Slides
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ASX: PCG Shareholder Presentation 8 October 2026 EST. 2003
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Overview • Recently, PCG has increased buy-back activity that has resulted in the company acquiring a large proportion of the traded volume on any particular day • The reason why PCG is engaging in such activity is that it believes that at current prices, the company’s shares are substantially undervalued • As per our 30/6/2026 results presentation, PCG has an NTA $28.6m, which equates to 30c per share1 1. Based on 94.36m shares PENGANA CAPITAL GROUP | PAGE 2 At a current share price of 72c the implied value of PCG’s operating business is 42c per share1, equating to an implied “operating business valuation” of only $39.6m
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Why Is PCG’s Operating Business Valuable • Strong retail & advisor market brand and relationships (built over 24 years); the most valuable segment of the Australian Wealth market • Unique positioning in Global Private Markets (ie Global Private Credit and Global Private Equity) which is now the dominant part of the business; high margins and “sticky” FUM • Rapid growth of Global Private Markets businesses • Run Rate FUM in 2026 up 87% and • Run Rate Net Base Revenue up 107% • The Australian Wealth Market is growing rapidly, with Global Private Market exposures capturing increased market share in the retail/advisor segments • Importantly, PCG’s Global Private Credit portfolio has zero exposure to Australia • PCG has a magnified operating leverage opportunity due to stability of it’s expense base PENGANA CAPITAL GROUP | PAGE 3 PCG is uniquely positioned and growing strongly in the most attractive part of the Australian wealth market, i.e. providing Global Private Market solutions to retail & advisors
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PCG’s valuation should be viewed in context of the following Run Rate changes as at 30 June 1, 2 • Total Business: • FUM3 was up 14.0%, from $3.5bn to $4.0bn • Net Base Revenue (“NBR”) was up 29.2% ($9.3m) • Base Operating Expenses (i.e. excluding upfront new business acquisition costs) increased marginally by $0.5m • Global Private Markets • FUM3 was up 87%, from $0.84bn to $1.56bn ie $724m • NBR was up 107% ie. $10.9m • PCG has been rapidly transitioning to a high-growth, high-margin and highly-valuable Private Markets business; transition is accelerating 1. Source: Pengana Capital Group Management accounts. Based on FUM at month end and revenue margin per product. 2. Base revenue includes base fees and spread on GPC products and excludes performance fees 3. FUM subject to Base Fees Why Use Run Rate? • Revenue Run Rate is an estimate calculated by taking the actual FUM at a specified date (i.e. 30 June or 31 December) and multiplying by the expected annualised Base Revenue Margin • Run Rate is the best indicator of growth over a 12-month period as well as the current state of the business • Captures full value of inflows during the period, irrespective of timing of inflow PENGANA CAPITAL GROUP | PAGE 4 Key Valuation Considerations
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Global Private Markets FUM - Run Rate 0 300 600 900 1,200 1,500 1,800 30 Jun 2023 30 Jun 2024 30 Jun 2025 30 Jun 2026 $ millions Private Equity GPC Platform PENGANA CAPITAL GROUP | PAGE 5 The amount of funds under management can increase or decrease due to a range of factors including net fund flows, distributio ns to investors and investment performance. Past performance is not a reliable indicator of future performance; the value of investments can go up and down. The reported FUM is prior to any distributions and dividends being paid to investors.
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Global Private Markets Run Rate Analysis PENGANA CAPITAL GROUP | PAGE 6 ($ million) 30 Jun 23 30 Jun 24 30 Jun 25 30 Jun 26 Change from 30 Jun 25 FUM 453 620 836 1,560 723.7 Increase 37% 35% 87% Gross Base Revenue 5.5 7.0 10.2 23.0 12.8 Profit Share on Base Revenue - - - 1.9 1.9 Net Base Revenue 5.5 7.0 10.2 21.1 10.9 Increase 27% 45% 107% Net Base Revenue Margin 1.22% 1.13% 1.22% 1.35% 0.14%
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Valuation Framework (EBITDA Multiple Basis) Global Base Operating EBITDA • Base Operating EBITDA (i.e. not taking into account new-business acquisition costs and performance fees) for FY2026 were $5.7m • RR NBR at 6/2026 was ~$10m above FY2026 actual; so assuming Base Operating Expenses are flat, then indicative RR of Base Operating EBITDA is ~$15.5m; and on a rapid growth trajectory • EBITDA multiple to incorporate growth trajectory, Private Markets focus and retail & advisor positioning Potential for Performance Fees • Over last 5 years, Pengana has generated $36m (net of payments to teams) i.e. average of $7m p.a. • But performance fees inherently unpredictable and volatile – and no guarantees about the future New Business Acquisition Costs • Market development one-off predominantly variable cost and accounted for upfront • Product development one-off (per new product) and accounted for upfront Net Tangible Assets • Pengana has ~$28.6m of NTA PENGANA CAPITAL GROUP | PAGE 7
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Disclaimer This presentation has been prepared by Pe ngana Capital Group Limited (ABN 43 059 300 426) (“PCG”). The information in this presentation is current as at 8 October 2026. Thi s presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with respect to any security. Information in this presentation should not be considered advice and does not take into account the investment objectives, financial situation and particular needs of an investor. Before making an investment in PCG, any investor should consider whether such an investment is appropriate to their needs, objectives and circumstances and consult with an investment adviser if necessary. Past performance is not a reliable indicator of future performance. PCG has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of PCG, its related bodies corporate, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. Pengana C apital Limited (ABN 30 103 800 568 Australian financial services license number 226566) is the responsible entity and issuer of the following funds referred to in this presentation: the Pengana Alpha Israel Fund, Pengana Australian Equities Fund (ARSN 146 346 929), Pengana Axiom International Ethical Fund (ARSN 093 079 906), Pengana Axiom International Ethical Fund (Hedged) (ARSN 098 586 282), Pengana Emerging Companies Fund (ARSN 111 894 510), Pengana Global Small Companies Fund (ARSN 604 292 677), Pengana Harding Loevner International Fund (ARSN 610 351 641), Pengana High Conviction Equities Fund (ARSN 602 546 332), Pengana High Conviction Property Securities Fund (ARSN 639 011 180) and Pengana WHEB Sustainable Impact Fund (ARSN 121 915 526). The product disclosure statements for these funds are available on the Pengana website via www.pengana.com. Any potential investor should read the relevant product disclosure statement in its entirety and consult their financial adviser before making an investment decision. Past performance is not a reliable indicator of future performance. Pengana Investment Management Limited (ABN 69 063 081 612 AFSL 219462) (“PIML”) is the responsible entity and issuer of the Pengana Private Equity Trust (ARSN 630 923 643) and the manager for Pengana International Equities Limited (ACN 107 462 966, ASX: PIA) (“PIA”). Before making an investment, any investor should consider whether such an investment is appropriate to their needs, objectives and circumstances and consult with an investment adviser if necessary. Past performance is not a reliable indicator of future performance. Mercer C onsulting (Australia) Pty Limited ABN 55 153 168 140 AFSL 411770 (‘MCAPL’). MCAPL is a wholly owned subsidiary of Mercer (Australia) Pty Ltd ABN 32 005 315 917 (‘Mercer Australia’). MCAPL and Mercer Australia collectively referred to here as ‘Mercer’. References to Mercer shall be construed to include Mercer LLC and/or its associated companies. ‘MERCER’ is a registered trademark of Mercer Australia. PENGANA CAPITAL GROUP | PAGE 8