• Record first half deployment of $2.4bn, up 34% vs. 1H24
• Normalised NPBT of $23m, up 28% vs. 1H24
• FY25 NPBT guidance of $49m - $55m, up 26% to 41% vs. FY24

Qualitas Ltd (ASX: QAL) reported its financial results for the first half of the 2025 financial year, highlighting strong operational and financial performance. The company achieved record first half deployment of $2.4 billion, up 34% compared to the same period in the prior year. This deployment growth has driven a 41% increase in Fee Earning Funds (FEF) to $7.9 billion. Qualitas' funds management revenue and principal income grew by 34% year-on-year, supported by the expansion in FEF and increasing co-investment draw-down. Normalised net profit before tax (NPBT) increased by 28% to $23 million, with the funds management EBITDA margin excluding performance fees expanding by 2 percentage points to 48%. The company also provided FY25 NPBT guidance of $49 million to $55 million, representing growth of 26% to 41% compared to the prior financial year. Qualitas highlighted the long runway for growth in Australian private credit, with the sector benefiting from secular tailwinds and attractive returns. The company is focused on organic initiatives to drive further FUM growth, margin expansion, and opportunistic equity investments as the market bottoms. Qualitas also continues to progress its ESG agenda, including achieving carbon neutrality, furthering its reconciliation action plan, and enhancing employee wellness and diversity programs.

FY25 NPBT guidance of $49 million to $55 million, representing growth of 26% to 41% compared to FY24.

Qualitas is focused on organic initiatives to drive further FUM growth, margin expansion, and opportunistic equity investments as the market bottoms. The company highlighted the long runway for growth in Australian private credit, with the sector benefiting from secular tailwinds and attractive returns.