Macquarie Group delivered full-year net profit of A$4.847 billion for FY26, representing 30 percent growth on the prior year, with a particularly strong second half producing A$3.192 billion or 93 percent growth from the first half. The acceleration reflects a combination of strong underlying business growth, significant realisation gains from portfolio divestments, and robust client activity across trading and advisory services.
The result was underpinned by net operating income of A$19.477 billion, up 14 percent from A$17.208 billion in FY25. Net interest and trading income contributed A$10.159 billion, driven by higher risk management fees across commodities hedging, inventory management gains from supply imbalances in North American energy markets, and growth in the average loan and deposit portfolios. Fee and commission income reached A$7.216 billion, up 6 percent, with particular strength in performance fees from Macquarie Asset Management and advisory services from Macquarie Capital.
Macquarie Asset Management, the Group’s largest profit contributor at A$2.602 billion, saw profit rise sharply due to higher performance fees recognised across a diverse range of funds and managed accounts. Assets under management grew 8 percent adjusted to A$722.1 billion, excluding the impact of the divestment of the North American and European public investments business. The Private Markets business deployed A$25.2 billion across 32 investments, with notable transactions including the A$40 billion enterprise value divestment of Aligned Data Centers expected to close in FY27.
Banking and Financial Services delivered A$1.610 billion profit, up 11 percent, on the back of substantial portfolio growth. The home loan book expanded 28 percent to A$181.3 billion, now representing 7.1 percent of the Australian market. Deposits grew 25 percent to A$215.3 billion, representing 6.5 percent of the Australian deposit market. However, margins compressed due to increased competition and portfolio mix changes, a trend worth monitoring as competitive intensity persists in retail banking.
Commodities and Global Markets contributed A$4.221 billion profit, up 43 percent, with results materially aided by the gain on sale of the OnStream meters platform. Stripping out divestment gains, the underlying business delivered solid results from higher commodities hedging revenue and increased lending and financing activity across energy and resources sectors. The Group maintained a strong capital position with a CET1 ratio of 12.8 percent under APRA Basel III, substantially above regulatory minimums, and increased the dividend to A$7.00 per share.
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Become an AR or CARInvestors should monitor the sustainability of earnings growth once divestment gains normalise, the trajectory of BFS margins as deposit competition continues, the execution of announced Private Markets exits, and management’s capital deployment decisions in the current investment environment.
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About Macquarie Group Limited (ASX: MQG)
Macquarie Group is a global financial services company providing banking, advisory, and investment services across asset management, commodities, and capital markets. It is known for its infrastructure investment expertise.
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