MA Financial Group (MAF) Q4 2025 TU earnings summary

Executive summary

• Delivered a net return of 8.12% p.a. annualised for the three months to December 2025, exceeding the RBA Cash Rate by 4.00%.

• Maintained a consistent monthly income objective, targeting RBA Cash Rate + 4.25% p.a. (pre-tax, net of fees and costs).

• Managed by an ASX-listed alternative asset manager with over $13.3 billion in AUM and a strong private credit track record.

• Over $230 million co-invested by management and staff, demonstrating strong alignment.

Financial highlights

• Price and NAV per unit were both $2.00 as of 31 December 2025.

• Market cap stood at $570 million, with underlying fund asset exposure of $6.7 billion (including cash).

• Distribution yield was 8.02% p.a. as of 31 December 2025.

• No principal capital loss since inception, with only 3bps loss experience.

Outlook and guidance

• Australian economy showed resilience with 2.1% year-on-year Q3 GDP growth and steady unemployment at ~4.3%.

• Inflation remains above RBA’s 2-3% range; RBA held cash rate steady.

• Global risks persist, with ongoing geopolitical uncertainty and softer growth prospects.

• Private credit growth continues in Australia and the US, driven by bank retrenchment and borrower demand.