MA Financial Group (MAF) investor relations material

Executive summary

• Institutional platform manages over AUD 15 billion in assets, with a focus on private credit and a team of 40+ investment professionals.

• Assets under management (AUM) rose 44% year-over-year to $14.8 billion, with a $4 billion increase in 2H25 and continued positive business momentum in 1Q26.

• Strong alignment through AUD 240 million co-invested by firm and staff, with staff owning about 30% of the firm.

• Strong transactional activity in Asset Management and robust unlisted fund inflows despite volatile public markets and macroeconomic uncertainty.

• Diversification and scaling of business units underpin resilience and growth, with recent acquisitions and new market entries supporting future earnings.

Financial highlights

• MA1 has delivered returns of approximately 460 basis points over the cash rate since inception, including reinvested distributions.

• MA2 consistently delivers a margin of 325 basis points over BBSW, reflecting its fixed coupon structure.

• Finsure managed loans increased 27% year-over-year to $179 billion as of February 2026, with record $11 billion gross loan applications in March.

• MA Money loan book surged 138% year-over-year to $6.2 billion, with a $1 billion increase in 1Q26.

• Sale of Corrimal shopping centre at a 17% premium to book value and expected $20 million pre-tax gain from the sale of Infinite Care.

Outlook and guidance

• Ongoing focus on portfolio diversification and risk management, with quarterly stress testing across all assets.

• Material earnings growth expected in FY26, supported by business diversity, recent acquisitions, and AUM growth, despite market volatility.

• Forecasting fund flows for CY26 is challenging due to geopolitical and market uncertainties, but diversified positioning in alternative and defensive assets provides stability.

• Stress tests indicate principal impairment risk for MA1 at mid-1% in severe recession scenarios and up to 4% in crisis scenarios, with current income yield exceeding 8%.

• MA2’s capital buffer exceeds modeled principal impairment risk, supporting capital preservation.