This report does not constitute a rating action. MELBOURNE (S&P Global Ratings) Nov. 7, 2025--Macquarie Group Ltd.'s (MGL) diversification across business lines remains a key factor supporting the financial services group's credit strength. Australia-headquartered MGL (BBB+/Stable/A-2) today announced a half-year net profit of A$1.655 billion for the six months ended Sept. 30, 2025, up 3% on the prior corresponding period. Performance in the retail banking, asset management, and investment banking divisions supported the result. Strong mortgage growth, well above system, supported the retail banking result. Higher performance fees drove the asset management outcome. The investment banking business benefited from higher M&A activity, brokerage fees, and net income on private credit. Weighing on the result was the cyclical commodities and global
