Magellan Financial Group Ltd · ASX:MFG
Magellan Financial — FY2026 Earnings Presentation
31 slides from Magellan Financial's earnings presentation, Aug 27, 2026
Slide 1: Financial results for the full year ended 30 June 2026
For personal use only Financial results For the full year ended 30 June 2026 27 August 2026
Slide 2: Presenters and agenda
For personal use only Today’s Presenters and agenda 1 Group Groupupdate MFG update MFG/and Barrenjoey Barrenjoey today today Brian Benari FY26 Financial financial performance results 2 Capital Cash andand capital cash position Gavin Buchanan Dividend Dividend 3 Key Looking focusforward for FY27 Bria
Slide 3: Group update
For personal use only Group update Brian Benari | Chief Executive Officer 1
Slide 4: Group update
Group update For personal use only Merger completed 1 July 2026 and integration on track Decisive restructure of heritage Magellan Global Equity funds Fund investments partially realised – proceeds managed by Group Treasury Continued strong growth from Barrenjoey Clear plan for structured and discip
Slide 5: MFG and Barrenjoey today
MFG and Barrenjoey today Client-focused financial services group with diversified revenue For personal use only Rebranding to1 (ASX: MFG) (ASX: BJY) FY26 pro forma revenue Financial Markets • Fixed Income – AUD and NZD bonds and swaps sales, and trading Investment Management • Equities – sales, exec
Slide 6: Diversification brings greater revenue resilience and growth opportunities
MFG and Barrenjoey today Diversification brings greater revenue resilience and growth opportunities For personal use only Financial Markets1 Corporate Finance1 Investment Management1,2 160000 160,000.0 400,000.0 140000 140,000.0 350,000.0 120000 120,000.0 300,000.0 100000 100,000.0 250,000.0 80000 8
Slide 7: Well progressed on integration and realising merger benefits
MFG and Barrenjoey today Well progressed on integration and realising merger benefits For personal use only • Majority of staff co-located with balance by early September • Target operating model being implemented • Operational synergies unchanged ($6m1) and progressing • Expanded portfolio of new a
Slide 8: Financial performance
For personal use only Financial performance Gavin Buchanan | Chief Financial Officer 2
Slide 9: Financial reporting approach
Financial reporting approach FY26 FUTURE IMPACTS For personal use only Pro forma Group2 Management actions MFG profit and loss Barrenjoey profit and loss MFG plus Barrenjoey with Magellan heritage Global inter-entity eliminations Equity products repricing Includes MFG share of Barrenjoey equity- Inv
Slide 10: MFG financial performance
MFG financial performance Lower Investment Management revenues with strategic partnerships delivering For personal use only Revenue ($m)1 Operating profit after tax ($m)1,2 Net profit after tax ($m)1 Down 12% Down 9% Down 47% 329 317 29 52 291 160 239 10 152 45 145 31 53 76 165 $246m 84 62 135 FY FY
Slide 11: MFG AUM and net flows
MFG AUM and net flows Action taken to improve client outcomes For personal use only AUM by strategy ($bn)1 FY26 net flows 30 June 2025 Net flows Fund transitions Other2 30 June 2026 -$3.3bn Magellan Global Equities 13.5 (4.2) (4.9) (1.3) 3.1 FY26 Retail net flows Magellan Global Listed Infrastructur
Slide 12: MFG Investment Management
MFG Investment Management Change in AUM composition reducing average margins For personal use only AUM ($bn) 40 Magellan Global Equities 30 • 30 June 2024 – 43% of closing AUM Magellan Global Equities • 30 June 2026 – 8% of closing AUM 20 1 Vinva Global and Australian Equities – Global Equity Funds
Slide 13: Barrenjoey financial performance
Barrenjoey financial performance High growth and high returning with operating leverage emerging For personal use only Operating profit after tax ($m)1 Return on equity2 (%) Cost to income ratio (%) High earnings growth High returning business Operating leverage emerging 112 82.7% 32.9% 29.7% 75.4%
Slide 14: Barrenjoey revenue performance
Barrenjoey revenue performance 34% revenue growth with growth from every business For personal use only Financial Markets1 Corporate Finance1 Private Capital1 Barrenjoey1 40% 20% 34% 300.0 300.0 40,000.0 700,000.0 277 266 35,000.0 600,000.0 573 230 250.0 250.0 30 207 30,000.0 4 500,000.0 190 138 200
Slide 15: Pro forma group
Pro forma group More diversified and resilient revenue For personal use only MFG Barrenjoey Elims3 Pro forma Diversified revenue FY261 $m $m $m $m Financial Markets Corporate Finance - - 266.0 277.1 - - 266.0 277.1 $778m Investment Management2 246.3 30.3 (41.9) 234.8 Operating profit after tax4 Tota
Slide 16: Cash and capital
Cash and capital Fund investments materially reduced For personal use only Cash and capital ($m)1 700 611 589 600 Magellan fund investments materially reduced 128 500 170 483 • $251 million of fund investments redeemed • Corresponding increase in cash 400 • Reduces earnings risk 300 348 365 200 419
Slide 17: FY27 earnings impacts from management actions
FY27 earnings impacts from management actions Improving client outcomes and reducing earnings risk 1 For personal use only Magellan Global Equity products repricing Future operating profit after tax ($m) impact (Announced 5 May 2026) • Improving client outcomes 1 2 • Vinva appointed investment manag
Slide 18: Dividend
Dividend For personal use only 2H26 dividend base • 2H26 combined MFG and Barrenjoey earnings • Fully diluted shares on issue post merger 2H26 dividend declared 25.5 cps, fully franked • Record date 2 September 2026 • Payable on 16 September 2026 • Payout ratio 80%¹ Dividend policy revised (from FY2
Slide 19: Looking forward
For personal use only Looking forward Brian Benari | Chief Executive Officer 3
Slide 20: Combined group: drivers of diversified and resilient revenue streams
Combined group Drivers of diversified and resilient revenue streams For personal use only Corporate Finance Financial Markets Investment Management Advisory Fixed Income • Investment performance • Sector coverage • Client coverage • Net flows and AUM • Client coverage • Risk management • AUM composi
Slide 21: Barrenjoey's proven approach to delivering growth
Barrenjoey’s proven approach to delivering growth Structured and disciplined execution For personal use only #1 in M&A2 #1 in ECM1 Structured credit capability Research for ~250 Full sector ASX/NZ listed coverage companies First hybrid #1 Research First bond and sales Hong Kong Abu Dhabi issuance Fi
Slide 22: Near term priorities with medium term benefits
Near term priorities with medium term benefits Clear plan for structured and disciplined growth For personal use only Corporate Finance Financial Markets Investment Management Capture merger benefits 1 Successfully integrate and capture merger benefits Expand products and clients 2 Existing capabili
Slide 23: Appendix
For personal use only Appendix
Slide 24: Advisory
Advisory Barrenjoey’s market leading advisory division assists clients with mergers and acquisitions, debt advisory, capital structure and other strategic initiatives For personal use only ASX-listed M&A transactions >A$500m since 2022¹ • Independent advice in relation to: − Mergers and acquisitions
Slide 25: 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 For personal use only • Barrenjoey’s ECM division provides advice and underwriting relating to initial public offerings, follow-on equity issuance
Slide 26: Debt capital markets
Debt capital markets Barrenjoey is active across the full debt capital markets product suite, having acted on approximately $225bn of issuances since 2021 For personal use only Total debt and hybrid issuance with Barrenjoey involvement (A$bn) • Differentiated approach to execution, supported by stro
Slide 27: Equities
Equities Equities is top ranked in the market and has more #1 rated research analysts than all competitors combined For personal use only In Execution Barrenjoey provides comprehensive In Research #1 In Sales #1 #1 • research, trading and execution services Capability1 for institutional clients in A
Slide 28: Fixed income
Fixed income Barrenjoey’s Fixed Income business is a specialist market-maker of AUD and NZD bonds and cleared interest rate derivatives For personal use only Market making Technology and Government debt Middle Eastern US Swap Leverage business talent staff panels presence licence expertise Unique no
Slide 29: Investment Management
Investment Management Five $41.3bn Leading platform with a global footprint Total asset under specialist management businesses For personal use only ASSETS UNDER MANAGEMENT REGIONAL AUM AND DISTRIBUTION $8.8bn UK & Europe Australian equities $4.9bn institutional UCITS fund platform North America $17
Slide 30: Important information
Important information This presentation has been prepared by Magellan Financial Group Ltd ACN 108 437 592 (“MFG”). This presentation contains summary information about MFG, and its related bodies corporate (including Barrenjoey Capital Partners Group Holdings Pty Limited and its subsidiaries (“Barre
Slide 31: Important information
Important information To the maximum extent permitted by law, MFG (including its related bodies corporate and strategic partners, directors, officers, employees, agents, associates, affiliates and advisers) (“MFG Parties”) disclaims and excludes all liability for any loss or damage suffered or incur
Magellan Financial Group — FY2026 Earnings Presentation on 6ix