HMC Capital (HMC) H1 2025 earnings summary

Executive summary

• Achieved record AUM of $18.5bn (up 45%) and operating earnings growth in H1 FY25, driven by major acquisitions, platform expansion, and strong growth in private equity and digital infrastructure.

• Statutory profit after tax rose to $274.5m, supported by management fees, investment income, and a $255.3m net fair value gain.

• Entered private credit via Payton Capital, launched DigiCo Infrastructure REIT (Australia's largest IPO in six years), and acquired Neoen Victoria for energy transition.

• Strong recurring earnings base established, with diversified growth across real estate, private equity, private credit, energy transition, and digital infrastructure.

• Leadership stability and ongoing investment in talent and fundraising teams support future growth.

Financial highlights

• Funds under management grew 45% to $18.5bn; total revenue rose 203% to $272.3m; recurring funds management income up 209% to $126.5m year-over-year.

• Operating earnings before tax increased to $202.2m from $59.4m; after-tax operating earnings at $140.5m.

• Pre-tax operating earnings per share increased to $0.519 from $0.171 year-over-year; annualized FY25 operating pre-tax EPS tracking at AUD 0.80 per share.

• Net tangible assets plus undrawn debt at $1.9bn as of Dec 2024; net assets at $2,092.2m.

• Interim dividend of AUD 0.06 per share, fully franked; final dividend of 6.0cps paid.

Outlook and guidance

• Baseline annualized recurring earnings now between AUD 0.45–0.50 per share.

• FY25 dividend guidance maintained at AUD 0.12 per share, with retained earnings reinvested for growth.

• Confident in maintaining earnings growth momentum, supported by recurring income streams from new platforms and scalable business verticals.

• Fundraising for the Energy Transition Platform targets first close in H1 2025 ahead of the $950m Neoen acquisition financial close.

• Continued investment in digital infrastructure and energy transition assets expected over the next three years.