HY26 Results Presentation

• AUM of $19.5bn, up 4% since Jun-25, driven by growth in Energy Transition and Private Credit
• Operating EPS (pre-tax) of 10.1 cents, supported by higher recurring funds management income and investment earnings
• Established strategic partnership with KKR in Energy Transition, adding $1.3bn of fee-generating AUM

HMC Capital reported a strong set of results for the first half of FY26, with AUM growing to $19.5bn, up 4% since June 2025. This growth was driven by the company's Energy Transition and Private Credit businesses, which saw increases of 30% and 13% respectively. Operating EPS (pre-tax) was 10.1 cents, supported by a material increase in recurring funds management income and investment earnings, reflecting the higher fee-generating AUM across HMC's five key platforms. The company also reported a lower contribution from non-recurring income, including performance fees and principal investment income, due to unfavourable market conditions. HMC announced the establishment of a strategic partnership with global investment firm KKR in its Energy Transition business, which is expected to add $1.3bn of fee-generating AUM in the second half of FY26. This partnership will help to unlock substantial development profits from HMC's 5.7GW renewable energy pipeline. The company's balance sheet remains strong, with a net liquidity position post the KKR transaction, and it is well-positioned to continue executing on its growth initiatives across its Real Estate, Digital Infrastructure, Private Credit, and Private Equity platforms.

HMC Capital expects to generate FY26 EBITDA of $85m from its funds management business and $32m from its principal investments, for a total FY26 EBITDA of $117m.

HMC Capital is focused on continuing to grow its recurring earnings through the expansion of its fee-generating AUM, particularly in its unlisted funds. The company is also actively progressing over $1bn of deployment opportunities across its Real Estate, Digital Infrastructure, and Private Credit platforms, which are expected to drive further AUM growth.