• $2.4 billion total deployment, up 34% on 1H24
• Fee Earning FUM of $7.9 billion, up 41% on 1H24
• Committed FUM of $9.2 billion, up 13% on 1H24

Qualitas Limited (ASX: QAL), a leading Australian alternative real estate investment manager, has presented its financial results for the six months to 31 December 2024 (1H25), along with financial and operational updates. The company achieved a record first-half deployment of $2.4 billion in private credit, up 34% on 1H24. Fee Earning FUM grew 41% to $7.9 billion, while Committed FUM increased 13% to $9.2 billion. Funds management revenue grew 19% to $30.8 million, and Normalised Group EBITDA increased 27% to $24.7 million. The company maintained a funds management EBITDA margin above its long-term target of 50% while continuing to expand its investment team. Qualitas expects to realise further economies of scale in the second half of FY25. The company reaffirmed its market guidance for FY25, with an expected NPBT of between $49 million and $55 million, representing an increase of 26% to 41% on FY24, and an estimated EPS of 11.50 cps to 12.91 cps. Qualitas is confident in the growth runway for private credit in Australia, with a strong pipeline of opportunities and a conducive deployment environment as economic indicators improve.

FY25 NPBT of between $49 million and $55 million, representing an increase of 26% to 41% on FY24; FY25 EPS estimated between 11.50 cps and 12.91 cps.

Qualitas is confident in the growth runway for private credit in Australia, with a strong pipeline of opportunities and a conducive deployment environment as economic indicators improve.