Macquarie Group (ASX: MQG) Today: Share Price, New Board Appointment and 2026 Outlook

Sydney, 5 December 2025 — Macquarie Group Limited (ASX: MQG) sits in the market cross‑hairs again, with a fresh board appointment, a firmed‑up dividend reinvestment plan (DRP) price, and a wave of broker updates following last month’s half‑year result.

As of Thursday’s close (4 December), Macquarie shares finished at A$196.96, leaving the stock roughly in the middle of its 52‑week trading range between A$160.00 and A$242.90, and implying a market capitalisation of about A$72 billion. ^[1] Intraday pricing on Friday has hovered just under the A$196 mark on several local platforms. ^[2]

Over the past 12 months, Macquarie’s total return has lagged both its sector and the broader market: Market Index data show the stock underperforming the ASX financials sector by about 16% and the S&P/ASX 200 by roughly 18%. ^[3] That underperformance is the backdrop for the latest news investors are chewing over today.

New board appointment: William Vereker joins from London

The most concrete development on 5 December 2025 is a board shake‑up.

Macquarie has announced the appointment of William Vereker as an independent, non‑executive director of Macquarie Group Limited, effective 1 February 2026. ^[4]

According to the ASX release:

Vereker is London‑based and brings long experience in global financial markets and risk management.
He currently sits on the board of London Stock Exchange Group, chairing its board remuneration committee, and holds roles with Delancey Real Estate Credit Fund and Celonis GmbH, as well as chairing the advisory board of Gonville and Caius College, Cambridge. ^[5]
He was previously chair of Santander UK until August 2025. ^[6]

Once his appointment becomes effective, Macquarie’s board will comprise nine directors. ^[7]

From a governance perspective, this continues a pattern of Macquarie populating its board with figures who have deep European capital‑markets experience, which may help as the group leans further into infrastructure, energy transition and private‑market deals across multiple regions.

Dividend reinvestment plan price locked in at A$195.34

Income‑focused investors have been watching the mechanics of Macquarie’s latest dividend closely.

Following the 1H26 result, the board declared an interim ordinary dividend of A$2.80 per share (35% franked), with a record date of 18 November 2025 and payment date of 17 December 2025. ^[8] This is up from A$2.60 a year ago but down from the A$3.90 final dividend paid in July, and corresponds to a payout ratio of 64% within the group’s 50–70% target range. ^[9]

Yesterday the company finalised the Dividend Reinvestment Plan pricing:

Shares allocated under the DRP for this interim dividend will be issued (or acquired on‑market) at A$195.34 per share.
The price is calculated as the arithmetic average of the volume‑weighted average price (VWAP) of MQG trades over the eight trading days from 24 November to 3 December 2025. ^[10]

Because the DRP price sits fractionally below recent market trading around A$196, it effectively offers a tiny discount versus Thursday’s close, though not a formal DRP discount in the plan rules. At the current share price, Macquarie’s trailing dividend stream (A$6.70 per share over the past 12 months) implies a grossed‑up yield in the mid‑single digits for Australian investors once franking is included. ^[11]

Half‑year 2026 result: profit up, expectations higher

The current narrative around MQG stock really started on 7 November 2025, when Macquarie released its 1H26 numbers.

Key headline figures from the company’s own result announcement:

Net profit after tax: A$1.655 billion for the half year to 30 September 2025
- Up 3% on the prior corresponding period (1H25)
- Down 21% versus the immediately preceding half (2H25) ^[12]
Net operating income: A$8.691 billion, up 6% year‑on‑year, down 3% half‑on‑half. ^[13]
Assets under management (AUM): A$959.1 billion, up 5% versus 30 September 2024 and 2% versus 31 March 2025. ^[14]
Annualised return on equity: 9.6%, down from 11.2% in FY25. ^[15]

The market reaction was cool. Reuters reported that Macquarie’s half‑year profit missed Visible Alpha consensus estimates by around 12%, largely because profit in the Commodities and Global Markets (CGM) division fell 15%, while the more stable asset‑management and retail‑banking units did the heavy lifting. ^[16]

Macquarie’s CEO Shemara Wikramanayake has stressed that a subdued global commodities backdrop — lower volatility in energy markets in particular — has weighed on the trading‑heavy CGM franchise, while banking and asset management continue to benefit from growth in home loans, deposits and private‑markets fundraising. ^[17]

Meanwhile, Macquarie extended its on‑market share buyback of up to A$2 billion for a further 12 months, having already repurchased about A$1.0 billion of stock at an average price just under A$190 per share by early November. ^[18]

How each division is pulling its weight

The half‑year result also showed how Macquarie’s four operating groups are contributing:

Macquarie Asset Management (MAM) delivered net profit of A$1.175 billion, up 43% year‑on‑year, primarily because of higher performance fees from data‑centre and infrastructure assets. ^[19]
Banking and Financial Services (BFS) lifted profit 22% to A$793 million, powered by a growing mortgage and deposit book, albeit with some margin compression as competition heats up. ^[20]
Commodities and Global Markets (CGM) saw profit decline 15%, as lower volatility in North American gas and power markets weighed on trading income. ^[21]
Macquarie Capital almost doubled profit to A$711 million, helped by stronger M&A and advisory fees and a growing private‑credit portfolio. ^[22]

The story here is familiar to long‑time watchers of Macquarie: earnings are diversified, but volatile divisions like commodities and principal investments still drive sentiment when they miss or beat expectations.

Analyst reaction today: Jarden upgrade and consensus “Buy”

Fast‑forward to early December and analysts are re‑marking their territory.

Jarden has upgraded Macquarie from Underweight to Overweight, raising its price target from A$200 to A$220 per share. In a note summarised by FNArena today, the broker argues that Macquarie is entering a “transition phase”, where recent asset sales actually improve earnings visibility:

It highlights the agreed sale of Macquarie Asset Management’s stake in Aligned Data Centers, which effectively locks in several years of performance fees.
It also points to MAM’s sale of its North American and European public‑investments business to Nomura, freeing capital and management focus for private markets. ^[23]
Jarden has nudged its FY26–FY28 cash‑earnings forecasts up by as much as 5% on the back of these moves. ^[24]

Looking across the broader analyst community, data compiled by Investing.com and Moomoo show:

A consensus 12‑month target price around A$224–225, with estimates ranging from A$200 to A$255. ^[25]
A consensus recommendation of “Buy”, based on 12–13 analysts; roughly half rate the stock a buy or strong buy, a minority are negative, and the rest sit at hold. ^[26]

Against a spot price near A$196, that average target implies roughly 15% capital upside before dividends, if those forecasts prove accurate.

Separately, Standard & Poor’s recently reiterated that Macquarie’s risk‑management capabilities and balance sheet remain key strengths, noting that credit and impairment charges for the half were just A$29 million, under 5 basis points of relevant assets — far below the ~40‑basis‑point average for large global banking peers. ^[27]

Technical picture: “hold/accumulate” after a choppy stretch

From a chart watcher’s perspective, Macquarie looks less exciting than the business headlines might suggest.

Technical‑analysis site StockInvest.us classifies MQG as a “hold/accumulate” candidate at current levels. As of the 4 December close: ^[28]

The stock gained 0.51% on the day, closing at A$196.96 after trading between A$195.45 and A$199.60.
It has fallen in 6 of the last 10 sessions, yet is still up about 1.3% over the past two weeks.
Macquarie trades in the middle of a wide but downward‑sloping short‑term trend channel, and their model projects a possible 12–13% decline over the next three months, with a 90% confidence band between roughly A$161 and A$187.
Short‑term momentum indicators (such as MACD and a recent pivot‑bottom signal) are positive, but the long‑term moving average still points down, creating mixed signals.

The takeaway: technicians see room for near‑term range trading rather than a clear trend, with key support near the low‑A$190s and resistance above A$200. ^[29]

Balance sheet strength and capital management

Despite the earnings wobble in CGM, Macquarie’s capital position remains a major part of the bull case:

Group capital surplus: A$7.6 billion above minimum regulatory requirements at 30 September 2025. ^[30]
Bank Group CET1 ratio (Level 2): 12.4% (harmonised 17.3%), comfortably above APRA floors. ^[31]
Liquidity Coverage Ratio (LCR): 173%; Net Stable Funding Ratio (NSFR): 113%. ^[32]

At the July AGM and 1Q26 trading update, the group reiterated its “cautious” stance, emphasising conservative funding and liquidity while still pursuing growth in annuity‑style businesses and private‑market assets. ^[33]

Credit‑rating analysts have taken comfort from this profile. The recent S&P report referenced earlier underscores that Macquarie’s minimal credit charges through the latest half compare favourably with global peers, and that its “robust balance sheet” is a key mitigant against macroeconomic and market volatility. ^[34]

Smaller moving parts: securities lapses and governance transition

A couple of other, lower‑profile filings also hit the market in recent days:

On 2 December, Macquarie disclosed that 14,042 deferred share units had ceased due to the lapse of conditional rights, a housekeeping move with no consideration paid. ^[35]
Earlier this year, the group flagged that long‑time CFO Alex Harvey will step down from the role at the end of 2025, with Frank Kwok — currently Deputy CFO and former head of MAM’s real‑assets franchise in Asia–Pacific — to step up in early 2026, subject to approvals. ^[36]

Taken together with today’s appointment of William Vereker, the picture is of a board and senior leadership team being refreshed while keeping a strong continuity of internal experience.

Key dates and catalysts on the horizon

For investors tracking MQG into 2026, a few diary entries matter:

17 December 2025 – payment date for the A$2.80 interim dividend (with DRP at A$195.34). ^[37]
8 May 2026 – expected date for Macquarie’s full‑year FY26 preliminary and annual results, according to Market Index’s company calendar. ^[38]
6 November 2026 – expected interim FY27 result date. ^[39]

Macro‑wise, the big swing factors remain:

The path of global interest rates and inflation
Volatility and volumes in energy and commodities markets (which drive CGM’s trading income)
Appetite for infrastructure, energy‑transition and private‑credit assets, which underpin MAM and Macquarie Capital
Regulatory and legal developments — Macquarie has previously been required to compensate retail investors over legacy structured products, for example. ^[40]

How Macquarie’s business mix positions it for 2026

Macquarie describes itself as a diversified financial services group spanning asset management, banking, commodities, and corporate advisory. ^[41] The last year has underlined both the strengths and quirks of that model:

When markets are calm, trading‑driven earnings in CGM soften, but recurring income from BFS mortgages, deposits, and MAM management fees helps cushion the blow.
When volatility spikes, CGM can produce outsized profits — but those are hard to model and can reverse just as quickly.
The steady ramp‑up in private‑markets AUM and private credit fees suggests the group is trying to tilt the mix further toward annuity‑style income, even while it continues to seed and recycle riskier principal positions. ^[42]

Broker forecasts currently pencil in mid‑single‑digit earnings growth for FY26, off a base FY25 profit of roughly A$3.7 billion, but those numbers rely heavily on a stronger second half from Commodities and Global Markets and continued growth in retail banking. ^[43]

Overlay that with:

A stout balance sheet and relatively low credit losses
A growing stream of dividends and the extended A$2 billion share buyback
Fresh board‑level and CFO‑level appointments aimed at keeping governance aligned with a bigger, more global business

…and you get a company that many analysts still see as structurally attractive, but whose share price could remain bumpy as macro conditions and commodities cycles wax and wane.

Bottom line

On 5 December 2025, Macquarie Group’s investment case is being reshaped at the margin:

A new London‑based director adds further global capital‑markets expertise to the board. ^[44]
The interim dividend and DRP are locked in, offering a decent income stream while the stock trades well below its 52‑week high. ^[45]
Broker sentiment has warmed, with Jarden’s upgrade and a consensus target still sitting comfortably above the current share price. ^[46]
Technical models, however, argue for caution, describing MQG as more of a hold/accumulate than an outright momentum buy in the near term. ^[47]

As always, these are moving parts rather than guarantees. Any decision about Macquarie shares needs to factor in your own risk tolerance, time horizon, tax position and portfolio mix. This article is general information only and does not constitute personal financial advice.