Macquarie Group 1H27 Management Discussion and Analysis

• Net profit increased by 50% to $A2,478 million
• Net operating income rose by 10% to $A9,568 million
• Operating expenses slightly increased by 1% to $A6,317 million
• Annualised return on equity improved to 13.8%
• Annualised return on tangible equity improved to 14.8%

Macquarie Group Limited has reported a 50% increase in net profit to $A2,478 million for the half year ended 30 September 2026, compared to $A1,655 million in the prior corresponding period. Net operating income rose by 10% to $A9,568 million, up from $A8,691 million in the prior corresponding period. The increase in net operating income was driven by higher net interest and trading income, net investment income, and net other operating income, partially offset by lower fee and commission income. Total operating expenses increased by 1% to $A6,317 million, primarily due to higher other operating expenses, employment expenses, and brokerage, commission, and fee expenses, partially offset by lower non-salary technology expenses. The company's annualised return on equity improved to 13.8% from 9.6% in the prior corresponding period, and the annualised return on tangible equity improved to 14.8% from 10.2% in the prior corresponding period.

Net profit: $A2,478 million, Net operating income: $A9,568 million, Operating expenses: $A6,317 million, Annualised return on equity: 13.8%, Annualised return on tangible equity: 14.8%

Macquarie Group anticipates continued growth in net interest and trading income, net investment income, and net other operating income, while managing operating expenses effectively to sustain profitability.