Pengana Capital Group Ltd. · ASX:PCG
Pengana Capital — Shareholder Meeting (November 2026)
21 slides from Pengana Capital's shareholder meeting presentation, Nov 5, 2026
Slide 1: 2026 Annual General Meeting ASX Announcement
ASX ANNOUNCEMENT For personal use only PENGANA CAPITAL GROUP LIMITED (ASX: PCG) 2026 ANNUAL GENERAL MEETING Date: 5 November 2025 Attached is a copy of the address to be delivered by Mr David Groves, Chairman, and slides to be presented by Mr Russel Pillemer, Managing Director and Chief Executive Of
Slide 2: Chairman's Address
For personal use only CHAIRMAN’S ADDRESS 2026 ANNUAL GENERAL MEETING PENGANA CAPITAL GROUP LIMITED As outlined in my letter to shareholders in the 2026 Annual Report, Pengana continued to execute its strategic plan during the year ended 30 June 2026. The result reflects substantial investment in gro
Slide 3: Annual General Meeting November 2026
rsonal use only ASX: PCG Annual General Meeting 5 November 2026 EST. 2003
Slide 4: Board of Directors
Board of Directors Pengana Capital Group Limited rsonal use only David Groves Russel Pillemer Jeremy Dunkel Brendan O’Dea Chairman Managing Director Non-executive Director Non-executive Director PENGANA CAPITAL GROUP | PAGE 2
Slide 5: Table of Contents
rsonal use only TABLE OF CONTENTS 1. Chair’s Address: Mr David Groves 2. Managing Director’s Address: Mr Russel Pillemer 3. Q&A 4. Formal Business
Slide 6: Chair's Address
rsonal use only CHAIR’S ADDRESS PENGANA CAPITAL GROUP | PAGE 4
Slide 7: Managing Director's Address
rsonal use only MANAGING DIRECTOR’S ADDRESS PENGANA CAPITAL GROUP | PAGE 5
Slide 8: Managing Director's Address: Year in Review
rsonal use only MANAGING DIRECTOR’S ADDRESS YEAR IN REVIEW PENGANA CAPITAL GROUP | PAGE 6
Slide 9: About Pengana Capital Group
About Pengana Capital Group Business Composition rsonal use only Target Markets & Vehicles 4 Key Components: o FUM sourced from superannuation (including SMSFs and corporate super) as o Global Private Credit (“GPC”) Platform well as general savings o TermPlus term accounts (a part of GPC Platform) o
Slide 10: Why Pengana Capital Group
Why Pengana Capital Group Rapidly growing, Global Private Credit Platform Global Private Equity Platform rsonal use only Market leading GPC Platform enables the Leading GPE Platform for retail and high net diversified funds efficient launch and operation of multiple worth investors through ASX liste
Slide 11: Key Valuation Considerations
Key Valuation Considerations PCG’s valuation should be viewed in context of the following Run Rate Why Use Run Rate? rsonal use only changes as at 30 June 1, 2 • Revenue Run Rate is an estimate calculated by taking the actual • Total Business: FUM at a specified date (i.e. 30 • FUM3 was up 14.0%, fr
Slide 12: Global Private Markets Run Rate Analysis
Global Private Markets Run Rate Analysis rsonal use only Change from ($ million) 30 Jun 23 30 Jun 24 30 Jun 25 30 Jun 26 30 Jun 25 FUM 453 620 836 1,560 723.7 Increase 37% 35% 87% Gross Base Revenue 5.5 7.0 10.2 23.0 12.8 Profit Share on Base Revenue - - - 1.9 1.9 Net Base Revenue 5.5 7.0 10.2 21.1
Slide 13: Notable Highlights for FY 2026
Notable Highlights for FY 2026 GPC PLATFORM GPE PLATFORM Rapid growth in profitability of GPC Expansion via organic growth and launch of rsonal use only Platform improved run-rate profitability new vehicle o Successful launch of AI Private Opportunities o Nov 2025 entitlement offer for ASX listed PC
Slide 14: Operating Profit & Loss Summary
Operating Profit & Loss Summary1 Increase/ Reported NBR growth lags FUM growth due (Decrease) to substantial late-year inflows from FY 2025 rsonal use only FY 2024 FY 2025 FY 2026 to FY 2026 Gross base revenue 35.9 40.5 41.9 1.4 Profit share on gross base revenue (10.2) (10.4) (10.6) (0.2) 4.0% incr
Slide 15: Profit & Loss Reconciliation
Profit & Loss Reconciliation1 Increase/ (Decrease) rsonal use only from FY 2025 FY 2024 FY 2025 FY 2026 to FY 2026 Operating EBITDA (1.4) 9.9 (5.5) (15.4) Net investment income 1.3 1.5 2.8 1.4 Other non-operating (0.0) (0.7) (0.1) 0.6 LSP interest 2.5 1.4 0.7 (0.7) Underlying profit before tax 2.4 1
Slide 16: Balance Sheet
Balance Sheet1 Reduction in NTA due to AIX loan, and product 30 Jun 2025 30 Jun 2026 and market development initiatives ($’000) ($’000) rsonal use only Cash 15,700 10,614 Current receivables 6,930 4,477 Current payables (12,073) (8,258) Net current assets 10,556 6,834 Investments 25,489 27,568 Borro
Slide 17: Group Outlook
Group Outlook GPC Platform TermPlus GPE Platform rsonal use only o Growth across the platform, including o Accelerate growth as TermPlus o Substantial opportunities to grow in existing and new products becomes adopted more widely across GPE space o Strong margins to persist, with very the market o T
Slide 18: Why Is PCG's Operating Business Valuable?
Why Is PCG’s Operating Business Valuable? • Strong retail & advisor market brand and relationships (built over 24 years); the most valuable segment of the Australian Wealth market rsonal use only • Unique positioning in Global Private Markets (i.e. Global Private Credit and Global Private Equity) wh
Slide 19: Overview (Share Buy-back)
Overview • Recently, PCG has increased buy-back activity that has resulted in the company acquiring a large proportion of the traded volume on any particular day rsonal use only • The reason why PCG is engaging in such activity is that it believes that at current prices, the company’s shares are sub
Slide 20: Disclaimer
Disclaimer This presentation has been prepared by Pengana Capital Group Limited (ABN 43 059 300 426) (“PCG”). The information in this presentation is current as at 5 November 2026. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with res
Slide 21: For More Information
rsonal use only FOR MORE INFORMATION PENGANA.COM PENGANA CAPITAL GROUP LIMITED Suite 1, Level 27, CLIENT SERVICE ABN 30 103 800 568 Governor Phillip Tower, T: +61 2 8524 9900 AFSL 226566 1 Farrer Place, E: [email protected] Sydney, NSW, 2000
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