• FY25 pre-tax operating earnings of $224.6m, up 74% on FY24
• FY25 pre-tax operating EPS of 56.0 cents, up 51% on FY24
• AUM reached $18.7bn, up 47% vs. Jun-24

HMC Capital Limited (ASX: HMC) today released its results for the year ended 30 June 2025. FY25 marked a record financial performance for the Group, with pre-tax operating earnings increasing 74% to $224.6 million and pre-tax operating EPS growing 51% to 56.0 cents. This was driven by sustained AUM growth of 47% to $18.7 billion and continued momentum in capital deployment across HMC's alternative asset management platform. The Group also achieved record investment returns and performance fees within its Private Equity division, reflecting disciplined investment execution and strong value creation. HMC enters FY26 with significant momentum, a strong balance sheet and enhanced capacity to raise and deploy capital at scale. Key highlights include the successful establishment and IPO of the DigiCo Infrastructure REIT, the acquisition of Neoen's Victorian portfolio to seed HMC's Energy Transition platform, and the continued growth and progress across HMC's real estate, private equity, private credit and digital infrastructure divisions.

FY26 pre-tax earnings target of at least 40 cents per share, representing a 29% CAGR since FY20. This includes investment income from HMC's balance sheet co-investments which represent $3.24 per share of NTA as at Jun-25. FY26 dividend guidance of 12 cents per share is consistent with the strategy to maintain the dividend at this level and re-invest retained earnings into value accretive growth opportunities.

FY26 pre-tax earnings expected to be more influenced by organic growth in recurring funds management earnings from established divisions including real estate (+15% EBITDA growth), private credit (+20% EBITDA growth), and private equity (targeting 15% p.a. returns). The digital and energy transition funds management divisions will target similar growth levels once operationalised.