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1 HMC Capital | Macquarie Conference 6 May 2025 Macquarie Conference Presentation For personal use only
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2 HMC Capital | Macquarie Conference 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 For personal use only
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3 Overview For personal use only
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4 HMC Capital | Macquarie Conference HMC Capital Today – Ambition to grow AUM to $50bn+ over the next 3-5 years in a capital light manner remains unchanged – HMC’s five verticals are exposed to high-conviction global megatrends – Each vertical has the ability to scale beyond $10bn+ with a focus on unlisted (institutional & wholesale) capital to drive future growth $50bn AUM target remains on track – HMC’s strong balance sheet with $675m of committed funding lines, will underpin growth over the medium term – HMC has sufficient co- investment capital already committed across it’s 5 platforms to reach our $50bn+ AUM target over the next 3-5 years – Capital recycling track record demonstrated (refer page 7) Strong balance sheet & sufficient investment capacity – Underpinned by funds management & investment income – HMC is re-investing earnings into high growth verticals backed by global megatrends Growing recurring earnings base Real Estate: Strong platform with 7-year track record and ability to organically grow AUM to $20bn+ via institutional & wholesale capital Private Equity: Market leading investment track record with high conviction opportunities under review Private Credit: Investment made to create an institutional grade credit platform with short-term focus on disclosure and reporting standards to help drive fund raising Digital: Digital investment thesis remains strong with multiple near-term share price catalysts Energy Transition: Fundraising remains on track with visibility over sufficient equity to settle Neoen acquisition Why we remain so confident HMC continues to reinvest earnings into high growth verticals For personal use only
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5 HMC Capital | Macquarie Conference 1.2 3.1 6.8 9.7 12.7 18.5 50.0 FY20 FY21 FY22 FY23 FY24 1H FY25 3-5 year target FUM Development Pipeline HMC Capital’s Track Record High ROE and scalable business model underpinned by market leading deal-making capability Real Estate Private Equity Digital Infrastructure PrivateCredit Capital Solutions Energy Transition High ROE Alternative Asset Manager Warehousing Underwriting Strategic stakes HMC Point of Difference? Ability to execute large, complex transactions Strong balance sheet and capital base with over $1.9bn of liquidity including liquid assets & undrawn lines Best-in-class people with deep operational capability Focus on risk management and governance Pre-tax EPS track record (cents) Asset Under Management ($bn)1 Our transition to a high ROE alternative asset manager has driven significant growth in earnings supported by high quality recurring revenue streams HMC’s $50bn+ AUM target over the next 3-5 years is underpinned by a significantly more diversified business with multiple growth drivers & a strong balance sheet 84% CAGR 8.7 13.7 21.5 24.9 37.0 66.09.5 1.5 FY20 FY21 FY22 FY23 FY24 1H FY25 Notes: All figures as at 31-Dec-24 unless otherwise stated. Where returns are mentioned on this slide, past performance is not a reliable indicator of future performance. 1. AUM includes $0.3bn undrawn equity commitments plus debt for LML Fund, $1.5bn real estate development pipeline and $0.95bn contracted acquisition of the Neoen Victoria portfolio. FY25F HUG HARP For personal use only
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6 HMC Capital | Macquarie Conference HMC Capital’s Pathway to $50bn+ of AUM FUM TODAY1 $18.5bn ▪ 3 new unlisted daily needs retail funds expected to drive AUM growth as the next interest rate easing cycle gets underway ▪ Evolution of listed vs. unlisted capital mix key to growth Real Estate1 $10bn ~$20bn+ MEDIUM-TERM $50bn+ ▪ Currently fund raising for HMCCP Fund II off the back of HMCCP Fund I performance ranked as the #1 Australian equities fund2Private Equity2 $0.5bn ~$2bn+ ▪ HCF certification at SYD1 remains on track ▪ Positive leasing momentum across the Australian colocation platform ▪ Introduction of capital partners across DigiCo Australian assets to provide capital for accelerated growth Digital Infrastructure3 $5bn ~$10bn+ ▪ $2bn+ fundraising remains on track ▪ Visibility over sufficient equity to reach first close to settle the Neoen acquisition this calendar year ▪ 5.5GW development pipeline Energy Transition4 $1bn ▪ Introduction of market leading disclosure & transparency ▪ Unlisted capital – institutional & wholesale partnerships expected to drive meaningful AUM growth Private Credit5 $2bn Notes: All figures as at 31-Dec-24 unless otherwise stated. 1. AUM includes $1.5bn real estate development pipeline and $0.95bn contracted acquisition of the Neoen Victoria portfolio. Private Equity investment net of 1H CY25 distribution. 2. As ranked by Morningstar in CY24. $5bn+ $10bn+ 3-5 years $5bn+ $10bn+ 3-5 years For personal use only
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7 HMC Capital | Macquarie Conference HMC Capital’s Pathway to $50bn+ of AUM HMC INVESTMENT Notes: All figures as at 31-Dec-24 unless otherwise stated. Private Equity investment net of 1H CY25 distribution YEARS IN HMC PLATFORM CAPITAL RECYCLED $1.7bn Importantly, HMC does not need to raise additional equity to reach $50bn of AUM Energy Transition4 $20m Today <1 Balance sheet underwriting capacity from HMCCP div. ▪ Institutional fund raising currently underway, with first close expected in 2H CY25 and longer-term target of $2.0bn ▪ HMC expected to allocate ~$100m to this vertical over the medium-term Private Credit5 $0.15bn <1 Strategy partially seeded with HDN realisation ▪ CRE platform is a capital light business expected to grow via third party capital ▪ CAF expected to grow AUM via institutional SMA’s and co-investment Private Equity2 $0.25bn 3 ✓ HMCCP distribution ▪ AUM growth targets lower than other verticals, with medium-term objective to provide deal-specific co-investment ▪ HMCCP Fund II raising commencing in July 2025 Real Estate1 $0.65bn 5 ✓ HDN realisations ▪ AUM mix over the medium-term to be focused on institutional investors ▪ HUG & HARP Funds closed in 1H FY25 with HUG currently capital raising ▪ Sufficient HMC Capital invested to achieve $20bn+ of AUM, with ongoing capital recycling and lower co-investment requirements from institutional investors Digital Infrastructure3 $0.6bn <1 Strategy partially seeded with HDN realisation ▪ HMC has sufficient capital allocated in this vertical to reach $10bn+ medium-term AUM target. Potential for medium-term capital recycling For personal use only
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8 Divisional Update For personal use only
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9 HMC Capital | Macquarie Conference Digital Infrastructure DigiCo has 3 key near term share price catalysts Trading Update & Outlook – 3 key share price catalysts Contracted pro-forma EBITDA $163m 67MW Contracted IT Capacity Assets Under Management1 $5bn Planned IT Capacity 238MW 162MW development pipeline Installed IT Capacity 76MW Notes: Past performance should not be taken as an indicator of future performance. 1. Includes $4.3bn of assets in DigiCo and ~$0.7bn of assets in StratCap. – SYD1/iseek integration to form national co-location platform and unlock synergies – Positive integration momentum leading to an uptick in leasing velocity ✓ Platform Highlights Australian co- location platform integration ✓ – Investment into SYD1 IT systems, processes & security – Ongoing engagement with government agencies to endeavour to deliver certification in a timely manner – remains on track for mid CY25 HCF certification✓ ✓ – 9MW expansion build underway in response to strong demand signals – Incremental $30m investment expected to deliver well in excess of 12%+ yield on cost target – Currently tendering for approximately 10MW+ of new potential contract capacity SYD1 expansion & leasing ✓ ✓ – Introduction of capital partners across DigiCo Australian assets to provide capital for accelerated growth. Discussions currently underway with multiple partiesCapital partnering✓ 1 2 3 For personal use only
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10 HMC Capital | Macquarie Conference SYD1 Densification and Optimisation project Transformational upgrade with minimal disruption ▪ Planned Densification and Optimisation Project (D&O) provides a significant expansion opportunity for SYD1 ▪ Expected to deliver an additional 62 MW of IT power, increasing capacity to 88 MW, maximising the revenue-generating potential of the existing facilities ▪ Detailed staging and migration planning will facilitate densification of the facilities, while ensuring minimal disruption to existing customers ▪ This site upgrade will future proof the facility and will cater to super high-power density workloads, positioning DigiCo to benefit from continued cloud migration and AI related demand Pre-Densification and Optimisation Project Post 26 MW 88 MW Installed IT Capacity 9MW expansion build underway in response to strong demand signals Long lead time equipment orders placed for initial expansion works Enabling works commenced Plans progressing from 30% to 70% design phase by mid-2025 SSDA submitted and is in exhibition phase with NSW Planning Project Progress Project overview For personal use only
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11 HMC Capital | Macquarie Conference Digital Infrastructure Global hyperscaler digital infrastructure requirements continue to grow Microsoft 3Q25 – “We continue to expand our data center capacity. This quarter alone, we opened DCs in 10 countries across four continents” – “And in our AI services, while we continue to bring data center capacity online as planned, demand is growing a bit faster. Therefore, we now expect to have some AI capacity constraints beyond June” Meta 1Q25 – “We anticipate our full year 2025 capital expenditures, including principal payments on finance leases, will be in the range of $64 billion to $72 billion, increased from our prior outlook of $60 billion to $65 billion. This updated outlook reflects additional data center investments to support our AI efforts as well as an increase in the expected cost of infrastructure hardware” Amazon 1Q25 – “…our cash CapEx, which was $24.3 billion in Q1. The majority of this spend is to support the growing need for technology infrastructure. It primarily relates to AWS as we invest to support demand for our AI services and increasingly in custom silicon, like Trainium, as well as tech infrastructure to support our North America and International segments” Alphabet 1Q25 – “With respect to CapEx, our reported CapEx in the first quarter was $17.2 billion, primarily reflecting investment in our technical infrastructure, with the largest component being investment in servers, followed by data centers, to support the growth of our business across Google Services, Google Cloud, and Google DeepMind” NVIDIA 4Q24 – “Our Q4 Data Center compute revenue jumped 18% sequentially and over 2x year-on-year. Customers are racing to scale infrastructure to train the next generation of cutting edge models and unlock the next level of AI capabilities. With Blackwell, it will be common for these clusters to start with 100,000 GPUs or more. Shipments have already started for multiple infrastructures of this size” For personal use only
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12 HMC Capital | Macquarie Conference Digital Infrastructure – Capital Partnering Strategy Opportunity to accelerate growth across the DigiCo platform through the introduction of capital partners Global Institutional US Development Assets Target levered project IRR DigiCo ownership DevelopersCapital Partners Capital Partners’ ownership 15 – 30%+ ~50% ~45 – 50% ~5% LAX1 LAX2 Additional assets under due diligence Global Institutional US Operating Assets 8 – 12% 50 – 75% 25 – 50% CHI1 DAL1 KCM1 Additional assets under due diligence Global Partner Australian Colocation Assets SYD1 Iseek portfolio Additional assets under due diligence 12 – 15% 50 – 75% 25 – 50% Notes: Past performance should not be taken as an indicator of future performance. For personal use only
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13 HMC Capital | Macquarie Conference Energy Transition High-quality operating portfolio and growth pipeline positioned to capitalise on market volatility Trading Update & Outlook – Good progress on pre-completion transition planning for Neoen Victorian Portfolio, ensuring smooth transfer of ownership & ability to accelerate development of integrated HMC portfolio – On track for July completion with ongoing transition support from vendor under Transition Services Agreement ✓ Platform Highlights Seed Asset integration✓ – Significant inbound interest from offtake counterparties across the seed asset portfolio – Strategic partnerships being explored in key customer sectors Contracting Momentum✓ ✓ – Australian renewable energy investment increasingly attractive for global capital due to geopolitical uncertainty and positive state & federal government regulatory environment – with continued commitment to Paris Accord – Strong price support for electricity storage assets forecast to continue Positive Market Outlook✓ ✓ – Progressing well with multiple parties in due diligence – $2bn+ fundraising remains on track with visibility over sufficient equity to reach first close and settle Neoen acquisition this calendar year Fundraising Update✓ Assets Under Management1 $1bn Installed operating capacity2 652MW 85% contracted2 Development pipeline 5.5GW Across 19 projects Homes powered p.a.3 >110k Notes: Past performance should not be taken as an indicator of future performance. 1. Enterprise value basis. Neoen VIC financial close targeted in Jul-25 2. Maximum capacity including Numurkah 128MWDC overbuilt nameplate capacity and Victorian Big Battery 300MW (boost mode). Contracted % weighted by maximum capacity. 3. Based on c. 700GWh of FY24 net generation. Average Australian household electricity usage of 24.3GJ p.a. per DCCEEW Guide to Australian Energy Statistics (Aug-24). For personal use only
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14 HMC Capital | Macquarie Conference Energy Transition Energy market volatility is persistent and increasing, creating energy arbitrage opportunity for the right assets Notes: 1. AEMO NEM Aggregated Price and Demand Data – Historical – all states ex. Tasmania. National Electricity Market avg. intra-day 2H price spreads (2021-24, $/MWh)1 ▪ Volatility has increased significantly in recent years allowing owners of flexible assets (e.g. batteries) to buy low and sell high ▪ Recent increase in volatility has been driven by: – Higher rooftop solar penetration – Higher fuel costs (rising coal prices and rising gas prices) – More major weather events – More system incidents ▪ In the future, volatility will continue to be high due to: – Electrification increases – Increased coal outages (both planned and unplanned) – Ongoing solar rooftop deployment – More major weather events ▪ This increase in volatility increases the demand for storage assets to shift energy across the day and match supply to demand in peak periods Spreads are trending higher each year 2024 was c. 4x higher than 2021 0 500 1,000 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 2021 avg: $123/MWh 2022 avg: $441/MWh 2023 avg: $311/MWh 2024 avg: $452/MWh Market volatility and system incidents are becoming increasingly frequent For personal use only
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15 HMC Capital | Macquarie Conference Private Equity HMCCP Fund I has demonstrated our ability to deliver outsized and uncorrelated returns Trading Update & Outlook – ~29% annualised return, net of fees2, since inception representing ~19%p.a. outperformance vs ASX300 Accumulation Index ✓ Platform Highlights Performance track record✓ – Following the exit from seed investment Sigma Healthcare, which generated an unlevered IRR for the fund in excess of 100%, HMCCP Fund I paid a $300m interim dividend in April 2025 – For investors who supported the fund at inception, represents a dividend of c.80% of their initial investment in less than three years Material interim distribution paid✓ ✓ – Subject to unitholder approval in May 2025, modifications will be made to the fund’s strategy and terms, providing a flexible mandate to invest in our best ideas across listed & unlisted assets – HMCCP Fund II to launch 1 July 2025 with fund raising to be undertaken through 2H CY25 HMCCP Fund I to be relaunched as Fund II ✓ ✓ – Private Equity strategy is diffentiated by our ability to execute large, complex transactions, and to assist our portfolio companies to exploit opportunities to generate value – Evidenced by the transfornative Sigma / Chemist Warehouse merger, and ongoing performance improvements at Ingenia Communities and Baby Bunting Differentiated capability✓ Assets Under Management1 $0.6bn HMCCP Fund I was ranked the top performing Australian equities fund #1 By Morningstar in CY2024 Performance since inception (p.a.)1,2, ~29% Distribution paid ~$300m Notes: Past performance should not be taken as an indicator of future performance. 1. As at 30-Apr-25 including leverage and net of fees, unless otherwise stated. 2. Performance figures are quoted net of fees. Figures may not sum due to rounding. NAV per unit and returns for Trust A and C. Inception date 31 August 2022 For personal use only
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16 HMC Capital | Macquarie Conference HMCCP Fund II to be launched 1 July 2025 Subject to Fund I unitholder approval in May, HMCCP Fund II investment strategy has been refined to expand the opportunity set & play to our unique capability Investment strategy Structure and key terms ▪ Flexible mandate, investing in our best ideas and highest conviction opportunities across both unlisted and listed investments – Private Equity: investment in private companies with long term growth potential where we believe we can add significant value or where complexity or dislocation presents opportunity – Listed Strategic Stakes: strategic stakes in listed Australian and New Zealand entities where there is an opportunity to influence change ▪ At launch, Fund II will retain a number of the existing listed stakes where we see significant potential upside and/or the potential for corporate M&A activity ▪ Traditional private equity fund structure – closed end, 5-year term (with 2 x 12-month extension options) ▪ Any net gains will be distributed back to unitholders as they are realised throughout the term ▪ Management fee of 1% of NAV, Performance fee of 20% above a hurdle of 9% IRR 1 Manager alignment ▪ HMC Capital will continue to hold a significant investment in Fund II, valued at ~$220m2 Notes: 1. Realised IRR over the life of the fund, net of base management fees and costs but before tax (if applicable) and pre performance fees 2. Value as at 30 April 2025, post payment of interim distribution in mid April 2025 For personal use only
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17 HMC Capital | Macquarie Conference Private Credit Leading domestic private credit investment manager with broad capability and institutional scale Trading Update & Outlook Assets Under Management1 ~$2bn Notes: Past performance should not be taken as an indicator of future performance 1. As at 30-Apr-25. ✓ Platform Highlights HMC plans to be a market leader in transparency & disclosure ✓ – Payton pooled funds experiencing strong capital inflows – Deal pipeline at ~$3bn+ (up on prior year), increase in activity plus average deal size growing Strong capital flows & deployment ✓ ✓ Focus on risk management✓ ✓ – Developing institutional SMA co-investment vehicles alongside existing Payton funds – Asian institutions interested in Australian housing undersupply investment thematic Institutional capital partnerships ✓ Deal pipeline under evaluation ~$4bn+ CRE & CAF Senior secured loans 92% Average LVR of 68% Middle market residential exposure 80% – HMC is focused on making Payton’s pooled funds a market leader in the key topics on investors and regulators minds currently regarding private credit, including: – Transparency, reporting, conflicts of interest, valuations, use of leverage & liquidity – Real estate risk evaluation capability within Payton continues to strengthen – New head of Credit & Risk assessment (former ANZ senior executive) – 3 former valuations professionals onboarded and embedded in loan evaluation process – Former quantity surveyors and construction managers form part of risk management process For personal use only
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18 HMC Capital | Macquarie Conference Private Credit HMC will increase private credit transparency and reporting standards for its’ pooled funds performance PAYTON POOLED FUNDS TARGETS 10% of total loan book 6-8% 2-4% AMG well secured2 AMG – other3 1-2%Expected credit loss (ECL) provisions in pooled funds HMC’s approach to provisioning Business model set up for managing ~10% of clients/projects in defensive asset management at any time – Of that 10%, 6-8% is expected to be “well secured” with low risk of capital impairment – Of the balance (2-4%), loans are supported by sponsor recourse and/or secondary collateral and credit provisioning Model targets maintaining 1-2% credit loss provisions across pooled funds (i.e. 25- 50% coverage on those 2-4%) HMC has bolstered credit provisioning since acquisition Business has strong track record of full capital recovery in work outs historically Institutional grade 3 Lines of Defence (LoD) risk management model (refer overleaf) 1. Loans in AMG represent those that are 90 days in arrears or elevated risk. 2. AMG well secured represent loans where the net realisable value of collateral expected to exceed the loan amount. 3. AMG – other represent loans where under-secured positions are supported by sponsor recourse and/or secondary collateral, with credit provisions. Clients / projects under Asset Management Group (AMG) supervision1 For personal use only
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19 HMC Capital | Macquarie Conference Private Credit Current AUM exposure Geographic exposure 49% 17% 32% 1% VIC NSW QLD SA ACT WA Security type 49% 31% 21% Residential - built form Residential - land Specialised - other Investment exposure 7% 23% 57% 1% 3% 8% First Mortgage Improved First Mortgage Land Bank First Mortgage Construction Second Mortgage Improved Second Mortgage Land Bank Mezzanine Finance ▪ 80% of the book is in Payton's core middle market residential development finance strategy. Remainder of the book is in low complexity industrial / warehouse assets ▪ Only one exposure (<1% of AUM) to complex high rise development projects ▪ No material exposure to office, hotels, agricultural or New Zealand where other asset- based lenders are experiencing stress First mortgage investments For personal use only
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20 HMC Capital | Macquarie Conference Private Credit Looking forward, institutional quality risk governance – 3 Lines of Defence (3LoD) Model Borrower Services Team LINE 1 ▪ 3LoD is a banking/APRA concept with line one being risk aware customer facing teams ▪ Borrower Services Team (BST) consisting of 33 professionals ▪ Experienced bankers from big 4 banks maintaining disciplined client relationships and first-line risk accountability / ownership ▪ The Head of lending is a former NAB state head of property lending bringing over 25 years of property lending and leadership experience Property Risk Group LINE 2 ▪ Dedicated property risk assessment team providing independent risk assessment ▪ Former property valuers, quantity surveyors and construction project managers Investment Committee LINE 2 ▪ Chaired by former senior Macquarie executive with deep credit investment experience ▪ Includes HMC's head of development projects Asset Management Committee LINE 2 ▪ Meets weekly to actively govern management of higher risk clients/projects ▪ Business wide focus on AMG ▪ Day to day oversight by Head of Credit & Risk (former ANZ national head of property workouts) External audit Independent valuations Valuation Committee & Board oversight LINE 3 The 3LoD model is a banking industry risk management framework For personal use only
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21 HMC Capital | Macquarie Conference Real Estate Scalable platform with proven capability to value-add in sectors with attractive long-term fundamentals Trading Update & Outlook – HDN remains on track for its FY25 FFO guidance with leasing spreads, occupancy, cash collections and development returns in line with half yearly reported metrics. Following a reduction in BBSW interest rate futures in Apr-25 HDN has increased hedging to 50%+ of existing debt out to FY28 – Last Mile Retail Logistics Fund (LML) series 1 is fully deployed with $1.25bn of assets including $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. The seed assets will commence settling into the fund over the next 6-8 weeks with shovel ready construction projects ready to commence immediately post settlement. – 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 and targeting $2bn+ of AUM – Across its various funds, the HMC property development book currently has: – $257m of projects under construction with ~43,000sqm of lettable area – $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 Platform Highlights Retail property funds update✓ Assets Under Management1 $10bn Development Pipeline $1.5bn Unlisted AUM growth 12.3% vs. 30-Jun-24 Listed & Unlisted Funds 6 Notes: Past performance should not be taken as an indicator of future performance. 1. As at 31-Dec-24 and includes $0.3bn undrawn equity commitments plus debt for LML Fund, $1.5bn real estate development pipeline. For personal use only
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22 HMC Capital | Macquarie Conference Real Estate – Healthscope Update Trading Update & Outlook – Healthscope have part paid rent over March and April 2025. HCW and UHF have termination and cross default rights in the event of any continued and persisting breaches of the lease by the tenant – Based on recent media reports, it is considered possible that Healthscope may soon enter into receivership or administration if its lenders do not agree to an extension of the current forbearance period – HCW Mar-25 PF gearing of 31.7%, adjusted for the sale of Ballarat which is scheduled to settle in May 2025. This is at the lower end of HCW’s target gearing range – Advanced discussions have continued with multiple alternative hospital operators to re-tenant the HCW / UHF facilities Platform Highlights HealthCo/ Healthscope update Assets Under Management1 $10bn Development Pipeline $1.5bn Unlisted AUM growth 12.3% vs. 30-Jun-24 Listed & Unlisted Funds 6 For personal use only
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23 Trading Update For personal use only
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24 HMC Capital | Macquarie Conference Trading Update HMC is well placed to maintain a strong operating EPS growth trajectory supported by scalable growth platforms and significant investment capacity ▪ Based on HMC year-to-date performance, annualised FY25 Operating EPS (pre-tax) is currently tracking at 66 cents. – Reduction from 70 cents disclosed 1-Apr-25 is attributable to the fair value movement of carrying positions in HMCCP and financial assets during April 2025 ▪ We have a strong balance sheet with $675m of committed funding lines ▪ FY25 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 8.7 13.7 21.5 24.9 37.0 66.0 9.5 1.5 FY20 FY21 FY22 FY23 FY24 Annualised FY25 YTD Trading profits from property realisations FY25 Trading Update Pre-tax Operating EPS Track Record (cents) Notes: Past performance should not be taken as an indicator of future performance and fair value gains remain unrealised. Balance sheet figures as at 5 May 2025 FY25F For personal use only
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25 Additional Information For personal use only
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26 HMC Capital | Macquarie Conference Further Information Investors and Analysts Media John Frey Corporate communications HMC Capital +61 411 361 361 john@brightoncomms.com.au Andrew Dodds HMC Capital Corporate Finance and Investor Relations Manager +61 423 810 851 andrew.dodds@hmccapital.com.au Authorised for release by the Board of HMC Capital Limited Level 7, 1 Macquarie Place, Sydney NSW 2000 For personal use only
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27 HMC Capital | Macquarie Conference Disclaimer This presentation (Presentation) is dated 6 May 2025 and has been prepared by HMC Capital Limited ACN 138 990 593 ( HMC) and, to the extent this Presentation relates to HMC Capital Partners Fund 1, that information is provided by HMC Capital Limited as a corporate authorised representative of HMC Capital AFSL 1 Pty Ltd AFSL 291466. Both entities may be cont acted on 1300 426 326. By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out below. Nature of information This Presentation is for information purposes only and is a summary only. It should be read in conjunction with HMC’s most re cent financial report and HMC’s other periodic and continuous disclosure information lodged with the Australian Securities Exchange (ASX), which is available at www.asx.com.au. The content of this Presentation is provided as at the date of this Presentation (un less otherwise stated). Reliance should not be placed on information or opinions contained in this Presentation and, subject only to any legal obligation to do so, HMC does not have any obligation to correct or update the content of this Presentation. Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither HMC nor its representatives or advisers have independently verified any such market or industry data provided by third parties or industry or general publications. Not personal financial product advice or offer This Presentation does not and does not purport to contain all information necessary to make an investment decision, is not i ntended as investment or financial advice (nor tax, accounting or legal advice), must not be relied upon as such. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice. This Presentation is of a general nature and has been prepared without taking account of any person’s objectives, financial s ituation or needs and because of that, you should, before acting on the information in this Presentation, consider its appropriateness, having regard to your objectives, financial situation and needs. You should obtain and consider the HMC Cap ital Partners Fund II information memorandum before making any decision about whether to acquire HMC Capital Partners Fund II units. No fees or commissions are payable under HMC’s appointment as corporate authorised representative of HMC Capital AFSL 1 Pty L td, including to HMC or associates of HMC. HMC Capital AFSL 1 Pty Ltd and the trustees of HMC Capital Partners Fund I are subsidiaries of HMC. This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other offering d ocument under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission (ASIC) or any other foreign regulator). This Presentation is not, and does not constitute, an invitation or offer of securities fo r subscription, purchase or sale in any jurisdiction. The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this Presentation may not be distributed or released in the United States. Shares in HMC have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act), or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in the United States or to any person acting for the account or benefit of a person in the United States, unless they have been registered under the U.S. Securities Act (which HMC has no obligation to do or procure) or are offered or sold in a transaction exempt f rom, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. Refer to Appendix C of this Presentation for further details about international offer restrictions. For personal use only
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28 HMC Capital | Macquarie Conference Disclaimer Investment risk An investment in HMC shares is subject to known and unknown risks, some of which are beyond the control of HMC and its direct ors. HMC does not guarantee any particular rate of return or the performance of HMC nor does it guarantee any particular tax treatment. Financial information All financial information in this Presentation is in Australian dollars ( $ or AUD) unless otherwise stated. This Presentation may include certain pro forma financial information. Any such pro forma historic al financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of HMC’s views on its, nor anyone e lse’s, future financial position and/or performance. Any pro forma historical financial information has been prepared by HMC in accordance with the measurement and recognition principles, but not the disclosure requirements, prescribed by the Aus tralian Accounting Standards (AAS). In addition, the pro forma financial information in this Presentation does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission, and such information does not purport to comply with Article 3-05 of Regulation S-X. Investors should be aware that certain financial measures included in this Presentation are ‘non -IFRS financial information’ under ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC and also ‘non -GAAP financial measures’ within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934, as amended, and are no t recognised under AAS and International Financial Reporting Standards ( IFRS). Such non-IFRS financial information/non-GAAP financial measures do not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Although HMC believes these non-IFRS financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non -IFRS financial information/non-GAAP financial measures included in this Presentation. Certain figures, amounts, percentages, estimates, calculations of value and fractions provided in this Presentation are subje ct to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Past performance Past performance, including past share price performance of HMC and if applicable, any pro forma financial information given in this Presentation, is given for illustrative purposes only and should not be relied upon as (and is not) an indication of HMC’s views on its future financial performance or condition. Past performance of HMC cannot be relied upon as an indicato r of (and provides no guidance as to) the future performance of HMC. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, wheth er as to the past, present or future. Future performance and forward-looking statements This Presentation contains certain “forward-looking statements”. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “proposed”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance of HMC are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies that are subject to change without notice and involve known and unkno wn risks and uncertainties and other factors that are beyond the control of HMC, its directors and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions. You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and geopolitical tensions. For personal use only
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29 HMC Capital | Macquarie Conference Disclaimer Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of HMC’s business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements and except as required by law or regulation, none of HMC, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to HMC as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of HMC, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Disclaimer To the maximum extent permitted by law, HMC and its respective related bodies corporate and affiliates, and their respective officers, directors, employees, agents and advisers: (i) disclaim all responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any direct, indirect, consequential or contingent loss or damage arising from this Presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this Presentation; (ii) disclaim any obligations or undertaking to release any updates or revision to the information in this Presentation to reflect any change in expectations or assumptions; and (iii) do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness of the information in this Presentation or that this Presentation contains all material information about HMC or that a prospective investor or purchaser may require in evaluating a possible investment in HMC or acquisition of shares in HMC, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement. For personal use only
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30 For personal use only