Macquarie Group Ltd

Macquarie Bank follows an April 1-March 31 financial year and will report FY26 results during May. For the past couple of years, results have been a mixed bag. Its total AUM have continued to grow slowly, the retail deposits and loans business continues to grow as have its investments, although commodities have been more nuanced due to market conditions. This period is predicted to be stabilising after a volatile 2024–2025. Recent trading updates point to growth returning across most divisions, supported by higher performance fees, deal activity, and asset-management inflows. At the same time, parts of the business – especially commodities trading – have been softer, and results can swing with market conditions. For example, its FY25 profit rose about 5% to roughly A$3.7bn, while 1H FY26 profit was up slightly year-on-year but down versus the prior half, reflecting the group’s cyclicality. Strategically, Macquarie remains leveraged to global capital markets, infrastructure investing, commodities, and private credit – which gives it higher growth potential than traditional banks but also more earnings volatility. Analysts currently expect roughly ~A$4.2bn cash profit for FY26 and stronger growth (~13%) in FY27 if markets normalise. Some upgrades have occurred after share price falls and business portfolio changes, suggesting valuation is now closer to fair value rather than clearly cheap.