Qualitas (QAL) H1 2026 earnings summary

Executive summary

• Achieved record half-year financial performance with strong deployment, including $3.7 billion deployed in 1H26, a 57% increase year-over-year, and robust growth in fee-earning FUM to $10.9 billion, up 38%.

• Normalised net profit before tax rose 30% to $30.2 million, with statutory NPAT up 27% to $20.7 million.

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

• Secured new mandates from major global and offshore pension funds, and increased allocations from existing investors.

• 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 $29.7 million, representing 70% of funds management revenue.

• Transaction fees surged 69% to $12.9 million; net performance fee revenue up 75% to $5 million.

• Funds management EBITDA increased 42% to $34.3 million, with a margin of 55%.

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

Outlook and guidance

• FY26 net profit before tax guidance reaffirmed at $60–66 million, up 13–25% year-over-year.

• FY26 EPS guidance of 13.9–15.3 cents 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, platform capabilities, and ESG initiatives to support scalable, long-term growth.

• Guidance assumes no material adverse market changes; actual results may vary due to market conditions.