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PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) 22 nd October, 2025 Market update – ahead of 2025 Annual General Meeting For personal use only
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Agenda 2 01 Formal Business 4 02 Managing Director's Address 18 FY25 Themes 20 FY25 Financial Results 24 Latest Update – Q1 FY26 32 Introducing Pinnacle’s newest Horizon 3 Affiliate – Advantage Partners 41 Growth Agenda 49 Corporate Sustainability 54 03 Q&A 62 04 Additional Information 63 Please refer to the Disclaimer on slide 92 for important information that is to be read in conjunction with this presentation. For personal use only
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01 Formal Business For personal use only
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Formal Business 4 • Item 1 – Tabling of FY25 financial statements • Item 2 – Adoption of Remuneration Report • Item 3 – Re-election of Directors • Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan • Item 5 – Issue of securities to Christa Lenard in lieu of director fees under the Omnibus Incentive Plan For personal use only
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How to ask a question (for shareholders joining online) 5 • To ask a written question, select the Q & A icon • Select the topic your question relates to from the drop-down list • Type your question in the text box and press the send button • To ask a verbal question, follow the instructions below the broadcast window For personal use only
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How to vote (for shareholders joining online) 6 • When the poll is open, select the vote icon at the top of the screen • To vote, select either For, Against or Abstain • You will see a vote confirmation • To change or cancel your vote, click on "click here to change your vote" at any time until the poll is closed For personal use only
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Item 1 – Tabling of FY25 financial statements 7 For personal use only
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Item 2 – Adoption of Remuneration Report 8 • To consider and, if thought fit, pass the following as an ordinary resolution: “To adopt the Remuneration Report for the financial year ended 30 June 2025” For personal use only
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Item 2 – Adoption of Remuneration Report 9 RESOLUTION 2 Resolution by proxy Adoption of Remuneration Report % of eligible proxies in favour 99.59 Total number votes cast For 140,390,760 Against 445,082 Open usable 135,131 Excluded votes 19,330,592 Abstain 27,447 For personal use only
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Item 3(a) – Re-election of Mr Alan Watson as non-executive Director 10 • To consider and, if thought fit, pass the following as an ordinary resolution: “That Alan Watson who retires from the office of Director by rotation and, being eligible, offers himself for re-election, be re-elected as a Director” For personal use only
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Item 3(a) – Re-election of Mr Alan Watson as non-executive Director 11 RESOLUTION 3(a) Resolution by proxy Re-election of Alan Watson % of eligible proxies in favour 94.03 Total number votes cast For 150,739,333 Against 9,427,060 Open usable 135,133 Excluded votes - Abstain 27,486 For personal use only
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Item 3(b) – Re-election of Ms Lorraine Berends as non-executive Director 12 • To consider and, if thought fit, pass the following as an ordinary resolution: “That Lorraine Berends who retires from the office of Director by rotation and, being eligible, offers herself for re-election, be re-elected as a Director” For personal use only
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Item 3(b) – Re-election of Ms Lorraine Berends as non-executive Director 13 RESOLUTION 3(b) Resolution by proxy Re-election of Lorraine Berends % of eligible proxies in favour 99.31 Total number votes cast For 159,161,771 Against 977,129 Open usable 135,133 Excluded votes 0 Abstain 54,979 For personal use only
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Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan 14 • To consider and, if thought fit, pass the following as an ordinary resolution: “That, for the purposes of Listing Rule 10.14 and for all other purposes, approval is given for the issue of Shares to Andrew Chambers (or his nominee) under the Omnibus Incentive Plan as described, and on the terms set out, in the Explanatory Notes.” For personal use only
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Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan 15 RESOLUTION 4 Resolution by proxy Issue of shares to Andrew Chambers % of eligible proxies in favour 99.81 Total number votes cast For 141,311,281 Against 130,983 Open usable 135,131 Excluded votes 18,730,592 Abstain 20,355 For personal use only
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Item 5 – Issue of securities to Christa Lenard in lieu of director fees under the Omnibus Incentive Plan 16 • To consider and, if thought fit, pass the following as an ordinary resolution: “That, for the purposes of Listing Rule 10.14 and for all other purposes, approval is given for the grant of performance rights to Christa Lenard (or her nominee) under the Omnibus Incentive Plan as described, and on the terms set out, in the Explanatory Notes.” For personal use only
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Item 5 – Issue of securities to Christa Lenard in lieu of director fees under the Omnibus Incentive Plan 17 RESOLUTION 5 Resolution by proxy Issue of securities to Christa Lenard in lieu of director fees % of eligible proxies in favour 99.63 Total number votes cast For 141,058,169 Against 391,383 Open usable 135,131 Excluded votes 18,730,592 Abstain 13,067 For personal use only
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02 Managing Director’s Address For personal use only
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Managing Director’s Address • FY25 Themes • FY25 Results • Financial Results • Performance Fees • Funds Under Management • Latest Update – Q1 FY26 • FUM & Flows • Performance • New Horizon 3 Affiliate – Advantage Partners • Growth Agenda • Three Horizons of Growth • Horizon 2 • Horizon 3 • Affiliate Updates • Corporate Responsibility 19 For personal use only
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FY25 Themes 1. Strong growth in core earnings and FUM, resulting from growing Pinnacle platform 2. Continuing execution of ‘3 Horizons’ strategy, adding new capabilities that can harvest the full value of the Pinnacle engine to accelerate growth 3. Strong performance fee outcome for the financial year, albeit low in 2H. Long-term Affiliate performance continues to be robust, with key strategies entering FY26 at or close to high-watermarks 4. Record net inflows, with new Affiliates making a substantial impact 5. Entering FY26, all Affiliates are at or exceeding run-rate profitability 6. Diversifying platform offering multiple earnings drivers 20 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 For personal use only
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FY25 Themes 1. Significant growth in core earnings and FUM, resulting from growing Pinnacle platform • Pinnacle NPAT up 49% on FY24, representing a 37% increase in EPS • Five-year CAGR in NPAT, Diluted EPS and Dividends per Share all in excess of 25% • 39% increase in Affiliate revenues (at 100%) compared with FY24; 43% increase in Pinnacle’s share of Affiliate profits, after tax • FY25 flows - $18bn+ net inflows into global asset classes, ~$18bn net inflows into globally domiciled Affiliates, ~$6.7bn net inflows into alternative credit and ~$3.9bn net inflows into private markets assets, underscoring the strategic expansion of the platform into global and alternative asset classes • Continued outperformance1 of public market strategies provides the opportunity for market share gains in public market equity flows 2. Continuing execution of ‘3 Horizons’ strategy, adding new capabilities that can harvest the full value of the Pinnacle engine to accelerate growth • High quality of Affiliates combined with Pinnacle’s large, multi-channel distribution platform provides the opportunity to take market share in existing Horizon 1 strategies • Latest Horizon 2 initiative, Life Cycle Investment Partners, domiciled in the UK, ended FY25 with $15.4bn in FUM and has reached profitability • Executed strategic acquisitions of new Horizon 3 Affiliates in the UK and US, diversifying and expanding Pinnacle’s global Affiliate platform • Flexible balance sheet, strong global platform and proven track record of success in partnering with world-class teams across the globe strengthens Pinnacle’s reputation and appeal, reinforcing the ability to export the Pinnacle model as we seek to prosecute further opportunities • The Pinnacle platform has demonstrated that its value is ‘greater than the sum of its parts’ 21 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 1The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the invest ment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance For personal use only
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FY25 Themes 3. Strong performance fee outcome for the financial year, albeit low in 2H. Long-term Affiliate performance continues to be robust, with key strategies entering FY26 at or close to high-watermarks • Now 31 strategies with the ability to deliver material performance fees, on $50bn of FUM (up from 25 and $39bn at 30 June 2024) • Twelve Affiliates contributed performance fees in FY25 • Weak outcome in 2H FY25, but a strong outcome for the financial year as a whole; PNI share after tax up 49% on FY24 on performance fee FUM that was 31% higher • Strategy set is diverse and largely uncorrelated, with the ability to deliver meaningful fees in each financial year, across market cycles • 91% of Affiliate strategies with a track record of five years or longer have outperformed over a five-year period1 • Well-set heading into FY26, with 82% of total performance fee FUM at or within 2% of high watermark (60% at high watermark) 4. Record net inflows, with new Affiliates making a substantial impact • Record annual flows of $23.1bn; $16.4bn in 2H FY25, with a dominant contribution from Life Cycle • Continued growth in internationally sourced FUM and private markets FUM • International and retail FUM now represents more than 50% of total FUM • Strong start for newest Horizon 2 initiative, Life Cycle (Pinnacle’s fastest to date in terms of FUM growth and speed to profitability); good progress in latest Horizon 3 initiatives, PAM (~$2.5bn net inflows since Pinnacle acquired an interest) and VSS (strong early support for upcoming Fund V) 22 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 1The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the invest ment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance For personal use only
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FY25 Themes 5. Entering FY26, all Affiliates are at or exceeding run-rate profitability • Horizon 2 cost, within Pinnacle and Affiliates, trended downwards as expected • Significant opportunities do remain, requiring investment, particularly in Metrics which continues to build and diversify origination capability • Pinnacle and Affiliates will continue to pursue Horizon 2 opportunities where quality and growth potential are compelling 6. Diversifying platform offering multiple earnings drivers • Opening FY26 FUM of $179.4bn, 63% higher than opening FUM and 24% higher than average FUM in FY25 • Continuing long-term outperformance across most Affiliates and strategies, with 91% of Affiliate strategies with a track record of five years or longer having outperformed their benchmarks1 • Horizon 2 initiatives, within Pinnacle and Affiliates, progressing well 23 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 1The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the invest ment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance For personal use only
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FY25 financial highlights 24 Diversified platform providing resilience in volatile market conditions. Investments made to support earnings growth in the f uture NPAT / EPS Fund Flows Investment Performance Cash / Investments Affiliate FUM / Revenue (100%) Affiliate FUM (100%) 30 Jun 25 30 Jun 24 Change Aggregate Affiliate FUM (at 100%) $179.4bn2 $110.1bn 63% Aggregate Affiliate Retail FUM (at 100%) $39.7bn3 $28.8bn 38% Aggregate Affiliate Performance fee FUM (at 100%) $50.4bn $38.6bn 31% Affiliate Revenue (100%) FY25 FY24 Change Aggregate Affiliate Revenue (at 100%) $925.0m $663.4m 39% Aggregate Affiliate Base Fees (at 100%) $771.4m $553.6m 39% Aggregate Affiliate Performance Fees (at 100%) $153.6m $109.8m 40% Pinnacle share of performance fees, after tax $46.6m $31.2m 49% FY25 FY24 Change NPAT $134.4m $90.4m 49% Diluted EPS 62.4c 45.5c 37% DPS 60.0c 42.0c 43% DPR 96% 92% Franking 79% 82% 30 Jun 25 Cash $26.6m Principal Investments (PI) $436.9m Total cash & PI $463.5m FY25 Retail $6.9bn International $4.8bn Institutional – Australia $11.4bn Total net inflows $23.1bn 30 Jun 25 % strategies outperforming over 5 years to 30 Jun 20251 91% ASX300 + 9.9% MSCI World + 14.4% NASDAQ + 14.9% FTSE NAREIT - 1.3% 1. With track records exceeding 5 years 2. Includes $9.8 bn acquired by a Pinnacle Affiliate and $18.1bn acquired by Pinnacle in PAM and VSS in FY25 3. Includes $1.2bn acquired by a Pinnacle Affiliate in FY25 4. All references to dollars, or ‘$’, refer to Australian Dollars, unless otherwise stated For personal use only
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Track record of earnings growth through market cycles 25 The strength and diversity of our platform generates material earnings growth for our shareholders through cycles and over the long-term NPAT growth: 2016 – 2025 Diluted EPS growth: 2016 - 2025 Dividends have grown at a CAGR of 31.3% over the five years to 30 June 2025 CAGR (five years to 30 June 2025) – 33.1% CAGR in the nine full financial years since we became ‘listed Pinnacle’ in 2016 (to 30 June 2025) – 41.8% CAGR (five years to 30 June 2025) – 28.3% CAGR in the nine full financial years since became ‘listed Pinnacle’ in 2016 (to 30 June 2025) – 31.8% For personal use only
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Horizon 2 & 3 diversification enables platform to deliver earnings growth through market cycles 26 • Pinnacle has pursued a deliberate strategy of diversification, incubating new Affiliates and strategies, enhanced by careful acquisitive growth into new asset classes and markets. This moderates short-term profitability, however previous initiatives have delivered exceptional returns. Having ‘peaked’ over 2H FY23 and 1H FY24, the ‘net’ cost to Pinnacle of current Horizon 2 initiatives reduced in 2H FY24 and remained at these levels over FY25, at a total net cost to Pinnacle, after tax, of $9m. Entering FY26, all Pinnacle Affiliates are now at run-rate profitability or better. • This diversification has allowed us to deliver continued growth in profitability through market cycles: • NPAT CAGR of 33.1% over the five-year period to 30 June 2025 • Diluted EPS CAGR of 28.3% over the five-year period to 30 June 2025 • FUM CAGR (at 100%) of 20.2% over the five-year period to 30 June 2025 from organic growth (excluding acquired FUM; 25.0% including acquired FUM) • During that same 5-year period: • International and Retail FUM combined has grown from $17.2bn to $91.1bn, and from 29% of total FUM to 51% of total FUM • Aggregate Affiliate revenues (at 100%) from equity strategies were 81% of total revenues five years ago and 64% in FY25 • Whilst we make no prediction for what lies ahead, we are confident that we have the platform in place to deliver continuing earnings growth over the medium- to long-term For personal use only
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Performance fees 27 Pinnacle Affiliates continue to outperform benchmarks, resulting in continued FUM growth and performance fee generation Closing FUM & number of strategies subject to performance fees Performance fees (at 100%) by Affiliate • It remains a key strategy of Pinnacle and Affiliates to grow FUM that has the ability to earn performance fees • The annual reliability of overall performance fee revenue has been improved by: • Volume of FUM with performance fee potential • Number and diversity of strategies with performance fee potential • Likelihood of performance fee success is generally not correlated to equity markets – based on performance relative to individual hurdles • Likelihood of performance fees is distinct (uncorrelated) between individual strategies • Performance relative to benchmarks can vary significantly over even quite short periods of time • Performance fees should be a significant and ongoing component of Pinnacle’s overall earnings in any financial year • Twelve Affiliates earned performance fees totalling $153.6m (at 100%; Pinnacle post-tax share $46.6m) in FY25. In FY24, thirteen Affiliates earned performance fees totalling $109.8m (at 100%; Pinnacle share post-tax $31.2m) • Of the now 31 strategies that have the potential to deliver significant performance fees, 20 crystallize at least half yearly, with all 31 crystallizing on at least an annual basis • Performance fees crystallizing only in June each year include Metrics, Palisade and Resolution Capital • Of the 31 strategies that have the potential to deliver meaningful performance fees, 15 are at their high watermarks as at 30 June 2025, representing 60% of FUM that has the potential to generate performance fees, with a further 9 strategies, representing 23% of FUM, within 2% of high watermark • 91% of Pinnacle Affiliates’ strategies and products (with a track record exceeding 5 years) have outperformed their benchmarks over the 5 years to 30 June. Strong, long-term investment outperformance underpins performance fee delivery - 20 40 60 80 100 120 140 160 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 $m 3.3 5.7 10.3 16.3 18.9 28.7 30.2 34.0 38.6 50.4 5 6 8 14 18 18 22 24 25 31 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 $bn For personal use only
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Evolution & Growth | FUM & Flows 28 FUM ($bn)1 Cumulative net flow history ($bn) • FUM has grown at a CAGR of 27.3% p.a. over the last ten years (24.2% excluding $6.8bn ‘acquired’ in Jul 2018, $3.0bn ‘acquired’ in Dec 2019, $1.1bn ‘acquired’ in Dec 2021, $9.8bn ‘acquired’ by Antipodes in Aug 2024, $17.0bn ‘acquired’ in Nov 2024 and $1.1bn ‘acquired’ in Dec 2024 ) • Markets were volatile across FY25, but most ended the year at higher levels: • S&P/ASX 300 index up 9.9% • MSCI World Index up 14.4% • NASDAQ up 14.9% • FTSE/EPRA NAREIT down 1.3% • Market movements/investment performance added $18.4bn to total FUM during FY25, including adding $2.8bn to retail FUM • Gross Affiliate revenues (excluding performance fees) were 39% higher FY25 than in FY24 (also 39% including performance fees) • FUM increases attributable to net flows were $23.1bn (retail net inflows were $6.9bn, international net inflows were $4.8bn and domestic institutional net inflows were $11.4bn) • Net inflows for the year were underpinned by a foundational contribution from new, London-based Affiliate, Life Cycle • Market share gains remain the key to public market equity flows, despite (and because of) rallying and volatile markets • FUM sourced from international clients was $51.4bn, or 29% of total FUM, at 30 June 2025, up from $4.2bn or 7% at 30 June 2020 • Aggregate retail and international FUM as at 30 June 2025 now represents 51% of total FUM (at 100%), up from 29% at 30 June 2020 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Institutional Retail International 1. FUM is 100% of FUM managed by Pinnacle Affiliates For personal use only
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Evolution of FUM by client type 29 30 Jun 16 - $19.8bn 30 Jun 2025 - $179.4bn Horizon 2 build out of Wholesale & Retail and International distribution functions has led to a greatly expanded and diversif ied client base • Upon listing as Pinnacle in 2016, 84% of Pinnacle’s $19.8bn FUM (at 100%) was sourced from Australian institutions • Multi-year build outs of wholesale/retail distribution and, later, international distribution functions have driven significant expansion and diversification of Pinnacle’s client base • At 30 June 2025, over 50% of Pinnacle’s FUM (at 100%) was sourced from wholesale/retail and international clients, representing approximately two-thirds of base Affiliate revenues • Product innovation and development has assisted in Pinnacle’s growth in wholesale/retail and international markets by providing access to new client verticals (e.g., LITs/LICs and ETFs; open-ended vehicles for private market strategies; build-out of fund structures available to international investors) 16.7 0.5 2.6 Domestic Institutional International Retail 88.3 51.4 39.7 For personal use only
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Evolution of FUM | private markets & international 30 Private Markets Asset Growth1 Growth in Internationally-Domiciled Affiliate FUM1 • FUM in private markets asset classes was $28.7bn at 30 June 2025 • 16% of total FUM • Up from $1.5bn / 6% of total FUM as at 30 June 2016 • 40% CAGR since 2016 • Pinnacle has been a distributor of private markets strategies since the 2007 founding of Palisade • We have been deliberately and intentionally continuing to diversify our platform of Affiliates and strategies into further private markets asset classes • Horizon 2 ‘builds’ of Palisade and Riparian • Horizon 2 ‘builds’ within Affiliates (e.g., Metrics Asset-Based Lending, real estate debt and equity and sustainable lending; Palisade Impact, Real Assets and North American infrastructure; Five V Horizons and Frontier strategies) • Horizon 3 acquisitions of interests in Metrics, Five V and VSS • Pinnacle’s distribution strength accelerates the growth of these businesses and allows them to access new investor verticals and geographies • We have focused on building out a diversified Affiliate base, relevant to a wide range of investors, both in Australia and internationally • Since the inception of the first internationally-domiciled Pinnacle Affiliate, Aikya, we have continued to focus our expansion on new Affiliates headquartered in global gateway cities with large addressable end-markets • Horizon 2 ‘builds’ of Aikya, Langdon and Life Cycle • Horizon 3 acquisitions of interests in PAM and VSS • We now have $48bn of FUM in internationally-domiciled Affiliates • Successfully executing investments (build or buy) in well positioned Affiliates – geographically, reputationally and strategy-wise – significantly contributes to our ongoing distribution success as well strengthening our reputation amongst investors, prospective Affiliates and distribution talent 1. FUM is 100% of FUM managed by Pinnacle Affiliates - 10,000 20,000 30,000 40,000 50,000 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun-25 FUM ($m) Aikya Langdon Life Cycle PAM VSS For personal use only
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Evolution of international platform 31 Cumulative International Flows by Affiliate Cumulative International Flows by Country • Pinnacle has deliberately globalized its platform, investing across all 3 Horizons: • Organic growth of existing Affiliates and strategies into international markets • New Affiliate ‘start-ups’ and new strategies from existing Affiliates • Acquisitive growth in new asset classes and markets • Development of our international distribution and operational platform has been a key ‘Horizon 2’ initiative: • FUM in FY25 was $51.4bn / 29% of total FUM • Up from $0.5bn / 2.4% in FY16 • Pleasingly, our growth is being achieved across a diverse range of Affiliates and strategies, straddling public and private markets, equity and debt • Addressable markets outside of Australia are many multiples larger in size • We will continue to expand our local presence in major gateway cities and capital markets to significantly enhance our local network connectivity with institutional and wholesale/retail investors. In FY25, we expanded our distribution and operations teams in: • United Kingdom • New Zealand • Canada • To date, we have built a strong foundation for growth in the UK (and its Crown Dependencies), Western Europe, US, Canada, New Zealand, South Africa, Japan, South Korea and the Middle East For personal use only
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Latest Update – Q1 FY26 – FUM and flows 32 • Total Affiliate FUM (at 100%) at 30 September 2025 of $197.4 billion – up $18.0 billion or 10% from $179.4 billion at 30 June 2025 • Total Affiliate Retail FUM (at 100%) at 30 September 2025 of $44.4 billion – up $4.7 billion or 12% from $39.7 billion at 30 June 2025 • Total Affiliate International FUM (at 100%) at 30 September 2025 of $55.7 billion – up $4.2 billion or 8% from $51.4 billion at 30 June 2025 • No ‘acquired’ FUM in the quarter • Total net inflows for the three months to 30 September 2025 of $13.3 billion: • $4.0 billion Australian retail net inflows • $2.9 billion international net inflows • $6.4 billion Australian institutional net inflows • For the three months to 30 September 2025: • The S&P/ASX 300 Index was up 3.9% • The MSCI World Index was up 7.3% • The NASDAQ was up 11.2% • The FTSE EPRA/NAREIT Index was up 3.2% For personal use only
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Latest Update – Q1 FY26 – FUM and flows 33 • Strong aggregate net inflows for the quarter, across all three channels • Notable Australian wholesale/retail inflows, particularly into public equities and alternative fixed income • Domestic institutional flows robust in aggregate, but these flows are often ‘lumpy’ and can vary significantly over shorter time periods • International flows solid with over half coming from wholesale/retail channels • Market environment – equities markets ended the quarter at higher levels than at the start of the financial year, which has a positive impact on revenues • Most Affiliates and strategies continue to deliver performance to expectations or better • As at 30 September 2025, 55% of total performance fee FUM was at high watermark, with a further 17% within 2% of high watermark For personal use only
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Continuing strong investment performance of Affiliates to 30 September 2025 81% of Pinnacle Affiliates’ strategies and products (with a track record exceeding 5 years) have out - performed their benchmarks over the 5 years to 30 September 2025 34 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. * The fund changed its name from Hyperion Global Growth Companies Fund -Class B to Hyperion Global Growth Companies Fund (Managed Fund) on 5 February 2021 in order to facilitate quotation of the fund on the ASX 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Hyperion Asset Management - Gross Performance Hyperion Australian Growth Companies Fund 9.43% 12.16% 12.27% 01/10/2002 Outperformance -3.44% 2.05% 2.97% Hyperion Small Growth Companies Fund 14.89% 15.30% 17.11% 01/10/2002 Outperformance 5.62% 5.68% 9.75% Hyperion Australian Equities Broad Cap Composite 10.35% 12.78% 13.29% 01/11/1996 Outperformance -2.53% 2.67% 4.17% Hyperion Global Growth Companies Fund (Managed Fund) * 17.01% 21.44% 21.95% 22/05/2014 Outperformance 0.25% 7.78% 7.69% Plato Investment Management - Gross Performance Plato Australian Shares Equity Income Fund - Class A 15.62% 12.60% 13.13% 09/09/2011 Outperformance 1.16% 0.99% 1.69% Plato Global Shares Income Fund 17.61% - 10.46% 30/11/2015 Outperformance 1.34% - -2.45% Solaris Investment Management - Gross Performance Solaris Core Australian Equity Fund 13.71% 10.78% 7.92% 09/01/2008 Outperformance 0.73% 0.67% 1.38% Solaris Total Return Fund (including franking credits) 15.30% 12.37% 11.37% 13/01/2014 Outperformance 0.84% 0.76% 1.02% Solaris Australian Equity Long Short Fund 14.35% - 11.79% 01/03/2017 Outperformance 1.37% - 2.35% Solaris Australian Equity Income Fund 16.07% - 12.24% 12/12/2016 Outperformance 1.61% - 1.13% Resolution Capital - Gross Performance Resolution Capital Real Assets Fund 13.49% 11.74% 10.03% 30/09/2008 Outperformance 1.58% 2.83% 2.81% Resolution Capital Global Property Securities Fund (Managed Fund) 4.54% 5.14% 8.30% 30/09/2008 Outperformance -0.66% 1.66% 3.16% Resolution Capital Core Plus Property Securities Fund - Series II 13.53% 10.78% 9.51% 31/08/1994 Outperformance 1.62% 1.88% 1.32% Resolution Capital Global Property Securities Fund (Unhedged) - Series II 7.12% 6.32% 10.89% 30/11/2011 Outperformance -0.04% 1.97% 1.99% Resolution Capital Global Property Securities Fund - Series II 4.31% 4.43% 3.88% 30/04/2006 Outperformance -0.89% 0.94% -0.45% For personal use only
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Continuing strong investment performance of Affiliates to 30 September 2025 81% of Pinnacle Affiliates’ strategies and products (with a track record exceeding 5 years) have out - performed their benchmarks over the 5 years to 30 September 2025 35 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. * Excludes performance of Maple-Brown Abbott, which is not distributed by Pinnacle and is not a direct Affiliate ** The fund changed its name from Antipodes Global Fund - Long to Antipodes Global Value Fund on 26 November 2024 **** The fund changed its name from Spheria Global Microcap Fund to Spheria Global Opportunities Fund on 01 October 2022 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Palisade Investment Partners - Gross Performance Palisade Diversified Infrastructure Fund 11.20% 11.60% 7.70% 15/12/2004 Palisade Australian Social Infrastructure Fund 8.60% 10.00% 11.90% 30/06/2011 Palisade Renewable Energy Fund 12.10% - 12.50% 30/09/2016 Antipodes Partners - Gross Performance * Antipodes Global Fund 15.01% 11.65% 11.86% 01/07/2015 Outperformance -0.32% -0.91% -0.28% Antipodes Global Value Fund ** 17.00% 13.70% 13.60% 01/08/2015 Outperformance 1.67% 1.14% 1.36% Spheria Asset Management - Gross Performance Spheria Australian Microcap Fund 25.33% - 17.67% 16/05/2016 Outperformance 16.06% - 9.42% Spheria Australian Smaller Companies Fund 15.52% - 12.00% 11/07/2016 Outperformance 6.25% - 4.18% Spheria Opportunities Fund 15.34% - 11.85% 11/07/2016 Outperformance 3.72% - 1.93% Spheria Global Opportunities Fund **** 12.46% - 13.62% 01/03/2019 Outperformance -0.49% - 3.67% Firetrail Investments - Gross Performance Firetrail Australian High Conviction Fund 14.58% - 8.96% 14/03/2018 Outperformance 1.60% - -0.56% Firetrail Absolute Return Fund 6.47% - 7.47% 14/03/2018 Outperformance 3.96% - 5.46% Firetrail Australian Small Companies Fund 21.80% - 21.78% 20/02/2020 Outperformance 12.54% - 15.58% Longwave Capital Partners - Gross Performance Longwave Australian Small Companies Fund 12.39% - 11.91% 01/02/2019 Outperformance 3.13% - 3.41% Riparian Capital Partners - Gross Performance Riparian Water Fund 7.21% - 5.65% 01/12/2019 Outperformance 0.21% - -1.35% For personal use only
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Continuing strong investment performance of Affiliates to 30 September 2025 81% of Pinnacle Affiliates’ strategies and products (with a track record exceeding 5 years) have out - performed their benchmarks over the 5 years to 30 September 2025 36 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. *Metrics MXT, MOT and MDIF performance figures are net 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Metrics Credit Partners - Gross Performance MCP Diversified Australian Senior Loan Fund 7.03% 5.97% 5.98% 04/06/2013 Outperformance 4.41% 3.87% 3.79% MCP Secured Private Debt Fund II 8.34% - 8.51% 09/10/2017 Outperformance 5.71% - 6.37% MCP Real Estate Debt Fund 10.19% - 9.64% 09/10/2017 Outperformance 7.57% - 7.50% MCP Wholesale Investments Trust 7.98% - 7.42% 09/10/2017 Outperformance 5.42% - 5.40% Metrics Master Income Trust (MXT) * 7.04% - 6.42% 05/10/2017 Outperformance 4.47% - 4.40% Metrics Income Opportunities Trust (MOT) * 9.28% - 8.87% 23/04/2019 Outperformance 6.72% - 6.72% Metrics Direct Income Fund * 7.42% - 7.75% 01/07/2020 Outperformance 4.86% - 5.30% Coolabah Capital Investments - Gross Performance Smarter Money (Active Cash) Fund Assisted 4.18% 3.85% 4.36% 20/02/2012 Outperformance 1.71% 1.95% 2.25% Smarter Money Higher Income Fund Assisted 4.31% 4.23% 4.19% 08/10/2014 Outperformance 1.84% 2.33% 2.28% Smarter Money Long Short Credit Fund Assisted 7.76% - 7.22% 31/08/2017 Outperformance 5.29% - 5.27% Coolabah Active Composite Bond Strategy 2.13% - 4.24% 06/03/2017 Outperformance 2.35% - 2.14% BetaShares Active Australian Hybrids Fund (HBRD) 5.26% - 5.12% 13/11/2017 Outperformance 0.29% - 0.66% Coolabah Long-Short Opportunities Fund 9.49% - 9.28% 01/05/2020 Outperformance 7.02% - 6.99% Aikya Investment Management - Gross Performance Aikya Global Emerging Markets Fund - Class A (Aus Trust) 5.23% - 3.95% 05/03/2020 Outperformance -3.48% - -3.35% For personal use only
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37 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. * The fund changed its name from Hyperion Global Growth Companies Fund - Class B to Hyperion Global Growth Companies Fund (Managed Fund) on 5 February 2021 in order to facilitate quotation of the fund on the ASX Performance of Affiliates to 30 September 2025 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Hyperion Asset Management - Gross Performance Hyperion Australian Growth Companies Fund 0.66% 17.29% 9.43% 12.16% 12.27% 01/10/2002 Outperformance -10.09% 2.26% -3.44% 2.05% 2.97% Hyperion Small Growth Companies Fund 11.47% 28.83% 14.89% 15.30% 17.11% 01/10/2002 Outperformance -10.03% 13.29% 5.62% 5.68% 9.75% Hyperion Australian Equities Broad Cap Composite 1.24% 17.81% 10.35% 12.78% 13.29% 01/11/1996 Outperformance -9.52% 2.78% -2.53% 2.67% 4.17% Hyperion Global Growth Companies Fund (Managed Fund) * 43.55% 35.77% 17.01% 21.44% 21.95% 22/05/2014 Outperformance 20.29% 12.73% 0.25% 7.78% 7.69% Plato Investment Management - Gross Performance Plato Australian Shares Equity Income Fund - Class A 15.23% 17.31% 15.62% 12.60% 13.13% 09/09/2011 Outperformance 3.50% 0.72% 1.16% 0.99% 1.69% Plato Global Shares Income Fund 28.65% 25.37% 17.61% - 10.46% 30/11/2015 Outperformance 5.62% 2.74% 1.34% - -2.45% Plato Global Alpha Fund 50.57% 41.51% - - 28.11% 01/09/2021 Outperformance 27.84% 19.03% - - 15.61% Plato Australian Alpha Fund 20.94% - - - 25.55% 09/02/2024 Outperformance 10.38% - - - 11.93% Solaris Investment Management - Gross Performance Solaris Core Australian Equity Fund 12.02% 16.44% 13.71% 10.78% 7.92% 09/01/2008 Outperformance 1.46% 1.27% 0.73% 0.67% 1.38% Solaris Total Return Fund (including franking credits) 13.57% 17.86% 15.30% 12.37% 11.37% 13/01/2014 Outperformance 1.84% 1.27% 0.84% 0.76% 1.02% Solaris Australian Equity Long Short Fund 11.45% 16.13% 14.35% - 11.79% 01/03/2017 Outperformance 0.89% 0.96% 1.37% - 2.35% Solaris Australian Equity Income Fund 14.21% 18.44% 16.07% - 12.24% 12/12/2016 Outperformance 2.48% 1.85% 1.61% - 1.13% Resolution Capital - Gross Performance Resolution Capital Real Assets Fund 8.87% 20.99% 13.49% 11.74% 10.03% 30/09/2008 Outperformance 4.60% 1.58% 1.58% 2.83% 2.81% Resolution Capital Global Property Securities Fund (Managed Fund) -1.87% 7.23% 4.54% 5.14% 8.30% 30/09/2008 Outperformance -1.50% -0.27% -0.66% 1.66% 3.16% Resolution Capital Core Plus Property Securities Fund - Series II 8.21% 21.30% 13.53% 10.78% 9.51% 31/08/1994 Outperformance 3.95% 1.89% 1.62% 1.88% 1.32% Resolution Capital Global Property Securities Fund (Unhedged) - Series II 4.02% 8.71% 7.12% 6.32% 10.89% 30/11/2011 Outperformance -0.33% 0.52% -0.04% 1.97% 1.99% Resolution Capital Global Property Securities Fund - Series II -1.89% 7.12% 4.31% 4.43% 3.88% 30/04/2006 Outperformance -1.52% -0.39% -0.89% 0.94% -0.45% Resolution Capital Global Listed Infrastructure Fund 20.22% 16.36% - - 11.17% 30/09/2021 Outperformance 6.66% 5.73% - - 2.14% For personal use only
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38 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. * Excludes performance of Maple-Brown Abbott, which is not distributed by Pinnacle and is not a direct Affiliate ** The fund changed its name from Antipodes Global Fund - Long to Antipodes Global Value Fund on 26 November 2024 *** The fund changed its name from Antipodes Emerging Markets Fund (Manged Fund) to Antipodes Emerging Markets Fund on 26 November 2024 **** The fund changed its name from Spheria Global Microcap Fund to Spheria Global Opportunities Fund on 01 October 2022 Performance of Affiliates to 30 September 2025 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Palisade Investment Partners - Gross Performance Palisade Diversified Infrastructure Fund 10.00% 11.00% 11.20% 11.60% 7.70% 15/12/2004 Palisade Australian Social Infrastructure Fund 3.70% 6.90% 8.60% 10.00% 11.90% 30/06/2011 Palisade Renewable Energy Fund 9.60% 13.20% 12.10% - 12.50% 30/09/2016 Palisade Impact Fund 13.46% 10.20% - - 11.30% 07/04/2022 Antipodes Partners - Gross Performance * Antipodes Global Fund 29.33% 21.04% 15.01% 11.65% 11.86% 01/07/2015 Outperformance 6.58% -0.84% -0.32% -0.91% -0.28% Antipodes Global Value Fund ** 28.64% 24.05% 17.00% 13.70% 13.60% 01/08/2015 Outperformance 5.88% 2.16% 1.67% 1.14% 1.36% Antipodes Emerging Markets Fund *** 22.23% 16.28% - - 16.28% 03/10/2022 Outperformance -0.58% -0.75% - - -0.75% Spheria Asset Management - Gross Performance Spheria Australian Microcap Fund 22.73% 20.62% 25.33% - 17.67% 16/05/2016 Outperformance 1.23% 5.08% 16.06% - 9.42% Spheria Australian Smaller Companies Fund 22.12% 17.51% 15.52% - 12.00% 11/07/2016 Outperformance 0.62% 1.98% 6.25% - 4.18% Spheria Opportunities Fund 13.15% 16.23% 15.34% - 11.85% 11/07/2016 Outperformance -6.30% 0.73% 3.72% - 1.93% Spheria Global Opportunities Fund **** 12.53% 16.17% 12.46% - 13.62% 01/03/2019 Outperformance -6.36% -0.01% -0.49% - 3.67% Firetrail Investments - Gross Performance Firetrail Australian High Conviction Fund 19.87% 16.44% 14.58% - 8.96% 14/03/2018 Outperformance 9.31% 1.28% 1.60% - -0.56% Firetrail Absolute Return Fund 26.14% 12.62% 6.47% - 7.47% 14/03/2018 Outperformance 22.07% 8.65% 3.96% - 5.46% Firetrail Australian Small Companies Fund 39.92% 29.55% 21.80% - 21.78% 20/02/2020 Outperformance 18.41% 14.02% 12.54% - 15.58% Longwave Capital Partners - Gross Performance Longwave Australian Small Companies Fund 21.18% 16.66% 12.39% - 11.91% 01/02/2019 Outperformance -0.33% 1.14% 3.13% - 3.41% Riparian Capital Partners - Gross Performance Riparian Water Fund 6.79% 3.63% 7.21% - 5.65% 01/12/2019 Outperformance -0.21% -3.37% 0.21% - -1.35% Langdon Equity Partners - Gross Performance Langdon Global Smaller Companies Fund 15.24% 23.33% - - 19.76% 27/06/2022 Outperformance -3.64% 7.16% - - 5.41% For personal use only
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39 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. *Metrics MXT, Mot, and MDIF performance figures are net Performance of Affiliates to 30 September 2025 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Metrics Credit Partners - Gross Performance MCP Diversified Australian Senior Loan Fund 8.24% 8.88% 7.03% 5.97% 5.98% 04/06/2013 Outperformance 4.14% 4.79% 4.41% 3.87% 3.79% MCP Secured Private Debt Fund II 9.12% 9.42% 8.34% - 8.51% 09/10/2017 Outperformance 5.03% 5.33% 5.71% - 6.37% MCP Real Estate Debt Fund 11.86% 11.86% 10.19% - 9.64% 09/10/2017 Outperformance 7.76% 7.77% 7.57% - 7.50% MCP Wholesale Investments Trust 9.16% 9.64% 7.98% - 7.42% 09/10/2017 Outperformance 5.01% 5.59% 5.42% - 5.40% Metrics Master Income Trust (MXT) * 8.08% 8.66% 7.04% - 6.42% 05/10/2017 Outperformance 3.93% 4.60% 4.47% - 4.40% Metrics Income Opportunities Trust (MOT) * 8.75% 9.30% 9.28% - 8.87% 23/04/2019 Outperformance 4.60% 5.25% 6.72% - 6.72% Metrics Direct Income Fund * 8.35% 8.93% 7.42% - 7.75% 01/07/2020 Outperformance 4.20% 4.88% 4.86% - 5.30% Coolabah Capital Investments - Gross Performance Smarter Money (Active Cash) Fund Assisted 6.07% 6.40% 4.18% 3.85% 4.36% 20/02/2012 Outperformance 2.01% 2.45% 1.71% 1.95% 2.25% Smarter Money Higher Income Fund Assisted 6.05% 6.44% 4.31% 4.23% 4.19% 08/10/2014 Outperformance 1.99% 2.50% 1.84% 2.33% 2.28% Smarter Money Long Short Credit Fund Assisted 9.83% 12.02% 7.76% - 7.22% 31/08/2017 Outperformance 5.77% 8.08% 5.29% - 5.27% Coolabah Active Composite Bond Strategy 6.44% 8.16% 2.13% - 4.24% 06/03/2017 Outperformance 2.35% 3.92% 2.35% - 2.14% Floating-Rate High Yield Fund (Assisted) Gross 8.57% - - - 10.85% 05/12/2022 Outperformance 3.32% - - - 5.55% BetaShares Active Australian Hybrids Fund (HBRD) 5.97% 6.44% 5.26% - 5.12% 13/11/2017 Outperformance -0.59% -0.01% 0.29% - 0.66% Coolabah Long-Short Opportunities Fund 10.92% 11.87% 9.49% - 9.28% 01/05/2020 Outperformance 6.85% 7.92% 7.02% - 6.99% Aikya Investment Management - Gross Performance Aikya Global Emerging Markets Fund - Class A (Aus Trust) 0.07% 4.74% 5.23% - 3.95% 05/03/2020 Outperformance -22.74% -12.27% -3.48% - -3.35% Aikya Emerging Markets Opportunities Fund - Class A -0.11% 5.41% - - 1.98% 12/01/2022 Outperformance -22.92% -11.60% - - -4.95% Life Cycle Investment Partners - Gross Performance Life Cycle Global Share Fund - Class A 20.80% - - - 20.80% 30/09/2024 Outperformance -1.93% - - - -1.93% Life Cycle Concentrated Global Share Fund - Class A 20.98% - - - 20.98% 30/09/2024 Outperformance -1.75% - - - -1.75% For personal use only
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Pinnacle Affiliates continue to win major industry awards 40 2025 Zenith Fund Awards: • Pinnacle – Distributor of the Year • Antipodes – International Equities Global Small Caps Winner • Firetrail – Liquid Alternative Strategies Winner • Firetrail – Australian Equities Small Caps Winner • Hyperion – International Equities Global Winner • Metrics – Private Markets Winner • Plato – International Equities Alternative Strategies Winner • Antipodes – International Equities Alternative Strategies Finalist 2025 Australian Fund Manager Foundation Awards: • Firetrail – Best Absolute & Long Short Return Fund Winner • Hyperion – Best Australia-Based Global Manager Winner • Spheria - Best Australian Small Companies Manager Finalist 2025 Hedge Fund Rock Awards: • Pinnacle – Best Investor Supporting Australian Managers Winner • Antipodes – Best Alternative Investment Manager of the Year Winner • Antipodes – Best Long Short Equity Fund Winner • Metrics – Best Sustainable Investment Manager Winner • Metrics – Best Private Debt Manager Finalist • Metrics – Best Listed Alternative Investment Product Finalist 2025 Financial Newswire/SQM Research Fund Manager of the Year Awards: • Coolabah - Other Alternatives Winner • Firetrail – Other Alternatives Finalist • Metrics – Private Debt/Credit Finalist • Resolution Capital – Listed Infrastructure Finalist • Resolution Capital – A-REITs Finalist 2025 Momentum Media Australian Wealth Management Awards: • Metrics – Fund Manager Private Credit Winner • Metrics – Fund Manager Property Finalist 2025 Money Management Annual Fund Manager of the Year Awards, partnering with Lonsec: • Hyperion – Australian Small Cap Equity Fund of the Year Winner • Resolution Capital – Australian Property Securities Fund of the Year Winner • Life Cycle – Emerging Manager of the Year Finalist • Spheria – Australian Small Cap Equity Fund of the Year Finalist 2025 Financial Standard Investment Leadership Awards • Plato – Australian Equities – Income Focused Strategy Winner 2025 Morningstar Awards for Investing Excellence in Australia: • Hyperion – Overall Fund Manager of the Year Winner • Hyperion – Fund Manager of the Year – Global Equities Winner • Hyperion – Fund Manager of the Year – Domestic Equities – Large Cap Winner • Hyperion – Fund Manager of the Year – Domestic Equities – Small Caps Winner • Resolution Capital – Fund Manager of the Year – Listed Property and Infrastructure Winner 2025 Money Magazine Australia’s Best of the Best Awards • Metrics – Best Private Credit Fund Winner • Plato – Best Australian Shares Income Fund Winner 2024 Annual M&A Advisor Awards • VSS Capital – Private Equity Firm of the Year (Up to $5b AUM) Winner The awards referred to above are determined using proprietary methodologies. Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. Awards are generally current for 12 months from the date awarded and are subject to change at any time. Awards for previous y ears are referenced for historical purposes only. For personal use only
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Introducing – Advantage Partners, a new Horizon 3 Affiliate 41 • Pinnacle has agreed to acquire up to 13% of Advantage Partners over a 3-year period, via an initial 5% stake for A$92m and a 3- year option over a further 8% on the same terms • Advantage Partners is the largest independent, multi-strategy private markets platform in Japan • Advantage Partners is the premier locally-grown diversified private markets platform in Japan, well positioned to benefit from the positive structural reforms taking place in Japan • Advantage Partners has strong organic growth potential, with near term growth driven primarily by larger fund raises of JBO and Private Solutions funds, expected to take group FUM from approximately US$3bn to US$6.5bn+ over the next 12 Months • Medium term growth driven by a combination of expansion in Asia buyout and new private markets strategies in Japan • Long term growth further supported by positive change in Japan’s corporate and savings markets, providing an attractive supply and demand picture for private market asset classes including PE, credit, real estate and infrastructure • Attractive financial profile with substantial exposure to performance/carry fees • Pinnacle invests alongside Advantage Partners’ existing strategic partner, Tokyo Century Corporation. Founders and employees retain majority ownership with continued independence For personal use only
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Introducing – Advantage Partners, a new Horizon 3 Affiliate 42 • Advantage Partners is unique, as the only locally-grown diversified private markets platform in Japan. The partnership provides Pinnacle with a leading private markets investment platform and substantial LP footprint in Japan, one of the world’s largest pension and insurance markets • Aligned with Pinnacle’s objective to diversify internationally and increase exposure to global private assets, particularly in the attractive mid-market area, following the recent acquisition of an interest in VSS in the US and successful domestic partnerships in Metrics, Five V, Palisade and Riparian. Leverages Pinnacle’s 17-year track record distributing private markets capabilities to global LPs and, since 2017, to the Australian wealth market • Advantage Partners is the mid-market PE leader in Japan, with their flagship Japan Buyout (JBO) strategy highly sought after, offering scarcity value, a demonstrated track record and strong global appeal to Pinnacle’s LP base • Highly experienced team with unique East/West culture, that includes 140+ staff, with 90 investment professionals across five offices. 68% of partners have been with the firm for 15+ years For personal use only
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Unique private markets platform Note: Data as of June 30, 2025; Exchange rate 1 USD = 150 JPY. 1. As of Jun 30, 2025, includes LP co -investment funds. 2. Asia Buyout and Renewables & Sustainability funds are raised in USD. 3. Tokyo Star Bank (“TSB”) is excluded due to the unique nature of the investment. The investment was made at the start of th e global financial crisis and was not in a sector representing Advantage Partner’s core competencies, as Advantage Partners no longer invests in the financial sector. 4. Refers to deal sourcing for all JBO and Asia funds. 5. As of December 2024 43 The only diversified alternative asset management platform in Japan with multiple strategies Superior track record and continuous product innovation led to robust growth since inception JPY970bn+ (US$6.5bn+) Cumulative capital raised1 30+ Years of history 14 Funds raised 2.7x / 3.8x Gross Realized JBO MOIC Overall since Inception/ Excl. TSB3 130+ Investments 5 Global Offices >80% Proprietary deal sourcing4 140+ Employees5 Japan Buyout (“JBO”) Asia Buyout (“Asia Fund” or “AF”) Private Solutions (“Japan PS”) Renewables & Sustainability (“R&S”) Cumulative Capital Raised1 • JPY700bn+ • JPY100bn+2 • JPY100bn+ • JPY65bn+2 Deal Type • Control Buyout • Control Buyout • Minority Public • Control / Minority / Development Geographic Focus • Japan • SEA / India / Greater China • Japan • Asia / Global Strategy Overview • Mid-cap buyouts in Japan • 8 funds since 1997 • Mid-cap buyouts in Asia ex- Japan • “Japan Link” theme • 2 funds since 2016 (Asia II held a first close in 2024) • Minority investments in Japan- listed companies • Privately negotiated structures with downside protection • 3 funds since 2008 • Renewable investing • Focus on hydrogen and green energy • Hydrogen Fund held a first close in 2024 and is actively investing For personal use only
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Japan Large buyout Japan mid- market buyout Asia Buyout ESG / RenewablesPIPE Real Estate / Infra 2 3 A broader platform than other mid market Japan buyout firms Source: Company website, Preqin 1. As of June 30, 2025, includes LP co-investment funds. 2. Expanded to the broader Asian market in Mar 2025 through a JV with G ranite Asia, named” Granite-Integral”. 3. Completed first closing of Real Estate Fund I in Jan 2025. 44 Top Independent Private Equity Platforms in Japan Credit / Special Sits Cumulative Capital Raised (US$ bn) 6.5¹ 4.5 4.2 3.3 2.3 2.3 1.9 1.6 1.4 ADVANTAGE Unison JIP INTEGRAL Longreach POLARIS SUNRISE NSSK J-STAR Advantage partners has the widest range of products among domestic alternative asset managers in Japan For personal use only
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Long tenured, visionary and globally diverse team 45 Deep talent bench led by seasoned leadership with 20+ years of industry experience Group Leadership Taisuke Sasanuma Co-Founder, Representative Partner • 30+ years of industry experience • Chairman of the Japan Private Equity Association and part-time instructor at Keio Business School • Previously worked at Bain and Monitor Japan prior to founding AP • MBA, Keio University • Master of Public Administration, School of Government at Harvard University Strategy Leadership Shinichiro Kita Senior Partner – Head of Japan Buyout • 20+ years of industry experience, joined AP in 2003 • Provides comprehensive support ranging from management strategy development, organizational reform and financing • Previously worked at Bain Japan • MBA, UC Berkeley Business School and B.A. in Economics, The University of Tokyo Kenji Mitsui Partner – Head of Private Solutions • 30+ years of industry experience, joined AP in 2024 • Previously worked at Bain focusing on healthcare and life-science practice and performance improvement practice, as well as PwC, where he founded and led the Japan PE Strategy and Value Creation Practice • B.E. and M.E. in Engineering, The University of Tokyo Richard Folsom Co-Founder, Representative Partner • 30+ years of industry experience • Engaged in management consulting at Bain Japan prior to founding AP, developing and implementing strategies for both foreign and domestic corporations in the Japanese and Asian markets • MBA, The Wharton School of the University of Pennsylvania • B.A. in Japanese and Economics from Brigham Young University Rahul Bhargava Partner – Head of Asia Buyout • 20+ years of industry experience, joined AP in 2022 • Invests across multiple verticals including buyouts, growth minority investing and special situations • Previously worked at ADV Partners, KKR and Henderson Global Investors • MBA, University of New South Wales and BSc in Economics, University of Calcutta Keiichi Suzuki Partner – Head of Renewables & Sustainability • 30+ years of industry experience, joined AP in 2021 • Previously worked at Mitsubishi Corporation, focusing on renewables and sustainability, corporate buyouts, and real estate development • MBA, MIT Sloan School of Management • B.E. in Urban Engineering, The University of Tokyo For personal use only
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Japan Buyout (JBO) - Strong and differentiated returns drive fundraising momentum and appeal to global LPs Note: Data as of Jun 30, 2025. 1. Tokyo Star Bank (“TSB”) is excluded due to its unique nature. The investment was made at the start of the global financial crisis and was not in a sector representing Advantage Partner’s core competencies, as Advantage Partners no longer invests in the financial sector. 2. Industry benchmark based on Cambridge Assoc iates. Benchmark bars correspond to all non-US PE funds with the same vintage year. 46 • Recent JBO funds have produced 4–5x gross MOIC with strong realizations • 2.7x / 3.8x (overall since inception / excluding TSB1) Gross Realized MOIC across all JBO Funds over a 30-year track record period 32.9% 33.5% 19.0% 11.1% 12.0% 8.7% JBO Fund IV-S (2013 vintage) JBO Fund V (2015 vintage) JBO Fund VI (2020 vintage) Net IRR Industry Benchmark Net IRR2 For personal use only
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47Japan Inc Reform drives strong supply of private equity investment opportunities Source: Bain & Company’s Japan Private Equity Report 2025 High fragmentation, low corporate ROEs and regulatory reform drive increased M&A and activism leading to heightened supply of buyout and listed small cap opportunities ripe for the Advantage Partners PE value add playbook 1. Material headroom remains 2. Corporate governance reforms drive market 3. Growing delisting trend • M&A and PE activity still below global benchmarks • Japan offers larger universe of targets relative to GDP than US • Benchmarks would support long-term growth to 3+ times current levels • Government and regulators’ focus on competitiveness continues to drive focus on corporate governance and support for industry restructuring • Governance and M&A code reforms have led to an uptick in activist campaigns and hostile M&A, putting pressure on more companies to delist For personal use only
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Japan savings reform drives increased demand for growth/equity solutions for investors Source: Allianz, “Global financial assets of private household”. Gross financial assets, by asset class in 2023 EUR, In % of total gross financial assets. 48 28.0 53.8 28.1 47.2 22.6 48.1 31.2 12.6 20.1 42.8 20.7 48.4 22.3 27.6 34.8 32.5 56.6 47.5 26.6 21.9 19.8 28.2 48.0 9.4 33.3 28.0 31.1 0% 20% 40% 60% 80% 100% World Japan China Asia ex JPN & CHN AUS/NZL Eastern Europe Western Europe North America Latin America Deposits Securities Insurance & Pensions Others Re-emergence of inflation together with tax reforms (Nippon Individual Savings Account) and government push for “savings to investments” are driving a move from cash holdings to wealth-building products = good for PE/equity/growth asset classes Over the medium term, we expect a shift from cash and deposits to wealth-building products Financial Assets by Asset class For personal use only
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Growth Agenda For personal use only
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3 Horizons of growth 50 Prepared for, and seeking, further expansion opportunities – committed to taking advantage of the significant opportunity to evolve into a global multi-affiliate by ‘exporting our model’ – but maintaining discipline on quality and valuation • Continue to build Pinnacle by taking a measured approach to growth • Support the growth of current Affiliates with increased investment in distribution channels (e.g., international and listed markets) • Invest in / seed new Affiliates and strategies where management teams have a strong track record and growth potential • Seeking to further diversify into asset classes with substantial growth potential • Actively pursuing international opportunities – ability to ‘export our model’ Horizon 1 – EPS grew at a CAGR of 32% in the nine years since Pinnacle listed as a ‘pure play’ investment management business in 2016 to 30 June 2025; FUM grew at a CAGR of 25% over that same period (22% excluding ‘acquired’ FUM) Horizon 2 – Built 'from scratch’: Hyperion, Plato, Solaris, Palisade, Antipodes, Spheria, Firetrail, Longwave, Riparian Horizon 3 – Acquired interests in, then grew: Resolution Capital, Metrics, Coolabah, Five V, Pacific Asset Management, VSS Any costs internally funded by the Affiliate Impacts ‘Pinnacle Parent’ costs Required capital to fund acquisitions Horizon 2 – Built and grown outside of Australia: Aikya, Langdon, Life Cycle Horizon 1 • Sustain organic growth of the existing business of each Affiliate Horizon 2 • New Affiliates, new strategies and ‘non- capital’ parent growth initiatives (direct-to-retail, international) • Reasonable limits to be set given ‘drag’ on Pinnacle financials Horizon 3 • Must not place the company at risk • Only consider if low risk and high return on invested capital • Exercise great care and careful due diligence • Must be synergistic with existing core For personal use only
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Future growth drivers 51 An excellent platform in place to move ahead with sustained growth Result: additional growth, corporate stability/robustness, better meeting clients’ evolving and expanding needs • Investment in (and continuing to evolve and grow in size and sophistication) our distribution platform • Investment in high growth, high margin retail and international channels • Adoption of advanced digital marketing tools • Listen to clients and move quickly to meet their evolving needs • Robust, flexible platform enabling strong further growth • Continuing investment excellence (strong reputation for such) • Widespread industry recognition and support • ‘Article of faith’ reputation for performance, quality and capability excellence – significantly improves ‘speed to market’ for new Affiliates • Leveraging Pinnacle’s scale for the benefit of all Affiliates • Develop investment capability and support growth • Significant opportunity to launch new strategies to further diversify FUM • Gaining traction as strategies mature and performance record established • Investment in new strategies adds diversification and further growth • Sustainability and Impact strategies • Global equities (developed & emerging markets) • Alternative Fixed income • Private capital (debt & equity) • Absolute return (single & multi-asset) • Existing Affiliates are increasingly able to build or buy (with Pinnacle backing) then grow additional new businesses - 'Affiliates within Affiliates’ • International markets provide a large range of opportunities, carefully ‘exporting our model’ • Natural acquirer of further equity in existing Affiliates as this becomes available Distribution Platform Expansion Robust, Flexible Operating Platform Start-Up Affiliate Enablement Existing Affiliate Expansion Acquisitive Growth For personal use only
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Horizon 2 | highly valuable accelerator for new Affiliates and new strategies 52 • The aggregate net cost to Pinnacle of these initiatives, within Pinnacle and Affiliates, again held steady in 2H FY25 at approximately $4.5m (Pinnacle share, after tax), which was broadly the same as in 1H FY25 and 2H FY24, and down from $7m in 1H FY24 • Revenues continue to build, reducing the net cost to Affiliates and Pinnacle and providing early evidence of anticipated future growth, offset to a degree by the additional cost of new Horizon 2 initiatives (including Life Cycle in 1H FY25) • Expansion activities in Metrics continue, creating a significantly enhanced origination engine and diversifying Metrics’ business into other credit and equity verticals. This process has taken longer than expected, which has weighed on the Horizon 2 cost over FY25. Further detail is included on the following slides • Investment made in partnership with Affiliates, demonstrating the commitment made by Affiliates to growth and a strong degree of incentivization and alignment to achieving growth objectives • Each initiative is only entered into after careful consideration of the longer-term benefits and with reasonable limits set on both time to success and size of ‘investment’ required, given the drag on profitability • Past Horizon 2 initiatives have delivered exceptional returns, within Pinnacle itself and through its share of the profits from Affiliate initiatives – to date, contribution to Pinnacle profit has been over 10x the capital outlay (not including any consideration of increased capital value) • Pinnacle and Affiliates will continue to pursue these initiatives where it is commercially sensible to do so • Pinnacle is in continual dialogue with Affiliates and very supportive of these initiatives • We continue to seek additional initiatives of compelling quality For personal use only
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53 • Extremely high-quality team with differentiated, style-neutral investment approach, significantly enhancing our presence in the UK • With 20+ years shared experience across the portfolio managers, high demand for their products allows us to accelerate our distribution efforts in the UK market • $14.8bn+ of net inflows in FY25 and run- rate profitable as at 30 June 2025 – the fastest start of any Pinnacle Affiliate to date Life Cycle Investment Partners Pacific Asset Management (PAM) VSS • Complements and strengthens our existing expertise and continues our diversification into international markets • Significant distribution network in the strategic UK market, accelerating and deepening our international private wealth footprint • Supports international capability in sourcing other potential Horizon 2 and Horizon 3 opportunities • Proprietary managed account technology platform enables turnkey solutions for private wealth clients • $2.5bn of net inflows in FY25 (since Pinnacle acquired an equity interest); FUM exceeds A$20bn at 30 June 2025. PAM is now the UK’s fastest-growing MPS DFM 1 • Demonstrates our attractiveness as a partner to fund managers globally across a broad range of asset classes • Strategic foothold in the US market, providing a platform for further growth in North America • Continued increased exposure to private capital markets through this high-quality private markets Affiliate with a focus on the US lower mid-market • Currently raising VSS Structured Capital Fund V • Working with Pinnacle on an evergreen fund for the Australian wholesale market Pinnacle raised equity to fund UK and US acquisitions: • In November 2024, Pinnacle undertook an equity raise ($400m institutional placement and $50.5m share purchase plan) to financ e investments in New York based structured capital manager VSS and London based asset manager Pacific Asset Management (PAM) and to create additional balance sheet capacity to pursue future Horizon 2 and 3 growth initiatives • Well-positioned to continue expansion into international and private markets New global equity startup Life Cycle Investment Partners (LCIP): • During FY25, Pinnacle launched the latest Horizon 2 Affiliate, Life Cycle Investment Partners • Expansion of Pinnacle’s UK distribution team accelerated, across all major verticals (net 4 additional hires during FY25) Horizon 2 and 3 updates – Life Cycle, Pacific Asset Management and VSS 1. Source: NextWealth MPS Proposition Comparison Report 2024 For personal use only
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Corporate Responsibility For personal use only
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Our Sustainability Strategy 55 We are committed to building a sustainable, inclusive and resilient firm This means fostering a work environment that recruits, retains and supports exceptional people with diverse experience, aligning firm growth with our climate ambitions, expanding the reach and impact of our philanthropic partnerships and supporting Affiliate transitions to a more sustainable future Purpose People Planet Ensure sustainability principles and practices are integrated into the way we conduct business Recruit, retain and support talented people who understand and contribute strongly to our Purpose and Values Acknowledge and act on the risk that climate change poses to the economy, financial markets and society Our Progress • Pinnacle was certified as a Family Friendly Workplace in FY25. We understand the importance of creating a workplace culture where equality, integrity and respect are core values. With a Work and Family Action Plan now in place, we look to further embed a family-friendly and flexible working culture at Pinnacle • Our third voluntary Modern Slavery Statement for the FY24 reporting period was approved by the Australian Border Force, demonstrating our progress in addressing modern slavery risk in our operations and supply chain • We continued to pursue 40:40:20 gender targets in pursuit of gender equality in representation across our Board, workplace and leadership team • We offered 11 Women in Finance Scholarships across 5 universities in 2025 with scholarships now being offered over multiple years to further enhance the internship experience. In addition, a new Women in Asset Management Scholarship was introduced in NSW • In 2025, Pinnacle and Affiliates contributed over $1.3 million, primarily through the PNI Foundation and its 17 not for profit (NFP) partners and our matched workplace giving program • We set an interim target to ensure that all our significant suppliers disclose GHG data aligned with recognised standards by FY28 • We submitted our FY24 GHG accounts to the Australian Government’s Climate Active Carbon Neutral Standard for Organisations. We have maintained carbon neutral certification since FY20 under this standard • Continued Affiliate engagement via the Pinnacle Group ESG Working Group, with a strong focus on sustainability reporting preparation and climate-related discourses For personal use only
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PNI Foundation 56 • Pinnacle is passionate about enabling better lives through investment excellence. This is strongly reflected in Pinnacle’s commitment – together with Affiliates – to the PNI Foundation • The Foundation’s focus is on growing the reach, sustainability and impact of creative and clever Australian not-for-profit (NFP) organisations. Partnerships align with the Foundation’s six dedicated cause areas, which reflect employee and investor philanthropic interests and the Group’s sustainability approach and in turn align with specific UN Sustainability Development Goals (SDGs) • NFP partners are actively sought out and invited to apply for multi year support, based on expanding the reach of new and existing projects, programs and services. In each case the aim is to deliver impact which can be assessed and analysed – through implementing solutions which can potentially be scaled and strengthened – with early stage backing often provided • Financially underpinned by Pinnacle and with access to extensive in-house pro bono services across investment management, portfolio reporting, finance, marketing, compliance and IT, the Foundation operates with low overheads and high impact. Its investment strategy is designed to tolerate significant volatility, with a focus on providing reasonable capital protection, whilst aiming to drive growth over an extended period • Investments are held in a diverse range of Affiliate strategies which offer Australian and global equity exposure, franking credits and monthly income streams, plus a range of non-equity exposed assets. As part of their commitment to the Foundation, Affiliates donate back the equivalent of management fee rebates through cash or additional units in holdings For personal use only
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PNI Group 2025 Aggregate Giving 57 For personal use only
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PNI Foundation – Partnerships Multiple partnerships with 17 NFPs are driving long-term sustainable impact across six core focus areas: SEXUAL, DOMESTIC AND FAMILY VIOLENCE Facilitating legislative reform, advocacy and long-term recovery for abuse sufferers and survivors MENTAL HEALTH AND WELLBEING Offering support through community connection, prevention and early intervention strategies DISADVANTAGED CHILDREN AND YOUNGPEOPLE Providing education, individual and group-based support, and pathways to empowerment SPECIALISED MEDICAL RESEARCH Seeking early diagnosis, new trials and treatments, and ultimately cures for debilitating diseases ENVIRONMENTAL SUSTAINABILITY Focussing on water resource management, disaster recovery and drought mitigation NFP SECTOR SUPPORT To spread impact to more grassroots NFPs, a partnership with The Funding Network (TFN) provides capacity building for their alumni program For personal use only
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Conclusion For personal use only
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Pinnacle differentiation 60 Australia’s leading ‘multi-affiliate’ investment firm 1. Distinguished from competitors by comprising the highest quality investment management firms 2. High quality, experienced, dedicated, passionate investment professionals – strongly focused on performance; with substantial equity in their own business and their interests thus aligned with clients 4. Plus, high quality shared common ‘infrastructure’, including major distribution capability (the ‘best of both worlds’) 5. Importance of succession planning within Affiliates; long- term sustainable businesses 3. All the advantages, benefits and superior conditions of a ‘boutique environment’ Investors want their investment management firms to be long-term, enduring and sustainable For personal use only
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Summary 61 Pinnacle’s diverse Affiliate stable and extensive distribution channels foster resilience and growth Fundamentals in place for organic sales growth and improving the underlying FUM composition • Launching of new Affiliates, Affiliates-within-Affiliates and product sub-sets/extensions create opportunities for further expansion • Horizon 2 investments within Affiliates foster resilience and growth by leveraging existing capabilities, brands and infrastructure into adjacent, complementary asset classes • Retail distribution leaning into under-penetrated investor verticals via private market asset classes and exchange-traded funds (closed- end and open-end) • International distribution becoming a strong growth engine following organic, multi-year build-out of global investor networks, strategies and infrastructure • Successful incubations and acquisitions of internationally domiciled Affiliates with ‘reputational halos’ create ‘positive feedback loop’ with larger Northern Hemisphere markets (investors, prospective Affiliates and distribution talent alike) New Affiliates, strategies, channels and geographies provide new levers for expansion • Additional capital raised in November 2024 provides additional balance sheet capacity and flexibility, placing Pinnacle in a stronger competitive position when negotiating new Affiliate acquisitions and able to appropriately support the growth of existing Affiliates through the careful provision of seed capital (which is continually recycled) • Cash and PI, net of the $100m debt facility from the CBA, of $363.5m at 30 June 2025 • Seed capital commitments have proved to be an invaluable commercial accelerator for start-ups • Primary capital investments in private markets firms gives them capacity to accelerate their growth by acquiring complementary platforms/businesses, moving into new market segments and adjacent asset classes • Balance sheet capacity is also an enabler of succession and equity recycling within Affiliates and a source of low-risk earnings accretion for Pinnacle Balance sheet capacity and flexibility is an important enabler of growth • Highly regarded Affiliates with strong local and international investment consultant and research house ratings • Diverse stable of Affiliates (asset class, style, strategy, geography and maturity) delivering ‘all-weather’ relevance to asset owners as market conditions change through time • Australian institutional fund consolidation creates risk to mandate retention; however, ‘supported’ start-ups offer the capacity, fees, alpha potential, operational hygiene and financial viability that mega-funds seek • Global equities, global emerging markets, alternative public credit, private markets and managed account solutions expected to drive ongoing FUM growth • Multi-channel global distribution provides multiple paths for growth For personal use only
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02 Q&A For personal use only
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03 Additional Information For personal use only
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FY25 in review For personal use only
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FY25 financial results 65 • NPAT attributable to shareholders of $134.4m • 49% increase on FY24 (37% increase in diluted EPS) • Performance fees earned by Pinnacle Affiliates, post-tax, contributed $46.6m of Pinnacle’s NPAT in FY25 ($31.2m in FY24) • Return on Principal Investments (PI) net of interest costs of $17.4m in FY25 compared with $10.5m in FY24 • Pinnacle Parent fee revenues 34% higher than FY24 • Robust retail flows • Strong growth in Affiliates where Pinnacle has revenue sharing arrangements • Net cost of Horizon 2 spending broadly consistent in 2H FY25 with 1H FY25, and down in FY25 from FY24 • The aggregate net cost to Pinnacle of these initiatives, within Pinnacle and Affiliates, was approximately $9m (Pinnacle share, after tax) in FY25, down from $11.5m in FY24 (2H FY25 was approximately $4.5m, the same as in 1H FY25) • Continuing growth in revenues from existing Horizon 2 initiatives offset by the modest cost of new initiatives commenced during the year (including Life Cycle, in 1H, which was profitable in 2H FY25). We remind shareholders that we exclude previous Horizon 2 initiatives from this calculation once they reach breakeven • Aggregate Affiliate revenues grew 39% compared with FY24, both including and excluding performance fees • Affiliate margins improved modestly in FY25 compared with FY24 (~1.2% excluding the impact of performance fees), with improvement anticipated into FY26 • Diluted EPS attributable to shareholders of 62.4 cents, up 37% from 45.5 cents in FY24 • Final dividend per share of 27 cents, franked to 88%, taking total dividends for the year to 60.0 cents, franked to 79% (up 43% from 42.0 cents in FY24) 1. Includes dividends and distributions received on PI. These were $11.6m in FY25, compared with $6.4m in FY24 2. Includes interest cost on the CBA facility of $6.5m in FY25 ($6.9m in FY24) 3. Includes mark-to-market and realized gains/losses on PI, net of hedging. These were total net gains of $12.3m in FY25 (decreases ‘expenses’), compared with total net gains of $11.0m in FY24 (decreases ‘expenses’) FY25 ($M) FY24 ($M) % Change PINNACLE Revenue1 65.5 49.0 34% Expenses2,3 (50.7) (49.4) 3% Share of Pinnacle Affiliates net profit after tax 129.7 90.8 43% Net profit before tax 144.5 90.4 60% Taxation (10.1) - - NPAT from continuing operations 134.4 90.4 49% Discontinued operations - - 0% NPAT attributable to shareholders 134.4 90.4 49% NPAT attributable to shareholders - excluding net gains/losses on PI and interest cost 117.0 79.9 46% NPAT attributable to shareholders - excluding net gains/losses on PI, interest cost and OpenInvest revaluation 117.0 83.3 40% Basic earnings per share: From continuing operations 63.2 45.8 38% Total attributable to shareholders 63.2 45.8 38% Diluted earnings per share: From continuing operations 62.4 45.5 37% Total attributable to shareholders 62.4 45.5 37% Dividends per share: 60 42 43% For personal use only
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FY25 financial results 66 • Cash and PI of $463.5m • Includes $423.2m invested in strategies managed by Pinnacle Affiliates, including additional funds raised in the November institutional placement and Share Purchase Plan • CBA facility of $100m fully-drawn and held in liquid funds managed by Affiliates • Total cash and PI, net of the CBA debt facility, was $363.5m at 30 June 2025, compared with $340.4m at 31 December 2024 and $86.2m at 30 June 2024 • Institutional placement and Share Purchase Plan raised $441.8m in November and December 2024 • $149m used to acquire interests in VSS and PAM • Approximately $75m was used to seed new strategies for existing Affiliates, including Life Cycle and other Affiliates (which is being continually recycled), and to fund the acquisition of additional equity in existing Affiliates • Balance invested in Affiliate funds until required for additional Horizon 2/3 opportunities • Excludes impact of final dividend of 27 cents per share payable on 19 September 2025 and dividends received or to be received from Affiliates since 30 June 2025 • The final dividend will be 88% franked • Investments in Affiliates represents the ‘equity accounted’ value, i.e., investment cost, plus Pinnacle’s share of profits, less Pinnacle’s share of dividends received. The balance is tested for impairment at each reporting period. Pinnacle’s share of Affiliate performance fees that crystallized during FY25 are included in Pinnacle’s share of profits which increases the carrying value of the investments; any associated dividends will reduce the carrying value when paid. The balance also includes the acquisitions of interests in PAM and VSS during the year, totalling $149m • Strong, flexible and significantly enhanced balance sheet 30 Jun 2025 ($M) 30 Jun 2024 ($M) Change CURRENT ASSETS Cash and cash equivalents 26.6 32.6 (18%) Financial assets 436.9 153.7 184% Total cash and financial assets 463.5 186.3 149% Other current assets 53.6 35.5 51% Total current assets 517.1 221.8 133% NON-CURRENT ASSETS Investments in Affiliates 514.2 341.3 51% Financial assets 0.2 0.2 0% Other non-current assets 27.1 19.6 38% Total non-current assets 541.5 361.2 50% Total Assets 1,058.6 583.0 82% LIABILITIES Debt facility 100.0 100.1 0% Other liabilities 40.2 27.0 49% Total liabilities 140.2 127.1 10% Net assets 918.4 455.9 101% Net shareholders’ equity 918.4 455.9 101% For personal use only
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Investment Performance 67 Our industry leading portfolio of high performing Affiliates continues to outperform benchmarks and provides an engine for co ntinued FUM growth and performance fee generation Affiliate strategies outperformance over benchmarks (alpha) – over 5-year period, p.a. (before fees) 1. With track records exceeding 5 years * MXT & MOT performance figures are net of fees ** Palisade performance figures represent total returns *** The fund changed its name from Hyperion Global Growth Companies Fund - Class B to Hyperion Global Growth Companies Fund (Managed Fund) on 5 February 2021 in order to facilitate quotation of the fund on the ASX **** The fund changed its name from Antipodes Global Fund - Long to Antipodes Global Value Fund on 26 November 2024 ***** The fund changed its name from Spheria Global Microcap Fund to Spheria Global Opportunities Fund on 01 October 2022 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance • 91% of strategies have outperformed over a five-year period1 • 35% of strategies have outperformed their benchmarks by > than 5% p.a. (1.0%) (0.7%) (0.5%) (0.3%) 0.0% 0.0% 0.1% 0.1% 0.2% 0.5% 0.7% 0.7% 0.9% 1.0% 1.1% 1.1% 1.2% 1.2% 1.7% 1.8% 1.8% 1.9% 2.4% 3.2% 4.4% 4.4% 4.5% 4.5% 5.4% 5.5% 5.8% 6.3% 6.7% 6.9% 7.6% 8.3% 8.6% 9.2% 10.6% 11.0% 12.1% 15.5% 18.6% Aikya Global Emerging Markets Fund - Class A (Aus Trust) Resolution Capital Global Property Securities Fund - Series II Antipodes Global Fund Resolution Capital Global Property Securities Fund (Managed Fund) Riparian Water Fund Hyperion Australian Growth Companies Fund Solaris Total Return Fund (including franking credits) Solaris Core Australian Equity Fund Resolution Capital Global Property Securities Fund (Unhedged) - Series II BetaShares Active Australian Hybrids Fund (HBRD) Solaris Australian Equity Long Short Fund Spheria Global Opportunities Fund ***** Solaris Australian Equity Income Fund Plato Australian Shares Equity Income Fund - Class A Firetrail Australian High Conviction Fund Antipodes Global Value Fund **** Hyperion Australian Equities Broad Cap Composite Plato Global Shares Income Fund Resolution Capital Real Assets Fund Smarter Money (Active Cash) Fund Assisted Resolution Capital Core Plus Property Securities Fund - Series II Smarter Money Higher Income Fund Assisted Coolabah Active Composite Bond Strategy Longwave Australian Small Companies Fund Hyperion Global Growth Companies Fund (Managed Fund) *** MCP Diversified Australian Senior Loan Fund Spheria Opportunities Fund Metrics Master Income Trust (MXT)* Smarter Money Long Short Credit Fund Assisted MCP Wholesale Investments Trust MCP Secured Private Debt Fund II Firetrail Absolute Return Fund Coolabah Long-Short Opportunities Fund Metrics Income Opportunities Trust (MOT)* MCP Real Estate Debt Fund Spheria Australian Smaller Companies Fund Palisade Australian Social Infrastructure Fund ** Hyperion Small Growth Companies Fund MCP Credit Trust Palisade Diversified Infrastructure Fund ** Palisade Renewable Energy Fund ** Firetrail Australian Small Companies Fund Spheria Australian Microcap Fund For personal use only
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Growth, strategic expansion and strong performance across Pinnacle’s global platform 68 Middle office and fund administration RE, compliance, finance, legal Seed FUM and working capital Distribution and client services Technology and other firm infrastructure Interface for outsourced services 49.9% $16.9bn Global & Australian Growth Equities 1996 $20.1bn Global & Australian Systematic Equities 2006 $4.9bn Private Infrastructure 2007 $14.3bn Global Real Estate & Infrastructure Securities 200410 $9.0bn Core & L-S Australian Equities 2008 $20.8bn Global L-S & Long Only Equities 2015 $1.9bn Global & Australian Small & Micro-Cap Equities 2016 $4.7bn High Conviction & L-S Australian & Global Equities 2018 $25.0bn1 Private Credit 20112 $1.0bn Australian Small Cap Equities 2018 $0.2bn Water, Agricultural Private Equity 2019 $15.2bn Alternative Public Credit 20113 $3.0bn Private Equity, Growth Equity & Venture Capital 20165 $0.7bn Global and Canadian Small Cap Equities 2022 42.3% 35.9% 49.5% 44.5% 23.6% 40.0%4 28.5%4 33.6% 40.0%4 42.5% 38.4% 25.0% 32.5% FUM shown for each Affiliate is FUM at 30 June 2025, at 100% 1. The reported number for Metrics is Assets Under Management. Metrics earns fees on the full AUM figure. The acquisitions of BC Finance and Taurus, which added approximately $7.5bn in AUM, were concluded in early July 2025 2. Founded in 2011. Pinnacle acquired equity in August 2018 3. Founded in 2011. Pinnacle acquired an initial 25% equity stake in December 2019 4. The percentage represents Pinnacle’s total shareholding in the Affiliate. Pinnacle currently holds less than 1% of the voting shares in the Affiliate, however, it has full economic rights in respect of its holding FY25 Highlights: • Antipodes concluded its acquisition of Maple-Brown Abbott in August 2024, with integration complete as of June 2025 • Firetrail launched its Smaller Companies Fund on the ASX on 18 November 2024 (ASX: FSML) and has raised over $60m (of a total of over $250m) • Five V’s Frontier Fund 1 reached its final close in May 2025, reaching the $325m hard cap. Horizons ’evergreen’ PE fund reached $255m • Hyperion delivered exceptional returns and performance fees across its Global Growth, Australian Growth and Australian Small Companies Funds • Life Cycle launched; second London-based Affiliate start up. Fastest start of any Pinnacle Affiliate to date, reaching $15.4bn FUM by 30 June 2025 • Metrics’ Multi-Strategy Real Estate Fund (MRE:ASX) exceeded IPO target of $300m. MXT capital raise exceeded target of $315m in May. Concluded acquisitions of Payright, BC Finance and Taurus (in early July 2025). Metrics now has deep loan origination and management expertise across the full spectrum of Asset-Based Finance • Pacific Asset Management continued to deliver robust inflows since PNI acquired its stake in October ’24 and is now the UK’s fastest-growing MPS DFM9 • Pinnacle awarded Distributor of the Year at the 2024 Zenith Fund Awards • Plato’s FUM exceeded $20bn for the first time. Plato Global Alpha, listed on the ASX on 25 November 2024 (ASX: PGA1), had raised over $180m by 30 June 2025 (of a total of over $600m) • ResCap listed its Global Listed Infrastructure Fund on the ASX on 25 March 2025 (ASX: RIIF) and has been strongly rated • Riparian secured a keystone $75m allocation into a diversified Queensland Agriculture strategy • VSS became the first US-based Pinnacle Affiliate, with a 22.5% interest acquired in November ‘24. Won ‘Private Equity Firm of the Year (up to $5bn AUM)’ at the 23rd M&A Advisor Awards 5. Founded in 2016. Pinnacle acquired a 25% interest in November 2021 via convertible redeemable preference shares, which convert into ordinary equity in certain situations 6. Management fees paid on committed capital of US$656 million as at 30 June 2025. $8.9bn Global Emerging Market Equities 2020 35.0% 25.0% $15.4bn Global Core Equities 2024 24.9% $21.7bn UK multi-asset platform 20167 22.5% $1.0bn6 US Structured Capital 19878 7. Founded in 2016. Pinnacle acquired equity in October 2024 8. Founded in 1987. Pinnacle acquired equity in November 2024 9. Managed Portfolio Service (MPS) offered by a Discretionary Fund Manager (DFM). Source: NextWealth MPS Proposition Comparison Report 2024 10. Founded in 2004. Pinnacle acquired equity in 2007 For personal use only
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Revenue and margin performance and key drivers 69 Strong revenue growth, with notable contribution from newer Affiliates; deliberate Horizon 2 investment in growth initiatives moderates profits in the short-term, but drives strategic growth over the medium- to long-term Affiliate Revenues1 Summary results – Affiliates (at 100%) • Total Affiliate revenues1 (at 100%) were $925.0m in FY25, including $153.6m (16.6%) of performance fees; in FY24, total Affiliate revenues (at 100%) were $663.4m, including $109.8m (16.5%) in performance fees • Represents aggregate revenue growth of 39% (at 100%); also 39% excluding performance fees • Strong contributions from newer Affiliates, particularly PAM (from acquisition date in October 2024) and Life Cycle, on rapidly increasing FUM • Slight moderation in average fee rate in 2H FY25 due to mix of flows; underlying trends driving longer-term increase in rates (growth in private markets FUM, retail/wholesale and internationally-sourced FUM) remain • Horizon 2 spending is continuing in many Affiliates in initiatives to enhance medium-term growth opportunities • With net spending having ‘peaked’ in 2H FY23 and 1H FY24, revenues from these initiatives began to build in 2H FY24 • During FY25, the net cost to Pinnacle of all Horizon 2 initiatives (Pinnacle share, after tax), is estimated to have been ~$9m (~$4.5m in each of 1H FY25 and 2H FY25), or broadly at the same rate as in the second half of the last financial year and down from ~$7m in the first half of FY24 • The cost for 1H FY25 included Life Cycle; entering FY26 all Affiliates are now at or exceeding run-rate profitablity • Affiliate margins improved modestly in FY25 compared with FY24 (~1.2% excluding the impact of performance fees), with improvement anticipated into FY26 1Affiliate revenues are shown at 100% to indicate trend. Pinnacle owns significant minority stakes in each Affiliate and accounts for its share of Affiliates’ NPAT 2FUM is 100% of FUM managed by Pinnacle Affiliates. Includes $6.8bn ‘acquired’ in Jul 2018, $3.0bn ‘acquired’ in Dec 2019, $1.1bn ‘acquired’ in Dec 2021, $9.8bn ‘acquired’ in Aug 2024, $17.0bn ‘acquired’ in Nov 2024 and $1.1bn ‘acquired’ in Dec 2024. Pinnacle holds significant minority stakes in each of the Affiliates and does not ‘own’ 100% of the FUM FY25 ($M) FY24 ($M) % Change PINNACLE AFFILIATES (100% aggregated basis) FUM ($billion)2 179.4 110.1 63% Revenue ($million) 925.0 663.4 39% Net profit before tax 429.7 302.7 42% Tax expense (109.2) (79.9) 37% Net profit after tax (NPAT) 320.5 222.8 44% Pinnacle share of Affiliates’ NPAT 129.7 90.8 43% 3 3 7 13 15 27 38 38 43 49 61 75 112 151 221 264 329 448 453 554 771 - 1 1 0 0 1 0 1 5 7 11 18 17 17 15 27 86 58 58 110 154 - 100 200 300 400 500 600 700 800 900 1,000 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Revenue ($millions) Affiliate performance fees - 100% Affiliate revenues - 100% (excl. performance fees) For personal use only
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Diversification resilience of core earnings 70 A broadly diversified platform in place to move ahead with sustained growth FY25 FUM 2 by Affiliate (%) 1 30 Jun 16 30 Jun 25 672 24 7 30 Jun 16 30 Jun 25 Change in FUM 2 by Asset Class (%) Growth in FUM 2 subject to performance fees by Strategy 1. The reported number for Metrics is Assets Under Management. Metrics earns fees on the full AUM figure 2. FUM is 100% of FUM managed by Pinnacle Affiliates 13.5% 11.8% 11.3% 10.9% 9.1% 8.4% 8.2% 7.7% 4.9% 4.8% 2.6% 2.5% 1.6% 1.0% 0.5% 0.5% 0.4% 0.1% Metrics PAM Antipodes Plato Hyperion Life Cycle Coolabah Resolution Capital Solaris Aikya Palisade Firetrail Five V Spheria Longwave VSS Langdon Riparian Australian Equities Global Equities Private Equity & Venture Capital Real Assets (Public Markets) Real Assets (Private Markets) Credit (Public Markets) Credit (Private Markets) 26 38 2 11 3 9 11 For personal use only
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Continued industry awards 71 The awards referred to above are determined using proprietary methodologies. Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. Awards are generally current for 12 months from the date awarded and are subject to change at any time. Awards for previous years are referenced for historical purposes only. 2024 Momentum Media Australian Wealth Management Awards: • Metrics – Best Alternative Asset Manager Winner • Metrics – Best Real Estate Asset Manager (Listed and Unlisted) Winner • Metrics – Best Fixed Income Asset Manager Finalist 2024 Zenith Fund Awards: • Pinnacle – Distributor of the Year Winner • Metrics – Private Markets Winner • Hyperion – International Equities Global Finalist • Resolution Capital – Global Real Estate Investment Trust Finalist • Resolution Capital – Australian Real Estate Investment Trust Finalist • Solaris – Australian Equities – Alternative Strategies Finalist • Solaris – Australian Equities – Large Cap Finalist 2025 Morningstar Awards for Investing Excellence in Australia: • Hyperion – Overall Fund Manager of the Year Winner • Hyperion – Fund Manager of the Year – Global Equities Winner • Hyperion – Fund Manager of the Year – Domestic Equities – Large Cap Winner • Hyperion – Fund Manager of the Year – Domestic Equities – Small Caps Winner • Resolution Capital – Fund Manager of the Year – Listed Property and Infrastructure Winner 2025 Money Management Annual Fund Manager of the Year Awards, partnering with Lonsec: • Hyperion – Australian Small Cap Equity Fund of the Year Winner • Resolution Capital – Australian Property Securities Fund of the Year Winner • Life Cycle – Emerging Manager of the Year Finalist • Spheria – Australian Small Cap Equity Fund of the Year Finalist For personal use only
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FY25 Market Update – Institutional & International For personal use only
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Institutional & International: Market Update 73 Diverse, multi-asset, multi-channel platform to drive ongoing growth • $11.4bn net inflows in FY25 • $88bn+ of Australian institutional FUM • Robust inflows into global equities, public credit and private credit • Significant mandate wins across public, profit-for-member, sub-advised funds, OCIO and insurance • Largest super funds with strong member inflows remain committed to active management, combining internal and external managers • Access to customized portfolios and co-investment deal flow important for private markets partnerships • Superannuation merger activity slowing down but post-merger portfolio consolidation continues to present binary outcomes • $4.8bn net inflows in FY25 • $1.9bn is wholesale/retail & family office • $51bn+ of international FUM across 40+ countries • $11.8bn is wholesale/retail & family office • New distribution hires in UK, NZ and Canada • UK, Europe and Canada dominating inflows • Largest flows into global equities, emerging market equities, multi-asset, public credit, private credit and private equity • Ongoing growth in UK Model Portfolio Solutions (Managed Accounts) • Growth in OCIO mandates in the UK, Europe and New Zealand Institutional (Australia): FY25 International: FY25 • A constructive environment for manager replacement searches across global equities and Australian equities, particularly core strategies, provide opportunities for market share gains • Notable interest in portable alpha and capital-efficient insurance solutions • Ongoing institutional investor consolidation in Australia across super, wealth and insurance sector will remain a ‘double-edged sword', creating an opportunity and risk for flows • High quality, scalable strategies and IP sharing remain key to enduring relationships • Greater relative interest in UK, Europe, Japan, India and Australia, at the expense of the two largest markets in the world, US and China • US investors are seeking active core global and international equities strategies that can outperform across cycles and diversify their US equity exposures • Stronger interest in higher-returning mid-market private markets strategies • Resurgent interest in systematic equity managers, including active extension • Australia will remain a compelling destination for Asia-Pacific private markets capital deployment in the wake of China geopolitical risk • Ongoing interest in real estate debt given compelling relative returns versus core real estate equity • Rising interest in asset-based lending increasing given attractive total returns, collateral security and bank retrenchment and as a diversifier to large existing US and European direct lending exposure Institutional (Australia): Outlook International: Outlook For personal use only
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FY25 Market Update – Wholesale & Retail For personal use only
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FY22 FY23 FY24 FY25 Wholesale & Retail (Australia): Market Update 75 $6.9bn net inflows into Wholesale and Retail in FY25 • $3.7bn in net inflows in 1H FY25 • $3.2bn in net inflows in 2H FY25 Wholesale and Retail net inflows across diverse asset classes • $1.8bn of net inflows into Private Markets • $1.9bn of net inflows into Fixed Income • $3.2bn of net inflows into Listed Equities and Listed Real Assets Australian Equities • Core Equity and Equity Income seeing solid demand. Opportunity for active managers to take share in FY26 with index concentration risks at elevated levels Global Equities • Strong demand for Core (style neutral) Global Equities in FY25. Significant market share opportunity in FY26 for outperforming active managers Small Cap Equities • Global Small Cap allocations being driven by attractive fundamentals and diversification benefits of the asset class. Market share has been key for Australian Small Cap flows Listed Real Assets • Solid demand for Listed Real Assets driven by strong performance in Global Listed Infrastructure and attractive fundamentals in Global REITs Private Debt • Demand for Private Debt underpinned by a growing need for retirement income solutions that deliver regular cash income, capital stability and portfolio diversification • Metrics Real Estate Multi-Strategy Fund raised $300m in October 2024 IPO • Metrics Master Income Trust raised $315m in Q4 FY25 wholesale placement Private Equity and Private Infrastructure • Five V Horizons FUM now above $250m with strong pipeline of demand • Palisade Feeder Infrastructure Trust building momentum with platform and key account wins expected to drive future flows Fixed income • Strong demand for floating-rate, alternative and long duration credit • Coolabah maintaining market leading performance and continues to take market share Wholesale and Retail flows (Net) $39.7bn in Wholesale and Retail FUM Wholesale and Retail inflows across diverse asset classes $3.6bn $0.6bn $3.9bn As of 30 June 2025 $6.9bn Australian Equities Global Equities Private Debt Fixed Income Real Assets (Listed) Private Equity / Infrastructure For personal use only
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Affiliate spotlight For personal use only
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Horizon 2 | Metrics | building a leading diversified private markets fund management platform 77 • Metrics is recognized as a pioneer in Australian private credit, initially focused on corporate and institutional lending. It has evolved into a diversified private markets platform, providing debt and equity solutions across corporates, real estate and Asset-Based Finance (ABF) • Following the launch of its consumer and business finance brand, Navalo, and the establishment of Metrics Business Finance and acquisitions of Payright, BC Invest and Taurus, Metrics has deep loan origination and asset management expertise across the full spectrum of ABF including commercial real estate loans, residential mortgages, auto loans, personal loans, equipment finance and debtor finance. This ABF origination platform gives Metrics control over credit underwriting standards, capital deployment and its cost of funds • Asset-Based Lending (ABL) trusts are currently being developed and soon to be launched to investors. Metrics will earn fund management fees for managing these trusts • Metrics has deliberately resourced ahead of growth in each of these verticals, recognizing the long-term value created for investors and stakeholders through developing deep origination and risk management expertise • This has negatively impacted earnings in the short-term, but has delivered strong and consistent AUM and revenue growth and provides the platform for strong growth in earnings The reported number for Metrics is Assets Under Management. Metrics earns fees on the full AUM figure. The acquisitions of BC Finance and Taurus, which added approximately $7.5bn in AUM, were concluded in early July 2025. For personal use only
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Horizon 2 | Metrics | understanding FY25 financial outcome 78 • Net ‘Horizon 2’ investment in FY25 of $24.4m, after tax, at 100% (approximately ~$8m impact on Pinnacle’s profit after tax) • $7.1m performance fee forgiven in relation to the BC/Taurus acquisition, which was concluded in early July 2025 • $16.4m of costs in Metrics associated with the continuing build-out of the ABF platform and other ongoing growth initiatives • Consumer finance platform (all now operating under the Navalo banner), incurred standalone, net operating losses of $7.9m • This business has an unrecognized deferred tax asset, which may be available to reduce the tax charge in future, profitable years, of ~$20m • With the acquisitions of BC Invest, Taurus and Payright now complete, Metrics is in the process of integrating all activities into a single operating platform, which is expected to reduce costs and realize synergies • Following the acquisitions and integration, the consumer lending businesses are expected to have positive earnings in future periods • ‘Core’ Metrics, which remains resourced for significant, future growth, is operating at an EBITDA margin of ~52% Column1 'Core' Metrics Horizon 2 initiatives Net outcome - core Metrics ABF (Navalo) Metrics - reported Fund management revenues 119.7 - 119.7 6.2 125.9 Performance fees 6.9 (7.1) (0.2) - (0.2) Total fund management revenues 126.6 (7.1) 119.5 6.2 125.7 Net interest revenues 0.2 - 0.2 4.1 4.3 Consumer lending revenues - - - 8.8 8.8 Gross revenues 126.8 (7.1) 119.7 19.1 138.8 Operating costs (61.2) (16.4) (77.6) (20.1) (97.7) EBITDA 65.6 (23.5) 42.1 (1.0) 41.1 Depreciation & amortization (2.6) - (2.6) (1.8) (4.4) Interest expense (corporate) (1.5) - (1.5) - (1.5) Other non-operating income/(expense) 4.3 - 4.3 (2.5) 1.8 NPBT 65.8 (23.5) 42.3 (5.3) 37.0 Tax (19.1) 7.0 (12.1) (1.9) (14.0) NPAT 46.7 (16.5) 30.2 (7.2) 23.0 NCI (0.7) (0.7) Overall NPAT 46.7 (16.5) 30.2 (7.9) 22.3 EBITDA Margin 52% 35% 30% NPAT Margin 37% 25% 16% ‘Core’ Metrics refers to the revenues generated from and costs associated with Metrics’ Private Debt and Credit and Commercial R eal Estate Equity businesses For personal use only
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Horizon 2 | Metrics | understanding FY25 financial outcome 79 • Metrics has grown AUM by 33.3% per annum since Pinnacle acquired an equity interest in 2018 • Revenue growth has been consistent over this same period, but profitability has been suppressed by heavy, ongoing investment in core and then additional origination capability • This investment was meaningfully stepped up during FY23, as Metrics acquired Payright and began to build out its consumer finance platform • Growth in NPBT – excluding performance fees – has been steady since this ‘low point’ as shown in the chart to the right • This expanded platform provides additional capability to accelerate further growth in AUM across multiple verticals and ultimately earnings - 5,000 10,000 15,000 20,000 25,000 30,000 Dec 18 Feb 19 Apr 19 Jun 19 Aug 19 Oct 19 Dec 19 Feb 20 Apr 20 Jun 20 Aug 20 Oct 20 Dec 20 Feb 21 Apr 21 Jun 21 Aug 21 Oct 21 Dec 21 Feb 22 Apr 22 Jun 22 Aug 22 Oct 22 Dec 22 Feb 23 Apr 23 Jun 23 Aug 23 Oct 23 Dec 23 Feb 24 Apr 24 Jun 24 Aug 24 Oct 24 Dec 24 Feb 25 Apr 25 Jun 25 AUM ($m) Growth in Metrics AUM since Acquisition CAGR since acquisition: 33.3% NPBT & Revenues (ex. Performance Fees) since Acquisition - 20 40 60 80 100 120 140 160 180 200 - 5 10 15 20 25 30 35 40 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (A$m) NPBT ex Perf Fees (A$m) Revenue ex Perf Fees (A$m) For personal use only
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Horizon 2 | Metrics | market opportunity 80 • The market in which Metrics operates is extremely large and offers a vast runway for growth • The expansion into consumer and commercial lending, unlocks a larger total addressable market for Metrics and investor base • Metrics will launch a series of ABL trusts, providing investors with new opportunities across the spectrum of hard and financial assets (consumer and commercial finance) • Metrics expects to deliver compelling risk-adjusted returns from these assets with a primary focus on direct origination. These collateralized, self- liquidating (both principal and interest are paid down over time) ABL loans provide attractive downside protection, diversification and low correlation with other asset classes (including corporate lending), can be sold alongside existing strategies and will be appealing to Metrics’ and Pinnacle’s institutional and retail client base in Australia and internationally Sources: Metrics; Alvarez & Marshal, Australian Private Debt Market Review, 2024; PIMCO, Asset-Based Finance: Quantifying Diversification Benefits and Return Potential, April 2025. Cambridge Associates, Looking to Specialty Finance & Credit Opportunities Strategies for Diversification, December 2021 0 500 1,000 1,500 2,000 2,500 Corporate and Institutional Lending Real Estate Debt Consumer lending / SME Residential Mortgages Australian lending market - by sector ($bn) Metrics Total Addressable Market (TAM) Metrics - 3% Metrics - <1% Metrics - 2% Metrics - <1% For personal use only
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Affiliate summaries For personal use only
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FY25 funds under management 82 For personal use only
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Five-year progress and outcomes 83 FY 20 FY 25 5yr Compound Growth rate (%) FUM ($bn) 58.7 179.4 25.0% Public Markets ($bn) 48.3 135.5 22.9% Private Markets ($bn) 6.7 28.7 33.8% Alternative Fixed Income ($bn) 3.7 15.2 32.7% Int Domiciled ($bn) 0.002 47.7 650.8% Int Sourced ($bn) 4.2 51.4 65.0% Perf Fee FUM ($bn) 18.9 50.4 21.7% Retail FUM ($bn) 13.1 39.7 24.8% Outcomes for Shareholders NPAT ($m) 32.2 134.4 33.1% EPS diluted (cps) 17.9 62.4 28.3% DPS (cps) 15.4 60.0 31.3% For personal use only
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Affiliate commitment to ESG 84 Affiliate Signatory to PRI Incorporate ESG into Investment process Have an ESG policy Aikya Yes (Certified B Corporation) Yes Yes Antipodes Yes Yes Yes Coolabah Yes Yes Yes Firetrail Yes Yes Yes Five V (Certified B Corporation) Yes Yes Hyperion Yes Yes Yes Langdon Yes Yes Yes Life Cycle Yes Yes Yes Longwave Yes Yes Yes Metrics Yes Yes Yes Palisade Yes Yes Yes PAM Yes Yes Yes Plato Yes Yes Yes Resolution Capital Yes Yes Yes Riparian Yes (Certified B Corporation) Yes Yes Solaris Yes Yes Yes Spheria Yes Yes Yes VSS Yes Yes Yes All Pinnacle Affiliates embed ESG principles into their investment decision making process: For personal use only
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Pinnacle Affiliates 85 Global Emerging Market Equities • High quality • Absolute return with downside protection • Concentrated portfolio • Long-term sustainable growth • Stewardship and Sustainability • Founded in 2020 • Headquartered in London, United Kingdom Global and Australian Equities, Global Listed Infrastructure and Global Credit • Five independent investment teams sharing a common business and operating platform • Over $20bn in assets under management, almost a third of which is sourced from clients domiciled outside Australia • Increased scale and diversity through the acquisition of Maple-Brown Abbott in FY25 • Founded in 2015 • ~75 team members located in Sydney, Melbourne and London Australian and Global Credit (Long Only and Long-Short) • CCI’s edge is in generating alpha by exploiting mispricings in liquid, high-grade credit in contrast to traditional fixed-income managers that drive returns through adding more interest rate duration, credit default and/or illiquidity risk (beta) • Alpha generation is a function of the world-class analytical insights rendered by CCI’s human capital, which comprises 12 portfolio managers, 21 analysts and numerous other finance, risk, compliance, operations and product staff • Founded in 2011 • Headquartered in Sydney, Australia with offices in London, UK , Miami, USA and Melbourne, Australia For personal use only
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Pinnacle Affiliates 86 High conviction Australian and Global Equities • Deep fundamental research approach consistently applied for 15+ years • Australian, Global, Small Companies and Long-Short equities • No enduring style bias. Building concentrated portfolios of best growth and value ideas • Focused on generating outperformance from stock selection, whilst reducing exposure to unintended macroeconomic or thematic risks • Founded in 2018 • Headquartered in Sydney, Australia Australian and New Zealand Private Equity, Growth & Venture Capital • Focused on growth assets in the attractive lower-mid to mid private equity market • Specialist knowledge and skills supporting high growth businesses • Track record of helping to build market leaders across industries • Collaborative approach – full alignment with investee businesses • Global investor network of entrepreneurs and family offices • Flexibility of investment, majority and significant minority partnerships • Strong focus on ESG as reflected by B Corporation Certification • Founded in 2016 • Headquartered in Sydney, Australia Australian and Global Growth Equities • Investment process focused on high quality and innovative structural growth businesses • Multi decade track record of significant alpha generation • Founded in 1996 • Headquartered in Brisbane, Australia For personal use only
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Pinnacle Affiliates 87 Global and Canadian Small Cap Equities • Active and engaged owners of world class smaller companies • Quality-orientation, focusing on cash flow growth • Seek to identify and evaluate businesses that can compound intrinsic value at high rates over the long-term • Founded in 2022 • Headquartered in Toronto, Canada Australian Small and Mid Cap Equities • Investment philosophy centred on the view that quality is the long-term driver of small cap excess returns • Fundamental understanding determines how value is created or destroyed by companies for shareholders • Systematic processes provide discipline, repeatability and controls behavioural biases • Index agnostic and unconstrained • Founded in 2018 • Headquartered in Sydney, Australia Global Equities • Experienced team adopts a Corporate Life Cycle inspired approach to global equities • Balanced factor and style portfolios with stock picking the primary driver of alpha • Qualitative, bottom-up, fundamental analysis seeking to identify companies with superior shareholder wealth creation potential and probabilistically attractive valuations • Founded in 2024 • Headquartered in London, United Kingdom For personal use only
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Pinnacle Affiliates 88 Private Debt and Commercial Real Estate • Australasia’s largest private credit fund manager • Participation across all loan market segments – leverage finance, project finance, commercial real estate, corporate, consumer • Investment across the capital structure – investment grade debt through to equity, warrants and options • Further growth across private markets including private equity in commercial real estate • Deep, active primary and secondary market experience • Extensive bank, non-bank and borrower networks • Significant corporate restructuring and workout experience • Extensive loan distribution experience and networks • Extensive private markets experience in both debt and equity investments • PRI Signatory and founding member of the Australian Sustainable Finance Institute • Founded in 2011 • Headquartered in Sydney, Australia with a presence in Melbourne, Australia, Dublin, Ireland, London, United Kingdom and Auckland, New Zealand Modern, highly diversified, asset management platform • Technology enabled adviser solutions – proprietary technology platform that enables turnkey solutions for end clients • Single Manager solutions – support, enable and distribute high quality, boutique investment managers • Deep distribution expertise in the UK wealth and wholesale markets • Increasing distribution presence in North America • Global client base, across advisers, pension funds, wealth managers, discretionary fund managers and consultants • Founded in 2016, Pinnacle acquired an equity interest in 2024 • Headquartered in London, United Kingdom For personal use only
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Pinnacle Affiliates 89 Private Infrastructure, Impact & Real Assets • Mid-market focus results in attractive acquisition multiples and portfolio yield • Actively involved in operational management and governance of assets; unlocks embedded value • Owns core infrastructure assets such as airports, ports, bulk liquid storage, energy transmission, renewable energy, digital and social infrastructure • Unique risk management framework – credit-style approach to asset selection and portfolio construction framework based on revenue source and macroeconomic sensitivities • Real Assets and Impact Affiliates continue to pursue investments into adjacencies and infrastructure-like assets – Real Assets secured a significant commitment from Dutch pension fund APG for its UK-focused bioenergy platform (BioticNRG) and is expanding its investment target into Europe • Expansion of North American focused strategy with a team based in New York since 2022. Initial investments in digital and renewables platforms secured; now raising capital for a North American focused mid-market infrastructure fund • Founded in 2007 • Headquartered in Sydney, Australia with staff in Melbourne, Australia, New York, USA, London, UK, Cardiff, UK and Seoul, South Korea Systematic Australian and Global Equities • Income, Enhanced/Core, Low Volatility, Long Short (Global Alpha) and Tax-Exempt Equities; • Customised alpha models and portfolio construction for accumulation and retirement solutions • Extensive experience with low carbon and other customised portfolios • Systematic implementation of fundamental ideas • State of the art technology • Founded in 2006 • Headquartered in Sydney, Australia Global Listed Real Assets • Specialist Listed Real Assets ( Global Real Estate & Infrastructure) securities investment manager • >30-year investment team track record • Highly rated by global asset consultants and research houses • Concentrated portfolios of ‘high conviction ideas’ in both listed real estate and infrastructure • Unique Multi Portfolio Manager approach ensures diversity of ideas and reduces key man risk • Centralised, proprietary research mitigates regional biases • PRI and UN Global Compact signatory, RIAA member, RIAA Responsible Investment Leader • Founded in 2004 For personal use only
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Pinnacle Affiliates 90 Private Agriculture, Food & Water • Specialist water, agriculture and food investment firm providing capital solutions to the agriculture sector • Participation throughout the value chain investing in assets that are critical to the production of essential goods; water, farmland, agricultural infrastructure and agribusinesses • Deep agriculture, finance and asset management experience • Certified B Corporation and PRI Signatory • Founded in 2019 • Headquartered in Brisbane, Australia with an office in New York, USA Australian Equities Style Neutral • Analysts empowered as portfolio managers • 100% of short-term incentives linked to client alpha (no alpha, no bonus) • Selecting stocks to outperform based on fundamental research with portfolio risk directly aligned with expected stock returns • No predetermined or consistent style bias (‘core’ style) • Founded in 2008 • Headquartered in Brisbane, Australia Australian and Global Micro, Small and Mid Cap Equities • Greater potential for long-term capital appreciation • Under-researched stock universe provides fertile ground for higher alpha • Focus on recurring cashflows and valuation inefficiencies • Founded in 2016 • Headquartered in Sydney, Australia For personal use only
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Pinnacle Affiliates 91 Private Structured Capital • Structured capital solutions to high-growth, established companies in the attractive US lower mid-market segment • Bespoke, customised private capital solutions for corporates that are differentiated from the majority of other capital options in the market • Focused on high growth industries that benefit from favourable tailwinds including tech-enabled business services, healthcare and education • Proven investment strategy and strong track record of successful fundraising from a global LP base - forthcoming fund will be VSS’s ninth, with over US$4bn in capital committed to date • Highly experienced leadership team with average investment committee tenure of 24 years • Provides investors with downside protection via debt and upside benefit via equity components • Founded in 1987, Pinnacle acquired an equity interest in 2024 • Headquartered in New York, USA For personal use only
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Pinnacle Investment Management Group Limited (PNI) This presentation has been prepared by Pinnacle Investment Management Group Limited ABN 22 100 325 184 (PNI). The information in this presentation is current as at 21 October 2025. PNI 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, no liability is accepted by any of PNI, its related bodies corporate, the affiliated investment managers, or their directors, employees or agents 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 or reliance of this presentation or its contents or otherwise arising in connection with it. This presentation contains forward-looking statements, which may include, without limitation, statements regarding PNI’s plans, strategies, objectives and the outcome and effects of PNI’s activities. The forward-looking statements in this presentation are not guarantees or predictions of future performance. Forward-looking statements are based on information available to PNI as at the date of this presentation and current assumptions which may ultimately prove to be materially incorrect. Any such forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those estimated. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with respect to any security. Information which relates to any financial product contained in this presentation is general information only and should not be considered financial product advice. The information in this presentation does not take into account the investment objectives, financial situation and particular needs of any particular investor. The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. Pinnacle Fund Services Limited (ABN 29 082 494 362 AFSL 238371) is the issuer of funds in this presentation that are managed by Aikya Investment Management Limited (UK Company Number 12329682), Antipodes Partners Limited (ABN 29 602 042 035 AFSL 481580), Firetrail Investments Pty Limited (ABN 98 622 377 913 AFSL 516821), Hyperion Asset Management Limited (ABN 80 080 135 897 AFSL 238380), Langdon Equity Partners Limited (Canada Corporations Number 1311368-0), Life Cycle Investment Partners Limited (UK Company Number 15633723), Longwave Capital Partners Pty Ltd (ABN 17 629 034 902 AFSL AR 1269404 of Pinnacle Investment Management Limited AFSL 322140), Palisade Investment Partners Limited (ABN 32 124 326 361 AFSL AR 312944 of Pinnacle Investment Management Limited AFSL 322140), Plato Investment Management Limited (ABN 77 120 730 136 AFSL 307141), Resolution Capital Limited (ABN 50 108 584 167 AFSL 274491), Solaris Investment Management Limited (ABN 72 128 512 621 AFSL 330505), Spheria Asset Management Pty Limited (ABN 42 611 081 326 AFSL AR 1240979 of Pinnacle Investment Management Limited AFSL 322140) and Riparian Capital Partners Pty Limited (ABN 80 630 179 752 AFSL AR 322140 of Pinnacle Investment Management Limited AFSL 322140). Pinnacle Fund Services Limited is not licensed to provide financial product advice. The disclosure documents for funds issued by Pinnacle Fund Services Limited are accessible on, or obtained by requesting a copy via, the relevant investment manager’s website as listed on https://pinnacleinvestment.com/investment-managers/. Any potential investor should read the relevant product disclosure statement in its entirety and consult their financial adviser before making an investment decision. 92 For personal use only
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Disclaimer 93 Lonsec Research The Lonsec Ratings presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold the referenced products, and you should seek independent financial advice before inv esting in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec's Ratings methodology, please refer to our website at: https://www.lonsec.com.au/fund-manager/investment-product-ratings. Morningstar Research © 2022 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or 'class service' have been prepared by Morningstar Australasia Pt y Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide ( FSG) for more information at https://www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or In vestment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of informat ion. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyrigh t and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Zenith Research The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) ratings referred to in this piece is limit ed to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, includin g target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors s hould seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are avai lable on our Product Assessments and at Fund Research Regulatory Guidelines. For personal use only