Macquarie Group, Ltd. · ASX:MQG
Macquarie — Q4 2025 Earnings Presentation
69 slides from Macquarie's earnings presentation, May 9, 2025
Slide 1: Presentation to investors and analysts
Presentation to investors and analysts Result announcement for the full year ended 31 March 2024 3 May 2024
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: Introduction
01 Introduction Sam Dobson Head of Investor Relations
Slide 5: Overview of Result
02 Overview of Result 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 ~54% ~29% ~17% 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: 2H25 result: $A2,103m up 30% on 1H25; FY25 result: $A3,715m up 5%
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 2H25 result: $A2,103m up 30% on 1H25 FY25 result: $A3,715m up 5% on FY24 2H25 1H25 2H25 v FY25 FY24 FY25 v $Am $Am 1H25 $Am $Am FY24 Net operating income 8,992 8,216 á 9% 17,208 16,887 á 2% Total operating ex
Slide 8: FY25 net profit contribution from Operating Groups $A6,862m
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices FY25 net profit contribution from Operating Groups $A6,862m up 2% on FY24 Annuity-style Markets-facing Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) Increase primarily driven b
Slide 9: Assets under management of $A941.0b
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Assets under management of $A941.0b Movement primarily driven by increased fund investments and net asset valuations, offset by asset divestments and outflows in equity strategies $Ab 1,000 900 800 700 600 50
Slide 10: Diversification by region
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region 1 International income 66% of total income 2 Total staff 19,735 of which 51% international. A further ~243,000 people employed across managed 3 fund assets and investments 4 Americas
Slide 11: Macquarie Asset Management $A4,218m
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices MAM Macquarie Asset • Continue to broaden and deepen our client relationships, build on our leadership in Real Assets and scale and optimise our investment capabilities Management • Growing and diversifying o
Slide 12: Banking and Financial Services $A3,237m
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Personal Banking Business Banking Wealth Management Banking and • 4 Home loan portfolio of $A141.7b, up 19% on 31 Mar 24, representing approximately 5.9% of the Australian market • Business Banking loan portf
Slide 13: Commodities and Global Markets $A6,018m
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1 1 1 Asset Finance 11% Commodities 53% Financial Markets 36% Commodities and • Continued positive performance and contribution across all • Decreased risk management income primarily driven by decreased clie
Slide 14: Macquarie Capital
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, Digital Infrastructure, Government Services, Critical Minerals & Energy, Insurance, Real Estate, Technol
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 24 31 Mar 25 $Ab $Ab 400 400 1 Other 1% 350 1 350 Commercial paper and Other 1% certificates of deposit 11% Commercial paper and
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 1,2 • APRA Basel III Group capital s
Slide 17: Business capital requirements
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business capital requirements 2H25 Key drivers 1 MAM FY25 business capital requirements increase of $A3.6b • Net movements in fund co- investments, underwrites and divestments $Ab BFS 34.0 • Growth in home lo
Slide 18: Strong regulatory ratios
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong regulatory ratios Bank Group Level 2 Ratios (Mar 25) 250.0% 250.0% 8.0% 20.0% 1 17.6% 200.0% 200.0% 6.0% 5.8% 16.0% 175% 150.0% 150.0% 5.1% 12.0% 12.8% 4.0% 100.0% 100.0% 113% 8.0% 2.0% 50.0% 50.0% 4.0
Slide 19: Final dividend
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Final dividend 2H25 Ordinary Dividend FY25 Ordinary Dividend $A3.90 $A6.50 FROM FROM á $A3.85 á $A6.40 (40% franked) (40% franked) (35% franked) IN 2H24 (35% franked) IN FY24 2H25 Record Date 2 Payout Ratio 2
Slide 20: Result Analysis and Financial Management
03 Result Analysis and Financial Management 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 2H25 1H25 FY25 FY24 Net interest and trading income of $A8,877m, broadly in line with FY24 • Lower risk management income primarily in EMEA Gas, Power and Emissions and Global Oil
Slide 22: Macquarie Asset Management
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Key drivers • Higher Private Markets base fees due to fundraising and investments made by Increase primarily driven by the gain on sale of Macquarie Rotorcraft and funds and mandate
Slide 23: MAM AUM movement
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices MAM AUM movement Movement primarily driven by increased fund investments and net asset valuations, offset by asset divestments and outflows in equity strategies $Ab Private Markets 18.1 Public Investments (15
Slide 24: Banking and Financial Services
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Key drivers • Higher Personal Banking income driven by 14% 5 growth in average home loan volumes and 18% Growth in the loan portfolio and BFS deposits, together with 5 in averag
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 180 172.4 18 16.7 15.8 154.0 16 147.4 150 141.7 142.7 129.4 127.8 14 13.0 119.3 1
Slide 26: Commodities and Global Markets
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Key drivers • Commodities down on FY24 – Risk management income was lower, Strong underlying client business; well-positioned for upside primarily driven by decreased client hed
Slide 27: Strong underlying client business
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong underlying client business Majority of income derived from underlying client business Operating Income Client numbers (excl. credit and other impairment charges) (excl. Asset Finance) Underlying client
Slide 28: Underlying client activity driving regulatory capital and trading revenues
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Underlying client activity driving regulatory capital and trading revenues 1 Regulatory capital Group Daily trading profit and loss FY21 - FY25 2 Days 120 100 80 60 40 20 0 $Am Mar 21 Mar 22 Mar 23 Mar 24 Mar
Slide 29: Macquarie Capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Key drivers • Higher fee and commission income primarily driven Reflects higher fee and commission income and higher net by: interest income from the private credit portfolio, offset by lowe
Slide 30: Macquarie Capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital 2 Movement in capital Private Credit capital sector exposures $Ab 8.0 2.0 0.3 6.6 6.0 (1.1) 9% 5.4 9% Diversified Real Estate 35% Software and Tech Enabled Technology 4.0 Financial and Insur
Slide 31: Regulatory compliance and technology spend
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Regulatory compliance and technology spend Regulatory compliance spend in line with FY24 with continued progress on initiatives to support regulatory projects, albeit with a slowing growth rate. Technology sp
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 31 Mar 25 – diversified by currency, tenor and type Currency 1 Tenor 2 Type EUR 10% GBP 4% CHF 1% Equity 29% 1-2yrs 13% JPY 2% Securitisations >1yr 8% Other se
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 2.0 million BFS clients, ~1.7 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 1 Operating Mar 25 Mar 24 Group Category $Ab $Ab Description Home loans 143.0 120.4 Loans secured by mortgages over residential property Business banking 16.6 15.7 Loan p
Slide 36: Equity investments of $A13.4b
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1 Equity investments of $A13.4b Operating Carrying Value Carrying Value Group Category Mar 25 $Ab Mar 24 $Ab Description Macquarie Asset Management Private Includes investments in regional infrastructure and
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 6 Mar 25, APRA released a dis
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 Mar 25: 12.8% 1 • Harmonised Basel III Level 2 CET1 ratio at Mar 25: 17.6% Bank Group Level 2 CET1 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 1,2 • 175% average LCR for Mar 25 quarter, based on daily observations – Well above regulatory minimum • Reflects longstanding conservative approach to liquidity managemen
Slide 40: Capital management update
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Capital management update Dividend Reinvestment Plan (DRP) 1 • On 17 Dec 24, the DRP in respect of the 1H25 dividend was satisfied through the allocation of ordinary shares at a price of $A231.23 per share .
Slide 41: Outlook
04 Outlook Shemara Wikramanayake Managing Director and Chief Executive Officer
Slide 42: Short-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook Factors impacting short-term outlook Annuity-style Markets-facing Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) Excluding the divestment of the public invest
Slide 43: Short-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook The range of factors that may influence our short-term outlook include: • Market conditions including: global economic conditions, inflation and interest rates, significant volatility event
Slide 44: Medium-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices IR Note: Pending approval Medium-term outlook Macquarie remains well-positioned to deliver superior performance in the medium term with established, diverse income streams Deep expertise across diverse sector
Slide 45: Medium-term outlook
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium-term outlook Annuity-style Markets-facing Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) ▪ Well-positioned to respond to current market conditions and build on our leadin
Slide 46: Approximate business Basel III Capital and ROE
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Approximate business Basel III Capital and ROE 31 Mar 25 APRA Basel III Capital FY25 Return on Ordinary 19-year Average Return on Operating Group 1 2 @ 10.5% ($Ab) Equity Ordinary Equity Macquarie Asset Manag
Slide 47: Presentation to investors and analysts
Presentation to investors and analysts Result announcement for the full year ended 31 March 2023 5 May 2023
Slide 48: Appendix A: Detailed Result Commentary
05 Appendix A Detailed Result Commentary
Slide 49: Macquarie Asset Management
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Result FY25 FY24 • Base fees of $A2,925m, up 2% on FY24 – Base fees in Private Markets were higher due to fundraising and investments made by $Am $Am funds and mandates, partially o
Slide 50: Banking and Financial Services
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Result FY25 FY24 • Net interest and trading income of $A2,717m, up 3% on FY24 7 – 11% growth in the average loan portfolio and 16% growth in average BFS $Am $Am deposit volumes
Slide 51: Commodities and Global Markets
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Result FY25 FY24 • Commodities income of $A3,020m, down 14% on FY24; $Am $Am – Risk management income of $A1,964m, down 13% on FY24, primarily driven by decreased client hedging
Slide 52: Macquarie Capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Result • Net interest and trading income of $A812m, up 18% on FY24, primarily due to higher net FY25 FY24 6 interest income from the private credit portfolio, benefitting from $A3.6b of grow
Slide 53: Corporate
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate Result • Net interest and trading income of $A1,034m, up 6% on FY24, primarily driven by higher FY25 FY24 earnings on capital $Am $Am • Investment-related and other operating income of $A159m, subst
Slide 54: Appendix B: Additional Information Funding
05 Appendix B Additional Information Funding
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 1 • MBL provides funding
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 1 Mar 25 Mar 24 • Well-diversified funding sources $Ab $Ab • Term assets covered by term funding, stable deposits, hybrids, Funding sources subordinated debt and equity Commercial paper
Slide 58: Funding for the Bank Group
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Bank Group Mar 25 Mar 24 1 • Bank balance sheet remains liquid and well capitalised, $Ab $Ab with a diverse range of funding sources Funding sources Commercial paper and certificates of deposi
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 Mar 25 Mar 24 1 • Non-Bank Group is predominantly term funded $Ab $Ab • Term funding beyond one year (excluding equity and Funding sources Commercial paper and certificates of d
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
05 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 31 Mar 25 $Am Macquarie eligible capital Bank Group Gross Tier 1 capital 25,549 Non-Bank Group eligible capital 16,300 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 1 Risk-weighted assets Tier 1 Deductions Capital Requirement 31 Mar 25 $Am $Am $Am Credit risk On balance sheet 66,587 6,992 Off balance she
Slide 64: Macquarie regulatory capital
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital Non-Bank Group • APRA has specified a regulatory capital framework for Macquarie • A dollar capital surplus is produced; no capital ratio calculation is specified • The Non-Bank G
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 31 Mar 25 $Am Credit risk 3,080 Equity risk 7,621 Market risk 209 Operational risk 678 1 Other 1,228 Total Non-Bank Group capital r
Slide 66: Appendix D: Glossary
05 Appendix D Glossary
Slide 67: Glossary
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary $A / AUD Australian Dollar CET1 Common Equity Tier 1 $US / USD United States Dollar CGM Commodities and Global Markets £ / GBP Pound Sterling CMA Cash Management Account € / EUR Euro COG Corporate Op
Slide 68: Glossary
Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary IT Information Technology No. Number LAC Loss-Absorbing Capacity NPAT Net Profit After Tax LCR Liquidity Coverage Ratio NPC Net Profit Contribution LGD Loss Given Default NPS Net Promoter Score LGG L
Slide 69: Presentation to investors and analysts
Presentation to investors and analysts Result announcement for the full year ended 31 March 2023 5 May 2023