Pengana Capital Group (PCG) H1 2025 earnings summary

Executive summary

• Achieved strong profitability in H1 FY2025, driven by significant performance fees, higher-margin product growth, and a 92% increase in revenue to $34.9 million compared to the prior period.

• Interim dividend of 2 cents per share, fully franked, doubled from the prior comparable period and payable in March 2025.

• Net profit after tax was $3.5 million, a turnaround from a $0.9 million loss in the previous half-year.

• Full six months of revenue contribution from Global Private Credit funds launched late FY2024.

• No significant changes in the state of affairs or material events after the reporting period, except for the dividend declaration.

Financial highlights

• Management fees for H1 FY2025 were $20.2 million and performance fees were $13.0 million, driving total revenue to $34.9 million.

• Operating EBITDA reached $7.2 million in H1 FY2025, up from $3.1 million in FY2024.

• Statutory profit after tax was $3.5 million, with basic EPS on statutory profit at 4.02 cents and diluted EPS at 3.98 cents.

• Total expenses rose to $29.1 million from $18.5 million year-over-year.

• Net tangible assets per ordinary security increased to 39.63 cents as of 31 Dec 2024.

Outlook and guidance

• Positioned for outsized FUM growth and higher margins through strategic focus on private markets and global investment opportunities.

• Opportunity to diversify further by adding new Global Private Credit strategies.