Macquarie Group (MQG) H1 2026 earnings summary

Executive summary

• Net profit attributable to shareholders for 1H26 was $A1,655 million, up 3% year-over-year but down 21% sequentially from 2H25.

• Net operating income rose 6% year-over-year to $A8,691 million, with total operating expenses up 5% to $A6,239 million, mainly due to higher employment and technology costs.

• Annualised return on equity was 9.6%, and basic EPS was $A4.37, both up 3% year-over-year.

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

• Assets under management reached $A959.1 billion, up 5% year-over-year and 2% from March 2025.

Financial highlights

• Net interest and trading income increased 9% year-over-year to $A4,511 million, driven by growth in private credit and BFS portfolios.

• Fee and commission income rose 18% to $A3,901 million, with higher performance, advisory, and M&A fees.

• Investment and other income declined due to absence of prior year asset sales and green investment realizations.

• Credit and other impairment charges fell 61% to $A29 million, reflecting improved macroeconomic outlook.

• Total assets as at 30 September 2025 were $A484.2 billion, up 9% from 31 March 2025.

Outlook and guidance

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

• BFS to see continued growth in loans and deposits, but margin pressure to persist.

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

• Commodities and Global Markets income expected to remain steady, with continued growth in asset finance and financial markets.

• Guidance subject to market, geopolitical, FX, and regulatory risks.