Highlights

• Recurring funds-management revenue advanced strongly as fee-generating assets expanded.
• HMC identified more than AU$5 billion in active growth opportunities.
• FY27 guidance points to higher underlying earnings and a larger dividend.

HMC Capital Limited (ASX: HMC) announced its FY26 results on 26 August 2026, reporting pre-tax operating earnings per share of 40.4 cents, broadly matching its stated target. The alternative asset manager finished the year with a larger fee-generating asset base, stronger recurring revenue and improved funding flexibility, setting up a more growth-focused FY27.

Recurring Revenue Supports Core Performance

Fee-generating assets under management reached AU$16.9 billion at the end of June, representing a 15% increase from FY25. Recurring funds-management revenue rose 22% to AU$165.5 million, while underlying pre-tax earnings per share came in at 30.2 cents. The company also declared total FY26 distributions of 12 cents per share.

Statutory earnings were weaker, reflecting valuation-related movements and other non-operating items. Revenue from ordinary activities, including discontinued operations, fell to AU$188.2 million from AU$234.2 million a year earlier. HMC also recorded a AU$49.1 million loss attributable to shareholders, compared with a AU$147.3 million profit in FY25.

Growth Broadens Across Key Platforms

HMC’s expansion is increasingly spread across several investment areas.

• Real Estate fee-generating AUM reached AU$9.0 billion, supported by growth in unlisted strategies.
• Private Credit AUM increased 17% to AU$2.3 billion, alongside AU$1.35 billion in new institutional mandates.
• Digital Infrastructure maintained AU$4.1 billion in fee-generating AUM while advancing the SYD1 expansion.
• Energy fee-generating AUM climbed to AU$1.5 billion following a AU$603 million institutional partnership.

The group also outlined more than AU$5 billion in dry powder and active opportunities across its platforms, giving it capacity to expand through new mandates, development projects and capital deployment.

FY27 Outlook Shifts Focus to Earnings Conversion

HMC expects FY27 underlying earnings per share of at least 35 cents, implying around 16% growth from FY26. Management is also targeting more than 30% growth in recurring funds-management revenue and approximately 35% higher distributions from co-investments.

FY27 dividend guidance has been set at 15 cents per share, up 25% from FY26. Looking ahead, the key focus will be HMC’s ability to convert committed capital and development pipelines into income-producing assets while maintaining disciplined balance-sheet management.

Note- All data presented is based on information available at the time of writing.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au