Hmc Capital Limited · ASX:HMC
Hmc Capital — FY2025 Earnings Presentation
35 slides from Hmc Capital's earnings presentation, Aug 19, 2025
Slide 1: FY25 Results Presentation
FY25 Results Presentation 19 AUGUST 2025 1 HMC Capital | FY25 Results Presentation
Slide 2: Agenda
Agenda Presenters David Di Pilla Will McMicking Gerard Dover Craig Schloeffel Group Managing Group CFO Head of Head of Director & CEO Energy Transition Private Credit 2 HMC Capital | FY25 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
HM Copia! Overview
Slide 5: Results Overview
Results Overview HMC established 3 new funds management divisions in FY25 FY25 Highlights Results Overview FY25 Jun-25 ✓ ✓ Real Estate − Last Mile Logistics (LML) Fund I now fully deployed (Jun-25 AUM $1.0bn) with near term ~$140m development pipeline Operating EPS (pre-tax) Assets Under Management1
Slide 6: Track Record and Economic Flywheel
Track Record and Economic Flywheel Each of our platforms has the potential to scale beyond $10bn in AUM over the next 3-5 years HMC Capital Economic Pre-tax EPS track record (cents) Flywheel Our transition 45% CAGR HMC’s strong growth since to a high ROE alternative listing is a testament to the ass
Slide 7: HMC's Key Capital Deployment Opportunities
HMC’s Key Capital Deployment Opportunities Real Estate Private Equity Digital Infrastructure Energy Transition Private Credit AUM TODAY1 $9.9bn $0.6bn $5.3bn $1.0bn $1.9bn $18.7bn Listed funds ✓ ✓ ✓ Unlisted wholesale capital ✓ ✓ ✓ FY26 focus areas Unlisted institutional capital ✓ ✓ ✓ ✓ $1.0bn SYD1
Slide 8: Operationalising the HMC platform for sustainable future growth
Operationalising the HMC platform for sustainable future growth YEARS IN PLATFORM HMC OPERATION- PLATFORM ALISED KEY GROWTH INTIATIVES ▪ Appointment of new real estate CFO (Phillip Dooley, ex Woolworths real estate Head of Finance) ▪ Healthcare – Conditional agreements have now been reached with alt
Slide 9: HMC Capital Business Model
HMC Capital Business Model How HMC creates value HMC Balance sheet 1▪ Target nil permanent core debt to maximise available liquidity under corporate debt facility of $675m 2▪ Corporate debt facility used to underwrite new investments to seed new HMC managed funds 3▪ Low payout ratio, with excess cas
Slide 10: Funds Management
HM Copia! Funds Management
Slide 11: Real Estate
Real Estate Scalable platform with proven capability to value-add in sectors with attractive long-term fundamentals Assets Under Management1 Platform Highlights $9.9bn HMC manages ~$10bn1 of real estate across multiple vehicles supported by a diversified investor base spanning listed & unlisted inve
Slide 12: Private Equity
Private Equity HMCCP Fund I has demonstrated our ability to deliver outsized and uncorrelated returns Platform Highlights Assets Under Management1 $0.6bn HMCCP invests in ASX-listed companies where we help management teams and boards unlock value via improved capital allocation and portfolio managem
Slide 13: Digital Infrastructure
Digital Infrastructure Unique listed platform with large scale global expansion opportunity Assets Under Management1 Platform Highlights $5.3bn HMC manages ~$5.3bn1 of digital infrastructure assets across Australia and the United States. Key highlights from the period include: ✓ ✓ In Nov-24, HMC ann
Slide 14: Private Credit
Private Credit Leading domestic private credit investment manager with broad capability and institutional scale Platform Highlights Assets Under Management $1.9bn HMC manages $1.9bn of private credit investments across CRE and Corporate & Asset-based Finance (CAF). Key highlights from the period inc
Slide 15: Overview of HMC's CRE Credit Platform
Overview of HMC’s CRE Credit Platform Leading platform with proven investment track record and ability to scale and maintain stable returns Established specialist Australian commercial real estate private credit asset manager Platform Highlights with $1.9bn1 of AUM, positioning HMC’s CRE credit plat
Slide 16: Energy Transition
Energy Transition Platform is seeking to become a national champion supporting Australia’s decarbonisation targets Assets Under Management1 Platform Highlights $1bn+ HMC’s Energy Transition platform was established in Feb-24 and is led by a high calibre and deeply experienced investment team. Key hi
Slide 17: Energy Transition – Process Update
Energy Transition – Process Update Global process to raise institutional capital to supplement HMC Capital and underwriting partners’ commitments Status update ▪ HMC Capital has appointed Campbell Lutyens as adviser in relation to raising new third-party capital for the platform1 – Since appointment
Slide 18: HMC Energy Transition Platform Team
HMC Energy Transition Platform Team Dedicated Platform management team supported by the full strength of the HMC Capital group HMC Advisory Board & ET Platform Support Energy Transition Platform Management Team (select roles) ▪ Gerard has >30 years of experience including >19 years in Select industr
Slide 19: Sustainability
Sustainability Aligning our Sustainability Framework with HMC's evolution to continue creating meaningful and positive long-term impact Update Key FY25 highlights ▪ Following strong growth in FY25, including new Environmental: ✓ verticals in Energy Transition and Digital ▪ For our Real Estate platfo
Slide 20: Financials
HM Copia! Financials
Slide 21: Earnings Summary
Earnings Summary Strong growth in underlying investment and funds management segments $ million FY24 FY25 % FY25 guidance (May-25) to FY25A bridge (cps) Revenue 66 8 2 Management fees 79.7 146.9 84% 56 Performance and other fee revenue1 15.6 87.3 460% Investment income 94.9 159.2 68% Other income (0
Slide 22: FY25 Earnings by Division
FY25 Earnings by Division $ million (unless otherwise stated) Real Estate Private Equity Credit Digital Corporate FY25 total Jun-25 AUM (including non-fee earning) ($bn) 9.9 0.6 1.9 5.3 1.0 18.7 2 Jun-25 AUM (fee-earning) ($bn) 8.3 0.3 1.9 4.7 - 15.2 Management fee revenue 78.1 3.6 42.0 23.2 - 146.9
Slide 23: Non-recurring items
Non-recurring items ~$18m of non-recurring expenses included in FY25 operating earnings before tax Division Investment Overview Progress $m Corporate Non KMP employee retention One-off retention grants to key funds management Minimal turnover in key leadership team in $8.0m grants and corporate empl
Slide 24: Balance Sheet
Balance Sheet Balance sheet continues to provide warehouse support for new funds management initiatives $ million Dec-24 Jun-25 Balance Sheet (HMC) – 2H FY25 commentary Cash and cash equivalents 17.5 5.5 Equity accounted investments 1,040.7 992.7 ▪ HMC-CP Fund I paid an inaugural distribution to its
Slide 25: Capital Management
Capital Management $ million Dec-24 Jun-25 Capital Management – 2H FY25 commentary Bank debt Maturity Sep-26 Sep-26 ▪ Drawn debt nil as at 30 June 2025 Limit 675.0 675.0 ▪ HMC is in compliance with its financial covenants Drawn 120.0 Nil ▪ Gearing ratio covenant < 50%: Net cash as at Jun-25 Cash and
Slide 26: Outlook
HM Copia! Outlook
Slide 27: Outlook
Outlook HMC is well placed to maintain a strong operating EPS growth trajectory supported by scalable growth platforms and significant investment capacity FY26 Outlook FY25 pre-tax earnings of 56.0 cps was influenced by the outsized performance from the private equity division’s HMCCP fund FY26 pre-
Slide 28: Appendix A: Supporting Information
APPENDIX A: SUPPORTING INFORMATION 28
Slide 29: HMC Capital Leadership Team
HMC Capital Leadership Team David Di Pilla Matt Lancaster Victoria Hardie Sid Sharma Will McMicking Group Managing Director & Chair of Private Credit Head of Private Equity Head of Real Estate Group CFO CEO Gerard Dover Robert Vanderzeil Chris Maher Sandra Francis Andrew Selim Head of Energy Transit
Slide 30: Assets Under Management
Assets Under Management AUM ($bn)1 Revaluations & ($bn) Jun-24 Additions Divestments / (Outflows) Jun-25 other2 Real Estate 9.6 0.6 (0.3) - 9.9 Private Equity 0.8 - (0.3) 0.1 0.6 Private Credit 1.6 1.5 (1.2) - 1.9 Digital Infrastructure 0.7 4.5 - 0.1 5.3 Energy Transition - 1.0 - - 1.0 Group 12.7 7.
Slide 31: Additional financial information
Additional financial information Earnings reconciliation Operating cashflow reconciliation $ million FY24 FY25 $ million FY25 Statutory profit after tax 114.4 265.2 Operating cashflow 31.0 HMC-CP (eliminated on consolidation): Non-controlling interest (48.4) (117.9) HMC-CP investment uplift ($151m c
Slide 32: Additional financial information
Additional financial information Jun-25 book Jun-25 book FY25A investment Shares Ownership Jun-25 NTA value value income $m m % $ps $ps $m Real Estate HomeCo Daily Needs REIT (HDN) 322.6 219.0 10.5% 1.47 1.47 19.3 Healthcare & Wellness REIT (HCW) 175.8 124.9 22.7% 1.41 1.44 5.2 Camden (NSW) land 13.
Slide 33: Further Information
Further Information Investors and Analysts Media Will McMicking Jamie Sun John Frey HMC Capital CFO Executive Director Corporate communications +61 451 634 991 +61 418 871 296 +61 411 361 361 william.mcmicking@hmccapital.com.au jamie.sun@hmccapital.com.au john@brightoncomms.com.au Authorised for rel
Slide 34: 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 35: HM Copia!
HM Copia!