractive M&A pipeline in the second half of the year. We proactively managed our risk, remaining in close dialogue with our clients through periods of uncertainty and elevated volatility, ensuring minimal losses in the quarter.

我稍後會在演講中談到我們所有收購的累積效應，其影響相當巨大。我們有信心在今年下半年看到更多機會，併購專案儲備充足且極具吸引力。我們積極主動管理風險，在不確定和波動加劇的時期與客戶保持密切溝通，確保本季損失最小化。

Critically, we strengthened our liquidity position through the quarter with a $500 senior notes issuance that we executed in early May, as we continue to extend and diversify our funding sources. We held a record level of liquidity at the end of the quarter, with $2 billion of surplus versus the regulatory requirement.

至關重要的是，我們在本季度透過發行 500 美元的高級票據加強了流動性狀況，該票據於 5 月初發行，我們將繼續擴大和多元化我們的融資來源。截至季末，我們的流動性水準創歷史新高，比監管要求盈餘 20 億美元。

We also completed our second successful equity follow-on transaction in mid-April. The residual position held by our pre-IPO private equity shareholders is now just 17%, down from 64% at the IPO. Increasing our public float was an important strategic goal, and we have been successful at this.

4月中旬，我們也成功完成了第二筆股權後續交易。我們IPO前私募股權股東的剩餘持股比例目前僅17%，低於IPO時的64%。增加公眾持股比例是一項重要的策略目標，我們在這方面取得了成功。

On slide 5, we have laid out some of the key metrics that we use to assess our performance. Second-quarter revenues grew 18% to $500 million, delivering adjusted PBT of $106 million. Revenue in the first six months of the year grew 23% to $967 million, while margins expanded to 21%.

在第 5 張投影片中，我們列出了一些我們用來評估績效的關鍵指標。第二季營收成長 18% 至 5 億美元，調整後稅前利潤為 1.06 億美元。今年上半年營收成長 23% 至 9.67 億美元，利潤率擴大至 21%。

Revenues per front office FTE increased to $1.5 million on an annualized basis, reflecting the significant effort our businesses have made to improve our productivity at the desk level as we invest in growing each of our segments. I had hoped coming into this week to be able to focus my remarks entirely on the success the firm was enjoying as we have continued to execute our strategy.

前台每位全職員工的年收入成長至 150 萬美元，反映出我們為提高辦公桌層面的生產力所做的巨大努力，同時我們也正在投資發展我們的各個業務板塊。我原本希望本週能夠將我的發言完全集中在公司在持續執行策略的過程中所取得的成功上。

On Tuesday of last week, a short-seller report was published. The allegations in the report, if true, were serious. And out of respect to the market, I want to spend some time providing a response before we move on to the detailed financials in Rob's section.

上週二，一份做空報告發布。報告中的指控如果屬實，後果非常嚴重。出於對市場的尊重，我想花點時間回應，然後再進入羅布部分的詳細財務分析。

I've been a vocal advocate of the benefits of being a public company. On earnings calls, I have shared how we see the listing as having improved our brand, raised awareness about our firm, enabling us to win more business. It provides the currency for acquisitions and compensation paid in stock, aligned staff, investors, and indeed, all stakeholders.

我一直以來都積極倡導上市公司的種種好處。在財報電話會議上，我分享了我們認為上市如何提升了我們的品牌，提高了人們對我們公司的認知度，使我們能夠贏得更多業務。它為收購和以股票形式支付的補償提供了貨幣，使員工、投資者以及所有利益相關者受益。

Part of being a public company, though, is investors control your stock. And indeed, people can publish reports about your firm with no requirement to be accurate. As unpleasant as it is to be the focus of a short report, I accept that it is a part of the way the market operates. And while this imposes a cost on good companies like Marex, it is part of the ecosystem, which ensures markets function well.

但作為一家上市公司，投資者控制著公司的股票。事實上，人們可以發布關於貴公司的報道，而無需保證其準確性。儘管成為短報的焦點令人不快，但我接受這是市場運作方式的一部分。雖然這會為像 Marex 這樣的優秀公司帶來成本，但這是生態系統的一部分，確保市場能良好運作。

We have analyzed the report thoroughly and can rebut all of the allegations. While I won't go point by point through every rebuttal, I do want to address several of the allegations. It is simply untrue that the two Luxembourg entities cited in the report are off balance sheet. There are no off-balance-sheet entities at Marex, and all of our activity is consolidated in our reporting and in our public financials.

我們已對該報告進行了全面分析，並能駁斥所有指控。雖然我不會逐條反駁，但我確實想回應其中幾項指控。報告中提到的兩個盧森堡實體屬於表外實體，這種說法完全不屬實。Marex 沒有表外實體，我們所有的業務活動都已合併到我們的報告和公開財務報表中。

All activity, including that booked in the Luxembourg entity, are reviewed by our accountants, Deloitte. The Luxembourg entity, VPF, was not created by Marex, but acquired in 2020 as part of our acquisition of BIP, a market maker in listed equity futures and options.

所有活動，包括在盧森堡實體中記錄的活動，都由我們的會計師德勤進行審核。盧森堡實體 VPF 不是 Marex 創建的，而是 2020 年我們收購 BIP（一家上市股票期貨和選擇權做市商）時收購的。

This is the only activity that was booked in VPF, which operated from 2020 to 2023 or its replacement entity, Marex Fund. It is important also to appreciate, in addition to the limited purpose of the entity, what a small entity this is.

這是唯一一項在 VPF（營運時間為 2020 年至 2023 年）或其替代實體 Marex Fund 中預訂的活動。除了該實體的用途有限之外，還必須認識到這是一個多麼小的實體。

While the local Luxembourg reporting requirements present derivative longs and shorts with a single counterparty on a gross basis on the face of the balance sheet, IFRS accounting would report these net. On that basis, the net asset value in the fund is currently $2 million, and it has a VaR of around $100,000. The maximum NAV over the past three years was $8 million.

雖然盧森堡當地的報告要求在資產負債表上以總額形式列示與單一交易對手的衍生品多頭和空頭頭寸，但國際財務報告準則會計會以淨額形式報告這些頭寸。基於此，該基金目前的淨資產值為 200 萬美元，風險價值約為 10 萬美元。過去三年最高淨資產值為 800 萬美元。

We have never booked any OTC transactions in the entity as asserted. It is simply a way the equity options market maker faces the exchange. It is also untrue that the acquisition of BIP was not approved by the Board as asserted in the report; it was. The transaction was presented, reviewed, and explicitly approved by the Board. Anything else would indicate a failure of governance.

我們從未像他們所說的那樣在該實體中記錄任何場外交易。這只是股票選擇權做市商面對交易所的一種方式。報告中聲稱收購 BIP 未經董事會批准也是不實的；實際上已經獲得批准。該交易已提交董事會審議，並獲得董事會的明確批准。任何其他結果都顯示治理失敗。

The original VPF fund was audited by EY, who remained the auditor of the fund after being acquired by Marex. When we chose to dissolve the original entity and replace it with the new Marex Fund, we had Deloitte, who are the auditors for the entire firm, also audit this very small fund.

原 VPF 基金由 EY 審計，在被 Marex 收購後，EY 仍是該基金的審計師。當我們決定解散原實體並以新的 Marex 基金取代時，我們請德勤（整個公司的審計師）也對這個規模很小的基金進行審計。

Marex management initiated a discussion with Deloitte. And we agreed together with Deloitte that we would not be renewed -- they would not be renewed as statutory auditors for the fund, which resulted as is required technically when one is changing auditors in a resignation filing with the Luxembourg Companies Register.

Marex管理層與德勤展開了討論。我們與德勤一致同意不再續約——他們不再擔任該基金的法定審計師，這在技術上是要求向盧森堡公司註冊處提交辭職申請，以更換審計師的。

We have since reappointed EY as the auditor for statutory reporting purposes of the Marex Fund given their prior experience. However, Deloitte remains the auditors of the group into which the fund is consolidated, and they have full access to the financial records.

鑑於安永會計師事務所之前的經驗，我們已重新委任安永會計師事務所擔任 Marex 基金法定報告的審計師。然而，德勤仍然是該基金合併所在集團的審計師，他們可以完全查閱財務記錄。

Acquisitions have been an important driver of growth for the firm. One consequence of that is complex consolidation accounting. Getting this accounting right is important, and we and our auditors spend a lot of time on this. The report asserts that some of this is hard to follow, which is true; and also that MCML and ED&F entity is not consolidated.

收購一直是公司成長的重要驅動力。其後果之一是合併會計處理變得複雜。確保會計核算正確非常重要，我們和我們的審計人員在這方面投入了大量時間。報告指出，其中一些內容難以理解，這確實如此；此外，MCML 和 ED&F 實體並未合併。

Those of you who have followed the firm will recall that when we acquired ED&F, one of the key structural elements of the transaction was ensuring we were not exposed to the ongoing liabilities of the UK entity, ED&F Man Capital Markets Limited or MCML, which we knew was liable for an FCA fine and ongoing litigation with various European taxing authorities.

關注本公司的各位應該還記得，當我們收購 ED&F 時，該交易的關鍵結構要素之一是確保我們不會承擔英國實體 ED&F Man Capital Markets Limited 或 MCML 的持續負債，因為我們知道該實體可能面臨 FCA 的罰款，並且與多個歐洲稅務機關存在持續的訴訟。

It was precisely to avoid this that we structured the UK purchase as an asset purchase. In short, we do not need to consolidate because we never bought this entity. The report also alleges that the firm's Market Making revenue in capital markets must be overstated because revenues in the segment have grown while volumes have declined.

正是為了避免這種情況，我們將英國的收購安排為資產收購。簡而言之，我們不需要合併，因為我們從未收購過這家公司。該報告還聲稱，該公司在資本市場的做市收入肯定被誇大了，因為該領域的收入成長了，而交易量卻下降了。

Within Market Making in capital markets, we include not just the equity option Market Making which uses the Luxembourg fund, but also other businesses, including our corporate bond Market Making, stock loan, and various other activity.

在資本市場做市業務中，我們不僅包括使用盧森堡基金的股票選擇權做市業務，還包括其他業務，例如公司債做市、股票借貸以及其他各種活動。

This activity has grown over time together with the firm. The volume cited in the report applies only to the exchange-traded component of this broad set of activities. This is disclosed. So there's no mystery here. We removed this volume KPI in the first quarter of 2025 as we believed it was no longer a useful comparison to our revenue.

這項業務隨著公司的發展而不斷發展壯大。報告中引用的交易量僅適用於這一系列廣泛活動中的交易所交易部分。此事已披露。所以這其中並沒有什麼秘密。我們在 2025 年第一季取消了這一銷售 KPI，因為我們認為它不再能有效地與我們的收入進行比較。

The broader business is growing and a subset of it, ironically, the equity option Market Making, which uses the Luxembourg entities and is being wound down as it is no longer competitive given new entrants in the marketplace, is declining.

整個業務都在成長，但諷刺的是，其中的一個子業務——股票選擇權做市業務——卻在衰退。該業務利用盧森堡實體，由於市場上出現了新的競爭者，它已不再具有競爭力，因此正在逐步關閉。

The report draws attention to how cash flow is accounted for. It is true that we include the proceeds of our structured note issuance in operating cash flow as well as the proceeds of our debt issuance. This follows IFRS accounting and is completely consistent with how other large financial institutions report cash flow.

該報告重點關注現金流的會計處理方式。確實，我們將結構化票據發行所得款項以及債務發行所得款項都計入了經營現金流。這符合國際財務報告準則，與其他大型金融機構報告現金流量的方式完全一致。

We fully disclose this, highlighting this as a row as well as in a footnote. So analysts who have a different view of where the cash -- on the cash flow statement, they want to see these items can make those adjustments. But for the avoidance of doubt, this debate is about where on the cash flow statement cash is reflected, not a debate about the total level of cash, which is the same no matter where one counts the subcomponent.

我們對此進行了充分披露，並在一行中以及腳註中重點強調了這一點。因此，對現金流有不同的分析師，如果希望在現金流量表中看到這些項目，可以進行相應的調整。但為避免誤解，這場爭論的焦點在於現金在現金流量表中的哪個位置體現，而不是現金的總量，因為無論在哪裡計算子項，現金的總量都是一樣的。

The report notes that our structured notes are cash consumptive in part. This is true because some of the proceeds are required for hedges on the embedded investment return. There is, again, no mystery in that. Part of the benefit of being a public company is the number of eyes on the firm. Our auditors, Deloitte, have had to audit us to a very high standard, consistent with us being listed.

報告指出，我們的結構性票據會消耗部分現金。這是因為部分收益需要用於對沖嵌入式投資回報。這其中並沒有什麼神秘之處。成為上市公司的一大好處就是能吸引眾多目光。我們的審計機構德勤必須按照非常高的標準對我們進行審計，這與我們作為上市公司的身份相符。

We have had an unqualified audit opinion on our financial statements from Deloitte in each of the 10 years they have audited us. In addition to the rating agencies, S&P and Fitch; our regulators and the exchanges we are members of, all engage with us actively and review and audit our activity.

德勤會計師事務所對我們進行審計的10年中，每年都對我們的財務報表出具了無保留意見的審計報告。除了評級機構標準普爾和惠譽之外，我們的監管機構和我們所屬的交易所也都積極與我們互動，並審查和審計我們的活動。

We reviewed the short report with our audit committee, which includes very seasoned financial professionals, including our Board Member, who is the retired CFO of CME, who is also on the Financial Accounting Standards Advisory Council of the FASB.

我們與審計委員會一起審查了這份簡短的報告，該委員會成員包括經驗豐富的財務專業人士，其中包括我們的董事會成員，他是芝加哥商品交易所 (CME) 的退休首席財務官，同時也是財務會計準則委員會 (FASB) 財務會計準則諮詢委員會的成員。

We examined the allegations on a point-by-point basis, and the audit committee are completely comfortable with our rebuttal. I'd like to thank our investors, our debt holders, and our clients who have engaged with us over the past week. You all completely understandably took the allegations seriously, but were open to hear our response and listen with an open mind, and were convinced.

我們逐條審查了這些指控，審計委員會對我們的反駁完全滿意。我要感謝過去一週與我們保持聯繫的投資者、債權人和客戶。你們都非常認真地對待這些指控，這完全可以理解，但你們願意聽取我們的回應，並以開放的心態傾聽，最終被說服了。

We can now return to the main purpose of our call, our earnings. Rob?

現在我們可以回到我們通話的主要目的—我們的收益。搶？

Thanks, Ian, and good morning, everyone. As Ian said, we are really pleased with the strength of our performance in the first half of the year. With $967 million of revenue and $203 million of adjusted profit before tax in the first half of the year, this reflects the strength and scale of our business.

謝謝伊恩，大家早安。正如伊恩所說，我們對上半年的出色表現非常滿意。今年上半年，公司營收達 9.67 億美元，稅前調整後利潤達 2.03 億美元，反映了我們業務的實力和規模。

On an adjusted basis, first-half margins increased to 21%, up from 20.2% last year, reflecting margin expansion in Agency and Execution as we built out our Prime Services business and the benefits from restructuring some of our desks.

經調整後，上半年利潤率從去年的 20.2% 增至 21%，這反映了隨著我們拓展主要服務業務，代理和執行業務的利潤率擴張，以及重組部分部門帶來的好處。

The second quarter was perhaps more noteworthy than the first, given the more varied market environment that we experienced. Q2 revenue of $500 million was 18% ahead of last year. Strong growth in Agency and Execution and steady progression in Clearing more than offset softer performances in Hedging and Investment Solutions and Market Making, demonstrating the value of our diversified model.

鑑於我們所經歷的市場環境更加多元化，第二季或許比第一季更值得關注。第二季營收為 5 億美元，比去年同期成長 18%。代理和執行業務的強勁成長以及清算業務的穩定發展，足以抵消對沖和投資解決方案以及做市業務表現的疲軟，證明了我們多元化模式的價值。

Total reported costs grew 16%, broadly in line with revenues. Front office costs were up 21%, reflecting strong revenue performance and continued investments in future growth. Control and support costs were up 16%, primarily driven by investments in support functions, which included investments relating to recent acquisitions and our compliance with Sarbanes-Oxley.

總報告成本成長了 16%，與收入基本持平。前台營運成本上漲了 21%，反映出強勁的收入表現以及對未來成長的持續投資。控制和支援成本上升了 16%，主要原因是支持職能方面的投資，其中包括與近期收購和我們遵守薩班斯-奧克斯利法案相關的投資。

Margins were broadly stable versus the second quarter of last year at 21.3%, delivering adjusted PBT of $106 million, up 16% versus Q2 of last year. Our adjusted return on equity remained very strong at 31.4%, all of which meant we delivered an adjusted basic EPS of $1.08 per share, up 13% year on year.

與去年第二季相比，利潤率基本上保持穩定，為 21.3%，調整後稅前利潤為 1.06 億美元，比去年第二季成長 16%。我們調整後的股本回報率仍然非常強勁，達到 31.4%，這意味著我們實現了調整後的基本每股收益 1.08 美元，同比增長 13%。

Focusing now on our segmental performance in Q2. Clearing revenues grew 12% to $139 million as we grew both client balances and volumes whilst managing risk well amid elevated volatility. We also saw contribution from the recently closed acquisition of Aarna this quarter, adding around $7 million of revenues.

現在重點關注我們第二季的各業務板塊表現。在市場波動加劇的情況下，我們既增加了客戶餘額，也增加了交易量，同時有效控制了風險，因此清算收入增加了 12%，達到 1.39 億美元。本季我們也從最近完成的對 Aarna 的收購中獲得了貢獻，增加了約 700 萬美元的收入。

Adjusted profit before tax grew 2% to $71 million as margins decreased to 51%, reflecting continued investment in the business as we expanded into new geographies, including Abu Dhabi, APAC, and South America.

調整後的稅前利潤成長 2% 至 7,100 萬美元，利潤率下降至 51%，反映出隨著我們向包括阿布達比、亞太地區和南美洲在內的新地區擴張，對業務的持續投資。

Q2 was a record quarter for Agency and Execution as we grew revenues 59% to $261 million. Security revenues grew 80% to $169 million, primarily driven by the continued expansion of our Prime Services offering, including growth in security-based swaps. And Ian will say more about this shortly. Securities was also driven by growth in all asset classes from an increase in transaction volumes.

第二季度是代理和執行部門創紀錄的一個季度，收入成長了 59%，達到 2.61 億美元。證券收入成長 80% 至 1.69 億美元，主要得益於我們 Prime Services 產品的持續擴張，包括證券互換業務的成長。伊恩稍後會就此作更多說明。證券市場也受到所有資產類別交易量成長的推動。

Energy revenues grew 31% to $92 million, reflecting the combination of record volumes, strong demand for our environmental offerings, and continued expansion of large desks in oil and energy. Adjusted profit before tax more than tripled to $69 million as margins improved from 14% to 26%, driven by improvements in productivity as well as growth in higher-margin activity, notably in Prime Services.

能源業務收入成長 31% 至 9,200 萬美元，這反映了創紀錄的交易量、對我們環保產品的強勁需求以及石油和能源領域大型業務的持續擴張。經調整後的稅前利潤成長超過三倍，達到 6,900 萬美元，利潤率從 14% 提高到 26%，這主要得益於生產力的提高以及高利潤率業務的成長，尤其是 Prime Services 業務的成長。

Market Making revenue declined 17% to $57 million compared to an exceptionally strong performance in Q2 last year. We saw heightened market activity across copper, aluminum, and nickel. However, this represented a small increase on the first quarter despite a mixed environment by asset class as we benefited from diversification across the business.

做市營收下降 17% 至 5,700 萬美元，而去年第二季業績表現異常強勁。我們看到銅、鋁和鎳的市場交易活動加劇。然而，儘管各類資產環境喜憂參半，但由於我們受益於業務多元化，這比第一季略有成長。

Metals posted its second best quarter on record with revenues of $41 million, supported by continued strength in precious metals, partially offset by continued tariff uncertainty on base metals. Energy also performed strongly, benefiting from the market volatility, driving increased revenues across all energy desks. This was a challenging environment for agriculture, with revenues down $9 million due to tariff announcements and elevated prices, notably in cocoa and coffee, which reduced market liquidity.

金屬業務季度業績創歷史第二佳，營收達 4,100 萬美元，這主要得益於貴金屬價格的持續走強，但基本金屬關稅的持續不確定性部分抵消了這一業績。能源板塊也表現強勁，受惠於市場波動，推動所有能源板塊的營收成長。對於農業而言，這是一個充滿挑戰的環境，由於關稅公告和價格上漲（尤其是可可和咖啡的價格上漲），導致市場流動性降低，收入減少了 900 萬美元。

Solutions revenues reduced by 9% to $41 million in challenging market conditions, notably the volatility that followed the announcements of US tariffs in April. Hedging Solutions revenue fell by 15% to $20 million, as tariff uncertainty led to an overall reduction and shortening of duration in client hedging activity before recovering towards the end of the quarter.

受充滿挑戰的市場環境影響，解決方案收入下降了 9%，至 4,100 萬美元，尤其是在 4 月美國宣布加徵關稅後市場出現波動的情況下。由於關稅的不確定性導致客戶對沖活動整體減少和持續時間縮短，對沖解決方案收入下降了 15%，至 2,000 萬美元，但在本季末有所回升。

Financial products revenue was broadly stable at $21 million, as tariff announcement in April caused an initial slowdown in client activity, which has subsequently normalized. Margins reduced to 15% due to investment in our new, more scalable technology platform, which will position us well for future growth.

金融產品收入基本上保持穩定，為 2,100 萬美元。 4 月的關稅公告導致客戶活動最初放緩，但隨後已恢復正常。由於投資於我們新的、更具可擴展性的技術平台，利潤率降至 15%，這將使我們為未來的成長奠定良好的基礎。

Now looking at the first-half performance by segment. Clearing revenue grew 15% on last year, driven by the same higher market volatility I mentioned for Q2 and the additions of new clients, leading to higher volumes and client balances. Margins remained strong at 49%, albeit lower than last year, reflecting an increase in performance costs and investments as we expanded into new markets.

現在來看看各細分市場的上半年業績。清算收入比去年增長了 15%，這主要得益於我在第二季度提到的同樣較高的市場波動性以及新客戶的加入，從而導致交易量和客戶餘額增加。儘管利潤率低於去年，但仍保持在 49% 的強勁水平，這反映出隨著我們拓展新市場，績效成本和投資有所增加。

Agency and Execution was the strongest performer, with a 50% increase in revenues and strong profit growth as margins expanded to 25%. This was driven by strong performance in all asset classes within Securities, including particularly from our Prime business and record volumes in Energy.

代理和執行部門表現最為強勁，營收成長了 50%，利潤成長強勁，利潤率擴大到 25%。這主要得益於證券業務所有資產類別的強勁表現，尤其是我們的優質資產業務和能源業務的創紀錄交易量。

Market Making was broadly flat versus last year, as the second quarter was more challenging for parts of the business compared to a very strong period for metals last year, as I previously mentioned. Hedging and Investment Solutions revenues were flat year on year, also reflecting a more challenging second quarter compared to the first.

正如我之前提到的，由於第二季部分業務面臨更大的挑戰，而去年同期金屬業務表現非常強勁，因此做市業務與去年基本持平。對沖和投資解決方案的收入與去年同期持平，這也反映出第二季度比第一季更具挑戰性。

I'll make a few comments on our performance versus overall exchange volumes on slide 10. As we have said before, we recognize the relationship between volumes and revenues is directional, hence, why we provide both the standalone quarter and the longer-term trailing 12-month view on the slide.

我將在投影片 10 中對我們的業績與整體交易量進行一些評論。正如我們之前所說，我們認識到銷售和收入之間的關係是方向性的，因此，我們在幻燈片中同時提供了單一季度的數據和更長期的過去 12 個月的數據。

There's also activity that flows through the revenue line that is not included in the volumes. You can see this specifically in Securities within Agency and Execution, where volumes that we present only account for around a third of total revenues or half of revenues once you exclude Prime.

還有一些活動雖然計入了收入，但並未計入銷售量。具體來說，在代理和執行業務的證券交易中可以看到這一點，我們所展示的交易量僅佔總收入的三分之一左右，如果排除主營業務，則佔總收入的一半左右。

Volumes on exchanges don't capture volumes from business such as equities, repos, Prime Services, and other OTC activities, which are part of our revenues and explain, for example, the outperformance in Agency and Execution this quarter. Viewed in aggregate, we continue to gain market share across our platform. And our performance continues to outpace the broader market, which itself continues to grow at a healthy rate.

交易所的交易量並未反映股票、回購、主經紀商服務和其他場外交易活動等業務的交易量，而這些業務是我們收入的一部分，例如，也解釋了本季度代理和執行業務的優異表現。從整體來看，我們的平台市佔率持續成長。我們的業績持續跑贏大盤，而大盤本身也持續保持健康的成長速度。

Now I'll cover net interest income. Our NII for 2Q 2025 was $35 million, down $31 million compared to Q2 2024. We think about NII in its two components parts; firstly, interest income, which was $181 million for the quarter and broadly flat on Q2 '24. Although total average balances increased from $13.5 billion to $18 billion, this growth was broadly offset by a decrease of 100 bps in average Fed funds.

接下來我將介紹淨利息收入。我們 2025 年第二季的淨利息收入為 3,500 萬美元，比 2024 年第二季減少了 3,100 萬美元。我們認為 NII 由兩個組成部分構成；首先是利息收入，本季為 1.81 億美元，與 2024 年第二季基本持平。儘管總平均餘額從 135 億美元增加到 180 億美元，但這一增長被聯邦基金平均利率下降 100 個基點基本抵消。

Interest expense increased by $28 million to $147 million as we had an additional $1.4 billion of average structured note balances and completed two senior debt issuances of $600 million in November 2024 and $500 million in May 2025. This meant we had record levels of liquidity as we went through the second quarter and allowed us to position the firm strongly to support our clients and grow organically.

由於我們新增了 14 億美元的平均結構化票據餘額，並在 2024 年 11 月和 2025 年 5 月分別完成了 6 億美元和 5 億美元的兩筆優先債務發行，利息支出增加了 2,800 萬美元，達到 1.47 億美元。這意味著我們在第二季度擁有創紀錄的流動性，使我們能夠為公司提供強有力的支持，並實現有機成長。

However, this does create a headwind to net interest income. As you can see, we continue to evolve our NII disclosure and have split out our client balances from our house balances. Average Clearing balances increased to $12.8 billion for the quarter, reflecting client growth and increased client activity.

然而，這確實會對淨利息收入造成不利影響。如您所見，我們不斷改善淨利息收入揭露方式，並將客戶餘額與公司餘額分開。本季平均清算餘額增至 128 億美元，反映出客戶成長和客戶活動增加。

Turning now to our balance sheet. As a reminder, on this slide, you can see that 80% of our balance sheet consists of high-quality liquid assets, which support client activity. Once we net off assets and liabilities by client activity, we're left with a corporate balance sheet that carries corporate cash and other assets against group liabilities, including our structured notes portfolio and senior note issuance.

現在來看我們的資產負債表。提醒一下，在這張投影片中，您可以看到我們資產負債表的 80% 由高品質的流動資產組成，這些資產支持客戶的業務活動。一旦我們按客戶活動對資產和負債進行抵消，剩下的就是公司資產負債表，其中包含公司現金和其他資產，以及集團負債，包括我們的結構性票據組合和優先票據發行。

Total assets increased to $31.2 billion at the end of June, driven by growth in client balances in Clearing and growth in Securities, which includes Prime. Our debt securities have increased to $5.3 billion, enabling us to increase our liquidity and support future business growth. We continue to manage our capital and liquidity risk prudently, maintaining significant headroom above minimum requirements to ensure we're well positioned in periods of market stress.

截至 6 月底，總資產增至 312 億美元，主要得益於清算業務客戶餘額的成長以及證券業務（包括 Prime 業務）的成長。我們的債務證券已增至 53 億美元，這使我們能夠提高流動性並支持未來的業務成長。我們繼續審慎地管理資本和流動性風險，保持遠高於最低要求的充足空間，以確保我們在市場壓力時期能夠處於有利地位。

At the end of the second quarter, total funding was $5.7 billion, up from $3.8 billion at year-end, with $2 billion of surplus liquidity to support our day-to-day operations. Our structured note program remains a core source of funding for us, and we have further extended our funding maturity profile with a USD500 million senior debt issuance in May.

第二季末，總融資額為 57 億美元，高於年初的 38 億美元，另有 20 億美元的盈餘流動資金，可用於支持我們的日常營運。我們的結構化票據計劃仍然是我們的核心資金來源，並且我們在 5 月發行了 5 億美元的優先債務，進一步延長了我們的資金到期期限。

This also supports our investment-grade credit ratings from both S&P and Fitch. In May, Fitch upgraded its rating outlook for Marex from stable to positive to reflect our strong earnings and diversification of our franchise.

這也印證了標普和惠譽給予我們的投資等級信用評等。5 月，惠譽將 Marex 的評級展望從穩定上調至正面，以反映我們強勁的盈利能力和多元化的業務佈局。

Finally, we announced again a quarterly dividend of $0.15 per share for the second quarter of 2025 to be paid to shareholders on September 11. We have a proactive and involved risk management approach at Marex. In Market Making, we are a client flow-driven business and do not take a directional view on prices.

最後，我們再次宣布，將於 2025 年第二季向股東派發每股 0.15 美元的季度股息，股息將於 9 月 11 日支付。Marex 採取積極主動、全面參與的風險管理方法。在做市中，我們是一家以顧客流量為導向的企業，不對價格走勢持預測態度。

However, we do carry a small level of inventory to source client demand and capture the trading spreads. We transitioned to a new consolidated group VaR model. And each of the businesses was moved across separately during the first half of the year on completion of the model validation and backtesting.

但是，我們確實會保持少量庫存，以滿足客戶需求並賺取交易價差。我們過渡到了新的合併集團風險價值模型。在模型驗證和回測完成後，上半年每個業務都分別進行了遷移。

On this basis, average daily VaR was $4 million in the first half of 2025 and remains at a very low relative level compared to the growth in the overall business. Daily average revenue in Market Making increased by 15% versus 2024 to just over $900,000 per day, maintaining 100% positive weeks and months during the first half.

基於此，2025 年上半年平均每日 VaR 為 400 萬美元，與整體業務成長相比，仍處於非常低的相對水平。做市業務的日均收入比 2024 年成長了 15%，達到每天略高於 90 萬美元，上半年維持了 100% 的正收益。

In terms of credit risk, we had a realized credit loss of $700,000, representing just 0.1% of revenues and reflecting our proactive and disciplined approach to credit risk management. Now I'll hand you back to Ian.

就信用風險而言，我們已實現的信用損失為 70 萬美元，僅佔收入的 0.1%，這反映了我們積極主動、嚴謹自律的信用風險管理方法。現在我把你交還給伊恩。

Thanks, Rob. As you see on slide 16, we have grown our revenue over the past two quarters. And with expanding margins, profit has grown somewhat faster than revenues.

謝謝，羅布。如第 16 頁所示，過去兩季我們的營收有所成長。隨著利潤率的擴大，利潤成長速度略快於營收成長速度。

Although average exchange volumes were similar to the first quarter, which were up around 12% on Q4 levels, the month-to-month picture was more varied in May and June after very high levels of activity in the first part of April. And although average volatility using VIX to illustrate was up 27% on Q1, there was a sharp spike at the start of April before normalizing as the quarter progressed.

儘管平均交易量與第一季相似（比第四季度增長了約 12%），但在 4 月上半月交易量非常高之後，5 月和 6 月的月度交易情況更加多樣化。雖然以 VIX 指數衡量的平均波動率比第一季上漲了 27%，但在 4 月初出現了一個急劇的飆升，之後隨著季度的推進而恢復正常。

As I've said before, our business model is set up to capture upside in such periods of elevated volatility, but not reliant on them to deliver our profit growth. We presented a version of the slide that you see here at our Investor Day. And many of you have told us that this is a helpful way to depict the quality and reliability of our earnings.

正如我之前所說，我們的商業模式旨在捕捉這種高波動時期帶來的上漲機會，但並不依賴這種波動來實現利潤成長。我們在投資者日上展示了您現在看到的幻燈片版本。許多人告訴我們，這是一種有助於展現我們收益品質和可靠性的有效方式。

On the left-hand side of the slide, we show the consistent growth in our average monthly PBT and the relatively low variability in the distribution, driving a high Sharpe ratio of 6 in the first six months of the year. Our profitability is not a result of a few great months; it is quite stable. This was true in the second quarter as well, as our range of monthly profitability was relatively evenly split.

在幻燈片的左側，我們展示了平均每月 PBT 的持續增長以及分佈的相對較低的變異性，從而在今年前六個月實現了 6 的高夏普比率。我們的獲利能力並非源自於幾個月的出色業績，而是相當穩定的。第二季的情況也是如此，我們每個月的獲利範圍相對均勻分佈。

On the right-hand side of the chart, we show the distribution of our daily average profitability on a trailing 12-month basis through June 30 this year versus last year. You can see the distribution has shifted to the right by around $400,000 for the trailing 12 months to June 2025 from around $1 million to $1.4 million.

圖表右側顯示了截至今年 6 月 30 日的過去 12 個月內，我們每日平均盈利能力的分佈情況，並與去年同期進行了比較。從圖中可以看出，截至 2025 年 6 月的過去 12 個月，分配情況向右偏移了約 40 萬美元，從約 100 萬美元增加到 140 萬美元。

The left tail is very small and includes only five negative days. You can also see in the right tail how we have successfully captured market opportunities with more above-average profitability days. Given the strong growth in Agency and Execution revenues and margins in the first six months of the year, we felt it was helpful to break out the growth drivers in more detail.

左尾非常小，只包含五個負值日。您還可以從右側尾部看到，我們如何成功地抓住了市場機遇，實現了高於平均水平的盈利天數。鑑於今年前六個月代理和執行業務的收入和利潤率強勁增長，我們認為有必要更詳細地分析成長驅動因素。

First-half revenues of $500 million were up 50% year on year, driven by strong growth in both Securities and Energy. Adjusted PBT margin expanded to 25% from 13% in the first half of 2024. This reflects growth in higher-margin Prime Services, which is becoming a larger portion of Agency and Execution as well as more gradual improvements in the segment ex-Prime.

上半年營收達 5 億美元，年增 50%，主要得益於證券和能源業務的強勁成長。2024 年上半年，經調整後的稅前利潤率從 13% 擴大到 25%。這反映了高利潤率的Prime Services的成長，其在代理商和執行業務中所佔的比例越來越大，以及Prime業務之外的細分市場也出現了更漸進的改善。

Our Prime business is a great example of how a business can flourish as part of Marex. We always believe we could improve the business. And in particular, by moving from a Prime of Prime to doing more business on balance sheet, we could capture additional economics. It is this on-balance-sheet activity, which includes both securities and synthetic total return swaps, where we have seen real success.

我們的 Prime 業務就是一個很好的例子，說明企業如何在 Marex 旗下蓬勃發展。我們始終相信我們能夠改進業務。尤其值得一提的是，透過從“Prime of Prime”轉向“在資產負債表上開展更多業務”，我們可以獲得更多經濟效益。正是資產負債表上的活動，包括證券和合成總收益互換，我們才取得了真正的成功。

We have seen increased client demand for financing, which is an important component of revenue within Prime. We also have an outsourced trading business, creating a balanced business here. Across all parts of our Prime offering, we have continued to see significant increase in clients and have a strong pipeline.

我們看到客戶對融資的需求不斷增長，這是 Prime 收入的重要組成部分。我們也開展了外包貿易業務，從而實現了業務的平衡發展。在我們所有Prime產品系列中，客戶數量持續顯著成長，並且擁有強勁的業務管道。

As the business grows, we are not naive about the risks. The primary risk is client leverage, which we manage very carefully. Overall client risk remains low. And the client leverage at which we operate is below 50% and below industry averages.

隨著業務的成長，我們並非對風險一無所知。主要風險在於客戶的槓桿率，我們會非常謹慎地進行管理。總體而言，客戶風險仍然很低。我們營運的客戶槓桿率低於 50%，低於行業平均。

Turning now to our M&A activity in the first half on slide 19. Acquisitions are part of the firm's DNA. We believe we have differentiated ability to source, negotiate, close, integrate, and capture synergies from acquisitions, where we add new capabilities, clients, and products to our platform.

現在讓我們來看看第 19 頁投影片，了解我們上半年的併購活動。收購是公司基因的一部分。我們相信，我們在收購方面擁有差異化的能力，能夠尋找、談判、完成交易、整合資源，並從收購中獲得協同效應，從而為我們的平台增加新的能力、客戶和產品。

We have an impressive track record. What, perhaps, is underappreciated, though, is in aggregate, how much these acquisitions, all of which are relatively modest in the amount of premium paid, can deliver in terms of growth and earnings.

我們擁有令人矚目的業績記錄。然而，人們或許低估了這些收購（儘管支付的溢價金額相對較小）整體上能在成長和收益方面帶來多大的好處。

The advantage of a number of smaller acquisitions is diversification and how they strengthen the firm more broadly. The concern with a number of smaller acquisitions is it adds complexity, which needs to be managed. But more relevant, it may, in aggregate, not have a material impact.

多次小規模收購的優勢在於多元化，以及它們如何從更廣泛的層面上增強公司實力。許多小型收購帶來的問題是，它們會增加複雜性，而這種複雜性需要管理。但更重要的是，總體而言，它可能不會產生實質影響。

But as you see, over three years, we have paid an aggregate of around $150 million in premium. And the profit after tax contribution is nearly $150 million on a run rate basis, largely but not exclusively as a result of the success with Cowen. This is around 30% of profits before considering our unallocated corporate center.

但正如你所看到的，三年來，我們總共支付了約 1.5 億美元的保費。稅後利潤以年率計算接近 1.5 億美元，這主要但不完全是由於 Cowen 的成功。這大約占利潤的30%，還不包括我們未分配的公司中心。

As you know, we recently announced the expected acquisition of Winterflood, which is not included in these numbers, but will contribute to our performance in 2026 and beyond. This deal gives us an opportunity to transform our existing equity UK Market Making business, which is currently small, with around $10 million of run rate revenues and a margin in the low to mid-teens.

如您所知，我們最近宣布了對 Winterflood 的預期收購，這筆收購並未計入上述數字，但將有助於我們 2026 年及以後的業績。這項交易讓我們有機會改造我們現有的英國股票做市業務，目前規模較小，年收入約 1,000 萬美元，利潤率在 10% 到 15% 之間。

Winterflood makes around $100 million of revenue and is essentially breakeven. We are confident we can run the consolidated business at a margin above what we do currently in our smaller Marex business. So we expect to materially improve its profitability by scaling the business, capturing efficiencies, and introducing broader products and services from our platform to a new set of clients.

Winterflood 的營收約為 1 億美元，基本上達到收支平衡。我們有信心，合併後的業務能夠實現比我們目前規模較小的 Marex 業務更高的利潤率。因此，我們期望透過擴大業務規模、提高效率，以及向新客戶群推出我們平台上的更廣泛的產品和服務，從而實質地提高其獲利能力。

Before I conclude, a quick update on our shareholder overhang and trading liquidity. Following our successful secondary offering in mid-April and two subsequent smaller placings by our private equity shareholders, their residual shareholding is down to 17% of our issued share capital or around 12 million shares.

最後，我簡單報告股東權益壓力和交易流動性狀況。繼 4 月中旬成功完成二次發行以及私募股權股東隨後進行的兩次較小規模配售之後，他們的剩餘持股比例已降至我們已發行股本的 17%，即約 1200 萬股。

To put this in perspective, this is around the same number of shares as the April follow-on transaction. To be in this position some 15 months post-IPO is remarkable. And we are grateful for the support our institutional shareholders have shown in helping us get to this stage. This has allowed us -- average trading volume to grow materially since this time last year to now between $45 million and $65 million per day.

換個角度來看，這和 4 月的後續交易的股份數量大致相同。公司上市僅15個月就能取得這樣的成績，實屬不易。我們非常感謝機構股東們給予的支持，幫助我們走到今天這一步。這使得我們的平均交易量自去年以來大幅成長，目前已達到每天 4,500 萬美元至 6,500 萬美元之間。

Our inclusion in the Russell indices at the annual reconstitution in June has also helped generate new demand for our stock. And we expect further index tracking flows to come as the increase in our free float is fully reflected in future.

我們在 6 月的年度指數調整中被納入羅素指數，這也幫助我們的股票產生了新的需求。我們預計，隨著自由流通股數量的增加在未來得到充分體現，未來將有更多追蹤指數的資金流入。

So in conclusion, at the Investor Day, we said we expected to grow profits in a 10% to 20% range sustainably, with around 10% of this organic and the remainder from inorganic opportunities. In the first half, we delivered profit growth of 27%, somewhat below our 10-year average of 35%, but above our target range.

綜上所述，在投資者日上，我們表示預期利潤將可持續成長 10% 至 20%，其中約 10% 來自內生成長，其餘部分來自外延成長機會。上半年，我們的利潤成長了 27%，略低於 10 年平均值 35%，但高於我們的目標範圍。

We remain excited about the opportunities to continue to grow, adding new clients and gaining market share, while we are aware of potential headwinds, including rate reductions. We are maintaining record levels of surplus liquidity and managing our risk well, supporting our clients through periods of market volatility.

我們仍然對繼續發展、增加新客戶和獲得市場份額的機會感到興奮，同時我們也意識到潛在的不利因素，包括利率下降。我們保持著創紀錄的充裕流動性，並有效地管理了風險，在市場波動時期為客戶提供支援。

We were pleased that we were able to process the extremely high volumes successfully on our platform at the start of April, confirming the operational resilience of the firm and the scalability of our platform. We've had a great first half of the year and are very confident about the position of the franchise and our opportunity set.

我們很高興能夠在 4 月初透過我們的平台成功處理極高的數據量，這證實了公司的營運韌性和我們平台的可擴展性。今年上半年我們取得了巨大的成功，對特許經營的地位和我們所面臨的機會充滿信心。

With that, I'd like to ask the operator to open the call for questions.

接下來，我想請接線生開啟問答環節。

(Operator Instructions) Dan Fannon, Jefferies.

（操作說明）丹‧範農，傑富瑞。

Thanks. Good morning. Ian, I wanted to follow up on some of your comments. And I was hoping you could just clarify or state what your free cash flow was for the quarter, as well as what it's been over the last 12 months.

謝謝。早安.伊恩，我想就你的一些評論做個後續回應。我希望您能澄清或說明本季的自由現金流是多少，以及過去 12 個月的自由現金流是多少。

Sure, Dan. So thanks for the question. As you probably know, because this is a half year, we do file interim financial statements with the SEC. And the cash flow numbers are included in that particular filing. So I'll talk to cash flow for the first half, which is what the reported numbers are, as well as for 2024.

當然可以，丹。感謝您的提問。您可能知道，因為這是半年的財務報表，所以我們需要向美國證券交易委員會提交中期財務報表。現金流量資料也包含在該份文件中。所以我將談談上半年的現金流（這是已公佈的數據），以及 2024 年的現金流。

I mean, as a financial services firm, we're obviously extremely focused on cash and liquidity management. In terms of the free cash flow that was created in the firm, I mean, the net cash increased in the firm in 2024 by almost $1.1 billion. And it increased in the first half of 2025 by $779 million to $3.329 billion.

我的意思是，作為一家金融服務公司，我們顯然非常注重現金和流動性管理。就公司創造的自由現金流而言，我的意思是，到 2024 年，公司的淨現金增加了近 11 億美元。到 2025 年上半年，這一數字增加了 7.79 億美元，達到 33.29 億美元。

It's worth trying to just unpack that a little bit. So as you try to understand what are the drivers of cash flow, you start with the reported PBT. So the reported PBT for the first half of 2025 was $202 million. The comparable number for 2024 was $296 million. Now the first set of adjustments you make to that is just to look at what are the elements of PBT that are noncash.

值得稍微分析一下這個問題。因此，當您試圖了解現金流的驅動因素時，首先要了解已公佈的稅前利潤。因此，2025 年上半年的稅前利潤為 2.02 億美元。2024 年的相應數字為 2.96 億美元。現在，你首先要做的調整就是看看稅前利潤中哪些是非現金部分。

And in terms of this particular half year, the two big components are the fair value of derivatives and then a number of other items. The fair value of derivatives is actually a loss this quarter of $84 million. And the other cash items are sort of immaterial.

就本半年而言，兩大組成部分是衍生性商品的公允價值以及其他一些項目。本季衍生性商品的公允價值實際上虧損了 8,400 萬美元。其他現金項目則無關緊要。

So actually, our cash PBT is $285 million, so $83 million higher than what it was in terms of reported PBT. In contrast to 2024, in 2024, the fair value of derivative was a gain of $188 million. And the other cash items were positive $73 million. So the cash version of reported PBT was $181 million.

所以實際上，我們的現金稅前利潤為 2.85 億美元，比報告的稅前利潤高出 8,300 萬美元。與 2024 年相比，2024 年衍生性商品的公允價值為 1.88 億美元收益。其他現金項目為正7300萬美元。因此，報告的稅前利潤現金版本為 1.81 億美元。

If you take those numbers and then reflect what are the taxes that are paid, what are the cash consumed through investments to make acquisitions and then for dividends, stock buybacks, things of that kind, what that gets you to from that $285 million is a reduction in terms of what the cash goes through, which is $47 million. And that's consistent with the $51 million that we had in 2024.

如果你把這些數字考慮進去，再想想繳納的稅款、用於投資收購的現金消耗、以及用於分紅、股票回購等用途的現金消耗，那麼從 2.85 億美元中得出的結果是，現金流減少了 4700 萬美元。這與我們 2024 年的 5,100 萬美元目標一致。

Then, of course, there are obviously adjustments to working capital. So we're supporting clients through the activities that we do with them. We issue notes and debt. And then we utilize the cash to support our clients. And that increase in net working capital for 2025 is $733 million.

當然，營運資金也需要進行相應的調整。所以，我們透過與客戶一起進行的活動來為他們提供支援。我們發行票據和債務。然後我們利用這些資金來支持我們的客戶。到 2025 年，淨營運資本將增加 7.33 億美元。

So the total cash increase is $779 million, which includes the $47 million, which is the PBT adjusted for cash for all of our acquisitions and for the dividends and the buybacks, and then an increase in working capital. And that's where we are.

因此，現金增加總額為 7.79 億美元，其中包括 4,700 萬美元，這是根據我們所有收購、股息和股票回購的現金調整後的稅前利潤，以及營運資本的增加。這就是我們現在的處境。

The fair value of derivatives, that is important to appreciate, though, is offset essentially against fair value adjustments that turn up in our working capital. So the fair value loss that we had that was included in the adjustment to PBT is offset by changes in the value of the structured notes, and to the extent that hedges are conducted on exchange in changes in payables and receivables.

不過，需要注意的是，衍生性商品的公允價值基本上可以與出現在我們營運資本中的公允價值調整相抵銷。因此，我們計入稅前利潤調整中的公允價值損失，被結構性票據價值的變化所抵消，並且在對沖交易進行時，被應付賬款和應收賬款的變化所抵消。

I think the only thing I'd add, Ian, is -- Dan, as Ian said, we have filed unaudited accounts on the SEC website. But Deloitte did carry out a SAS 100 review of those to PCAOB guidance.

伊恩，我想我唯一要補充的是——丹，正如伊恩所說，我們已經在美國證券交易委員會網站上提交了未經審計的帳目。但德勤確實對這些公司進行了 SAS 100 審查，以符合 PCAOB 的指導方針。

Hopefully, that answered your question, Dan.

希望這能解答你的疑問，丹。

Yeah, that was very detailed. I appreciate all of that.

是的，非常詳細。我非常感激。

And then just a follow-up. As we think about the remainder of this year, and also, I guess, in the next, given the inorganic adds that you've made and you outlined in the deck, can you talk about expense synergies and realizations, and what's left in terms of operational efficiencies that we could see coming out of the business? Understanding also there's revenue upside, but thinking more around the cost would be helpful.

然後還有一個後續問題。展望今年剩餘時間，以及明年，考慮到你們在簡報中概述的那些非有機增長，你們能否談談費用協同效應和實現情況，以及我們還能從業務運營效率方面看到哪些提升？也要意識到收入成長的可能性，但更多地考慮成本問題會很有幫助。

Yeah. I think that -- in terms of the acquisitions that we described on that one particular slide, I think most of the synergies have really been captured. And as a general matter, I think most of the synergies we anticipate are revenue synergies from here rather than cost synergies.

是的。我認為——就我們在那張投影片上所描述的收購而言，我認為大部分協同效應都已充分發揮。總的來說，我認為我們預期的大部分綜效將是所得綜效，而不是成本綜效。

Hamilton Court, obviously, we closed quite recently. There, I think our expectation is revenue synergies, more than cost synergies. Winterflood, we haven't closed yet. And I suspect Winterflood driving up the margins will be a combination of revenue and costs.

顯然，漢密爾頓苑最近已經關閉了。我認為，我們更期望的是所得綜效，而不是成本綜效。Winterflood，我們還沒關門。我懷疑冬季洪水推高利潤率將是收入和成本共同作用的結果。

But from our perspective, what's really important from these acquisitions is being able to forecast what the synergies are going to be as was the case in Aarna, although those were revenue synergies; and then capturing those. And I think we've been able to do that very successfully.

但從我們的角度來看，這些收購真正重要的是能夠預測協同效應將如何產生，就像 Aarna 的情況一樣，儘管那些是收入協同效應；然後實現這些協同效應。我認為我們在這方面做得非常成功。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Benjamin Budish, Barclays.

（操作說明）巴克萊銀行的 Benjamin Budish。

Hi, good morning, and thank you for taking the question. Ian, maybe following up on the end of your prepared remarks around sort of the sustainability of the business. Just looking into Q3, we kind of see exchange volumes around the board kind of softening just a little bit. It's mostly environmental and some very tough comps.

您好，早安，感謝您回答這個問題。伊恩，或許可以接著你準備好的發言，談談企業永續發展的問題。從第三季的情況來看，我們發現整體交易量略有放緩。主要涉及環境因素，而且有些比賽非常艱難。

I guess, where in your P&L, as we think about the back half of the year, do you think the kind of recent performance is most sustainable? I'm curious, in particular, on the Securities business where you've seen some really phenomenal growth. But where do you see the things being a little bit more resilient versus more susceptible, at least in the near term, to some market swings?

我想，在考慮下半年業績時，您認為貴公司損益表中的哪個部分最能持續近期的良好表現？我尤其對證券業務很感興趣，因為你們在這個領域取得了非常驚人的成長。但您認為哪些方面會更具韌性，哪些方面會更容易受到市場波動的影響，至少在短期內如此？

Yes. Look, I mean, I think that -- we've thought about this a lot. I think we see strength in, frankly, every part of our business. Look, I mean, I don't think that we're anticipating the same level of growth in our Securities business. But we're -- as we look at the set of things that are underway and the initiatives that are underway, we don't see that retreating. And we do see opportunity to continue to grow.

是的。你看，我的意思是，我認為──我們已經認真考慮過這個問題了。坦白說，我認為我們業務的各個方面都展現出了優勢。我的意思是，我認為我們預期證券業務的成長水準不會達到相同的程度。但是，當我們審視正在進行的一系列事情和正在進行的各項舉措時，我們並沒有看到這種趨勢的退縮。我們確實看到了繼續發展的機會。

We've had a very strong July. So we're feeling good about the momentum in the franchise. We do recognize that in all likelihood, there will be rate reductions. And I think that the impact of rate reductions, as we described, is relatively modest. It's something like $20 million of PBT for a 100-basis-point move.

七月我們的業績非常強勁。所以我們對球隊目前的勢頭感到樂觀。我們意識到，利率很可能會下調。而且我認為，正如我們所描述的，降息的影響相對較小。每次變動 100 個基點，稅前利潤就會增加約 2,000 萬美元。

So we expect some level of headwinds from that. But we think that we can offset those through the remaining -- through the growth that we see around the franchise. So we're actually, as I said in my remarks, pretty positive.

因此，我們預計這會帶來一定程度的不利影響。但我們認為，我們可以透過剩餘部分——透過我們看到的特許經營權周圍的增長——來彌補這些損失。所以，正如我剛才所說，我們其實相當樂觀。

Helpful. Maybe one kind of follow-up, just a modeling question, kind of in the weeds. But I'm curious if you could talk a little bit about the allocation of net interest expense.

很有幫助。或許可以做一個後續問題，一個建模問題，有點深入細節了。但我很好奇您能否談談淨利息支出的分配情況。

Just the mix looked a little bit different this quarter than it has in the past, sort of a higher expense allocation to the Solutions business, lower net corporate interest income despite higher cash balances. Curious if there's anything we need to understand?

本季財務結構與以往略有不同，解決方案業務的支出分配較高，儘管現金餘額較高，但淨企業利息收入卻較低。想知道我們是否需要了解什麼？

I know it's a little bit hard from a modeling perspective. But if you could talk a little bit about what's going on there and how to think about that allocation would be helpful. Thank you.

我知道從建模的角度來看，這有點難。但如果您能稍微談談那裡的情況以及如何考慮這種分配方式，那就很有幫助了。謝謝。

Rob, why don't you take that?

羅布，為什麼不拿走？

Yeah. Let me just sort of start off just talking about net interest income in the first quarter -- sorry -- in the second quarter compared to the first quarter. So as you saw on the slides that we presented, our interest income was up marginally. Although rates were flat, we did have some balanced growth.

是的。讓我先談談第二季（抱歉，應該是第二季）與第一季相比的淨利息收入。正如您在我們展示的幻燈片中看到的那樣，我們的利息收入略有增長。雖然利率保持平穩，但我們確實實現了均衡成長。

Interest expense, though, is up $21 million compared to the first quarter, reflecting $800 million worth of debt issuance. And as we said, this has positioned the firm well for future growth. And given the market volatility that we saw in April, we thought it was an important thing to do.

不過，利息支出比第一季增加了 2,100 萬美元，反映出發行了價值 8 億美元的債務。正如我們所說，這為公司未來的發展奠定了良好的基礎。鑑於四月份的市場波動，我們認為這一點很重要。

As I look at, therefore, it meant, I was long on liquidity. So therefore, what I look to do is to optimize our liquidity across the group as much as I can. And we did deploy some of that additional liquidity into the business. And that's why house balances only went up by $0.1 billion on the chart that we've given out.

因此，在我看來，這意味著我持有大量流動性資產。因此，我的目標是盡可能優化集團的流動性。我們確實將部分額外流動資金投入了業務中。這就是為什麼在我們發布的圖表中，房屋淨值只增加了 0.1 億美元。

The majority of the additional cash that we raised went to support some of our trading businesses, notably in capital markets and our Prime business. I want to be really clear, these businesses are self-funding typically. But we made a conscious decision to use house cash to support them.

我們籌集到的額外資金大部分用於支持我們的一些交易業務，特別是資本市場和我們的Prime業務。我想明確一點，這些企業通常都是自籌資金的。但我們經過深思熟慮，決定用房產裡的錢來幫助他們。

So I think you are seeing a little bit of a change in, perhaps, how we've deployed some of that cash. At a high level, though, from a Solutions perspective, the increase really in interest expense reflects the higher in issued structured notes and any liquidity that they've used within the quarter. And in the corporate center, it's predominantly the headwinds from additional senior issuance.

所以我認為，你可能已經看到我們在運用部分資金方面發生了一些變化。但從解決方案的角度來看，總體而言，利息支出的增加實際上反映了已發行結構性票據的增加以及他們在本季度使用的任何流動性。而在企業中心，主要阻力來自新增高級債券的發行。

Alright. Thanks, Rob. Very helpful.

好吧。謝謝，羅布。非常有幫助。

(Operator Instructions) Alexander Blostein, Goldman Sachs.

（操作說明）亞歷山大·布洛斯坦，高盛。

Hi, good morning. Thank you for taking the questions. Well, just maybe building on that last point, when we think about the NII trajectory from here off of this kind of $35 million-ish quarterly run rate, I think the debt issuance was this partial quarter.

您好，早安。感謝您回答這些問題。嗯，或許可以基於上一點，當我們考慮從現在開始 NII 的發展軌跡，假設季度運行率約為 3500 萬美元時，我認為債務發行是本季度的一部分。

So presumably, there's a little bit of headwind into Q3. But you also talked about just growth in the business. So with rate cuts, maybe just give us a bit of a reset on how you're thinking about NII trajectory from here. And also, are there any other incremental debt you expect to issue for the deals that haven't closed yet?

所以，想必第三季會面臨一些不利因素。但你也談到了業務成長。所以，在降息的背景下，或許可以稍微調整一下您對未來淨利息收入走勢的看法。另外，對於尚未完成的交易，您是否預計還會發行其他新增債務？

Why don't I start, Alex, and I'm sure Ian can add. So as I sort of think about interest income for the rest of the year, obviously, we all look at the forward curve. And I think it's currently predicting two to three cuts potentially by the end of the year.

不如我先開始吧，亞歷克斯，我相信伊恩也能補充。所以，當我考慮今年剩餘時間的利息收入時，很顯然，我們都會關注遠期曲線。而且我認為，目前預測到年底可能會有兩到三次裁員。

So I'd expect our interest income to be sort of broadly flat to where we are at the end of the second quarter. Because I think that we will be able to broadly offset those headwinds with additional balances. I do think, though, that interest expense has probably peaked.

因此，我預計我們的利息收入將與第二季末的水平大致持平。因為我認為我們可以透過增加資金平衡來大致抵消這些不利因素。不過，我認為利息支出可能已經達到高峰了。

And I think that going forward, you can expect to see two things. Obviously, the interest expense cost will go down as interest rates come down because it's all floating rate debt. And I also think we are beginning to see a little bit of compression on our debt spreads.

我認為，展望未來，你會看到兩件事。顯然，隨著利率下降，利息支出成本也會下降，因為這些都是浮動利率債務。而且我認為我們也開始看到債務利差出現一些縮小的跡象。

Yeah. I mean, I think that we've been operating with very high liquidity surpluses, Alex. And I don't think that in light of the size of those surpluses, which seems completely appropriate going into the environment we were in, that we'll look to sort of see those increase. So I think that the second half of the year is about deploying some of that cash that we've raised to support our clients.

是的。我的意思是，我認為我們一直擁有非常高的流動性盈餘，Alex。鑑於這些盈餘的規模，考慮到我們所處的環境，我認為這些盈餘規模應該不會增加。所以我認為下半年的重點是利用我們籌集到的一些資金來支持我們的客戶。

Got you. Understood. So in other words, the GBP100 million-plus payment for Winterflood, you guys don't expect to issue any incremental liquidity. That's something you can fund with internal resources at this point?

明白了。明白了。換句話說，對於超過 1 億英鎊的 Winterflood 災害賠償，你們預計不會發行任何額外的流動性。這是你們目前可以用內部資源資助的專案嗎？

Absolutely.

絕對地。

Got you. Okay. And then speaking of deals, maybe zooming out a little bit, you spoke to fairly robust pipeline, I guess. And you guys continue to do more frequent deals, but also some of them tend to be a little larger.

明白了。好的。說到交易，或許可以稍微放眼更廣闊的領域，你剛才提到了相當強勁的銷售管道，我想是這樣。你們的優惠活動越來越頻繁，有些優惠活動的金額也更大一些。

So when you assess the opportunity set for the next kind of 6 to 12 months when it comes to inorganic opportunities, what's roughly the makeup? What are sort of the geographies and maybe product sets that comprise the more kind of actionable items within that pipeline?

那麼，在評估未來 6 到 12 個月的非有機成長機會時，大致構成是什麼樣的呢？該銷售管道中更具可操作性的項目主要涉及哪些地區和產品組合？

Perhaps, I can cover that. It's Paolo Tonucci. In terms of the size of the acquisitions, the largest will be Winterflood. We have probably six or seven that are sort of live transactions at the moment of sort of varying size. But I mean, nothing larger than Winterflood.

或許我可以報道一下。他是保羅·托努奇。就收購規模而言，最大的收購案將是 Winterflood。目前我們可能有六、七筆交易正在進行中，規模大小不一。但我的意思是，沒有比溫特佛洛伊德洪水更大的洪水了。

I would say 50% of the transactions are within the sort of financials or securities part of the business, so Winterflood being sort of the most obvious. And then there are some other sort of smaller transactions that will add to that.

我認為 50% 的交易都屬於金融或證券業務範疇，其中 Winterflood 就是最明顯的例子。此外，還有一些其他的小額交易也會增加總和。

They are not -- I think this is just a function of where the opportunities exist. They are primarily in the UK and in Europe. But I expect that over time, as we sort of talked about before, we'll see more opportunities in the US and in Asia.

並非如此——我認為這只是機會在哪裡存在的問題。它們主要分佈在英國和歐洲。但我預計，隨著時間的推移，正如我們之前討論過的那樣，我們將在美國和亞洲看到更多機會。

And we do have sort of interestingly a couple of sort of smaller acquisitions in Asia, which I think are sort of going to build out our profile. So quite a mix geographically, although, I mean, in terms of size, they're typically smaller than the sort of GBP100 million or so Winterflood transaction.

而且，我們還有一些比較小規模的收購，在亞洲，我認為這有助於提升我們的知名度。所以從地理位置來看，它們相當多元化，不過，我的意思是，就規模而言，它們通常比像 Winterflood 那樣價值約 1 億英鎊的交易要小。

Great. Thank you very much.

偉大的。非常感謝。

Thanks, Alex.

謝謝，亞歷克斯。

(Operator Instructions) Bill Katz, TD Cowen.

（操作說明）比爾·卡茨，TD Cowen。

Okay. Thank you very much for taking the question and the expanded commentary this quarter. Just a question, coming back to capital management at large now, given that the liquidity in the shares is higher, given the cash flow of the company is stronger, and given where the stock is trading, particularly in light of recent events, how are you thinking through maybe just capital management priorities?

好的。非常感謝您在本季回答這個問題並作詳細評論。現在回到資本管理這個話題，我想問一個問題：鑑於股票流動性較高，公司現金流較強，以及股票目前的交易情況，尤其是在最近發生的事件之後，您是如何考慮資本管理優先事項的？

Is there room here to potentially step into doing buyback and/or working with the PE sponsors to potentially limit leakage into the market through buyback versus maybe the deal backdrop? Thank you.

這裡是否有空間介入進行股票回購和/或與私募股權發起人合作，以限制透過股票回購而非交易背景向市場洩漏資金？謝謝。

Yeah. Look, I mean, I think that our priority to date has been about increasing the float. And as a result, buybacks were not part of our capital plan. I mean, exactly to the point that you've raised, I think now that we've got a very substantial float, that becomes less of an issue.

是的。我的意思是，我認為我們迄今為止的首要任務是增加浮動資金。因此，股票回購並未納入我們的資本計畫。我的意思是，正如你提出的那樣，我認為既然我們現在有了非常可觀的流通股，這個問題就不那麼重要了。

To the extent that we can deploy capital in acquisitions, I think that's very desirable. And you've seen the impact of the acquisitions in driving value. So I think that -- to the extent that we still feel that we have really good acquisition opportunities, we're going to pursue those.

我認為，如果我們能夠將資金用於收購，那將是非常可取的。您已經看到了收購對提升價值的影響。所以我認為──只要我們還是覺得有很好的收購機會，我們就會去爭取。

But I do think that we're now in a world where, as you say, I think buybacks become something that we can consider and perhaps should. And I think that it's definitely the case given the recent news out in the marketplace, that the private equity shareholders would be likely to hold their positions, although, obviously, that's a decision for them.

但我確實認為，正如你所說，我們現在所處的世界，回購可能成為我們可以考慮，甚至應該考慮的事情。鑑於最近市場上的消息，我認為私募股權股東很可能會繼續持有他們的股份，當然，這顯然是他們自己的決定。

Okay. Just as a follow-up, maybe looking into the businesses a little bit, you mentioned that you're pretty optimistic on the Prime side. I was wondering if you could talk a little bit about maybe quantifying the pipeline of opportunity there.

好的。作為後續問題，或許可以稍微了解這些業務，您提到您對 Prime 方面相當樂觀。我想請您談談如何量化那裡的機會管道。

And is there any way to sort of unpack the margin of the Prime business versus the residual business, just to think through the incremental segment (technical difficulty) margins overall? Thank you.

有沒有辦法分析Prime業務與剩餘業務的利潤率，以便更全面地考慮各個細分市場（技術難度）的利潤率？謝謝。

Bill, it's Paolo. I'll try and cover that. In terms of the progress and the sort of opportunities, most of the impact has been by adding new clients and by adding products. And we're seeing a really good pipeline of new clients.

比爾，我是保羅。我會盡量涵蓋這部分內容。就發展和機會而言，大部分影響體現在新增客戶和增加產品。我們看到新客戶來源非常充足。

So I think in the first half of the year, we added somewhere around 150 new Prime accounts. And when I look at the pipeline of clients going forward, it's probably stronger than it has been before. So we're adding a lot of clients.

所以我覺得今年上半年我們新增了大約 150 個 Prime 會員帳號。展望未來的客戶儲備，我認為它比以往任何時候都更加強大。所以我們正在增加很多客戶。

I think that you will see continued growth in that business, not at the rate that we saw in the past 12 months, but certainly somewhere in the low double digits, perhaps high single, low double digits, and primarily, as I say, driven by addition of clients.

我認為你會看到這項業務繼續成長，雖然成長不會像過去 12 個月那樣快，但肯定會達到兩位數的低位，或許是兩位數的高位，而且正如我所說，主要成長動力來自客戶的增加。

The other parts of the Agency and Execution business on the security side have also been growing strongly. And we have added more people. We've added more products and more capability. So I expect that we will be able to drive further growth. I mean, every segment within the financials part of the business has grown quite considerably, mid-teens to 30% across the non-Prime segments.

安保方面的代理和執行業務的其他部分也實現了強勁成長。我們還增加了人手。我們增加了更多產品和更多功能。因此，我預計我們將能夠推動進一步成長。我的意思是，公司金融業務的各個細分領域都實現了相當大的成長，非主要業務領域的成長幅度在 15% 到 30% 之間。

And as I say, we're investing -- some of the reorganizations that we -- some of the reorganizations at the desk level are starting to generate good returns. And then I think I'm very optimistic about the Winterflood transaction. And I mean, just sort of reiterate Ian's point, I mean, we generate a mid-teens return of really a relatively small -- one might call it a subscale equities business.

正如我所說，我們正在進行一些投資——一些部門層面的重組已經開始產生良好的回報。而且，我對 Winterflood 的交易非常樂觀。我的意思是，我只是想重申伊恩的觀點，我們獲得的收益率在15%左右，而我們的股票業務規模相對較小——有人可能會稱之為次級股票業務。

And Winterflood is -- it's a great brand. It's a $100 million revenue business, and we feel confident that we'll be able to generate very good margins, at least comparable margins from that. So overall, across that part of -- I mean, obviously, that's Market Making predominantly and -- as opposed to Agency and Execution. But across the financial parts of our business, I'm confident we'll see good growth.

而 Winterflood 是一個很棒的品牌。這是一個年收入達 1 億美元的業務，我們有信心能夠獲得非常好的利潤率，至少能達到與之相當的利潤率。所以總的來說，在這一部分——我的意思是，很明顯，這主要是市場創造，而不是代理和執行。但我相信，我們業務的財務部分將會出現良好的成長。

Thank you.

謝謝。

Thanks, Bill.

謝謝，比爾。

(Operator Instructions) Alex Kramm, UBS.

（操作說明）Alex Kramm，瑞銀集團。

Yes. Hey, good morning, everyone. Just wanted to follow up on an earlier question on kind of the outlook for the remainder of the year, and maybe be a little bit more specific about this quarter so far. You talked about July was strong, but that can mean a lot of different things.

是的。嘿，大家早安。我想就之前提出的關於今年剩餘時間展望的問題做個後續說明，並更具體地談談本季至今的情況。你提到七月份表現強勁，但這可能意味著很多不同的事情。

So when I look at kind of exchange volumes, I think metals are down 10% quarter to date versus the second quarter, Energy down 20%, Securities markets mixed. So maybe talk about how you're trending against those kind of KPIs. Or any reason why you would be outperforming some of what we're seeing in the market? Thank you.

所以，從交易量來看，我認為金屬價格本季迄今比第二季下降了 10%，能源價格下降了 20%，證券市場漲跌互現。所以，或許可以談談你在這些關鍵績效指標的進展。或者，您有什麼理由可以解釋為什麼您的業績會優於目前市場上的一些表現？謝謝。

Yeah. Look, I think that as we sort of talked about before, there's sort of two things that go on, right? Obviously, there's what's going on in the market and then what's going on with share. And as a result, you could grow, as we have, faster than the market if you're gaining share. And in the event that markets are declining, you can actually continue to grow if the share gains offset those.

是的。你看，我覺得就像我們之前討論過的那樣，這裡主要有兩種情況，對吧？顯然，市場狀況和市佔率狀況是兩回事。因此，如果你能獲得市場份額，你的成長速度就可以像我們一樣，超過市場平均。即使市場下跌，只要股價上漲抵消了下跌的影響，你實際上仍然可以繼續成長。

And I think the other point is, we have a lot of growth levers inside the firm, which mean that even when some businesses are down, others are likely to be performing better. So when I said July is strong, it's operating at levels that are comparable to the second quarter.

我認為另一點是，我們公司內部有許多成長槓桿，這意味著即使某些業務下滑，其他業務也可能表現得更好。所以，當我說7月表現強勁時，它的運作水準與第二季相當。

Okay. Very good. And then -- thanks for obviously addressing the short report in all detail. Maybe one question related to that. I hope it's fair.

好的。非常好。然後——感謝您詳細地回應了這份簡短的報告。或許可以問一個相關的問題。我希望這是公平的。

But just wondering what kind of feedback you've gotten from clients because I'm sure they're watching this. And I think some of your large clients have taken you apart a lot over the years as they onboarded. But this is financial services, and a lot of it is built on trust.

我只是想知道你從客戶那裡得到了什麼樣的回饋，因為我相信他們都在關注這件事。而且我認為，多年來，你的一些大客戶在與你合作的過程中，對你進行了許多挑剔。但這是金融服務業，而金融服務業很大程度上是建立在信任之上。

So just wondering how those conversations have been or if you've seen any sort of change in activity or any lines being pulled. Just wanted to get more detail there. Thanks.

所以我想知道這些對話進行得如何，或者你是否看到任何活動上的變化，或者是否有任何線路被撤回。我只是想了解更多細節。謝謝。

Yeah, no, it's a good question. I mean, look, I think the impact has been pretty modest. I mean, as I sort of indicated in my remarks, I mean, there have been active conversations with a very large number of counterparts. And people have been, I think, interested in what it is we have to say.

沒錯，這確實是個好問題。我的意思是，你看，我認為影響相當有限。我的意思是，正如我在演講中提到的那樣，我們已經與許多同行進行了積極的對話。我認為，人們一直對我們想表達的內容很感興趣。

There are a couple of data points, which I'm sure you track, Alex, which is what's going on with [take] balances in the US, which are reported on a daily basis. And what we see there is, our balances are essentially flat to where they were before the short seller came out. I mean, it certainly rounds to an identical number.

有幾個數據點，我相信你一直在關注，Alex，那就是美國的[take]餘額情況，這些數據每天都會公佈。我們看到的情況是，我們的資產負債表基本上與做空機構出現之前的水平持平。我的意思是，它四捨五入後肯定是一個相同的數字。

And I think that's indicative of broadly what we're seeing in the firm. I mean, there is some very limited amount of retrenchment, but it is very limited. And often, post the engagement with the firm, people have brought balances back.

我認為這大致反映了我們公司目前的情況。我的意思是，確實存在一些非常有限的裁員，但規模非常有限。而且通常情況下，在與公司合作之後，人們會把餘額補回來。

And interestingly, two of the largest, most sophisticated hedge funds in the world have extended their Clearing mandates with us just over the last week. So it clearly is something that we're putting a lot of time and effort against. But I think I'm pretty pleased with how muted that effect is.

有趣的是，就在上週，全球兩家規模最大、技術最精湛的對沖基金延長了與我們之間的清算授權。所以很明顯，我們正在投入大量時間和精力來應對這件事。但我對這種影響的輕微程度感到相當滿意。

Our liquidity, which was always extremely strong, remains extremely strong. So there's zero issues there. The amount of structured notes that we've had to buyback is absolutely trivial amount. So really, the impact to date has been extremely muted.

我們的流動性一直非常強勁，現在依然非常強勁。所以這方面沒有任何問題。我們不得不回購的結構性票據數量微乎其微。所以，迄今為止，其影響實際上非常有限。

Very helpful. Thank you.

非常有幫助。謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

(Operator Instructions) Patrick Moley, Piper Sandler.

（操作說明）派崔克·莫利，派珀·桑德勒。

Yes, good morning. Thanks for taking the question. I had one on the Market Making segment in the second quarter, specifically in ags. The revenues there flipped negative in the quarter.

是的，早安。感謝您回答這個問題。我在第二季做市商板塊做過一次報告，具體來說是關於農業的。該季度該公司的營收由負轉負。

I think in your prepared remarks, you had said that there was some tariff-related impact. But just was hoping you could give a little bit more color on the dynamic there in the second quarter and whether some of those headwinds that you were facing have abated in the third quarter. Thanks.

我認為您在事先準備好的演講稿中提到過，關稅方面產生了一些影響。但我只是希望您能更詳細地介紹第二季的情況，以及您在第三季面臨的一些不利因素是否有所緩解。謝謝。

So thanks, Patrick. As I said in my prepared remarks, revenues were down on the back of the tariff announcements. And what we are actually seeing going on, notably in cocoa and coffee, was elevated prices, which significantly reduced market liquidity. So it was a much slower quarter for the business.

謝謝你，派崔克。正如我在事先準備好的演講稿中所說，由於關稅政策的出台，收入有所下降。而我們實際看到的現象，尤其是在可可和咖啡領域，是價格高企，這大大降低了市場流動性。因此，本季業務發展較為緩慢。

Yeah. And I think I can say it continued into this quarter as well. I mean, again, it's a benefit of a diversified business, is even when you have a slowdown in one part of your Market Making, other parts can take up the slack.

是的。而且我認為這種情況也延續到了本季。我的意思是，多元化經營的好處在於，即使你的做市業務的某個部分放緩，其他部分也可以彌補空缺。

And certainly, as I sort of reflect on the second quarter, we had pretty strong performance in metals. And we actually had pretty strong performance in Energy, and that offset, to some extent, the impact in ags. But I think you're seeing the impact in ags in a lot of places.

當然，回顧第二季度，我們在金屬業務方面表現相當強勁。事實上，我們在能源領域表現相當強勁，這在一定程度上抵消了農業領域的影響。但我認為在很多地方的農業領域，你都能看到這種影響。

I think you saw that in Cargill's announcement this week. You saw it, I think, in sort of StoneX's announcement. So this isn't something that's just affecting Marex. I think it's a more broad effect.

我想你已經在嘉吉公司本週的公告中看到了這一點。我想，你在 StoneX 的公告中應該已經看到了。所以這不僅僅是影響 Marex 的事情。我認為這是一種更廣泛的影響。

Okay, thanks for that. And then maybe just the last one on Clearing balances in the quarter, still up strong year over year, but moderated a bit sequentially. So I was hoping you could just talk about how we should think about balance growth from here throughout the rest of the year, and where you'd expect that to kind of settle. Thanks.

好的，謝謝。最後，或許只有關於本季清算餘額的最後一個數據，同比仍然強勁增長，但環比略有放緩。所以我希望您能談談我們應該如何看待今年剩餘時間的平衡成長，以及您預計它最終會穩定在什麼水平。謝謝。

Again, I mean, I think that we have a pretty strong pipeline. You're never quite sure exactly when those close. But our pipeline is probably sort of consistent with what you saw in the average for the first half of the year.

再說一遍，我的意思是，我認為我們擁有非常強大的人才儲備。你永遠無法確切地知道它們何時關閉。但我們的供貨情況可能與上半年的平均值基本一致。

All right. Great. Thank you.

好的。偉大的。謝謝。

Thanks, Patrick.

謝謝，派崔克。

Carlos Gomez-Lopez, HSBC.

卡洛斯·戈麥斯-洛佩茲，匯豐銀行。

Thank you so much for taking the question. First, I wanted to thank you for the increased disclosure and the improvement, especially in the share count that you show in page 16 of your earnings release or 25 of your presentation. You are now at 71.7 million shares at the end of the period. Can you remind us what we should expect for the share count to do over the next year or two years? Thank you.

非常感謝您回答這個問題。首先，我要感謝你們提高了資訊揭露的透明度，並做出了改進，尤其是在你們的收益報告第 16 頁或簡報第 25 頁中顯示的股份數量方面。期末您持有的股份數量為 7,170 萬股。您能否提醒我們一下，未來一兩年內，股價應該會有怎樣的走勢？謝謝。

Look, I mean, I think you should expect that to remain very consistent unless to -- one of the earlier questions -- we begin to buy back stock, which is not currently sort of our plan. So I think what we committed to was not increasing dilution by more than 1%.

我的意思是，我認為你應該預期這種情況會保持非常穩定，除非——正如前面提到的問題——我們開始回購股票，而這目前並不是我們的計劃。所以我認為我們承諾的是不要將稀釋幅度增加超過 1%。

And so I don't think -- that would be the maximum amount. But we don't have any expectation of either diluting or at the moment, buying back stock, although that could adjust if we changed our view on how much capital we had and how we wanted to deploy it.

所以我覺得——這應該不是最大金額。但我們目前沒有任何稀釋股權或回購股票的預期，儘管如果我們改變對所擁有資本數量以及我們希望如何部署這些資本的看法，這種情況可能會有所調整。

So that was my question. There are no particular share option plans or anything else that should lead us to have more than 1% dilution going forward from what you have today?

這就是我的問題。沒有任何特定的股票選擇權計劃或其他因素會導致我們未來的股權稀釋超過目前的1%嗎？

No.

不。

Okay. And if I could ask one last question. I mean, you obviously must have looked at R.J. O'Brien. Was that too large a transaction for you, or that is a business that, perhaps, you could have been interested in?

好的。我可以問最後一個問題嗎？我的意思是，你肯定看過 R.J. O'Brien 的作品。那筆交易對您來說太大了嗎？或者，您或許會對這類業務感興趣？

Look, I think it's a transaction that we would have been interested in. I think our view was, it wasn't a great cultural fit for us. And I think that our -- what we're excited about is what we're actually doing, which is a number of more modest acquisitions, which collectively are delivering very substantial increases to the earnings of the firm.

我認為這是我們一直很感興趣的交易。我認為我們當時的看法是，這與我們之間的文化契合度不高。我認為我們真正感到興奮的是我們正在做的事情，即一系列較小的收購，這些收購加起來為公司的收益帶來了非常可觀的成長。

And so it's less of a -- we didn't want to do it. I mean, we did have some conversations. They didn't lead to anything. But I think it wasn't a great fit for us. It seems like it's a better fit for StoneX. And so they were the ones who did it.

所以這與其說是──我們不想這麼做──不如說是──我們不想這麼做。我的意思是，我們確實進行了一些交流。它們並沒有導致任何結果。但我認為這不太適合我們。看起來它更適合 StoneX。所以，是他們幹的。

But I mean, it's not the case that we would not consider a transaction of that size if we felt it was the right fit for us and that we were highly confident that we could deliver value for our shareholders if we pursued it.

但我的意思是，如果我們認為這筆交易適合我們，並且我們非常有信心，如果我們進行這筆交易，就能為我們的股東帶來價值，那麼我們並非不會考慮進行這樣規模的交易。

Very clear. Thank you so much.

非常清楚。太感謝了。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Yes. Hey, again. Thanks for squeezing me in here for follow-up. Just one quick one. I think someone asked earlier about margins in Agency-Execution. I don't think you fully addressed that. So maybe you can just talk about the outlook there a little bit. I mean, it seems like that's been doing really nice and improving nicely with the Prime growth. And just wondering if that's all that is.

是的。嘿，又來了。感謝您抽空讓我來做後續跟進。只需一個快速的。我記得之前有人問過關於代理執行利潤率的問題。我認為你還沒有完全解決這個問題。所以，或許您可以稍微談談那裡的前景。我的意思是，看起來它的表現非常出色，隨著 Prime 的成長，它的發展也越來越好。我只是想知道是不是只有這些。

And then maybe talk about the front office costs. I think early last year, it was running like close to 80%, I guess, comp expense. We're in the mid-50s now. So just curious how we should be thinking about the ceiling on, I guess, compensation expense, and how that will ultimately impact the margins? Thanks again.

然後或許可以談談前台營運成本。我記得去年年初，薪資費用大概佔了80%左右。我們現在處於50年代中期。所以，我很好奇我們應該如何看待薪資支出上限，以及這最終將如何影響利潤率？再次感謝。

Alex, it's Paolo again. I'll try and cover the margin point. We'd always said that in the Agency and Execution part of the business margins, we would be targeting margins of over 20% and hoping to get towards the mid-20s. And we obviously exceeded that.

Alex，我是Paolo。我會盡量彌補這個不足之處。我們一直都說，在代理商和執行業務的利潤率方面，我們的目標利潤率是 20% 以上，並希望達到 20% 以上。顯然，我們超出了預期。

There has been a change in mix, with a larger proportion of our profits coming from Prime and from some of the activities around that support Prime and its clients as well as the Clearing clients. So more coming through on, for example, repo and stock loan.

我們的利潤組成發生了變化，更大比例的利潤來自 Prime 業務以及圍繞 Prime 業務及其客戶和清算客戶進行的一些活動。因此，例如回購和股票貸款等方面會有更多進展。

So I think that these margins are sustainable. I think there's room for some improvement because certainly within the composition of our desks, there are some that are still not quite at scale. And it takes a little bit of time for that to come through. There's some that are still generating bottom-line losses, so profit-level losses. So I think there's room for some improvement, but I think we're sort of close to the optimal level.

所以我認為這樣的利潤率是可持續的。我認為還有一些改進的空間，因為在我們辦公桌的組成中，肯定有一些辦公桌的比例還不夠協調。這需要一些時間才能顯現出來。有些公司仍在持續虧損，也就是利潤層面虧損。所以我覺得還有一些改進的空間，但我認為我們已經接近最佳水平了。

And certainly, with the Prime business, as we talked about, as you know, it's a relatively high fixed-cost business. So the margin at the margin is high, and it's comparable to the Clearing business. So we are achieving margins that on average that are comparable to Clearing. And at the margin, it probably has a similar dynamic, so more than 50% margin at the margin.

當然，正如我們之前討論過的，Prime業務的固定成本相對較高，你也知道這一點。因此，利潤率很高，與清算業務相當。因此，我們平均獲得的利潤率與清算業務相當。邊際效益可能也類似，邊際效益可能超過 50%。

Super helpful. Thanks, guys.

非常有幫助。謝謝各位。

All right. Well, thanks, everybody. A lot of questions and a lot of materials. I apologize for the sound issues that we had at the outset. I guess, these things sometimes happen. It's unfortunate. But thank you for remaining online with us.

好的。謝謝大家。問題很多，資料也很多。對於一開始出現的聲音問題，我深感抱歉。我想，這種事有時候會發生。真不幸。但感謝您繼續在線陪伴我們。

And we're obviously extremely pleased with the quarter. We're extremely pleased with the half year. We really are excited about the prospects over the next period. And we feel that the strategy is the right strategy and that we're executing that strategy extremely well.

我們顯然對本季的業績非常滿意。我們對上半年的業績非常滿意。我們對未來一段時間的前景感到非常興奮。我們認為這項戰略是正確的戰略，而且我們執行這項戰略非常出色。

So thank you, all, and look forward to following up with some of you over the next couple of weeks.

所以，謝謝大家，期待在接下來的幾週與你們中的一些人進行後續交流。