Ma Financial Group Limited · ASX:MAF
Ma Financial — H1 2026 Earnings Presentation
60 slides from Ma Financial's earnings presentation, Aug 20, 2026
Slide 1: 1H26 results presentation
1H26 results presentation August 2026 Approved for release by a Sub-Committee of the Board of MA Financial Group Limited We invest. We lend. We advise.
Slide 2: Acknowledgement of Traditional Owners
We respectfully acknowledge the Traditional Owners of lands across Australia and pay our respects to their Elders, past and present. Our head office is located on Gadigal land.
Slide 3: Contents
Contents 1H26 results & highlights 6 Post balance date activity & outlook 15 Asset Management 18 Lending & Technology 27 Corporate Advisory & Equities 34 1H26 financials 37 What we do 41 Appendices 44
Slide 4: Explanation of Underlying measures in this presentation
Explanation of Underlying measures in this presentation MA Financial Group Limited (MA Financial or the Company) (ACN 142 008 428) and its The Underlying financial information is not prepared in accordance with Australian subsidiaries (Group) utilise non-IFRS Underlying financial information in its
Slide 5: MA Financial - our approach
MA Financial - our approach MA Financial was founded in 2009 as a Sydney-based Corporate Advisory business Today we also oversee $15.5 billion in AUM and $193+ billion managed loans Our strategy has been to continually diversify and scale our activities in order to reduce our reliance on any one bus
Slide 6: 1H26 results & highlights
1H26 results & highlights MA O1
Slide 7: 1H26 result - delivers 45% EPS growth
1H26 result - delivers 45% EPS growth (or 96% growth including large notable items) Interim dividend up 33% to 8 cents per share fully franked 1 Business benefitting from highly diversified revenue streams; record underlying revenue1 of $230 million, up 41% on 1H25 2 Recurring revenue2 increased to
Slide 8: 1H26 results highlights
1H26 results highlights Record growth across MA businesses. Scale and diversification of business adds to consistency of results $230m 27.5cps 20.3cps 8.0cps Underlying revenue1 Underlying EPS1 Underlying EPS ex LNI2 Fully franked dividend3 p41% on 1H25 p96% on 1H25 p45% on 1H25 p33% increase on 1H2
Slide 9: Recurring revenue up 28% to $154 million
Recurring revenue up 28% to $154 million Business model built to compound shareholder value through scale and diversification. 1H26 AUM growth impacted by the sale of Marion and Corrimal shopping centres for ~$700 million Recurring revenue1 ($m) Assets Under Management ($b) 28% 20% CAGR CAGR 154 138
Slide 10: FY29 strategic targets - a diversified platform of scale
FY29 strategic targets - a diversified platform of scale Updated 3-year targets underpinned by a track record of executing a strategy to deliver on growth Implied target CAGR Historical CAGR Division Measure Jun 2026 FY29 target (Jun 2026 - Dec 2029) (Jun 2023 - Jun 2026) Asset Management Assets und
Slide 11: 1H26 underlying & statutory results
1H26 underlying & statutory results 1H26 ex LNI Underlying results1 1H26 1H26 ex LNI2 1H25 Statutory results1 1H26 1H25 1H26 v 1H25 v 1H25 Revenue $230.1m $214.6m $163.4m 31% Revenue3 $623.2m $367.9m 69% Expenses $146.4m $146.4m $115.6m 27% Expenses4 $583.4m $356.9m 63% EBITDA $83.8m $68.2m $47.8m 4
Slide 12: Financial performance
Financial performance Strong underlying performance supported by a diversified business Underlying revenue1 ($m) Underlying EBITDA1 ($m) 1H 2H LNI 1H 2H LNI 500 140 120 400 100 300 80 57 65 16 219 15 156 172 60 36 49 200 142 40 100 215 68 146 135 163 20 50 46 38 48 128 0 0 FY22 FY23 FY24 FY25 1H26 F
Slide 13: Divisional highlights
Divisional highlights Complementary business segments provide a valuable ecosystem with diversification Asset Management EBITDA contribution1 59% • AUM of $15.5 billion, up 44% on 1H25, despite sale of ~$700m retail shopping centre assets • Gross inflows of $1.3 billion in 1H26, down 14% on 1H25, as
Slide 14: Divisional highlights (cont.)
Divisional highlights (cont.) Complementary business segments provide a valuable ecosystem with diversification Lending & Technology EBITDA contribution1 35% • Finsure’s managed loans up 25% to $193 billion since 30 June 2025 • Finsure revenue per broker $13k, up 16% on 1H25 as broker numbers ration
Slide 15: Post balance date activity & outlook
Post balance date activity & outlook 02
Slide 16: Key business activity since June 2026
Key business activity since 30 June 2026 Positive business momentum continuing into 2H26 Asset • Momentum building in AUM and client fund flows Management – $449 million of gross fund inflows (net inflows: $166 million) achieved in the first six weeks of 2H26 – Strong inflows into the MA Priority In
Slide 17: FY26 outlook commentary
FY26 outlook commentary FY26 EPS is anticipated to be materially higher than FY25, with an earnings skew to 2H26 (ex LNI) Asset Management • Net fund inflows (ex institutional) are expected to increase materially on 1H26, supported by improving core real estate fund inflows, although FY26 net inflow
Slide 18: Asset Management
Asset Management MA 03
Slide 19: MA Financial is an active manager of alternative asset classes
MA Financial is an active manager of alternative asset classes We are active managers of longer duration alternative assets, adding value with operational expertise that requires hands-on management capability Specialists in managing and operating assets across three key segments Access to diverse f
Slide 20: Asset Management performance
Asset Management performance 1H26 ex LNI v Underlying financials ($M) 1H26 1H26 ex LNI2 1H25 1H25 Base management fees 63.6 63.6 49.1 30% Temporary headwinds in real estate credit & capital Credit funds income 28.3 28.3 31.0 (9%) efficient strategies deployed into private credit Principal investment
Slide 21: Assets under management ($b)
Assets under management ($b) AUM at $15.5 billion with a focus on alternative asset classes. Real estate AUM impacted by the sale of Marion and Corrimal shopping centres for ~$700 million 15.3 15.5 0.8 1.0 2.1 2.6 10.3 37% 9.2 5.1 4.6 CAGR 7.8 6.9 2.4 5.4 2.4 4.9 3.7 2.9 4.7 5.1 1.1 0.8 0.4 FY14 FY1
Slide 22: AUM growth ($b)
AUM growth ($b) Growth propelled by positive domestic flows, alternative real estate activity and positive revaluations for hospitality and retail assets 1.3 15.3 0.3 0.2 15.5 1.0 (0.9) 0.8 (0.7) 7.2 7.2 7.1 7.5 FY25 Gross flows Redemptions Retail asset sales Leverage Asset revaluations & 1H26 other
Slide 23: 1H26 fund flows
1H26 fund flows Reduced gross flows due to listed vehicle raises in 1H25. Unlisted gross fund inflows up 4% on 1H25 Unlisted flows by asset class1 ($M) 1H26 1H25 Gross2 Net Gross2 Net Gross flows remain stable, however lower net flows due to increased outflows in Real Estate Credit during a Private
Slide 24: Investor flows
Investor flows 2₁ Distribution channels continue to grow and diversify Investor channel gross inflows by proportion (%) Investor channel gross inflows ($m) 2,596 385 15% 15% 24% 34% 32% 429 17% 6% 31% 1,499 438 24% 17% 1,290 364 1 1,104 1,143 192 2 4 83 380 367 354 402 66% 68% 51% 54% 1,344 46% 722
Slide 25: Asset Management client base
Asset Management client base Domestic and international non-migration clients increasing as a proportion of total AUM 1H26 AUM by investor channel 1H25 AUM by investor channel $0.8b $0.3b $1.1b $1.0b $1.5b $2.0b $15.5b $10.8b $5.3b $9.3b $2.8b $2.2b Domestic HNW & retail International HNW (non-migra
Slide 26: Our focus is to be an active manager of alternative asset classes
Our focus is to be an active manager of alternative asset classes Diversity of fund strategies delivers continued AUM growth Private credit Real Estate AUM: $7.5 billion AUM: $7.2 billion • Solid performance track record continued in 1H26. • Completed two retail real estate acquisitions during 1H26,
Slide 27: Lending & Technology
Lending & Technology MA 04
Slide 28: 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 Lending Financial technology Spread income Fees and commissions Loan book: $7.5 billion Managed loans: $193b Serviced
Slide 29: Lending & Technology divisional performance
Lending & Technology divisional performance Strong volume growth across Finsure and MA Money lifts revenue and positions business well for further growth Underlying financials ($M) 1H26 1H25 1H26 v 1H25 Financial technology 31.0 25.0 24% Growth in Finsure managed loans Lending platforms1 36.5 18.3 9
Slide 30: Financial technology performance
Financial technology performance Finsure growth underpinned by strong broker network, translating to continued momentum in settlement growth Underlying financials ($M) 1H26 1H25 1H26 v 1H25 Fees & commissions Increase reflecting loan book growth and strategic Subscription fees and trail commissions
Slide 31: Finsure platform growth
Finsure platform growth Finsure is focused on value-add service innovation and technology to broker clients Brokers on platform / Revenue per broker ($k) Finsure’s broker market share1 Managed loans 18.9% Broker number Revenue per broker 17.0% 17.4% 16.3% 4,208 $193b 3,866 $175b 3,746 3,129 $139b $1
Slide 32: Lending platforms - MA Money performance
Lending platforms - MA Money performance Underlying EBITDA margin improvement as the business reaches an efficient cost to income ratio Underlying financials ($M) 1H26 1H25 1H26 v 1H25 MA Money 35.4 16.9 109% Driven by strong new loan originations Total underlying revenue 35.4 16.9 109% Further cost
Slide 33: Loan book growth and invested capital
Loan book growth and invested capital Loan book growth driven by strong MA Money momentum in new settlements Lending platforms - loan book ($m) Invested capital1 ($m / %) MA Money Specialty Finance MA Money Specialty Finance % of total Loan book (LHS) 100% 90% $7,689m 80% 193 $71m 70% 4 60% 102% $5,
Slide 34: Corporate Advisory & Equities
Corporate Advisory & Equities 05
Slide 35: Corporate Advisory & Equities performance
Corporate Advisory & Equities performance Strong 1H26 result given market conditions Underlying financials ($M) 1H26 1H25 1H26 v 1H25 Corporate Advisory fees 23.9 26.1 (8%) Equities commissions 2.9 2.1 38% Total underlying revenue 26.8 28.2 (5%) Expenses 21.0 20.9 -% Underlying EBITDA 5.8 7.3 (21%)
Slide 36: 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% • Market conditions make deal execution and timing less predictable Historical Corporate Advisor
Slide 37: 1H26 financials
1H26 financials MA O6
Slide 38: Group underlying profit and loss
Group underlying profit and loss1 1H26 ex LNI v Underlying Profit & Loss Statement ($M) 1H26 1H26 ex LNI2 1H25 1H25 Asset Management 136.8 121.3 92.2 32% Growth driven by real estate transactions and AUM growth Lending & Technology 67.5 67.5 43.3 56% Corporate Advisory & Equities 26.8 26.8 28.2 (5%)
Slide 39: Group operating balance sheet
Group operating balance sheet1 Operating balance sheet ($M) 30 Jun 2026 31 Dec 2025 Assets Cash and cash equivalents 37.0 29.4 Loans receivable 6.0 9.1 Refer to following slide for detail on investments Investments 288.9 290.0 Trail book contract assets 62.4 58.1 Goodwill and other intangibles 228.6
Slide 40: Group investments
Group investments Ability to recycle capital and maintain a dynamic investment portfolio underpins balance sheet strength Summary of Investments ($M) 30 Jun 2026 31 Dec 2025 Lending (MA Money & Specialty invested capital) 70.7 47.0 Co-investments 29.6 43.0 Private credit funds 129.3 132.6 Redcape Ho
Slide 41: What we do
What we do MA O7
Slide 42: 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 01. 02. 03. Builder of valuable businesses in Scalable business powered by unique Diversified capital sources and client large addressable markets distribution investor base 04. 05. 06. Strong
Slide 43: MA in the community
MA in the community • Established in 2018, the MA Foundation has three long-term community partners: GO Foundation, BackTrack and the Mirabel Foundation. • It also supports charities and community causes that hold significant importance to our staff. To date, the Foundation has donated over $9.1 mil
Slide 44: Appendices
Appendices MA 08
Slide 45: Appendix — financials
Appendix — financials MA
Slide 46: 1H26 financials - statutory to underlying profit reconciliation
1H26 financials - statutory to underlying profit reconciliation Note Revenue1 EBITDA NPAT CI1 1H26 Statutory results ($M) 623.2 412.5 18.5 21.2 Differences in measurement Acquisition and transaction costs (a) (1.1) 32.4 37.1 37.1 Adjustments relating to investments (b) (9.9) (9.9) (9.9) (15.1) Adjus
Slide 47: 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 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 2.4 Adjustments relating
Slide 48: Notes to statutory to underlying profit reconciliation
Notes to statutory to underlying profit reconciliation Differences in measurement and classification a) The Underlying treatment: d) The Underlying treatment: – excludes $0.4 million (30 June 2025: $13.5 million) of acquisition and transaction costs – recognise the net distributions received from th
Slide 49: 1H26 balance sheet - operating to statutory reconciliation
1H26 balance sheet - operating to statutory reconciliation 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 Summary Consolidated Balance Sheet ($M) Operating Lending Trusts1 Reclassifications Statutory Cash and cash equivalents 37.0 562.0 - 599.1 Loans receivable 6.0 11,788.0 - 11,793.7 Investments 2
Slide 50: FY25 balance sheet - operating to statutory reconciliation
FY25 balance sheet - operating to statutory reconciliation 31 Dec 2025 31 Dec 2025 31 Dec 2025 31 Dec 2025 Summary Consolidated Balance Sheet ($M) Operating Lending Trusts1 Reclassifications Statutory Cash and cash equivalents 29.4 390.9 - 420.3 Loans receivable 9.1 9,214.0 - 9,223.1 Investments 290
Slide 51: Notes to operating balance sheet reconciliation
Notes to operating balance sheet reconciliation Lending Trust adjustments • The Group utilises non-recourse funding vehicles (Lending Trusts) typically in the form of securitisation trusts and bank warehouses for spread income generation in its Lending business and Credit Funds income in its Asset M
Slide 52: Group underlying profit & loss - divisional summary
Group underlying profit & loss - divisional summary Underlying Profit & Loss ($M) 1H26 1H26 EX LNI2 1H25 Revenue Asset Management 136.8 121.3 92.2 Lending & Technology 67.5 67.5 43.3 Corporate Advisory and Equities 26.8 26.8 28.2 Corporate (1.0) (1.0) (0.3) Total Revenue 230.1 214.6 163.4 Expenses A
Slide 53: Borrowings - operating
Borrowings - operating Borrowings ($M) Maturity date Coupon 30 Jun 2026 31 Dec 2025 MA VI Unsecured note Sep 2027 5.75% 25.0 25.0 MAFG Finance Note 1 Unsecured note Apr 2028 3M BBSW + 4.85% 70.0 70.0 MAFG Finance Note 2 Unsecured note Mar 2029 8.00% 80.0 40.0 Total notes issued 175.0 135.0 Corporate
Slide 54: Shares on issue
Shares on issue Summary of shares on issue 30 Jun 2026 30 Jun 2025 Total shares on issue 197,272,019 183,425,846 Less: Treasury shares 20,270,617 20,104,124 Net shares on issue 177,001,402 163,321,722 Weighted average number of shares on issue 195,746,234 181,975,877 Less: Weighted average number of
Slide 55: Diversified business drives recurring revenue of 72%
Diversified business drives recurring revenue of 72% Improving revenue quality from diverse income streams provides confidence in future growth Recurring revenue1 Transaction based revenue 72%2 28%2 Asset Management Lending Platforms - MA Money Financial Technology Corporate Advisory & Equities • Gl
Slide 56: Appendix – Assets under Management
Appendix – Assets under Management
Slide 57: Private credit AUM
Private credit AUM Private credit AUM continues to grow strongly driven by growth in Global Credit Solutions (including Priority Income Funds and listed vehicles) $7.5b $7.1b 2.4 2.4 $5.2b $4.0b $2.5b 5.1 4.7 $1.6b $1.1b $0.9b $0.6b $0.4b FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Global Cred
Slide 58: Real estate AUM
Real estate AUM Real estate AUM growth with acquisition of IP Generation, Hyperdome and Top Ryde $7.2b $7.2b 0.4 0.5 1.7 1.8 0.5 $4.3b $4.2b 0.7 $4.1b $3.9b $3.4b $3.5b $2.7b $2.2b 4.6 4.2 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Retail real estate Diversified real estate Hospitality Marina
Slide 59: Growth ventures & equities AUM
Growth ventures & equities AUM Growth ventures strategies well positioned for future growth $1.2b $1.2b $1.1b $1.0b $1.0b $0.8b $0.8b 0.5 $0.5b 0.5 $0.4b $0.3b 0.5 0.3 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Equities Growth ventures 59
Slide 60: Disclaimer
Disclaimer This presentation has been prepared by MA Financial Group Limited ACN 142 008 428 (MA MA Financial will not release any updates to these statements to reflect circumstances or Financial) and is general background information about MA Financial Group activities events occurring after the d