HMC Capital reported a 15% year-over-year increase in fee-generating assets under management to $16.9 billion for the fiscal year ended June 30, 2026, driven by growth across its real estate, private credit, digital infrastructure and energy platforms.
Underlying earnings per share for FY26 totaled 30.2 cents, with operating EPS at 40.4 cents, in line with prior guidance. The company introduced an underlying EPS metric alongside its traditional operating EPS measure. For FY27, HMC guided underlying EPS to at least 35 cents, representing growth of roughly 16% from the FY26 reported figure, or about 60% excluding a $35 million energy transition fee capital charge recognized in FY26.
Dividend policy was maintained at 12 cents per share for FY26, with the final payout set at 6 cents per share. HMC raised its FY27 dividend guidance to 15 cents per share, a 25% increase from the prior year.
The balance sheet showed further strengthening, with net tangible assets at $1.2 billion, or $2.95 per share, and gearing reduced to 10.7% from 20.5% in December 2025. Drawn debt fell 45% to $175.6 million, while total debt facilities stood at $715 million maturing in November 2027, leaving $495.5 million in undrawn capacity. The weighted average cost of debt was 6.5%.
Fee-generating AUM has grown from approximately $2.1 billion in FY21 at a compound annual growth rate of about 52%, with roughly 60% of current AUM held in perpetual fund structures. Recurring funds management revenue rose 22% to $165.5 million, while management fee revenue increased 23% to $159.3 million. Transaction and performance fee revenue declined to $41.2 million from $91.6 million in FY25.
Across its verticals, HMC’s real estate platform held $9.0 billion in AUM, with unlisted AUM up 15% to $2.9 billion. The private credit vertical reached $2.3 billion in AUM, including $1.0 billion in new institutional mandates secured in June 2026, bringing committed AUM including mandates to $3.3 billion. Digital infrastructure AUM totaled $4.1 billion, with underlying EBITDA of $127 million slightly above guidance. The energy platform reported $1.5 billion in AUM, with 652MW of installed capacity and a 5GW development pipeline targeting $3 billion in potential AUM by 2030.
Shares rose 16.38% to $3.41 following the presentation, trading near the upper half of the 52-week range between $2.16 and $4.62.
