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HMC Capital (HMC) investor relations material
HMC Capital H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary18 Aug, 2025
Executive summary
Pre-tax operating earnings per share rose 51% to $0.56, with strong contributions from private equity and funds management divisions.
Assets under management grew 47% year-over-year to $18.7B, driven by new fund launches, acquisitions, and the ASX listing of Digico REIT.
Major acquisitions included Neoen's Victorian energy portfolio, and significant expansion occurred in digital infrastructure with the DigiCo REIT IPO.
The business remains well-capitalized with no drawn debt, a net cash position, and over $2B in balance sheet liquidity.
Despite financial growth, share prices of listed REITs declined, prompting management focus on operational improvements.
Financial highlights
Total revenue increased 113% to $403.5M, with funds management revenue at $234.2M and EBITDA up 160% to $102.6M.
Pretax operating earnings were $225M or $0.56 per share, up 51% year-over-year.
Final dividend of $0.06 per share, totaling $0.12 per share for FY25.
Impairment expense of $31.9M related to DGT NAV alignment and $7.8M loss on asset disposals recognized.
Funds management EBITDA margin was 44% overall, with higher margins in private equity (91%) and real estate (62%).
Outlook and guidance
Targeting pretax earnings of at least $0.40 per share in FY2026, representing a 29% CAGR since FY2020.
Real estate aims for 15% EBITDA growth, private credit 20%, and private equity targets 15% returns.
Dividend guidance for FY2026 remains at $0.12 per share, with retained earnings reinvested for growth.
Digital and Energy Transition divisions expected to contribute more as platforms mature.
Strong organic growth expected in recurring funds management income across all verticals.
What's driving the 5-10c EPS difference?
What's the strategy for HMCCP Fund I?
Why narrow energy transition focus now?
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Next HMC Capital earnings date
AGM 202519 Nov, 2025
Next HMC Capital earnings date
AGM 202519 Nov, 2025
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Frequently asked questions
HMC Capital Limited, formerly known as Home Consortium Limited, is an Australian-based company that specializes in funds management through the ownership and management of real asset-focused funds. The company serves a diverse clientele, including individuals, large institutions, and super funds, by investing in scalable and high conviction real asset strategies. With a portfolio that spans across real estate and private equity, HMC Capital manages assets on behalf of its clients, aiming to deliver value through strategic asset selection and management. The company is headquartered in Sydney, New South Wales, and its shares are listed on the Australian Securities Exchange.
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