Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Macquarie Australia Conference 2026
44 slides from Pinnacle Investment Management's conference presentation, May 4, 2026
Slide 1: Macquarie Australia Conference Presentation (ASX cover letter)
4 May 2026 By Electronic Lodgement Market Announcements Office ASX Ltd 39 Martin Place SYDNEY NSW 2000 Dear Sir / Madam Macquarie Australia Conference Presentation For personal use only Pinnacle Investment Management Group Limited (ASX: PNI) is pleased to attach a copy of a presentation that will be
Slide 2: Macquarie Australia Conference
For personal use only PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) Macquarie Australia Conference 5 th May, 2026
Slide 3: Agenda
Agenda 2 01 Latest Update 3 For personal use only 02 1H FY26 Results Review 10 03 A globally diversified platform 14 04 Completion of purchase of additional equity in Pacific Asset Management 21 05 Growth Agenda 26 06 Conclusion 31 Please refer to the Disclaimer on slide 37 for important information
Slide 4: Latest Update
For personal use only 01 Latest Update
Slide 5: Pinnacle: A Preeminent Multi-Affiliate Platform
Pinnacle: A Preeminent Multi-Affiliate Platform 4 A high-quality, scalable multi-Affiliate platform compounding earnings and dividends through cycles For personal use only • Diversified and Resilient: 19 Affiliates across public and private markets, spanning asset classes, styles and geographies. Ou
Slide 6: Update – FUM and flows
Update – FUM and flows 5 • Aggregate Affiliate FUM (at 100%) at 31 March 2026 of $208.1 billion • up $5.6 billion or 2.9% from $202.5 billion at 31 December 2025 (up $0.8 billion or 0.4%, excluding FUM acquired in the second half in the Advantage Partners transaction) For personal use only • up $28.
Slide 7: Update – markets and performance
Update – markets and performance 6 • 82% of Pinnacle Affiliates’ strategies and products (with a track record exceeding 5 years) have out-performed their benchmarks over the 5 years to 31 March 2026 For personal use only • As at 31 March 2026, of the $59.6bn funds under management on which there is
Slide 8: Institutional & International Market Update
Institutional & International 7 MARKET UPDATE - to 31 March 2026 Institutional (Australia) International For personal use only • $9.6bn FYTD net inflows • $8.6bn FYTD net inflows • Robust inflows into core global equities and alternative • $2.8bn from international wholesale/retail/family office fix
Slide 9: Institutional & International Themes
Institutional & International 8 THEMES Allocation Trends Key Developments For personal use only • Public Equity • Reprise of Great Power ‘Realpolitik’ impacting the relative • Strong demand for core global, US and Australian public attractiveness of the US and China in favour of: equities strategies
Slide 10: Australian Wholesale and Retail: Market Update
Australian Wholesale and Retail: Market Update 9 As of 31 M a r ch 2 02 6 $8.4bn in net inflows for FYTD to 31 March 2026 into Australian Wholesale and Retail • $6.4bn net inflows into Public Equities and Public Real Assets W h o l e sa l e an d R e t ai l fl o ws (N e t ) • $1.5bn net inflows into
Slide 11: 1H FY26 Results Review
For personal use only 02 1H FY26 Results Review
Slide 12: 1H FY26 Highlights
1H FY26 Highlights 11 Strong core earnings growth Sustained investment excellence • Share of Affiliates profit 52% higher than the PCP, • 86% of Affiliate strategies with a track record of five years or For personal use only excluding performance fees longer have outperformed over a five-year period
Slide 13: 1H FY26 Financial Highlights
1H FY26 Financial Highlights 12 1H FY26 1H FY25 Change Earnings & Returns NPAT $67.3m $75.7m (11%) Diluted EPS 30.1c 36.7c (18%) For personal use only DPS 29.0c 33.0c (12%) DPR 96% 90% Franking 80% 72% 31 Dec 25 30 Jun 25 Change Affiliate Performance Aggregate Affiliate FUM (at 100%) $202.5bn $179.4
Slide 14: Track record of earnings growth through market cycles
Track record of earnings growth through market cycles 13 The strength and diversity of our platform generates material earnings growth for our shareholders through cycles and over the long-term For personal use only NPAT growth: 2016 – 2025 Diluted EPS growth: 2016 - 2025 CAGR (five years to 30 June
Slide 15: A globally diversified platform
For personal use only 03 A globally diversified platfom
Slide 16: Growth, strategic expansion and strong performance across Pinnacle's global platform
Growth, strategic expansion and strong performance across Pinnacle’s global platform 15 Seed FUM and Middle office and fund Technology and other working capital administration firm infrastructure 1H FY26 Highlights: Distribution and RE, compliance, Interface for client services finance, legal outsou
Slide 17: Evolution & Growth | FUM & Flows
Evolution & Growth | FUM & Flows 16 FUM ($bn)1 Domestic Institutional Retail % Retail Domestic Institutional % International Retail & International % International % 202.5 • FUM has grown at a CAGR of 26.8% p.a. over the last ten years 200.0 100% (24.1% excluding $6.8bn ‘acquired’ in Jul 2018, $3.0b
Slide 18: Evolution of FUM | private markets & international
Evolution of FUM | private markets & international 17 Private Markets Asset Growth1 • At 31 December 2025, FUM in private markets asset classes was $29.6bn 30 • 15% of total FUM $1.5bn / 6% of total FUM at 30 June 2016 → $29.6bn / 15% of • Up from $1.5bn / 6% of total FUM as at 30 June 2016 For pers
Slide 19: Evolution of international platform
Evolution of international platform 18 Cumulative International Flows by Affiliate • Pinnacle has deliberately globalized its platform, investing across all 3 Horizons: • Organic growth of existing Affiliates and strategies into international For personal use only 20 markets • New Affiliate ‘start-u
Slide 20: Diversification & resilience of core earnings
Diversification resilience of core earnings 19 A broadly diversified platform in place to move ahead with sustained growth 31 December 2025 FUM1 by Affiliate (%)2 Change in FUM1 by Asset Class (%) For personal use only 31 Dec 25 0.5% Metrics 2 Australian Equities 2.2% 1.0% 0.4% 0.4% 10 Global
Slide 21: Evolution of FUM by client type
Evolution of FUM by client type 20 Horizon 2 build out of Wholesale & Retail and International distribution functions has led to a greatly expanded and diversified client base 31 Dec 25 - $202.5bn For personal use only 30 Jun 16 - $19.8bn 0.5 46.7 2.6 Domestic Institutional International 98.0 Retail
Slide 22: Completion of purchase of additional equity in Pacific Asset Management
For personal use only 04 Completion of purchase of additional equity in Pacific Asset Management
Slide 23: Overview – purchase of additional equity in Pacific Asset Management
Overview – purchase of additional equity in Pacific Asset Management 22 • Pinnacle entered into an agreement to acquire the remaining 79.2% (75% pre-dilution from Staff LTIP)(1) interest in Pacific Asset Management LLP (PAM) for a total consideration of ~£212.4m(1) (~A$418.8m)(2) • The transaction c
Slide 24: Strategic rationale for the additional investment in Pacific Asset Management
Strategic rationale for the additional investment in Pacific Asset Management 23 Accelerate global growth with complementary distribution platforms 1 • Delivers a larger and more flexible global distribution platform to enhance geographic reach, affiliate origination, product innovation and expansio
Slide 25: Overview of Pacific Asset Management
Overview of Pacific Asset Management 24 Highly diversified asset management platform with an innovative approach and extensive UK distribution footprint Overview £6.9bn £7.1bn Founded in 2016, PAM is a UK asset management platform, managing a range of single Single Manager Modern solutions For perso
Slide 26: Attractive financial profile and continuation of strong growth
Attractive financial profile and continuation of strong growth since Pinnacle’s initial investment 25 Continuation of strong AUM growth Significant uplift in earnings and margin performance Total AUM (2) (£bn) EBITDA (£m) and margin (%) ~53% growth For personal use only since initial 34% Run-rate in
Slide 27: Growth Agenda
For personal use only 05 Growth Agenda
Slide 28: Horizons of growth
3 Horizons of growth 27 Prepared for, and seeking, further expansion opportunities – committed to fully leveraging our established global multi-affiliate platform by selectively expanding and deepening our model internationally, while maintaining unwavering discipline on quality and valuation • Cont
Slide 29: Future growth drivers
Future growth drivers 28 An excellent platform in place to move ahead with sustained growth Distribution Robust, Flexible Start-Up Affiliate Existing Affiliate Acquisitive Platform Expansion Operating Platform Enablement Expansion Growth For personal use only • Investment in (and • Robust, flexible
Slide 30: Horizon 2 | highly valuable accelerator for new Affiliates and new strategies
Horizon 2 | highly valuable accelerator for new Affiliates and new strategies 29 • All Affiliates were profitable in 1H FY26 with no ongoing net cost from Horizon 2 initiatives within Pinnacle or Affiliates during the half For personal use only • Revenues continue to build, reducing the net cost to
Slide 31: Horizon updates
Horizon 3 updates 30 Pinnacle raised equity to expand international platform with strategic acquisitions in the UK, US and Japan: • In November 2024, Pinnacle undertook an equity raise ($400m institutional placement and $50.5m share purchase plan) to finance investments in New York based structured
Slide 32: Conclusion
For personal use only 06 Conclusion
Slide 33: Pinnacle differentiation
Pinnacle differentiation 32 A preeminent multi-affiliate investment firm For personal use only 1. Distinguished from competitors 2. High quality, experienced, 3. All the advantages, benefits and by comprising the highest dedicated, passionate superior conditions of a quality investment management in
Slide 34: Summary
Summary 33 Pinnacle’s diverse Affiliate stable and extensive distribution channels foster resilience and growth Fundamentals in • Highly regarded Affiliates with strong local and international investment consultant and research house ratings Diverse stable of Affiliates (asset class, style, strategy
Slide 35: Appendix
For personal use only Appendix
Slide 36: Continuing strong investment performance of Affiliates to 31 March 2026
35 I ncepti on I ncepti on 5Y ( p.a .) 10Y ( p.a .) ( p.a .) D a te Continuing strong investment Pinnacle Investment Management Hype r i o n Asse t M an age m e n t - G r o ss Pe r fo r m an c e performance of Affiliates to Hyperion Australian Growth Companies Fund -1.46% 6.37% 10.12% 1/10/2002 Outp
Slide 37: Continuing strong investment performance of Affiliates to 31 March 2026
36 Incepti on Incepti on 5Y (p.a.) 10Y ( p.a .) ( p.a.) D a te Continuing strong investment Pinnacle Investment Management Pal isade In ve st m e n t Par t n e r s - Gr oss Pe r fo r m an c e performance of Affiliates to Palisade Diversified Infrastructure Fund 11.10% 11.50% 7.70% 15/12/2004 For per
Slide 38: Continuing strong investment performance of Affiliates to 31 March 2026
37 I nc ep ti on I n cep ti on 5 Y ( p .a .) 1 0Y ( p .a .) ( p .a .) D a te Continuing strong investment P inna cle Inv est ment Ma na gem ent Ri par i an C api t al P ar t n e r s - G r o s s Pe r fo r m an c e performance of Affiliates to Riparian Water Fund 7.18% - 6.40% 1/12/2019 Outperformance
Slide 39: Performance of Affiliates to 31 March 2026
38 In cep ti on I ncepti on 1Y 3Y ( p .a .) 5Y ( p.a .) 10Y ( p .a .) Performance of Affiliates to Pinnacle Investment Management ( p.a .) D a te Hype r i o n Asse t Man age m e n t - Gr o ss Pe r fo r m an c e 31 March 2026 Hyperion Australian Growth Companies Fund -24.80% -2.38% -1.46% 6.37% 10.12
Slide 40: Performance of Affiliates to 31 March 2026
39 Incepti on Incepti on 1Y 3Y (p.a.) 5Y ( p.a.) 10Y (p.a.) ( p.a.) Da te Performance of Affiliates to Pinnacle Investment Management Pali sade In ve stm e n t Part ne rs - Gro ss Per fo rm an c e 31 March 2026 Palisade Diversified Infrastructure Fund 9.90% 10.40% 11.10% 11.50% 7.70% 15/12/2004 Pali
Slide 41: Performance of Affiliates to 31 March 2026
40 Incepti on Incepti on 1Y 3Y ( p.a .) 5Y ( p.a .) 10Y ( p.a .) Performance of Affiliates to Pinnacle Investment Management ( p.a .) D a te Fir e tr ail In ve st m e n ts - Gr o ss Per fo r m an c e 31 March 2026 Firetrail Australian High Conviction Fund 18.66% 10.34% 8.35% - 7.93% 14/03/2018 For p
Slide 42: Performance of Affiliates to 31 March 2026
41 Inception Inception 1Y 3Y ( p.a.) 5Y ( p.a.) 10Y ( p.a.) Performance of Affiliates to (p.a.) Date Pinnacle Investment Management 31 March 2026 Coolabah Capital Investmen ts - Gro ss Performance For personal use only Smarter Money (Active Cash) Fund Assisted 5.11% 6.37% 4.22% 3.92% 4.36% 20/02/201
Slide 43: Pinnacle Investment Management Group Limited (PNI)
Pinnacle Investment Management Group Limited (PNI) 42 This presentation has been prepared by Pinnacle Investment Management Group Limited ABN 22 100 325 184 (PNI). The information in this presentation is current as at 4 May 2026. PNI has prepared this presentation based on information available to i
Slide 44: Disclaimer
Disclaimer 43 Lonsec Research For personal use only The Lonsec Ratings presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of
Pinnacle Investment Management Group — Macquarie Australia Conference 2026 on 6ix