Macquarie Group, Ltd. · ASX:MQG
Macquarie — H1 2026 Earnings Presentation
69 slides from Macquarie's earnings presentation, Nov 7, 2025
Slide 1: Presentation to investors and analysts
© macauaric Presentation to investors and analysts Result announcement for the half year ended 30 September 2025 7 November 2025
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
Agenda 01 02 03 Introduction Overview of Result Analysis Result and Financial Management 04 05 Outlook Appendices
Slide 4: Sam Dobson
Introduction Sam Dobson Head of Investor Relations
Slide 5: Shemara Wikramanayake
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 ~56% ~28% ~16% Annuity-style | Income Markets-facing | Income BFS MAM CGM MacCap Banking and Financial Services Macquarie Asset Management Commodities and Global Markets Macquarie Capital • Ma
Slide 7: 1H26 result: $A1,655m up 3% on 1H25; down 21% on 2H25
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1H26 result: $A1,655m up 3% on 1H25; down 21% on 2H25 1H26 2H25 1H25 1H26 v 1H26 v $Am $Am $Am 1H25 2H25 Net operating income 8,691 8,992 8,216 á 6% â 3% Total operating expenses (6,239) (6,221) (5,919) á 5%
Slide 8: 1H26 net profit contribution from Operating Groups $A3,792m up 20% on 1H25
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1H26 net profit contribution from Operating Groups $A3,792m up 20% on 1H25 Annuity-style Markets-facing Non-Banking Group Macquarie Asset Management1 (MAM) Macquarie Capital (MacCap) Increase primarily driven
Slide 9: Assets under management of $A959.1b
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Assets under management1 of $A959.1b Increase primarily driven by favourable market movements and increased net asset valuations, offset by outflows in equity strategies and unfavourable foreign exchange move
Slide 10: Diversification by region
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region Total staff1 19,821 of which 52% international. A further ~252,000 people employed across managed fund assets and investments2 Americas EMEA Asia Australia3 31% 22% 11% 36% of total
Slide 11: Macquarie Asset Management $A2,387m
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset • MAM Continue to deepen our client relationships, accelerate growth in infrastructure and adjacencies and scale key capabilities in real estate, Management • credit and insurance, secondaries
Slide 12: Banking and Financial Services $A1,758m
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Personal Banking • Home loan portfolio4 of $A160.3b, up Business Banking • Business Banking loan portfolio of Wealth Management • Funds on platform of $A166.7b, up 8% Financial Services 13% on 31
Slide 13: Commodities and Global Markets $A2,883m
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Asset Finance 10%1 • Commodities 46%1 • Financial Markets 44%1 Foreign exchange, interest rates and credit Global Markets Continued positive Increased Commodities risk management performance a
Slide 14: Macquarie Capital $A1,496m
Introduction Overview of Result Result Analysis and Financial Management Outlook 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 ESG Circular Economy Deal of
Slide 15: 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 31 Mar 25 30 Sep 25 $Ab $Ab 420 420 Other1 1% Commercial paper and 360 Other1 1% Commercial paper and 360 certificates of deposit 12% Ca
Slide 16: 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 Group capital surpl
Slide 17: Business capital requirements
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business capital requirements 1H26 drivers 1H26 business capital requirements1 increase of $A1.8b excluding FX movements MAM $Ab • Net movements in fund co- 0.7 0.0 $A33.4b investments, underwrites and 34.0 0
Slide 18: Strong regulatory ratios
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong regulatory ratios Bank Group Level 2 Ratios (Sep 25) 200.0% 150.0% 17.3% 16.0% 6.0% 2 5.4% 173% 150.0% 125.0% 12.0% 4.5% 4.7% 12.4% 113% 100.0% 100.0% 8.0% 3.0% 50.0% 75.0% 4.0% 1.5% 0.0% 0.0% 0.0% 50.
Slide 19: Interim dividend
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Interim dividend 1H26 Ordinary Dividend From $A2.80 á$A2.60 â $A3.90 From (35% franked) (35% franked) (35% franked) in 1H25 in 2H25 1H26 Record Date Payout Ratio2 18 Nov 25 DRP shares for 1H26 Dividend policy
Slide 20: Alex Harvey
Alex Harvey Chief Financial Officer
Slide 21: Income statement key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Income statement key drivers 1H26 2H25 1H25 Net interest and trading income of $A4,511m, up 9% on 1H25 • Growth in the average private credit portfolio and higher repayment income, in MacCap $Am $Am $Am • Gro
Slide 22: Macquarie Asset Management key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Key drivers • Higher Private Markets base fees due to Increase primarily driven by higher performance fees due to asset fundraising and investments made by funds and mandates and fa
Slide 23: MAM AUM movement
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices MAM AUM movement Increase primarily driven by favourable market movements and increased net asset valuations, offset by outflows in equity strategies and unfavourable foreign exchange movements $Ab Private Ma
Slide 24: 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 21% growth in average home loan portfolio6 and 27% Growth in the loan portfolio and BFS deposits growth in average deposit
Slide 25: Banking and Financial Services
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 $Ab $Ab 200 192.5 18 17.4 16.7 172.4 15.8 166.7 160.3 15 160 154.0 147.4 13.0 141.7 142.7
Slide 26: Commodities and Global Markets key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Key drivers • Commodities broadly in line with 1H25: Strong underlying client business, well-positioned for upside – Risk management income was higher, driven by increased contr
Slide 27: 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 Operating Income (excl. credit and other impairment charges) Mar 22 M
Slide 28: Macquarie Capital key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Key drivers • Higher fee and commission income primarily driven by: Reflects higher fee and commission income and higher – Higher M&A fee income, particularly in the Americas and ANZ, which
Slide 29: Macquarie Capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Movement in capital Private Credit capital sector exposures2 $Ab 0.5 7.0 6.6 6.3 12% 6.0 (0.7) (0.1) 7% 5.0 39% Software and Tech Enabled Diversified Financial and Insurance Services Real Es
Slide 30: Corporate key drivers
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate Key drivers • Lower net interest and trading income driven by lower funding recoveries from the Operating Groups, partially offset by higher earnings on capital Reflects impairment of green investme
Slide 31: Cost of regulatory compliance and technology spend
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Cost of regulatory compliance and technology spend Continue to progress on initiatives to support regulatory projects and change, albeit with a slowing growth rate. Technology spend has increased with continu
Slide 32: Balance sheet highlights
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Balance sheet highlights • Balance sheet remains solid and conservative: – Term assets covered by term funding, stable deposits, hybrids, subordinated debt and equity – Short-term wholesale funding covered by
Slide 33: Diversified issuance strategy
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversified issuance strategy Term funding as at 30 Sep 25 - diversified by currency, tenor and type Currency1 Tenor2 Type 4.4 years WAM3 GBP 4% CHF 1% EUR 12% 1-2yrs 15% JPY 1% Securitisations >1yr 7% Equity
Slide 34: 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 Of approximately 2.1 million BFS clients, ~1.9 million are d
Slide 35: Loan portfolio – funded balance sheet
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Loan portfolio – funded balance sheet Operating Sep 25 Mar 25 Group Category $Ab $Ab Description Home loans 161.7 143.0 Loans secured by mortgages over residential property Business banking 17.3 16.6 Loan por
Slide 36: Equity investments of $A13.1b
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Equity investments of $A13.1b1 Operating Carrying Value Carrying Value Group Category Sep 25 $Ab Mar 25 $Ab Description Macquarie Asset Management Private Includes investments in regional infrastructure and c
Slide 37: Regulatory update
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Regulatory update Australia • APRA has finalised or is in the process of implementing changes to a number of prudential standards. Macquarie notes the following key updates: – On 24 Oct 25, APRA provided an u
Slide 38: Basel III Bank Group Common Equity Tier 1 (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 25: 12.4% • Harmonised Basel III Level 2 CET1 ratio at Sep 25: 17.3%1 Bank Group Level 2 CET 1 Ratio 20.0% 4.8
Slide 39: Strong liquidity position maintained
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong liquidity position maintained • 173% average LCR for Sep 25 quarter, based on daily observations1,2 – Well above regulatory minimum • Reflects longstanding conservative approach to liquidity management
Slide 40: Capital management update
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Capital management update On-market share buyback • Given the Group’s strong capital position, the Board has approved an extension of the up to $A2b on-market share buyback for a further 12 months. The buybac
Slide 41: Wikramanayake
Wikramanayake Managing Director and Chief Executive Officer
Slide 42: Short-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook Factors impacting short-term outlook Annuity-style Markets-facing Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) • Excluding the divestment of the public inve
Slide 43: Short-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook The range of factors that may influence our short-term outlook include: • Market conditions including: global economic conditions, inflation and interest rates, significant volatility event
Slide 44: Medium-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium-term outlook Macquarie remains well-positioned to deliver superior performance in the medium term with established, diverse income streams Deep expertise across diverse sectors in major markets with st
Slide 45: Medium-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium-term outlook Annuity-style Markets-facing Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) • Well-positioned to respond to current market conditions and build on our leadin
Slide 46: Approximate business Basel III Capital and ROE
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Approximate business Basel III Capital and ROE 30 Sep 25 APRA Basel III Capital 1H26 Return on Ordinary 19-year Average Return on Operating Group @ 10.5% ($Ab) Equity1 Ordinary Equity2 Macquarie Asset Managem
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Slide 48: Detailed Result Commentary
Detailed Result Commentary
Slide 49: Macquarie Asset Management
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Result • Base fees of $A1,465m, up 2% on 1H25 1H26 2H251 1H251 $Am $Am $Am – Base fees in Private Markets increased due to fundraising and investments made by funds and mandates and
Slide 50: Banking and Financial Services
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Result • Net interest and trading income of $A1,456m, up 10% on 1H25 1H26 2H25 1H25 – 17% growth in the average loan portfolio7 and 23% growth in the average BFS $Am $Am $Am dep
Slide 51: Commodities and Global Markets
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Result • Commodities income of $A1,380m, down 2% on 1H25: 1H26 2H25 1H25 – Risk management income of $A923m, up 4% on 1H25, driven by increased $Am $Am $Am contributions from No
Slide 52: Macquarie Capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Result • Net interest and trading income of $A497m, up 54% on 1H25, primarily due to higher 1H26 2H25 1H25 net interest income from the private credit portfolio, benefitting from more than $
Slide 53: Corporate
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate Result • Net interest and trading income of $A430m, down 6% on 1H25, driven by lower 1H26 2H251 1H251 funding recoveries from the Operating Groups, partially offset by higher earnings on $Am $Am $Am
Slide 54: Additional Information: Funding
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Slide 55: 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 • MBL provides funding t
Slide 56: 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 57: Funding for Macquarie
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for Macquarie Sep 25 Mar 25 Sep 241 • Well-diversified funding sources $Ab $Ab $Ab • Term assets covered by term funding, stable deposits, hybrids, Funding sources subordinated debt and equity Commerc
Slide 58: Funding for the Bank Group
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Bank Group Sep 25 Mar 25 Sep 241 • Bank balance sheet remains liquid and well capitalised, $Ab $Ab $Ab with a diverse range of funding sources Funding sources Commercial paper and certificates
Slide 59: Funding for the Non-Bank Group
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Non-Bank Group Sep 25 Mar 25 Sep 241 • Non-Bank Group is predominantly term funded $Ab $Ab $Ab • Term funding beyond one year (excluding equity and Funding sources Commercial paper and certifi
Slide 60: 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 Offsetting derivative positions do not These represent the assets and liabilities
Slide 61: Appendix C: Additional Information Capital
Appendix C Additional Information Capital
Slide 62: Macquarie Basel III regulatory capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Basel III regulatory capital Surplus calculation APRA Basel III 30 Sep 25 $Am Macquarie eligible capital Bank Group Gross Tier 1 capital 25,313 Non-Bank Group eligible capital 15,685 Eligible capita
Slide 63: Macquarie APRA Basel III regulatory capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie APRA Basel III regulatory capital Bank Group contribution Risk-weighted assets Tier 1 Deductions Capital Requirement1 30 Sep 25 $Am $Am $Am Credit risk On balance sheet 71,167 7,473 Off balance shee
Slide 64: Macquarie regulatory capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital Non-Bank Group contribution • APRA has specified a regulatory capital framework for Macquarie • A dollar capital surplus is produced; no capital ratio calculation is specified • T
Slide 65: Macquarie regulatory capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital Non-Bank Group contribution Capital Requirement 30 Sep 25 $Am Credit risk 3,544 Equity risk 7,449 Market risk 149 Operational risk 750 Other 1 1,719 Total Non-Bank Group capital r
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Slide 67: Glossary
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary $A / AUD Australian Dollar CGM Commodities and Global Markets $US / USD United States Dollar CMA Cash Management Account £ / GBP Pound Sterling COG Corporate Operations Group € / EUR Euro DCM Debt Ca
Slide 68: Glossary
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary IR Interest Rates MSAL Macquarie Securities (Australia) Limited IT Information Technology No. Number LAC Loss-Absorbing Capacity NPAT Net Profit After Tax LCR Liquidity Coverage Ratio NPC Net Profit
Slide 69: Presentation to investors and analysts
© macauarie Presentation to investors and analysts Result announcement for the half year ended 30 September 2025 7 November 2025