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.

• Net profit attributable to shareholders for the half year was $67.3 million, down 11% from the prior corresponding period.

• 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.

• Significant international expansion, with $57.8bn FUM sourced from 50+ countries outside Australia.

Financial highlights

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

• Diluted EPS was AUD 0.301, down 18% from the prior year; basic EPS at 30.4c.

• Dividend declared at AUD 0.29 per share, franked to 80%, with a payout ratio of 96%.

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

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

Outlook and guidance

• Strong growth outlook with continued expansion in international and private markets; platform capacity exceeds $650bn.

• Expectation of further performance fee revenues as the size and diversity of performance fee potential increases.

• 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.

• Caution remains regarding macroeconomic and geopolitical risks affecting investment markets.