• Record annual growth of 31% in base management fees since IPO
• 9% balance sheet yield achieved with ample cash reserves at year end
• Record funds management EBITDA margin of 52% aided by strong performance fee and increasing balance sheet efficiency

Qualitas Limited (ASX: QAL) reported a strong set of financial results for the 2025 financial year. The company achieved record growth in base management fees, up 31% year-on-year, driven by a 28% increase in fee-earning funds under management (FEF) to $8.7 billion. Principal income also grew by 35% to $31 million, while the funds management EBITDA margin reached a record 52%, aided by strong performance fees and increasing balance sheet efficiency. Normalised net profit before tax increased by 36% to $53 million. Qualitas maintained its disciplined approach to deployment, with 100% of FY25 deployment in private credit. The company's focus on quality and risk management has underpinned its strong relationships with investors, with 89% of committed FUM in long-duration fund structures. Qualitas also continued to expand its investment team, with a 21% increase in headcount and several senior hires in origination, as well as the creation of new roles to drive operational efficiency. The company's ESG initiatives include sourcing 100% GreenPower for its offices, offsetting unavoidable emissions, and integrating sustainability into its investment process through an ESG rating tool and Sustainable Finance Framework.

FY26 NPBT guidance of $60 million to $66 million, representing 13% to 25% growth compared to FY25.

Qualitas is well-positioned for continued growth, with a robust pipeline of deployment opportunities, a focus on quality and risk management, and a strong balance sheet. The company is expanding its investment team and driving operational efficiency to support its medium-term growth objectives.