Macquarie Group Limited: 2026 AGM: Positive start to FY27 despite CEO transition; well positioned for upgrades through year

Research evidence excerpt

Macquarie Group Limited: 2026 AGM: Positive start to FY27 despite CEO transition; well positioned for upgrades through year

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

23 July 2026

Macquarie Group Limited Overweight

MQG.AX, MQG AU

2026 AGM: Positive start to FY27 despite CEO Price (23 Jul 26):A$253.75

transition; well positioned for upgrades through year ▲Price Target (Jun-27):A$275.00 Prior (Jun-27):A$265.00

As expected, MQG made a strong start to FY27 with Q1 performance “up” in BFS and

MacCap, and “substantially up” in CGM. Only MAM was lower, but this reflected the Australia

sale of the US/European public investments business in 2H26, with strong AUM Australian Banks

growth trends in the quarter. Recent volatility in financial and commodities markets AC Andrew Triggs

supported CGM performance (relative to a weak pcp). While we had flagged the (61-2) 9003-8919

possibility of an upgrade to CGM division guidance, we are unperturbed by the lack andrew.triggs@jpmorgan.com

thereof, and with market conditions looking very supportive we see MQG as a strong Kelsey Bentley

EPS upgrade candidate for the balance of the year. The other major news was the (61-2) 9003 7482

announcement of CEO transition; with Shemara Wikramanayake to be replaced by kelsey.bentley@jpmorgan.com

current head of BFS (and former CFO) Greg Ward in Nov-27. We see Greg Ward as J.P. Morgan Securities Australia Limited

a sound replacement (given his strong credentials) and expect a smooth transition with

little change in strategy likely. Our earnings forecasts have lifted 1%-2% and we Key Changes (FYE Mar)

retain our OW rating. Our PT increases 4% on our earnings upgrades and a slight Prev Cur Δ

increase in the MAM/CGM multiples in our SOTP to 25x/15x (from 24x/14.5x).