Macquarie Group Limited earnings date
Macquarie Group Limited (4M4) Q2 2027 Earnings Report
CH:4M4 Q2 2027 EPS Results
- Actual EPS
- CHF 3.70
- Consensus EPS
- CHF 3.64
- Beat/Miss
- Beat by +CHF 0.06
- One Year Ago EPS
- CHF 2.48
CH:4M4 Q2 2027 Revenue Results
- Actual Revenue
- CHF 9.98B
- Expected Revenue
- CHF 5.43B
- Beat/Miss
- Beat by +CHF 4.55B
- YoY Revenue Growth
- +8.08%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
Q2 2027 Earnings Call Audio
Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
The call was strongly positive overall, led by a record $2.478 billion first-half profit, broad-based CGM growth, continued BFS volume expansion, strong funding and capital ratios, and ongoing strategic investment. The main challenges were lower Macquarie Capital earnings, lower performance fees, BFS margin and modeled credit-provision pressure, regulatory remediation and a cautious, market-dependent outlook for realizations and volatility.
For the short-term outlook, MAM base fees are expected to be broadly in line, excluding the '26 contribution from the public investments business in North America and Europe, while net operating income is expected to be up with the outcome subject to the timing of asset realizations; BFS is continuing to see good growth across loans, deposits and platforms, subject, of course, to market conditions and customer activity, with market dynamics and portfolio mix expected to continue to drive slightly lower margins; Macquarie Capital is expecting transaction activity and investment-related income to be down compared to last year, with material gains expected subject to transaction completion; CGM is expecting net operating income to be slightly up, excluding the impact of OnStream meters divestment, which was in 2026, and volatility may create opportunities across the platform; at the corporate level, the compensation ratio and the effective tax rate are expected to be broadly in line with historic trends, while the group continues to maintain a cautious stance and a conservative approach to capital funding liquidity.
- Record First-Half Group ResultNet profit after tax was $2.478 billion, up 50% on the first half last year, with group net operating income increasing 10% to $9.6 billion. Return on equity was 13.8%, and operating expenses increased only 1% to $6.3 billion.
- Strong Capital Position and DividendThe Level 2 Basel III CET1 ratio was 12.9%, with a harmonized CET1 ratio of 17.7%. The Board declared a $3.25 dividend for the half, 35% franked, representing a 50% payout ratio.
- Macquarie Asset Management Growth and Fund ActivityMacquarie Asset Management net profit contribution was $1.509 billion, up 28%, principally driven by the Macquarie AirFinance realization and other investment sales. Assets under management increased 3% to approximately $742 billion or $743 billion in the detailed results, while fee-paying assets under management were approximately $530 billion, up 6%. The period included $15.3 billion of fundraising, more than $19 billion of capital returned to investors, over $17 billion of targeted investments and more than $16 billion of net inflows into public investments.
- Banking and Financial Services GrowthBanking and Financial Services net profit contribution increased 6% to $841 million. Average home loan volumes grew 26% over the last 12 months, average deposits grew 27%, business banking lending volumes grew 8% and business banking deposit volumes grew 7%.
- BFS Market Share and Platform ExpansionHome loan balances reached $198 billion, representing 7.6% market share, with half-year growth at 5x system growth. Deposits reached $236 billion, representing 6.9% market share and 3x system growth. Business banking loans increased by more than $1 billion to $19.2 billion, while client numbers increased by 300,000 during the year.
- Improving BFS EfficiencyThe BFS cost-to-income ratio declined to 50.1% from 51% at the full year. Management said cost of revenue continues to decline in the platform, personal banking and business banking businesses as scale increases and technology investments continue.
- Broad-Based CGM PerformanceCommodities and Global Markets delivered a net profit contribution of $2.034 billion, up 83%, with increased contributions from all three divisions. Commodities income increased by $420 million to $1.8 billion, financial markets contribution increased by $169 million, and asset finance benefited from higher shipping volumes and gains on technology and energy asset sales.
- CGM Client and Franchise GrowthCGM reported growth in customer numbers across commodities, financial markets and asset finance. More than 80% of client revenue was generated from existing relationships, and the asset finance book grew by 30% excluding the OnStream meters business that exited during the quarter.
- Private Credit Portfolio Expansion and QualityThe Macquarie Capital private credit book grew to just over $28 billion, with nearly 200 positions across industries, portfolio margins of over 400 basis points and a reported loss ratio of 0.3%. Management said the portfolio continued to perform well, with no visible impact on portfolio quality from AI disruption or macroeconomic uncertainty, and the credit watch list was at its lowest level in the available data set.
- Strong Funding and Liquidity ProfileDeposits grew 10% over the last six months to $244 billion, with 87% from savings, transaction and offset accounts. Deposits represented more than 50% of the funded balance sheet. The loan portfolio increased 8% from the full year to $273 billion, and the weighted average life of term funding was 4.1 years. Management said liquidity remained strong and that it was comfortable maintaining the Liquidity Coverage Ratio above regulatory requirements.
- Continued Technology and Compliance InvestmentThe group invested $1.17 billion in technology and more than $600 million in regulatory compliance during the half. Management said these investments support scalable growth, risk management, controls, client service and operating efficiency, while several major compliance initiatives were nearing completion.
- Growth in Private Credit DistributionMacquarie Asset Management is working with the private credit team to distribute senior-secured mid-market direct-lending strategies to investors. Management said initial funds in North America and Europe were progressing toward investor requirements and that the group intends to grow its private credit capabilities.
- Positive Medium-Term PositioningManagement said the four operating businesses provide diversification and resilience and are structurally positioned for medium-term growth. Greg Ward said the businesses were as well placed as they had ever been to capitalize on global trends.
CH:4M4 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 05, 2026 | 2027 (Q2) | 3.643.70 | 2.48 | 49.20% (+1.22) | |
| May 07, 2026 | 2026 (Q4) | 4.004.78 | 3.15 | 51.53% (+1.62) | |
| Nov 06, 2025 | 2026 (Q2) | 2.832.48 | 2.4 | 3.31% (+0.08) | |
| May 09, 2025 | 2025 (Q4) | 3.223.15 | 3.11 | 1.46% (+0.05) | |
| Oct 31, 2024 | 2025 (Q2) | 2.432.40 | 2.08 | 15.51% (+0.32) | |
| Jul 24, 2024 | 2025 (Q1) | ―- | 4.24 | ― | |
| May 02, 2024 | 2024 (Q4) | 3.233.11 | 4.24 | -26.68% (-1.13) | |
| Nov 03, 2023 | 2024 (Q2) | 2.522.08 | 3.32 | -37.41% (-1.24) | |
| May 04, 2023 | 2023 (Q4) | 4.054.24 | 3.87 | 9.59% (+0.37) | |
| Oct 27, 2022 | 2023 (Q2) | 4.643.32 | 3.1 | 7.28% (+0.23) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
