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Qualitas FY25 Results qualitas.com.au 21 August 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 Agenda and presenters 3 01 FY25 Highlights 03 ESG 05 Outlook and Guidance 02 Funds Management and Market Update 04 FY25 Financial Results Group Managing Director and Co-Founder Andrew Schwartz Kathleen Yeung Global Head of Corporate Development Mark Fischer Global Head of Real Estate and Co-Founder Philip Dowman Chief Financial Officer For personal use only
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qualitas.com.au FY25 Highlights 01 For personal use only
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FY26 NPBT GUIDANCE1 $60m - $66m +13% to 25% vs. FY25 • 36% growth in NPBT attributed to strong growth in Fee Earning FUM and funds management platform ─ Record annual growth of 31% in base management fees since IPO • 9% balance sheet yield achieved with ample cash reserves at year end • Record funds management EBITDA margin of 52% aided by strong performance fee (PF) and increasing balance sheet efficiency • Increasing quality of unrecognised PF pool with 62% attributed to credit funds2 • Culture that attracts and retains industry-leading talent Record base management fee growth and funds management margin achieved while investing in the platform 5 1. Excludes any MTM movements for Qualitas’ co-investment in QRI and QRI capital raising costs. Outlook statements and guidance h ave been made based on no material adverse change in the current market conditions. 2. Theoretical estimate over the next sev en years based on Qualitas’ assessment of the relevant funds’ performance based on current valuations and market conditions as at August 2025. Due to inherent uncertainties, these performance fees do not fit Qualitas' revenue recognition criteria and may no t eventuate. The timing of when these performance fees may be recognised is not expected to be linear. Estimate excludes staff incentives. 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). FY25 FEE EARNING FUM (FEF) $8.7bn +28% vs. FY24 FY25 PRINCIPAL INCOME $31m +35% vs. FY24 FY25 NPBT 3 $53m +36% vs. FY24 FY25 BASE MANAGEMENT FEES $49m +31% vs. FY24 FY25 DEPLOYMENT $4.6bn +9% vs. FY24 For personal use only
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$32m $38m $49m $12m $16m $18m $16m $23m $31m $4m $1m $8m FY23 FY24 FY25 BMF TF Principal income Performance fee revenue Strong growth across base management fees, principal income and performance fees FY25 RESULTS HIGHLIGHTS $67m RECURRING FM REVENUE +25% vs. FY24 $31m PRINCIPAL INCOME +35% vs. FY24 $56m FM EBITDA1 +39% vs. FY24 52% FM EBITDA MARGIN1 +0.7% vs. FY24 $53m NORMALISED NPBT1 +36% vs. FY24 $149m CASH 1. 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). FY23 normalised earnings adjusted for unrealised MTM gains from Qualitas’ co -investment in QRI ($0.7m). 9% ANNUALISED YIELD ON BALANCE SHEET CASH AND INVESTMENTS $49m BASE MANAGEMENT FEES (BMF) +31% vs. FY24 STRONG TOPLINE GROWTH WITH ATTRACTIVE MARGINS1 6 46.7% 51.7% 52.3% FM EBITDA margin 10cps FY25 DIVIDEND +25% vs. FY24 For personal use only
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Disciplined deployment builds institutional loyalty, while funding strength and expertise build borrower trust $8.7bn FEF1 +28% vs. FY24 $9.5bn COMMITTED FUM +7% vs. FY24 $92m POOL OF POTENTIAL EMBEDDED AND UNRECOGNISED PF OVER THE NEXT SEVEN YEARS 2,3 +23% vs. Aug-24 ACCESS TO DEEP POOLS OF CAPITAL SUPPORTS FEE EARNING FUM GROWTH ($BN) 1. Please refer to reconciliation between Committed FUM, Fee Earning FUM and FUM Not Yet Earning Fees on slide 31. 2. Theoret ical estimate based on Qualitas’ assessment of the relevant funds’ performance based on current valuations and market conditions as at August 2025. Due to inherent uncertainties, these performance fees do not fit Qualitas' revenue recognition criteria and may not eventuate . The timing of when these performance fees may be recognised is not expected to be linear. 3. Excludes staff incentives. $4.6bn DEPLOYMENT +9% vs. FY24 79% in residential sector FY25 RESULTS HIGHLIGHTS 6.8 7.9 8.7 $3.1bn AVAILABLE CAPITAL FOR NET DEPLOYMENT (REFER TO SLIDE 16 FOR BREAKDOWN) 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 Commited FUM FEF Peak Draw capital deployed (included in FEF and excluded from Committed FUM) 4.2 3.0 4.3 3.3 5.8 4.5 6.1 4.9 8.1 5.6 8.9 6.7 9.2 7.5 9.5 7.7 54% OF DEPLOYMENT FROM FOLLOW-ON INVESTMENTS 77% OF DEPLOYMENT FROM REPEAT BORROWERS 7 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 For personal use only
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qualitas.com.au Funds Management and Market Update 02 For personal use only
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$56m $166m $87m $30m $192m $149m 336 345 FY23 FY25 Drawn co-investment Underwriting Cash 4.6% 9.2% Balance sheet yield Consistent growth in fundamental drivers of earnings $4.9bn $6.8bn $8.7bn $3.9bn $4.4bn $5.3bn FY23 FY24 FY25 9 FEF AND INVESTED FUM DRIVE BMF GROWTH INCREASING BALANCE SHEET UTILISATION DRIVES MARGIN EXPANSION CREDIT SHARE OF UNRECOGNISED PERFORMANCE FEES CONTINUE TO RISE 1. Drawn balance sheet co-investment includes co-investment in Arch Finance warehouse. 2. Annualised principal income on period starting balance sheet cash, investment and underwriting position. ~$109m undrawn co-investment commitment 100% of unrecognised credit performance fees comes from total return strategy 1 2 FY23 – FY25 38% CAGR 23% CAGR 4% $3m 62% $57m 96% $72m 38% $35m $75m $92m Aug-22 Aug-25 Private credit Private equity For personal use only
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10 Our focus on quality and discipline continues to deliver results THE QUALITAS DIFFERENCE 17-year track record and reputation underpins our strong relationships Predominant institutional investor base with 89% of Committed FUM in long-duration fund structures without asset and liability mismatch risks Over 94% of FEF with PF arrangements exceeding hurdle rate 1 Funds management model with autonomy on investment and asset management decisions The Qualitas Way – entrepreneurial mindset with high- performance standards 1. Performance fee hurdle assessed as at 30 June 2025: credit funds assessed based on actual returns, equity funds assessed base d on established asset valuation and distribution, and assets under development assess on projected returns. BTR Equity funds are excluded as performance fees are equity accounted and reported under principal income. For personal use only
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Track record is critical in attracting capital and increasingly defines a manager’s ability to scale 11 TRAILING TWELVE-MONTH PRIVATE CREDIT CAPITAL RAISED AND AVERAGE FUND SIZE1 1. Private Debt Q1 2025: Preqin Quarterly Update. 2. Performance fee hurdle assessed as at 30 June 2025: credit funds assessed based on actual returns, equity funds assessed based on established asset valuation and distribution, and assets under development assess on projected returns. BTR Equity funds are excluded as performance fees are equity accounted and reported under principal income. - 0.2 0.4 0.6 0.8 1.0 1.2 1.4 - 50 100 150 200 250 300 17-Q4 18-Q1 18-Q2 18-Q3 18-Q4 19-Q1 19-Q2 19-Q3 19-Q4 20-Q1 20-Q2 20-Q3 20-Q4 21-Q1 21-Q2 21-Q3 21-Q4 22-Q1 22-Q2 22-Q3 22-Q4 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 Average fund size (US$bn) Total capital raised (US$bn) Total capital raised Average fund size Increasing number of investors and funds in private credit Fewer investors significantly increase private credit allocations, capital concentrates among a small number of trusted managers Rate hikes and inflation concerns QUALITAS IS A LEADING MANAGER IN CRE PRIVATE CREDIT - TRUSTED BY INSTITUTIONAL INVESTORS Fund size increased 3x since Q2-23 82% institutional investor base Over 60% of institutional capital have entrusted Qualitas with 5 or more commitments Over 94% of FEF with performance fee arrangements exceeding hurdle rate 2 For personal use only
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Increased CRE transaction activity creates deployment opportunities beyond residential 12 INCREASED CRE ACTIVITY IS FUELING A BROADER INVESTMENT PIPELINE 1. APRA Quarterly authorised deposit-taking institution property exposures statistics. 2. 2024 calendar year growth shown for national lot sales. Growth in ADIs’ exposure to land is based on averaged quarterly balance reported to APRA. 3. UDIA State of The Land 2025, March 2025. 4. Australian Bureau of Statistics, Building Activity, Australia, March 2025. Private new other residential dwelling seasonally adjusted commencement used here. 5. Marketbeat Australia, Capital Market Q1 2025, Cushman & Wakefield. TRADITIONAL FINANCING EXPOSURE CONTINUES TO LAG THE INCREASES IN CRE ACTIVITY • Office valuation has bottomed out and is now in recovery cycle ─ Significant campaigns observed across Sydney, Melbourne and Perth to drive further recovery and deployment opportunities • Logistics and industrial sector recorded one of the strongest first quarters on record in Q1-25 – capital inflow stimulates greenfield projects • Private investors and syndicates remain active in the retail sector – driving private credit deployment • Increasing transaction activity in hotels along the eastern seaboard 3 4 5 CRE market activity Authorised deposit-taking institutions’ (ADIs) exposure1 Q1-25 growth on PCP2 25.5% -0.4% 24.9% 13.6% 40.8% 6.4% National greenfield lot sales ADIs' exposure to land Private residential dwellings commenced ADIs' exposure to residential Other CRE sectors transaction value ADIs' exposure to other CRE sectors For personal use only
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Residential market share maintained – well-positioned for market growth 13 DRIVERS SUPPORTING INCREASES IN RESIDENTIAL DEPLOYMENT INCREASING RESIDENTIAL PROJECT COMMENCEMENTS 1. Charter Keck Cramer, includes projects with more than 20 apartments. QUALITAS MAINTAINED ~10% MARKET SHARE BY NUMBER OF APARTMENTS FINANCED 1 68,323 21,071 28,200 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Number of apartments commenced construction across Australian capital cities and the Gold Coast1 34% 18,828 25,252 2,243 2,948 21,071 28,200 FY24 FY25 Apartments financed by Qualitas Apartments funded by other financiers Investing ahead of growth with a robust pipeline of large residential projects • Net oversea migration remains elevated • More predictable build costs • Strong established housing market with continued value appreciation and healthy clearance rates • Rate cuts expected to boost serviceability • Large price difference between apartments and houses – driving apartment demand For personal use only
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Strong deployment activity while maintaining steadfast commitment to investment quality 14 • 100% of FY25 deployment in private credit • Private credit continues to dominate our pipeline ─ Of which, 40% in non-residential sectors ─ Visibility of deployment opportunities at $1bn+ investment size in addition to current pipeline • Team expansion to drive medium-term growth ─ 21% increase in investment team headcount with 7 senior hires in origination ─ Newly created roles to drive operational efficiency including Head of Transaction Management & General Counsel and Chief AI Transformation Officer 25% PIPELINE AND FYTD DEPLOYMENT ($BN) $0.2bn $0.1bn $1.5bn $1.9bn $1.7bn $2.1bn Aug-24 Aug-25 Closed transaction IC Approved Mandated For personal use only
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Robust FEF growth with follow-on investments underpinning growth and stability of deployment 15 DEPLOYMENT FEF GROWTH AND NET DEPLOYMENT • Follow-on investments refer to facility renewals, increases and projects financed for the next stage of development. ─ These are becoming an increasing portion of deployment as we grow – support deployment and are margin accretive • Churn is expected to stabilise further in FY26 34% CAGR Period end FEF Period start FEF – repayments and disposals + deployment = Period end FEF $3.3bn $4.9bn $6.8bn $1.6bn $1.9bn $1.9bn $4.9bn $6.8bn $8.7bn FY23 FY24 FY25 Period start FEF Net deployment $4.6bn $4.2bn 19% 54% Follow-on investments New origination $3.4bn $2.1bn $0.8bn $2.5bn FY24 deployment FY25 deployment For personal use only
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Peak Draw – deployment capacity within existing mandates beyond Committed FUM 16 PEAK DRAW CAPACITY UTILISATION OVER THE LAST 18-MONTH • Non-construction funds and unleveraged private credit funds typically restrict capital allocation in excess of Committed FUM • Construction loans are not fully funded upfront – they are drawn progressively as projects advance ─ Peak Draw allocation methodology is focused on ensuring forecast Invested FUM of the mandate is maximised to the pre- agreed Peak Draw limit but doesn’t exceed it ─ This means the total deployed construction loan limit may exceed the Committed FUM • Fund investors benefit from maximising mandate returns through capital efficiency • Qualitas benefits from increasing FEF , dry powder and funds management fees ─ Qualitas earns BMF , TF and PF (if applicable) on the full construction loan limit, including undrawn portions. FEF for construction funds includes the entire loan limit, which may be greater than Committed FUM from time to time Peak Draw refers to an allocation methodology applicable to institutional construction loan mandates $1.1bn FUM NOT YET EARNING FEES1 ~ $2bn PEAK DRAW CAPITAL AVAILABLE 2 ~ $3.1bn AVAILABLE CAPITAL FOR NET DEPLOYMENT 1. Please refer to reconciliation between Committed FUM, Fee Earning FUM and FUM Not Yet Earning Fees on slide 31. 2. Estimated peak draw capital available is based on Management’s assessment of current construction portfolio investments as at August 2025 and is based on certain assumptions which may or may not reflect actual deployment. Peak draw capacity estimate i s a point in time and the actual peak draw capacity may be materially higher or lower depending on a range of variables. $8.9bn $9.2bn $9.5bn $0.1bn $0.4bn $1.0bn FY24 1H25 FY25 FUM Peak Draw capital deployed (included in FEF and excluded from Committed FUM) For personal use only
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qualitas.com.au ESG 03 For personal use only
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Progressing our ESG vision Managing our corporate emissions • Sourcing 100% GreenPower1 for our offices and using high-quality, Australian based carbon credits to offset unavoidable emissions • FY25 Climate Active certification in progress Aiming to lower emissions through investments • Focused on supporting developers to decarbonise the built environment2 Integrating sustainability in our funds • Through our ESG rating tool and Sustainable Finance Framework 18 ENVIRONMENTAL Leveraging our platform to support low carbon buildings, delivering impact for our communities and our people and striving for best-in-class corporate governance Furthering our commitment to First Nations reconciliation • Endorsement received from Reconciliation Australia for our Innovate Reconciliation Action Plan (Innovate RAP) • RIAA First Nations Peoples’ Rights Working Group participation Supporting our community partners • Focus is on addressing youth homelessness, youth mental health and children's health SOCIAL UNPRI Private Debt Advisory Committee • Selected as the only Australian private credit manager on global committee 3 Board of Independent Non-Executive Directors • Board comprised of five Independent Directors and Qualitas Group Managing Director & Co-Founder ESG Advisory Group • Group comprises of the Qualitas Chairman and two other independent (non-board) members Modern Slavery Statement • First mandatory statement will be published in 2025 GOVERNANCE 1. GreenPower is a government accredited renewable energy product offered by most electricity retailers to households and businesses in Austr alia. 2. Low Carbon Debt Fund is currently open for commitments. 3. https://www.unpri.org/signatory -resources/advisory-committees-and-working- groups/320.article . For personal use only
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qualitas.com.au FY25 Financial Results 04 For personal use only
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Group earnings1 20 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 $37.0m, up 36% on FY24 reflecting strong earnings momentum across the platform: − Continued growth in funds management earnings, primarily driven by accelerating growth in base management fees − Second-half uplift in transaction fees contributed meaningfully to overall growth − Higher performance fees from credit strategies enhanced top-line revenue and margin − Principal income increased significantly, supported by increased co-investment drawn downs • Normalised EBITDA margin expanded by 1% on FY24, underpinned by growth in performance fees and principal income – both of which are margin-accretive • Final dividend of 7.5cps, total FY25 dividend of 10cps, representing a payout ratio of 81% For personal use only
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Funds management 21 • Growth in base management fees was underpinned by consistent expansion in FEF • Performance fee revenue accrual increased – which was supported by a total return credit strategy mandate nearing its first performance payout milestone • Base management fee margin on Average Invested FUM expanded – driven by undrawn construction deployment − Going forward, base management fee margin on Average FEF provides a more stable and representative measure • Increases in employee costs attributed to increasing headcount, talent retention and wage inflation • Corporate cost growth was elevated due to several one-off items, including fund establishment costs, inorganic growth initiatives, and the implementation of a new IT system P&L BREAKDOWN ($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 ($0.9m). For personal use only
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2,556 3,766 5,231 7,171 1,981 2,955 3,752 4,412 FY22 FY23 FY24 FY25 Average FEF Average Invested FUM 1.02% 0.86% 0.72% 0.68% BMF as % of Average FEF Operating and fee margins 22 FUNDS MANAGEMENT EBITDA MARGIN EXCLUDES PERFORMANCE FEES MONTHLY AVERAGE FUM AND FEE MARGIN($M) • Increases in proportion of undrawn construction credit deployment in FEF increase BMF margin on Invested FUM but reduce it on FEF, and vice-versa • Lag between Average Invested FUM and FEF widening due to deployment into large construction credit investments with long duration and draw-down profile • Growth in Average Invested FUM is expected to accelerate in FY26 41% CAGR 31% CAGR FY22 – FY25 • Margin uplift skewed to 2H – driven by half-on-half earnings growth and upfront investment in team expansion early in the financial year • Investing in platform to drive future growth 34% 44% 49% 49% FY22 FY23 FY24 FY25 For personal use only
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Principal income and balance sheet 23 • Underwriting positions declined on FY25 due to increased availability of dry powder in income credit funds • Early repayment and wind-up of a fund contributed to the increases in principal income • Loans and borrowings are attributed to: − $20m QRI manager loan for QAL to finance QRI capital raising costs − $25m project funding loan (pre-IPO asset) − $9m in lease liability • Arch Finance Warehouse Trust was deconsolidated due to amendment in management terms during the financial year 3 − Asset and liabilities of Arch Finance Warehouse Trust no longer recognised on Qualitas’ Consolidated Statement of Financial Position • Loan receivables of c.$30m represents underwriting positions to existing funds and voluntary co-investments • Cash receipt $2.5m performance fees from credit strategy − Accrued credit performance fees are primarily driven by the Total Return Credit Strategy 1. $443k BTR JV net profit and $122k BTR JV losses in FY25 and FY24 respectively are reported in principal income. 2. Group B alance Sheet provided on the post-deconsolidation of Arch Finance Warehouse Trust basis. 3. Refer to Company ASX Announcement dated 27 November 2024. QUALITAS GROUP BALANCE SHEET ($THOUSANDS) FY252 FY24 Assets Cash and cash equivalents 148,785 194,381 Trade and other receivables 33,409 33,089 Loan receivables 30,311 14,238 Accrued performance fees 42,578 36,687 Inventories 27,188 25,473 Investments 165,967 110,429 Mortgage loans (Arch Finance) - 276,490 Other assets 33,548 17,344 Total assets 481,786 708,131 Liabilities Trade and other payables 22,307 23,108 Deferred income 1,758 3,079 Provision for employee benefits 23,302 19,642 Loans and borrowings 54,048 295,290 Total liabilities 101,415 341,118 Net assets 380,371 367,013 Securities on issue 300,173 298,295 PRINCIPAL INCOME ($THOUSANDS) FY25 FY24 % (YOY) Income from investments 1 20,758 10,921 90% Cash interest income 7,071 8,953 (21%) Underwriting income 3,511 3,400 3% Total principal income 31,340 23,274 35% For personal use only
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qualitas.com.au Outlook and Guidance 05 For personal use only
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Growth outlook 25 • Global capital flows favour Australia – superior returns, stability, and growth − Qualitas to benefit with significant international institutional investor base • CRE momentum building – lower rates, population growth, and easing construction costs set to unlock investment activity − Qualitas to benefit with deep origination network and large-scale capital • Investing in our talent base – focusing on core revenue functions to seize emerging opportunities For personal use only
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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 26 $60m – $66m NPBT ESTIMATED RANGE1 14.0cps – 15.4cps EPS ESTIMATED RANGE1,2 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. 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 Disclaimer This presentation has been prepared 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 is based on the General Purpose Statutory accounts for full-year ended 30 June 2025 and comparatives from General Purpose Statutory accounts provided in June 2024 financial reporting periods. For statutory reporting, please refer to the Appendix 4E and Financial Report for the full-year ended 30 June 2025. 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. Past performance is not indicative of future returns. 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. Past performance is not a reliable indicator of future performance. 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 earnings before interest, taxes, depreciation and amortisation (EBITDA), Normalised net profit before tax (NPBT) and Normalised net profit after tax (NPAT). All amounts are in Australian dollars unless otherwise stated. The information that relates to the Qualitas Real Estate Income Fund ARSN 627 917 971 (‘QRI’ or ‘Trust’) is issued by The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) as responsible entity of the Trust. Any information not in reference to QRI has been prepared and issued by and its sole responsibility of Qualitas Limited (ACN 655 057 588). 28 For personal use only
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qualitas.com.au Appendix 1: Reconciliation of financials and FUM For personal use only
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Reconciliation of statutory financial to normalised financial 30 ($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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BMF tracks FEF , with scale of growth driven by construction draw-down and net deployment timing and quantum 31 RECONCILIATION OF INVESTED FUM, FEF AND COMMITTED FUM 1. Excludes BTR Equity in Invested FUM here. Deployed FUM with investment screening work already done 1 Not captured in Committed FUM definition, but earns the same BMF, TF and PF if applicable $5.2bn $8.7bn $9.5bn $2.3bn $1.2bn $1.1bn $0.6bn ($1.0bn) Invested FUM as at 30 June 2025 Undrawn construction credit not earning full base management fees Undrawn FUM earning full base management fees FEF as at 30 June 2025 FUM not yet earning fees as at 30 June 2025 BTR Equity FUM Peak Draw deployed FUM as at 30 June 2025 For personal use only
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qualitas.com.au Appendix 2: Supplementary funds management information For personal use only
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Significant portion of BMF increase is already carried forward from the end of prior financial year 33 DEPLOYMENT IN REPORTING PERIOD BOOSTS BMF IN UPCOMING REPORTING PERIOD • Base management fees reported in full year and interim results are a function of Average FEF and BMF margin ─ Reporting period-end FEF reflects starting position for Average FEF for the following reporting period ─ Significant increase in reporting period-end FEF driven by deployment skewed to Q2 and Q4 contributes more to BMF growth for the following reporting period than current reporting period ─ BMF uplift from FY25 deployment flows through FY26 at a higher margin, as investment screening work is already complete • Additional drivers of BMF growth ─ Fee margin on FEF influenced by construction draw-down ─ Timing and quantum of deployment 19% Excludes Arch Finance and BTR Equity $3.8bn $4.7bn $5.2bn $6.6bn $7.2bn $8.5bn FY23 average FEF FY23 ending FEF FY24 average FEF FY24 ending FEF FY25 average FEF FY25 ending FEF For personal use only
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Investor composition as at 30 June 2025 34 INVESTOR COMPOSITION OF COMMITTED FUM INSTITUTIONAL CAPITAL BY CURRENT NUMBER OF COMMITMENTS INVESTOR GEOGRAPHIC SPLIT OF COMMITTED FUM 82% 10% 8% Institutional Retail HNW / family office / advised 34% 66% Domestic International 15% 24% 61% One Commitment Two to Four Commitments Five Commitments or more 82% Of Committed FUM $9.5bn Committed FUM For personal use only
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Diversified product and investment profile as at 30 June 2025 35 FUNDS UNDER MANAGEMENT1 (BY COMMITTED FUM) FUNDS UNDER MANAGEMENT RISK ALLOCATION2 (BY INVESTED FUM) UNDERLYING SECTOR EXPOSURE 2 (BY INVESTED FUM) UNDERLYING GEOGRAPHIC EXPOSURE2 (BY INVESTED FUM) 1. Represents committed capital as at 30 June 2025. 2. Split based on allocated capital as at 30 June 2025 excluding the impact of unallocated / non-deployed capital. 83% 17% Private Credit Private Equity 82% 3% 10% 4% Senior debt Mezzanine Core equity Opportunistic equity 34% 39% 19% 5% 3% VIC NSW QLD Domestic other International 73% 8% 9% 3% 6% 1% Residential Industrial Commercial Retail BTR / Multifamily Social Infrastructure For personal use only
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Committed FUM overview as at 30 June 2025 36 STRATEGY COMMITTED FUM CREDIT FUNDS Income $3,343m Total return $4,502m Total credit committed FUM $7,845m EQUITY FUNDS Income $450m Total return $1,172m Total equity committed FUM $1,621m Total committed FUM $9,466m For personal use only
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Closing period FUM 371. BTR equity JV earnings are accrued in principal income, not in funds management revenue. It is therefore excluded from Fee Earning FUM. $M FY19 FY20 FY21 FY22 FY23 FY24 FY25 Committed FUM Funds management 1,810 2,290 2,503 3,816 5,674 8,565 9,199 Arch Finance 448 480 480 443 400 323 267 Total Committed FUM 2,258 2,770 2,983 4,259 6,074 8,888 9,466 Invested FUM Funds management 1,086 1,444 1,660 2,480 3,448 3,980 4,960 BTR equity - - - 46 101 127 142 Arch Finance 399 440 423 358 320 277 228 Total Invested FUM 1,485 1,884 2,083 2,884 3,868 4,384 5,330 Fee Earning FUM Funds management1 2,944 4,723 6,551 8,512 Arch Finance 361 320 277 228 Fee Earning FUM 3,305 5,042 6,828 8,741 For personal use only
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qualitas.com.au Appendix 3: Supplementary cash flow statement information For personal use only
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Cash flow statement 39 • Mortgage loans advanced and mortgage loans repaid are related to Arch Finance warehouse facility • Investments acquired and investments disposed represent movement in co- investment positions • Loans advanced and loans repaid represent aggregate movement in underwriting positions throughout the year • Proceeds and repayments from loans and borrowings are attributed to drawdown of QRI Manager Loan and changes in Arch Finance co-investment CASH FLOW STATEMENT ($THOUSANDS) FY25 FY24 Cash flows from operating activities Interest received 22,738 40,324 Interest paid (7,984) (20,410) Receipts from provision of financial services and performance fees 114,611 54,857 Payments to suppliers, employees and others (53,799) (41,079) Interest paid in relation to lease liabilities (294) (144) Funds recoverable costs 212 (298) Payments in relation to projects (1,714) (1,011) Tax paid (19,122) (5,235) Mortgage loans advanced (15,702) (33,935) Mortgage loans repaid 82,499 75,126 Investments acquired (59,862) (84,073) Investments disposed 5,470 13,004 Loans advanced (256,375) (517,839) Loans repaid 210,800 593,107 Net cash movement from operating activities 21,478 72,394 Cash flows from investing activities Loss on control of subsidiary (11,470) - Payments for property, plant and equipment (5,644) (333) Net cash movement used in investing activities (17,114) (333) Cash flows from financing activities Payment of lease liabilities (902) (1,097) Proceeds from loans and borrowings 25,048 16,788 Repayments of loans and borrowings (49,675) (62,955) Dividends paid (24,596) (22,895) Shares vested (49) - Contributions of capital 213 110 Net cash movement used in financing activities (49,961) (70,049) Net (decrease)/increase in cash and cash equivalents (45,597) 2,012 Cash and cash equivalents at the beginning of the period 194,381 192,369 Cash and cash equivalents at the end of the period 148,784 194,381 For personal use only
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Glossary 40 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 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 Represents committed capital from investors with signed agreements 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