Macquarie Group, Ltd. · ASX:MQG
Macquarie — Debt Investor Presentation (November 2026)
51 slides from Macquarie's debt investor presentation, November 2026
Slide 1: Presentation to Debt Investors
Presentation to Debt Investors Macquarie Group Limited November 2026
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLI
Slide 3: Disclaimer
Disclaimer PROHIBITION OF SALES TO UK RETAIL INVESTORS – Nothing in this presentation is taken to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom (“UK”). For these purpo
Slide 4: Agenda
Agenda 01 Overview 02 1H27 Result 03 Capital and Funding 04 Appendices
Slide 5: Overview
O01 Overview
Slide 6: Macquarie Group: 19,361 employees across 31 markets
Overview 1H27 Result Capital and Funding Appendices Macquarie Group Founded in 1969, Macquarie Group is an ASX listed global financial services company regulated by the Australian Prudential Regulation Authority (APRA), as the Non-Operating Holding Company of Macquarie Bank 57 years $A2.5b of unbrok
Slide 7: About Macquarie
Overview 1H27 Result Capital and Funding Appendices About Macquarie ~51% ~20% ~29% Annuity-style | Income Markets-facing | Income BFS MAM CGM MacCap Banking and Financial Services Macquarie Asset Management Commodities and Global Markets Macquarie Capital • Macquarie’s retail banking and financial •
Slide 8: Macquarie funding structure
Overview 1H27 Result Capital and Funding 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 • MBL provides funding to the Bank Group1 • MGL provides funding
Slide 9: Diversification by region
Overview 1H27 Result Capital and Funding 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 Americas EMEA Asia Australia3 21% of total income 30% of total income 10% of total
Slide 10: 57 years of unbroken profitability
Overview 1H27 Result Capital and Funding Appendices 57 years of unbroken profitability 1H27 Staff: 19,3611 $Am FY25 1 Elizabeth 6,000 Street Organic growth Acquisitions FY21 Waddell FY08 Regional expansion Established Macquarie & Reed Received FY13 FY17 Staff Group Cargill 5,000 a HK Established ban
Slide 11: Ratings
Overview 1H27 Result Capital and Funding Appendices Ratings Macquarie Bank Limited (MBL) Macquarie Group Limited (MGL) Moody's Ratings S&P Global Moody's Ratings S&P Global Aaa AAA Aaa AAA Aa1 AA+ Aa1 AA+ Aa2 AA Aa2 AA Aa3 AA- Aa3 AA- A1 A+ A1 A+ A2 A A2 A A3 A- A3 A- Baa1 BBB+ Baa1 BBB+ Baa2 BBB Ba
Slide 12: 1H27 Result
02 1H27 Result
Slide 13: 1H27 result: $A2,478m up 50% on 1H26
Overview 1H27 Result Capital and Funding Appendices 1H27 result: $A2,478m up 50% on 1H26; down 22% on 2H26 1H27 2H26 1H26 1H27 v 1H27 v $Am $Am $Am 1H26 2H26 Net operating income 9,568 10,786 8,691 10% 11% Total operating expenses (6,317) (6,509) (6,239) 1% 3% Operating profit before income
Slide 14: 1H27 net profit contribution from Operating Groups
Overview 1H27 Result Capital and Funding Appendices 1H27 net profit contribution from Operating Groups $A4,662m up 23% on 1H26 Annuity-style Markets-facing Non-Banking Group $A1,509m Macquarie Asset Management (MAM) $A278m Macquarie Capital (MacCap) on 1H26 Increase primarily driven by the gain on
Slide 15: Macquarie Asset Management
Overview 1H27 Result Capital and Funding Appendices Business performance Macquarie Asset • $A742.9b in Assets under Management1, up 3% on 31 Mar 26, primarily driven by investments, positive net flows and valuation changes, partially offset by divestments including the completed sale of Aligned Data
Slide 16: Banking and Financial Services
Overview 1H27 Result Capital and Funding Appendices Personal Banking Business Banking Wealth Management Banking and • Home loan portfolio4 of $A198.2b, up 9% on • 31 Mar 26, representing approximately 7.6% Business Banking loan portfolio of $A19.2b, • up 6% on 31 Mar 26 Funds on platform of $A161.3b
Slide 17: Banking and Financial Services
Overview 1H27 Result Capital and Funding Appendices Banking and Financial Services Strong growth across home loans, deposits, funds on platform and business banking loans $Ab $Ab Home loans1 BFS deposits2 Funds on platform3 31 Mar 24 31 Mar 25 31 Mar 26 30 Sep 26 Note: Data based on spot volumes at
Slide 18: Home loan portfolio
Overview 1H27 Result Capital and Funding Appendices NT Home loan portfolio 0.3% QLD 24.4% WA $A198.2b $A670k ~26 months 10.7% Home loan portfolio Average loan size at Weighted average at 30 Sep 26 origination seasoning1 NSW 33.1% ACT 2.0% SA VIC 4.8% TAS 23.9% 0.7% Home loan portfolio summary Sep 26
Slide 19: Commodities and Global Markets
Overview 1H27 Result Capital and Funding Appendices Asset Finance 18%1 Commodities 49%1 Financial Markets 33%1 Commodities and • Continued positive performance and contribution across all industries • Increased risk management income driven by Global Gas and Power Foreign exchange, interest rates an
Slide 20: Strong underlying client business
Overview 1H27 Result Capital and Funding Appendices Strong underlying client business Consistent levels of income derived from Client numbers (excl. Asset Finance) underlying client business Operating Income (excl. credit and other impairment charges) Regulatory capital Underlying client business1 1
Slide 21: Macquarie Capital
Overview 1H27 Result Capital and Funding Appendices MacCap Macquarie • Advising and investing in areas of deep expertise in sectors such as Infrastructure, Government Services, Critical Minerals & Energy, • • No. 1 in ANZ for M&A3 Best Equities Conference for Australasian Listed Entities4 - Generali
Slide 22: Macquarie Capital
Overview 1H27 Result Capital and Funding Appendices Macquarie Capital Movement in capital Private Credit sector exposures2 $Ab 0.7 6.5 6.2 (0.3) (0.1) Other (incl. FX)1 1. Other (incl. FX) includes accounting movements. 2. Capital sector exposures shown follow the economic capital adequacy methodolo
Slide 23: Capital and Funding
03 Capital and Funding
Slide 24: Strong regulatory ratios
Overview 1H27 Result Capital and Funding Appendices Strong regulatory ratios Bank Group Level 2 Ratios (Sep 26) 2 1 Bank Group (Harmonised2) Bank Group (APRA) APRA Basel lll minimum3 1. Average LCR for Sep 26 quarter is based on an average of daily observations. APRA has partially removed the add-on
Slide 25: Business capital requirements
Overview 1H27 Result Capital and Funding Appendices Business capital requirements 1H27 Key drivers 1H27 business capital requirements1 increased $A0.7b, excluding FX movements MAM $Ab • Net movements in fund co- $A33.4b $A33.3b $A33.8b investments, underwrites and divestments Broadly Broadly offset
Slide 26: Capital management update
Overview 1H27 Result Capital and Funding 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 of $A233.12 per share1 • The Board has re
Slide 27: Tier 2 capital
Overview 1H27 Result Capital and Funding Appendices Tier 2 capital • As at 30 Sep 26, MBL has $A14.2b of eligible Tier 2 capital, which Composition by currency Composition by format represented ~8.5% of Level 2 RWA1 • On 4 Dec 25, APRA finalised the consequential amendments to the ADI prudential sta
Slide 28: Diversified issuance strategy
Overview 1H27 Result Capital and Funding Appendices Diversified issuance strategy Term funding as at 30 Sep 26 - diversified by currency, tenor and type Currency1 Tenor2 Type 4.1 years Weighted Average Maturity3 Term Issuance and Maturity Profile $Ab Sep 26: Weighted average maturity3 4.1 years Issu
Slide 29: Diversified deposit base
Overview 1H27 Result Capital and Funding Appendices Diversified deposit base Macquarie has seen continued success in its long-term strategy of diversifying funding sources by growing its deposit base Of approximately 2.4 million BFS clients, ~2.3 million are depositors $Ab Composition of deposits Ty
Slide 30: Strong liquidity position maintained
Overview 1H27 Result Capital and Funding Appendices Strong liquidity position maintained • 187% average LCR for Sep 26 quarter, based on daily observations1,2 – Well above regulatory minimum • Reflects longstanding conservative approach to liquidity management MBL LCR Position1,2 MBL HQLA Compositio
Slide 31: Appendices
04 Appendices
Slide 32: Income statement key drivers
Overview 1H27 Result Capital and Funding 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 credit, in $Am $Am $Am CGM • Growth in the
Slide 33: Macquarie Asset Management
Overview 1H27 Result Capital and Funding Appendices Key drivers Macquarie Asset Management • Excluding unfavourable foreign exchange movements, base fees increased primarily Increase driven by gain on sale of Macquarie AirFinance, partially due to investments, positive net flows and the acquisition
Slide 34: Banking and Financial Services
Overview 1H27 Result Capital and Funding Appendices Key drivers Banking and Financial Services • Higher Personal Banking income driven by 26% growth in average home loan volumes5 Growth in the loan portfolio and BFS deposits and 27% growth in average deposit volumes5, partially offset by lower margi
Slide 35: Commodities and Global Markets
Overview 1H27 Result Capital and Funding Appendices Key drivers Commodities and Global • Commodities income up on pcp: − Risk management income was higher, Strong underlying client business, well-positioned for upside driven by increased client hedging activity opportunities across Global Gas and Po
Slide 36: Macquarie Capital
Overview 1H27 Result Capital and Funding Appendices Key drivers Macquarie Capital • Lower investment-related income driven by: − Lower net gains on the equity investment Reflects lower investment-related income and lower M&A fees, portfolio, primarily driven by timing of partially offset by brokerag
Slide 37: Regulatory compliance and technology spend
Overview 1H27 Result Capital and Funding 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 spend remains in line Regulatory complianc
Slide 38: Loan portfolio – funded balance sheet
Overview 1H27 Result Capital and Funding Appendices Loan portfolio – funded balance sheet Operating Sep 26 Mar 26 Group Category $Ab $Ab Description Home loans 200.0 183.0 Loans secured by mortgages over residential property Business banking 19.0 18.1 Loan portfolio secured largely by working capita
Slide 39: Equity investments of $A11.6b
Overview 1H27 Result Capital and Funding Appendices Equity investments1 of $A11.6b Operating Carrying Value Carrying Value Group Category Sep 26 $Ab Mar 26 $Ab Description Macquarie Asset Management managed Includes investments in regional infrastructure and core infrastructure, real 3.6 3.0 funds e
Slide 40: Regulatory update
Overview 1H27 Result Capital and Funding Appendices Regulatory update Australia • Macquarie has been working with APRA on a remediation plan that strengthens MBL’s governance, culture, structure and remuneration to ensure full and ongoing compliance with prudential standards and management of MBL-sp
Slide 41: Approximate business Basel III Capital and ROE
Overview 1H27 Result Capital and Funding Appendices Approximate business Basel III Capital and ROE 30 Sep 26 APRA Basel III Capital 1H27 Return on Ordinary 20-year Average Return on Operating Group @ 10.5% ($Ab) Equity1 Ordinary Equity2 Macquarie Asset Management 3.9 25% 21% Banking and Financial Se
Slide 42: Funded balance sheet reconciliation
Overview 1H27 Result Capital and Funding 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 requirements once certain items (e.g. deriva
Slide 43: Funding for Macquarie
Overview 1H27 Result Capital and Funding 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 Funding sources and equity Commercial paper and certificates of deposit 46.7 46.1 47.5
Slide 44: Funding for the Bank Group
Overview 1H27 Result Capital and Funding 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 Funding sources Commercial paper and certificates of deposit 43.5 41.8 43.3 • Term funding
Slide 45: Funding for the Non-Bank Group
Overview 1H27 Result Capital and Funding Appendices Funding for the Non-Bank Group Sep 26 Mar 26 Sep 25 • Non-Bank Group is predominantly term funded $Ab $Ab $Ab Funding sources • Term funding beyond one year (excluding equity and Commercial paper and certificates of deposit 3.2 4.3 4.2 securitisati
Slide 46: Explanation of funded balance sheet reconciling items
Overview 1H27 Result Capital and Funding Appendices Explanation of funded balance sheet reconciling items Self-funded Derivative revaluation Segregated funds Other trading assets Offsetting derivative positions do not These represent the assets and liabilities that Macquarie through its day-to-day o
Slide 47: Macquarie's Climate Strategy
Overview 1H27 Result Capital and Funding Appendices Macquarie’s Climate Strategy We have recalibrated our climate commitments, returning our focus to supporting the goals of the Paris Agreement Our climate ambition Our approach to climate change is Maintaining net zero for Scope 1 and 2 emissions fo
Slide 48: Risk management and culture
Overview 1H27 Result Capital and Funding Appendices Risk management and culture Risk Management Framework Macquarie’s approach to risk management is based on stable and robust core risk Continuous enhancement of the risk management approach management principles and embedding of risk culture All sta
Slide 49: Glossary
Overview 1H27 Result Capital and Funding Appendices Glossary $A / AUD Australian Dollar CAGR Compound Annual Growth Rate $C Canadian Dollar CCB Capital Conservation Buffer $US / USD United States Dollar CCyB Countercyclical Capital Buffer £ / GBP Pound Sterling CET1 Common Equity Tier 1 € / EUR Euro
Slide 50: Glossary
Overview 1H27 Result Capital and Funding Appendices Glossary HQLA High-Quality Liquid Assets MSCI Morgan Stanley Capital International IFRS International Financial Reporting Standards MW Megawatt IRB Internal Ratings-Based No. Number IRRBB Interest Rate Risk in the Banking Book NOHC Non-Operating Ho
Slide 51: Presentation to Debt Investors
Presentation to Debt Investors Macquarie Group Limited November 2026
Macquarie Group — Debt Investor Presentation (November 2026) on 6ix