Key Highlights

  • Operating EPS (pre-tax) of 40.4 cents per share was delivered in line with FY26 guidance, while fee-generating AUM increased 15% to $16.9 billion compared with June 2025.
  • Recurring funds management Revenue rose 22% to $165.5 million on FY25, with tangible assets and undrawn Debt capacity of $1.9 billion.
  • Private Credit fee-generating AUM increased 17% to $2.3 billion, supported by wholesale net inflows and $1.35 billion of new institutional mandates, while Energy fee-generating AUM increased to $1.5 billion.
  • FY27 underlying Earnings guidance is for at least 35 cents per share, representing 16% growth on FY26 underlying EPS of 30.2 cents, alongside FY27 Dividend guidance of 15 cents per share, up 25%.

HMC Capital (ASX:HMC) shares surged after the alternative asset manager delivered FY26 results in line with guidance and issued FY27 earnings guidance implying 16% growth. HMC (ASX:HMC) shares were trading at $3.41, up 16.38% (+$0.48), as at 3:40pm AEST on 26 August 2026.

HMC Capital has released its results for the financial year ended 30 June 2026, delivering Operating EPS of 40.4 cents per share (pre-tax), in line with FY26 guidance. Excluding discontinued operations, comprising the Stratcap (USA) division, Operating EPS (pre-tax) was 43.7 cents, while Underlying EPS (pre-tax), excluding discontinued operations, was 30.2 cents.

Fee-generating AUM reached $16.9 billion, up 15% compared with June 2025. Recurring funds management revenue was $165.5 million, up 22% on FY25, when excluding performance fees and large transaction fees. Tangible assets and undrawn debt capacity stood at $1.9 billion, and the company declared an FY26 dividend of 12.0 cents per share.

In Real Estate, fee-generating AUM increased to $9.0 billion, with unlisted AUM growing 15% to $2.9 billion, supported by increased deployment in unlisted retail property strategies. The company said it is actively progressing approximately $2 billion of medium-term deployment opportunities.

In Private Credit, fee-generating AUM increased 17% to $2.3 billion, supported by wholesale net inflows, with future growth underpinned by $1.35 billion of new institutional mandates and a strengthening origination pipeline.

In Digital Infrastructure, $4.1 billion of fee-generating AUM was maintained, with a step up in funds management revenue following an active period of development and leasing. The segment's Balance Sheet was strengthened with over $1.2 billion of asset recycling, enabling DGT to fully fund the SYD1 52MW expansion.

In Energy, fee-generating AUM increased to $1.5 billion following completion of a $603 million institutional partnership, which generated a $35 million upfront transaction fee, secured Equity funding for the company's first BESS development project, and strengthened HMC's balance sheet through debt repayment.

HMC Managing Director and Group CEO David Di Pilla said the Group made progress against its strategic priorities to simplify, scale and strengthen its operations during FY26. He described the Partnership with TPG Credit in Private Credit as an endorsement of the platform's institutional-grade origination capability, and said the company's Energy Platform, now called Illuma Energy, has transitioned from balance sheet seeding to an institutional capital-backed platform, with HMC's remaining Investment now approximately $200 million while retaining exposure to Illuma's approximately 5GW development pipeline.

FY27 underlying earnings guidance is for at least 35 cents per share, representing 16% growth on FY26 underlying EPS of 30.2 cents. The company said this step up is underpinned by more than 30% growth in recurring funds management revenue, material growth from the Digital and Private Credit platforms, an approximately 35% increase in expected distributions from co-investments in DGT, HCW and HDN, and Fixed Cost Leverage from previously announced simplification initiatives.

Conclusion

HMC Capital's FY26 result was delivered in line with guidance, supported by growth in fee-generating AUM and recurring funds management revenue across its Real Estate, Private Credit, Digital Infrastructure and Energy platforms. The company has set FY27 underlying earnings guidance of at least 35 cents per share, representing 16% growth, underpinned by continued growth in recurring revenue, increased co-investment distributions and cost efficiencies, alongside a 25% increase in guided dividends.