• Net profit after tax (NPAT) for FY25 YTD broadly in line with FY24 YTD
• Annuity-style businesses' combined 3Q25 net profit contribution substantially up on 3Q24
• Markets-facing businesses' combined 3Q25 net profit contribution substantially down on 3Q24

Macquarie Group Limited (ASX: MQG) has provided an update on its business activity in the third quarter of the financial year ending 31 March 2025 (3Q25). The company's net profit after tax (NPAT) for the nine months to 31 December 2024 (FY25 year to date) was broadly in line with the prior corresponding period (FY24 YTD). Macquarie's annuity-style businesses, which include Macquarie Asset Management (MAM) and Banking and Financial Services (BFS), saw their combined 3Q25 net profit contribution substantially up on 3Q24, primarily due to continued volume growth in BFS and higher performance fees and investment income in MAM. Conversely, the markets-facing businesses, comprising Commodities and Global Markets (CGM) and Macquarie Capital, experienced a substantial decline in their combined 3Q25 net profit contribution compared to the prior corresponding period, mainly due to subdued conditions in certain commodity markets and the unfavourable impact of timing of income recognition in CGM, partially offset by higher fee and commission income in Macquarie Capital. Macquarie's financial position remains strong, with a Group capital surplus of $A8.5 billion and the Bank Group's APRA Basel III Level 2 Common Equity Tier 1 capital ratio at 12.6 per cent (Harmonised: 17.7 per cent) as of 31 December 2024.

Macquarie remains well-positioned to deliver superior performance in the medium term with its diverse business mix, deep expertise, patient adjacent growth, ongoing investment in its operating platform, a strong and conservative balance sheet, and a proven risk management framework and culture.

Macquarie continues to maintain a cautious stance, with a conservative approach to capital, funding and liquidity, and is mindful of factors that may influence its short-term outlook, including market conditions, completion of period-end reviews and transactions, the geographic composition of income and the impact of foreign exchange, and potential tax or regulatory changes.