HMC Capital (HMC) Company Presentation summary

Strategic growth and AUM targets

• Targeting $50bn+ in assets under management (AUM) within 3-5 years, leveraging five high-growth verticals: real estate, private equity, private credit, digital infrastructure, and energy transition.

• Each vertical is positioned to scale beyond $10bn, with a focus on unlisted institutional and wholesale capital.

• Sufficient co-investment capital and a strong balance sheet with $675m in committed funding lines support growth ambitions.

• Capital recycling and a diversified business model underpin a high return on equity (ROE) and recurring earnings.

• No additional equity raising is required to reach the $50bn AUM target, with capital already allocated across platforms.

Divisional performance and outlook

• Real estate AUM stands at $10bn, with new unlisted retail funds and a $1.5bn development pipeline driving growth; unlisted AUM grew 12.3% since June 2024.

• Private equity’s HMCCP Fund I delivered a -29% annualised return since inception and paid a $300m interim dividend; Fund II launches July 2025 with a flexible mandate.

• Private credit AUM is $2bn, with a $4bn+ deal pipeline and a focus on transparency, risk management, and institutional partnerships.

• Digital infrastructure AUM is $5bn, with key catalysts including platform integration, SYD1 expansion, and capital partnering to accelerate growth.

• Energy transition AUM is $1bn, with a 5.5GW development pipeline and $2bn+ fundraising on track to settle the Neoen acquisition.

Financial performance and capital management

• FY25 pre-tax operating EPS is tracking at 66 cents, with a 12 cent per share dividend guidance and a strategy to reinvest retained earnings.

• HMC has demonstrated an 84% CAGR in AUM since FY20, reaching $18.5bn by 1H FY25.

• The business maintains over $1.9bn in liquidity, including liquid assets and undrawn lines.

• Capital recycling and disciplined risk management are core to the business model, supporting scalable growth.