Slides
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2026 Annual General Meeting Magellan Financial Group 22 October 2026
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2 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Presenters and agenda Today’s Brian Benari Chief Executive Officer 1 Group update MFG / Barrenjoey today David Gonski 2 FY26 financial results Capital and cash position Dividend Brian Benari Chair’s address CEO’s address David Gonski Chair
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Chair’s address David Gonski 1
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4 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 MFG and Barrenjoey today Client-focused financial services group with diversified revenue [1] Subject to shareholder approval on Resolution 9 Investment Management • Investment management – range of public and private asset classes and strategies • Strategic partnerships including Vinva Investment Management Financial Markets • Fixed Income – AUD and NZD bonds and swaps sales, and trading • Equities – sales, execution and financing • Research – company, sector and economics Corporate Finance • Advisory – M&A, strategy, equity and debt advice • Equity Capital Markets – capital raising, blocks and underwriting • Debt Capital Markets – Debt markets and structured finance advice and issuance 30% 36% 34% Investment Management Corporate Finance Financial Markets FY26 pro forma revenue (ASX: MFG) (ASX: BJY)Rebranding to1
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5 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 The combined group today Diversification brings greater revenue resilience and growth opportunities [1] Pro forma FY26 (unaudited) [2] Pro forma as at 30 June 2026 $778m FY26 revenue1 $215m FY26 operating profit after tax1 $41bn AUM2 593 Employees1,2
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6 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 2H26 dividend base • 2H26 combined MFG and Barrenjoey earnings • Fully diluted shares on issue post merger 2H26 dividend declared 25.5 cps, fully franked • Payout ratio 80%¹ Dividend policy revised (from FY27) • Targeting payout ratio of 60%–90% of operating profit after tax2 • Initially likely to be at higher end of range Dividend [1] Payout ratio based on total dividend declared divided by MFG and Barrenjoey combined 2H26 operating profit after tax [2] Dividend subject to Board discretion, financial performance, capital requirements and market conditions
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7 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Governance Board of directors1 [1] Subject to shareholder approval on Resolutions 2 to 8 David Gonski AC Independent Non- Executive Group Chair Andrew Formica Deputy Non-Executive Group Chair Paul Compton Non-Executive Director | Chairman of Investment Banking, Barclays Peeyush Gupta AM Independent Non-Executive Director Fiona Hick Non-Executive Director Deborah Page AM Independent Non-Executive Director Cathy Kovacs Independent Non-Executive Director Dr Philip Lowe Independent Non-Executive Director The Hon. Kelly O’Dwyer Independent Non-Executive Director
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CEO’s address Brian Benari 2
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Merged MFG and Barrenjoey Group [1] Barrenjoey earnings contribution based on 36.4% share from 1 July 2025 to 28 February 2026 and 46.4% from 1 March 2026 to 30 June 2026 [2] Pro forma Group includes MFG and Barrenjoey’s combined profit and loss with eliminations to remove Barrenjoey’s equity-accounted profit. Pro forma Group profit and loss is unaudited FY26 MFG profit and loss Includes MFG share of Barrenjoey equity- accounted profit ($42m1) Barrenjoey profit and loss MFG plus Barrenjoey with inter-entity eliminations Pro forma Group2 Operating profit after tax $145m Operating profit after tax $112m Operating profit after tax $215m Operating earnings per share 82.8c Operating earnings per share 73.4c
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10 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 MFG financial performance Revenue ($m)1 [1] Numbers may not add due to rounding [2] Operating profit after tax is a non -IFRS measure and used by management to assess un derlying operating performance [3] Investment income includes fund investment income, interest income and FX movements [4] Fair value movements after tax [5] Merger and integration expenses ($11m after tax) and MFG's share of Barre njoey’s merger related share plan amortisation ($5m after tax) on equity issued to employees with the majority on establishment of Barrenjoey Net profit after tax ($m)1Operating profit after tax ($m)1,2 Down 12% Down 9% Down 47% Lower Investment Management revenues with strategic partnerships delivering 278 246 193 10 31 53 29 52 45 317 329 291 FY24 FY25 FY26 67 83 83 84 76 62 152 160 145 FY24 FY25 FY26 FY 2H 1H 104 94 69 135 71 19 239 165 88 FY24 FY25 FY26 FY 2H 1H • Investment Management -21% • Strategic Partnerships +70% • Investment income3 -14% • Revenue $291m (-12%) • Expenses $108m (-2%) • Income tax $38m • Fair value movement on fund investments -$38m4 • Merger and integration expenses $16m5 $246m Investment Management and Strategic Partnerships
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11 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Barrenjoey financial performance Operating profit after tax ($m)1 38 67 112 FY24 FY25 FY26 High growth and high returning with operating leverage emerging [1] Operating profit after tax is a non-IFRS measure and is used by management to assess the underlying operating performance [2 ] Return on equity calculated as net profit after tax divided by average monthly equity Cost to income ratio (%) 82.7% 75.4% 70.8% FY24 FY25 FY26 Return on equity2 (%) 24.0% 29.7% 32.9% 24.0% 29.7% 32.9% FY24 FY25 FY26 High earnings growth High returning business Operating leverage emerging
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12 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Cash and capital Fund investments materially reduced [1] Numbers may not add due to rounding [2] Barrenjoey cash and cash equivalents represents FY26 cash and cash equivalents le ss drawn facilities [3] Pro forma post merger represents MFG and Barrenjoey combined at 30 June 2026 adjusted by $16.9m of fund investments redeemed that settled after 30 June 2026 Cash and capital ($m)1 419 135 118 170 348 365 128 589 483 611 0 100 200 300 400 500 600 700 30-Jun-25 30-Jun-26 Pro forma post merger Barrenjoey cash and cash equivalents MFG cash and cash equivalents MFG fund investments 2 3 Magellan fund investments materially reduced • $251 million of fund investments redeemed • Corresponding increase in cash • Reduces earnings risk Surplus cash and capital provides investment flexibility
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13 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Combined group Drivers of diversified and resilient revenue streams Corporate Finance Advisory • Sector coverage • Client coverage • Market activity and pipeline Equity Capital Markets (ECM) • Placement and ASX IPO activity • Market share Debt Capital Markets (DCM) • Bond / ABS issuance activity • Market share Financial Markets Fixed Income • Client coverage • Risk management • Market volatility Equities • ASX market volumes (cash equities) • Market share • Panel rankings – sales and research Investment Management • Investment performance • Net flows and AUM • AUM composition and margin • Investment offerings – public and private • Performance of strategic partners Annuity-style revenue Diversified transaction- based revenue Durable revenue Investment Management ECM Fixed Income Advisory – M&A EquitiesDCM Advisory – Debt
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14 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 MFG and Barrenjoey today Integration running ahead of schedule and merger synergies upgraded • All Sydney-based staff co-located following merger • Target operating model being implemented • Operational synergies upgraded to $15 million1 (from $6 million) and progressing • Expanded portfolio of new alternative asset products being distributed – Barrenjoey Asset Backed Income Fund AUM +42% in 3 months – First Ag Credit Fund AUM +15% in 3 months • Targeted hires including new real assets investments capability [1] Synergies before tax
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15 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Near term priorities with medium term benefits Clear plan for structured and disciplined growth Corporate Finance Financial Markets Investment Management Capture merger benefits Successfully integrate and capture merger benefits Investment Management opportunities Additional capabilities Expand products and clients Existing capability across Northern Hemisphere Barrenjoey New Zealand Incremental expansion opportunity 1 2 3 4
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16 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Important information This presentation has been prepared by Magellan Financial Group Ltd ACN 108 437 592 (“MFG”). This presentation contains summary information about MFG, and its related bodies corporate (including Barrenjoey Capital Partners Group Holdings Pty Limited and its subsidiaries (“Barrenjoey”)) (‘Group’) and its strategic partners and is current as at 22 October 2026 (unless otherwise indicated). While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation, any of which may change without notice. This includes, without limitation, any historical financial information and any estimates and projections and other financial information derived from them. Financial information The financial information in this presentation is presented in abbreviated form and on an operational basis and does not include all of the presentation and disclosures required by Australian Accounting Standards and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act 2001 (Cth). The merger between MFG and Barrenjoey completed on 1 July 2026, after the end of FY26. MFG’s audited statutory results for the year ended 30 June 2026 therefore only include MFG’s share of Barrenjoey’s profit on an equity-accounted basis. The pro forma combined group financial information in this presentation has been prepared as if MFG had owned 100% of Barrenjoey for the whole of FY26. It is presented for illustrative purposes only, to reflect the basis on which the Group will report from FY27. It does not purport to reflect, and is not an indication of, the financial performance or position that would have been achieved had MFG owned 100% of Barrenjoey during that period, or that will be achieved in any future period. The financial information in this presentation, has not been audited or reviewed by MFG’s auditor, KPMG. Financial information presented on an operational basis, including the pro forma combined group financial information, are ‘non-IFRS financial information’ under ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information). They are not recognised under Australian Accounting Standards or International Financial Reporting Standards, have no standardised meaning, may not be comparable to similarly titled measures presented by other entities, and are not an alternative to measures determined in accordance with Australian Accounting Standards. Investors are cautioned not to place undue reliance on them. They should be considered in addition to, and not as a substitute for, the statutory results of MFG and Barrenjoey. Forward-looking statements This document may contain forward-looking statements, which may be identified by words such as "expect", "anticipate", "intend", "may", "will" and similar expressions. Forward-looking statements are based on assumptions and expectations current as at the date of this document and are subject to significant uncertainties, risks and contingencies, many outside MFG’s control or knowledge. Actual results may differ materially from those statements and their underlying assumptions. They are not guidance, forecasts or guarantees of future performance. MFG assumes no obligation to update any forward-looking statement other than as required by the ASX Listing Rules or the Corporations Act. Third party information This presentation contains industry, market, competitive position and ranking data derived from third party sources. MFG has not independently verified that data. It is current only as at the dates, and for the periods, stated and is subject to the methodologies and qualifications of the relevant source.
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17 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 Important information To the maximum extent permitted by law, MFG (including its related bodies corporate and strategic partners, directors, officers, employees, agents, associates, affiliates and advisers) (“MFG Parties”) disclaims and excludes all liability for any loss or damage suffered or incurred by any person as a result of their reliance on the information contained in this presentation or any errors in or omissions from this presentation. To the maximum extent permitted by law, no MFG Party nor any other person accepts any liability, including without limitation, any liability arising from fault, negligence or lack of care, for any loss or damage arising from the use of this presentation or its contents or otherwise in connection with it. The information in this presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and does not take account of your individual investment objectives, including the merits and risks involved in an investment in shares or units in any entity or trust or your financial situation, taxation position or particular needs. You must not act on the basis of any matter contained in this presentation, but must make your own independent assessment, investigations and analysis of MFG, its related bodies corporate, strategic partners and Magellan Funds, and obtain any professional advice you require, including financial, legal and taxation advice appropriate to your jurisdiction, before making an investment decision based on your investment objectives. This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security or financial product or service and does not and will not form any part of any contract or commitment for the acquisition of any securities, financial products or services. This presentation is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or the law of any other jurisdiction and does not contain all of the information which would be required in such a document. Units in the Magellan Funds referred to in this presentation are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFSL No 304 301). You should obtain a copy of, and consider, the Product Disclosure Statement and Target Market Determination applicable to the relevant Magellan Fund (available at www.magellaninvestmentpartners.com or by calling +61 2 9235 4888) before making a decision about whether to acquire, or continue to hold, the relevant financial product. Past performance is not necessarily indicative of future results. No person guarantees the performance of any security, financial product or service or the amount or timing of any return from it. The information contained in this presentation must not be reproduced, used or disclosed, in whole or in part, without the prior written consent of MFG.