Pengana Capital Group (PCG) AGM 2026 presentation summary

Business model and positioning

• Four components: Global Private Credit (GPC), TermPlus term accounts, Global Private Equity (GPE) and nine listed-equity strategies; shared infrastructure, sales and operating staff support the platforms.

• Funds and accounts serve superannuation, SMSFs, corporate super and general savings, targeting advisers, direct HNW investors, family offices, retail clients and small-to-mid-sized institutions.

• Product range comprises 11 unlisted unit trusts, four ASX-listed vehicles and three fixed-term accounts; direct investor base exceeds 10,000.

• Global Private Markets run-rate FUM rose 87% to $1.56bn at 30 June 2026 from $836m a year earlier; run-rate NBR increased 107% to $21.1m.

• Private Markets contributed 51% of run-rate NBR in FY26, versus 14% in FY21; GPC has zero exposure to Australia.

FY26 highlights and financial performance

• Total run-rate FUM increased 14.0% to $4.0bn from $3.5bn; run-rate NBR rose 29.2% ($9.3m), while base operating expenses increased $0.5m.

• FY26 NBR was $31.3m, up $1.2m YoY; base operating EBITDA was $5.7m, up $0.7m. Operating EBITDA was a loss of $5.5m versus $9.9m profit in FY25.

• Net performance fees were $2.8m in FY26, down from $7.9m; market development expenses rose to $4.3m and product development expenses to $9.8m.

• Statutory loss after tax was $5.6m versus $2.6m profit in FY25; net tangible statutory assets were $28.6m at 30 June 2026, down from $36.6m.

• AIX launched with $267m raised in June 2026; material PE1 FUM growth was largely driven by a large SpaceX position. TermPlus gained traction and a corporate-super mandate was secured.

Outlook and valuation

• GPC expects growth across existing and new products, strong margins and high NBR growth; wider TermPlus adoption is expected to add high-margin FUM.

• GPE sees substantial growth opportunities; listed equities are described as low-growth and capacity-constrained, with performance fees continuing sporadically.

• Operating expenses are expected to grow only marginally against largely fixed infrastructure; adjustable product development, capital raising and marketing spend can support FUM growth and operating-profit leverage.

• At 30 June 2026, NTA was $28.6m, or $0.30 per share; at a $0.92 share price, implied operating-business value was $0.61 per share, or $56m.