Pacific Current Group Ltd · ASX:PAC
Pacific Current — H1 2025 Earnings Presentation
28 slides from Pacific Current's earnings presentation, Feb 25, 2025
Slide 1: 1H FY25 Results Presentation
Tacoma // Melbourne ASX ANNOUNCEMENT 25 February 2025 1H FY25 Results Presentation Pacific Current Group Limited (ASX:PAC) encloses for immediate release its 1H FY25 Results Presentation. -ENDS- Authorised for lodgement by the Board of Pacific Current Group Limited. CONTACT For Investor & Media enqu
Slide 2: First Half FY25 Results Presentation
PACIFIC CURRENT GROUP FIRST HALF FY25 RESULTS PRESENTATION Presenters Michael Cl Acting CEO and Ashley Killick CFO 25 February 2025
Slide 3: 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 4: 1H25 Overview
1H25 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 5: Boutique results and underlying NPAT
4H25 0 1H24 4H25 4H24 (Asm) Sm) | (US§m) —_(USSm) Comments Asset realisations with Avante, Cordillera, ; roterra, Banner Oak, Carlisle, Pennybacker Boutique management fees 113 298 78 184 (partial) and Vietory Bark (partial) exits impacting Boutique results Boutique performance fees 05 45 03 2.9 1H2
Slide 6: Underlying Revenues (US$m)
Underlying Revenues (US$m) 25.0 20.0 19.4 149 and PAC's corporate cash and a 110 os interest income were higheras a __ 100 ts result of asset realisations over the — ag oo past 12 months < ao ag 87 29 17 10 12 | re | 02 Boss ag 1 00 i | (0.6) = 1H21 1H22 1H23 1H24 1H25 (5.0) ™ManagementFees __™ Perf
Slide 7: Alternate Balance Sheet
eX Alternate Balance Sheet a a Onsolidation of ‘1€ CURRENT GROUP A$000s 31Dec 24 30 Jun 24 Cash 379,947 317,727 Other Current Assets 22,468 19,993 Current Liabilities (10,484) (4,821) Deferred Consideration — Petershill (for the sale of Pennybacker) 44,484 39,656 Deferred Tax Liability (73,992) (59,
Slide 8: Fair Value vs Book Value
FAIR VALUE VS BOOK VALUE PACIFIC CURRENT GROUP
Slide 9: Book Value and Fair Value
Book Value (ASm)* Book Value (ASm)* agen) ‘Adjusted FairValue (AS™) | Comments S0uun2d Svbeo2d Sodun2e StDeo2d Investment in Boutiques Aether 275 63 303 63 : 63 {Impairment recognised in 1425 Banner Oak 23,0 = 23.9 - H - | PAC redeemed all of the interest in Banner Oak Gu 76 - 76 - H {Seg apTouneed
Slide 10: First Half FY25 Key Highlights
eee Se es FIRST HALF FY25 KEY HIGHLIGHTS PACIFIC CURRENT GROUP
Slide 11: 1H25 Portfolio Movements
1H25 Portfolio Movements. 1H25 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 12: Outlook
OUTLOOK PACIFIC CURRENT GROUP
Slide 13: Near-Term Focus
Near-Term Focus PAC will focus on completing transaction, executing the share buy-back and:supporting Boutiques PACIFIC CURRENT GROUP Return Capital § A substantial off-market, equal access share buy-back is currently in progress with a target of AS300m to be returned at a set price of $12 per share
Slide 14: Portfolio composition: 30 June 2024 vs 31 December 2024
30 June 2024 31 December 2024 § § 31% § 41% 47% 54% § 22% § 5% Cash Cash Financial Assets Financial Assets Investments in Boutiques Investments in Boutiques
Slide 15: 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$380m) and ongoing distributions from Boutiques, PAC has a number of assets that a
Slide 16: Appendices
APPENDICES PACIFIC CURRENT GROUP
Slide 17: Revenue from Operations
A$000s Revenue from operations Distributions and dividend income Other income Changes in fair value Gain on sale of investments Total statutory income 63,978 Employment expenses (8,416) Impairment expenses (41,007) ‘Administration and general expenses (3,649) Depreciation and amortisation expenses I
Slide 18: Underlying NPAT reconciliation
A$000s 1H25 1H24 Reported Net Profit/(Loss) Before Tax 115,085 17,544 Non-cash items ‘Amortisation expenses 351 Fair value adjustment of financial assets Fair value adjustment of financial liabilities Impairment of investments and financial assets Loss on leases Share-based payment expenses 1,027 Ot
Slide 19: Underlying EBITDA and NPAT
$000s 1H25 (A$) 1H24 (AS) 1H25 (USS) 1H24 (USS) Boutique contributions 13,313 32,946 8,798 21,500 Revenues 20 519 13 339 Employment 1,622 4,821 1,072 3,146 Investment Management fee (GQG) 1,487 983 ae Marketing/commissions 4 3 133 RBT_and NPAT are 3 __Tiavel/enienainment a1 201 d.non-IFRS financial
Slide 20: Underlying results by segment
A$000s 1H25 1H24 Investment Sales Group Total Revenues Boutique contributions Management fees 23,719 Performance fees 4,448 Unrealised MTM = 128 Boutique contributions 32,946 Commissions and retainers 36 Interest income 87 Other revenue 20 20 Underlying revenue 13,313 20 13,333 33,465 Expenses Emplo
Slide 21: Statement of financial position
AS000s 31 Dec 24 30 Jun 24 Cash 81,382 Short-term deposits 000 Other current assets 47,190 Non-current assets investments in associates and joint ventures t Intangible as: s e consolidation of Other financial assets Other assets Total assets Current liabilities Non-current liabilities Deferred tax l
Slide 22: Cash flow statement
A$000s 1H25 1H24 Operating cash flow Net receipts from customers/suppliers/financiers Dividends received Income tax paid Investing cash flow Repayment of Hareon liability Investment in short-term deposits Net proceeds from disposal of associate/subsidiary Increased new investments Other Financing ca
Slide 23: Underlying NPBT to cash earnings
A$000s Underlying NPBT 13,849 Accounting earnings from boutiques (9,998) 2,492 Dividends from boutiques Net interest expense Depreciation and amortisation 96 s in operating assets and liabilities 285 443 Underlying pre-tax cash earnings 15,027 Legal, consulting, deal and break fee expenses (1,898) 7
Slide 24: 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 25: Northern Lights / Pennybacker
L@ sorrvinn LIGHTS Placement agent 2014 investment UK Northern Lights Alternative Advisors (‘NLA’) 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 owns a top-line r
Slide 26: 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 27: 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 28: 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
Pacific Current Group — H1 2025 Earnings Presentation on 6ix