Ma Financial Group Limited · ASX:MAF
Ma Financial — 1H25 Earnings Presentation
57 slides from Ma Financial's earnings presentation, Aug 21, 2025
Slide 1: 1H25 results presentation
1H25 results presentation August 2025 For personal use only
Slide 2: Acknowledgement of Country
For personal use only We respectfully acknowledge the Traditional Owners of lands across Australia and pay our respects to their Elders, past, present and emerging. Our head office is located on Gadigal land. 2
Slide 3: Contents
Contents 1H25 results & highlights 6 For personal use only Post balance date activity & outlook 14 Asset Management 17 Lending & Technology 25 Corporate Advisory & Equities 32 1H25 financials 35 What we do 39 Appendices 42 3
Slide 4: Explanation of Underlying measures in this presentation
Explanation of Underlying measures in this presentation For personal use only MA Financial Group Limited (MA Financial or the Company) (ACN 142 008 428) and its Differences in classification arise because the Group chooses to classify some IFRS subsidiaries (Group) utilise non-IFRS Underlying financ
Slide 5: MA Financial – our approach
MA Financial – our approach MA Financial was founded in 2009 as a Sydney-based Corporate Advisory business For personal use only Today we also oversee approx. $13 billion in AUM and $155+ billion loans We believe in balancing strong client outcomes with shareholder returns while fostering a positive
Slide 6: 1H25 results & highlights
1H25 results & highlights For personal use only
Slide 7: 1H25 result – key themes
1H25 result – key themes Underlying EPS up 26% on 1H24 on record first half Underlying revenue. Strong momentum into 2H25. For personal use only 1 Record first half Asset Management gross fund inflows 2 Broadening and diversifying distribution depth, highlighted via MA1 IPO, the acquisition of IPG a
Slide 8: 1H25 result highlights
1H25 result highlights Strong growth across MA businesses. Investment in platform, technology and brand continues to deliver strong growth For personal use only $120m 14.0cps 6cps Recurring revenue1 Underlying EPS Fully Franked Interim Dividend2 26% on 1H24 26% on 1H24 in line with 1H24 Asset Manage
Slide 9: Recurring revenue accounts for 74% of total revenue
Recurring revenue1 accounts for 74% of total revenue Improving revenue quality from diverse income streams provides confidence in future growth Recurring revenue Transaction based revenue For personal use only ~ 74% ~ 26% Asset Management Lending Platforms - MA Money Financial Technology Corporate A
Slide 10: Focused on FY26 growth targets
Focused on FY26 growth targets Confidence in ongoing growth derived from our strong track-record of investment into highly scalable businesses. Momentum in sourcing institutional and listed market capital strengthens our confidence in stated FY26 AUM target. For personal use only Historical CAGR / F
Slide 11: 1H25 results
1H25 results Underlying Results1 1H25 1H24 1H25 v 1H24 Statutory Results1 1H25 1H24 1H25 v 1H24 Revenue $163.4m $134.5m 21% Revenue2 $367.9m $244.5m 50% For personal use only Expenses $115.6m $96.2m 20% Expenses3 $347.6m $214.1m 62% EBITDA $47.8m $38.3m 25% Net profit after tax** $7.6m $13.5m (44%)
Slide 12: Financial performance
Financial performance Underlying EPS up 26% on 1H24 Underlying revenue ($m) Underlying EBITDA ($m) For personal use only 350 120 1H 2H 1H 2H 300 100 250 80 156 172 57 200 142 36 60 49 150 120 41 100 40 146 135 163 50 50 128 20 46 38 48 95 30 0 0 FY21 FY22 FY23 FY24 1H25 FY21 FY22 FY23 FY24 1H25 Unde
Slide 13: Divisional highlights
Divisional highlights Complementary business segments provide a valuable ecosystem with diversification Asset Management EBITDA contribution1 61% For personal use only • Record first half gross inflows, driven by strong demand for Private Credit funds as investment EBITDA contribution1 fundamentals
Slide 14: Post balance date activity & outlook
Post balance date activity & outlook For personal use only
Slide 15: Key business activity since June 2025
Key business activity since 30 June 2025 Continued positive momentum across all activities Asset Management • Positive momentum in AUM and client fund flows For personal use only − $379 million of gross fund inflows received in the first seven weeks of 2H25 (net flows: $182 million)1 − Solid net fun
Slide 16: FY25 outlook commentary
FY25 outlook commentary Underlying EPS in 2H25 expected to be materially higher than 1H25 as all divisions continue to demonstrate positive momentum For personal use only Asset Management • Continued growth in fund inflows expected • Return to strong growth in real estate funds AUM expected in 2H25
Slide 17: Asset Management
For personal use only Asset Management
Slide 18: MA Financial is an active manager of alternative asset classes
MA Financial is an active manager of alternative asset classes We are active managers of longer duration alternative assets, adding value with operational expertise that requires hands-on management capability. We are more than just financial managers of assets For personal use only Specialists in m
Slide 19: Asset Management performance
Asset Management performance Underlying Financials ($M) 1H25 1H24 1H25 v 1H24 Base management fees 49.1 48.4 1% Credit funds income 31.0 22.3 39% For personal use only Principal investments income 3.6 3.5 3% Recurring revenue increase driven by continued strong demand into Private Credit funds Total
Slide 20: 1H25 fund flows
1H25 fund flows Gross flows grew 36% with average monthly flow of ~$250 million. For personal use only Flows by Asset Class1 ($M) 1H25 1H24 Gross Net Gross Net Strong demand for Credit products, with gross flows up Private Credit 1,252 668 994 628 26%. Includes two MA1 external raises totaling $364m
Slide 21: Assets under Management
Assets under Management AUM at $12.7 billion with a focus on alternative asset classes $1.9 billion AUM growth to be delivered by acquisition of IP Generation For personal use only 12.7 1.1 10.3 9.2 1.2 5.6 +41% 7.8 CAGR 6.9 3.9 5.4 4.9 3.7 2.9 6.0 5.2 1.1 0.8 0.4 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Slide 22: Investor flows
Investor flows Distribution channels continue to grow and diversify Investor channel gross inflows by proportion (%) Investor channel gross inflows ($m) For personal use only 2,247 6 1,941 9% 9% 6% 173 747 34% 24% 1,532 1,499 34% 141 666 83 51% 358 782 70% 1,494 66% 57% 1,102 1,058 40% 609 FY22 FY23
Slide 23: Asset Management client base
Asset Management client base Domestic and international non-migration clients increasing as a proportion of total AUM 1H25 AUM by investor channel1 1H24 AUM by investor channel For personal use only $1.0b $1.3b $2.0b $4.0b $10.8b $5.5b $2.5b $9.7b $2.2b $1.9b Domestic HNW & Retail International HNW
Slide 24: MA Financial's focus is to be an active manager of alternative asset classes
MA Financial’s focus is to be an active manager of alternative asset classes Diversity of fund strategies delivers continued AUM growth Private Credit Real Estate For personal use only AUM: $6.0 billion AUM: $5.6 billion1 • Strong momentum on fund inflows, with MA products resonating with investors
Slide 25: Lending & Technology
For personal use only Lending & Technology
Slide 26: 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 For personal use only Lending Financial technology Net interest margin income Fees and commissions Loan book: $3.3b M
Slide 27: Lending & Technology performance
Lending & Technology performance Strong volume growth across Finsure and MA Money lifts revenue and positions business well for scale benefits to emerge For personal use only Underlying Financials ($M) 1H25 1H24 1H25 v 1H24 Revenue growth driven by growth in Finsure managed Financial Technology 25.0
Slide 28: Financial technology performance
Financial technology performance Finsure growth underpinned by strong broker network, translating to continued momentum in settlement growth For personal use only Underlying Financials ($M) 1H25 1H24 1H25 v 1H24 Fees & commissions Increase reflecting broker network growth and strategic initiatives t
Slide 29: Finsure platform growth
Finsure platform growth Finsure is growing its market position with focus on value-add service innovation and technology to broker clients. For personal use only Brokers on Platform Finsure’s broker market share1 Managed Loans 4,029 3,746 17.8% +8% 16.7% 16.3% $155b 3,129 $139b +12% $110b 2,127 11.6
Slide 30: Lending platforms - MA Money performance
Lending platforms - MA Money performance MA Money begins to generate scale benefits post historical investment into platforms For personal use only Underlying Financials ($M) 1H25 1H24 1H25 v 1H24 Ongoing strong loan book growth with improved NIM MA Money 16.9 4.8 252% Total Underlying Revenue 16.9
Slide 31: Loan book growth and invested capital
Loan book growth and invested capital Loan book increase of 51% on FY24 driven by strong MA Money momentum in new settlements Loan book growth (A$m at year end) Invested capital1 (A$m / % at year end) For personal use only 3,500 $3,429m 100 MA Money MA Money 160 Specialty Finance Specialty Finance 9
Slide 32: Corporate Advisory & Equities
Corporate Advisory & Equities For personal use only
Slide 33: Corporate Advisory & Equities performance
Corporate Advisory & Equities performance Solid 1H25 result with Corporate Advisory revenue up 19% on 1H24 For personal use only Underlying Financials ($M) 1H25 1H24 1H25 v 1H24 Corporate Advisory fees 26.1 22.0 19% Equities commissions 2.1 2.5 (16%) Total Underlying Revenue 28.2 24.5 15% Expenses 2
Slide 34: 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% For personal use only Historical Corporate Advisory & Equities Revenue ($M) $68.6m $63.8m $61.7m
Slide 35: 1H25 financials
For personal use only 1H25 financials
Slide 36: Group Underlying Profit and Loss
Group Underlying Profit and Loss1 Summary Underlying Profit & Loss Statement ($M) 1H25 1H24 1H25 v 1H24 Growth in recurring revenue driven by demand for Private Credit funds Asset Management 92.2 83.7 10% For personal use only Lending & Technology 43.3 26.5 63% Reflects strong book growth in MA Mone
Slide 37: Group Operating Balance Sheet
Group Operating Balance Sheet1 Operating Balance Sheet ($M) 30 Jun 2025 31 Dec 2024 Cash and cash equivalents 29.7 40.0 For personal use only Loans receivable 9.6 10.4 Investments 255.4 248.6 Refer to following slide for detail on investments Net trail book asset 54.5 51.3 Goodwill and other intangi
Slide 38: Group investments
Group investments Ability to recycle capital and maintain a dynamic investment portfolio underpins balance sheet strength For personal use only Summary of Investments ($M) 30 Jun 2025 31 Dec 2024 Lending (MA Money & Specialty Invested Capital) 39.6 37.9 Co-investments 44.5 43.2 Private Credit funds
Slide 39: What we do
For personal use only What we do
Slide 40: 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 For personal use only 01. 02. 03. Builder of valuable businesses in Scalable business powered by Diversified capital sources and large addressable markets unique distribution client investor b
Slide 41: MA in the community
MA in the community • Established in 2018, the MA Foundation has three long-term community partners: GO Foundation, For personal use only BackTrack, and the Mirabel Foundation. • It also supports charities and community causes that hold significant importance to our staff. To date, the Foundation ha
Slide 42: Appendices
For personal use only Appendices
Slide 43: Appendix – financials
For personal use only Appendix – financials 43
Slide 44: 1H25 Financials - Statutory to Underlying Profit Reconciliation
1H25 Financials - Statutory to Underlying Profit Reconciliation Note Revenue1 EBITDA NPAT CI1 1H25 Statutory Results ($m) 367.9 215.9 7.6 2.9 For personal use only Differences in measurement Acquisition and transaction costs (a) - 13.5 16.1 16.1 Adjustments relating to investments (b) 0.2 0.2 0.2 2.
Slide 45: 1H24 Financials - Statutory to Underlying Profit Reconciliation
1H24 Financials - Statutory to Underlying Profit Reconciliation Note Revenue1 EBITDA NPAT CI1 1H24 Statutory Results ($m) 244.5 133.2 13.5 12.1 For personal use only Differences in measurement Acquisition and transaction costs (a) - 0.6 3.1 3.1 Adjustments relating to investments (b) 1.8 1.8 1.8 7.3
Slide 46: Notes to Statutory to Underlying Profit reconciliation
Notes to Statutory to Underlying Profit reconciliation Differences in Measurement and Classification For personal use only d) The Underlying treatment: a) The Underlying treatment: i. excludes $13.5 million (30 June 2024: $0.5 million) of acquisition and transaction costs i. recognises the net distr
Slide 47: 1H25 Balance Sheet – Operating to Statutory Reconciliation
1H25 Balance Sheet – Operating to Statutory Reconciliation 30 Jun 2025 30 Jun 2025 30 Jun 2025 30 Jun 2025 For personal use only Summary Consolidated Balance Sheet ($M) Operating Lending Trusts1 Reclassifications Statutory Cash and cash equivalents 29.7 354.8 - 384.5 Loans receivable 9.6 6,492.3 - 6
Slide 48: 1H24 Balance Sheet – Operating to Statutory Reconciliation
1H24 Balance Sheet – Operating to Statutory Reconciliation 30 Jun 2024 30 Jun 2024 30 Jun 2024 30 Jun 2024 For personal use only Summary Consolidated Balance Sheet ($M) Operating Lending Trusts1 Reclassifications Statutory Cash and cash equivalents 18.2 144.4 - 162.6 Loans receivable 8.6 2,950.5 - 2
Slide 49: Notes to operating balance sheet reconciliation
Notes to operating balance sheet reconciliation Lending Trust adjustments Reclassifications For personal use only • The Group utilises non-recourse funding vehicles (Lending Trusts) typically in the form of • The reclassification adjustments seek to present the balance sheet on a net basis rather se
Slide 50: Group Underlying Profit & Loss – divisional summary
Group Underlying Profit & Loss – divisional summary Underlying Profit & Loss ($M) 1H25 1H24 For personal use only Revenue Asset Management 92.2 83.7 Lending & Technology 43.3 26.5 Corporate Advisory and Equities 28.2 24.5 Corporate (0.3) (0.2) Total Revenue 163.4 134.5 Expenses Asset Management 55.1
Slide 51: Borrowings – operating
Borrowings – operating For personal use only Borrowings ($M) Maturity date Coupon 30 Jun 2025 31 Dec 2024 MA VI Unsecured note Sep 2027 5.75% 25.0 25.0 MAFG Finance Note I Unsecured note Apr 2028 3m BBSW + 4.85% 70.0 70.0 MAFG Finance Note II Unsecured note Mar 2029 8.00% 40.0 40.0 Total Notes Issue
Slide 52: Shares on issue
Shares on issue Summary of Shares on Issue 30 Jun 2025 31 Dec 2024 For personal use only Total shares on issue 183,425,846 181,342,954 Less: Treasury shares 20,104,124 20,485,532 Net shares on issue 163,321,722 160,857,422 Weighted average number of shares on issue 181,975,877 180,701,235 Less: Weig
Slide 53: Appendix – Assets under Management
For personal use only Appendix – Assets under Management 53
Slide 54: Private Credit AUM
Private Credit AUM Private Credit AUM continues to grow strongly through Global Credit Solutions (including Priority Income Funds) $6.0b For personal use only $5.2b 2.3 $4.0b 2.3 1.7 $2.5b $1.6b 3.7 2.9 $1.1b $0.9b 2.3 $0.6b $0.4b FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1H25 Global Credit Solutions
Slide 55: Real Estate AUM
Real Estate AUM Real Estate AUM growth with acquisition of IP Generation $1.9bn For personal use only $5.6b 0.4 $4.3b 1.5 $4.1b $4.2b $3.9b $3.5b 0.3 $3.4b 0.6 $2.7b 1.6 $2.2b IPG 0.5 3.1 1.5 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1H25 Retail Real Estate Diversified Real Estate Hospitality Marinas
Slide 56: Growth Ventures & Equities AUM
Growth Ventures & Equities AUM Growth Ventures strategies well positioned for future growth For personal use only $1.2b $1.2b $1.1b $1.1b 0.1 0.1 $1.0b 0.2 0.2 $0.8b 0.2 0.2 $0.5b $0.4b $0.3b 0.7 0.6 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1H25 Equities Private Equity Venture Capital Growth Credit 5
Slide 57: Disclaimer
Disclaimer The material in this presentation has been prepared by MA Financial Group Limited ACN This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any For personal use only 68 142 008 428 (MA Financial) and is general background information about MA Financ