HMC Capital reported a 52% compound annual growth rate in fee-generating assets under management since FY21, reaching $16.9 billion in FY26, as the diversified real assets manager outlined a strong pipeline for FY27.
The company’s shares rose 16.38% to $3.41 following the release of its full-year presentation on August 26, 2026, trading near the upper half of its 52-week range between $2.16 and $4.62. Operating earnings per share matched guidance at 40.4 cents, while underlying EPS totaled 30.2 cents. Recurring funds management revenue increased 22% to $165.5 million, up from $19 million in FY21, reflecting a 60% annual growth rate.
Real estate assets under management expanded 15% year-over-year to $9.0 billion, with $2 billion in identified deployment opportunities. The private credit platform, with $2.3 billion in AUM and a $3.3 billion committed pipeline, added $1.35 billion in new institutional mandates in June 2026, including a partnership with TPG Credit. Digital infrastructure AUM grew to $4.1 billion, supported by the disposal of U.S. data centers for approximately $1.2 billion, proceeds from which were reinvested into the SYD1 88MW expansion in Sydney. Energy platform Illuma Energy operates 652MW of contracted capacity, with a development pipeline of around 5GW across 19 projects targeting $10 billion in AUM by 2030.
HMC’s balance sheet strengthened, with gearing declining to 10.7% from 20.5% in December 2025, well below the 50% covenant limit. Drawn debt fell 45% to $175.6 million, while total debt facilities stood at $715 million maturing in November 2027, leaving $495.5 million undrawn. Net tangible assets reached $1.2 billion, or $2.95 per share.
The company guided FY27 underlying EPS to at least 35 cents, representing 16% growth from FY26, excluding a $35 million energy transition fee capital charge. Recurring funds management revenue is expected to rise more than 30%, with co-investment distributions projected to grow around 35%. The full-year FY26 dividend was maintained at 12.0 cents per share, while FY27 guidance was increased to 15 cents, a 25% uplift.
Chief Executive David Di Pilla said FY26 reflected disciplined execution against strategic priorities, positioning the business for growth in FY27. He highlighted the 52% annualized growth in fee-generating AUM since 2021 as evidence of the company’s operational expertise in overlooked or underutilized real assets.
