Macquarie : 2025 full-year result - presentation

RNBOROU

AIRPORT

Agenda

01

Introduction

04

Outlook

02

Overview of Result

05

Appendices

03

Result Analysis and Financial Management

"

Chief Executive Officer

Managing Director and

Wikramanayake

Shemara

~54%

Annuity-style | Income

~29%

~17%

Markets-facing | Income

About Macquarie

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 deposits1of

  $A172.4b2, loan portfolio3of $A161.4b2and

• A global integrated asset manager with assets under management of $A941.0b2, investing to deliver positive outcomes for our clients,

  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,

    funds on platform4of $A154.0b2

    • Provides a diverse range of personal banking, wealth management and business banking products and services to retail clients, advisers, brokers and business clients

      portfolio companies and communities

    • Provides a diverse range of investment solutions to clients including real assets, real estate, credit, equities & multi-asset, insurance solutions and secondaries

• 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

    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 in infrastructure and energy projects and companies

• Equities brokerage, providing clients with access to equity research, sales, execution

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

capabilities and corporate access with a focus on Asia-Pacific

Corporate Operations Group

Financial Management, People and Engagement

Legal and Governance Group

Risk Management Group

Central Service Groups

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, data, AI, market operations, corporate real estate, business resilience, procurement and global security to support Macquarie's growth.

Note: Reference to Macquarie's established, diverse income streams is based on FY25 net operating income. 1. BFS deposits include home loan offset accounts. 2. As at 31 Mar 25. 3. The loan portfolio comprises home loans (excluding offset accounts), loans to businesses, car loans and credit cards.

4. Funds on platform has been updated to include custodial holdings that were previously excluded. Prior period balances have been restated.

© Macquarie Group Limited 6

2H25 result: $A2,103m up 30% on 1H25 FY25 result: $A3,715m up 5% on FY24

2H25

$Am

1H25

$Am

FY25

$Am

FY24

$Am

Net operating income 8,992 8,216

Total operating expenses (6,221) (5,919)

Operating profit before income tax 2,771 2,297

Income tax expense (640) (686)

Effective tax rate1(%) 23.3 29.9

17,208 16,887





2%

1%

 5%



3%

FY25 v FY24





9%

5%

 21%



7%

2H25 v

1H25

(12,140) (12,061)

5,068 4,826

(1,326) (1,291)

26.3 26.8

(Profit)/loss attributable to non-controlling interests		(28) 1						(27) (13)
Profit attributable to MGL shareholders		2,103 1,612				 30%		3,715 3,522				 5%
Annualised return on equity (%)		12.5	9.9			26%		11.2	10.8			4%
Annualised return on tangible equity (%)		13.9	11.4			22%		12.7	12.4			2%
Basic earnings per share		$A5.55	$A4.25			31%		$A9.79	$A9.17			7%
Dividend per ordinary share		$A3.90	$A2.60			50%		$A6.50	$A6.40			2%
1. Calculation of the effective tax rate is after adjusting for the impact of non-controlling interests. © Macquarie Group Limited												7

FY25 net profit contribution from Operating Groups

$A6,862m up 2% on FY24

Annuity-style

Markets-facing

Non-Banking Group

 on FY24

Macquarie Asset Management (MAM) Increase primarily driven by the gain on sale of Macquarie Rotorcraft and higher performance fees

- on FY24

Macquarie Capital (MacCap) Higher advisory and brokerage fee income and higher net interest income from the private credit portfolio in the current year, offset by lower investment-related income primarily driven by lower impairment reversals and higher funding costs reflecting growth in the equity investment portfolio

Banking Group

 on FY24

Banking and Financial Services (BFS) Growth in the loan portfolio and BFS deposits, together with lower expenses reflecting lower average headcount, partially offset by margin compression, higher credit impairment charges and run-off in the car loan portfolio

 on FY24

Commodities and Global Markets1(CGM) Decreased contribution from Commodities risk management driven by decreased client hedging activity due to subdued conditions in certain commodity markets, particularly EMEA Gas, Power and Emissions and Global Oil, as well as lower Commodities inventory management and trading due to timing of income recognition on North American Gas and Power contracts. This was partially offset by an increased contribution from Financial Markets with continued strong performance across major products and markets, particularly in structured foreign exchange and an increased contribution from the Equities business

Note: Where referenced in this document, net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax. 1. Certain assets of the Financial Markets business, certain activities of the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group.

© Macquarie Group Limited 8

Assets under management of $A941.0b

Movement primarily driven by increased fund investments and net asset valuations, offset by asset divestments and outflows in equity strategies

1,000

900

800

700

600

500

400

300

200

100

0

$Ab

Mar 21 Mar 22 Mar 23 Mar 24 Mar 25

Fixed Income Infrastructure Equity Equities Other Real Estate

© Macquarie Group Limited 9

Diversification by region

International income 66% of total income1

Total staff219,735 of which 51% international. A further ~243,000 people employed across managed fund assets and investments3

Americas EMEA Asia Australia4

32%

of total income

24%

of total income

10%

of total income

34%

of total income

Total income

2,979 $A5,113m

Total income

2,891 $A3,895m

Total income

4,271 $A1,598m

Total income

9,594 $A5,469m

Assets under management

$A380.4b

Assets under management

$A211.9b

Assets under management

$A56.8b

Assets under management

$A291.9b

Employing ~57,000 people3

Employing ~100,000 people3

Employing ~70,000 people3

Employing ~16,000 people3

CANADA

USA

EUROPE

ASIA

AUSTRALIA

NEW ZEALAND

Calgary

Boston

Nashville

Amsterdam

London Watford

Bangkok

Manila

Adelaide

Melbourne

Auckland

Toronto

Chicago

New York

Braintree

Luxembourg Zurich

Beijing

Mumbai

Brisbane

Perth

Houston

Philadelphia

Copenhagen

Madrid

Dongguan

Seoul

Canberra

Sydney

LATIN AMERICA

Jacksonville

San Diego

Coventry

Milan MIDDLE EAST

Gurugram

Shanghai

Gold Coast

Mexico City

Kansas

San Francisco

Dublin

Munich Dubai

Hong Kong

Singapore

Manly

Santiago

Los Angeles

San Jose

Edinburgh

Paris

Hsin-Chu

Taipei

Sao Paulo

Minneapolis

Seattle

Frankfurt

Solihull AFRICA

Jakarta

Tokyo

Geneva

Vienna Johannesburg

Kuala Lumpur

1. Net operating income excluding earnings on capital and other corporate items. 2. Includes staff employed in certain operationally segregated subsidiaries throughout the presentation. 3. Includes people employed through Private Markets-managed fund assets in Real Assets and investments where Macquarie Capital holds significant influence, including operationally segregated subsidiaries. 4. Includes New Zealand.

© Macquarie Group Limited 10

Macquarie Asset Management

MAM

• Continue to broaden and deepen our client relationships, build on our leadership in Real Assets and scale and optimise our investment capabilities

• Growing and diversifying our sources of capital through partnerships, with the expansion of Alternatives to Wealth capabilities in infrastructure and energy transition and momentum in insurance with InEvo Re executing its first transaction

Operating income

$A4,218m

 12%

Private Markets Public Investments

$A389.0b in assets under management1, up 5% on 31 Mar 24, primarily driven by fund investments, net asset valuations and favourable foreign exchange movements, partially offset by fund divestments $A221.1b in equity under management2, broadly in line with 31 Mar 24, primarily driven by fund divestments, offset by fundraisings and favourable foreign exchange movements Raised $A18.0b of equity from clients across a diverse range of strategies in real assets, real estate, private credit and secondaries Invested $A25.4b of equity across 42 investments, including: 20 in real assets, 19 in private credit and 3 in real estate, with transactions including Aligned Data Centres, D. E. Shaw Renewable Investments, Rakuten Mobile and National Gas Returned a record of $A19.1b equity to clients from divestments, including AirTrunk, Czech Grid Holdings, AGS Airports and Hydro Dolomiti Energia $A27.3b of equity to deploy Divested Macquarie Rotorcraft, a helicopter leasing business, to Sumitomo Mitsui Finance and Leasing and LCI Investments Continued private credit expansion with the launch of a European direct lending platform delivering high quality mid-market investment opportunities to investors Received numerous awards including: No. 1 infrastructu3 re investment manager globally since ranking inception No. 2 Infrastructure debt manager4 Digital Infrastructure Investor of the Year in Asia-Pacific5

$A552.0b in assets under management1, down 3% on 31 Mar 24, primarily driven by outflows in equity strategies, partially offset by favourable foreign exchange and market movements $A305.5b AUM1in Fixed Income, down 1% on 31 Mar 24 $A219.8b AUM1in Equities, down 6% on 31 Mar 24 $A26.7b AUM1in Multi-Asset, up 3% on 31 Mar 24 Continued strong investment performance, with ~67% of assets under management1 across fixed income, equities & multi-asset strategies outperforming their respective 3-year benchmarks Broadening MAM's range of actively managed exchange traded funds (ETFs) with 13 active ETFs across the US and Australia with AUM of ~$A640m. MAM is the No. 1 active ETF manager by flows on the ASX6 Austr7alia, Winner: Money magazine's Fund Manager of the Year 2025 for the third year in a row Macquarie Dynamic Bond F8 und is a winner in the Fixed Income Aggregate Bond category for the second year running In Apr 25, Macquarie Group announced an agreement to divest Macquarie Asset Management's public investments business (comprising equities, fixed income and multi-asset strategies) in North America and Europe and enter into a broader strategic relationship with Nomura

ON FY24

Net profit contribution

$A1,610m

AUM1

$A941.0b

Diversity of income

 33%

ON FY24

in line

WITH 31 Mar 24

~69%

~20% ~11%

Note: Reference to Macquarie's established, diverse income streams is based on FY25 net operating income. 1. As at 31 Mar 25. Private Markets 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. 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. Private Markets AUM includes equity yet to deploy and equity committed to assets but not yet deployed. 2. Private Markets total Equity under Management (EUM) includes market capitalisation at measurement date for listed funds, the sum of original committed capital less

Annuity-style Markets-facing

capital subsequently returned for unlisted funds and mandates as well as invested capital for managed businesses. 3. IPE Real Assets (Jul 24), ranking is based on infrastructure AUM as at 31 Mar 24.

4. Infrastructure Investor (May 25), the ranking is based on the amount of infrastructure direct investment capital raised by firms between 1 Jan 20 and 31 Dec 24. 5. Infrastructure Investor Awards 2024. 6. The ranking is based on the amount of net flows of active ETF managers on ASX between 1 Apr 24 and 31 Mar 25. 7. Money magazine's Best of the Best Awards 2025. 8. Financial Standard Investment Leadership Awards 2024.

© Macquarie Group Limited 11

Personal Banking	Business Banking	Wealth Management
Home loan portfolio4of $A141.7b, up 19% on 31 Mar 24, representing approximately 5.9% of the Australian market Home loan growth driven by strong demand in lower loan-to-value ratio (LVR) and owner-occupier lending tiers, with more than 94% of all home loans originated via the broker channel Continued investment in digital banking experiences, achieving Net Promoter Scores (NPS) of 42.5 for Mobile Banking, 28.0 for Online Banking and 19.3 for Consumer -significantly above major bank peers5 Macquarie named Bank of the Year in the 2025 MPA Brokers on Banks survey for the fourth year in a row	Business Banking loan portfolio of $A16.7b, up 6% on 31 Mar 24 Business Banking loan growth driven by an increase in client acquisition across core segments and a continued build into emerging segments Continued investment in digital solutions for enhanced client experience including migration of all eligible Business Banking clients to the new originations platform	Funds on platform6of $A154.0b, up 4% on 31 Mar 24 Ongoing investment in digital functionality including enhancements to Adviser Online Continued new client growth in Macquarie's Private Bank, with an ongoing focus on the high net worth segment
Deposits

Banking and Financial Services

Operating income

$A3,237m

 1%

ON FY24

Net profit contribution

$A1,380m

 11%

ON FY24

• BFS deposits7of $A172.4b, up 21% on 31 Mar 24, representing approximately 5.7% of the Australian market, with continued diversification

  Home loan portfolio summary 31 Mar 25

  Average LVR at Origination1	65%
  Average Dynamic LVR2	53%
  Owner Occupied3	64%
  Principal and Interest3	81%
  Fixed Rate3 Diversity of income	5%

  ~100%

  Annuity-style

  of deposit base

• Deposits growth driven by market-leading digital banking experiences, including unique multi-factor Macquarie Authenticator and differentiated

'No hoops, no catches' savings account offering

Client numbers approximately 2 million

Note: Reference to Macquarie's established, diverse income streams is based on FY25 net operating income. 1. Based on facilities on books as at 31 Mar 25, weighted by size of loan. 2. Property valuation source: CoreLogic. 3. Calculated on a gross balance basis, excluding offsets, for the portfolio. 4. Home loan portfolio excludes offset accounts. 5. Data sourced from RFI-DBM Atlas as at Mar

25. 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. 6. Funds on platform has been updated to include custodial holdings that were previously excluded. Prior period balances have been restated. 7. BFS deposits include home loan offset accounts.

© Macquarie Group Limited 12

Asset Finance 11%1	Commodities 53%1	Financial Markets 36%1
Continued positive performance and contribution across all industries Total portfolio of $A7.6b, up 17% from $A6.5b at 31 Mar 24 Particularly strong origination and portfolio growth in Shipping Finance	Decreased risk management income primarily driven by decreased client hedging activity due to subdued conditions in certain commodity markets, particularly EMEA Gas, Power and Emissions and Global Oil. These reductions were partially offset by increased contributions from Resources, primarily from the metals sector, and Agriculture Decreased inventory management and trading income driven by timing of income recognition on North American Gas and Power contracts and a reduction in oil trading, partially offset by increased trading gains in North American Gas and Power markets Continued positive Lending and Financing contribution across resources, energy, and agriculture sectors Named House of the Year for Oil and Products2, Natural Gas/LNG2, Commodities Research2,3, Base Metals3, Commodity Trade Finance3and Derivatives3	Foreign exchange, interest rates and credit Strong client activity globally driven by elevated volatility across FX and interest rate markets Consistent contribution from financing activity with continued strong performance from the Americas and growth in client engagement across the Americas, Australia and Europe Futures Consistent contribution across regions underpinned by client activity No. 1 Futures Broker on the ASX4 Equity Derivatives and Trading Increased contribution from equity trading and financing benefitting from favourable market conditions

Commodities and Global Markets

Operating income

$A6,018m

Net profit contribution

$A2,829m

45+ years of

 5%

ON FY24

 12%

ON FY24

client partnership

Diversity of income

~22% ~62% ~16%

Annuity-style Markets-facing

Note: Reference to Macquarie's established, diverse income streams is based on FY25 net operating income. 1. Percentages are based on net profit contribution before impairment charges.

2. Energy Risk Awards 2024. 3. Energy Risk Asia Awards 2024. 4. ASX Futures 24 (SFE) Monthly Report Mar 25.

© Macquarie Group Limited 13

Macquarie Capital

Operating income

$A2,638m

Net profit contribution

$A1,043m

Private Credit1





Equity2

1%

MacCap
Advising and investing in areas of deep expertise in sectors such as Infrastructure, Digital Infrastructure, Government Services, Critical Minerals & Energy, Insurance, Real Estate, Technology, FinTech and Software Private Credit portfolio of $A26.0b1, with ~$A9b deployed in FY25 through focused investment in credit markets and bespoke financing solutions Equity portfolio of $A6.0b2, up 18% on 31 Mar 24. During FY25, completed investments in strategies across infrastructure and development, growth equity, venture capital and private equity Our equities platform with deep access into Asia-Pacific and a strong broker-dealer network, is well-positioned to help clients navigate current market volatility, contributing to 12% year-on-year growth in brokerage income	No. 1 in ANZ for M&A over the past decade3 No. 1 Global Financial Adviser in Energy Transition for the second year in a row4 No. 1 in Extel's 2025 Asia (excl. Japan/ANZ) Local Broker Ranking5 Financial Adviser of the Year, APAC6 Americas Infrastructure Deal of the Year - Aguas Esperanza7 Europe Utilities Acquisition of the Year - CKI consortium's acquisition of Phoenix Energy8
Advisory and Capital Markets Principal
Global advisory and principal investing business serving clients and partners by providing integrated solutions and investing the balance sheet across the capital structure, leveraging deep expertise and global connectivity
Advisory fee income up on FY24 Exclusive financial adviser to Bally's Corporation on its $US4.6b sale to Standard General. Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence Financial adviser to BlackRock, Goldman Sachs and Mubadala on the sale of their majority stake in Calisen, the UK's leading provider of smart meters and small scale energy transition infrastructure Exclusive financial adviser to Pacific Equity Partners Funds on its $A1b acquisition of SingPost's Freight Management Holdings Group Financial adviser to Nasdaq Stockholm-listed ITAB on its acquisition of HMY. The transaction has created one of the largest players in the European physical retail solutions market	Lower investment-related income primarily driven by lower impairment reversals and higher funding costs reflecting growth in the equity investment portfolio Supported the refinancing of SimPRO, a field service software provider used by small to medium-sized businesses across the US, UK and ANZ Supported ECI Partners as main lender to Moneypenny, one of the UK's leading outsourced customer experience providers Partial sale of Onivia, Spain's largest independent wholesale fibre network owner and operator, to long term co-investors. Macquarie retains joint control and remains committed to the platform's growth and development Minority growth investment in xAmplify, an Australian IT consulting, implementation and managed services business

ON FY24

1%

ON FY24

$A26.0b

Diversity of income

$A6.0b

~31% ~14% ~55%

Annuity-style Markets-facing

Note: Reference to Macquarie's established, diverse income streams is based on FY25 net operating income. 1. Committed private credit portfolio as at 31 Mar 25. 2. Committed equity portfolio as at 31 Mar 25. 3. Dealogic (1 Apr 15 to 31 Mar 25 completed M&A transactions, any ANZ involvement by deal count). 4. Inspiratia CY23 and CY24 Energy Transition League Table Report by deal volume. 5. Extel 2025 Asia (excl. Japan/ANZ) Pan Asia Local Brokers Leaders Table (Weighted). 6. IJInvestor Awards 2024 and IJGlobal Awards 2024. 7. PFI Awards 2024. Macquarie acted as exclusive financial adviser to Aguas Esperanza on this transaction. 8. IJInvestor Awards 2024. Macquarie acted as exclusive financial adviser to NatWest Group Pension Fund and Utilities Trust of Australia on

© Macquarie Group Limited

this transaction. 14

Funded balance sheet remains strong

Term liabilities exceed term assets

31 Mar 24 31 Mar 25

400

350

300

250

200

150

100

50

0

$Ab $Ab

Other11%

Loan assets > 1 year414%

PPE and intangibles54%

Equity investments63%

Hybrids and subordinated debt 4%

Equity 10%

Debt > 1 year323%

Home loans 37%

Deposits 45%

Net trading assets 14%

Loan assets < 1 year 4%

Cash and liquid assets 24%

Commercial paper and certificates of deposit 8%

Debt < 1 year29%

Other11%

Loan assets >1 year415%

PPE and intangibles53%

Equity investments64%

Hybrids and subordinated debt 4%

Equity 10%

Debt > 1 year321%

Home loans 39%

Deposits 48%

Net trading assets 14%

Loan assets <1 year 3%

Cash and liquid assets 22%

Commercial paper and certificates of deposit 11%

Debt < 1 year25%

400

350

300

250

200

150

100

50

0

Funding sources Funded assets

Total deposits

$A177.7b

 20%

FROM MAR 24

Term funding raised7

$A32.0b

Since

MAR 24

Funding sources Funded assets

These charts represent Macquarie's funded balance sheets at the respective dates noted above. The funded balance sheet is a representation of Macquarie's funding requirements once certain items (e.g. derivative revaluation and self-funded trading assets) have been netted from the statement of financial position. The funded balance sheet is not a liquidity risk management tool, as it does not consider the granular liquidity profiling of all on and off-balance sheet components considered in both Macquarie's internal liquidity framework and the regulatory liquidity metrics. For details regarding reconciliation of the funded balance sheet to Macquarie's statutory balance sheet refer to slide 56. Following changes to funded balance sheet methodology, the balances for period ending 31 Mar 24 have been restated. 1. Other includes components of other liabilities, provisions, held for sale liabilities, current tax and deferred tax liabilities. 2. Debt < 1 year includes Subordinated debt ($A2.0b at 31 Mar 25), Secured funding (incl. RBA TFF at 31 Mar 24), Bonds, Structured notes and Unsecured loans. 3. Debt > 1 year includes Secured funding, Bonds, Structured notes and Unsecured loans.

4. Loan assets > 1 year includes Debt investments. 5. Includes deferred tax assets. 6. Equity investments includes Macquarie's co-investments in Macquarie-managed funds and other equity investments. 7. Issuances cover a range of tenors, currencies and product types and are AUD equivalent based on FX rates at the time of issuance. Includes refinancing of loan facilities.

© Macquarie Group Limited 15

Basel III Group capital position

• Strong capital position to support business activity and invest in new opportunities where expected risk-adjusted returns are attractive

• APRA Basel III Group capital surplus of $A9.5b1,2

• APRA Basel III Level 2 CET1 ratio: 12.8%; Harmonised Basel III Level 2 CET1 ratio: 17.6%3

  Group capital surplus

  $Ab

  2.1

  1.8

  (1.0)

  (3.2)

  Based on 10.5%

  (minimum Tier 1 ratio + CCB + CCyB)1

  9.5

9.8

12.0

10.0

8.0

6.0

4.0

2.0

0.0

APRA Basel III at Sep 24

1H25 Interim dividend 2H25 P&L Business capital requirements

incl. FX impacts

Other movements⁴ APRA Basel III at Mar 25

1. 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 Mar 25 is 0.74% (Sep 24: 0.76%), this is rounded to 0.75% (Sep 24: 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. 2. 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. 3. '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. 4. Includes movements in foreign currency translation reserve (FCTR), share-based payments reserve, redemption of remaining Macquarie Group Capital Notes 3 (MCN3) and other movements.

© Macquarie Group Limited 16

Business capital requirements

FY25 business capital requirements1increase of $A3.6b

$Ab

34.0

1.6

$A32.3b

2H25 Key drivers

MAM

• Net movements in fund co-investments, underwrites and divestments

  BFS

• Growth in home loans and business banking

  32.0

  30.0

  28.0

  26.0

  24.0

  $A28.7b

  (0.2)

  0.6

  0.8

  0.3

  (0.3)

  28.7

  29.1

  (0.8)

  Broadly offset by FCTR2

  $A29.1b

  0.4 0.4

  0.5 0.1 0.2

  Broadly offset by FCTR2

  32.3

  CGM

  • Increased credit risk primarily driven by portfolio growth and derivatives

    Macquarie Capital

  • Predominantly driven by growth in

22.0

20.0

18.0

16.0

14.0

$A0.4b increase over 1H25

$A3.2b increase over 2H25

Private Credit

Mar 24 MAM BFS CGM MacCap Corp FX Sep 24 MAM BFS CGM MacCap Corp FX Mar 25

17

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.

© Macquarie Group Limited 17

Strong regulatory ratios

Bank Group Level 2 Ratios (Mar 25)

17.6%

12.8%

5.8%

5.1%

8.0%

20.0%

250.0%

200.0%

250.0%

113%

200.0%

16.0%

12.0%

8.0%

4.0%

6.0%

4.0%

2.0%

150.0%

100.0%

50.0%

150.0%

100.0%

50.0%

0.0%

CET1 ratio

0.0%

Leverage ratio

0.0%

LCR

LCR1,2

0.0%

NSFR

175%

NSFR2

Bank Group (Harmonised3) Bank Group (APRA) APRA Basel lll minimum4

1. Average LCR for Mar 25 quarter is based on an average of daily observations. 2. APRA imposed a 25% add-on to the Net Cash Outflow component of the LCR calculation from 1 May 22, and a 1% decrease to the Available Stable Funding component of the NSFR calculation, effective from 1 Apr 21.

3. '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. 4. The minimum requirement for CET1 ratio per APS 110 is 9.0% which includes the industry minimum CET1 requirement of 4.5%, CCB of 3.75% and a CCyB. The CCyB of the Bank Group at Mar 25 is 0.74%, which is rounded to 0.75% for presentation purposes. The minimum leverage ratio requirement is 3.5% per APS 110. The minimum requirement for LCR and NSFR is 100% per APS 210 Liquidity.

© Macquarie Group Limited 18

Final dividend

2H25 Ordinary Dividend

$A3.90

(35% franked)

FROM

 $A3.85

(40% franked)

IN 2H24

FY25 Ordinary Dividend

$A6.50

(35% franked)

FROM

 $A6.40

(40% franked)

IN FY24

2H25 Record Date

20 May 25

2H25 Payment Date

2 July 25

DRP shares for the 2H25 dividend to be sourced on

market1

Payout Ratio2

2H25 FY25

71% 67%

Dividend policy remains 50-70% annual payout ratio

1. The DRP pricing period is from 27 May 25 to 6 Jun 25. Shares will be issued if purchasing becomes impractical or inadvisable. 2. Payout ratio calculated as estimated number of eligible shares multiplied by dividend per share, divided by profit attributable to MGL shareholders.

© Macquarie Group Limited 19

Income statement key drivers

Net interest and trading income of $A8,877m, broadly in line with FY24

• Lower risk management income primarily in EMEA Gas, Power and Emissions and Global Oil, partially offset by increased contribution from Resources and Agriculture, in CGM

  	2H25 $Am	1H25 $Am	FY25 $Am	FY24 $Am
  Net interest and trading income	4,748	4,129	8,877	8,907
  Fee and commission income	3,490	3,300	6,790	6,249

• Lower inventory management and trading income driven by timing of income recognition on North American Gas and Power contracts and a reduction in oil trading, partially offset by increased trading gains

  in North American Gas and Power markets, in CGM

  • Higher funding costs reflecting growth in the equity investment portfolio, in MacCap

    Share of net profits/(losses) from associates and joint ventures

    166 1 167 (49)

    Partially offset by:

• Higher net interest income due to growth in the average private credit portfolio, in MacCap

• Higher equities income driven by increased client activity and trading opportunities, in CGM

  Net credit impairment (charges)/reversals (212) (54) (266) 134

  Net other impairment (charges)/reversals (74) (21) (95) 235

  Investment income 798 517 1,315 1,110

• Higher foreign exchange, interest rate and credit products income and increased contributions from financing origination, in CGM

• Higher net interest income due to growth in the average loan and deposit portfolios, partially offset by margin compression and changes in portfolio mix, in BFS

  Fee and commission income of $A6,790m, up 9% on FY24

  Other income	76	344	420	301
  Net operating income	8,992	8,216	17,208	16,887	increased market activity in Asia and ANZ, in MacCap
  Employment expenses	(3,904)	(3,756)	(7,660)	(7,723)	realisations in funds, in MAM Credit and other impairment charges of $A361m, compared to a reversal of $A369m in FY24

  • Higher advisory fee income, particularly in Europe and ANZ and higher brokerage fee income mainly due to

  • Higher base fees in Private Markets due to fundraising and investments made, partially offset by asset

• Higher performance fees, in MAM

  Brokerage, commission and fee expenses (626) (580) (1,206) (1,071)

  Other operating expenses (1,691) (1,583) (3,274) (3,267)

  Total operating expenses	(6,221)	(5,919)	(12,140)	(12,061)
  Operating profit before tax and non-controlling interests	2,771	2,297	5,068	4,826

  (28) 1 (27) (13)

  Income tax expense (640) (686) (1,326) (1,291) (Profit)/loss attributable to

  Profit attributable to MGL shareholders 2,103 1,612 3,715 3,522

non-controlling interests

• Deterioration in the macroeconomic outlook

• Non-recurrence of an impairment reversal recognised on a green equity investment in the prior year, in MAM

• Lower credit and equity impairment reversals compared to the prior year and higher credit provisions due to deployment of the private credit portfolio, in MacCap

  Investment and other income of $A1,735m, up 23% on FY24

• Gain on sale of Macquarie Rotorcraft, in MAM

• A one-off sale of a centrally held asset, in Corporate

• Partially offset by increased net expenditure in green platforms on balance sheet, in MAM

  Total operating expenses of $A12,140m, broadly in line with FY24

• Employment expenses broadly in line, with offsetting impacts of lower salary and related expenses from lower average headcount and wage inflation and higher profit share and share-based payment expenses mainly as a result of the performance of the Group

  Partially offset by:

• Increased investment in technology initiatives, with a focus on data and digitalisation, to support business growth, in BFS and CGM

• Increased hedging and trading-related expenses across equity and financial markets, in CGM

  © Macquarie Group Limited 21

  Macquarie Asset Management

  Increase primarily driven by the gain on sale of Macquarie Rotorcraft and higher performance fees

  $Am

  Key drivers

  • Higher Private Markets base fees due to fundraising and investments made by funds and mandates, partially offset by asset realisations in funds and spin off of the majority of the Core/Core Plus real estate business

  • Lower Public Investments base fees primarily due to outflows in equity

    1,800

    1,500

    Base Fees $A51m

    1,200

    60

    900

    (9)

    206

    (217)

    397

    (35)

    strategies, partially offset by favourable market movements

    1,610

• Performance fees from MAIF2, MEIF4, MIP III and other Private Markets-managed funds, managed accounts and co-investors

• Lower Green Investments income primarily driven by the non-recurrence of an impairment reversal recognised in the prior year and higher net expenditure in green platforms on balance sheet, partially offset by higher equity accounted gains

  Other investment-related and other income1,4

  Green Investments - net other operating income1,2

  600

  300

• Higher Other - net other operating income due to the gain on sale of Macquarie Rotorcraft and higher equity accounted income from the sale of

  1,208

0

FY24 NPC Private Markets Base Fees

Public Investments Base Fees

Performance Fees

Green Investments - net other operating income1

Other - net other operating income1,2

Operating expenses

FY25 NPC

underlying assets

• Higher operating expenses primarily driven by higher brokerage and commission fees and non-recurring transaction charges

1. Net other operating income includes MAM net profit contribution excluding base fees, performance fees and operating expenses. 2. Other - net other operating income includes total MAM investment-related and other income excluding green investments - net other operating income.

22

© Macquarie Group Limited 22

MAM AUM movement

Movement primarily driven by increased fund investments and net asset valuations, offset by asset divestments and outflows in equity strategies

MAM 938.3 37.7 25.9 12.2 10.2 14.0 MAM 941.0
	Private Markets 370.9	(29.0) (19.9) (8.8) (26.6) (8.4) (4.6)	Private Markets 389.0
	Public Investments 567.4		Public Investments 552.0

1,000

900

800

700

600

500

400

300

200

100

0

$Ab

Private Markets 18.1

Public Investments (15.4)

31 Mar 24 Investments Divestments

Assets No Longer Managed1

Equity to Deploy Movements2

Net Valuation Changes3

Private Markets FX

Market Movements

Net Flows Contractual

Insurance Assets

Public Investments FX

Other4

31 Mar 25

Assets No Longer Managed

Equity to Deploy Movements

Net Valuation Changes

Other

1. Assets No Longer Managed represents spin off of the majority of the Core/Core Plus real estate business and reduction of co-investment management rights. 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. Other includes movements in model portfolio, capital gain distributions and re-investments and changes related to corporate acquisitions and divestments.

© Macquarie Group Limited 23

Banking and Financial Services

Growth in the loan portfolio and BFS deposits, together with lower expenses, partially offset by margin compression, higher credit impairment charges and run-off in the car loan portfolio

1,600
1,400				90	17
1,200
1,000
800

$Am

141

42

Key drivers

• Higher Personal Banking income driven by 14% growth in average home loan volumes5and 18% in average deposit volumes5, partially offset by margin compression

• Higher Business Banking income driven by 12% growth in average loan volumes and 9% in average deposit volumes, partially offset by margin compression

• Higher Wealth income driven by 14% growth in average funds on platform6

  600

  400

  200

  0

  1,241

  FY24 NPC

  Personal Banking1

  Business Banking1

  Wealth Management1

  (60)

  Wealth Management¹

  Credit & other impairments

  Credit & other impairments

  Credit & other impairments2

  Expenses

  Expenses3

  (91)

  Other

  Other4

  1,380

  FY25 NPC

  • Higher net credit and other impairment charges largely driven by changes to recovery expectations for the residual car loan portfolio and deterioration in the macroeconomic outlook, partially offset by changes in the composition of portfolio growth

  • Lower expenses reflecting lower average headcount driven by digitalisation and operational improvements

    Personal Banking¹

    Business Banking¹

  • Lower other income driven by run-off in the car loan portfolio and revaluation of an equity investment

    1. Includes brokerage, commission and fee expenses. 2. Includes associated credit and other impairment charges relating to Car Loans. 3. Excludes brokerage, commission and fee expenses and includes associated expenses relating to Car Loans. 4. Includes Car Loans run-off excluding associated credit and other impairment charges and expenses. 5. Calculations based on average volumes net of offsets. 6. Funds on platform has been updated to include custodial holdings that were previously excluded. Prior period balances have been restated.

    24

    © Macquarie Group Limited 24

    Banking and Financial Services

    Strong growth across home loans, deposits, funds on platform and business banking loans

    180

    150

    120

    90

    60

    30

    $Ab $Ab

    172.4

    141.7

    142.7

    147.4 154.0

    129.4

    119.3

    118.6

    127.8

    108.1

    89.5

    98.0

    15.8

    16.7

    13.0

    11.5

    18

    16

    14

    12

    10

    8

    6

    4

    2

    Home loans

    BFS deposits

    0

    Home loans1BFS deposits2

    0

    Business Banking loans

    Funds on platform

    Funds on platform3

    23

    31 Mar 24

    31 Mar 22

    31 Mar 31 Mar 25
    
    

    Note: Data based on spot volumes at period end. The car loan portfolio was $A2.7b as at 31 Mar 25 (down from $A4.6b as at 31 Mar 24). 1. Home loan portfolio excludes offset accounts. 2. BFS deposits include home loan offset accounts. 3. Funds on platform has been updated to include custodial holdings that were previously excluded. Balances as at 31 Mar 23 and 31 Mar 24 have been restated.

    © Macquarie Group Limited 25

    Commodities and Global Markets

    Strong underlying client business; well-positioned for upside opportunities

    $Am

    4,000

    3,500

    Commodities ($A496m)

    Key drivers

• Commodities down on FY24

  • Risk management income was lower, primarily driven by decreased client hedging activity due to subdued conditions in certain commodity markets, particularly EMEA Gas, Power and Emissions and Global Oil. These reductions were partially offset by an increased contribution from Resources, primarily from the metals sector, and Agriculture

  • Lending and commodity financing income was broadly in line with the prior year

  3,000

  3,213

(287)

2,500

2,000

1,500

1,000

500

7

(216)

109 117

(82)

(32)

- Inventory management and trading income was lower, driven by timing of income recognition on North American Gas and Power contracts and a reduction in oil trading, partially offset by increased trading gains in North American Gas and Power markets

2,829

• Foreign exchange, interest rates and credit was up on FY24, due to continued strong client hedging activity in structured foreign exchange products and increased contributions from financing origination

  Inventory management and trading¹

  Other

• Equities up on FY24, primarily from increased client activity and trading opportunities

  0

  FY24 NPC Risk

  management

  Lending and financing

  Inventory management and trading

  FX, interest rates and credit

  Equities³

  Equities

  Operating expenses

  Other1

  FY25 NPC

• Higher operating expenses driven by increased brokerage, commission and fee expenses across equities, foreign exchange, interest rates and credit as well as increased investment on technology platform and infrastructure

26

1. Includes Asset Finance net interest and trading income, net operating lease income, fee and commission income, net income on equity, debt and other investments, share of net profits from associates and joint ventures, credit and other impairments charges, internal management revenue, other income and non-controlling interests.

© Macquarie Group Limited 26

Strong underlying client business

Majority of income derived from underlying client business

Operating Income

(excl. credit and other impairment charges)

Underlying client business1

Client numbers

(excl. Asset Finance)

FY21 FY22 FY23 FY24 FY25 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25

Other Income Foreign exchange, interest rates and credit

Equity derivatives and trading Brokerage and fee income Leasing (operating and finance) income Commodity lending and financing Commodity risk management Investment income

Commodity inventory management and trading

Commodities Financial Markets and Futures

• 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

  • Client-led business with deep longstanding client relationships:

    • Diverse and growing client base

    • Strong repeat client business with ~80% of client revenue generated from existing relationships

    • Client relationships spread over a full spectrum of products and services

• Risk management is core

• Industry recognition in select markets and sectors is strong

  1. Included within underlying client business is a relatively small (~5%) amount of FX, IR, Credit and EDT trading activity not related to clients.

© Macquarie Group Limited 27

Underlying client activity driving regulatory capital and trading revenues

Regulatory capital1

Mar 21 Mar 22 Mar 23 Mar 24 Mar 25

Credit Market Operational Other

Group Daily trading profit and loss2FY21 - FY25

Days

120

100

80

60

40

20

<-100

<-90

<-80

<-70

<-60

<-50

<-40

<-30

<-20

<-10

<0

>0

>10

>20

>30

>40

>50

>60

>70

>80

>90

>100

0

FY21 FY22 FY23 FY24 FY25

$Am

• 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

• Trading P&L distribution normalised following unprecedented and extreme market volatility in FY23

• 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" bank capital framework which came into effect from 1 Jan 23. Implementation of UQS resulted in an increase in CGM capital requirements, largely on account of 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.

© Macquarie Group Limited 28

Macquarie Capital

Reflects higher fee and commission income and higher net

interest income from the private credit portfolio, offset by lower investment-related income and higher operating expenses

$Am Investment-related income ($A214m)

Key drivers

• Higher fee and commission income primarily driven by:

  • Higher mergers and acquisitions fee income, particularly in Europe and ANZ

  • Higher brokerage income due to increased market activity, particularly in Asia and ANZ

  • Capital markets fee income was in line, with increases in equity capital markets offset by

    1,400

    1,200

    1,000

    800

    600

    400

    200

    0

    252 26

    (240) (46)

    decreases in debt capital markets

• Higher net income on the private credit portfolio primarily due to:

  • Higher net interest income from the private credit portfolio, benefitting from $A3.6b3of growth in average drawn loan assets

    Partially offset by:

  • Lower credit impairment reversals compared to the prior year

  • Higher credit provisions due to deployment and an increase in expected credit loss provisions driven by a deterioration in the macroeconomic outlook

    Investment-related income2

    Net income on private credit portfolio1

    1,043

1,051

• Lower investment-related income (excluding

  FY24 NPC Fee and commission

  income

  Net income on private credit portfolio1

  Investment-related income (excl. private credit)2

  Operating expenses FY25 NPC

  private credit) primarily driven by lower impairment reversals compared to the prior year and higher funding costs reflecting growth in the equity investment portfolio

  1. Represents the interest earned, net of associated funding costs, net credit impairment charges (incl. origination ECL) and other gains and losses on the private credit portfolio. 2. Includes realised gains and losses and revaluation of equity, debt and other investments, net interest and trading income (which represents the interest earned from debt investments and the funding costs associated with Macquarie Capital's balance sheet positions), share of net losses from associates and joint ventures, credit and other impairment (charges)/reversals, other (expenses)/ income, internal management revenue and non-controlling interests and excludes net income on private credit portfolio. 3. Average volume calculation is based on balances converted at spot FX rates as at reporting period end.

  © Macquarie Group Limited

• Operating expenses were up, mainly driven by higher brokerage and commission expenses due to increased market activity

29

29

Macquarie Capital

Movement in capital

Private Credit capital sector exposures2

$Ab

2.0

0.3

6.6

(1.1)

5.4

31 Mar 24

Investments

Realisations

Other (incl. FX)1

31 Mar 25

8.0

6.0

4.0

2.0

Diversified

Real Estate

Technology

Energy Infrastructure

Infrastructure

Digital Infrastructure

Debt

Software and Tech Enabled

Financial and Insurance Services

Healthcare

Real Estate

Education

B2B

Diversified Industries

Other (incl. FX)

9%

9%

35%

10%

11%

12%

14%

0.0

1. Other (incl. FX) includes accounting movements. 2. Exposures shown follow the economic capital adequacy methodology which is inclusive of off-balance sheet commitments.

© Macquarie Group Limited 30