What were the key financial results for HMC Capital (ASX:HMC) in H1 FY26?

HMC Capital reported a 34% increase in management fees to $84.5 million for the half-year ended Dec. 31, 2025. Total assets under management grew to $19.5 billion, up 4% since June 2025.

Is HMC Capital (ASX:HMC) paying a dividend following the results?

Yes, the board declared a partially franked interim dividend of 6.0 cents per share. This payout reflects the company's growth in recurring funds management earnings. At the reporting share price of $2.82, this represents a yield for the half-year period that aligns with its capital management strategy.

Which business division is growing the fastest for HMC Capital?

The Private Credit division is currently the fastest-growing vertical, with AUM increasing 13% to $2.2 billion since June 2025. This growth was primarily driven by strong investor inflows into the CRE Core Pooled Fund.

Why did "mark-to-market" movements affect the HMC Capital result?

While recurring fee income grew strongly, the overall statutory result was impacted by unfavourable mark-to-market movements in principal investments. This means the paper value of assets held directly on HMC’s balance sheet declined during the period due to market volatility.

How does the FY26 guidance for HMC Capital compare to current performance?

HMC Capital reaffirmed its pre-tax operating EPS target of at least 40 cents for the full 2026 financial year. With H1 FY26 pre-tax operating EPS recorded at 10.1 cents, the company will need a significantly stronger second half to meet this annual target.

Financial

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HMC Capital recurring earnings in H1 rise 34%

Written by Mahathir BayenaPublished Feb 24, 2026, 5:35 AMLast Updated Jul 6, 2026, 10:45 AM

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.

HMC Capital recurring earnings in H1 rise 34%

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