Pacific Current Group (PAC) AGM 2026 presentation summary

FY26 financial performance

• Underlying income A$25.1m, down 48% YoY; boutique income fell 72% to A$7.1m, while interest income of A$16.8m made up 67% of underlying income.

• Underlying NPAT A$14.8m, down 43%; EPS 50.2 cents vs 55.8 cents, supported by 36.8% fewer weighted average shares.

• Overheads fell 41% to A$9.4m; interest income covered corporate overheads 3.1x, and debt repayment removed A$4.0m of net interest expense.

• FY26 dividends A$0.48 per share, partially franked, up 12% YoY.

• Fair value NAV A$16.18 per share, up 4%; statutory NAV A$13.96 per share.

Portfolio and capital allocation

• A$35.8m of strategic realisations: Janus Henderson A$13.9m, Abacus A$11.4m, Victory Park Capital A$7.7m and Aether A$2.6m.

• Repaid A$62.2m senior secured debt in Oct 2025, eliminating financial debt; repurchased 2.2m shares during FY26.

• Committed A$42.1m across secured facilities to a Roc Partners affiliate, NLAA and IFP at 10–11% p.a.; A$14.6m drawn at 30 June 2026.

• Sold remaining Abacus shares after 30 June; continued to hold Abacus bonds. Boutique FUM was A$26.4b at 30 September 2026, broadly unchanged since year-end.

Shareholder value

• Total shareholder return was 10.4% in FY26 and 18.4% p.a. over five years, vs 6.1% and 7.8% p.a. for the S&P/ASX 200 Accumulation Index.

• At 30 June 2026, fair value-adjusted NAV exceeded statutory NAV by A$2.22 per share, or 16%; fair value estimates can be affected by currency fluctuations.