Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Investor Presentation (August 2025)
73 slides from Pinnacle Investment Management's investor presentation, Aug 5, 2025
Slide 1: FY2025 financial results ASX announcement
5th August, 2025 By Electronic Lodgement Market Announcements Office ASX Ltd 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam Pinnacle Investment Management Group Limited (ASX: PNI) FY2025 financial results Pinnacle Investment Management Group Limited (PNI) is pleased to advise shareholders of the fi
Slide 2: International net inflows and outperformance
> International net inflows: $4.8 billion ($4.0 billion in 2H FY25) > Continued medium-term outperformance across many Affiliates – 91% of 5-Year Affiliate strategies have outperformed their respective benchmarks over the five years to 30 June 2025 – consistent alpha generation underpins ongoing per
Slide 3: Composition of Group Results
Composition of Group Results The net profit after tax attributable to shareholders for FY25 was $134.4 million, representing diluted earnings per share of 62.4 cents, up 37% from 45.5 cents per share in FY24. Pinnacle’s share of net profit after tax from its equity interests in Affiliates was $129.7
Slide 4: FY25 vs FY24 financial summary
FY25 ($M) FY24 ($M) % Change PINNACLE Revenue 1 65.5 49.0 34% 2,3 Expenses (50.7) (49.4) 3% Share of Pinnacle Affiliates net profit after tax 129.7 90.8 43% Net profit before tax 144.5 90.4 60% Taxation (10.1) - - NPAT from continuing operations 134.4 90.4 49% Discontinued operations - - 0% NPAT attribu
Slide 5: FUM Update
FUM Update The FUM of the eighteen Pinnacle Affiliates as at 30 June 2025 was $179.4 billion, at 100%, reflecting: > an increase in FUM of $24.0 billion or 15% during 2H FY25, comprising net inflows of $16.4 billion and increases due to market movements/investment performance of $7.6 billion > an in
Slide 6: Retail FUM Update
Retail FUM Update Retail FUM stood at $39.7 billion at 30 June 2025: > an increase in FUM of $4.3 billion or 12% during 2H FY25, comprising net inflows of $3.2 billion and increases due to market movements/investment performance of $1.1 billion > an increase in FUM of $10.9 billion or 38% during FY2
Slide 7: Revenue ($millions)
1,000 Affiliate performance fees - 100% 900 Affiliate revenues - 100% (excl. performance fees) 153.6 800 700 109.8 600 Revenue ($millions) 500 57.8 58.2 400 771.4 86.2 300 26.7 553.6 15.3 447.7 453.4 200 17.2 329.3 264.5 16.7 221.4 100 17.8 151.2 - 1.0 11.1 0.1 0.7 4.6 7.2 111.6 0.9 0.4 0.5 75.0 3.2
Slide 8: FY25 financial results teleconference
FY25 financial results teleconference Shareholders and analysts are invited to attend a teleconference on 6 August 2025 with Alan Watson (Chair), Ian Macoun (Managing Director), Andrew Chambers (Executive Director and Head of Institutional & International Distribution), Kyle Macintyre (Head of Retai
Slide 9: FY25 Results Presentation
P INNAC LE INVE STM ENT MA NA GE MENT GRO U P LIM ITED (P NI) FY25 Results Presentation 5 t h A ugus t, 2 0 25
Slide 10: Agenda
Agenda 2 01 Introduction and Highlights Ian Macoun 4 02 Financial Performance Dan Longan 20 Market Update – Institutional & 03 International Andrew Chambers 24 Market Update – Wholesale & 04 Retail Kyle Macintyre 26 05 Growth Agenda Ian Macoun 28 06 Corporate Responsibility Ian Macoun 37 07 Conclusi
Slide 11: Introduction and Highlights
01 Introduction and Highlights Ian Macoun, Managing Director
Slide 12: FY25 Themes
FY25 Themes 4 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 1. Strong growth in core earnings and FUM, resulting from growing Pinnacle platform 2. Continuing execution of ‘3 Horizons’ strategy, adding new capabilities tha
Slide 13: FY25 Themes: core growth
FY25 Themes 5 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 1. Significant growth in core earnings and FUM, resulting from growing Pinnacle platform • Pinnacle NPAT up 49% on FY24, representing a 37% increase in EPS • Fiv
Slide 14: FY25 Themes: performance fees
FY25 Themes 6 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 3. Strong performance fee outcome for the financial year, albeit low in 2H. Long-term Affiliate performance continues to be robust, with key strategies entering
Slide 15: FY25 Themes: run-rate profitability and diversification
FY25 Themes 7 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 5. Entering FY26, all Affiliates are at or exceeding run-rate profitability • Horizon 2 cost, within Pinnacle and Affiliates, trended downwards as expected • Sig
Slide 16: FY25 financial highlights
FY25 financial highlights 8 Diversified platform providing resilience in volatile market conditions. Investments made to support earnings growth in the future A ff i l i at e F U M / Re ve nu e ( 100% ) C as h / In v es tm en t s Affiliate FUM (100%) 30 Jun 25 30 Jun 24 Change 30 Jun 25 Aggregate Af
Slide 17: Track record of earnings growth through market cycles
Track record of earnings growth through market cycles 9 The strength and diversity of our platform generates material earnings growth for our shareholders through cycles and over th e long-term NPAT growth: 2016 – 2025 Diluted EPS growth: 2016 - 2025 CAGR (five years to 30 June 2025) – 33.1% CAGR (f
Slide 18: Investment Performance
Investment Performance 10 Our industry leading portfolio of high performing Affiliates continues to outperform benchmarks and provides an engine for co ntinued FUM growth and performance fee generation Affiliate strategies outperformance over benchmarks (alpha) – over 5-year period, p.a. (before fee
Slide 19: Growth, strategic expansion and strong performance across Pinnacle's global platform
Growth, strategic expansion and strong performance across Pinnacle’s global platform 11 Seed FUM and Middle office and Technology and other FY25 Highlights: working capital fund administration firm infrastructure Distribution and RE, compliance, Interface for • Antipodes concluded its acquisition of
Slide 20: Horizon 3 diversification enables platform earnings growth
Horizon 2 & 3 diversification enables platform to deliver earnings growth through market cycles 12 • Pinnacle has pursued a deliberate strategy of diversification, incubating new Affiliates and strategies, enhanced by careful acquisitive growth into new asset classes and markets. This moderates shor
Slide 21: Performance fees
Performance fees 13 Pinnacle Affiliates continue to outperform benchmarks, resulting in continued FUM growth and performance fee generation Closing FUM & number of strategies subject to performance • It remains a key strategy of Pinnacle and Affiliates to grow FUM that has the ability fees to earn p
Slide 22: Evolution & Growth | FUM & Flows
Evolution & Growth | FUM & Flows 14 FUM ($bn)1 • FUM has grown at a CAGR of 27.3% p.a. over the last ten years (24.2% excluding $6.8bn ‘acquired’ in Jul 2018, $3.0bn ‘acquired’ in Dec 2019, $1.1bn ‘acquired’ in Dec 2021, $9.8bn ‘acquired’ by Antipodes in Aug 2024, $17.0bn ‘acquired’ in Nov 2024 and
Slide 23: Evolution of FUM by client type
Evolution of FUM by client type 15 Horizon 2 build out of Wholesale & Retail and International distribution functions has led to a greatly expanded and diversified client base 30 Jun 2025 - $179.4bn 30 Jun 16 - $19.8bn 39.7 0.5 2.6 Domest ic Institutional 88.3 International Retail 16.7 51.4 • Upon l
Slide 24: Evolution of FUM | private markets & international
Evolution of FUM | private markets & international 16 Private Markets Asset Growth1 • FUM in private markets asset cla sses was $28.7bn at 30 June 202 5 • 16% of to tal FUM • Up from $1.5bn / 6% of to tal FUM as at 30 June 201 6 • 40% CAGR since 201 6 • Pinna cle ha s be en a distributor of private
Slide 25: Evolution of international platform
Evolution of international platform 17 Cumulative International Flows by Affiliate • Pinnacle has deliberately globalized its platform, investing across all 3 Horizons: • Organic growth of existing Affiliates and strategies into international markets • New Affiliate ‘start-ups’ and new strategies fr
Slide 26: Diversification → resilience of core earnings
Diversification → resilience of core earnings 18 A broadly diversified platform in place to move ahead with sustained growth F Y25 FUM 2 by Aff ili ate (%) 1 Change in FUM2 by A ss et Clas s (% ) 30 Jun 25 1.6% 0.5% 0.4% 0.5% Metrics 2.5% 30 Jun 16 11 1.0% 0.1% ▪ Australian Equities PAM ▪ Global Equ
Slide 27: Continued industry awards
Continued industry awards 19 2025 Money Management 2025 Morningstar Awards 2024 Momentum Media Annual Fund Manager of for Investing Excellence in 2024 Zenith Fund Awards: Australian Wealth the Year Awards, Australia: Management Awards: partnering with Lonsec: • Hyperion – Overall Fund Manager • Pinn
Slide 28: Financial Performance
02 Financial Performance Dan Longan
Slide 29: Revenue and margin performance and key drivers
Revenue and margin performance and key drivers 21 Strong revenue growth, with notable contribution from newer Affiliates; deliberate Horizon 2 investment in growth initiatives moderates profits in the short-term, but drives strategic growth over the medium- to long-term Affiliate Revenues1 1, 000 Af
Slide 30: FY25 financial results
FY25 financial results 22 FY25 ($M) FY24 ($M) % Chang e • NPAT attributable to shareholders of $134.4m PINNACLE Revenue1 65.5 49.0 34% • 49% increase on FY24 (37% increase in diluted EPS) Expenses 2 ,3 (50.7 ) (49.4 ) 3% • Performa nce fee s earned by Pinna cle Affiliate s, po st-ta x, contributed $
Slide 31: FY25 financial results: balance sheet
FY25 financial results 23 30 Jun 2025 ($M) 30 J un 2024 ($M) Change • Cash and PI of $463.5m CURRENT A SSETS • Includes $423.2m invested in strategies managed by Pinnacle Affiliates, including Cash and cash equivalents 26.6 32.6 (18%) additional funds raised in the November institutional placement a
Slide 32: Market Update – Institutional & International
03 Market Update – Institutional & International Andrew Chambers
Slide 33: Institutional & International: Market Update
Institutional & International: Market Update 25 Diverse, multi-asset, multi-channel platform to drive ongoing growth Institutional (Australia): FY25 International: FY25 • $11.4bn net inflows in FY25 • $4.8bn net inflows in FY25 • $88bn+ of Australian institutional FUM • $1.9bn is wholesale/retail &
Slide 34: Market Update – Wholesale & Retail
04 Market Update – Wholesale & Retail Kyle Macintyre
Slide 35: Wholesale & Retail (Australia): Market Update
Wholesale & Retail (Australia): Market Update 27 As of 30 Ju n e 2 02 5 $6.9bn net inflows into Wholesale and Retail in FY25 • $3.7bn in net inflows in 1H FY25 W hole sa le a nd R e ta i l flo ws (N e t ) • $3.2bn in net inflows in 2H FY25 $6.9bn Wholesale and Retail net inflows across diverse asset
Slide 36: Growth Agenda
05 Growth Agenda Ian Macoun, Managing Director
Slide 37: Horizons of growth
3 Horizons of growth 29 Prepared for, and seeking, further expansion opportunities – committed to taking advantage of the significant opportunity to evolve into a global multi-affiliate by ‘exporting our model’ – but maintaining discipline on quality and valuation • Continue to build Pinnacle by tak
Slide 38: Future growth drivers
Future growth drivers 30 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 • Investment in (and • Robust, flexible • Develop investment •
Slide 39: Horizon 2 | highly valuable accelerator for new Affiliates and strategies
Horizon 2 | highly valuable accelerator for new Affiliates and new strategies 31 • The aggregate net cost to Pinnacle of these initiatives, within Pinnacle and Affiliates, again held steady in 2H FY25 at approximately $4.5m (Pinnacle share, after tax), which was broadly the same as in 1H FY25 and 2H
Slide 40: Horizon 2 | Metrics | building a leading diversified private markets platform
Horizon 2 | Metrics | building a leading diversified private markets fund management platform 32 • Metrics is recognized as a pioneer in Australian private credit, initially focused on corporate and institutional lending. It has evolved into a diversified private markets platform, providing debt and
Slide 41: Horizon 2 | Metrics | understanding FY25 financial outcome
Horizon 2 | Metrics | understanding FY25 financial outcome 33 Column1 'Core' Horizon 2 Net outcome ABF (Navalo) Metrics - Metrics initiatives - core reported • Net ‘Horizon 2’ investment in FY25 of $24.4m, Metrics after tax, at 100% (approximately ~$8m impact on Pinnacle’s profit after tax) Fund man
Slide 42: Horizon 2 | Metrics | AUM and earnings growth
Horizon 2 | Metrics | understanding FY25 financial outcome 34 Growth in Metrics AUM since Acquisition NPBT & Revenues (ex. Performance Fees) since Acquisition 30,000 40 200 CAGR since acquisition: 180 33.3% 35 25,000 160 30 140 20,000 25 120 AUM ($m) (A$m) 15,000 20 100 80 15 10,000 60 10 40 5,000 5
Slide 43: Horizon 2 | Metrics | market opportunity
Horizon 2 | Metrics | market opportunity 35 Australian lending market - by sector ($bn) 2,500 Metrics - <1% 2,000 1,500 Metrics - 3% 1,000 Metrics - <1% Metrics - 2% 500 0 Corporate and Institutional Real Estate Debt Consumer lending / SME Residential Mortgages Lending Metrics Total Addressable Mark
Slide 44: Horizon 2 and 3 updates – Life Cycle, PAM and VSS
Horizon 2 and 3 updates – Life Cycle, Pacific Asset Management and VSS 36 Pinnacle raised equity to fund UK and US acquisitions: • 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 c
Slide 45: Corporate Responsibility
06 Corporate Responsibility Ian Macoun, Managing Director
Slide 46: Our Sustainability Strategy
Our Sustainability Strategy 38 We are committed to building a sustainable, inclusive and resilient firm This means fostering a work environment that recruits, retains and supports exceptional people with diverse experience, aligning firm growth with our climate ambitions, expanding the reach and imp
Slide 47: PNI Foundation
PNI Foundation 39 • Pinnacle is passionate about enabling better lives through investment excellence. This is strongly reflected in Pinnacle’s commitment – together with Affiliates – to the PNI Foundation • The Foundation’s focus is on growing the reach, sustainability and impact of creative and cle
Slide 48: PNI Group 2025 Aggregate Giving
PNI Group 2025 Aggregate Giving 40
Slide 49: PNI Foundation – Partnerships
PNI Foundation – Partnerships Multiple partnerships with 17 NFPs are driving long-term sustainable impact across six core focus areas: MENTAL HEALTH AND WELLBEING Offering support through community connection, prevention and early intervention strategies SEXUAL, DOMESTIC AND FAMILY VIOLENCE Facilita
Slide 50: Conclusion
06 Conclusion Ian Macoun, Managing Director
Slide 51: Pinnacle differentiation
Pinnacle differentiation 43 Australia’s leading ‘multi-affiliate’ investment firm 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 investment prof
Slide 52: Summary
Summary 44 Pinnacle’s diverse Affiliate stable and extensive distribution channels foster resilience and growth Fundamentals in • Highly re garded Affiliate s with stro ng local and international inve stment consulta nt and re sea rch ho use ra tings Diverse stable of Affiliate s (asset cla ss, styl
Slide 53: Q&A
Q&A
Slide 54: Appendix
Appendix
Slide 55: Continuing strong investment performance of Affiliates to 30 June
47 Incepti on Incepti on 5Y ( p.a.) 10Y ( p.a.) ( p.a.) date Continuing strong investment Pinnacle Investment Management Hype r ion Asse t Man age m e n t - Gr oss Pe r for m an c e performance of Affiliates to Hyperion Australian Growth Companies Fund 11.82% 12.33% 12.56% 01/10/2002 Outperformance
Slide 56: Continuing strong investment performance of Affiliates to 30 June
48 Inception Inception 5Y (p.a.) 10Y (p.a.) (p.a.) date Continuing strong investment Pinnacle Investment Management performance of Affiliates to Palisade Investment Partners - Gross Performance Palisade Diversified Infrastructure Fund 11.00% 10.51% 7.69% 15/12/2004 30 June 2025 Palisade Australian S
Slide 57: Continuing strong investment performance of Affiliates to 30 June
49 Incepti on Incepti on 5Y (p.a.) 10Y (p.a.) (p.a.) date Continuing strong investment Pinnacle Investment Management Metrics Credit Partners - Gross Performance performance of Affiliates to MCP Diversified Australian Senior Loan Fund 6.85% 5.88% 5.94% 04/06/2013 30 June 2025 Outperformance 4.40% 3.
Slide 58: Performance of Affiliates to 30 June 2025
50 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 Hype r io n Asse t M an age m e n t - Gr o ss Pe r fo r m an c e Hyperion Australian Growth Companies Fund 16.64% 19.10% 11.82% 12.33% 12.56% 01/10/2002 30 June
Slide 59: Performance of Affiliates to 30 June 2025
51 Inception Inception 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) (p.a.) date Performance of Affiliates to Pinnacle Investment Management Palisade Investment Partners - Gross Performance Palisade Diversified Infrastructure Fund 10.50% 11.15% 11.00% 10.51% 7.69% 15/12/2004 30 June 2025 Palisade Australian Soc
Slide 60: Performance of Affiliates to 30 June 2025
52 Incepti on Incepti on 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) (p.a.) date Performance of Affiliates to Pinnacle Investment Management Me tr ic s Cr e dit Par tn e r s - Gr oss Pe r for man c e 30 June 2025 MCP Diversified Australian Senior Loan Fund Outperformance 8.26% 3.96% 8.71% 4.72% 6.85% 4.40% 5.
Slide 61: FY25 funds under management
FY25 funds under management 53
Slide 62: Five-year progress and outcomes
Five-year progress and outcomes 54 5yr Compound Growth FY 20 FY 25 rate (%) FUM ($bn) 58.7 179.4 25.0% Public Markets ($bn) 48.3 135.5 22.9% Private Markets ($bn) 6.7 28.7 33.8% Alternative Fixed Income ($bn) 3.7 15.2 32.7% Int Domiciled ($bn) 0.002 47.7 650.8% Int Sourced ($bn) 4.2 51.4 65.0% Perf
Slide 63: Pinnacle Affiliates continue to win major industry awards
Pinnacle Affiliates continue to win major industry awards 55 2025 Financial Newswire/SQM Research Fund Manager of the Year Awards 2024 Annual M&A Advisor Awards • Coolabah - Other Alternatives Finalist • VSS Capital – Private Equity Firm of the Year (Up to $5b AUM) Winner • Firetrail – Other Alterna
Slide 64: Affiliate commitment to ESG
Affiliate commitment to ESG 56 All Pinnacle Affiliates embed ESG principles into their investment decision making process: Incorporate ESG into Investment Affiliate Signatory to PRI Have an ESG policy process Yes Aikya Yes Yes (Certified B Corporation) Antipodes Yes Yes Yes Coolabah Yes Yes Yes Fire
Slide 65: Pinnacle Affiliates
Pinnacle Affiliates 57 Global Emerging Market Equities • High quality • Absolute return with downside protection • Concentrated portfolio • Long-term sustainable growth • Stewardship and Sustainability • Founded in 2020 • Headquartered in London, United Kingdom Global and Australian Equities, Global
Slide 66: Pinnacle Affiliates
Pinnacle Affiliates 58 High conviction Australian and Global Equities • Deep fundamental research approach consistently applied for 15+ years • Australian, Global, Small Companies and Long-Short equities • No enduring style bias. Building concentrated portfolios of best growth and value ideas • Focu
Slide 67: Pinnacle Affiliates
Pinnacle Affiliates 59 Global and Canadian Small Cap Equities • Active and engaged owners of world class smaller companies • Quality-orientation, focusing on cash flow growth • Seek to identify and evaluate businesses that can compound intrinsic value at high rates over the long-term • Founded in 20
Slide 68: Pinnacle Affiliates
Pinnacle Affiliates 60 Private Debt and Commercial Real Estate • Australasia’s largest private credit fund manager • Participation across all loan market segments – leverage finance, project finance, commercial real estate, corporate, consumer • Investment across the capital structure – investment g
Slide 69: Pinnacle Affiliates
Pinnacle Affiliates 61 Private Infrastructure, Impact & Real Assets • Mid-market focus results in attractive acquisition multiples and portfolio yield • Actively involved in operational management and governance of assets; unlocks embedded value • Owns core infrastructure assets such as airports, po
Slide 70: Pinnacle Affiliates
Pinnacle Affiliates 62 Private Agriculture, Food & Water • Specialist water, agriculture and food investment firm providing capital solutions to the agriculture sector • Participation throughout the value chain investing in assets that are critical to the production of essential goods; water, farmla
Slide 71: Pinnacle Affiliates
Pinnacle Affiliates 63 Private Structured Capital • Structured capital solutions to high-growth, established companies in the attractive US lower mid-market segment • Bespoke, customised private capital solutions for corporates that are differentiated from the majority of other capital options in th
Slide 72: Pinnacle Investment Management Group Limited disclaimer
Pinnacle Investment Management Group Limited (PNI) 64 This presenta tio n has been prepared by Pinnacle Investment Mana gement Group Limited ABN 22 10 0 3 25 184 (PNI). The information in this presentation is current as at 5 August 2025. PNI ha s prepared this presentation based on information avail
Slide 73: Disclaimer
Disclaimer 65 Lonsec Research The Lonsec Ratings presented in thi s document are publi shed by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to "General Advice" (as defined i n the Corporations Act 2001 (Cth)) and based solely on consideration of the investment meri
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