Magellan Financial Group Limited Model Update: 4Q26 mark to market -strong rebound in FUM from March

Research evidence excerpt

Magellan Financial Group Limited Model Update: 4Q26 mark to market -strong rebound in FUM from March

J P M O R G A N Asia Pacific Equity Research

30 June 2026

Magellan Financial Group Limited Underweight

MFG.AX, MFG AU

Model Update: 4Q26 mark to market -strong rebound in Price (30 Jun 26):A$9.69

FUM from March ▲Price Target (Jun-27):A$9.00 Prior (Dec-26):A$8.50

We have revised our forecasts to reflect movements in the investment markets over

the 4Q26 (period spanning 31 March 2026 to 30 June 2026 - note we used market Australia

close at 29th June for our forecasts). Equity markets were volatile in 4Q26 but Insurance and Diversified Financials

overall recorded strong returns. We estimate that MFG’s Airlie registered the AC Siddharth Parameswaran

strongest 9.9% capital gains, followed by Global and Infra. The changes are (61-2) 9003-8629

summarised in the table overleaf. Key points to note are: siddharth.x.parameswaran@jpmorgan.com

J.P. Morgan Securities Australia Limited

• Based on MFG’s disclosed asset allocation within the asset management Rishi S Parihar

business, we have assumed 4Q26 (to 30/06) market movements of roughly (91-22) 6157-3775

7.5% for the retail channel and 7.9% for the institutional channel of the asset rishi.parihar@jpmchase.com

management business. The institutional channel saw better performance led by J.P. Morgan India Private Limited

a higher representation in this channel from the Airlie strategy, which showed Tharan Jeyathasan

the strongest gains. This has led to earnings upgrades in 2H26 and future (61-2) 9003-6098

periods for the asset management business and the group. See below (Figure tharan.jeyathasan@jpmorgan.com

2Mark-to-marketmovementsinkeyasetclasesinAUD) for movements in key indices.