Hennessy Advisors (HNNA) investor relations material

Executive summary

• Q3 revenue rose 4.2% YoY to $8.39M; net income fell 5.7% to $2.00M, primarily due to costs from early redemption of the 2026 Notes.

• Average AUM increased 4.0% YoY to $4.26B; quarter-end AUM rose 2.6% to $4.391B as market appreciation was substantially offset by net outflows.

Financial highlights

• Q3 investment advisory fees were $7.8M, up 4.2% YoY; shareholder service fees were $0.6M, up 3.1%.

• 9M revenue was $24.8M versus $27.0M; operating income was $8.1M versus $10.1M; net income was $5.8M versus $7.5M.

• Q3 operating expenses rose 5.2% to $5.5M; 9M operating expenses declined 1.1% to $16.7M, equal to 67.3% of revenue versus 62.5%.

• Q3 diluted EPS was $0.25 versus $0.26; 9M diluted EPS was $0.73 versus $0.95.

Outlook and guidance

• Management expects underlying fundamentals to support measured growth and is hopeful for another year of positive market returns in 2026.

• Strategy centers on acquisitions and integration, plus organic growth through asset retention and fund inflows; focus remains on investment performance and investor service.

• Cash and liquid assets at June 30 are expected to cover capital requirements for at least one year from report issuance and longer-term needs; additional capital may be sought if required.