• Normalised NPBT of $53 million, up 36% on FY24, towards the upper end of FY25 guidance
• Base management fees of $49 million, up 31% on FY24, representing a record annual growth since IPO
• Record funds management EBITDA margin of 52%

Qualitas Limited (ASX: QAL), a leading Australian alternative real estate investment manager, has presented its financial results for the year ended 30 June 2025 (FY25). The company delivered record margin driven by strong growth in key funds management topline earnings. FY25 highlights include: Normalised NPBT of $53 million, up 36% on FY24, towards the upper end of FY25 guidance; base management fees of $49 million, up 31% on FY24, representing a record annual growth since IPO; record funds management EBITDA margin of 52%; and funds management EBITDA of $56 million, up 39% on FY24. Fee Earning FUM increased by 28% to $8.7 billion, and the pool of potential embedded and unrecognised performance fees over the next seven years increased to $92 million. The company's outlook for FY26 is positive, with guidance for NPBT of $60-$66 million and EPS of 14.0-15.4 cps. Qualitas is well-positioned to deliver strong growth in FY26, with expectations of continued increases in Fee Earning FUM, accelerated Invested FUM growth, and strong fund performance driving performance fee revenue.

FY26 NPBT of between $60 million and $66 million, representing an increase of approximately 13% to 25% respectively on FY25. FY26 EPS is estimated between 14.0 cps and 15.4 cps.

Qualitas is well-positioned to deliver strong growth in FY26, with expectations of continued increases in Fee Earning FUM, accelerated Invested FUM growth, and strong fund performance driving performance fee revenue. The company remains focused on expanding its teams, enhancing its technology platform, and leveraging artificial intelligence to drive further efficiencies.