Qualitas Limited · ASX:QAL
Qualitas — 2026 Macquarie Australia Conference
18 slides from Qualitas's conference presentation, May 5, 2026
Slide 1: 2026 Macquarie Australia Conference Presentation
Qualitas Limited (ASX: QAL) ASX Announcement 5 May 2026 For personal use only 2026 Macquarie Australia Conference Presentation Qualitas Limited (ASX: QAL) (Qualitas or Company) provides the attached copy of Qualitas’ 2026 Macquarie Australia Conference presentation being delivered today. 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: 2026 Macquarie Australia Conference
2026 Macquarie Australia For personal use only Conference ASX: QAL 5 May 2026 qualitas.com.au
Slide 4: Acknowledgement of Country
For personal use only 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
Agenda For personal use only 01 Our momentum 04 Funds management platform built on stable capital 02 Commercial real estate debt vs private credit 05 Guidance Andrew Schwartz Group Managing Director and Co-Founder 03 Benefits of a rising rate environment qualitas.com.au 3
Slide 6: Our momentum continues
Slide title to go here Our momentum H2 Slide subheading to go here continues SIGNIFICANT ORGANIC GROWTH SINCE IPO IN 2021 For personal use only • FYTD deployment pipeline of $7.4bn up 46% on same time last year 3.1x 4.1x 3.2x FUM + AVAILABLE FEE EARNING FUM EXCL. FUNDS MANAGEMENT REVENUE CAPITAL ARC
Slide 7: Record $7.4bn pipeline – 4-year CAGR of 44%
Record $7.4bn pipeline – 4-year CAGR of 44% $7.4bn FYTD deployment and pipeline PIPELINE AND FYTD DEPLOYMENT breakdown: For personal use only FYTD deployment pipeline should not be interpreted as a forecast for eventual deployment for FY26 as mandated opportunities are subject to due diligence and I
Slide 8: Significant earnings already locked in from prior deployment
Significant earnings already locked in from prior deployment +25% +24% >$8m For personal use only 2H26 period starting Fee Earning Drawn co-investment balance Avg. potential annual performance FUM on 1H26 – accelerating growth increase in 1H26 vs. FY25 with fee over next 7 years – from private relat
Slide 9: Australian real estate private credit is structurally different from US private credit
Australian real estate private credit is structurally different from US private credit For personal use only NOT ALL PRIVATE CREDIT IS CREATED EQUAL UNITED STATES AUSTRALIA Type of private credit Private credit refers to corporate lending including leveraged buyout Private credit refers to real esta
Slide 10: Rising interest rates have several benefits to Qualitas credit strategies
Rising interest rates have several benefits to Qualitas credit strategies For personal use only In a rising rate environment, we prioritise management of borrower capacity to service interest, managing LVR levels by mark to Earnings and Slower presale Capital flow market revaluation of security retu
Slide 11: Deployment and FUM continue to grow during periods of rising interest rates
Our track record shows that deployment and FUM continue to grow during periods of rising interest rates 8 2022-2024, 13 consecutive rate rises, For personal use only during this time: 7 • Reduced competition 10,9202 • Capital certainty 6 • More demand for alternative financing 9,466 8,888 DEPLOYMENT
Slide 12: Off-the-plan prices rise with construction cost
Off-the-plan prices rise with construction cost and declining affordability is driving more demand into apartments For personal use only IN THE LAST CYCLE, PRICE INCREASED WITH COST Changes between Q2-2021 and Q2-2025 In our view, off-the-plan apartment pricing is less sensitive to interest 46%1 rat
Slide 13: Large stable capital commitments, not exposed to cyclical capital
Qualitas has large stable capital commitments and is not materially exposed to cyclical and short-tenured capital For personal use only COMMITTED FUM BY REDEMPTION PROFILE1 >90% of committed capital from institutional investors 8,889 (81%) and listed permanent capital underpinning the stability of f
Slide 14: Reaffirming FY26 guidance
Reaffirming FY26 guidance 13.9cps – 15.3cps $60m – $66m For personal use only EPS ESTIMATED RANGE1,2 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, fund mix an
Slide 15: Key takeaways
Key takeaways For personal use only 01 02 03 STRUCTURALLY PROVEN THROUGH RATE CYCLES EMBEDDED EARNINGS + LIMITED DIFFERENTIATED REDEMPTION RISK Full recourse lending, minimal fund back- FYTD deployment pipeline of $7.4bn and our Over 90% of Committed FUM in closed-ended or leverage, fixed-price cons
Slide 16: Thank you
Thank you For personal use only 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 17: Disclaimer
Disclaimer This presentation has been prepared by and is the sole responsibility of Qualitas Limited (ACN 655 057 588). To speculative and always involve some risk and uncertainty as they relate to events and depend on circumstances For personal use only the maximum extent permitted by law, the info
Slide 18: 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 For personal use only due diligence and fund Investment Committee approval Average Fee Earning FUM Average monthly Fee Earning