Hmc Capital Limited · ASX:HMC
Hmc Capital — H1 FY2026 Earnings Presentation
33 slides from Hmc Capital's earnings presentation, Feb 24, 2026
Slide 1: 2026 Half Year Results Presentation
24 February 2026 Results Presentation 2026 Half Year
Slide 2: Agenda
Agenda 01 02 03 04 05 Overview Funds Financials Outlook Appendix A: Management Supporting Information Presenters David Di Pilla Will McMicking Group Managing Group CFO Director & CEO 2 HMC Capital | 1H FY26 Results Presentation
Slide 3: Acknowledgement of Country
Acknowledgement of Country HMC Capital acknowledges the Traditional Custodians of Country throughout Australia and celebrates their diverse culture and connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Str
Slide 4: Overview
HM Copia! Overview
Slide 5: Results Overview
Results Overview Strong growth in recurring funds management earnings and significant progress delivered on key priorities Operating Assets Under NTA + Undrawn ▪ AUM of $19.5bn1 up $0.6bn since Jun-25 driven by: EPS Management1 Debt − Energy Transition (+30%) ▪ − Private Credit (+13%) Operating EPS
Slide 6: Growing Recurring Earnings
Growing Recurring Earnings Core funds management business and investments generating strong recurring earnings growth Fee earning AUM and recurring management fees ▪ HMC’s business model is focused on generating recurring HY Management fees ($m) Fee earning AUM ($bn) and non-recurring earnings acros
Slide 7: AUM Growth Initiatives
AUM Growth Initiatives HMC is currently progressing $4bn+ of capital light growth opportunities across the group Real Estate Digital Infrastructure Private Credit Energy Transition Private Equity AUM TODAY1 $10.2bn $5.3bn $2.2bn $1.3bn $0.5bn $19.5bn Listed funds ✓ ✓ ✓ ✓ Unlisted wholesale capital
Slide 8: High Growth and Self Funding Platform
High Growth and Self Funding Platform High ROE business supported by scalable funds management platform and strategic principal investments HMC Balance sheet 1▪ Target nil permanent core debt to maximise available liquidity under corporate debt facility of $715m 2▪ Corporate debt facility used to se
Slide 9: Funds Management
HM Copia! Funds Management
Slide 10: Assets Under Management
Assets Under Management HMC manages $19.5bn of alternative assets across listed & unlisted funds on behalf of a broad investor base AUM1 split by sector Key Highlights 7% 3% Real Estate ✓ Focused investment strategy on alternative assets supported by favourable megatrends which 11% Digital Infrastru
Slide 11: Real Estate
Real Estate Real Estate platform continues to grow organically through establishment of new unlisted institutional partnerships HMC manages ~$10.2bn1 across multiple vehicles supported by a diversified investor base Assets Under Management1 ✓ $10.2bn Actively recycling capital to drive returns and i
Slide 12: Digital Infrastructure
Digital Infrastructure DGT Board and Management are focused on strategic initiatives to close the discount to Net Asset Value Strong operational momentum positioning the business to unlock value from capital partnering Assets Under Management1 $5.3bn ✓ Appointment of Michael Juniper as CEO – Highly
Slide 13: Private Credit
Private Credit Scalable private credit investment manager with broad capability and institutional scale Institutional grade platform focused on growing and diversifying funding base Assets Under Management $2.2bn ✓ 13% AUM growth in 1H FY26 CRE Core Pooled Fund AUM ($m) +13% vs. 30-Jun-25 – AUM grow
Slide 14: Energy Transition – Strategic Partnership with KKR
Energy Transition – Strategic Partnership with KKR Platform has committed funding to materially grow operating capacity and progress the development pipeline Capital Structure & Terms Key Benefits to HMC ✓ De-levers balance sheet (investment reduced from ~$305m to ▪ KKR investment via 7-year preferr
Slide 15: Energy Transition
Energy Transition Established strategic partnership with KKR to realise value in the HMC Energy Transition Platform Focused on unlocking significant embedded value in development portfolio Assets Under Management1 $1.3bn+ ✓ Top 10 Australian operating platform with 652 MW installed wind, solar & BES
Slide 16: Private Equity
Private Equity Highly active strategy of HMCCP Fund I has delivered an annualised net return of 23.5% since inception3 1H FY26 progress Assets Under Management1 ✓ HMCCP Fund I has reported 23.5% annualised performance since inception, net of fees3, outperforming $0.5bn Strong, long-term returns from
Slide 17: Sustainability
Sustainability Aligning our Sustainability Framework with HMC's evolution to continue creating positive long-term impact Update Key 1H FY26 Progress Environmental: - Following the Group’s expansion into the Energy - Emissions reduction opportunities will be considered for relevant areas of the Group
Slide 18: Financials
HM Copia! Financials
Slide 19: Earnings Summary
Earnings Summary Strong growth in management fees driven by FUM growth in real estate and full year impact of digital $ million 1H FY25 1H FY26 % Earnings Summary (HMC) Funds management Management fee revenue2 62.9 84.5 34% Funds management Transaction and performance revenue 1 66.2 4.2 (94%) ▪ 34%
Slide 20: 1H FY26 Earnings by Division
1H FY26 Earnings by Division $ million (unless otherwise stated) Real Estate Private Equity Credit Digital Corporate Total 1 Jun-25 AUM (fee-earning) ($bn) 8.5 0.3 1.9 4.7 - 15.4 Dec-25 AUM (fee-earning) ($bn)1 8.8 0.2 2.2 4.7 - 15.9 YTD AUM growth % +4% (33%) +13% - - +4% 3 Management fee revenue 3
Slide 21: Balance Sheet
Balance Sheet Balance sheet continues to provide warehouse support for new funds management initiatives $ million Jun-25 Dec-25 Balance Sheet (HMC) Cash and cash equivalents 5.5 8.9 Equity accounted investments 992.7 1,039.5 ▪ Equity accounted investments includes HMC’s ownership in HDN (10.5%), HMC
Slide 22: Capital Management
Capital Management $ million Jun-25 Dec-25 Capital Management Bank debt Maturity Sep-26 Nov-27 ▪ Drawn debt $358.0m as at 31 December 2025, along with $42.7m of bank guarantees. Limit 675.0 715.0 Drawn Nil 400.7 ▪ Extended and increased its revolving debt facilities to $715m from $675m in November 2
Slide 23: Outlook
HM Copia! Outlook
Slide 24: Outlook
Outlook HMC fund management earnings maintaining growth trajectory and tracking to guidance FY26 Outlook Funds management EBITDA of $85m tracking to FY26 guidance and includes the following contributions: ▪ Real estate: +15% fund management EBITDA YoY growth ▪ Private credit: +20% funds management E
Slide 25: Appendix A: Supporting Information
APPENDIX A: SUPPORTING INFORMATION 25
Slide 26: Assets Under Management
Assets Under Management AUM ($bn)1 Revaluations & ($bn) Jun-25 Equity Inflows1 Equity Outflows2 Net Equity Flows Dec-25 Other3 Real Estate4 10.07 0.06 - 0.06 0.12 10.25 Private Equity 0.61 - (0.05) (0.05) (0.03) 0.53 Private Credit 1.93 1.21 (1.00) 0.21 0.03 2.17 Digital Infrastructure 5.26 0.05 (0.
Slide 27: Additional financial information
Additional financial information Funds management revenue $ million 1H FY25 1H FY26 Base management fees2 47.6 57.3 Transaction and performance fees1,2 66.3 4.2 Investment management revenue 113.9 61.5 Asset (property) management fees2,3 8.5 11.2 Development & leasing fees 6.7 16.0 Asset management
Slide 28: Additional financial information
Additional financial information Dec-25 book Dec-25 book 1H FY26 investment A$ (except where stated) Shares Ownership Dec-25 NAV value value income $m m % $ps $ps $m Real Estate HomeCo Daily Needs REIT (HDN) 338.8 219.0 10.5% 1.55 1.55 9.4 Healthcare & Wellness REIT (HCW) 169.8 124.9 22.7% 1.36 1.39
Slide 29: Additional financial information
Additional financial information Earnings reconciliation Operating cashflow reconciliation $ million 1H FY25 1H FY26 $ million 1H FY26 Statutory profit after tax 274.5 5.8 Consolidated Operating cashflow (including HMC-CP) (34.6) Non-controlling interest (107.6) 6.8 HMC-CP performance fee paid (for
Slide 30: 1H FY25 Earnings by Division
1H FY25 Earnings by Division $ million (unless otherwise stated) Real Estate Private Equity Credit Digital Corporate Total Jun-24 AUM (fee-earning) ($bn) 8.0 0.4 1.6 0.7 - 10.7 Dec-24 AUM (fee-earning) ($bn) 8.1 0.5 1.8 4.5 - 14.9 YTD AUM growth % +1% 25% +13% 543% - +39% Management fee revenue1 34.
Slide 31: Further Information
Further Information Investors and Analysts Media Renee Jacob Jim Kelly HMC Capital Corporate Communications Head of Investor Relations +61 407 328 092 +61 412 549 083 renee.jacob@hmccapital.com.au jim.kelly@sodali.com Authorised for release by the Board of HMC Capital Limited 31 Level 31, 1 Macquari
Slide 32: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by HMC Capital Limited (ACN 138 990 593) (“HMC Capital”) Summary information This Presentation contains summary information about the current activities of HMC Capital and its subsidiaries as at the date of this Presentation. The informat
Slide 33: HM Copia!
HM Copia!