Macquarie Group (ASX: MQG) – Macquarie 2026 AGM Presentation Slides

Macquarie Group’s FY26 results demonstrate strong earnings growth and elevated shareholder distributions, underpinned by solid performance across global commodities, capital markets, asset management, and banking divisions. The bank reported profit attributable to shareholders of $A4.8 billion for the year ended 31 March 2026, representing a 30 percent increase from the prior year. This expansion was supported by net operating income growth to $A19.5 billion from $A17.2 billion, as revenue gains across core businesses offset increased operating expenses. Earnings per share grew to $A12.77 from $A9.79, allowing the board to increase the full-year ordinary dividend to $A7.00 per share, up from $A6.50 in the prior year.

Divisional performance reveals the breadth of the bank’s earnings power. Commodities and Global Markets, the largest profit contributor, generated $A4.2 billion, up on the prior year as risk management activity and trading income accelerated. Banking and Financial Services delivered $A1.6 billion despite margin compression from competitive lending dynamics, driven by substantial growth in home loan volumes and customer deposits. Macquarie Asset Management contributed $A2.6 billion, benefiting from performance fees on strong investment returns, while Macquarie Capital added $A1.5 billion through higher brokerage activity and investment-related income.

The results show Macquarie’s track record of capital generation and shareholder returns. The bank has maintained profitability for 57 consecutive years, a milestone achieved alongside substantial dividend payments. Over the preceding decade, shareholders experienced total returns of approximately 393 percent, substantially outpacing broader equity indices. The bank maintained its disciplined dividend payout policy, delivering 55 percent of earnings in distributions during FY26 within its stated 50 to 70 percent target range.

Financial position and capital ratios remained robust. The Common Equity Tier 1 ratio stood at 12.8 percent as at 31 March 2026, comfortably above regulatory minimums, while the bank maintained capital surplus of $A8.8 billion. Banking and Financial Services deposits expanded to $A215.3 billion, reflecting the success of the retail banking franchise and digital banking platforms. Total assets under management across Macquarie Asset Management reached $A722.1 billion, substantially higher than the prior year, driven by market valuations and positive investment flows.

Material management changes accompany the results, with Chief Executive Officer Shemara Wikramanayake confirming her retirement effective 6 November 2026. Greg Ward, presently head of Banking and Financial Services, will assume the chief executive role, bringing 14 years as Global Chief Financial Officer and extensive knowledge of the bank’s operating divisions. The transition occurs following strong first quarter FY27 results released concurrently with these statements.

Investors should monitor the leadership transition over coming months, observe regulatory developments in Australia and outcomes from German proceedings related to historical dividend trading matters, and assess earnings momentum given management’s cautious stance on near-term market conditions.

View the full ASX announcement (PDF)

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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