Annual financial statement
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ASX ANNOUNCEMENT 27 August 2026 Appendix 4E and FY26 Financial Report In accordance with the Listing Rules of the Australian Securities Exchange (“ASX”), Pacific Current Group Limited (ASX: PAC) encloses for immediate release the following information: 1. Appendix 4E, the Preliminary Final Report for the year ended 30 June 2026; and 2. The Audited Financial Report for the year ended 30 June 2026. -ENDS- Authorised for lodgement by the Board of Pacific Current Group Limited. CONTACT For Investor and Media enquiries Michael Clarke – Managing Director E: info@paccurrent.com T: (+61) 2 9000 1939 ABOUT PACIFIC CURRENT GROUP LIMITED Pacific Current Group Limited is a multi-boutique asset management firm dedicated to providing exceptional value to shareholders, investors, and partners. We apply our strategic resources, including permanent capital, and operational expertise to help our partners excel. As of 27 August 2026, Pacific Current Group Limited has investments in 7 boutique firms globally. Tacoma // Sydney Pacific Current Group Limited (ABN 39 006 708 792) Quay Quarter Tower, Level 3, 50 Bridge Street, Sydney NSW 2000 www.paccurrent.com Tel: +61 2 9000 1939
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The following information is presented in accordance with Listing Rule 4.3A of the ASX. 1. Details of the reporting period and the previous corresponding period Current reporting period - the year ended 30 June 2026 Previous corresponding period - the year ended 30 June 2025 2. Results for announcement to the market Year ended 30 June 2026 30 June 2025 Increase/(Decrease) $’000 $’000 $’000 % 2.1 Revenue from ordinary activities 15,039 41,480 (26,441) (63.74) Underlying earnings before interest, tax and depreciation and amortisation 11,774 24,001 (12,227) (50.94) Net (loss)/profit before tax (17,296) 82,208 (99,504) (121.04) Underlying net profit before tax 15,771 32,423 (16,652) (51.36) 2.2 Net (loss)/profit from ordinary activities after tax attributable to members (1,504) 58,160 (59,664) (102.59) Underlying net profit (from ordinary activities after tax attributable to members) 14,802 26,043 (11,241) (43.16) 2.3 Net (loss)/profit for the period attributable to members (1,504) 58,160 (59,664) (102.59) Underlying net profit for the period attributable to members 14,802 26,043 (11,241) (43.16) Underlying results are unaudited Non-IFRS measures. Refer to the attached Financial Report for details of these calculations. 2.4 Dividends (distributions) Amount per security (cents) Franking % Conduit foreign income per security 2026 Interim 20.00 100 Nil 2026 Final 28.00 17.5 Nil 2.5 Dates for determining entitlements to the 2026 final dividend Record date 4 September 2026 Payment date 8 October 2026 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) ASX LISTING RULES – APPENDIX 4E PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 2
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2.6 Commentary on “Results for Announcement to the Market” A brief explanation of any figures in 2.1 to 2.4 above, necessary to enable the figures to be understood, is contained in the attached Audited Financial Report for the year ended 30 June 2026. 3. A statement of comprehensive income A statement of comprehensive income together with notes to the statement is contained in the attached Audited Financial Report for the year ended 30 June 2026. 4. A statement of financial position A statement of financial position together with notes to the statement is contained in the attached Audited Financial Report for the year ended 30 June 2026. 5. A statement of cash flows A statement of cash flows together with notes to the statement is contained in the attached Audited Financial Report for the year ended 30 June 2026. 6. A statement of changes in equity A statement of changes in equity together with notes to the statement is contained in the attached Audited Financial Report for the year ended 30 June 2026. 7. Details of individual and total dividends or distributions and dividend or distribution payments. Type Record date Payment date Amount per Security (cents) Total Dividend ($) Franked amount per security (%) Conduit foreign income per security 2025 Final 5 September 2025 10 October 2025 28.00 8,443,081 0.00% Nil 2026 Interim 5 March 2026 9 April 2026 20.00 5,959,109 100.00% Nil 48.00 14,402,190 8. Details of any dividend or distribution reinvestment plans On 27 August 2020, the Board approved a Dividend Reinvestment Plan (“DRP”) for the Company. The Company’s DRP will not apply to the FY26 Final dividend. 9. Net tangible assets per security 30 June 2026 30 June 2025 $ $ Net tangible assets per security 13.96 14.75 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) ASX LISTING RULES – APPENDIX 4E PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 3
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10. Details of entities over which control has been gained or lost during the period During the period, control was gained over the following entities: Name of entity Date control gained Nil N/A During the period, control was lost over the following entities: Name of entity Date control lost Nil N/A 11. Details of associates and joint venture entities Ownership % 30 June 2026 30 June 2025 Associates Aether General Partners1 — 25.00 ASOP Profit Share LP 38.77 38.77 Astarte Capital Partners, LLP 44.51 44.51 IFP Group, LLC 24.90 24.90 Northern Lights Alternative Advisors LLP 23.00 23.00 Roc Group 30.01 30.01 Joint ventures Copper Funding, LLC 50.00 50.00 $’000 $’000 Share of profits of associates/joint venture2 1,041 3,787 Notes: 1 On 18 June 2026, the Group sold its investment in Aether General Partners. 2 Further information on the contribution of these entities to the financial performance and financial position of the Group is contained in the attached Financial Report for the year ended 30 June 2026. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) ASX LISTING RULES – APPENDIX 4E PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 4
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12. Any other significant information needed by an investor Further significant information needed by an investor to make an informed assessment of the entity’s financial performance and financial position is contained in the attached Audited Financial Report for the year ended 30 June 2026. 13. For foreign entities, which set of accounting standards is used in compiling the report Not applicable 14. A commentary on the results for the period A commentary, including any significant information needed by an investor to make an informed assessment of the entity’s activities and results, is contained in the attached Audited Financial Report for the year ended 30 June 2026. 15. Audit / Review of Accounts upon which this report is based and qualification of audit / review This Financial Report is based on the attached Annual Financial Report for the year ended 30 June 2026 which includes the Independent Auditor’s Report. The Annual Financial Report for the year ended 30 June 2026 is not subject to a modified opinion, emphasis or other matter paragraph. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) ASX LISTING RULES – APPENDIX 4E PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 5
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Pacific Current Group Limited ABN 39 006 708 792 Financial Report For the year ended 30 June 2026
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Table of Contents Directors’ Report .................................................................................................................................................. 1 Auditor’s Independence Declaration ................................................................................................................... 30 Consolidated Statement of Profit or Loss for the year ended 30 June 2026 ...................................................... 31 Consolidated Statement of Comprehensive Income for the year ended 30 June 2026 .................................... 32 Consolidated Statement of Financial Position as at 30 June 2026 .................................................................... 33 Consolidated Statement of Changes in Equity for the year ended 30 June 2026 .............................................. 34 Consolidated Statement of Cash Flows for the year ended 30 June 2026 ......................................................... 35 Notes to the Financial Statements for the year ended 30 June 2026 ................................................................ 36 Consolidated Entity Disclosure Statement .......................................................................................................... 88 Directors’ Declaration ........................................................................................................................................... 89 Independent Auditor’s Report ............................................................................................................................. 90 Corporate Directory .............................................................................................................................................. 95 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) TABLE OF CONTENTS
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Your Directors submit their Report for the year ended 30 June 2026. DIRECTORS AND OFFICERS The Directors and officers of Pacific Current Group Limited (the “Company”) at the date of this report or at any time during the financial year ended 30 June 2026 were: Name Role Mr. Justin Arter Independent Non-Executive Chairman¹ Mr. Michael Clarke Managing Director² Ms. Joanne Dawson Non-Executive Director Mr. Gilles Guérin Non-Executive Director Resigned - 30 September 2025 Ms. Clare Craven Company Secretary Notes: 1 Mr. Arter was appointed Independent Non-Executive Chairman on 1 July 2025. 2 Mr. Clarke was appointed as Acting Chief Executive Officer (“CEO”) from 1 July 2024 to 12 November 2025 and became Managing Director on 13 November 2025. NAMES, QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES OF CURRENT DIRECTORS Mr. Justin Arter, LLB, BCom (Independent Non-Executive Chairman) Mr. Arter joined the Board on 17 June 2025, in the capacity of Non-Executive Director. He became Independent Non- Executive Chairman on 1 July 2025. Mr. Arter has over 36 years experience employed in the funds management, superannuation and investment banking industry. He retired as CEO of Construction and Building Unions Superannuation Fund (Cbus), a large industry superannuation fund, in May 2023. He has previously held senior roles with BlackRock Inc. including country head for Australia and Head of the Institutional Client Business for the UK, Middle East and Africa. Prior to that, he was the CEO of Victorian Funds Management Corporation Limited. Mr. Arter also spent 19 years in a range of senior positions at Goldman Sachs and JBWere. He has also consulted for a major listed Australian bank. Mr. Arter has not-for-profit and unlisted company Board and Investment Committee expertise across a number of entities and organisations. He is currently a Director of The Myer Family Investments Limited, Geelong Grammar School and Cannatrek Limited. Mr. Arter is a member of the Audit and Risk Committee, Investment Advisory Committee and the Remuneration, Nomination and Governance Committee. Mr. Michael Clarke, B Eng (Hons), MBA (Executive Director and Managing Director) Mr. Clarke joined the Board on 14 February 2024, in the capacity of Non-Executive Director. He became an Executive Director and Acting CEO from 1 July 2024 to 12 November 2025 and became a Managing Director on 13 November 2025. Mr. Clarke has over 30 years’ experience in asset management in both Australia and overseas. He has held various roles including responsibility for managing equity, fixed income and currency portfolios and building asset management businesses. His most recent leadership role was CEO (acting) of Challenger Funds Management, based in Sydney. Prior to that, he was Managing Director of Russell Investments’ institutional business in Australia and New Zealand, Director of Strategy and International at AMP Capital Investors, CEO and CIO at Goldman Sachs JBWere Asset Management, Investment Director at EquitiLink Australia, and Division Director at Macquarie Bank. Mr. Clarke is currently a Director of Perpetual Equity Investment Company Limited (ASX: PIC) from September 2023. Mr. Clarke is a member of the Investment Advisory Committee. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 1
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Ms. Joanne Dawson, B Com, MBA, CA, FAICD (Non-Executive Director) Ms. Dawson joined the Board on 1 July 2024. She has experience in highly regulated, service businesses coupled with a long history of corporate transactions. Her prior roles include senior positions at Deloitte and National Australia Bank, and Chair of EL&C Baillieu Ltd (stockbrokers). She worked with Deloitte in both Australia and the USA in their Financial Services, Assurance and Advisory Division. Ms. Dawson is currently a Non-Executive Director of Centuria Capital Group (ASX: CNI) from November 2023, AMA Group Ltd (ASX: AMA) from June 2024, PetSure (Australia) Pty Ltd. Ms. Dawson was formerly a Non-Executive Director PSC Insurance Group Ltd (delisted) (ASX:PSI) from June 2021 to October 2024. Ms. Dawson is the Chair of the Audit and Risk Committee and the Remuneration, Nomination and Governance Committee. Ms. Clare Craven, BLegS, FGIA, FCG, GAICD (Company Secretary) Ms. Craven has over 20 years’ legal, company secretarial and governance experience gained in various listed and private companies. She has a deep understanding of financial services, wealth management, corporate governance, risk management and compliance. She currently acts as Company Secretary for several of MUFG Corporate Governance Pty Ltd's clients. Ms. Craven previously held various senior leadership roles at Westpac Banking Corporation including Head of Westpac Secretariat, Head of Westpac Subsidiaries and Head of BT Secretariat. Ms. Craven’s previous roles included Company Secretarial Consultant to various public and private companies in the financial services, construction, insurance and health services sector, legal and corporate advisory roles at NRMA Ltd and NRMA Insurance Limited (including Company Secretary), and as an Associate Solicitor in private practice. Ms. Craven is admitted as a Solicitor of the Supreme Court of NSW, holds a Bachelor of Legal Studies and a Graduate Diploma in Applied Corporate Governance. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES The Company is a company limited by shares and is incorporated and domiciled in Australia. Its shares are listed for trading on the Australian Securities Exchange (“ASX”) with the ticker code PAC. The Company and its controlled entities (the “Group”) invest in asset managers, private advisory, placement and investment related firms on a global basis. The primary criteria the Company looks for in these potential investments are high quality people, a robust investment process, competitive performance and strong growth potential. The strategy of the Company is to build shareholder value through identifying, investing, and managing investments in investment management or related firms that exhibit moderate to high sustainable growth while delivering exceptional results to their clients. The Company is agnostic in respect to geography so long as an investment meets the Group’s investment criteria. The Group invests across the life cycle continuum, from start-up opportunities to established but growing businesses. The portfolio is targeted to have a mix of businesses from those with solid earnings to those with dramatic earnings acceleration, albeit from a smaller investment base. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 2
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OPERATING AND FINANCIAL REVIEW REVIEW OF OPERATIONS Investment activities during the year Disposal of investments Victory Park Capital Advisors, LLC (“VPC”) and Victory Park Capital GP Holdco, L.P. (“VPC-Holdco”) On 22 September 2025, the Group sold a portion of its interest — specifically 2.0% equity interest in VPC and 0.8% interest in VPC-Holdco future carried interest entitlements — to CNO Financial Group, Inc (NYSE: CNO) (“CNO”) for a consideration of (excluding transaction costs) USD5,500,000 ($8,115,000). Following the transaction, the Group retained 9.2% equity interest in VPC, 18.6% interest in VPC-Holdco’s future carried interest entitlements and 24.9% carried interest entitlements in VPC-Holdco’s existing funds. On 1 October 2025, the Group received the proceeds of USD5,218,000 ($7,700,000) net of transaction costs. VPC is focused on private debt strategies-direct lending to financial service companies (Specialty Finance) with some investments in private equity. Janus Henderson Group (NYSE: JHG) (“JHG”) In November 2025, the Group sold its equity holdings in JHG. Total proceeds from the sale amounted to USD9,447,000 ($13,939,000). Abacus Global Management, Inc. (NYSE: ABX) (“Abacus”) From January to June 2026, the Group sold a total 900,000 common stock in Abacus. Total proceeds from the sale amounted to USD7,733,000 ($11,411,000). Aether Investment Partners, LLC (“Aether”) and Aether General Partners On 18 June 2026, the Group sold its entire revenue share interest (30% revenue share on existing funds under management from 1 January 2025 to 30 June 2027 and 10% thereafter) in Aether and its 25% equity interests in Aether General Partners for USD1,750,000 ($2,582,000). The sale of Aether General Partners resulted in a loss of $872,000. Collection of Deferred Consideration On 12 May 2026, the Group collected the final installment of USD15,191,000 ($22,415,000) which pertained to the partial sale of the investment in Pennybacker to Goldman Sachs Asset Management’s Petershill program on 9 May 2024. Conclusion of Management Agreement with GQG Partners Inc. (“GQG”) On 17 May 2026, the investment management agreement with an affiliate of GQG, entered into in May 2024, has concluded in accordance with its terms. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 3
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Other Investment Activities Loan Facilities On 21 December 2025, the Group entered into a loan facility agreement with a related party of Roc Group with a maximum commitment amount of $2,000,000. The loan facility bears interest at 10% per annum and will mature on 30 November 2028. The loan facility is secured by the assets of the related party of Roc Group. The drawdown was made on 24 December 2025. On 20 February 2026, the Group entered into a loan facility agreement with Northern Lights Alternative Advisors LLP (“NLAA”) with a maximum commitment of USD2,100,000 ($3,099,000). The loan facility bears interest at 10% per annum and will mature on 31 January 2030 and 31 January 2031. The loan facility is subject to lender approval rights in respect to budgets and distributions. An initial drawdown of USD350,000 ($514,000) was made by NLAA on 24 February 2026. On 24 February 2026, the Group entered into a loan and security agreement with IFP Group, LLC (“IFP”) with a maximum loan facility amount of USD25,100,000 ($37,036,000). The loan facility bears interest of 10% to 11% per annum and will mature on 24 February 2030. The loan facility is secured by the assets of IFP. Total drawdowns made during the year amounted to USD8,186,000 ($12,079,000). Other On 24 June 2026, the Group received a net settlement of GBP595,000 ($1,178,000) from a a legal matter relating to prior years from a third-party in the UK. Changes in fair values and impairment At 30 June 2026, the Company assessed the carrying values of all its investments and recognised the movement in these values through either changes in fair values or impairment. The fair values of VPC and VPC-Holdco decreased by USD11,411,000 ($16,837,000) and USD18,334,000 ($27,052,000), respectively. The reduction in fair value reflects slower fundraising than was assumed in the prior year valuation, which reduced projected cash flows, together with an increase in the discount rate applied to reflect a more challenging fundraising environment for the private credit strategies that are the core focus of VPC. The fair value of Abacus bonds increased by USD7,176,000 ($10,588,000) which included the interest income being recorded as a change in fair value of the bonds. In addition, Abacus common stock fair value increased by USD5,588,000 ($8,245,000) due to an increase in share price during the period. Financing activities during the year Repayment of Debt Facility On 31 October 2025, the Group settled its non-current Senior Secured Debt Facility (“Debt Facility”) with Washington H. Soul Pattinson Company Limited (“WHSP”). Total amount paid of USD42,136,000 ($62,173,000), included the USD820,000 ($1,210,000) repayment premium of equivalent to 2% of the debt and USD316,000 ($466,000) interest expense for the month of October 2025. At the date of repayment, the deposit account with a balance of USD43,507,000 ($64,196,000), where WHSP had security interest was used to settle the Debt Facility. On 3 November 2025, WHSP executed a Deed of Release and Reassignment and Full Release and Termination whereby the Group was released from and has no further rights or obligations under the Debt Facility. Dividend payment On 10 October 2025, the unfranked final dividend determined on 25 August 2025 in respect of the 2025 financial year was paid totalling to $8,443,000. On 9 April 2026, the fully franked interim dividend declared on 24 February 2026 in respect of the 2026 financial year was paid totalling $5,959,000. Refer to Dividend section in this report for further details. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 4
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On-market share buy-back On 15 October 2025, the Company announced its intention to undertake an on-market buy-back of its fully paid ordinary shares as part of its ongoing capital management strategy. The buy-back commenced on 30 October 2025 and is scheduled to conclude on 29 October 2026, unless completed earlier. The Company initially proposed to buy back up to 2,000,000 shares, approximately 6.8% of the shares on issue at that date, funded from existing cash reserves. On 1 June 2026, the Company increased the maximum number of shares to be bought back from 2,000,000 to 2,603,418 shares, approximately 8.6% of the shares on issue immediately prior to the commencement of the buy- back. The Company appointed Morgans Financial Limited and Ord Minnett Limited as the execution-only brokers. As at 30 June 2026, the Company bought back 2,214,211 shares with a total amount of $22,893,000. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 5
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Funds under management (“FUM”) As at 30 June 2026, the FUM of the Group’s investments in asset managers was $26,382,652,000 (2025: $30,017,979,000). Open-end Boutiques Closed-end Boutiques Total FUM as at 30 June 2025 Total FUM as at 30 June 2026 FUM as at 30 June 2025 FUM as at 30 June 2026 FUM as at 30 June 2025 FUM as at 30 June 2026 Continuing Boutiques reporting in USD’000 Astarte Capital Partners, LLP¹ — — 725,121 871,979 725,121 871,979 Global IMC, LLC 1,626,905 1,728,011 — — 1,626,905 1,728,011 Pennybacker Capital Management, LLC 249,383 275,002 4,525,184 4,661,908 4,774,567 4,936,910 Victory Park Capital Advisors, LLC² — — 4,880,968 4,417,429 4,880,968 4,417,429 FUM (USD) - Boutiques reporting in USD’000 1,876,288 2,003,013 10,131,273 9,951,316 12,007,561 11,954,329 FUM (AUD) - Boutiques reporting in USD’000 2,854,894 2,910,380 15,415,391 14,459,272 18,270,285 17,369,652 Boutiques reporting in AUD’000 Roc Partners Capital Pty Ltd — — 9,396,502 9,013,000 9,396,502 9,013,000 Total FUM (AUD) - Continuing Boutiques in AUD’000 2,854,894 2,910,380 24,811,893 23,472,272 27,666,787 26,382,652 Exited Boutique Aether Investment Partners, LLC³ — — 2,351,192 — 2,351,192 — Total FUM (AUD) - Group Boutiques in AUD’000 2,854,894 2,910,380 27,163,085 23,472,272 30,017,979 26,382,652 Total FUM as at 30 June 2025 New Investment/ (Divestment) Net Flows⁴ Other⁵ Foreign Exchange Movement⁶ Total FUM as at 30 June 2026 $’000 $’000 $’000 $’000 $’000 $’000 Continuing Boutiques 27,666,787 — (542,744) 65,012 (806,403) 26,382,652 Exited Boutique 2,351,192 (2,178,617) — — (172,575) — Total 30,017,979 (2,178,617) (542,744) 65,012 (978,978) 26,382,652 Notes: 1 Astarte Capital Partners, LLP (“Astarte”) FUM represents aggregate FUM of funds managed by investment managers in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte. 2 VPC FUM includes its regulatory capital for 30 June 2026, as well as other client FUM where VPC is paid a one-time, upfront fee. 3 The Group’s investment in Aether was sold on 18 June 2026. 4 For Closed-end funds, Net Flows includes additional capital commitments. Distributions to limited partners of Closed-end funds are reflected as reduction in Net Asset Value, which is included in the Other category. 5 Other includes investment performance, market movement and distributions. ⁶ The Australian dollar (“AUD”) strengthened against the USA dollar (“USD”) during the period resulting to an unfavourable foreign exchange movement of USD denominated FUM when converted to AUD. The AUD/USD was 0.6882 as at 30 June 2026 compared to 0.6572 as at 30 June 2025. The Net Flows and Other items are calculated using the average rates. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 6
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The relationship between the boutiques’ FUM and the economic benefits received by the Group can vary dramatically based on factors such as: • the fee structures of each boutique including whether revenue is generated from committed or invested capital; • the Group’s ownership interest in the boutique; and • the specific economic features of each relationship between the Group and the boutique. Accordingly, the Company cautions against simple extrapolation based on FUM trends. Open-end is a term used by the Group to indicate FUM that are not committed for an agreed period and therefore can be redeemed by an investor on relatively short notice. Closed-end is a term used by the Group to denote FUM where the investor has committed capital for a fixed period and redemption of these funds can only eventuate after an agreed time and in some cases at the end of the life of the fund. People The Company employed five full time equivalent employees and one consultant at 30 June 2026 (2025: five) working in its Australian office located in Sydney and USA office located in Tacoma. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 7
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FINANCIAL REVIEW Operating results for the year The Group’s net profit after tax (“Statutory Results”) and earnings per share are prepared in accordance with Australian Accounting Standards. The Group also reports non-International Financial Reporting Standards (“non-IFRS”) financial measures such as “underlying net profit before tax”, “underlying net profit after tax”, “underlying earnings per share”, and “normalised cash flows” which are shown in the subsequent pages of this Report. Underlying net profit after tax (“NPAT”) attributable to members of the Company The Group generated a net loss before tax (“NLBT”) of $17,296,000 for the year ended 30 June 2026 (2025: $82,208,000 net profit before tax (“NPBT”)); a decrease of 121.04%. This result, however, has been significantly impacted by non-cash and infrequent items. Normalising this result for the impact of these non-cash and other normalising adjustments/items results in underlying NPAT to members of the Company of $14,802,000 (2025: $26,043,000), a decrease of 43.16%. 2026 2025 $’000 $’000 Reported (NLBT)/NPBT (17,296) 82,208 Non-cash items - Amortisation of identifiable intangible assets¹ 437 2,622 - Fair value adjustments of financial assets at FVTPL² 30,755 15,229 - Fair value adjustments of financial liabilities at FVTPL — (251) - Impairment of investments and boutique receivables³ 1,128 23,669 - Net (gain) on transfer of lease liabilities/loss on transfer and impairment of right-of-use assets and leasehold improvements — (138) 32,320 41,131 Other normalising adjustments/items - Deal, establishment and litigation costs⁴ 243 2,025 - Interest charges for the early termination of the debt facility⁵ — 2,316 - Loss/(gain) on disposal of investments 872 (97,254) - Net foreign exchange (gain)/loss (368) 1,456 - Severance payments and other one-off payments to employees⁶ — 541 747 (90,916) Unaudited underlying NPBT 15,771 32,423 Income tax expense⁷ (969) (6,380) Unaudited underlying NPAT attributable to the members of the Company 14,802 26,043 Notes: 1 The amortisation of identifiable intangible assets included the amortisation of intangible assets of the associates and joint venture amounting to $437,000 (2025: $2,098,000). The amortisation is recorded as an offset to the share in net profit of the associates. 2 The interest income from Abacus bonds included as part of the fair value adjustments of financial assets at FVTPL (requirements of the accounting standards) amounting to $7,444,000 (2025: $4,380,000) is deducted from the total balance. 3 The impairment of investments in 2025 relates to the investment in Aether. 4 These were costs incurred in relation to the derivative action against several of the Group’s current and former directors, together with deal costs on investment related activities (including acquisitions, disposals and restructure). 5 This consisted of amortised prepayment premium for the early termination of the debt facility and escalation of the amortisation of the transaction costs balance up to the date of the early termination of the debt facility. 6 These were employment costs as a result of the retirement of an employee in 2025. ⁷ The net income tax expense is the reported income tax expense adjusted for the tax effect of the normalisation adjustments. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 8
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Non-IFRS Financial Measures Non-IFRS financial measures are measures that are not defined or specified under IFRS. The Directors believe that non-IFRS measures assist in providing meaningful information about the Group’s performance and periodic comparability. The non-IFRS measures should not be viewed as substitute for the Group’s Statutory Results. The underlying NPAT, normalised cash flow from operations and unaudited underlying earnings per share are forms of non-IFRS financial information per ASIC Regulatory Guide (RG) 230: Disclosing non-IFRS financial information. Non- IFRS financial measures are not subject to review or audit. The criteria for calculating the underlying NPAT attributable to members of the Company are based on the following: • Non-cash items relate to income and expenses that are accounting entries rather than movements in cash; and • Other normalising adjustments/items relate to income and expenses from events that are infrequent in nature including their related costs and foreign exchange impact. (Loss)/earnings per share Set out below is a summary of the (loss)/earnings per share. 2026 2025 Reported net loss after tax/NPAT attributable to the members of the Company ($'000) (1,504) 58,160 Unaudited underlying NPAT attributable to the members of the Company ($’000) 14,802 26,043 Weighted average number of ordinary shares on issue (Number) 29,505,836 46,701,597 Basic (loss)/earnings per share (cents) (5.10) 124.54 Diluted (loss)/earnings per share (cents) (5.10) 124.54 Unaudited underlying earnings per share (cents) 50.17 55.76 Dividends Dividends paid or declared by the Company to members since the end of the previous financial year: Cents per Share Total Amount Franked at 30% Date of Payment $’000 Declared and paid during the financial year: - Final for 2025 on ordinary shares 28.00 8,443 0.00% 10 October 2025 - Interim for 2026 on ordinary shares 20.00 5,959 100.00% 9 April 2026 14,402 Declared after the end of the financial year: - Final for 2026 on ordinary shares 28.00 7,823 17.50% 8 October 2026 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 9
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Cash flows Set out below is a summary of the cash flows for the year ended 30 June 2026. 2026 2025 $’000 $’000 Cash provided by operating activities 12,273 20,214 Cash provided by investing activities 85,042 206,342 Cash (used in) financing activities (98,020) (284,456) Net decrease in cash and cash equivalents (705) (57,900) Operating activities Cash flows from operations have decreased from a net inflow of $20,214,000 for the year ended 30 June 2025 to net inflow of $12,273,000 for the year ended 30 June 2026. This was mainly attributable to the decrease in total receipts (from customers, dividends and distributions and interest received) from $50,024,000 in the prior year to $25,429,000 this year. This was offset by the decrease in the payments to suppliers and employees from $15,769,000 in the prior year to $7,922,000 this year. Investing activities Cash flows from investing activities have decreased from a net inflow of $206,342,000 for the year ended 30 June 2025 to net inflow of $85,042,000 for the year ended 30 June 2026. This was primarily attributable to the proceeds from the maturity of short-term investments of $642,429,000, proceeds from sale of investments of $35,632,000 (Abacus common stock - $11,411,000, Aether - $2,582,000, JHG - $13,939,000, and VPC - $7,700,000), proceeds from collection of deferred consideration of $22,408,000 and release of restricted deposits (other assets) of $63,469,000. This was offset by additions made to short-term deposits of $664,429,000. In the prior year, the investment activities mainly consisted of the proceeds from the maturity of short-term investments of $301,000,000, proceeds from sale of investments of $65,154,000 (Banner Oak - $29,594,000, VPC - $32,389,000 and VPC-Holdco - $3,171,000) and proceeds from collection of deferred consideration of $23,479,000. This was offset by the additions made to short-term deposits and restricted cash of $176,599,000. Financing activities Cash flows from financing activities decreased from a net outflow of $284,456,000 for the year ended 30 June 2025 to net outflow of $98,020,000 for the year ended 30 June 2026. This was mainly attributed to the repayment of the Debt Facility of $60,497,000, on-market share buy-back of $22,893,000 and payment of dividends of $14,402,000. In the prior year, this mainly attributed to the off-market share buy-back of $264,523,000 and payment of dividends of $19,835,000. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 10
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Normalised cash flow from operations The normalised cash flow from operations is presented to reconcile the unaudited underlying NPBT with the cash provided by operating activities. 2026 2025 $’000 $’000 Unaudited underlying NPBT 15,771 32,423 Cash items¹ - Dividends and distributions received 10,864 26,200 - Net interest collected/(paid) 10,154 12,837 21,018 39,037 Non-cash items² - Dividends and distributions income (5,651) (18,472) - Share of profits of associates and joint venture³ (1,478) (5,885) - Net interest (income)/expense⁴ (14,218) (16,171) - Depreciation of plant and equipment and amortisation of right-of-use assets — 99 (21,347) (40,429) Increase/decrease in assets and liabilities⁵ (1,020) (1,140) Unaudited underlying pre-tax cash from operations 14,422 29,891 Other normalising adjustments/items⁶ - Deal, establishment and litigation costs (243) (2,025) - Net foreign exchange loss/(gain) 149 811 - Severance payments and other one-off payments to employees — (541) (94) (1,755) Pre-tax cash from operations 14,328 28,136 Income tax paid (2,055) (7,922) Cash provided by operating activities 12,273 20,214 The main drivers for the decrease in the cash provided by operating activities between the years is primarily the reduced cash flow stemming from boutique earnings offset by the non-recurring costs associated with the prior year Strategic Initiative. Notes: 1 Cash items are added to reflect the actual receipts. 2 Non-cash items are either deducted if income or added if expense to remove the non-cash components in the unaudited underlying NPBT. 3 Share of profits of associates and joint venture exclude the related amortisation of associates and joint venture intangible assets of $437,000 (2025: $2,098,000). 4 The interest income from Abacus bonds of $7,444,000 (2025: $4,380,000) is added whilst the amortisation of the prepayment premium of and escalation of amortisation of transaction costs were deducted in determining the normalised cash flows from operations. In the financial statements, interest income from Abacus bonds is included as part of the fair value adjustments of financial assets at FVTPL (requirements of the accounting standards). The prepayment premium and the transaction costs balance are the result of the early termination of the debt facility. 5 Increase/decrease in assets and liabilities relate to the differences in the beginning and closing balances of operating assets and liabilities. ⁶ Other normalising adjustments/items are included as deductions since these items were excluded in the determination of unaudited underlying NPBT. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 11
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Financial position Set out below is a summary of the financial position at end of financial year. 2026 2025 $’000 $’000 Cash and cash equivalents 37,661 39,893 Short-term deposits 120,000 98,000 Other current assets 1,786 40,081 Current liabilities (2,387) (5,150) 157,060 172,824 Non-current assets 239,235 345,443 Non-current liabilities (6,239) (73,609) Net assets attributable to the members of the Company 390,056 444,658 $ $ Net assets per share at end of financial year 13.96 14.75 The decrease in net assets is attributed mainly to the decline in the fair values of financial assets and on-market share buy-back. Set out below is a summary of the contribution to the net assets of the Group from the Boutique and Corporate Investments: 2026 2025 $’000 $’000 Boutique Investments Aether and Aether General Partners — 2,844 Astarte and ASOP Profit Share LP (“ASOP PSP”) 9,136 9,958 Global IMC, LLC (“Global IMC”) 5,536 8,358 IFP 7,811 8,006 NLAA 581 630 Pennybacker 39,650 42,072 Roc Group 7,858 9,256 VPC and VPC-Holdco 44,516 99,787 Other¹ 15,443 1,040 Corporate Investments Abacus - bonds 76,896 74,351 Abacus - common stock 7,758 10,645 JHG — 12,839 Westpac Banking Corporation (short-term deposits) 120,000 98,000 Zions Bancorporation (deposit account) — 65,449 Other — 200 Book value of Boutique and Corporate Investments 335,185 443,435 Notes: 1 Consisted of loans receivable from Astarte ($945,000), IFP ($11,894,000), NLAA ($499,000) and third party ($2,090,000) and investment in joint venture ($15,000) [2025: loans receivable from Astarte ($1,025,000) and investment in joint venture ($15,000)]. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 12
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MATERIAL BUSINESS RISKS Set out below are the material business risks faced by the Group that are likely to have an impact on the financial prospects of the Group and how the Group manages these risks. Global market risks With a diversified global portfolio, the Group is exposed to a variety of risks related to global capital markets. Specifically, social, political, geographical, and economic factors impact the performance of different capital markets in ways that are difficult to predict. Equity market decline represents a significant risk to the Group because several of its affiliates’ revenues are directly tied to the performance of public equities. Fund manager performance The aggregate FUM of many of the Group's affiliates are highly sensitive to the relative performance (results compared to a market benchmark) of each investment manager as well as the changing demand for specific types of investment strategies. In addition to performance related risks, many boutique partners have high levels of key man risk, making them vulnerable to the sudden departure of critically important investment professionals. Because many investments are made in new or young firms, there is often the risk of firms failing to reach critical mass and become self-sustaining, which can lead them to seek additional capital infusions from the Company or other parties. Regulatory environment The business of the Group operates in a highly regulated environment that is frequently subject to review and regular change of law, regulations and policies. The Group is also exposed to changes in the regulatory conditions under which it and its boutique fund managers operate in Australia, the USA and the United Kingdom (the “UK”). Each member boutique has in-house risk and regulatory experts actively managing and monitoring each member boutique’s regulatory compliance activities. Regulatory risk is also mitigated by the use of industry experts when the need arises. Tax risks The Group operates in multiple geographic regions and is therefore subject to various taxation jurisdictions. In addition, the nature of the Group’s business model and its bespoke approach to tailoring investment structures can often lead to complex and unique tax treatments. The Group continually assesses these tax treatments and as part of this process it obtains advice from its tax advisors to ensure that it is properly complying with the specific jurisdiction’s regulations. Loss of key personnel The Group operates in an industry that requires talent, a wide range of skills and expertise of its people and asset managers. Loss of these key people and asset managers would be detrimental to the continued success of the Group. Climate Australian Sustainability Reporting Standards (“ASRS”) In January 2025, the ASRS were issued, making climate-related financial disclosures mandatory from 1 January 2025, subject to the requirements of Chapter 2M, Paragraph 1707B(1) of the Corporations Act. The Group qualifies as a group 3 entity and has elected to utilise the transition relief in the implementation of sustainability reporting. Accordingly, the sustainability reporting will first apply to the Group for the financial period ending 30 June 2028. The Group is in the process of assessing the impact of this new standard. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 13
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REMUNERATION REPORT (AUDITED) Table of Contents 1. About this Remuneration Report 2. Defined terms used in the Remuneration Report 3. Remuneration philosophy and structure 4. Relationship between the remuneration philosophy and Company performance 5. Key management personnel (“KMP”) 6. Remuneration of Non-Executive Directors 7. Remuneration of Executive KMP 8. Nature and amount of each element of KMP Remuneration in FY2026 9. Share based remuneration 10. KMP shareholdings 11. Shares under option 12. Performance rights 13. Loans to Directors and executives 1. About this Remuneration Report The Remuneration Report has been prepared and audited against the disclosure requirements of the Corporations Act 2001 (the “Act”) and its regulations. The Remuneration Report forms part of the Directors’ Report and outlines the Company’s remuneration framework and remuneration outcomes for the year ended 30 June 2026 for the Company’s KMP. 2. Defined terms used in the Remuneration Report Term Meaning EPS Earnings per share, which is used for the purpose of determining performance against agreed at risk remuneration performance targets. When measuring the growth in EPS to determine the vesting of the at-risk remuneration, EPS is defined as using the statutory net profit after tax attributable to members of the Company or the unaudited underlying net profit after tax attributable to members of the Company, divided by the weighted average number of shares on issue during the year. Fixed Remuneration Generally, fixed remuneration comprises cash salary, superannuation contribution benefits (in Australia - superannuation guarantee contribution and in the USA - partial matching of employee 401k defined contribution), and the remainder as nominated benefits. Fixed remuneration is determined based on the role of the individual employee, including responsibility and job complexity, performance and local market conditions. It is reviewed annually based on individual performance and market data. KMP Key Management Personnel. Those people who have the authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly. LTI Long Term Incentive. It is awarded in the form of share performance rights or options to senior executives and employees for the purpose of retention and to align the interests of employees with shareholders. Option Option. Means an option to acquire a Share. Security Security. Means a Share or Option, an interest in a Share or Option, whether legal or equitable, or a right to acquire or which may convert to a Share or Option. Share Share. Means an ordinary share in the Company. STI Short Term Incentive. The purpose of the STI is to provide financial rewards to senior executives in recognition of performance aligned with business and personal objectives. The STI is a cash-based incentive paid on an annual basis and at the discretion of the Board with reference to agreed outcomes and goals and company performance. Refer to the respective key employment terms of each KMP set out in Section 7 of this Remuneration Report for the eligibility of STI’s by assessing their performance against a set of pre-determined key performance indicators. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 14
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3. Remuneration philosophy and structure Remuneration philosophy The performance of the Group depends significantly upon the quality of its Directors and senior executives. The Group therefore aims to provide market competitive remuneration and rewards to successfully attract, motivate and retain the highest quality individuals. The Group’s remuneration and benefits are structured to reward people for their individual and collective contribution to the Company and wider Group’s success, for demonstrating its values and for creating and enhancing value for the Group’s stakeholders. To this end, the Group embodies the following principles in its remuneration framework: Competitive: Provide competitive rewards to attract high calibre executives. Alignment: Link executive remuneration to Group performance and enhancing shareholder value year on year. At risk: A significant portion of executive remuneration is ‘at risk’ and is dependent upon meeting pre- determined and agreed performance benchmarks. Remuneration committee The Remuneration, Nomination and Governance Committee is a committee of the Board. The objective of this committee is to assist the Board in the establishment of remuneration and incentive policies and practices for, and in discharging the Board’s responsibilities relative to the remuneration setting and review of, the Company’s Non- Executive Directors, Executive Director and other senior executives. The list of responsibilities of the Remuneration, Nomination and Governance Committee is set out in its charter, which is available on the Group’s website at http:// paccurrent.com/shareholders/corporate-governance. Remuneration structure The Group rewards its Executive KMP with a level and mix of remuneration that is relevant to their position, responsibilities and performance during the year, which is aligned with the Company’s strategy, performance and returns to shareholders. Executive KMP’s total remuneration comprises both fixed remuneration and variable remuneration, which includes short-term and long-term incentive opportunities. On recommendation from the Remuneration, Nomination and Governance Committee, the Board establishes the proportion of fixed remuneration and variable remuneration, reviews Executive KMP total remuneration annually, and considers performance, relevant comparative remuneration in the market and advice on policies and practices. Setting a target remuneration mix for Executive KMP is complicated due to the Company operating in different jurisdictions, which have their own target remuneration mix models. Accordingly, the Group has adopted the target remuneration mix that is appropriate for each jurisdiction, including giving consideration to the fact that in Australia, variable remuneration is considered at risk until granted. This is because these amounts are only paid if the KMP is still in the employment of the Group at the date of payment. In the USA, however, variable remuneration is a contractual right subject to performance conditions being met, i.e. once the KMP met the performance conditions to qualify for the variable remuneration, the Group is obligated to pay the amounts regardless of whether the KMP is still in the employment of the Group at the date of payment. As a result, the risks associated with the different jurisdictions are different and the remuneration mix models differ to accommodate this situation. During the financial year, there were no Executive KMP in the USA. Elements of Executive KMP remuneration Fixed remuneration Fixed remuneration consists of base salary, superannuation contribution benefits (in Australia - superannuation guarantee contribution and in the USA – partial matching of employee 401k defined contribution), and the remainder as nominated benefits. The level of fixed remuneration is set to provide a base level of remuneration that is both appropriate to the position and is competitive in the market. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 15
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Variable remuneration STI Plan Under the Group’s STI Plan, Executive KMP other than the Executive Director have the opportunity to earn an annual incentive award, which is paid in cash. The STI Plan links the achievement of the Company’s operational targets with the remuneration received by the Executive KMP charged with meeting those targets. The awarding of an STI cash award is fully at the discretion of the Board on recommendation from the Remuneration, Nomination and Governance Committee. Feature Terms of the Plan How is the STI paid? Any STI award is paid after the assessment of annual performance for the financial year ended 30 June. For any bonus up to $200,000, 100% will be paid within three months of year-end and for any bonus above $200,000, 50% will be paid within three months of year-end and the remaining 50% deferred and paid at the start of the next financial year. In Australia, the deferred component requires the KMP to complete the service period. In the USA, the deferred component is a contractual obligation and the KMP is not required to complete the service period. This arrangement can be varied at the discretion of the Board. How much can each Executive KMP earn? For FY2026, Executive KMP had a target STI opportunity generally of up to 75% of base salary. Each year, on recommendation from the Remuneration, Nomination and Governance Committee, the Board determines the total amount available for the payment of STIs (bonus pool), based on the underlying profit performance of the Group for the year. For FY2026, the total amount available for the payment of STIs to Executive KMP was $120,000 (2025: $505,000). Outcomes and goals The Board, on recommendation from the Remuneration, Nomination and Governance Committee, establishes outcomes and goals which it expects the Executive KMP to achieve, and against which performance is measured. The outcomes and goals are based on Group and business unit financial targets (such as statutory and underlying profit performance), growth and business development targets as well as operational management. The Board creates these goals and outcome expectations in a manner that is designed to increase returns to shareholders in the short and long-term. Refer to Section 7 of this Remuneration Report for details of these goals. The focus of the outcomes and goals is to drive decision making in a manner that increases returns to shareholders in the short and long-term. The Board also considers the general value add to the business and the Company’s stakeholders through areas such as investor relations, deal origination and strategy. How is performance measured? The Board, on recommendation from the Remuneration, Nomination and Governance Committee, assesses the individual performance of each Executive KMP. The Board bases their assessment of the Executive KMP’s performance against the outcomes and goals set out above and other goals and Group and business unit underlying profit performance. What happens if an Executive KMP leaves? If an Executive KMP resigns or is terminated for cause before the end of the financial year, no STI is awarded for that financial year. If the Executive KMP ceases employment during the financial year by reason of redundancy, ill health, death or other circumstances approved by the Board, the Executive KMP will be entitled to a pro-rata cash payment based on the Board’s assessment of the Executive KMP’s performance during the financial year up to the date of ceasing employment. What happens if there is a change of control? In the event of a change of control, a pro-rata cash payment will be made, based on the Remuneration, Nomination and Governance Committee’s recommended assessment of performance during the financial year up to the date of the change of control and approval by the Board. Employee LTI Plan At the 2021 Annual General Meeting (“AGM”) held on 19 November 2021, shareholders re-approved the Employee Share Ownership Plan (the “Employee LTI Plan”) and the issue of securities under the Employee LTI Plan. The Company previously received shareholder approval of the Employee LTI Plan at its AGM held on 30 November 2018. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 16
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A summary of the Employee LTI Plan is set out below: Employee Share Ownership Plan Under the terms of the Employee LTI Plan: (a) employees (including a director of the Company or its subsidiaries, who holds a salaried employment or office in the Company or its subsidiaries, such as the Chief Executive Officer, and any person who has been made an offer to become such an employee) are eligible to participate; (b) eligible participants may acquire Shares in the Company, Options over Shares and rights to, or interests in, such Shares (including directly or by a nominee, or as a beneficiary of a trust established by the Company for participants); and (c) the Directors have broad discretion as to the terms on which eligible participants may acquire securities under the Plan, including as to the number and type of Securities that may be offered, the price payable for the Securities (which may be nil) and how payment for Securities may be made (e.g. by loans from the Company, whether interest-free or limited recourse or otherwise, or by salary sacrifice or sacrifice of cash bonuses). What is the objective of the Employee LTI Plan? The objectives of the Employee LTI Plan are: (a) to motivate and retain the Group’s personnel; (b) to attract quality personnel to the Group; (c) to create commonality of purpose between the Group’s personnel and the Group; and (d) to add wealth for all shareholders of the Company through the motivation of the Group’s personnel. by allowing the Group’s personnel to share the rewards of the success of the Group through the acquisition of, or entitlements to, Securities (as defined in Section 2 of the Remuneration Report). The awarding of an LTI grant is fully discretionary and grants are determined by the Board, based on a recommendation from the Remuneration, Nomination and Governance Committee. How are offers made? The Company may from time to time invite any person to participate in this Employee LTI Plan who is, or has been made an offer to become, an Eligible Person, by offering to the person any Securities for acquisition on such terms as the Board may determine in accordance with this Employee LTI Plan. How are Securities acquired? Securities may be acquired under the Employee LTI Plan by or for the benefit of a person by way of issue of new Shares or Options, purchase of existing Shares or Options (whether on or off market), creation of rights to or interests in Shares or Options, transfer of Securities or otherwise, and on such terms, as the Board may determine. Feature Terms of the Employee LTI Plan PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 17
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What consideration is paid for the Securities? Securities may be offered for acquisition and acquired by or for the benefit of a person under this Employee LTI Plan for no consideration or at such price or for such other consideration to be paid or otherwise provided at such times and on such terms as the Board may determine at or before the time of acquisition of the Securities. For example, the Board may allow any consideration to be provided by way of salary sacrifice or sacrifice of cash bonuses or other equivalent entitlements or in return for a reduction in salary or wages or as part of the person’s remuneration package. Terms of Options The Directors of the Company may also determine the terms of Options which may be acquired under the Employee LTI Plan such as the exercise price, any restrictions as to exercise (e.g. vesting conditions), any restrictions as to the disposal or encumbrance of any Options or underlying shares once acquired, and the expiry date of options. Other terms of Options are as follows: (a) An option holder will be entitled to have the number of Options, the exercise of the Options and/or the number of shares underlying the options varied in the event of a bonus issue, rights offer or reconstruction of the share capital of the Company, in accordance with the ASX Listing Rules. (b) The Company is not required to issue any shares following an exercise of Options unless the Company can be satisfied that an offer of those shares for sale within 12 months after their issue will not need disclosure to investors under part 6D.2 of the Corporations Act 2001. (c) Subject to the Corporations Act 2001 and the ASX Listing Rules, no options may be disposed of (e.g. by sale or transfer) until any vesting conditions have been satisfied, and no Options may be transferred except in circumstances (if any) permitted by the Company. Feature Terms of the Employee LTI Plan PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 18
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4. Relationship between the remuneration philosophy and Company performance The table below sets out summary information about the Company’s earnings and movements in shareholder wealth for the five years to 30 June 2026. The STI and/or LTI awards are paid based on individual and underlying Company performance. The Board, based on a recommendation from the Remuneration, Nomination and Governance Committee, has ultimate discretion in determining the amount of the bonus pool. 2026 2025 2024 2023 2022 Revenue and other income ($) 15,039,178 41,479,555 42,909,457 45,594,048 44,202,495 Statutory net (loss)/profit before tax ($) (17,294,034) 82,207,249 142,275,418 (17,545,221) (48,185,737) Statutory net profit/(loss) after tax ($) (1,502,471) 58,159,538 110,353,416 (14,254,525) (32,766,534) Underlying net profit after tax ($) 14,802,482 26,042,844 32,185,969 26,053,845 27,134,348 Share price at start of year ($) 10.82 11.08 7.41 6.92 5.81 Share price at end of year ($) 11.46 10.82 11.08 7.41 6.92 Interim dividend (cps) 20.00 1 15.00 3 15.00 3 15.00 1 15.00 1 Final dividend (cps) 28.00 ² 28.00 3 23.00 3 23.00 4 23.00 1 (Loss)/earnings per share (cps) (5.10) 124.54 213.43 (30.76) (69.15) Diluted (loss)/earnings per share (cps) (5.10) 124.54 213.43 (30.76) (69.15) Underlying earnings per share (cps) 50.17 55.76 62.40 50.75 53.20 KMP bonuses ($) 80,000 5 202,000 ⁶ 587,664 ⁷ 401,780 ⁷ 1,845,417 ⁷ The Group’s FY2026 business performance is reflected in the outcome of the variable component of Executive KMP’s total remuneration. Details of the remuneration of Executive KMP in FY2026 is set out in Section 8 of this Remuneration Report. Notes: 1 Fully franked dividend at 30% corporate income tax. 2 17.50% franked final dividend at 30% corporate income tax. 3 Unfranked dividend at 30% corporate income tax. 4 67.3% franked final dividend at 30% corporate income tax. 5 Awarded to Mr. Patel from his appointment on 1 December 2025 to 30 June 2026. Mr. Patel was an employee of the Group prior to his appointment as Acting CFO. This was determined by the Board on the recommendation of the Remuneration, Nomination and Governance Committee based on the Company’s performance and the individual’s performance against a set of pre-determined key performance indicators set out by the Board. Refer to Section 8 of this Remuneration Report for details of these amounts. ⁶ Awarded to Mr. Killick. This was determined by the Board on the recommendation of the Remuneration, Nomination and Governance Committee based on the Company’s performance and the individual’s performance against a set of pre-determined key performance indicators set out by the Board. Refer to Section 8 of this Remuneration Report for details of these amounts. ⁷ Awarded to Mr. Greenwood and Mr. Killick. This was determined by the Board on the recommendation of the Remuneration, Nomination and Governance Committee based on the Company’s performance and Mr. Greenwood’s individual performance against a set of pre-determined key performance indicators set out by the Board. On 18 May 2024, the Board determined that following completion of the Externalisation Transaction and his resignation as MD, CEO and CIO, Mr. Greenwood should be paid a pro-rata portion of his STI entitlement. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 19
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5. Key management personnel The following were KMP of the Group at any time during the financial year and until the date of this Remuneration Report and unless otherwise indicated they were KMP for the entire financial year. Name Position Non-Executive Directors Mr. J. Arter Non-Executive Chairman¹ Ms. J. Dawson Non-Executive Director Mr. G. Guérin Non-Executive Director Resigned - 30 September 2025 Executive KMP Mr. M. Clarke Executive Director and Managing Director² Mr. R. Patel Chief Financial Officer (“CFO”)³ Appointed - 1 December 2025 Mr. A. Killick CFO Resigned - 30 November 2025 Notes: 1 Mr. Arter was appointed by the Board as Non-Executive Director on 17 June 2025. On 1 July 2025, Mr. Arter was appointed as Non-Executive Chairman. ² Mr. Clarke was appointed as Acting CEO on 1 July 2024 and became Managing Director on 13 November 2025. 3 Mr. Patel was appointed as Acting CFO on 1 December 2025 and became CFO on 1 April 2026. Prior to his appointment as Acting CFO, Mr. Patel was an employee of the Group in a non-KMP capacity. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 20
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6. Remuneration of Non-Executive Directors Objective The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain Non-Executive Directors of the highest calibre at a cost acceptable to shareholders. Structure In accordance with the ASX Listing Rules, the aggregate remuneration of Non-Executive Directors is determined from time to time by a general meeting of shareholders. An amount not exceeding the amount approved by shareholders is apportioned amongst Directors, as agreed by the Directors, and the manner in which it is apportioned amongst Directors is reviewed annually. The last determination by shareholders of the aggregate remuneration of Non-Executive Directors as Directors of the Company and its subsidiaries was at the AGM held on 20 November 2020, when shareholders approved an increase in the aggregate remuneration pool of $100,000 from $650,000 to $750,000, with effect from 1 July 2021. Non-Executive Directors do not receive performance-based bonuses from the Company, nor do they receive fees that are contingent on performance, shares in return for their services, retirement benefits, other than statutory superannuation or termination benefits. The following is a schedule of Non-Executive Directors’ fees: 2027 $ 2026 $ 2025 $ 2024 $ 2023 $ Chairman 160,000 160,000 200,000 200,000 200,000 Non-Executive Director (per Director) 110,000 110,000 130,000 130,000 130,000 The fees above are inclusive of superannuation contributions. Total fees paid to Non-Executive Directors in FY2026 were $297,500 (FY2025: $464,231). Refer to Section 8 of this Remuneration Report for details of remuneration paid to Non-Executive Directors. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 21
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7. Remuneration of Executive KMP Key terms of employment agreement with Mr. Michael Clarke Title Executive Director and Acting CEO (from 1 July 2024) (part time) Managing Director (from 13 November 2025) (part time) Term of Contract Ongoing, with effect from 1 July 2024 Base Salary $240,000 per annum (inclusive of superannuation) STI Mr. Clarke is not eligible to participate in the Company’s STI Plan. The Key Performance Objectives for FY26 whilst in the CEO/Managing Director role are: • Achievement of EPS growth targets; • Completion of targeted deal opportunities; and • Achievement of strategic plan milestones. LTI Mr. Clarke is eligible to participate in the Company’s LTI Plan. Termination of Employment Under paragraph 7.2 of the Company’s constitution, Mr. Clarke ceases to be, and to hold office as, a Director: (a) in the circumstances prescribed by the Corporations Act; (b) death; (c) becomes of unsound mind or a person who, or whose estate is, liable to be dealt with in any way under the law relating to mental health, when he or she becomes so mentally incapacitated; (d) resigns by notice in writing to the Company, when the resignation is stated to become effective in the notice or, if not so stated, on the date the company receives the notice; or (e) absent (and not represented by an alternate director) from meetings of directors for at least four consecutive months and the directors do not resolve to grant the director leave of absence from those meetings at or before the next meeting of directors after written notice of the absence has been given to the directors by the secretary, at the end of that meeting. Key terms of employment agreement of Mr. Ron Patel Title Acting CFO (from 1 December 2025) CFO (from 1 April 2026) Term of Contract Ongoing, with effect from 1 April 2026. Mr. Patel was an employee of the Group prior to his appointment as Acting CFO on 1 December 2025. Base Salary $240,000 inclusive of superannuation guarantee (from 1 December 2025) $320,000 inclusive of superannuation guarantee (from 1 April 2026) STI Mr. Patel is eligible to participate in the Company’s STI Plan for annual cash bonuses of up to 75% of the annual remuneration subject to satisfying the key performance indicators for the relevant year. The following are the CFO’s KPIs for 2026: • Enhance the quality, content and timeliness of financial reporting; • Simplify and materially reduce the Group's corporate cost base; and • Support the Group's capital management initiatives and balance sheet efficiency. LTI Mr. Patel is eligible to participate in the Company’s LTI Plan. Termination of Employment Under the terms of the contract, the Company may terminate the contract by giving 12 weeks’ notice. Under the terms of the contract, Mr. Patel may terminate the contract by giving six weeks’ notice. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 22
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Key terms of employment agreement of Mr. Ashley Killick (resigned on 30 November 2025) Title Former CFO Term of Contract with effect up to 30 November 2025 Base Salary $505,000 inclusive of superannuation guarantee STI Mr. Killick was eligible to participate in the Company’s STI Plan for annual cash bonuses of up to 100% of the base salary each year subject to satisfying the key performance indicators for the relevant year. The following are the CFO’s KPIs for 2026 prior to resignation: • Achievement of EPS growth targets; • Effectively manage certain corporate costs; and • Improve financial reporting processes, content and timing. LTI Mr. Killick was eligible to participate in the Company’s LTI Plan. Termination of Employment Under the terms of the contract, the Company may terminate the contract by giving 12 weeks’ notice with no termination benefits. Under the terms of the contract, Mr. Killick may terminate the contract by giving 6 weeks’ notice. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 23
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8. Nature and amount of each element of KMP Remuneration in FY2026 Details of the nature and amount of each element of the remuneration of each Director of the Company and each of the KMP of the Company for the financial year and the previous financial year are set out below: Short term Super/ 401k benefits Share based payments Total Perfor- mance related² Salary and fees Cash bonus Other¹ Shares Options/ Perfor- mance rights $ $ $ $ $ $ $ % Non-Executive Directors J. Arter³ 142,404 — — 17,596 — — 160,000 — J. Dawson 98,214 — — 11,786 — — 110,000 — G. Guérin⁴ 27,500 — — — — — 27,500 — Executive KMP M. Clarke⁵ 214,286 — — 25,714 — — 240,000 — R. Patel⁶ 143,929 80,000 — 16,071 — — 240,000 33 % A. Killick7 195,417 — — 15,000 — — 210,417 — Total 2026 821,750 80,000 — 86,167 — — 987,917 8 % Non-Executive Directors J. Arter³ 4,231 — — — — — 4,231 — A. Robinson⁸ 200,000 — — — — — 200,000 — J. Dawson 116,592 — — 13,408 — — 130,000 — G. Guérin 130,000 — 10,000 — — — 140,000 — Executive KMP M. Clarke⁵ 330,068 — — 29,932 — — 360,000 — A. Killick 475,000 202,000 — 30,000 — — 707,000 29 % Total 2025 1,255,891 202,000 10,000 73,340 — — 1,541,231 13 % There were no non-monetary benefits paid to KMP during the current and prior year. Notes: 1 In FY2025, the Board resolved to pay Mr. Guérin an additional amount as the chair of the Investment Committee. 2 This is calculated based on the short-term cash bonus and share based payments as a percentage of total remuneration. 3 Mr. Arter was appointed by the Board as a Non-Executive Director on 17 June 2025. On 1 July 2025, Mr. Arter was appointed Non-Executive Chairman of the Board. 4 Mr. Guérin resigned on 30 September 2025. 5 Mr. Clarke was appointed as Executive Director and Acting CEO from 1 July 2024 to 12 November 2025 and was appointed as Managing Director on 13 November 2025. 6 Mr . Patel was appointed as Acting CFO on 1 December 2025 and was appointed as CFO on 1 April 2026. Prior to his appointment, Mr. Patel was the Head of Finance - Investment Analysis and Valuations of the Group. The remuneration of Mr. Patel disclosed above reflects only the period during which he was a KMP, being 1 December 2025 to 30 June 2026. 7 Mr. Killick resigned on 30 November 2025. ⁸ Mr. Robinson resigned on 30 June 2025. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 24
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The relative proportions of the elements of remuneration of KMP that are linked to performance: Maximum potential of short-term incentive based on fixed remuneration Actual short-term incentive based on fixed remuneration linked to performance Maximum potential of long-term incentive based on fixed remuneration Actual long-term incentive based on fixed remuneration linked to performance 2026 2025 2026 2025 2026 2025 2026 2025 M. Clarke —% —% —% —% n/a n/a n/a n/a R. Patel¹ 75% —% 50% n/a —% n/a —% n/a A. Killick² —% 100% n/a 40% —% —% n/a —% Notes: 1 Mr. Patel was appointed as Acting CFO on 1 December 2025 and was appointed as CFO on 1 April 2026. Prior to his appointment as Acting CFO, Mr. Patel was an employee of the Group in a non-KMP capacity. 2 Mr. Killick resigned on 30 November 2025. 9. Share based remuneration There were no options and performance rights granted during the financial year 2026 and 2025. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 25
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10. KMP shareholdings Details of KMP equity holdings for the financial year and at the date of the Directors’ Report are set out below Opening balance Granted as remuneration Received on vesting of options and performance rights Net change other¹ Balance held nominally 2026 Non-Executive Directors J. Arter — — — 10,000 10,000 J. Dawson 9,717 — — — 9,717 Executive KMP M. Clarke 5,000 — — — 5,000 R. Patel² — — — 7,200 7,200 A. Killick³ 58,407 — — (58,407) — 2025 Non-Executive Directors J. Arter — — — — — A. Robinson⁴ 70,795 — — (70,795) — J. Dawson — — — 9,717 9,717 G. Guérin⁵ — — — — — Executive KMP M. Clarke — — — 5,000 5,000 A. Killick⁶ 99,275 — — (40,868) 58,407 Directors are not required under the constitution or any other Board policy to hold any shares in the Company. Notes: ¹ Net change other included the removal of shareholdings of former Directors and Executive KMP, additions to shareholdings of current KMP, Directors and disposal of shareholdings. ² Mr. Patel was appointed as Acting CFO on 1 December 2025 and was appointed as CFO on 1 April 2026. Prior to his appointment as Acting CFO, Mr. Patel was an employee of the Group in a non-KMP capacity. ³ Mr. Killick resigned as CFO on 30 November 2025 and is no longer a KMP. ⁴ Mr. Robinson resigned as a Director on 30 June 2025 and is no longer a KMP. ⁵ Mr. Guérin resigned as a Director on 30 September 2025 and is no longer a KMP. ⁶ Mr. Killick participated in the off-market share buy-back which was successfully completed on 25 March 2025. 11. Shares under option There were no options on issue during the financial year 2026 and 2025. 12. Performance rights There were no performance rights on issue during the financial year 2026 and 2025. 13. Loans to Directors and executives No loans were made to Directors and executives of the Company including their close family and entities related to them during FY2026. - End of Remuneration Report - PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 26
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DIRECTORS’ MEETINGS This table shows membership of standing Committees of the Board that operated during the year ended 30 June 2026. All Directors may attend standing Board Committee meetings even if they are not a member of the relevant Committee. From time to time the Board may form other committees or request Directors to undertake specific extra duties. The number of meetings of Directors (including meetings of standing committees of Directors) held during the year and the number of meetings attended by each Director were as follows: Meetings of Committees Directors’ Meetings Audit and Risk Committee Investment Advisory Committee Remuneration, Nomination and Governance Committee Total number of meetings held 9 4 5 5 Meetings eligible to attend Meetings attended Meetings eligible to attend Meetings attended Meetings eligible to attend Meetings attended Meetings eligible to attend Meetings attended J. Arter 9 9 4 4 5 5 5 5 M. Clarke 9 9 -¹ 4 5 5 -¹ 5 J. Dawson 9 9 4 4 -¹ 4 5 5 G. Guérin² 3 2 1 1 - - 2 2 Committee membership As at the date of this report, the Company has an Audit and Risk Committee, an Investment Advisory Committee, and a Remuneration, Nomination and Governance Committee. Members acting on the committees of the Board were: Audit and Risk Committee Investment Advisory Committee² Remuneration, Nomination and Governance Committee J. Dawson (Chair) M. Clarke J. Dawson (Chair) J. Arter J. Arter J. Arter Notes: ¹ Mr. Clarke and Ms. Dawson are not members to these committees but were invited to these meetings. ² Mr. Guérin resigned as a Director on 30 September 2025. ³ The Investment Advisory Committee also included an external Chair (Jim Craig) from 1 July 2025. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 27
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INDEMNIFICATION AND INSURANCE OF DIRECTORS, OFFICERS AND AUDITORS The Company has entered into an agreement for the purpose of indemnifying Directors and officers of the Company in certain circumstances against losses and liabilities incurred by the Directors or officers on behalf of the Company. The following liabilities, except for a liability for legal costs, are excluded from the above indemnity: – A liability owed to the Company or related body corporate or another group entity (except, in the case of another group entity, where the indemnified party acted in the best interests of the Company and did not receive a financial benefit); – A liability for pecuniary penalty order under section 1317G or a compensation order under sections 961M, 1317H, 1317 HA, 1317HB, 1317HC or 1317HE of the Corporations Act 2001; – A liability that did not arise out of conduct in good faith; and, – Any other liability against which the Company is precluded by law from indemnifying the Director. The insurance contract prohibits the disclosure of the insurance premium for insuring officers of the Company against a liability which may be incurred in that person’s capacity as an officer of the Company. During or since the end of the financial year the Company has not indemnified or made a relevant agreement to indemnify an auditor of the Company or of any related body corporate against a liability incurred as such an auditor. In addition, the Company has not paid, or agreed to pay, a premium in respect of a contract insuring against a liability incurred by an auditor. CORPORATE GOVERNANCE In recognising the need for the highest standards of corporate behaviour and accountability, the Directors support the principles of corporate governance. The Company’s Corporate Governance Statement is available on the Company’s website at www.paccurrent.com/shareholders/corporate-governance/ . ENVIRONMENTAL REGULATION AND PERFORMANCE The Company’s operations are not presently subject to significant environmental regulation under the law of the Commonwealth and State. AUDITOR INDEPENDENCE The Directors received an independence declaration from the auditors of the Group. A copy of the declaration is set out on page 30. NON-AUDIT SERVICES Ernst & Young, the Company's auditor, and its related network firms did not provide any non-audit services to the Group during the financial year ended 30 June 2026 (2025: nil). The Directors are therefore satisfied that the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001, and that auditor independence was not compromised. Non-audit services totalling $8,317 were provided to certain subsidiaries during the year by firms other than Ernst & Young and its related network firms. Details of all amounts paid or payable to the Group's auditors are set out in Note 23 to the consolidated financial statements. ROUNDING OF AMOUNTS The Group is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors reports) Instrument 2026/183, issued by the Australian Securities and Investments Commission, relating to the “rounding off” of amounts in the Directors’ report. Amounts in this report have been rounded off in accordance with that Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar. LIKELY DEVELOPMENTS The Group will continue to operate in accordance with its investment objectives and strategy as defined in the Nature of Operations and Principal Activities. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 28
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OTHER MATTERS On 17 September 2019, the Company received an originating application in the Federal Court of Australia in Melbourne by Michael Brendan Patrick de Tocqueville and ASI Mutual Pty Limited (collectively “ASI”) seeking leave of the court to commence a derivative action on behalf of the Company against individuals serving as Directors at the time of the 2014 merger between the Company and the Northern Lights Capital Group, LLC for matters arising out of the merger. On 20 February 2020, the Federal Court of Australia granted ASI leave to bring the proceedings. Omni Bridgeway (Fund 5) Australian Invt. Pty Ltd (“Litigation Funder”) had given an undertaking in relation to the proceedings to cover the Company’s costs and any liabilities or adverse cost orders made against the Company in favour of the defendants. The court handed down its opinion on 18 December 2024, finding that the defendant non- executive Directors did not violate their directors’ duties to the Company and assigning costs to the plaintiff, which will be borne by the Litigation Funder. With respect to defendant Andrew McGill, in regards to a single portfolio company acquired in the merger, the court found that he breached his director’s duties to the Company, but subsequently dismissed the claims against Mr. McGill on 18 September 2025 given the reasoning behind the earlier findings against the plaintiff. The court assigned costs concerning the claims against Mr McGill to the plaintiff, which will be borne by the Litigation Funder. On 31 July 2025, the Company received an originating application in the Federal Court of Australia in Melbourne by ASI seeking leave of the Court to commence a derivative action on behalf of the Company to appeal the court’s decision handed down on 18 December 2024. On 29 October 2025, the Federal Court of Australia granted ASI leave to bring that appeal and to appeal the court’s decision handed down on 18 September 2025 regarding Mr. McGill. The Litigation Funder gave a similar undertaking in relation to the appeal to cover the Company’s costs and any liabilities or adverse cost orders made against the Company in favour of the respondents. On 27 November 2025, ASI commenced the appeal on behalf of the Company. The court heard the appeal on 4 and 5 August 2026 and has reserved its judgment. SIGNIFICANT EVENTS SUBSEQUENT TO REPORTING DATE On 27 August 2026, the Directors of the Company determined to pay a final dividend on ordinary shares in respect of the 2026 financial year. The total amount of the dividend is $7,823,000 which represents a 17.50% franked dividend of 28.00 cents per share. The dividend has not been provided for in the 30 June 2026 consolidated financial statements. Post 30 June 2026, the Company received a non-binding indicative proposal from River Capital Pty Ltd ("River Capital") under which the Company would acquire River Capital for approximately $80,000,000, with consideration of approximately 6,300,000 ordinary shares in the Company (subject to adjustment for any dividend or distribution declared or paid after 30 June 2026). The receipt of the River Capital Proposal has reinforced the Board's view that it is an appropriate time to undertake a comprehensive, formal review of the Company's strategic alternatives. On 27 August 2026, the Directors resolved to commence a formal review of the Company's strategic alternatives, including progressing the River Capital proposal, a sale of the Company, or delisting from the ASX followed by an orderly realisation of the Company's holdings. No decision has been made in respect of the River Capital proposal or any other alternative, and there is no certainty any transaction will eventuate. As the review is at a preliminary stage, its financial effect, if any, cannot be reliably estimated, and no adjustments have been made to the financial statements as at 30 June 2026. Other than the matters detailed above, there has been no matter or circumstance, which has arisen since 30 June 2026 that has significantly affected or may significantly affect either the operations or the state of affairs of the Group. Signed in accordance with a resolution of the Directors made pursuant to s.298(2) of the Corporations Act 2001. On behalf of the Directors J. Arter Chairman 27 August 2026 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT 29
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s independence declaration to the directors of Pacific Current Group Limited As lead auditor for the audit of the financial report of Pacific Current Group Limited for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a) No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b) No contraventions of any applicable code of professional conduct in relation to the audit; and c) No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Pacific Current Group Limited and the entities it controlled during the financial year . Ernst & Young Rita Da Silva Partner 27 August 2026 30
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Note 2026 2025 $’000 $’000 Revenue 1 — 4,552 Other income and net gains/(losses) on investments and financial instruments Distributions and dividend income 2 5,651 18,472 Interest income 2 9,388 18,456 Net change in fair values of financial assets and liabilities 2 (23,311) (10,598) (Loss)/gain on sale of investments 2 (872) 97,254 Other income 2 1,178 — (7,966) 123,584 Share of net profits of associates accounted for using the equity method 20 1,041 3,787 Expenses Salaries and employee benefits 3 (1,746) (5,158) Impairment expense 3 (1,128) (23,669) Administration and general expenses 3 (4,883) (11,284) Depreciation and amortisation expense 3 — (623) Interest expense 3 (2,614) (8,981) (10,371) (49,715) (Loss)/profit before income tax expense (17,296) 82,208 Income tax benefit/(expense) 4 15,792 (24,048) (Loss)/profit for the year attributable to members of the Company (1,504) 58,160 (Loss)/earnings per share attributable to the members of the Company (cents per share): - Basic 6 (5.10) 124.54 - Diluted 6 (5.10) 124.54 Dividends paid per share (cents per share) for the year 16 48.00 38.00 The accompanying notes form part of these consolidated financial statements. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2026 31
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Note 2026 2025 $’000 $’000 (Loss)/profit for the year (1,504) 58,160 Other comprehensive income: Items that will not be reclassified subsequently to profit or loss Change in fair value of financial assets, net of income tax 15a(i) (1,789) (1,828) Effect of income tax component of the derecognised financial assets at fair value through other comprehensive income (“FVTOCI") 15a(i) — 65,061 Foreign currency movement of investment revaluation reserve 15a(i) 198 1 (1,591) 63,234 Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations 15a(ii) (14,042) 8,534 Share in foreign currency reserve of an associate, net of income tax 15a(ii) (11) 48 (14,053) 8,582 Other comprehensive (loss)/income for the year (15,644) 71,816 Total comprehensive (loss)/income attributable to members of the Company (17,148) 129,976 The accompanying notes form part of these consolidated financial statements. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2026 32
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Con Note 2026 2025 $’000 $’000 Current assets Cash and cash equivalents 8 37,661 39,893 Short-term deposits 8 120,000 98,000 Trade and other receivables 9 1,244 8,259 Other financial assets 10 — 20,342 Current tax assets 4 — 10,954 Other assets 11 542 526 Total current assets 159,447 177,974 Non-current assets Trade and other receivables 9 — 13 Other financial assets 10 189,778 251,089 Investments in associates and joint venture 20 25,400 28,890 Non-current tax assets 4 24,037 — Other assets 11 20 65,451 Total non-current assets 239,235 345,443 Total assets 398,682 523,417 Current liabilities Trade and other payables 12 1,848 4,609 Provisions 231 193 Current tax liabilities 4 308 348 Total current liabilities 2,387 5,150 Non-current liabilities Provisions 124 78 Financial liabilities 13 — 62,095 Deferred tax liabilities 4 6,115 11,436 Total non-current liabilities 6,239 73,609 Total liabilities 8,626 78,759 Net assets 390,056 444,658 Equity Share capital 14 90,601 113,653 Reserves 15 72,912 88,556 Retained earnings 226,543 242,449 Total equity 390,056 444,658 The accompanying notes form part of these consolidated financial statements. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 33
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Share capital Reserves Retained earnings Total equity $’000 $’000 $’000 $’000 Balance as at 1 July 2025 113,653 88,556 242,449 444,658 Loss for the year — — (1,504) (1,504) Other comprehensive income/(loss): (i) Net movement in investment revaluation reserve net of income tax (Note 15a(i)) — (1,591) — (1,591) (ii) Net movement in foreign currency translation reserve (Note 15a(ii)) — (14,042) — (14,042) (iii) Share in foreign currency reserve of an associate, net of income tax (Note 15a(ii)) — (11) — (11) Total comprehensive (loss)/income for the year — (15,644) (1,504) (17,148) Transactions with members in their capacity as members: (i) On market share buy-back (Note 14) (22,893) — — (22,893) (ii) Transaction costs on share buyback, net of income tax (Note 14) (159) — — (159) (iii) Dividends paid (Note 16) — — (14,402) (14,402) Total transactions with members in their capacity as members (23,052) — (14,402) (37,454) Balance as at 30 June 2026 90,601 72,912 226,543 390,056 Balance as at 1 July 2024 196,757 81,801 320,501 599,059 Profit for the year — — 58,160 58,160 Other comprehensive income: (i) Net movement in investment revaluation reserve net of income tax (Note 15a(i)) — 63,234 — 63,234 (ii) Net movement in foreign currency translation reserve (Note 15a(ii)) — 8,534 — 8,534 (iii) Share in foreign currency reserve of an associate, net of income tax (Note 15a(ii)) — 48 — 48 Total comprehensive income for the year — 71,816 58,160 129,976 Transactions with members in their capacity as members: (i) Off-market share buy-back (Note 14) (83,085) — (181,438) (264,523) (ii) Share issue cost on the shares issued (Note 14) (19) — — (19) (iii) Dividends paid (Note 16) — — (19,835) (19,835) Total transactions with members in their capacity as members (83,104) — (201,273) (284,377) Transfers between reserves (Note 15a(i)) — (65,061) 65,061 — Balance as at 30 June 2025 113,653 88,556 242,449 444,658 The accompanying notes form part of these consolidated financial statements. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026 34
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Note 2026 2025 $’000 $’000 Cash flow from operating activities Receipts from customers 1,232 4,868 Payments to suppliers and employees (7,922) (15,769) Dividends and distributions received 10,864 26,200 Interest received 13,333 18,956 Interest paid (3,179) (6,119) Income tax paid (2,055) (7,922) Net cash provided by operating activities 7 12,273 20,214 Cash flow from investing activities Increase in investment in short-term deposits (664,429) (174,000) Proceeds from maturity of short-term deposits 642,429 301,000 Collections of deferred consideration 22,408 23,479 Loan provided to related and other parties 10a(iii) (14,593) — Proceeds from disposal of other FVTPL investments 10a(i) 35,774 — Proceeds from disposal of investment in associates — 65,154 Additional contributions to financial assets at FVTPL and associates (16) (19) Transaction cost paid on the disposal of Carlisle Management Company, S.C.A. (“Carlisle”) — (517) Repayment of earn-out obligations — (3,819) Cash held by deconsolidated subsidiary — (2,327) Payment for the purchase of plant and equipment — (10) Reductions/(additions) to other assets (restricted deposits) 11a 63,469 (2,599) Net cash provided by investing activities 85,042 206,342 Cash flow from financing activities Repayment of Debt Facility 13a(i) (60,497) — Repayments of principal portion of lease liabilities — (79) Payment from on-market share buy-back 14a(i) (22,893) — Payment from off-market share buy-back — (264,523) Payment of transaction costs on share buy-back and issued shares 14a(i) (228) (19) Dividends paid 16a (14,402) (19,835) Net cash (used in) by financing activities (98,020) (284,456) Net decrease in cash and cash equivalents held (705) (57,900) Cash at beginning of the financial year 39,893 95,537 Foreign exchange difference in cash (1,527) 2,256 Cash at end of financial year 8 37,661 39,893 Non-cash investing and financing activities Investing activities 7 2,721 139,568 Financing activities 7 — 218 The accompanying notes form part of these consolidated financial statements. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2026 35
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Index to the Notes to the Financial Statements A. BASIS OF PREPARATION .................................................................................................................................... 37 B. GROUP RESULTS FOR THE FINANCIAL YEAR ...................................................................................................... 39 1. Revenue ...................................................................................................................................... 39 2. Other income and net gains/(losses) on investments and financial instruments ..................... 40 3. Expenses ..................................................................................................................................... 42 4. Income tax .................................................................................................................................. 43 5. Segment information ................................................................................................................. 47 6. (Loss)/earnings per share ........................................................................................................... 52 7. Notes to consolidated statement of cash flows ......................................................................... 53 C. OPERATING ASSETS AND LIABILITIES ................................................................................................................ 54 8. Cash and cash equivalents and short-term deposits ................................................................. 54 9. Trade and other receivables ....................................................................................................... 55 10. Other financial assets ................................................................................................................. 57 11. Other assets ................................................................................................................................ 62 12. Trade and other payables ........................................................................................................... 63 D. CAPITAL, FINANCING AND FINANCIAL RISK MANAGEMENT ............................................................................. 64 13. Financial liabilities ...................................................................................................................... 64 14. Share capital ............................................................................................................................... 65 15. Reserves ...................................................................................................................................... 66 16. Dividends paid and proposed ..................................................................................................... 67 17. Financial risk management ......................................................................................................... 68 18. Capital commitments, operating lease commitments and contingencies ................................. 74 E. GROUP STRUCTURE ........................................................................................................................................... 75 19. Interests in subsidiaries .............................................................................................................. 75 20. Investment in associates and joint venture ............................................................................... 77 21. Parent entity disclosures ............................................................................................................ 84 22. Related party transactions ......................................................................................................... 85 F. OTHER INFORMATION ....................................................................................................................................... 86 23. Auditors’ remuneration .............................................................................................................. 86 24. Significant events subsequent to reporting date ....................................................................... 86 25. Adoption of new and revised Standards .................................................................................... 87 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 36
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A. BASIS OF PREPARATION This general-purpose financial report for the Company and the Group for the year ended 30 June 2026, was authorised for issue in accordance with a resolution of the Directors on 27 August 2026 and the Directors have the power to amend and reissue this financial report. It has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. Compliance with Australian Accounting Standards ensures that the financial statements and notes of the Group comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”). Consequently, this financial report has been prepared in accordance with and complies with IFRS Accounting Standards as issued by the IASB. All amounts are presented in Australian dollars, unless otherwise stated. The Company is a for-profit entity for financial reporting purposes under the Australian Accounting Standards. The nature of operations, principal activities, and operating and financial review of the Company are disclosed in the Directors’ report. a. Historical cost convention The consolidated financial statements have been prepared on the basis of historical cost, except for certain financial instruments that are measured at fair value at the end of each reporting period, as explained in the relevant accounting policies. Historical cost is generally based on the fair values of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for measurements that have some similarities to fair value but are not fair value, such as value in use in AASB 136 ‘Impairment of Assets’ (“AASB 136”) (Refer to Note 20). b. Material accounting policies The accounting policies adopted in the preparation of this financial report are contained within the notes to which they relate. The accounting policies have been consistently applied to all the years presented, unless otherwise stated. c. Going concern This general-purpose financial report has been prepared on a going concern basis, which assumes that the Group will be able to meet its debts as and when they become due and payable. The Group prepared cash flow forecast analysis using various scenarios including a base-case and a worse-case scenario. Under these scenarios, the Group can continue as a going concern. d. Comparatives The accounting policies adopted by the Group in the preparation and presentation of the financial statements have been consistently applied. Where necessary, comparative information has been reclassified, repositioned, and restated for consistency with current year disclosures. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 37
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e. Critical accounting estimates, judgments, and assumptions The preparation of the consolidated financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements. Management continually evaluates its estimates and judgments in relation to assets, liabilities, contingent liabilities, revenue, and expenses. Management bases its estimates and judgments on historical information and other factors, including expectations of future events that may have an impact on the Group. All estimates, judgments, and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual results may differ from the estimates, judgments, and assumptions. Significant estimates, judgments and assumptions made by management in the preparation of these consolidated financial statements are outlined below: • Income tax, tax basis for USA investments and recovery of deferred tax assets – refer to Note 4c; • Expected credit losses of trade and other receivables – refer to Note 9c; • Valuation of financial assets at fair value and impairment of financial assets at amortised cost – refer to Note 10c and Note 17f; and • Impairment of investments in associates and a joint venture – refer to Note 20d. f. Rounding of amounts The Group is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors reports) Instrument 2026/183, issued by the Australian Securities and Investments Commission, relating to the “rounding off” of amounts in the consolidated financial statements. Amounts in the consolidated financial statements have been rounded off in accordance with that Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 38
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B. GROUP RESULTS FOR THE FINANCIAL YEAR This section provides information regarding the results and performance of the Group during the year, including further details on revenue, other income, and net gains/(losses) on investments and financial instruments, expenses, income tax, segment information, earnings per share and reconciliation of cashflows. 1. Revenue a. Analysis of balances The Group derives its revenue from the transfer of services over time and at a point in time as below: 2026 2025 $’000 $’000 Timing of revenue recognition Over time - Fund management fees — 4,535 - Sundry revenue — 17 Total revenue — 4,552 b. Accounting policies (i) Fund management fees The revenue is recognised over time in the accounting period in which the asset management services are rendered, and the performance obligation is met. The transaction price for fund management fees for each performance obligation is the defined contractual rate of the average assets under management or committed capital for the relevant accounting period. The relevant Investment Management Agreement contains a series of performance obligations relating to the provision of asset management services to the underlying funds and mandates. A performance obligation within the series is identified as the performance of asset management and associated record management for monthly reporting. This performance obligation is repeated monthly for the term of the contract and as such the contract meets the definition of a series of obligations. The performance obligation is satisfied over the month when services have been provided to the client. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 39
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2. Other income and net gains/(losses) on investments and financial instruments a. Analysis of balances 2026 2025 $’000 $’000 Distributions and dividend income: - Financial assets at FVTPL 4,579 17,050 - Financial assets at FVTOCI 1,072 1,422 Total distributions and dividend income 5,651 18,472 Interest income: - Other persons/corporations - Bank deposits 6,157 15,077 - Deferred consideration¹ 2,682 3,284 - Related party 549 95 Total interest income 9,388 18,456 Changes in fair values of financial assets and liabilities: Financial assets through profit or loss: - Investment in Abacus bonds² 10,588 2,555 - Investment in Abacus common stock 8,245 (16,640) - Investment in Aether 817 (2,857) - Investment in Carlisle — 25,877 - Investment in JHG 1,488 1,189 - Investment in Pennybacker (534) (2,654) - Investment in VPC (16,837) (27,236) - Investment in VPC-Holdco (27,052) 8,565 - Other (26) 352 (23,311) (10,849) Financial liabilities through profit or loss: - Earn-out obligations and deferred considerations — 251 Total changes in fair values of financial assets and liabilities through profit or loss (23,311) (10,598) (Loss)/gain on sale of investments: - Investment in Aether General Partners (872) — - Investment in Banner Oak — 8,100 - Investment in VPC3 — 65,922 - Investment in VPC-Holdco⁴ — 23,232 Total (loss)/gain on sale of investments (872) 97,254 Sundry income⁵ 1,178 — Notes: 1 Interest income from deferred consideration pertained to the amount of amortisation for the current year. 2 Comprised of $7,444,000 (2025: $4,380,000) interest income from Abacus bonds and $3,144,000 increase (2025: $1,825,000 decrease) in fair value of the Abacus bonds. 3 The prior year comprised of $33,073,000 gain for the sold interest and $32,849,000 for the fair value of the remaining interest. 4 The prior year comprised of $3,171,000 gain for the sold interest and $20,061,000 for the fair value of the remaining interest. ⁵ On 24 June 2026, the Group received a net settlement from a legal matter relating to prior years from a third-party in the UK. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 40
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b. Accounting policies (i) Distributions and dividend income Distribution and dividend income from investments is recognised when the Group’s right to receive payment has been established and the amount can be reliably measured. (ii) Interest income Interest income is recognised on an accrual basis, taking into account the effective yield of the financial asset. (iii) (Loss)/gain on sale of investments (Loss)/gain on sale of investment is recognised in the period in which the transaction is concluded. The value is determined as the difference between the carrying amount of the asset and liabilities being disposed and the fair value of the consideration received. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 41
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3. Expenses a. Analysis of balances 2026 2025 $’000 $’000 Salaries and employee benefits: 1,746 5,158 Impairment expenses: - Impairment in goodwill in subsidiaries: - Aether — 22,091 - Impairment of financial assets at amortised cost: - Expected credit losses of loans receivable and trade and other receivables (refer to Note 9a(i)) 1,128 1,578 Total impairment expenses 1,128 23,669 Administration and general expenses: - Accounting and audit fees 1,142 1,511 - Deal, establishment and litigation costs 243 2,025 - Directors’ fees 556 834 - Insurance expense 508 606 - Management fee expense 1,361 2,419 - Net foreign exchange (gain)/loss (368) 1,457 - Professional and consulting fees 505 747 - Share registry and regulatory fees 148 212 - Taxes and license fees 92 245 - Travel and accommodation costs 240 200 - Other general expenses 456 1,028 Total administration and general expenses 4,883 11,284 Depreciation and amortisation expense: - Depreciation of plant and equipment — 16 - Amortisation of management rights — 524 - Amortisation of right-of-use assets — 83 Total depreciation and amortisation expense — 623 Interest expense: - Lease liabilities — 10 - Debt facility (refer to Note 13a(ii)) 2,614 8,971 Total interest expenses 2,614 8,981 Total expenses 10,371 49,715 b. Accounting policies (i) Interest expense Interest expense is recognised as it accrues using effective interest method. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 42
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4. Income tax a. Analysis of balances 2026 2025 $’000 $’000 Income tax (benefit)/expense Components of income tax (benefit)/expense: - Current tax 852 11,473 - Deferred tax (9,154) 10,999 - (Over)/under provision in prior years (7,490) 1,576 Total income tax (benefit)/expense recognised in profit or loss (15,792) 24,048 Reconciliation of income tax (benefit)/expense recognised in profit or loss to prima facie income tax: (Loss)/profit before income tax (17,296) 82,208 Prima facie income tax (benefit)/expense at 30% (2025: 30%) (5,189) 24,662 Add/(deduct) the tax effect of: - (Over)/under provision in prior years (7,490) 1,576 - Impact of difference in tax rates in other countries (2,351) (10,440) - USA state income tax (1,909) 2,625 - Tax losses not carried forward 1,344 917 - Franking credits received (244) (990) - Capital loss/(gain) on disposal of investments 18 (214) - Non-assessable income 13 (146) - Non-deductible foreign expenses 10 39 - Effect of income tax component of the derecognised financial assets at FVTPL — 6,002 - Other 6 17 Income tax (benefit)/expense attributable to profit or loss (15,792) 24,048 Net deferred income tax liabilities recognised in income tax expense: - Investments (7,976) 10,722 - Tax losses carried forward (2,410) — - Interest income from deposits in foreign banks 619 (605) - Accruals and provisions 325 (716) - Deductible capital expenditures 300 549 - Deferred consideration — 996 - Other (12) 53 (9,154) 10,999 Deferred income tax related to items charged or credited directly to equity: - Movement of the Group’s investment revaluation reserve (695) (710) - Movement of the Group’s foreign currency revaluation reserve of an associate (5) 21 - Effect of income tax component of the derecognised financial assets at FVTOCI (refer to Note 15a(i)) — 65,061 - Transaction costs from on-market share buy-back (69) — (769) 64,372 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 43
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2026 2025 $’000 $’000 Tax losses not recognised - Unused tax losses for which no deferred tax asset has been recognised 99,115 60,899 - Potential tax benefit at relevant tax rate 26,080 17,686 The unused tax losses pertained to the parent entity in Australia ($26,016,000 revenue and capital losses) and the UK ($73,099,000 capital losses) [2025: parent entity in Australia ($49,215,000 revenue and capital losses) and the UK ($11,684,000 capital losses)]. Current tax assets Income tax receivable¹ — 10,954 Non-current tax assets Income tax receivable¹ 24,037 — Current tax liabilities Provision for income tax² 308 348 Notes: 1 This is the estimated income tax receivable in the USA (2025: USA). The income tax receivable in the current year was reclassified to non-current tax assets since it is expected that the balance will be collected after one year. 2 This is the estimated income tax liability in the UK (2025: UK). Non-current liabilities – net deferred tax liabilities Components of net deferred tax liabilities: Liabilities: - Investments 12,322 14,221 - Dividend receivable — 12 12,322 14,233 Assets: - Net operating loss carried forward (4,500) — - Deductible capital expenditures (1,004) (1,252) - Accruals and provisions (855) (1,201) - Interest income from deposits in foreign banks 227 (388) - Others (75) 44 (6,207) (2,797) Net deferred tax liabilities 6,115 11,436 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 44
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b. Accounting policies The income tax expense/(benefit) for the year comprises current income tax expense/(benefit) and deferred tax expense/(benefit). Current income tax expense charged to the profit or loss is the tax payable on taxable income measured at the amounts expected to be paid to or recovered from the relevant taxation authority. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense/(benefit) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss. Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset or liability, where there is no effect on accounting or taxable profit or loss. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Current tax assets and liabilities are offset where a legally enforceable right of set off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where: (a) a legally enforceable right of set off exists; and (b) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled. c. Key estimates, judgments, and assumptions (i) Income tax The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for income tax. There are a number of transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination may differ from the taxation authorities’ view. The Group recognises the impact of the anticipated tax liabilities based on the Group's current understanding of the tax laws. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made. (ii) Tax basis for USA investments The Group determines its tax obligation in the event of liquidation and/or disposal of its USA investments. This is calculated by determining the tax basis and tax basis adjustments as permitted under the USA Internal Revenue Code. The tax basis adjustments involved an estimation of the additional tax basis specific to the USA investments. The tax calculated at the Group level is also dependent on the notification of allocated taxable income by the USA investments that are deemed as partnerships in the USA. The amount of taxable income allocated from such partnerships to the Group may be subject to judgement and hence be amended in future periods. (iii) Recovery of deferred tax assets Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences. (iv) Tax losses not recognised A deferred tax asset in relation to tax losses is regarded as recoverable and therefore recognised only when, on the basis of available evidence, it can be regarded as probable that there will be suitable taxable profits against which to recover the losses and from which the future reversal of underlying timing differences can be deducted. Deferred tax assets in relation to tax losses in Australia and the UK have not been recognised on the basis that there remains uncertainty regarding the timing and quantum of the generation of taxable profits. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 45
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d. Tax consolidation and status in other jurisdictions (i) Tax status of the Company in Australia The Company and its wholly-owned Australian subsidiaries formed a tax consolidated group for income tax purposes. The Company is the head entity of the tax consolidated group. Members of the tax consolidated group have entered a tax sharing arrangement in order to allocate income tax expense to the wholly-owned entities on a pro-rata basis. Under a tax funding agreement, each member of the tax consolidated group is responsible for funding their share of any tax liability. In addition, the agreement provides for the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. At the balance date, the possibility of default is remote. (ii) Tax status of the Company in the USA The Group’s investments in the USA are generally pass-through vehicles for tax purposes. The tax on earnings will be paid for by the Company as the ultimate entity liable for the tax obligations in the USA. e. Uncertainty over income tax treatments The Group operates in multiple geographic regions and is therefore subject to various taxation jurisdictions. Furthermore, the nature of the Group’s business model and its bespoke approach to tailoring investment structures can often lead to complex and unique tax treatments. The Group continually assesses these tax treatments and as part of this process it obtains advice from its tax advisors to ensure that it is properly complying with the specific jurisdiction’s regulations. These assessments often involve judgement and may be based on a specific set of assumptions. For example, the Group provides for deferred tax liability on the appreciation in the value of its Boutique Investments relating to uncertain tax positions when such liabilities are probable and can be reasonably estimated. In determining a deferred tax liability, at a specific point in time, the most likely circumstances surrounding the realisation need to be assumed. These circumstances, combined with changes to enforcing tax regulations as of realisation date and each jurisdictions respective statute of limitation, may change through time or not occur as previously assumed therefore adding uncertainty to the taxable outcome. The Group assesses whether a tax position is probable to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In determining this, the Group assesses whether there is a greater than 50% likelihood of the tax authority accepting this tax position. If this is less than 50%, the Group records as a tax liability its best estimate of the amount that would be realised upon ultimate settlement of the tax position. The Group continued to analyse the positions held in its major jurisdictions to determine whether or not there are uncertain tax positions that require financial statement recognition. The position on the recognised deferred tax asset of $6,002,000 and recognised deferred tax liability of $65,061,000 from a former investment in the USA was finalised at 30 June 2025. The Group determined that it was no longer considered more likely than not that the net future tax liability would materialise. This resulted in the reversal of the previously recognised deferred tax asset and deferred tax liability at 30 June 2025. The tax calculated at the Group level is dependent on the notification of allocated taxable income by investments in the USA deemed as pass-through vehicles for tax purposes. The amount of taxable income allocated from such partnerships to the Group may be subject to judgement and hence be amended in future periods. In some tax jurisdictions, legislation is announced that when enacted it will apply from the date of announcement. At a specific point in time, there may be tax legislation that has not yet been enacted (and therefore not yet in force) that may subsequently be enacted and thereby affect the taxation treatment at that point in time. Given the uncertainty of this legislation being enacted, the Group has only adopted tax treatments that are in force at the date of these financial statements. Other than the above, the Group’s income taxes provision does not currently include any tax treatments for which there is uncertainty over whether the relevant taxation authority will accept the tax treatment under current taxation laws. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 46
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5. Segment information a. Reportable segments Information reported to the Company’s Board as chief operating decision maker (“CODM”) for the purposes of resource allocation and assessment of performance is focused on the profit/(loss) for the year earned by each segment. The Group has categorised its segment reporting based on the following criteria: - Boutique investments – investments of the Group in unlisted entities; and - Corporate investments – investments of the Group where its equity or debt instruments are traded in a stock exchange or there is a secondary market available on those instruments and short-term deposits. 2026 2025 Investments Segment Category Segment Category Aether Investment Partners, LLC¹ Boutique Boutique Aether General Partners¹ Boutique Boutique Astarte Capital Partners, LLP Boutique Boutique ASOP Profit Share LP Boutique Boutique Banner Oak Capital Partners, LP² - Boutique Carlisle Management Company S.C.A.³ - Boutique Global IMC, LLC (formerly EAM Global Investors, LLC) Boutique Boutique IFP Group, LLC Boutique Boutique Northern Lights Alternative Advisors, LLP Boutique Boutique Pennybacker Capital Management, LLC Boutique Boutique Roc Group Boutique Boutique Victory Park Capital Advisors, LLC Boutique Boutique Victory Park Capital GP Holdco, L.P. Boutique Boutique Abacus Global Management, Inc (shares and bonds) Corporate Corporate Janus Henderson Group Corporate Corporate Westpac Banking Corporation (short-term deposits) Corporate Corporate Zions Bancorporation (deposit account)4 Corporate Corporate Notes: 1 The Group’s interests in Aether and Aether General Partners were sold on 18 June 2026. 2 The Group’s equity interest in Banner Oak was sold on 20 December 2024. 3 The Group’s interest in Carlisle was sold on 19 July 2024 and settled on 2 December 2024. 4 The deposit account was used to settle the Group’s Debt Facility and was closed in November 2025. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 47
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b. Analysis of balances (i) Segment revenues and results The following is an analysis of the Group’s revenues and results by reportable segments. The results reflect the elimination of intragroup transactions including those between the Group and its boutiques. 2026 2025 Boutique investments Corporate investments Central adminis- tration Total Boutique investment s Corporate investmen ts Central adminis- tration Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Revenue — — — — 4,552 — — 4,552 Distributions and dividend income 5,150 501 — 5,651 18,083 389 — 18,472 Interest income 549 2,887 5,952 9,388 95 11,608 6,753 18,456 Net change in fair values of financial assets and liabilities (43,570) 20,259 — (23,311) 2,102 (12,700) — (10,598) (Loss)/gain on sale of investments (872) — — (872) 97,254 — — 97,254 Other income — — 1,178 1,178 — — — — Share of net profits of associates and joint venture 1,041 — — 1,041 3,787 — — 3,787 Expenses Salaries and employee benefits — — (1,746) (1,746) (2,298) — (2,860) (5,158) Impairment expense (1,128) — — (1,128) (23,669) — — (23,669) Administration and general expenses — — (4,883) (4,883) (1,044) — (10,240) (11,284) Depreciation and amortisation expense — — — — (623) — — (623) Interest expense — — (2,614) (2,614) (10) — (8,971) (8,981) Income tax expense/ (benefit) — — 15,792 15,792 — — (24,048) (24,048) Segment (loss)/ profit for the year (38,830) 23,647 13,679 (1,504) 98,229 (703) (39,366) 58,160 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 48
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The following details of segment revenue: 2026 2025 Boutique investments Corporate investments Central administra- tion Total Boutique investments Corporate investments Central administra- tion Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Over time - Fund management fees — — — — 4,535 — — 4,535 - Sundry revenue — — — — 17 — — 17 — — — — 4,552 — — 4,552 (ii) Segment assets and liabilities Segment assets Segment liabilities Segment net assets 2026 2025 2026 2025 2026 2025 $’000 $’000 $’000 $’000 $’000 $’000 Boutique investments 131,028 186,470 9,674 6,482 121,354 179,988 Corporate investments 205,362 265,100 (1) 225 205,363 264,875 336,390 451,570 9,673 6,707 326,717 444,863 Central administration 62,292 71,847 (1,047) 72,052 63,339 (205) Total per consolidated statement of financial position 398,682 523,417 8,626 78,759 390,056 444,658 The total assets and liabilities under central administration consisted of the following: Segment assets Segment liabilities 2026 2025 2026 2025 $’000 $’000 $’000 $’000 Cash and cash equivalents 37,661 39,893 Trade and other payables 1,849 4,610 Trade and other receivables 32 132 Provisions 355 271 Income tax receivable 24,037 10,954 Financial liabilities — 62,095 Other financial assets — 20,342 Provision for income tax 308 348 Other assets 562 526 Net deferred tax (assets)/ liabilities (3,559) 4,728 Total 62,292 71,847 Total (1,047) 72,052 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 49
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(iii) Geographical information Revenues and results: 2026 2025 Boutique investments Corporate investments Central adminis- tration Total Boutique investments Corporate investments Central adminis- tration Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Revenue - USA — — — — 4,535 — — 4,535 - Luxembourg — — — — 17 — — 17 — — — — 4,552 — — 4,552 Distributions and dividend income - USA 5,150 501 — 5,651 15,145 389 — 15,534 - Luxembourg — — — — 2,938 — — 2,938 5,150 501 — 5,651 18,083 389 — 18,472 Interest income - Australia 107 2,160 2,804 5,071 — 9,009 490 9,499 - USA 327 727 3,148 4,202 — 2,599 6,263 8,862 - UK 115 — — 115 95 — — 95 549 2,887 5,952 9,388 95 11,608 6,753 18,456 Net change in fair values of financial assets and liabilities - USA (43,570) 20,259 — (23,311) (23,775) (12,700) — (36,475) - Luxembourg — — — — 25,877 — — 25,877 (43,570) 20,259 — (23,311) 2,102 (12,700) — (10,598) (Loss)/gain on sale of investments - USA (872) — — (872) 97,254 — — 97,254 Sundry income - UK — — 1,178 1,178 — — — — Share of net profits/ (losses) of associates and joint venture - Australia 627 — — 627 1,646 — — 1,646 - USA 168 — — 168 1,887 — — 1,887 - UK 246 — — 246 254 — — 254 1,041 — — 1,041 3,787 — — 3,787 (Loss)/profit after tax - Australia 735 2,160 (4,810) (1,915) 1,646 9,009 (13,947) (3,292) - USA (39,922) 21,487 17,492 (943) 67,402 (9,712) (25,400) 32,290 - UK 357 — 997 1,354 349 — (19) 330 - Luxembourg — — — — 28,832 — — 28,832 (38,830) 23,647 13,679 (1,504) 98,229 (703) (39,366) 58,160 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 50
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Non-current assets excluding financial assets: 2026 2025 Boutique investments Corporate investments Central adminis- tration Total Boutique investments Corporate investments Central adminis- tration Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Investment in associates and joint venture - Australia 7,858 — — 7,858 9,257 — — 9,257 - USA 7,825 — — 7,825 9,045 — — 9,045 - UK 9,717 — — 9,717 10,588 — — 10,588 25,400 — — 25,400 28,890 — — 28,890 Total non-current assets excluding financial assets - Australia 7,858 — — 7,858 9,257 — — 9,257 - USA 7,825 — 24,037 31,862 9,045 — — 9,045 - UK 9,717 — — 9,717 10,588 — — 10,588 25,400 — 24,037 49,437 28,890 — — 28,890 c. Accounting policies The accounting policies of the reportable segments are the same as the Group’s accounting policies. Segment profit represents the profit after tax earned by each segment without allocation of central administration costs. This is the measure reported to the CODM for purposes of resource allocation and assessment of segment performance. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 51
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6. (Loss)/earnings per share The following reflects the income and share data used in the calculations of basic and diluted (loss)/earnings per share: 2026 2025 Basic (loss)/earnings per share: Net (loss)/profit attributable to the members of the Company ($’000) (1,504) 58,160 Weighted average number of ordinary shares for basic (loss)/earnings per share 29,505,836 46,701,597 Basic (loss)/earnings per share (cents) (5.10) 124.54 Diluted (loss)/earnings per share: Net (loss)/profit attributable to the members of the Company ($’000) (1,504) 58,160 Weighted average number of ordinary shares for diluted (loss)/earnings per share 29,505,836 46,701,597 Diluted (loss)/earnings per share (cents) (5.10) 124.54 Reconciliation of loss used in calculating (loss)/earnings per share: Net (loss)/profit attributable to the members of the Company used in the calculation of basic (loss)/earnings per share ($’000) (1,504) 58,160 Net (loss)/profit attributable to the members of the Company used in the calculation of diluted (loss)/earnings per share ($’000) (1,504) 58,160 Reconciliation of weighted average number of ordinary shares in calculating (loss)/ earnings per share: Weighted average number of ordinary shares for basic (loss)/earnings per share 29,505,836 46,701,597 Weighted average number of ordinary shares for diluted (loss)/earnings per share 29,505,836 46,701,597 a. Accounting policies Basic (loss)/earnings per share is calculated as net (loss)/profit attributable to members of the Company, divided by the weighted average number of ordinary shares, adjusted for any bonus element. Diluted (loss)/earnings per share is calculated as net (loss)/profit attributable to members of the Company, including, if any: - the after-tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses/income; - other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares; and, - divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus if any. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 52
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7. Notes to consolidated statement of cash flows a. Analysis of balances (i) Reconciliation of (loss)/profit to net cash inflow from operating activities 2026 2025 $’000 $’000 (Loss)/profit from ordinary activities after income tax (1,504) 58,160 Adjustments and non-cash items: - Changes in fair values of financial assets and liabilities 23,311 10,598 - Interest income from Abacus bonds 6,599 3,059 - Interest income from amortisation of deferred consideration (2,682) (3,284) - Dividends received/receivable from associates and joint venture 2,445 6,770 - Share of net profit from associates and joint venture (1,041) (3,787) - Loss/(gain) on sale of investments 872 (97,254) - Net foreign exchange (gains)/losses (218) 2,269 - Impairment of assets — 22,091 - Depreciation and amortisation expense — 623 - (Gain) on transfer and write-off of right-of-use assets, leasehold improvements and lease liabilities — (196) - Other 593 1,613 Changes in operating assets and liabilities: - Decrease in trade and other receivables 4,067 3,577 - (Increase)/decrease in other assets (35) 47 - Increase in net current and non-current taxes (13,801) (347) - Decrease in trade and other payables (2,371) (147) - (Increase)/decrease in deferred taxes (4,046) 16,473 - Increase/(decrease) in provisions 84 (51) Cash flows provided by operating activities 12,273 20,214 (ii) Non-cash investing and financing activities Investing activities: - Recognition of additional investment (2025: new investment) in Abacus bonds 1,999 76,030 - Recognition of additional investment (2025: new investment) in Abacus common stock 722 27,453 - Recognition of new interest in Aether — 4,706 - Recognition of investment in JHG — 11,853 - Recognition of VPC earn-out consideration — 19,526 2,721 139,568 Financing activities: - Derecognition of lease liabilities — 218 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 53
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C. OPERATING ASSETS AND LIABILITIES This section provides information regarding the operating assets and liabilities of the Group as at end of the year, including further details on cash and cash equivalents, trade and other receivables, other financial assets, other assets and trade and other payables. 8. Cash and cash equivalents and short-term deposits a. Analysis of balances 2026 2025 $’000 $’000 Cash and cash equivalents Cash at bank 37,661 39,893 Short-term deposits Term deposits¹ 120,000 98,000 b. Accounting policies Cash and cash equivalents consist of cash at bank and in hand and short-term deposits with an original maturity of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. For the purposes of the consolidated statement of cash flows, cash consist of cash and cash equivalents. For short-term deposits with an original maturity of more than three months but less than one year are classified as short-term deposits. Notes: 1 The term deposits will mature on 13 July 2026, 11 September 2026 and 6 October 2026 with interest rates of 4.45%, 4.60% and 4.74% per annum, respectively (2025: 11 July 2025 with interest rates of 3.40% and 4.25% per annum). PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 54
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9. Trade and other receivables a. Analysis of balances 2026 2025 $’000 $’000 Current Trade receivables 13 53 Dividend receivable 3,102 6,075 Sundry receivables 729 3,690 3,844 9,818 Loss allowance for expected credit losses (2,600) (1,559) 1,244 8,259 Non-current Trade receivables — 13 (i) Impairment The loss allowance for trade and other receivables as at 30 June 2026 was determined as follows: Current Past due 31- 60 days Past due 61- 90 days Past due over 90 days Past due with full loss allowance¹ Total 2026 Expected loss rate 0.05% 0.05% 2.56% 5.26% 100% Gross carrying amount ($'000) 1,177 — — 72 2,595 3,844 Loss allowance ($'000) 1 — — 4 2,595 2,600 2025 Expected loss rate 0.05% 0.05% 2.56% 5.26% 100% Gross carrying amount ($) 6,533 683 1,090 2 1,523 9,831 Loss allowance ($) 3 — 33 — 1,523 1,559 Movement of the loss allowance for expected credit losses: 2026 2025 $’000 $’000 Opening balance 1,559 6 Additions¹ 1,128 1,578 Effect of foreign currency differences (87) (25) Closing balance 2,600 1,559 Notes: 1 At 30 June 2026, certain long outstanding balances of dividend receivable that were over 90 days past due were credit impaired . The Group determined that the collections of these outstanding balances were considered low. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 55
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b. Accounting policies Trade and other receivables, which are generally on 30 days to 90 days terms, are recognised at fair value and subsequently valued at amortised cost, less any allowance for uncollectible amounts. Cash flows relating to short term receivables are not discounted as any discount would be immaterial. To measure the expected credit losses, trade receivables, dividend receivable and sundry receivables have been grouped based on shared credit risk characteristics and the days past due. The Group has therefore concluded that the expected loss rates for trade receivables and other receivables are a reasonable approximation of the loss rates for the contract assets. In determining the expected loss rates, the Group reviewed the collection history, anticipated collection trend for the year and the credit worthiness of its counterparties. The Group’s counterparties are institutional clients with high credit ratings with no known history of default. Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there are no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 90 days past due. c. Key estimates, judgments, and assumptions Impairment of trade and other receivables The Group applied the AASB 9 ‘Financial Instruments’ (“AASB 9”) simplified approach to measuring expected credit losses which uses an expected loss allowance for all trade and other receivables. The loss allowance was determined on the days past due and the credit risk characteristics of the balances. The Group undertook a review of its trade, dividends and sundry receivables and the expected credit losses for each. The expected loss rates are then based on the payment profiles over a period of 36 months before 30 June 2026 and the corresponding historical credit losses experienced within this period. The historical loss rates are then adjusted to reflect current and forward-looking information on various factors affecting the ability of the counterparties to settle the receivables including the review of their financial statements. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 56
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10. Other financial assets a. Analysis of the balances Type of 2026 2025 Instrument $’000 $’000 Current Financial assets at amortised cost: - Deferred consideration (Refer to Note 10a(ii)) Debt — 20,342 Non-current Financial assets at amortised cost: - Loans receivable from Astarte Debt 945 1,025 - Loans receivable from IFP (Refer to Note 10a(iii)) Debt 11,894 — - Loans receivable from NLAA (Refer to Note 10a(iii)) Debt 499 — - Loans receivable from a related party of Roc Group (Refer to Note 10a(iii)) Debt 2,090 — 15,428 1,025 Loss allowance for expected credit losses (6) (7) 15,422 1,018 Financial assets at FVTPL: - Investment in Abacus - bonds Debt 76,896 74,351 - Investment in Abacus - common stock Equity 7,758 10,645 - Investment in Aether (Refer to Note 10a(i)) Equity — 1,820 - Investment in JHG (Refer to Note 10a(i)) Equity — 12,839 - Investment in Pennybacker Equity 39,650 42,072 - Investment in VPC Equity 23,080 44,769 - Investment in VPC-Holdco Equity 21,222 50,119 - Earn-out consideration - VPC1 Equity — 4,702 - Other Equity 214 396 168,820 241,713 Financial assets at FVTOCI: - Investment in Global IMC Equity 5,536 8,358 189,778 251,089 Notes: 1 This pertained to certain VPC gross revenue milestones measured in calendar years 2025 and 2026 which had a $nil fair value at 30 June 2026. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 57
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(i) Disposals of investments VPC and VPC-Holdco On 22 September 2025 , the Group sold a portion of its interest — specifically 2.0% equity interest in VPC and 0.8% interest in VPC-Holdco future carried interest entitlements — to CNO for a consideration of (excluding transaction costs) of $8,115,000 (USD5,500,000). Following the transaction, the Group retained 9.2% equity interest in VPC, 18.6% interest in VPC-Holdco’s future carried interest entitlements and 24.9% carried interest entitlements in VPC-Holdco’s existing funds. On 1 October 2025, the Group received the proceeds from the partial sale of VPC and VPC-Holdco future carried interest entitlements of $7,700,000 (USD5,218,000) net of transaction costs. JHG In November 2025, the Group sold its equity holdings in JHG. Total proceeds from the sale amounted to $13,939,000 (USD9,447,000). Abacus From January 2026 to June 2026, the Group sold a total 900,000 common stock in Abacus. Total proceeds from the sale amounted to $11,411,000 (USD7,733,000). Aether On 18 June 2026, the Group sold its entire revenue share interest (30% revenue share on existing funds under management from 1 January 2025 to 30 June 2027 and 10% thereafter) in Aether and its 25% equity interests in Aether General Partners for $2,582,000 (USD1,750,000). (ii) Collection of deferred consideration On 12 May 2026, the Group collected the final installment of $22,415,000 (USD15,191,000) which pertained to the partial sale of the investment in Pennybacker to Goldman Sachs Asset Management’s Petershill program on 9 May 2024. (iii) Loan facilities On 21 December 2025, the Group entered into a loan facility agreement with a related party of Roc Group with a maximum commitment amount of $2,000,000. The loan facility bears interest at 10% per annum and will mature on 30 November 2028. The loan facility is secured by the asset of the related party of Roc Group. The drawdown was made on 24 December 2025. On 20 February 2026, the Group entered into a loan facility agreement with NLAA with a maximum commitment of $3,099,000 (USD2,100,000). The loan facility bears interest at 10% per annum and will mature on 31 January 2030 and 31 January 2031. The loan facility is subject to lender approval rights in respect to budgets and distributions. An initial drawdown of $514,000 (USD350,000) was made by NLAA on 24 February 2026. On 24 February 2026, the Group entered into a loan and security agreement with IFP with a maximum loan facility amount of $37,036,000 (USD25,100,000). The loan facility bears interest of 10% to 11% per annum and will mature on 24 February 2030. The loan facility is secured by the assets of IFP. Total drawdowns made during the year amounted to $12,079,000 (USD8,186,000). PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 58
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(iv) Impairment of other financial assets at amortised cost Movement of the loss allowance for expected credit losses: 2026 2025 $’000 $’000 Opening balance 7 7 Foreign currency movement (1) — Closing balance 6 7 (v) Movement of financial assets at amortised cost Opening balance Additions and interest accrued Collections Reclassi- fications Effect of foreign currency differences Closing balance $’000 $’000 $’000 $’000 $’000 $’000 2026 Current 20,342 2,682 (22,408) — (616) — Non-current 1,025 15,194 (512) — (279) 15,428 21,367 17,876 (22,920) — (895) 15,428 2025 Current 22,788 549 (23,479) 20,114 370 20,342 Non-current 17,799 2,830 (95) (20,114) 605 1,025 40,587 3,379 (23,574) — 975 21,367 (vi) Movement of financial assets at FVTPL Opening balance Additions Collections/ disposals Change in fair value Effect of foreign currency differences Closing balance $’000 $’000 $’000 $’000 $’000 $’000 2026 Non-current 241,713 2,720 (42,373) (23,311) (9,929) 168,820 2025 Non-current 121,684 239,883 (108,874) (10,849) (131) 241,713 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 59
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(vii) Movement of financial assets at FVTOCI Opening balance Change in fair value Effect of foreign currency differences Closing balance $’000 $’000 $’000 $’000 2026 Non-current 8,358 (2,484) (338) 5,536 2025 Non-current 10,704 (2,538) 192 8,358 b. Accounting policies Financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. (i) Classification The Group classifies its financial assets in the following measurement categories: - those to be measured at amortised cost; and - those to be measured subsequently at fair value, either through profit or loss or through other comprehensive income. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or in other comprehensive income. For investments in equity instruments that are not held for trading, this will depend on whether the Group had made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. The Group reclassifies debt instruments when and only when its business model for managing those assets changes. (ii) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. (ii.a) Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are two measurement categories into which the Group classifies its debt instruments: (ii.a.1) At amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 60
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(ii.a.2) FVTPL Assets that do not meet the criteria for amortised cost or FVTOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. (ii.b) Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as dividend income when the Group’s right to receive payments is established. Changes in the fair value of FVTPL instruments are recognised in other gains/(losses) in the statement of profit or loss as applicable. (iii) Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. For equity instruments at fair value through other comprehensive income, the cumulative change in fair value is transferred from investment revaluation reserve to retained earnings. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it is recognised in profit or loss. c. Key estimates, judgments, and assumptions (i) Valuation of financial assets at fair value The Group exercises significant judgement in areas that are highly subjective. The valuation of financial assets and the assessment of carrying values require that a detailed assessment be undertaken which reflects assumptions on markets, manager performance and expected growth to project future cash flows that are discounted at a rate that imputes relative risk and cost of capital considerations. Refer to Note 17f for the fair value disclosures. (ii) Impairment of financial assets at amortised cost The loss allowances for financial assets at amortised cost are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation based on the Group’s past history, existing market conditions and forward-looking estimates at the end of each reporting period. The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 61
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11. Other assets a. Analysis of balances 2026 2025 $’000 $’000 Current Prepayments 542 526 Non-current Restricted deposits (refer to Note 13a(i))1 — 65,449 Other assets 20 2 20 65,451 Notes: 1 Pertained to the Deposit Account Security Agreement between the Company and WHSP granting WHSP security interest to the $65,449,000 (USD43,014,000) deposit account of the Company in a financial institution in the USA. On 31 October 2025, the deposit account with a balance of $64,196,000 (USD43,507,000) was used to repay the Debt Facility with WHSP (refer to Note 13a(i) for details). PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 62
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12. Trade and other payables a. Analysis of balances 2026 2025 $’000 $’000 Current Trade payables 615 468 Accrued expenses 988 3,289 Other payables 245 852 1,848 4,609 b. Accounting policies Trade and other payables are carried at amortised cost and given their short-term nature; they are not discounted. They represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of the goods and services. The amounts are unsecured and are usually paid within 30 days of recognition. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 63
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D. CAPITAL, FINANCING AND FINANCIAL RISK MANAGEMENT This section provides information regarding the capital, financing, and financial risk management of the Group during the year, including further details on financial liabilities, share capital, reserves, dividends paid and proposed, financial risk management and capital commitments, short-term operating lease commitments and contingencies. 13. Financial liabilities a. Analysis of balances 2026 2025 $’000 $’000 Non-current Financial liabilities at amortised cost: - Senior Secured Debt Facility — 62,095 (i) Debt facility transactions On 31 October 2025, the Group settled its non-current Debt Facility with WHSP. Total amount paid of $62,173,000 (USD42,136,000), included the $1,210,000 (USD820,000) repayment premium of equivalent to 2% of the debt and $466,000 (USD316,000) interest expense for the month of October 2025. At the date of repayment, the deposit account, where WHSP had security interest was used to settle the Debt Facility. Refer to Note 11 for details. On 3 November 2025, WHSP executed a Deed of Release and Reassignment and Full Release and Termination whereby the Group was released from and shall have no further rights or obligations under the Debt Facility. (ii) Movement of financial liabilities at amortised cost Opening balance Interest accrued Principal repayment Interest paid Recorded as part of accrued expenses Effect of foreign currency differences Closing balance $’000 $’000 $’000 $’000 $’000 $’000 $’000 2026 Non-current 62,095 2,614 (60,497) (1,931) — (2,281) — 2025 Non-current 59,208 8,971 — (6,110) (1,248) 1,274 62,095 b. Accounting policies The Group’s financial liabilities are classified in accordance with the substance of the contractual arrangement. (i) Financial liabilities at amortised cost These financial liabilities are initially measured at fair value, net of transaction costs, and subsequently measured at amortised cost. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. (iii) Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled, or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the statement of profit or loss under net gains/(losses) on financial liabilities. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 64
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14. Share capital a. Analysis of balances 2026 2025 $’000 $’000 Issued and fully paid ordinary shares 90,601 113,653 Movements in ordinary shares on issue 2026 2025 No. of shares $’000 No. of shares $’000 Opening balance 30,153,859 113,653 52,197,379 196,757 Shares issued/(cancelled): - On-market share buy-back (2,214,211) (22,893) — — - 31 March 2025 off-market share buy-back — — (22,043,520) (83,085) - Transaction costs on share buyback (2025: share issue cost on the shares issued) — (159) — (19) Closing balance 27,939,648 90,601 30,153,859 113,653 (i) On-market share buy-back On 15 October 2025, the Company announced its intention to undertake an on-market buy-back of its fully paid ordinary shares as part of its ongoing capital management strategy. The proposed buy-back start date was 30 October 2025 and proposed buy-back end date is 29 October 2026, unless completed earlier. The Company intends to purchase up to 2,000,000 shares, approximately 6.8% of its issued share capital, with the buy-back to be funded from existing cash reserves. On 1 June 2026, the Company increased the number of shares to be bought back from 2,000,000 shares to 2,603,418 shares, approximately 8.6% of its original issued share capital prior to the on-market share buy-back. The Company appointed Morgans Financial Limited and Ord Minnett Limited as the execution-only brokers. As at 30 June 2026, the Company bought back 2,214,211 shares with a total amount of $22,893,000. b. Accounting policies Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. c. Capital management The Company’s capital management policies focus on ordinary share capital. When managing capital, the Board’s objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders and benefits to other stakeholders. During the year ended 30 June 2026, the Company paid dividends of $14,402,000 (2025: dividends of $19,835,000). The Board anticipates that the payout ratio is 60% to 95% of the underlying net profit after tax of the Group. The Board continues to monitor the appropriate dividend payout ratio over the medium term. The Board is constantly reviewing the capital structure to take advantage of favourable cost of capital or high returns on assets. As the market is constantly changing, the Board may change the amount of dividends to be paid to shareholders or conduct further share buy-backs. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 65
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15. Reserves a. Analysis of balances 2026 2025 $’000 $’000 Investment revaluation reserve (5,393) (3,802) Foreign currency translation reserve 78,305 92,358 72,912 88,556 (i) Investment revaluation reserve This reserve records the Group’s net gain on its financial assets at FVTOCI. Movements in reserve: Opening balance (3,802) (1,975) Movement in the other comprehensive income: - Change in fair value of financial assets at FVTOCI, net of income tax (1,789) (1,828) - Effect of income tax component of the derecognised financial assets at FVTOCI¹ — 65,061 - Effect of foreign currency differences 198 1 (1,591) 63,234 Transfer to retained earnings: - Transfer of the income tax component of the derecognised financial assets at FVTOCI — (65,061) Closing balance (5,393) (3,802) (ii) Foreign currency translation reserve The reserve records the Group’s foreign currency translation reserve on foreign operations. Movements in reserve: 2026 2025 $’000 $’000 Opening balance 92,358 83,776 Movement in the other comprehensive income: - Exchange differences on translating foreign operations of the Group (14,042) 8,534 - Share in foreign currency reserve of an associate, net of income tax (11) 48 Closing balance 78,305 92,358 Notes: 1 From April 2016 to October 2021, the Group had an investment designated as an FVTOCI. Changes in the fair values and the related deferred taxes were recognised in the investment revaluation reserve. In October 2021, the Group derecognised the investment following its restructure and after the Group received a new equity instrument (classified as an FVTPL). The derecognition of the investment resulted for the cumulative balance in the investment revaluation reserve (net of income tax) to be transferred to retained earnings. The tax liability component of the investment with a balance of $65,061,000 was recorded as part of deferred tax liability. As the position on the recognised deferred tax liability was finalised during the year ended 30 June 2025, the Group determined that it was no longer considered more likely than not that the net future tax liability would materialise. This resulted in the reversal of the previously recognised deferred tax liability during the year ended 30 June 2025 (refer to Note 4e for details). Considering that the deferred income tax expense component was previously transferred to retained earnings, the reversal of the deferred tax liability was also transferred from investment revaluation reserve to retained earnings. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 66
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16. Dividends paid and proposed a. Analysis of balances 2026 2025 $’000 $’000 Previous year final: Unfranked dividend of 28 cents per share (2025: unfranked dividend of 23 cents per share) 8,443 12,005 Current year interim: Fully franked dividend of 20 cents per share (2025: unfranked dividend of 15 cents per share) 5,959 7,830 14,402 19,835 Declared after the reporting period and not recognised: 17.50% franked dividend of 28 cents per share (2025: unfranked dividend of 28 cents per share)¹ 7,823 8,443 b. Franking credit balance The balance at the end of the financial year at 30% (2025: 30%)² 388 2,406 Franking credits that will arise from the receipt of dividends not recognised as receivables by the parent entity but will be received prior to the payment of the Company’s dividend. 200 — The impact on the franking account of dividends proposed or declared before the financial report was authorised for issue but not recognised as a distribution to the members of the Company (587) — The amounts of franking credits available for future reporting periods 1 2,406 The tax rate at which paid dividends have been franked and dividends proposed will be franked is 30% (2025: 30%). Notes: 1 Calculation was based on the ordinary shares on issue as at 31 July 2026 (2025: 31 July 2025). 2 The decrease in franking credits arose from the payment of dividends to the members of the Company. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 67
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17. Financial risk management The Group is exposed to a variety of financial risks comprising interest rate risk, credit risk, liquidity risk, foreign currency risk and price risk. The Board have overall responsibility for identifying and managing operational and financial risks. Details of significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in the relevant notes. The Group holds the following financial instruments: At amortised cost At FVTPL At FVTOCI Total 2026 2025 2026 2025 2026 2025 2026 2025 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial assets Cash and cash equivalents 37,661 39,893 — — — — 37,661 39,893 Short-term deposits 120,000 98,000 — — — — 120,000 98,000 Trade and other receivables – current 1,244 8,259 — — — — 1,244 8,259 – non-current — 13 — — — — — 13 Other financial assets – current — 20,342 — — — — — 20,342 – non-current 15,422 1,018 168,820 241,713 5,536 8,358 189,778 251,089 Other assets – non-current 20 65,451 — — — — 20 65,451 174,347 232,976 168,820 241,713 5,536 8,358 348,703 483,047 Financial liabilities Trade and other payables 1,848 4,609 — — — — 1,848 4,609 Other financial liabilities – non-current — 62,095 — — — — — 62,095 1,848 66,704 — — — — 1,848 66,704 a. Interest rate risk At the reporting date, the Group had the following direct exposure to global variable interest rate risk: 2026 2025 $’000 $’000 Interest bearing financial assets: - Cash and cash equivalents 37,661 39,893 - Other assets (restricted cash) — 65,449 37,661 105,342 Interest bearing financial liabilities: - Senior Secured Debt Facility — 62,095 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 68
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Sensitivity analysis The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting date. If interest rates had moved during the year as illustrated in the table below (using an average balance), with all other variables held constant, post tax profit/(loss) would have been affected as follows: 2026 2025 Net impact on profit after tax $’000 $’000 +1% [2025: 1%]/ 100 basis points, [2025: 100 basis points] 373 564 -1% [2025: 1%]/ (100 basis points), [2025: 100 basis points] (372) (515) b. Credit risk Credit risk arises from the financial assets of the Group which comprise cash and cash equivalents, short-term deposits, trade and other receivables, and other debt instruments. The Group’s exposure to credit risk arises from potential default of the counterparty, with the maximum exposure equal to the carrying amount of these instruments. Exposure at reporting date is addressed in each applicable note. The Group does not hold any credit derivatives to offset its credit exposure. The Group transacts only with related parties and recognised creditworthy third parties. As such collateral is not generally requested nor is it the Group’s policy to securitise its trade and other receivables and other debt instruments. For cash and cash equivalents and short-term deposits, the Group transacts only with financial institutions with a minimum rating of BBB+ (investment grade). Receivable balances, loans facilities to related entities and external parties are monitored on an ongoing basis and remain within approved levels, with the result that the Group’s exposure to bad debts is not significant except for the full allowance provided to certain long outstanding balances of dividend receivable that were over 90 days past due. Refer to Note 9a(i) and Note 10a(iv). The Company provides financing to the members of the Group in certain circumstances where these entities are deemed credit worthy. The maximum exposure to credit risk is the carrying value of the loans. c. Liquidity risk The Group manages liquidity risk by maintaining adequate reserves and cash in bank balance by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial liabilities. The following tables detail the Group's remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both principal and interest cash flows. To the extent that interest rates are floating, the undiscounted amount is derived from interest rate curves at the end of the reporting period. Weighted average effective interest rate 1 to 3 months 3 months to 1 year 1 to 2 years 2 to 5 years Total $’000 $’000 $’000 $’000 $’000 2026 Trade and other payables 0% 1,565 284 — — 1,849 2025 Trade and other payables 0% 3,727 887 — — 4,614 Debt facility 10.35% 1,455 4,318 5,773 64,235 75,781 5,182 5,205 5,773 64,235 80,395 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 69
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d. Foreign currency risk The Group is an international multi boutique business with operations primarily within Australia, the USA, and the UK. Foreign currency risk arises when transactions are denominated in currencies other than the functional currency. (i) Consolidated statement of profit or loss Profits and losses are translated at an average exchange rate. A falling Australian dollar relative to the USA dollar, UK pound (“GBP”), and Euro (“EUR”) results in a higher net profit in the Group. The regular expenses of the operations in Australia, the USA and the UK are predominantly funded with cash flows from those local operations. (ii) Consolidated statement of financial position The impact of foreign currency translation of the foreign operations is taken up in the equity reserves of the Group. At year end, the carrying amounts of the Group’s financial assets and liabilities that are different from the functional currency of the Company and transactions that are denominated in foreign currency are as follows: 2026 2025 USD GBP EUR USD GBP EUR $’000 $’000 $’000 $’000 $’000 $’000 Financial assets Cash and cash equivalents 24,347 1,676 — 35,310 514 — Trade and other receivables 535 — — 6,470 — 1,090 Other financial assets 187,689 — — 271,433 — — Other assets 2 — — 65,449 — — 212,573 1,676 — 378,662 514 1,090 Financial liabilities Trade and other payables 519 142 — 1,979 167 — Other financial liabilities — — — 62,095 — — 519 142 — 64,074 167 — (iii) Sensitivity analysis The following sensitivity analysis is based on the foreign currency risk exposures in existence at the reporting date. 2026 2025 Increase Decrease Increase Decrease $’000 $’000 $’000 $’000 USD - change in rate by 1% - impact on profit after tax 15 (15) (439) 439 EUR - change in rate by 1% - impact on profit after tax — — 11 (11) Apart for the above sensitivities, the Group has no other material exposure in USD and GBP foreign currencies. The Group exposure in USD and GBP foreign currencies is mitigated because the balances of the Group in USD and GBP are from the Group’s foreign operations. The impact of the foreign currencies is recognised as part of the foreign currency translation reserve. e. Price risk The Group is exposed to securities price risk. This arises from the Group’s investments in financial instruments held at fair value. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 70
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Sensitivity analysis As at year end, if the share price of listed investments and key inputs discussed in Note 17f(i) have moved, post tax profit and reserves would have been affected as follows: 2026 2025 Increase Decrease Increase Decrease $’000 $’000 $’000 $’000 Financial assets at FVTPL - 1% change in share price (Level 1) - impact on profit after tax and equity 847 (847) 673 (673) - 1% change in discount rate (Level 3) - impact on profit after tax and equity (1,841) 1,930 (5,921) 6,937 - 1% change in earnings multiple (Level 3) - impact on profit after tax and equity 1,613 (1,613) n/a n/a - 1% change in terminal growth rate (Level 3) - impact on profit after tax and equity n/a n/a 4,575 (3,816) Financial assets at FVTOCI - 1% change in discount rate (Level 3) - impact on equity (299) 345 (383) 443 - 1% change in terminal growth rate (Level 3) - impact on equity 228 (199) 345 (297) f. Fair value estimation (i) Fair value hierarchy Some of the Group’s financial assets and financial liabilities are measured on a recurring basis at fair value at the end of each reporting period. The Group classifies fair value measurements using the fair value hierarchy categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; - Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and - Level 3 inputs are unobservable inputs for the asset or liability. The following table represents the Group’s assets and liabilities measured and recognised at fair value as at 30 June 2026 and 2025. Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 2026 Financial assets 84,654 — 89,702 174,356 2025 Financial assets 98,035 — 152,036 250,071 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 71
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Level 3 The following table gives information about how the fair values of those financial assets / liabilities categorised as Level 3 items are determined (in particular, the valuation techniques and inputs used): Financial instruments 2026 2025 Valuation techniques and unobservable inputs Range of inputs Sensitivity analysis $’000 $’000 Financial assets at FVTPL Investments 84,166 143,678 Discounted Cash Flow • Discount rate 15.54% to 45.00% (2025: 9.42% to 18.71%) 1% (2025: 1%) lower or higher discount rate while all the other variables were held constant, the total fair value would increase by $2,664,000 and decrease by $2,542,000 (2025: increase by $9,584,000 and decrease by $8,185,000). • Earnings multiple 1 4.5 to 15 times (2025: n/a) lower or higher earnings multiple by 1 (2025: nil) while all the other variables were held constant, the total fair value would decrease by $2,202,000 and increase by $2,202,000 (2025: n/a). • Terminal growth rate n/a (2025: 3%) 2026: n/a (2025: 1% lower or higher terminal growth rate while all the other variables were held constant, the total fair value would decrease by $5,255,000 and increase by $6,298,000). Financial assets at FVTOCI Investments 5,536 8,358 Discounted Cash Flow • Discount rate 17.69% (2025: 16.62%) 1% (2025: 1%) lower or higher discount rate while all the other variables were held constant, the fair value would increase by $479,000 and decrease by $415,000 (2025: increase by $616,000 and decrease by $532,000). • Terminal growth rate 3% (2025: 3%) 1% (2025: 1%) lower or higher terminal growth rate while all the other variables were held constant, the total fair value would decrease by $276,000 and increase by $316,000 (2025: decrease by $413,000 and increase by $478,000). Total 89,702 152,036 Notes: 1 During the year, the Group refined its terminal value methodology by replacing the Gordon Growth perpetuity model with a trailing FRE (management-fee EBITDA) exit multiple approach. The prior method, when applied to the 30 June 2026 period, produced implied multiples materially below observable market benchmarks and understated value by assuming steady-state maturity despite both platforms remaining in active growth. Given the durability and visibility of contracted, closed-end fund fee streams, the FRE multiple approach more appropriately reflects the economic value and growth profile of the businesses. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 72
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(ii) Transfers between levels and changes in valuation techniques There were no transfers between the levels of fair value hierarchy during the financial year. Changes to the valuation methodology is disclosed in Note 17f(i) footnote 1. (iii) Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required) Except as detailed in the table below, the carrying amounts of financial assets (cash and cash equivalents, trade and other receivables and security deposits) and financial liabilities (trade and other payables) recognised in the consolidated financial statements approximate their fair values. Fair values are calculated based on the discounted cash flow. 2026 2025 Carrying amount Fair value Carrying amount Fair value $’000 $’000 $’000 $’000 Financial assets at amortised cost - Deferred consideration — — 20,342 20,093 - Loans receivable from Astarte 945 950 1,025 1,033 - Loans receivable from IFP 11,894 11,025 — — - Loans receivable from NLAA 499 511 — — - Loans receivable from a related party of Roc Group 2,090 2,137 — — - Other assets (restricted cash) — — 65,449 65,449 Financial liabilities at amortised cost - Debt facility — — 62,095 62,288 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 73
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18. Capital commitments, operating lease commitments and contingencies a. Capital commitments 2026 2025 $’000 $’000 The Group has outstanding capital commitments as follows: - Aether General Partners (2025: USD223,000) — 339 - IFP (USD16,914,000) 24,576 — - NLAA (USD1,750,000) 2,543 — Total capital commitments 27,119 339 b. Lease commitments Commitments for minimum lease payments: - not later than one year 35 — - later than one year and not later than five years — — - later than five years — — Total lease commitments 35 — The lease commitments relate to leases that are short-term and low value which were not capitalised. c. Contingent assets On 17 September 2019, the Company received an originating application in the Federal Court of Australia in Melbourne by Michael Brendan Patrick de Tocqueville and ASI Mutual Pty Limited (collectively “ASI”) seeking leave of the court to commence a derivative action on behalf of the Company against individuals serving as Directors at the time of the 2014 merger between the Company and the Northern Lights Capital Group, LLC for matters arising out of the merger. On 20 February 2020, the Federal Court of Australia granted ASI leave to bring the proceedings. Omni Bridgeway (Fund 5) Australian Invt. Pty Ltd (“Litigation Funder”) had given an undertaking in relation to the proceedings to cover the Company’s costs and any liabilities or adverse cost orders made against the Company in favour of the defendants. The court handed down its opinion on 18 December 2024, finding that the defendant non-executive Directors did not violate their directors’ duties to the Company and assigning costs to the plaintiff, which will be borne by the Litigation Funder. With respect to defendant Andrew McGill, in regards to a single portfolio company acquired in the merger, the court found that he breached his director’s duties to the Company, but subsequently dismissed the claims against Mr. McGill on 18 September 2025 given the reasoning behind the earlier findings against the plaintiff. The court assigned costs concerning the claims against Mr McGill to the plaintiff, which will be borne by the Litigation Funder. On 31 July 2025, the Company received an originating application in the Federal Court of Australia in Melbourne by ASI seeking leave of the Court to commence a derivative action on behalf of the Company to appeal the court’s decision handed down on 18 December 2024. On 29 October 2025, the Federal Court of Australia granted ASI leave to bring that appeal and to appeal the court’s decision handed down on 18 September 2025 regarding Mr. McGill. The Litigation Funder gave a similar undertaking in relation to the appeal to cover the Company’s costs and any liabilities or adverse cost orders made against the Company in favour of the respondents. On 27 November 2025, ASI commenced the appeal on behalf of the Company. The court heard the appeal on 4 and 5 August 2026 and has reserved its judgment. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 74
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E. GROUP STRUCTURE This section provides information regarding the group structure of the Group, including further details on interests in subsidiaries, investment in associates and joint venture, parent entity disclosure and related party transactions. 19. Interests in subsidiaries The following are the Company's subsidiaries: Name of subsidiaries Country of incorporation Ownership interest held by the Company 2026 2025 % % Aurora Investment Management Pty Ltd Australia 100 100 The Aurora Trust Australia 100 100 Treasury Group Investment Services Pty Ltd Australia 100 100 Treasury ROC Pty Ltd1 Australia 100 100 Northern Lights MidCo, LLC (“Midco”) USA 100 100 Carlisle Acquisition Vehicle, LLC (“CAV”)2 USA 100 100 Northern Lights Capital Group, LLC USA 100 100 NLCG Distributors, LLC USA 100 100 Northern Lights Capital Partners (UK) Ltd (“NLCPUK”) UK 100 100 Northern Lights MidCo II, LLC USA 100 100 Notes: 1 This subsidiary is a holding company and non-operating. 2 CAV is a limited liability company that holds the Group’s investment in Abacus. Midco owns 1% and NLCPUK owns 99% of CAV. b. Accounting policies (i) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including the size of the Company's holding of voting rights relative to the size and dispersion of holdings of the other vote holders, potential voting rights held by the Company, other vote holders or other parties, rights arising from other contractual arrangements, and any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income/(loss) are attributed to the members of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the members of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 75
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When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies. The financial statements of the Australian, US and UK subsidiaries are prepared for the same reporting period as the Company (30 June). All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full upon consolidation. (ii) Foreign currency translations and balances Functional and presentation currency The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of the Group are expressed in Australian dollars, which is the functional currency of the Company and the presentation currency for the consolidated financial statements. Transactions and balances In preparing the consolidated financial statements, transactions in currencies other than the Group’s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for: - exchange differences on transactions entered into in order to hedge certain foreign currency risks; and - exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items. Translation of foreign operations For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Australian dollar using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the year, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate). Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income. For the purposes of presenting the transactions disclosed in the condensed notes to the financial statements, these transactions are translated into Australian dollar using the exchange rates prevailing at the date of transaction. For other amounts disclosed at the end of the reporting period, these amounts are translated into Australian dollar using the exchange rates prevailing at the end of the reporting period. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 76
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20. Investment in associates and joint ventures a. Analysis of balances 2026 2025 $’000 $’000 Investment in associates Opening balance 28,875 127,309 Additional contribution to associates 16 14 Disposal of an associate (872) (99,590) Share of net profits of associates 1,041 3,787 Dividends and distributions received/receivable (2,445) (6,770) Impairment (Note 3) — — Share in foreign currency reserve of an associate (16) 68 Effect of foreign currency differences (1,214) 4,057 Closing balance 25,385 28,875 Investment in joint ventures Opening balance 15 16 Effect of foreign currency differences — (1) Closing balance 15 15 Total 25,400 28,890 (i) Details of associates and joint venture Principal activity Ownership interest Place of incorporation and operationAssociates 2026 % 2025 % Aether General Partners Funds Management - 25.00 USA ASOP Profit Share LP Investment Entity 38.77 38.77 Cayman Islands Astarte Capital Partners, LLP Funds Management 44.51 44.51 UK IFP Group, LLC Investment Adviser 24.90 24.90 USA Northern Lights Alternative Advisors LLP Placement Agent 23.00 23.00 UK Roc Group Funds Management 30.01 30.01 Australia Joint ventures Copper Funding, LLC Investment Entity 50.00 50.00 USA (ii) Sale of associates Aether General Partners On 18 June 2026, the Group sold its 25% equity interests in Aether General Partners as part of the sale of Aether. Refer to Note 10a(i) for details. The sale of Aether General Partners resulted in a loss of $872,000. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 77
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b. Summarised financial information for associates and joint ventures IFP¹ Roc Group Aggregate of immaterial associates and joint venture Total 2026 $’000 $’000 $’000 $’000 Comprehensive income Revenue and other income for the year 203,022 38,689 6,387 248,098 Profit after tax for the year 270 3,037 (1,527) 1,780 Other comprehensive income for the year — (53) — (53) Total comprehensive income for the year 270 2,984 (1,527) 1,727 Dividends/distributions received during the year — 2,011 434 2,445 The above profit after tax includes the following: - Depreciation and amortisation 2,116 496 27 2,639 - Interest income — — — — - Interest expense 1,559 — 86 1,645 - Income tax expense — 1,295 — 1,295 Financial position Current assets 9,027 17,674 2,946 29,647 Non-current assets 16,707 7,970 2,765 27,442 Current liabilities (9,814) (16,661) (4,214) (30,689) Non-current liabilities (20,718) (3,229) (497) (24,444) Net assets/(liabilities) (4,798) 5,754 1,000 1,956 Notes: 1 Although IFP is in a net liability position at 30 June 2026, the Group’s assessment of the fair value of its investment in IFP indicates a value in excess of its carrying amount. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 78
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IFP Roc Group Aggregate of immaterial associates and joint venture Total 2026 $’000 $’000 $’000 $’000 Reconciliation of the summarised financial position to the carrying amount recognised by the Group: - Net assets/(liabilities) before determination of fair values (4,798) 5,754 1,001 1,957 - Ownership interest in % 24.90% 30.01% 47.31% ¹ 51.33% - Proportion of the Group’s ownership interest (1,195) 1,727 473 1,005 - Net assets, goodwill and other intangibles 9,006 3,393 9,255 21,654 - Impairment during the year — — — — - Undistributed profits — 2,658 3 2,661 - Foreign exchange movement — 80 — 80 Closing balance 7,811 7,858 9,731 25,400 The above assets and liabilities include the following: - Cash and cash equivalents — 2,484 — 2,484 - Current financial liabilities (excluding trade and other payables and provisions) 967 (1,134) 1,107 940 - Non-current financial liabilities (excluding trade and other payables and provisions) (1,160) (1,172) (871) (3,203) Notes: 1 The rate relates to multiple different % across multiple entities. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 79
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Banner Oak¹ IFP² Roc Group VPC³ VPC- Holdco³ Aggregate of immaterial associates and joint venture Total 2025 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Comprehensive income Revenue and other income for the year 5,615 166,644 42,280 14,218 — 6,350 235,107 Profit after tax for the year 2,496 1,516 6,432 2,507 — (3,300) 9,651 Other comprehensive income for the year — — 228 — — — 228 Total comprehensive income for the year 2,496 1,516 6,660 2,507 — (3,300) 9,879 Dividends/distributions received during the year 2,713 — 3,604 — — 454 6,771 The above profit after tax includes the following: - Depreciation and amortisation 165 1,653 531 471 — 15 2,835 - Interest income — — — 51 — — 51 - Interest expense 8 1,040 (423) 571 — 88 1,284 - Income tax expense — — 2,234 — — — 2,234 Financial position Current assets — 7,769 18,851 — — 3,863 30,483 Non-current assets — 8,210 7,337 — — 6,787 22,334 Current liabilities — (9,273) (14,557) — — (3,153) (26,983) Non-current liabilities — (11,207) (2,687) — — — (13,894) Net assets/(liabilities) — (4,501) 8,944 — — 7,497 11,940 Notes: 1 Banner Oak was sold on 20 December 2024; therefore, the comprehensive income information only covers up to sale date and no remaining financial position balances at 30 June 2025. ² Although IFP is in a net liability position at 30 June 2025, the Group’s assessment of the fair value of its investment in IFP indicates a value in excess of its carrying amount. ³ VPC and VPC-Holdco were partially sold on 12 August 2024; therefore, the comprehensive income information only covers up to partial sale date and no remaining financial position balances at 30 June 2025. The remaining interest in VPC and VPC-Holdco were reclassified as a financial asset at FVTPL. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 80
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Banner Oak¹ IFP Roc Group VPC² VPC- Holdco² Aggregate of immaterial associates and joint venture Total 2025 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Reconciliation of the summarised financial position to the carrying amount recognised by the Group: - Net assets/(liabilities) before determination of fair values — (4,501) 8,944 — — 7,498 11,941 - Ownership interest in % 0% 24.90% 30.01% 0% 0% 29.01% ³ 31.30% - Proportion of the Group’s ownership interest — (1,121) 2,684 — — 2,175 3,738 - Net assets, goodwill and other intangibles — 9,127 2,719 — — 9,449 21,295 - Impairment during the year — — — — — — — - Undistributed profits — — 3,757 — — 4 3,761 - Foreign exchange movement — — 96 — — — 96 Closing balance — 8,006 9,256 — — 11,628 28,890 The above assets and liabilities include the following: - Cash and cash equivalents — — 7,007 — — 2,480 9,487 - Current financial liabilities (excluding trade and other payables and provisions) — 793 (1,103) — — (777) (1,087) - Non-current financial liabilities (excluding trade and other payables and provisions) — (858) (1,311) — — — (2,169) Notes: 1 Banner Oak was sold on 20 December 2024; therefore, the financial position information have no balances at 30 June 2025. ² VPC and VPC-Holdco were partially sold on 12 August 2024. The remaining interests were reclassified as a financial asset at FVTPL; therefore, the financial position information have no balances at 30 June 2025. ³ The rate relates to multiple different % across multiple entities. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 81
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c. Accounting policies (i) Associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. A joint venture is an entity over which the Group has joint control over its net assets. Joint control is the power to control in the financial and operating policy decisions of the investee. The financial statements of the associate that is domiciled in Australia and certain associates in the USA are prepared for the same reporting period as the Group (i.e., 30 June). For the other associates and joint venture, their reporting period vary between 31 March, 31 May, and 31 December. For equity accounting purposes, the Group takes up the proportionate share of the net profits/(losses) of these associates and joint venture based on their pro-rata financial statements as at 30 June, so as to align the proportionate share of their net profits/losses with the Group. The results of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of accounting from the date on which the investee becomes an associate or a joint venture. Under the equity method, an investment in an associate or joint venture is initially recognised in the statement of financial position at cost and deferred consideration and adjusted thereafter to recognise the Group's share of the profit or loss and other comprehensive income or loss of the associate or joint venture. When the Group’s share of losses of an associate or joint venture exceeds the Group’s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. On acquisition of the investment in an associate or joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Distributions or dividends received from the associates or joint venture are reduced from the carrying value. Any excess of the Group's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. (ii) Impairment The requirements of AASB 136 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in an associate or a joint venture. When necessary, the entire carrying amount of the investment (including goodwill and other identifiable intangible assets) is tested for impairment in accordance with AASB 136 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part (as a reduction) of the carrying amount of the investment. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 82
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(iii) Disposal The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or joint venture, or when the investment is classified as held for sale. When the Group retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with AASB 9. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued. d. Key estimates, judgments, and assumptions Impairment of investments in associates and joint venture At the end of each reporting period, management is required to assess the carrying values of each of the underlying investments in associates and joint venture of the Group. Should assets underperform or not meet expected growth targets from prior expectations, a resulting impairment of the investments is recognised if that deterioration in performance is deemed not to be derived from short term factors such as market volatility. Factors that are considered in assessing possible impairment in addition to financial performance include changes to key investment staff, significant investment underperformance and litigation. A significant or prolonged decline in the fair value of an associate or joint venture below its cost is also an objective evidence of impairment. During the year, the investments in associates and joint venture were tested for impairment. No impairment was recognised during the year (2025: no impairment). Sensitivity analysis An analysis was conducted to determine the sensitivity of the impairment test to reasonable changes in the key assumptions used to determine the recoverable amount of the Group’s investment in associates and joint ventures. The sensitivities tested include a 5% reduction in the annual cash flow of the associates, a 1% decrease in the terminal growth rate used to extrapolate cash flows beyond financial year 2026 and a 1% increase in the discount rate applied to cash flow projections. The impact on the impairment as result of these sensitivities is shown below: Sensitivity Impact on impairment assessment Impairment $’000 A 5% decrease in cash flows No impairment nil A 1% decrease in terminal growth rate No impairment nil A decrease in exit multiple by 1 No impairment nil A 1% increase in discount rate No impairment nil AASB 136 requires that where a reasonably possible change in a key assumption would cause the carrying amount of the investment in associates to exceed its recoverable amount, the value at which an impairment first arises shall be disclosed. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 83
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21. Parent entity disclosures Summarised presentation of the parent entity, Pacific Current Group Limited, financial statements: 2026 2025 $’000 $’000 Summarised statement of financial position Assets Current assets 132,210 102,747 Non-current assets 120,850 122,232 Total assets 253,060 224,979 Liabilities Current liabilities 150,432 17,407 Non-current liabilities 124 64,524 Total liabilities 150,556 81,931 Net assets 102,504 143,048 Equity Share capital 90,601 113,653 Retained earnings 11,903 29,395 Total equity 102,504 143,048 Summarised statement of profit or loss and other comprehensive income (Loss)/income for the year (3,092) 116,587 Other comprehensive income for the year — — Total comprehensive (loss)/income for the year (3,092) 116,587 The accounting policies of the Company being the ultimate parent entity are consistent with the Group except for the investment in subsidiaries. Investments in subsidiaries are accounted for at costs in the financial statements of the Company. The Company effectively provides commitments and guarantees to the Group as disclosed in Note 18. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 84
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22. Related party transactions Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its related parties are disclosed below. 2026 2025 $ $ Compensation paid to key management personnel (“KMP”) of the Company Short-term employee benefits 901,750 1,467,891 Post-employment benefits 86,167 73,340 987,917 1,541,231 Detailed remuneration disclosures are provided in the Remuneration Report. Apart from the above, the Group had no other transactions with Directors, their related parties, or loans to KMP. Transactions with associates and affiliated entities Revenue and other income transactions - Management fees (2025: Aether funds under management) — 4,534,645 - Interest income - Astarte, IFP and NLAA (2025: Astarte) 441,991 95,072 Investments in associates and joint venture transactions - Additional contributions - Aether General Partners (2025: Aether General Partners) 16,430 13,585 - Dividends and distributions - Aether General Partners, NLAA and Roc Group (2025: Aether General Partners, Banner Oak, NLAA, Roc Group) 2,444,970 6,770,030 - Loans to associates IFP and NLAA 12,592,177 — Balances at the end of the reporting period - Dividend receivable - NLAA (2025: NLAA) 288,469 76,094 - Interest receivable - NLAA 19,294 — - Loans receivable - Astarte, IFP and NLAA (2025: Astarte) 13,338,580 1,024,536 The above transactions with related parties were on normal terms and conditions. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 85
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F. OTHER INFORMATION This section provides other information of the Group, including further details of auditor’s remuneration, significant events subsequent to reporting date and adoption of new and revised Standards. 23. Auditors’ remuneration Ernst & Young and related network firms: 2026 2025 $ $ Audit or review of financial reports - Group 510,000 710,000 - Subsidiaries — 26,198 510,000 736,198 Non Ernst & Young auditors and their related network firms Audit or review of financial reports - Subsidiaries 71,288 85,452 Non-audit services - Subsidiaries 8,317 — 79,605 85,452 Total auditors’ remuneration 589,605 821,650 24. Significant events subsequent to reporting date On 27 August 2026, the Directors of the Company determined to pay a final dividend on ordinary shares in respect of the 2026 financial year. The total amount of the dividend is $7,823,000 which represents a 17.50% franked dividend of 28.00 cents per share. The dividend has not been provided for in the 30 June 2026 consolidated financial statements. Post 30 June 2026, the Company received a non-binding indicative proposal from River Capital under which the Company would acquire River Capital for approximately $80,000,000, with consideration of approximately 6,300,000 ordinary shares in the Company (subject to adjustment for any dividend or distribution declared or paid after 30 June 2026). The receipt of the River Capital Proposal has reinforced the Board's view that it is an appropriate time to undertake a comprehensive, formal review of the Company's strategic alternatives. On 27 August 2026, the Directors resolved to commence a formal review of the Company's strategic alternatives, including progressing the River Capital proposal, a sale of the Company, or delisting from the ASX followed by an orderly realisation of the Company's holdings. No decision has been made in respect of the River Capital proposal or any other alternative, and there is no certainty any transaction will eventuate. As the review is at a preliminary stage, its financial effect, if any, cannot be reliably estimated, and no adjustments have been made to the financial statements as at 30 June 2026. Other than the matters detailed above, there has been no matter or circumstance, which has arisen since 30 June 2026 that has significantly affected or may significantly affect either the operations or the state of affairs of the Group. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 86
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25. Adoption of new and revised Standards a. New and amended AASB standards that are effective from 1 July 2025 All new and revised accounting standards relevant to the Group that are mandatorily effective for the current year have been adopted by the Group. Adoption of these other new and revised accounting standards did not result in a material financial impact to the consolidated financial statements of the Group. b. Standards and interpretations in issue not yet adopted The AASB has issued several new and amended accounting standards and Interpretations that have mandatory application dates for future reporting periods which have not been early adopted by the Group. AASB 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) AASB 18 will replace AASB 101 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. The new requirements for the statements of comprehensive income will include new categories for the classification of income and expenses into operating, investing and financing categories, and presentation of subtotals for “operating profit” and “profit before financing and income taxes”. Additional disclosure requirements are introduced for management-defined performance measures and new principles for aggregation and disaggregation of information in the notes and the primary financial statements, as well as amendments to the presentation of interest and dividends in the statement of cash flows. The new standard will first apply to the Group for the financial period ending 30 June 2028. This new standard is not expected to have an impact on the recognition and measurement of assets, liabilities, income and expenses, however there will likely be changes in how the statements of comprehensive income and statements of financial position line items are presented as well as some additional disclosures in the notes to the financial statements. The Group is in the process of assessing the impact of the new standard. AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments [AASB 7 and AASB 9] (effective for annual periods beginning on or after 1 January 2026) AASB issued targeted amendments to AASB 7 and AASB 9 to respond to recent queries arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments: – clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; – clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion; – add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and – update the disclosures for equity instruments designated at FVTOCI. The amended standard will first apply to the Group for the financial period ending 30 June 2027. The Group does not expect these amendments to have a material impact on its operations or financial statements. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 87
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Entity name Entity type Country of incorporation Ownership interest held by the Company Country of Tax residence 2026 2025 % % Aurora Investment Management Pty Ltd Body corporate Australia 100 100 Australia The Aurora Trust Trust Australia 100 100 Australia Treasury Group Investment Services Pty Ltd Body corporate Australia 100 100 Australia Treasury ROC Pty Ltd Body corporate Australia 100 100 Australia Northern Lights MidCo, LLC Body corporate USA 100 100 USA Carlisle Acquisition Vehicle, LLC Body corporate USA 100 100 USA Northern Lights Capital Group, LLC Body corporate USA 100 100 USA NLCG Distributors, LLC Body corporate USA 100 100 USA Northern Lights Capital Partners (UK) Ltd Body corporate UK 100 100 UK Northern Lights MidCo II, LLC Body corporate USA 100 100 USA PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) CONSOLIDATED ENTITY DISCLOSURE STATEMENT 88
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Directors’ Declaration The Directors declare that: (1) In the Directors’ opinion (a) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; (b) the attached consolidated financial statements are in compliance with International Financial Reporting Standards, as stated in Section A in the notes to the financial statements; (c) the attached consolidated financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the Group; (2) the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 is true and correct; and (3) the Directors have been given the declarations required by s.295A of the Corporations Act 2001. Signed in accordance with a resolution of the Directors made pursuant to s.295(5) of the Corporations Act 2001. On behalf of the Directors J. Arter Chairman 27 August 2026 PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ DECLARATION 89
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Y oung 200 Geor ge Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 T el: +61 2 9248 5555 F ax: +61 2 9248 5959 ey.com/au Independent auditor’s report to the members of Pacific Current Group Limited Report on the audit of the financial report Opinion We have audited the financial report of Pacific Current Group Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 202 6 and of its c onsolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. 90
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Investments valuation Why significant How our audit addressed the key audit matter The Group has a significant portfolio of financial assets at fair value. As at 30 June 2026, these assets are valued at $174m, which equates to 44% of the total assets held by the Group. As disclosed in Note 10, $169m of the Group’s fair value investments are classified as ‘financial assets at fair value through profit or loss’ (“FVTPL”), and $5m are classified as ‘financial assets at fair value through other comprehensive income’ (“FVTOCI”). As disclosed in Note 17, 49% of the Group’s fair value investments are classified as Level 1 and 51% as level 3 in accordance with AASB7 Financial Instruments: Disclosures. For the financial instruments classified as Level 3, the fair value measurement is based on unobservable inputs. Significant judgement and high level of uncertainty is involved in developing unobservable inputs, including forecasted future cash flows, terminal growth rates, and discount rates. This was considered a key audit matter due to its subjective nature and the quantitative impact on the Group’s financial statements. Our au dit procedures included: For Level 1 investments - Agreeing the fair value of investments in the portfolio held at 30 June 2026 to independent pricing sources for listed securities; For Level 3 investments: - Assessing the appropriateness of the methodology used by management to calculate the fair value of the investment in accordance with the requirements of Australian Accounting Standards; - Testing the mathematical accuracy of managements model developed for the unobservable inputs; - Assessing the reasonableness of the assumptions applied in calculating the fair value, including future cash flows, discount rates and earnings multiples/terminal growth rates, in conjunction with our internal valuation specialists; - Using EY Specialists developed a comparable calculation of the valuation using an alternative methodology based on earnings multiples for comparable entities, and comparing them as a cross check to assess the reasonableness of management’s valuation; and - Assessing the adequacy and appropriateness of the disclosures included in Note 10 to the financial report. Info rmation other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information comprises the information included in the Group’s 2026 annual report other than the financial report and our auditor’s report thereon. We obtained the Directors’ Report and Corporate Directory that are to be included in the annual report, prior to the date of this auditor’s report, and we expect to obtain the remaining sections of the annual report after the date of this auditor’s report. Our opinion on the financial report does not cover the other information and we do not and will not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 91
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of: a. The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and; b. The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i. The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii. The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. 92
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation ► Con clude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. ► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 93
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Report o n the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 14 to 26 of the Directors’ Report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Pacific Current Group Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young Rita Da Silva Jaddus Manga Partner Partner Sydney Sydney 27 August 2026 27 August 2026 94
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Directors Mr. Justin Arter, Non-Executive Chairman Mr. Michael Clarke, Executive Director Ms. Joanne Dawson, Non-Executive Director Executive Management Mr. Michael Clarke, Managing Director (appointed: 13 November 2025) Mr. Ron Patel, Chief Financial Officer (Acting CFO from 1 December 2025; CFO from 1 April 2026) Company Secretary Ms. Clare Craven Registered Office / Principal Place of Business Quay Quarter Tower, Level 3, 50 Bridge Street, Sydney, NSW, 2000 Phone +61 2 9000 1939 www.paccurrent.com Share Register Computershare Investor Services Pty Ltd 452 Johnston Street, Abbotsford, VIC, 3067 Phone +61 3 9415 5000 Bankers Westpac Banking Corporation Auditor Ernst & Young 200 George Street Sydney, NSW, 2000 Stock Exchange Listing Pacific Current Group Limited shares are listed on the Australian Securities Exchange, code: PAC. PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) CORPORATE DIRECTORY 95