Macquarie Group Limited reported a net profit after tax of A$1,655 million for the half-year ended 30 September 2025. This figure represents a 3% increase from the same period last year but a 21% decrease compared to the previous half-year.
The company’s assets under management reached A$959.1 billion at the end of September 2025, marking a 5% rise from September 2024 and a 2% increase since March 2025. The group noted that these gains were driven by favorable market movements and higher asset valuations, though there were outflows in equity strategies and negative foreign exchange impacts.
Shemara Wikramanayake, Managing Director and Chief Executive Officer of Macquarie Group, commented: “The improved underlying performance across our operating groups in the first half reflects the ongoing benefits of our diverse business mix and our continued investment in opportunities that support long-term growth and deliver positive outcomes for our clients and communities.”
Net operating income was A$8,691 million, up 6% on the prior year period but down 3% from the previous half. Operating expenses rose by 5% compared to last year to A$6,239 million.
The group’s effective tax rate increased to 31.8%, mainly due to changes in geographic composition and types of earnings.
At the end of September, Macquarie employed just under 20,000 people directly, with an additional estimated quarter-million employed through managed fund assets and investments.
Performance varied across Macquarie’s operating divisions. Macquarie Asset Management saw its net profit contribution rise by 43%, Banking and Financial Services increased by 22%, while Commodities and Global Markets posted a decrease of 15%. Macquarie Capital nearly doubled its net profit contribution over the period.
Regarding audit services, Macquarie has completed its tender process for external auditors. The Board will recommend KPMG as auditor subject to regulatory approvals. After an eighteen-month transition period, shareholders will be asked to vote on KPMG’s appointment at the Annual General Meeting in 2027.
The group reported a capital surplus of A$7.6 billion as at September—well above regulatory requirements but lower than six months earlier. The Bank Group's Common Equity Tier 1 ratio stood at 12.4%, with other key ratios such as leverage (4.7%), liquidity coverage (173%), and stable funding (113%) also exceeding required minimums.
Deposits grew by more than ten percent over six months to reach A$198.8 billion. New term funding worth A$15.9 billion was raised during the first half across various currencies and products.
Given its capital position, Macquarie’s Board approved extending its share buyback program for another year up to A$2 billion total capacity; so far just over half has been utilized at an average purchase price below A$190 per share.
A dividend of A$2.80 per share was announced for this interim period—up from last year but down from the previous half-year payout—representing a payout ratio of sixty-four percent.
Looking ahead, Macquarie maintains what it describes as a cautious stance regarding capital management due to economic uncertainties including inflation trends, interest rates, market volatility events, geopolitical risks, transaction completions, foreign exchange effects on income composition, as well as possible regulatory or tax changes.
Ms Wikramanayake stated: “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; patient adjacent growth across new products and new markets; ongoing investment in our operating platform; a strong and conservative balance sheet; and a proven risk management framework and culture.”