2025 Full-Year Results

Annual Report

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Macquarie Group1 is a global financial services group with offices in 31 markets. Founded in 1969, Macquarie now employs over 19,700 people globally, has total assets of $A445.2 billion and total equity of $A35.8 billion as at 31 March 2025.

Financial highlights

FY2025 net profit

$A3715m

5% on prior year

FY2025 operating expenses

$A12140m

broadly in line with prior year
FY2025 net operating income

$A17208m

2% on prior year

FY2025 earnings per share

$A9.79

7% on prior year
FY2025 return on equity

11.2%

from 10.8% in the prior year
FY2025 dividend per share

$A6.50

(35% franked)
FY2025 effective tax rate

26.3%

from 26.8% in prior year
Assets under management2

$A941.0b

broadly in line with 31 March 2024

FY2025 Diversity of income3

Annuity-style

Markets-facing


FY2025 Operating income by geography4

AMERICAS

32%

EMEA

24%

ASIA

10%

ANZ

34%

Letter from the Chair

In an increasingly complex global environment, Macquarie’s operating businesses continue their focus on growing activities that have the potential of earning a higher risk-adjusted return on shareholders’ capital over the longer term.”

Glenn Stevens
Independent Director and Chair

Letter from the Managing Director and CEO

Combining a deep understanding of the markets in which we operate with unique insights and expertise, our diversified portfolio of businesses continue to identify and realise opportunities that address unmet need in communities around the world.”

Shemara Wikramanayake
Managing Director and Chief Executive Officer

Empowering people to innovate and invest for a better future

Macquarie’s purpose ‘Empowering people to innovate and invest for a better future’ represents why we exist and what we do.

In line with our purpose, our people around the world are unlocking capital and ideas to support the growth, innovation and evolution of our clients and communities. Enabled by our culture of entrepreneurialism, and by applying their unique expertise and insights, our teams are creating investment opportunities, helping facilitate economic activity, addressing unmet community need and advancing long-term prosperity.

Operating and Financial Review

Operating Groups

Macquarie is a diversified financial services group providing clients with asset management, retail and business banking and wealth management, as well as advisory, risk and capital solutions across debt, equity, financial markets and commodities.

Macquarie Asset Management (MAM)

A leading specialist global asset manager, investing to deliver positive impact for our clients, portfolio companies and communities. Provides a diverse range of investment solutions to clients including real assets, real estate, credit, equities & multi-asset, insurance solutions and secondaries.

Net profit contribution

$A1610m

33% on prior year

Banking and Financial Services (BFS)

A retail banking and financial services business serving the Australian market. Provides a diverse range of personal banking, wealth management, and business banking products and services to retail clients, advisers, brokers and business clients.

Net profit contribution

$A1380m

11% on prior year

Commodities and Global Markets (CGM)

A global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base, across commodities, financial markets and asset finance.

Net profit contribution

$A2829m

12% on prior year

Macquarie Capital

Macquarie Capital has global capability in advisory and capital raising services, providing clients with specialist expertise and flexible capital solutions across a range of sectors. It also has global capability in specialist investing across private credit, private equity, real estate, growth equity, venture capital, and in infrastructure and energy projects and companies. Its equities brokerage business provides clients with access to equity research, sales, execution capabilities and corporate access with a focus on Asia-Pacific.

Net profit contribution

$A1043m

broadly in line with prior year

Central Service Groups

The Central Service Groups provide a range of functions supporting Macquarie’s Operating Groups, ensuring they have the appropriate workplace support and systems to operate effectively and the necessary resources to meet their regulatory, compliance, financial, legal and risk management requirements.

Risk Management Group (RMG)

An independent and centralised function responsible for independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie’s material risks. RMG designs and oversees the implementation of the risk management framework.

Legal and Governance Group (LGG)

Provides a full range of legal and corporate governance services, including strategic legal and governance advice and risk assessment on corporate transactions, treasury and funding, insurance, regulatory enquiries and litigation.

Financial Management, People and Engagement (FPE)

Responsible for managing the Group’s financial, tax and treasury activities and strategic priorities, fostering our culture through people and community engagement, and engaging with stakeholders to protect and promote Macquarie’s reputation globally.

Corporate Operations Group (COG)

Brings together specialist capabilities in technology, data, AI, market operations, corporate real estate, business resilience, procurement and global security to support Macquarie’s growth.

Macquarie Group Foundation

The Macquarie Group Foundation (the Foundation) drives social impact work for Macquarie, supporting its people, businesses, and communities to build a better future. In 2025, the Foundation celebrates its 40-year anniversary.

$A57m

contributed in FY20255

3000+

non-profit community organisations supported in FY20256

$A698m

contributed since inception7

Corporate Governance Statement

Macquarie’s key governance practices guide our decision‑making to meet stakeholder expectations of sound corporate governance and prudent decision-making, acknowledging Macquarie’s specific and broader responsibilities to its shareholders, funders, clients, employees and the communities in which it operates.

Sustainability

Macquarie recognises the importance of sound Environmental, Social and Governance (ESG) practices as part of its responsibility to a broad range of stakeholders, including shareholders, funders, clients, employees, and the communities in which Macquarie operates.

Risk Management

Macquarie’s approach to risk management adopts the ‘three lines of defence’ model, which sets risk ownership responsibilities functionally independent from oversight and assurance. Primary responsibility for day-to-day risk management lies with the business; RMG forms the second line of defence and provides independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie’s material risks; Internal Audit, as the third line, provides independent and objective risk-based assurance on the compliance with, and effectiveness of, Macquarie’s financial and risk management framework.

  1. Macquarie Group Limited (MGL) and its subsidiaries, the Consolidated Entity.
  2. As at 31 March 2025. 
  3. Reference to Macquarie’s established, diverse income streams is based on FY2025 net operating income.
  4. Net operating income excluding earnings on capital and other corporate items.
  5. In the 12 months to 31 March 2025. 
  6. Data was supplied and not independently verified between 1 April 2024 – 31 March 2025 for activities undertaken by Macquarie’s employment focused partners with philanthropic and impact investment support from Macquarie Group.
  7. Contribution figures comprise Macquarie employees’ donations and fundraising; Foundation matching support for employees’ donations and fundraising; Foundation donations to commemorate employees attaining 10-year and 25-year anniversaries at Macquarie; Foundation grants to non-profit organisations to recognise 12 months of board service by a Macquarie employee; and Macquarie and Foundation grants and social impact investments to community organisations since inception in 1985 to 31 March 2025.

Additional information