Qualitas Limited · ASX:QAL
Qualitas — H1 2026 Earnings Presentation
40 slides from Qualitas's earnings presentation, Feb 17, 2026
Slide 1: Qualitas Limited ASX Announcement
Qualitas Limited (ASX: QAL) ASX Announcement 16 February 2026 Qualitas Limited – Interim Financial Results Presentation Qualitas Limited (ASX: QAL) (Company) provides the attached Results Presentation for the 6-month financial reporting period ended 31 December 2025. This announcement is authorised
Slide 2: About Qualitas
About Qualitas Qualitas Limited ACN 655 057 588 (Qualitas) is an ASX-listed Australian alternative investment manager offering clients domestic and global investment strategies across real assets and private credit. With approximately $10.9 billion of committed funds under management 1, Qualitas mat
Slide 3: Qualitas 1H26 Results
Qualitas 1H26 Results ASX: QAL 17 February 2026 qualitas.com.au
Slide 4: 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 2
Slide 5: Agenda and presenters
Agenda and presenters 01 1H26 Highlights 02 Funds Management and Market Update Andrew Schwartz Group Managing Director and Co-Founder Mark Fischer Global Head of Real Estate and Co-Founder 03 ESG 04 1H26 Financial Results 05 Outlook and Guidance Kathleen Yeung Global Head of Corporate Development Ph
Slide 6: 1H26 Highlights
1H26 Highlights 01 qualitas.com.au
Slide 7: Strong deployment and Fee Earning FUM growth
Strong deployment and Fee Earning FUM growth underpinned 1H26 earnings and supports 2H26 momentum • Platform anchored in asset-backed financing and supported by long-term multi-dwelling residential tailwinds, with accelerating momentum evident in 1H26 – robust and consistent growth through market vo
Slide 8: Strong deployment through-the-cycle drives recurring earnings growth
Strong deployment through-the-cycle drives recurring earnings growth 1H26 RESULTS HIGHLIGHTS CONSISTENT HALF-ON-HALF GROWTH IN RECURRING FEE RELATED EARNINGS 55% $43m $30m $13m 55% 54% 51% RECURRING FM REVENUE BASE MANAGEMENT FEES (BMF) TRANSACTION FEES (TF) 49% $5m +38% vs. 1H25 +28% vs. 1H25 +69%
Slide 9: Expanding and deepening investor and borrower relationships
Expanding and deepening investor and borrower relationships 1H26 RESULTS HIGHLIGHTS $10.9bn $2.0bn $12.9bn $10.9bn CAPITAL DEPLOYED AND COMMITTED FUM1 FEF1 AVAILABLE CAPITAL AVAILABLE CAPITAL FOR +18% vs. 1H25 +38% vs. 1H25 FOR DEPLOYMENT2 DEPLOYMENT $3.7bn 28% 76% $99m DEPLOYMENT OF DEPLOYMENT FROM
Slide 10: Consistent FEF growth underpins future earnings growth
Consistent FEF growth underpins future earnings growth DEEP CAPITAL AVAILABLE TO STRONG DEPLOYMENT DRIVES AND PRINCIPAL INCOME WITH INCREASING FUTURE SUPPORT DEPLOYMENT… HALF-ON-HALF BMF GROWTH… GROWTH… PERFORMANCE FEES New mandate from global pension fund Elevated FEF (excl. Arch Finance) starting
Slide 11: Funds Management and Market Update
Funds Management and Market Update 02 qualitas.com.au
Slide 12: Proven funds management platform
Proven funds management platform 1H26 IN REVIEW Strong capital raising despite a subdued global fundraising environment, reinforcing our standing with global institutional investors Disciplined execution enabled record deployment, as the market faced portfolio and regulatory challenges late in the y
Slide 13: Evolving global private credit dynamics – shift from the United States to Europe and APAC
Evolving global private credit dynamics – shift from the United States to Europe and APAC SURGE IN EUROPEAN PRIVATE CREDIT MORE INVESTORS INDICATING INTEREST APAC AND EUROPE FUNDRAISING GROWTH FUNDRAISING IN EUROPE AND APAC VS. UNITED STATES SET TO OUTPACE THE US IN THE NEXT 5YRS Increased fundraisi
Slide 14: Residential tailwinds and increasing project scale favours financiers with access to large-scale capital
Residential tailwinds and increasing project scale favours financiers with access to large-scale capital INCREASING APARTMENT RESIDENTIAL DEVELOPMENTS ARE SCALING QUALITAS HAS STRONG MARKET SHARE IN COMMENCEMENTS AND APPROVALS WITH LARGER FINANCING DEMAND FINANCING LARGER PROJECTS Growth in private
Slide 15: Growing structured credit opportunities across non-residential sectors
Growing structured credit opportunities across non-residential sectors EXISTING MANDATES ENABLE RESTRICTIVE TRADITIONAL • Qualitas deployed into industrial, retail, BTR FINANCING CREATES STRUCTURED equity and office in 1H26 INVESTMENTS ACROSS CRE SUB- SECTORS BEYOND RESIDENTIAL1 CREDIT OPPORTUNITIES
Slide 16: Residential remains a key driver of deployment growth supported by broader CRE opportunities
Residential remains a key driver of deployment growth supported by broader CRE opportunities • Long-term tailwinds in the residential sector PIPELINE AND FYTD DEPLOYMENT ($BN) continue to support deployment growth – Completion of $1.2bn construction private credit investment in Melbourne with 3.5yr
Slide 17: Strong deployment and subdued portfolio churn drove record net deployment
Strong deployment and subdued portfolio churn drove record net deployment over the six-month period DEPLOYMENT AND CHURN ($M)1 FEF GROWTH AND NET DEPLOYMENT ($M)1 • Follow-on investments refer to facility renewals, increases and projects financed for the next stage of development − 81% of investment
Slide 18: ESG
QUALITAS ESG qualitas.com.au O03
Slide 19: Progressing our ESG vision
Progressing our ESG vision Leveraging our platform to support low carbon buildings, delivering impact for our communities and our people and striving for best-in-class corporate governance ENVIRONMENTAL SOCIAL GOVERNANCE Managing our corporate emissions Furthering our commitment to First PRI Assessm
Slide 20: 1H26 Financial Results
1H26 Financial Results 04 qualitas.com.au
Slide 21: Group earnings
Group earnings1 % P&L BREAKDOWN ($THOUSANDS) 1H26 1H25 • Normalised NPAT of $21.1m, up 30% on 1H25 (YOY) reflecting strong momentum in core funds Net funds management revenue2 19,740 12,890 53% management business: Net performance fee revenue 5,019 2,870 75% − Funds management earnings strengthened,
Slide 22: Funds management
Funds management % P&L BREAKDOWN ($THOUSANDS) 1H26 1H25 • Consistent growth in deployment supported (YOY) robust growth in base management fees and Base management fees 29,716 23,109 28% contributed to the significant increase in Transaction fees 12,941 7,648 69% transaction fees in 1H26 Funds manag
Slide 23: Key earnings margins and trend analysis
Key earnings margins and trend analysis FUNDS MANAGEMENT EBITDA MARGIN MONTHLY AVERAGE FEF AND FEE MARGIN1 BALANCE SHEET UTILISATION • Growth in fee related revenue is accompanied by margin • Core products BMF margin remains largely unchanged. The • Balance sheet capacity was reserved for co-investm
Slide 24: Principal income and Arch Finance
Principal income and Arch Finance % PRINCIPAL INCOME ($THOUSANDS) 1H26 1H25 (YOY) • Underwriting and cash interest income Income from investments1 11,681 8,073 45% declined on 1H25 driven by rate cuts and strategically reserving capacity for late-period Cash interest income 2,719 4,163 (35%) deploym
Slide 25: Balance sheet
Balance sheet QUALITAS GROUP BALANCE SHEET ($THOUSANDS) 1H26 FY25 1H25 • Loan receivables of c.$110m represents Assets underwriting positions to existing funds and voluntary co-investments Cash and cash equivalents 33,196 148,785 105,101 Trade and other receivables 30,266 33,409 30,950 • Increase in
Slide 26: Outlook and Guidance
Outlook and Guidance 05 qualitas.com.au
Slide 27: Reaffirming FY26 guidance
Reaffirming FY26 guidance 13.9cps – 15.3cps EPS ESTIMATED RANGE1,2 $60m – $66m NPBT ESTIMATED RANGE1 FY26 OUTLOOK • FY26 guidance considerations: − Draw down profile of undrawn construction credit not earning full base management fees, deployment timing and quantum and performance fees are key varia
Slide 28: Thank you
Thank you P: +61 3 9612 3939 E: investor.relations@qualitas.com.au Melbourne Sydney Brisbane Level 41, 101 Collins Street Level 5, 1 Bligh Street Level 54, 111 Eagle Street Melbourne VIC 3000 Sydney NSW 2000 Brisbane QLD 4000 qualitas.com.au
Slide 29: Disclaimer
Disclaimer This presentation has been prepared by and its sole responsibility of Qualitas Limited (ACN 655 057 588). To the speculative and always involve some risk and uncertainty as they relate to events and depend on circumstances maximum extent permitted by law, the information contained in this
Slide 30: Appendix 1: Reconciliation of financials and FUM
Appendix 1: Reconciliation of financials and FUM qualitas.com.au
Slide 31: Reconciliation of statutory financial to normalised financial
Reconciliation of statutory financial to normalised financial ($THOUSANDS) 1H26 1H25 Statutory EBITDA 32,336 24,788 (Gain) / loss on mark to market (MTM) value of QRI investment 63 (313) QRI capital raising costs 462 211 Normalised EBITDA 32,860 24,686 Statutory net profit before tax (NPBT) 29,685 2
Slide 32: 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 Deployed FUM with investment screening work already done definition, but earns the same BMF, TF and PF if app
Slide 33: Appendix 2: Supplementary funds management information
Appendix 2: Supplementary funds management information qualitas.com.au
Slide 34: Committed FUM overview as at 31 December 2025
Committed FUM overview as at 31 December 2025 STRATEGY COMMITTED FUM Income $3,741m CREDIT FUNDS Total return $5,439m Total credit committed FUM $9,180m Income $479m EQUITY FUNDS Total return $1,261m Total equity committed FUM $1,740m Total committed FUM $10,920m 32
Slide 35: Closing period FUM
Closing period FUM $M FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Committed FUM Funds management 1,810 2,290 2,503 3,816 5,674 8,565 9,199 10,653 Arch Finance 448 480 480 443 400 323 267 267 Total Committed FUM 2,258 2,770 2,983 4,259 6,074 8,888 9,466 10,920 Invested FUM Funds management 1,086 1,444 1,
Slide 36: Investor composition as at 31 December 2025
Investor composition as at 31 December 2025 INVESTOR COMPOSITION OF INSTITUTIONAL CAPITAL BY INVESTOR GEOGRAPHIC SPLIT COMMITTED FUM CURRENT NUMBER OF COMMITMENTS OF COMMITTED FUM 7% 18% 9% 30% $10.9bn 84% Of Committed 20% Committed FUM FUM 62% 70% 84% Institutional One commitment Domestic Retail -
Slide 37: Product and investment profile as at 31 December 2025
Product and investment profile as at 31 December 2025 STRATEGY EXPOSURE RISK ALLOCATION GEOGRAPHIC EXPOSURE SECTOR EXPOSURE (BY FEE EARNING FUM) (BY FEE EARNING FUM) (BY FEE EARNING FUM) (BY FEE EARNING FUM) 0.4% 9% 6% 4% 4%2% 3%3% 4% 8% 16% 7% 43% 35% 79% 91% 87% Private credit Senior debt VIC Resi
Slide 38: Appendix 3: Supplementary cash flow statement information
Appendix 3: Supplementary cash flow statement information qualitas.com.au
Slide 39: Cash flow statement
Cash flow statement • Mortgage loans advanced and mortgage loans CASH FLOW STATEMENT ($THOUSANDS) 1H26 1H25 repaid in 1H25 are related to Arch Finance Cash flows from operating activities warehouse facility Interest received 7,283 15,464 Interest paid (491) (7,070) • Investments acquired and investm
Slide 40: 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