• 1H26 net profit1 $A1,655m ↓ 3% on pcp
• 1H26 net operating income $A8,691m ↑ 6% on pcp
• 1H26 operating expenses $A6,239m ↑ 5% on pcp

Macquarie Group's 1H26 net profit of $A1,655m was 3% lower than the prior corresponding period (pcp), primarily due to higher operating expenses and lower net other operating income, partially offset by growth in fee and commission income and net interest and trading income. Net operating income of $A8,691m increased 6% on pcp, driven by higher fee and commission income, particularly in Macquarie Asset Management and Macquarie Capital, as well as higher net interest and trading income, partially offset by lower net other operating income. Operating expenses of $A6,239m increased 5% on pcp, with higher employment, non-salary technology and brokerage, commission and fee expenses. The effective tax rate increased to 31.8% from 29.9% in the pcp, largely due to the geographic composition and nature of earnings.