Daily Roundup

Macquarie Group posts impressive 50% profit surge

Macquarie Group is having a stellar half, with net profit jumping 50% to $A2,478 million for the six months ended 30 September 2026. The financial services giant's net operating income climbed 10% to $A9,568 million, while operating expenses rose just 1% to $A6,317 million—a sign of disciplined cost management even as the business scales.

The results rippled across the group's divisions. Macquarie Asset Management delivered a net profit contribution of $A1,509 million, up 28% from the same period last year, while Banking and Financial Services chipped in $A841 million, up 6%. The company's return on equity improved to 13.8% from 9.6%, and return on tangible equity jumped to 14.8% from 10.2%.

Behind these numbers sits solid operational momentum. Assets under management grew 3% to $A742.9 billion, while the home loan portfolio expanded 9% to $A198.2 billion. Deposits in the banking division reached $A236.2 billion, up 10%, and Macquarie Asset Management pulled in $A15.3 billion in fresh capital from clients. The company's financial position remains robust, with a CET1 ratio of 12.9%, well above regulatory minimums. Shareholders will receive an interim ordinary dividend of $A3.25 per share, 35% franked.

Qantas navigates elevated fuel costs with resilient demand

The Qantas Group is holding its own despite headwinds, with trading conditions tracking in line with expectations despite elevated fuel prices. Demand remains robust across the board—international travel is particularly strong, bolstered by redirection from Middle East disruptions, while domestic leisure travel continues to perform well. Corporate and government travel is stable, though non-resources segments remain cautious.

Fuel costs are the elephant in the room. The group expects 1H27 fuel expenses of approximately $A3.75 billion, with FY27 fuel costs likely to stay elevated. Qantas has extended its hedging program and is now approximately 85% hedged for the full year, predominantly in Brent crude oil. The airline is adjusting fares and capacity in response, and it's working.

Group Domestic and Group International total unit revenue are expected to grow 8 to 10% in the first half of 2027. Qantas Loyalty, the group's frequent flyer operation, is on track to deliver underlying EBIT growth of 5 to 7% for FY27. Net capital expenditure is expected to land at the lower end of the $A4.3 billion to $A4.6 billion guidance range.

Nine Entertainment targets $180m in cost savings as diversified portfolio drives growth

Nine Entertainment is banking on its diversified portfolio to drive FY27 revenue and EBITDA growth. At its annual general meeting, the media company highlighted strong momentum across its businesses. Digital subscription revenue climbed 7% in Q1 FY27, while outdoor media revenue is expected to grow in the mid-teens during the first half.

The real growth engine appears to be Stan, Nine's streaming service. The platform is expected to deliver EBITDA growth in FY27, buoyed by Stan Sport and the second season of Premier League rights. Meanwhile, Nine is squeezing its cost base harder than previously anticipated. The company now targets $A180 million in annualized savings by FY27, exceeding its earlier estimate of $A160 million.

Clinuvel charts investment strategy for future growth

Clinuvel Pharmaceuticals' Managing Director outlined an investment-focused strategy at the company's annual meeting, emphasizing financial discipline and the company's ability to self-fund its development cycles. The pharmaceutical company plans to invest in new technologies and markets, with particular focus on peptide chemistry, polymer chemistry, and clinical applications. The strategy centers on what the company calls "concentric expansion"—building outward from existing capabilities into adjacent areas.

Steadfast receives notice from Pentwater Capital

Steadfast Group has received a notice from Pentwater Capital Management LP pursuant to Australian Takeovers Panel Guidance Note 20 on Equity Derivatives. The insurance broker and agency network operator disclosed the notice through its Disclosure Committee. The announcement provides information relevant to shareholders and the market, though specific details about Pentwater's position remain limited.