Macquarie Group (MQG) H1 2026 earnings summary

Executive summary

• Net profit for 1H26 was $A1,655 million, up 3% year-over-year but down 21% sequentially from 2H25, with ROE at 9.6%.

• Net operating income rose 6% year-over-year to $A8,691 million, while operating expenses increased 5% to $A6,239 million.

• Interim dividend declared at $A2.80 per share (35% franked), with a 64% payout ratio.

• Assets under management reached $A959.1 billion, up 5% year-over-year, driven by market gains and asset valuations, partially offset by outflows and FX.

• Earnings mix: 16% market-facing, 56% annuity-style, 28% from financing and performance fees.

Financial highlights

• Macquarie Asset Management profit up 43% to $A1,175 million, driven by global performance fees.

• Banking and Financial Services profit up 22% to $A793 million, with home loans and deposits both rising strongly.

• Commodities and Global Markets profit down 15% to $A1,113 million, impacted by subdued commodity markets, higher expenses, and increased platform investment.

• Macquarie Capital profit up 92% to $A711 million, led by advisory, private credit, and brokerage fee growth.

• Basic EPS was $A4.37, up 3% year-over-year.

Outlook and guidance

• Asset Management base fees expected broadly in line, with net operating income and performance fees significantly up.

• Banking and Financial Services to see continued loan and deposit growth, but margin pressure persists.

• Macquarie Capital transaction activity and investment-related income expected to be up, supported by private credit.

• CGM income expected broadly in line, with ongoing contributions from asset finance and financial markets.

• Guidance subject to market, economic, FX, and regulatory uncertainties.