HMC Capital (ASX: HMC) 1H FY25 Results
HMC Capital (ASX: HMC) today released its results for the full year ended 31 December 2024. HMC delivered a record financial result for the group with pre-tax operating earnings of $202 million and pre-tax operating EPS growth of 204%. This was underpinned by strong AUM growth (+45%) and strong deployment activity in HMC’s Digital Infrastructure, Energy Transition and Private Credit divisions.
Financial highlights:
1) 1H FY25 pre-tax operating EPS of 51.9 cents, up 204% on 1H FY24
2) $1.9bn of available liquidity including liquid assets and undrawn debt
3) Assets under management (AUM) of $18.5bn (+45% on 1H FY24)
Operational highlights:
Real Estate: $1bn Last Mile Logistics (LML) Fund I now fully deployed. 3 new daily needs funds on track for establishment in 2H FY25 representing ~$2.5bn+ of potential new capital inflows
Private Equity: HMCCP Fund I delivered a 56.2% net return over the 2024 calendar year and has generated a 38.4% p.a return since inception, outperforming the S&P/ASX3002 by 25.7% p.a.
Private Credit: 14% AUM growth in 1H FY25 driven by CRE lending business
Digital infrastructure: Successful establishment and IPO of the $4.3bn DigiCo Infrastructure REIT (ASX: DGT)
Energy Transition: Acquisition of Neoen’s Victorian portfolio for $950m on attractive deferred settlement terms in 2H FY25. The portfolio will further seed HMC’s Energy Transition platform with initial $2bn+ fundraising on track for first close in 2H FY25
HMC Managing Director and CEO, David Di Pilla, said "HMC has made a strong start to FY25 with the group delivering another record financial result supported by a significant profit contribution from our private equity division and growth in recurring funds management income. AUM increased by 45% which is a testament to our ability to execute large-scale and complex transactions in sectors attracting strong demand from investors both in Australia and globally. We are well positioned moving into the second half of the financial year with strong momentum in each of our growth platforms.”
Trading update:
HMC is well placed to maintain a strong pre-tax operating EPS growth trajectory supported by five highly scalable and growing platforms. Based on HMC year-to-date performance, annualised FY25 Operating EPS (pre-tax) is currently tracking at 80 cents. FY25 dividend guidance of 12 cents per share is consistent with our strategy to maintain the dividend at this level and re-invest retained earnings into value accretive growth opportunities.
For additional information please refer to the 1H FY25 results presentation below or visit the investor centre.
Disclaimer:
Past performance should not be taken as an indicator of future performance. This general information does not take into account your investment objectives, financial situation or needs. See HMC Capital for more information on HMC Capital.
