Pinnacle Investment Management Group (PNI) H2 2025 earnings summary

Executive summary

• Net profit after tax rose 49% year-over-year to $134.4 million, with EPS up 38% and dividends per share up 43%.

• Funds under management (FUM) reached $179.4 billion, a 63% increase, driven by net inflows, market performance, and acquisitions.

• Record net inflows of $23.1 billion, with strong contributions from new affiliates and international expansion.

• All affiliates are at or exceeding run-rate profitability entering FY 2026, with a diverse pipeline for future growth.

• 91% of affiliate strategies with 5+ year track records outperformed benchmarks.

Financial highlights

• Net profit after tax: $134.4 million, up 49% year-over-year; EPS: 63.2 cents, up 38%; dividends per share: 60.0 cents, up 43%.

• FUM: $179.4 billion at June 30, 2025, up $69.3 billion (63%) from prior year; retail FUM up 38% to $39.7 billion.

• Net inflows: $23.1 billion, with $14.9 billion from Lifecycle and $2.5 billion from Pacific Asset Management.

• Aggregate affiliate revenues (at 100%) rose 39% to $925 million; performance fees up 40% to $153.6 million.

• Net tangible asset per share rose to $4.04 from $2.24 year-over-year.

Outlook and guidance

• Entering FY 2026 with all affiliates profitable and a 24% higher opening FUM than FY 2025 average.

• Ongoing investment in Horizon 2/3 initiatives, with focus on international and private markets expansion.

• Metrics' Navalo platform expected to be profitable in FY 2026, with synergies and asset-backed lending funds as key drivers.

• Lifecycle expected to see further international inflows as marketing constraints lift.

• Dividend key dates: final dividend ex-date on 1 September 2025, record date on 2 September 2025, and payment date on 19 September 2025.