Pengana Capital Group Ltd. · ASX:PCG
Pengana Capital — H1 2026 Earnings Presentation
25 slides from Pengana Capital's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation
ASX: PCG INVESTOR PRESENTATION EST. 2003
Slide 2: Pengana Capital Group overview
Pengana Capital Group is an established, ASX-listed Australian funds management group with a long track record of delivering specialist investment strategies across public and private markets. While built on deep experience and trusted expertise, Pengana remains at the forefront of innovation - deve
Slide 3: Table of Contents
Table of Contents 1 About Pengana 2 H1 2026 Financials and Highlights 3 Run-Rate Analysis 4 P&L and Balance Sheet 5 Business Components → Global Private Credit (“GPC”) Platform → TermPlus → Listed Equities → Private Equity 6 Group Outlook PENGANA CAPITAL GROUP | PAGE 3
Slide 4: About Pengana Capital Group
About Pengana Capital Group Business Composition Target Markets & Vehicles 4 Key Components: o FUM sourced from superannuation (including SMSFs and corporate super) as o Global Private Credit (“GPC”) Platform well as general savings o TermPlus term accounts (a part of GPC Platform) o Key target mark
Slide 5: Why Pengana Capital Group
Why Pengana Capital Group Rapidly growing, GPC Platform Superannuation Tailwinds Market leading GPC Platform enables the Well-positioned to benefit from tailwinds diversified funds efficient launch and operation of multiple due to positioning in advisor, SMSF and management offerings into high growt
Slide 6: Understanding Key Financial Metrics
Understanding Key Financial Metrics Funds Under Base revenues are 100% driven by FUM. Management (“FUM”) Gross Base Management fee income and excess spreads on various GPC products (incl. TermPlus) i.e. products where all profit Revenue after payment of target returns to investors is attributed to P
Slide 7: Revenue Run Rate Changes as at 30 June and 31 December
Revenue Run Rate Changes as at 30 June and 31 December 1, 2 FUM3 up 8.6%, from $3.5bn to $3.8bn, due to • Global Private Credit (“GPC”) FUM net inflows of $313m; Why Use Run Rate? • FUM in both Listed Equities and PE businesses unchanged • Revenue Run Rate is an estimate calculated by taking Gross B
Slide 8: Annualised Run Rate (as at Specified Dates)
Annualised Run Rate (as at Specified Dates) 1 Change % change from from 30 Jun 23 31 Dec 23 30 Jun 24 31 Dec 24 30 Jun 25 31 Dec 25 30 Jun 25 30 Jun 25 FUM* 3,050 2,993 3,224 3,444 3,517 3,818 301 8.6% Gross base revenue $m 36.3 35.7 38.3 41.1 42.5 48.1 5.6 13.2% Profit share on base revenue $m 10.0
Slide 9: FUM - Run Rate Analysis
FUM - Run Rate Analysis GROUP FUM GPC PLATFORM FUM 4,500 800 4,000 700 3,500 600 3,000 500 2,500 $ millions $ millions 400 2,000 300 1,500 200 1,000 500 100 - - 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 3
Slide 10: Net Base Revenues (NBR) - Run Rate Analysis
Net Base Revenues (“NBR”) - Run Rate Analysis Group NBR Margin GPC Platform NBR Margin 1.00% 2.00% 0.98% 1.80% 0.96% 1.60% 0.94% 1.40% 0.92% 1.20% 0.90% 1.00% 0.88% 0.80% 0.86% 0.60% 0.84% 0.40% 0.82% 0.20% 0.80% 0.00% 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 30 Dec
Slide 11: Notable Highlights for H1 2026
Notable Highlights for H1 2026 Private Market Assets (i.e. GPC and PE) now Rapid growth in profitability of GPC Platform has account for ~41% of NBR, close to achieving significantly improved Group profitability Pengana’s objective of having majority of net revenues from this segment FUM inflows acr
Slide 12: Operating Profit & Loss Summary – Half Years
Operating Profit & Loss Summary – Half Years1 Increase/ (Decrease) from H2 FY25 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 to H1 FY26 Gross base revenue 17.9 17.5 18.4 20.0 20.5 23.1 2.7 15.4% Profit share on base revenue (5.5) (5.1) (5.1) (5.2) (5.2) (5.5) (0.3) increase Net base revenue (NBR)
Slide 13: Profit & Loss Reconciliation – Half Years
Profit & Loss Reconciliation – Half Years1 Increase/ (Decrease) H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 from H2 OPERATING EBITDA 0.6 1.5 (2.9) 6.4 3.5 4.6 1.0 Net investment income 0.5 0.5 0.8 0.9 0.6 0.9 0.3 Other non-operating (0.0) (0.0) 0.0 (0.1) (0.5) (0.0) 0.5 LSP Interest 1.1 1.2 1.4
Slide 14: Balance Sheet
Balance Sheet1 31 Dec 2025 30 Jun 2025 ($’000) ($’000) Cash 12,455 15,700 Current receivables 9,756 6,930 Current payables (12,733) (12,073) Net current assets 9,477 10,557 Investments 27,947 25,491 Other assets and liabilities 873 558 Off balance sheet Loan Funded Share Plan 8,772 8,753 Net tangibl
Slide 15: Global Private Credit Platform Overview
Global Private Credit Platform Overview GPC is a highly Strong demand - arguably the most in- Most investors currently having demand asset class globally low/underweight exposure attractive asset class for fund managers due to: Risk/return characteristics make it a Generally higher margins and likel
Slide 16: Global Private Credit Platform Structure
Global Private Credit Platform Structure ASX listed investment trust (PCX) TermPlus GPC Master Tailored products for Retail Unit Trust for financial corporate super, wealth groups advisors and direct HNWs Portfolio and others o 30 “Top Rated” GPC Funds o Divided into 3 distinct portfolios Wholesale
Slide 17: A high-growth Fintech with full tech infrastructure and digital-marketing
A high-growth Fintech with full tech infrastructure and digital-marketing TermPlus is a distinct business within the Pengana Group, that invests FUM into the GPC Platform o Offering 1, 2 and 5 year high-yield fixed-term accounts direct-to-consumers and through financial advisors o Tech platform desi
Slide 18: Term Lengths and Target Rates
Term Lengths and Target Rates Personal accounts Joint accounts Child accounts Companies & trusts SMSF investors Target Rates are set as a fixed margin above the RBA Cash Rate, which is variable over the course of the Term. PENGANA CAPITAL GROUP | PAGE 18
Slide 19: Listed Equities Business - Overview
Listed Equities Business - Overview Pengana’s listed equity funds management The target market is the more sophisticated business has been operating since 2003 and financial advisors and wealth mangers, as well is responsible for the original development of as higher-net-worth investors and family t
Slide 20: Listed Equities Business - Funds
Listed Equities Business - Funds Primary Fund/Vehicle Name Strategy FUM ($m) Pengana Emerging Companies Australian Small Caps 928 Pengana Australian Equities Australian Multi Caps 447 Pengana Axiom International Ethical Global, Multi Caps, Ethical 400 Pengana International Equities Ltd (LIC) Global,
Slide 21: Global Private Equity Business
Global Private Equity Business Pengana Global Private Equity Trust PE is considered by most Due to a wide range of factors, for (ASX: PE1) is the only ASX-listed sophisticated investors and advisors many of Australia’s retail and mass- vehicle that provides exposure to to be an important component o
Slide 22: Group Outlook
Group Outlook GPC Platform TermPlus Global PE o Growth across the platform, including o Accelerate growth as TermPlus o Opportunities to grow in PE space existing and new products becomes adopted more widely across o Take advantage of market positioning o Strong margins to persist, with very the mar
Slide 23: Valuation Framework (Earning Multiple Basis)
Valuation Framework (Earning Multiple Basis) Base Operating EBITDA Application of Earnings Multiples • Actual 6 months annualised was $8.6m (i.e. $4.3m in half) • RR NBR is ~$1.6m above 6 months actual annualised • RR of Base Operating EBITDA • Assuming Operating Expenses flat, then indicative RR of
Slide 24: Disclaimer
Disclaimer This presentation has been prepared by Pengana Capital Group Limited (ABN 43 059 300 426) (“PCG”). The information in this presentation is current as at 26 February 2026. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with re
Slide 25: For More Information
FOR MORE INFORMATION PENGANA.COM CLIENT SERVICE PENGANA CAPITAL GROUP LIMITED Suite 1, Level 27, Governor Phillip Tower, T: +61 2 8524 9900 ABN 30 103 800 568 1 Farrer Place, E: clientservice@pengana.com AFSL 226566 Sydney, NSW, 2000
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