Pengana Capital Group Ltd. · ASX:PCG
Pengana Capital — FY2025 Earnings Presentation
17 slides from Pengana Capital's earnings presentation, Aug 28, 2025
Slide 1: Investor Presentation: Pioneering Tomorrow, Today
INVESTOR PRESENTATION PIONEERING TOMORROW, TODAY.
Slide 2: Year in Review
fa PENGANA CAPITAL GROUP. YEAR IN REVIEW
Slide 3: Profitability in FY 2025
PROFITABILITY IN FY 2025 Improved profitability in the year ended 30 June 2025: • Gross Revenues rose to $56.5 million, up from $39.0 million in FY 2024 • Gross Performance Fees increased to $16.0 million from $3.1 million in FY 2024; o Net Performance fees (i.e. after payment to Teams and JV's) inc
Slide 4: Notable Highlights for FY2025
NOTABLE HIGHLIGHTS FOR FY2025 • Generally strong investment performance across the range of funds • Growth in global private credit FUM of 64% • IPO of PCX, the first ASX listed investment company investing in global private credit o $157 million with additional placement of $12 million o Mostly tra
Slide 5: Strategic Repositioning & Outlook
STRATEGIC REPOSITIONING & OUTLOOK Strategic repositioning • Pengana has successfully repositioned toward private markets, contributing to growth and margins o FUM has grown from $0.2 billion in 2019 to $1.0 billion in 2025 o Benefitting from higher-margins as well as better terms for PCG in JV arran
Slide 6: Funds Under Management (FUM)
FUNDS UNDER MANAGEMENT (“FUM”)1 HISTORICAL GROWTH IN FUM ($B)2 $4.5 $4.0 $3.52 $3.49 $3.56 $3.5 $3.27 $3.35 $3.13 $3.04 $3.05 $3.0 $2.88 $2.71 $2.53 $2.5 $2.14 $2.02 $2.0 $1.5 $1.0 $0.5 $0.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Listed Equity FUM Private Markets FUM 1. The
Slide 7: Compelling Track Records with Capacity to Grow
COMPELLING TRACK RECORDS WITH CAPACITY TO GROW (AS AT 30/06/2025) Performance Since Inception p.a. 13 FUM Indicative Further Fund Benchmark Relative Primary Fund/Vehicle Name Strategy Team Current ($m) FUM Capacity ($bn) % % % Pengana Emerging Companies1 Australian Small Caps Internal 890 Limited 12
Slide 8: Leveraged to Growth and Performance Fees
LEVERAGED TO GROWTH AND PERFORMANCE FEES1 ($M) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Base Fees 40.5 35.9 36.0 41.8 41.2 38.1 Performance Fees 16.0 3.1 - 32.7 27.5 6.1 Total Fees 56.5 39.0 36.0 74.5 68.7 68.7 Operating expenses (27.0) (24.2) (21.1) (19.4) (25.0) (21.2) Team Profit Share (18
Slide 9: Annual Gross Fee Margins
ANNUAL GROSS FEE MARGINS 1.3% Base fee /avg base fee FUM Base Fee FUM $3.61 billion 1.2% 1.2% 1.19% 1.21% 1.18% 1.18% 1.17% 1.18% 1.18% 1.1% 1.15% 1.15% 1.14% 1.12% 1.1% FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 2.5% Perf fee/avg perf feeFUM 2.0% 1.5% Pe
Slide 10: Changing Product Mix Driving Growth in Net Revenue
CHANGING PRODUCT MIX DRIVING GROWTH IN NET REVENUE Metrics driving Net Revenue growth: • FUM growth • Change in Gross Margin % and • Proportion of gross revenue that is kept by PCG after payments to teams or JV partners: Key dynamic in business is growth in proportion of FUM from private market asse
Slide 11: Components of Net Revenue Growth
COMPONENTS OF NET REVENUE GROWTH1 BASED UPON RUN RATE AT EACH YEAR END FY 2025 FY 2024 FY 2023 FY 2022 FUM subject to base fees (million)2 $3,517.0 $3,223.5 $3,050.4 $3,036.4 Growth in FUM 9.1% 5.7% 0.5% (13.0%) Gross Revenue (million)3 $43.81 $39.06 $36.35 $36.12 Gross Revenue Margin 1.25% 1.21% 1.
Slide 12: Balance Sheet
BALANCE SHEET1 30 Jun 2025 30 Jun 2024 Pengana Capital Group ($’000) ($’000) Cash 15,700 8,734 Current receivables 6,930 7,441 Current payables (12,073) (5,626) Net current assets 10,557 10,549 Investments 25,491 11,438 Other assets and liabilities 558 1,539 Off balance sheet Loan Funded Share Plan
Slide 13: Appendix
aa PENGANA CAPITAL GROUP, APPENDIX
Slide 14: Underlying Profitability
UNDERLYING PROFITABILITY1 30 Jun 2025 30 Jun 2024 Pengana Capital Group ($’000) ($’000) Base fees 40,512 35,870 Team profit share on base fees (10,392) (10,210) Performance fees 15,982 3,136 Team profit share on performance fees (8,048) (1,469) Operating expenses (27,019) (24,188) Operating EBITDA b
Slide 15: Statutory Profit
STATUTORY PROFIT 30 Jun 2025 30 Jun 2024 Pengana Capital Group ($’000) ($’000) Underlying profit before tax1 12,104 2,395 Less: Loan share plan interest income (1,396) (2,539) Depreciation, amortisation and non-cash items (5,058) (4,977) Income tax expense (3,040) 778 Statutory profit after tax attr
Slide 16: 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 28 August 2025. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with resp
Slide 17: For More Information
FOR MORE INFORMATION PENGANA.COM PENGANA CAPITAL GROUP LIMITED Suite 1, Level 27, CLIENT SERVICE ABN 30 103 800 568 Governor Phillip Tower, T: +61 2 8524 9900 AFSL 226566 1 Farrer Place, E: clientservice@pengana.com Sydney, NSW, 2000