Pinnacle Investment Management Group (PNI) H1 2026 earnings summary

Executive summary

• Achieved strong core earnings growth in H1 FY2026, with record net inflows and continued investment outperformance across affiliates; NPAT before performance fees up 37% year-over-year.

• Completed the acquisition of the remaining equity in Pacific Asset Management (PAM), accelerating global expansion and distribution capabilities.

• Lifecycle Investment Partners delivered rapid FUM growth, becoming the fastest startup to profitability in the group’s history, managing nearly $30bn within 18 months of launch.

• Significant international expansion, with FUM sourced from over 50 countries and new partnerships in Japan and the UK.

• 86% of affiliate strategies with 5+ year track records outperformed benchmarks over five years.

Financial highlights

• Net profit after tax for H1 FY2026 was $67.3 million, down 11% year-over-year due to lower performance fees and one-off low returns on principal investments.

• Diluted EPS was 30.1c, down 18% from the prior year.

• Dividend declared at 29.0c per share, franked to 80%, with a payout ratio of 96%.

• Aggregate affiliate FUM reached $202.5 billion, up 13% from June 2025; net inflows were a record $17.2 billion.

• Aggregate affiliate base fees rose 47% to $487.3 million; performance fees fell 47% to $59.3 million.

Outlook and guidance

• Platform capacity exceeds $650 billion, supporting disciplined, capital-light expansion in global markets.

• Confident in ability to deliver continued earnings growth over the medium to long term, leveraging diversified platform and international expansion.

• Expectation of further performance fee revenues as the size and diversity of performance fee potential increases, with 31 strategies eligible for material fees on $56 billion FUM.

• Anticipate reversal of one-off low returns on principal investments in future periods.

• Continued investment in headcount and infrastructure to support future FUM and revenue growth.