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Qualitas Annual General Meeting qualitas.com.au 19 November 2025 ASX: QAL For personal use only
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Journey of Growth — Alysha Menzel Acknowledgement of Country Qualitas acknowledges the Traditional Custodians of Country throughout Australia and their ongoing connection to land, sea, and community. We pay our respect to their Elders past and present. 2 For personal use only
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qualitas.com.au Disclaimer This presentation has been prepared and issued by and its sole responsibility of Qualitas Limited (ACN 655 057 588). To the maximum extent permitted by law, the information contained in this presentation is given without any liability whatsoever to Qualitas Limited, any of its related entities, or Qualitas Securities Pty Ltd (the holder of Australian financial services licence 342 242 for the Qualitas Group) (collectively "Qualitas") or their respective directors or officers, and is not intended to constitute legal, tax or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. The recipient should consult with its own legal, tax or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information. The information in this presentation has not been independently verified by Qualitas to the maximum extent permitted by law. Qualitas disclaims any responsibility for any errors or omissions in such information, including the financial calculations, projections and forecasts set forth herein. No representation or warranty is made by or on behalf of Qualitas that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved. Please note that, in providing this presentation, Qualitas has not considered the objectives, financial position or needs of the recipient. The recipient should obtain and rely on its own professional advice from its tax, legal, accounting and other professional advisers in respect of the addressee’s objectives, financial position or needs. This presentation does not carry any right of publication. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Qualitas. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Qualitas. The provision of this presentation to any person does not constitute an offer of securities or offer financial products to that person or an invitation to that person to apply for interests. The information in this presentation has been prepared without taking into account any investor’s investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs and obtain their own legal, tax and investment advice. Statements contained in this presentation may be forward looking statements. Such statements are inherently speculative and always involve some risk and uncertainty as they relate to events and depend on circumstances in the future, many of which are outside the control of Qualitas. Any forward-looking statements contained in this presentation are based on a number of assumptions which may prove to be incorrect, and accordingly, actual results or outcomes may vary. The information contained in this document is not a complete analysis of every material fact regarding the market and any industry sector, a security, or a portfolio. Statements of fact cited by Qualitas have been obtained from sources considered reliable but no representation is made as to the completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date of the material. Portfolio holdings and Qualitas’ analysis of these issues, market sectors, and of the economic environment may have changed since the date of the material. Qualitas’ opinions are intended solely to provide insight into how Qualitas analyses securities and are not a recommendation or individual investment advice for any particular security, strategy, or investment product. The performance of an individual portfolio may differ from that of a benchmark, representative account or composite included herein for various reasons, including but not limited to, the objectives, limitations or investment strategies of a particular portfolio. Management fees will reduce the rate of return on any particular account or portfolios. All investments are subject to certain risks. Generally, investments offering the potential for higher returns are accompanied by a higher degree of risk. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty outside Qualitas’ control. Qualitas results are reported under International Financial Reporting Standards (IFRS) which are used to measure group and segment performance. The presentation also includes certain non -IFRS measures. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of resources and assess operational management. All non-IFRS information unless otherwise stated has not been extracted from Qualitas’ financial statements and has not been subject to audit or review. Certain figures may be subject to rounding differences. Refer to Appendices for the reconciliation of statutory earnings to normalised earnings including Normalised NPBT, Normalised NPAT and Normalised EBITDA. All amounts are in Australian dollars unless otherwise stated. Past performance is not a reliable indicator of future performance. 3 For personal use only
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Board of Directors Andrew Fairley AM Independent Chairman Appointment date: 4 November 2021 Andrew Schwartz Group Managing Director and Co-Founder Appointment date: 4 November 2021 JoAnne Stephenson Independent Non-Executive Director Appointment date: 4 November 2021 Mary Ploughman Independent Non-Executive Director Appointment date: 4 November 2021 Darren Steinberg Independent Non-Executive Director Appointment date: 1 October 2024 Bruce MacDiarmid Independent Non-Executive Director Appointment date: 15 April 2025 4 For personal use only
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qualitas.com.au Executive management team 5 Andrew Schwartz Group Managing Director and Co-Founder Mark Fischer Global Head of Real Estate and Co-Founder Philip Dowman Chief Financial Officer Kathleen Yeung Global Head of Corporate Development Dean Winterton Global Head of Capital Tim Johansen Global Head of Investment and Funds Risk Michelle Christou Head of People and Culture For personal use only
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qualitas.com.au Agenda 6 01 Chair’s Address 02 Group Managing Director’s Address 03 Formal Items of Business For personal use only
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How to vote 7 01 Click the ‘Get a Voting Card’ button + Get a Voting Card Ask a Question Downloads 02 Enter your Shareholder Number (SRN/HIN) or Proxy Number and click ‘Submit Details and Vote’ 03 Select either ‘Full Vote’ or ‘Partial Vote’ 04 Click ‘Vote’ Notice of meeting Annual report Online Guide For personal use only
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How to ask a question 8 01 Click the ‘Ask a Question’ button 02 Select the item of business from the drop-down menu 03 Type your question in the space provided 04 Click ‘Submit Question’ + Get a Voting Card Ask a Question Downloads Notice of meeting Annual report Online Guide For personal use only
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qualitas.com.au Chair’s Address 01 For personal use only
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FY25 – strong growth underpinned by trusted brand, deep relationships and focus on quality 10 17-YEAR TRACK RECORD OF PERFORMANCE – FUNDS AND INVESTMENTS UNDER MANAGEMENT ($M) 1. Represents committed capital from investors with signed investor agreements. 2. Refers to an allocation methodology applic able to institutional construction loan mandates. Peak draw capital deployed is included in Fee Earning FUM and excluded from Committed FUM. 3. FY25 normalised earnings adjusted for abnormal items including QRI capital raising costs ($5.1m) and unrealised mark to market (MTM) loss from Qualitas’ co-investment in QRI ($0.1m). FY24 normalised earnings adjusted for abnormal items including QRI capital raising costs ($2.4m) and unrealised MTM gains from Qualitas’ co-investment in QRI ($0.9m). 2 FY25 DIVIDEND 10cps +25% vs. FY24 FY25 NPBT3 $53m +36% vs. FY24 FY25 STATUTORY NPAT $33m +28% vs. FY24 1 75 106 160 260 338 575 802 866 1,384 2,198 2,258 2,770 2,983 4,259 6,074 8,888 9,466100 1,033 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Committed FUM Peak draw capital deployed 8,988 10,499 For personal use only
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Our focus areas for FY25 and beyond • Senior hires strengthening origination and structured finance capability • New functions in transaction management and artificial intelligence • Upholding The Qualitas Way – entrepreneurship with a disciplined, performance-driven culture • Investing in next generation talent • Expanding our presence in New South Wales and Queensland 11 OUR PEOPLE • Broadening our investor base with growing support from institutional investors and an expanding footprint in Asia − Strengthening Qualitas’ position as the preferred fund manager in Australian private credit for global institutional investors • Continuing to pursue both organic and inorganic growth opportunities − Expanding our geographic footprint − Broadening our platform beyond commercial real estate to diversify revenue streams OUR GROWTH STRATEGY • Supporting the decarbonisation of the built environment through our Sustainable Finance program • Supporting First Nations reconciliation through our Innovate Reconciliation Action Plan (RAP) • Continuing support for charitable partnerships addressing youth homelessness, youth mental health, children’s health • Joining the UNPRI’s Private Debt Advisory Committee as the sole Australian credit manager • Robust governance framework and comprehensive conflict management OUR APPROACH TO ESG For personal use only
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qualitas.com.au Group Managing Director’s Address 02 For personal use only
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Strong recurring earnings growth in FY25 driven by disciplined deployment and our deep institutional investor base 13 • Improving macroeconomic environment conducive for commercial real estate transaction activity • Continue to benefit from strong borrower trust and institutional loyalty particularly amidst heightened regulatory scrutiny • Strong top-line growth across all key revenue categories driven by significant growth in FEF • Record funds management EBITDA margin of 52% aided by performance fees driven by strong credit fund returns and increasing balance sheet efficiency PROGRESSING ON OUR VISION 1. FY25 normalised earnings adjusted for abnormal items including QRI capital raising costs ($5.1m) and unrealised mark to market (MTM) loss from Qualitas’ co-investment in QRI ($0.1m). FY24 normalised earnings adjusted for abnormal items including QRI capital raising costs ($2.4m) and unrealised MTM gains from Qualitas’ co-investment in QRI ($0.9m). 2. Refers to an allocation methodology applicable to institutional construction loan mandates. Peak draw capital deployed is included in Fee Earning FUM and excluded from Committed FUM. FY25 FEE EARNING FUM (FEF) $8.7bn +28% vs. FY24 FY25 PRINCIPAL INCOME $31m +35% vs. FY24 FY25 BASE MANAGEMENT FEES $49m +31% vs. FY24 FY25 DEPLOYMENT $4.6bn +9% vs. FY24 FY25 FUNDS MANAGEMENT EBITDA1 $56m +39% vs. FY24 FY25 COMMITTED FUM + PEAK DRAW CAPITAL DEPLOYED2 $10.5bn +17% vs. FY24 CASH AS AT 30 JUNE 2025 $149m ANNUALISED YIELD ON BALANCE SHEET CASH AND INVESTMENTS 9% For personal use only
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Significant growth in pipeline driven by strong origination and market tailwinds 14 • Pipeline $4.9bn as at 17 November 2025, up 70% on pipeline as at 26 November 2024 ─ Mandated on multiple transactions exceeding $300m, which collectively make up 55% of the pipeline, including a construction credit opportunity of > $1bn ─ 12% in structured credit and 15% in non- residential • Significant growth in pipeline attributed to: ─ Prior investment in origination team ─ Trusted brand providing capital certainty resulting in increasing inbounds from borrowers amidst elevated regulatory scrutiny ─ Accelerating macroeconomic tailwinds • Fee growth depends on the mix of fund mandate used for deployment ─ Strong deployment drives transaction fee growth in the current period, while base management fee increases in subsequent reporting periods as fees are accrued for the full reporting period and for construction credit mandates, rise progressively as capital is drawn1. These investment opportunities are subject to due diligence and IC approval. Our teams are focused on deploying fund inves tor capital while maintaining an uncompromising approach in risk assessment and due diligence. Some of these investments may not meet our screening requirements and not proceeded or cou ld be delayed in settlement. 70% DEPLOYMENT AND FY26YTD PIPELINE CAGR 30% 1 • Pipeline growth exceeds historical deployment growth – reflecting accelerating momentum ─ Pipeline refers to financial year to date closed transactions, current IC approved and mandated investments $1.0bn $1.1bn $1.1bn $0.3bn $0.8bn $3.4bn $1.1bn $2.4bn $2.9bn $4.9bn 1H22 1H25 Pipeline at last year AGM FY26 YTD pipeline Historical deployment Closed transaction IC approved Mandated For personal use only
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Affirming FY26 guidance • FY26 guidance considerations: − Draw down profile of undrawn construction credit not earning full base management fees, deployment timing and quantum and performance fees are key variables of the guidance range − Recurring base management fees will continue to drive growth • FY26 dividend per share in line with target dividend payout ratio of between 50% to 95% of operating earnings Outlook statements and guidance have been made based on no material adverse change in the current market conditions FY26 OUTLOOK 15 1. Excludes any MTM movements for Qualitas’ co-investment in QRI and QRI capital raising costs. 2. Based on the current total number of ordinary shares on issue as at 21 August 2025, that is subject to any future changes. $60m – $66m NPBT ESTIMATED RANGE1 14.0cps – 15.4cps EPS ESTIMATED RANGE1,2 For personal use only
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qualitas.com.au Formal Items of Business 03 For personal use only
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Item 1 To receive and consider: (a) the financial statements; (b) the directors’ report; and (c) the auditor’s report, of Qualitas for the year ended 30 June 2025. 17 Financial statements and reports For personal use only
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qualitas.com.au Questions For personal use only
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Item 2 To consider and if thought fit, pass the following resolution: “That the Remuneration Report of the Company (which forms part of the directors' report) for the financial year ended 30 June 2025 be adopted. ” Note: This resolution is advisory only and does not bind the Company or the Directors. A voting exclusion applies to this resolution – please refer to the voting exclusions on pages 6 to 7 of the Notice of Meeting. 19 Adoption of the Remuneration Report For personal use only
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qualitas.com.au Questions For personal use only
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Item 2 21 Adoption of the Remuneration Report Item 2 For Open Against Adoption of the Remuneration Report % 99.61% 0.09% 0.29% Number of votes 165,545,519 152,364 488,603 Number of security holders 34 6 9 For personal use only
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Item 3A – Andrew Fairley AM To consider and if thought fit, pass the following as an ordinary resolution: “That Andrew Fairley AM is re-elected as a Director of the Company” 22 Approval of re-election of Andrew Fairley AM as a Director of the Company For personal use only
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Andrew Fairley AM • Andrew has over 40 years’ experience as an equity and commercial lawyer, including in superannuation, trusts, estate, and succession planning. • He founded Australia’s first specialist superannuation law firm, IFS Fairley in 1993, having built a reputation as a leading practitioner in superannuation law and practice since 1980. He was named by the Australian Financial Review as one of Australia’s best superannuation lawyers every year from 2013 until 2021. • Andrew founded and then chaired the Law Council of Australia’s superannuation committee for 10 years and maintains close interest in the development of superannuation law and policy. • He served as Chair of Equipsuper, a $30 billion industry superannuation fund for 12 years until 2022. He also served as an industry director of the Australian Financial Complaints Authority until December 2023. 23 For personal use only
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qualitas.com.au Questions For personal use only
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Item 3A – Andrew Fairley AM 25 Approval of re-election of Andrew Fairley AM as a Director of the Company Item 3A For Open Against Approval of re-election of Andrew Fairley AM as a Director of the Company % 99.86% 0.09% 0.05% Number of votes 166,015,948 152,364 79,174 Number of security holders 40 6 5 For personal use only
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Item 3B – Bruce MacDiarmid To consider and if thought fit, pass the following as an ordinary resolution: “That Bruce MacDiarmid is elected as a Director of the Company” 26 Approval of election of Bruce MacDiarmid as a Director of the Company For personal use only
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Bruce MacDiarmid • Bruce has over 30 years of experience in financial services, working for several major investment banks and most recently as Chairman of Investment Banking at Goldman Sachs, Australia & New Zealand from 2018 to 2023. • Bruce has extensive international experience, having been based in London, Singapore and Hong Kong and has worked across Asia, Europe, the Middle East and North America. Prior to his role at Goldman Sachs, Bruce was Managing Director and Co- Head of Corporate Finance, Australia and New Zealand for Deutsche Bank AG Sydney, Head of Natural Resources for Deutsche Bank in the Asia Pacific and Co-Head of Rothschild Australia. • Bruce is currently a Non-executive Director of Washington H. Soul Pattinson & Company Limited (ASX: SOL), the Treasury Corporation of Victoria and the Sydney Children’s Hospital Network. • He is also a member of the University of New South Wales Law Council Advisory Board. He previously served as Non-executive Director of the Sydney Children’s Hospital Foundation from 2023 to May 2025. 27 For personal use only
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qualitas.com.au Questions For personal use only
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Item 3B – Bruce MacDiarmid 29 Approval of election of Bruce MacDiarmid as a Director of the Company Item 3B For Open Against Approval of election of Bruce MacDiarmid as a Director of the Company % 99.91% 0.09% 0.00% Number of votes 166,094,427 152,364 695 Number of security holders 42 6 2 For personal use only
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Item 3C – JoAnne Stephenson To consider and if thought fit, pass the following as an ordinary resolution: “That JoAnne Stephenson is re-elected as a Director of the Company” 30 Approval of re-election of JoAnne Stephenson as a Director of the Company For personal use only
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JoAnne Stephenson • JoAnne has extensive experience spanning over 25 years across a range of industries. • JoAnne was previously a senior client partner in the Advisory division at KPMG and has key strengths in finance, accounting, risk management and governance. • JoAnne is currently the Director and Chair of the Audit, Risk and Compliance Committee for Estia Investments Pty Ltd, Chair of the Audit and Risk Committee for Estia Health TopCo Pty Ltd, and a Non-executive Director of Lifestyle Communities Ltd (ASX: LIC), Helia Group Limited (ASX: HLI), and Insurance Australia Group Ltd & Insurance Australia Ltd (ASX: IAG). • JoAnne was previously a Non-executive Director of Challenger Limited (ASX: CGF), the Chair and Non-executive Director of Myer Holdings Ltd (ASX: MYR), and Non-executive Director of Asaleo Care Limited and Japara Healthcare Limited. 31 For personal use only
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qualitas.com.au Questions For personal use only
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Item 3C – JoAnne Stephenson 33 Approval of re-election of JoAnne Stephenson as a Director of the Company Item 3C For Open Against Approval of re-election of JoAnne Stephenson as a Director of the Company % 99.91% 0.09% 0.00% Number of votes 166,092,622 152,364 2,500 Number of security holders 42 6 1 For personal use only
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Item 4 To consider and, if thought fit, to pass the following resolution: That for the purposes of: (a) ASX Listing Rule 10.14, and for all other purposes, shareholders approve: (b) the acquisition of fully paid ordinary shares in the Company for Andrew Schwartz, Group Managing Director & Co-Founder, with a fair value of $1,650,000 under the Company's Long Term Incentive Loan Plan, on the terms summarised in the Explanatory Notes of the Notice of Meeting. A voting exclusion applies to this resolution – please refer to the voting exclusions on pages 6 to 7 of the Notice of Meeting. 34 Approval of allocation of loan shares to the Group Managing Director For personal use only
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qualitas.com.au Questions For personal use only
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Item 4 36 Approval of allocation of loan shares to the Group Managing Director Item 4 For Open Against Approval of allocation of Loan Shares to the Group Managing Director % 99.79% 0.09% 0.12% Number of votes 165,868,070 152,864 195,252 Number of security holders 29 7 11 For personal use only
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Item 5 To consider and, if thought fit, to pass the following resolution: That for the purposes of: Exception 13(b) in ASX Listing Rule 7.2 to ASX Listing Rule 7.1, and for all other purposes, shareholders approve the renewal of the Qualitas Employee Equity Plan (QEEP) and approve the issue of equity securities under the QEEP as an exception to ASX Listing Rule 7.1, on the terms and conditions summarised in the Explanatory Notes to and forming part of the Notice of this Meeting. A voting exclusion applies to this resolution – please refer to the voting exclusions on pages 6 to 7 of the Notice of Meeting. 37 Approval for renewal of the Qualitas Employee Equity Plan For personal use only
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qualitas.com.au Questions For personal use only
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Item 5 39 Approval for renewal of the Qualitas Employee Equity Plan Item 5 For Open Against Approval for renewal of the Qualitas Employee Equity Plan % 99.87% 0.09% 0.04% Number of votes 163,592,800 152,364 62,500 Number of security holders 35 6 2 For personal use only
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Item 6 To consider and, if thought fit, to pass the following resolution: That for the purposes of: Exception 13(b) in ASX Listing Rule 7.2 to ASX Listing Rule 7.1 and for all other purposes, shareholders approve the issue of Securities under the Qualitas Employee Salary Sacrifice Plan (Salary Sacrifice Plan) as an exception to ASX Listing Rule 7.1, on the terms and conditions summarised in the Explanatory Notes to and forming part of the Notice of this Meeting. A voting exclusion applies to this resolution – please refer to the voting exclusions on pages 6 to 7 of the Notice of Meeting. 40 Approval of securities under the Qualitas Employee Salary Sacrifice Plan For personal use only
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qualitas.com.au Questions For personal use only
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Item 6 42 Approval of securities under the Qualitas Employee Salary Sacrifice Plan Item 6 For Open Against Approval of securities under the Qualitas Employee Salary Sacrifice Plan % 99.87% 0.09% 0.04% Number of votes 163,595,300 152,364 60,000 Number of security holders 36 6 1 For personal use only
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Item 7 To transact any other business which may legally be brought before the meeting 43 General business For personal use only
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qualitas.com.au Thank you Melbourne Sydney Brisbane Level 41, 101 Collins Street Melbourne VIC 3000 Level 5, 1 Bligh Street Sydney NSW 2000 Level 54, 111 Eagle Street Brisbane QLD 4000 P: +61 3 9612 3939 E: investor.relations@qualitas.com.au For personal use only
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qualitas.com.au Appendix Group and Funds Management Segment Earnings For personal use only
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Group earnings1 46 1. Please refer to Appendix 1 for reconciliation of statutory financial to normalised financial. 2. Net funds management reve nue includes transaction fees. 3. $443k BTR equity JV net profit and $122k BTR equity JV losses in FY25 and FY24 respectively are reported in principal income. P&L BREAKDOWN ($THOUSANDS) FY25 FY24 % (YOY) Net funds management revenue2 27,353 23,297 17% Net performance fee revenue 8,074 2,421 234% Principal income3 31,340 23,274 35% Arch Finance EBITDA 621 1,588 (61%) (-) Corporate costs (10,852) (8,685) 25% Normalised EBITDA 56,537 41,894 35% Normalised EBITDA margin 51% 50% Normalised EBITDA margin excl. performance fees 47% 48% Depreciation and interest expense (3,531) (2,889) 22% Normalised net profit before tax (NPBT) 53,006 39,005 36% Normalised net profit after tax (NPAT) 37,045 27,281 36% Normalised earnings per share (EPS) (cents) 12.3 9.1 35% Gain / (loss) on mark to market (MTM) value of QRI investment (88) 613 QRI capital raising costs (3,547) (1,714) Statutory NPAT 33,411 26,180 28% • Normalised NPAT of $37.0m, up 36% on FY24 reflecting strong earnings momentum across the platform: − Continued growth in funds management earnings, primarily driven by accelerating growth in base management fees − Second-half uplift in transaction fees contributed meaningfully to overall growth − Higher performance fees from credit strategies enhanced top-line revenue and margin − Principal income increased significantly, supported by increased co-investment drawn downs • Normalised EBITDA margin expanded by 1% on FY24, underpinned by growth in performance fees and principal income – both of which are margin accretive • Final dividend of 7.5cps, total FY25 dividend of 10cps, representing a payout ratio of 81% For personal use only
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Funds management 47 • Growth in base management fees was underpinned by consistent expansion in FEF • Performance fee revenue accrual increased – which was supported by a total return credit strategy mandate nearing its first performance payout milestone • Base management fee margin on Average Invested FUM expanded – driven by undrawn construction deployment − Going forward, base management fee margin on Average FEF provides a more stable and representative measure • Increases in employee costs attributed to increasing headcount, talent retention and wage inflation • Corporate cost growth was elevated due to several one-off items, including fund establishment costs, inorganic growth initiatives, and the implementation of a new IT system P&L BREAKDOWN ($THOUSANDS) FY25 FY24 % (YOY) Base management fees 49,066 37,542 31% Transaction fees 18,063 16,144 12% Funds management revenue 67,129 53,686 25% (-) Core employee costs (39,776) (30,389) 31% Net funds management revenue 27,353 23,297 17% Funds management gross operating margin 41% 43% Performance fee revenue 8,349 1,029 712% (-) Performance fee incentives (275) 1,392 Net performance fee revenue 8,074 2,421 234% Principal income1 31,340 23,274 35% (-) Corporate costs (10,852) (8,685) 25% Funds management EBITDA2 55,915 40,306 39% FM EBITDA margin 52% 52% FM EBITDA margin excl. performance fees 49% 49% BMF as % of Average Invested FUM 1.11% 1.00% BMF as % of Average FEF 0.68% 0.72% TF as % of deployment 0.40% 0.39% Average Invested FUM ($m) 4,412 3,752 18% Average FEF ($m) 7,171 5,231 37% 1. $443k BTR equity JV net profit and $122k BTR equity JV losses in FY25 and FY24 respectively are reported in principal inco me. 2. FY25 normalised earnings adjusted for abnormal items including QRI capital raising costs ($5.1m) and unrealised MTM losses from Qualitas’ co-investment in QRI ($0.1m). FY24 normalised earnings adjusted for abnormal items including QRI capital raising costs ($2.4m) and unrealised MTM gains from Qualitas’ co-investment in QRI ($0.9m). For personal use only
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Reconciliation of statutory financial to normalised financials 48 ($THOUSANDS) FY25 FY24 Statutory EBITDA 51,345 40,320 (Gain) / loss on mark to market (MTM) value of QRI investment 125 (875) QRI capital raising costs 5,067 2,448 Normalised EBITDA 56,537 41,894 Statutory net profit before tax (NPBT) 47,814 37,432 (Gain) / loss on mark to market (MTM) value of QRI investment 125 (875) QRI capital raising costs 5,067 2,448 Normalised NPBT 53,006 39,005 Statutory net profit after tax (NPAT) 33,411 26,180 (Gain) / loss on mark to market (MTM) value of QRI investment 88 (613) QRI capital raising costs 3,547 1,714 Normalised NPAT 37,045 27,281 For personal use only
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Glossary 49 APAC Asia-Pacific AUM Assets under management Average Fee Earning FUM Average monthly Fee Earning FUM excluding BTR equity and Arch Finance Average Invested FUM Average monthly Invested FUM excluding BTR equity and Arch Finance BMF Base management fee CAGR Compound annual growth rate FUM Represents committed capital from investors with signed agreements CRE Commercial real estate Closed-end fund Fund with expiry date Dry powder FUM not yet earning fees is used as a proxy for dry powder EBITDA Earnings before interest tax depreciation & amortisation ESG Environmental, social, and governance Fee Earning FUM / FEF Amount earning base management fees. Base management fee structures vary across investment platform including committed FUM, Invested FUM, net asset value, gross asset value, acquisition price and other metrics used to calculate base management fees FM Funds management FUM not yet earning fees Undeployed committed capital that is not yet earning base management fees GAV Gross asset value HNW High net worth IC approved investments Investments approved by fund Investment Committee with financial close subject to satisfaction of condition precedents IRR Internal rate of return JV Joint venture Mandated investments Qualitas entered into exclusivity with borrowers with financial close subject to due diligence and fund Investment Committee approval MREIT Mortgage Real Estate Investment Trust Normalised earnings Normalised earnings include normalised EBITDA, normalised NPBT, normalised NPAT and funds management EBITDA are adjusted for gain and losses on mark to market value of QRI investment and QRI capital raising costs. Please refer to the reconciliation in the appendix section. NPAT Net profit after tax NPBT Net profit before tax Open-ended Fund Fund without an expiry date Peak Draw Refers to an allocation methodology applicable to institutional construction loan mandates Perpetual capital Open-ended fund with no mandated expiry date PF Performance fee QAL Qualitas Limited (ASX: QAL) QRI Qualitas Real Estate Income Fund (ASX: QRI) Total return credit Construction and opportunistic credit TF Transaction fee Underwriting Warehousing, underwriting or bridging assets or loans for a fund prior to the completion of a capital raising or receiving an anticipated repayment for a fund or the launch of a new fund following which the fund will take out or refinance the warehousing, underwriting or bridging arrangement (including by repayment or acquiring or directly pursuing the investment opportunity). WALE Weighted average lease expiry For personal use only