• AUM increased to $19.5bn, up 4% vs June 2025
• 1H FY26 pre-tax operating EPS of 10.1 cents
• Reaffirmed FY26 pre-tax operating EPS target of at least 40 cents per share

HMC Capital (ASX: HMC) today released its results for the financial half year ended 31 December 2025. During the period, recurring earnings stepped up meaningfully, with management fees growing to $84.5 million, an increase of 34% on the prior corresponding period. The company is seeing strong investor demand and is progressing over $4 billion of AUM growth opportunities across its five verticals. HMC reaffirmed its FY26 pre-tax operating EPS target of at least 40 cents per share. Key highlights include AUM of $19.5 billion (+4% vs. Jun-25), 1H FY26 pre-tax operating EPS of 10.1 cents ($41.6m), and $1.6 billion of net tangible assets and undrawn debt. The company's Real Estate, Digital Infrastructure, Private Credit, and Energy Transition platforms all delivered strong operational progress during the period. HMC's balance sheet remains well-capitalised to support continued expansion, and the company is confident in the fundamentals of the business and the significant value creation potential ahead.

FY26 pre-tax operating EPS target of at least 40 cents per share, with FY26 Funds management EBITDA expected to be $85 million (Real Estate +15% YoY, Private Credit +20% YoY, Energy $35 million capital charge) and Investment income FY26 estimated at $85 million+.

HMC remains confident in the fundamentals of the business, the resilience of its platforms, and the significant value creation potential ahead. The company reaffirmed its FY26 dividend guidance of 12 cents per share and plans to re-invest retained earnings into value-accretive growth opportunities.