Macquarie Group (MQG) H1 2027 earnings summary

Executive summary

• H1 FY27 profit attributable to ordinary shareholders was A$2,478m, up 50% YoY and down 22% from 2H26; operating profit before tax rose 33% to A$3,251m.

• Net operating income rose 10% to A$9,568m, as higher interest, trading and investment income offset lower fees and Macquarie Capital contribution.

Financial highlights

• Net interest and trading income rose 26% to A$5,698m; fee and commission income fell 29% to A$2,784m, reflecting lower MAM and Macquarie Capital fees.

• Net investment income was A$889m versus A$328m YoY, including gains from the Macquarie AirFinance sale; net other operating income was A$309m versus A$30m.

• Operating expenses rose 1% to A$6,317m; net credit and other impairment charges were A$220m versus A$29m YoY.

• Income tax expense was A$730m; the effective tax rate was 22.5%, down from 31.4% YoY, reflecting earnings composition and geographic mix.

Outlook and guidance

• MAM base fees are expected broadly in line with FY26, excluding the divested North American and European public-investments business; net other operating income is expected to rise, subject to sale timing.

• BFS expects loan, deposit and platform growth, with market dynamics and portfolio mix pressuring margins; CGM net operating income is expected slightly higher excluding OnStream’s divestment impact.

• Macquarie Capital transaction activity and investment-related income are expected to decline; realizations remain subject to market conditions and timing.

• A cautious approach to capital, funding and liquidity continues; short-term results remain sensitive to economic conditions, rates, volatility, geopolitics, FX, transactions, tax and regulation.