Slide 1: ASX Announcement: FY26 Results Presentation
Qualitas Limited (ASX: QAL) ASX Announcement 20 August 2026 Qualitas Limited – FY26 Results Presentation Qualitas Limited (ASX: QAL) (Qualitas, or Company) provides the attached FY26 Results Presentation. A market briefing for the 2026 Full Year Results will be held at 9:30am (AEST) on Friday, 21 Au
Slide 2: Contact details and About Qualitas
For more information, please contact: Investor enquiries Media enquiries Nina Zhang Kate Stokes Head of Investor Relations Head of Marketing and Communications P: +61 3 9612 3939 M: +61 3 9612 3936 E: nina.zhang@qualitas.com E: kate.stokes@qualitas.com Investor website: qualitas.com/shareholders Abo
Slide 3: Qualitas FY26 Results
Qualitas FY26 Results ASX: QAL 20 August 2026 qualitas.com
Slide 4: Important notices and disclaimers
Important notices and disclaimers Preparation and responsibility • changes in residential and commercial property market conditions, including a further deterioration in property valuations; This document has been prepared by, and is the sole responsibility of, Qualitas Limited (ACN 655 057 588) (Qu
Slide 5: Acknowledgement of Country
Acknowledgement of Country Qualitas acknowledges the Traditional Custodians of Country throughout Australia and their ongoing connection to land, sea, and community. We pay our respect to their Elders past and present. Journey of Growth – Alysha Menzel 3
Slide 6: Agenda and presenters
Agenda and presenters 01 FY26 Highlights Andrew Schwartz Group Managing Director and Co-Founder 02 Market Update 03 Funds Management Mark Fischer Global Head of Real Estate and Co-Founder 04 FY26 Financial Results Philip Dowman 05 Outlook and Guidance Group Chief Financial Officer qualitas.com 4
Slide 7: FY26 Highlights
FY26 Highlights 01 qualitas.com
Slide 8: Fee Earning FUM, deployment, and scale efficiency drive earnings growth into FY27
Fee Earning FUM, deployment, and scale efficiency drive earnings growth into FY271 Quality and scalable growth in FY26 Qualitas Europe office established Record FY26 deployment with strong Arch Finance loan book up FY27 FY27 momentum 36% in FY26 NPBT GUIDANCE3 Growing credit performance fees BTR equ
Slide 9: Strong fee related earnings growth with margin expansion
Strong fee related earnings growth with margin expansion FY26 RESULTS HIGHLIGHTS1 54% $85m $62m $23m 52% 52% $129m RECURRING FM REVENUE BASE MANAGEMENT FEES (BMF) TRANSACTION FEES (TF) $14m +27% vs. FY25 +27% vs. FY25 +28% vs. FY25 49% $107m $8m $30m 46% $70m 54% $63m $67m $64m $78m $31m $23m FM EBI
Slide 10: Platform resilience underpinned by institutional capital and track record
Platform resilience underpinned by institutional capital and track record FY26 RESULTS HIGHLIGHTS $11.9bn $2.4bn $14.3bn $11.6bn CAPITAL DEPLOYED AND COMMITTED FUM1 FEF1 AVAILABLE CAPITAL AVAILABLE CAPITAL FOR +23% vs. FY25 +36% vs. FY25 FOR DEPLOYMENT2 DEPLOYMENT +21% vs. FY25 $6.5bn 29% 72% $81m D
Slide 11: FY27 earnings visibility and embedded growth
FY27 earnings visibility and embedded growth driven by… INSTITUTIONAL INVESTORS EXPANDED PLATFORM WITH INCREASED DRAWN BALANCE AND INCREASING EMBEDDED WITH CAPITAL CERTAINTY1… EMBEDDED BMF AND TF… SHEET… CREDIT PERFORMANCE FEES Available capital supports 20% FEF growth Early FY27 deployment underpin
Slide 12: Near-term growth drivers
Near-term growth drivers Deployment growth – Earnings growth Incremental growth with convictions – embedded levers – expect Tax changes and rising rates Higher opening FEF balance Profitability from the Qualitas constrain supply without relieving (~21% above FY26 average) and Europe business, suppor
Slide 13: Market Update
Market Update 02 qualitas.com
Slide 14: Current environment presents a more complex backdrop – resilient growth through the cycle
Current environment presents a more complex backdrop – Qualitas demonstrated resilient growth through the cycle •1 Hiking cycle Annual Qualitas deployment and quarterly change in median house and apartment value across •2 Construction most insolvent sector Sydney, Melbourne and Brisbane •3 Rates at
Slide 15: Larger projects driving deployment growth and margin expansion
Larger projects driving deployment growth and margin expansion DEPLOYMENT GROWTH DRIVEN BY INVESTMENT SIZE… …WHICH IS DRIVEN BY INCREASING COST AND PROJECT SCALE FY19 – FY26 change1 FY19 – FY26 % change1 81% 7.1x 64% 3.8x 34% 1.6x Deployment Avg. new No. of new investments per year Land cost Apartme
Slide 16: Cost inflation favours larger projects as the most resilient segment
Cost inflation favours larger projects as the most resilient segment – where Qualitas is best positioned INSTITUTIONAL PLATFORM BUILT FOR WHERE THE MARKET IS HEADING Cost inflation and elevated rates erode smaller project feasibility, accelerating market shift toward larger projects where higher fix
Slide 17: Growing refinancing and restructuring opportunity across CRE
Growing refinancing and restructuring opportunity across CRE CRE AS % OF AUTHORISED DEPOSIT-TAKING INSTITUTIONS’ FINANCING DEMAND IN NEXT 12 MONTHS2 LOAN BOOK1 Traditional financiers’ CRE exposure declined over 18 years Expected principal source of demand for financing from CBRE H1 2026 Australia Le
Slide 18: Growing private credit capital flows to Europe and APAC
Growing private credit capital flows to Europe and APAC – larger funds increasing market share PRIVATE CREDIT CAPITAL TARGETING CAPITAL CONCENTRATING WITH LARGER • Track record is a key barrier to entry for EUROPE AND APAC IS GROWING MANAGERS institutional allocations Funds targeting $1bn+ represent
Slide 19: Funds Management
Funds Management 03 qualitas.com
Slide 20: Larger investments and institutional capital underpinning consistent growth at scale
Larger investments and institutional capital underpinning consistent growth at scale FY26 DEPLOYMENT – SHARE OF LARGER PIPELINE AND FYTD DEPLOYMENT • Record $6.5bn deployment in FY26 driven by INVESTMENTS IS GROWING larger investments • Construction and income credit both growing, with increasing di
Slide 21: Strong FEF growth – follow-on investments moderating churn
Strong FEF growth – follow-on investments moderating churn and increasing margins DEPLOYMENT AND CHURN ($M) FOLLOW-ON INVESTMENTS PARTIALLY FEF GROWTH AND NET DEPLOYMENT ($M) OFFSET REPAYMENTS ($M) Follow-on investments refer to facility renewals, increases Renewals increase implied repayments but c
Slide 22: FY26 Financial Results
FY26 Financial Results 04 qualitas.com
Slide 23: Group earnings
Group earnings1 % • Normalised NPAT of $44.3m, up 20% on FY25 P&L BREAKDOWN ($THOUSANDS) FY26 FY25 – strong momentum in funds management: (YOY) Net funds management revenue2 38,634 27,353 41% − Accelerating top-line growth and margin expansion from large investments Net performance fee revenue 13,73
Slide 24: Funds management
Funds management % • Base management and transaction fees up P&L BREAKDOWN ($THOUSANDS) FY26 FY25 27% and 28% respectively, underpinned by (YOY) consistent deployment growth Base management fees 62,084 49,066 27% Transaction fees 23,031 18,063 28% • Net performance fee revenue increased by 70% drive
Slide 25: Key earnings and fee margins analysis
Key earnings and fee margins analysis FUNDS MANAGEMENT GROSS OPERATING MARGIN MONTHLY AVERAGE FEF AND FEE MARGIN • Headcount has grown in line with FUM since IPO, with FY26 marking an inflection point as • Core product fee margins remain unchanged larger investments and funds drove margin expansion
Slide 26: Principal income and Arch Finance
Principal income and Arch Finance • Principal income broadly flat, reflecting the PRINCIPAL INCOME ($THOUSANDS) FY26 FY25 % (YOY) repayment of a higher-yielding investment and associated minimum earn in the prior year, Income from investments1 23,753 20,758 14% together with lower underwriting utili
Slide 27: Balance sheet
Balance sheet • Loan receivables of c.$62m represent QUALITAS GROUP BALANCE SHEET ($THOUSANDS) FY26 FY25 underwriting positions and voluntary co-investments Assets Cash and cash equivalents 46,234 148,784 • Balance sheet investment growth reflects Trade and other receivables 34,450 33,409 consistent
Slide 28: Outlook and Guidance
Outlook and Guidance 05 qualitas.com
Slide 29: FY27 guidance
FY27 guidance 17.2cps – 18.6cps $74m – $80m EPS ESTIMATED RANGE1,2 NPBT ESTIMATED RANGE1 FY27 OUTLOOK FACTORS MAY INFLUENCE FY27 OUTLOOK • Recurring base management fees to remain the • Investment size, quantum, timing and mix of net primary driver of growth deployment and capital raising – influenc
Slide 30: Thank you
Thank you P: +61 3 9612 3939 E: investor.relations@qualitas.com Melbourne Sydney Brisbane United Kingdom Level 41, 101 Collins Street Level 5, 1 Bligh Street Level 54, 111 Eagle Street 1 Red Place, Mayfair, Melbourne VIC 3000 Sydney NSW 2000 Brisbane QLD 4000 London, W1K 6PL qualitas.com
Slide 31: Appendix 1: Reconciliation of financials and FUM
Appendix 1: Reconciliation of financials and FUM qualitas.com
Slide 32: Statutory to normalised earnings reconciliation
Statutory to normalised earnings reconciliation ($THOUSANDS) FY26 FY25 Statutory EBITDA 64,980 51,345 (Gain) / loss on mark to market (MTM) value of QRI investment 407 125 QRI capital raising costs 507 5,067 Qualitas Europe transaction costs 2,741 - Normalised EBITDA 68,635 56,537 Statutory net prof
Slide 33: Appendix 2: Supplementary funds management information
Appendix 2: Supplementary funds management information qualitas.com
Slide 34: Large construction deployment expands FEF and Invested FUM gap
Large construction deployment expands FEF and Invested FUM gap and builds embedded BMF for future periods RECONCILIATION OF INVESTED FUM, FEF AND COMMITTED FUM1 Not captured in Committed FUM definition, but earns the same BMF, TF and PF if applicable Deployed FUM with investment screening work alrea
Slide 35: Committed FUM overview as at 30 June 2026
Committed FUM overview as at 30 June 2026 STRATEGY COMMITTED FUM Income $4,016m Credit Funds Total return $5,899m Total credit committed FUM $9,916m Income $461m Equity Funds Total return $1,254m Total equity committed FUM $1,715m Total committed FUM $11,630m 33
Slide 36: Closing period FUM
Closing period FUM $M FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Committed FUM Funds management 1,810 2,290 2,503 3,816 5,674 8,565 9,199 11,258 Arch Finance 448 480 480 443 400 323 267 372 Total Committed FUM 2,258 2,770 2,983 4,259 6,074 8,888 9,466 11,630 Qualitas Europe1 243 Invested FUM Funds mana
Slide 37: Investor composition as at 30 June 2026
Investor composition as at 30 June 2026 INVESTOR COMPOSITION OF INSTITUTIONAL CAPITAL BY INVESTOR GEOGRAPHIC SPLIT COMMITTED FUM CURRENT NUMBER OF COMMITMENTS OF COMMITTED FUM 6% 14% 9% 30% $11.6bn 85% 45% of Committed Committed FUM FUM 41% 70% 85% Institutional One Commitment Domestic Retail - list
Slide 38: Product and investment profile as at 30 June 2026
Product and investment profile as at 30 June 2026 STRATEGY EXPOSURE RISK ALLOCATION GEOGRAPHIC EXPOSURE SECTOR EXPOSURE (BY FEE EARNING FUM) (BY FEE EARNING FUM) (BY FEE EARNING FUM) (BY FEE EARNING FUM) 2% 2% 9% 4% 4% 2% 5% 8% 5% 7% 22% 38% 81% 91% 86% 34% Private credit Senior debt VIC Residential
Slide 39: Appendix 3: Supplementary cash flow statement information
Appendix 3: Supplementary cash flow statement information qualitas.com
Slide 40: Cash flow statement
Cash flow statement CASH FLOW STATEMENT ($THOUSANDS) FY26 FY25 • Mortgage loans advanced and mortgage loans Cash flows from operating activities repaid in FY25 are related to Arch Finance Interest received 14,478 22,725 warehouse facility Interest paid (950) (7,984) Receipts from provision of financ
Slide 41: Glossary
Glossary APAC Asia-Pacific JV Joint venture AUM Assets under management Mandated investments Qualitas entered into exclusivity with borrowers with financial close subject to due diligence and fund Investment Committee approval Average Fee Earning FUM Average monthly Fee Earning FUM excluding BTR equ