Slide 1: Qualitas FY25 Results
Qualitas FY25 Results ASX: QAL 21 August 2025 qualitas.com.au
Slide 2: Acknowledgement of Country
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 3: Agenda and presenters
Agenda and presenters 01 FY25 Highlights 02 Funds Management and Market Update Andrew Schwartz Group Managing Director and Co-Founder Mark Fischer Global Head of Real Estate and Co-Founder 03 ESG 04 FY25 Financial Results 05 Outlook and Guidance Kathleen Yeung Global Head of Corporate Development Ph
Slide 4: FY25 Highlights
FY25 Highlights 01 qualitas.com.au
Slide 5: Record base management fee growth and funds management margin achieved
Record base management fee growth and funds management margin achieved while investing in the platform • 36% growth in NPBT attributed to strong growth in Fee Earning FUM and funds management platform ─ Record annual growth of 31% in base management fees since IPO • 9% balance sheet yield achieved w
Slide 6: Strong growth across base management fees, principal income and performance fees
Strong growth across base management fees, principal income and performance fees FY25 RESULTS HIGHLIGHTS STRONG TOPLINE GROWTH WITH ATTRACTIVE MARGINS1 $67m $49m $31m 52.3% 51.7% RECURRING FM REVENUE BASE MANAGEMENT FEES (BMF) PRINCIPAL INCOME $8m +25% vs. FY24 +31% vs. FY24 +35% vs. FY24 $1m $31m 4
Slide 7: Disciplined deployment builds institutional loyalty and borrower trust
Disciplined deployment builds institutional loyalty, while funding strength and expertise build borrower trust FY25 RESULTS HIGHLIGHTS $8.7bn $4.6bn 54% 77% FEF1 DEPLOYMENT OF DEPLOYMENT FROM OF DEPLOYMENT FROM +28% vs. FY24 +9% vs. FY24 FOLLOW-ON INVESTMENTS REPEAT BORROWERS 79% in residential sect
Slide 8: Funds Management and Market Update
Funds Management and Market Update 02 qualitas.com.au
Slide 9: Consistent growth in fundamental drivers of earnings
Consistent growth in fundamental drivers of earnings FEF AND INVESTED FUM DRIVE BMF INCREASING BALANCE SHEET UTILISATION CREDIT SHARE OF UNRECOGNISED GROWTH DRIVES MARGIN EXPANSION PERFORMANCE FEES CONTINUE TO RISE FY23 – FY25 ~$109m undrawn co-investment commitment 100% of unrecognised credit perfo
Slide 10: Our focus on quality and discipline continues to deliver results
Our focus on quality and discipline continues to deliver results THE QUALITAS DIFFERENCE 17-year track record and reputation underpins our strong relationships Predominant institutional investor base with 89% of Committed FUM in long-duration fund structures without asset and liability mismatch risk
Slide 11: Track record is critical in attracting capital and increasingly defines a manager's ability to scale
Track record is critical in attracting capital and increasingly defines a manager’s ability to scale TRAILING TWELVE-MONTH PRIVATE CREDIT CAPITAL RAISED AND AVERAGE FUND SIZE1 QUALITAS IS A LEADING MANAGER IN CRE PRIVATE CREDIT - TRUSTED BY Fewer investors significantly INSTITUTIONAL INVESTORS incre
Slide 12: Increased CRE transaction activity creates deployment opportunities beyond residential
Increased CRE transaction activity creates deployment opportunities beyond residential TRADITIONAL FINANCING EXPOSURE CONTINUES TO LAG THE INCREASES IN CRE ACTIVITY INCREASED CRE ACTIVITY IS FUELING A BROADER INVESTMENT PIPELINE • Office valuation has bottomed out and is now CRE market activity 40.8
Slide 13: Residential market share maintained – well-positioned for market growth
Residential market share maintained – well-positioned for market growth DRIVERS SUPPORTING INCREASES IN INCREASING RESIDENTIAL PROJECT QUALITAS MAINTAINED ~10% MARKET RESIDENTIAL DEPLOYMENT COMMENCEMENTS SHARE BY NUMBER OF APARTMENTS Number of apartments commenced construction across FINANCED1 • Net
Slide 14: Strong deployment activity while maintaining steadfast commitment to investment quality
Strong deployment activity while maintaining steadfast commitment to investment quality PIPELINE AND FYTD DEPLOYMENT ($BN) • 100% of FY25 deployment in private credit • Private credit continues to dominate our pipeline ─ Of which, 40% in non-residential sectors $2.1bn 25% ─ Visibility of deployment
Slide 15: Robust FEF growth with follow-on investments underpinning deployment
Robust FEF growth with follow-on investments underpinning growth and stability of deployment DEPLOYMENT FEF GROWTH AND NET DEPLOYMENT • Follow-on investments refer to facility renewals, increases and projects financed for the next stage of development. ─ These are becoming an increasing portion of d
Slide 16: Peak Draw – deployment capacity within existing mandates beyond Committed FUM
Peak Draw – deployment capacity within existing mandates beyond Committed FUM PEAK DRAW CAPACITY UTILISATION OVER THE LAST 18-MONTH • Non-construction funds and unleveraged private credit funds typically restrict capital Peak Draw refers to an allocation methodology applicable to institutional const
Slide 17: ESG
QUALITAS ESG qualitas.com.au O03
Slide 18: Progressing our ESG vision
Progressing our ESG vision Leveraging our platform to support low carbon buildings, delivering impact for our communities and our people and striving for best-in-class corporate governance ENVIRONMENTAL SOCIAL GOVERNANCE Managing our corporate emissions Furthering our commitment to First UNPRI Priva
Slide 19: FY25 Financial Results
FY25 Financial Results 04 qualitas.com.au
Slide 20: Group earnings
Group earnings1 % • Normalised NPAT of $37.0m, up 36% on P&L BREAKDOWN ($THOUSANDS) FY25 FY24 FY24 reflecting strong earnings momentum (YOY) across the platform: Net funds management revenue2 27,353 23,297 17% Net performance fee revenue 8,074 2,421 234% − Continued growth in funds management Princi
Slide 21: Funds management
Funds management % P&L BREAKDOWN ($THOUSANDS) FY25 FY24 (YOY) • Growth in base management fees was Base management fees 49,066 37,542 31% underpinned by consistent expansion in FEF Transaction fees 18,063 16,144 12% • Performance fee revenue accrual increased Funds management revenue 67,129 53,686 2
Slide 22: Operating and fee margins
Operating and fee margins FUNDS MANAGEMENT EBITDA MARGIN EXCLUDES PERFORMANCE MONTHLY AVERAGE FUM AND FEE MARGIN($M) FEES • Margin uplift skewed to 2H – driven by half-on-half earnings growth and upfront investment in • Increases in proportion of undrawn construction credit deployment in FEF increas
Slide 23: Principal income and balance sheet
Principal income and balance sheet • Underwriting positions declined on FY25 due to PRINCIPAL increased availability of dry powder in income % QUALITAS GROUP BALANCE SHEET INCOME FY25 FY24 FY252 FY24 credit funds (YOY) ($THOUSANDS) ($THOUSANDS) • Early repayment and wind-up of a fund Income from Ass
Slide 24: Outlook and Guidance
Outlook and Guidance 05 qualitas.com.au
Slide 25: Growth outlook
Growth outlook • Global capital flows favour Australia – superior returns, stability, and growth − Qualitas to benefit with significant international institutional investor base • CRE momentum building – lower rates, population growth, and easing construction costs set to unlock investment activity
Slide 26: FY26 guidance
FY26 guidance 14.0cps – 15.4cps EPS ESTIMATED RANGE1,2 $60m – $66m NPBT ESTIMATED RANGE1 FY26 OUTLOOK • FY26 guidance considerations: − Draw down profile of undrawn construction credit not earning full base management fees, deployment timing and quantum and performance fees are key variables of the
Slide 27: Thank you
Thank you P: +61 3 9612 3939 E: investor.relations@qualitas.com.au Melbourne Sydney Brisbane Level 41, 101 Collins Street Level 5, 1 Bligh Street Level 54, 111 Eagle Street Melbourne VIC 3000 Sydney NSW 2000 Brisbane QLD 4000 qualitas.com.au
Slide 28: Disclaimer
Disclaimer This presentation has been prepared by and its sole responsibility of Qualitas Limited (ACN 655 057 588). To the speculative and always involve some risk and uncertainty as they relate to events and depend on circumstances maximum extent permitted by law, the information contained in this
Slide 29: Appendix 1: Reconciliation of financials and FUM
Appendix 1: Reconciliation of financials and FUM qualitas.com.au
Slide 30: Reconciliation of statutory financial to normalised financial
Reconciliation of statutory financial to normalised financial ($THOUSANDS) FY25 FY24 Statutory EBITDA 51,345 40,320 (Gain) / loss on mark to market (MTM) value of QRI investment 125 (875) QRI capital raising costs 5,067 2,448 Normalised EBITDA 56,537 41,894 Statutory net profit before tax (NPBT) 47,
Slide 31: BMF tracks FEF, with scale of growth driven by construction draw-down
BMF tracks FEF, with scale of growth driven by construction draw-down and net deployment timing and quantum RECONCILIATION OF INVESTED FUM, FEF AND COMMITTED FUM Not captured in Committed FUM Deployed FUM with investment screening work already done definition, but earns the same BMF, TF and PF if ap
Slide 32: Appendix 2: Supplementary funds management information
Appendix 2: Supplementary funds management information qualitas.com.au
Slide 33: Significant portion of BMF increase is already carried forward
Significant portion of BMF increase is already carried forward from the end of prior financial year DEPLOYMENT IN REPORTING PERIOD BOOSTS BMF IN UPCOMING REPORTING PERIOD Excludes Arch Finance and BTR Equity • Base management fees reported in full year and interim results are a function of Average F
Slide 34: Investor composition as at June 2025
Investor composition as at 30 June 2025 INVESTOR COMPOSITION OF INSTITUTIONAL CAPITAL BY INVESTOR GEOGRAPHIC SPLIT COMMITTED FUM CURRENT NUMBER OF COMMITMENTS OF COMMITTED FUM 8% 15% 10% 34% $9.5bn 82% Of Committed 24% Committed FUM FUM 61% 66% 82% Institutional One Commitment Domestic Retail Two to
Slide 35: Diversified product and investment profile as at June 2025
Diversified product and investment profile as at 30 June 2025 FUNDS UNDER MANAGEMENT1 FUNDS UNDER MANAGEMENT UNDERLYING GEOGRAPHIC UNDERLYING SECTOR (BY COMMITTED FUM) RISK ALLOCATION2 EXPOSURE2 EXPOSURE2 (BY INVESTED FUM) (BY INVESTED FUM) (BY INVESTED FUM) 6% 1% 3% 4% 5% 17% 10% 3% 9% 3% 19% 34% 8
Slide 36: Committed FUM overview as at June 2025
Committed FUM overview as at 30 June 2025 STRATEGY COMMITTED FUM Income $3,343m CREDIT FUNDS Total return $4,502m Total credit committed FUM $7,845m Income $450m EQUITY FUNDS Total return $1,172m Total equity committed FUM $1,621m Total committed FUM $9,466m 36
Slide 37: Closing period FUM
Closing period FUM $M FY19 FY20 FY21 FY22 FY23 FY24 FY25 Committed FUM Funds management 1,810 2,290 2,503 3,816 5,674 8,565 9,199 Arch Finance 448 480 480 443 400 323 267 Total Committed FUM 2,258 2,770 2,983 4,259 6,074 8,888 9,466 Invested FUM Funds management 1,086 1,444 1,660 2,480 3,448 3,980 4
Slide 38: Appendix 3: Supplementary cash flow statement information
Appendix 3: Supplementary cash flow statement information qualitas.com.au
Slide 39: Cash flow statement
Cash flow statement CASH FLOW STATEMENT ($THOUSANDS) FY25 FY24 Cash flows from operating activities Interest received 22,738 40,324 Interest paid (7,984) (20,410) • Mortgage loans advanced and mortgage Receipts from provision of financial services and performance fees 114,611 54,857 loans repaid are
Slide 40: Glossary
Glossary APAC Asia-Pacific IRR Internal rate of return AUM Assets under management JV Joint venture Average Fee Earning FUM Average monthly Fee Earning FUM excluding BTR equity and Arch Finance Mandated investments Qualitas entered into exclusivity with borrowers with financial close subject to Aver