Hmc Capital Limited · ASX:HMC
Hmc Capital — FY2026 Earnings Presentation
39 slides from Hmc Capital's earnings presentation, Aug 26, 2026
Slide 1: FY26 Results Presentation
FY26 RESULTS PRESENTATION 26 August 2026
Slide 2: Agenda
Agenda 01 02 03 04 05 Overview Funds Financials Outlook Appendix Management & Investments Presenters David Di Pilla Will McMicking Victoria Hardie Group Managing Group CFO Group COO Director & CEO 2 HMC Capital | FY26 Results Presentation
Slide 3: Acknowledgement of Country
Acknowledgement of Country HMC Capital acknowledges the Traditional Custodians of Country throughout Australia and celebrates their diverse culture and connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Str
Slide 4: Overview
Overview 4 HMC Capital | FY26 Results Presentation
Slide 5: Key Messages
Key Messages Delivered on guidance; strategy and balance sheet positioned for organic growth 01 02 Result in line with guidance Strategic momentum Achieved FY26 operating EPS target of 40c Delivering initiatives to enhance recurring earnings growth and quality with a more focused strategy 03 04 Bala
Slide 6: Results Highlights
Results Highlights Delivered on guidance; strategy and balance sheet positioned for growth FY26 Jun-26 FY26 Operating EPS (pre-tax)1 Fee Generating AUM2 Recurring FM Revenue 40.4cps $16.9bn $165.5m in line with guidance +15% vs FY25 +22% vs FY253 FY26 Jun-26 FY26 Underlying EPS (pre-tax)4 Balance Sh
Slide 7: Our Group Strategy
Our Group Strategy Strategy focused on core competitive strengths to create long term value Consistent with refined strategy announced at Macquarie Conference in May 2026 PURPOSE To create value in quality overlooked or underutilised real assets and “Why” construct high performing portfolios in sect
Slide 8: Progress on Strategic Objectives
Progress on Strategic Objectives Tangible progress delivered to drive improved earnings growth and balance sheet flexibility Strategic Objective What we have done ✓ Simplification initiatives delivered cost saving into FY27, with further opportunities identified Simplify ✓ Wind-up of US digital oper
Slide 9: Funds Management Platform Growth
Funds Management Platform Growth Diversified platform with four key verticals operationalised and primed for growth Fee Generating AUM ($m) Funds Management Revenues ($m)1 TOTAL AUM2 $18.6bn Alternative asset platform 52% p.a. 16,931 60% p.a. 201 FEE EARNING AUM $16.9bn Recurring revenue streams 2,1
Slide 10: Balance sheet primed for growth
Balance sheet primed for growth Strong balance sheet, with financial flexibility to fund growth, recycle capital and improve investment returns Executed over ~$3bn of strategic acquisitions using the balance sheet to seed Digital Infrastructure, Private Credit and Energy Platforms Invested Capital B
Slide 11: Platform AUM Growth Initiatives
Platform AUM Growth Initiatives Over $5bn of active growth opportunities with significant runway to scale platforms REAL ESTATE DIGITAL INFRASTRUCTURE PRIVATE CREDIT ENERGY $16.9bn FEE GENERATING $9.0bn $4.1bn $2.3bn $1.5bn AUM1 ~$2bn ~$1bn+ >$1bn ~$1bn $5bn+ ▪ >$1.7bn unlisted dry powder across ▪ $
Slide 12: Funds Management & Investments
Funds Management & Investments 12 HMC Capital | FY26 Results Presentation
Slide 13: Real Estate
Real Estate Institutional partnerships and development projects provide visible pathways to grow fee-generating AUM Fee earning AUM1 ✓ 15% yoy growth in unlisted AUM underpinned by deployment in retail property strategies Unlisted AUM ($m) $9.0bn ✓ Progressing ~$2bn of identified medium-term deploym
Slide 14: Private Credit
Private Credit Institutional grade platform with strong origination pipeline to support fundraising momentum ✓ Portfolio delivering attractive returns supported by institutional-grade governance and risk management Assets Under Management – Disciplined portfolio construction with limited single-name
Slide 15: Private Credit – An Institutional-Grade Platform
Private Credit – An Institutional-Grade Platform Platform operating at institutional grade standard across investment, risk management and governance processes, following two years of platform investment 2024 2026 Institutional Grade Private Credit Platform Committed AUM $1.bn $3.3bn ▪ 70+ private c
Slide 16: Private Credit – Attracting Global Capital
Private Credit – Attracting Global Capital Strong offshore institutional interest in our platform, reflecting demand for a local partner with the expertise to navigate credit risk through all market cycles Private Credit AUM ($m) Institutional Fundraising Momentum Building We expect institutions to
Slide 17: Digital Infrastructure
Digital Infrastructure SYD1 88MW project fully funded, LOIs executed for the remaining 52MW of capacity ✓ DGT delivered strong FY26 financial and operational result, Underlying EBITDA of $127m ($125m guidance) Fee Earning AUM1 ✓ Simon Mitchell and Ralph Goninan appointed Co-Heads of DGT, alongside D
Slide 18: Energy
Energy HMC has transitioned Energy from balance sheet seeding to institutional capital, a development pipeline and multiple future monetisation pathways ✓ Scaled platform established – Illuma Energy Assets Under Management1 $1.5bn – 652MW operating portfolio, ~1.7GW wind and 12GWh BESS development p
Slide 19: Illuma Energy near-term development projects
Illuma Energy near-term development projects $248m committed equity capital for first BESS project Moorabool BESS / VBB2 Bawurra BESS Molong BESS Kentbruck Wind Farm Capacity 300MW (4H duration) Up to 550MW (up to 4H+ duration) 150MW (4H duration) 600MW VIC, adjacent to the existing VBB and Western
Slide 20: Sustainability
Sustainability Aligning our Sustainability Framework with HMC's evolution to continue creating positive long-term impact FY26 sustainability strategy review ▪ Sustainability priorities are being reviewed to reflect HMC’s expanded portfolio, including the Illuma Energy and Digital Infrastructure plat
Slide 21: Financials
Financials 21 HMC Capital | FY26 Results Presentation
Slide 22: Earnings Summary
Earnings Summary Management fee revenue growth of +23% and adjusted funds management EBITDA of $88.5m $ million FY25 FY26 % change FY26 Commentary Funds management Management fee revenue1 130.0 159.3 23% Management and Performance fees 2 Transaction and performance fee revenue 91.6 41.2 (55%) ▪ Mana
Slide 23: Balance Sheet
Balance Sheet Balance sheet positioned for growth post completion of Energy (Illuma) sell down FY26 commentary $ million Jun-25 Dec-25 Jun-26 ▪ Equity accounted investments relates to HMC’s ownership in HDN (10.5% share), Cash and cash equivalents 5.5 8.9 18.5 HCW (22.7% share) and DGT (20.7% share)
Slide 24: Capital Management
Capital Management Positioned for growth post Energy (Illuma) capital partnering $ million Jun-25 Dec-25 Jun-26 FY26 Commentary Bank debt ▪ Drawn debt of $176.6m as at Jun-26 plus $42.9m of bank guarantees. The decline in drawn debt compared to Dec-25 follows the completion of the Energy platform se
Slide 25: Outlook
Outlook 25 HMC Capital | FY26 Results Presentation
Slide 26: Outlook & Guidance
Outlook & Guidance HMC expects to deliver significant growth in underlying earnings in FY27 FY27 Underlying EPS1 >35 cents FY27 Dividend Per Share 15 cents +16% +25% HMC has commenced FY27 with strong fundraising momentum and significant balance sheet and platform dry powder to materially grow earni
Slide 27: Appendix: Supporting Information
APPENDIX: SUPPORTING INFORMATION 27 HMC Capital | FY26 Results Presentation
Slide 28: Scalable Alternative Asset Management Platform
Scalable Alternative Asset Management Platform Structural growth themes underpin long-term demand for institutional capital, supporting growth in fee-generating AUM and recurring management earnings Demographics Decarbonisation Digitalisation Deglobalisation Demographic shifts are defined by aging T
Slide 29: High ROE Platform Underpinned by Recurring Fee Earnings
High ROE Platform Underpinned by Recurring Fee Earnings New transactions generate fee income on execution and grow fee-generating AUM, converting deployment into recurring management earnings, with principal and co-investments providing upside Recurring Funds Management + Balance Sheet Capital = Val
Slide 30: FY26 Earnings by Division
FY26 Earnings by Division Given increasing shared resources across funds, HMC will report funds management EBITDA at a group basis from FY27 (AUM and revenue still reported by division) FY26 ex $ million (unless otherwise stated) Real Estate Private Equity Credit Energy Digital (AUS) Corporate Strat
Slide 31: FY25 Earnings by Division
FY25 Earnings by Division FY25 ex $ million (unless otherwise stated) Real Estate Private Equity Credit Energy Digital (AUS)3 Corporate Stratcap (USA)3 Jun-25 AUM (incl. non-fee earning) ($bn) 10.1 0.6 1.9 - 4.6 1.0 18.2 2 Jun-25 AUM (fee-earning) ($bn) 8.5 0.3 1.9 - 4.0 - 14.7 Management fee revenu
Slide 32: Assets Under Management
Assets Under Management AUM ($bn)1 Discontinued Net Equity Revaluations & ($bn) Jun-25 Jun-26 (Stratcap USA) & HMCCP Flows1 Other2 Real Estate3 10.1 - +0.2 +0.1 10.4 Private Equity 0.6 (0.6) - - - Private Credit 1.9 - +0.2 +0.2 2.3 Digital Infrastructure 5.3 (0.7) - (0.2) 4.4 Energy Transition 1.0 -
Slide 33: Additional financial information
Additional financial information Earnings reconciliation – statutory to adjusted operating earnings before tax FY26 Energy Associate Other non- DGT Asset Net interest FY26 ex $ million HMC-CP Statutory Transition profit to FFO operating Mgmt. Fee expense Stratcap Notes 1 2 3 4 5 6 Revenue 181.9 35.0
Slide 34: Additional financial information
Additional financial information Operating cashflow reconciliation $ million FY26 Operating cashflow (group – including discontinued) (22.6) HMC-CP performance fee (prior FY25 period) 22.3 HMC-CP other operating cashflows 4.7 Operating cashflow – HMC (including discontinued) 4.4 Investment income –
Slide 35: Additional financial information
Additional financial information Investment summary Jun-26 book value Shares Jun-26 book value Jun-26 NTA FY26A income $m m $ per share $ per share $m Co-investments HomeCo Daily Needs REIT (HDN) 341.7 219.0 1.56 1.56 18.8 DigiCo Infrastructure REIT (DGT) 460.3 115.6 3.98 3.48 13.6 Healthcare & Well
Slide 36: Further Information
Further Information Investors and Analysts Media Renee Jacob Jim Kelly HMC Capital Corporate Communications Head of Investor Relations +61 407 328 092 +61 412 549 083 renee.jacob@hmccapital.com.au jim.kelly@sodali.com Authorised for release by the Board of HMC Capital Limited Level 31, 1 Macquarie P
Slide 37: Glossary
Glossary Term Meaning Term Meaning BESS Battery Energy Storage Systems HMCCP HMC Capital Partners private equity fund CHI1 DGT Chicago data centre asset HUG HMC Unlisted Grocery Fund CISA Capacity Investment Scheme Agreement LML Last Mile Logistics fund Non-controlling (jointly) investments into HMC
Slide 38: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by HMC Capital Limited (ACN 138 990 593) (“HMC Capital”) Summary information This Presentation contains summary information about the current activities of HMC Capital and its subsidiaries as at the date of this Presentation. The informat
Slide 39: HMC Capital | FY26 Results Presentation
39 HMC Capital | FY26 Results Presentation