Slides
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Qualitas 1H26 Results qualitas.com.au 17 February 2026 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 1H26 Highlights 03 ESG 05 Outlook and Guidance 02 Funds Management and Market Update 04 1H26 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 1H26 Highlights 01 For personal use only
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FY26 NPBT GUIDANCE1 $60m - $66m +13% to 25% vs. FY25 • Platform anchored in asset-backed financing and supported by long-term multi-dwelling residential tailwinds, with accelerating momentum evident in 1H26 – robust and consistent growth through market volatility and thematic disruption • Strong deployment growth drives higher transaction fees and margin accretion – Contributed to record 6-month net deployment of $2.2bn, which underpins 2H26 base management fee growth • New mandates won from offshore pension funds and existing investors continue to increase their commitments • 53% growth in net funds management revenue driven by strong growth in base management and transaction fees and economies of scale from prior platform investments • $12m previously accrued performance fees paid in cash with unrecognised performance fee pool continues to increase • Continue to assess accretive growth opportunities through both organic and inorganic channels Strong deployment and Fee Earning FUM growth underpinned 1H26 earnings and supports 2H26 momentum 5 1H26 FEE EARNING FUM (FEF) $10.9bn +38% vs. 1H25 1H26 DEPLOYMENT $3.7bn +57% vs. 1H25 1H26 NPBT2 $30m +30% vs. 1H25 1H26 TRANSACTION FEES $13m +69% vs. 1H25 1H26 FM GROSS OPERATING MARGIN 46% +4% vs. 1H25 1. Excludes any MTM movements for Qualitas’ co-investment in QRI and QRI capital raising costs. Outlook statements and guidance have been made based on no material adverse change in the current market conditions or the occurrence of other unforeseen eve nts. 2. 1H26 normalised earnings adjusted for abnormal items including QRI capital raising costs ($0.5m) and unrealised mark to market (MTM) loss from Qualitas’ co-investment in QRI ($0.1m). 1H25 normalised earnings adjusted for abnormal items including QRI capital raising costs ($0.2m) and unrealised MTM gains from Qualitas’ co-investment in QRI ($0.3m). These adjustments apply to normalised and funds management financials referenced throughout this presentation. For personal use only
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45% 49% 48% 55% 51% 54% 55% FM EBITDA Margin Strong deployment through-the-cycle drives recurring earnings growth 1H26 RESULTS HIGHLIGHTS $43m RECURRING FM REVENUE +38% vs. 1H25 $13m TRANSACTION FEES (TF) +69% vs. 1H25 $34m FM EBITDA +42% vs. 1H25 55% FM EBITDA MARGIN +4% vs. 1H25 $30m NORMALISED NPBT +30% vs. 1H25 $21m NPAT +27% vs. 1H25 9% ANNUALISED YIELD ON BALANCE SHEET CASH AND INVESTMENTS1 $30m BASE MANAGEMENT FEES (BMF) +28% vs. 1H25 CONSISTENT HALF-ON-HALF GROWTH IN RECURRING FEE RELATED EARNINGS 3.5cps 1H26 DIVIDEND +40% vs. 1H25 $15m $17m $18m $20m $23m $26m $30m $5m $7m $8m $8m $8m $10m $13m $7m $8m $10m $14m $13m $18m $15m $2m $2m $3m -$2m $3m $5m $5m 1H23 2H23 1H24 2H24 1H25 2H25 1H26 BMF TF Principal income Performance ree revenue 1. Annualised principal income over period starting cash, loans receivables (underwriting positions) and drawn co -investment. 6 For personal use only
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Expanding and deepening investor and borrower relationships $10.9bn FEF1 +38% vs. 1H25 1H26 RESULTS HIGHLIGHTS $99m POOL OF POTENTIAL EMBEDDED AND UNRECOGNISED PF OVER THE NEXT SEVEN YEARS3,4 +10% vs. Feb-25 $2.0bn AVAILABLE CAPITAL FOR DEPLOYMENT2 1. Refer to the reconciliation between Committed FUM, Fee Earning FUM and FUM Not Yet Earning Fees on slide 30. 2. Includes F UM Not Yet Earning Fees and an estimated Peak Draw Capital Available figure, based on management’s assessment of the constructio n portfolio as at February 2026 and related assumptions that may not reflect actual deployment. This Peak Draw estimate is point in time and may be materiall y higher or lower depending on various factors. 3. Theoretical estimate based on Qualitas’ assessment of relevant funds’ perform ance using current valuations and market conditions as at February 2026. Given inherent uncertainty, these performance fees do not meet Qualitas’ revenue recog nition criteria and may not eventuate. Recognition timing is not expected to be linear. 4. Excludes staff incentives. 7 $12.9bn CAPITAL DEPLOYED AND AVAILABLE CAPITAL FOR DEPLOYMENT $3.7bn DEPLOYMENT +57% vs. 1H25 28% OF DEPLOYMENT FROM FOLLOW-ON INVESTMENTS 76% OF DEPLOYMENT FROM REPEAT BORROWERS $10.9bn COMMITTED FUM1 +18% vs. 1H25 For personal use only
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8,741 10,926 1,088 906 2,0001 1,098111,829 12,931 FY25 1H26 $m Peak Draw Capital Available FUM Not Yet Earning Fees FEF 8,624 10,677 1H26 Average FEF 1H26 period end FEF $m Consistent FEF growth underpins future earnings growth DEEP CAPITAL AVAILABLE TO SUPPORT DEPLOYMENT… STRONG DEPLOYMENT DRIVES HALF-ON-HALF BMF GROWTH… WITH INCREASING FUTURE PERFORMANCE FEES AND PRINCIPAL INCOME GROWTH… 9% 24% New mandate from global pension fund investors in private credit and BTR equity Elevated FEF (excl. Arch Finance) starting position for 2H26 Increased balance sheet utilisation in higher yield investments for 2H26 More frequent recognition and payout of credit performance fees given not contingent on asset sale 1. Estimated Peak Draw Capital Available is based on Management’s assessment of current construction portfolio investments as at February 2026 and is based on certain assumptions which may or may not reflect actual deployment. Peak Draw capacity estimate is a point in time and the actual Peak Draw capacity may be materially higher or lower depending on a range of variables. 8 Available capital for deployment Capital deployed 12 (5) 92 99 Aug-25 Increase Recognised in 1H26 results Feb-26 $m 166 205 30 110149 33 FY25 1H26 $m Cash Underwriting Drawn co-investment 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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10 Proven funds management platform 1H26 IN REVIEW Strong capital raising despite a subdued global fundraising environment, reinforcing our standing with global institutional investors Disciplined execution enabled record deployment, as the market faced portfolio and regulatory challenges late in the year Strong investor outcomes – over 80% of FEF with PF arrangements exceeding hurdle rate1 Market share gains despite new entrants highlight barriers to scale and profitability Continued investment in talent, strengthening the platform and attracting industry leading expertise 1. Performance fee hurdle assessed as at 31 December 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. For personal use only
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145 97 40 64 1.1 1.7 193 169 United States Europe APAC Rest of world Qualitas -17% 13% 14% 6% -1% 3% 2% 2% 0.2% US Western Europe (excl. UK) UK Nordics Canada Japan Australia & NZ Singapore South Korea 1.1 1.7 193 169 $bn US Europe APAC Rest of World Qualitas 145 64 97 11 SURGE IN EUROPEAN PRIVATE CREDIT FUNDRAISING MORE INVESTORS INDICATING INTEREST IN EUROPE AND APAC VS. UNITED STATES APAC AND EUROPE FUNDRAISING GROWTH SET TO OUTPACE THE US IN THE NEXT 5YRS 2024 2025 8% 14% 15% North America Europe APAC Change in % of respondents when asked “which developed market presents best opportunities in private credit”1 Expected annual growth in capital raised (2024–2030F)1 2025 capital raising growth -12% 56% Globally private credit market1,2 Qualitas Evolving global private credit dynamics – shift from the United States to Europe and APAC 1. Preqin ‘Private Credit in 2026’. 2. AUD shown for Qualitas capital raised and USD shown for global private credit capital raised. Increased fundraising in Europe driven by improving sentiment, investor diversification from the US, increased bank and private credit partnerships and supportive regulatory developments For personal use only
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11% 18% 7% 12% 12% 19% 18%6 30%6 Residential tailwinds and increasing project scale favours financiers with access to large-scale capital 12 INCREASING APARTMENT COMMENCEMENTS AND APPROVALS RESIDENTIAL DEVELOPMENTS ARE SCALING WITH LARGER FINANCING DEMAND QUALITAS HAS STRONG MARKET SHARE IN FINANCING LARGER PROJECTS Growth in private sector dwellings (annual change)1,2,3 58 95 7 12 Avg. apartments per building Avg. building levels LTM Dec-15 LTM Sep-25 Qualitas’ market share in financing multi-dwelling development projects4,5 New residential projects4 Market share for all projects Market share for projects over 160 apartments Incremental market share from apartments financed in Q4-25 LTM Sep-24 LTM Sep-25 1. Source: Australian Bureau of Statistics Sep-25 & Dec-25. 2. ‘Houses’ refers to private sector houses, and ‘apartments’ refers to private sector other residential, as defined by the Australian Bureau of Statistics. 3. Approval reflects the annual change to LTM Dec-25, while Commencement reflects the annual change to LTM Sep -25. 4: Source: Charter Keck Cramer. Apartments within scope are BTS developments with 10+ dwellings and BTR developments with 5 0+ dwellings in Melbourne, Sydney, Brisbane, Gold Coast, Perth, Adelaide, Canberra. 5. Source: Qualitas data and Charter Keck Cramer. 6. Estimated by dividing Qualitas-financed apartments in Q4 2025 by total apartments commenced in LTM Sep -25. 23% -6% 18% 6% Apartment Apartment House House Approval Commencement For personal use only
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1. Based on mandate allocation limit of credit funds. Limit for office and hotel are captured under Commercial. 2. CBRE H2 20 25 Australia Lender Sentiment Survey December 2025. 36% 64% 11% 11% 78% 0-40% 40-50% 50-60% 60% and above Traditional financiers Alternative financiers Growing structured credit opportunities across non-residential sectors 13 EXISTING MANDATES ENABLE INVESTMENTS ACROSS CRE SUB- SECTORS BEYOND RESIDENTIAL1 • Qualitas deployed into industrial, retail, BTR equity and office in 1H26 • IC approved a large structured credit investment in office repositioning • Structured credit opportunities across brownfield and greenfield assets in other commercial real estate sectors that fall outside the more restrictive risk parameter of traditional financiers 82% 7% 3% 8% 4% 91% 85% 84% 83% 41% Residential Industrial Retail Commercial Other Current FEF split Maximum mandate allocation limit RESTRICTIVE TRADITIONAL FINANCING CREATES STRUCTURED CREDIT OPPORTUNITIES Financiers’ target loan to value (LTV) ratio from CBRE H2 2025 Australia Lender Sentiment Survey2 – based on financiers' preferences, not actual portfolio metrics Traditional financiers capped at 60% LTV For personal use only
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$2.4bn $3.7bn $0.1bn $0.7bn $1.3bn $1.1bn $3.8bn $5.5bn Pipeline and FYTD deployment as at Jan-25 Pipeline and FYTD deployment as at Jan-26 Closed transaction IC Approved Mandated Residential remains a key driver of deployment growth supported by broader CRE opportunities 14 • Long-term tailwinds in the residential sector continue to support deployment growth – Completion of $1.2bn construction private credit investment in Melbourne with 3.5yr loan tenor, lengthening portfolio duration ─ Equity investment of $40m from a new global pension fund and a domestic institutional investor for the fifth asset in BTR equity JV • Construction financing accounts for 67% of deployment, with income credit opportunities growing in line with overall deployment, contributing to higher base management and transaction fees, while construction credit lengthens portfolio duration and delivers greater economies of scale ─ Transactions over $100m excluding the $1.2bn investment represent 57% of deployment and pipeline FY26 YTD • Investment in origination capability through three senior hires and testing underway to support investment assessment using AI 45% PIPELINE AND FYTD DEPLOYMENT ($BN) For personal use only
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Strong deployment and subdued portfolio churn drove record net deployment over the six-month period 15 DEPLOYMENT AND CHURN ($M)1 FEF GROWTH AND NET DEPLOYMENT ($M)1 • Follow-on investments refer to facility renewals, increases and projects financed for the next stage of development − 81% of investments over $100m secured despite not financing the prior stage, demonstrating our reputation and depth of capital in attracting large- scale transactions • Churn is growing at slower rate than deployment and further offset by steady stream of follow-on investments Period end FEF Period start FEF – repayments and disposals + deployment = Period end FEF 1. FEF and deployment shown excludes Arch Finance and BTR equity. 8,512 10,677 (1,460) 980 2,645 Starting FEF as at 30 June 2025 Repayments and disposals Follow-on investments New origination Ending FEF as at 31 December 2025 2,584 2,944 4,137 4,573 5,321 6,551 7,656 8,512 360 1,193 437 748 1,229 1,106 856 2,165 2,944 4,137 4,573 5,321 6,551 7,656 8,512 10,677 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Period start FEF Net deployment 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 • Source 100% GreenPower1 for our offices • Offset 100% of our residual corporate emissions using Australian based carbon credits • Completed Climate Active certification for FY25 Integrating sustainability in our funds and investments • Continue to deploy our ESG rating tool and Sustainable Finance Framework • Secured $264 million in Green Loan financings across two key equity strategy assets, Beach House under BTR and Runway Bay Centre under Income Equity3 from third party financiers 17 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 • Executing on our Innovate Reconciliation Action Plan (Innovate RAP) • RIAA First Nations Peoples’ Rights Working Group participation Supporting our community partners • Nine team members took part in Tour de PIF charity bike ride, raising $13k to support youth homelessness Investing in our people • Preparing to launch internship program in March 2026 3 • Launch of employee network groups to support parents and carers and celebrate our diverse backgrounds 3 SOCIAL PRI Assessment Report FY25 • 5-star rating for Private Debt • Improved our Direct Real Estate rating from 3 to 4-stars UNPRI Private Debt Advisory Committee • Ongoing participation on a global committee, working with peers to support the development of responsible investment standards in private credit 2 Modern Slavery Statement • Published first mandatory statement for FY25 3 • Continue to integrate supplier risk assessment platform into our supplier due diligence GOVERNANCE 1. GreenPower is a government accredited renewable energy product offered by most electricity retailers to households and businesses in Austr alia. 2. https://www.unpri.org/signatory-resources/advisory-committees-and-working-groups/320.article 3. New initiative this period. For personal use only
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qualitas.com.au 1H26 Financial Results 04 For personal use only
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Group earnings1 19 P&L BREAKDOWN ($THOUSANDS) 1H26 1H25 % (YOY) Net funds management revenue2 19,740 12,890 53% Net performance fee revenue 5,019 2,870 75% Principal income3 15,323 13,336 15% Arch Finance EBITDA (1,402) 642 (-) Corporate costs (5,820) (5,050) 15% Normalised EBITDA 32,860 24,686 33% Normalised EBITDA margin 51% 49% Normalised EBITDA margin excl. performance fees 47% 47% Depreciation and interest expense (2,651) (1,513) 75% Normalised net profit before tax (NPBT) 30,209 23,173 30% Normalised net profit after tax (NPAT) 21,107 16,206 30% Normalised earnings per share (EPS) (cents) 7.0 5.4 30% Gain / (loss) on mark to market (MTM) value of QRI investment (63) 313 QRI capital raising costs (462) (211) Statutory NPAT 20,740 16,277 27% • Normalised NPAT of $21.1m, up 30% on 1H25 reflecting strong momentum in core funds management business: − Funds management earnings strengthened, underpinned by accelerating top-line growth and margin expansion from large investments − Significant uplift in transaction fees driven by strong deployment − Increasing frequency of performance fee recognition and payout as credit funds mature • Normalised EBITDA margin expanded by 2% on 1H25, despite a lower contribution from principal income and softer performance from Arch Finance, highlighting the resilience and strength of the core funds management platform • Interim fully franked dividend of 3.5cps, up 40%, representing a payout ratio of 51% 1. Please refer to Appendix 1 for reconciliation of statutory financial to normalised financial. 2. Net funds management reve nue includes transaction fees. 3. BTR equity JV net profit of $637k (1H26) and loss of $356k (1H25) is reported in principal income. For personal use only
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1. BTR equity JV net profit of $637k (1H26) and loss of $356k (1H25) is reported in principal income . 2. Average FEF excludes $1.2bn construction private credit investment given its settlement closer to calendar year end and minimal base management fee was collected. Funds management 20 • Consistent growth in deployment supported robust growth in base management fees and contributed to the significant increase in transaction fees in 1H26 • Significant growth in net performance fee revenue driven by strong credit funds performance • Base management fee margin declined slightly, reflecting slower drawdowns across several investments deployed in construction, and retail and wholesale capital channels that were less conducive to capital raising during the period • Employee costs increased due to higher headcount, however, disciplined cost management in 1H26 saw growth remain below funds management revenue growth, contributing to a record funds management gross operating margin • Increases in corporate cost due to investment in data platform and rollout of AI initiatives P&L BREAKDOWN ($THOUSANDS) 1H26 1H25 % (YOY) Base management fees 29,716 23,109 28% Transaction fees 12,941 7,648 69% Funds management revenue 42,656 30,837 38% (-) Core employee costs (22,916) (17,947) 28% Net funds management revenue 19,740 12,890 53% Funds management gross operating margin 46% 42% Performance fee revenue 4,800 3,095 55% (-) Performance fee incentives 219 (226) Net performance fee revenue 5,019 2,870 75% Principal income1 15,323 13,336 15% (-) Corporate costs (5,820) (5,050) 15% Funds management EBITDA 34,262 24,045 42% FM EBITDA margin 55% 51% FM EBITDA margin excl. performance fees 50% 48% BMF as % of Average FEF2 0.69% 0.70% TF as % of deployment 0.35% 0.33% Average FEF ($m)2 8,624 6,659 30% For personal use only
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1.00% 0.96% 0.92% 0.80% 0.74% 0.70% 0.70% 0.67% 0.69% 1.34% 1.21% 1.13% 1.06% 0.98% 1.01% 1.10% 1.11% 1.12% BMF as % of average FEF BMF as % of average invested FUM 1. Average FEF excludes $1.2bn construction private credit investment given its settlement closer to calendar year end and no mi nimal management fee was collected. Key earnings margins and trend analysis 21 FUNDS MANAGEMENT EBITDA MARGIN MONTHLY AVERAGE FEF AND FEE MARGIN1 BALANCE SHEET UTILISATION • Growth in fee related revenue is accompanied by margin accretion • Core products BMF margin remains largely unchanged. The expected moderation in 2H26 to around 65 bps is driven by FEF mix, reflecting a higher proportion of undrawn FEF, which supports medium-term earnings growth and margin expansion • Balance sheet capacity was reserved for co-investment and underwriting ahead of surge in late-period deployment. Alongside the recent rate rise, this is expected to drive half on half growth in principal income 36% 32% 42% 46% 46% 52% 48% 49% 50%47% 50% 45% 49% 48% 55% 51% 54% 55% 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Excl. performance fees Incl. peformance fees $150m $141m $151m $136m $109m $98m $71m Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Avg. weekly cash balance $2.4bn $2.7bn $3.4bn $4.2bn $4.8bn $5.7bn $6.7bn $7.8bn $8.6bn 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Average FEF For personal use only
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PRINCIPAL INCOME ($THOUSANDS) 1H26 1H25 % (YOY) Income from investments1 11,681 8,073 45% Cash interest income 2,719 4,163 (35%) Underwriting income 923 1,100 (16%) Total principal income 15,323 13,336 15% Principal income and Arch Finance 22 $224m $217m $220m $223m $228m $239m $249m Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 ARCH FINANCE LOANS OUTSTANDING ARCH FINANCE ($THOUSANDS) 1H26 1H25 % (YOY) Financial services & net interest income (incl. Qualitas’ co-investment in Arch Warehouse) 3,617 4,463 (19%) (-) Credit loss provision (40) 198 (-) Arch Finance operating expenses (2,577) (2,245) 15% (+) One-off restructuring costs 603 Total underlying Arch Finance contribution 1,602 2,416 (34%) 1. BTR equity JV net profit of $657k (1H26) and $443k (1H25) is reported in principal income. • Underwriting and cash interest income declined on 1H25 driven by rate cuts and strategically reserving capacity for late-period deployment • Income from investments is expected to continue increasing driven by higher drawn co- investment • One-off restructuring cost of ~$600k incurred in Arch Finance included in 1H26 Arch Finance EBITDA and normalised NPBT Arch Finance turnaround strategy gaining momentum following the appointment of a new management team in late 2025: • Pipeline growth of approximately 200% on 1H25 • Strategic shift away from the highly competitive, bank-dominated lending market • Established relationships with two of Australia’s largest loan aggregators, with additional partnerships expected in 2026 • Implementation underway for a new credit decisioning engine and enhanced origination portal For personal use only
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Balance sheet 23 • Loan receivables of c.$110m represents underwriting positions to existing funds and voluntary co-investments • Increase in balance sheet investment driven by strong deployment in 1H26 − Pre-IPO balance sheet co-investments are expected to be recycled over the next 12–18 months, releasing capacity to support future FUM growth • Cash receipt ~$12m performance fees from credit strategy • Decrease in trade and other payables is attributed to payment of transaction fees owed to funds • Loans and borrowings are attributed to: − $19m manager loan from QRI to QAL to finance QRI capital raising costs − $26m project funding loan − $9m in lease liability QUALITAS GROUP BALANCE SHEET ($THOUSANDS) 1H26 FY25 1H25 Assets Cash and cash equivalents 33,196 148,785 105,101 Trade and other receivables 30,266 33,409 30,950 Loan receivables 109,519 30,311 48,295 Accrued performance fees 35,235 42,578 37,324 Inventories 28,104 27,188 26,190 Investments 205,057 165,967 179,239 Other assets 31,996 33,548 20,152 Total assets 473,343 481,786 447,252 Liabilities Trade and other payables 13,189 22,307 16,713 Deferred income 1,207 1,758 2,228 Provision for employee benefits 20,774 23,302 18,538 Loans and borrowings 53,375 54,048 41,906 Total liabilities 88,545 101,415 79,385 Net assets 384,798 380,371 367,867 Securities on issue 301,425 300,173 300,173 For personal use only
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qualitas.com.au Outlook and Guidance 05 For personal use only
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Reaffirming 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 25 $60m – $66m NPBT ESTIMATED RANGE1 13.9cps – 15.3cps EPS ESTIMATED RANGE1,2 1. Excludes any MTM movements for Qualitas’ co-investment in QRI, QRI capital raising costs or the occurrence of other unforeseen events. Outlook statements and guidance have been made based on no material adverse change in the current market conditions. 2. Based on the current total number of ordinary shares on issue as at 17 February 2026, that is subject t o 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 half-year ended 31 December 2025 and comparatives from General Purpose Statutory accounts provided in December 2024 financial reporting periods. For statutory reporting, please refer to the Appendix 4D and Interim Financial Report for the half-year ended 31 December 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). 27 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 29 ($THOUSANDS) 1H26 1H25 Statutory EBITDA 32,336 24,788 (Gain) / loss on mark to market (MTM) value of QRI investment 63 (313) QRI capital raising costs 462 211 Normalised EBITDA 32,860 24,686 Statutory net profit before tax (NPBT) 29,685 23,275 (Gain) / loss on mark to market (MTM) value of QRI investment 63 (313) QRI capital raising costs 462 211 Normalised NPBT 30,209 23,173 Statutory net profit after tax (NPAT) 20,740 16,277 (Gain) / loss on mark to market (MTM) value of QRI investment 44 (219) QRI capital raising costs 323 148 Normalised NPAT 21,107 16,206 For personal use only
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$6.4bn $10.9bn $10.9bn $3.5bn $1.0bn $0.9bn $0.7bn $1.6bn Invested FUM as at 31 December 2025 Undrawn construction credit not earning full base management fees Undrawn FUM earning full base management fees FEF as at 31 December 2025 FUM not yet earning fees as at 31 December 2025 BTR Equity FUM Peak Draw deployed FUM as at 31 December 2025 BTR equity FUMFUM Not Yet Earning Fees as at 31 December 2025 Large construction deployment expands FEF and Invested FUM gap and builds embedded BMF for future periods 30 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 1. Excludes BTR equity in Invested FUM here. Increasing undrawn portion of FEF underpins medium term earnings growth with a modest near-term impact on BMF margin RECONCILIATION OF INVESTED FUM, FEF AND COMMITTED FUM1 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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Committed FUM overview as at 31 December 2025 32 STRATEGY COMMITTED FUM CREDIT FUNDS Income $3,741m Total return $5,439m Total credit committed FUM $9,180m EQUITY FUNDS Income $479m Total return $1,261m Total equity committed FUM $1,740m Total committed FUM $10,920m For personal use only
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Closing period FUM 33 $M FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Committed FUM Funds management 1,810 2,290 2,503 3,816 5,674 8,565 9,199 10,653 Arch Finance 448 480 480 443 400 323 267 267 Total Committed FUM 2,258 2,770 2,983 4,259 6,074 8,888 9,466 10,920 Invested FUM Funds management 1,086 1,444 1,660 2,480 3,448 3,980 4,960 6,139 BTR equity - - - 46 101 127 142 162 Arch Finance 399 440 423 358 320 277 228 249 Total Invested FUM 1,485 1,884 2,083 2,884 3,868 4,384 5,330 6,550 Fee Earning FUM Funds management1 2,944 4,573 6,551 8,512 10,677 Arch Finance 361 320 277 228 249 Fee Earning FUM 3,305 4,893 6,828 8,741 10,926 1. BTR equity JV earnings are accrued in principal income, not in funds management revenue. It is therefore excluded from Fee Earning FUM. For personal use only
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18% 20% 62% One commitment Two to four commitments Five commitments or more Investor composition as at 31 December 2025 34 INVESTOR COMPOSITION OF COMMITTED FUM INSTITUTIONAL CAPITAL BY CURRENT NUMBER OF COMMITMENTS INVESTOR GEOGRAPHIC SPLIT OF COMMITTED FUM 84% Of Committed FUM $10.9bn Committed FUM 30% 70% Domestic International 84% 9% 7% Institutional Retail - listed HNW / family office / advised For personal use only
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79% 7% 8% 3%3% 0.4% Residential Industrial Commercial Retail BTR / multifamily Social infrastructure 91% 9% Private credit Private equity Product and investment profile as at 31 December 2025 35 STRATEGY EXPOSURE (BY FEE EARNING FUM) RISK ALLOCATION (BY FEE EARNING FUM) SECTOR EXPOSURE (BY FEE EARNING FUM) GEOGRAPHIC EXPOSURE (BY FEE EARNING FUM) 87% 4% 6% 4% Senior debt Mezzanine Core equity Opportunistic equity 43% 35% 16% 4%2% VIC NSW QLD Domestic other International For personal use only
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qualitas.com.au Appendix 3: Supplementary cash flow statement information For personal use only
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Cash flow statement 37 • Mortgage loans advanced and mortgage loans repaid in 1H25 are related to Arch Finance warehouse facility • Investments acquired and investments disposed represent movement in co- investment positions • Loans advanced and loans repaid represent aggregate movement in underwriting and balance sheet loan positions throughout the period − Strategic balance sheet allocation to underwriting positions supported strong deployment, particularly in December quarter • Repayments of loans and borrowings in 1H26 relate to the QRI manager loan, while 1H25 includes both proceeds and repayments relating to the QRI manager loan and Arch Finance notes CASH FLOW STATEMENT ($THOUSANDS) 1H26 1H25 Cash flows from operating activities Interest received 7,283 15,464 Interest paid (491) (7,070) Receipts from provision of financial services and performance fees 64,384 39,211 Payments to suppliers, employees and others (36,274) (30,240) Interest paid in relation to lease liabilities (389) (103) Working capital (244) (218) Payments in relation to projects (316) (717) Tax paid (13,152) (10,862) Mortgage loans advanced - (15,702) Mortgage loans repaid - 82,499 Investments acquired / funds advanced (48,137) (70,056) Investments disposed / funds repaid 11,387 1,559 Loans advanced (179,866) (238,770) Loans repaid 100,722 206,329 Net cash movement from operating activities (95,092) (28,676) Cash flows from investing activities Loss on control of subsidiary - (11,470) Payments for property, plant and equipment (151) (1,274) Net cash movement used in investing activities (151) (12,745) Cash flows from financing activities Payment of lease liabilities (365) (483) Proceeds from loans and borrowings - 18,813 Repayments of loans and borrowings (906) (49,166) Dividends paid (22,510) (17,105) Shares vested (66) (49) Contributions of capital 3,502 131 Net cash movement used in financing activities (20,344) (47,860) Net (decrease)/increase in cash and cash equivalents (115,587) (89,280) Cash and cash equivalents at the beginning of the period 148,784 194,381 Cash and cash equivalents at the end of the period 33,196 105,101 For personal use only
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Glossary 38 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 BTR Build-to-rent 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 Peak Draw Capital Available An estimate based on management’s assessment of the construction portfolio as at February 2026 and related assumptions that may not reflect actual deployment 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