• 1H26 net profit of $1,655 million, up 3% on 1H25 and down 21% on 2H25
• Assets under management of $959.1 billion, up 5% from 1H25
• Financial position exceeds regulatory minimum requirements

Macquarie Group Limited (ASX: MQG) has announced a net profit after tax attributable to ordinary shareholders of $1,655 million for the half year ended 30 September 2025 (1H26), up 3% on the same period last year (1H25) and down 21% on the second half of fiscal year 2025 (2H25). The improved underlying performance across Macquarie's operating groups in the first half reflects the ongoing benefits of the company's diverse business mix and continued investment in opportunities that support long-term growth and deliver positive outcomes for clients and communities. Net operating income of $8,691 million was up 6% on 1H25 and down 3% on 2H25, while operating expenses of $6,239 million were up 5% on 1H25 and in line with 2H25. Assets under management as at 30 September 2025 were $959.1 billion, up 5% from 30 September 2024 and up 2% from 31 March 2025, driven by favourable market movements and increased net asset valuations, offset by outflows in equity strategies and unfavourable foreign exchange movements. Macquarie's financial position exceeds the Australian Prudential Regulation Authority's (APRA) Basel III regulatory requirements, with a Group capital surplus of $7.6 billion at 30 September 2025. The Bank Group APRA Basel III Level 2 Common Equity Tier 1 (CET1) capital ratio was 12.4% (Harmonised: 17.3%) at 30 September 2025, and the Bank Group's APRA Leverage Ratio was 4.7% (Harmonised: 5.4%), the Liquidity Coverage Ratio (LCR) was 173%, and the Net Stable Funding Ratio (NSFR) was 113% at the same date.

Macquarie continues to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions it well to respond to the current environment. The range of factors that may influence the company's short-term outlook include 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.

Macquarie remains well-positioned to deliver superior performance in the medium term with established, diverse income streams; deep expertise across diverse sectors in major markets with structural growth tailwinds; patient adjacent growth across new products and new markets; ongoing investment in the operating platform; a strong and conservative balance sheet; and a proven risk management framework and culture.