Macquarie Group, Ltd. · ASX:MQG
Macquarie — Debt Investor Presentation (March 2026)
60 slides from Macquarie's debt investor presentation, March 2026
Slide 1: 2026 Operational Briefing: Presentation to Debt Investors
Presentation 2026 Operational to Debt Briefing Investors Macquarie Group Limited • 10 February 2026 March 2026
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. IMPORTANT: You must read the following before continuing. The following applies to the presentation materials contained in this presen
Slide 3: Disclaimer
Disclaimer PROHIBITION OF SALES TO EEA RETAIL INVESTORS – Nothing in this presentation is taken to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail in
Slide 4: Agenda
Agenda 01 02 Introduction 1H26 Result 03 3Q26 Update 04 Outlook 05 06 Capital and Appendices Funding
Slide 5: Overview
01 Overview © Macquarie Group Limited 5
Slide 6: Who we are
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Who we are 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 56
Slide 7: About Macquarie
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 ● Macquarie’s re
Slide 8: Macquarie funding structure
Overview 1H26 Result 3Q26 Trading Update Outlook 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 G
Slide 9: Diversification by region
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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% of total income 22% 11% 36% of to
Slide 10: 56 years of unbroken profitability
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices 56 years of unbroken profitability 1H26 Staff: 19,8211 $Am FY25 1 Elizabeth Organic growth Street Acquisitions FY21 Waddell FY08 Regional expansion Established Macquarie & Reed FY13 Received FY17 Staff Group Cargill a HK
Slide 11: Stable earnings
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Stable earnings Earnings volatility relative to Macquarie Past five years From the Global Financial Crisis (2008) to present 4.3xx 3.4xx 3.1xx Multiple to Macquarie Multiple to Macquarie 2.6xx 2.1xx 2.5xx 1.8x x 1.9x x 1
Slide 12: Ratings
Overview 1H26 Result 3Q26 Trading Update Outlook 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- Baa
Slide 13: Risk Culture
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Risk Culture The Board and Management are continually and actively reviewing and enhancing our risk culture and risk management framework Risk Management Framework The Board approves the Code of Conduct and oversees that
Slide 14: 1H26 Results
02 1H26 Results © Macquarie Group Limited 14
Slide 15: 1H26 result: $A1,655m up 3% on 1H25; down 21% on 2H25
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 6% 3% Total operating expenses (6,239) (6,221) (5,919) 5% – — Operatin
Slide 16: 1H26 net profit contribution from Operating Groups
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 by higher p
Slide 17: Macquarie Asset Management
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Macquarie Asset • MAM Continue to deepen our client relationships, accelerate growth in infrastructure and adjacencies and scale key capabilities in real estate, credit Management and insurance, secondaries and systemati
Slide 18: Banking and Financial Services
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Banking and Personal Banking Business Banking Wealth Management • Home loan portfolio4 of $A160.3b, up • Business Banking loan portfolio of • Funds on platform of $A166.7b, up 8% 13% on 31 Mar 25, representing $A17.4b, u
Slide 19: Banking and Financial Services
Overview 1H26 Result 3Q26 Trading Update Outlook 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 23 31 Mar 24 31 Mar 25 30 Sep 25 Note: Da
Slide 20: Home loan portfolio composition
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Home loan portfolio composition 13% 65% 52% Home loan growth Average LVR at Average Dynamic in 1H26 Origination2 LVR3 1 2 3 $A665k 27.3 Data points as at 30 Sep 25 unless stated otherwise and figures include all securiti
Slide 21: Home Loans
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Home Loans Strong market share growth underpinned by our focus on customer and broker experiences We’ve grown market share to 6.8%, primarily through the broker channel Home loan portfolio1 & market share2 172 22% 142 11
Slide 22: Home Loans: disciplined credit appetite
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Home Loans We maintain a disciplined credit appetite, with growth driven by low-LVR, high credit quality lending We have a more conservative LVR profile than the market, evidenced in our LVR composition of settlements an
Slide 23: Deposits
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Deposits A significant market opportunity for our simple and transparent offering to continue winning share Our customer-obsessed game changer brand positioning emphasises We’re doubling down on no our challenger status
Slide 24: Deposits
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Deposits Deposits enable our liability-led strategy, providing efficient funding for our lending businesses Our savings product has grown to become our largest source of We’ve doubled market share from ~3.1% since FY20 d
Slide 25: Commodities and Global Markets
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Commodities and Asset Finance 10%1 • Continued positive performance Commodities 46%1 • Increased Commodities risk management Financial Markets 44%1 Foreign exchange, interest rates and credit Global Markets and contribut
Slide 26: Strong underlying client business
Overview 1H26 Result 3Q26 Trading Update Outlook 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 capital2
Slide 27: Macquarie Capital
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Macquarie MacCap • Advising and investing in areas of deep expertise in sectors such as • No. 1 in ANZ for M&A3 Infrastructure, Government Services, Critical Minerals & Energy, • ESG Circular Economy Deal of the Year - V
Slide 28: Macquarie Capital
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Macquarie Capital Movement in capital Private Credit capital sector exposures2 $Ab 0.5 6.6 6.3 (0.7) (0.1) Other (incl. FX)1 1. Other (incl. FX) includes accounting movements. 2. Exposures shown follow the economic capit
Slide 29: 3Q26 Trading Update
03 3Q26 Trading Update © Macquarie Group Limited 29
Slide 30: 3Q26 Overview
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices 3Q26 Overview Macquarie Asset Management Banking and Financial Services ● AUM1 of $A736.1b at Dec 25, up 3% on Sep 25 of $A716.9b2 ● BFS deposits6 of $A204.5b at Dec 25, up 6% on Sep 25 ● Private Markets: ● Home loan por
Slide 31: 3Q26 Overview
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices 3Q26 Overview Commodities and Global Markets Macquarie Capital ● Improved performance in Commodities compared to a subdued pcp, primarily due to increased ● Fee and commission income up on FY25 YTD but down on pcp, which
Slide 32: Outlook
04 Outlook © Macquarie Group Limited 32
Slide 33: Short-term outlook
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 investments busi
Slide 34: Short-term outlook
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 events, and the i
Slide 35: Medium-term outlook
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 structural gro
Slide 36: Medium-term outlook
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 leading global ● D
Slide 37: Capital and Funding
05 Capital and Funding © Macquarie Group Limited 37
Slide 38: Capital, funding and liquidity update
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Capital, funding and liquidity update APRA Basel III Level 2 CET1 ratio APRA Basel III Leverage ratio Liquidity Coverage Ratio (LCR)2 Net Stable Funding Ratio (NSFR)3 12.4% 4.6% 178% 111% 17.1% Harmonised1 5.2% Harmonise
Slide 39: Business capital requirements
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Business capital requirements 3Q26 drivers 3Q26 business capital requirements1 increase of $A0.5b MAM excluding FX movements ● Reduction due to divestments, predominantly driven by completion $Ab 36.0 of the sale of MAM’
Slide 40: Balance sheet highlights
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 cash, liqui
Slide 41: Funded balance sheet remains strong
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Funded balance sheet remains strong Term liabilities exceed term assets 31 Mar 25 30 Sep 25 $Ab $Ab Other1 1% Commercial paper and Total deposits Other1 1% certificates of deposit 12% Cash and liquid assets 21% Commercia
Slide 42: Basel III Group capital position
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 surplus of $A7.6b
Slide 43: Tier 2 Capital
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Tier 2 Capital • As at 30 Sep 25, MBL had $A11.0b of eligible Tier 2 capital (subordinated debt) on issue which represented ~7.1% of RWAs Composition by currency Composition by format • APRA has announced Australian majo
Slide 44: Diversified issuance strategy
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Diversified issuance strategy Term funding as at 30 Sep 25 - diversified by currency, tenor and type Currency1 Tenor2 Type 4.4 years WAM3 of Term funding4 Term Issuance and Maturity Profile $Ab Sep 25: Weighted average m
Slide 45: Diversified deposit base
Overview 1H26 Result 3Q26 Trading Update Outlook 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 2.1 million BFS clients, ~1.9 million are depositors $A
Slide 46: Strong liquidity position maintained
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 MBL LCR Pos
Slide 47: Appendices
06 Appendices © Macquarie Group Limited 47
Slide 48: Income statement key drivers
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 • Growth in the a
Slide 49: Cost of regulatory compliance and technology spend
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 continued business
Slide 50: Loan portfolio – funded balance sheet
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 portfolio secur
Slide 51: Equity investments of $A13.1b
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Equity investments of $A13.1b1 Operating Carrying Value Carrying Value Group Category Sep 25 $Ab Mar 25 $Ab Description Macquarie Asset Management Private Includes investments in regional infrastructure and core infrastr
Slide 52: Regulatory update
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Regulatory update Australia ● APRA has finalised or is in the process of implementing changes to a number of prudential standards. Macquarie notes there have been the following key updates: – On 4 Dec 25, APRA released f
Slide 53: Approximate business Basel III Capital and ROE
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Approximate business Basel III Capital and ROE 30 Sep 25 APRA Basel III Capital 1H26 Return on Ordinary 19-year Average Return on Operating Group @ 10.5% ($Ab) Equity1 Ordinary Equity2 Macquarie Asset Management 4.9 20%
Slide 54: Funded balance sheet reconciliation
Overview 1H26 Result 3Q26 Trading Update Outlook 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 onc
Slide 55: Funding for Macquarie
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 Commercial paper an
Slide 56: Funding for the Bank Group
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Funding for the Bank Group Sep 25 Mar 25 Sep 241 • Bank balance sheet remains liquid and well capitalised, with a $Ab $Ab $Ab diverse range of funding sources Funding sources • Term funding beyond one year (excluding dep
Slide 57: Funding for the Non-Bank Group
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding 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 securitisations) has a weighted average
Slide 58: Explanation of funded balance sheet reconciling items
Overview 1H26 Result 3Q26 Trading Update Outlook 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 Macqua
Slide 59: Supporting climate solutions
Overview 1H26 Result 3Q26 Trading Update Outlook Capital and Funding Appendices Supporting climate solutions Macquarie continues to support and invest in green energy and other Our approach to climate solutions to climate challenges, working in close partnership with change is based on three princip
Slide 60: Presentation to Debt Investors
Presentation 2026 Operational to Debt Briefing Investors Macquarie Group Limited • 10 February 2026 March 2026
Macquarie Group — Debt Investor Presentation (March 2026) on 6ix