Pinnacle Investment Management Group (PNI) H2 2025 earnings summary

Executive summary

• Achieved record net profit after tax of $134.4 million, up 49% year-over-year, with EPS up 37% and dividends per share up 43% compared to FY 2024.

• 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, supported by new affiliates and international expansion.

• All affiliates are at or exceeding run rate profitability entering FY 2026.

• 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; diluted EPS: $62.04, up 37%.

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

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

• Dividends per share increased 43% to $0.60; dividend payout ratio 96%.

• Five-year CAGR: NPAT 33.1%, EPS 28.3%, FUM 25.0%.

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.

• Anticipated improvement in affiliate margins into FY 2026.