Magellan Earnings: Barrenjoey to Reverse Decline in Performance but Market Expecting a Lot More

Magellan's underlying net profit after tax fell 47% in fiscal 2026. Management fees fell 13% from lower funds under management and fee compression. FUM declined 7%. Management fee margins reduced to 0.52% of FUM from 0.61% last year, as the mix shifted toward lower-margin institutional FUM.