Macquarie Group has reported a net profit after tax of $1.66 billion for the half year ended 30 September 2025, up 3 per cent on the prior corresponding period and down 21 per cent on the second half of 2025.
Chief executive officer Shemara Wikramanayake said the performance reflected the benefits of Macquarie’s diversified operations and long-term investment approach.
“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,” she said.
Net operating income has increased 6 per cent on the prior corresponding period to $8.69 billion, while operating expenses have risen five per cent to $6.24 billion.
The group’s income tax expense rose 12 per cent to $771 million, with an effective tax rate of 31.8 per cent, driven largely by the geographic composition and nature of earnings.
Assets under management stood at $959.1 billion at the end of September, up 5 per cent year-on-year and 2 per cent since March, supported by favourable market movements and higher asset valuations.
Additionally, Macquarie Asset Management delivered a net profit contribution of $1.18 billion, up 43 per cent on the same period last year, largely due to stronger performance fees.
The banking and financial services division recorded a 22 per cent rise in profit to $793 million, supported by growth in home loans and deposits and a lower average headcount, partly offset by margin compression and higher technology costs.
The commodities and global markets division posted a $1.11 billion profit contribution, down 15 per cent from the prior period, reflecting higher operating and remediation-related costs, though commodities income remained steady.
Meanwhile, Macquarie Capital’s profit contribution surged 92 per cent to $711 million, driven by increased mergers and acquisitions and brokerage fee income and stronger private credit portfolio earnings.
The group’s annualised return on equity was 9.6 per cent, compared with 11.2 per cent in FY25.
Macquarie declared an interim ordinary dividend of $2.80 per share, 35 per cent franked, representing a payout ratio of 64 per cent. This compares with $2.60 in the prior corresponding period and $3.90 in the second half of FY25.
Given its strong capital position, the board has extended the on-market share buyback of up to $2 billion for another 12 months. As at 6 November 2025, $1.01 billion worth of shares had been acquired at an average price of $189.80 per share.
Wikramanayake said Macquarie maintains a cautious stance amid global uncertainty.
“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.”
The group continued to highlight global economic conditions, inflation, interest rates, and geopolitical factors as key influences on its short-term outlook.
