Pengana Capital Group (PCG) H2 2025 earnings summary

Executive summary

• Gross revenues increased to $56.5 million in FY 2025 from $39.0 million in FY 2024, with improved profitability and a return to positive operating EBITDA of $9.9 million from a loss of $1.4 million.

• Performance fees rose sharply to $16.0 million from $3.1 million, with net performance fees at $7.9 million versus $1.7 million year-over-year.

• Final dividend declared at 2 cents per share, fully franked at 30%.

• Financial health improved across recurring revenues, shareholder returns, and balance sheet strength.

Financial highlights

• Operating EBITDA before product development costs reached $11.0 million, up from $3.1 million in FY 2024.

• Underlying profit before tax was $12.1 million, up from $2.4 million; basic EPS on underlying profit after tax was 8.17 cps, up from 1.63 cps.

• Statutory profit after tax attributable to shareholders was $2.6 million, reversing a loss of $4.3 million in FY 2024; basic EPS on statutory profit after tax was 2.88 cps, up from (5.22) cps.

• Net tangible underlying assets per ordinary security were 38.96 cps at June 2025, up from 28.19 cps a year earlier.

Outlook and guidance

• Strategic repositioning toward private markets has driven growth and higher margins, with FUM in private markets rising from $0.2 billion in 2019 to $1.0 billion in 2025.

• Global private credit expected to continue rapid growth, with multiple products targeting diverse investor segments.

• Opportunities identified to raise FUM in select listed equities funds, leveraging strong long-term returns.