Pacific Current Group (PAC) investor relations material

Executive summary

• Underlying NPAT for FY26 was A$14.8m, down 43% year-over-year, reflecting boutique divestments, asset realisations, and capital returns.

• Statutory net loss after tax was A$1.5m, compared to a A$58.2m profit in FY25, due to non-cash fair value movements and the absence of a prior year gain on sale.

• Total dividend for FY26 was A$0.48 per share, up 12% year-over-year, with a mix of fully and partially franked dividends.

• Strategic review commenced to explore options including a proposal from River Capital, sale, or delisting, aiming to optimise shareholder value.

• Portfolio was simplified, increasing transparency, eradicating debt, and materially reducing operating expenses.

Financial highlights

• Funds under management ended at A$26.4b, down from A$30b, mainly due to asset exits and currency effects.

• Fair value NAV per share increased 4% to A$16.18, a A$2.22 premium to statutory NAV.

• Overhead expenses reduced by 41% year-over-year to A$9.4m, with further reductions expected.

• Number of ordinary shares on issue fell 7% to 27.9 million due to buy-backs.

• Cash and short-term deposits increased to A$157.7m, funding debt repayment, buybacks, and dividends.

Outlook and guidance

• FY27 priorities include preserving capital optionality, funding dividends from cash earnings, further expense reduction, and sharpening the operating model.

• Strategic review will guide deployment of capital and potential further returns to shareholders.

• Corporate expenses expected to decline further as interest and management fees roll off.

• Management expects to maintain strong momentum and focus on disciplined execution during the review.

• Outlook assumes flat equity markets and stable currency.