Shareholder Presentation Results 31 December 2024

• Interim dividend up 100% to 2 cents per share, fully franked
• Significant performance fees and FUM growth in higher margin products
• Strategically well-placed for growth in private markets

Pengana Capital Group reported strong profitability in the six months to 31 December 2024, with an interim dividend of 2 cents per share, fully franked, up 100% from the prior comparable period. This was driven by the return of significant performance fees and FUM growth largely from higher margin products. The company also saw the full six months of revenue from its Global Private Credit funds and vehicles launched late in FY 2024. Pengana's range of funds that invest in listed equity funds performed well on an absolute basis, with a couple of funds generating significant performance fees as they had entered FY 2025 above their respective high-water-marks and outperformed their benchmarks. These funds continue to perform close to or above their respective high water-marks. While overall FUM from equity funds remained relatively flat due to relatively high distributions and soft flows, the company's business is now re-positioned to private markets, which offers potential for outsized FUM growth, higher margins, and a competitive advantage. Pengana is strategically well-placed for growth, with multiple funds and vehicles in Global Private Credit and a leading ASX-listed vehicle in Global Private Equity, as well as the opportunity to diversify further over time by adding new Global Private Credit strategies.

Pengana Capital Group reported strong profitability in H1 FY 2025, with management fees of $20.0 million and performance fees of $12.8 million. Operating EBITDA for the period was $7.2 million.

Pengana Capital Group is strategically well-positioned for growth, with a focus on private markets. The company sees potential for outsized FUM growth, higher margins, and a competitive advantage in this space, as well as opportunities to diversify further over time.