Slides
Page 1
ASX: PCG INVESTOR PRESENTATION EST. 2003
Page 2
Pengana Capital Group is an established, ASX-listed Australian funds management group with a long track record of delivering specialist investment strategies across public and private markets. While built on deep experience and trusted expertise, Pengana remains at the forefront of innovation - developing and delivering best-of-breed investment products and expanding direct access to high-quality global opportunities for Australian investors. PENGANA CAPITAL GROUP | PAGE 2
Page 3
Table of Contents 1 About Pengana H1 2026 Financials and Highlights 2 Run-Rate Analysis3 P&L and Balance Sheet4 Business Components5 → Global Private Credit (“GPC”) Platform → TermPlus → Listed Equities → Private Equity Group Outlook6 PENGANA CAPITAL GROUP | PAGE 3
Page 4
About Pengana Capital Group Business Composition 4 Key Components: o Global Private Credit (“GPC”) Platform o TermPlus term accounts (a part of GPC Platform) o Listed Equities Business; running 9 strategies o Global Private Equity Business Components are interrelated, leveraging off common infrastructure, salesforce and operating staff Target Markets & Vehicles o FUM sourced from superannuation (including SMSFs and corporate super) as well as general savings o Key target markets are financial advisors, direct HNWs, family offices, direct retail and small-mid sized institutions o Fund manager for 11 unlisted unit trusts, 3 ASX-listed vehicles and 3 fixed-term accounts. PENGANA CAPITAL GROUP | PAGE 4
Page 5
Why Pengana Capital Group Rapidly growing, diversified funds management business, with future profitability highly leveraged to growth Market leading GPC Platform enables the efficient launch and operation of multiple offerings into high growth market segment GPC Platform High growth fintech business delivering high- yield fixed-term accounts direct to consumers, as well as through advisors TermPlus Highly diversified across offerings, with strong margins and growth opportunities in multiple areas, including GPC and PE Diversification, Growth & Margins Well-positioned to benefit from tailwinds due to positioning in advisor, SMSF and corporate superannuation markets Superannuation Tailwinds Highly regarded in advisor market and large presence in the direct investor market with over 10k direct investors. Provides cross-selling opportunities Established Investor Base Australia’s 2nd largest number of listed investment vehicle offerings with real opportunities for growth and expansion Listed Vehicle Presence PENGANA CAPITAL GROUP | PAGE 5
Page 6
Understanding Key Financial Metrics Funds Under Management (“FUM”) Base revenues are 100% driven by FUM. Gross Base Revenue Management fee income and excess spreads on various GPC products (incl. TermPlus) i.e. products where all profit after payment of target returns to investors is attributed to Pengana. Gross Base Revenue Margin Gross Base Revenue divided by FUM. Wide range of margins for products are critical to understanding the profitability of FUM. Profit Share on Gross Base Revenue This is a key expense, representing variable payments to funds managementteams (in-house and external) that are based on gross revenues or divisional profits. Very wide range of arrangements. Net Base Revenue (“NBR”) Gross Base Revenue after payment of Profit Share to funds management teams. This is the most significant line in the accounts, capturing the net impact of FUM growth. NBR Margin NBR divided by FUM. The most significant ratio in the business. Base Operating Expenses Excludes product and brand development. The operating cost base is mostly fixed. Product and brand development are variable costs (expensed upfront) used to fund new FUM inflow, incl. capital raising costs for listed vehicles. Net Performance Fees Performance fees after payment of profit share to fund management teams. PENGANA CAPITAL GROUP | PAGE 6
Page 7
Revenue Run Rate Changes as at 30 June and 31 December 1, 2 FUM3 up 8.6%, from $3.5bn to $3.8bn, due to • Global Private Credit (“GPC”) FUM net inflows of $313m; • FUM in both Listed Equities and PE businesses unchanged Gross Base Revenue • Up 13.2% ($5.6m) • Margin up 4.3% (from 121bps to 126bps) Net Base Revenue (“NBR”) • Up 17% ($5.4m) • Margin up 7.7% (from 90bps to 97bps) • Margin expansion entirely due to GPC inflows at 1.7% NBR Margin NBR up $5.4m over 6 months due to GPC inflows 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 the current state of the business • Captures full value of inflows during the period, irrespective of timing of inflow PENGANA CAPITAL GROUP | PAGE 7
Page 8
Annualised Run Rate (as at Specified Dates) 1 30 Jun 23 31 Dec 23 30 Jun 24 31 Dec 24 30 Jun 25 31 Dec 25 Change from 30 Jun 25 % change from 30 Jun 25 FUM* 3,050 2,993 3,224 3,444 3,517 3,818 301 8.6% Gross base revenue $m 36.3 35.7 38.3 41.1 42.5 48.1 5.6 13.2% Profit share on base revenue $m 10.0 9.9 10.2 10.8 10.9 11.1 0.2 2.2% Net base revenue $m 26.2 25.7 28.1 30.3 31.7 37.0 5.4 17.0% Gross base revenue margin % 1.19% 1.19% 1.19% 1.19% 1.21% 1.26% 0.05% 4.3% Net base revenue margin % 0.86% 0.86% 0.87% 0.88% 0.90% 0.97% 0.07% 7.7% * FUM subject to base fees PENGANA CAPITAL GROUP | PAGE 8 1. Source: Pengana Management Accounts. Figures are presented in $ millions unless otherwise stated. Totals and percentage calculations may not reconcile precisely due to rounding.
Page 9
FUM - Run Rate Analysis - 100 200 300 400 500 600 700 800 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 $ millions GPC PLATFORM FUM - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 $ millions GROUP FUM Listed Equities Private Equity GPC Platform PENGANA CAPITAL GROUP | PAGE 9 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.
Page 10
Net Base Revenues (“NBR”) - Run Rate Analysis 0.80% 0.82% 0.84% 0.86% 0.88% 0.90% 0.92% 0.94% 0.96% 0.98% 1.00% 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 Group NBR Margin - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 $ millions Group NBR 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 GPC Platform NBR Margin Total FUM at 30 June Yearly FUM Inflow - 2.0 4.0 6.0 8.0 10.0 12.0 30 June 2023 30 Dec 2023 30 June 2024 31 Dec 2024 30 June 2025 31 Dec 2025 $ millions GPC Platform NBR PENGANA CAPITAL GROUP | PAGE 10Source: Pengana Capital Group management accounts
Page 11
Notable Highlights for H1 2026 FUM inflows across all elements of the GPC Platform of $313m, including: Rapid growth in profitability of GPC Platform has significantly improved Group profitability o Additional placement for ASX listed PCX, which continues to trade at a premium to NAV o First tailored mandate from a corporate super fund – a segment with large FUM potential o Wholesale/ family office offerings o TermPlus gained market traction, proving value proposition and benefitting from tech infrastructure and digital marketing New GPC Platform inflows over 6 months had average NBR margin of 1.7%, generating $5.4m of additional NBR 1 Private Market Assets (i.e. GPC and PE) now account for ~41% of NBR, close to achieving Pengana’s objective of having majority of net revenues from this segment ASX listed PE fund (“PE1”) benefitted from its outsized position in SpaceX - enhancing Pengana’s credibility in Global PE and improving opportunities to grow in this segment Pengana High Conviction Trust continued its extraordinary performance, returning 30.1% over 1 year, 48.5% over 3 years, and 28.3% since inception2, to 31 Dec 2025. 2. Fund inception date Class A: December 20141. Source: Pengana Capital Group management accounts PENGANA CAPITAL GROUP | PAGE 11 9% H1 2020 Listed Equities NBR 41% H1 2026 Private Markets NBR
Page 12
Operating Profit & Loss Summary – Half Years1 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Increase/ (Decrease) from H2 FY25 to H1 FY26 Gross base revenue 17.9 17.5 18.4 20.0 20.5 23.1 2.7 Profit share on base revenue (5.5) (5.1) (5.1) (5.2) (5.2) (5.5) (0.3) Net base revenue (NBR) 12.4 12.4 13.3 14.8 15.3 17.7 2.4 Operating expenses excluding brand and product development (11.2) (10.5) (13.7) (13.9) (13.1) (13.3) (0.2) Base Operating EBITDA (i.e. before performance fees, product and brand development) 1.2 1.8 (0.4) 0.9 2.2 4.3 2.1 Gross performance fees - - 3.1 12.8 3.2 5.7 2.5 Profit share on performance fees - - (1.5) (6.5) (1.6) (2.8) (1.3) Net performance fees - - 1.7 6.3 1.6 2.8 1.2 Operating EBITDA before brand and product development 1.2 1.8 1.3 7.2 3.8 7.1 3.3 Product and brand development (0.6) (0.4) (4.2) (0.8) (0.3) (2.6) (2.3) OPERATING EBITDA 0.6 1.5 (2.9) 6.4 3.5 4.6 1.0 PENGANA CAPITAL GROUP | PAGE 121. Source: Pengana Management Accounts, excludes consolidation impacts from fund investments consolidated under Australian Accounting Standards. For the six-month period ending each 30 June (H2) and 31 December (H1). Figures are presented in $ millions unless otherwise stated. Totals and percentage calculations may not reconcile precisely due to rounding. 15.4% increase 98.9% increase
Page 13
Profit & Loss Reconciliation – Half Years1 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Increase/ (Decrease) from H2 OPERATING EBITDA 0.6 1.5 (2.9) 6.4 3.5 4.6 1.0 Net investment income 0.5 0.5 0.8 0.9 0.6 0.9 0.3 Other non-operating (0.0) (0.0) 0.0 (0.1) (0.5) (0.0) 0.5 LSP Interest 1.1 1.2 1.4 1.0 0.4 0.4 0.0 Underlying profit 2.3 3.2 (0.8) 8.2 3.9 5.8 1.9 Remove LSP Interest (1.1) (1.2) (1.4) (1.0) (0.4) (0.4) (0.0) Remove other comprehensive income (0.8) (0.2) (0.5) 0.0 - - - Add non-cash expenses (1.8) (2.0) (2.3) (1.4) (3.7) (2.5) 1.3 Add tax expense 0.6 (0.6) 1.4 (2.3) (0.7) (1.2) (0.5) Statutory profit after tax (0.8) (0.9) (3.5) 3.5 (0.9) 1.7 2.6 PENGANA CAPITAL GROUP | PAGE 131. Source: Pengana Management Accounts, excludes consolidation impacts from fund investments consolidated under Australian Accounting Standards. For the six-month period ending each 30 June (H2) and 31 December (H1). Figures are presented in $ millions unless otherwise stated. Totals and percentage calculations may not reconcile precisely due to rounding.
Page 14
1. Source: Pengana Management Accounts, excludes consolidation impacts from fund investments consolidated under Australian Accounting Standards. Totals and percentage calculations may not reconcile precisely due to rounding. Balance Sheet1 31 Dec 2025 ($’000) 30 Jun 2025 ($’000) Cash 12,455 15,700 Current receivables 9,756 6,930 Current payables (12,733) (12,073) Net current assets 9,477 10,557 Investments 27,947 25,491 Other assets and liabilities 873 558 Off balance sheet Loan Funded Share Plan 8,772 8,753 Net tangible underlying assets attributable to Pengana Shareholders 47,070 45,359 Less: Off balance sheet Loan Funded Share Plan (8,772) (8,753) Net tangible statutory assets 38,298 36,606 PENGANA CAPITAL GROUP | PAGE 14
Page 15
Global Private Credit Platform Overview GPC is a highly attractive asset class for fund managers due to: Strong demand - arguably the most in- demand asset class globally Most investors currently having low/underweight exposure Risk/return characteristics make it a highly versatile asset class Generally higher margins and likely longer longevity of investment Pengana has built the leading GPC platform in the Australian market Highly diversified, with exposure to >4,500 underlying corporate loans across 3 distinct portfolios Enables efficient, timely and low-cost launching of new pooled funds as well as tailored solutions Runs several separate funds for market segments and clients, capturing growth across the market Specialised IP and experience in structuring distinct offerings is a major competitive advantage Facilitates the creation of highly diverse functional usage e.g. TermPlus and Portable Alpha Multiple barriers to entry The GPC Platform is driving rapid growth in Pengana’s profitability PENGANA CAPITAL GROUP | PAGE 15
Page 16
Global Private Credit Platform Structure ASX listed investment trust (PCX) Retail Unit Trust for financial advisors and direct HNWs Wholesale Unit Trust for HNWs and family offices SMA for financial advisors TermPlus Tailored products for corporate super, wealth groups and others Portable Alpha – to be launched Other funds in development GPC Master Portfolio o 30 “Top Rated” GPC Funds o Divided into 3 distinct portfolios o >4,500 underlying corporate loans PENGANA CAPITAL GROUP | PAGE 16
Page 17
TermPlus is a distinct business within the Pengana Group, that invests FUM into the GPC Platform o Offering 1, 2 and 5 year high-yield fixed-term accounts direct-to-consumers and through financial advisors o Tech platform designed and built in-house over the last 3 years, and for the past year has been fully operational The term-account market is large and growing; TermPlus has several competitive advantages: o Compelling rates that are delivered by the Pengana GPC Platform. o A fresh and well-received brand leveraging off the Pengana and Mercer brands. o Strong direct-to-consumer marketing capabilities. o Highly efficient infrastructure delivering strong client satisfaction. TermPlus is one of the major drivers of Pengana’s recent revenue growth. A high-growth Fintech with full tech infrastructure and digital-marketing PENGANA CAPITAL GROUP | PAGE 17
Page 18
Term Lengths and Target Rates Personal accounts Joint accounts Child accounts Companies & trusts SMSF investors Target Rates are set as a fixed margin above the RBA Cash Rate, which is variable over the course of the Term. PENGANA CAPITAL GROUP | PAGE 18
Page 19
Listed Equities Business - Overview Pengana’s listed equity funds management business has been operating since 2003 and is responsible for the original development of the Pengana business/brand Pengana offers a highly diverse range of 9 active strategies across Australian and global markets, with aggregate FUM of $2.7bn and attractive fee structures The focus is on niche, high performing strategies with high tracking errors The target market is the more sophisticated financial advisors and wealth mangers, as well as higher-net-worth investors and family offices. Most of the FUM is from self-managed super funds FUM has been flat over the past 4 years, impacted by a difficult fund-raising environment for active funds. Nevertheless, Pengana is targeting moderate growth in the medium-term Performance fees (in several of the funds) are a valuable component, generating over the last 5 years Gross Fees of 75m, and Net Fees (i.e. after payments to fund management teams) of $44m. These fees are unpredictable from period to period Whilst the Listed Equities business has lower FUM growth prospects, it generates lucrative revenues for the group, from both base and performance fees PENGANA CAPITAL GROUP | PAGE 19
Page 20
Listed Equities Business - Funds Primary Fund/Vehicle Name Strategy FUM ($m) Pengana Emerging Companies Australian Small Caps 928 Pengana Australian Equities Australian Multi Caps 447 Pengana Axiom International Ethical Global, Multi Caps, Ethical 400 Pengana International Equities Ltd (LIC) Global, Multi Caps, Ethical 362 Pengana WHEB Sustainable Impact Global, Multi Caps, Impact 184 Pengana High Conviction Equities Global, Multi Caps 172 Pengana Global Small Companies Global, Small Caps 50 Pengana Alpha Israel Israel, Small-Mid Caps 52 Pengana High Conviction Property Australian, Multi Caps, ESG 40 Pengana Harding Loevner International Global, Multi Caps, ESG 27 Other Other 21 PENGANA CAPITAL GROUP | PAGE 20 1. Source: Pengana Capital Group Limited, as at 31 December 2025
Page 21
Global Private Equity Business Pengana Global Private Equity Trust (ASX: PE1) is the only ASX-listed vehicle that provides exposure to global PE, including co-investments, primary investments and secondary investments PE is considered by most sophisticated investors and advisors to be an important component of portfolio construction Due to a wide range of factors, for many of Australia’s retail and mass- HNW investors, PE1 is the only plausible vehicle for gaining exposure to Global PE PE1 launched in 2019 and since then has had multiple follow-on offerings and now1 has $448m of Net Tangible Assets (“NTA”) The vehicle has not had any follow-on offerings over the last few years, due to weak returns in the global PE industry, however there are signs of a potential upside on the horizon Global PE is an attractive asset class for fund managers due to relatively high fee structures and longevity of FUM When market conditions do improve, Pengana is well-placed to raise additional funds for PE1 or other new vehicles; with such prospects recently significantly enhanced by PE1’s much-publicised success in SpaceX PENGANA CAPITAL GROUP | PAGE 211. Source: Pengana Capital Group Limited, as at 31 December 2025
Page 22
Group Outlook o Growth across the platform, including existing and new products o Strong margins to persist, with very high growth in NBR GPC Platform o Accelerate growth as TermPlus becomes adopted more widely across the market o Increasingly important source of high margin FUM for GPC Platform TermPlus o Opportunities to grow in PE space o Take advantage of market positioning and brand profile Global PE o Low growth with focus on selective opportunities for growth o Continuation of performance fees, albeit sporadically Listed Equities o Operating expenses to grow only marginally o Product development, capital raising, marketing and advertising can be dialled up to impact FUM raising Expenses o High growth in NBR combined with mostly a fixed cost infrastructure o Enables super-charged growth in Operating Profits Profitability PENGANA CAPITAL GROUP | PAGE 22
Page 23
Valuation Framework (Earning Multiple Basis) Global Application of Earnings Multiples • RR of Base Operating EBITDA provides best indicator of annualised profitability at a point in time • Apply earnings multiple on RR of Base Operating Profits reflective of growth trajectory and business quality • Apply lower multiple on est. average Net Performance Fees due to volatility and uncertainty • No multiple for “one-off” Product and Brand Development costs • Include $24m of investable assets in enterprise valuation Base Operating EBITDA • Actual 6 months annualised was $8.6m (i.e. $4.3m in half) • RR NBR is ~$1.6m above 6 months actual annualised • Assuming Operating Expenses flat, then indicative RR of Base EBITDA is ~$10.3m; and on a rapid growth trajectory Performance Fees and “Capex” • Performance fees unpredictable and volatile • Over last 5 years, Pengana has generated $44m (net of payments to teams) i.e. average of $9m p.a. Product and Brand Development • One-off variable costs to drive FUM growth, incl. fees for listed vehicle raisings • Accounted upfront i.e. not spread over the life of the assets Net Investable Assets • Pengana has ~$24m of assets available to invest (excludes assets supporting co-invests in GPC funds) PENGANA CAPITAL GROUP | PAGE 23
Page 24
Disclaimer This presentation has been prepared by Pengana Capital Group Limited (ABN 43 059 300 426) (“PCG”). The information in this presentation is current as at 26 February 2026. This 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 Capital 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 Consulting (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 24
Page 25
FOR MORE INFORMATION T: +61 2 8524 9900 E: clientservice@pengana.com PENGANA CAPITAL GROUP LIMITED ABN 30 103 800 568 AFSL 226566 Suite 1, Level 27, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW, 2000 CLIENT SERVICE PENGANA.COM