Hamilton Lane Incorporated : Q4 2026 FY2026 Earnings Presentation

‌Hamilt

Lane

Fiscal Year 2026 Fourth Quarter and Full Year Results

‌Today's Speakers

Erik Hirsch

Co-Chief Executive Officer

Jeff Armbrister

Chief Financial Officer

John Oh

Head of Shareholder Relations

‌Condensed Consolidated Statements of Income (Unaudited)

• GAAP net income was $114.2 million for the quarter and $387.7 million for fiscal 2026. GAAP net income attributable to Hamilton Lane Incorporated was $66.2 million for the quarter and $249.2 million for fiscal 2026.

  	Three Months Ended March 31, Year Ended March 31,
  (Dollars in thousands except share and per share amounts)	2025	2026	% Change	2025	2026	% Change
  Management and advisory fees	$127,838	$155,216	21 %	$513,864	$584,216	14 %
  Incentive fees	70,135	38,387	(45)%	198,296	170,575	(14)%
  Consolidated Funds and Partnerships:
  Incentive fees	-	(37)	N/A	803	4,202	423 %

  Total revenues	197,973	193,566	(2)%	712,963	758,993	6 %
  Compensation and benefits	79,088	75,089	(5)%	274,497	299,575	9 %

  General, administrative and other 34,074	35,256	3 %	120,929	132,078	9 %
  Consolidated Funds and Partnerships:
  General, administrative and other 783	973	24 %	985	2,397	143 %

  Total expenses	113,945	111,319	(2)%	396,411	434,050	9 %
  Equity in income of investees	3,643	11,109	205 %	29,016	51,923	79 %

  Interest expense	(3,815)	(3,579)	(6)%		(13,332)	(14,952)	12 %
  Interest income	2,942	2,989	2 %		7,874	11,083	41 %
  Non-operating (loss) gain, net	(3,271)	(629)	(81)%		8,434	2,466	(71)%
  Consolidated Funds and Partnerships:
  Equity in (loss) income of investees	(623)	(346)	(44)%		1,613	1,509	(6)%
  Net gain on investments	5,294	37,603	610 %		11,915	83,750	603 %
  Interest expense	-	-	N/A		-	-	N/A
  Interest income	60	448	646 %		205	2,201	974 %
  Total other income (expense)	4,230	47,595	1,025 %		45,725	137,980	202 %
  Income before income taxes	88,258	129,842	47 %		362,277	462,923	28 %
  Income tax expense	14,954	15,594	4 %		48,509	75,203	55 %
  Net income	73,304	114,248	56 %		313,768	387,720	24 %
  Less: Income attributable to non-controlling interests in Consolidated Funds and Partnerships	616	24,185	3,826 %		3,508	44,166	1,159 %

  Less: Income attributable to non-controlling interests in Hamilton Lane Advisors,
  L.L.C.	22,189	23,890	8 %	92,843	94,374	2 %
  Net income attributable to Hamilton Lane Incorporated	$ 50,499	$ 66,173	31 %	$ 217,417	$ 249,180	15 %

  Basic earnings per share of Class A common stock	$1.24	$1.58	28 %	$5.45	$5.99	10 %
  Diluted earnings per share of Class A common stock Weighted-average shares of Class A common stock outstanding - basic	$1.23 40,577,570	$1.57 41,755,540	28 %	$5.41 39,922,212	$5.92 41,605,636	9 %
  Weighted-average shares of Class A common stock outstanding - diluted	41,008,195	54,417,274	40,307,818		54,469,393

  Net income attributable to Hamilton Lane Incorporated / total revenues 26 % 34 % 30 % 33 %

‌Non-GAAP Financial Measures

1 Fee Related Earnings, adjusted net income, Non-GAAP earnings per share, and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see page 20.

2 Fee related management and advisory fees, fee related compensation and benefits expenses, and fee related general, administrative and other expenses are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see page 21.

‌Period Highlights

• Assets under management and fee-earning assets under management were $142 billion and $82 billion, respectively, as of March 31, 2026, increases of 3% and 13%, respectively, compared to March 31, 2025

  Financial Results
  Dollars in millions except per share amounts Management and advisory fees	Q4 FY26 $155.2	FY26 $584.2	vs. FY25 14 %
  Net income attributable to Hamilton Lane Incorporated	$66.2	$249.2	15 %
  GAAP EPS	$1.57	$5.92	9 %
  Adjusted net income1	$81.0	$321.2	17 %
  Non-GAAP EPS1	$1.49	$5.90	17 %
  Fee Related Earnings1	$89.9	$344.5	25 %
  Adjusted EBITDA1	$103.5	$407.6	11 %
  Dividend

  • Fee Related Earnings1 increased 25% compared to fiscal 2025

• Declared a quarterly dividend of $0.60 per share of Class A common stock to record holders at the close of business on June 18, 2026

1Adjusted net income, non-GAAP earnings per share, Fee Related Earnings and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 through 22 of this presentation.

€1T AUM & AUA

‌Growing Asset Footprint E Influence

Total Assets Under Management/Advisement (€B)1

€142

€146

€135

€120

AUM:

AUA:

3 %

10 %

€98

€108

€905

€871

€821

€783

€76

€724

€753

€59

€66

€581

€50

€40

€410 €422

€374

€32

€35

€22

€24 €30

€292

€205

€16

€189

€6

€36

€7

€51

€11

€77

€13

€19

€147 €147

€79

€95

€81

€129

$1,000

CAGR: 17%

$800

$600

$400

$200

$0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3/31/26

1Data as of calendar year end 12/31 unless otherwise noted. Numbers may not tie due to rounding.

‌Fee-Earning AUM Driving Revenues

Fee-Earning AUM growth continues and annual fee rates are stable

Total Fee-Earning Assets Under Management (€B)

.59%

.63%

.65%

.67%

€82

€72

€66

€57

€49

€41

€39

€28

€33

€41

$100

$90

CAGR: 14%

$80

$70

$60

$50

$40

$30

$20

$10

$0

Mar-22 Mar-23 Mar-24 Mar-25 Mar-26

*Numbers may not tie due to rounding

Y-o-Y Drivers

of Growth

Customized Separate Accounts:

Specialized Funds:

•

•

New client wins Client re-ups

•

Closed 9th credit-oriented fund and 2nd infrastructure fund

• Fundraising 6th direct equity fund, 3rd impact fund, and evergreen funds

‌AUM E AUA Drivers

AUM

• $1.6 billion year-over-year

increase in FEAUM

• +80% of our gross contributions during the last 12 months came from existing clients

Diverse mix of existing and

prospective clients seeking to further or establish relationships with Hamilton Lane

• $7.9 billion year-over-year

  increase in FEAUM

• Closings during Q4 FY26:

  • Direct equity fund: $691M

Select funds in market:

• Direct equity fund

• Impact fund

• Evergreen funds

AUA

‌Financial Highlights

‌Consolidated Revenue

Strong growth across management and advisory fees

Management and Advisory Fees

YTD

Y-o-Y Change: 14%

Long-Term Growth

CAGR: 15%

• Recurring management and advisory fees represented an average of over 75% of total revenues over the past five fiscal years

• Y-o-Y increase of 14%

• $2.2 million in retroactive fees from our latest direct equity fund in the quarter

  $514

USD in Millions

USD in Millions

FY25 FY26 FY21 FY26

Incentive Fees

USD in Millions

YTD

Y-o-Y Change: (12)%

FY25 FY26

Long-Term Growth

USD in Millions

CAGR: 27%

$52

FY21 FY26

• Incentive fees derived from a highly diversified pool of assets and funds

• Unrealized carried interest of $1.5 billion as of 3/31/26 diversified across 3,000+ assets and over 120 funds

• Timing of realizations unpredictable

  Total Revenues

  YTD

  Y-o-Y Change: 6%

  Long-Term Growth

  USD in Millions

  USD in Millions

  CAGR: 17%

• Total revenues increased by 6% Y-o-Y, driven by management and advisory fees

$713

$759

FY25 FY26 FY21 FY26

‌Unrealized Carried Interest

140

120

100

Unrealized Carried Interest

124

$2,000

113

100

€1,546

$1,750

USD in Millions

$1,500

Unrealized Carry by Age

> 12 years

7%

Vehicles

80

60

40

20

0

Mar-24 Mar-25 Mar-26

$1,250

$1,000

$750

$500

$250

$0

8-12 years

23%

5-8 years

43%

< 5 years

27%

‌Consolidated Earnings

Stable long-term growth

Net Income Attributable to HLI

YTD

Y-o-Y Change: 15%

Long-Term Growth

CAGR: 21%

USD in Millions

USD in Millions

• $66M in net income attributable to HLI for the quarter

FY25 FY26 FY21 FY26

Adjusted EBITDA1

YTD

Y-o-Y Change: 11%

Long-Term Growth

CAGR: 19%

• Y-o-Y increase of 11% driven by growth in management and advisory fees

  $366

  $408

  $408

USD in Millions

USD in Millions

FY25 FY26 FY21 FY26

Fee Related Earnings1

YTD

Y-o-Y Change: 25%

Long-Term Growth

CAGR: 20%

USD in Millions

USD in Millions

• Y-o-Y growth of 25%

• Long-term double digit growth in Fee Related Earnings

FY25 FY26 FY21 FY26

1Adjusted EBITDA and Fee Related Earnings are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 22 of this presentation.

‌Other Key Items

Strong balance sheet with investments in our own products and a modest amount of leverage...

$1,400

USD in Millions

$1,200

$1,000

$800

$600

$400

$200

$0

$0

Mar-24 Mar-25 Mar-26

‌Appendix

‌Management and Advisory Fees

Advisory: 4%

Reporting and other: 8%

Year Ended March 31, 2026

Customized separate accounts: 24%

Specialized funds: 64%

‌Incentive Fees

Total allocated carried interest $1,260,277 $1,492,751 $1,546,358 23 % 4 %

‌Assets Under Management

‌Condensed Consolidated Balance Sheets (Unaudited)

‌Condensed Consolidated Statements of Cash Flows (Unaudited)

Effect of exchange rate changes on cash and cash equivalents - (102) 2,428

Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships

3,067

163,985

88,300

Cash and cash equivalents, restricted cash, and cash and cash equivalents held at

Consolidated Funds and Partnerships at beginning of the year 116,552 119,619 283,604

‌Non-GAAP Reconciliation

1. Incentive fee related compensation includes incentive fee compensation expense and bonus related to carried interest that is classified as base compensation.

2. Represents corporate income taxes at our estimated statutory tax rate of 23.7% and 23.3% for the years ended March 31, 2025 and 2026, respectively, applied to adjusted pre-tax net income. The 23.7% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.7%. The 23.3% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.3%.

3. Assumes the full exchange of Class B and Class C units in HLA for Class A common stock of HLI pursuant to the exchange agreement. For the year ended March 31, 2026 , the full exchange of Class B and Class C units is already included within the GAAP weighted-average shares of Class A common stock outstanding - diluted.

   ‌Non-GAAP Reconciliations

   	Three Months Ended March 31, Year Ended March 31,
   (Dollars in thousands)	2025	2026	% Change	2025	2026	% Change
   Management and advisory fees	$127,838	$155,216	21 %	$513,864	$584,216	14 %
   Management fees related to Consolidated Funds	-	144	N/A	-	470	N/A
   Fee related management and advisory fees	$127,838	$155,360	22 %	$513,864	$584,686	14 %
   Compensation and benefits	$79,088	$75,089	(5)%	$274,497	$299,575	9 %
   Incentive fee related compensation	(5,593)	(7,420)	33 %	(66,254)	(38,148)	(42)%
   Equity-based compensation	(11,726)	(12,687)	8 %	(31,407)	(50,867)	62 %
   Non-operating income related compensation	-	-	N/A	(784)	-	N/A
   Fee related compensation and benefits expenses	$61,769	$54,982	(11)%	$176,052	$210,560	20 %
   General, administrative and other	$34,074	$35,256	3 %	$120,929	$132,078	9 %
   Consolidated Partnership related general, administrative and other	6	6	- %	5	40	700 %
   Fee related general, administrative and other expenses	$34,080	$35,262	3 %	$120,934	$132,118	9 %

   ‌Terms

   Adjusted EBITDA is an internal measure of profitability. We believe Adjusted EBITDA is useful to investors because it enables them to better evaluate the performance of our core business across reporting periods. Adjusted EBITDA represents net income excluding (a) interest expense on our outstanding debt, (b) income tax expense, (c) depreciation and amortization expense, (d) equity-based compensation expense, (e) Non-operating gain (loss), net and (f) certain other significant items that we believe are not indicative of our core performance. Adjusted EBITDA also includes fee related performance revenues related to Consolidated Funds and management fees related to Consolidated Funds.

   Fee Related Earnings ("FRE") is used to highlight earnings from revenues that are measured and received on a recurring basis. FRE represents net income excluding (a) incentive fees, net of fee related performance revenues, and related compensation, (b) equity-based compensation, (c) interest income and expense, (d) income tax expense, (e) equity in income of investees, (f) non-operating gain (loss), net and (g) certain other significant items that we believe are not indicative of our core performance. FRPR includes incentive fees from Consolidated Funds that are eliminated under GAAP. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business. FRE is presented before income taxes.

   Fee Related Earnings Margin ("FRE Margin") represents the ratio of FRE to total fee related revenues. We believe FRE Margin is useful to investors as it provides the percentage of total fee related revenues represented by FRE.

   Fee related management and advisory fees represent the management and advisory fees included in FRE. Fee related management and advisory fees include management and advisory fees earned from Consolidated Funds that are eliminated under GAAP. We believe fee related management and advisory fees is useful to investors because it allows them to analyze the components of FRE.

   Fee related compensation and benefits expenses ("FRE Comp") represent the compensation and benefits included in FRE. FRE Comp excludes incentive fee related compensation, equity-based compensation, and non-operating income related compensation. We believe FRE Comp is useful to investors as it aggregates the relevant individual components of compensation and benefits to be subtracted from total fee related revenues in arriving at FRE.

   Fee related general, administrative and other expenses ("FRE G&A") represent the general, administrative and other expenses included in FRE. FRE G&A excludes general, administrative and other expenses incurred directly by Consolidated Funds. We believe FRE G&A is useful to investors as it aggregates the relevant individual components of general, administrative and other expenses to be subtracted from total fee related revenues in arriving at FRE.

   Fee related performance revenues ("FRPR") are incentive fees expected to be measured and received from certain of our funds on a recurring basis and are not dependent on realization events of the fund's underlying investments. FRPR includes incentive fees earned from Consolidated Funds that are eliminated under GAAP. We believe FRPR is useful to investors because it provides additional insight into our recurring revenues.

   Beginning in the fourth quarter of fiscal 2025, we modified our definition of FRE to exclude equity-based compensation and include FRPR. Equity-based compensation is non-cash compensation provided to retain employees and align employee and stockholder interest. It is not directly correlated with our operating results. FRPR is expected to be received on a recurring basis depending upon performance of certain funds that pay incentive fees on a high-water mark basis. We believe that reporting non-GAAP results inclusive of these changes provides a supplemental view of our ongoing performance that is useful and relevant to our investors. As a result of the change, prior period amounts have been recast to reflect the updated presentation.

   Non-GAAP earnings per share measures our per-share earnings excluding certain significant items that we believe are not indicative of our core performance and assuming all Class B and Class C units in HLA were exchanged for Class A common stock in HLI. Non-GAAP earnings per share is calculated as adjusted net income divided by adjusted shares outstanding. Adjusted net income is income before taxes fully taxed at our estimated statutory tax rate and excludes any impact of changes in carrying amount of our redeemable non-controlling interest. Adjusted shares outstanding for the years ended March 31, 2026 and 2024 are equal to weighted-average shares of Class A common stock outstanding - diluted. We believe adjusted net income and non-GAAP earnings per share are useful to investors because they enable them to better evaluate total and per-share operating performance across reporting periods.

   Our assets under management ("AUM"), as presented in these materials, comprise the assets associated with our customized separate accounts and specialized funds. AUM does not include the assets associated with our distribution management services. We classify assets as AUM if we have full discretion over the investment decisions in an account. We calculate our AUM as the sum of:

   1. the net asset value of our clients' and funds' underlying investments;

   2. the unfunded commitments to our clients' and funds' underlying investments; and

   3. the amounts authorized for us to invest on behalf of our clients and fund investors but not committed to an underlying investment.

Management fee revenue is based on a variety of factors and is not linearly correlated with AUM. However, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business.

Our assets under advisement ("AUA") comprise assets from clients for which we do not have full discretion to make investments in their account. We generally earn revenue on a fixed fee basis on our AUA client accounts for services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, monitoring and reporting on investments and investment manager review and due diligence. Advisory fees vary by client based on the amount of annual commitments, services provided and other factors. Since we earn annual fixed fees from the majority of our AUA clients, the growth in AUA from existing accounts does not have a material impact on our revenues. However, we view AUA growth as a meaningful benefit in terms of the amount of data we are able to collect and the degree of influence we have with fund managers.

Fee-earning assets under management (Fee-earning "AUM" or "FEAUM") is a metric we use to measure the assets from which we earn management fees. Our fee-earning AUM comprise assets in our customized separate accounts and specialized funds from which we derive management fees that are generally derived from applying a certain percentage to the appropriate fee base. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the majority of our discretionary AUM accounts but also includes certain non-discretionary AUA accounts. Our fee-earning AUM is equal to the amount of capital commitments, net invested capital and net asset value of our customized separate accounts and specialized funds depending on the fee terms. The vast majority of our customized separate accounts and specialized funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation. Therefore, revenues and fee-earning AUM are not significantly affected by changes in market value. Our calculations of fee-earning AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of fee-earning AUM is not based on any definition that is set forth in the agreements governing the customized separate accounts or specialized funds that we manage.

Hamilton Lane Incorporated (or "HLI"), a Delaware corporation, was formed for the purpose of completing an initial public offering ("IPO") and related transactions in order to carry on the business of Hamilton Lane Advisors, L.L.C. ("HLA") as a publicly-traded entity. As of the closing of our IPO on March 6, 2017, HLI became the sole managing member of HLA.

The Company consolidates funds ("Consolidated Funds") and general partner entities that are not wholly-owned ("Partnerships") over which it exercises control either by holding majority voting interests or as the primary beneficiary, possessing both decision making authority and the right to receive economic benefits.

‌Disclosures

Some of the statements in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as "will," "expect," "believe," "estimate," "continue," "anticipate," "intend," "plan" and similar expressions, or the negative version of these words or other comparable words, are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including, risks relating to: the historical performance of our investments may not be indicative of future results or future returns on our Class A common stock; our ability to identify suitable investment opportunities for our clients; the impact of any poorly performing investments on our investment management revenue and earnings as well as our ability to raise capital; intense competition in our industry, including competition for access to investments and for customized separate account and advisory clients; customized separate account and advisory account fee revenue not being a long-term contracted source of revenue; our ability to appropriately deal with conflicts of interest; our ability to retain our senior management team and attract additional qualified investment professionals; our ability to expand our business and formulate new business strategies; the impact of declines in the pace or size of fundraising or investments made by us on behalf of our specialized funds or customized separate accounts; our ability to manage our obligations under our debt agreements and the dependence on leverage by certain funds, customized separate accounts and portfolio companies; our ability to comply with the investment guidelines set by our clients; the impact of misconduct by our employees, advisors or third-party service providers; the unpredictable and sporadic timing at which we receive carried interest distributions; the exercise of redemption or repurchase rights by investors in certain of our funds; the subjectivity of valuation methodologies; our investments may be in relatively high-risk, illiquid assets; extensive government regulation, compliance failures and changes in law or regulation could adversely affect us; our ability to maintain our desired fee structure; failure to maintain the security of our information technology networks, or those of our third-party service providers, or data security breaches; volatile market, economic and geopolitical conditions or catastrophic events, which can adversely affect our fundraising, our business and the investments made by our funds or accounts; and our only material asset is our interest in Hamilton Lane Advisors, L.L.C., and we are accordingly dependent upon distributions from such entity to pay dividends, taxes and other expenses.

The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and in our subsequent reports filed from time to time with the Securities and Exchange Commission, including our upcoming Annual Report on Form 10-K for fiscal 2026. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

Values appearing in this presentation that are whole numbers are rounded approximations.

As of May 21, 2026