Appendix 4E and Annual Report 30 June 2026

Key points

• Net return of 23.2% for the 2026 financial year
• SpaceX valuation increased from US$400 billion to US$800 billion
• Over 600 underlying companies with diversified exposure

Full summary

Pengana Private Equity Trust (ASX: PE1) reported strong financial results for the year ended 30 June 2026, with a net return of 23.2% and a total comprehensive income of $86.7 million. The Trust's NAV per unit increased by 16.3% to $1.9337. The significant increase in the value of SpaceX, which appreciated more than 15x its original investment cost, was a major contributor to the Trust's performance. The Trust was exposed to over 600 underlying companies and diversified across multiple dimensions, including regions, vintages, and implementation methods. The portfolio generated strong net returns, including an overall +16.4% IRR and a 1.68x MOIC since inception. The Trust expects distributions to increase meaningfully over the next 18 months as the SpaceX lock-ups expire and sales occur progressively post-IPO.

Guidance

NAV per Unit to increase by 0.7% with incorporation of valuation adjustments

Outlook

Expect deal activity to reaccelerate in the back half of 2026 if energy-driven inflation trends prove to be temporary.