Macquarie's First-Half Profit Grows 2.7%, Missing Forecasts — Update

By Stuart Condie

SYDNEY--Australia's Macquarie Group lifted its dividend by less than expected after its first-half profit fell short of analysts' forecastson a weaker performance by its commodities unit.

The Australian financial giant, known locally as the Millionaires' Factory, on Friday reported a net profit for the six months through September of 1.655 billion Australian dollars, equivalent to about US$1.08 billion, from A$1.61 billion a year ago.

Revenue rose 5.7% to A$8.69 billion.

The average analyst forecast had been for a A$1.86 billion first-half profit, according to data compiled by Visible Alpha.

Macquarie lifted its interim dividend to A$2.80 from A$2.60 a year ago. Consensus had been for a dividend of A$3.09.

Operating expenses rose 5.4% to A$6.24 billion, rising at a slower pace than revenue but exceeding the 2.9% growth anticipated by analysts.

Macquarie's commodities and global markets unit contributed A$1.11 billion to group net profit, down 15% on a year earlier and well short of the A$1.385 billion expected by analysts. The unit was hit by increased costs as well as higher credit and impairment charges.

Banking and financial contributed A$793 million in net profit, up 22% on a year earlier and beating consensus expectations of A$785.2 million amid strong loan and deposit growth.

Shares in Macquarie, Australia's eighth-largest locally listed company by market capitalization, hit a record A$241.02 in January but are down 2.0% so far in 2025.

The financial sector on Australia's S&P/ASX 200, the country's benchmark index, is up by 14% over the same period.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

November 06, 2025 18:00 ET (23:00 GMT)