Pengana Capital Group Ltd. · ASX:PCG
Pengana Capital — FY2026 Earnings Presentation
25 slides from Pengana Capital's earnings presentation, Aug 26, 2026
Slide 1: Investor Presentation
ASX: PCG INVESTOR PRESENTATION EST. 2003
Slide 2: Founded in 2003
FOUNDED IN 2003 Pengana Capital Group is an established, ASX-listed Australian funds management group with a long track record of delivering specialist investment strategies across public and private markets. 17 UNIQUE INVESTMENT STRATEGIES While built on deep experience and trusted expertise, Penga
Slide 3: Table of Contents
Table of Contents 1 About Pengana 2 FY 2026 Financials and Highlights 3 Run-Rate Analysis 4 Profit & Loss and Balance Sheet 5 Business Components → Global Private Credit (“GPC”) Platform → TermPlus → Private Equity → Listed Equities 6 Group Outlook PENGANA CAPITAL GROUP | PAGE 3
Slide 4: About Pengana Capital Group
About Pengana Capital Group Business Composition Target Markets & Vehicles 4 Key Components: o FUM sourced from superannuation (including SMSFs and corporate super) as o Global Private Credit (“GPC”) Platform well as general savings o TermPlus term accounts (a part of GPC Platform) o Key target mark
Slide 5: Why Pengana Capital Group
Why Pengana Capital Group Rapidly growing, Global Private Credit Platform Global Private Equity Platform Market leading GPC Platform enables the Leading GPE Platform for retail and high net diversified funds efficient launch and operation of multiple worth investors through ASX listed vehicles manag
Slide 6: Understanding Key Financial Metrics
Understanding Key Financial Metrics Funds Under Base revenues are 100% driven by FUM. Management (“FUM”) Gross Base Management fee income and excess spreads on various GPC products (incl. TermPlus) i.e. products where all profit Revenue after payment of target returns to investors is attributed to P
Slide 7: Revenue Run Rate Changes as at 30 June
Revenue Run Rate Changes as at 30 June 1, 2 FUM3 up 14.0%, from $3.5bn to $4.0bn, due to • Global Private Credit (“GPC”) net inflows of $395m; Why Use Run Rate? • Global Private Equity (“GPE”) net inflows of $329m; • Listed Equities net outflows of$232m • Revenue Run Rate is an estimate calculated b
Slide 8: Annualised Run Rate (as at Specified Dates)
Annualised Run Rate (as at Specified Dates) 1 % Change Change from 30 Jun 23 30 Jun 24 30 Jun 25 30 Jun 26 from 30 Jun 25 30 Jun 25 FUM* 3,050 3,224 3,517 4,009 492 14.0% Gross base revenue $m 36.3 38.3 42.7 52.9 10.1 23.8% Profit share on base revenue $m (10.0) (10.2) (10.9) (11.7) (0.9) 7.8% Net b
Slide 9: FUM - Run Rate Analysis
FUM - Run Rate Analysis GROUP FUM GPC PLATFORM FUM 4,500 900 4,000 800 3,500 700 3,000 600 500 $ millions 2,500 $ millions 2,000 400 1,500 300 1,000 200 500 100 0 - 30 Jun 2023 30 Dec 30 Jun 2024 31 Dec 30 Jun 2025 31 Dec 30 Jun 2026 30 Jun 2023 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec
Slide 10: Net Base Revenues (NBR) - Run Rate Analysis
Net Base Revenues (“NBR”) - Run Rate Analysis Group NBR Margin GPC Platform NBR Margin 1.05% 2.50% 1.00% 2.00% 0.95% 1.50% 0.90% 1.00% 0.85% 0.50% 0.80% 0.75% 0.00% 30 Jun 2023 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31
Slide 11: Notable Highlights for FY 2026
Notable Highlights for FY 2026 GPC PLATFORM GPE PLATFORM Rapid growth in profitability of GPC Expansion via organic growth and launch of Platform improved run-rate profitability new vehicle o Successful launch of AI Private Opportunities o Nov 2025 entitlement offer for ASX listed PCX, Trust ("AIX")
Slide 12: Operating Profit & Loss Summary
Operating Profit & Loss Summary1 Increase/ Reported NBR growth lags FUM growth due (Decrease) to substantial late-year inflows from FY 20025 FY 2024 FY 2025 FY 2026 to FY 2026 Gross base revenue 35.9 40.5 41.9 1.4 Profit share on gross base revenue (10.2) (10.4) (10.6) (0.2) 4.0% increase Net base r
Slide 13: Profit & Loss Reconciliation
Profit & Loss Reconciliation1 Increase/ (Decrease) from FY20025 FY 2024 FY 2025 FY 2026 to FY2026 Operating EBITDA (1.4) 9.9 (5.5) (15.4) Net investment income 1.3 1.5 2.8 1.4 Other non-operating (0.0) (0.7) (0.1) 0.6 LSP interest 2.5 1.4 0.7 (0.7) Underlying profit before tax 2.4 12.1 (2.0) (14.1)
Slide 14: Balance Sheet
Balance Sheet1 Reduction in NTA due to AIX loan, and product 30 Jun 2025 30 Jun 2026 and market development initiatives ($’000) ($’000) Cash 15,700 10,614 Current receivables 6,930 4,477 Current payables (12,073) (8,258) Net current assets 10,556 6,834 Investments 25,489 27,568 Borrowings (loan from
Slide 15: Global Private Credit Platform Overview
Global Private Credit Platform Overview GPC is a highly Strong demand - arguably the most in- Most investors currently having demand asset class globally low/underweight exposure attractive asset class for fund managers due to: Risk/return characteristics make it a Generally higher margins and likel
Slide 16: Global Private Credit Platform Structure
Global Private Credit Platform Structure ASX listed investment trust (PCX) TermPlus Retail Unit Trust for financial GPC Master Tailored products advisors and direct HNWs Portfolio o 30 “Top Rated” GPC Funds o Divided into 3 distinct portfolios Wholesale Unit Trust for HNWs o >4,500 underlying Corpor
Slide 17: A high-growth D2C fintech with full tech infrastructure and digital-marketing capabilities
A high-growth D2C fintech with full tech infrastructure and digital-marketing capabilities TermPlus is a distinct business within the Pengana Group, that invests FUM into the GPC Platform o Offering 1, 2 and 5 year high-yield fixed-term accounts direct-to-consumers and through financial advisors o T
Slide 18: Term Lengths and Target Rates
Term Lengths and Target Rates Target Rates are set as a fixed margin above the RBA Cash Rate, which is variable over the course of the Term. Personal accounts Joint accounts Child accounts Companies & trusts SMSF investors PENGANA CAPITAL GROUP | PAGE 18
Slide 19: Global Private Equity Business: PE1 and AIX
Global Private Equity Business: PE1 and AIX Pengana Global Private Equity Trust Global PE is considered by most Due to a wide range of factors, for (ASX: PE1) is the only ASX-listed sophisticated investors and advisors many of Australia’s retail and mass- vehicle that provides exposure to to be an i
Slide 20: Listed Equities Business - Overview
Listed Equities Business - Overview Pengana’s listed equity funds management The target market is the more sophisticated business has been operating since 2003 and financial advisors and wealth mangers, as well is responsible for the original development of as higher-net-worth investors and family t
Slide 21: Listed Equities Business - Funds
Listed Equities Business - Funds Primary Fund/Vehicle Name Strategy FUM ($m) Pengana Emerging Companies Australian Small Caps 795 Pengana Australian Equities Australian Multi Caps 418 Pengana Axiom International Ethical Global, Multi Caps, Ethical 408 Pengana International Equities Ltd (LIC) Global,
Slide 22: Group Outlook
Group Outlook GPC Platform TermPlus GPE Platform o Growth across the platform, including o Accelerate growth as TermPlus o Substantial opportunities to grow in existing and new products becomes adopted more widely across GPE space o Strong margins to persist, with very the market o Take advantage of
Slide 23: Valuation Framework (Earning Multiple Basis)
Valuation Framework (Earning Multiple Basis) Base Operating EBITDA • Actual 12 months was $5.7m Application of Earnings Multiples • RR NBR is ~$10m above 12 months actual • RR of Base Operating EBITDA • Assuming Base Operating Expenses flat, then indicative RR of Base Operating provides best indicat
Slide 24: Disclaimer
Disclaimer This presentation has been prepared by Pengana Capital Group Limited (ABN 43 059 300 426) (“PCG”). The information in this presentation is current as at 26 August 2026. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with resp
Slide 25: For More Information
FOR MORE INFORMATION PENGANA.COM CLIENT SERVICE PENGANA CAPITAL GROUP LIMITED Suite 1, Level 27, Governor Phillip Tower, T: +61 2 8524 9900 ABN 30 103 800 568 1 Farrer Place, E: clientservice@pengana.com AFSL 226566 Sydney, NSW, 2000