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ASX: PCG INVESTOR PRESENTATION EST. 2003
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Pengana Capital Group is an established, ASX-listed Australian funds management group with a long track record of delivering specialist investment strategies across public and private markets. While built on deep experience and trusted expertise, Pengana remains at the forefront of innovation – widely recognised for developing and delivering best-of-breed investment products and expanding direct access to high-quality global opportunities for Australian investors. PENGANA CAPITAL GROUP | PAGE 2 FOUNDED IN 2003 17 UNIQUE INVESTMENT STRATEGIES A$3.9 BILLION AUM1 ASX: PCG 1 As at 31 July 2026 PUBLIC & PRIVATE MARKETS
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Table of Contents 1 About Pengana FY 2026 Financials and Highlights 2 Run-Rate Analysis3 Profit & Loss and Balance Sheet4 Business Components5 → Global Private Credit (“GPC”) Platform → TermPlus → Private Equity → Listed Equities Group Outlook6 PENGANA CAPITAL GROUP | PAGE 3
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About Pengana Capital Group Business Composition 4 Key Components: o Global Private Credit (“GPC”) Platform o TermPlus term accounts (a part of GPC Platform) o Global Private Equity Business o Listed Equities Business; running 9 strategies Components are interrelated, leveraging off common infrastructure, salesforce and operating staff Target Markets & Vehicles o FUM sourced from superannuation (including SMSFs and corporate super) as well as general savings o Key target markets are financial advisors, direct HNWs, family offices, direct retail and small-mid sized institutions o Fund manager for 11 unlisted unit trusts, 4 ASX-listed vehicles and 3 fixed-term accounts. PENGANA CAPITAL GROUP | PAGE 4
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Why Pengana Capital Group Rapidly growing, diversified funds management business, with future profitability highly leveraged to growth Market leading GPC Platform enables the efficient launch and operation of multiple offerings into high growth market segment Global Private Credit Platform High growth fintech business delivering high- yield fixed-term accounts direct to consumers, as well as through advisors TermPlus Highly diversified across offerings, with strong margins and growth opportunities in multiple areas, including GPC and GPE Diversification, Growth & Margins Well-positioned to benefit from tailwinds due to positioning in advisor, SMSF and corporate superannuation markets Superannuation Tailwinds Highly regarded in advisor market and large presence in the direct investor market with over 10,000 direct investors. Provides cross-selling opportunities. Includes 4 ASX listed vehicles Established Investor Base Leading GPE Platform for retail and high net worth investors through ASX listed vehicles Global Private Equity Platform PENGANA CAPITAL GROUP | PAGE 5
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Understanding Key Financial Metrics Funds Under Management (“FUM”) Base revenues are 100% driven by FUM. Gross Base Revenue Management fee income and excess spreads on various GPC products (incl. TermPlus) i.e. products where all profit after payment of target returns to investors is attributed to Pengana. Gross Base Revenue Margin Gross Base Revenue divided by FUM. Wide range of margins for products are critical to understanding the profitability of FUM. Profit Share on Gross Base Revenue This is a key expense, representing variable payments to funds managementteams (in-house and external) that are based on gross revenues or divisional profits. Very wide range of arrangements. Net Base Revenue (“NBR”) Gross Base Revenue after payment of Profit Share to funds management teams. This is the most significant financial metric in the investor presentation, capturing the net impact of FUM growth. NBR Margin NBR divided by FUM. The most significant ratio in the business. PENGANA CAPITAL GROUP | PAGE 6
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Revenue Run Rate Changes as at 30 June 1, 2 FUM3 up 14.0%, from $3.5bn to $4.0bn, due to • Global Private Credit (“GPC”) net inflows of $395m; • Global Private Equity (“GPE”) net inflows of $329m; • Listed Equities net outflows of$232m Gross Base Revenue • Up 23.8% ($10.1m) • Margin up 8.6% (from 121bps to 132bps) Net Base Revenue (“NBR”) • Up 29.2% ($9.3m) • Margin up 13.3% (from 91bps to 103bps) NBR up $9.3m over 12 months due to GPC and GPE inflows 1. Source: Pengana Capital Group Management accounts. Based on FUM at month end and revenue margin per product. 2. Base revenue includes base fees and spread on GPC products and excludes performance fees 3. FUM subject to Base Fees Why Use Run Rate? • Revenue Run Rate is an estimate calculated by taking the actual FUM at a specified date (i.e. 30 June or 31 December) and multiplying by the expected annualised Base Revenue Margin • Run Rate is the best indicator of the current state of the business • Captures full value of inflows during the period, irrespective of timing of inflow PENGANA CAPITAL GROUP | PAGE 7
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Annualised Run Rate (as at Specified Dates) 1 30 Jun 23 30 Jun 24 30 Jun 25 30 Jun 26 Change from 30 Jun 25 % Change from 30 Jun 25 FUM* 3,050 3,224 3,517 4,009 492 14.0% Gross base revenue $m 36.3 38.3 42.7 52.9 10.1 23.8% Profit share on base revenue $m (10.0) (10.2) (10.9) (11.7) (0.9) 7.8% Net base revenue $m 26.2 28.1 31.8 41.1 9.3 29.2% Gross base revenue margin % 1.19% 1.19% 1.21% 1.32% 0.10% 8.6% Net base revenue margin % 0.86% 0.87% 0.91% 1.03% 0.12% 13.3% * FUM subject to base fees PENGANA CAPITAL GROUP | PAGE 81. Source: Pengana Management Accounts. Figures are presented in $ millions unless otherwise stated. Totals and percentage calculations may not reconcile precisely due to rounding.
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FUM - Run Rate Analysis 0 100 200 300 400 500 600 700 800 900 30 Jun 2023 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 $ millions GPC PLATFORM FUM - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 30 Jun 2023 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 $ millions GROUP FUM Listed Equities Private Equity GPC Platform PENGANA CAPITAL GROUP | PAGE 9 The amount of funds under management can increase or decrease due to a range of factors including net fund flows, distributio ns to investors and investment performance. Past performance is not a reliable indicator of future performance; the value of investments can go up and down. The reported FUM is prior to any distributions and dividends being paid to investors.
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Net Base Revenues (“NBR”) - Run Rate Analysis 0.75% 0.80% 0.85% 0.90% 0.95% 1.00% 1.05% 30 Jun 2023 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 Group NBR Margin - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 30 Jun 2023 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 $ millions Group NBR 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 GPC Platform NBR Margin Total FUM at 30 June Yearly FUM Inflow - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 30 Jun 2023 30 Dec 2023 30 Jun 2024 31 Dec 2024 30 Jun 2025 31 Dec 2025 30 Jun 2026 $ millions GPC Platform NBR PENGANA CAPITAL GROUP | PAGE 10Source: Pengana Capital Group management accounts
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Notable Highlights for FY 2026 Rapid growth in profitability of GPC Platform improved run-rate profitability o Nov 2025 entitlement offer for ASX listed PCX, which continues to trade at a premium to NAV o First tailored mandate from a corporate super fund – a segment with large FUM potential o Wholesale/ family office offerings o TermPlus gained further market traction, proving value proposition and benefitting from tech infrastructure and digital marketing New GPC Platform inflows over 12 months had average NBR margin of 2.1%, generating $8.1m of additional NBR1 Private Market Assets (i.e. GPC and GPE) now account for 51% of run-rate NBR, achieving Pengana’s objective of having majority of net revenues from this segment. o Successful launch of AI Private Opportunities Trust ("AIX") with $267m raised in June 2026, enhancing credibility and growth opportunities in GPE o Material increase in PE1 FUM, largely due to large Space X position 1. Source: Pengana Capital Group management accounts PENGANA CAPITAL GROUP | PAGE 11 14% FY 2021 Listed Equities run-rate NBR 51% FY 2026 Private Markets run-rate NBR GPC PLATFORM GPE PLATFORM Expansion via organic growth and launch of new vehicle
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Operating Profit & Loss Summary1 FY 2024 FY 2025 FY 2026 Increase/ (Decrease) from FY 20025 to FY 2026 Gross base revenue 35.9 40.5 41.9 1.4 Profit share on gross base revenue (10.2) (10.4) (10.6) (0.2) Net base revenue (NBR) 25.7 30.1 31.3 1.2 Base operating expenses (a) (23.1) (25.0) (25.6) (0.5) Base operating EBITDA 2.6 5.1 5.7 0.7 Gross performance fees 3.1 16.0 5.7 (10.3) Profit share on gross performance fees (1.5) (8.0) (2.8) 5.2 Net performance fees 1.7 7.9 2.8 (5.1) Market development expenses (b) (1.4) (2.3) (4.3) (2.0) Product development expenses (c) (4.3) (0.8) (9.8) (9.0) Operating EBITDA (1.4) 9.9 (5.5) (15.4) PENGANA CAPITAL GROUP | PAGE 121. Source: Pengana Management Accounts, excludes consolidation impacts from fund investments consolidated under Australian Accounting Standards. For the year ending each 30 June. Figures are presented in $ millions unless otherwise stated. Totals and percentage calculations may not reconcile precisely due to rounding. 12.9% increase (a) Base operating expenses mostly fixed, excludes market and product development expenses. (b) Market development expenses includes fixed and variable costs associated with expanding market reach such as traditional and digital marketing, sponsorships and investor and advisor engagement activities, and excludes any HR costs. (c) Product development expense incurred when launching new funds or enhancing existing funds and includes upfront capital raising costs for listed vehicles. 4.0% increase Reported NBR growth lags FUM growth due to substantial late-year inflows
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Profit & Loss Reconciliation1 FY 2024 FY 2025 FY 2026 Increase/ (Decrease) from FY20025 to FY2026 Operating EBITDA (1.4) 9.9 (5.5) (15.4) Net investment income 1.3 1.5 2.8 1.4 Other non-operating (0.0) (0.7) (0.1) 0.6 LSP interest 2.5 1.4 0.7 (0.7) Underlying profit before tax 2.4 12.1 (2.0) (14.1) Deduct LSP interest & OCI (3.2) (1.3) (0.7) 0.6 Add non-cash expenses (4.3) (5.1) (4.5) 0.6 Add tax expense 0.8 (3.0) 1.7 4.7 Statutory profit after tax (4.3) 2.6 (5.6) (8.2) PENGANA CAPITAL GROUP | PAGE 13 1. Source: Pengana Management Accounts, excludes consolidation impacts from fund investments consolidated under Australian Accounting Standards. For the year ending 30 June. Figures are presented in $ millions unless otherwise stated. Totals and percentage calculations may not reconcile precisely due to rounding.
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1. Source: Pengana Management Accounts, excludes consolidation impacts from fund investments consolidated under Australian Accounting Standards. Totals and percentage calculations may not reconcile precisely due to rounding. Balance Sheet1 30 Jun 2025 ($’000) 30 Jun 2026 ($’000) Cash 15,700 10,614 Current receivables 6,930 4,477 Current payables (12,073) (8,258) Net current assets 10,556 6,834 Investments 25,489 27,568 Borrowings (loan from AIX to fund launch costs) - (6,235) Other assets and liabilities 559 428 Off balance sheet Loan Funded Share Plan 8,753 9,011 Net tangible underlying assets attributable to Pengana Shareholders 45,357 37,606 Less: Off balance sheet Loan Funded Share Plan (8,753) (9,011) Net tangible statutory assets 36,605 28,595 Add: Right-of-use lease assets & liabilities (134) (84) Add: Intangible assets 49,238 46,987 Add: Deferred tax liabilities (1,096) 812 Net statutory assets 84,613 76,310 PENGANA CAPITAL GROUP | PAGE 14 Reduction in NTA due to AIX loan, and product and market development initiatives
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Global Private Credit Platform Overview GPC is a highly attractive asset class for fund managers due to: Strong demand - arguably the most in- demand asset class globally Most investors currently having low/underweight exposure Risk/return characteristics make it a highly versatile asset class Generally higher margins and likely longer longevity of investment Pengana has built the leading GPC platform in the Australian market Highly diversified, with exposure to >4,500 underlying corporate loans across 3 distinct portfolios Enables efficient, timely and low-cost launching of new pooled funds as well as tailored solutions Runs several separate funds for market segments and clients, capturing growth across the market Specialised IP and experience in structuring distinct offerings is a major competitive advantage Facilitates the creation of highly diverse functional usage e.g. TermPlus Multiple barriers to entry The GPC Platform is driving rapid growth in Pengana’s profitability PENGANA CAPITAL GROUP | PAGE 15
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Global Private Credit Platform Structure ASX listed investment trust (PCX) Retail Unit Trust for financial advisors and direct HNWs Wholesale Unit Trust for HNWs and family offices SMA for financial advisors TermPlus Tailored products Corporate superannuation Other funds in development GPC Master Portfolio o 30 “Top Rated” GPC Funds o Divided into 3 distinct portfolios o >4,500 underlying corporate loans PENGANA CAPITAL GROUP | PAGE 16
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TermPlus is a distinct business within the Pengana Group, that invests FUM into the GPC Platform o Offering 1, 2 and 5 year high-yield fixed-term accounts direct-to-consumers and through financial advisors o The comprehensive tech platform has been designed and built in-house over the last 5 years, and has been fully operational since 2024 o Additional growth features are rolled out as required The fixed-term account market is large and growing; TermPlus has several competitive advantages: o Compelling target rates that are delivered by the Pengana GPC Platform. o A fresh and well-received brand leveraging off the Pengana and Mercer brands. o Strong direct-to-consumer marketing capabilities. o Highly efficient infrastructure delivering strong client satisfaction. TermPlus is one of the major drivers of Pengana’s recent revenue growth. A high-growth D2C fintech with full tech infrastructure and digital-marketing capabilities PENGANA CAPITAL GROUP | PAGE 17
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Term Lengths and Target Rates Personal accounts Joint accounts Child accounts Companies & trusts SMSF investors Target Rates are set as a fixed margin above the RBA Cash Rate, which is variable over the course of the Term. PENGANA CAPITAL GROUP | PAGE 18
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Global Private Equity Business: PE1 and AIX Pengana Global Private Equity Trust (ASX: PE1) is the only ASX-listed vehicle that provides exposure to global PE, including co-investments, primary investments and secondary investments, with $520m of Net Tangible Assets (“NTA”) Global PE is considered by most sophisticated investors and advisors to be an important component of portfolio construction Due to a wide range of factors, for many of Australia’s retail and mass- HNW investors, PE1 is the only plausible vehicle for gaining exposure to diversified Global PE AI Private Opportunities Trust (ASX: AIX) is the first ASX-listed vehicle offering dedicated exposure to private companies driving the artificial intelligence value chain, launched in June 2026 with $267 million raised AIX extends the same platform, distribution and manager access that underpin PE1 into the highest- conviction growth theme in global private markets Global PE is an attractive asset class for fund managers due to relatively high fee structures and longevity of FUM Despite continued challenging market conditions, Pengana was well positioned to successfully launch AI Private Opportunities Trust ("AIX"), leveraging its established private markets platform and strategic relationship with Grosvenor Capital Management, L.P. PENGANA CAPITAL GROUP | PAGE 191. Source: Pengana Capital Group Limited, as at 30 June 2026
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Listed Equities Business - Overview Pengana’s listed equity funds management business has been operating since 2003 and is responsible for the original development of the Pengana business/brand Pengana offers a highly diverse range of 9 active strategies across Australian and global markets, with aggregate FUM of $2.5bn and attractive fee structures The focus is on niche, high performing strategies with high tracking errors The target market is the more sophisticated financial advisors and wealth mangers, as well as higher-net-worth investors and family offices. Most of the FUM is from self-managed super funds FUM has been relatively flat over the past 5 years, impacted by a difficult fund-raising environment for active funds. Nevertheless, Pengana is targeting moderate growth in the medium-term Performance fees (in several of the funds) are a valuable component, generating over the last 5 years Gross Fees of $57.5m, and Net Fees (i.e. after payments to fund management teams) of $36m. These fees are unpredictable from period to period Whilst the Listed Equities business has lower FUM growth prospects, it generates lucrative revenues for the group, from both base and performance fees PENGANA CAPITAL GROUP | PAGE 20
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Listed Equities Business - Funds Primary Fund/Vehicle Name Strategy FUM ($m) Pengana Emerging Companies Australian Small Caps 795 Pengana Australian Equities Australian Multi Caps 418 Pengana Axiom International Ethical Global, Multi Caps, Ethical 408 Pengana International Equities Ltd (LIC) Global, Multi Caps, Ethical 357 Pengana WHEB Sustainable Impact Global, Multi Caps, Impact 156 Pengana High Conviction Equities Global, Multi Caps 138 Pengana Alpha Israel Israel, Small-Mid Caps 60 Pengana High Conviction Property Australian, Multi Caps, ESG 45 Pengana Global Small Companies Global, Small Caps 30 Pengana Harding Loevner International Global, Multi Caps, ESG 23 Other Other 19 PENGANA CAPITAL GROUP | PAGE 21 1. Source: Pengana Capital Group Limited, as at 30 June 2026
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Group Outlook o Growth across the platform, including existing and new products o Strong margins to persist, with very high growth in NBR GPC Platform o Accelerate growth as TermPlus becomes adopted more widely across the market o Increasingly important source of high margin FUM for GPC Platform TermPlus o Substantial opportunities to grow in GPE space o Take advantage of market positioning and brand profile GPE Platform o Low growth/capacity constrained o Continuation of performance fees, albeit sporadically Listed Equities o Operating expenses to grow only marginally o Product development, capital raising, marketing and advertising can be dialled up to impact FUM raising Expenses o High growth in NBR combined with a largely fixed cost infrastructure o Enables accelerated growth in Operating Profits Profitability PENGANA CAPITAL GROUP | PAGE 22
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Valuation Framework (Earning Multiple Basis) Global Application of Earnings Multiples • RR of Base Operating EBITDA provides best indicator of annualised profitability at a point in time • Apply earnings multiple on RR of Base Operating Profits reflective of growth trajectory and business quality • Apply lower multiple on est. average Net Performance Fees due to volatility and uncertainty • No multiple for “one-off” Product and Brand Development costs • Include $21m of investable assets in enterprise valuation Base Operating EBITDA • Actual 12 months was $5.7m • RR NBR is ~$10m above 12 months actual • Assuming Base Operating Expenses flat, then indicative RR of Base Operating EBITDA is ~$15.5m; and on a rapid growth trajectory Performance Fees and “Capex” • Performance fees unpredictable and volatile • Over last 5 years, Pengana has generated $36m (net of payments to teams) i.e. average of $7m p.a. Product and Brand Development • Market development predominantly variable cost • Product development one-off and accounted for upfront Net Investable Assets • Pengana has ~$21m of assets available to invest (excludes assets supporting co- invests in GPC funds) PENGANA CAPITAL GROUP | PAGE 23
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Disclaimer This presentation has been prepared by Pengana Capital Group Limited (ABN 43 059 300 426) (“PCG”). The information in this presentation is current as at 26 August 2026. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with respect to any security. Information in this presentation should not be considered advice and does not take into account the investment objectives, financial situation and particular needs of an investor. Before making an investment in PCG, any investor should consider whether such an investment is appropriate to their needs, objectives and circumstances and consult with an investment adviser if necessary. Past performance is not a reliable indicator of future performance. PCG has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of PCG, its related bodies corporate, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. Pengana Capital Limited (ABN 30 103 800 568 Australian financial services license number 226566) is the responsible entity and issuer of the following funds referred to in this presentation: the Pengana Alpha Israel Fund, Pengana Australian Equities Fund (ARSN 146 346 929), Pengana Axiom International Ethical Fund (ARSN 093 079 906), Pengana Axiom International Ethical Fund (Hedged) (ARSN 098 586 282), Pengana Emerging Companies Fund (ARSN 111 894 510), Pengana Global Small Companies Fund (ARSN 604 292 677), Pengana Harding Loevner International Fund (ARSN 610 351 641), Pengana High Conviction Equities Fund (ARSN 602 546 332), Pengana High Conviction Property Securities Fund (ARSN 639 011 180) and Pengana WHEB Sustainable Impact Fund (ARSN 121 915 526). The product disclosure statements for these funds are available on the Pengana website via www.pengana.com. Any potential investor should read the relevant product disclosure statement in its entirety and consult their financial adviser before making an investment decision. Past performance is not a reliable indicator of future performance. Pengana Investment Management Limited (ABN 69 063 081 612 AFSL 219462) (“PIML”) is the responsible entity and issuer of the Pengana Private Equity Trust (ARSN 630 923 643) and the manager for Pengana International Equities Limited (ACN 107 462 966, ASX: PIA) (“PIA”). Before making an investment, any investor should consider whether such an investment is appropriate to their needs, objectives and circumstances and consult with an investment adviser if necessary. Past performance is not a reliable indicator of future performance. Mercer Consulting (Australia) Pty Limited ABN 55 153 168 140 AFSL 411770 (‘MCAPL’). MCAPL is a wholly owned subsidiary of Mercer (Australia) Pty Ltd ABN 32 005 315 917 (‘Mercer Australia’). MCAPL and Mercer Australia collectively referred to here as ‘Mercer’. References to Mercer shall be construed to include Mercer LLC and/or its associated companies. ‘MERCER’ is a registered trademark of Mercer Australia. PENGANA CAPITAL GROUP | PAGE 24
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FOR MORE INFORMATION T: +61 2 8524 9900 E: clientservice@pengana.com PENGANA CAPITAL GROUP LIMITED ABN 30 103 800 568 AFSL 226566 Suite 1, Level 27, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW, 2000 CLIENT SERVICE PENGANA.COM