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1© Macquarie Group Limited 2025 Annual General Meeting Macquarie Group Limited 24 July 2025 For personal use only
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2© Macquarie Group Limited 2© Macquarie Group Limited Disclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (“MGL”) and is general background information about Macquarie’s (“MGL and its subsidiaries”) activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. Information in this presentation should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements – that is, statements related to future, not past, events or other matters – including, without limitation, statements regarding our intent, belief or current expectations with respect to Macquarie’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, provisions for impairments and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Macquarie does not undertake any obligation to publicly release the result of any revisions to these forward looking statements or to otherwise update any forward looking statements, whether as a result of new information, future events or otherwise, after the date of this presentation. Actual results may vary in a materially positive or negative manner. Forward looking statements and hypothetical examples are subject to uncertainty and contingencies outside Macquarie’s control. Past performance is not a rel iable indication of future performance. Unless otherwise specified all information is for the year ended 31 March 2025. Certain financial information in this presentation is prepared on a different basis to the Financial Report within the Macquarie Group Financial Report (“the Financial Report”) for the year ended 31 March 2025, which is prepared in accordance with Australian Accounting Standards. Where financial information presented within this presentation does not comply with Australian Accounting Standards, a reconciliation to the statutory information is provided. This presentation provides further detail in relation to key elements of Macquarie’s financial performance and financial position. It also provides an analysis of the funding profile of Macquarie because maintaining the structural integrity of Macquarie’s balance sheet requires active management of both asset and liability portfolios. Active management of the funded balance sheet enables the Group to strengthen its liquidity and funding position. Any additional financial information in this presentation which is not included in the Financial Report was not subject to independent audit or review by PricewaterhouseCoopers. Numbers are subject to rounding and may not fully reconcile. Other than Macquarie Bank Limited ABN 46 008 583 542 (“MBL”), any Macquarie group entity noted in this presentation is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of MBL and MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity. Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested. For personal use only
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3© Macquarie Group Limited Agenda 01 Chair’s Update 02 Overview of FY25 03 1Q26 Update 04 FY26 Outlook 05 Formal Business 06 Glossary For personal use only
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4© Macquarie Group Limited Introduction 01 Chair's Update Glenn Stevens ChairFor personal use only
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5© Macquarie Group Limited 0.00 2.00 4.00 6.00 8.00 FY21 FY22 FY23 FY24 FY25 0.00 4.00 8.00 12.00 16.00 FY21 FY22 FY23 FY24 FY25 0 1,500 3,000 4,500 6,000 FY21 FY22 FY23 FY24 FY25 0 5,000 10,000 15,000 20,000 FY21 FY22 FY23 FY24 FY25 FY25 $A9.79 7% ON FY24 FY25 $A6.50 2% ON FY24 Operating income Profit EPS DPS $Am $Am $A $A FY25 $A17,208m 2% ON FY24 FY25 $A3,715m 5% ON FY24 Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Financial performanceFor personal use only
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6© Macquarie Group Limited 2H25 Record Date 20 May 25 2H25 Payment Date 2 July 25 FY25 Ordinary Dividend $A6.50 (35% franked) FROM $A6.40 (40% franked) IN FY24 Final dividend 2H25 Ordinary Dividend $A3.90 (35% franked) FROM $A3.85 (40% franked) IN 2H24 2H25 FY25 71% 67% Dividend policy remains 50-70% annual payout ratio DRP shares for the 2H25 dividend were sourced on market1 Payout Ratio2 1. The DRP pricing period was from 27 May 25 to 6 Jun 25. 2. Payout ratio calculated as estimated number of eligible shares multiplied by dividend per share, divided by profit attributable to MGL shareholders. Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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7© Macquarie Group Limited 7 Risk Management Framework Macquarie’s approach to risk management is based on stable and robust core risk management principles: Ownership of risk at the business level Understanding worst-case outcomes Independent sign-off by Risk Management Group (RMG) Risk Governance at Macquarie Macquarie’s approach to risk management adopts the ‘three lines of defence’ model, which sets risk ownership responsibilities functionally independent from oversight and assurance: Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Risk culture The Board and Management are continually and actively reviewing and enhancing our risk culture and risk management framework Line 1 Primary responsibility for day-to-day risk management lies with the business. All staff throughout Macquarie are expected to manage risks in accordance with the Risk Management Framework Line 2 RMG forms the second line of defence and provides independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie’s material risks Line 3 Internal Audit provides independent and objective risk-based assurance on the compliance with, and effectiveness of, Macquarie’s financial and risk management framework The Board approves the Code of Conduct and oversees that the culture instilled by Management reflects the principles enshrined within it: Opportunity Accountability Integrity ● The Boards of MGL and MBL are provided with qualitative and quantitative analysis to support their key oversight role in ensuring that the Macquarie risk culture supports our ability to operate consistently within our risk appetite ● The Boards consider that the effective alignment of remuneration with prudent risk- taking is fundamental to Macquarie’s remuneration approach Monitoring, measuring and reporting Macquarie aims to apply consequences for non-compliance in a timely manner, and as fairly and consistently as possible ● In FY25, there were 142 (FY24: 131) matters involving conduct or policy breaches that resulted in formal consequences. These included 91 Code of Conduct or appropriate workplace behaviour related matters and 51 other policy matters including risk management and technology breaches ● Of the 142 matters: For 53 matters, termination of employment was the outcome; for 89 matters, a formal warning was issued. Of the 89 matters, 22 individuals subsequently left Macquarie before year-end outcomes were applied and 62 individuals had their profit share reduced by an average of 42% For personal use only
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8© Macquarie Group Limited 8 Developing and investing in the energy transition, nature, adaptation and resilience Enabling the transition of customers, clients and portfolio companies Providing investment solutions to clients in private markets and public investments Advising clients on strategic and financial issues, including decarbonisation Providing risk management services and bringing capital and expertise to carbon offset generating projects Developing projects and portfolio companies that build renewable energy infrastructure and invest in climate adaptation Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Supporting climate solutions Macquarie continues to support and invest in green energy and other solutions to climate challenges, working in close partnership with stakeholders in the public and private sectors Macquarie seeks to ensure all relevant information is disclosed to shareholders. Consistent with our longstanding practice, we disclosed our lending and equity exposures to carbon- intensive sectors, including fossil fuel companies and projects, in our FY25 Sustainability Report, along with progress on our financed emissions targets Drawing on our global network, sector expertise and track record, we provide a diverse range of solutions that contribute to the energy transition and climate change mitigation and adaptation: Our approach to climate change is based on three principles 8 1. The science on our changing climate is clear and unequivocal 2. Our greatest contribution will come through positive and practical climate solutions driven by our core capabilities, an area in which Macquarie has been involved for more than two decades 3. We believe in a managed, orderly, and just transition. This means supporting carbon-intensive industries and companies including those in the oil/gas, electricity, agriculture, mining, transport, and waste sectors to decarbonise, while protecting the vital services and jobs that our communities rely on For personal use only
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9© Macquarie Group Limited Board elections Directors seeking re-election to the Board Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Michelle HinchliffePhilip CoffeyJillian Broadbent For personal use only
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10© Macquarie Group Limited 02 Overview of FY25 Shemara Wikramanayake Managing Director and Chief Executive OfficerFor personal use only
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11© Macquarie Group Limited 56 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 4,000 8,000 12,000 16,000 20,000 MQG All Ordinaries Index 56 years of unbroken profitability FY25FY702 FY96 Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary $Ab TSR % Note: Macquarie TSR calculations assume continuous listing, and is indexed to 100 on 29 Jul 96, being when MBL shares were first quoted on ASX. The All Ordinaries Accumulation Index (All Ords Index) comprises the500 largest ASX listed companies by market capitalisation. 1. At 31 Mar 25. 2. FY70- FY96 were profitable years. $A3,715 million FY25 profit years Performance (ASX: MQG) Total shareholder return1 Earnings per share CAGR1 Dividends per share CAGR1 Since listing 14,253% 10% 10% 10 years 320% 7% 7% For personal use only
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12© Macquarie Group Limited 2H25 $Am 1H25 $Am 2H25 v 1H25 FY25 $Am FY24 $Am FY25 v FY24 Net operating income 8,992 8,216 9% 17,208 16,887 2% Total operating expenses (6,221) (5,919) 5% (12,140) (12,061) 1% Operating profit before income tax 2,771 2,297 21% 5,068 4,826 5% Income tax expense (640) (686) 7% (1,326) (1,291) 3% Effective tax rate1 (%) 23.3 29.9 26.3 26.8 (Profit)/loss attributable to non-controlling interests (28) 1 (27) (13) Profit attributable to MGL shareholders 2,103 1,612 30% 3,715 3,522 5% Annualised return on equity (%) 12.5 9.9 26% 11.2 10.8 4% Annualised return on tangible equity (%) 13.9 11.4 22% 12.7 12.4 2% Basic earnings per share $A5.55 $A4.25 31% $A9.79 $A9.17 7% Dividend per ordinary share $A3.90 $A2.60 50% $A6.50 $A6.40 2% FY25 result: $A3,715m up 5% on FY24 1. Calculation of the effective tax rate is after adjusting for the impact of non-controlling interests. Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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13© Macquarie Group Limited FY25 net profit contribution from Operating Groups $A6,862m up 2% on FY24 Non-Banking Group on FY24 Macquarie Asset Management (MAM) Increase primarily driven by the gain on sale of Macquarie Rotorcraft and higher performance fees on FY24 Macquarie Capital (MacCap) Higher advisory and brokerage fee income and higher net interest income from the private credit portfolio in the current year, offset by lower investment-related income primarily driven by lower impairment reversals and higher funding costs reflecting growth in the equity investment portfolio Banking Group on FY24 Banking and Financial Services (BFS) Growth in the loan portfolio and BFS deposits, together with lower expenses reflecting lower average headcount, partially offset by margin compression, higher credit impairment charges and run-off in the car loan portfolio on FY24 Commodities and Global Markets1 (CGM) Decreased contribution from Commodities risk management driven by decreased client hedging activity due to subdued conditions in certain commodity markets, particularly EMEA Gas, Power and Emissions and Global Oil, as well as lower Commodities inventory management and trading due to timing of income recognition on North American Gas and Power contracts. This was partially offset by an increased contribution from Financial Markets with continued strong performance across major products and markets, particularly in structured foreign exchange and an increased contribution from the Equities business Note: Where referenced in this document, net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax. 1. Certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. Annuity-style Markets-facing — Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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14© Macquarie Group Limited Total income 2,891 $A3,895m Assets under management $A211.9b Employing ~100,000 people3 EUROPE Amsterdam London Watford Braintree Luxembourg Zurich Copenhagen Madrid Coventry Milan MIDDLE EAST Dublin Munich Dubai Edinburgh Paris Frankfurt Solihull AFRICA Geneva Vienna Johannesburg Diversified, global business Americas EMEA Asia Australia4 International income 66% of total income1 Total staff2 19,735 of which 51% international. A further ~243,000 people employed across managed fund assets and investments3 32% of total income Total income 2,979 $A5,113m Assets under management $A380.4b Employing ~57,000 people3 CANADA USA Calgary Boston Nashville Toronto Chicago New York Houston Philadelphia LATIN AMERICA Jacksonville San Diego Mexico City Kansas San Francisco Santiago Los Angeles San Jose Sao Paulo Minneapolis Seattle 1. Net operating income excluding earnings on capital and other corporate items. 2. Includes staff employed in certain operationally segregated subsidiaries throughout the presentation. 3. Includes people employed through Private Markets-managed fund assets in Real Assets and investments where Macquarie Capital holds significant influence, including operationally segregated subsidiaries. 4. Includes New Zealand. 24% of total income 10% of total income Total income 4,271 $A1,598m Assets under management $A56.8b Employing ~70,000 people3 ASIA Bangkok Manila Beijing Mumbai Dongguan Seoul Gurugram Shanghai Hong Kong Singapore Hsin-Chu Taipei Jakarta Tokyo Kuala Lumpur 34% of total income Total income 9,594 $A5,469m Assets under management $A291.9b Employing ~16,000 people3 AUSTRALIA NEW ZEALAND Adelaide Melbourne Auckland Brisbane Perth Canberra Sydney Gold Coast Manly Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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15© Macquarie Group Limited Macquarie Asset Management Investing to deliver positive outcomes for our clients, portfolio companies and communities FY25 awards & rankings FY25 Net profit contribution $A1,610m 33% on FY24 Note: Diversity of Income chart is a reference to Macquarie’s established, diverse income streams based on FY25 net operating income. 1. Excludes real estate assets. 2. As at 31 Mar 25. Private Markets Assets under Management (AUM) excluding Real Estate is calculated as the proportional ownership interest in the underlying assets of funds and mandated assets that Macquarie actively manages or advises for the purpose of wealth creation, adjusted to exclude cross-holdings in funds and reflects Macquarie’s proportional ownership interest of the fund manager. Real Estate AUM represents the proportional gross asset value (including estimated total project costs for developments) of real estate assets owned by funds or managed by investee platforms. Private Markets AUM includes equity yet to deploy and equity committed to assets but not yet deployed. 3. IPE Real Assets (Jul 25), ranking is based on infrastructure AUM as at 31 Mar 25. 4. Infrastructure Investor (May 25), the ranking is based on the amount of infrastructure direct investment capital raised by firms between 1 Jan 20 and 31 Dec 24. 5. Money Magazine’s Best of the Best Awards 2025. 6. As at 31 Mar 25. Private Markets $A389.0b 5% on Mar 24 Assets under management2 $A25.4b Equity deployed across 42 new investments $A18.0b Equity raised across diverse range of strategies $A27.3b Equity to deploy6 $A19.1b Record equity returned to clients from divestments Public Investments $A552.0b 3% on Mar 24 Assets under management6 ~67% of assets under management outperforming their respective 3-year benchmarks6 Expanding MAM’s range of active exchange traded funds (ETFs) to a total of 13 managed in the US and Australia In Apr 25, Macquarie Group announced an agreement to divest Macquarie Asset Management’s public investments business (comprising Equities, Fixed Income and Multi-Asset strategies) in North America and Europe and enter into a broader strategic relationship with Nomura 15 No. 1 Infrastructure Investment Manager3 Best Investment Manager 20255 Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary No. 2 Infrastructure Debt Manager4 2,221 people 21 markets ~180 portfolio companies1 $A941.0 billion assets under management2 Diversity of income Annuity-style Markets-facing ~11%~20%~69% in line with 31 Mar 24 For personal use only
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16© Macquarie Group Limited $A154.0b 4% on Mar 24 Funds on platform2 $A172.4b 21% on Mar 24 Total BFS deposits3 3,139 people Personal Banking Business Banking Wealth Management Deposits Banking and Financial Services A technology-driven Australian retail bank and wealth manager FY25 Net profit contribution $A1,380m 11% on FY24 Note: Reference to Macquarie’s established, diverse income streams is based on FY25 net operating income. 1. Home loan portfolio excludes offset accounts. 2. Funds on platform has been updated to include custodial holdings that were previously excluded. Prior period balances have been restated. 3. BFS deposits include home loan offset accounts. 4. 2024 MFAA National Excellence Awards. $A141.7b 19% on Mar 24 Home loan portfolio1 $A16.7b 6% on Mar 24 Business Banking loan portfolio 16 Unique multi-factor Macquarie Authenticator application and differentiated ‘No hoops, no catches’ savings account offering More than 94% of home loans originated through the broker channel 40+ years bringing innovation and competition to Australian consumers FY25 awards Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Award-winning digital banking offering MFAA National Major Lender of the Year for five years in a row4 Client numbers approximately 2 million Diversity of income Annuity-style ~100% For personal use only
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17© Macquarie Group Limited Strong underlying client business 2,530+ people 21 markets Commodities and Global Markets Global business offering capital and financing, risk management, market access, physical execution and logistics solutions across Commodities, Financial Markets and Asset Finance FY25 Net profit contribution $A2,829m 12% on FY24 45+ years of client partnership Note: Reference to Macquarie’s established, diverse income streams is based on FY25 net operating income. 1. For the full year ended 31 Mar 25. 2. ASX Futures 24 (SFE) Monthly Report Mar 25. 3. Energy Risk Awards 2025. 4. Energy Risk Asia Awards 2024. Commodities Decreased risk management income primarily driven by decreased client hedging activity due to subdued conditions in certain commodity markets, particularly EMEA Gas, Power and Emissions and Global Oil. These reductions were partially offset by increased contributions from Resources, primarily from the metals sector, and Agriculture Decreased inventory management and trading income driven by timing of income recognition on North American Gas and Power contracts and a reduction in oil trading, partially offset by increased trading gains in North American Gas and Power markets Asset Finance Continued positive performance and contribution across all industries Total portfolio of $A7.6b, up 17% from $A6.5b at 31 Mar 24 10+ million meters owned and managed Financial Markets Foreign exchange, interest rates and credit Strong client activity globally driven by elevated volatility across FX and interest rate markets Consistent contribution from financing activity with continued strong performance from the Americas and growth in client engagement across the Americas, Australia and Europe Futures Consistent contribution across regions underpinned by client activity Equity Derivatives and Trading Increased contribution from equity trading and financing benefitting from favourable market conditions ~7.4 billion cubic feet of natural gas volume traded across North America daily1 No. 1 Futures Broker on the ASX2 Named House of the Year for Oil and Products3, Derivatives3,4, Commodities Research4 , Base Metals4 and Commodity Trade Finance4 17 FY25 awards & rankings Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary ~22% Diversity of income ~62% ~16% Annuity-style Markets-facing For personal use only
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18© Macquarie Group Limited ~1,500 people 23 markets $A93b+ Invested across more than 1,200 deals1 Macquarie Capital FY25 Net profit contribution $A1,043m 1% on FY24 A global adviser and investor. We deliver strategic advice backed by industry insight and execution capability and invest our own capital to develop projects, facilitate transactions, grow businesses Note: Reference to Macquarie’s established, diverse income streams is based on FY25 net operating income. 1. 1 Apr 08 to 31 Mar 25. All statistics are current as at 31 Mar 25. 2. Dealogic (1 Apr 15 to 31 Mar 25 completed M&A transactions, any ANZ involvement by deal count). 3. Inspiratia CY23 and CY24 Energy Transition League Table Report by deal volume. 4. Extel 2025 Asia (excl. Japan/ANZ) Pan Asia Local Brokers Leaders Table (Weighted). 5. PFI Awards 2024. Macquarie acted as exclusive financial adviser to Aguas Esperanza on this transaction. 6. IJInvestor Awards 2024. Macquarie acted as exclusive financial adviser to NatWest Group Pension Fund and Utilities Trust of Australia on this transaction. 7. Committed private credit portfolio as at 31 Mar 25. 8. Committed equity portfolio as at 31 Mar 25. 9. As at 7 Jul 25. Advising and investing in areas of deep expertise 18 FY25 awards & rankings Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary No. 1 in ANZ for M&A over the past decade2 No. 1 Global Financial Adviser in Energy Transition for the second year in a row3 Europe Utilities Acquisition of the Year – CKI consortium's acquisition of Phoenix Energy6 Americas Infrastructure Deal of the Year - Aguas Esperanza5 $A26.0b Private Credit portfolio7 with ~$A9b deployed in FY25 through focused investment in credit markets and bespoke financing solutions Government Services Exclusive financial adviser to Azure Summit Technology on its sale to CACI International Inc for $US1.275b, adding meaningful capabilities to CACI’s already robust defence technology platform Acquired Earth Resources Technology, a provider of technology, science and engineering services and solutions to US Federal Government agencies Digital Infrastructure Partial sale of Onivia, Spain's largest independent wholesale fibre network owner and operator, to long term co- investors. Macquarie retains joint control and remains committed to the platform's growth and development Differentiated insights on 1,200+ listed companies globally9 Cross-border focus Insurance Broking Financial adviser to the UK-based Ardonagh Group on its $A2.3b acquisition of PSC Insurance Group Limited Critical Minerals and Energy Sole financial adviser to Paladin Energy Ltd on its 100% acquisition of Fission Uranium Corp for $C1,140m $A6.0b Equity portfolio8, up 18% on 31 Mar 24. During FY25, completed investments in strategies across infrastructure and development, growth equity, venture capital and private equity ~31% Diversity of income ~14% ~55% Annuity-style Markets-facing No. 1 in Extel’s 2025 Asia (excl. Japan/ANZ) Local Broker Ranking4 Software Supported the refinancing of SimPRO, a global leader in field service management software for the trade and service industry, including plumbing, electrical, security and more across the US, UK and ANZ For personal use only
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19© Macquarie Group Limited Approximate business Basel III Capital and ROE Operating Group APRA Basel III Capital @ 10.5% ($Ab) FY25 Return on Ordinary Equity1 19-year Average Return on Ordinary Equity2 Macquarie Asset Management 5.9 15% 21% Banking and Financial Services 6.9 Commodities and Global Markets 11.0 13% 17% Macquarie Capital 6.6 Corporate 1.9 Total regulatory capital requirement @ 10.5% 32.3 Group surplus 9.5 Total APRA Basel III capital supply 41.8 11.2% 14% Return on Tangible Equity4 12.7% 1. NPAT used in the calculation of approximate FY25 ROE is based on Operating Groups’ net profit contribution adjusted for indicative allocations of profit share, tax and other corporate items. Accounting equity is attributed to businesses based on quarterly average allocated ordinary equity. 2. 19-year average covers FY07 to FY25, inclusive, and has not been adjusted for the impact of business restructures or changes in internal P&L and capital attribution. 3. Comprising $A35.5b of ordinary equity and $A6.3b of hybrids. 4. Tangible Equity is calculated by reducing average equity by average intangible assets over the period. These intangible assets do not include any balances classified as held for sale. 31 Mar 25 3 Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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20© Macquarie Group Limited Group capital surplus $A8.8b CET1 ratio 12.6% Business backed by strong funding and capital MGL funded balance sheet1 APRA Basel III capital position Credit ratings Group capital surplus8 $A9.5b CET1 ratio9 12.8% Harmonised10: 17.6% 34 years 29 years 33 years ‘A’ RATED Current ratings ‘A+’ ‘Aa2’ ‘A+’ 31 Mar 25 31 Mar 25 Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary 1. The funded balance sheet is a representation of Macquarie’s funding requirements once certain items (e.g. derivative revaluation and self-funded trading assets) have been netted from the statement of financial position. The funded balance sheet is not a liquidity risk management tool, as it does not consider the granular liquidity profiling of all on and off-balance sheet components considered in both Macquarie’s internal liquidity framework and the regulatory liquidity metrics. For details regarding reconciliation of the funded balance sheet to Macquarie’s statutory balance sheet refer to slide 56 of the FY25 Results Presentation. 2. Other includes components of other liabilities, provisions, held for sale liabilities, current tax and deferred tax liabilities. 3. Debt < 1 year includes Subordinated debt ($A2.0b at 31 Mar 25), Secured funding, Bonds, Structured notes and Unsecured loans. 4. Debt > 1 year includes Secured funding, Bonds, Structured notes and Unsecured loans. 5. Loan assets > 1 year includes Debt investments. 6. Includes deferred tax assets. 7. Equity investments includes Macquarie’s co-investments in Macquarie-managed funds and other equity investments. 8. The Group capital surplus is the amount of capital above APRA regulatory requirements. Bank Group regulatory requirements are calculated in accordance with Prudential Standard APS 110 Capital Adequacy (APS 110), at 10.5% of RWA. This includes the industry minimum Tier 1 requirement of 6.0%, capital conservation buffer (CCB) of 3.75% and a countercyclical capital buffer (CCyB). The CCyB of the Bank Group at Mar 25 is 0.74% (Sep 24: 0.76%), this is rounded to 0.75% (Sep 24: 0.75%) for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at period end. The surplus reported includes provisions for internal capital buffers and differences between Level 1 and Level 2 requirements, including the $A500m operational capital overlay imposed by APRA. 9. APRA Basel III Level 2. 10. ‘Harmonised’ Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS therefore the ratios are indicative only. $Ab Equity 10% Hybrids and subordinated debt 4% Commercial paper and certificates of deposit 11% Equity investments7 4% Other2 1% Loan assets <1 year 3% PPE and intangibles6 3% Cash and liquid assets 22% Net trading assets 14% Home loans 39% Loan assets >1 year5 15% Debt < 1 year3 5% Deposits 48% Debt > 1 year4 21% For personal use only
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21© Macquarie Group Limited Management updates Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Frank KwokAlex Harvey Alex Harvey has decided to step down as Chief Financial Officer and from Macquarie’s Executive Committee, effective 31 December 2025. Alex intends to retire mid-2026, after completing an extended handover to his successor, Frank Kwok. Alex has been with Macquarie for 28 years, during which time he has been Global Head of the Principal Transaction Group in Macquarie Capital, CEO of Macquarie Group in Asia and Chair of the Macquarie Group Foundation. As CFO for the last eight years, Alex has delivered a significant transformation in Macquarie’s financial management and stakeholder engagement activities, playing a key role in driving the global growth of the Group. Frank has also been with Macquarie for 28 years, most recently as Deputy CFO since March 2024 and as Group Treasurer. Prior to those roles, Frank held senior roles in the Real Assets business of Macquarie Asset Management in several regions, including leading the team in Asia-Pacific and a four-year period as CFO of ASX-listed Macquarie Airports. Subject to obtaining necessary approvals, he will take on his new roles and join Macquarie’s Executive Committee, effective 1 January 2026. For personal use only
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22© Macquarie Group Limited 03 1Q26 Update Shemara Wikramanayake Managing Director and Chief Executive OfficerFor personal use only
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23© Macquarie Group Limited© Macquarie Group Limited 1Q26 Overview Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Net profit contribution1 was down on prior corresponding period (pcp) (1Q25), with improved performance in BFS and Macquarie Capital, more than offset by lower contributions from MAM and CGM • MAM down on pcp, primarily due to timing of investment-related income from asset realisations, partially offset by an increase in performance fees • BFS up on pcp, driven by volume growth in the loan portfolio and BFS deposits, partially offset by margin compression due to lending and deposit competition and changes in portfolio mix • CGM down on pcp, due to reduced contribution from Commodities which recorded lower net interest and trading income in North American Gas and Power. This was partially offset by increased client activity across Financial Markets and Asset Finance • Macquarie Capital up on pcp, driven by higher income from the private credit portfolio primarily due to volume growth, and increased fee and commission income 1. Net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax. For personal use only
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24© Macquarie Group Limited ● Home loan portfolio3 of $A150.2b at Jun 25, up 6% on Mar 25 ● Business Banking loan portfolio of $A17.3b at Jun 25, up 4% on Mar 25 ● BFS deposits4 of $A178.9b at Jun 25, up 4% on Mar 25 ● Funds on platform of $A164.5b at Jun 25, up 7% on Mar 25 Macquarie Asset Management Banking and Financial Services 1Q26 Overview 1. As at 30 Jun 25. 2. Private Markets total Equity under Management includes market capitalisation at measurement date for listed funds, the sum of original committed capital less capital subsequently returned for unlisted funds and mandates as well as invested capital for managed businesses. 3. Home loan portfolio excludes offset accounts. 4. BFS deposits include home loan offset accounts. ● AUM1 of $A945.8b at Jun 25, up 1% on Mar 25 ● Private Markets: $A401.6b in AUM1, up 3% on Mar 25 primarily driven by fund investments and net asset valuations, partially offset by unfavourable foreign exchange movements and fund divestments ● Private Markets: $A221.2b in EUM1,2; $A3.5b in new equity raised; $A7.0b of equity invested; $A0.5b of equity divested; $A23.5b of equity to deploy at Jun 25 ● Public Investments: $A544.2b in AUM1, down 1% on Mar 25, primarily driven by net flows and unfavourable foreign exchange movements, partially offset by favourable market movements − $A294.6b AUM1 in Fixed Income, down 4% on Mar 25 − $A223.8b AUM1 in Equities, up 2% on Mar 25 − $A25.8b AUM1 in Multi-Asset, down 3% on Mar 25 ● Public Investments: Strong fund performance, with ~63% of assets under management outperforming their respective 3-year benchmarks1 ● In Apr 25, announced an agreement to divest the public investments business (comprising Equities, Fixed Income and Multi-Asset strategies) in North America and Europe and enter into a broader strategic relationship with Nomura ● Reached final close of Macquarie Infrastructure Partners VI, with over $US8b of total commitments, including over $US6.8b of fund commitments and an additional $US1.3b of co-investments to date Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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25© Macquarie Group Limited ● Commodities: performance down on pcp, largely driven by reduced trading activity in North American Gas and Power ● Financial Markets: continued strong client activity across sectors encompassing Foreign exchange and Interest rate risk management, Financing and Futures ● Asset Finance: volumes up on pcp, contributing to modest increases in annuity revenues across the portfolio ● Named House of the Year for Oil and Products1, Derivatives1,2, Commodities Research2, Base Metals2 and Commodity Trade Finance2 1Q26 Overview 1. Energy Risk Awards 2025. 2. Energy Risk Asia Awards 2024. 3. The transaction completion is subject to customary approvals. 4. Committed private credit portfolio as at 30 Jun 25. 5. Committed equity portfolio as at 30 Jun 25. 6. The transaction completed in Jul 25. ● Advisory fee income up on pcp, particularly in the Americas. Notable deals include: − Sale of International Game Technology’s Gaming & Digital Business to Apollo Global Management for $US4.05b Joint lead financial adviser to International Game Technology PLC − Acquisition of Greenlink Interconnector Limited (Greenlink) from Partners Group, acting on behalf of its clients3 Greenlink is a 504 MW electricity interconnector between Great Britain and Ireland Financial adviser to funds managed by Equitix (the acquirer of Greenlink in consortium with Baltic Cable AB) − Acquisition of De Grey Mining by Northern Star Resources for $A5b De Grey Mining is an Australian gold exploration and development company and owner of Hemi, one of the world’s largest undeveloped gold projects Exclusive financial adviser to Northern Star Resources ● Private Credit portfolio of $A25.1b4, with more than $A1.5b deployed in 1Q26 through focused investment in credit markets and bespoke financing solutions including: − Provided financing to Arcos, a US software firm that helps utilities and airlines mobilise crews and manage critical workforce operations ● Equity portfolio of $A5.8b5 including: − MacCap divested a portion of its holding in Prime Data Centers in conjunction with a successful capital round6 − Follow-on investments in existing portfolio companies in 1Q26 , including Mereo Networks and Autobooks Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary Macquarie CapitalCommodities and Global MarketsFor personal use only
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26© Macquarie Group Limited Capital, funding and liquidity update 1. ‘Harmonised’ Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS therefore the ratios are indicative only. 2. Average LCR for Jun 25 quarter is based on an average of daily observations. 3. APRA imposed a 25% add-on to the Net Cash Outflow component of the LCR calculation from 1 May 22, and a 1% decrease to the Available Stable Funding component of the NSFR calculation, effective from 1 Apr 21. 4. The Group capital surplus is the amount of capital above APRA regulatory requirements. Bank Group regulatory requirements are calculated in accordance with Prudential Standard APS 110 Capital Adequacy (APS 110), at 10.5% of RWA. This includes the industry minimum Tier 1 requirement of 6.0%, capital conservation buffer (CCB) of 3.75% and a countercyclical capital buffer (CCyB). The CCyB of the Bank Group at Jun 25 is 0.73%, this is rounded to 0.75% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at period end. The surplus reported includes provisions for internal capital buffers and differences between Level 1 and Level 2 requirements, including the $A500m operational capital overlay imposed by APRA. 5. The DRP price was determined in accordance with the DRP Rules and is the arithmetic average of the daily volume-weighted average price of all Macquarie Group shares sold through a Normal Trade on the ASX automated trading system over the nine trading days from 27 May 25 to 6 Jun 25. 6. Comprising $A599m off-market and $A87m on-market purchases. Group capital and funding at Jun 25 ● Group capital surplus of $A7.6b4. Reduction in surplus of $A1.9b from Mar 25 predominantly driven by the 2H25 dividend, FY25 MEREP awards and growth in business capital requirements, partially offset by 1Q26 P&L ● As at 30 Jun 25, total deposits of $A184.6b up 4% since Mar 25 ● $A6.6b of term funding raised since Mar 25 including $A5.3b of senior unsecured debt and $A1.3b of subordinated unsecured debt Dividend Reinvestment Plan (DRP) ● On 2 Jul 25, the DRP in respect of the 2H25 dividend was satisfied through the allocation of ordinary shares at a price of $A213.66 per share5. The shares allocated under the DRP were acquired on-market Macquarie Group Employee Retained Equity Plan (MEREP) ● On 20 Jun 25, the acquisition of ordinary shares pursuant to MEREP was completed. A total of $A686m 6 of shares were purchased at a weighted average price of $A209.72 per share On-market share buyback ● On 1 Nov 24, Macquarie announced that the Board approved an extension of the on-market share buyback of up to $A2b for a further 12 months ● The buyback provides additional flexibility to manage the Group’s capital and Macquarie retains the ability to vary, pause or terminate the buyback at any time ● The timing and actual number of ordinary shares purchased under the buyback will be subject to a number of factors including the Group’s surplus capital position, market conditions and opportunities to deploy capital by the businesses ● As at 23 Jul 25, a total of $A1,013m of ordinary shares were acquired on-market at an average price of $A189.80 per share Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary APRA Basel III Level 2 CET1 ratio APRA Basel III Leverage ratio Liquidity Coverage Ratio (LCR)2,3 Net Stable Funding Ratio (NSFR)3 12.7% 5.1% 184% 110% 17.6% Harmonised1 5.8% Harmonised1 For personal use only
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© Macquarie Group Limited $A29.1b $A32.3b $A32.2b 0.4 0.4 0.5 0.1 0.2 1.6 0.3 0.7 (0.4) (0.2) (0.0) (0.5) 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 Sep 24 MAM BFS CGM MacCap Corp FX Mar 25 MAM BFS CGM MacCap Corp FX Jun 25 1Q26 drivers MAM ● Net movements in fund co-investments, underwrites and divestments BFS ● Growth in home loans and business banking CGM ● Increase in credit and market risk, and acquisition of Iberdrola’s UK smart meters business Macquarie Capital ● Predominantly driven by a net decrease in credit exposure Business capital requirements 1Q26 business capital requirements1 increase of $A0.4b excluding FX movements $Ab Broadly offset by FCTR2 $A3.2b increase over 2H253 $A0.1b decrease over 1Q263 1. Bank Group regulatory capital requirements are calculated in accordance with APS 110, at 10.5% of RWA. 2. The FCTR forms part of capital supply and broadly offsets FX movements in capital requirements. 3. Including FX. Broadly offset by FCTR2 Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary 27 For personal use only
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28© Macquarie Group Limited Australia ● APRA has finalised or is in the process of implementing changes to a number of prudential standards. Macquarie notes the following key updates: – On 8 Jul 25, APRA released a consultation paper on implementing its decision to phase out hybrid instruments1 as eligible capital, including for Non-Operating Holding Companies, along with proposed consequential amendments to the prudential standards2. Feedback is requested by 5 Sep 25. These finalised amendments will be effective from 1 Jan 27, with transition arrangements in place for instruments outstanding until 1 Jan 32. – On 6 Mar 25, APRA released a discussion paper proposing changes to strengthen and streamline governance and fit and proper requirements for banks, insurers and superannuation trustees3. The initial consultation closed on 6 Jun 25, with draft revisions to governance requirements expected to occur in the first half of 2026. ● Macquarie has been working with APRA on a remediation plan that strengthens MBL’s governance, culture, structure and remuneration to ensure full and ongoing compliance with prudential standards and management of MBL-specific risks. The changes under the plan, which we will continue to deliver through 2025 and beyond, will have a positive impact through improved systems, frameworks, processes, and further strengthen its risk culture. ● Macquarie also acknowledges the following ASIC announcements: – On 7 May 25, ASIC imposed additional conditions on MBL’s Australian financial services licence following compliance failures in Macquarie’s futures dealing business and its over-the-counter (OTC) derivatives trade reporting. The conditions require MBL to prepare and implement a remediation plan and appoint an independent expert to review and report on the adequacy of the remediation activities. – On 14 May 25, ASIC commenced civil proceedings against Macquarie Securities (Australia) Limited (MSAL) primarily in relation to inaccurate short sale transaction reporting. The reporting issues identified in the proceedings have been remediated with additional controls implemented. MSAL is now reviewing ASIC's claim. As the matter is before the court, it would be inappropriate for Macquarie to make further comment. Germany ● The ongoing, industry-wide investigation in Germany relating to dividend trading continues. Over a dozen criminal trials related to cum-ex have been or are being prosecuted against individuals in German courts and there have been convictions. Under German law, companies cannot be criminally prosecuted, but they can be added as ancillary parties to the trials of certain individuals. Ancillary parties may be subject to confiscation orders requiring the disgorgement of profits. Macquarie has provided for German dividend trading matters. As previously noted, in total, the German authorities have designated as suspects approximately 100 current and former Macquarie staff, most of whom are no longer at Macquarie and there are a number of civil claims against Macquarie. Macquarie has been responding to requests for information about its historical activities and expects the German authorities to continue to seek information from former and current Macquarie employees as the industry-wide investigation continues. 1. As at 30 Jun 25, MBL had $A2.4b of AT1 capital on issue and MGL had $A3.9b of eligible hybrid capital on issue. 2. ‘APRA consults on amendments to phase out AT1 Capital’; 8 Jul 25. 3. ‘APRA proposes changes to strengthen and streamline governance and fit and proper requirements’; 6 Mar 25. Regulatory update Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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29© Macquarie Group Limited 04 Outlook FY26 Outlook Shemara Wikramanayake Managing Director and Chief Executive OfficerFor personal use only
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30© Macquarie Group Limited Short-term outlook Factors impacting short-term outlook Note: Comparative period is FY25, unless stated otherwise. 1. Net Other Operating Income includes all operating income excluding base fees. 2. Certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. Non-Banking Group Macquarie Asset Management (MAM) Excluding the divestment of the public investments business in North America and Europe, expected to close by the end of the calendar year 2025: ● Base fees expected to be broadly in line ● Subject to market conditions and timing of transactions, Net Other Operating Income1 is expected to be broadly in line Macquarie Capital (MacCap) Subject to market conditions: ● Transaction activity is expected to be broadly in line ● Investment-related income is expected to be up, supported by the private credit portfolio with asset realisations predominantly expected in 2H26 ● Continued deployment in the private credit portfolio Banking Group Banking and Financial Services (BFS) ● Growth in loan portfolio, deposits and platform volumes ● Market dynamics and portfolio mix to continue to drive margin pressure ● Ongoing monitoring of provisioning ● Continued investment in digitisation and automation supporting scalable growth Corporate ● Compensation ratio expected to be broadly in line with historical levels ● The FY26 effective tax rate is expected to be broadly in line with historical levels Commodities and Global Markets2 (CGM) Subject to market conditions: ● Commodities income is expected to be slightly up ● Continued contribution from client and trading activity across the Financial Markets platform ● Continued contribution across Asset Finance sectors Annuity-style Markets-facing Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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31© Macquarie Group Limited © Macquarie Group Limited Short-term outlook The range of factors that may influence our short-term outlook include: ● Market conditions including: global economic conditions, inflation and interest rates, significant volatility events, and the impact of geopolitical events ● Completion of period-end reviews and the completion of transactions ● The geographic composition of income and the impact of foreign exchange ● Potential tax or regulatory changes and tax uncertainties We continue to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions us well to respond to the current environment Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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32© Macquarie Group Limited © Macquarie Group Limited Medium-term outlook Macquarie remains well-positioned to deliver superior performance in the medium term with established, diverse income streams Deep expertise across diverse sectors in major markets with structural growth tailwinds ● Customer focused digital bank ● Private Markets and Public Investments ● Commodities, Financial Markets and Asset Finance ● Specialist advice, capital solutions and investment Patient adjacent growth across new products and new markets Ongoing investment in our operating platform Strong and conservative balance sheet ● Well-matched funding profile with short-term wholesale funding covered by short-term assets and cash and liquid assets ● Surplus funding and capital available to support growth Proven risk management framework and culture Empowering people to innovate and invest for a better future IR Note: Pending approval Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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33© Macquarie Group Limited Medium-term outlook Non-Banking Group Macquarie Asset Management (MAM) ● Well-positioned to respond to current market conditions and build on our leading global position in private markets and our leading position in Australian public markets, as we focus on providing solutions for our institutional, insurance and wealth clients Macquarie Capital (MacCap) ● Continues to support clients globally across long-term trends including tech-enabled innovation, the need for infrastructure and resilience and the growth in private capital ● Opportunities for balance sheet investment alongside clients and management teams and infrastructure project development ● Continues to tailor the business offering to current opportunities and market conditions including providing flexible capital solutions across advisory, capital markets, principal investing, development and equities ● Well-positioned to respond to changes in market conditions Banking Group Banking and Financial Services (BFS) ● Growth opportunities through intermediary and direct retail client distribution, platforms and client service ● Opportunities to increase financial services engagement with existing Business Banking clients and extend into adjacent segments ● Modernising technology to improve client experience and support scalable growth Commodities and Global Markets1 (CGM) ● Opportunities to grow the commodities business, both organically and through adjacencies ● Development of institutional and corporate coverage for specialised credit, rates and foreign exchange products ● Tailored financing solutions globally across a variety of industries and asset classes ● Continued investment in the asset finance portfolio ● Supporting the client franchise as markets evolve, particularly as it relates to the energy transition ● Growing the client base across all regions 1. Certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business and some other less financially significant activities are undertaken from within the Non-Banking Group. Annuity-style Markets-facing Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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34© Macquarie Group Limited 05 Appendix A Formal Business Glenn Stevens ChairFor personal use only
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43© Macquarie Group Limited 2025 Annual General Meeting Macquarie Group Limited 24 July 2025 For personal use only
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44© Macquarie Group Limited 05 GlossaryFor personal use only
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37© Macquarie Group Limited Glossary $A / AUD Australian Dollar CAGR Compound Annual Growth Rate $C Canadian Dollar CCB Capital Conservation Buffer $US / USD United States Dollar CCyB Countercyclical Capital Buffer £ / GBP Pound Sterling CET1 Common Equity Tier 1 € / EUR Euro CGM Commodities and Global Markets CHF Swiss Franc COG Corporate Operations Group ¥ / JPY Japanese Yen DCM Debt Capital Markets $NZ / NZD New Zealand Dollar DPS Dividends Per Share 1H Half Year ended 30 September DRP Dividend Reinvestment Plan 2H Half Year ended 31 March DTA Deferred Tax Asset 3Q Three months ended 31 December ECAM Economic Capital Adequacy Model 4Q Three months ended 31 March ECM Equity Capital Markets 1Q Three months ended 30 June EDT Equity Derivatives Trading ABN Australian Business Number EMEA Europe, the Middle East and Africa ADI Authorised Deposit-Taking Institution EPS Earnings Per Share AML Anti-Money Laundering ESG Environmental, Social and Governance ANZ Australia and New Zealand ESR Environmental and Social Risk APAC Asia-Pacific ETF Exchange Traded Fund Approx. Approximately EUM Equity Under Management APRA Australian Prudential Regulation Authority FCTR Foreign currency translation reserve and net investment hedge reserve ASIC Australian Securities and Investments Commission FPE Financial Management, People and Engagement ASX Australian Securities Exchange FUA Funds under Administration AT1 Additional Tier 1 Capital FX Foreign Exchange AUM Assets under Management FY Full Year ended 31 March BCBS Basel Committee on Banking Supervision GW Gigawatt BFS Banking and Financial Services HQLA High-Quality Liquid Assets Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary For personal use only
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38© Macquarie Group Limited IRB Internal Ratings-Based MPA Mortgage Professional Australia IRRBB Interest Rate Risk in the Banking Book MSCI Morgan Stanley Capital International IFRS International Financial Reporting Standards MW Megawatt IR Interest Rates No. Number IT Information Technology NOHC Non-Operating Holding Company LAC Loss-Absorbing Capacity NPAT Net Profit After Tax LCR Liquidity Coverage Ratio NPC Net Profit Contribution LGD Loss Given Default NSFR Net Stable Funding Ratio LGG Legal and Governance Group NYSE New York Stock Exchange LNG Liquefied Natural Gas OSS Operationally Segregated Subsidiaries LVR Loan-to-Value Ratio OTC Over-the-Counter M&A Mergers and Acquisitions P&L Profit and Loss MacCap Macquarie Capital PCP Prior Corresponding Period MAM Macquarie Asset Management PPE Property, Plant and Equipment MBL Macquarie Bank Limited RBA Reserve Bank of Australia MBE Macquarie Bank Europe RMG Risk Management Group MD&A Management Discussion & Analysis ROE Return on Equity MEREP Macquarie Group Employee Retained Equity Plan RWA Risk Weighted Assets MFAA Mortgage and Finance Association of Australia SA-CCR Standardised Approach (Counterparty Credit Risk) MFHPL Macquarie Financial Holdings Pty Ltd SMA Standardised Measurement Approach MGECO Macquarie Green Energy and Climate Opportunities TSR Total Shareholder Return MGETS Macquarie Green Energy Transition Solutions UK United Kingdom MGL / MQG Macquarie Group Limited UQS Unquestionably Strong MGSA Macquarie Group Services Australia US United States of America MIFL Macquarie International Finance Limited WAM Weighted Average Term to Maturity MIP VI Macquarie Infrastructure Partners Fund 6 YTD Year to Date Chair's Update Overview of FY25 1Q26 Update FY26 Outlook Formal Business Glossary GlossaryFor personal use only
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47© Macquarie Group Limited 2025 Annual General Meeting Macquarie Group Limited 24 July 2025 For personal use only