Ma Financial Group Limited · ASX:MAF
Ma Financial — FY2025 Earnings Presentation
60 slides from Ma Financial's earnings presentation, Feb 19, 2026
Slide 1: FY25 results presentation
FY25 results presentation February 2026 We invest. We lend. We advise. Approved for release by a Sub-Committee of the Board of MA Financial Group Limited
Slide 2: Acknowledgement of Traditional Owners
We respectfully acknowledge the Traditional Owners of lands across Australia and pay our respects to their Elders, past and present. Our head office is located on Gadigal land.
Slide 3: Contents
Contents FY25 results & highlights 6 Post balance date activity & outlook 14 Asset Management 17 Lending & Technology 27 Corporate Advisory & Equities 34 FY25 financials 38 What we do 42 Appendices 45
Slide 4: Explanation of Underlying measures in this presentation
Explanation of Underlying measures in this presentation MA Financial Group Limited (MA Financial or the Company) (ACN 142 008 428) and its The Underlying financial information is not prepared in accordance with Australian subsidiaries (Group) utilise non-IFRS Underlying financial information in its
Slide 5: MA Financial - our approach
MA Financial - our approach MA Financial was founded in 2009 as a Sydney-based Corporate Advisory business Today we also oversee approx. $15 billion in AUM and $175+ billion loans We believe in balancing strong client outcomes with shareholder returns while fostering a positive work environment for
Slide 6: FY25 results & highlights
FY25 results & highlights MA O1
Slide 7: FY25 result – strong growth across the business
FY25 result – strong growth across the business Underlying EPS is up 31% on FY24 driven by record underlying revenue performance 1 Record Assets under Management of $15.3 billion, up 49% on FY24. Year end AUM was 32% higher than average AUM in FY25 2 MA Money growth accelerated - $5.2 billion loan b
Slide 8: FY25 results highlights
FY25 results highlights Strong growth across MA businesses. Investment in platform, technology and brand continues to deliver. $382m 34.2cps 20.0cps Underlying revenue Underlying EPS Fully franked dividend1 p25% on FY24 p31% on FY24 in line with FY24 Asset Management Lending & Technology Corporate A
Slide 9: Recurring revenue up 24% to $258 million
Recurring revenue up 24% to $258 million Improving revenue quality from diverse income streams provides confidence in future growth Recurring revenue1 Transaction based revenue 67% 33% Asset Management Lending Platforms - MA Money Financial Technology Corporate Advisory & Equities • Global alternati
Slide 10: Well positioned on FY26 growth targets
Well positioned on FY26 growth targets Progressing well toward achieving our medium-term growth targets announced in August 2023 Historical CAGR / FY26 target3 Implied target CAGR Asset class Measure Dec 2025 average (Dec 2026) (Dec 2025 – Dec 2026) (Dec 2019 – Dec 2025) Asset Management Assets unde
Slide 11: FY25 results
FY25 results Underlying results1 FY25 FY24 FY25 v FY24 Statutory results1 FY25 FY24 FY25 v FY24 Revenue $382.4m $306.6m 25% Revenue2 $874.2m $576.7m 52% Expenses $269.4m $219.5m 23% Expenses3 $844.2m $519.8m 62% EBITDA $113.0m $87.1m 30% Net profit after tax**4 $11.1m $41.8m (73%) Net profit after t
Slide 12: Financial performance
Financial performance Accelerating second half growth drives underlying EPS up 31% on FY24 Underlying revenue ($m) Underlying EBITDA ($m) 1H 2H 1H 2H 400 120 100 300 219 80 57 65 156 172 60 36 49 200 142 41 120 40 100 146 135 163 20 50 46 48 95 128 30 38 0 0 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 F
Slide 13: Divisional highlights
Divisional highlights Complementary business segments provide a valuable ecosystem with diversification Asset Management EBITDA contribution1 64% • Exceeded FY26 AUM target of $15 billion one year ahead of schedule EBITDA contribution¹ • Record gross inflows of $4.1 billion, up 82% on FY24 • Net inf
Slide 14: Post balance date activity & outlook
Post balance date activity & outlook 02
Slide 15: Key business activity since December 2025
Key business activity since 31 December 2025 Positive business momentum continuing into 1H26 Asset Management • Positive momentum in AUM and client fund flows continue – $302 million of gross fund inflows (net inflows: $96 million) achieved in the first six weeks of 1H26 • Sold Corrimal Village shop
Slide 16: FY26 outlook commentary
FY26 outlook commentary FY26 EPS is anticipated to be materially higher than FY25 Asset Management • Expectation for net fund inflows (ex. institutional flows) to be up on FY25 • Recurring revenue margin is expected to be slightly lower than 2H25 margin of 144 bps, due to strong growth in core real
Slide 17: Asset Management
Asset Management MA 03
Slide 18: MA Financial is an active manager of alternative asset classes
MA Financial is an active manager of alternative asset classes We are active managers of longer duration alternative assets, adding value with operational expertise that requires hands-on management capability. We are more than just financial managers of assets Specialists in managing and operating
Slide 19: Asset Management performance
Asset Management performance Underlying financials ($M) FY25 FY24 FY25 V FY24 Base management fees 109.3 99.2 10% Credit funds income 59.1 51.1 16% Principal investments income 7.9 7.9 -% Recurring revenue increase driven by growth in Total recurring revenue 176.3 158.2 11% private credit funds and
Slide 20: Continued growth in recurring revenue
Continued growth in recurring revenue 14% CAGR in recurring revenue since FY21 +14% Recurring Revenue CAGR 217.5 197.8 189.7 41.2 176.1 31.5 72.1 22.7 132.2 39.7 176.3 153.4 158.2 125.7 92.5 FY21 FY22 FY23 FY24 FY25 Recurring revenue Transaction/Performance revenue & realised gains 20
Slide 21: Assets under management
Assets under management AUM at $15.3 billion with a focus on alternative asset classes 15.3 1.0 10.3 7.2 9.2 1.2 +41% 7.8 CAGR 6.9 3.9 5.4 4.9 3.7 2.9 7.1 5.2 1.1 0.8 0.4 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Private credit Real estate Growth ventures & equities 21
Slide 22: AUM growth
AUM growth Growth propelled by strong domestic flows and the acquisition of IPG 1.9 0.6 15.3 4.1 1.0 (1.6) 10.3 7.2 1.2 3.9 7.1 5.2 FY24 Gross flows IPG acquisition Redemptions Movement in assets FY25 Private credit Real estate Growth ventures & equities 22
Slide 23: FY25 fund flows
FY25 fund flows Net flows nearly doubled in FY25 driven by real estate transactions and listed vehicle raises Flows by asset class ($M) FY25 FY24 Gross1 Net Gross1 Net Growth in private credit driven by listed vehicle Private credit 2,868 1,655 2,039 1,243 raises across MA1 and MA2HA Gross flows inc
Slide 24: Investor flows
Investor flows ₁ Distribution channels continue to grow and diversify Investor channel gross inflows by proportion (%) Investor channel gross inflows ($m) 4,095 1% 9% 9% 13% 513 34% 19% 796 34% 51% 2,247 1,941 173 747 1,532 68% 141 666 2,786 66% 57% 782 40% 1,494 1,102 609 FY22 FY23 FY24 FY25 FY22 F
Slide 25: Asset Management client base
Asset Management client base Domestic and international non-migration clients increasing as a proportion of total AUM FY25 AUM by investor channel FY24 AUM by investor channel $1.4b $1.3b $1.8b $4.6b $15.3b $10.3b $2.3b $2.7b $9.4b $2.1b Domestic HNW & retail International HNW (non-migration) Domest
Slide 26: Our focus is to be an active manager of alternative asset classes
Our focus is to be an active manager of alternative asset classes Diversity of fund strategies delivers continued AUM growth Private credit Real Real Estate Estate AUM: $7.1 billion AUM: AUM: $7.2 $7.2 billion billion • Solid performance track record continued in 2025. •• MA MAcompleted completedthe
Slide 27: Lending & Technology
Lending & Technology MA 04
Slide 28: We are building a tech-enabled highly scalable lending ecosystem
We are building a tech-enabled highly scalable lending ecosystem An ecosystem that generates fee-based income, net interest margin income and investment product for our managed funds Lending Financial technology Spread income Fees and commissions Loan book: $5.2 billion Managed loans: $175b Serviced
Slide 29: Lending & Technology divisional performance
Lending & Technology divisional performance Strong volume growth across Finsure and MA Money lifts revenue and positions business well for scale benefits to emerge Underlying financials ($M) FY25 FY24 FY25 V FY24 Financial technology 53.5 43.3 24% Growth in Finsure managed loans and total brokers Le
Slide 30: Financial technology performance
Financial technology performance Finsure growth underpinned by strong broker network, translating to continued momentum in settlement growth Underlying financials ($M) FY25 FY24 FY25 V FY24 Fees & commissions Increase reflecting broker network growth and Subscription fees and trail commissions 38.6
Slide 31: Finsure platform growth
Finsure platform growth Finsure is growing its market position with successful expansion into new markets. Focused on value-add service innovation and technology to broker clients. MA purchased a good business in 2022. It is now a great business. Brokers on platform Finsure’s broker market share1 Ma
Slide 32: Lending platforms - MA Money performance
Lending platforms - MA Money performance Positive underlying EBITDA contribution in 2H25 as the historical investment in MA Money begins to generate scale benefits Underlying financials ($M) FY25 FY24 FY25 V FY24 MA Money 40.1 15.6 157% Ongoing strong loan book growth with improved NIM Total underly
Slide 33: Loan book growth and invested capital
Loan book growth and invested capital Loan book increased 136% driven by strong MA Money momentum in new settlements Loan book growth (A$m at year end) Invested capital1 (A$m / % at year end) MA Money Specialty Finance MA Money Specialty Finance % of total Loan book 6,000 100 $5,377m 90 177 5,000 80
Slide 34: Corporate Advisory & Equities
Corporate Advisory & Equities 05
Slide 35: Corporate Advisory & Equities performance
Corporate Advisory & Equities performance Solid FY25 result given market conditions with revenue up 23% on FY24 Underlying financials ($M) FY25 FY24 FY25 V FY24 Corporate Advisory fees 63.1 49.9 26% Equities commissions 5.6 5.8 (3%) Total underlying revenue 68.7 55.7 23% Expenses 53.9 44.0 23% Under
Slide 36: Revenue seasonality
Revenue seasonality Corporate Advisory revenue typically weighted to second half • Corporate Advisory & Equities revenue is typically seasonal with, on average, second half weighting of approximately 60% • Market conditions make deal execution and timing less predictable Historical Corporate Advisor
Slide 37: Corporate Advisory – relatively consistent across cycles
Corporate Advisory – relatively consistent across cycles Corporate Advisory has a consistent overall revenue productivity performance • Our target productivity range of $1.1m – $1.3m per executive is supported by over a decade of operation • Market uncertainty made this range difficult to achieve in
Slide 38: FY25 financials
FY25 financials MA O6
Slide 39: Group underlying profit and loss
Group underlying profit and loss1 Summary Underlying Profit & Loss Statement ($M) FY25 FY24 FY25 v FY24 Asset Management 217.5 189.7 15% Growth driven by strong performance in credit funds and transaction based revenue Lending & Technology 96.8 60.8 59% Reflects strong loan book growth in Finsure an
Slide 40: Group operating balance sheet
Group operating balance sheet1 Operating balance sheet ($M) 31 Dec 2025 31 Dec 2024 Cash and cash equivalents 29.4 40.0 Loans receivable 9.1 10.4 Refer to following slide for detail on investments Investments 290.0 248.6 Trail book contract assets 58.1 51.3 Goodwill and other intangibles 229.0 195.4
Slide 41: Group investments
Group investments Ability to recycle capital and maintain a dynamic investment portfolio underpins balance sheet strength Summary of Investments ($M) 31 Dec 2025 31 Dec 2024 Lending (MA Money & Specialty invested capital) 47.0 37.9 Co-investments 43.0 43.2 Private credit funds 132.6 114.7 Redcape Ho
Slide 42: What we do
What we do MA O7
Slide 43: Our core capabilities position us well for medium term growth
Our core capabilities position us well for medium term growth Focus on building sustainable earnings growth 01. 02. 03. Builder of valuable businesses in Scalable business powered by unique Diversified capital sources and client large addressable markets distribution investor base 04. 05. 06. Strong
Slide 44: MA in the community
MA in the community • Established in 2018, the MA Foundation has three long-term community partners: GO Foundation, BackTrack and the Mirabel Foundation. • It also supports charities and community causes that hold significant importance to our staff. To date, the Foundation has donated over $8.9 mil
Slide 45: Appendices
Appendices MA 08
Slide 46: Appendix — financials
Appendix — financials MA
Slide 47: FY25 financials - statutory to underlying profit reconciliation
FY25 financials - statutory to underlying profit reconciliation Note Revenue1 EBITDA NPAT CI1 FY25 Statutory results ($M) 874.2 510.3 11.1 17.4 Differences in measurement Acquisition and transaction costs (a) (0.3) 40.7 47.4 47.4 Adjustments relating to investments (b) - - - 1.2 Adjustments relating
Slide 48: FY24 financials - statutory to underlying profit reconciliation
FY24 financials - statutory to underlying profit reconciliation Note Revenue1 EBITDA NPAT CI1 FY24 Statutory results ($M) 576.7 320.6 41.8 44.3 Differences in measurement Acquisition and transaction costs (a) - 3.1 9.0 9.0 Adjustments relating to investments (b) 1.8 1.8 1.8 2.4 Adjustments relating
Slide 49: Notes to statutory to underlying profit reconciliation
Notes to statutory to underlying profit reconciliation Differences in measurement and classification a) The Underlying treatment: d) The Underlying treatment: – excludes $19.6 million (31 December 2024: $3.1 million) of acquisition and transaction – recognise the net distributions received from the
Slide 50: FY25 balance sheet - operating to statutory reconciliation
FY25 balance sheet - operating to statutory reconciliation 31 Dec 2025 31 Dec 2025 31 Dec 2025 31 Dec 2025 Summary Consolidated Balance Sheet ($M) Operating Lending Trusts1 Reclassifications Statutory Cash and cash equivalents 29.4 390.9 - 420.3 Loans receivable 9.1 9,214.0 - 9,223.1 Investments 290
Slide 51: FY24 balance sheet - operating to statutory reconciliation
FY24 balance sheet - operating to statutory reconciliation 31 Dec 2024 31 Dec 2024 31 Dec 2024 31 Dec 2024 Summary Consolidated Balance Sheet ($M) Operating Lending Trusts1 Reclassifications Statutory Cash and cash equivalents 40.0 137.7 - 177.7 Loans receivable 10.4 4,525.5 - 4,535.9 Investments 24
Slide 52: Notes to operating balance sheet reconciliation
Notes to operating balance sheet reconciliation Lending Trust adjustments • The Group utilises non-recourse funding vehicles (Lending Trusts) typically in the form of securitisation trusts and bank warehouses for spread income generation in its Lending business and Credit Funds income in its Asset M
Slide 53: Group underlying profit & loss - divisional summary
Group underlying profit & loss - divisional summary Underlying Profit & Loss ($M) FY25 FY24 Revenue Asset Management 217.5 189.7 Lending & Technology 96.8 60.8 Corporate Advisory and Equities 68.7 55.7 Corporate (0.6) 0.4 Total Revenue 382.4 306.6 Expenses Asset Management 125.4 106.5 Lending & Tech
Slide 54: Borrowings - operating
Borrowings - operating Borrowings ($M) Maturity date Coupon 31 Dec 2025 31 Dec 2024 MA VI Unsecured note Sep 2027 5.75% 25.0 25.0 MAFG Finance Note 1 Unsecured note Apr 2028 3M BBSW + 4.85% 70.0 70.0 MAFG Finance Note 2 Unsecured note Mar 2029 8.00% 40.0 40.0 Total notes issued 135.0 135.0 Corporate
Slide 55: Shares on issue
Shares on issue Summary of shares on issue 31 Dec 2025 31 Dec 2024 Total shares on issue 194,867,377 181,342,954 Less: Treasury shares 19,463,959 20,485,532 Net shares on issue 175,403,418 160,857,422 Weighted average number of shares on issue 186,499,766 180,701,235 Less: Weighted average number of
Slide 56: Appendix – Assets under Management
Appendix – Assets under Management
Slide 57: Private credit AUM
Private credit AUM Private credit AUM continues to grow strongly driven by growth in Global Credit Solutions (including Priority Income Funds and listed vehicles) $7.1b 2.4 $5.2b $4.0b 2.3 $2.5b 4.7 $1.6b $1.1b 2.9 $0.9b $0.6b $0.4b FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Global Credit Solution
Slide 58: Real estate AUM
Real estate AUM Real estate AUM growth with acquisition of IP Generation, Hyperdome and Top Ryde $7.2b 0.4 1.7 0.5 $4.3b $4.2b $4.1b $3.9b $3.4b $3.5b 0.3 $2.7b 1.6 $2.2b 4.6 0.5 1.5 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Retail real estate Diversified real estate Hospitality Marinas
Slide 59: Growth ventures & equities AUM
Growth ventures & equities AUM Growth ventures strategies well positioned for future growth $1.2b $1.2b $1.1b $1.0b $1.0b 0.5 $0.8b 0.5 $0.5b $0.4b $0.3b 0.7 0.5 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Equities Growth ventures 59
Slide 60: Disclaimer
Disclaimer This presentation has been prepared by MA Financial Group Limited ACN 142 008 428 (MA MA Financial will not release any updates to these statements to reflect circumstances or Financial) and is general background information about MA Financial Group activities events occurring after the d