Pacific Current Group (PAC) investor relations material

Executive summary

• Underlying NPAT for the half-year was A$6.7m, down 56% year-over-year, due to lower distributions, management fees, and interest income, partially offset by cost savings and lower interest expense.

• Statutory net loss after tax was A$11.7m, compared to a profit of A$100.4m in the prior year, mainly due to the absence of one-off gains and fair value adjustments.

• Interim dividend of A$0.20 per share, fully franked, up from A$0.15 (unfranked) in 1H25, with a record date of March 5, 2026.

• Portfolio repositioning included partial sale of Victory Park Capital, full exit from Janus Henderson Group, and new growth capital deployment.

• Senior secured debt facility of A$64.3m fully repaid, eliminating financial debt and strengthening the balance sheet.

Financial highlights

• Underlying NPAT was A$6.7m, impacted by lower distributions and interest income, and underlying EPS declined to A$0.22 per share.

• Fair value NAV per share rose to A$16.34, up 14% year-over-year, exceeding statutory NAV by A$2.42 per share.

• Corporate costs reduced by approximately 31% compared to the prior period.

• Funds under management decreased 4% year-over-year to A$28.8b.

• Cash and short-term deposits increased to A$152.3m, reflecting asset sales and debt repayment.

Outlook and guidance

• Management aims to accelerate growth through existing and new boutique investments, focusing on cost control, balance sheet strength, and organizational efficiency.

• Five key initiatives: accelerate growth, unlock shareholder value, control costs, strengthen balance sheet, and enhance organizational efficiency.

• Growth expectations assume flat equity markets and stable currency; new allocations to boutiques are uncertain in timing and amount.