Slides
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27 August 2026 Financial results For the full year ended 30 June 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 Gavin Buchanan Chief Financial Officer Brian Benari Chief Executive Officer 1 Group update MFG / Barrenjoey today Brian Benari 2 FY26 financial results Capital and cash position Dividend Gavin Buchanan 3 Key focus for FY27 Brian Benari Group update MFG and Barrenjoey today Financial performance Cash and capital Dividend Looking forward
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Group update Brian Benari | Chief Executive Officer 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 Fund investments partially realised – proceeds managed by Group Treasury Clear plan for structured and disciplined growth Continued strong growth from Barrenjoey Decisive restructure of heritage Magellan Global Equity funds Merger completed 1 July 2026 and integration on track Group update
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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 MFG and Barrenjoey today Client-focused financial services group with diversified revenue [1] Subject to shareholder approval at MFG’s 2026 Annual General Meeting $235m $277m $266m 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 FY26 pro forma revenue (ASX: MFG) (ASX: BJY)Rebranding to1
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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 Corporate Finance1 - 20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 140,000.0 160,000.0 Combined group1 MFG and Barrenjoey today Diversification brings greater revenue resilience and growth opportunities [1] Revenue for the period 1H21 to 2H26 [2] Investment Management represents MFG net investment management and Barrenjoey Pri vate Capital [3] Pro forma FY26 (unaudited) [4] Pro forma as at 30 June 2026 Investment Management1,2 - 50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 350,000.0 400,000.0 $778m FY26 revenue3 $215m FY26 operating profit after tax3 $41bn AUM4 593 Employees3,4 Financial Markets1 0 20000 40000 60000 80000 100000 120000 140000 160000
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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 MFG and Barrenjoey today Well progressed on integration and realising merger benefits • Majority of staff co-located with balance by early September • Target operating model being implemented • Operational synergies unchanged ($6m1) 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 across the platform [1] Synergies $6m before tax
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Financial performance Gavin Buchanan | Chief Financial Officer 2
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9 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 Financial reporting approach [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 FUTURE IMPACTS 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 Magellan heritage Global Equity products repricing Investment income derisking Management actions 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 $246m Investment Management and Strategic Partnerships
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11 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 MFG AUM and net flows AUM by strategy ($bn)1 Action taken to improve client outcomes 30 June 2025 Net flows Fund transitions Other2 30 June 2026 Magellan Global Equities 13.5 (4.2) (4.9) (1.3) 3.1 Magellan Global Listed Infrastructure 16.4 (0.7) - 1.4 17.2 Airlie Australian Equities 8.0 0.8 - 0.1 8.9 Vinva Global and Australian Equities3 1.7 0.7 4.9 0.2 7.5 Total 39.6 (3.3) - 0.4 36.7 Retail % 43% 34% Institutional % 57% 66% [1] Numbers may not add due to rounding [2] Other includes market movements, distributions, foreign currency movements and pr incipal investment redemptions [3] Represents AUM in funds that are issued by Magellan Asset Management Limited for which Vinva Investment Management Limited is the investment manager and receives a sub -advisory fee FY26 Retail net flows -$3.6bn FY26 Institutional net flows +$0.3bn • Outflows largely contained to legacy Global Equity Funds • Restructure of Global Equity Funds • Growing institutional pipeline FY26 net flows -$3.3bn
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12 Jacaranda #88859E R 136 G 133 B 158 Banksia #CB9B45 R 203 G 155 B 69 Additional secondary brand colours – for use when colours beyond the theme selector are needed. Storm #8C8C8C R 140 G 140 B 140 Sandstone #E0D2C0 R 224 G 210 B 192 0 10 20 30 40 Jun-24 Jun-25 Jun-26 Magellan Global Equities Vinva Global and Australian Equities Airlie Australian Equities Magellan Global Listed Infrastructure Jun-24 Jun-25 Jun-26 AUM ($bn) MFG Investment Management Average management fee (bps)2 Change in AUM composition reducing average margins [1] Represents AUM in funds that are issued by Magellan Asset Management Limited for which Vinva Investment Management Limited is the investment manager and receives a sub -advisory fee [2] Average management fee (bps) based on client revenue received and does not reflect net investment management revenue, largely due to sub -advisory fees paid to Vinva Investment Management Limited FY25 61 bps FY26 52 bps FY26 exit rate 42 bps Magellan Global Equities • 30 June 2024 – 43% of closing AUM • 30 June 2026 – 8% of closing AUM – Global Equity Funds outflows and transition to Vinva Global Alpha Strategy – Global Equities now only represents Magellan Global Opportunities Average management fees (bps) • Represents client revenue received and excludes any sub-advisory fees paid • Impacted by AUM composition changes • Exit rate captures AUM composition changes and Global Equity Funds repricing 1
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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 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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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 Barrenjoey revenue performance 34% revenue growth with growth from every business Financial Markets1 • Fixed income – benefitting from expanded client base and increased market volatility • Equities – ASX market volume, increased client base, share of wallet and revenue diversification 63 87 129 69 103 137 132 190 266 - 50.0 100.0 150.0 200.0 250.0 300.0 FY24 FY25 FY26 1H 2H Corporate Finance1 • Growth across Advisory, ECM and DCM • Strong equity capital markets deal flow through FY26 102 111 139 105 119 138 207 230 277 - 50.0 100.0 150.0 200.0 250.0 300.0 FY24 FY25 FY26 1H 2H Private Capital1 • Revenue model aligned to client outcomes • 1H26 $22m performance fee in respect of GYG 5 4 26 2 4 4 7 8 30 - 5,000.0 10,000.0 15,000.0 20,000.0 25,000.0 30,000.0 35,000.0 40,000.0 FY24 FY25 FY26 1H 2H Barrenjoey1 • FY26 revenue growth +34% • 2H26 +2% on 1H26 (excluding 1H Private Capital performance fee) 170 203 295 177 227 278 346 429 573 - 100,000.0 200,000.0 300,000.0 400,000.0 500,000.0 600,000.0 700,000.0 FY24 FY25 FY26 1H 2H 40% 20% 34% [1] Numbers may not add due to rounding
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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 Pro forma group More diversified and resilient revenue [1] Numbers may not add due to rounding [2] MFG Investment Management revenue includes strategic partnerships (Barrenjoey, Vinva, FinClear) [3] Eliminations remove Barrenjoey equity-accounted profit from MFG [4] Operating profit after tax is a non-IFRS measure and used by management to assess underlying operating performance [5] Fair value movements net of tax [6] Barrenjoey legacy share plan amortisation relates to equity provided to employees on commencement with the majority incurred on establishment of Barrenjoey. Amortisation is non -cash and net of tax. Expected to be approximately $20m (F Y27) and reducing by approximately $4m per annum thereafter [7] MFG includes share of Barrenjoey’s merger -related employee share plan amortisation net of tax [8] M FG includes a share of Barrenjoey merger and integration expenses ($1.2m after-tax) [9] Pro forma weighted average number of shares on issue represents shares on issue following completion of the merger FY261 MFG $m Barrenjoey $m Elims3 $m Pro forma $m Financial Markets - 266.0 - 266.0 Corporate Finance - 277.1 - 277.1 Investment Management2 246.3 30.3 (41.9) 234.8 Total revenue 246.3 573.4 (41.9) 777.9 Employee expenses (71.0) (296.2) - (367.2) Other operating expenses (36.9) (109.5) - (146.3) Total operating expenses (107.8) (405.7) - (513.5) Net interest and fund income 44.8 (5.9) - 38.9 Operating profit before tax 183.4 161.8 (41.9) 303.3 Operating tax expense (38.5) (50.1) - (88.6) Operating profit after tax4 144.9 111.7 (41.9) 214.7 Fair value movements5 (38.3) - - (38.3) Barrenjoey legacy share plan amortisation6,7 (4.9) (18.1) 4.9 (18.1) Merger and integration expenses8 (11.1) (2.6) 1.2 (12.5) Other non-operating items (2.6) - 2.7 0.1 Net profit after tax 87.9 91.1 (33.0) 146.0 Weighted average number of shares on issue (m)9 174.9 - - 292.6 Operating profit after tax (cps) 82.8 - - 73.4 Operating profit after tax4 $215m Net profit after tax $146m • Fair value movements ($38m) relate to MFG shareholder capital (fund investments) • Barrenjoey legacy share plan amortisation ($18m) relates to employee sign on equity – majority incurred on establishment6 • Merger and integration expenses $13m8 Detailed disclosures and comparative data included in FY26 Investor Report MFG FY26 Annual Report and Barrenjoey FY26 Financial Report available at MFG Shareholder Centre Diversified revenue $778m
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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 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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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 FY27 earnings impacts from management actions Improving client outcomes and reducing earnings risk [1] Fee reduction of $30m (before tax) based on AUM transitioned to Vinva Global Alpha Strategy and average fee reduction of ~55 basis points (inclusive of Vinva investment management sub-advisory fees) [2] Following appointing Vinva as investment manager, MFG expects to realise direct cost savings of approximately $7 million (before tax) per annum from reduce d investment management team and reduction in funds administration costs [ 3] Estimate based on expected average balance of ~$350 million invested in cash and high quality fixed income targeting AusBond Bill Index relative to FY25 fund investment income Future operating profit after tax ($m) impact 215 5 (17)(21) FY26 Pro forma operating profit after tax Global Equities repricing Global Equities expense savings Derisking investment earnings 1 2 Announced 5 May 2026 Magellan Global Equity products repricing (Announced 5 May 2026) • Improving client outcomes • Vinva appointed investment manager of two Magellan Global Equity funds and a third fund closed • Management fees reduced (~55bps) -$30m fee impact¹ • $7m expense savings² • Operating profit after tax -$16 million • Operating profit after tax per share -5.4 cps Derisking investment earnings • Active strategy to reduce risk and earnings volatility and exposure to fair value movements (-$38.3m after tax in FY26) • MFG fund investments redeemed ($251m) and invested in cash and high-quality liquid fixed income securities • Lower operating earnings and materially reduces fair value movements • Operating profit after tax -$17 million3 • Operating profit after per share -5.8 cps 1 2
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18 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 • Record date 2 September 2026 • Payable on 16 September 2026 • 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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Looking forward Brian Benari | Chief Executive Officer 3
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20 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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21 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’s proven approach to delivering growth Relates to the buildout of the Barrenjoey business and illustrative of key client and product expansion initiatives [1] Ranked #1 in ECM - Dealogic, all rank eligible ASX ECM deals between 1 Jan 2023 to 1 May 2026 [2] Ranked #1 in M&A – Dealogic announced CYTD26 (to 21 August 2026) Structured and disciplined execution 2020 First M&A mandate First advisory mandate with Barclays #1 in ECM1 First hybrid First IPO First subordinated debt issuance First debt advisory First bond issuance Structured credit capability Full sector coverage Corporate Finance Equities Fixed Income Private Capital 2026 HNW clients Private creditReal assets Private equity Sovereign wealth Super funds Family office Institutions Global clients Cash Equities trading #1 Research and sales Hong Kong Office First Research report Corporate access Electronic trading Equity financing Abu Dhabi (Northern hemisphere clients) Securitised products Government bonds Inflation bonds Cleared interest rate swaps Futures Back-to-back credit trading Research for ~250 ASX/NZ listed companies #1 in M&A2
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22 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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Appendix
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24 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 Advisory Barrenjoey’s market leading advisory division assists clients with mergers and acquisitions, debt advisory, capital structure and other strategic initiatives [1] Sourced from Dealogic. Includes completed transactions with a deal value over A$500m where it is an acquisition of 40% or more of an ASX listed target. Transactions announced between 1 January 2022 and 20 August 2026 that have since completed (as at 21 August 2026) ASX-listed M&A transactions >A$500m since 2022¹ • Independent advice in relation to: − Mergers and acquisitions; − Debt advisory; − Capital structure; and − Other strategic initiatives • Comprehensive client coverage including infrastructure, resources, financial services, real estate, technology, healthcare, energy and general industrials sectors • Diversified wholesale client base including ASX and NZX listed companies, financial sponsors, governments / sovereigns, private companies and founders • Local presence across Australia, with global connectivity supported by Barclays $39.8bn in announced M&A transactions over LTM 24 Specialist advisory partners 18 17 15 14 10 9 9 7 6 5 Barrenjoey UBS Macquarie Goldman Citi JPMorgan Gresham BofA Morgan Stanley JefferiesCompetitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Competitor 7 Competitor 8 Competitor 9
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25 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 Equity capital markets Barrenjoey has one of the largest ECM teams in Australia and has led more IPOs than any of its competitors since inception in 2021 [1] 1 January 2023 – 1 May 2026. Sourced from Dealogic as at 20 August 2026. Includes rank eligible ASX ECM transactions (IPOs, Follow Ons, Blocks), ranked by deal value. [2] Dealogic as at 20 August 2026; deal value on an unapportioned basis. [3] refer page 27 [4] Refers to number of Australian IPOs between 1 July 2021 – 20 August 2026 amongst bulge bracket banks. Deal val ue $50m+, sourced from Dealogic as at 21 August 2026 • Barrenjoey’s ECM division provides advice and underwriting relating to initial public offerings, follow-on equity issuances and equity-linked products • Barrenjoey is the market-leader, having executed more IPOs since July 2021 than its competitors4 • Breadth and depth of expertise in all major sector verticals, in conjunction with the advisory partners, and ECM products • Investor appetite for equity issuances remains strong, and there are a number of companies currently progressing IPO preparations with Barrenjoey #1 in Australian Equity Capital Markets¹ ECM team supported by the #1 ranked equities franchise in Australia³ $29.8bn of capital raised since inception² Dedicated teams across resources, healthcare & technology 100+ years of ECM experience in senior ranks #1 Barrenjoey has led more IPOs than any of our competitors⁴
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26 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 Debt capital markets Barrenjoey is active across the full debt capital markets product suite, having acted on approximately $225bn of issuances since 2021 [1] Sourced from KangaNews. Big four banks includes CBA, Westpac, NAB and ANZ. Excludes self -led deals as at 21 August 2026 Total debt and hybrid issuance with Barrenjoey involvement (A$bn) • Differentiated approach to execution, supported by strong depth of global distribution and investor insights available via the Barclays partnership • Barrenjoey has acted on approximately $225bn of debt or hybrid issuance since inception, with mandates and repeat business from government, financial and corporate issuers • Barrenjoey is on Australian and NZ Sovereign dealer panels, and on all Australian State and Territory dealer panels #1 Domestic credit and vanilla issuer ex big four banks¹ 220+ Number of transactions since inception - 50 100 150 200 250 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Feb-26 Aug-26
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27 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 Equities Equities is top ranked in the market and has more #1 rated research analysts than all competitors combined Source: 2025 Crisil Coalition Greenwich Voice of Client – 2025 Australian Equity Investors Study, All Investors [1] 1st for Most capable and trusted firm for overall execution [2] Based on Top 5 Firm and Top 3 Firm • Barrenjoey provides comprehensive research, trading and execution services for institutional clients in Australian equity markets • Core services include cash equities trading and execution, equities financing, corporate access and equity and macroeconomic research • Distinguished by the strength of local Australian market expertise and relationships, underpinned by the top- ranked research team In Research #1 #1 For Research Strength #1 Most #1 and Top 3 ranked teams • #1 in 17 sectors • Top 3 in 22 sectors #1 Quality of Analyst Service #1 Quality of Research Product #1 Creative Ideas and Themes #1 Best Listed & Unlisted Corporate Access In Sales #1 #1 For Sales Strength #1 Best Research Sales Notes #1 Small Cap Sales #1 Best Insights that Generate Alpha #1 Best Understand Overall Investment Needs In Execution Capability1 #1 #1 Trading Penetration2 #1 Quality of Agency Execution #1 Most Intensive Service #1 Best Market Colour and Trading-Oriented Ideas
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28 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 US Swap licence In July 2026 Barrenjoey Markets Swap Dealer Pty Limited was registered as a CFTC swap dealer, enabling Barrenjoey to face US-nexus clients Market making business Unique non-bank market-maker government, semi- government and inflation bonds and cleared interest rate derivatives in Australian and New Zealand dollars. Distributor of corporate credit and asset-backed Technology and talent staff In the 5 years since inception, the business has invested heavily from a clean slate in new technology, talented staff and data science Government debt panels Member of the Australian Office of Financial Management, New Zealand Debt Management Office, and all Australian semi-government bond panels Middle Eastern presence Barrenjoey has a strong presence in Abu Dhabi Global Market within the UAE, staffed by senior sales and trading staff, servicing northern hemisphere time zone Leverage expertise Continue to explore opportunities for growth that leverages Barrenjoey’s AUD and NZD expertise Fixed income Barrenjoey’s Fixed Income business is a specialist market-maker of AUD and NZD bonds and cleared interest rate derivatives
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29 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 Investment Management Leading platform with a global footprint $41.3bn Total asset under management Five specialist businesses Australia & NZ $12.5bn retail – advisers, stockbrokers, self-directed $14.2bn institutional On the ground in major cities Asia $5.5bn institutional UCITS-registered in selected markets UK & Europe $4.9bn institutional UCITS fund platform North America $4.3bn institutional US mutual fund platform Shared platform distribution and marketing · investments, dealing and ESG · fund and mandate delivery (client service, operations, performance and reporting, product, trustee) REGIONAL AUM AND DISTRIBUTION $3.1bn $17.2bn Australian equities $8.8bn Systematic equities $7.6bn1 $4.7bn A S S E T S UNDER MANAGEMENT All figures in A$ as at 30 June 2026. Economic ownership: 100% of Magellan Global Equities, Magellan Global Listed Infrastruc ture, Airlie Funds Management and Barrenjoey Private Capital (post merger completion); 28% of Vinva Investment Management [1] Magellan acts as the issuer of select Vinva funds offered to retail and wholesale investors. Vinva operates independently and leverages certain elements of the platform under the Distribution Services Agreement
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30 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 27 August 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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31 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.