Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Canaccord Genuity 46th Annual Growth Conference 2026
68 slides from Pinnacle Investment Management's conference presentation, Aug 12, 2026
Slide 1: CG 46th Annual Growth Conference, Boston
12 August 2026 By Electronic Lodgement Market Announcements Office ASX Ltd 39 Martin Place SYDNEY NSW 2000 Dear Sir / Madam CG 46th Annual Growth Conference, Boston For personal use only Pinnacle Investment Management Group Limited (ASX: PNI) is pleased to attach a copy of a presentation that will b
Slide 2: A platform engineered for long-term growth
For personal use only A platform engineered for long-term growth CG 46th Annual Growth Conference Boston, USA 12 th August, 2026
Slide 3: Agenda
Agenda 2 01 Introduction 3 For personal use only 02 A platform engineered for long-term growth 9 03 Conclusion 18 04 Appendix – results for the Financial Year to 30 June 2026 22 Please refer to the Disclaimer on slide 65 for important information that is to be read in conjunction with this presentat
Slide 4: Introduction
For personal use only 01 Introduction
Slide 5: Pinnacle: A Preeminent Multi-Affiliate Platform
Pinnacle: A Preeminent Multi-Affiliate Platform 4 Global multi-asset investment management platform: substantial domestically, expanding globally, compounding earnings and cash generation through cycles For personal use only • Diversified and Resilient: 19 Affiliates across public and private market
Slide 6: FY26 Highlights
FY26 Highlights 5 Strong core earnings growth Continuing investment excellence • Pinnacle NPAT up 31% on FY25 • 81% of Affiliate strategies with a track record of five years or longer have For personal use only • Excluding returns on PI and the non-cash profit recorded on the outperformed over a fiv
Slide 7: High EPS growth supported by diversified, scalable, cash-generative model
High EPS growth is supported by a diversified, scalable and cash-generative business model 6 High compounding returns achieved by executing our unique model and Three Horizons of growth, in parallel, across more addressable markets For personal use only • Pinnacle s business model is globally distin
Slide 8: Track record of earnings growth through market cycles
Track record of earnings growth through market cycles 7 The strength and diversity of our platform generates material earnings growth for our shareholders through cycles and over the long-term. Expansion into much larger, global markets sets the stage for the next phase of growth For personal use on
Slide 9: Pinnacle vs. other investment management models
Pinnacle vs. other investment management models 8 Traditional Multi- Financial Conglomerate Standalone Boutique GP Staking Firm Boutique Life Insurers, Banks, Investment Affiliated Managers Group; FT Blue Owl/Dyal; Hunter Point; For personal use only Examples Numerous Banks Legg Mason PetersHill; Ku
Slide 10: A platform engineered for long-term growth
For personal use only 02 A platform engineered for long-term growth
Slide 11: Growth, strategic expansion and strong performance across global platform
Growth, strategic expansion and strong performance across Pinnacle’s global platform 10 Seed FUM and Middle office and fund Technology and other working capital administration firm infrastructure FY26 Highlights: Distribution and RE, compliance, Interface for • Advantage Partners Pinnacle agreed to
Slide 12: Horizons of growth
3 Horizons of growth 11 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 For pers
Slide 13: Future growth drivers
Future growth drivers 12 An excellent platform in place to move ahead with sustained growth Distribution Robust, Flexible Start-Up Affiliate Existing Affiliate Acquisitive For personal use only Platform Expansion Operating Platform Enablement Expansion Growth • Investment in (and • Robust, flexible
Slide 14: Horizon 1 – large capacity in existing Affiliates and strategies
Horizon 1 – large capacity in existing Affiliates and strategies 13 Through careful and consistent investment across our Three Horizons, we have increased both FUM and the platform capacity through strategic diversification providing the opportunity for further growth without any further need for in
Slide 15: Horizon 2 in review
Horizon 2 in review 14 Investment in our Horizon 2 initiatives have a strong track record of delivering strong returns over the medium to long term with limited initial capital requirements For personal use only Cumulative Return on Investment in Horizon 2 Initiatives – updated to FY26 (excluding an
Slide 16: Horizon 2 development and growth of Listed Products capability
Horizon 2 development and growth of Listed Products capability 15 • Pinnacle now has >$12bn ($7bn ETFs and $5bn LICs) across 22 Pinnacle Affiliate Listed Product FUM For personal use only listed funds (16 ETFs and 6 LICs). 14,000 • Pinnacle is the largest listed active fund issuer in Australia by 50
Slide 17: Horizon 3 – the story so far
Horizon 3 – the story so far 16 Horizon 3 has been a key part of Pinnacle s growth strategy since inception, adding complementary, high-quality, market-ready investment capability that we can assist to grow more rapidly by leveraging our platform Cumulative Return on Investment in Horizon 3 Initiati
Slide 18: International opportunity for the PNI platform
International opportunity for the PNI platform 17 Purposeful expansion into larger international markets through growing global Affiliate presence, expanding globally relevant product suite and increasing global distribution footprint provides the opportunity to continue to deliver growth For person
Slide 19: Conclusion
For personal use only 03 Conclusion
Slide 20: Pinnacle differentiation
Pinnacle differentiation 19 A platform engineered for long-term growth For personal use only 1. Distinguished from competitors 2. High quality, experienced, 3. All the advantages, benefits and by comprising the highest quality dedicated, passionate superior conditions of a investment management firm
Slide 21: Conclusion: high rates of EPS growth should be sustainable
Conclusion: high rates of EPS growth should be sustainable 20 Pinnacle should be able to continue to compound EPS growth at high rates For personal use only • Pinnacle s fundamental business model has been winning for 20 years • The model and philosophy are unchanged, strong and sustainable • Invest
Slide 22: For personal use only
<x a) o} Ajuo asn yeuossad JOS
Slide 23: Appendix
For personal use only Appendix
Slide 24: FY26 Financial Performance
For personal use only 04 FY26 Financial Performance
Slide 25: FY26 Financial Highlights
FY26 Financial Highlights 24 FY26 FY25 Change Earnings & Returns NPAT $176.7m $134.4m 31% Diluted EPS 78.1c 62.4c 25% For personal use only DPS 60.0c 60.0c 0% DPR 77% 96% Franking 72% 79% 30 Jun 26 30 Jun 25 Change Affiliate Performance Aggregate Affiliate FUM (at 100%) $229.4bn3 $179.4bn 28% Aggreg
Slide 26: Strong growth in core earnings
Strong growth in core earnings 25 (AUD $m) FY26 FY25 FY24 FY23 Reported NPAT 176.7 134.4 90.4 76.5 Returns on Principal Investments (PI) (2.3) 23.9 17.4 14.2 For personal use only Non-recurring returns on other investments 46.21 - (3.4)2 0.62 Net interest expense (5.2) (3.7) (5.6) (5.2) Adjusted NPA
Slide 27: Investment Performance
Investment Performance 26 Our industry leading portfolio of high performing Affiliates continues to outperform benchmarks and provides an engine for continued FUM growth and performance fee generation For personal use only Affiliate strategies outperformance over benchmarks 2 (alpha) over 5-year per
Slide 28: Performance fees
Performance fees 27 Pinnacle Affiliates continue to outperform benchmarks, resulting in continued FUM growth and performance fee generation For personal use only Closing FUM & number of strategies subject to performance fees • It remains a key strategy of Pinnacle and Affiliates to grow FUM that has
Slide 29: Evolution & Growth | FUM & Flows
Evolution & Growth | FUM & Flows 28 FUM ($bn)1 Domestic Institutional Retail International International % 300 Retail % Domestic Institutional % Retail & International % • FUM has grown at a CAGR of 27.8% p.a. over the last ten years (25.1% For personal use only 100% excluding $6.8bn acquired in Jul
Slide 30: Evolution of FUM by channel type
Evolution of FUM by channel type 29 Horizon 2 build-out of Wholesale & Retail and International distribution platform has driven growth, diversification, profitability and resilience 30 Jun 26 - $229.4bn For personal use only 30 Jun 16 - $19.8bn 0.5 50.7 2.6 Domestic Institutional 103.8 Internationa
Slide 31: Evolution of FUM | private markets & international
Evolution of FUM | private markets & international 30 Private Markets Asset Growth1 • At 30 June 2026, FUM in private markets asset classes was $37.8bn 40 $1.5bn / 6% of total FUM at 30 June 2016 $37.8bn / 16% of • 16% of total FUM For personal use only total FUM at 30 June 2026 • Up from $1.5bn / 6
Slide 32: Evolution of international platform
Evolution of international platform 31 Cumulative International Flows by Affiliate • Pinnacle has deliberately globalized its platform, investing across all Three 35 Horizons: For personal use only 30 • Organic growth of existing Affiliates and strategies into international markets 25 • New Affiliat
Slide 33: Diversification & resilience of core earnings
Diversification resilience of core earnings 32 A broadly diversified platform in place to move ahead with sustained growth 30 June 2026 FUM1 by Affiliate (%)2 For personal use only Change in FUM1 by Asset Class (%) 0.6% 0.4% Life Cycle 0.7% 30 Jun 26 1.3% 2 0.4% Metrics 1.3% Australian Equities
Slide 34: Revenue and margin performance and key drivers
Revenue and margin performance and key drivers 33 Strong revenue growth, with notable contribution from newer Affiliates; increasing revenues from previous Horizon 2 initiatives driving margin improvement from funds management activities Affiliate Revenues1,3 Summary results Affiliates (at 100%) For
Slide 35: FY26 financial results
FY26 financial results 34 FY26 ($m) FY25 ($m) % Change • NPAT attributable to shareholders of $176.7m PINNACLE • 31% increase on FY25 (25% increase in diluted EPS) Pinnacle Parent Revenue1 93.2 65.5 42% • For personal use only Performance fees earned by Pinnacle Affiliates, post-tax, contributed $35
Slide 36: FY26 financial results – balance sheet
FY26 financial results 35 30 Jun 2026 ($m) 30 Jun 2025 ($m) % Change • Cash and PI of $286.0m CURRENT ASSETS • For personal use only Includes $188.5m invested in strategies managed by Pinnacle Affiliates Cash and cash equivalents 89.5 26.6 237% • CBA facility expanded to $250m and fully-drawn Financ
Slide 37: Pacific Asset Management – Update
For personal use only Pacific Asset Management – Update
Slide 38: Overview of Pacific Asset Management
Overview of Pacific Asset Management 37 Highly diversified asset management platform with an innovative approach and extensive UK distribution footprint Overview For personal use only Founded in 2016, PAM is a UK-based global asset management platform, managing a range of single manager and multi-as
Slide 39: Attractive financial profile and strong growth since initial investment
Attractive financial profile and continuation of strong growth since Pinnacle’s initial investment 38 Continuation of strong AUM growth Significant uplift in earnings and margin performance Total AUM (1) (£bn) EBITDA (£m) and margin (%) For personal use only 14.0 40% 35% 20.0 35% 18.0 12.0 16.0 30%
Slide 40: Acquisition of Asset Value Investors (AVI)
Acquisition of Asset Value Investors (AVI): Expanding PAM’s ‘Home for Growth’ 39 High-quality earnings, clear growth levers and a compelling path to scalable upside. A differentiated, high-quality investment franchise 1 For personal use only • Specialist UK investment manager with c. £1.9bn AUM, est
Slide 41: Transaction Overview
Transaction Overview 40 Attractive valuation with significant upside through execution. • PAM has entered into an agreement to acquire a 100% interest in Asset Value Investors Limited (AVI) for a total consideration of For personal use only ~£40.0m • Consideration will be wholly cash (for the depart
Slide 42: FY26 Market Update – Institutional & International
For personal use only FY26 Market Update – Institutional & International
Slide 43: Institutional & International Market Update
Institutional & International 42 MARKET UPDATE For personal use only Institutional (Australia) International • $12.3bn net inflows in FY26 • $10.9bn net inflows in FY26 • $5.9bn was from wholesale/retail & family office • Strong inflows into core global equities and global fixed income • Key flows g
Slide 44: Growth & Evolution of International FUM
Growth & Evolution of International FUM 43 Progressive expansion of international distribution across institutional and wealth channels has substantially increased the Affiliates growth, diversification and profit potential by extending their reach into more addressable markets and attracted new aff
Slide 45: FY26 Market Update – Wholesale & Retail
For personal use only FY26 Market Update – Wholesale & Retail
Slide 46: Australian Wholesale and Retail: Market Update
Australian Wholesale and Retail: Market Update 45 As of 30 June 2026 $10.2bn in Australian Wholesale and Retail net inflows for FY26 • 1H net inflows $6.8bn. 2H net inflows $3.4bn Wholesale and Retail flows (Net) • $8.0bn net inflows into Listed Equities and Listed Real Assets For personal use only
Slide 47: Corporate Responsibility
For personal use only Corporate Responsibility
Slide 48: Our Approach to Sustainability
Our Approach to Sustainability 47 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 For personal use only growth with our climate ambitions, ex
Slide 49: PNI Foundation
PNI Foundation 48 • Pinnacle is passionate about enabling better lives through investment excellence. This is strongly reflected through a For personal use only longstanding commitment - together with Affiliates to the PNI Foundation and its role as a key driver of employee and investor philanthropi
Slide 50: PNI Group FY26 Aggregate Giving
PNI Group FY26 Aggregate Giving 49 For personal use only • In 2026 the PNI Foundation made total donations of $823,000 across its four core focus areas, including to 18 long-term NFP partners • Affiliates donated a further $350,000 to 11 of these partners • A further $126,000 was gifted across the b
Slide 51: PNI Foundation – FY26 NFP Partners
PNI Foundation – FY26 NFP Partners Multiple partnerships with 18 NFPs are driving long-term sustainable impact across four core focus areas: For personal use only MENTAL HEALTH AND WELLBEING Offering support through community connection, prevention and early intervention strategies DOMESTIC AND FAMI
Slide 52: Affiliate summaries and investment performance
For personal use only Affiliate summaries and investment performance
Slide 53: Continuing strong investment performance of Affiliates
52 Inception Inception 5Y (p.a.) 10Y (p.a.) (p.a.) Date Continuing strong investment Pinnacle Investment Management Hyper ion Asset Management - Gr oss Perfor manc e performance of Affiliates to Hyperion Australian Growth Companies Fund - 2.23% 6.97% 10.44% 1/ 10/ 2002 For personal use only Outperfo
Slide 54: Continuing strong investment performance of Affiliates
53 Inception Inception 5Y ( p.a.) 10Y (p.a.) Continuing strong investment Pinnacle Investment Management ( p.a.) Date performance of Affiliates to Palisade Invest ment Part ners - Gross Performanc e For personal use only Palisade Diversified Infrastructure Fund 10.96% 11.37% 7.82% 15/ 12/ 2004 30 Ju
Slide 55: Continuing strong investment performance of Affiliates
54 Inception Inception 5Y (p.a.) 10Y (p.a.) Continuing strong investment Pinnacle Investment Management (p.a.) Date performance of Affiliates to Metric s C redit Partners - Gross Performanc e For personal use only MCP Diversified Australian Senior Loan Fund 7.77% 6.26% 6.14% 4/ 06/ 2013 30 June 2026
Slide 56: Performance of Affiliates to 30 June 2026
55 Inception Inception 1Y 3Y (p.a.) 5Y ( p.a.) 10Y ( p.a.) ( p.a.) Date Performance of Affiliates to Pinnacle Investment Management Hyper ion A sset Management - Gr oss Perfor manc e Hyperion Australian Growth Companies Fund - 28.41% - 0.34% - 2.23% 6.97% 10.44% 1/ 10/ 2002 30 June 2026 Outperforman
Slide 57: Performance of Affiliates to 30 June 2026
56 Inception Inception 1Y 3Y ( p.a.) 5Y ( p.a.) 10Y ( p.a.) (p a ) Date Performance of Affiliates to Pinnacle Invest ment Management Palisade Invest ment Par t ner s - G r oss Per for manc e Palisade Diversified Infrastructure Fund 10.56% 10.56% 10.96% 11.37% 7.82% 15/ 12/ 2004 30 June 2026 Palisade
Slide 58: Performance of Affiliates to 30 June 2026
57 Inception Inception 1Y 3Y (p.a.) 5Y ( p.a.) 10Y ( p.a.) Performance of Affiliates to Pinnacle Investment Management ( p.a.) Date Met ric s C r edit Par t ner s - Gross Performanc e 30 June 2026 MCP Diversified Australian Senior Loan Fund 8.61% 8.85% 7.77% 6.26% 6.14% 4/ 06/ 2013 For personal use
Slide 59: FY26 funds under management
FY26 funds under management 58 9 5 4 3,5 6 7 8 10 Pinnacle (total) Hyperion Plato Solaris RCL Palisade Antipodes Spheria Two Trees Firetrail Metrics Omega Longwave Riparian Coolabah Aikya Five V Langdon Life Cycle PAM VSS Advantage 1 1 2 ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($
Slide 60: Pinnacle Affiliates
Pinnacle Affiliates 59 Japan & Asia Buyout, Private Solutions, Renewables and Sustainability • Mid-market private equity leader in Japan, with one of the largest independent, multi-strategy private For personal use only markets platforms focused on Japan and Asia • Pursues attractive risk-adjusted r
Slide 61: Pinnacle Affiliates
Pinnacle Affiliates 60 Global & Australian Credit (Long Only & Long-Short) • CCI s edge is in generating alpha by exploiting mispricings in liquid, high-grade credit in contrast to traditional For personal use only fixed-income managers that drive returns through adding more interest rate duration,
Slide 62: Pinnacle Affiliates
Pinnacle Affiliates 61 Australian & Global Growth Equities For personal use only • Investment process focused on high quality and innovative structural growth businesses • Founded in 1996 • Headquartered in Brisbane, Australia Global & Canadian Small Cap Equities • Active and engaged owners of world
Slide 63: Pinnacle Affiliates
Pinnacle Affiliates 62 Australian Small & Mid Cap Equities For personal use only • Investment philosophy centered on the view that quality is the long-term driver of small cap excess returns • Fundamental understanding determines how value is created or destroyed by companies for shareholders • Syst
Slide 64: Pinnacle Affiliates
Pinnacle Affiliates 63 Modern, highly diversified, asset management platform • For personal use only Technology enabled adviser solutions proprietary technology platform that enables turnkey solutions for end clients • Single Manager solutions support, enable and distribute high quality, boutique in
Slide 65: Pinnacle Affiliates / Disclaimer
Pinnacle Affiliates 64 Australian and Global Systematic Equities (Long Only & Long-Short) • Income, Enhanced/Core, Low Volatility, Long Short (Global and Australian Alpha) and Tax-Exempt Equities; For personal use only • Customised alpha models and portfolio construction for accumulation and retirem
Slide 66: Pinnacle Affiliates
Pinnacle Affiliates 65 Australian Equities (Long Only and Long-Short) • No predetermined or consistent style bias ( core style) expressed across long only, long-short and income For personal use only strategies • Analysts empowered as portfolio managers • 100% of short-term incentives linked to clie
Slide 67: Pinnacle Investment Management Group Limited (PNI)
Pinnacle Investment Management Group Limited (PNI) 66 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 August 2026. For personal use only PNI has prepared this presentation based on i
Slide 68: Disclaimer
Disclaimer 67 For personal use only Lonsec Research 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 — Canaccord Genuity 46th Annual Growth Conference 2026 on 6ix