Macquarie Group Limited (MQG.AX): 1Q27 Update: Likely minimal revisions given in-line performance; sensible CEO transition

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Macquarie Group Limited (MQG.AX): 1Q27 Update: Likely minimal revisions given in-line performance; sensible CEO transition

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22 Jul 2026 19:55:47 ET │ 11 pages

Macquarie Group Limited (MQG.AX)

1Q27 Update: Likely minimal revisions given in-line performance;

sensible CEO transition

CITI'S TAKE Neutral

Price (22 Jul 26 16:00) A$254.93MQG has noted at its AGM that 1Q27 trading conditions were

Target price A$240.00 'satisfactory', but with more positive commentary in the individual

business units. Given persistent offshore energy volatility, it is Expected share price return -5.9%

unsurprising that CGM had the strongest growth vs pcp and was the Expected dividend yield 2.8%

highlight of the quarter, with NPC 'substantially up' on the pcp. FY27 Expected total return -3.0%

guidance has been largely reiterated, albeit with a minor tweak to BFS Market Cap A$97,799M

guidance which is now 'subject to market conditions and customer US$68,435M

activity'. This is an unsurprising addition given FY27 guidance was issued

prior to the release of the Budget and its impact on the housing market.

We expect minimal revisions off the back of this release given largely

reiterated guidance for a 1Q update. We expect investors to more focus on Thomas StrongAC

the transition of CEO, with Shemara Wikramanayake retiring and Greg +61-3-8643-9762

Ward being appointed, a move that we think will be well received by the thomas.strong@citi.com

market. Nilesh Bhaiya

+61-2-8225-0997

A solid 1Q update — MQG does not comment on group profit for the quarter (just nilesh.bhaiya@citi.com

that trading conditions were 'satisfactory') but business unit commentary was

largely in-line with expectations. The key contributor for the quarter was the CGM