Macquarie Group Limited 2026 AGM preview; fair weather trends at the start of the year

Research evidence excerpt

Macquarie Group Limited 2026 AGM preview; fair weather trends at the start of the year

Andrew Triggs AC Asia Pacific Equity Research

(61-2) 9003-8919 16 July 2026 J P M O R G A N

andrew.triggs@jpmorgan.com

Figure 1: MQG current short-term outlook commentary

Source: Company report. Note 1) Net Other Operating Income includes all operating income excluding base fees. 2) Certain activities in the Financial Markets and Commodity Markets and Finance

businesses are undertaken from within the Non-Banking Group.

We do not expect changes to BFS and MAM commentary. However, we do see potential

for a CGM upgrade, given strong conditions in 1Q. We find MacCap harder to call, but

the general environment appears positive for improved fees and realisation income

throughout the year.

High level read-throughs from US investment bank results

US investment banks have posted very strong 2Q26 earnings results, with earnings

beating consensus estimates by ~35% on average across the peer group. Overall, the

outcome appears broadly supportive for MQG, particularly given the strength in capital

markets activity and client engagement.

Notably for MQG, the markets division delivered material upside versus expectations,

led by Equities sales/trading which produced record results and was up 43% to 86%

YoY across the peer set. Common drivers were higher client activity in cash and

derivatives, as well as prime/financing tailwinds, with most banks calling out APAC as a

key region. We note that, relative to US peers, MQG’s Equities business is smaller and it

is underweight prime finance/hedge fund clients. Nonetheless, MQG’s Equities business

is weighted to Asia, which should have seen strong tailwinds including from the

derivatives and warrants businesses.