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2026 September Conferences September 2026 Presentation to investors and analysts
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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 reliable indication of future performance. This presentation also contains climate-related forward-looking statements which are particularly affected by uncertainties and factors such as: evolving standards, definitions and methodologies, lack of accurate and reliable historical data, especially emissions data, complex calculations, modelling and scenario analysis and changing and uncertain climate-related laws, regulations and policies. Unless otherwise specified all information is for the year ended 31 March 2026. 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 2026, 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. Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity.
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3© Macquarie Group Limited 3 Agenda 01 Overview of Macquarie 02 Operating Groups 03 FY27 Outlook 04 Key Thematics
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4© Macquarie Group Limited 4 01 Overview of Macquarie
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5© Macquarie Group Limited 5 Public document available at macquarie.com/discover | ‹#› Public document available at macquarie.com/discover | 5 Macquarie at a glance We are a diversified financial services group providing clients with asset management, retail and business banking, wealth management, as well as advisory, and risk and capital solutions across debt, equity, financial markets and commodities. Data points as at 30 Jun 26 unless stated otherwise. 1. As at 31 Mar 26. Includes staff employed in certain operationally segregated subsidiaries. 2. As at 31 Mar 26. 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. AUM includes capital yet to deploy and equity committed to assets but not yet deployed. 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. 3. Sourced from Bloomberg. Leading market positions Established leading market positions as a global specialist in sectors including renewables, infrastructure, resources, technology and services, commodities and energy Client-focused business Alignment of interests is a longstanding feature of our business, demonstrated by our willingness to both invest alongside clients and closely align the interests of our shareholders and staff 1969 founded and headquartered in Australia 19,100+ employees in 30 markets globally1 57 years of unbroken profitability Strong funding and capital position ~$A95.4 billion market capitalisation3 $A722.1 billion assets under management2 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary 5
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6© Macquarie Group Limited 6 BFS MAM CGM MacCap Banking and Financial Services Macquarie Asset Management Commodities and Global Markets Macquarie Capital • Macquarie’s retail banking and financial services business with BFS deposits1 of $A215.3b2, loan portfolio3 of $A199.9b2 and funds on platform of $A155.9b2 • Provides a diverse range of personal banking, wealth management and business banking products and services to retail clients, advisers, brokers and business clients • A leading global asset manager with Assets under Management of $A722.1b2, investing to deliver positive outcomes for our clients, portfolio companies and communities • Provides clients with a diverse range of investment solutions including real assets, real estate, credit and insurance, secondaries and systematic investments Global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base across Commodities, Financial Markets and Asset Finance Global capability in: • Advisory and capital raising services, providing clients with specialist expertise and flexible capital solutions across a range of sectors • Specialist investing across private credit, private equity, real estate, growth equity, venture capital and infrastructure and energy • Equities brokerage, providing clients with access to equity research, sales, execution capabilities and corporate access with a focus on Asia-Pacific • Capital and financing: provides clients with financing and asset management solutions across the capital structure • Risk management: helping clients manage exposure to price changes in commodities, currencies, credit and equity markets • Market access: helping clients access assets and prices via liquidity and electronic markets globally • Physical execution and logistics: supporting clients with access to physical commodities and facilitating their transport from production to consumption CGM’s deep expertise and physical presence allow us to optimise how we manage both our clients’ risk exposures and trading opportunities we see which are conducted within Macquarie’s strong internal risk management framework About Macquarie Annuity-style | Income ~48% ~24% Central Service Groups Risk Management Group Legal and Governance Group Financial Management, People and Engagement Corporate Operations Group An independent and centralised function responsible for independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie’s material risks. RMG designs and oversees the implementation of the risk management framework Provides a full range of legal and corporate governance services, including strategic legal and governance advice and risk assessment on corporate transactions, treasury and funding, insurance, regulatory enquiries and litigation Responsible for managing the Group’s financial, tax and treasury activities and strategic priorities, fostering our culture through people and community engagement, and engaging with stakeholders to protect and promote Macquarie’s reputation globally Brings together specialist capabilities in technology, global security, data, AI, market services, corporate real estate, business resilience, and procurement to support Macquarie's growth Markets-facing | Income ~28% Note: Reference to Macquarie’s established, diverse income streams is based on FY26 net operating income. 1. BFS deposits include home loan offset accounts. 2. As at 31 Mar 26. 3. Loan portfolio comprises home loans (excluding offset accounts), loans to businesses, credit cards and car loans. Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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7© Macquarie Group Limited 77 As businesses mature and portfolios grow, income develops more annuity-style attributes Income that was formerly markets-facing becomes a source of stable earnings Certain income streams are inherently markets-facing, providing optionality in conducive market conditions Overview of Macquarie Operating Groups Outlook Key Thematics Glossary BFS MAM CGM MacCap Established, diverse income streams Operating Groups combine annuity-style and markets-facing income to generate stable earnings with optionality to significant upside in certain market conditions CGM Commodities Lending and Financing CGM Asset Finance CGM Financial Markets MAM Performance fees CGM Commodities Risk Mgmt MacCap Coverage and Advisory MacCap Private Credit CGM Commodities Inventory Mgmt and Trading MacCap Investment- related income MAM Base fees BFS Loans and Deposits BFS Wealth MAM Investment-related income (Other) MAM Investment-related income (Co-invest) Annuity-style Markets-facing
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8© Macquarie Group Limited 8 Total income 2,828 $A5,275m Assets under management $A199.7b Employing ~133,000 people EUROPE MIDDLE EAST Amsterdam London Dubai Berlin Luxembourg Cambridge Madrid AFRICA Dublin Milan Johannesburg Edinburgh Munich Essex Paris Frankfurt Watford Geneva Zurich Diversified, global business Americas EMEA Asia Australia3 Total staff1 19,124 of which 50% international. A further ~265,000 people employed across managed fund assets and investments2 31% of total income Total income4 2,328 $A5,935m Assets under management $A150.0b Employing ~68,000 people NORTH AMERICA LATIN AMERICA Bermuda New York Mexico City Calgary Orlando Sao Paulo Chicago Philadelphia Houston San Diego Jacksonville San Jose Los Angeles Seattle Minneapolis Toronto 28% of total income 9% of total income Total income 4,412 $A1,804m Assets under management $A46.5b Employing ~45,000 people ASIA Bangkok Kuala Lumpur Beijing Manila Dongguan Mumbai Gurugram Seoul Hong Kong Shanghai Hsin-Chu Singapore Hyderabad Taipei Jakarta Tokyo 32% of total income Total income 9,556 $A6,041m Assets under management $A325.9b Employing ~19,000 people AUSTRALIA NEW ZEALAND Adelaide Melbourne Auckland Brisbane Perth Canberra Sydney Gold Coast Manly 1. Includes staff employed in certain operationally segregated subsidiaries throughout the presentation. 2. Includes people employed through Private Markets-managed fund assets in Real Assets and investments where Macquarie Capital holds significant influence, including operationally segregated subsidiaries. 3. Includes New Zealand. 4. Net operating income excluding earnings on capital and other corporate items. Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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9© Macquarie Group Limited 99 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary Note: the above list is not exhaustive. FY70-FY96 were profitable years. 1. As at 31 Mar 26. 2. Includes staff employed in certain operationally segregated subsidiaries. 3. Acquired on behalf of managed funds and accounts. 57 years of unbroken profitability Performance (ASX: MQG) Total shareholder return1 Earnings per share CAGR1 Dividends per share CAGR1 Since listing 15,211% 10% 10% 10 years 393% 8% 6% $Am FY70 FY26 1980s FY85 FY86 FY89 FY90 FY92 FY94 FY95 FY97 FY99 FY00 FY02 FY03 FY04 FY05 FY06 FY08 FY09 FY10 FY16 FY15 FY17 FY21 FY18 FY19 Hill Samuel UK opens branch office in Sydney Started corporate finance and advisory; project finance Staff:44 Started commodities platform Rates FX Futures Wealth management Staff: 1202 Received an Australian Banking license as MBL Equities Business banking First listed property trust Entered stockbroking London office opened Aircraft financing Staff: 1,1332 Mortgages Hills Motorway Mortgage securitisation Asset management NY office opened HK office opened MBL listed on the ASX BT Australia Wrap Staff: 4,0702 Sydney Airport3 Meters financing Oil ING Asian cash equities Cook Inlet Energy Supply Corona Energy (UK) Established Macquarie Group Established MBIL (UK bank) Constellation Principal Finance CMA Delaware Mining and medical equipment financing FY13 Received a HK banking license AWAS Launched digital banking Esanda Advantage Funding Cargill GIG Established MBE (Irish Bank) Waddell & Reed Staff: 19,1242 Staff: 14,6572 Staff: 42 FY25 1 Elizabeth Street Organic growth Acquisitions Regional expansion Staff
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10© Macquarie Group Limited 1010 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary FY26 EPS of $A12.77 $A $Am 1H 2H FY26 Operating income of $A19,477m Strong earnings profile 0.00 3.00 6.00 9.00 12.00 15.00 FY21 FY22 FY23 FY24 FY25 FY26 0 4,000 8,000 12,000 16,000 20,000 FY21 FY22 FY23 FY24 FY25 FY26
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11© Macquarie Group Limited 1111 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary Multiple to Macquarie From the Global Financial Crisis (2008) to present Multiple to Macquarie This page compares the historical earnings volatility among certain firms and is not intended to represent that Macquarie has a comparable business model, risks or prospects to any other firm mentioned. Volatility of P&L is defined as standard deviation of P&L divided by average P&L (coefficient of variation), based on most recent annual disclosures. Source: Bloomberg as at 24 Aug 26. 5-year earnings volatility relative to Macquarie Stable earnings 2.2x 1.6x 1.6x 1.6x 1.1x 1.0x 0.6x 0.0 1.0 2.0 3.0 Energy Majors Global Investment Banks Global Fund/Asset Managers Domestic Asset Managers Global Banks Macquarie Domestic Banks 4.9x 4.5x 3.2x 2.2x 1.9x 1.7x 1.0x 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Energy Majors Domestic Asset Managers Global Fund/Asset Managers Global Banks Global Investment Banks Domestic Banks Macquarie
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12© Macquarie Group Limited 1212 0 200 400 600 800 1,000 1,200 1,400 1,600 Jul-96 Jul-98 Jul-00 Jul-02 Jul-04 Jul-06 Jul-08 Jul-10 Jul-12 Jul-14 Jul-16 Jul-18 Jul-20 Jul-22 Jul-24 Jul-26 Outperformance / (underperformance) vs ASX 200 Average outperformance vs ASX 200 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary Data to 20 Aug 26 for purchases made at different purchase points on a monthly basis. Source: Bloomberg. 1. “Since listing” for MQG and All Ords Index refers to MQG listing date 29 Jul 96. For MSCI, this refers to the date the MSCI World Capital Markets Index was first calculated, being 30 Apr 03. Macquarie TSR calculations assume continuous listing. Therefore, they are based on Macquarie Bank Limited (ASX Code: MBL) data up to and including 2 Nov 07 (the last day of trading of MBL shares), and MGL (ASX Code: MQG) data from commencement of trading of MGL ordinary shares on 5 Nov 07 onwards. 2. For the period 31 Mar 16 to 31 Mar 26. 3. Reflects international reference group as referenced in the Macquarie 2026 Annual Report. For purchases made and held to sale Macquarie has generally outperformed the ASX 200, All Ordinaries Index and MSCI World Capital Markets Index, with 10-year average return on equity of 14%, exceeding the average of a reference group of peers TSR performance MQG All Ordinaries Index MSCI World Capital Markets Index Since listing1 15,211% 1,365% 335% 10 years2 393% 179% 251% % Avg: ~1,600% Reference group3 ROE over ten years FY17-26 % Total shareholder return (TSR) of MQG compared to ASX 200 Strong shareholder returns 0 10 20 30 40 Macquarie Company 1 Company 2 Company 3 Company 4 Company 5 Company 6 Company 7 Company 8 Company 9
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13© Macquarie Group Limited 131313 Risk Management Framework Macquarie’s approach to risk management is based on stable and robust core risk management principles Line 1 Primary responsibility for day-to-day risk management lies with the business Line 2 RMG forms the second line of defence and provides independent and objective review and challenge, oversight and monitoring 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 risk management framework Continuous enhancement of the risk management approach and embedding of risk culture Monitoring, measuring and reporting Macquarie aims to apply consequences for non-compliance in a timely manner, and as fairly and consistently as possible ● In FY26, there were 111 (FY25: 142) matters involving conduct or policy breaches that resulted in formal consequences. These included 63 Code of Conduct or workplace behaviour related matters and 48 other policy matters, including risk management and technology breaches ● Of the 111 matters: For 54 matters, termination of employment was the outcome; for 57 matters, a formal warning and additional consequences were applied as appropriate. Of the 57 matters, eight individuals subsequently left Macquarie before year-end outcomes were applied, a further eight were not awarded profit share and 41 individuals had their profit share reduced by an average of 35% 04 01 02 03 Reflect Set Promote Monitor Risk culture is foundational to risk management, supporting our ability to operate within risk appetite. Maintaining an appropriate and effective risk culture continues to be integral to Macquarie's risk management framework Risk management and culture Our approach adopts the ‘three lines of defence’ model, which sets risk ownership responsibilities functionally independent from oversight and assurance All staff have a role in managing risk Ownership of risk at the business level Understanding worst-case outcomes Independent sign-off by Risk Management Group (RMG) Setting behavioural expectations, including through the Code of Conduct Promoting risk culture, by embedding the behavioural expectations into day-to-day practices Monitoring through qualitative and quantitative indicators, targeted assessments and reviews, and enabling the identification of focus areas Reflecting to support the identification of necessary or desirable changes or focus areas 01 02 03 04 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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14© Macquarie Group Limited 14 Macquarie Group Limited (MGL) Non-Bank Subsidiaries Macquarie Bank Limited (MBL) Bank Group4 Deposits, Debt, LAC3 and Hybrid Equity Debt and Hybrid Equity Equity Non-Bank Group5 • MGL and MBL are Macquarie’s two primary external funding vehicles which have separate and distinct funding, capital and liquidity management arrangements • MBL provides funding to the Bank Group1 • MGL provides funding predominantly to the Non-Bank Group2 Debt and Equity Debt and Equity 1. The Bank Group comprises BFS and CGM (excluding certain activities in the Financial Markets and Commodity Markets and Finance businesses, which are undertaken from within the Non-Bank Group). 2. The Non-Bank Group comprises MAM, Macquarie Capital and certain activities in the Financial Markets and Commodity Markets and Finance businesses of CGM. 3. Subordinated debt to meet APRA’s Loss-Absorbing Capacity (LAC) requirements. 4. MBL is the primary external funding vehicle for the Bank Group. Macquarie Global Finance (MGF) and Macquarie Bank Europe (MBE) also operate as external funding vehicles for certain subsidiaries within the Bank Group. Macquarie International Finance Limited (MIFL) is no longer an external funding vehicle for the Bank Group. 5. MGL is the primary external funding vehicle for the Non-Bank Group. Macquarie funding structure Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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15© Macquarie Group Limited 15 Group capital and funding at Jun 26 ● Group capital surplus of $A10.0b3, an increase of $A0.7b from Mar 26 ● As at 30 Jun 26, total deposits of $A230.0b up 4% since Mar 26 ● $A7.9b of term funding raised since Mar 26 including $A3.2b of secured funding, $A2.6b of senior unsecured debt, $A1.7b of subordinated unsecured debt and $A0.4b unsecured loan facilities Dividend Reinvestment Plan (DRP) ● On 2 Jul 26, the DRP in respect of the 2H26 dividend was satisfied in full through the issuance and allocation of ordinary shares at a price of $A233.12 per share4 Macquarie Group Employee Retained Equity Plan (MEREP) ● On 19 Jun 26, the acquisition of ordinary shares pursuant to MEREP was completed. A total of $A734m 5 of shares were purchased at a weighted average price of $A238.80 per share Macquarie Group Capital Notes (MCN) ● On 8 Jul 25, APRA released a consultation paper which included the proposal to phase out recognition of AT1 or AT1-like hybrid capital for Level 3 Banking non-operating holding companies (NOHCs) such as MGL from 1 Jan 27. APRA has confirmed that hybrid capital instruments issued by MGL will remain eli gible hybrid capital for the purposes of MGL’s NOHC authority until their first call date after 1 Jan 27 ● Macquarie Group Capital Notes 4 (MCN4) are eligible NOHC hybrid capital instruments issued by MGL that have optional redemption dates on 10 Sep 26, 10 Mar 27 and 10 Sep 27 ● Subject to factors at the time, MGL’s current intention is to redeem the MCN4 on 10 Mar 27, their first call date after 1 Jan 27 ● Redemption of the MCN4 is subject to APRA’s prior written approval. Investors should not expect that APRA’s approval will be given for any redemption ● Except for Macquarie Bank Capital Notes 2, for which an update was provided on 6 Nov 25, neither MBL nor MGL have made any further determinations regarding other AT1 and eligible hybrid capital instruments APRA Basel III Level 2 CET1 ratio APRA Basel III Leverage ratio Liquidity Coverage Ratio (LCR)2 Net Stable Funding Ratio (NSFR) 13.8% 4.5% 192% 113% 18.9% Harmonised1 5.0% Harmonised1 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 the Jun 26 quarter is based on an average of daily observations. APRA has reduced the add-on to the Net Cash Outflow (NCO) component of the LCR calculation to 15%, effective from 5 Feb 26. 3. 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 26 is 0.78%, 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. 4. 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 ten trading days from 25 May 26 to 5 Jun 26, less a discount of 1.5%. 5. Comprising $A681m off-market and $A53m on-market purchases. Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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16© Macquarie Group Limited 16 1Q27 business capital requirements1 decrease of $A1.4b, excluding FX movements 16 Business capital requirements 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. Excluding FX. $Ab $A33.4b $A33.3b $A31.8b 0.3 1.1 0.2 0.1 0.2 0.0 (0.5) (0.2) (1.0) (1.4) (0.3) (0.1) 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 36.0 Sep 25 MAM BFS CGM MacCap Corp FX Mar 26 MAM BFS CGM MacCap Corp FX Jun 26 Broadly offset by FCTR2 $A0.9b increase over 2H263 Broadly offset by FCTR2 $A1.4b decrease over 1Q273 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary 1Q27 Key drivers MAM ● Net movements in fund co- investments, underwrites and divestments BFS ● Growth in home loans and business banking CGM ● Reduction in credit risk exposures driven by lower commodity prices and the completion of the sale of the OnStream meters platform
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17© Macquarie Group Limited 1717 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary 2007 Intra-period ratings movement2026 Moody’s Ratings since 2007 Rating movement (notches) Aa2 Aa3 A1 Aa1 AAA A2 Baa1 A3 JPMorgan Chase Bank Barclays Bank3Bank of America Goldman Sachs Bank Macquarie Bank1 UBS AG Deutsche Bank Morgan Stanley Bank Citibank Baa2 Baa3 ‘A’ rated 35 years 30 years As at Aug 26. 1. Macquarie Bank upgraded to Aa2 by Moody’s on 6 Mar 24 and to A+ by S&P on 11 Dec 19. 2. Goldman Sachs Bank only rated by Standard & Poor’s from 2012. 3. Barclays Bank PLC. Standard & Poor’s Ratings since 2007 JPMorgan Chase Bank UBS AG Barclays Bank3 Deutsche Bank Goldman Sachs Bank2 Bank of America Citibank Morgan Stanley Bank Macquarie Bank1 Rating movement (notches) AA- A+ A AA AA+ A- BBB BBB+ Macquarie Bank Limited long-term ratings strength
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18© Macquarie Group Limited 18 02 Operating Groups
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19© Macquarie Group Limited 1919 Macquarie Asset Management Overview of Macquarie Operating Groups (MAM) Outlook Key Thematics Glossary MAM is a global asset manager with $A722.1b1 of assets under management (AUM) Note: Data as of 31 Mar 26 unless otherwise noted. 1. 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. AUM includes equity yet to deploy and equity committed to assets but not yet deployed. 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. 2. Includes all real assets portfolio companies, including renewable energy portfolio companies. 3. Represents capital committed to or invested in opportunities sourced by MAM Real Estate’s opportunistic investment team plus equity commitments to investment strategies and opportunities sponsored by specialist operators MAM Real Estate has partnered with and/or invested in since 2008. Leading global infrastructure manager Real Assets $A351.2b Infrastructure2 ● ~180 portfolio companies Green Investments ● Specialist expertise across many key green sectors, including renewables and energy transition Agriculture ● ~4.6m hectares of farmland Real Estate $A26.0b Real Estate ● Differentiated strategy of investing in specialist operators, seeking to enhance access to real estate and returns ● MAM Real Estate and its specialist operators have originated >$US25b of real estate equity opportunities since 20083 Credit & Insurance $A234.9b Liquid Credit • Global fixed income, Australian fixed income, global credit, leveraged credit, CLO debt, CLO equity, and multi-asset credit Private Credit • Infrastructure, secure income, real estate, fund capital, asset finance, and direct lending Insurance • Outsourced CIO services, reinsurance, and insurance placement strategies Solutions $A110.0b External Manager Solutions ● Delivering 3rd party managers to Australian wealth channel Systematic Investments ● Data-driven quantitative investment outcomes and tailored solutions Investment Solutions ● Secondaries and co-investments for Institutional clients Wealth Solutions ● Tailored fund-of-fund alternatives solutions for US wealth channel Sector Specific Strategies ● Specialist operator managed ventures across the risk spectrum
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20© Macquarie Group Limited 20 Macquarie Asset Management Investing to deliver positive impact for our clients, portfolio companies and communities Diversity of income Annuity-style Markets-facing ~17%~29%~54% Note: Reference to Macquarie’s established, diverse income streams is based on FY26 net operating income. 1. As at 31 Mar 26. 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. AUM includes capital yet to deploy and capital committed to assets but not yet deployed. 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. 2. Excluding the AUM transferred following the sale of the North American and European public investments business. 3. Combined real assets and real estate portfolio companies. 4. Recognised by Infrastructure Investor in Mar 26, based on an evaluation covering Nov 24 to Nov 25. 5. Money Magazine’s Best of the Best Awards 2026. 6. As at 31 Mar 26. 7. Measured excluding non-discretionary mandates, such as model delivery, advisory and execution-constrained mandates. 8. The ranking is based on the net flows of active ETF managers on the ASX between Mar 25 and Mar 26. Best Investment Manager 20265 – fourth consecutive year Annual Awards4: Debt fundraising of the year - Macquarie European Infrastructure Fund Deal of the year - AirTrunk Fund manager of the year – North America Digital Infrastructure Investor of the Year – Asia Pacific Power & Utilities Investor of the Year – Asia Pacific 1,735 people 19 markets ~190 portfolio companies3 FY26 Net profit contribution $A2,602m 27% on FY25 Assets under Management1 $A722.1b 8% on 31 Mar 252 ADJUSTED 20 Assets under Management1 as at 31 Mar 26 $A351.2b Real Assets $A26.0b Real Estate $A234.9b Credit & Insurance $A110.0b Solutions ~94% of Assets under Management across public investments outperforming their respective 3-year benchmarks6,7 $A20.9b Capital raised $A25.2b Capital invested across 32 investments $A21.1b Capital to deploy $A5.4b Capital returned from divestments $A19.3b Positive net flows across public investments No.1 active ETF manager by flows on the ASX in Australia8, with 8 actively managed exchange traded funds (ETFs) in Australia, totalling Assets under Management of $A1.9b; representing ~5x annual growth FY26 awards Overview of Macquarie Operating Groups (MAM) Outlook Key Thematics Glossary
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21© Macquarie Group Limited 2121 AUM 2,771 2,782 2,874 2,925 2,551 0 800 1,600 2,400 3,200 FY22 FY23 FY24 FY25 FY26 Overview of Macquarie Operating Groups (MAM) Outlook Key Thematics Glossary Base Fees Actively manages funds for investors across multiple asset classes Capital raised $Am $Ab $Ab Private Markets Public Investments Macquarie Asset Management In Dec 25, MAM announced successful completion of the sale of its North American and European public investments business, transferring ~$A250b AUM to Nomura Private Markets Public Investments 802.4 878.6 938.3 941.0 722.1 0 200 400 600 800 1,000 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26 27.0 38.2 21.9 18.0 20.9 0.0 15.0 30.0 45.0 FY22 FY23 FY24 FY25 FY26
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22© Macquarie Group Limited 2222 Overview of Macquarie Operating Groups (MAM) Outlook Key Thematics Glossary Asset Management Net Income (AMNI) Net Other Operating Income (NOOI) +-Base fees on EUM / AUM Operating expenses + Net investment income Performance fees Other income Net Profit Contribution + = AUM movement - AUM increased by 8% (excluding the impact of the divested business1) MAM composition of income 1. Relates to the AUM transferred following the sale of the North American and European public investments business. 2. Includes equity committed to assets but not yet deployed. 3. Net valuation changes include net movements in enterprise valuations of portfolio assets and listed share price movements. 4. Includes annual distributions from Australian registered vehicles. 5. Divested business reflects North American and European public investments business AUM as at 31 Mar 25, adjusted only for sub-advisory AUM retained following completion of the sale. Approximately $A250b of AUM was transferred on completion.
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23© Macquarie Group Limited 2323 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Private Markets base fees (LHS) Private Markets performance fees and other income (LHS) Overview of Macquarie Operating Groups (MAM) Outlook Key Thematics Glossary Base Fees Avg: ~95ps; St dev: ~17bps Performance Fees Avg: ~59bps; St dev: ~43bps Other Income Avg: ~26bps; St dev: ~35bps Base Fees Avg: ~82bps since FY19 Performance Fees Avg: ~55bps since FY19 Other Income Avg: ~28bps since FY19 $Am % of EUM MAM Private Markets historical income 1 1 2 2 4 7 10 13 30 39 60 58 53 39 36 37 41 52 66 67 77 86 128 149 142 158 206 222 221 218 Closing Private Markets EUM $Ab
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24© Macquarie Group Limited 2424 BFS A technology-driven Australian retail bank and wealth manager As at 31 Mar 26, unless otherwise stated. Note: Reference to Macquarie’s established, diverse income streams is based on FY26 net operating income. 1. Data sourced from RFI-DBM Atlas as at Mar 26. Based on Australian consumers aged 18 years and over, rating their likelihood to recommend that bank. Includes the major Australian Banks. Consistent with industry practice, Mobile NPS and Online NPS are from customers who see that bank as their main financial institution; Consumer NPS is from customers who have any financial relationship with that bank. 2. 2018-2024 ($A10m+), 2025 ($A1m-$A10m). 3. BFS deposits include home loan offset accounts. 4. Home loan portfolio excludes offset accounts. Offerings Personal Banking ● Transaction and savings accounts ● Home loans ● Term deposits ● Credit cards Wealth Management ● Wrap platform ● Cash management solutions ● Private Bank Business Banking ● Deposit, lending and payment solutions Activity Highlights Net Promoter Scores (NPS) of 46.0 for Mobile Banking, 31.4 for Online Banking and 25.5 for Consumer1 Customer Experience Single data platform 99% on cloud Market leading originations platform Market-Leading Tech Capability Awards Broker Bank of the Year four years in a row Outstanding Private Bank2 eight years in a row Major Lender award six years in a row Bank of the Year three years in a row Inception 1980 4,252 staff ~2.3m Clients Our portfolio ▲ 25% On Mar 25 $A215.3b Total BFS deposits3 ▲ 28% On Mar 25 $A181.3b Home loan portfolio4 ▲ 8% On Mar 25 $A18.1b Business Banking loan portfolio ▲ 1% On Mar 25 $A155.9b Funds on platform 24 Overview of Macquarie Operating Groups (BFS) Outlook Key Thematics Glossary Diversity of income ~100% Annuity-style
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25© Macquarie Group Limited 2525 110.2 127.7 140.2 161.4 199.9 0 30 60 90 120 150 180 210 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26 Home Loan Portfolio Business Lending Other Overview of Macquarie Operating Groups (BFS) Outlook Key Thematics Glossary Net Profit Contribution1 BFS Deposits2 Loan Portfolio3 A technology-driven Australian retail bank and wealth manager 1,001 1,201 1,241 1,380 1,610 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 FY22 FY23 FY24 FY25 FY26 1. Net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax. Numbers as reported at full year result announcements. 2. BFS deposits include home loan offset accounts. 3. Loan portfolio comprises home loans (excluding offset accounts), loans to businesses, credit cards and car loans. $Am $Ab $Ab Banking and Financial Services 98.0 129.4 142.7 172.4 215.3 0 30 60 90 120 150 180 210 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26
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26© Macquarie Group Limited 2626 CGM is a global business offering capital and financing, risk management, market access and physical execution and logistics solutions across: Capital and financing Providing clients with financing solutions across the capital structure Risk management Helping clients manage exposure to price changes in commodities, currencies, credit and equity markets Physical execution and logistics Facilitating the transport of physical commodities from production to consumption Clients Financial institutions Corporates and multinationals Producers and consumers Investors Market access Helping clients access markets globally Optimisation Our deep expertise and physical presence allows us to optimise how we manage both our clients’ risk exposures and trading opportunities which are conducted within Macquarie’s strong internal risk management framework Commodities Financial Markets Asset Finance Commodities and Global Markets Overview of Macquarie Operating Groups (CGM) Outlook Key Thematics Glossary
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27© Macquarie Group Limited 27 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 FY26 awards & rankings FY26 Net profit contribution $A4,221m 49% on FY25 27 Note: Reference to Macquarie’s established, diverse income streams is based on FY26 net operating income. 1. ASX Futures 24 (SFE) Monthly Report Mar 26. 2. LME Member Volume Ranking Report Mar 26. 3. Energy Risk Commodity Rankings 2026. 4. Energy Risk Awards 2026. 5. Energy Risk Asia Awards 2025. 6. As at 31 Mar 26. 7. Restated to exclude the OnStream meters platform. 2,727 people 20 markets Diversity of income 45+ years of client partnership No. 1 Futures Broker on the ASX by traded volume1 No. 3 on the LME by overall volume2 No. 1 Dealer for Asia refined products3 House of the Year for Oil and Products4,5, Natural Gas/LNG4,5, Base Metals5, Commodity Trade Finance5, and Derivatives5 Strong underlying client business Commodities Increased risk management income primarily driven by increased client hedging activity across Global Gas and Power businesses and Global Oil Increased inventory management and trading income driven by supply and demand imbalances in North American Gas and Power and oil trading, partially offset by timing of income recognition on gas storage and transport contracts Increased lending and financing contribution across energy and resources sectors ~7.6b cubic feet of natural gas volume traded across North America daily6 Asset Finance Significant contribution from the divestment of the OnStream meters platform Continued positive performance and contribution across all industries Total portfolio7 of $A7.6b, up 25% from $A6.1b as at 31 Mar 25 Particularly strong origination and portfolio growth in shipping, energy, resources and technology sectors Financial Markets Foreign exchange, interest rates and credit Strong client activity globally across FX and interest rate markets Increased contribution from financing activity with continued strong performance from the Americas and growth in client engagement across the Americas, Australia and EMEA Futures Consistent contribution across regions underpinned by client activity Equity Derivatives and Trading Increased contribution from client equity financing, structured transactions and warrant activity Annuity-style Markets-facing ~18% ~54% ~28% Overview of Macquarie Operating Groups (CGM) Outlook Key Thematics Glossary
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28© Macquarie Group Limited 2828 63% 27% 10% Commodities Financial Markets Asset Finance 29% 6% 12% 8% 19% 6% 18% 2% Risk management Lending & financing Inventory management and trading Brokerage, commission and other fee income Investment and other income Equities net interest and trading income FX, interest rates and credit Asset Finance Com m odities 5-Year Average Net Profit Contribution1 Net Operating Income2 1. Percentage contribution by business are based on average net profit contribution before impairment charges for the past fi ve years (FY22 to FY26). FY22 excludes the gain from the partial sale of the UK Meters portfolio of assets comprising the indust rial and commercial portfolio in May 21. 2. For the full year ended 31 Mar 26, based on the Management Discussion & Analysis income classifications. Provides clients with access to markets, financing, financial hedging, research and market analysis and physical execution Commodities and Global Markets Overview of Macquarie Operating Groups (CGM) Outlook Key Thematics Glossary
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29© Macquarie Group Limited 29 Majority of income derived from underlying client business Strong underlying client business Operating Income (excl. credit and other impairment charges) Underlying client business1 • 45+ years of client partnerships evolving into niche activities in some markets, and scale in others • Platform diversity drives earnings stability and de-risks the portfolio • Dedicated specialist staff with deep sector knowledge and market insights • Risk management is core • Industry recognition in select markets and sectors is strong Client-led business with deep longstanding client relationships: • Diverse and growing client base • Strong repeat client business with ~75% of client revenue generated from existing relationships • Client relationships spread over a full spectrum of products and services 1. Included within underlying client business is a small (~5%) amount of FX, IR, Credit and EDT trading activity not related to clients. Client numbers (excl. Asset Finance) Overview of Macquarie Operating Groups (CGM) Outlook Key Thematics Glossary
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30© Macquarie Group Limited 30 Group daily trading profit and loss2 FY22 - FY26 Underlying client activity driving regulatory capital and trading revenues • Majority of capital relates to credit risk reflecting client focused business • Risk management is core: built on 50+ years of accumulated experience in managing risk for our clients and our business Regulatory capital1 Days $Am • Trading P&L distribution highlights consistent framework and robust approach to risk management • Trading income largely derived from client franchise activities 1. Includes the impact of APRA’s “Unquestionably Strong” (UQS) bank capital framework which came into effect from 1 Jan 23. Implementation of UQS resulted in an increase in CGM capital requirements, largely on accountof higher regulatory buffers, along with RWA calculation changes. All figures are shown at the post-UQS ratio of 10.5% RWA. Prior periods have not been normalised for RWA calculation changes, including the implementation of the Standardised Measurement Approach to Operational Risk. 2. The daily profit and loss refers to results that are directly attributable to market-based activity from Macquarie's trading desks. Overview of Macquarie Operating Groups (CGM) Outlook Key Thematics Glossary
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31© Macquarie Group Limited 3131 Aerospace, Defence & Government Services Macquarie Capital combines specialist expertise, innovative advice and flexible capital solutions to help our clients and partners make opportunity reality Advisory • Mergers & Acquisitions Investing & Financing • Principal Investing • Development • Lending Capital Markets ● Equity Capital Markets ● Private Capital Markets Equities ● Equity Brokerage ● Equity Research IndustrialsEnergyCritical Minerals & Energy Infrastructure Real EstateGreen Energy Consumer, Gaming & Leisure Media Healthcare Services Service Offerings Sectors Infrastructure and real assets Technology and services Resources and materials Financial Institutions Technology 1. Committed private credit portfolio as at 31 Mar 26. 2. Refers to realised gains / (losses), calculated on an aggregate basis, on assets with a payment default and assets realised at less than 1.0x Multiple of Money (MoM) expressed as a percentage of total invested capital based on book value since Feb 09, divided by the number of years since Feb 09. Realised gains / (losses) on an asset is its total lifetime profit, including interest, fees and principal proceeds, and is net of related expenses. MoM on an asset is its total realised proceeds (including interest, fees and principal proceeds net of related expenses) over capital invested. Performing ECL (stage 1 and 2) on the private credit book is greater than 2% with total ECL including stage 3 provisions of greater than 2.5%, in addition to greater than 1.5% of unamortised discount. 3. Between CY21 and CY24. 4. Total view includes repayments and loss on sale, FY23 to 3Q25. 5. Committed equity portfolio as at 31 Mar 26. 6. Volume-weighted cumulative IRR for fully realised equity investments to 31 Dec 25. Presented in $A based on realised deals over $US5m up to 31 Dec 25. The figures do not include the payment of any fees, carry or costs incurred by Macquarie Capital in relation to the investment (such as due diligence costs). Less than 0.1% Average annual realised loss rate since portfolio inception2 4.0% to 4.5% Average net interest margin per annum4 ~1,000 deals reviewed globally per annum3 Deal selectivity and discipline Investing where we have deep expertise Infrastructure development Real Estate Private Equity Technology and growth equity Venture Capital ~23% Aggregate lifetime equity IRR6 $A27.3b Private credit portfolio1 $A5.2b Equity portfolio5 Equity investingCredit Macquarie Capital Overview of Macquarie Operating Groups (MacCap) Outlook Key Thematics Glossary 31
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32© Macquarie Group Limited 32 Macquarie Capital 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, and grow businesses FY26 awards & rankings FY26 Net profit contribution $A1,491m 43% on FY25 32 Note: Reference to Macquarie’s established, diverse income streams is based on FY26 net operating income. 1. Dealogic (1 Apr 25 to 31 Mar 26 completed M&A transactions, any ANZ involvement by deal value and count). 2. Dealogic (1 Jan 26 to 31 Mar 26 by deal value). 3. Coalition Greenwich Voice of Client – 2025 Australian Equity Investors Study (all investors). 4. IJGlobal Awards 2025 and 2024. 5. PFI Awards 2025, Macquarie acted as sole financial adviser and debt arranger to Squadron Energy on the $A1b debt financing of its Clarke Creek Wind Farm Stage 1. 6. IJGlobal Investor Awards 2025. Macquarie acted as financial adviser to funds managed by Equitix (in consortium with Baltic Cable AB) on the acquisition of Greenlink Interconnector Limited from Partners Group, acting on behalf of its clients. 7. Committed private credit portfolio as at 31 Mar 26. 8. Committed equity portfolio as at 31 Mar 26. Diversity of income Advising and investing in areas of deep expertise Annuity-style Markets-facing ~30% ~18% ~52% $A27.3b Private Credit portfolio7, with $A11.3b deployed in FY26 Digital Infrastructure Completed the sale of Prime Data Centers, a leading data centre developer across North America and Europe. This was the culmination of a successful 5-year journey, taking Prime from a single less than 10MW asset to a platform with multiple gigawatts of capacity under development Technology Supported Keylane, a Dutch pension and insurance administration software provider owned by Pollen Street Capital, as lead lender in its acquisition of Heywood Pension Technologies, a UK pension administration software provider Led the Series A funding round for Foresight, an AI-enabled project management platform specialising in data centre construction 15% Increase in Brokerage income, led by Asia, benefitting from strong capital inflows into the region and elevated market volatility $A5.2b Equity portfolio8, down 13% on 31 Mar 25, primarily driven by exits in the infrastructure and technology sectors Critical Minerals & Energy Exclusive financial adviser to VOC Group on the sale of its 25% interest in the Rhodes Ridge Joint Venture to Mitsui & Co for $US3.2b Government Services and Defence Financial adviser to thyssenkrupp AG on its spin-off of thyssenkrupp Marine Systems (TKMS), one of the world’s leading naval companies acting as system supplier of submarines, naval surface vessels and maritime electronics Add-on investment in Entarian, an integrated mission solutions provider for government customers across the space, defence and civilian markets No. 1 in ANZ for M&A1 and ECM Bookrunner2 Financial Adviser of the Year, APAC for the second consecutive year4 No. 1 in Equities for trading strength, unlisted company access and best ECM relationships3 Asia-Pacific Wind Deal of the Year – Squadron5 Transmission Deal of the Year – Equitix, Baltic Cable Acquisition of Greenlink Interconnector6 1,515 people 22 markets Overview of Macquarie Operating Groups (MacCap) Outlook Key Thematics Glossary
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33© Macquarie Group Limited 3333 27.3 0 5 10 15 20 25 30 35 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26 Overview of Macquarie Operating Groups (MacCap) Outlook Key Thematics Glossary Income by region1 1. Income by region reflects FY26 income based on net operating income excluding Corporate items. 2. Committed private credit portfolio. 3. As at 31 Mar 26. Private Credit portfolio2 Regulatory capital ($A6.2b)3 Advises and invests alongside clients and partners to realise opportunity; develops and invests in infrastructure and energy projects $Am $Ab Macquarie Capital 3,011 2,238 2,591 2,587 3,055 0 500 1,000 1,500 2,000 2,500 3,000 3,500 FY22 FY23 FY24 FY25 FY26 Australia Asia EMEA Americas 46% 16% 20% 10% 6% 2% 1Debt Digital Infrastructure Technology Diversified Energy Infrastructure Real Estate
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34© Macquarie Group Limited 34 03 FY27 Outlook
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35© Macquarie Group Limited 35 Factors impacting short-term outlook Non-Banking Group Macquarie Asset Management (MAM) ● Base fees expected to be broadly in line, excluding the contribution in FY26 of the public investments business in North America and Europe ● Net Other Operating Income1 is expected to be up, including the divestment of Macquarie AirFinance anticipated in FY27 Macquarie Capital (MacCap) Subject to market conditions: ● Transaction activity and investment-related income is expected to be broadly in line, weighted towards 2H27 Banking Group Banking and Financial Services (BFS) ● Growth in loan portfolio, deposits and platform volumes, subject to market conditions and customer activity ● Market dynamics and portfolio mix to continue to drive lower margins ● Continued investment in digitisation and automation supporting scalable growth Corporate ● Compensation ratio expected to be broadly in line with historical levels ● The FY27 effective tax rate is expected to be broadly in line with historical levels Commodities and Global Markets2 (CGM) Subject to market conditions: ● Net operating income is expected to be broadly in line, excluding the impact from the divestment of the OnStream meters platform Annuity-style Markets-facing Short-term outlook Note: Comparative period is FY26, unless stated otherwise. 1. Net Other Operating Income includes all operating income excluding base fees. 2. Certain activities in the Financial Markets and Commodity Markets and Finance businesses are undertaken from within the Non-Banking Group. Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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36© Macquarie Group Limited 36 © 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 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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37© Macquarie Group Limited 37 © Macquarie Group Limited 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 Australian 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 Medium-term outlook Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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38© Macquarie Group Limited 38 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) ● Deploys its balance sheet alongside clients and management teams as well as in infrastructure project development ● Tailors the business offering to current opportunities and market conditions including providing flexible capital solutions across advisory, capital markets, principal investing, development and equities ● Supports clients globally across long-term trends including growth in private capital, tech-enabled innovation and the need for infrastructure and resilience ● 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 through adjacencies, both organically and inorganically ● 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 Annuity-style Markets-facing 1. Certain activities in the Financial Markets and Commodity Markets and Finance businesses are undertaken from within the Non-Banking Group. Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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39© Macquarie Group Limited 39 04 Key Thematics
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40© Macquarie Group Limited 40 Data points as at 31 Mar 26 unless stated otherwise. 1. IPE Real Assets (Jul/Aug 24), ranking is based on infrastructure AUM as at 31 Mar 24. 2. Includes real assets portfolio companies. 3. As at 31 Mar 25. Number of people reached is calculated by taking an estimate of the number of users for all MAM Real Assets portfolio companies. Examples include a specific toll road where the number of vehicles per day has been multiplied by the average number of passengers in a vehicle (average passengers in a vehicle is ~2, not dependent on country); a particular power generation asset where the amount of GWh it generates per year is divided by the average power consumption in the country where the asset is located. Portfolio company data is collected from MAM's asset management teams on a bi-annual basis. 4. First fund launched in 1994. 5. Defined as the generation of electricity or heat from renewable or low-carbon sources, including wind, solar, biogas and green hydrogen. A pioneer in the global infrastructure sector How we built our infrastructure expertise One of the world’s leading infrastructure investment managers1 Manager of ~180 infrastructure portfolio companies2 310 million+ people every day rely on the infrastructure in which we invest3 30+ years sector experience4 Infrastructure Debt and equity solutions (since 2009) Social infrastructure (since 2007) Ports, Green energy5 (since 2005) Energy infrastructure (since 2004) Communications and Media (since 2002) Utilities (since 2001) Airports (since 2001) Digital Infrastructure (since 2000) Research coverage (since 1995) Roads (since 1994) Asset management (since 1994) Corporate finance and advisory (since 1981) 2026 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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41© Macquarie Group Limited 41 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary More than 30 years of investment in digitisation Data points as at 31 Mar 26 unless stated otherwise. Custom trading and risk platform enabling rapid traversal across markets (CGM) Cloud-first strategy API-enabled technology Core Banking transformation (BFS) Enhanced cyber security capabilities Launched Digital Banking (BFS) Network Transformation Program moved to Enterprise Agile (BFS) Search-as-you-speak natural language recognition for online and mobile banking (BFS) Private Cloud (Australia) Strategic client-facing web portal enabling instant self-service capabilities to clients (CGM) One-click savings account (BFS) Private Cloud (Americas and EMEA) Corporate and wholesale lending system migrated to cloud (CGM) Establishing big data and analytics platforms to support the front office (CGM) Migrated to a fully cloud-based General Ledger <3 min. transaction account opening times (BFS) Core banking platform on public cloud (BFS) Launch of Macquarie ETFs in the US and AU (MAM) One-click term deposits (BFS) Enhanced Equities research publishing platform (MacCap) Single, governed data platform launched (CGM) Enhanced transaction automation and exceptions management Single platform for business banking originations (BFS) Cloud-native AI Engine for personalised insights and operational efficiency (BFS) Migrated cash settlements, term trades and call accounts platform to public cloud (CGM) Data Hub for ESG products (MAM) Enhanced global Execution and Order Management platform (MacCap) Single, governed data platform launched for Principal Finance (MacCap) New digital solution for transaction management (MAM) Enhanced portfolio data collection and performance monitoring platform (MAM) AI-enabled fraud and scam detection (BFS) Principal Equity Investment Platform (MacCap) Core Trading & Risk platform 100% on public cloud (CGM) AI-enabled transformation of investment banking and investing workflows (MacCap) Launch of Macquarie Q (BFS) Seek ’99 Nuix oOh!media RPData Salary SeekAsia Smart PEXA Takeaway.com Temple & Webster Next Payments FinTech Collective (Fund I) RedEye Renrui HR Towercom (MAM) Axicom (MAM) Digital River Informatica RecordPoint Stone & Chalk Console FoodByUs FinTech Collective (Fund II) Land Services SA (MAM) INEA (MAM) Launched Macquarie Capital Venture Studio NSWLRS (MAM) PropertyIQ Stocard TDC Group (MAM) TradeMe XM Cyber AirMap Bluebird Networks (MAM) Dovel Technologies Envoy Technologies KCOM (MAM) Land Services WA Netrality (MAM) Teralytic TSG Bluefin Celer Tech Illion Streetlight Unitek 2Degrees (MAM) Aryza Comlinkdata Form Energy Liaison Micro Merchant Systems Mitratech MRI Software Overhaul Precisely Procentrix Shield Trader Interactive Vocus Group (MAM) Wavenet AirTrunk (MAM) Autobooks Bersama Digital Infrastructure (MAM) Daxko D-ID Forwood Safety N2Y PayIt PhiTower SailPoint Technologies Sapa Velosimo VicRoads (MAM) VIRTUS Data Centres (MAM) Wavecrest Zendesk Accelerate Learning Allvue BioCatch CDK Lightspeed Duck Creek eEmphasys Energy Exemplar EstateXchange Fullstream Hyro Navex New Relic Pavlov Media (MAM) ViaTel Zenzero Amtech Atelier CoreWeave Duetto Earth Resources Technology eGroup GigaComm Hawk Hubexo Kalkomey ONYX Insight Ottobock PDI Technologies Rakuten Mobile (MAM) XAI Databricks Fincom Keylane MoneyPenny SimPRO Stark Upstack Xamplify Wrike KOR Financial Octonomy UniHomes PCS Connected Care eTops The Key Group Forterro Objectway Hubio Foresight Works Coralogix Certek UniConta Keylane and Heywood EG Group Investing in capability Investing in global innovation 1989 2010 – 2015 2016 – 2020 2021 – 2025 2026 1989 2010 – 2015 2016 – 2020 2021 – 2025 2026
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42© Macquarie Group Limited 42 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary Global Carbon (2021) Carbon capture and storage (2020) E-mobility (2020) Green fuels (including hydrogen) (2020) Battery energy storage (2017) Green Investment Bank acquisition (2017) Geothermal (2017) Offshore wind (since 2010) Solar PV (since 2008) Biomass (since 2005) Landfill gas/Biogas (since 2005) Hydro (since 2005) Onshore wind (since 2005) Renewables (since 2005) Energy infrastructure (since 2004) Meters (since 2003) Power (since 1997) 2026 How we built our energy transition expertise Data points as at 31 Mar 26 unless stated otherwise. 1. Infralogic (Inframation) 3Q CY25 global league table by transaction value. 2. IJInvestor Awards 2025. 20+ years sector experience No. 1 Financial Adviser in Energy Transition and Renewables in ANZ1 Energy Transition Deal of the Year Palisade acquisition of the Limestone Coast North BESS, Australia2 Energy transition
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43© Macquarie Group Limited 43 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary House of the Year • Oil and Products1,2 • Natural Gas/LNG1,2 • Base Metals2 • Commodity Trade Finance2 • Derivatives2 ~7.6 billion cubic feet of natural gas volume traded across North America daily Risk and capital solutions across physical and financial markets Exclusive financial adviser to Fresnillo plc on its $US555m acquisition of Probe Gold Inc. Exclusive financial adviser to VOC Group on the sale of its 25 per cent interest in Rhodes Ridge (2026) Acquisition of Erova Energy, Exclusive financial adviser to Harmony Gold on Mac Copper acquisition (2025) Fund Finance (EMEA), Global low-carbon fuels platform (2023) Merger of Agriculture and Global Oil businesses (2022) Acquisition of Societe Generale’s OTC energy commodities portfolio and Global Carbon business (2020 - 2021) Cargill Petroleum & NPAG acquisition, CMD Settlement Solutions (US), Quantitative Investment Strategies (2017) Latin America Commodities marketing (2016) Futures Canada, Commodity investor products (2012 - 2013) Australian power, Canadian crude oil markets (2011) Acquisition of Integrys wholesale electronic marketing and trading portfolio, Physical base metals, Physical oil, Asian markets (2010) Acquisition of Constellation (US gas trading), Pulp and paper, Iron ore, LNG, Fund Finance (2009) Established Credit Markets (US), Physical coal trading (2008) Physical power business (Houston) (2007) Structured Commodity Finance, Ethanol trading JV, Established Macquarie Futures USA, Acquisition of Corona Energy (2006) Acquisition of Cook Inlet (US natural gas) (2005) Renewables, Meters financing (UK) (2004) Energy Markets and derivatives business (2003) Metals and Energy Capital (Houston) (2002) Acquisition of Australian assets of Bankers Trust, Agriculture derivatives (1990s) Technology Media and telecoms (TMT), Hong Kong Warrants (1990s) Metals and Energy Capital, Debt capital markets and interest rates, FX, Futures execution and clearing (1970s – 1980s) 2026 Started commodities platform (1978) How we built our commodities expertise Data points as at 31 Mar 26 unless stated otherwise. 1. Energy Risk Awards 2026. 2. Energy Risk Asia Awards 2025. Commodities
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2026 September Conferences September 2026 Presentation to investors and analysts
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45© Macquarie Group Limited 45 $A / AUD Australian 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 CIO Chief Investment Officer ¥ / JPY Japanese Yen CLO Collateralised Loan Obligation $NZ / NZD New Zealand Dollar CMA Cash Management Account 1H Half Year ended 30 September CMD Credit Markets Division 2H Half Year ended 31 March COG Corporate Operations Group 3Q Three months ended 31 December DCM Debt Capital Markets 4Q Three months ended 31 March DPS Dividends Per Share 1Q Three months ended 30 June DRP Dividend Reinvestment Plan ABN Australian Business Number DTA Deferred Tax Asset ADI Authorised Deposit-Taking Institution ECAM Economic Capital Adequacy Model AI Artificial Intelligence ECL Expected Credit Loss AML Anti-Money Laundering ECM Equity Capital Markets ANZ Australia and New Zealand EDT Equity Derivatives Trading APAC Asia-Pacific EMEA Europe, the Middle East and Africa Approx. Approximately EPS Earnings Per Share APRA Australian Prudential Regulation Authority ESG Environmental, Social and Governance ASX Australian Securities Exchange ESR Environmental and Social Risk AT1 Additional Tier 1 Capital ETF Exchange Traded Fund AUM Assets under Management EUM Equity Under Management BAU Business as Usual FCTR Foreign currency translation reserve and net investment hedge reserve BCBS Basel Committee on Banking Supervision FPE Financial Management, People and Engagement BFS Banking and Financial Services FUA Funds under Administration CAF Corporate and Asset Finance FX Foreign Exchange CAGR Compound Annual Growth Rate FY Full Year ended 31 March Glossary Overview of Macquarie Operating Groups Outlook Key Thematics Glossary
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46© Macquarie Group Limited 46 Overview of Macquarie Operating Groups Outlook Key Thematics Glossary GIG Green Investment Group MIFL Macquarie International Finance Limited GW Gigawatt MIP III Macquarie Infrastructure Partners Fund 3 HQLA High-Quality Liquid Assets MPA Mortgage Professional Australia IRB Internal Ratings-Based MREP Macquarie Real Estate Partners IRR Internal Rate of Return MSCI Morgan Stanley Capital International IRRBB Interest Rate Risk in the Banking Book No. Number IFRS International Financial Reporting Standards NPAT Net Profit After Tax IR Interest Rates NPC Net Profit Contribution IT Information Technology NSFR Net Stable Funding Ratio LAC Loss-Absorbing Capacity NYSE New York Stock Exchange LCR Liquidity Coverage Ratio OSS Operationally Segregated Subsidiaries LGD Loss Given Default OTC Over-the-Counter LGG Legal and Governance Group P&L Profit and Loss LNG Liquefied Natural Gas PCP Prior Corresponding Period LVR Loan-to-Value Ratio PPE Property, Plant and Equipment M&A Mergers and Acquisitions RBA Reserve Bank of Australia MacCap Macquarie Capital RMG Risk Management Group MAM Macquarie Asset Management ROE Return on Equity MBE Macquarie Bank Europe RWA Risk Weighted Assets MBL Macquarie Bank Limited SA-CCR Standardised Approach (Counterparty Credit Risk) MD&A Management Discussion & Analysis TSR Total Shareholder Return MEREP Macquarie Group Employee Retained Equity Plan UK United Kingdom MFAA Mortgage and Finance Association of Australia UQS Unquestionably Strong MFL Macquarie Financial Limited US United States of America MGL / MQG Macquarie Group Limited WAM Weighted Average Term to Maturity MGSA Macquarie Group Services Australia YTD Year to Date Glossary
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2026 September Conferences September 2026 Presentation to investors and analysts