Pengana Capital Group (PCG) investor relations material

Share valuation and buybacks

• Buybacks increased, acquiring a large share of daily traded volume, reflecting a view that shares are substantially undervalued at current prices.

• NTA of $28.6m equated to 30c/share; at a 72c share price, implied operating business value was 42c/share, or $39.6m based on 94.36m shares.

Operating business positioning

• Retail and adviser relationships built over 24 years support a strong Australian wealth-market brand; Global Private Markets is now the dominant business segment, with high margins and sticky FUM.

• Global Private Markets run-rate FUM rose 87% and run-rate net base revenue rose 107% in 2026.

• Growth in global private market exposures is capturing increased share in retail and adviser segments; the Global Private Credit portfolio has zero Australian exposure.

• Stable expenses create operating leverage as the business grows in Global Private Market solutions for retail and advisers.

Run-rate growth

• Total FUM increased 14.0%, from $3.5bn to $4.0bn; net base revenue rose 29.2% ($9.3m), while base operating expenses excluding upfront new-business acquisition costs increased $0.5m.

• Global Private Markets FUM rose 87%, from $0.84bn to $1.56bn, an increase of $723.7m; net base revenue rose 107%, or $10.9m.

• At 30 June 2026, Global Private Markets FUM was $1,560m, gross base revenue $23.0m and net base revenue $21.1m; net base revenue margin was 1.35%, up 0.14 percentage points YoY.

• Run-rate revenue annualises actual FUM at a specified date using expected annualised base revenue margins, capturing inflows regardless of timing.