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2
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 and does not purport to be complete. The material contained in this presentation may include information
derived from publicly available sources that have not been independently verified. Information in this presentation should not be considered as advice or a recommendation to investors or potential
investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or
needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek
independent financial advice. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All securities and financial product or instrument transactions
involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk.
This presentation may contain forward looking statements – that is, statements related to future, not past, events or other matters – including, without limitation, statements regarding our intent, belief
or current expectations with respect to Macquarie’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, provisions for impairments and risk
management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Macquarie does not undertake any obligation to publicly release the result of any
revisions to these forward looking statements or to otherwise update any forward looking statements, whether as a result of new information, future events or otherwise, after the date of this
presentation. Actual results may vary in a materially positive or negative manner. Forward looking statements and hypothetical examples are subject to uncertainty and contingencies outside
Macquarie’s control. Past performance is not a reliable indication of future performance.
Unless otherwise specified all information is for the half year ended 30 September 2025.
Certain financial information in this presentation is prepared on a different basis to the Financial Report within the Macquarie Group Financial Report (“the Financial Report”) for the half year ended 30
September 2025, which is prepared in accordance with Australian Accounting Standards. Where financial information presented within this presentation does not comply with Australian Accounting
Standards, a reconciliation to the statutory information is provided.
This presentation provides further detail in relation to key elements of Macquarie’s financial performance and financial position. It also provides an analysis of the funding profile of Macquarie because
maintaining the structural integrity of Macquarie’s balance sheet requires active management of both asset and liability portfolios. Active management of the funded balance sheet enables the Group to
strengthen its liquidity and funding position.
Any additional financial information in this presentation which is not included in the Financial Report was not subject to independent audit or review by PricewaterhouseCoopers. Numbers are subject to
rounding and may not fully reconcile.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“MBL”), any Macquarie group entity noted in this presentation is not an authorised deposit-taking institution for the purposes of the Banking
Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of MBL and MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity. Any
investments are subject to investment risk including possible delays in repayment and loss of income and principal invested.
For personal use only
Agenda
01
02
03
04
05
Introduction
Overview of
Result
Result Analysis
and Financial
Management
Outlook
Appendices
For personal use only
For personal use only
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
6
BFS
MAM
CGM
MacCap
Banking and Financial Services Macquarie Asset Management
Commodities and Global Markets
Macquarie Capital
•
Macquarie’s retail banking and financial
services business with BFS deposits1 of
$A192.5b2, loan portfolio3 of $A178.4b2
and funds on platform of $A166.7b2
•
A global asset manager with assets under
management of $A959.1b4, investing to deliver
positive outcomes for our clients, portfolio
companies and communities
•
Provides a diverse range of investment solutions
to clients including real assets, real estate, credit
and insurance, secondaries and systematic
investments
•
On 1 Sep 25, the Green Investments assets
retained on MAM’s balance sheet were
transferred to a Macquarie Group portfolio,
centrally managed in Corporate. The transfer
enables MAM to focus on its Green Investments
fiduciary business. The transferred assets
continue to be managed by a dedicated team,
focused on executing the relevant business plans
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 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 focus on Asia-Pacific
•
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
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
About Macquarie
Note: Reference to Macquarie’s established, diverse income streams is based on 1H26 net operating income. 1. BFS deposits include home loan offset accounts. 2. As at 30 Sep 25. 3. Loan portfolio comprises home loans (excluding offset accounts), loans to businesses, credit cards and car loans
(excluding balances classified as held for sale assets of $A1.5b as at 30 Sep 25). 4. As at 30 Sep 25. Includes assets under management as part of the North American and European Public Investments business.
~56%
~16%
Markets-facing | Income
~28%
Central Service Groups
Risk Management Group
Legal and Governance Group
Financial Management, People and Engagement
Corporate Operations Group
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
operations, corporate real estate, business
resilience, and procurement to support
Macquarie’s growth
Annuity-style | Income
•
Provides a diverse range of personal
banking, wealth management and
business banking products and
services to retail clients, advisers,
brokers and business clients
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
7
1H26 result: $A1,655m up 3% on 1H25;
down 21% on 2H25
1H26
$Am
2H25
$Am
1H25
$Am
1H26 v
1H25
1H26 v
2H25
Net operating income
8,691
8,992
8,216
6%
3%
Total operating expenses
(6,239)
(6,221)
(5,919)
5%
—
Operating profit before income tax
2,452
2,771
2,297
7%
12%
Income tax expense
(771)
(640)
(686)
12%
20%
Effective tax rate1 (%)
31.8
23.3
29.9
(Profit)/loss attributable to non-controlling interests
(26)
(28)
1
Profit attributable to MGL shareholders
1,655
2,103
1,612
3%
21%
Annualised return on equity (%)
9.6
12.5
9.9
3%
23%
Annualised return on tangible equity (%)
10.2
13.9
11.4
11%
27%
Basic earnings per share
$A4.37
$A5.55
$A4.25
3%
21%
Dividend per ordinary share
$A2.80
$A3.90
$A2.60
8%
28%
1. Calculation of the effective tax rate is after adjusting for the impact of non-controlling interests.
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â
â
–
â
â
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
8
1H26 net profit contribution from Operating Groups
$A3,792m up 20% on 1H25
Non-Banking Group
on 1H25
Macquarie Asset Management1 (MAM)
Increase primarily driven by higher performance fees
on 1H25
Macquarie Capital (MacCap)
Higher M&A and brokerage fee income and higher net income on the private
credit portfolio
Banking Group
on 1H25
Banking and Financial Services (BFS)
Growth in the loan portfolio and BFS deposits, together with lower average
headcount, partially offset by margin compression and higher technology
expenses
on 1H25
Commodities and Global Markets2 (CGM)
Higher operating expenses due to increased investment in the CGM platform,
remediation-related spend and significant transaction-related costs.
Commodities income was broadly in line with 1H25. Financial Markets up on
1H25 due to increased contributions from financing origination, as well as
continued strong client hedging activity across foreign exchange and interest
rate products
á
á
á
â
Note: Where referenced in this document, net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax. 1. On 1 Sep 25, the Green Investments assets retained on balance sheet were transferred to a Macquarie Group portfolio, centrally
managed in Corporate. Prior comparatives have been restated. 2. Certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group.
$A1,175m
$A1,113m
$A793m
$A711m
Annuity-style
Markets-facing
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
9
Assets under management1 of $A959.1b
Increase primarily driven by favourable market movements and increased net asset valuations,
offset by outflows in equity strategies and unfavourable foreign exchange movements
$Ab
Fixed Income
Infrastructure Equity
Equities
Other
Real Estate
Mar 21
Mar 22
Mar 23
Mar 24
Mar 25
Sep 25
0
200
400
600
800
1,000
1. Includes assets under management as part of the North American and European Public Investments business.
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
10
Diversification by region
Americas
EMEA
Asia
Australia3
Total staff1 19,821 of which 52% international. A further ~252,000 people employed across managed
fund assets and investments2
31%
of total income
22%
of total income
Total income
2,936
$A1,852m
Assets under management
$A218.3b
Employing ~122,000 people
EUROPE
MIDDLE EAST
Amsterdam
London
Dubai
Berlin
Luxembourg
Braintree
Madrid
SOUTH AFRICA
Cambridge
Milan
Johannesburg
Copenhagen
Munich
Coventry
Paris
Dublin
Solihull
Edinburgh
Vienna
Frankfurt
Watford
Geneva
Zurich
11%
of total income
Total income
4,395
$A897m
Assets under management
$A59.6b
Employing ~49,000 people
ASIA
Bangkok
Kuala Lumpur
Beijing
Manila
Dongguan
Mumbai
Gurugram
Seoul
Hong Kong
Shanghai
Hsin-Chu
Singapore
Hyderabad
Taipei
Jakarta
Tokyo
36%
of total income
Total income
9,461
$A3,068m
Assets under management
$A319.2b
Employing ~19,000 people
AUSTRALIA
NEW ZEALAND
Adelaide
Melbourne
Auckland
Brisbane
Perth
Canberra
Sydney
Gold Coast
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. 5. Includes assets under management as part of the North American and European Public Investments business.
Total income4
3,029
$A2,667m
Assets under management5
$A362.0b
Employing ~62,000 people
NORTH AMERICA
LATIN AMERICA
Bermuda
Minneapolis
Mexico City
Boston
New York
Sao Paulo
Calgary
Orlando
Chicago
Philadelphia
Houston
San Diego
Jacksonville
San Jose
Kansas
Seattle
Los Angeles
Toronto
For personal use only
© Macquarie Group Limited
11
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
2%
ON 31 Mar 25
43%
ON 1H25
17%
ON 1H25
Macquarie Asset
Management
Operating income1
$A2,387m
Net profit contribution1
$A1,175m
AUM2
$A959.1b
MAM
•
Continue to deepen our client relationships, accelerate growth in infrastructure and adjacencies and scale key capabilities in real estate,
credit and insurance, secondaries and systematic investments
•
Growing and diversifying capital through partnerships, expanding wealth capabilities and driving momentum in reinsurance
Private Markets
Public Investments
•
$A416.6b in assets under management2, up 7% on 31 Mar 25,
primarily driven by increased net asset valuations and fund
investments, partially offset by unfavourable foreign exchange
movements, fund divestments and assets no longer managed
•
$A224.6b in equity under management3, up 2% on 31 Mar 25,
primarily driven by fundraisings, partially offset by unfavourable
foreign exchange movements
•
Raised $A10.7b in new equity from clients across a diverse range
of strategies in real assets, real estate, private credit and
secondaries
•
Invested $A12.5b of equity, across 16 investments, including: 8 in
private credit, 5 in real assets and 3 in real estate, with
transactions including Diamond Infrastructure Solutions, Vocus
and Renewi
•
$A0.4b of equity returned to clients from divestments
•
$A23.5b of equity to deploy
•
Reached final close of:
–
Macquarie Infrastructure Partners VI, with over $US8b of total
commitments, including over $US6.8b of fund commitments
and an additional $US1.3b of co-investments to date
–
Macquarie Green Energy Transition Solutions, with over $US3b
of total fund and co-investment commitments
–
Macquarie Alliance Partners Infrastructure Fund, with over
$US700m of total fund and SMA commitments
•
In Oct 25, two MAM-managed infrastructure funds along with their
co-invest partners, agreed to the sale of Aligned Data Centers to a
consortium of investors. The transaction implies an enterprise
value of ~$US40b, making it the largest to date for global data
centres4
•
$A542.5b in assets under management5, down 2% on 31 Mar 25,
primarily driven by outflows in equity strategies and unfavourable
foreign exchange movements, partially offset by favourable
market movements
–
$A293.2b AUM5 in Fixed income, down 4% on 31 Mar 25
–
$A223.7b AUM5 in Equities, up 2% on 31 Mar 25
–
$A25.6b AUM5 in Multi-Asset, down 4% on 31 Mar 25
•
Consistent investment performance, with ~55% of assets under
management5 across fixed income, equities & multi-asset
strategies outperforming their respective 3-year benchmarks
•
Broadening MAM’s range of actively managed exchange traded
funds (ETFs) with 14 active ETFs across the US and Australia with
global AUM of ~$A2.0b; 3 times larger than the AUM as at 31 Mar
25. MAM is the No. 1 active ETF manager by flows on the ASX in
Australia6
•
The transaction to sell MAM's North American and European public
investments business to Nomura is on track to close by the end of
calendar year 2025
Note: Reference to Macquarie’s established, diverse income streams is based on 1H26 net operating income. 1. On 1 Sep 25, the Green Investments assets retained on balance sheet were
transferred to a Macquarie Group portfolio, centrally managed in Corporate. Prior comparatives have been restated. 2. As at 30 Sep 25. Private Markets 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. Real Estate AUM represents the proportional gross
asset value (including estimated total project costs for development) of real estate assets owned by funds or managed by investee platforms. Private Markets AUM includes equity yet to deploy
and equity committed to assets but not yet deployed. 3. Private Markets total 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. By enterprise value. The transaction is
subject to regulatory approvals and customary closing conditions and is expected to close in the first half of 2026. 5. As at 30 Sep 25. Includes assets under management as part of the North
American and European Public Investments business. 6. The ranking is based on the amount of net flows of active ETF managers on ASX between 1 Apr 25 and 30 Sep 25.
á
á
á
6%
ON 2H25
4%
ON 2H25
â
â
~61%
Diversity of income
~32%
~7%
Annuity-style
Markets-facing
For personal use only
© Macquarie Group Limited
12
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
Banking and
Financial Services
Operating income
$A1,758m
11%
ON 1H25
Net profit contribution
$A793m
22%
ON 1H25
Personal Banking
Business Banking
Wealth Management
•
Home loan portfolio4 of $A160.3b, up
13% on 31 Mar 25, representing
approximately 6.5% of the Australian
market
•
Home loan growth driven by strong
demand in lower loan-to-value ratio (LVR)
and owner-occupier lending tiers
•
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 44 for Mobile Banking, 32
for Online Banking and 23 for Consumer -
significantly above major bank peers5
•
Macquarie named Bank of the Year in the
2025 Money Magazine Consumer Finance
Awards6 and MFAA Major Lender of the
Year in the 2025 National Excellence
Awards7
•
Business Banking loan portfolio of
$A17.4b, up 4% 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 our originations
platform and capability
Deposits
•
Deposits growth driven by market-leading digital banking experiences, including unique two-factor Macquarie Authenticator app
•
‘No hoops, no catches’ savings account offering resonating strongly with customers, with a competitive ongoing interest rate made available
on balances up to $A2m
•
Helping Australian households and businesses meet their savings goals, with more than 97% of total BFS deposits interest bearing9
Note: Reference to Macquarie’s established, diverse income streams is based on 1H26 net operating income. 1. Based on facilities on books as at 30 Sep 25, 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 Sep 25. 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. BFS deposits include home loan offset accounts. 9. $A4.9b of non-interest bearing deposits.
•
BFS deposits8 of $A192.5b, up 12% on 31 Mar 25, representing approximately 6.1% of the Australian market, with continued diversification
of deposit base
•
Funds on platform of $A166.7b, up 8%
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
Home loan portfolio summary 30 Sep 25
Average LVR at Origination1
65%
Average Dynamic LVR2
52%
Owner Occupied3
63%
Principal and Interest3
80%
Fixed Rate3
5%
6%
ON 2H25
9%
ON 2H25
á
Client numbers approximately 2.1 million
á
á
á
Diversity of income
~100%
Annuity-style
For personal use only
© Macquarie Group Limited
13
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
In line
WITH 1H25
Commodities and
Global Markets
Operating income
$A2,883m
Net profit contribution
$A1,113m
15%
ON 1H25
Asset Finance 10%1
Commodities 46%1
Financial Markets 44%1
•
Continued positive
performance and contribution
across all industries
•
1H26 average portfolio2 of
$A9.9b, up 52% from $A6.5b in
1H25
•
Particularly strong origination
and portfolio growth in
Shipping Finance and Meters
•
Increased Commodities risk management
income driven by North American Power, Gas
and Emissions and Global Oil, partially offset by
decreased client hedging activity in the
agriculture sector
•
Decreased inventory management and trading
income mainly driven by timing of income
recognition on North American Power and Gas
contracts
•
Decreased Lending and Financing contribution
mainly due to lower financing activity in Global
Oil
•
Named House of the Year for Oil and Products3,4,
Natural Gas/LNG4, Base Metals4, Commodity
Trade Finance4, and Derivatives3,4
Foreign exchange, interest rates and credit
•
Strong client activity globally driven by
continued volatility across FX and interest
rate markets with growth in EMEA and
North America
•
Increased contribution from financing
activity with continued strong performance
from the Americas and growth in client
engagement across the Americas, Australia
and EMEA
Futures
•
Solid contribution in all regions across both
commission and interest income
•
No. 1 Futures Broker on the ASX5
Equities
•
Increased contribution from equity
financing, trading and warrant activity due
to increased activity in equity markets
Note: Reference to Macquarie’s established, diverse income streams is based on 1H26 net operating income. 1. Percentages are based on net profit contribution before impairment
charges. 2. Includes the impact from the acquisition of the acquisition of Iberdrola’s UK smart meters business. 3. Energy Risk Awards 2025. 4. Energy Risk Asia Awards 2025. 5. ASX
Futures 24 (SFE) Monthly Report Sep 25.
â
45+ years of
client partnership
8%
ON 2H25
â
26%
ON 2H25
â
~24%
Diversity of income
~63%
~13%
Annuity-style
Markets-facing
For personal use only
© Macquarie Group Limited
14
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
MacCap
•
Advising and investing in areas of deep expertise in sectors such
as Infrastructure, Government Services, Critical Minerals & Energy,
Insurance, Technology, FinTech, Software and Gaming
•
Private Credit portfolio of $A25.9b1, broadly in line with 31 Mar
25, including $A5.1b deployment in 1H26
•
Equity portfolio2 of $A5.7b, down 5% on 31 Mar 25, primarily
driven by divestments of infrastructure assets
•
Our equities platform with deep access into Asia-Pacific is well-
positioned to help clients navigate current market volatility,
contributing to 11% growth in brokerage income on pcp
•
No. 1 in ANZ for M&A3
•
ESG Circular Economy Deal of the Year - Vauban acquisition of
stake in the Wijster companies, Netherlands4
Principal
Advisory and Capital Markets
Global advisory and principal investing business combining deep expertise, comprehensive capabilities and global connectivity to provide clients
and partners with access to integrated solutions and balance sheet investments across the capital structure
Investment-related income up on 1H25, primarily driven by higher
net income from the private credit portfolio
•
Unitranche loan to Quotient, a Contract Development and
Manufacturing Organisation (CDMO) and Clinical Research
Organisation (CRO) that provides services to pharma and biotech
customers
•
Unitranche loan to CAI, providers of mission-critical, production-
oriented software to manufacturers and food and beverage
producers, processors and distributors
•
Divested a portion of holding in Prime Data Centers in
conjunction with a successful capital round
•
Sale of Centerline Logistics to Maritime Partners. Centerline
operates one of the largest fleets of Jones Act-qualified liquid
petroleum barges
•
Sale of minority equity stake in Attikon5, an insurance broking
company
M&A fee income significantly up on 1H25
•
Sale of VOC Group's 25% interest in the Rhodes Ridge Joint
Venture to Mitsui & Co for $US3.2b. Rhodes Ridge is one of the
world's largest undeveloped iron ore deposits with 6.8b tonnes of
high-grade mineral resources
Exclusive financial adviser to VOC Group
•
Sale of LBC Tank Terminals to Mitsui O.S.K Lines for a total equity
value of $US1.715b. LBC is one of the world’s largest independent
chemicals-focused storage businesses
Exclusive sell-side financial adviser to Ardian, PGGM and APG
•
Acquisition of Domain by CoStar Group for $A3b. Domain is a
leading property technology and services marketplace that is home
to one of the largest portfolios of property brands in Australia
Exclusive financial adviser to CoStar Group
•
Acquisition of stakes in Bristol, Birmingham and London City
Airports by Macquarie Asset Management6. The airports collectively
serve over 25m passengers annually
Joint financial adviser to Macquarie Asset Management
•
Executed various ECM transactions including,
Joint lead manager in the IPO of Zijin Gold International Company
Limited on the Main Board of the Hong Kong Stock Exchange for
$US3.68b
Joint lead manager, underwriter and bookrunner to Lynas Rare
Earths’ fully underwritten $A750m Institutional Placement and
$A182m non-underwritten Share Purchase Plan
Macquarie
Capital
Operating income
$A1,496m
31%
ON 1H25
Net profit contribution
$A711m
92%
ON 1H25
Note: Reference to Macquarie’s established, diverse income streams is based on 1H26 net operating income. 1. Committed private credit portfolio as at 30 Sep 25. 2. Committed equity
portfolio as at 30 Sep 25. 3. Dealogic (1 Jan 25 to 30 Sep 25 announced M&A transactions by deal count and deal value, any ANZ involvement). 4. IJGlobal ESG Awards 2025, EMEA and
Americas. Macquarie acted as exclusive financial adviser to Vauban Infrastructure Partners on its acquisition of a majority stake in the Wijster Plant, a major biomethane production facility
in the Netherlands, from Green Create. 5. Sale completed in Oct 25. 6. The London City Airport stake acquisitions reached financial close at the same time as signing. The acquisition of
Bristol and Birmingham airport ownership stakes will reach financial close during 4QCY25.
6%
ON 2H25
á
á
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Private Credit1
$A25.9b
~33%
Diversity of income
~10%
~57%
Annuity-style
Markets-facing
$A5.7b
Equity2
In line
WITH 2H25
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
15
Funded balance sheet remains strong
These charts represent Macquarie’s funded balance sheets at the respective dates noted above. The funded balance sheet is a representation of Macquarie’s funding requirements once certain items (e.g. derivative revaluation and self-funded trading assets) have been netted from the statement of
financial position. The funded balance sheet is not a liquidity risk management tool, as it does not consider the granular liquidity profiling of all on and off-balance sheet components considered in both Macquarie’s internal liquidity framework and the regulatory liquidity metrics. For details regarding
reconciliation of the funded balance sheet to Macquarie’s statutory balance sheet refer to slide 56. 1. Other includes components of other liabilities, provisions, held for sale liabilities, current tax and deferred tax liabilities. 2. Debt < 1 year includes Subordinated debt ($A0.8b at 30 Sep 25; $A2.0b at 31
Mar 25), 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.
30 Sep 25
Term liabilities exceed term assets
Equity and hybrids 3 16%
Total deposits
12%
FROM MAR 25
Term funding raised6
$Ab
$Ab
Funding sources
Funded assets
0
60
120
180
240
300
360
420
Equity 10%
Debt >1 year3 21%
Debt <1 year2 5%
Commercial paper and
certificates of deposit 11%
Other1 1%
Equity investments 4%
Loan assets <1 year 3%
Cash and liquid assets 22%
31 Mar 25
Funding sources
Funded assets
0
60
120
180
240
300
360
420
Equity 9%
Hybrids and subordinated debt 4%
Other1 1%
Debt <1 year2 5%
Commercial paper and
certificates of deposit 12%
Equity investments 5%
PPE and intangibles5 2%
Loan assets <1 year 3%
Cash and liquid assets 21%
á
Loan assets >1 year4 15%
Net trading assets 14%
Net trading assets 14%
Home loans 39%
Home loans 40%
Since
MAR 25
$A198.8b
$A15.9b
Hybrids and subordinated debt 4%
Deposits 48%
Deposits 50%
Loan assets >1 year4 15%
PPE and intangibles5 3%
Debt >1 year3 19%
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
16
9.5
(1.5)
1.7
(1.1)
(1.0)
7.6
APRA Basel III
at Mar 25
FY25 Dividend
1H26 P&L
Business capital
requirements incl.
FX impacts
Other movements⁴
APRA Basel III
at Sep 25
0.0
2.0
4.0
6.0
8.0
10.0
12.0
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 $A7.6b1,2
•
APRA Basel III Level 2 CET1 ratio: 12.4%; Harmonised Basel III Level 2 CET1 ratio: 17.3%3
Group capital surplus
Based on 10.5%
(minimum Tier 1 ratio +
CCB + CCyB)1
1. 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 Sep 25 is 0.75% (Mar 25: 0.74%, 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. 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. ‘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. Includes movements in the foreign currency translation reserve (FCTR), treasury share purchases for the Macquarie Group Employee Retained
Equity Plan (MEREP), share-based payments reserve and other movements.
$Ab
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
17
1H26 drivers
MAM
• Net movements in fund co-
investments, underwrites and
divestments
•
]
BFS
• Growth in home loans and business
banking
•
CGM
• Increase in credit risk due to business
growth, and the acquisition of
Iberdrola’s UK smart meters business
•
Macquarie Capital
• Predominantly driven by a net decrease
in equity exposures
0.4
0.4
0.5
0.1
0.2
1.6
0.5
0.7
0.7
(0.1)
0.0
(0.7)
Sep 24
MAM
BFS
CGM
MacCap
Corp
FX
Mar 25
MAM
BFS
CGM
MacCap
Corp
FX
Sep 25
14.0
16.0
18.0
20.0
22.0
24.0
26.0
28.0
30.0
32.0
34.0
Business capital requirements
1H26 business capital requirements1 increase of $A1.8b excluding FX movements
$A29.1b
$A32.3b
17
Broadly
offset by
FCTR2
$A3.2b increase
over 2H253
$A1.1b increase
over 1H263
Broadly
offset by
FCTR2
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. Including FX. 1H26 movements do not include the internal transfer of on-balance sheet Green Investments assets to Corporate effective 1 Sep 25.
$Ab
$A33.4b
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
18
1. Average LCR for Sep 25 quarter is based on an average of daily observations. APRA imposed a 25% add-on to the Net Cash Outflow component of the LCR calculation, effective from 1 May 22. 2. APRA imposed a 1% decrease to the Available Stable Funding component of the NSFR calculation,
effective from 1 Apr 21. 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 Sep 25 is 0.75%. The minimum leverage ratio requirement is 3.5% per APS 110. The minimum requirement for LCR and NSFR is 100% per APS 210 Liquidity.
113%
NSFR
50.0%
75.0%
100.0%
125.0%
150.0%
17.3%
12.4%
CET1 ratio
0.0%
4.0%
8.0%
12.0%
16.0%
Strong regulatory ratios
Bank Group Level 2 Ratios (Sep 25)
2
5.4%
4.7%
Leverage ratio
0.0%
1.5%
3.0%
4.5%
6.0%
173%
LCR
0.0%
50.0%
100.0%
150.0%
200.0%
Bank Group (Harmonised3)
Bank Group (APRA)
APRA Basel lll minimum4
1
2
For personal use only
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
© Macquarie Group Limited
19
1H26 Record Date
18 Nov 25
1H26 Payment Date
17 Dec 25
From
$A2.60
(35% franked)
in 1H25
From
$A3.90
(35% franked)
in 2H25
Interim dividend
1. The DRP pricing period is from 24 Nov 25 to 3 Dec 25. Shares will be issued if purchasing becomes impractical or inadvisable. 2. Payout ratio calculated as estimated number of eligible shares multiplied by dividend per share, divided by profit attributable to MGL shareholders.
1H26 Ordinary Dividend
$A2.80
(35% franked)
1H26
64%
Dividend
policy remains
50-70% annual
payout ratio
DRP shares for
the 1H26 dividend
to be sourced
on-market1
Payout Ratio2
â
á
For personal use only
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
21
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
•
Growth in the average loan and BFS deposit portfolios, partially offset by margin compression and
changes in portfolio mix, in BFS
•
Increased risk management income driven by increased contributions from North American Power, Gas
and Emissions and Global Oil, partially offset by decreased client hedging activity in the agriculture
sector, in CGM
•
Higher equities income driven by increased client activity, in CGM
Partially offset by:
•
Lower inventory management and trading income driven by timing of income recognition on North
American Power and Gas contracts, in CGM
Fee and commission income of $A3,901m, up 18% on 1H25
•
Higher performance fees, in MAM
•
Higher M&A fee income particularly in the Americas and ANZ and higher brokerage income due to
increased market activity, particularly in Asia, in MacCap
Share of net losses from associates and joint ventures of $A50m, substantially down on 1H25
•
Higher net losses driven by changes in the composition and performance of the investment portfolio, in
MacCap
•
Lower net profits from the sale of underlying assets within equity accounted funds, in MAM
Credit and other impairment charges of $A29m, down 61% on 1H25
•
Improvement in the macroeconomic outlook, in MacCap and Corporate
Partially offset by:
•
Growth in Financial Markets exposures and credit deterioration of a small number of exposures, in CGM
Investment and other income of $A358m, down 58% on 1H25
•
The non-recurrence of gains on the sale of centrally held assets and green investments, in Corporate
•
Higher impairments of green investments, in Corporate
Total operating expenses of $A6,239m, up 5% on 1H25
•
Higher employment expenses driven by higher profit share and wage inflation, partially offset by lower
average headcount
•
Higher brokerage, commission and fee expenses, in MacCap and CGM
•
Increased investment in technology initiatives and remediation-related spend, with a focus on data and
digitalisation, to support business growth and scalable operations
Income tax expense of $A771m. The effective tax rate of 31.8% was higher than 29.9% in 1H25, mainly driven
by the geographic composition and nature of earnings
Income statement key drivers
1H26
$Am
2H25
$Am
1H25
$Am
Net interest and trading income
4,511
4,748
4,129
Fee and commission income
3,901
3,490
3,300
Share of net (losses)/profits from associates
and joint ventures
(50)
166
1
Net credit impairment charges
(17)
(212)
(54)
Net other impairment charges
(12)
(74)
(21)
Investment income
358
798
517
Other income
—
76
344
Net operating income
8,691
8,992
8,216
Employment expenses
(3,956)
(3,904)
(3,756)
Brokerage, commission and fee expenses
(628)
(626)
(580)
Other operating expenses
(1,655)
(1,691)
(1,583)
Total operating expenses
(6,239)
(6,221)
(5,919)
Operating profit before tax and non-
controlling interests
2,452
2,771
2,297
Income tax expense
(771)
(640)
(686)
(Profit)/loss attributable to non-controlling
interests
(26)
(28)
1
Profit attributable to MGL shareholders
1,655
2,103
1,612
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
22
Key drivers
•
Higher Private Markets base fees due to
fundraising and investments made by funds and
mandates and favourable foreign exchange
movements, partially offset by asset realisations
in funds
•
Lower Public Investments base fees primarily due
to outflows in equity strategies, partially offset by
favourable market and foreign exchange
movements
•
Performance fees from MAIF2, Aligned Data
Centers co-investors and other Private Markets-
managed funds including funds managed on
behalf of wealth investors, managed accounts
and co-investors
•
Lower investment-related and other income
primarily driven by gains on sale of investments in
the pcp
•
Lower operating expenses primarily driven by
lower intangibles amortisation expenses, partially
offset by transaction costs, both associated with
the divestment of the North American and
European Public Investments business
823
34
(5)
353
(50)
20
1,175
1H25 NPC
Private Markets
Base Fees
Public
Investments
Base Fees
Performance
Fees
Investment-
related and other
income
Operating
expenses
1H26 NPC
0
200
400
600
800
1,000
1,200
Increase primarily driven by higher performance fees due to asset
realisations
Macquarie Asset Management
22
Base Fees $A29m
2
1. On 1 Sep 25, the Green Investments assets retained on balance sheet were transferred to a Macquarie Group portfolio, centrally managed in Corporate. Prior comparatives have been
restated. 2. Investment-related and other income includes MAM net profit contribution excluding base fees, performance fees and operating expenses.
$Am
1
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
23
Increase primarily driven by favourable market movements and increased net asset valuations,
offset by outflows in equity strategies and unfavourable foreign exchange movements
31 Mar 25
Investments
Divestments
Assets No
Longer
Managed
Net Valuation
Changes
Private Markets
FX
Market
Movements
Net Flows
Public
Investments FX
Other
30 Sep 25
0
200
400
600
800
1,000
MAM AUM movement
Private Markets 27.6
Public Investments1 (9.5)
941.0
Public
Investments
552.0
Private
Markets
389.0
Public
Investments
542.5
Private
Markets
416.6
(1.8)
(31.6)
959.1
(4.2)
(15.0)
1. Includes assets under management as part of the North American and European Public Investments business. 2. Includes movements in equity committed to assets but not yet deployed. 3. Includes net movements in enterprise valuations of portfolio assets and listed share price movements.
4. Other includes movements in contractual insurance assets, model portfolio, capital gain distributions and re-investments and changes related to corporate acquisitions and divestments.
(2.4)
39.5
Net Valuation
Changes3
Other4
$Ab
(7.7)
Investments2
19.7
21.6
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
24
650
172
3
10
(3)
(30)
8
(17)
793
1H25 NPC
Personal
Banking¹
Business
Banking¹
Wealth
Management¹
Credit and
other
impairments²
Technology
Expenses
Expenses ex
Technology3
Other4
1H26 NPC
0
200
400
600
800
1,000
Banking and Financial Services
Growth in the loan portfolio and BFS deposits
Key drivers
•
Higher Personal Banking income driven by 21%
growth in average home loan portfolio6 and 27%
growth in average deposit portfolio6
•
Business Banking income broadly in line driven
by 8% growth in average deposit portfolio and
5% growth in average business lending portfolio,
offset by margin compression
•
Higher Wealth income driven by 9% growth in
average funds on platform
•
Higher technology expenses mainly to support
business growth and scalable operations
•
Lower expenses excl. technology largely due to
lower average headcount driven by digitalisation
and operational improvements
•
Lower other income driven by run-off in the car
loan portfolio
24
1. Includes brokerage, commission and fee expenses. 2. Includes associated credit and other impairment charges relating to Car Loans. 3. Include staff costs, infrastructure and support and licences.
4. Excludes brokerage, commission and fee expenses and includes associated expenses relating to Car Loans. 5. Includes Car Loans run-off excluding associated credit and other impairment charges
and expenses. 6. Calculations based on average volumes net of offset accounts.
$Am
Expenses excl.
Technology4
Other1,5
Technology
Expenses3
Credit and
Other
Impairments2
Wealth
Management1
Business
Banking1
Personal
Banking1
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
25
Strong growth across home loans, deposits, funds on platform and business banking loans
Banking and Financial Services
108.1
129.4
127.8
119.3
142.7
147.4
141.7
172.4
154.0
160.3
192.5
166.7
Home loans
BFS deposits
Funds on platform
0
40
80
120
160
200
13.0
15.8
16.7
17.4
Business Banking loans
0
3
6
9
12
15
18
31 Mar 23
31 Mar 24
31 Mar 25
30 Sep 25
$Ab
$Ab
Note: Data based on spot volumes at period end. As at 30 Sep 25, the car loan portfolio was $A0.4b (excluding balances classified as held for sale assets of $A1.5b as at 30 Sep 25), down from $A2.7b as at 31 Mar 25. 1. Home loan portfolio excludes offset accounts. 2. BFS deposits include home
loan offset accounts. 3. Funds on platform has been updated to include custodial holdings that were previously excluded. Prior period balances have been restated.
13.0
6.1
15.8
4.6
16.7
2.7
17.4
0.4
Business Banking loans
Car loans
—
2
4
6
8
10
12
14
16
18
Home loans1
BFS deposits2
Funds on platform3
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
26
1,316
37
(27)
(36)
52
31
(193)
(67)
1,113
1H25 NPC
Risk
management
Lending and
financing
Inventory
management
and trading¹
Financial
Markets²
Asset
Finance³
Operating
expenses
Other
1H26 NPC
0
250
500
750
1,000
1,250
1,500
Commodities and Global Markets
Strong underlying client business, well-positioned for upside
opportunities
Commodities ($A26m)
26
Inventory
management
and trading
Financial
Markets
Asset Finance
1. Includes net income on equity, debt and other investments, fee and commission income, share of net profits from associates and joint ventures, net credit and other impairment
charges, internal management revenue and other income.
$Am
Other1
Key drivers
•
Commodities broadly in line with 1H25:
–
Risk management income was higher, driven by
increased contributions from North American
Power, Gas and Emissions and Global Oil, partially
offset by decreased client hedging activity in the
agriculture sector
–
Lending and financing income was lower, mainly
due to decreased financing activity in Global Oil
–
Inventory management and trading income was
lower, mainly driven by timing of income
recognition on North American Power and Gas
contracts
•
Financial Markets up on 1H25 due to increased
contributions from financing origination as well as
continued strong client hedging activity
across foreign exchange and interest rate products
•
Asset Finance up on 1H25 due to increased volumes
primarily in the shipping sector
•
Operating expenses up on 1H25 driven by increased
investment in the CGM platform, remediation-
related spend and significant transaction-related
costs
•
Other down on 1H25 primarily due to the non-
recurrence of gains on sale and increased expected
credit losses
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
27
1. Included within underlying client business is a relatively small (~5%) amount of FX, IR, Credit and EDT trading activity not related to clients. 2. 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.
Commodities
Financial Markets
Mar 22
Mar 23
Mar 24
Mar 25
Sep 25
Consistent levels of income derived from
underlying client business
Strong underlying client business
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
1H24
2H24
1H25
2H25
1H26
Operating Income
(excl. credit and other impairment charges)
Underlying
client
business1
Client numbers
(excl. Asset Finance)
Credit
Market
Operational
Other
Mar 22
Mar 23
Mar 24
Mar 25
Sep 25
Regulatory capital2
•
Majority of capital relates to credit risk reflecting client focused business
•
Risk management is core: built on 50+ years of accumulated experience in managing risk
for our clients and our business
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
28
371
179
177
(13)
(3)
711
1H25 NPC
Fee and
commission
income
Net income on
private credit
portfolio¹
Investment-
related income (excl.
private credit)²
Operating expenses
1H26 NPC
0
200
400
600
800
Macquarie Capital
Reflects higher fee and commission income and higher
investment-related income
28
Investment-related income $A164m
Key drivers
•
Higher fee and commission income primarily driven
by:
–
Higher M&A fee income, particularly in the
Americas and ANZ, which benefitted from several
significant transactions
–
Higher brokerage income due to increased
market activity, particularly in Asia
•
Higher investment-related income primarily driven
by:
–
Higher net interest income on the private credit
portfolio, benefitting from more than $A3.9b3 of
growth in average drawn loan assets and higher
repayment income
–
Lower credit provisions due to an improvement
in the macroeconomic outlook, partially offset by
counterparty-specific provisions
•
Operating expenses were broadly in line, mainly
driven by a decrease in employment expenses from
lower average headcount, offset by higher other
operating and brokerage expenses
1. 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. 2. 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 (charge)/revenue and non-controlling interests and excludes net income on private credit portfolio. 3. Average volume calculation is based on balances
converted at spot FX rates as at reporting period end.
$Am
2
1
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
29
39%
12%
11%
10%
9%
7%
12%
Software and Tech Enabled
Financial and Insurance Services
Healthcare
B2B
Education
Real Estate
Diversified Industries
Macquarie Capital
Diversified
Real Estate
Technology
Energy Infrastructure
Infrastructure
Digital Infrastructure
Debt
31 Mar 25
Investments
Realisations
Other (incl. FX)
30 Sep 25
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
6.6
0.5
(0.7)
6.3
(0.1)
Private Credit capital sector exposures2
Movement in capital
1. Other (incl. FX) includes accounting movements. 2. Exposures shown follow the economic capital adequacy methodology which is inclusive of off-balance sheet commitments.
Other (incl. FX)1
$Ab
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
30
1. Includes the impairment of Green Investments of $A152m, continued net expenditure in Green Investments on balance sheet, lower asset realisations in Green Investments of $A138m,
non-recurrence of the gain on sale of a centrally held asset of $A158m. 2. Inclusive of non-deductible expenses incurred in 1H26.
Key drivers
•
Lower net interest and trading income driven by
lower funding recoveries from the Operating
Groups, partially offset by higher earnings on capital
•
Higher investment-related and other operating
expenses driven by:
–
impairments of Green Investments
–
non-recurrence of asset realisations in Green
Investments
–
non-recurrence of a gain on sale of centrally
held assets
–
Continued net expenditure in Green
Investments on balance sheet
•
Net credit and other impairment reversals driven
by an improvement in the macroeconomic outlook
•
Higher operating expenses mainly driven by higher
performance-related profit share and specific legal
matters
•
Higher income tax expense mainly driven by the
performance of the Group together with a higher
effective tax rate driven by the geographic
composition and nature of earnings
1,548
27
435
(73)
115
85
2,137
1H25 NPC
Net interest and
trading income
Investment-
related and other
expenses
Credit and other
impairment
charges
Operating
expenses
Income tax
expense
1H26 NPC
0
300
600
900
1,200
1,500
1,800
2,100
2,400
Corporate
Reflects impairment of green investments and non-recurrence of
gains on sale in the pcp
30
$Am
1
2
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
31
•
The industry continues to see an increase in regulatory initiatives
•
Regulatory cost of compliance increased by 9% on 1H25
–
Regulatory change and project spend was in line with 1H25 driven by continued
focus on end-to-end transformation, transaction reporting changes and operational
resilience requirements
–
BAU regulatory compliance spend increased 14% on 1H25 driven by regulatory
projects being completed and moved to business as usual functions, together with
increased expectations from the external environment, including regulators globally
•
Total technology spend increased 9% on 1H25 with continued business investment in
platforms and digitalisation to support business growth, drive efficiencies, increase
agility and improve customer experience
Continue to progress on initiatives to support regulatory projects and change, albeit with a slowing
growth rate. Technology spend has increased with continued business investment in platforms and
digitalisation
Cost of regulatory compliance and technology spend
785
1,043
1,223
1,220
649
BAU regulatory compliance spend
Regulatory change and project spend
FY22
FY23
FY24
FY25
1H26
0
500
1,000
1,500
$Am
1,569
1,977
2,249
2,301
1,222
Technology spend
FY22
FY23
FY24
FY25
1H26
0
800
1,600
2,400
$Am
Regulatory compliance spend1
Technology spend2
Regulatory compliance spend
1H26
$Am
2H25
$Am
1H25
$Am
Regulatory change and project spend
216
224
213
BAU regulatory compliance spend
433
402
381
Total regulatory compliance spend1
649
626
594
Technology spend
1H26
$Am
2H25
$Am
1H25
$Am
Total technology spend2
1,222
1,175
1,126
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 (including BFS Technology staff that transferred from Corporate to BFS), spend with technology vendors including market
data and software licences and maintenance.
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
32
• 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 12% to $A198.8b as at Sep 25 from $A177.7b as at Mar 25
• $A15.9b1 of term funding raised during 1H26:
– $A8.9b of senior unsecured debt
– $A3.9b of unsecured loan facilities
– $A2.8b of subordinated unsecured debt; and
– $A0.3b refinance of secured trade finance facilities
Balance sheet highlights
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.
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Result Analysis and Financial Management
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33
<1yr
1-2yrs
2-3yrs
3-4yrs
4-5yrs
>5yrs
Sep 25: Weighted average maturity 4.4 years
Maturities7
3
4.4 years WAM3
of Term funding4
>5yrs 50%
Securitisations >1yr 7%
1-2yrs 15%
2-3yrs 7%
3-4yrs 10%
4-5yrs 11%
Term funding as at 30 Sep 25 - diversified by currency, tenor and type
Currency1
Tenor2
Type
Diversified issuance strategy
Term Issuance and Maturity Profile
$Ab
AUD 42%
USD 39%
EUR 12%
GBP 4% CHF 1%
JPY 1%
OTH 1%
FY225
FY235
FY24
FY25
1H26
0
20
40
60
80
Bonds 37%
Structured notes 2%
Subordinated debt 8%
Hybrids 4%
Unsecured loans 11%
Securitisation 7%
Other secured funding 3%
Equity 28%
Issuances5
Senior unsecured debt
Secured debt
Hybrids and subordinated debt
Equity
FY23
FY226
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. Excludes deposits. 5. Issuances include refinancing of loan facilities and are converted to AUD at the 30 Sep 25 spot rate. 6. Includes RBA TFF of $A9.53b. 7. Maturities are shown as at 30 Sep 25.
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
34
Diversified deposit base
Macquarie has seen continued success in its long-term strategy of diversifying funding sources
by growing its deposit base
56.0
67.1
84.0
101.5
134.5
148.4
177.7
198.8
Mar 19
Mar 20
Mar 21
Mar 22
Mar 23
Mar 24
Mar 25
Sep 25
0
40
80
120
160
200
Of approximately 2.1 million BFS clients, ~1.9 million are depositors
$Ab
44%
29%
13%
9%
2% 3%
Savings
Transaction
Offsets
Term Deposits
Non-Interest Bearing
Other
Composition of deposits
46%
28%
22%
4%
Households
Non-Financial Businesses
Superannuation
Institutions & Other
Type1
Counterparty3
Non-Financial Businesses5
Superannuation4
Other2
Sep 251
1. Total deposits include BFS deposits of $A192.5b and $A6.3b of corporate/wholesale deposits, including those taken by MBE as at 30 Sep 25. 2. Includes corporate/wholesale deposits. 3. As at 30 Sep 25 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.
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Result Analysis and Financial Management
Outlook
Appendices
35
Loan portfolio – funded balance sheet
Operating
Group
Category
Sep 25
$Ab
Mar 25
$Ab
Description
BFS
Home loans
161.7
143.0
Loans secured by mortgages over residential property
Business banking
17.3
16.6
Loan portfolio secured largely by working capital, business cash flows and real property
Car loans
0.3
2.6
Secured by motor vehicles
Other
0.4
0.2
Includes credit cards
Total BFS1
179.7
162.4
CGM
Asset finance
4.6
4.3
Predominantly secured by underlying financed assets
Resources and commodities
3.7
3.7
Diversified loan portfolio primarily to the resources sector that are secured by the underlying
assets with associated price hedging to mitigate risk
Foreign exchange, interest rate and credit
11.5
10.5
Diversified lending predominantly consisting of loans which are secured by other loan
collateral, assets including rights and receivables and warehoused security from mortgages and
auto loans
Other
0.4
0.4
Equity collateralised loans
Total CGM
20.2
18.9
MAM
Other
0.7
0.2
Secured by underlying financed assets
Total MAM
0.7
0.2
MacCap
Corporate and other lending2
23.4
24.1
Diversified corporate and real estate lending portfolio, predominantly consisting of loans which
are senior, secured, covenanted and with a hold to maturity horizon
Total MacCap
23.4
24.1
Total loan assets per funded balance sheet3
224.0
205.6
1. Per the funded balance sheet, figures for home loans of $A161.7b, business banking of $A17.3b and car loans of $A0.3b differ from the figures disclosed on slides 12 and 25 of $A160.3b, $A17.4b and $A0.4b, respectively. The balances on slides 12 and 25 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 funded balance sheet includes self-securitised assets and excludes loan assets classified as held for sale.
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Result Analysis and Financial Management
Outlook
Appendices
36
Equity investments of $A13.1b1
Operating
Group
Category
Carrying Value
Sep 25 $Ab
Carrying Value
Mar 25 $Ab
Description
MAM
Macquarie Asset Management Private
Markets-managed funds
2.8
2.6 Includes investments in regional infrastructure and core infrastructure, real
estate, core renewable energy and energy transition funds
Investments acquired to seed new Private
Markets-managed products and mandates
0.5
0.9 Includes investments acquired to seed new initiatives in the infrastructure and
adjacencies sector
Transport, industrial, real estate,
infrastructure and technology
1.8
1.9 Includes investments in a portfolio of aircraft as part of the aviation leasing
business and opportunistic real estate
Total MAM
5.1
5.4
MacCap
Infrastructure & Energy Capital
2.1
2.1 Includes Digital Infrastructure, Social & Economic Infrastructure and Energy
Transition
Principal Finance
1.9
1.9 Includes investments in Services, Technology and Telecommunications
companies and Real Estate
Growth & Technology and Venture Capital
1.8
1.8 Includes Enterprise Software, Technology-Enabled Services, FinTech,
Government Services, Regulatory and Compliance technology, AI and Other
Total MacCap
5.8
5.8
Corporate,
BFS and CGM
Green Energy
1.2
1.3 On 1 Sep 25, the Green Investments assets retained on balance sheet were
transferred to a Macquarie Group portfolio, centrally managed in Corporate
Corporate and Other
1.0
0.9 Includes investments in corporations in the financial services industry, securities
exchanges, investment companies and fund managers
Total Other
2.2
2.2
Total equity investments
13.1
13.4
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.
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Result Analysis and Financial Management
Outlook
Appendices
37
Regulatory update
1. ‘APRA revises governance proposals following industry consultation’: 24 Oct 25. 2. As at 30 Sep 25, MBL had $A2.4b of AT1 capital on issue and MGL had $A3.9b of eligible hybrid capital on issue. 3. ‘APRA consults on amendments to phase out AT1 Capital’; 8 Jul 25.
Australia
•
APRA has finalised or is in the process of implementing changes to a number of prudential standards. Macquarie notes the following key updates:
–
On 24 Oct 25, APRA provided an update on its proposals to modernise the prudential framework on governance for banks, insurers and superannuation trustees1. The changes made have
considered industry feedback received, and further APRA engagement and consultation is expected in the first half of 2026.
–
On 8 Jul 25, APRA released a consultation paper on implementing the phase out of hybrid instruments2 as eligible capital, including for Non-Operating Holding Companies, along with consequential
amendments to the prudential standards3. 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 released its CPS 511 Remuneration disclosure for the year ended 31 Mar 25 as required for APRA-regulated entities. To address one element of feedback received in connection with
the vote on Macquarie’s 2025 Remuneration Report, Macquarie provided an additional disclosure (under section 6.4) on downward adjustments applied to the awarded remuneration outcomes for
Executive Committee members between FY21 to FY25. This disclosure aims to provide further information on the judgement and consistent approach applied by the Board over several years to
adjust remuneration in response to regulatory and other issues.
•
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 2025 and beyond, creating a positive impact through improved systems, frameworks, processes, and
strengthening risk culture.
•
Macquarie has been working with ASIC and acknowledges the following:
–
On 25 Sep 25, ASIC announced that Macquarie Investment Management Ltd had undertaken to facilitate the payment of 100% of the net capital (~$A321m) invested by around 3,000 members in
the Shield Master Fund through the Macquarie Wrap platform. This was achieved by making two payments. The first payment was for the purchase of members’ Shield units at current fair value,
transferring all rights, including future distributions, to Macquarie. The second was a goodwill payment to members, representing the difference between the first payment and the original net
capital invested.
–
On 14 May 25, ASIC commenced civil proceedings against Macquarie Securities (Australia) Limited (MSAL) primarily in relation to inaccurate short sale transaction reporting. The issues identified in
the proceedings have been remediated and additional controls implemented. MSAL is now reviewing ASIC's claim. As the matter is before the court, Macquarie will not make further comment.
–
On 7 May 25, ASIC imposed additional conditions 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 conditions require MBL to prepare and implement a remediation plan and appoint an independent expert to review and report on the adequacy of
the remediation activities. On 30 Oct 25, ASIC released an interim compliance report noting the independent expert has completed their report and Macquarie will implement the
recommendations.
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 expects the German authorities to continue to seek information from former and current Macquarie employees as the
industry-wide investigation continues.
For personal use only
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Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
38
(4.8%)
12.8%
2.5%
(2.4%)
(0.3%)
(0.2%)
12.4%
4.8%
Harmonised Basel III
at Mar 25
APRA Basel III
'super equivalence'
APRA Basel III
at Mar 25
1H26 P&L
Dividends
Business capital
requirements incl.
FX impacts
Other movements³
APRA Basel III
at Sep 25
APRA Basel III
'super
equivalence'⁴
Harmonised Basel III
at Sep 25
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
Basel III Bank Group Common Equity Tier 1 (CET1) Ratio
• APRA Basel III Level 2 CET1 ratio at Sep 25: 12.4%
• Harmonised Basel III Level 2 CET1 ratio at Sep 25: 17.3%1
Bank Group Level 2 CET 1 Ratio
APRA CET1 minimum requirement2
17.6%
17.3%
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 Sep 25 is 0.75% (Mar 25: 0.74%, 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 1.4%; wholesale LGD adjustment 0.9%; IRB scaling factor adjustment 0.7%; capitalised expenses 0.7%; equity investments 0.5%; IRRBB 0.4% and other movements 0.2%.
APRA Basel III
‘super equivalence’4
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
39
• 173% average LCR for Sep 25 quarter, based on daily observations1,2
– Well above regulatory minimum
• Reflects longstanding conservative approach to liquidity management
MBL HQLA Composition2
Strong liquidity position maintained
MBL LCR Position1,2
1. APRA imposed a 25% add-on to the Net Cash Outflow component of Macquarie Bank’s LCR calculation effective from 1 May 22. 2. Represents quarterly average balances.
$Ab
45.7
49.5
49.1
23.5
28.3
28.4
High-Quality Liquid Assets
Net Cash Outflows
Sep 24 Qtr
Mar 25 Qtr
Sep 25 Qtr
0
20
40
60
LCR 194%
LCR 175%
LCR 173%
Sep 25
18%
49%
33%
Central bank balances
Australian government and semi-government bonds
Non-AUD HQLA
For personal use only
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Result Analysis and Financial Management
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40
On-market share buyback
•
Given the Group’s strong capital position, the Board has approved an extension of the up to $A2b on-market share buyback for a further 12 months. The buyback
provides additional flexibility to manage the Group’s capital position and Macquarie retains the ability to vary, pause or terminate the buyback at any time
•
The timing and actual number of ordinary shares purchased under the buyback will be subject to a number of factors including the Group’s surplus capital position,
market conditions and opportunities to deploy capital by the businesses
•
As at 6 Nov 25, a total of $A1,013m of ordinary shares had been acquired on-market at an average price of $A189.80 per share
Dividend and Dividend Reinvestment Plan (DRP)
•
On 2 Jul 25, the DRP in respect of the 2H25 dividend was satisfied through the allocation of ordinary shares at a price of $A213.66 per share1. The shares allocated
under the DRP were acquired on-market
•
The Board has resolved that no discount will apply for the 1H26 DRP and the shares are to be acquired on-market2
Macquarie Group Employee Retained Equity Plan (MEREP)
•
On 20 Jun 25, the acquisition of ordinary shares pursuant to the MEREP was completed. A total of $A686m3 of shares were purchased at a weighted average price
of $A209.72 per share
Macquarie Bank Capital Notes 2 (BCN2)
•
On 8 Jul 25, APRA released a consultation paper ‘APRA consults on amendments to phase out AT1 Capital’ for the removal of AT1 from the ADI framework,
effective 1 Jan 27
•
The BCN2 are eligible Additional Tier 1 Capital (AT1) instruments issued by MBL that have optional redemption dates on 21 Dec 25, 21 Jun 26 and 21 Dec 26
•
Subject to finalisation of the consultation and consideration of other factors at the time, MBL’s current intention is to redeem the BCN2 on 21 Dec 26 to align
with the expected removal of AT1 from the ADI framework
•
Redemption of the BCN2 is subject to APRA’s prior written approval. Investors should not expect that APRA’s approval will be given for any redemption
•
Neither MBL nor MGL have made any determinations regarding other AT1 and eligible hybrid capital instruments
Capital management update
1. The DRP price was determined in accordance with the DRP Rules and is 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 nine trading days from 27 May 25 to 6 Jun 25.
2. Shares will be issued if purchasing becomes impractical or inadvisable. 3. Comprising $A599m off-market and $A87m on-market purchases.
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
42
Short-term outlook
Factors impacting short-term outlook
Non-Banking Group
Macquarie Asset Management (MAM)
•
Excluding the divestment of the public investments business in North America and Europe,
base fees expected to be broadly in line
•
Net Other Operating Income1 is expected to be significantly up, driven by performance fees
Macquarie Capital (MacCap)
Subject to market conditions:
•
Transaction activity for the full year is expected to be broadly in line
•
Investment-related income is expected to be up, supported by the private credit portfolio
and with asset realisations expected in 2H26
•
Continued deployment in the private credit portfolio
Banking Group
Banking and Financial Services (BFS)
•
Growth in loan portfolio, deposits and platform volumes
•
Market dynamics and portfolio mix to continue to drive lower margins
•
Ongoing monitoring of provisioning
•
Continued investment in digitisation and automation supporting scalable growth
Corporate
•
Compensation ratio expected to be broadly in line with historical levels
•
The FY26 effective tax rate is expected to be broadly in line with historical levels
Commodities and Global Markets2 (CGM)
Subject to market conditions:
•
Commodities income is expected to be broadly in line
•
Continued contribution from client and trading activity across the Financial Markets
platform
•
Continued contribution across Asset Finance sectors
Note: Comparative period is FY25, unless stated otherwise. 1. Net Other Operating Income includes all operating income excluding base fees. 2. Certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business, and some other less financially significant
activities are undertaken from within the Non-Banking Group.
Annuity-style
Markets-facing
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
43
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 impact of geopolitical
events
•
Completion of period-end reviews and the completion of transactions
•
The geographic composition of income and the impact of foreign
exchange
•
Potential tax or regulatory changes and tax uncertainties
We continue to maintain a cautious stance, with a conservative approach
to capital, funding and liquidity that positions us well to respond to the
current environment
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
44
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
growth tailwinds
•
Customer focused digital bank
•
Private Markets and Public Investments
•
Commodities, Financial Markets and Asset Finance
•
Specialist advice, capital solutions and investment
Patient adjacent growth across new products and new markets
Ongoing investment in our operating platform
Strong and conservative balance sheet
•
Well-matched funding profile with short-term wholesale funding
covered by short-term assets and cash and liquid assets
•
Surplus funding and capital available to support growth
Proven risk management framework and culture
Empowering people to innovate and invest for a better future
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Result Analysis and Financial Management
Outlook
Appendices
45
Medium-term outlook
Non-Banking Group
Macquarie Asset Management (MAM)
•
Well-positioned to respond to current market conditions and build on our leading global
position in private markets and our leading position in Australian public markets, as we focus
on providing solutions for our institutional, insurance and wealth clients
Macquarie Capital (MacCap)
•
Deploys its balance sheet alongside clients and management teams as well as in
infrastructure project development
•
Tailors the business offering to current opportunities and market conditions including
providing flexible capital solutions across advisory, capital markets, principal investing,
development and equities
•
Supports clients globally across long-term trends including growth in private capital, tech-
enabled innovation and the need for infrastructure and resilience
•
Well-positioned to respond to changes in market conditions
Banking Group
Banking and Financial Services (BFS)
•
Growth opportunities through intermediary and direct retail client distribution, platforms
and client service
•
Opportunities to increase financial services engagement with existing Business Banking
clients and extend into adjacent segments
•
Modernising technology to improve client experience and support scalable growth
Commodities and Global Markets1 (CGM)
•
Opportunities to grow the commodities business, both organically and through adjacencies
•
Development of institutional and corporate coverage for specialised credit, rates and foreign
exchange products
•
Tailored financing solutions globally across a variety of industries and asset classes
•
Continued investment in the asset finance portfolio
•
Supporting the client franchise as markets evolve, particularly as it relates to the
energy transition
•
Growing the client base across all regions
1. Certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business and some other less financially significant activities are undertaken from within the Non-Banking Group.
Annuity-style
Markets-facing
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Result Analysis and Financial Management
Outlook
Appendices
46
Approximate business Basel III Capital and ROE
Operating Group
APRA Basel III Capital
@ 10.5% ($Ab)
1H26 Return on Ordinary
Equity1
19-year Average Return on
Ordinary Equity2
Macquarie Asset Management
4.9
20%
21%
Banking and Financial Services
7.6
Commodities and Global Markets
11.4
12%
17%
Macquarie Capital
6.3
Corporate
3.2
Total regulatory capital requirement @ 10.5%
33.4
Group surplus
7.6
Total APRA Basel III capital supply
41.0
9.6%
14%
Return on Tangible Equity4
10.2%
30 Sep 25
3
1. NPAT used in the calculation of 1H26 ROE is based on Operating Groups’ annualised net profit contribution adjusted for indicative allocations of profit share, tax and other corporate items. Accounting equity is attributed to businesses based on quarterly average allocated ordinary equity. 2. 19-year
average covers FY07 to FY25, inclusive, and has not been adjusted for the impact of business restructures or changes in internal P&L and capital attribution. 3. Comprising $A34.7b of ordinary equity and $A6.3b of hybrids. 4. Tangible Equity is calculated by reducing average equity by average intangible
assets over the period. These intangible assets do not include any balances classified as held for sale.
3
For personal use only
Presentation to
investors and analysts
Result announcement
for the half year ended
30 September 2025
7 November 2025
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
49
•
Base fees of $A1,465m, up 2% on 1H25
–
Base fees in Private Markets increased due to fundraising and investments made
by funds and mandates and favourable foreign exchange movements, partially
offset by asset realisations in funds
–
This was partially offset by lower base fees in Public Investments, primarily due to
outflows in equity strategies, partially offset by favourable market and foreign
exchange movements
•
Performance fees of $A756m, up 88% on 1H25
–
1H26 included performance fees from MAIF2, Aligned Data Centers co-investors
and other Private Markets-managed funds including funds managed on behalf of
wealth investors, managed accounts and co-investors
–
1H25 included performance fees from MAIF2, MEIF4, MIP III and other Private
Markets-managed funds, managed accounts and co-investors
•
Investment-related and other income of $A163m, down 18% on 1H25, primarily
driven by gains on sale of investments in the pcp
•
Total operating expenses of $A1,197m, down 2% on 1H25, primarily driven by lower
intangibles amortisation expenses, partially offset by transaction costs, both
associated with the divestment of the North American and European Public
Investments business
Macquarie Asset Management
1H26
$Am
2H251
$Am
1H251
$Am
Base fees
1,465
1,489
1,436
Performance fees
756
434
403
Investment-related and other income2
163
635
199
Net credit and other impairment reversals/(charges)
3
(10)
4
Net operating income
2,387
2,548
2,042
Brokerage, commission and fee expenses
(222)
(229)
(193)
Other operating expenses
(975)
(1,069)
(1,024)
Total operating expenses
(1,197)
(1,298)
(1,217)
Non-controlling interests
(15)
(24)
(2)
Net profit contribution
1,175
1,226
823
AUM ($Ab)3
959.1
941.0
916.8
Private Markets EUM ($Ab)
224.6
221.1
217.5
Headcount
2,279
2,210
2,438
Result
1. On 1 Sep 25, the Green Investments assets retained on balance sheet were transferred to a Macquarie Group portfolio, centrally managed in Corporate. Prior comparatives have been restated. 2. Investment-related income includes net income on equity, debt and other investments and share of net
profits from associates and joint ventures. Other income includes other fee and commission income, net interest and trading expense, other income and internal management revenue/(charge). 3. Includes assets under management as part of the North American and European Public Investments
business.
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Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
50
•
Net interest and trading income of $A1,456m, up 10% on 1H25
–
17% growth in the average loan portfolio7 and 23% growth in the average BFS
deposit portfolio7
–
Partially offset by margin compression, reflecting ongoing lending and deposit
competition, and changes in portfolio mix
•
Fee and commission income of $A329m, up 8% on 1H25, due to growth in BFS
deposits and the loan portfolio
•
Net credit and other impairment charges of $A24m broadly in line with 1H25, due to
changes to the recovery outlook in the car loan portfolio and loan portfolio growth,
largely offset by improved credit performance in business lending
•
Other expenses of $A3m, down from $A23m in 1H25, mainly driven by the revaluation
of an equity investment in the pcp
•
Total operating expenses of $A965m, up 3% on 1H25
–
Higher technology expenses mainly to support business growth and scalable
operations
–
Partially offset by lower average headcount driven by digitalisation and operational
improvements
Banking and Financial Services
1H26
$Am
2H25
$Am
1H25
$Am
Net interest and trading income1
1,456
1,391
1,326
Fee and commission income
329
307
304
Wealth management fee income
224
217
218
Banking and lending fee income
105
90
86
Net credit and other impairment charges
(24)
(24)
(21)
Other expenses2
(3)
(23)
(23)
Net operating income
1,758
1,651
1,586
Total operating expenses
(965)
(921)
(936)
Net profit contribution
793
730
650
Funds on platform ($Ab)
166.7
154.0
158.5
Loan portfolio ($Ab)3
178.4
161.4
150.4
BFS deposits ($Ab)4
192.5
172.4
153.1
Expense to income ratio (%)5
52
52
56
Headcount6
4,132
4,122
4,286
Result
1. Includes net internal transfer pricing on funding between Group Treasury and BFS that is eliminated on consolidation in the Group’s statutory P&L. 2. Includes internal management revenue/(charges) and other (expenses)/income. 3. Loan portfolio comprises home loans (excluding offset accounts),
loans to businesses, credit cards and car loans (excluding balances classified as held for sale assets of $A1.5b as at 30 Sep 25). 4. BFS deposits include home loan offset accounts. 5. Represents total operating expenses excluding brokerage, commission and fee expenses as a percentage of net
operating income including brokerage, commission and fee expenses and excluding net credit and other impairment charges. 6. Prior comparatives have been restated to reflect the transfer of BFS Technology employees from Corporate to BFS. 7. Calculations based on average volumes net of offset
accounts.
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Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
51
•
Commodities income of $A1,380m, down 2% on 1H25:
–
Risk management income of $A923m, up 4% on 1H25, driven by increased
contributions from North American Power, Gas and Emissions and Global Oil,
partially offset by decreased client hedging activity in the agriculture sector
–
Lending and financing income of $A160m, down 14% on 1H25, mainly due to
decreased financing activity in Global Oil
–
Inventory management and trading income of $A297m, down 11% on 1H25, mainly
driven by timing of income recognition on North American Power and Gas
contracts
•
Foreign exchange, interest rates and credit income of $A658m, up 4% on 1H25 due to
increased contributions from financing origination as well as continued strong client
hedging activity across foreign exchange and interest rate products
•
Equities income of $A229m, up 13% on 1H25, mainly due to increased client activity
•
Asset Finance income of $A54m, up 93% on 1H25 due to increased volumes primarily
in the shipping sector
•
Fee and commission income of $A318m, up 10% on 1H25, driven by increased client
activity in Futures
•
Investment and other income of $A96m, down 32% on 1H25, primarily driven by the
non-recurrence of gains on sale of unlisted equity investments
•
Net credit and other impairment charges of $A68m, significantly up on 1H25, mainly
driven by increased expected credit losses due to growth in Financial Markets
exposures and credit deterioration of a small number of exposures
•
Other operating expenses of $A1,523m, up 14% on 1H25, driven by increased
investment in the CGM platform, remediation-related spend and significant
transaction-related costs
Commodities and Global Markets
1H26
$Am
2H25
$Am
1H25
$Am
Commodities
1,380
1,614
1,406
Risk management
923
1,078
886
Lending and financing
160
179
187
Inventory management and trading
297
357
333
Foreign exchange, interest rates and credit
658
708
632
Equities
229
245
203
Asset Finance
54
54
28
Net interest and trading income1
2,321
2,621
2,269
Fee and commission income
318
240
289
Net operating lease income2
216
207
211
Investment and other income3
96
137
141
Credit and other impairment charges
(68)
(81)
(16)
Net operating income
2,883
3,124
2,894
Brokerage, commission and fee expenses
(248)
(237)
(244)
Other operating expenses
(1,523)
(1,375)
(1,334)
Total operating expenses
(1,771)
(1,612)
(1,578)
Non-controlling interests
1
1
—
Net profit contribution
1,113
1,513
1,316
Headcount
2,615
2,538
2,544
Result
1. Includes internal net interest expense and transfer pricing on funding provided by Group Treasury that is eliminated on consolidation in the Group’s statutory P&L. 2. Generated from Asset Finance. 3. Includes net income on equity, debt and other investments, share of net profits from associates and
joint ventures, internal management revenue and other income.
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Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
52
Macquarie Capital
1H26
$Am
2H25
$Am
1H25
$Am
Net interest and trading income1
497
490
322
Fee and commission income
850
782
671
Investment-related income2 (excl. non-controlling
interests)
165
261
176
Net credit and other impairment charges
(13)
(73)
(42)
Internal management (charge)/revenue3
(3)
33
18
Net operating income
1,496
1,493
1,145
Total operating expenses
(774)
(813)
(771)
Non-controlling interests
(11)
(8)
(3)
Net profit contribution
711
672
371
Private Credit Portfolio ($Ab)4
25.9
26.0
22.5
Equity Portfolio ($Ab)5
5.7
6.0
5.5
Headcount
1,452
1,512
1,568
Result
•
Net interest and trading income of $A497m, up 54% on 1H25, primarily due to higher
net interest income from the private credit portfolio, benefitting from more than
$A3.9b6 of growth in average drawn loan assets and higher repayment income
•
Fee and commission income of $A850m, up 27% on 1H25, mainly due to higher M&A
fee income, particularly in the Americas and ANZ, which benefitted from several
significant transactions. Brokerage income increased 11% on the prior corresponding
period due to increased market activity, particularly in Asia
•
Investment-related income of $A165m, down 6% on 1H25, primarily due to higher
share of net losses from associates and joint ventures and lower net gains on
investments
•
Net credit and other impairment charges of $A13m, significantly down on 1H25. The
movement was primarily driven by lower credit provisions due to an improvement in
the macroeconomic outlook, partially offset by counterparty-specific provisions
•
Total operating expenses of $A774m, broadly in line with 1H25, mainly driven by a
decrease in employment expenses from lower average headcount, offset by higher
other operating and brokerage expenses
1. Represents the interest earned from debt investments and the funding costs associated with Macquarie Capital’s balance sheet positions. 2. Includes gains and losses from sale and revaluation of equity, debt and other investments, share of net losses from associates and joint ventures and, other
(expenses)/income. 3. Internal revenue allocations are eliminated on consolidation in the Group’s statutory P&L. 4. Represents the committed private credit portfolio as at reporting period end. 5. Represents the committed equity portfolio as at reporting period end. 6. Average volume calculation is
based on balances converted at spot FX rates as at reporting period end.
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Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
53
Corporate
1H26
$Am
2H251
$Am
1H251
$Am
Net interest and trading income
430
515
457
Investment-related and other operating (expenses)/
income2
(336)
(241)
92
Net credit and other impairment reversals/(charges)
73
(98)
—
Net operating income
167
176
549
Employment expenses
(2,448)
(2,454)
(2,238)
Other operating expense recoveries
916
877
821
Total operating expenses
(1,532)
(1,577)
(1,417)
Income tax expense
(771)
(640)
(686)
Non-controlling interests
(1)
3
6
Net profit contribution
(2,137)
(2,038)
(1,548)
Headcount3
9,343
9,353
9,217
Result
•
Net interest and trading income of $A430m, down 6% on 1H25, driven by lower
funding recoveries from the Operating Groups, partially offset by higher earnings on
capital
•
Investment-related and other operating expenses of $A336m, compared to income of
$A92m in 1H25, were primarily driven by impairments of Green Investments, the non-
recurrence of asset realisations in Green Investments and the non-recurrence of a
gain on the sale of centrally held assets
•
Net credit and other impairment reversals of $A73m, substantially up on 1H25 driven
by an improvement in the macroeconomic outlook
•
Total operating expenses of $A1,532m, up 8% on 1H25, mainly driven by higher
performance-related profit share and specific legal matters
•
Income tax expense of $A771m, up 12% on 1H25, mainly driven by the performance
of the Group. The effective tax rate of 31.8% for 1H26 was higher than the pcp,
mainly driven by the geographic composition and nature of earnings
1. On 1 Sep 25, the Green Investments assets retained on balance sheet were transferred to a Macquarie Group portfolio, centrally managed in Corporate. Prior comparatives have been restated. 2. Represents fee and commission expense, share of net (losses)/profits from associates and joint ventures,
net income on equity and debt investments, other (expenses)/income and internal management charges. 3. Prior comparatives have been restated to reflect the transfer of BFS Technology employees from Corporate to BFS.
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Result Analysis and Financial Management
Outlook
Appendices
55
Macquarie Group Limited
(MGL)
Non-Bank
Subsidiaries
Macquarie Bank Limited
(MBL)
Bank Group4
Deposits,
Debt, LAC3 and
Hybrid Equity
Debt and
Hybrid Equity
Equity
Non-Bank Group5
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 Group1
•
MGL provides funding predominantly to the Non-Bank Group2
1. The Bank Group comprises BFS and CGM (excluding certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business and some other less financially significant activities which are undertaken from within the Non-Bank Group). 2. The Non-Bank Group
comprises MAM, Macquarie Capital and certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business and some other less financially significant activities of CGM. 3. Subordinated debt to meet APRA’s Loss-Absorbing Capacity (LAC) requirements.
4. MBL is the primary external funding vehicle for the Bank Group. Macquarie Global Finance (MGF) and Macquarie Bank Europe (MBE) also operate as external funding vehicles for certain subsidiaries within the Bank Group. Macquarie International Finance Limited (MIFL) is no longer an external funding
vehicle for the Bank Group. 5. MGL is the primary external funding vehicle for the Non-Bank Group.
Debt and Equity
Debt and Equity
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Result Analysis and Financial Management
Outlook
Appendices
56
Funded balance sheet reconciliation
Sep 25
$Ab
Mar 25
$Ab
Sep 241
$Ab
Total assets per statement of financial position
484.2
445.2
414.3
Netted items:
Derivative revaluation
(23.5)
(23.4)
(22.3)
Segregated funds
(9.2)
(10.6)
(10.6)
Other
(11.2)
(14.1)
(11.1)
Self-funded trading assets
(39.0)
(29.0)
(30.3)
Net funded assets per funded balance sheet
401.3
368.1
340.0
•
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 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
•
A funded balance sheet reconciliation has been prepared to reconcile the reported assets of Macquarie to the assets that require funding
Note: For an explanation of the above deductions refer to slide 60. 1. Following changes to funded balance sheet methodology, the balances for period ending 30 Sep 24 have been restated.
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Result Analysis and Financial Management
Outlook
Appendices
57
•
Well-diversified funding sources
•
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
•
Deposit base represents 50%3 of total funding sources
•
Term funding beyond one year (excluding deposits, equity and
securitisations) has a weighted average term to maturity of 4.4 years3
Funding for Macquarie
Sep 25
$Ab
Mar 25
$Ab
Sep 241
$Ab
Funding sources
Commercial paper and certificates of deposit
47.5
41.2
37.4
Structured notes
2.1
2.6
2.3
Securitisation
11.1
13.0
13.1
Other secured funding
5.3
5.3
4.4
Bonds
57.4
53.1
57.0
Unsecured loans
20.5
19.6
15.8
Deposits
198.8
177.7
158.5
Hybrids and subordinated debt
17.1
16.4
16.3
Equity
35.2
35.8
32.8
Other
6.3
3.4
2.4
Total funding sources
401.3
368.1
340.0
Funded assets
Cash and liquid assets
82.6
81.1
73.5
Net trading assets
57.5
50.4
51.0
Loan assets less than one year
10.9
12.8
12.2
Home loans
162.0
143.3
131.4
Loan assets greater than one year
51.1
49.5
43.5
Debt investments
7.0
4.1
3.2
Equity investments2
20.6
16.2
11.8
Property, plant and equipment and intangibles
9.6
10.7
13.4
Total funded assets
401.3
368.1
340.0
Senior unsecured debt
Secured debt
Hybrids and subordinated debt
Equity
1-2yrs
2-3yrs
3-4yrs
4-5yrs
5yrs+
0
10
20
30
40
50
60
70
Macquarie’s term funding maturing beyond one year
(includes hybrids, subordinated debt and equity)4
1. Following changes to funded balance sheet methodology, the balances for period ending 30 Sep 24 have been restated. 2. Includes held for sale assets. 3. As at 30 Sep 25. 4. Includes drawn term funding only.
$Ab
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Result Analysis and Financial Management
Outlook
Appendices
58
• Bank balance sheet remains liquid and well capitalised,
with a diverse range of funding sources
• Term funding beyond one year (excluding deposits,
equity and securitisations) has a weighted average term
to maturity of 3.7 years3
• Accessed term funding across a variety of products
and jurisdictions
Funding for the Bank Group
Sep 25
$Ab
Mar 25
$Ab
Sep 241
$Ab
Funding sources
Commercial paper and certificates of deposit
43.3
41.1
37.4
Structured notes
0.7
0.7
0.6
Securitisation
9.0
10.8
11.0
Other secured funding
2.7
3.0
2.4
Bonds
25.6
18.8
22.0
Unsecured loans
9.1
11.1
8.9
Deposits
198.8
177.7
158.4
Hybrids and subordinated debt
13.2
12.6
12.0
Equity
22.7
23.0
21.1
Other
2.6
3.7
3.1
Total funding sources
327.7
302.5
276.9
Funded assets
Cash and liquid assets
72.0
69.2
61.2
Net trading assets
50.9
44.0
44.0
Loan assets less than one year
9.9
11.4
10.5
Home loans
161.7
143.0
131.0
Loan assets greater than one year
28.2
27.0
24.7
Debt investments
3.8
2.7
2.5
Non-Bank Group balances with the Bank Group
(7.5)
(2.8)
(4.8)
Equity investments2
2.4
0.8
0.7
Property, plant and equipment and intangibles
6.3
7.2
7.1
Total funded assets
327.7
302.5
276.9
Senior unsecured debt
Secured debt
Hybrids and subordinated debt
Equity
1-2yrs
2-3yrs
3-4yrs
4-5yrs
5yrs+
0
5
10
15
20
25
30
35
Bank Group term funding maturing beyond one year
(includes hybrids, subordinated debt and equity)4
1. Following changes to funded balance sheet methodology, the balances for period ending 30 Sep 24 have been restated. 2. Includes held for sale loan assets. 3. As at 30 Sep 25. 4. Includes drawn term funding only.
$Ab
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Result Analysis and Financial Management
Outlook
Appendices
59
Funding for the Non-Bank Group
Sep 25
$Ab
Mar 25
$Ab
Sep 241
$Ab
Funding sources
Commercial paper and certificates of deposit
4.2
0.1
—
Structured notes
1.4
1.9
1.7
Securitisation
2.1
2.2
2.1
Other secured funding
2.6
2.3
2.0
Bonds
31.8
34.3
35.0
Unsecured loans
11.4
8.5
6.9
Deposits
—
—
0.1
Hybrids
3.9
3.8
4.3
Equity
12.5
12.8
11.7
Other
3.7
(0.3)
(0.7)
Total funding sources
73.6
65.6
63.1
Funded assets
Cash and liquid assets
10.6
11.9
12.3
Non-Bank Group balances with the Bank Group
7.5
2.8
4.8
Net trading assets
6.6
6.4
7.0
Loan assets less than one year
1.0
1.4
1.7
Home loans
0.3
0.3
0.4
Loan assets greater than one year
22.9
22.5
18.8
Debt investments
3.2
1.4
0.7
Equity investments2
18.2
15.4
11.1
Property, plant and equipment and intangibles
3.3
3.5
6.3
Total funded assets
73.6
65.6
63.1
• Non-Bank Group is predominantly term funded
• Term funding beyond one year (excluding equity and
securitisations) has a weighted average term to maturity
of 4.9 years3
• Accessed term funding across a variety of products and
jurisdictions
Senior unsecured debt
Secured debt
Hybrids
Equity
1-2yrs
2-3yrs
3-4yrs
4-5yrs
5yrs+
0
5
10
15
20
25
30
35
Non-Bank Group term funding maturing beyond one
year (includes hybrids and equity)4
1. Following changes to funded balance sheet methodology, the balances for period ending 30 Sep 24 have been restated. 2. Includes held for sale assets. 3. As at 30 Sep 25. 4. Includes drawn term funding only.
$Ab
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Result Analysis and Financial Management
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Appendices
60
Explanation of funded balance sheet reconciling items
Derivative revaluation
Segregated funds
These represent the assets and liabilities that
are recognised where Macquarie holds
segregated client monies. The client monies
will be matched by assets held to the same
amount. Any excess client funds placed with
Macquarie are presented as part of cash and
liquid assets.
Other
Macquarie through its day-to-day operations
generates working capital (other assets
includes receivables and prepayments and
other liabilities includes creditors and
accruals) that produce a ‘net balance’ that
either requires or provides funding.
Self-funded
trading assets
Macquarie enters into stock borrowing and
lending as well as repurchase agreements
and reverse repurchase agreements in the
normal course of trading activity that it
conducts with its clients and counterparties.
Also as part of its trading activities,
Macquarie pays and receives margin
collateral on its outstanding derivative
positions. These trading and liquidity
management related asset and liability
positions are viewed as being self-funded to
the extent that they offset one another and,
therefore, are presented net in the funded
balance sheet.
Offsetting derivative positions do not
generally require funding. For presentation
purposes, the total gross derivative balances
are netted in the funded balance sheet with
the resulting funding requirement included as
part of net trading assets.
These adjustments do not indicate the existence of an enforceable netting arrangements. For further information about balances which are subject to enforceable netting arrangements,
please refer to Note 39 Offsetting financial assets and financial liabilities in the Annual Report.
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Result Analysis and Financial Management
Outlook
Appendices
62
Macquarie Basel III regulatory capital
30 Sep 25
APRA
Basel III
$Am
Macquarie eligible capital
Bank Group Gross Tier 1 capital
25,313
Non-Bank Group eligible capital
15,685
Eligible capital
40,998
(a)
Macquarie capital requirement
Bank Group capital requirement
Risk-Weighted Assets (RWA)1
152,771
Capital required to cover RWA2
16,041
Tier 1 deductions
3,760
Total Bank Group capital requirement
19,801
Total Non-Bank Group capital requirement
13,611
Total Macquarie capital requirement
33,412
(b)
Macquarie regulatory capital surplus
7,586
(a)-(b)
Surplus calculation
1. In calculating the Bank Group’s contribution to Macquarie’s capital requirement $A1,795m of RWA internal to Macquarie are eliminated. 2. This includes the industry minimum Tier 1 requirement of 6.0%, CCB of 3.75% and a CCyB. The CCyB of the Bank Group at Sep 25 is 0.75%.
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63
Macquarie APRA Basel III regulatory capital
30 Sep 25
Risk-weighted assets
$Am
Tier 1 Deductions
$Am
Capital Requirement1
$Am
Credit risk
On balance sheet
71,167
7,473
Off balance sheet
51,222
5,378
Credit risk total2
122,389
12,851
Market risk
8,436
886
Operational risk
18,726
1,966
Interest rate risk in the banking book
3,220
338
Tier 1 deductions
3,760
3,760
Total Bank Group capital requirement2
152,771
3,760
19,801
Bank Group contribution
1. Calculated at 10.5% of the Bank Group’s RWA. This includes the industry minimum Tier 1 requirement of 6.0%, CCB of 3.75% and a CCyB. The CCyB of the Bank Group at Sep 25 is 0.75%. 2. In calculating the Bank Group’s contribution to Macquarie’s capital requirement $A1,795m of RWA internal to
Macquarie are eliminated.
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Result Analysis and Financial Management
Outlook
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64
Macquarie regulatory capital
Risk1
Basel III2
ECAM
Credit
•
Capital requirement generally determined by Basel III IRB formula, with
some parameters specified by the regulator (e.g. loss given default
estimates for wholesale counterparties)
•
Capital requirement generally determined by Basel III IRB
formula, but with internal estimates of key parameters
Equity
•
Harmonised Basel III: 250% or 400% risk weight, depending on the type
of investment. Deduction from Common Equity Tier 1 above a
threshold
•
APRA Basel III: 100% Common Equity Tier 1 deduction3
•
Capital requirement generally determined by an extension
of Basel III credit model to cover equity exposures
•
Capital requirement between 34% and 81% of face value;
average 53%
Market
•
M4 times 10-day 99% Value at Risk (VaR) plus M4 times 10-day 99%
Stressed VaR (SVaR), plus a specific risk charge
•
Scenario-based approach
Operational
•
Standardised Measurement Approach
•
Scenario-based internal measurement approach
Non-Bank Group contribution
• APRA has specified a regulatory capital framework for Macquarie
• A dollar capital surplus is produced; no capital ratio calculation is specified
• The Non-Bank Group’s capital is calculated using Macquarie’s ECAM
• The ECAM is based on similar principles and models as the Basel III regulatory capital framework for banks, with both calculating
capital at a one year 99.9% confidence level
• The table below shows a comparison of Basel III and ECAM methodologies for key risk types
1. The ECAM also covers non-traded interest rate risk and the risk on assets held as part of business operations, including: fixed assets, goodwill, intangible assets and capitalised expenses. 2. Basel III requirements shown, with Market Risk per the revised BCBS Basel II Market Risk Framework. APRA has
implemented the Basel III framework (APRA Basel III), and in some areas has introduced stricter requirements (APRA super equivalent). 3. Includes all Banking Book equity investments, plus net long Trading Book holdings in financial institutions. 4. M is the Market Risk capital multiplier, which is 3 plus any
additions specified.
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65
30 Sep 25
Capital Requirement
$Am
Credit risk
3,544
Equity risk
7,449
Market risk
149
Operational risk
750
Other1
1,719
Total Non-Bank Group capital requirement
13,611
Macquarie regulatory capital
Non-Bank Group contribution
1. Other includes capital requirements for non-traded interest rate risk, the risk on assets held as part of business operations and diversification offset. Assets held as part of business operations include: fixed assets, goodwill, intangible assets and capitalised expenses.
For personal use only
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
67
Glossary
$A / AUD
Australian Dollar
CGM
Commodities and Global Markets
$US / USD
United States Dollar
CMA
Cash Management Account
£ / GBP
Pound Sterling
COG
Corporate Operations Group
€ / EUR
Euro
DCM
Debt Capital Markets
CHF
Swiss Franc
DPS
Dividend Per Share
¥ / JPY
Japanese Yen
DRP
Dividend Reinvestment Plan
1H
Half Year ended 30 September
DTA
Deferred Tax Asset
2H
Half Year ended 31 March
ECAM
Economic Capital Adequacy Model
ABN
Australian Business Number
ECL
Expected Credit Loss
ADI
Authorised Deposit-Taking Institution
ECM
Equity Capital Markets
AI
Artificial Intelligence
EDT
Equity Derivatives and Trading
ANZ
Australia and New Zealand
EMEA
Europe, the Middle East and Africa
APAC
Asia-Pacific
EPS
Earnings Per Share
Approx.
Approximately
ESG
Environmental, Social and Governance
APRA
Australian Prudential Regulation Authority
ETF
Exchange Traded Fund
ASIC
Australian Securities and Investments Commission
EUM
Equity under Management
ASX
Australian Securities Exchange
FCTR
Foreign currency translation reserve and net investment hedge reserve
AUM
Assets under Management
FPE
Financial Management, People and Engagement
BAU
Business as Usual
FUA
Funds under Administration
BCBS
Basel Committee on Banking Supervision
FX
Foreign Exchange
BFS
Banking and Financial Services
FY
Full Year ended 31 March
CAGR
Compound Annual Growth Rate
HQLA
High-Quality Liquid Assets
CCB
Capital Conservation Buffer
IRB
Internal Ratings-Based
CCyB
Countercyclical Capital Buffer
IRRBB
Interest Rate Risk in the Banking Book
CET1
Common Equity Tier 1
IFRS
International Financial Reporting Standards
For personal use only
© Macquarie Group Limited
Introduction
Overview of Result
Result Analysis and Financial Management
Outlook
Appendices
68
IR
Interest Rates
MSAL
Macquarie Securities (Australia) Limited
IT
Information Technology
No.
Number
LAC
Loss-Absorbing Capacity
NPAT
Net Profit After Tax
LCR
Liquidity Coverage Ratio
NPC
Net Profit Contribution
LGD
Loss Given Default
NPS
Net Promoter Score
LGG
Legal and Governance Group
NSFR
Net Stable Funding Ratio
LNG
Liquefied Natural Gas
OSS
Operationally Segregated Subsidiaries
LVR
Loan-to-Value Ratio
P&L
Profit and Loss
M&A
Mergers and Acquisitions
PCP
Prior Corresponding Period
MacCap
Macquarie Capital
PPE
Property, Plant and Equipment
MAIF2
Macquarie Asia Infrastructure Fund 2
RBA
Reserve Bank of Australia
MAM
Macquarie Asset Management
RMG
Risk Management Group
MBE
Macquarie Bank Europe
ROE
Return on Equity
MBL
Macquarie Bank Limited
ROTE
Return on Tangible Equity
MD&A
Management Discussion & Analysis
RWA
Risk-Weighted Assets
MEREP
Macquarie Group Employee Retained Equity Plan
SA-CCR
Standardised Approach (Counterparty Credit Risk)
MFAA
Mortgage and Finance Association of Australia
SMA
Separately Managed Accounts
MGECO
Macquarie Green Energy and Climate Opportunities
SMSF
Self Managed Super Fund
MGETS
Macquarie Green Energy Transition Solutions
TFF
Term Funding Facility
MGF
Macquarie Global Finance Pty Limited
UK
United Kingdom
MGL / MQG
Macquarie Group Limited
UQS
Unquestionably Strong
MGSA
Macquarie Group Services Australia Pty Limited
US
United States of America
MIML
Macquarie Investment Management Ltd
VWAP
Volume Weighted Average Price
MIP III
Macquarie Infrastructure Partners Fund 3
WAM
Weighted Average Term to Maturity
MPA
Mortgage Professional Australia
YTD
Year to Date
Glossary
For personal use only
For personal use only
