• FY25 year to date net profit after tax broadly in line with FY24
• Annuity-style businesses' net profit contribution substantially up on prior year
• Markets-facing businesses' net profit contribution substantially down on prior year

Macquarie Group Limited (MGL) provided a trading update for the third quarter of fiscal year 2025 (3Q25). The company reported that its FY25 year to date (YTD) net profit after tax was broadly in line with the FY24 YTD. Macquarie's annuity-style businesses, comprising Macquarie Asset Management (MAM) and Banking and Financial Services (BFS), saw their combined 3Q25 net profit contribution substantially up on the prior corresponding period (3Q24), mainly due to continued volume growth in BFS. The FY25 YTD net profit contribution from the annuity-style businesses was substantially up on FY24 YTD, primarily due to higher performance fees and investment income in MAM, as well as continued volume growth and lower operating expenses in BFS, partially offset by margin compression. In contrast, Macquarie's markets-facing businesses, Commodities and Global Markets (CGM) and Macquarie Capital, saw their combined 3Q25 net profit contribution substantially down on the pcp, mainly due to subdued conditions in certain commodity markets and the unfavourable impact of timing of income recognition primarily on North American Gas and Power contracts in CGM, partially offset by higher fee and commission income in Macquarie Capital. The FY25 YTD net profit contribution from the markets-facing businesses was significantly down on FY24 YTD, primarily due to the subdued conditions in certain commodity markets in CGM.