Pengana Capital Group (PCG) investor relations material

Executive summary

• Funds under management (FUM) increased 8.6% to $3.8bn as of 31 Dec 2025, driven by $313m net inflows into the Global Private Credit (GPC) Platform.

• Net base revenue (NBR) rose 17% over six months, with margin expansion attributed to high-margin GPC inflows.

• Revenue for the half-year ended 31 December 2025 was $33.2 million, down 5% year-over-year from $34.9 million.

• Net profit after tax attributable to owners was $1.7 million, a 51% decrease from $3.5 million in the prior corresponding period.

• TermPlus fintech business gained significant traction, supporting group revenue growth.

Financial highlights

• Gross base revenue up 13.2% to $48.1m annualized run rate; NBR up 17% to $37.0m.

• Management fees decreased to $20.2 million from $21.1 million year-over-year.

• Performance fees dropped significantly to $6.0 million from $13.0 million year-over-year.

• Operating EBITDA for H1 2026 was $4.6m, up $1.0m from H2 2025.

• Cash and cash equivalents increased to $43.4 million from $20.4 million at the start of the period.

Outlook and guidance

• GPC Platform expected to sustain strong margins and high NBR growth.

• TermPlus adoption anticipated to accelerate, further boosting group profitability.

• An interim fully franked dividend of 2.5 cents per share was declared, payable on 31 March 2026.

• Listed Equities to focus on selective growth; performance fees to remain sporadic.

• Operating expenses projected to grow only marginally, supporting scalable profit growth.