Pacific Current Group Ltd · ASX:PAC
Pacific Current — FY2025 Earnings Presentation
27 slides from Pacific Current's earnings presentation, Aug 26, 2025
Slide 1: Full Year FY25 Results Presentation
ACIFIC FULL YEAR FY25 RESULTS PRESENTATION Presenters Michael Clarke RNY Killick 26 August 2025 Acting CEO and Executive Director Pacific Current Group Limited (ASX: PAC) ABN: 39 006 708 792
Slide 2: Disclaimer
Disclai PACIFIC CURRENT GROUP The information in this presentation is general information about Pacific Current Group (‘Pacific Current’ or ‘PAC’) and is current only at the date of this presentation. In particular, this presentation is not an offer or recommendation to purchase or subscribe for sec
Slide 3: FY25 Overview
FY25 Overview Pacific Current Group (PAC) is a global investor in investment management firms, with stakes in 8 investment firms across the US, Europe and Australia. PAC’s boutiques offer a diverse range of investment products across multiple asset classes, delivering sustainable and growing managem
Slide 4: Underlying NPAT and revenue summary
AS15.51 per-share, thi: value movement for Aba and Bonds received for the sale of Carlisle, aT, Underlying NPAT: Down 20% (21% USD) due to asset realisations, with large part of net assets now held in cash Corporate Costs: Reduced by 60% as a result of corporate restructure in late FY24 PACIFIC CURR
Slide 5: Underlying Revenues
were higherasaresultof asset realisations over the — past 12 months PACIFIC CURRENT GROUP o o on o No Underlying Revenues (US$m) 50.0 45.0 40.0 een 35.0 19 29 ia 85 30.0 a5) 92 20.0 ea 28 15.0 a 1.0 ia 193 176 50 FY21 FY22 (0.8) Fy23 FY24— (1.5) FY25 Management Fees Performance Fees Unrealised MTM F
Slide 6: Corporate net assets
A$000s 30 Jun 25 30 Jun 24 Cash 137,893 317,727 Other Current Assets 19,739 19,993 Current Liabilities (6,150) (4,82) == Deferred Tax Liability (11,436) (69,125) Bialication of Other Non-Current Assets 65,464 62,093 Sidiaries (Aether Other Non-Current Liabilities (62,173) (63,373) Eat PAC ona PAC's
Slide 7: Fair Value vs Book Value
FAIR VALUE VS BOOK VALUE PACIFIC CURRENT GROUP
Slide 8: Fair value of boutique investments and financial assets
ari ers ers ‘egtings”” | Comments Investment in Boutiques Rehicy 78 28 303 30 Impairment recognised in £25 as noted in HY26 rests, tis was due to Aethe's decision to Banner Oak 23.0 : 239 : PAC redeemed all of the interest in Banner Oak Carlisle 716 - 716 - Sale announced post 30 June 24, PAC receiv
Slide 9: FY25 Key Highlights
FY25 KEY HIGHLIGHTS PACIFIC CURRENT GROUP
Slide 10: FY25 Portfolio Movements
FY25 Portfolio Movements. FY25 was a period of considerable change for PAC's Portfolio Composition which added significant capital flexibility PACIFIC CURRENT GROUP In July 2024, PAC announced a sale of 100% of its interest in Carlisle to Abacus Life (NASDAQ: ABL). PAC received 1.97m newly issued Ab
Slide 11: Outlook
OUTLOOK PACIFIC CURRENT GROUP
Slide 12: Near-Term Focus
N ea r-Te rm Accelerate Growth Focus § Leverage high-potential opportunities with existing boutique partners and assess new investment prospects to drive scalable growth Unlock Shareholder Value PAC will focus on growth § Evaluate targeted capital initiatives to enhance returns and optimise capital
Slide 13: Asset allocation June 2025 vs June 2024
§ 30 June 2025 30 June 2024 § 30% § 45% 41% 54% § 25% § 5% Cash Cash Financial Assets Financial Assets Investments in Boutiques Investments in Boutiques
Slide 14: PAC Go-Forward Strategy
PAC Go-Forward Strategy PAC will allocate capital to its most accretive uses, including re-investment and distribution to shareholders Assets for Harvesting and Mature Boutiques In addition to its large cash balance (A$138m) and ongoing distributions from Boutiques, PAC has a number of assets that a
Slide 15: Appendices
APPENDICES PACIFIC CURRENT GROUP
Slide 16: Statutory profit and loss
A$000s FY25 Revenue from operations 4,552 Distributions and dividend income 18,472 Other income ‘Changes in fair value (105: Gain on sale of investments 97,254 Total statutory income 128,136 e + Employment expenses Of-operating pie Z Impain it expenses Mether and SCI) ‘Administration and general exp
Slide 17: Underlying NPAT reconciliation
A$000s FY25 FY24 Reported Net Profit/(Loss) Before Tax 82,208 142,275 Non-cash items Amortisation expenses 2,622 Fair val adjustment of financial assets 15,229 Fair value adjustment of financial liabilities Impairment of investments and financial assets Loss on leases Share-based payment expenses Ea
Slide 18: Underlying earnings and expenses
$000s FY25 (A$) FY24 (A$) FY25 (USS) FY24 (USS) Se 20780 s76s 19916 Corporate Revenues 7 659 "1 Employment 8481 Directors 780 £- Marketing/commissions 8 883 5 jt Bland NPAT 8 Travel/entertainment 482 7 it nd’non-|IFRS 2 ‘Advisory, tax and accounting 844 fes used by * Legal and consulting 591 767 ins
Slide 19: Statutory balance sheet
A$000s 30 Jun 25 30 Jun 24 Cash and cash equivalents 39,893 Short-term deposits 98,000 Other current assets. 40,081 Non-current assets investments in associates and joint ventures 28,890 Intangible assets consolidation of Other financial assets 251,08 Iminvand operating Other assets 65,464 ther and
Slide 20: Cash flow statement
A$000s FY25 FY24 Operating cash flow Net receipts from customers/suppliers/financiers Dividends received Income tax paid Investing cash flow Investment in short-term deposits 127,000 (225,000) Net proceeds from disposal of associate/subsidiary 84,297 Increased new investments Other Financing cash fl
Slide 21: Cash earnings and cash conversion
AS000s FY25 Underlying NPBT Accounting earnings from boutiques Dividends from boutiques Net interest expense Depreciation and amortisation in operating assets and liabilities Underlying pre-tax cash earnings 29,891 Legal, consulting, deal and break fee expenses (2,025) Net foreign exchange loss 8 Re
Slide 22: PAC Boutique Investments
PAC Boutique Investments Private equity, real assets 2008 investment USA Aether Investment Partners is an alternative investment manager sponsoring closed- end limited partnerships focused private investments in real assets § Primary sectors include natural resources and infrastructure § PAC owns a
Slide 23: PAC Boutique Investments (continued)
L@ sorrvinn LIGHTS Placement agent 2014 investment UK Northem Lights Alternative Advisors ("NLAA") is a London-based placement agent focused on private equity and hedge funds § The firm is one of London's premier equity placement agents focused on unique investment strategies § PAC ownsa top-line re
Slide 24: Key Definitions
Key Definitions PACIFIC CURRENT GROUP Revenue Share Boutique investments where PAC is entitled to a percentage of boutiques top-line revenues (largely made up of management fees and performance fees). This equity structure removes fluctuations related to the boutique’s cost base over time. For these
Slide 25: Fair Value NAV
. The statutory consolidated financial statements have been prepared on the basis of historical cost, except for certain financial instruments nderstanading that ate measured at far value atthe end of each reporting petiod As such, the Group's investments in operating subsidiaries and Associates and
Slide 26: Tips for Analysing PAC
Tips for Analysing PAC PACIFIC CURRENT GROUP Revenue recognition Private equity, private infrastructure, and private real estate managers normally charge fees on committed capital. Thus, new FUM becomes revenue immediately after the legal commitment is received, even though it may take several years
Slide 27: Contact
PACIFIC CURRENT GROUP Authorised for release by the Board of Pacific Current Group Limited. Contact For Investor & Media enquiries: Michael Clarke ~ Executive Director & Acting CEO T: (+61) 3 8375 9611 E: info@paccurrent.com Web: www.paccurrent.com Address: Suite 3, Level 3, 257 Collins Street, Melb