FY25 Results Presentation

19 AUGUST 2025

Presenters

David Di Pilla

Group Managing

Director & CEO

Will McMicking

Group CFO

Gerard Dover

Head of

Energy Transition

Craig Schloeffel

Head of Private Credit

Agenda

2 HMC Capital | FY25 Results Presentation

Acknowledgement of Country

HMC Capital acknowledges the Traditional Custodians of Country throughout Australia and celebrates their diverse culture and connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples

"Journey of Creation" Artwork by Billy Reynolds

3 HMC Capital | FY25 Results Presentation

Results Overview

HMC established 3 new funds management divisions in FY25

FY25 Highlights

FY25

Operating EPS (pre-tax)

+51% vs. FY24

(64.0cps pre-impairment)

FY25 Funds Management

EBITDA

+160% vs. FY24

Jun-25 Gearing

(vs. net cash as at Jun-24)

Jun-25

Assets Under Management1

+47% on Jun-24

Jun-25 Net Tangible Assets + Undrawn Debt

Net liquidity position

FY25

Dividend

partially franked

 Real Estate

• Last Mile Logistics (LML) Fund I now fully deployed (Jun-25 AUM $1.0bn) with near term ~$140m development pipeline

• Two new daily needs funds (HARP & HUG) established in 2H FY25 with Jun-25 AUM of $0.2bn and targeted future AUM of up to $2bn

• Fund raising for new $1-1.5bn+ HMC Urban Retail Fund (HURF) remains ongoing with multiple parties actively conducting due diligence

• Private Equity

  • HMCCP Fund I delivered a 43.6% net return over FY25, generating a $25m performance fee for HMC

  • Fund has delivered a 29.6% annualised return since inception to 30-Jun-25 (net of fees), outperforming the S&P/ASX300 by 18.3% p.a.

• Private Credit

  • Rebrand to HMC Private Credit took place 1-Jul-25

  • 21% AUM growth in FY25 driven by CRE lending business

  • HMC Private Credit Core fund capital raising launched in Aug-25 to further accelerate AUM growth

     Digital Infrastructure

  • Establishment and IPO of the $4.6bn DigiCo Infrastructure REIT (ASX: DGT)

  • HCF certification for SYD1 received in Aug-25

  • Multi-year SYD1 D&O program commenced with 9MW project underway and expected to complete in FY26

• Energy Transition

  • Acquisition of Neoen's Victorian portfolio for $950m which settled on the 1st of August 2025

  • Independent preliminary valuation of the Neoen VIC portfolio of ~$1.3bn, indicating a ~35% uplift versus purchase price

  • Global private capital advisor Campbell Lutyens appointed to undertake a process to introduce third party capital into the Energy Transition Platform

    Notes: All figures as at 30-Jun-25 unless otherwise stated. Where returns are mentioned on this slide, past performance is not a reliable indicator of future performance.

    1. AUM includes $1.6bn real estate development pipeline and $0.95bn acquisition of the Neoen Victoria portfolio.

5 HMC Capital | FY25 Results Presentation

Track Record and Economic Flywheel

Each of our platforms has the potential to scale beyond $10bn in AUM over the next 3-5 years

HMC Capital Economic Flywheel

HMC's strong growth since listing is a testament to the scalability of our business model and competitive advantages. Our flywheel continues to gain momentum as we focus on sectors underpinned by

Pre-tax EPS track record (cents)

Our transition

to a high ROE alternative asset manager has driven significant growth in earnings supported by recurring revenue streams

13.7

1.5

21.5

9.5

37.0

24.9

favourable megatrends.

HMC's balance sheet remains key to generating AUM & earnings growth via

Warehousing

Underwriting

Strategic stakes

High ROE Alternative Asset Manager

FY20 FY21 FY22 FY23 FY24

Asset Under Management ($bn)1

HMC's $50bn+ AUM

18.9

target over the next 3-5 years is underpinned by a

FY25

1H FY25

50.0

asset underwriting

(i.e. DGT IPO), asset warehousing (i.e. Energy Transition platform) & returns from high conviction investments

significantly more diversified business with multiple growth drivers & a strong balance sheet

1H FY25

1.2

3.1

9.7

6.8

12.7

18.7

FY20 FY21 FY22 FY23 FY24

FUM Development Pipeline

FY25

3-5 year

target

Notes: All figures as at 30-Jun-25 unless otherwise stated. Where returns are mentioned on this slide, past performance is not a reliable indicator of future performance.

1. AUM includes $1.6bn real estate development pipeline and $0.95bn acquisition of the Neoen Victoria portfolio.

6 HMC Capital | FY25 Results Presentation

HMC's Key Capital Deployment Opportunities

Listed funds



Unlisted wholesale capital 

Unlisted institutional capital 













Deployment into HARP & HUG up to $2.0bn

CAPITAL DEPLOYMENT OPPORTUNITIES IN FY26

$1.6bn

development pipeline

Nearing three-year track record of strong performance, supporting future fund raising in HMCCP Fund I

$1.0bn SYD1 D&O program

Introduction of capital partners across DigiCo Australian platform

$1.0bn Energy Transition fund raising for underway, which is expected to close in FY26

Continued deployment in core CRE opportunities

Additional unlisted retail funds under development

Balance sheet opportunities

Capital partnering discussions underway on DigiCo USA assets

5.5GW development pipeline - sufficient funding to deliver 2 projects and

~$2.0bn of AUM

Institutional & wholesale partnerships expected to drive meaningful AUM growth

7 HMC Capital | FY25 Results Presentation

Notes: All figures as at 30-Jun-25 unless otherwise stated.

Operationalising the HMC platform for sustainable

future growth

YEARS IN HMC PLATFORM

PLATFORM OPERATION-

ALISED KEY GROWTH INTIATIVES

1. Real Estate 5

   • Appointment of new real estate CFO (Phillip Dooley, ex Woolworths real estate Head of Finance)

   • Healthcare - Conditional agreements have now been reached with alternative operators across all 11 HCW & UHF owned assets to replace Healthscope as the tenant

   • Unlisted retail funds - (1) $1.0bn HUG Fund closed with major domestic institutional investors; (2) $1.0bn HARP Fund closed with first asset settled; (3) Discussions continue with broad range of institutional investors on $1-1.5bn HURF

2. Private Equity 3

   • Strategy to focus on a smaller number of high conviction, deal-specific opportunities per year in HMCCP

   • AUM growth targets lower than other verticals - focus on high ROE

   • Significant upside potential in each of HMCCP Fund I's investments with focus firmly on helping deliver our value creation strategies

   • Supplementing team, with new hires to be announced in 1H FY26

3. Private Credit 1

   • Implementation of credit & risk management processes including:

     • Active provisioning of funds, AASB valuation of portfolio, implementation of new IC & risk papers

   • New hires:

     • Head of Credit & Risk appointed

     • Origination roles across QLD, WA & NSW

4. Digital Infrastructure <1

   • SYD1 HCF certification received in Aug-25 expected to materially accelerate leasing progress at the asset

   • New Heads of leasing & business development / commercial appointed to further accelerate organic growth across the platform

   • SYD1 D&O program - initial 9MW expansion project underway and due to complete in FY26

   • Capital recycling opportunities underway to release capital out of the US to fund higher growth Australian co-location opportunities

5. Energy Transition <1

• CEO, CFO & COO appointed with 20 executives now in place across the platform

• Agreement to acquire remaining equity in STOR Energy & integrate management and operational functions of platform

• $50m of development capital and cash secured on a senior non-recourse basis against Neoen assets to progress development pipeline

8 HMC Capital | FY25 Results Presentation

HMC Capital Business Model

How HMC creates value

HMC Balance sheet

1 Target nil permanent core debt to maximise available liquidity under corporate debt facility of $675m

2 Corporate debt facility used to underwrite new investments to seed new HMC managed funds

3 Low payout ratio, with excess cash flows reinvested into investments and / or new fund strategies

Investments

Value Creation

Scalable strategies (megatrends)

Operational leverage

Valuation growth in investments

Real estate

Private equity

Private credit

9 HMC Capital | FY25 Results Presentation

Real Estate

Scalable platform with proven capability to value-add in sectors with attractive long-term fundamentals

Assets Under Management1

Unlisted AUM growth

vs. 30-Jun-24

Development Pipeline

Platform Highlights

HMC manages ~$10bn1 of real estate across multiple vehicles supported by a diversified investor base spanning listed & unlisted investors. Key

highlights for the period include:

 Growing unlisted retail platform

• Last Mile Retail Logistics Fund (LML) series 1 is fully deployed with $1.0bn of Jun-25 AUM plus a $140m of short to medium term development pipeline

• HMC Australia Retail Partnership (HARP/LML Series 2) has settled & integrated the $180m seed asset. HARP is screening other acquisitions for this fund

• HMC Unlisted Grocery Fund (HUG) has now been established with $400m of seed equity commitments from institutional investors in

  place

• HMC Urban Retail Fund (HURF) is in advanced discussions with several seed investors, one of which has received Investment Committee approval. This fund is now expected to close in FY26

   Development capability and track record key to AUM growth and attracting third party capital partners

• $257m of projects currently under construction across various funds

• $470m projects in advanced planning and/or DA approved ready for development in the short to medium term with a further $1.5bn of projects in planning

  Listed & Unlisted Funds

  6

   Delivering a successful resolution to the Healthscope situation remains a key focus of the group

  • Conditional agreements have now been reached with alternative operators across all 11 HCW & UHF owned assets to replace Healthscope as the tenant

  • HCW and UHF (Landlords) have agreed to a short-term rent deal with the tenant, receiving 85% of the rent due for the period June-August 2025. The remaining 15% of rent for the May-August 2025 period has been deferred and is due in September 2025

Notes: Past performance should not be taken as an indicator of future performance.

1. As at 30-Jun-25 and includes $1.6bn real estate development pipeline.

11

HMC Capital | FY25 Results Presentation

Private Equity

HMCCP Fund I has demonstrated our ability to deliver outsized and uncorrelated returns

Assets Under Management1

Platform Highlights

HMCCP invests in ASX-listed companies where we help management teams and boards unlock value via improved capital allocation and portfolio management. Key highlights for the period include:

Distribution paid

HMCCP Fund I was ranked the top

performing Australian equities fund

By Morningstar in CY2024

Performance since inception (p.a.)1,2

 Strong returns delivered since inception

• 43.6% return (net of fees) in FY252, generating a $25m performance fee for HMC

• 29.6% annualised return, net of fees, from inception to 30 June 20252,3, representing 18.3% annualised outperformance vs ASX300 Accumulation Index

• HMCCP Fund I was ranked as the top performing Australian equities fund in CY2024 by Morningstar

   $300m inaugural HMCCP Fund I distribution paid in Apr-25

• Payment of the distribution follows the exit from seed investment Sigma Healthcare, which generated an unlevered IRR for the fund in excess of 100%, and partial realisation of the fund's successful investment in Ingenia Communities

• For investors who supported the fund at inception, represents a dividend of c.80% of their initial investment in less than three years

• Resulted in ~$150m capital recycling for HMC

   Fund remains deployed into 5 positions

• Previously announced restructuring of the fund as HMCCP Fund II not proceeding following investor feedback regarding the appeal of the existing strategy and a preference for liquidity

• Intend to focus fund investment and effort on our highest conviction names where we believe we can generate the greatest returns

   Continue to explore deal-specific co-investment opportunities to grow the private equity vertical beyond HMCCP Fund I

  Notes: Past performance should not be taken as an indicator of future performance.

  1. As at 30 June 2025 including leverage and net of fees, unless otherwise stated. Post payment of ~$300m distribution in April 2025

     12 2. Performance figures are quoted net of fees. Figures may not sum due to rounding. NAV per unit for Trust A and C.

     3. Inception date 31 August 2022. Past performance should not be taken as an indicator of future performance.

     HMC Capital | FY25 Results Presentation

     
     
     

     Digital Infrastructure

     Unique listed platform with large scale global expansion opportunity

     Assets Under Management1

     $5.3bn

     +$4.6bn on FY24

     Installed IT Capacity2

     76MW

     Development Pipeline

     156MW

     232MW planned IT capacity

     FY25 EBITDA

     $99m

     Annualised EBITDA ahead of PDS

     Platform Highlights

     
     
     

     HMC manages ~$5.3bn1 of digital infrastructure assets across Australia and the United States. Key highlights from the period include:

      In Nov-24, HMC announced the successful establishment and underwriting of the DigiCo Infrastructure REIT (ASX: DGT)

     • Global owner, operator and developer of hyperscale/AI/neocloud, enterprise and co-location data centres

     • Diversified initial portfolio of 13 assets with high credit quality customers across tier 1 and 2 markets in Australia and North America

     • 232MW of Planned IT Capacity incorporating 76MW of Installed IT Capacity and 156MW of Future Expansion IT Capacity2

        Significant growth pipeline through exposure to value-add and development assets targeting a yield on cost of 10%+

     • SYD1 development underway and expected to deliver 9MW of liquid cooled IT capacity in 4Q FY26 in response to strong demand signals

     • Currently tendering for new potential contract capacity across AI/neoclouds, edge computing and enterprise/government customers

        Australian co-location platform integration

     • SYD1/iseek integration forming national platform and unlocking synergies

     • Positive integration momentum leading to an uptick in leasing velocity

     • New Head of Sales and Head of Commercial/Business Development appointed

        HCF certification for SYD1 received in Aug-25

     • Expecting significant uptick in leasing velocity and customer pre-commitments following receipt of certification

        Capital partnering discussions ongoing

     • DGT will look to capitalise on the recent HCF certification, development progress and strong customer pipeline and look to bring in a capital partner in FY26

     • Capital recycling and development partnership initiatives continue to be explored across the US platform

     Notes: Past performance should not be taken as an indicator of future performance.

     13 1. Includes ~$4.6bn of assets in DigiCo and ~$0.7bn of assets in StratCap.

  2. Future Expansion IT Capacity includes 32MW of Contracted IT capacity at CHI1.

     HMC Capital | FY25 Results Presentation

     
     
     

     Private Credit

     Leading domestic private credit investment manager with broad capability and institutional scale

     Assets Under Management

     $1.9bn

     +21% vs. 30-Jun-24

     Deal pipeline under evaluation

     ~$3bn

     CRE & CAF

     Senior secured loans

     94%

     Average LVR of 69%

     Middle market residential exposure

     76%

     Platform Highlights

     
     
     

     HMC manages $1.9bn of private credit investments across CRE and Corporate & Asset-based Finance (CAF). Key highlights from the period include:

      Payton CRE credit platform now fully integrated & experiencing strong capital inflows and deployments (+21% AUM growth in FY25)

     • Rebrand to HMC Capital Private Credit took place in 1 July 2025

     • Deal pipeline at ~$3bn (up from ~$1bn on prior year), increase in activity plus average deal size growing. Focus remains on mid-market residential real estate opportunities

     • Pooled funds experiencing strong capital inflows with $100m+ Core Fund capital raising. Flagship 1st mortgage fund (Core Fund) has doubled in size since the acquisition of Payton in Jul-24.

     • Significant investment in both fundraising and origination capability

     • Opening of two new offices and multiple senior origination appointments in FY25

        Institutional capital partnerships

     • Developing institutional SMA co-investment and direct investment vehicles alongside existing HMC Private Credit funds both on shore and key Asian markets

        HMC plans to be a market leader in transparency & disclosure

     • Dedicated focus on provision of debt to CRE developers

        Focus on risk management

     • Real estate risk evaluation capability within Payton continues to strengthen

       • New head of Credit & Risk (former ANZ senior executive)

       • 3 qualified former valuers onboarded and embedded in loan evaluation process to assess the independent valuations for projects

       • 2 qualified quantity surveyors and construction managers form part of risk management project evaluation and monitoring process

     14 Notes: Past performance should not be taken as an indicator of future performance.

     HMC Capital | FY25 Results Presentation

     
     
     

     Overview of HMC's CRE Credit Platform

     Leading platform with proven investment track record and ability to scale and maintain stable returns

     $1.9bn

     AUM

     93.5%

     Senior secured loans3

     >100

     Borrower Groups

     >$6.5bn +80

     Loan assets settled since inception Lending Professionals

     12 Year

     Track Record

     10%

     8%

     6%

     4%

     2%

     -

     Mar-21

     9.01%

     447bps average spread over the Aus 10Y Govt. Bond Yield

     4.16%

     Mar-22

     Mar-23

     Mar-24

     AUS 10Y Govt. Bond

     Mar-25

     Net Return

     $1.9bn

     $1.5bn

     $1.6bn

     $0.8bn

     $1.0bn

     $0.4bn

     $0.05bn $0.1bn

     Jun-17 Jun-18 Jun-21 Jun-22 Jun-23 Apr-24 Jun-24

     Jun-25

     1

     HMC Capital | FY25 Results Presentation

     58% CAGR

     AUM Growth Track Record (A$)

Established specialist Australian commercial real estate private credit asset manager with $1.9bn1 of AUM, positioning HMC's CRE credit platform as a leading participant in the Australian private CRE market

Quality team located across offices in Melbourne, Sydney and Brisbane with fully internalised investment, origination, risk management, distribution and funds management capability

Short duration lending solutions across the development lifecycle ranging from site acquisition, construction and residual stock

Currently over 500 platform investors spanning financial advisors, HNW investors, institutions, not-for-profit investors & major family offices

The CRE platform's two unlisted funds have grown significantly since inception and

delivered a weighted average net return of 10% p.a.2,4 since inception

Notes: Past performance should not be taken as an indicator of future performance. 1. As at June 2025. Assets Under Management includes total invested capital (FUM) plus undrawn tranches of committed loans. 2. Past performance is not a reliable indicator of future performance. 3. Includes senior debt and senior stretch loans. Senior stretch refers to the junior tranche of a unitranche loan that

15 is 100% owned by HMC Capital's funds and managed by HMC Capital (i.e. HMC Capital funds own 100% of the senior and junior

tranches of the loan). 4. Annualised net returns are calculated after deduction of fees and expenses.

Energy Transition

Platform is seeking to become a national champion supporting Australia's decarbonisation targets

Assets Under Management1

Wind, solar & BESS

Installed operating capacity2

85% contracted2

Development pipeline

Across 19 projects

Homes powered p.a.3

Platform Highlights

HMC's Energy Transition platform was established in Feb-24 and is led by a high calibre and deeply experienced investment team. Key highlights from

the period include:

 Acquisition of Neoen's Victorian portfolio ('NVP'), securing a leading Australian renewable generation and storage position to further seed HMC's Energy Transition platform

• 4 operational assets totalling 652MW and 6 development assets with total capacity of >2,800MW

• FY25 EBITDA of $64m, underpinned by 85% contracted capacity to high quality counterparties4

• Acquisition completed and settled 1 August 2025

• $200m non-recourse mezzanine financing facility secured against the Neoen VIC Portfolio, underwritten and provided by two global banks

• $50m of development capital and cash secured on a senior non-recourse basis against Neoen assets to progress development pipeline

   HMC is intending to integrate the NVP and Stor Energy assets to create a consolidated operating platform, realising strong revenue and cost synergies

   New CEO, CFO & COO for platform appointed with 20 executives now in place across the platform

• Gerard Dover appointed CEO of Energy Transition platform

 HMC acquired both NVP and StorEnergy at attractive valuations, validating HMC's deal making capability. The latest fair market value of

the platform, based on draft independent valuation and market comparables, implies a sizeable valuation uplift vs. purchase price

 Global firm Campbell Lutyens has been appointed as lead advisor to introduce new third-party capital to the platform. This process is actively underway with preliminary discussions being held with multiple investors

Notes: Past performance should not be taken as an indicator of future performance.

1. Enterprise value basis.

16 2. Maximum capacity including Numurkah 128MWDCoverbuilt nameplate capacity and Victorian Big Battery 300MW (boost mode). Contracted % weighted by maximum capacity.

HMC Capital | FY25 Results Presentation

Energy Transition - Process Update

Global process to raise institutional capital to supplement HMC Capital and underwriting partners' commitments

Status update

• HMC Capital has appointed Campbell Lutyens as adviser in relation to raising new third-party capital for the platform1

  • Since appointment, Campbell Lutyens has provided advice and undertaken a preliminary market sounding process over recent months, following which they have provided feedback on fund raising structure for the Energy Transition platform;

• Market feedback provided to Campbell Lutyens has indicated that the HMC Energy Transition Platform provides an attractive investment case for the global investor universe, echoing the key investment highlights HMC and Campbell Lutyens has identified:

   Australia is a globally attractive environment for renewable energy investment, with strong market fundamentals and a supportive and stable regulatory backdrop;

   HMC has secured a high quality and large-scale seed portfolio of assets in NVP and Stor Energy, with a robust operational core and attractive near-term growth;

   Assets were acquired at material discounts to comparables, offering a compelling entry point for investors;

   The portfolio has an attractive development pipeline of >5.5GW of renewable energy assets across Eastern Australia, including both wind and BESS;

   HMC has assembled a highly experienced and credentialed management team led by CEO Gerard Dover to realise the value in the Energy transition platform.

  Refer overleaf for a detailed overview of the team

• As result of the above process and market feedback, HMC has decided to proceed on the following anticipated basis;

  • HMC Energy Transition platform will pursue a focussed strategy to realise value in the integrated operational & development portfolios of NVP & Stor Energy;

  • HMC Energy Transition will target an initial ~$1.0 billion in third-party equity commitments, which will be used to acquire the platform assets and construct 2 of the most near-term pipeline assets and bring all other development assets to Financial Investment Decision ('FID');

  • The fund will be structured as a 5-year close-ended fund,2 which will seek to achieve a gross return target in the high-teens;

• The fund raising has commenced post-financial close of the NVP transaction on 1 August 2025 and is expected to close in FY2026

Notes:

1. Whilst Campbell Lutyens & Co. Ltd ("CL") has been engaged to advise HMC, neither CL nor any of its affiliates nor any of their respective directors, officers, employees or agents, (each a "CL Person" and together the

   17 "CL Persons") accepts any liability or responsibility for the information contained herein.

2. Subject to two 1-year extensions.

   HMC Capital | FY25 Results Presentation

   
   
   

   HMC Energy Transition Platform Team

   Gerard Dover

   CEO

   • Gerard has >30 years of experience including >19 years in C-suite roles at leading Australian energy and utility companies such as Spark Infrastructure, CleanCo Queensland, Energy Developments and Infigen Energy.

   • Gerard has extensive experience in business leadership, M&A, capital raising, and performance improvement across both public and private markets

   
   
   

   Dedicated Platform management team supported by the full strength of the HMC Capital group

   Energy Transition Platform Management Team

   HMC Advisory Board & ET Platform Support (select roles)

   Select industry background of team:

The Hon. Julia Gillard AC Independent Chair, Energy Transition

David Di Pilla Managing Director, Group CEO

Hamish Wall

COO

Krishna Pillai

CFO

Dr. Jeremy Every Head of Engineering

Dr. Michael Sherry

Head of

Asset Management

Oliver Coleman Head of Development

Lawrence Moetint Head of Energy Markets & Trading

Chris Macalpine Investment Director, Energy Transition

Waine Zhai Investment Manager, Energy Transition

Alicia Webb

VIC Dev. Lead

Nathan Kelly

Snr. Project Mgr.

Nathan Conder

Snr. BESS Engineer

Dr. Riikka Heikkinen

Project Mgr.

Nicole Pan

Project Mgr.

Glenn Orgias

Energy Markets Adviser

Philippe Fontaine Debt Advisory, Energy Transition

Claire Van Schaik Managing Director, Institutional Capital

Adam Baxter Managing Director, Head of Inst. Capital

18 HMC Capital | FY25 Results Presentation

Sustainability

Aligning our Sustainability Framework with HMC's evolution to continue creating meaningful and positive long-term impact

Update

 Following strong growth in FY25, including new

verticals in Energy Transition and Digital

Infrastructure, HMC Capital is reviewing its sustainability objectives to align with its evolving business strategy

• This includes reassessing whether the current Net Zero Emissions targets remain appropriate for the Group

   During the year, HMC also began a Double Materiality Assessment and broader ESG strategy review to strengthen ESG integration across all platforms

• We expect to provide more detail following completion of this project

Environmental:

Key FY25 highlights

• For our Real Estate platform, we are on track to achieve ~32% reduction in scope 1 and scope 2 emissions (vs FY22 baseline)1 achieved through smart Energy Management Systems (EMS) and solar roll out. If we were to recognise the benefits of the solar roll out, treatment of the solar benefit (embedded networks allocation) and recognition of Energy Efficient Certificates - the reduction in consumption compared to baseline would be ~50%1

• Exceeded FY25 solar roll out target of 65%, with ~70% of feasible sites across the real estate portfolio with solar installed2

  Social:

• Nine grants were made to charitable organisations through the HMC Capital Foundation

• Group Reflect Reconciliation Action Plan (RAP) initiatives are continuing to progress

• Continued to support our national charity partner, Eat Up Australia

  Governance:

• As of 2025, HMC Capital was reclassified to 'Asset Management & Custody Banks' and received an MSCI ESG Rating of 'A'3

• 63% gender diversity achieved for independent board director positions across the HMC Group, with 35% gender-diversity across the whole organisation4

• HMC to publish inaugural Modern Slavery Statement later this year

Notes: 1. Pending external audit. Like-for-like asset dataset: managed real estate assets within managed funds (including HomeCo Daily Needs REIT, HealthCo Health & Wellness REIT and Last Mile Logistics); a) excludes assets where the tenant is responsible for electricity consumption and has complete operational control of the property; b) includes assets where we have a full data set for the FY22 baseline year and FY25 and have been held in the portfolio for the duration of both these periods; c) excludes assets that were held for sale, acquired and divested during FY25 and since FY22 baseline was formed, and assets that were developed post-FY22 (as FY22

19 baseline is not an accurate reflection of the consumption profile); 2. Sites that are classified as feasible include assets within the real estate portfolio where we have operational control, and the building infrastructure and

architecture is suitable for the solar initiative.; 3. Refer to MSCI Disclaimer Statement for further details.; 4. As at 30-Jun-25.

HMC Capital | FY25 Results Presentation

Earnings Summary

Strong growth in underlying investment and funds management segments

FY25 guidance (May-25) to FY25A bridge (cps)

May-25 Trading update

DGT Impairment Non KMP staff retention

FY25

8 2

FY25 Guidance

(May-25)

Management and Performance fees

• 84% increase in management fees to $146.9m driven by FUM growth in private credit and digital infrastructure

• Performance fees includes capital charge fee of $59.1m relates to the DigiCo REIT IPO in December 2024 and HMC Capital Partners performance fee of $24.7m

  Investment / other income

• Investment income includes HMC-CP investment gains of $122.9m and DGT, HCW & HDN dividends of $36.3m. Other income (capital solutions) of $10.1m includes realised and fair value gains from balance sheet investments

  Expenses / other items

• Impairment expense of $31.9m to align to the carrying value of DGT Jun-25 NAV,

$5.6m loss on disposal of HDN shares and $2.2m on disposal of other investments

Notes:

21 1. Includes a $59.1m capital charge fee in relation to the DGT IPO

• Final FY25 dividend of 6.0cps has been announced (FY25: 12.0cps)

  HMC Capital | FY25 Results Presentation

  
  
  

  FY25 Earnings by Division

  $ million (unless otherwise stated)	Real Estate	Private Equity	Credit	Digital	Corporate	FY25 total
  Jun-25 AUM (including non-fee earning) ($bn)	9.9	0.6	1.9	5.3	1.0	18.7
  Jun-25 AUM (fee-earning) ($bn)2	8.3	0.3	1.9	4.7	-	15.2
  Management fee revenue	78.1	3.6	42.0	23.2	-	146.9
  Performance and other fee revenue1	1.7	24.7	-	60.9	-	87.3
  Funds management expense	(30.2)	(2.6)	(23.5)	(31.0)	(44.3)	(131.6)
  Funds management EBITDA	49.6	25.7	18.5	53.1	(44.3)	102.6
  Funds management EBITDA margin	62%	91%	44%	63%	nm	44%
  Net interest expense	-	-	-	-	(7.6)	(7.6)
  Investment / other income	24.5	122.9	-	11.8	10.1	169.3
  Loss on disposal / impairment of asset	(5.6)	-	-	(31.9)	(2.2)	(39.7)
  Investment earnings	18.9	122.9	-	(20.1)	0.3	122.0
  Operating earnings before tax	68.5	148.6	18.5	33.0	(44.0)	224.6

  Notes:

  1. Digital includes a $59.1m capital charge fee in relation to the DGT IPO

     22 2. Jun-25 Fee earning AUM excludes Real Estate $1.6bn development pipeline, HMC's 48% interest in HMCCP and DGT $0.6bn cash at bank and non-portfolio assets not subject to fees HMC Capital | FY25 Results Presentation

     1. All earnings figures are FY25 and balance dates are 30-Jun-25

     
     
     

     Non-recurring items

     ~$18m of non-recurring expenses included in FY25 operating earnings before tax

     Division	Investment	Overview	Progress	$m
     Corporate	Non KMP employee retention grants	One-off retention grants to key funds management and corporate employees. CEO and CFO not participating in employee retention grants.	Minimal turnover in key leadership team in FY25.	$8.0m
     Digital - Stratcap (USA)	Restructure	Majority redundancy costs associated with restructure.	Completed in FY25.	$9.7m (US$6.3m)

     23 HMC Capital | FY25 Results Presentation

     
     
     

     Balance Sheet

     Balance sheet continues to provide warehouse support for new funds management initiatives

     $ million	Dec-24	Jun-25
     Cash and cash equivalents	17.5	5.5
     Equity accounted investments	1,040.7	992.7
     HMC-CP investment	371.8	231.0
     Investments held at fair value	41.7	52.2
     Intangible assets	350.3	393.3
     Held for sale	23.4	38.3
     Other assets	78.2	90.4
     Total assets	1,923.6	1,803.4
     Borrowings	(119.1)	0.7
     Tax liabilities	(55.0)	(88.6)
     Other liabilities	(63.3)	(57.1)
     Total liabilities	(237.4)	(145.0)
     Net assets	1,686.2	1,658.4
     Shares on issue (m)	412.4	412.6
     NTA per share1	3.35	3.24
     Gearing2	6.5%	Net cash

     Balance Sheet (HMC) - 2H FY25 commentary

     • HMC-CP Fund I paid an inaugural distribution to its investors in FY25 of which

       HMC received $151m. Proceeds were used to repay debt

     • Equity accounted investments relates to HMC's ownership in HDN of 10.5%, HCW of 22.7% and DGT of 19.7%

     • Summary of investments and carrying values outlined in the appendix

     • Held for sale comprise Energy Transition assets intended to be sold into new institutional fund which includes pre-completion transaction costs for the Neoen Victoria Portfolio (settled in August 2025)

     • No debt was drawn as at 30 June 2025. Borrowings includes unamortised debt establishment fees

     Notes:

     24 1. Net tangible assets per share excludes right of use assets, lease liabilities, provisions, deferred tax assets and liabilities and non-controlling interests.

  2. Balance sheet gearing is defined as borrowings (excluding unamortised establishment costs) less cash and cash equivalents divided by total assets excluding cash and cash equivalents and deferred tax assets.

HMC Capital | FY25 Results Presentation

Capital Management

Capital Management - 2H FY25 commentary

• Drawn debt nil as at 30 June 2025

• HMC is in compliance with its financial covenants

  • Gearing ratio covenant < 50%: Net cash as at Jun-25

    − Gearing ratio = Drawn debt / Tangible Balance Sheet Assets. There is no market pricing based calculation of assets (i.e. not a margin loan)

  • Interest cover ratio covenant > 3.0x: 9.8x at Jun-25

• Debt financing procured for HMC's managed funds is on a non-recourse basis

(including Energy Transition fund)

Notes:

25

1. Balance sheet gearing is defined as borrowings (excluding unamortised establishment costs) less cash and cash equivalents divided by total assets excluding cash and cash equivalents and deferred tax assets.

2. Weighted average cost of debt excludes undrawn line fees and establishment fees given the majority of the facility is undrawn.

HMC Capital | FY25 Results Presentation

Outlook

HMC is well placed to maintain a strong operating EPS growth trajectory supported by scalable growth

platforms and significant investment capacity

FY26 Outlook

FY25 pre-tax earnings of 56.0 cps was influenced by the outsized performance from the private equity division's HMCCP fund

FY26 pre-tax earnings expected to be more influenced by organic growth in recurring funds management earnings from established divisions including:

• Real estate: +15% fund management EBITDA YoY growth

• Private credit: +20% funds management EBITDA YoY growth

• Private equity: normalised fund performance with a target of 15% p.a.

  Digital and Energy Transition funds management divisions will target similar growth levels once operationalised.

  FY26 pre-tax earnings target of at least 40 cps, representing 29% CAGR since FY20

• Includes investment income from HMC balance sheet co-investments which represent $3.24 per share of NTA as at Jun-25

FY26 dividend guidance of 12 cents per share is consistent with our strategy to maintain the dividend at this level and re-invest retained earnings into value accretive growth opportunities

Notes: Past performance should not be taken as an indicator of future performance and fair value gains remain unrealised.

27

HMC Capital | FY25 Results Presentation

HMC Capital Leadership Team

Matt Lancaster

Chair of Private Credit

Victoria Hardie

Head of Private Equity

Sid Sharma

Head of Real Estate

Gerard Dover

Head of Energy Transition

Robert Vanderzeil

Head of Capital Solutions

Chris Maher

Head of Digital Infrastructure

David Di Pilla

Group Managing Director &

CEO

Will McMicking

Group CFO

Sandra Francis

Head of Human Resources

Andrew Selim

Group General Counsel

29 HMC Capital | FY25 Results Presentation

Assets Under Management

($bn) Jun-24 Additions Divestments / (Outflows) Revaluations & other2

Jun-25

Notes:

30 1. AUM includes $1.6bn real estate development pipeline and $0.95bn Neoen Victoria portfolio acquisition.

2. Other includes net impact of capital expenditure, revaluations and movements in gross asset value.

HMC Capital | FY25 Results Presentation