Magellan Financial Group Ltd · ASX:MFG
Magellan Financial — Investor Presentation (March 2026)
62 slides from Magellan Financial's investor presentation, Mar 2, 2026
Slide 1: MFG and Barrenjoey proposed merger
MFG and Barrenjoey Not for release to US wire services or distribution in the United States proposed merger 2 March 2026
Slide 2: Welcome
Welcome Andrew Formica 2
Slide 3: Today's presenters
Today’s presenters Andrew Formica Brian Benari Chairman, MFG Chief Executive Officer, Barrenjoey Proposed Deputy Chairman, MFG Proposed Group Chief Executive Officer, MFG Sophia Rahmani Guy Fowler OAM Chief Executive Officer and Co-Executive Chairman, Managing Director, MFG Barrenjoey Proposed Chief
Slide 4: Today's announcement
Today’s announcement Sophia Rahmani 4
Slide 5: Proposed merger of MFG and Barrenjoey
Proposed merger of MFG and Barrenjoey • Innovative financial services group with $40 billion in assets under management1 • Global distribution capabilities across three continents covering institutional, high net worth, advised and direct retail clients • Institutional grade platform to support inve
Slide 6: Combined MFG and Barrenjoey businesses
Combined MFG and Barrenjoey businesses Improved business An ability to retain and diversification and attract the best talent resilience Enhanced client A strong combined balance proposition across both sheet providing opportunity businesses for growth 6
Slide 7: MFG today
MFG today An innovative financial services group 36%2 Magellan Investment Partners Strategic Partners 100% 100% 100% 28% 16% LTM1 PBT contribution: $178m LTM1 share of NPAT contribution: $32m = [1] LTM refers to the twelve-month period ended 31 December 2025 [2] As of the date of this presentation,
Slide 8: MFG post-merger
MFG post-merger Business operations unchanged, MFG increases ownership of Barrenjoey to 100% 100%2 Magellan Investment Partners Strategic Partners 100% 100% 100% 28% 16% LTM1 PBT contribution: $178m LTM1 PBT: $139m = 8 [1] LTM refers to the twelve-month period ended 31 December 2025 [2] Pending sati
Slide 9: Summary of key terms
Summary of key terms — The proposed merger (“Merger”) implies a value of $1,6161 million for Barrenjoey (on a 100% basis) with MFG to acquire all outstanding issued capital not already owned2 — This implies 15.0x P/E on an LTM basis, pre-synergies — Today MFG has agreed to acquire an incremental ~10
Slide 10: The Barrenjoey story
The Barrenjoey story Guy Fowler 10
Slide 11: Market leading financial services platform
Market leading financial services platform Market-leading $522m $108m >90% 44% financial services firm Revenue (LTM) NPATA (LTM)1 NPATA growth2 ROE (LTM)1 diversified across advisory, capital markets, equities, research, fixed income and No client or #1 private capital transaction represents #1 ~3,0
Slide 12: Barrenjoey's highly experienced leadership team
Barrenjoey’s highly experienced leadership team Senior Leadership Fixed Income Private Capital Brian Benari >30 years’ experience, >30 years’ experience, >20 years’ experience, Michael Vardanega Chief Executive Officer previously CEO of Challenger Limited previously Head of previously Chief Executiv
Slide 13: Broad and diversified revenue streams
Broad and diversified revenue streams Markets Advisory • Research: Listed equities and macroeconomic research • Comprehensive client coverage including • Equities: Cash equities advisory and infrastructure, resources, financial services, execution, financing, quant solutions and real estate, technol
Slide 14: Evolution of the business
Evolution of the business Significant revenue growth driven by a broadening client base, new products and expanded geographical footprint across all businesses. Controlled operating expenses delivering scale benefits Revenue ($m)1 Operating expenses as a % of revenue2 298 89% 232 207 64% 181 173 53%
Slide 15: Delivering strong earnings growth
Delivering strong earnings growth Despite significant growth to date, substantial opportunity remains within each core division NPATA ($m)1 • Barrenjoey achieved over 90% NPATA 1H 2H growth in 1H26 (vs pcp) • The significant infrastructure investment 77 made in establishing Barrenjoey is now largely
Slide 16: Strategic partnership with Barclays
Strategic partnership with Barclays A unique partnership that delivers clients local decision making with global connectivity Snapshot of Barclays Post-Completion >£60bn £29.1bn ~93,000 Barclays is highly supportive of the Merger Barclays and Barrenjoey partnership provides: Market FY25 Global capit
Slide 17: Structured for long-term alignment
Structured for long-term alignment Barrenjoey employees will be subject to voluntary escrow arrangements extending up to approximately nine years, providing strong alignment and a focus on long-term value creation Pro-forma ownership at completion • All Barrenjoey Parties1 will be subject to escrow
Slide 18: MFG tomorrow
MFG tomorrow Brian Benari 18
Slide 19: Combined entity structure
Combined entity structure High quality board and management team Board Management David Gonski AC Brian Benari Independent Non-Executive Chairman Group Chief Executive Officer Andrew Formica Deputy Non-Executive Chairman Paul Compton John Eales AM Peeyush Gupta AM Fiona Hick Magellan Investment Part
Slide 20: Diversified revenue base across complementary businesses
Diversified revenue base across complementary businesses Annuity-style revenue Transaction based revenue Investment Management Markets Advisory Capital Markets • $45bn assets across listed • #1 Equity Sales House • #1 in ASX-listed M&A • #1 in Australian Equity equities, private credit, private Cris
Slide 21: Magellan Investment Partners
Magellan Investment Partners Diverse and growing investment management capability MFG post-merger is Overview Pro forma asset class split 1 expected to have $45 • The Merger will bring together MFG and billion in AUM with Barrenjoey’s highly complementary Systematic Private Private credit potential
Slide 22: Barrenjoey Capital Partners
Barrenjoey Capital Partners Diversified revenue streams across equity and fixed income markets, advisory and capital markets MFG post-merger will Overview Revenue composition have established and growing revenue Capital Markets and Markets streams from equities Advisory Markets Capital and fixed inc
Slide 23: Combination delivers scale, growth and diversification
Combination delivers scale, growth and diversification Pro forma financial profile 1 Less: MFG Barrenjoey Pro forma MFG $m, LTM basis2 Barrenjoey (as reported) (Consolidated) adjustments4 post-merger share of profit3 • Revenue resilience Investment management 224 - 31 255 from diversified Partnershi
Slide 24: Strong balance sheet enabling continued investment
Strong balance sheet enabling continued investment $694m in net cash and liquid fund investments Combined group is Free cash generation from Post-merger balance sheet expected to have a net cash both MFG and Barrenjoey of ~$2 billion comfortably position of $304 million1 in supports dividends while
Slide 25: Our commitment to clients will not change
Our commitment to clients will not change What changes for clients and what stays the same What will not change What will change — A culture that puts the client at the centre of everything we do — Access to a more diverse set of products and services for — Continuity of key client relationship role
Slide 26: Conclusion and next steps
Conclusion and next steps Andrew Formica 26
Slide 27: Transaction timeline
Transaction timeline Monday 2 March 2026 Transaction announcement and Placement bookbuild Wednesday 11 March 2026 Notice of Meeting and SPP booklet dispatched to MFG shareholders Wednesday 25 March 2026 SPP closing date1 Friday 10 April 2026 MFG Extraordinary General Meeting and shareholder vote Lat
Slide 28: A compelling case for MFG shareholders, clients and staff
A compelling case for MFG shareholders, clients and staff • Combine deep expertise in public, private and alternative markets with global distribution Business diversification to accelerate growth in a diversified range of investment management solutions • Continuing to put the clients at the centre
Slide 29: Q&A
Q&A 29
Slide 30: Appendices
Appendices Equity raising terms Transaction multiple MFG financials Detail on Barrenjoey Biographies 30
Slide 31: Equity raising terms
Appendix Equity raising terms 31
Slide 32: Equity raising details
Equity raising details • Non-underwritten institutional placement of up to $130.0 million (Placement) and non-underwritten share purchase plan (SPP) under which MFG is targeting to raise Offer structure and size $20.0 million • The Placement will result in up to 15.4 million new fully paid ordinary
Slide 33: Placement and SPP timetable
Placement and SPP timetable Event Date Record date for SPP (7:00pm) Friday 27 February 2026 Trading halt and announcement of Merger, Placement and SPP Monday 2 March 2026 Placement bookbuild opens Monday 2 March 2026 Placement bookbuild closes Monday 2 March 2026 Announcement of the completion of th
Slide 34: Use of Offer proceeds and pro forma capital structure
Use of Offer1 proceeds and pro forma capital structure2 Pro forma capital structure3 Sources and uses Units Amount Sources Units Amount Ordinary shares on issue prior to the Offer m 168.0 Placement proceeds5 A$m 130 Undiluted market capitalisation prior to the Offer4 A$m 1,421 SPP proceeds5 A$m 20 G
Slide 35: Transaction multiple
Appendix Transaction multiple 35
Slide 36: Attractive transaction multiple
Attractive transaction multiple Barrenjoey adjusted NPATA ($m)1 4 112 64 108 • Transaction implies 100% equity value for Barrenjoey of $1,616 million • Implies 15.0x P/E on an LTM basis • Preliminary assessment identified $4 44 million in post-tax cost synergies • On a post synergy basis, the transa
Slide 37: MFG financials
Appendix MFG financials 37
Slide 38: 1H26 earnings
1H26 earnings $m FY24 FY25 1H26 1H26 interim results Net management fees 256.7 234.6 111.0 Net performance fees 19.2 11.1 0.0 • MFG reported operating profit of $83.1 million and operating Service & advisory revenue 2.4 1.6 0.7 earnings of 48.6 cents per share, reflecting the continued strengthening
Slide 39: Detail on Barrenjoey
Appendix Detail on Barrenjoey 39
Slide 40: Advisory
Advisory Barrenjoey’s market leading advisory division assists clients with mergers and acquisitions, debt advisory, capital structure and other strategic initiatives • Independent advice in relation to: ASX-listed M&A transactions >A$500m since 20221 − Mergers and acquisitions; − Debt advisory; − C
Slide 41: Equity capital markets
Equity capital markets Barrenjoey has one of the largest ECM teams in Australia and has led more IPOs than any of its competitors since inception in 2021 • Barrenjoey’s ECM division provides advice and underwriting relating to #1 100+ years initial public offerings, follow-on equity issuances and eq
Slide 42: Debt capital markets
Debt capital markets Barrenjoey is active across the full debt capital markets product suite, having acted on approximately $165bn of issuances since 2021 Total debt and hybrid issuance with Barrenjoey involvement (A$bn) • Differentiated approach to execution, supported by strong depth of global #1
Slide 43: Equities
Equities Equities is top ranked in the market and has more #1 rated research analysts than all competitors combined In Research #1 In Sales #1 In Execution Capability1 #1 • Barrenjoey provides comprehensive #1 For Research Strength #1 For Sales Strength #1 Trading Penetration2 trading and execution
Slide 44: Fixed income
Fixed income Barrenjoey’s fixed income division offers cash bonds and derivatives market making, liquidity provisioning and trade advisory Number of active clients (#) Bond turnover (A$b) • Market making business trading as principal across government bonds, 60 SSAs, corporate credit, inflation and
Slide 45: Private capital
Private capital Scaling investment capability across private markets Assets under management (Dec-25)1 • Capabilities across private equity, private credit and real assets Real assets Private credit • Growing base of pooled funds, in addition to differentiated single-asset investment structures • Ov
Slide 46: Corporate
Corporate Barrenjoey has invested significantly in its infrastructure and risk management systems State-of-the-art technology built from the ground up with proven providers. No legacy systems Enterprise-wide risk management systems to capture market, credit and liquidity risks, and manage compliance
Slide 47: Barrenjoey financials
Barrenjoey financials $m FY24 FY25 1H26 Commentary Consolidated Adjustments Pro-forma Consolidated Adjustments Pro-forma Consolidated Adjustments Pro-forma • Diversified revenue streams with all Capital markets and advisory divisions benefiting from platform 207 207 230 230 140 140 income investment
Slide 48: Biographies
Appendix Biographies 48
Slide 49: Biographies
Proposed Chair, Deputy Chair, CEO and leadership team Sophia has over 20 years’ experience in financial services with a focus on leading and David is one of Australia’s most prominent business leaders. In addition to his role as growing asset management businesses within Australia and globally. Prio
Slide 50: Important notice and disclaimer (1/4)
Important notice and disclaimer (1/4) General This investor presentation ("Presentation") has been prepared by Magellan Financial Group Ltd (ACN 108 437 592) ("MFG") in connection with its proposal to acquire all of the remaining issued capital in Barrenjoey Capital Partners Group Holdings Pty Limit
Slide 51: Important notice and disclaimer (2/4)
Important notice and disclaimer (2/4) Financial information The financial information in this Presentation is presented in abbreviated form insofar as it does not include all of the presentation and disclosures required by the Australian Accounting Standards (“AAS”) and other mandatory professional
Slide 52: Important notice and disclaimer (3/4)
Important notice and disclaimer (3/4) Material assumptions and qualifications Forward-looking statements are based on MFG’s or Barrenjoey’s current expectations and beliefs as at the date of this Presentation and are subject to significant uncertainties. Unless otherwise stated, the forward-looking
Slide 53: Important notice and disclaimer (4/4)
Important notice and disclaimer (4/4) Foreign jurisdictions This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this Presentation have not been, and will not be, registered under the US Securities
Slide 54: Risks (1/7)
Risks (1/7) This section describes the key risks with respect to the proposed Merger, the risks relating to an investment in MFG, risks in relation to the capital raising and other general risks, any or all of which may affect the value of MFG shares or its financial position or performance. It does
Slide 55: Risks (2/7)
Risks (2/7) 5. Completion conditions and completion risk Under the agreements for the Merger (“Merger Agreements”), MFG proposes to acquire all of the remaining shares in Barrenjoey that it does not hold immediately prior to completion of the proposed Merger. There is a risk that the Merger may not
Slide 56: Risks (3/7)
Risks (3/7) 9. Data security and third party information technology Barrenjoey is subject to similar data security risks as MFG. Barrenjoey is reliant on third parties from which it receives information technology services. In most cases these services are provided, and applications are licensed, on
Slide 57: Risks (4/7)
Risks (4/7) II. Risks of an investment in MFG and other general risks 1. Attracting and retaining employees MFG relies on its ability to attract, train and retain highly skilled employees, portfolio managers and investment professionals, to generate future earnings and returns. If it is unable to at
Slide 58: Risks (5/7)
Risks (5/7) 6. Foreign currency risk on MFG’s earnings Foreign currency risk is the risk that the fair value or cash flows arising from revenues, a financial commitment or recognised asset or liability will fluctuate due to changes in foreign exchange rates. MFG is exposed to foreign currency risk o
Slide 59: Risks (6/7)
Risks (6/7) 14. Outsourcing MFG’s operating model places high reliance on the availability and reliability of third-party software, hardware and information technology, including data centres and communications systems. Failure or disruption may impact on the execution of critical business processes
Slide 60: Risks (7/7)
Risks (7/7) 23. Service provider risk MFG relies on a number of service providers to provide operational and administrative functions for its funds and institutional mandates. Failure of a key service provider to deliver services to MFG in accordance with its contractual obligations may result in a
Slide 61: International offer restrictions (1/2)
International offer restrictions (1/2) This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold,
Slide 62: International offer restrictions (2/2)
International offer restrictions (2/2) 4. United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of the Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)) has b
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