2025 half-year result

Interim report

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Macquarie (MGL and its subsidiaries, the Consolidated Entity) is a global diversified financial group with offices in 34 markets.

Financial highlights

1H25 net profit

$A1612m

14% on 1H24


1H25 operating expenses

$A5919m

in line with 1H24
1H25 net operating income

$A8216m

4% on 1H24


1H25 earnings per share

$A4.25

15% on 1H24

1H25 return on equity

9.9%

14% on 1H24


1H25 effective tax rate

29.9%

from 29.3% at 1H24
1H25 dividend per share (35% franked)

$A2.60

from $A2.55 (40% franked) in 1H24


Assets under management as at 30 September 2024

$A916.8b

2% from $A938.3b as at 31 March 2024

1. Includes MAM and BFS AUM. 31 Mar 20 AUM has been restated to reflect an immaterial misstatement in total MAM AUM reported on 8 May 20.


1H25 Net Profit Contribution1 by activity

53%
Annuity-style activities

47%
Markets-facing activities

1. Net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax.


icon-fy24-annuity-style
Annuity-style activities

$A1614m

25% on 1H24
icon-fy24-markets-facing
Markets-facing activities

$A1407m

10% on 1H24

1H25 Net Operating Income by geography2

AMERICAS

31%

EMEA

23%

ASIA

11%

ANZ

35%

2. International income is net operating income excluding earnings on capital and other corporate items.

Operating and Financial Review

Operating Groups

Macquarie is a diversified financial services group providing clients with asset management and finance, banking, advisory, and risk and capital solutions across debt, equity and commodities.

Macquarie Asset Management (MAM)

MAM is a global integrated asset manager, investing to deliver positive outcomes for our clients, portfolio companies and communities.

MAM provides a diverse range of investment solutions to clients including real assets, real estate, credit, equities & multi-asset and secondaries.

 

Net profit contribution

$A684m

68% on 1H24

Banking and Financial Services (BFS)

BFS serves the Australian market and is organised into the following three business divisions:

  • Personal Banking: Provides a diverse range of retail banking products to clients with home loans, transaction and savings accounts and credit cards
  • Wealth Management: Provides clients with a wide range of wrap platform and cash management services, investment and superannuation products, financial advice and private banking
  • Business Banking: Provides a full range of deposit, lending and payment solutions, as well as tailored services to business clients, across a range of key industry segments.
Net profit contribution

$A650m

2% on 1H24

Commodities and Global Markets (CGM)

CGM is a global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base across:

  • Commodities: Provides capital and financing, risk management, and physical execution and logistics solutions across power, gas, emissions, agriculture, oil and resources sectors globally
  • Financial Markets: Provides risk management, capital and financing solutions, and market access to corporate and institutional clients with exposure to foreign exchange, rates, fixed income, credit markets and listed derivatives markets
  • Asset Finance: Global provider of specialist finance and asset management solutions across a variety of industries and asset classes.
Net profit contribution

$A1316m

5% on 1H24

Macquarie Capital

Macquarie Capital has global capability in advisory and capital raising services, providing clients with specialist expertise and flexible capital solutions across a range of sectors. 

It also has global capability in specialist investing across private credit, private equity, real estate, growth equity, venture capital and in infrastructure and energy projects and companies. 

Macquarie Capital’s Equities brokerage business provides clients with access to equity research, sales, execution capabilities and corporate access.

 

Net profit contribution

$A371m

14% on 1H24

Central service groups

The Central Service Groups provide a range of functions supporting Macquarie’s Operating Groups, ensuring they have the appropriate workplace support and systems to operate effectively and the necessary resources to meet their regulatory, compliance, financial, legal and risk management requirements.

Risk Management Group (RMG)

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.

Legal and Governance Group (LGG)

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.

Financial Management Group (FMG)

Responsible for capital, funding, liquidity, tax and strategic analysis and advice to support the growth of the business. Ensures Macquarie meets its financial, regulatory and tax reporting compliance obligations, as well as maintaining relationships with a range of significant external stakeholders.

Corporate Operations Group (COG)

Provides specialist services in technology, operations, human resources, workplace, data, digital, strategy, operational risk management, business resilience and global security, and the Macquarie Group Foundation.