2026 full-year result - presentation

01

Introduction

04

Outlook

02

Overview of Result

05

Appendices

03

Result Analysis and Financial Management

~48%

Annuity-style | Income

~28%

~24%

Markets-facing | Income

About Macquarie

• Macquarie's retail banking and financial services business with BFS deposits1 of

  $A215.3b2, loan portfolio3 of $A199.9b2 and funds on platform of $A155.9b2

• A leading global asset manager with Assets under Management of $A722.1b2, investing to deliver positive outcomes for our clients, portfolio companies and communities

Global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base across Commodities, Financial Markets and Asset Finance

Global capability in:

• Advisory and capital raising services, providing clients with specialist expertise

  • Provides a diverse range of personal banking, wealth management and business banking products and services to retail clients, advisers, brokers and business clients

• Provides clients with a diverse range of investment solutions including real assets, real estate, credit and insurance, secondaries and systematic investments

• Capital and financing: provides

  clients with financing and asset management solutions across the capital structure

• Risk management: helping clients manage exposure to price changes in commodities, currencies, credit and equity markets

• Market access: helping clients

  access assets and prices via liquidity and electronic markets globally

• Physical execution and logistics: supporting clients with access to physical commodities and facilitating their transport from production to consumption

  and flexible capital solutions across a

  range of sectors

  • Specialist investing across private credit, private equity, real estate, growth equity, venture capital and infrastructure and energy

  • Equities brokerage, providing clients with access to equity research, sales, execution capabilities and corporate access with a

CGM's deep expertise and physical presence allow us to optimise how we manage both our clients' risk exposures and trading opportunities we see which are conducted within Macquarie's strong internal risk management framework

focus on Asia-Pacific

Central Service Groups

An independent and centralised function responsible for independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie's material risks. RMG designs and oversees the implementation of the risk management framework

Provides a full range of legal and corporate governance services, including strategic legal and governance advice and risk assessment on corporate transactions, treasury and funding, insurance, regulatory enquiries and litigation

Responsible for managing the Group's financial, tax and treasury activities and strategic priorities, fostering our culture through people and community engagement, and engaging with stakeholders to protect and promote Macquarie's reputation globally

Brings together specialist capabilities in technology, global security, data, AI, market services, corporate real estate, business resilience, and procurement to support Macquarie's growth

Note: Reference to Macquarie's established, diverse income streams is based on FY26 net operating income. 1. BFS deposits include home loan offset accounts. 2. As at 31 Mar 26. 3. Loan portfolio comprises home loans (excluding offset accounts), loans to businesses, credit cards and car loans.

2H26 result: $A3,192m up 93% on 1H26 FY26 result: $A4,847m up 30% on FY25

1. Calculation of the effective tax rate excludes the impact of non-controlling interests, in line with the effective tax rate presented on a statutory basis.

FY26 net profit contribution from Operating Groups

$A9,924m up 36% on FY25

Annuity-style

Markets-facing

Non-Banking Group

Banking Group

Note: Where referenced in this document, net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax. 1. Certain activities in the Financial Markets and Commodity Markets and Finance businesses are undertaken from within the Non-Banking Group.

Diversification by region

Total staff1 19,124 of which 50% international. A further ~265,000 people employed across managed fund assets and investments2

Americas EMEA Asia Australia3

31%

of total income

28%

of total income

9%

of total income

32%

of total income

Total income4

2,328 $A5,935m

Total income

2,828 $A5,275m

Total income

4,412 $A1,804m

Total income

9,556 $A6,041m

Employing ~68,000 people

Employing ~133,000 people

Employing ~45,000 people

Employing ~19,000 people

1. Includes staff employed in certain operationally segregated subsidiaries throughout the presentation. 2. Includes people employed through Private Markets-managed fund assets in Real Assets and investments where Macquarie Capital holds significant influence, including operationally segregated subsidiaries. 3. Includes New Zealand. 4. Net operating income excluding earnings on capital and other corporate items.

Macquarie Asset Management

Operating income

$A4,732m

Net profit contribution

$A2,602m

AUM1

$A722.1b

3%

ON FY25

27%

ON FY25

8%

ON 31 Mar 252 ADJUSTED

Notable transactions signed and expected to close in FY27:

• Divestment of Aligned Data Centers at an enterprise value of ~$US40b, the largest data centre transaction globally and one of the largest private equity exits5
• Divestment of Macquarie AirFinance after growing the portfolio to 352 commercial aircraft across 48 countries
• Acquisition of Spire Management Limited, a leading European CLO manager, establishing MAM as a global CLO manager

  Diversity of income

  ~54% ~29% ~17%

  Note: Reference to Macquarie's established, diverse income streams is based on FY26 net operating income. 1. As at 31 Mar 26. Assets under Management (AUM) excluding Real Estate is calculated as the proportional ownership interest in the underlying assets of funds and mandated assets that Macquarie actively manages or advises for the purpose of wealth creation, adjusted to exclude cross-holdings in funds and reflects Macquarie's proportional ownership interest of the fund manager. AUM includes equity yet to deploy and equity committed to assets but not yet deployed. Real Estate AUM represents the proportional gross asset value (including estimated total project costs for developments) of real estate assets owned by funds or managed by investee platforms. 2. Excluding the AUM transferred following the sale of the North American and European public investments business. 3. Equity under Management (EUM) includes market capitalisation at measurement date for listed funds, the sum of original committed capital less capital subsequently returned for unlisted funds and mandates as well as invested capital for managed businesses. 4. Fee-paying AUM represents the

  Annuity-style Markets-facing

  AUM earning management fees and/or performance fees, measured on the applicable fee-earning basis. 5. By enterprise value. 6. Measured excluding non-discretionary mandates, such as model delivery, advisory and execution-constrained mandates. 7. The ranking is based on the net flows of active ETF managers on the ASX between Mar 25 and Mar 26. 8. Money magazine's Best of the Best Awards 2026.

  © Macquarie Group Limited 10

  
  
  

  Personal Banking	Business Banking	Wealth Management
  owner-occupier lending tiers
  Deposits

  • Home loan portfolio4 of $A181.3b, up 28% on 31 Mar 25, representing approximately 7.1% of the Australian market

  • Home loan growth driven by strong demand in lower loan-to-value ratio (LVR) and

  • More than 95% of all home loans originated via the broker channel, with technology investment enabling market-leading turnaround times

  • Continued investment in digital banking experiences, achieving Net Promoter Scores (NPS) of 46.0 for Mobile Banking, 31.4 for Online Banking and 25.5 for Consumer -significantly above major bank peers5

  • Macquarie named Bank of the Year in the 2025 Money Magazine Consumer Finance Awards6, MFAA Major Lender of the Year in the 2025 National Excellence Awards7 and Bank of the Year in the 2025 MPA Brokers on Banks survey8

  • Business Banking loan portfolio of $A18.1b, up 8% on 31 Mar 25

  • Business Banking loan growth driven by an increase in client acquisition across core segments and a continued build into emerging segments

  • Expanded access to fee-free banking offering, removing monthly account keeping, electronic transaction and dishonour fees from business deposit products

  • Continued investment in digital solutions for enhanced client experience, including initial launch of mobile banking offering and ongoing investment in originations platform and capability

  • Funds on platform of $A155.9b, up 1% on 31 Mar 25

  • Ongoing investment in digital functionality including enhancements to Adviser Online

  • Continued new client growth in Macquarie's Private Bank, with an ongoing focus on the high net worth segment

  Banking and Financial Services

  Operating income

  $A3,533m

  Net profit contribution

  $A1,610m

  9%

  ON FY25

  17%

  ON FY25

  Home loan portfolio summary 31 Mar 26

  Average LVR at Origination1 65%

  Average Dynamic LVR2 51%

  Owner Occupied3 62%

  Principal and Interest3 80%

  Fixed Rate3 5%

  Diversity of income

  ~100%

  Annuity-style

• BFS deposits9 of $A215.3b, up 25% on 31 Mar 25, representing approximately 6.5% of the Australian market, with continued diversification of deposit base

• Deposits growth driven by market-leading digital banking experiences, including launch of AI-powered intelligent, human-like support assistant 'Q'

• 'No hoops, no catches' savings account offering resonating strongly, with customers benefitting from competitive interest rates

• Helping Australian households and businesses meet their savings goals, with more than 97% of total BFS deposits interest bearing10

Client numbers approximately 2.3 million

Note: Reference to Macquarie's established, diverse income streams is based on FY26 net operating income. 1. Based on facilities on books as at 31 Mar 26, weighted by size of loan. 2. Property valuation source: Cotality. Dynamic LVR is calculated based on the current net balance of loans against their current estimated valuation where available. 3. Calculated on a gross balance basis, excluding offsets, for the portfolio. 4. Home loan portfolio excludes offset accounts. 5. Data sourced from RFI-DBM Atlas as at Mar 26. Based on Australian consumers aged 18 years and over, rating their likelihood to recommend that bank. Includes the major Australian Banks. Consistent with industry practice, Mobile NPS and Online NPS are from customers who see that bank as their main financial institution; Consumer NPS is from customers who have any financial relationship with that bank. 6. For the third year in a row. 7. For the sixth year in a row. 8. For the fourth year in a row. 9. BFS deposits include home loan offset accounts. 10. $A5.3b of non-interest bearing deposits.

© Macquarie Group Limited 11

Commodities and Global Markets

Operating income

$A7,802m

Net profit contribution

$A4,221m

45+ years of

30%

ON FY25

49%

ON FY25

client partnership

Diversity of income

~18% ~54% ~28%

Annuity-style Markets-facing

Note: Reference to Macquarie's established, diverse income streams is based on FY26 net operating income. 1. Percentages are based on net profit contribution before impairment charges and excluding the gain on sale from the divestment of the OnStream meters platform in Mar 26. 2. Restated to exclude the OnStream meters platform. 3. Energy Risk Awards 2025. 4. Energy Risk Asia Awards 2025. 5. ASX Futures 24 (SFE) Monthly Report Mar 26. 6. LME Member Volume Ranking Report Mar 26.

© Macquarie Group Limited 12

Macquarie Capital

Operating income

$A3,058m

Net profit contribution

$A1,491m

1

16%

ON FY25

43%

ON FY25

2

Private Credit

$A27.3b

Equity

$A5.2b

Diversity of income

~30% ~18% ~52%

Note: Reference to Macquarie's established, diverse income streams is based on FY26 net operating income. 1. Committed private credit portfolio as at 31 Mar 26. 2. Committed equity portfolio as at 31 Mar 26. 3. Dealogic (1 Apr 25 to 31 Mar 26 completed M&A transactions, any ANZ involvement by deal value and count). 4. Dealogic (1 Jan 26 to 31 Mar 26 by deal value). 5. IJGlobal Awards

Annuity-style

Markets-facing

2025 and 2024. 6. IJGlobal Investor Awards 2025, Macquarie acted as exclusive sell-side financial adviser to Ardian, PGGM and APG on their 100% sale of LBC Tank Terminals to Mitsui O.S.K. Lines for a total equity value of $US1.715b. 7. PFI Awards 2025, Macquarie acted as sole financial adviser and debt arranger to Squadron Energy on the $A1b debt financing of its Clarke Creek Wind Farm Stage 1. 8. Dealogic (1 Apr 25 to 31 Mar 26). ANZ ECM includes ANZ national, ASX-NZX and non-rank eligible deals; excludes convertible bonds. Asia ECM reflects Asia Exchange data, Lead Manager

© Macquarie Group Limited

(Full) roles only, including non-rank eligible deals. 13

Funded balance sheet remains strong

Term liabilities exceed term assets

31 Mar 25 31 Mar 26

450

400

350

300

250

200

150

100

50

0

$Ab $Ab

Other1 1%

PPE and intangibles5 3%

Equity investments 4%

Loan assets >1 year4 15%

Debt >1 year3 21%

Home loans 39%

Deposits 48%

Net trading assets 14%

Loan assets <1 year 3%

Cash and liquid assets 22%

Commercial paper and certificates of deposit 11%

Debt <1 year2 5%

Other1 1%

Loan assets >1 year4 14%

Equity investments 3%

PPE and intangibles5 2%

Debt >1 year3 19%

Home loans 42%

Deposits 51%

Net trading assets 13%

Loan assets <1 year 4%

Cash and liquid assets 22%

Commercial paper and certificates of deposit 11%

Debt <1 year2 5%

450

400

350

300

250

200

150

100

50

0

Funding sources Funded assets

Total deposits

$A221.5b

25%

FROM MAR 25

Term funding raised6

$A29.9b

Since

MAR 25

Funding sources Funded assets

These charts represent Macquarie's funded balance sheets at the respective dates noted above. The funded balance sheet is a representation of Macquarie's funding requirements once certain items (e.g. derivative revaluation and self-funded trading assets) have been netted from the statement of financial position. The funded balance sheet is not a liquidity risk management tool, as it does not consider the granular liquidity profiling of all on and off-balance sheet components considered in both Macquarie's internal liquidity framework and the regulatory liquidity metrics. For details regarding reconciliation of the funded balance sheet to Macquarie's statutory balance sheet refer to slide 55. 1. Includes net other assets/liabilities, provisions, held for sale liabilities, current tax and deferred tax liabilities. 2. Debt < 1 year includes Subordinated debt ($A0.8b at 31 Mar 26), Secured funding, Bonds, Structured notes and Unsecured loans. 3. Debt > 1 year includes Secured funding, Bonds, Structured notes and Unsecured loans. 4. Loan assets > 1 year includes Debt investments. 5. Includes deferred tax assets. 6. Issuances cover a range of tenors, currencies and product types and are AUD equivalent based on FX rates at the time of issuance. Includes refinancing of loan facilities.

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 Level 2 CET1 ratio: 12.8%; Harmonised Basel III Level 2 CET1 ratio: 17.5%1

• APRA Basel III Group capital surplus of $A9.3b2,3

  Group capital surplus

  $Ab

  3.2

  0.1

  (0.5)

  (1.1)

  Based on 10.5% (minimum Tier 1 ratio + CCB + CCyB)3

  7.6

10.0

8.0

6.0

4.0

2.0

0.0

APRA Basel III at Sep 25

1H26 Interim dividend 2H26 P&L Business capital requirements incl. FX impacts

Other movements⁴ APRA Basel III at Mar 26

1. 'Harmonised' Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS therefore the ratios are indicative only. 2. The surplus reported includes provisions for internal capital buffers and differences between Level 1 and Level 2 requirements, including the $A500m operational capital overlay imposed by APRA. 3. The Group capital surplus is the amount of capital above APRA regulatory requirements. Bank Group regulatory requirements are calculated in accordance with Prudential Standard APS 110 Capital Adequacy (APS 110), at 10.5% of RWA. This includes the industry minimum Tier 1 requirement of 6.0%, capital conservation buffer (CCB) of 3.75% and a countercyclical capital buffer (CCyB). The CCyB of the Bank Group at Mar 26 is 0.79% (Sep 25: 0.75%), this is rounded to 0.75% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at period end. 4. Includes movements in foreign currency translation reserve (FCTR), share-based payments reserve, and other movements.

Business capital requirements

FY26 business capital requirements1 increase of $A2.7b excluding FX movements

$Ab

33.4

33.3

36.0

32.3

32.0

28.0

24.0

20.0

16.0

Mar 25 MAM BFS CGM MacCap Corp FX Sep 25 MAM BFS CGM MacCap Corp FX Mar 26

2H26 Key drivers

MAM

• Reduction due to divestments, predominantly driven by completion of the sale of the North American and European public investments business, partially offset by net movements in co-investments

  and underwrites

  BFS

• Growth in home loans and business banking, partially offset by the disposal of a portion of the car loans portfolio

  CGM

• Increase in credit and market risk capital

  Macquarie Capital

• Predominantly driven by growth in Private Credit

1. Bank Group regulatory capital requirements are calculated in accordance with APS 110, at 10.5% of RWA. 2. The FCTR forms part of capital supply and broadly offsets FX movements in capital requirements. 3. Excluding FX. 1H26 movements do not include the internal transfer of on-balance sheet Green Investments assets to Corporate effective 1 Sep 25. 4. Excluding FX.

16

© Macquarie Group Limited 16

Strong regulatory ratios

Bank Group Level 2 Ratios (Mar 26)

17.5%

5.3%

8.0%

20.0%

250.0%

200.0%

250.0%

116%

200.0%

16.0%

12.0%

8.0%

4.0%

6.0%

4.0%

2.0%

150.0%

100.0%

50.0%

150.0%

100.0%

50.0%

0.0%

CET1 ratio

0.0%

Leverage ratio

0.0%

LCR

LCR1

0.0%

NSFR

173%

NSFR2

Bank Group (Harmonised3) Bank Group (APRA) APRA Basel lll minimum4

1. Average LCR for Mar 26 quarter is based on an average of daily observations. APRA imposed a 25% add-on to the Net Cash Outflow (NCO) component of the LCR calculation, effective from 1 May 22. APRA has partially removed the add-on to the NCO component reducing it from 25% to 15% effective from 5 Feb 26. 2. APRA imposed a 1% decrease to the Available Stable Funding (ASF) component of the NSFR calculation, effective from 1 Apr 21. APRA has removed the adjustment applied to the ASF component effective from 5 Feb 26. 3. 'Harmonised' Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS therefore the ratios are indicative only. 4. The minimum requirement for CET1 ratio per APS 110 is 9.0% which includes the industry minimum CET1 requirement of 4.5%, CCB of 3.75% and a CCyB. The CCyB of the Bank Group at Mar 26 is 0.79%, which is rounded to 0.75% for presentation purposes. The minimum leverage ratio requirement is 3.5% per APS 110. The minimum requirement for LCR and NSFR is 100% per APS 210 Liquidity.

Final dividend

2H26 Ordinary Dividend

$A4.20

(35% franked)

FROM

$A3.90

(35% franked)

IN 2H25

FY26 Ordinary Dividend

$A7.00

(35% franked)

FROM

$A6.50

(35% franked)

IN FY25

2H26 Record Date

19 May 26

2H26 Payment Date

02 Jul 26

DRP shares for the 2H26 dividend to be issued1

Payout Ratio2

50% 55%

2H26 FY26

Dividend policy remains 50-70% annual payout ratio

1. The Board has resolved to issue shares to satisfy the DRP for the 2H26 dividend at a discount to the prevailing market price of 1.5%. The prevailing price will be determined in accordance with the DRP rules as the average of the daily volume weighted average price over ten business days from 25 May 26 to 5 Jun 26. 2. Payout ratio calculated as estimated number of eligible shares multiplied by dividend per share, divided by profit attributable to MGL shareholders.

   
   
   

   Income statement key drivers

   non-controlling interests

   Net interest and trading income of $A10,159m, up 14% on FY25

   	2H26 $Am	1H26 $Am	FY26 $Am	FY25 $Am
   Net interest and trading income	5,648	4,511	10,159	8,877
   Fee and commission income	3,315	3,901	7,216	6,790
   Share of net profits/(losses) from associates and joint ventures	101	(50)	51	167
   Net credit impairment charges	(461)	(17)	(478)	(266)
   Net other impairment charges	(218)	(12)	(230)	(95)
   Net investment income	2,440	336	2,776	1,338
   Other (charges)/income	(39)	22	(17)	397
   Net operating income	10,786	8,691	19,477	17,208
   Employment expenses	(4,261)	(3,956)	(8,217)	(7,660)
   Brokerage, commission and fee expenses	(595)	(628)	(1,223)	(1,206)
   Other operating expenses	(1,653)	(1,655)	(3,308)	(3,274)

   • Higher risk management income primarily due to increased client hedging activity across Global Gas and Power businesses and Global Oil, in CGM

   • Higher inventory management and trading income driven by supply and demand imbalances in North American Gas and Power and oil trading, partially offset by timing of income recognition on gas storage and transport contracts, in CGM

   • Growth in the average loan and BFS deposit portfolios, partially offset by lower margins reflecting changes in portfolio mix, and lending and deposit competition, in BFS

   • Growth in the average private credit portfolio, in MacCap

     Fee and commission income of $A7,216m, up 6% on FY25

   • Higher performance fees, in MAM

   • Higher advisory fee income, particularly in Americas and ANZ and higher brokerage fee income mainly due to increased market activity, particularly in Asia, in MacCap

     Partially offset by:

   • Lower base fees following the sale of North American and European public investments business in 2H26, in MAM

     Credit and other impairment charges of $A708m, compared to $A361m in FY25

   • Uncertainty in the macroeconomic environment

   • Portfolio growth and specific impairments for a small number of counterparties, in CGM

   • A small number of underperforming investments, in MacCap

     Net investment and other income of $A2,759m, substantially up on FY25

     Total operating expenses	(6,509)	(6,239)	(12,748)	(12,140)
     Operating profit before tax and non-controlling interests	4,277	2,452	6,729	5,068

   • Gain on sale from the divestment of the OnStream meters platform, in CGM

   • Gains on the equity investment portfolio, primarily driven by exits in the infrastructure and technology sectors, in MacCap

   • Gain on sale of the North American and European public investments business, net of associated transaction and separation costs, partially offset by Macquarie Rotorcraft in the prior year, in MAM

     Income tax expense (1,089)	(771)	(1,860)	(1,326)
     Loss/(profit) attributable to 4	(26)	(22)	(27)
     Profit attributable to MGL shareholders 3,192	1,655	4,847	3,715

     Partially offset by:

   • Non-recurrence of asset realisations of Green Investments and higher impairments of Green Investments, in Corporate

   • Non-recurrence of gains on sale of centrally held assets, in Corporate

     Total operating expenses of $A12,748m, up 5% on FY25, primarily driven by higher employment expenses due to performance-related profit share and wage inflation Income tax expense of $A1,860m. The effective tax rate of 27.6% was higher than 26.2% in FY25, mainly driven by the geographical composition and nature of earnings

     Macquarie Asset Management

     Increase primarily driven by higher performance fees

     3,000

     $Am

     544 93

     2,500

     (67) (47)

     2,049

2,000

1,500

30

Key drivers

Base Fees

1,000

0

FY25 NPC

Base fees1

Performance fees

Investment income

Divested business P&L2

Other3

FY26 NPC

Divested business P&L

Other

1. Base fee movement excludes the impact of the divestment of the North American and European public investments business and is shown net of sub-advisory expenses reflected in Brokerage, commission and fee expenses. 2. Reflects base fees, other fee and commission income, other net operating income and total operating expenses of the divested North American and European public investments business. 3. Includes all other net profit contribution items for the retained MAM businesses.

21

© Macquarie Group Limited 21

MAM AUM movement

MAM AUM increased by 8% (excluding the impact of the divested business1) primarily driven by increased fund investments, net asset valuation changes and net flows

1,100

1,000

900

800

700

600

500

400

300

200

100

0

$Ab

941.0

42.4

34.6

12.4

19.3

(13.1)

(5.9)

(2.4)

(28.5)

(2.0)

(1.3)

722.1

(274.4)

Private Markets 27.1

Public Investments 28.4

31 Mar 25 Investments Divestments Assets no

longer managed

Equity to deploy movements2

Net valuation changes3

Private Markets FX

Market movements

Net flows Public Investments

FX

Other4

Divested business5

31 Mar 26

Divested business

Equity to deploy movements

Net valuation changes

Other

1. Relates to the AUM transferred following the sale of the North American and European public investments business. 2. Includes equity committed to assets but not yet deployed. 3. Net valuation changes include net movements in enterprise valuations of portfolio assets and listed share price movements. 4. Includes annual distributions from Australian registered vehicles. 5. Divested business reflects North American and European public investments business AUM as at 31 Mar 25, adjusted only for sub-advisory AUM retained following completion of the sale. Approximately $A250b of AUM was transferred on completion.

© Macquarie Group Limited 22

Banking and Financial Services

Growth in the loan portfolio and BFS deposits

$Am

1,800

Key drivers

• Higher Personal Banking income driven by 24% growth in average home loan volumes5 and 28% growth in average deposit volumes5, partially offset by lower margins reflecting changes in portfolio mix and lending and deposit competition

• Lower Business Banking income driven by lower margins, partially offset by 6% growth in average

  1,500

  1,200

  900

  600

  269

  36

  (6)

  (3) (55) (11)

  deposit volumes and 6% growth in average business lending volumes

• Higher Wealth income driven by 6% growth in average funds on platform

• Higher credit impairments driven by uncertainty in the macroeconomic outlook and volume growth, partially offset by changes in portfolio mix

• Higher operating expenses reflecting increased technology expenses mainly to support business growth and scalable operations

  1,380

300

0

FY25 NPC

Personal Banking¹

Personal Banking1

Business Banking1

Wealth Management1

Credit and other impairments²

Credit and other impairments2

Expenses3

Expenses3

Other

Other4

FY26 NPC

Business Banking¹

Wealth Management¹

1. Includes brokerage, commission and fee expenses. 2. Excludes associated credit and other impairment charges relating to car loans. 3. Excludes brokerage, commission and fee expenses and includes associated expenses relating to car loans. 4. Includes car loans run-off including associated credit and other impairment charges excluding expenses. 5. Calculations based on average volumes net of offset accounts.

23

© Macquarie Group Limited 23

Banking and Financial Services

Strong growth across home loans, deposits, funds on platform and business banking loans

$Ab $Ab

215.3

181.3

172.4

155.9

141.7

142.7

147.4

154.0

129.4

127.8

108.1

119.3

18.1

15.8

16.7

13.0

240 20

180 15

120 10

60 5

0

Home loans

Home loans1

0

Business banking loans

BFS deposits

Funds on platform

BFS deposits2

31 Mar 23

Funds on platform

31 Mar 25

31 Mar 26

31 Mar 24

Note: Data based on spot volumes at period end. 1. Home loan portfolio excludes offset accounts. 2. BFS deposits include home loan offset accounts.

© Macquarie Group Limited 24

Commodities and Global Markets

Strong underlying client business; well-positioned for upside opportunities

$Am

5,000

1,022

Key drivers

• Commodities income of $A3,637m, up 20% on FY25 - Risk management income was higher, primarily

  driven by increased client hedging activity across Global Gas and Power businesses and Global Oil

  • Lending and commodity financing income was higher, driven by increased client activity across energy and resources sectors

    4,221

1,000

1. Includes Asset Finance net interest and trading income and net operating lease income. 2. Includes fee and commission income and brokerage, commission and trading related expenses.

© Macquarie Group Limited

transaction-related costs

25

25

Strong underlying client business

Majority of income derived from underlying client business

Operating Income

(excl. credit and other impairment charges)

Underlying client business1

Client numbers

(excl. Asset Finance)

FY22 FY23 FY24 FY25 FY26 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26

Other Income Foreign exchange, interest rates and credit

Equity derivatives and trading Brokerage and fee income Leasing (operating and finance) income Commodity lending and financing Commodity risk management Investment income

Commodity inventory management and trading

Commodities Financial Markets

• 45+ years of client partnerships evolving into niche activities in some markets, and scale

  in others

• Platform diversity drives earnings stability

  and de-risks the portfolio

• Dedicated specialist staff with deep sector knowledge and market insights

  • Client-led business with deep longstanding client relationships:

    • Diverse and growing client base

    • Strong repeat client business with ~75% of client revenue generated from existing relationships

    • Client relationships spread over a full spectrum of products and services

• Risk management is core

• Industry recognition in select markets and sectors is strong

  1. Included within underlying client business is a relatively small (~5%) amount of FX, IR, Credit and EDT trading activity not related to clients.

Underlying client activity driving regulatory capital and trading revenues

Regulatory capital1

Group daily trading profit and loss2 FY22 - FY26

Days

Mar 22 Mar 23 Mar 24 Mar 25 Mar 26

Credit Market Operational Other

100

80

60

40

20

0

FY22 FY23 FY24 FY25 FY26

<-100

<-90

<-80

<-70

<-60

<-50

<-40

<-30

<-20

<-10

<0

>0

>10

>20

>30

>40

>50

>60

>70

>80

>90

>100

$Am

1. Includes the impact of APRA's "Unquestionably Strong" bank capital framework which came into effect from 1 Jan 23. Implementation of UQS resulted in an increase in CGM capital requirements, largely on account of higher regulatory buffers, along with RWA calculation changes. All figures are shown at the post-UQS ratio of 10.5% RWA. Prior periods have not been normalised for RWA calculation changes, including the implementation of the Standardised Measurement Approach to Operational Risk. 2. The daily profit and loss refers to results that are directly attributable to market-based activity from Macquarie's trading desks.

   Macquarie Capital

   Reflects higher investment-related income, higher fee and commission income and lower operating expenses

   1,491

$Am

Key drivers

133

149 52

Partially offset by:

Net income on private credit portfolio1

1. Includes realised gains and losses and revaluation of equity, debt and other investments, net interest and trading income (which represents the interest earned from debt investments and the funding costs associated with Macquarie Capital's balance sheet positions), share of net losses from associates and joint ventures, credit and other impairment (charges)/reversals, other (expenses)/income, internal management revenue and non-controlling interests and excludes net income on private credit portfolio. 2. Represents the interest earned, net of associated funding costs, net credit impairment charges (incl. origination ECL) and other gains and losses on the private credit portfolio. 3. Average volume calculation is based on balances converted at spot FX rates as at reporting period end.

28

© Macquarie Group Limited 28

Macquarie Capital

Movement in capital

Private Credit capital sector exposures2

$Ab

6.6

(1.3)

6.2

(0.5)

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

7%

10%

26%

11%

7%

11%

12%

16%

1.4

Diversified

Real Estate

Technology

Energy Infrastructure

Infrastructure

Digital Infrastructure Debt

Software3 Tech Enabled

Software

B2B

Financial and Insurance Services Diversified Industries

Education

Healthcare

Real Estate

0.0

31 Mar 25 Investments Realisations

Other (incl. FX)1

31 Mar 26

Other (incl. FX)

1. Other (incl. FX) includes accounting movements. 2. Exposures shown follow the economic capital adequacy methodology which is inclusive of off-balance sheet commitments. 3. Software predominantly relates to vertical software.

Regulatory compliance and technology spend

Investment has continued, albeit growth has remained well below historical rates, reflecting ongoing regulatory and compliance requirements and business investment in platforms and digitalisation to support growth

• Regulatory compliance increased by 6% on FY25 in response to evolving regulatory expectations and our investment to meet requirements

  • Regulatory change and project spend decreased 5% on FY25, driven by the completion of several major initiatives and their transition to BAU, partially offset by ongoing investment in:

    • Non-financial risk management programs and control uplift

    • Transformation initiatives, including end-to-end capital and liquidity reporting

    • Targeted remediation and governance initiatives as part of the strategic response to regulatory findings and licence conditions

  • BAU regulatory compliance spend increased 12% on FY25, reflecting higher activity and costs across core compliance operations including nonfinancial risk, data management and regulatory reporting obligations

• Technology spend increased 5% on FY25 with continued business investment in platforms and digitalisation to support business growth, drive efficiencies, increase agility and improve customer experience

Regulatory compliance spend1

$Am

1,043

1,223

1,220

1,293

646

785

1,500

1,000

500

0

FY21 FY22 FY23 FY24 FY25 FY26

BAU regulatory compliance spend Regulatory change and project spend

Technology spend2

$Am

1,977

2,249

2,301

2,417

1,373

1,569

3,000

2,000

1,000

0

1. Excluding indirect costs. 2. Total technology spend across the Group includes spend related to regulatory compliance. It includes remuneration paid to staff in the Technology division and spend with technology vendors including market data, software licences and maintenance.

   FY21 FY22 FY23 FY24 FY25 FY26

   Technology spend
   
   

   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, liquids and other short-term assets

   • Total deposits continuing to grow, up 25% to $A221.5b as at Mar 26 from $A177.7b as at Mar 25

   • $A29.9b1 of term funding raised during FY26:

     • $A17.3b of senior unsecured debt

     • $A4.4b of unsecured loan facilities

     • $A4.1b of subordinated unsecured debt

     • $A2.3b of securitisation issuances

     • $A1.1b of covered bond issuance; and

     • $A0.7b of secured facilities

1. Issuances cover a range of tenors, currencies and product types and are AUD equivalent based on FX rates at the time of issuance. Includes refinancing of loan facilities.

Diversified issuance strategy

Term funding as at 31 Mar 26 - diversified by currency, tenor and type

Currency1

JPY 1%

OTH 1%

USD 38%

EUR 13% GBP 3% CHF 1%

Tenor2 Type

1-2yrs 13%

2-3yrs 11%

Equity 28%

Securitisations >1yr 7%

Other secured funding 6%

Securitisation 7%

AUD 43%

>5yrs 48%

3-4yrs 14%

4-5yrs 7%

Unsecured loans 14%

Hybrids 3%

Subordinated debt 8%

Structured notes 1%

Bonds 33%

Term Issuance and Maturity Profile

$Ab

80

60

40

20

0

Issuances4 Maturities6

Mar 26: Weighted average maturity 4.1 years3

FY225

FY235

FY225 FY23

FY24 FY25 FY26

<1yr 1-2yrs 2-3yrs 3-4yrs 4-5yrs >5yrs

Senior unsecured debt Secured debt Hybrids and subordinated debt Equity

1. Equity has been allocated to the AUD currency category. 2. Securitisations have been presented on a behavioural basis and represent funding expected to mature in > 1 year. 3. WAM represents weighted average term to maturity of term funding maturing beyond one year excluding deposits, equity and securitisations. 4. Issuances include refinancing of loan facilities and are converted to AUD at the 31 Mar 26 spot rate. 5. Includes RBA TFF of $A9.53b. 6. Maturities are shown as at 31 Mar 26.

Diversified deposit base

Macquarie has seen continued success in its long-term strategy of diversifying funding sources by growing its deposit base

Of approximately 2.3 million BFS clients, ~2.1 million are depositors

$Ab

240

200

160

120

80

40

0

Non-Financial Businesses

56.0

67.1

84.0

101.5

134.5

148.4

177.7

8%

2%3%

13%

Type1

48%

26%

221.5

Savings Offsets

Non-Interest Bearing

Composition of deposits

3%

21%

Counterparty3

49%

27%

Transaction Term Deposits Other2

Households

Superannuation4

Non-Financial Businesses5

Institutions & Other

Superannuation

Other

Mar 19 Mar 20 Mar 21 Mar 22 Mar 23

Mar 24

Mar 25

Mar 261

Mar 26

Mar 24

1. Total deposits include BFS deposits of $A215.3b and $A6.2b of corporate/wholesale deposits, including those taken by MBE as at 31 Mar 26. 2. Includes corporate/wholesale deposits. 3. As at 31 Mar 26 for Total Residents Deposits on Australian books per APRA Monthly Authorised Deposit-Taking Institution Statistics (MADIS). 4. Predominantly Self-Managed Super Funds. 5. Predominantly Private Enterprises and Trusts.

Loan portfolio - funded balance sheet

CGM

MAM

Corporate and other lending 24.7 24.1

MacCap

2 Diversified corporate and real estate lending portfolio, predominantly consisting of loans which are senior, secured, covenanted and with a hold to maturity horizon

205.6

253.5

Total loan assets per funded balance sheet3

24.1

24.7

Total MacCap

1. Per the funded balance sheet, the figure for home loans of $A183.0b differs from the figures disclosed on slides 11 and slide 24 of $A181.3b. The balances on slides 11 and 24 exclude capitalised costs, provisions, deferred income, accrued interest and establishment fees. 2. Includes loans secured by mortgages over residential property. 3. Total loan assets per the funded balance sheet includes self-securitised assets.

Equity investments1 of $A13.0b

Operating Group

Carrying Value Carrying Value

Category

Mar 26 $Ab

Mar 25 $Ab Description

MAM

Macquarie Asset Management Private Markets-managed funds

Transport, industrial, real estate, infrastructure and technology

Investments acquired to seed new Private Markets-managed products and mandates

Includes investments in regional infrastructure and core infrastructure, real estate, core renewable energy and energy transition funds

3.0 2.6

2.0 1.9

Includes investments in a portfolio of aircraft as part of the aviation leasing business and opportunistic real estate

0.7 0.9

Includes investments acquired to seed new initiatives in the infrastructure and adjacencies sector

Total MAM

5.7

5.4

MacCap

Includes Enterprise Software, Technology-Enabled Services, FinTech, Government Services, Regulatory and Compliance technology, AI and Other

Transition

Growth & Technology and Venture Capital 2.1 1.8

Infrastructure & Energy Capital 1.7 2.1 Includes Digital Infrastructure, Social & Economic Infrastructure and Energy

Principal Finance 1.6 1.9

Includes investments in Services, Technology and Telecommunications companies and Real Estate

Total MacCap

5.4

5.8

Corporate, BFS and CGM

Green Energy2 0.7 1.3 Reflecting assessment of carrying value during the year and disposals of

certain assets

Corporate and Other 1.2 0.9

Includes investments in corporations in the financial services industry, securities exchanges, investment companies and fund managers

13.4

13.0

Total equity investments

2.2

1.9

Total Other

1. Equity investments includes interests in associates and joint ventures including those classified as held for sale, subsidiaries and certain other assets held for investment purposes and financial investment. 2. Reflects the impairment of Green Investments of $A379m and the divestment of a solar platform. During the year, net expenditure in Green Investment platforms decreased 47% to $A303m.

   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 final changes to the ADI prudential standards to phase out hybrid instruments1 as eligible capital, including for Non-Operating Holding Companies, along with consequential amendments to the prudential standards following the consultation paper released on 8 Jul 252. The changes to the ADI framework are effective from 1 Jan 27, with transitional arrangements in place for instruments outstanding until 1 Jan 32.

   • Macquarie has been working with APRA on a remediation plan that strengthens MBL's governance, culture, structure and remuneration to ensure full and ongoing compliance with prudential standards and management of MBL-specific risks. These will continue to be delivered through 2026 and beyond, creating a positive impact through improved systems, frameworks, processes, and strengthening risk culture.

     • On 5 Feb 26, APRA announced it had reduced liquidity add-on requirements imposed on MBL in 2021 and 2022. APRA has partially removed the add-on to the net cash outflow component of MBL's Liquidity Coverage Ratio (LCR), reducing the add-on from 25 per cent to 15 per cent. APRA has also removed MBL's Net Stable Funding Ratio (NSFR) add-on of 1 per cent that was applied to the available stable funding component of the NSFR calculation. There has been no change to the operational capital overlay of $A500m which MBL was required by APRA to hold from 2021. The changes are effective 5 Feb 26.

   • Macquarie has been working with ASIC and notes the following updates:

     • On 13 Mar 26, the Supreme Court of NSW ordered Macquarie Securities (Australia) Limited (MSAL) to pay an agreed civil penalty of $A35m, following an agreement reached between MSAL and ASIC, arising from inaccurate short sale transaction reporting.

     • On 20 Mar 26, the Federal Court handed down judgment following an agreement reached between ASIC and Macquarie Investment Management Limited (MIML), in relation to not placing the Shield Master Fund on a watchlist for further monitoring. ASIC did not seek a pecuniary penalty against MIML in this matter.

     • MBL continues to execute the remediation plan associated with additional conditions imposed on MBL's Australian Financial Services Licence (AFSL) following compliance failures in Macquarie's futures dealing business and its over-the-counter (OTC) derivatives trade reporting. The most recent interim compliance report was released by ASIC on 30 Oct 25.

       Germany

   • The ongoing, industry-wide investigation in Germany relating to dividend trading continues. Over a dozen criminal trials related to cum-ex have been or are being prosecuted against individuals in German courts and there have been convictions. Under German law, companies cannot be criminally prosecuted, but they can be added as ancillary parties to the trials of certain individuals. Ancillary parties may be subject to confiscation orders requiring the disgorgement of profits. Macquarie has provided for German dividend trading matters. As previously noted, in total, the German authorities have designated as suspects approximately 100 current and former Macquarie staff, most of whom are no longer at Macquarie and there are a number of civil claims against Macquarie. Macquarie has been responding to requests for information about its historical activities and has seen increased activity in relation to former and current Macquarie employees as the industry-wide investigation continues, notably the prosecution and potential trial of a former employee from mid-2026.

     1. As at 31 Mar 26, MBL had $A2.4b of AT1 capital on issue and MGL had $A3.9b of eligible hybrid capital on issue. 2. 'APRA consults on amendments to phase out AT1 Capital'; 8 Jul 25.

     Basel III Bank Group Common Equity Tier 1 (CET1) Ratio

   • APRA Basel III Level 2 CET1 ratio at Mar 26: 12.8%

   • Harmonised Basel III Level 2 CET1 ratio at Mar 26: 17.5%1

     Bank Group Level 2 CET1 ratio

     4.7%

     1.5%

     (0.9%)

     (0.2%)

     APRA CET1 minimum requirement2

     12.8%

(4.9%)

17.5%

17.3%

20.0%

18.0%

16.0%

14.0%

12.0%

17.3%

17.5%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

Harmonised Basel III at Sep 25

APRA Basel III 'super equivalence'

APRA Basel III at Sep 25

2H26 P&L Business capital requirements incl.

FX impacts

Other movements³ APRA Basel III at Mar 26

APRA Basel III 'super equivalence'⁴

Harmonised Basel III at Mar 26

1. 'Harmonised' Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS therefore the ratios are indicative only. 2. The minimum requirement for the CET1 ratio per APS 110 is 9.0% which includes the industry minimum CET1 requirement of 4.5%, CCB of 3.75% and a CCyB. The CCyB of the Bank Group at Mar 26 is 0.79% (Sep 25: 0.75%), this is rounded to 0.75% for presentation purposes. 3. Includes movements in FCTR and other movements. 4. APRA Basel III 'super equivalence' includes the impact of changes in capital requirements in areas where APRA differs from the updated BCBS Basel III framework, including: residential mortgages LGD adjustment 1.6%; wholesale LGD adjustment 0.9%; IRB scaling factor adjustment 0.7%; capitalised expenses 0.6%; DTAs 0.4%; equity investments 0.4%; and other movements 0.1%.

Strong liquidity position maintained

MBL LCR position1,2

MBL HQLA composition1

$Ab

55.3

49.5

49.1

32.0

28.3

28.4

60

LCR 175% LCR 173% LCR 173%

Mar 26

14%

30%

56%

40

Central bank balances

Australian government and semi-government bonds

20

Non-AUD HQLA

0

Mar 25 Qtr Sep 25 Qtr Mar 26 Qtr

Net Cash outflows

High-Quality Liquid Assets Net Cash Outflows

1. Represents quarterly average balances. 2. APRA imposed a 25% add-on to the Net Cash Outflow (NCO) component of the LCR calculation, effective from 1 May 22. APRA has partially removed the add-on to the NCO component reducing it from 25% to 15% effective from 5 Feb 26.

   Capital management update

   Dividend Reinvestment Plan (DRP)

   • On 17 Dec 25, the DRP in respect of the 1H26 dividend was satisfied through the allocation of ordinary shares at a price of $A195.34 per share1. The shares allocated under the DRP were acquired on-market

   • The Board has resolved to issue shares to satisfy the 2H26 DRP and that a 1.5% discount to the prevailing market price2 will apply. The shares for the 2H26 DRP may be purchased on-market in part or in full if issuing becomes impractical or inadvisable

     On-market share buyback

   • As at 7 May 26, a total of $A1,013m of ordinary shares had been acquired on-market at an average price of $A189.80 per share

   • Given significant business growth over recent periods, together with the prevailing market conditions, Macquarie has not purchased any shares under the buyback since the Board-approved extension announced on 7 Nov 25

   • There is currently no expectation of further share purchases under the extended buyback and so the Board has resolved to conclude the on-market share buyback

     Macquarie Group Employee Retained Equity Plan (MEREP)

   • The Board has resolved to purchase shares3 for the FY26 MEREP requirements of approximately $A741m4. The shares for MEREP may be issued in part or in full if purchasing becomes impractical or inadvisable

   • The buying period for MEREP will commence on 18 May 26 and is expected to be completed by 30 Jun 265

   • MQG shares sold by staff between 18 May 26 and 15 Jun 266 are expected to be acquired by the MEREP Trustee to meet the MEREP buying requirements

   • Shares sold by staff during this window are to be acquired off-market at the daily Volume Weighted Average Price (VWAP)7, reducing the number of shares acquired on-market to meet the MEREP requirements

1. The DRP price was determined in accordance with the DRP Rules, being the arithmetic average of the daily volume weighted average price of all Macquarie Group shares sold through a Normal Trade on the ASX automated trading system over the eight trading days from 24 Nov 25 to 3 Dec 25.

2. Determined in accordance with the DRP rules as the average of the daily volume weighted average price over the ten business days from 25 May 26 to 5 Jun 26. 3. Shares may be purchased on-market and off-market. 4. Final volumes may be subject to change. 5. Actual buying may be completed sooner or later. On-market buying for the MEREP will be suspended during the DRP pricing period (25 May 26 to 5 Jun 26). 6. This date may be subject to change. 7. Trades will be crossed off-market by Macquarie Securities (Australia) Limited and reported to ASX and Cboe Australia accordingly.