Macquarie Group, Ltd. · ASX:MQG
Macquarie — H1 2027 Earnings Presentation
66 slides from Macquarie's earnings presentation, Nov 6, 2026
Slide 1: Presentation to investors and analysts
© macauaric —Presentation —to investors "and analysts q Result announcement for the — half year ended 30 September 2026
Slide 2: Disclaimer
Disclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (“MGL”) and is general background information about Macquarie’s (“MGL and its subsidiaries”) activities current as at the date of this presentation. This information is given in summary form
Slide 3: Agenda
rsonal use only 01 02 03 Introduction Overview of Result Analysis Result and Financial Management 04 05 Outlook Appendices
Slide 4: Introduction
Introduction Sam Dobson Head of Investor Relations
Slide 5: Overview of Result
Overview of Result Shemara Wikramanayake Managing Director and Chief Executive Officer
Slide 6: About Macquarie
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices About Macquarie ~51% ~20% ~29% Annuity-style | Income Markets-facing | Income rsonal use only BFS MAM CGM MacCap Banking and Financial Services Macquarie Asset Management Commodities and Global Markets Macqua
Slide 7: 1H27 result: $A2,478m up 50% on 1H26
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1H27 result: $A2,478m up 50% on 1H26; down 22% on 2H26 rsonal use only 1H27 2H26 1H26 1H27 v 1H27 v $Am $Am $Am 1H26 2H26 Net operating income 9,568 10,786 8,691 á 10% â 11% Total operating expenses (6,317) (
Slide 8: 1H27 net profit contribution from Operating Groups
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1H27 net profit contribution from Operating Groups $A4,662m up 23% on 1H26 rsonal use only Annuity-style Markets-facing Non-Banking Group $A1,509m Macquarie Asset Management (MAM) $A278m Macquarie Capital (Ma
Slide 9: Diversification by region
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region Total staff1 19,361 of which 50% based outside of Australia. A further ~274,000 people employed across managed fund assets and investments2 rsonal use only Americas EMEA Asia Austral
Slide 10: Macquarie Asset Management business performance
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Business performance • $A742.9b in Assets under Management1, up 3% on 31 Mar 26, primarily driven by investments, positive net flows and valuation changes, Management partially offset by dives
Slide 11: Banking and Financial Services
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Personal Banking Business Banking Wealth Management • Home loan portfolio4 of $A198.2b, up 9% • Business Banking loan portfolio of • Funds on platform of $A161.3b, up 1% on on 31 Mar 26, represent
Slide 12: Commodities and Global Markets
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Asset Finance 18%1 Commodities 49%1 Financial Markets 33%1 • Continued positive performance and • Increased risk management income Foreign exchange, interest rates and Global Markets contribut
Slide 13: Macquarie Capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie MacCap • Advising and investing in areas of deep expertise in sectors such as • No. 1 in ANZ for M&A3 Infrastructure, Government Services, Critical Minerals & Energy, Capital • Best Equities Confere
Slide 14: Funded balance sheet remains strong
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet remains strong Term liabilities exceed term assets rsonal use only 31 Mar 26 30 Sep 26 $Ab $Ab 480 480 Other1 2% Other1 1% Total deposits Commercial paper and 420 Commercial paper and 420
Slide 15: Basel III Group capital position
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Basel III Group capital position • Strong capital position to support business activity and invest in new opportunities where expected risk-adjusted returns are attractive • APRA Basel III Level 2 CET1 ratio:
Slide 16: Business capital requirements
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business capital requirements 1H27 Key drivers MAM 1H27 business capital requirements1 increased $A0.7b, excluding FX movements • Net movements in fund co- $Ab investments, underwrites and rsonal use only 35.
Slide 17: Strong regulatory ratios
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong regulatory ratios Bank Group Level 2 Ratios (Sep 26) rsonal use only 17.7% 200.0% 150.0% 187% 16.0% 6.0% 2 4.9% 150.0% 125.0% 12.0% 12.9% 4.5% 116% 4.4% 100.0% 100.0% 8.0% 3.0% 50.0% 75.0% 4.0% 1.5% 0.
Slide 18: Interim dividend
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Interim dividend 1H27 Ordinary Dividend From rsonal use only $A3.25 á$A2.80 â $A4.20 From (35% franked) (35% franked) (35% franked) in 1H26 in 2H26 1H27 Record Date Payout Ratio2 12 Nov 26 DRP shares for 1H27
Slide 19: Result Analysis and Financial Management
Result Analysis and Financial Management Frank Kwok Chief Financial Officer
Slide 20: Income statement key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Income statement key drivers 1H27 2H26 1H26 Net interest and trading income of $A5,698m, up 26% on 1H26 • Higher income across Commodities, Asset Finance, Equities, and Foreign exchange, interest rates and cr
Slide 21: Macquarie Asset Management key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Key drivers • Excluding unfavourable foreign exchange movements, base fees increased primarily Increase driven by gain on sale of Macquarie AirFinance, partially due to investments,
Slide 22: MAM AUM movement
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices MAM AUM movement Increase driven by investments, positive net flows1 and valuation changes, partially offset by divestments including the completed sale of Aligned Data Centers rsonal use only $Ab 1,000 79.5
Slide 23: Banking and Financial Services key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Key drivers • Higher Personal Banking income driven by 26% growth in average home loan Growth in the loan portfolio and BFS deposits volumes5 and 27% growth in average deposit v
Slide 24: Strong growth across home loans, deposits, funds on platform
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Strong growth across home loans, deposits, funds on platform and business banking loans rsonal use only $Ab $Ab 236.2 19.2 240 20 215.3 18.1 198.2 16.7 200 15.8 181.3 16 172.4 1
Slide 25: Commodities and Global Markets key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Key drivers • Commodities income up on pcp: Strong underlying client business, well-positioned for upside – Risk management income was higher, driven by increased client hedging
Slide 26: Strong underlying client business
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong underlying client business Consistent levels of income derived from Client numbers (excl. Asset Finance) underlying client business rsonal use only Operating Income (excl. credit and other impairment c
Slide 27: Macquarie Capital key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Key drivers • Lower investment-related income driven by: Reflects lower investment-related income and lower M&A fees, – Lower net gains on the equity investment portfolio, primarily driven b
Slide 28: Macquarie Capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Movement in capital Private Credit sector exposures2 rsonal use only $Ab 7.0 0.7 6.5 6.2 (0.3) (0.1) 6% 6.0 8% 26% 5.0 Software Diversified 10% Tech Enabled Real Estate B2B 4.0 Technology Fi
Slide 29: Regulatory compliance and technology spend
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Regulatory compliance and technology spend Regulatory compliance spend has remained steady while we continue to make progress on a number of initiatives to support regulatory changes and growth; Technology sp
Slide 30: Diversified issuance strategy
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversified issuance strategy Term funding as at 30 Sep 26 - diversified by currency, tenor and type rsonal use only Currency1 Tenor2 Type EUR 11% GBP 4% CHF 1% JPY 1% 1-2yrs 12% Equity 29% 4.1 years Securiti
Slide 31: Diversified deposit base
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversified deposit base Macquarie has seen continued success in its long-term strategy of diversifying funding sources by growing its deposit base rsonal use only Of approximately 2.4 million BFS clients, ~2
Slide 32: Loan portfolio – funded balance sheet
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Loan portfolio – funded balance sheet Operating Sep 26 Mar 26 Group Category $Ab $Ab Description rsonal use only Home loans 200.0 183.0 Loans secured by mortgages over residential property Business banking 19
Slide 33: Equity investments of $A11.6b
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Equity investments1 of $A11.6b Operating Carrying Value Carrying Value Group Category Sep 26 $Ab Mar 26 $Ab Description rsonal use only Macquarie Asset Management managed Includes investments in regional infr
Slide 34: Regulatory update
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Regulatory update Australia • Macquarie has been working with APRA on a remediation plan that strengthens MBL’s governance, culture, structure and remuneration to ensure full and ongoing compliance with rsona
Slide 35: Basel III Bank Group CET1 Ratio
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Basel III Bank Group Common Equity Tier 1 (CET1) Ratio • APRA Basel III Level 2 CET1 ratio at Sep 26: 12.9% • Harmonised Basel III Level 2 CET1 ratio at Sep 26: 17.7%1 rsonal use only Bank Group Level 2 CET 1
Slide 36: Strong liquidity position maintained
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong liquidity position maintained • 187% average LCR for Sep 26 quarter, based on daily observations1,2 – Well above regulatory minimum rsonal use only • Reflects longstanding conservative approach to liqu
Slide 37: Capital management update
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Capital management update Dividend and Dividend Reinvestment Plan (DRP) • On 2 Jul 26, the DRP in respect of the 2H26 dividend was satisfied through the issuance and allocation of ordinary shares at a price o
Slide 38: Outlook
Q4 oes Outlook Greg Ward Managing Director and Chief Executive Officer designate
Slide 39: Short-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook Factors impacting short-term outlook Annuity-style Markets-facing rsonal use only Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) • Base fees expected to be br
Slide 40: Short-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook The range of factors that may influence our short-term outlook include: • Market conditions including: global economic conditions, inflation and interest rates, significant volatility event
Slide 41: Medium-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium-term outlook Macquarie remains well-positioned to deliver superior performance in the medium term with established, diverse income streams Deep expertise across diverse sectors in major markets with st
Slide 42: Medium-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium-term outlook Annuity-style Markets-facing rsonal use only Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) • Well-positioned to respond to current market conditions and bui
Slide 43: Presentation to investors and analysts
© mwacauariE —Presentation —to investors sand analysts id Result announcement for the ==half year ended 30 September 2026
Slide 44: Appendix A: Detailed Result Commentary
Appendix A Detailed Result Commentary
Slide 45: Macquarie Asset Management Result
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Result rsonal use only • Base fees of $A907m, down 38% on 1H26 primarily driven by the sale of the divested 1H27 2H26 1H26 North American and European public investments business in
Slide 46: Banking and Financial Services Result
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Result rsonal use only • Net interest and trading income of $A1,635m, up 12% on 1H26 1H27 2H26 1H26 – 22% growth in the average loan portfolio6 and 24% growth in the average BFS
Slide 47: Commodities and Global Markets Result
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Result rsonal use only • Commodities income of $A1,800m, up 30% on 1H26: 1H27 2H26 1H26 – Risk management income of $A1,062m, up 15% on 1H26, driven by increased client $Am $Am
Slide 48: Macquarie Capital Result
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Result rsonal use only • Net interest and trading income of $A427m, down 14% on 1H26, primarily due to 1H27 2H26 1H26 lower repayment income from the private credit portfolio. Excluding repa
Slide 49: Corporate Result
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate Result rsonal use only • Net interest and trading income of $A816m, up 90% on 1H26, primarily due to higher 1H27 2H26 1H26 earnings on capital $Am $Am $Am • Net investment and other charges of $A370
Slide 50: Appendix B: Additional Information Funding
Appendix B Additional Information Funding
Slide 51: Macquarie funding structure
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie funding structure • MGL and MBL are Macquarie’s two primary external funding vehicles which have separate and distinct funding, capital and liquidity management arrangements rsonal use only • MBL pr
Slide 52: Funded balance sheet reconciliation
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet reconciliation • Macquarie’s statement of financial position is prepared based on Australian Accounting Standards. The funded balance sheet is a representation of Macquarie’s funding requ
Slide 53: Funding for Macquarie
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for Macquarie Sep 26 Mar 26 Sep 25 • Well-diversified funding sources $Ab $Ab $Ab • Term assets covered by term funding, stable deposits, hybrids, Tier 2 rsonal use only Funding sources and equity Com
Slide 54: Funding for the Bank Group
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Bank Group Sep 26 Mar 26 Sep 25 • Bank balance sheet remains liquid and well capitalised, $Ab $Ab $Ab with a diverse range of funding sources rsonal use only Funding sources Commercial paper a
Slide 55: Funding for the Non-Bank Group
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Non-Bank Group Sep 26 Mar 26 Sep 25 • Non-Bank Group is predominantly term funded $Ab $Ab $Ab • Term funding beyond one year (excluding equity and rsonal use only Funding sources Commercial pa
Slide 56: Explanation of funded balance sheet reconciling items
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Explanation of funded balance sheet reconciling items Self-funded Derivative revaluation Segregated funds Other trading assets rsonal use only Offsetting derivative positions do not These represent the assets
Slide 57: Appendix C: Additional Information Capital
res. Appendix C Additional Information Capital
Slide 58: Approximate business Basel III Capital and ROE
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Approximate business Basel III Capital and ROE 30 Sep 26 rsonal use only APRA Basel III Capital 1H27 Return on Ordinary 20-year Average Return on Operating Group @ 10.5% ($Ab) Equity1 Ordinary Equity2 Macquar
Slide 59: Macquarie Basel III regulatory capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Basel III regulatory capital Capital position calculation rsonal use only APRA Basel III 30 Sep 26 $Am Macquarie eligible capital Bank Group Gross Tier 1 capital 27,478 Non-Bank Group eligible capit
Slide 60: Bank Group contribution
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie APRA Basel III regulatory capital Bank Group contribution rsonal use only Risk-weighted assets Tier 1 Deductions Capital Requirement1 30 Sep 26 $Am $Am $Am Credit risk On balance sheet 82,096 8,620
Slide 61: Non-Bank Group contribution
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital Non-Bank Group contribution rsonal use only • APRA has specified a regulatory capital framework for Macquarie • A dollar capital surplus is produced • The Non-Bank Group’s capital
Slide 62: Non-Bank Group contribution capital requirement
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital Non-Bank Group contribution rsonal use only Capital Requirement 30 Sep 26 $Am Credit risk 3,881 Equity risk 6,320 Market risk 261 Operational risk 653 Other 1 1,729 Total Non-Bank
Slide 63: Appendix D: Glossary
Appendix D Glossary
Slide 64: Glossary
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary $A / AUD Australian Dollar CCB Capital Conservation Buffer $US / USD United States Dollar CCyB Countercyclical Capital Buffer rsonal use only £ / GBP Pound Sterling CET1 Common Equity Tier 1 € / EUR
Slide 65: Glossary
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary IT Information Technology NCO Net Cash Outflows LAC Loss-Absorbing Capacity No. Number rsonal use only LCR Liquidity Coverage Ratio NPAT Net Profit After Tax LGD Loss Given Default NPC Net Profit Con
Slide 66: Presentation to investors and analysts
© macauaric —Presentation —to investors "and analysts q Result announcement for the — half year ended 30 September 2026