Q2 2027 FY2027 Earnings Presentation

‌Hamilt n

Lane

Co-Chief Executive Officer and Chairman of the Board of Directors

Executive Co-Chairman

Chief Financial Officer

Head of Shareholder Relations

• GAAP net income was $149 million for the quarter and $274 million year-to-date, an increase of 52% compared to the six months ended September 30, 2025. GAAP net income attributable to Hamilton Lane Incorporated was $77 million for the quarter and $158 million year-to-date, an increase of 27% compared to the six months ended September 30, 2025.

  	Three Months Ended September 30, Six Months Ended September 30,
  (Dollars in thousands except share and per share amounts)	2025	2026	% Change	2025	2026	% Change
  Management and advisory fees	$142,127	$164,029	15 %	$275,822	$325,396	18 %
  Incentive fees	44,551	40,401	(9)%	86,813	154,365	78 %
  Consolidated Funds and Partnerships:
  Incentive fees	4,202	-	(100)%	4,202	-	(100)%

  Total revenues	190,880	204,430	7 %	366,837	479,761	31 %
  Compensation and benefits	76,986	77,468	1 %	146,541	185,132	26 %

  General, administrative and other 33,549	38,040	13 %	62,492	76,247	22 %
  Consolidated Funds and Partnerships:
  General, administrative and other 630	2,601	313 %	1,114	5,590	402 %

  Total expenses	111,165	118,109	6 %	210,147	266,969	27 %
  Equity in income of investees	20,069	23,879	19 %	29,508	26,914	(9)%
  Interest expense	(3,830)	(3,467)	(9)%	(7,687)	(6,964)	(9)%
  Interest income	2,643	2,964	12 %	5,438	6,144	13 %
  Non-operating gain, net	35	16,260	46,357 %	482	15,665	3,150 %
  Consolidated Funds and Partnerships:
  Equity in income of investees	551	2,093	280 %	1,421	1,724	21 %
  Net gain on investments	17,927	49,978	179 %	26,466	70,790	167 %
  Interest income	472	575	22 %	711	1,505	112 %

  Total other income (expense) 37,867 92,282 144 % 56,339 115,778 106 %

1 Fee Related Earnings, Fee Related Earnings Margin, adjusted net income, Non-GAAP earnings per share, and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 22 of this presentation.

2 Fee related management and advisory fees, fee related revenues, fee related compensation and benefits expenses, and fee related general, administrative and other expenses are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 21 and 22 of this presentation.

• Assets under management and fee-earning assets under management were $151 billion and $86 billion, respectively, as of September 30, 2026, increases of 4% and 12%, respectively, compared to September 30, 2025

  Financial Results
  USD in millions except per share amounts Q2 FY27 QTD Q2 FY27 YTD Management and advisory fees $164.0 $325.4	vs Q2 FY26 YTD 18 %
  Net income attributable to Hamilton Lane Incorporated $77.5 $157.9	27 %
  GAAP EPS $1.87 $3.80	28 %
  Adjusted net income1 $106.1 $210.7	35 %
  Non-GAAP EPS1 $1.98 $3.91	37 %
  Fee Related Earnings1 $90.8 $215.2	34 %
  Adjusted EBITDA1 $111.7 $265.9	35 %
  Dividend

  • Fee Related Earnings1 increased 34% compared to the six months ended September 30, 2025

• Declared a quarterly dividend of $0.60 per share of Class A common stock to record holders at the close of business on December 21, 2026

1Adjusted net income, non-GAAP earnings per share, Fee Related Earnings and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 through 22 of this presentation.

Total Assets Under Management/Advisement ($B)1

$1.1T AUM & AUA

$1,000

$800

$600

$400

$200

AUM: 4 %

CAGR: 17%

AUA: 8 %

$22

$24 $30

$32 $35

$205

$40

$292

$50

$374

$66

$59

$410 $422

$76

$581

$98 $108

$724

$753

$120

$783

$135

$821

$146

$871

$151

$929

$6 $7

$11 $13 $16 $19

$129

$189

$147 $147

$0 $36

$51 $77 $79 $95 $81

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9/30/26

Total AUA Total AUM

1Data as of calendar year end 12/31 unless otherwise noted. Numbers may not tie due to rounding.

Total Fee-Earning Assets Under Management ($B)

.59%

.63%

.65%

.67%

.65%

.69%

$82

$76

$72

$66

$57

$49

$39

$38

$41

$41

$41

$28

$33

$86

$100

$90

CAGR: 14%

$80

$70

$60

$50

$40

$30

$20

$10

$0

Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Sep-25 Sep-26

Numbers may not tie due to rounding

Customized Separate Accounts Specialized Funds

Total Management Fee Revenues as a % of Average FEAUM

Y-o-Y Drivers

of Growth

Customized Separate Accounts:

Specialized Funds:

•

•

New client wins Client re-ups

•

Closed 6th direct equity fund, 9th credit-oriented fund, and 2nd infrastructure fund

• Fundraising 7th secondary fund, 3rd impact fund, 2nd venture capital fund, and evergreen funds

• $0.7 billion year-over-year

increase in FEAUM

• +80% of our gross contributions during the last 12 months came from existing clients

Diverse mix of existing and

prospective clients seeking to further or establish relationships with Hamilton Lane

• $8.8 billion year-over-year

  increase in FEAUM

• Closings during Q2 FY27:

  • Secondary fund: $1.3B

Select funds in market:

• Secondary fund

• Impact fund

• Venture capital fund

• Evergreen funds

Management and Advisory Fees

YTD

Y-o-Y Change: 18%

Long-Term Growth

CAGR: 15%

• Recurring management and advisory fees represented an average of approximately 75% of total revenues over the past five fiscal years

• Y-o-Y increase of 18%

  $276

USD in Millions

USD in Millions

Q2 FY26 Q2 FY27 FY21 FY26

Incentive Fees

YTD

USD in Millions

Y-o-Y Change: 70%

Q2 FY26 Q2 FY27

Long-Term Growth

USD in Millions

CAGR: 27%

$52

FY21 FY26

• Incentive fees derived from a highly diversified pool of assets and funds

• Unrealized carried interest of $1.6 billion as of September 30, 2026 diversified across 3,000+ assets and over 120 funds

• Timing of realizations unpredictable

  Total Revenues

  YTD

  Y-o-Y Change: 31%

  Long-Term Growth

  $342

USD in Millions

USD in Millions

CAGR: 17%

• Total revenues increased by 31%, driven by incentive fees

Q2 FY26 Q2 FY27 FY21 FY26

140

120

100

122

127

109

$1,590

$2,000

$1,750

USD in Millions

$1,500

> 12 years

6%

Vehicles

80

60

40

20

0

Sep-24 Sep-25 Sep-26

$1,250

$1,000

$750

$500

$250

$0

8-12 years

24%

< 5 years

24%

5-8 years

46%

Unrealized Carried Interest Vehicles in Unrealized Carry Position

Net Income Attributable to HLI

YTD

Y-o-Y Change: 27%

Long-Term Growth

CAGR: 21%

USD in Millions

USD in Millions

• $77M in net income attributable to HLI for the quarter

Q2 FY26 Q2 FY27 FY21 FY26

Adjusted EBITDA1

YTD

Y-o-Y Change: 35%

Long-Term Growth

CAGR: 19%

USD in Millions

USD in Millions

• Y-o-Y increase of 35% driven by growth in incentive fees and management and advisory fees

Q2 FY26 Q2 FY27 FY21 FY26

Fee Related Earnings1

YTD

Y-o-Y Change: 34%

Long-Term Growth

USD in Millions

USD in Millions

CAGR: 20%

• Y-o-Y growth of 34%

• Long-term double digit growth in Fee Related Earnings

  $161

Q2 FY26 Q2 FY27 FY21 FY26

1Adjusted EBITDA and Fee Related Earnings are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 22 of this presentation.

$1,800

USD in Millions

$1,500

$1,200

$900

$600

$300

$0

$0

Sep-25 Jun-26 Sep-26

Three Months Ended September 30,

Six Months Ended September 30,

2025

2026

% Change

2025

2026

% Change

(Dollars in thousands)

Management and advisory fees

Advisory: 3%

Reporting and other: 9%

Customized separate accounts: 21%

Specialized funds: 67%

Total allocated carried interest $1,434,248 $1,450,510 $1,589,534 11 % 10 %

(Dollars in thousands)

Net income $180,673 $273,804

1. Incentive fee related compensation includes incentive fee compensation expense and bonus related to carried interest that is classified as base compensation.

2. Represents corporate income taxes at our estimated statutory tax rate of 23.4% and 23.7% for the three and six months ended September 30, 2026 and 2025, respectively, applied to adjusted pre-tax net income. The 23.4% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.4%. The 23.7% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.7%.

   ‌Non-GAAP Reconciliations

   	Three Months Ended September 30, Six Months Ended September 30,
   (Dollars in thousands)	2025	2026	% Change	2025	2026	% Change
   Management and advisory fees	$142,127	$164,029	15 %	$275,822	$325,396	18 %
   Management fees related to Consolidated Funds	-	3,351	N/A	57	5,183	8,993 %
   Fee related management and advisory fees	$142,127	$167,380	18 %	$275,879	$330,579	20 %
   Compensation and benefits	$76,986	$77,468	1 %	$146,541	$185,132	26 %
   Incentive fee related compensation	(16,842)	(14,111)	(16)%	(23,002)	(35,829)	56 %
   Equity-based compensation	(12,388)	(13,732)	11 %	(25,188)	(26,639)	6 %
   Non-operating income related compensation	-	(52)	N/A	-	(52)	N/A
   Fee related compensation and benefits expenses	$47,756	$49,573	4 %	$98,351	$122,612	25 %
   General, administrative and other	$33,549	$38,040	13 %	$62,492	$76,247	22 %
   Consolidated Partnership related general, administrative and other	-	-	N/A	23	-	(100)%
   Fee related general, administrative and other expenses	$33,549	$38,040	13 %	$62,515	$76,247	22 %

   ‌Terms

   Adjusted EBITDA is an internal measure of profitability. We believe Adjusted EBITDA is useful to investors because it enables them to better evaluate the performance of our core business across reporting periods. Adjusted EBITDA represents net income excluding (a) interest expense on our outstanding debt, (b) income tax expense, (c) depreciation and amortization expense, (d) equity-based compensation expense, (e) non-operating gain, net and (f) certain other significant items that we believe are not indicative of our core performance. Adjusted EBITDA also includes fee related performance revenues related to Consolidated Funds and management fees related to Consolidated Funds.

   Fee Related Earnings ("FRE") is used to highlight earnings from revenues that are measured and received on a recurring basis. FRE represents net income excluding (a) incentive fees, net of fee related performance revenues, and related compensation, (b) equity-based compensation, (c) interest income and expense, (d) income tax expense, (e) equity in income of investees, (f) non-operating gain, net and (g) certain other significant items that we believe are not indicative of our core performance. FRPR includes incentive fees from Consolidated Funds that are eliminated under GAAP. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business. FRE is presented before income taxes.

   Fee Related Earnings Margin ("FRE Margin") represents the ratio of FRE to total fee related revenues. The most directly comparable GAAP measure to Fee Related Earnings Margin is the ratio of net income attributable to Hamilton Lane Incorporated to total revenues. We believe FRE Margin is useful to investors as it provides the percentage of total fee related revenues represented by FRE.

   Fee related management and advisory fees represents the management and advisory fees included in FRE. Fee related management and advisory fees includes management and advisory fees earned from Consolidated Funds that are eliminated under GAAP. We believe fee related management and advisory fees is useful to investors because it allows them to analyze the components of FRE.

   Fee related compensation and benefits expenses ("FRE Comp") represents the compensation and benefits included in FRE. FRE Comp excludes incentive fee related compensation, equity-based compensation, and non-operating income related compensation. We believe FRE Comp is useful to investors as it aggregates the relevant individual components of compensation and benefits to be subtracted from total fee related revenues in arriving at FRE.

   Fee related general, administrative and other expenses ("FRE G&A") represents the general, administrative and other expenses included in FRE. FRE G&A excludes general, administrative and other expenses incurred directly by Consolidated Funds. We believe FRE G&A is useful to investors as it aggregates the relevant individual components of general, administrative and other expenses to be subtracted from total fee related revenues in arriving at FRE.

   Fee related performance revenues ("FRPR") are incentive fees expected to be measured and received from certain of our funds on a recurring basis and are not dependent on realization events of the fund's underlying investments. FRPR includes incentive fees earned from Consolidated Funds that are eliminated under GAAP. We believe FRPR is useful to investors because it provides additional insight into our recurring revenues.

   Fee related revenues is the sum of fee related management and advisory fees and FRPR. We believe fee related revenues is useful to investors because it provides additional insight into our recurring revenue base and, together with our related non-GAAP measures, helps illustrate the operating profitability of our business.

   Non-GAAP earnings per share measures our per-share earnings excluding certain significant items that we believe are not indicative of our core performance and assuming all Class B and Class C units in HLA were exchanged for Class A common stock in HLI. Non-GAAP earnings per share is calculated as adjusted net income divided by adjusted shares outstanding. Adjusted net income is income before taxes fully taxed at our estimated statutory tax rate. Adjusted shares outstanding for the three and six months ended September 30, 2026 and 2025 are equal to weighted-average shares of Class A common stock outstanding diluted. We believe adjusted net income and non-GAAP earnings per share are useful to investors because they enable them to better evaluate total and per-share operating performance across reporting periods.

   Our assets under management ("AUM"), as presented in these materials, comprise the assets associated with our customized separate accounts and specialized funds. AUM does not include the assets associated with our distribution management services. We classify assets as AUM if we have full discretion over the investment decisions in an account. We calculate our AUM as the sum of:

   1. the net asset value of our clients' and funds' underlying investments;

   2. the unfunded commitments to our clients' and funds' underlying investments; and

   3. the amounts authorized for us to invest on behalf of our clients and fund investors but not committed to an underlying investment.

Management fee revenue is based on a variety of factors and is not linearly correlated with AUM. However, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business.

Our assets under advisement ("AUA") comprise assets from clients for which we do not have full discretion to make investments in their account. We generally earn revenue on a fixed fee basis on our AUA client accounts for services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, monitoring and reporting on investments and investment manager review and due diligence. Advisory fees vary by client based on the amount of annual commitments, services provided and other factors. Since we earn annual fixed fees from the majority of our AUA clients, the growth in AUA from existing accounts does not have a material impact on our revenues. However, we view AUA growth as a meaningful benefit in terms of the amount of data we are able to collect and the degree of influence we have with fund managers.

Fee-earning assets under management (Fee-earning "AUM" or "FEAUM") is a metric we use to measure the assets from which we earn management fees. Our fee-earning AUM comprise assets in our customized separate accounts and specialized funds from which we derive management fees that are generally derived from applying a certain percentage to the appropriate fee base. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the majority of our discretionary AUM accounts but also includes certain non-discretionary AUA accounts. Our fee-earning AUM is equal to the amount of capital commitments, net invested capital and net asset value of our customized separate accounts and specialized funds depending on the fee terms. A substantial portion of our customized separate accounts and specialized funds earn management fees based on capital commitments or net invested capital, which are generally not affected by short-term market appreciation or depreciation. However, certain of our products, earn management fees based on NAV, and accordingly, management fees and fee-earning AUM for those products may be affected by changes in market valuations. As a result, the extent to which our revenues and fee-earning AUM are affected by changes in market value varies based on the mix of fee structures across our products.

Hamilton Lane Incorporated (or "HLI"), a Delaware corporation, was formed for the purpose of completing an initial public offering ("IPO") and related transactions in order to carry on the business of Hamilton Lane Advisors, L.L.C. ("HLA") as a publicly-traded entity. As of the closing of our IPO on March 6, 2017, HLI became the sole managing member of HLA.

The Company consolidates funds ("Consolidated Funds") and general partner entities that are not wholly-owned ("Partnerships") over which it exercises control either by holding majority voting interests or as the primary beneficiary, possessing both decision making authority and the right to receive economic benefits.

Some of the statements in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as "will," "expect," "believe," "estimate," "continue," "anticipate," "intend," "plan" and similar expressions, or the negative version of these words or other comparable words, are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including, risks relating to: the historical performance of our investments may not be indicative of future results or future returns on our Class A common stock; our ability to identify available and suitable investment opportunities for our clients; the impact of any poorly performing investments on our investment management revenue and earnings as well as our ability to raise capital; intense competition in our industry, including competition for access to investments and for customized separate account and advisory clients; customized separate account and advisory account fee revenue not being a long-term contracted source of revenue; our ability to appropriately deal with conflicts of interest; our ability to retain our senior management team and attract additional qualified investment professionals; our ability to expand our business and formulate new business strategies; the impact of declines in the pace or size of fundraising or investments made by us on behalf of our specialized funds or customized separate accounts; our ability to manage our obligations under our debt agreements and the dependence on leverage by certain funds, customized separate accounts and portfolio companies; our ability to comply with the investment guidelines set by our clients; the impact of misconduct by our employees, advisors or third-party service providers; the unpredictable and sporadic timing at which we receive carried interest distributions; the exercise of redemption or repurchase rights by investors in certain of our funds; the subjectivity of valuation methodologies; our investments may be in relatively high-risk, illiquid assets; extensive government regulation, compliance failures and changes in law or regulation could adversely affect us; our ability to maintain our desired fee structure; failure to maintain the security of our information technology networks, or those of our third-party service providers, or data security breaches; volatile market, economic and geopolitical conditions or catastrophic events, which can adversely affect our fundraising, our business and the investments made by our funds or accounts; and our only material asset is our interest in Hamilton Lane Advisors, L.L.C., and we are accordingly dependent upon distributions from such entity to pay dividends, taxes and other expenses.

The foregoing list of factors is not exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the Securities and Exchange Commission (the "SEC"). For more information regarding these risks and uncertainties as well as additional risks we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026 and in our subsequent reports filed from time to time with the SEC, which are accessible on the SEC's website at https://www.sec.gov. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

Values appearing in this presentation that are whole numbers are rounded approximations.

Please note that nothing in this presentation represents an offer to sell, or a solicitation of an offer to purchase, interests in any of Hamilton Lane's products.

As of November 3, 2026