Macquarie Group (MQG) Investor Tour 2025 Day 1 summary

Strategic direction and business evolution

• Emphasis on bottom-up, client-driven strategy, focusing on sectors with structural tailwinds such as infrastructure, commodities, energy, digital banking, and technology.

• EMEA now contributes 23% of group income, with $A204b in assets under management and 2,882 staff across 21 locations, reflecting over 35 years of presence in the region.

• Expansion in EMEA, with Paris now the largest continental office, and new offices in Milan and Dublin post-Brexit; growth into Eastern Europe, Greece, Portugal, and Saudi Arabia.

• Growth through adjacencies, patient capital allocation, and dynamic reallocation, including recent exit from US debt capital markets to focus on private credit.

• Collaboration across business groups and investment in people, culture, and stakeholder engagement are prioritized for sustained growth.

Financial guidance and performance

• Updated FY2025 guidance: no longer expecting high proceeds from green energy asset disposals (CERO portfolio) in FY2025, but net other operating income still expected to be significantly up due to higher investment-related income.

• No changes to outlook for Macquarie Capital, Banking and Financial Services, or Commodities and Global Markets.

• Return on equity (ROE) remains the primary performance metric, with return on tangible equity (ROTE) to be reported for peer comparability; 1H25 annualized ROTE at 11.4% versus ROE of 9.9%.

• Capital usage has grown at an 11.5% CAGR over five years, with businesses finding accretive opportunities for deployment.

• Excess capital partly returned to shareholders via buybacks, reflecting outsized returns in 2022 and 2023.

Regional and business line developments

• CGM business has grown significantly post-Brexit, with Paris and Dublin as key hubs, and a 25-30% increase in client base since 2020.

• Investment in people and culture, with 137 directors hired and 148 staff transferred into EMEA since 2022, supporting diversity and mobility.

• Philanthropic and social impact initiatives, including the Social Impact Investment Fund and partnerships like Generation, are integral to regional engagement.

• Presentations from regional leadership highlight the established presence of each business in EMEA, with investor tour materials and recordings made available online.

• Collaboration across business lines and geographies is a strategic priority, with country forums and cross-division initiatives in energy, digital, and decarbonization.