Slide 1: First Half FY26 Results Presentation
FIRST HALF FY26 RESULTS PRESENTATION Presenters Michael Clarke Ron Patel Managing Director Acting CFO 24 FEBRUARY 2026 Pacific Current Group Limited (ASX: PAC) ABN: 39 006 708 792 1
Slide 2: Disclaimer
The information in this presentation is general information about Pacific Current Group (‘Pacific Current’ or ‘PAC’) and is current only at the date of this presentation. In particular, this presentation § is not an offer or recommendation to purchase or subscribe for securities in Pacific Current,
Slide 3: 1H26 Overview
1H26 Overview Pacific Current Group (PAC) is a global investor in investment management firms, with stakes in 8 investment firms across the US, Europe and Australia. PAC’s boutiques offer a diverse range of investment products across multiple asset classes, delivering resilient management fees and m
Slide 4: 1H26 Underlying Results
1H26 Underlying 1H26 (A$m ) 1H25 (A$m ) 1H26 (US$m ) 1H25 (US$m ) Comments Results Boutique management fees 4.1 8.9 2.7 5.9 Asset realisations with Banner Oak and Carlisle full exits impacting boutique results Boutique performance fees 0.3 0.5 0.2 0.3 Largely contributed by Roc Boutique unrealised M
Slide 5: Shareholder Value
Shareholder Statutory NAV vs Fair Value NAV vs Share Price Value 18 16 14.32 16.34 13.84 13.92 14 11.76 11.69 12 11.09 AUD Per Share 10.31 Fair value increased due to 10 9.93 9.67 11.85 8.40 mark -to-market gains on 8 7.59 9.99 8.79 financial assets, with the fair 6 7.31 7.32 value – book value gap
Slide 6: Revenue Composition
Revenue Underlying Revenues ( US$m ) Composition 25.0 2.9 0.3 20.0 0.2 1.6 3.7 15.0 2.3 Boutique contributions declined 4.6 6.0 0.4 due to asset realisations 10.0 19.4 1.2 1.0 2.2 completed over the past 12 14.9 5.0 9.8 0.3 2.5 months 5.9 1.4 2.7 0.2 - (0.6) (0.8) 1H22 1H23 1H24 1H25 1H26 -5.0 Manag
Slide 7: Alternate Balance Sheet
Alternate A$000s Cash 31 Dec 25 152,329 30 Jun 25 137,893 Balance Sheet Other Current Assets Current Liabilities 15,487 (1,944) 19,739 (5,150) Deferred Tax Liability (1,294) (11,436) Other Non - Current Assets 10 65,464 Alternate balance sheet Other Non - Current Liabilities (96) (62,173) presentati
Slide 8: Fair Value vs Book Value
FAIR VALUE VS BOOK VALUE PACIFIC CURRENT GROUP
Slide 9: NAV Breakdown
NAV Breakdown Book Value ( A$m )* Book Value ( A$m )* Fair Value ( A$m ) Fair Value ( A$m ) Comments 30 -Jun -25 31-Dec -25 30 -Jun -25 31-Dec -25 Investment in Boutiques Roc Group 9.3 8.9 37.2 57.6 Fair value increased significantly due to stronger growth forecasts for the business Victory Park 99.
Slide 10: 1H26 Key Highlights
1H26 KEY HIGHLIGHTS PACIFIC CURRENT GROUP
Slide 11: 1H26 Portfolio Movements
Partial sale of Victory Park Capital (VPC): In September 2025, PAC sold a portion of its interest – 1H26 Portfolio specifically 2% equity interest in VPC and 0.8% interest in VPC - Holdco future carried interest entitlements to CNO Financial Group (NYSE: CNO) for US$5.5m (A$8.4m). Following the tran
Slide 12: Outlook
OUTLOOK PACIFIC CURRENT GROUP
Slide 13: IFP Loan Facility
IFP Loan Facility US$25m debt facility c.10% interest rate 4- year bullet PAC has announced a § Who is IFP? US$25.1m Senior Secured Debt § Florida based independent RIA platform Facility for IFP, an existing equity § Provides compliance, technology and infrastructure to independent financial advisor
Slide 14: Near-Term Focus
Near -Term Accelerate Growth § Pursue high - potential opportunities within existing boutique partners and selectively assess new investments to Focus drive scalable, sustainable growth Unlock Shareholder Value § Evaluate targeted capital initiatives aimed at enhancing returns and optimising the Gro
Slide 15: How to think about the PAC portfolio
How to think about the PAC po rtfolio PAC’s portfolio can be broken down into three distinct asset types, with varying growth and yield expectations PAC Asset Breakdown Portfolio Fair Value by Asset Type Cash (31% of Portfolio) 31 December 2025 30 June 2025 § A$152 million in surplus cash, represent
Slide 16: PAC Go-Forward Strategy
PAC Go - Forward Strategy PAC will allocate capital to its most accretive uses, including re -investment and distribution to shareholders Assets for Harvesting and Mature Boutiques Capital Allocation In addition to its large cash balance (A$152m) and ongoing distributions The divestment of investmen
Slide 17: Appendices
APPENDICES PACIFIC CURRENT GROUP
Slide 18: Statutory Profit or Loss
Statutory A$000s Revenue from operations 1H26 — 1H25 4,459 Profit or Loss Distributions and dividend income Interest income 3,422 5,041 5,603 10,691 Changes in fair value (23,536) 37,477 Gain on sale of investments — 95,362 1H25 results include d the Total statutory income (15,073) 153,592 revenues
Slide 19: Statutory to Underlying Reconciliation
Statutory to A$000s Reported Net Profit/(Loss) Before Tax 1H26 (20,237) 1H25 115,085 Underlying Non -cash items Amortisation expenses 221 2,351 Reconciliation Fair value adjustment of financial assets Fair value adjustment of financial liabilities 27,405 — (36,628) (265) Impairment of investments an
Slide 20: Expenses
Underlying $000s C ontributions from 1H26 (A$) 9,638 1H25 (A$) 11,825 1H26 (US$) 6,318 1H25 (US$) 7,815 Profit Drivers Boutiques and Investments Corporate Revenues — 20 — 13 Employment 856 1,622 561 1,072 Travel/entertainment 108 91 71 60 Advisory, tax and accounting 318 549 208 363 Underlying NPBT
Slide 21: Statutory Balance Sheet
Statutory A$000s Cash and cash equivalents 31 Dec 25 34,329 30 Jun 25 39,893 Balance Sheet Short - term deposits Other current assets 118,000 37,051 98,000 40,081 Non -current assets Investments in associates and joint ventures 28,427 28,890 Other financial assets 202,553 251,089 Balance sheet stren
Slide 22: Statutory Cash Flow
Statutory A$000s Operating cash flow 1H26 1H25 Cash Flow Net (payment)/ receipts from customers/suppliers/financiers Dividends received (1,574) 6,496 862 12,492 Income tax paid (3,048) (4,751) Investing cash flow Investment in short - term deposits (20,000) (76,000) Net proceeds from disposal of ass
Slide 23: Alternate Cash Flow
Alternate A$000s Underlying NPBT 1H26 7,868 1H25 13,849 Cash Flow Accounting earnings from boutiques Dividends from boutiques (4,885) 6,496 (9,998) 12,492 Net interest expense (2,624) (2,140) Reconciles the underlying Depreciation and amortisation — 96 NPBT to cash generated Changes in operating ass
Slide 24: PAC Boutique Investments
PAC Boutique Investments Revenue Share / 24.9% 39% / 44.5% Pref. Equity / 18.8% 24.9% Private equity, real assets Private equity, real assets Global, international, & EM small cap equity Hybrid RIA platform 2008 investment 2021 investment 2014 investment 2019 investment USA UK USA USA Aether Investm
Slide 25: PAC Boutique Investments
PAC Boutique Investments Pref. Equity / 23% 7.5% 30% 9.2% Placement agent Private real estate Private equity, Asia -Pacific Private credit 2014 investment 2019 investment 2014 investment 2018 investment UK USA Australia USA Northern Lights Alternative Advisors Pennybacker Capital Management Roc Part
Slide 26: Key Definitions
Net Asset Value (NAV) Key Revenue Share Boutique investments where PAC is entitled to a percentage of boutique’s Pacific Current Group’s total equity (attributable to owners of the company top - line revenues (largely made up of management fees and performance and excluding non controlling interests
Slide 27: Understanding Fair Value NAV
Understanding The statutory consolidated financial statements have been prepared on the basis of historical cost, except for certain financ that are measured at fair value at the end of each reporting period. As such, the Group’s investments in operating subsidiaries and Associates and Joint venture
Slide 28: Tips for Analysing PAC
Tips for Revenue recognition Analysing PAC § Private equity, private infrastructure, and private real estate managers normally charge fees on committed capital. Thus, new FUM becomes revenue immediately after the legal commitment is received, even though it may take several years to invest the commi
Slide 29: Authorised for release by the Board of Pacific Current Group Limited
Authorised for release by the Board of Pacific Current Group Limited. Contact : For Investor & Media enquiries: Michael Clarke – Managing Director T: (+61) 2 9000 1939 E: info@paccurrent.com Web: www.paccurrent.com Address: Quay Quarter Tower, Level 3, 50 Bridge Street, Sydney, NSW 2000, Australia 2