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FY26 RESULTS PRESENTATION 26 August 2026
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2 HMC Capital | FY26 Results Presentation Agenda 01 Overview 02 Funds Management & Investments 03 Financials 04 Outlook 05 Appendix Presenters David Di Pilla Group Managing Director & CEO Will McMicking Group CFO Victoria Hardie Group COO
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3 HMC Capital | FY26 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
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4 HMC Capital | FY26 Results Presentation Overview
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5 HMC Capital | FY26 Results Presentation Key Messages 01 Result in line with guidance Achieved FY26 operating EPS target of 40c 02 Strategic momentum Delivering initiatives to enhance recurring earnings growth and quality with a more focused strategy 03 Balance sheet capacity strengthened Investment capacity restored for next phase of organic growth 04 Platform growth pathways Entering FY27 with significant dry powder and strengthened institutional partnerships to deliver high-quality recurring earnings Delivered on guidance; strategy and balance sheet positioned for organic growth Notes: Past performance should not be taken as an indicator of future performance.
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6 HMC Capital | FY26 Results Presentation Results Highlights FY26 Operating EPS (pre-tax)1 40.4cps in line with guidance Jun-26 Fee Generating AUM2 $16.9bn +15% vs FY25 FY26 Recurring FM Revenue $165.5m +22% vs FY253 Jun-26 Balance Sheet $1.9bn Tangible assets plus undrawn debt FY26 Underlying EPS (pre-tax)4 30.2cps New metric reflecting cash- backed earnings FY26 Dividend 12.0cps 6.0 cps 2H FY26 Delivered on guidance; strategy and balance sheet positioned for growth Notes: Past performance should not be taken as an indicator of future performance. 1. Underlying earnings (pre-tax), defined in 4, plus fair value movements on principal investments and attributable financing costs on thoseunrealised principal investments, per weighted average shares on issue. 2. As at 30 June 2026. Excludes discontinued operations (Stratcap). 3. Excluding performance fees and large transaction fees (FY26: $165.5m = revenue of $200.5m less $35m Energy fee, FY25A: $136.1m = revenue of $221.6m less $24.7m HMCCP , $59.1m DGT and $1.7m Real Estate. 4. Funds Management EBITDA plus investment distributions, plus realised gains/(losses) on principal investments, net of attributable financing costs on those principal investments, per weighted average share on issue. Excludes discontinued operations (Stratcap).
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7 HMC Capital | FY26 Results Presentation Our Group Strategy Strategy focused on core competitive strengths to create long term value Seed: Use balance sheet to acquire or originate strategic, undervalued assets Scale & Strengthen: Transform through development, repositioning or operating improvements Syndicate: Raise capital to scale platforms, recycle capital and transition towards high ROE recurring funds management earnings HMC Capital is a focused and capital-light alternatives manager built around 4 high conviction verticals Real Estate: Retail and Healthcare Digital Infrastructure: Data Centres Private Credit: Commercial Real Estate (CRE) Energy: Batteries (BESS), Wind and Solar Supported by HMC’s balance sheet which will look at high conviction private equity style opportunities 1 2 3 1 2 3 4 To create value in quality overlooked or underutilised real assets and construct high performing portfolios in sectors underpinned by long-term megatrends PURPOSE “Why” OBJECTIVE “What” OPERATING MODEL “How” Consistent with refined strategy announced at Macquarie Conference in May 2026
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8 HMC Capital | FY26 Results Presentation Progress on Strategic Objectives Tangible progress delivered to drive improved earnings growth and balance sheet flexibility Strategic Objective Simplify Scale What we have done ✓ Simplification initiatives delivered cost saving into FY27, with further opportunities identified ✓ Wind-up of US digital operations underway (StratCap) ✓ HMC Capital Partners (HMCCP) wind-up completed ✓ Private Credit: Secured $1.35bn of institutional mandates following significant investment in platform capability ✓ Energy: Secured $603m commitment from KKR to invest in platform and its development pipeline ✓ Real Estate: Grew unlisted institutional AUM by 15% with strong investor demand for retail assets ✓ Digital Infrastructure1: DGT announced ~$1.2bn of US asset disposals and re-investing proceeds into more accretive SYD1 88MW project which is now fully funded and pre-committed with LOIs executed for remaining 52MW of capacity at SYD1 Notes: Past performance should not be taken as an indicator of future performance. 1. Assumes 0.71 AUD/USD exchange rate; Subject to completion of DGT US Asset sales (CHI1 & LAX1/2) and LOIs subject to execution of binding documentation. Strengthen ✓ Balance Sheet: Primed for growth with enhanced liquidity following capital recycling initiatives ✓ Dry Powder: $5bn+ of active growth opportunities, verticals ready to scale
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9 HMC Capital | FY26 Results Presentation Funds Management Platform Growth Diversified platform with four key verticals operationalised and primed for growth 2,111 16,931 FY21 FY26 Real Estate Private Credit Digital Infrastructure Energy Transition 19 201 FY21 FY26 60% p.a. 52% p.a. TOTAL AUM2 $18.6bn Alternative asset platform FEE EARNING AUM $16.9bn Recurring revenue streams PERPETUAL FUNDS ~60% ASX listed structures Funds Management Revenues ($m)1Fee Generating AUM ($m) Notes: Past performance should not be taken as an indicator of future performance. 1. FY21 funds management revenue of $10.9m annualised to $19m to reflect 12-month contribution from funds management platforms established mid-way through the year. 2. Includes Real Estate $1.4bn development pipeline and DGT $0.3bn cash at bank and non-portfolio assets not subject to fees.
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10 HMC Capital | FY26 Results Presentation Strong balance sheet, with financial flexibility to fund growth, recycle capital and improve investment returns Notes: Past performance should not be taken as an indicator of future performance. 1. Includes equity accounted co-investments, Illuma Energy, listed principal investments and cash. Balance sheet primed for growth 65% 50% 35% 50% Jun-26 Medium-term Co-investments Principal Investments Invested Capital By Strategy (%) FY25 Executed over ~$3bn of strategic acquisitions using the balance sheet to seed Digital Infrastructure, Private Credit and Energy Platforms − Increased fee generating AUM by $8.8bn and >$100m p.a of funds management revenues FY26 Balance sheet is primed for growth following the establishment of Energy partnership with KKR (now named Illuma Energy) and the wind-up of HMCCP in FY26 − $0.5bn of undrawn debt capacity and $1.4bn1 of balance sheet investments FY27+ Optimising returns from HMC’s balance sheet investments of $1.4bn1 is a key opportunity which could generate $25-50m p.a of additional underlying earnings − HMC has identified capital recycling opportunities across existing co-investments and principal investments − Expect principal investments weighting to increase from ~35% to ~50% over time with capital recycling into higher returning opportunities
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11 HMC Capital | FY26 Results Presentation Platform AUM Growth Initiatives Over $5bn of active growth opportunities with significant runway to scale platforms $16.9bn FEE GENERATING AUM1 REAL ESTATE $9.0bn DIGITAL INFRASTRUCTURE $4.1bn PRIVATE CREDIT $2.3bn ENERGY $1.5bn Notes: Past performance should not be taken as an indicator of future performance. 1. As at 30 June 2026. Excludes discontinued operations (Stratcap USA). 2. Subject to completion of DGT US Asset sales (CHI1 & LAX1/2). ▪ Continue to expand unlisted funds ▪ Execute on ~$1.4bn development pipeline across all funds ▪ In diligence on 1GW+ of greenfield opportunities leveraging HMC's digital and energy platforms ▪ New institutional investor mandates ▪ Broadening CRE origination reach ▪ 5.0GW development pipeline represents ~$10bn AUM ambition via multiple pathways ~$2bn ▪ >$1.7bn unlisted dry powder across institutional mandates ▪ $0.3bn development projects underway across listed and unlisted funds ~$1bn+ ▪ $1.2bn development program, accelerating 67MW deployment at SYD1 and ADL1 with continued leasing momentum ▪ SYD1 88MW project fully funded2 >$1bn ▪ ~$1bn dry powder across two institutional mandates ▪ Strong origination pipeline supporting existing and new institutional mandates ~$1bn ▪ Committed equity secured to develop ~$0.8bn flagship BESS project ▪ ~2GW of near-term projects targeted for FID FUTURE GROWTH PIPELINE $5bn+ DRY POWDER & ACTIVE PIPELINE
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12 HMC Capital | FY26 Results Presentation Funds Management & Investments
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13 HMC Capital | FY26 Results Presentation ✓ 15% yoy growth in unlisted AUM underpinned by deployment in retail property strategies ✓ Progressing ~$2bn of identified medium-term deployment opportunities, predominantly on behalf of institutional partners in existing unlisted funds − >$1.7bn unlisted dry powder across institutional mandates − $0.3bn development projects underway across listed and unlisted funds ✓ Continue to expand unlisted funds ✓ Selective asset sales and capital recycling opportunities across listed platform to maintain balance sheet flexibility for accretive investments including developments ✓ HCW re-instated dividend guidance of 6.0cps in FY27 subject to Healthscope situation being resolved − 100% of Healthscope rent paid up to and including Aug-26 Real Estate Institutional partnerships and development projects provide visible pathways to grow fee-generating AUM Development Pipeline $1.4bn Fee earning AUM1 $9.0bn Unlisted AUM $2.9bn +15% vs. Jun-25 Deployment Opportunities ~$2bn In-progress Notes: Past performance should not be taken as an indicator of future performance. 1. As at 30 June 2026, excludes $1.4bn real estate development pipeline. 2. IRR calculated for unlisted funds as at 30-Jun-26. Fund adjusted NAV includes unamortised transaction costs (incl. stamp duty) which are amortised over a 5-year period. Market leading performance Avg IRR >12% since inception2 Unlisted AUM ($m) 350 1,584 2,560 2,938 ~5,000 FY23 FY24 FY25 FY26 Targeted Medium-Term Deployment Unlisted AUM Mandate capacity
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14 HMC Capital | FY26 Results Presentation Private Credit Institutional grade platform with strong origination pipeline to support fundraising momentum Committed AUM ~$3.3bn Including institutional mandates Assets Under Management $2.3bn +17% vs. 30-Jun-25 Deal pipeline under evaluation ~$4bn+ CRE Short duration lending across the development lifecycle Mid-market1 Notes: Past performance should not be taken as an indicator of future performance 1. Mid-Market refers to CRE loan size range ~$20-200m, across land, construction and income-producing property investments. ✓ Portfolio delivering attractive returns supported by institutional-grade governance and risk management – Disciplined portfolio construction with limited single-name concentration (largest exposure ~3% of the book) – Full ECL provisioning under AASB 9, monthly carrying value assessments and quarterly independent reviews – The financial result for FY26 for was impacted by reduced loan origination volumes in the second half, reflecting the change in market conditions caused by multiple interest rate increases and budget changes. Loan origination volumes have started the year strongly ✓ Scaling platform and diversifying funding with institutional capital – Committed capital from institutional investors supporting scalable, recurring AUM growth – Longer-duration capital improving earnings visibility and platform resilience ✓ Strong origination pipeline of quality loans supporting deployment in FY27 – ~$1bn of committed capital available for FY27 deployment – Increasing average loan sizes and a deepening repeat-borrower cohort – Expansion into the NSW market broadening origination reach
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15 HMC Capital | FY26 Results Presentation Private Credit – An Institutional-Grade Platform Platform operating at institutional grade standard across investment, risk management and governance processes, following two years of platform investment Notes: 1. Represents provisioning as at 30 June 2026 across Cash, Core and Opportunistic funds. 2. Excluding fund provisioning. Committed AUM % AUM in Pooled Fund & Mandates Institutional Mandates Majority Independent Trustee Board Quarterly Independent Valuations Dynamic Fund Provisioning (AASB9)1 2024 2026 $1.bn 49% $3.3bn 85% ✓ ✓ ✓ ✓ ▪ 70+ private credit investment specialists − National on-the-ground presence in key markets − Property risk team providing independent risk assessment ▪ Robust governance, valuation and liquidity processes − Majority-independent Trustee Board − ECL provisioning (AASB9) & external independent valuations − No related party lending or mezzanine behind other lenders ▪ Strong track record supported by near-bank credit risk appetite − Strict portfolio concentration limits and protocols − 13-year track record of delivering 4-6% premium over OCR − Zero principal losses in flagship first mortgage core fund2 − Loan portfolio performing in-line with expectations Institutional Grade Private Credit Platform
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16 HMC Capital | FY26 Results Presentation Private Credit – Attracting Global Capital Strong offshore institutional interest in our platform, reflecting demand for a local partner with the expertise to navigate credit risk through all market cycles Notes: 1. Once institutional mandates are fully deployed. 2. Alvarez & Marsal Australian Private Debt Market Review 2025. 1,500 1,900 2,300 3,300 FY24 FY25 FY26 Including Commited Medium-term Select Funds Pooled Funds Institutional +120% Institutional Fundraising Momentum Building • In June 2026, HMC announced the establishment of new mandates from multiple global institutional investors with funding capacity of $1.35bn, which will increase AUM to $3.3bn1 • This includes a strategic partnership with TPG Credit, one of the largest and most experienced credit investors globally. The partnership was established following TPG Credit’s rigorous manager selection and due diligence process in Australia − Focused on larger ($75m+) investment opportunities − Partnership seeded with $375m of seed loans − Potential to significantly grow partnership • Origination pipeline building strongly to support existing mandates as well as seed new institutional mandate opportunities • Consistent with strategy to materially grow share of Australia’s $92bn2 CRE credit market with institutional capital We expect institutions to represent a greater share of AUM as the platform continues to scale over the medium - term Private Credit AUM ($m)
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17 HMC Capital | FY26 Results Presentation Digital Infrastructure SYD1 88MW project fully funded, LOIs executed for the remaining 52MW of capacity Notes: Past performance should not be taken as an indicator of future performance 1. As at 30-Jun-26. 2. Pro-forma based on DGT’s cash as at 30 June 2026, senior undrawn debt facilities (including additional capacity from a facility upsize completed post 30 June 2026) and anticipated net equity sale proceeds from US asset sales (after repayment of gross debt, and subject to selling and transaction costs and completion adjustments); assumes 0.71 AUD/USD exchange rate. 3. Pro-forma basis using net debt as at 30 June 2026 adjusted for anticipated net equity sale proceeds from US asset sales (after repayment of gross debt, and subject to selling and transaction costs and completion adjustments); assumes 0.71 AUD/USD exchange rate. 4. Subject to DGT executing binding documentation. 5 Australian Platform Stabilised EBITDA represents DGT management's estimate of annualised EBITDA once SYD1 and ADL1 reach stabilised occupancy and all contracted capacity is online and billing LOIs executed4 52MW Fee Earning AUM1 $4.1bn Australian Platform stabilised EBITDA5 post completion of SYD1 and ADL1 ~$250m FY27 Capex $300-$500m ✓ DGT delivered strong FY26 financial and operational result, Underlying EBITDA of $127m ($125m guidance) ✓ Simon Mitchell and Ralph Goninan appointed Co-Heads of DGT, alongside Damian Secen as Managing Director, Infrastructure, strengthening senior leadership and oversight across HMC Capital's infrastructure platforms, including DGT and Illuma Energy ✓ DGT strategy refocused to Australia with asset recycling to fund growth and enhanced returns – US assets sales (CHI1 and LAX) increasing liquidity to ~$1.2 billion2 providing capacity to fund highly accretive SYD1 expansion and reduce gearing from 39% to 18%3 – DGT increased distributions guidance to 15 cents per security ✓ Capacity expansion accelerated, SYD1 52MW expansion fully funded and ADL1 progressed – LOIs executed with high-quality customers for remaining 52MW at SYD1 on long-term basis4. Project delivery accelerated, with phased completion expected in FY27 and FY28 – Further brownfield development opportunities progressed ADL1 15MW underpinned by advanced customer discussions – Supporting a pathway to Australian Platform stabilised EBITDA5 of ~$250m ✓ Also progressing longer-term greenfield data centre expansion opportunities (1GW+) leveraging HMC's digital and energy platforms
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18 HMC Capital | FY26 Results Presentation Energy HMC has transitioned Energy from balance sheet seeding to institutional capital, a development pipeline and multiple future monetisation pathways Installed operating capacity2 652MW 85% contracted2 Assets Under Management1 $1.5bn Wind, solar & BESS Development pipeline ~5GW Across 19 projects Leading integrated renewables & storage platform3 Top 10 Notes: 1. Enterprise value basis, includes both development and operating assets. 2. As at 30 June 2026. Maximum capacity including Numurkah 128MW overbuilt nameplate capacity and Victorian Big Battery 300MW (boost mode). Contracted percentage weighted by maximum capacity and based on capacity inclusive of VBB SIPS. 3. Top 10 in the NEM, based on operating and development capacity across comparable renewables platforms with wind, solar and storage projects. ✓ Scaled platform established – Illuma Energy – 652MW operating portfolio, ~1.7GW wind and 12GWh BESS development pipeline – ~2GW near-term projects targeted for FID including Moorabool BESS (VBB2); Bawurra BESS and Kentbruck Wind Farm ✓ Institutional capital provides capital-light growth pathway while preserving HMC's exposure to platform value creation – $248m capital commitment secured for the first BESS project – HMC invested capital reduced to approximately $200m with majority exposure to future platform upside retained ✓ Multiple pathways to value creation – Recurring platform management fees – Syndication and capital recycling opportunities – AUM pathway: ▪ Near term $3bn+ potential AUM by 2030 with near term projects ▪ 5.0GW pipeline represents ~$10bn AUM ambition via multiple delivery pathways
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19 HMC Capital | FY26 Results Presentation Illuma Energy near-term development projects $248m committed equity capital for first BESS project Moorabool BESS / VBB2 Bawurra BESS Molong BESS Kentbruck Wind Farm Capacity 300MW (4H duration) Up to 550MW (up to 4H+ duration) 150MW (4H duration) 600MW Location VIC, adjacent to the existing VBB and strategically located next to Moorabool terminal Western Downs, QLD strategically located near 275kV Columboola substation Central West, NSW Nelson, VIC in pine plantation Development progress ✓ Land and Development Approval secured ✓ CISA awarded in Jun-26, further offtake in progress ✓ OEM shortlisted ✓ Grid connection application in progress with VicGrid ✓ Land secured ✓ DA process underway ✓ EPBC referral made ✓ OEM selected (Wartsila) ✓ Grid connection application in progress ✓ Offtake engagement in progress ✓ Land secured ✓ DA process underway ✓ EPBC approval not required ✓ OEM selected (Wartsila) ✓ Grid connection application in progress ✓ Offtake engagement in progress ✓ Land secured ✓ CISA awarded in Feb-25 ✓ State EES process has completed, pending EPBC approval ✓ Tier 1 OEM selection underway First BESS project $248m committed equity capital via institutional capital partnership 20%+ target returns on invested capital
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20 HMC Capital | FY26 Results Presentation Sustainability Aligning our Sustainability Framework with HMC's evolution to continue creating positive long-term impact Notes: Statistics reported as at 30 June 2026 unless otherwise stated 1. Australian employees only 2. Refer to MSCI Disclaimer Statement for further details FY26 sustainability strategy review ▪ Sustainability priorities are being reviewed to reflect HMC’s expanded portfolio, including the Illuma Energy and Digital Infrastructure platforms ▪ The review is informing the evolution of the Group’s sustainability strategy, objectives and reporting approach, with consideration given to priorities for each managed fund ▪ A further update on the outcomes of the review, including any updated objectives and targets, is expected later this year Environmental ▪ Illuma Energy platform, supporting the decarbonisation of Australia’s national electricity market ▪ HomeCo South Nowra and Glenmore Park developments achieved 4 Star Green Star Buildings certifications, representing best practice in healthier, more responsible buildings Social ▪ HMC Capital Foundation made grants to nine charitable organisations, including six university scholarships supporting First Nations and regional students ▪ Group Reconciliation initiatives continue to progress, including Supply Nation membership through Illuma Energy ▪ Continued support for national charity partner Eat Up Australia, and Youngster.co at Real Estate assets Governance ▪ Published inaugural Modern Slavery Statement in December 2025 ▪ Improved gender diversity: 67% female representation in independent board director positions across the Group and 37% female employees1 ▪ MSCI ESG Rating of ‘A’ as at 20262
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21 HMC Capital | FY26 Results Presentation Financials
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22 HMC Capital | FY26 Results Presentation FY26 Commentary Management and Performance fees ▪ Management fee increased 23% driven by Real Estate and full year contribution from Digital ▪ Transaction fees are cycling off large Digital and Private Equity fees in FY25, partially offset by a $35m from the Energy division in FY26 ▪ No performance fees in FY26 due to no contribution from Private Equity ($24.7m in FY25) Investment / other income ▪ Distributions declined in FY26 due to no distributions received from HCW while the Healthscope situation was progressing ▪ An unrealised Energy fair value gain ($145.9m) was partly offset by a $54.9m HMCCP fair value loss Interest expense ▪ Interest expense increased during the year due to debt holdings associated with warehousing of the Energy Platform assets (Illuma) Other items ▪ Discontinued operations comprises Stratcap (USA) division ▪ Final FY26 dividend of 6.0cps has been declared (FY26: 12.0cps), in line with FY25 Earnings Summary Management fee revenue growth of +23% and adjusted funds management EBITDA of $88.5m $ million FY25 FY26 % change Funds management Management fee revenue1 130.0 159.3 23% Transaction and performance fee revenue2 91.6 41.2 (55%) Total revenue 221.6 200.5 (10%) Employee expenses1 (66.4) (59.1) (11%) Employee expenses (share based) (6.7) (12.2) 82% Other expenses (34.2) (40.7) 19% Total expenses (107.3) (112.0) 4% Adjusted Funds management EBITDA 114.3 88.5 (23%) Investment / other income 129.6 114.5 (12%) - Distributions 36.3 32.4 (11%) - Investment gains / (losses) 93.3 82.1 (12%) Interest expense (7.6) (22.8) 200% Adjusted Operating earnings before tax 236.3 180.2 (24%) Adjusted OEPS (cents) 59.0 43.7 (26%) Discontinued operations (Stratcap) (11.7) (13.4) 15% Operating earnings before tax 224.6 166.8 (26%) Operating earnings before tax (cps) 56.0 40.4 (28%) DPS (cents) 12.0 12.0 - Notes: 1. DGT asset management staff cost recoveries have been represented as a deduction against management fee revenue and employee expenses. Excludes discontinued operations (Stratcap). 2. Comprises acquisition and disposal fees, performance fees and capital charge fees.
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23 HMC Capital | FY26 Results Presentation Balance Sheet Balance sheet positioned for growth post completion of Energy (Illuma) sell down $ million Jun-25 Dec-25 Jun-26 Cash and cash equivalents 5.5 8.9 18.5 Equity accounted investments 992.7 1,039.5 1,213.9 HMCCP investment 231.0 227.7 - Investments held at fair value 52.2 40.7 156.8 Intangible assets 393.3 393.3 360.8 Held for sale 38.3 1,317.6 - Other assets 90.4 123.3 129.4 Total assets 1,803.4 3,151.0 1,879.4 Borrowings 0.7 (356.4) (175.6) Tax liabilities (88.6) (70.1) (33.1) Held for sale – energy transition - (1,012.5) - Other liabilities (57.1) (70.7) (128.7) Total liabilities (145.0) (1,509.7) (337.4) Non-controlling interest - 6.9 - Net assets 1,658.4 1,648.2 1,542.0 Shares on issue (m) 412.6 412.6 412.6 NTA per share1 3.24 3.21 2.95 Gearing2 Net cash 20.5% 10.7% FY26 commentary ▪ Equity accounted investments relates to HMC’s ownership in HDN (10.5% share), HCW (22.7% share) and DGT (20.7% share) and HMC’s holding in the Energy platform, which was previously treated as an asset held for sale at Dec-25. A summary of investments and their carrying values is outlined in the appendix ▪ HMCCP investment transitioned to a direct investment (held at fair value) in Jun 2026 following the wind up of the fund. Fair value movement over the 12 months was $54.9m (13.3 cps) ▪ Borrowings of $175.6m declined 45% compared to Dec-25 following the completion of the Energy platform sell down. Borrowings includes unamortised debt establishment fees Notes: Balance sheet has been adjusted to exclude Non-Controlling Interests (NCI) of HMCCP investment and the gross up of Private Credit SPV assets and liabilities. 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, right-of-use assets, intangible assets and liabilities held for sale.
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24 HMC Capital | FY26 Results Presentation Capital Management $ million Jun-25 Dec-25 Jun-26 Bank debt Maturity Sep-26 Nov-27 Nov-27 Limit 675.0 715.0 715.0 Drawn debt Nil 400.7 219.5 Cash and undrawn debt Undrawn debt 675.0 314.3 495.5 Cash at bank 5.5 8.9 18.5 Total cash and undrawn debt 680.5 323.2 514.0 Key metrics Gearing1 Net cash 20.5% 10.7% % of debt hedged - - n/a Weighted average cost of debt2 6.3% 6.2% 6.5% FY26 Commentary ▪ Drawn debt of $176.6m as at Jun-26 plus $42.9m of bank guarantees. The decline in drawn debt compared to Dec-25 follows the completion of the Energy platform sell down enabling the repayment of corporate debt ▪ HMC is in compliance with its financial covenants: – Gearing ratio covenant < 50% o Gearing ratio = Drawn debt / Tangible Balance Sheet Assets – Interest coverage ratio covenant > 3.0x ▪ Strong liquidity position with $0.5bn undrawn debt lines to support growth initiatives Notes: 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, right-of-use assets, intangible assets and liabilities held for sale. 2. Weighted average cost of debt excludes undrawn line fees and establishment fees given the majority of the facility is undrawn. Positioned for growth post Energy (Illuma) capital partnering
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25 HMC Capital | FY26 Results Presentation Outlook
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26 HMC Capital | FY26 Results Presentation Outlook & Guidance HMC expects to deliver significant growth in underlying earnings in FY27 Notes: Past performance should not be taken as an indicator of future performance. 1. Funds Management EBITDA plus investment distributions, plus realised gains/(losses) on principal investments, net of attributable financing costs on those principal investments, per weighted average share on issue. Excludes discontinued operations (Stratcap). 2. Excluding $35m Energy upfront capital charge in FY26. 3. Based on distribution guidance provided by HDN, HCW and DGT. HCW distribution guidance subject to Healthscope resolution. >35 cents +16% 15 cents +25%FY27 Underlying EPS1 FY27 Dividend Per Share HMC has commenced FY27 with strong fundraising momentum and significant balance sheet and platform dry powder to materially grow earnings FY27 underlying earnings1 of at least 35cps, representing over 16% growth on FY26 Step up in underlying earnings underpinned by: ▪ >30% growth in recurring funds management revenue2, with material growth expected from Digital and Private Credit platforms ▪ ~35% increase in expected distributions3 from co-investments in DGT, HCW and HDN ▪ Fixed cost leverage with cost efficiencies achieved from previously announced simplification initiatives and additional cost savings Guidance does not include potential upside from capital recycling to optimise returns on HMC’s $1.4bn of balance sheet investments Guidance does not include any potential realised investment income on existing principal investments HMC expects 100% conversion of underlying earnings guidance to cash in FY27, as non-cash arrangements for management fees cease (scrip payments and deferrals) FY27 dividend guidance of 15cps (+25% growth) Increase in dividend supported by significant growth in recurring earnings and remains consistent with strategy to re-invest retained earnings for accretive growth opportunities 1 2 3
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27 HMC Capital | FY26 Results Presentation APPENDIX: SUPPORTING INFORMATION
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28 HMC Capital | FY26 Results Presentation Scalable Alternative Asset Management Platform Structural growth themes underpin long-term demand for institutional capital, supporting growth in fee -generating AUM and recurring management earnings High ROE Growth Platforms Demographic shifts are defined by aging populations, declining fertility rates, and population peaks, with the global population projected to hit 11bn this century. The >65s population is expected to grow from 10% in 2022 to 16% by 20501. Demographics Decarbonisation Digitalisation Deglobalisation The global shift to an electrified energy system is transforming transportation, infrastructure, and energy supply chains. ~75% of Australia’s fleet of coal power plants are expected to retire by 20352. Over the same period, energy demand is expected to grow substantially driven by trends in electrification and data centres. Digitalisation is reshaping global society, economies, and daily life through rapid advancements in AI, IoT, automation, and high - speed connectivity. >US$1tn forecast capex by 20284 required to meet processing and storage requirements of new technologies. Deglobalisation is accelerating the onshoring of critical industries, supply chain resilience and energy security. Significant need to modernise and expand critical infrastructure to support growing and ageing populations. Notes: 1. Australian Bureau of Statistics. 2.Bloomberg NEF . 3. NAB. 4. Mandala Partners. Significant opportunity for institutional capital deployment to address undersupply of new housing and ageing healthcare infrastructure. >$420bn estimated private investment required to transition the NEM 3, creating a substantial multi-decade opportunity for private capital deployment and asset management. Australia's data centre capacity is projected to more than double by 2030, driven by AI and cloud computing4. Accelerating digital infrastructure demand underpins future capital formation and recurring management fee growth. Significant role for private capital to fund critical infrastructure. Supports growth in institutional mandates and fee-generating AUM.
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29 HMC Capital | FY26 Results Presentation High ROE Platform Underpinned by Recurring Fee Earnings Notes: Past performance should not be taken as an indicator of future performance. 1. As at 30 June 2026. Excludes discontinued operations New transactions generate fee income on execution and grow fee-generating AUM, converting deployment into recurring management earnings, with principal and co-investments providing upside Recurring Funds Management Management Fees Performance Fees ~$16.9bn1 of fee generating AUM + Scalable alternative asset management platform with operating leverage Value Creation Growing fee-generating AUM Strategic principal & co-investment capital upside = Transaction Fees Balance Sheet Capital Co-investments (Distributions) $1.0bn1 Co - investments Principal Investments (Realised total returns) Energy Transition Private Equity $0.4bn1 >20% ROIC Target ASX listed A-REITs: HDN, DGT & HCW Real Estate Private Credit Energy Transition Digital Infrastructure PRIMARY DRIVER OF RECURRING EARNINGS GROWTH = UNDERLYING OPERATING EARNINGS Long-duration & diversified capital partnerships MAJORITY OF EARNINGS FROM RECURRING SOURCES PROVIDING FOUNDATION FOR LONG- TERM EARNINGS GROWTH AND PLATFORM VALUE
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30 HMC Capital | FY26 Results Presentation FY26 Earnings by Division $ million (unless otherwise stated) Real Estate Private Equity Credit Energy Digital (AUS) Corporate FY26 ex Stratcap (USA) Jun-26 AUM (incl. non-fee earning) ($bn) 10.4 - 2.3 1.5 4.4 - 18.6 Jun-26 AUM (fee-earning) ($bn)2 9.0 - 2.3 1.5 4.1 - 16.9 Management fee revenue 82.4 1.3 40.6 - 34.8 0.2 159.3 Transaction and performance fee revenue 6.2 - - 35.0 - - 41.2 Funds management expense (36.1) (0.9) (27.3) - (12.4) (35.3) (112.0) Funds management EBITDA 52.5 0.4 13.3 35.0 22.4 (35.1) 88.5 Funds management EBITDA margin 59% 31% 33% 100% 64% n/a 45% Net interest expense - - - - - (22.8) (22.8) Investment / other income 18.8 (54.9) - 145.9 13.6 (8.9) 114.5 Investment earnings 18.8 (54.9) - 145.9 13.6 (31.7) 91.7 Operating earnings before tax 71.3 (54.5) 13.3 180.9 36.0 (66.8) 180.2 Unrealised (Gain)/Loss adjustment - 54.9 - (145.9) - 13.6 (77.4) Net interest on unrealised principal investments - - - - 21.7 21.7 Underlying earnings before tax 71.3 0.4 13.3 35.0 36.0 (31.5) 124.5 Underlying EPS (cents) 17.3 0.1 3.2 8.5 8.7 (7.6) 30.2 Notes: Figures may not add due to rounding. 1. Jun-26 Fee earning AUM excludes Real Estate $1.4bn development pipeline and DGT $0.3bn cash at bank and non-portfolio assets not subject to fees. 2. All earnings figures are FY26 and balance dates are 30-Jun-26, excludes discontinued operations. Given increasing shared resources across funds, HMC will report funds management EBITDA at a group basis from FY27 (AUM and revenue still reported by division)
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31 HMC Capital | FY26 Results Presentation FY25 Earnings by Division $ million (unless otherwise stated) Real Estate Private Equity Credit Energy Digital (AUS)3 Corporate FY25 ex Stratcap (USA)3 Jun-25 AUM (incl. non-fee earning) ($bn) 10.1 0.6 1.9 - 4.6 1.0 18.2 Jun-25 AUM (fee-earning) ($bn)2 8.5 0.3 1.9 - 4.0 - 14.7 Management fee revenue 72.0 3.6 42.0 - 12.4 - 130.0 Transaction and performance fee revenue 7.84 24.7 - - 59.1 - 91.6 Funds management expense (30.2) (2.6) (23.5) - (6.7) (44.3) (107.3) Funds management EBITDA 49.6 25.7 18.5 - 64.8 (44.3) 114.3 Funds management EBITDA margin 62% 91% 44% - 91% n/a 52% Net interest expense - - - - - (7.6) (7.6) Investment / other income 18.9 122.9 - - (20.1) 7.9 129.6 Operating earnings before tax 68.5 148.6 18.5 - 44.7 (44.0) 236.3 Notes: Figures may not add due to rounding. 1. Jun-25 Fee earning AUM excludes Real Estate $1.6bn development pipeline and DGT $0.6bn cash at bank and non-portfolio assets not subject to fees. 2. All earnings figures are FY25 and balance dates are 30-Jun-25. 3. Re-presented to exclude Stratcap. 4. Includes $1.7m performance fee.
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32 HMC Capital | FY26 Results Presentation Assets Under Management ($bn) Jun-25 Discontinued (Stratcap USA) & HMCCP Net Equity Flows1 Revaluations & Other2 Jun-26 Real Estate 3 10.1 - +0.2 +0.1 10.4 Private Equity 0.6 (0.6) - - - Private Credit 1.9 - +0.2 +0.2 2.3 Digital Infrastructure 5.3 (0.7) - (0.2) 4.4 Energy Transition 1.0 - - +0.5 1.5 Group 18.9 (1.3) +0.4 +0.6 18.6 AUM ($bn)1 Notes: 1. Net Equity Flows include equity contributions, capital raised, other increases in available capital (DRP) less redemptions. 2. Other includes realised and unrealised gains (losses) on portfolio investments, distributions, and impact of FX. Private Credit includes undrawn loan balances which incurs management fees (included in AUM). 3. Real Estate AUM includes development pipeline ($1.6bn as at Jun-25, reducing to $1.4bn as at Jun-26). Digital AUM includes cash which is excluded from fee earning AUM. Jun-26 cash $0.3bn, Jun-25 cash $0.6bn.
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33 HMC Capital | FY26 Results Presentation Additional financial information Earnings reconciliation – statutory to adjusted operating earnings before tax $ million FY26 Statutory Energy Transition Associate profit to FFO HMC-CP Other non- operating DGT Asset Mgmt. Fee Net interest expense FY26 ex Stratcap Notes 1 2 3 4 5 6 Revenue 181.9 35.0 - - - (16.4) - 200.5 - Other income Share of loss of associates (50.8) - 83.2 - - - - 32.4 Investment income – assets held for sale 80.8 65.1 - - - - - 145.9 Interest income 5.3 - - (4.2) - - (1.1) - Dividend income 15.2 - - (12.5) - - - 2.7 Change in assets/liabilities at fair value through P&L (133.3) - - 66.9 - - - (66.4) Expenses Employee benefits expenses (87.7) - - - - 16.4 - (71.3) Corporate expenses (44.9) - - 2.4 1.8 - - (40.7) Acquisition and transaction costs (12.5) - - 12.5 - - - Finance costs (30.2) 5.3 0.9 - 1.1 (22.9) Profit/(loss) before tax from continuing operations (76.2) 100.1 83.2 57.9 14.2 - - 180.2 Notes: 1. Energy: transaction fee of $35.0m charged prior to Illuma pre-sell down and eliminated on consolidation; $65.1m adjustment for deferred tax on fair value gains, restructure reserves, and non-controlling interest. 2. Associates: add back share of loss from associates +$50.8m and add distributions from associates +$32.4m. 3. HMC-CP: removes consolidated fund balances from the statutory totals, to reflect HMC share of the fund’s results. Total adjustment reflects non-controlling interest share. 4. Other: includes depreciation on equipment, amortisation of borrowing costs, transaction costs. 5. DGT: Asset Management Fee is a 100% cost pass through and hence that revenue and corresponding employee expenses are reduced by equal amounts. 6. Net interest expense: interest income is netted against financing expense. $ million FY25 FY26 265.2 (111.6) -controlling interest (HMCCP) (117.9) 62.5 44.4 84.0 1.3 0.9 1 17.0 34.1 - 35.0 - 74.7 - (14.0) 1.9 1.8 - 32.0 12.7 (32.6) 224.6 166.8 (12.7) 32.6 211.9 199.4
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34 HMC Capital | FY26 Results Presentation Additional financial information Operating cashflow reconciliation $ million FY26 Operating cashflow (group – including discontinued) (22.6) HMC-CP performance fee (prior FY25 period) 22.3 HMC-CP other operating cashflows 4.7 Operating cashflow – HMC (including discontinued) 4.4 Investment income – accrual basis (including discontinued) 115.6 HMC-CP performance fee (received in FY26 for FY25 year) (22.3) Income tax paid (relating to prior FY period) 18.4 Movement in working capital (HMC only) 50.7 Operating earnings before tax 166.8
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35 HMC Capital | FY26 Results Presentation Additional financial information Investment summary Jun-26 book value Shares Jun-26 book value Jun-26 NTA FY26A income $m m $ per share $ per share $m Co-investments HomeCo Daily Needs REIT (HDN) 341.7 219.0 1.56 1.56 18.8 DigiCo Infrastructure REIT (DGT) 460.3 115.6 3.98 3.48 13.6 Healthcare & Wellness REIT (HCW) 164.6 124.9 1.32 1.35 - Digital Infrastructure REIT (DIR) 21.8 1.1 Total Co-investments 988.4 33.5 Principal investments Illuma Energy 211.0 145.9 Listed investments Camden (NSW) land 149.6 (66.5) 14.5 - Other 7.2 2.7 Total Principal Investments 382.3 82.1 Total 1,370.7 115.6 Reconciliation to balance sheet: Reconciliation to earnings summary: Intangible assets 360.8 Discontinued operations (1.1) Other assets 147.9 Total 1,879.4 Total 114.5
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36 HMC Capital | FY26 Results Presentation Further Information Investors and Analysts Media Renee Jacob HMC Capital Head of Investor Relations +61 407 328 092 renee.jacob@hmccapital.com.au Authorised for release by the Board of HMC Capital Limited Level 31, 1 Macquarie Place, Sydney NSW 2000 Jim Kelly Corporate Communications +61 412 549 083 jim.kelly@sodali.com
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37 HMC Capital | FY26 Results Presentation Glossary Term Meaning BESS Battery Energy Storage Systems CHI1 DGT Chicago data centre asset CISA Capacity Investment Scheme Agreement Co-Investments Non-controlling (jointly) investments into HMC managed funds (HDN, HCW, DGT) CRE Commercial Real Estate DGT DigiCo Infrastructure REIT (ASX: DGT) ECL Expected Credit Loss FID Final Investment Decision HARP HMC Australia Retail Partnership HDN HomeCo ASX-listed REIT (ASX: HDN) HCW HealthCo ASX-listed REIT (ASX: HCW) Term Meaning HMCCP HMC Capital Partners private equity fund HUG HMC Unlisted Grocery Fund LML Last Mile Logistics fund NEM National Electricity Market OCR Official Cash Rate Operating Earnings (before-tax) Underlying earnings (before-tax) Add: Fair value movements on Principal Investments (e.g Illuma and private equity listed investments) and attributable financing costs on those unrealised Principal Investments Principal Investments Non Co-Investments undertaken by HMC (Illuma, private equity listed investments) SMA Separately Managed Account SYD1 DGT Sydney 1 data centre Underlying Earnings (Before-Tax) Funds management EBITDA Add: Investment distributions Add: Realised gains / (losses) on Principal Investments net of attributable financing costs on those realised Principal Investments
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38 HMC Capital | FY26 Results Presentation Disclaimer This presentation (Presentation) has been prepared by HMC Capital Limited (ACN 138 990 593) (“HMC Capital”) Summary information This Presentation contains summary information about the current activities of HMC Capital and its subsidiaries as at the dat e of this Presentation. The information in this Presentation is of a general nature, is not investment or financial product advice, does not purport to be complete and is not intended to be used as the basis for makin g an investment decision. This Presentation is not, and does not, constitute an offer to sell or the solicitation, invitation, recommendation to purchase any securities, and neither this Presentation nor anything c ontained herein shall form the basis of any contract or commitment. This Presentation does not purport to contain all the information that an investor should consider when making an investment decision nor does it co ntain all the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act 2001 ( Cth). Please note that, in providing this Presentation, HMC Capital has not considered the investment objectives, financial circumstances or particular needs of any particular recipient. This Presentation is subject to change without notice and HMC Capital may in its absolute discretion, but without being und er any obligation to do so, update or supplement the information in this Presentation. Certain market and industry data used in connection with this Pres entation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither HMC Capital nor its respective representatives have independentl y verified any such market or industry data provided by third parties or industry or general publications. The information in this presentation should be read in conjunction with HMC Capital’s other periodic and contin uous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. To the maximum extent permitted by law, HMC Capital and its respective subsidiaries, affilia tes, related bodies corporate, directors, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, reliability, reasonableness or completeness of the information in this Presentation and disclaim all responsibility and liability for the information (including without limitation, liability for negligence). Past Performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance or reasonableness of any forward looking statements, forecast financial information or other forecast. Actual results could differ materially from those referred to i n the Presentation. Forward Looking Statements This Presentation contains certain “forward looking statements”. Forward looking statements can generally be identified by th e use of forward looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” “outlook”, “guidance”, “con tinue” and other similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of HMC Capital. The forward looking statements contained in this Presentation are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of HMC Capital, and may inv olve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Neither HMC Capital, nor any other person, gives any representation, assurance or gua rantee that the occurrence of the events expressed or implied in any forward -looking statements in this presentation will actually occur. There can be no assurance that actual outcomes will not differ materially from these forward looking statements. A number of important factors could cause actual results or performance to differ materially from the forward looking statements. The forward looking statements are based on information available to HMC Capital as at the date of this Presentation. To the maximum extent permitted by law, HMC Capital and its directors, officers, partners, employees, advisers, agents and intermedi aries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Except as required by law or regulation (including the ASX Listing Rules), HMC Capital undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financ ial position or performance are also forward looking statements.
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39 HMC Capital | FY26 Results Presentation