HMC Capital (HMC) H1 2025 earnings summary

Executive summary

• Achieved record pre-tax operating earnings of $202.2 million for 1H FY25, up 240% year-over-year, with pre-tax operating EPS rising 204% to 51.9 cents.

• Assets under management (AUM) increased 45% since June 2024, reaching $18.5 billion, supported by major acquisitions, platform expansion, and new fund launches.

• Major acquisitions included Payton Capital and Stratcap, expanding into private credit and digital infrastructure, and the $950m Neoen Victoria acquisition for energy transition.

• Launched DigiCo Infrastructure REIT, the largest Australian IPO in over six years, creating a scalable global data centre platform.

• Strong recurring earnings base established, with diversified growth across real estate, private equity, private credit, energy transition, and digital infrastructure.

Financial highlights

• 1H FY25 revenue rose 203% year-over-year to $272.3 million; management fees up 209% to $126.5 million.

• Operating earnings before tax increased to $202.2 million from $59.4 million in 1H FY24; after-tax operating earnings at $140.5 million.

• Pre-tax operating EPS increased to 51.9 cents from 17.1 cents year-over-year.

• Interim dividend of 6.0 cents per share, fully franked; annualised FY25 operating pre-tax EPS tracking at 80 cents.

• Net tangible assets plus undrawn debt at $1.9 billion as of Dec 2024.

Outlook and guidance

• Annualised FY25 pre-tax operating EPS is tracking at 80 cents; baseline annualised recurring earnings now between 45–50 cents per share.

• FY25 dividend per share guidance reaffirmed at 12.0 cents, with retained earnings reinvested for growth.

• Confident in maintaining earnings growth momentum, supported by recurring income streams and scalable platforms.

• Inaugural $2bn+ energy transition fundraising on track for first close in 2H FY25; further AUM growth anticipated as interest rates ease.