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HMC Capital
HMC Capital (HMC) investor relations material
HMC Capital H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary23 Feb, 2026
Executive summary
Strong operational momentum with recurring funds management earnings and AUM rising to AUD 19.5 billion, up AUD 600 million since June 2025, led by Energy Transition (+30%) and Private Credit (+13%).
Diversified earnings from private credit, digital, and Energy Transition verticals, with robust balance sheet and resilient recurring earnings base despite market volatility.
Operating EPS (pre-tax) was 10.1c, supported by higher recurring income; including a $35m capital charge from the KKR partnership, EPS rises to 18.6c.
Acquired Neoen's Victorian renewable energy portfolio for $950.0 million, classified as held-for-sale at 31 December 2025.
Strategic partnership with KKR in Energy Transition, reducing balance sheet exposure and providing significant committed capital.
Financial highlights
Operating earnings before tax for H1 FY26 were AUD 41.6 million, or AUD 0.101 per share, down from AUD 202.2 million year-over-year.
Management fee revenue increased 34% year-over-year to $84.5 million, driven by AUM growth in real estate and private credit.
Interim dividend of AUD 0.06 per share declared, partially franked, payable in April 2026.
Investment income of AUD 15.9 million, mainly from distributions from HDN and DGT.
Net liquidity position of AUD 1.6 billion, with strengthened balance sheet and extended debt facility to November 2027.
Outlook and guidance
FY26 funds management EBITDA guidance of AUD 85 million reaffirmed, with double-digit growth in real estate and private credit.
Investment income expected to be at least AUD 85 million, driven by co-investment distributions and Energy Transition valuation gains.
Pre-tax operating EPS target of at least AUD 0.40 per share for FY26; dividend guidance maintained at AUD 0.12 per share.
Group EBITDA expected to reach approximately AUD 170 million in FY26.
$35m capital charge from KKR partnership in Energy Transition expected in 2H FY26, subject to transaction close.
Fair value impact on profit
ETP divestment strategy and partnership
Rationale for no associate impairment
Energy Transition: How will value be unlocked?
Private Credit: Offshore note and LIT timing?
How does 0 core debt enable growth?
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Latest events from HMC Capital
- Record 40% EPS and 30% AUM growth drive strong multi-platform expansion outlook.HMC
H2 202423 Jan 2026 - AUM hit $18.5bn and EPS surged 204% on acquisitions and platform expansion.HMCH1 202516 Dec 2025
- EPS up 51% and AUM up 47% on record fund growth, acquisitions, and platform expansion.HMCH2 202523 Nov 2025
- Strong financial growth, strategic expansion, and robust governance marked the AGM.HMCAGM 2025 Presentation18 Nov 2025
- $1.937bn acquisition seeds a global digital infrastructure platform with major growth plans.HMCM&A Announcement13 Jun 2025
- Aiming for $50bn+ AUM, HMC Capital leverages diversified growth and disciplined capital management.HMCCompany Presentation6 Jun 2025
- HMC Capital accelerates growth in alternatives, targeting $50bn+ AUM via diversified platforms.HMCInvestor Day 2025 Presentation6 Jun 2025
Next HMC Capital earnings date
H2 202617 Aug, 2026
HMC Capital
Next HMC Capital earnings date
H2 202617 Aug, 2026
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