Macquarie Group (MQG) Q3 2026 TU earnings summary

Executive summary

• Third quarter trading conditions were satisfactory, with all major business segments reporting profit contributions up year-over-year, supported by strong performance in asset management, capital, BFS, and commodities.

• Significant gains were realized from the sale of North American and European public investments, boosting Macquarie Asset Management results.

• BFS continued to grow its loan portfolio and deposits, though margins remain under pressure from competition.

• CGM and Macquarie Capital delivered higher net profit contributions, driven by asset realizations and private credit portfolio growth.

• Ongoing investment in the operating platform and expansion in Australia and New Zealand were highlighted.

Financial highlights

• Macquarie Asset Management completed the divestment of AUD 250 billion in public investments in North America and Europe, transferring assets to Nomura and realizing a gain of approximately AUD 2.8 billion.

• Assets under management reached AUD 736.1 billion, up 3% from the previous quarter; Australian public investments AUM rose 5% to AUD 314 billion.

• Private markets equity under management increased 1% to AUD 227 billion, with AUD 6.3 billion raised and AUD 7.7 billion invested.

• BFS home loans grew 7% to AUD 172.2 billion, business banking up 1%, and deposits up 6% to AUD 204.5 billion.

• Group capital surplus stood at AUD 7.5 billion as of 31 December 2025, with CET1 ratio at 12.4%, LCR at 178%, and NSFR at 111%.

Outlook and guidance

• Asset Management base fees expected to remain stable, with net operating income up due to performance fees, excluding divestment impact.

• BFS anticipates continued growth in loans, deposits, and funds on platform, but with margin pressure from competition.

• Macquarie Capital expects transaction activity in line with last year and continued growth in private credit and equity realizations.

• CGM guides for commodities income to be up for FY26, with asset finance and financial markets contributing and ongoing investment in digitisation.

• The group maintains a cautious stance, with compensation and tax rates expected to remain at historical levels.