Qualitas
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Qualitas (QAL) investor relations material

Qualitas H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary16 Feb, 2026

Executive summary

  • Achieved record half-year financial performance with net deployment of $3.69bn, supporting strong earnings momentum and margin expansion.

  • Fee-earning FUM increased 38% year-over-year to $10.9bn, with committed FUM up 18%.

  • Normalised net profit before tax rose 30% to $30.2m; statutory NPAT up 27% to $20.7m.

  • Interim fully franked dividend increased 40% to 3.5c per share, with a payout ratio of 51%.

  • Strong momentum in residential and non-residential real estate, with significant market share in large-scale developments.

Financial highlights

  • Net funds management revenue up 53% year-over-year, driven by base management and transaction fees.

  • Base management fees increased 28% to $30m, now representing 70% of funds management revenue.

  • Transaction fees up 69% to $13m; performance fee revenue up 55% to $4.8m.

  • Funds management EBITDA increased 42% to $34.3m; EBITDA margin expanded to 55%.

  • Principal income up 15% to $15.3m, maintaining a 9% balance share yield.

Outlook and guidance

  • FY26 net profit before tax guidance reaffirmed at $60m–$66m.

  • FY26 EPS guidance of 13.9c–15.3c per share, excluding mark-to-market movements and capital raising costs.

  • Strong pipeline and deployment expected to drive further growth in base management and performance fees.

  • Continued investment in AI and platform capabilities to support scalable, long-term growth.

  • Dividend payout ratio targeted at 50%–95% of operating earnings.

What drove the Arch Finance deconsolidation?
How is capital deployment funded?
What drives performance fee recognition timing?
Performance fee pool growth acceleration
Rising rates impact on non-residential CRE deployment
AI's role in enhancing efficiency and growth
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H2 202611 Aug, 2026
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Frequently asked questions

Qualitas Limited is an Australian company specializing as an alternative real estate investment manager. The company is focusing on delivering attractive risk-adjusted investments in real estate private credit and equity. The company's investment solutions cater to a broad range of clients, including institutional, wholesale, and retail investors. Its investment strategy emphasizes real estate private credit, opportunistic real estate private equity, income-producing commercial real estate, and build-to-rent residential projects. The company is headquartered in Australia, and its shares are listed on the ASX.

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