HMC Capital (ASX:HMC) announced its financial results for the half-year ended Dec. 31, 2025, highlighting an increase in recurring funds management earnings.
Management fees rose to $84.5 million, representing a 34% increase compared to the prior corresponding period.
The group reported total assets under management of $19.5 billion, a 4% rise since June 2025, and reaffirmed its full-year FY26 pre-tax operating earnings per share target of at least 40 cents.
The real estate sector saw AUM grow to $10.2 billion, supported by a $2.7 billion expansion in unlisted institutional partnerships.
The private credit division experienced the most rapid growth, with AUM increasing by 13% to $2.2 billion, driven by strong inflows into its CRE core pooled fund.
In the energy transition sector, HMC established a strategic partnership with KKR to advance a 5.7GW development pipeline, while the digital infrastructure arm focused on narrowing price discounts to net asset value through capital partnering initiatives.
The group declared a partially franked interim dividend of 6 cents per share.
Managing Director David Di Pilla noted that while recurring income saw material gains, the overall result was tempered by lower contributions from non-recurring performance fees and unfavourable mark-to-market movements in principal investments.
At the time of reporting, HMC Capital's share price was $2.82.