Qualitas (QAL) H1 2026 earnings summary

Executive summary

• Achieved record half-year financial performance with net deployment of $3.69bn, supporting strong earnings momentum and margin expansion.

• Fee-earning FUM increased 38% year-over-year to $10.9bn, with committed FUM up 18%.

• Normalised net profit before tax rose 30% to $30.2m; statutory NPAT up 27% to $20.7m.

• Interim fully franked dividend increased 40% to 3.5c per share, with a payout ratio of 51%.

• Strong momentum in residential and non-residential real estate, with significant market share in large-scale developments.

Financial highlights

• Net funds management revenue up 53% year-over-year, driven by base management and transaction fees.

• Base management fees increased 28% to $30m, now representing 70% of funds management revenue.

• Transaction fees up 69% to $13m; performance fee revenue up 55% to $4.8m.

• Funds management EBITDA increased 42% to $34.3m; EBITDA margin expanded to 55%.

• Principal income up 15% to $15.3m, maintaining a 9% balance share yield.

Outlook and guidance

• FY26 net profit before tax guidance reaffirmed at $60m–$66m.

• FY26 EPS guidance of 13.9c–15.3c per share, excluding mark-to-market movements and capital raising costs.

• Strong pipeline and deployment expected to drive further growth in base management and performance fees.

• Continued investment in AI and platform capabilities to support scalable, long-term growth.

• Dividend payout ratio targeted at 50%–95% of operating earnings.