Magellan Financial Group Ltd · ASX:MFG
Magellan Financial — H1 FY2026 Earnings Presentation
29 slides from Magellan Financial's earnings presentation, Feb 18, 2026
Slide 1: Interim Results Briefing
Interim Results Briefing Half year ended 31 December 2025 For personal use only Sophia Rahmani | CEO & Managing Director Dean McGuire | CFO
Slide 2: Agenda
Agenda For personal use only 1. 1H26 overview Sophia Rahmani 3 2. Group financial result Dean McGuire 7 3. Investment Management Sophia Rahmani 13 4. Strategic Partnerships Sophia Rahmani 18 5. Review and priorities Sophia Rahmani 22 2
Slide 3: 1H26 overview
For personal use only 1H26 overview Sophia Rahmani | CEO & Managing Director 3
Slide 4: 1H26 overview
1H26 overview For personal use only 48.6c $83.1m 39.5c 111 Operating EPS Operating profit DPS people (up 5% on 1H25) (flat on 1H25) (up 50% on 1H25) employed at 31 December 2025 $39.9bn $106.9m $25.7m $504m Assets under Investment Strategic Liquid capital management1 Management revenue partnership i
Slide 5: 1H26 highlights
1H26 highlights MFG’s result reflects a disciplined business with diversified sources of revenue For personal use only Earnings quality strengthening Strategy delivered with Foundations established for through diversification consistency and discipline long-term value creation • Earnings growth of 5
Slide 6: An innovative financial services group
An innovative financial services group For personal use only Investment Management Strategic Partners MFG is supported by our institutional grade platform Client Service | Distribution | Finance | HR | Operations | Product | Risk, Compliance and Legal | Technology Economic ownership: Magellan Global
Slide 7: Group financial results
For personal use only Group financial results Dean McGuire | CFO 7
Slide 8: 1H26 overview
1H26 overview For personal use only 48.6c $83.1m 39.5c 111 Operating EPS Operating profit DPS people (up 5% on 1H25) (flat on 1H25) (up 50% on 1H25) employed at 31 December 2025 $39.9bn $106.9m $25.7m $504m Assets under Investment Strategic Liquid capital management1 Management revenue partnership i
Slide 9: 1H26 earnings
1H26 earnings 1 1H26 1H25 Change Comments $m $m Growth in average AUM offset by reduction in average management fee to 55bps, no performance fees and Investment Management revenue 106.9 128.2 (17%) For personal use only growth in sub-advisory fees in line with Vinva Systematic Equities AUM growth Pa
Slide 10: Investment Management result
Investment Management result 1H26 1H25 Change $m $m Management fees 111.0 121.0 (8%) For personal use only • Management fees down 8% on 1H25 driven by a 13% reduction in the average management fee, partially offset by a 6% increase in average AUM to $40.2bn Performance fees - 6.1 (99%) • Average man
Slide 11: Strategic partnerships and fund investments result
Strategic partnerships and fund investments result Segment EBIT 1H26 1H25 Change $m $m • Strategic partnerships income increased by 109% reflecting higher earnings For personal use only - Strategic partnerships (share of contributions from Barrenjoey and Vinva 25.7 12.3 109% associates’ profit) • Ba
Slide 12: Capital management
Capital management Returns to shareholders ($m) 251 For personal use only 202 39 123 74 105 • $105m returned to shareholders, including 1H26 dividends declared and shares 5 212 bought back during the period 38 118 128 66 • During 1H26 the on-market buy-back returned $38.4m of capital to shareholders
Slide 13: Investment Management
For personal use only Investment Management Sophia Rahmani | CEO & Managing Director 13
Slide 14: Assets under management
Assets under management Net growth +3.4% year-on-year AUM by 31-Dec-24 30-Jun-25 31-Dec-25 • Net increase in total AUM of 3.4% asset 38.6 39.6 39.9 over 12 months to $39.9bn For personal use only class1,2 4%, 1.7 6%, 2.2 (A$bn) • AUM continued to grow in the first 19%, 7.5 20%, 8.0 22%, 8.8 half of
Slide 15: AUM trajectory over the last two years
AUM trajectory over the last two years Greater diversity across investment strategies For personal use only Indexed AUM1 growth by strategy over last two years (%) 160% • Total AUM has grown in MFG’s global 130% listed infrastructure, Australian equities and systematic equity strategies 100% 70% Q3
Slide 16: Investment performance
Investment performance Fund performance net of fees (%) 31 December 2025 1 years (% p.a.) 3 years (% p.a.) 5 years (% p.a.) Since inception1 Magellan Global Equities (% p.a) • Magellan Global Opportunities Fund delivered top quartile double-digit returns over one and For personal use only Magellan G
Slide 17: Leading distribution platform
Leading distribution platform Magellan Investment Partners provides the scale and expertise to meet client needs and evolving market dynamics For personal use only Depth and reach of distribution team Global relationships • Tenured and stable • 25 business development and marketing FTE UK & Europe s
Slide 18: Strategic Partnerships
For personal use only Strategic Partnerships Sophia Rahmani | CEO & Managing Director 18
Slide 19: Barrenjoey Capital Partners
Barrenjoey Capital Partners For personal use only 1H26 business update Five years since founding • Employs ~450 staff across 5 offices including Abu Dhabi Continued strong financial performance and Hong Kong —NPAT up 114% on prior corresponding period to $54.0m (NPATA $58.0m)1 • Market-leading franc
Slide 20: Vinva Investment Management
Vinva Investment Management For personal use only Strong underlying business Systematic Pioneer — Investment outperformance across all strategies — Very strong flows from institutional clients and private wealth equities in systematic investing with genesis dating back — Majority of growth in Global
Slide 21: FinClear Holdings
FinClear Holdings For personal use only Improving Group results driven by core performance — Revenue up 20% YoY, supported by strong momentum in trade execution, FX revenues, $200bn +20% and the FCX platform assets under revenue growth vs. — Ongoing discipline on operating expenses across Core busin
Slide 22: 1H26 review and 2H26 priorities
For personal use only 1H26 review and 2H26 priorities Sophia Rahmani | CEO & Managing Director 22
Slide 23: Strategy execution supporting diversified growth
Strategy execution supporting diversified growth Key progress in 1H26 For personal use only MFG strategic priorities An innovative focussed financial services business • Mobilisation of distribution in key markets of Asia Pac, North America and UK and EMEA whilst maintaining leading Australian whole
Slide 24: 2H26 priorities
2H26 priorities For personal use only Leverage and support our global distribution platform to attract and 1 retain clients in established and new client solutions; continued focus on improving long-term investment performance Further expand client solutions in line with evolving client needs 2 thro
Slide 25: Q&A
For personal use only Q&A 25
Slide 26: Appendix
For personal use only Appendix 26
Slide 27: Assets under management
Assets under management For personal use only A$ bn 30 Jun 2025 Net Flows Other1 31 Dec 2025 Retail Magellan Global Equities 10.5 (1.2) (0.3) 9.0 Magellan Global Listed Infrastructure 3.5 (0.2) 0.1 3.4 Airlie Australian Equities 1.1 0.1 - 1.2 Vinva Global and Australian Equities2 1.7 0.4 0.1 2.2 Ret
Slide 28: Quarterly net flows by strategy
Quarterly net flows by strategy For personal use only Net flows by strategy FY23 – Q2 FY26 (A$bn) 0.5 • Quarterly retail outflows have stabilised at - approximately $0.5bn (0.5) on average over the Retail (1.0) past two years Excl. $1.2bn outflows in (excluding the MGF 1Q25 due to MGF (1.5) conversi
Slide 29: 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, its related bodies corporate, its strategic partners and funds issued by Magellan Asset Management Limited (“Magellan Funds”) i
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