Q4 2026 Kyron Capital Group Earnings Call

August 28, 2026

Operator: Thank you for standing by, and welcome to the Kyron Capital Group Investor Briefing. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during Q&A time, simply press star, followed by the number one on your telephone keypad. To withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. I would now like to welcome Ian Mackie, Chair of Kyron Capital Group, to begin the presentation. Ian, over to you.

Speaker #1: After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during the Q&A time, simply press star, followed by the number one, on your telephone keypad.

Speaker #1: And to withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded.

Speaker #1: I'd now like to welcome Ian Mackie, Chair of Kyron Capital Group, to begin the presentation. Ian, over to you.

Speaker #2: Good morning, everyone, and thank you for joining Kyron Capital Group's FY26 results briefing. My name is Ian Mackie, and I am Chair of Kyron Capital Group.

Ian Mackie: Good morning, everyone, and thank you for joining Kyron Capital Group's FY26 results briefing. My name is Ian Mackie, and I am Chair of Kyron Capital Group. Joining me today are David McNamara, our Chief Executive Officer, and Symon Simmons, our Chief Financial Officer and Company Secretary. David will take you through the strategic and operational update. Symon will cover the FY26 financial results and capital management position in more detail. FY26 remained a challenging year for the group, with financial performance reflecting the continued repositioning of the business and the impact of a smaller funds management platform. During the year, the board maintained a clear focus on strengthening the group's capital position, governance arrangements, and strategic direction.

Ian Mackie: Good morning, everyone, and thank you for joining Kyron Capital Group's FY2026 results briefing. My name is Ian Mackie, and I am Chair of Kyron Capital Group. Joining me today are David McNamara, our Chief Executive Officer, and Symon Simmons, our Chief Financial Officer and Company Secretary. David will take you through the strategic and operational update. Symon will cover the FY26 financial results and capital management position in more detail. FY26 remained a challenging year for the group, with financial performance reflecting the continued repositioning of the business and the impact of a smaller funds management platform. During the year, the board maintained a clear focus on strengthening the group's capital position, governance arrangements, and strategic direction.

Speaker #2: Joining me today are David McNamara, our Chief Executive Officer, and Simon Simmons, our Chief Financial Officer and Company Secretary. David will take you through the strategic and operational update, and Simon will cover the FY26 financial results and capital management position in more detail.

Speaker #2: FY26 remained a challenging year for the Group, with financial performance reflecting the continued repositioning of the business and the impact of a smaller funds management platform.

Speaker #2: During the year, the board maintained a clear focus on strengthening the group's capital position, governance arrangements, and strategic direction. This included the completion of the $125 million recapitalization with Rockworth Capital Partners, the establishment of a separately independent managed fund trustee board, the grant of a new Australian Financial Services License, the appointment of David McNamara as Chief Executive Officer, and the transition to Kyron Capital Group.

Ian Mackie: This included completion of the AUD 125 million recapitalization with Rockworth Capital Partners, the establishment of a separate independent managed fund trustee board, the grant of a new Australian Financial Services Licence, the appointment of David McNamara as Chief Executive Officer, and the transition to Kyron Capital Group. These actions have provided a more stable foundation from which management can improve profitability, pursue disciplined growth, and rebuild market confidence. Our priority now is to rebuild confidence through clear strategy, transparent communication, and disciplined execution. Today, we manage approximately AUD 1.8 billion of real estate assets on behalf of our capital partners across retail, office, healthcare, hotels and leisure, and a small non-core industrial exposure. While the platform is smaller following the planned realization program in certain managed funds and the unwinding of legacy mandates, it is now more focused and supported by strengthened governance arrangements.

Speaker #2: These actions have provided a more stable foundation from which management can improve profitability, pursue disciplined growth, and rebuild market confidence. Our priority now is to rebuild confidence through clear strategy, transparent communication, and disciplined execution.

Speaker #2: Today, we manage approximately $1.8 billion of real estate assets on behalf of our capital partners across retail, office, healthcare, hotels and leisure, and a small non-core industrial exposure.

Speaker #2: While the platform is smaller following the planned realization program in certain managed funds, and the unwinding of legacy mandates, it is now more focused and supported by strengthened governance arrangements.

Speaker #2: I will now hand over to David to take you through the business update and the opportunity ahead.

Ian Mackie: I will now hand over to David to take you through the business update and the opportunity ahead.

Speaker #3: Thank you, Ian, and good morning, everyone. It is a privilege to speak to you as Chief Executive Officer of Kyron Capital Group. I joined Kyron at a pivotal point in its repositioning.

David McNamara: Thank you, Ian, and good morning, everyone. It is a privilege to speak to you as Chief Executive Officer of Kyron Capital Group. I joined Kyron at a pivotal point in its repositioning. My role is to execute the board's strategy with discipline, improve profitability, and position the business for sustainable growth alongside aligned capital partners. Kyron is now a more stable and focused real estate investment and funds management group operating across four key sectors: retail, office, healthcare, and hotels and leisure. Turning to slide 4. This slide summarizes the execution pathway for Kyron's strategic reset and the major milestones completed through FY26 and into the start of FY27. The reset began with the stabilization phase, including the expansion of the Rockworth strategic alliance, the announcement of the reset plan, the unwinding of the Challenger Life mandate, and the commencement of governance enhancements.

Speaker #3: My role is to execute the board's strategy with discipline, improve profitability, and position the business for sustainable growth alongside aligned capital partners. Kyron is now a more stable and focused real estate investment and funds management group, operating across four key sectors: retail, office, healthcare, and hotels and leisure.

Speaker #3: Turning to slide four, this slide summarizes the execution pathway for Kyron's strategic reset and the major milestones completed through FY26 and into the start of FY27.

Speaker #3: The reset began with the stabilization phase, including the expansion of the Rockworth strategic alliance, the announcement of the reset plan, the unwinding of the Challenger Life mandate, and the commencement of governance enhancements.

Speaker #3: The repair phase then delivered security holder approval of the Rockworth recapitalization, cancellation of the challenger's securities, material debt reduction from asset realizations, completion of the FY25 financial statements, and the 2025 AGM.

David McNamara: The repair phase then delivered security holder approval of the Rockworth recapitalization, cancellation of the Challenger securities, material debt reduction from asset realizations, completion of the FY25 financial statements, and the 2025 AGM. April to June 2026 focused on platform readiness with the completion of the AUD 125 million Rockworth balance sheet recapitalization, reinstatement to ASX quotation, a new CEO being appointed, a new AFSL issued by ASIC, and the independent funds management trustee board being established. The rebrand to Kyron in July and August marked the transition from stabilization and repair to platform readiness, re-engagement, and a clear direction forward. The major elements of the strategic reset have now been implemented. The business enters FY27 with a more stable capital structure, strengthened governance, and a clearer strategic direction, while further work remains to improve profitability and position the platform for disciplined growth. Turning to slide 6.

Speaker #3: April to June 2026 focused on platform readiness, with the completion of the $125 million Rockworth balance sheet recapitalization, reinstatement to ASX quotation, a new CEO being appointed, a new AFSL issued by ASIC, and the independent funds management trustee board being established.

Speaker #3: The rebrand to Kyron in July and August marked the transition from stabilization and repair to platform readiness, re-engagement, and a clear direction forward. The major elements of the strategic reset have now been implemented.

Speaker #3: The business enters FY27 with a more stable capital structure, strengthened governance, and a clearer strategic direction. While further work remains to improve profitability and position the platform for disciplined growth.

Speaker #3: Turning to slide six, Kyron is an integrated real estate investment and funds management group, operating across four core sectors: retail, office, healthcare, and hotels and leisure.

David McNamara: Kyron is an integrated real estate investment and funds management group operating across four core sectors: retail, office, healthcare, and hotels and leisure. Our strategy is to operate a capital light, scalable funds management platform and grow funds under management through targeted opportunities alongside aligned capital partners. We source high-quality real estate assets and deliver strong investment returns through active management for both Kyron Funds Management capital partners and Kyron security holders. We originate, acquire, lease, and reposition quality assets, combining local market knowledge with active management to grow income and value for our capital partners and investors. Slide 7 sets out what Kyron can deliver as a renewed platform and why the reset matters for future growth. Firstly, Kyron has Australian execution capability with experienced sector teams across origination, underwriting, leasing, and active asset management.

Speaker #3: Our strategy is to operate a capital-light, scalable funds management platform and grow funds under management through targeted opportunities, alongside aligned capital partners. We source high-quality real estate assets and deliver strong investment returns through active management for both Kyron funds management capital partners and Kyron security holders.

Speaker #3: We originate, acquire, lease, and reposition quality assets, combining local market knowledge with active management to grow income and value for our capital partners and investors.

Speaker #3: Slide seven sets out what Kyron can deliver as a renewed platform, and why the reset matters for future growth. Firstly, Kyron has Australian execution capability, with experienced sector teams across origination, underwriting, leasing, and active asset management.

Speaker #3: Secondly, the platform has been strengthened by institutional investment discipline, including clearer accountability, independent challenge, and a simplified governance structure. Thirdly, Kyron is building a connected capital platform, combining Australian real estate capability with the support of long-term shareholders and growing pan-Asian capital relationships.

David McNamara: Secondly, the platform has been strengthened by institutional investment discipline, including clearer accountability, independent challenge, and a simplified governance structure. Thirdly, Kyron is building a connected capital platform, combining Australian real estate capability with the support of long-term shareholders and growing Pan-Asian capital relationships. The growth focus is both targeted and capital-led. We are focused on opportunities where Kyron has a clear operating edge, aligned investment partners, and the ability to create value through disciplined execution. The key message is that the major reset actions have strengthened the platform, improved governance, and provided a clearer focus for disciplined, sustainable growth over time. At 30 June 2026, Kyron had approximately AUD 1.8 billion of assets under management across a diversified portfolio of core sectors, including retail, office, healthcare, hotels, and leisure.

Speaker #3: The growth focus is both targeted and capital-led. We are focused on opportunities where Kyron has a clear operating edge, aligned investment partners, and the ability to create value through disciplined execution.

Speaker #3: The key message is that the major reset actions have strengthened the platform, improved governance, and provided a clearer focus for disciplined, sustainable growth over time.

Speaker #3: As of June 30, 2026, Kyron had approximately $1.8 billion of assets under management across a diversified portfolio of core sectors, including retail, office, healthcare, hotels, and leisure.

Speaker #3: We have deep sector teams, active asset management capability, and an institutional governance model that supports clear separation between the group's interests as manager and the interests of managed fund investors.

David McNamara: We have deep sector trends, active asset management capability, and an institutional governance model that supports clear separation between the group's interests as manager and the interests of managed fund investors. In retail, the focus remains on resilient, everyday needs assets where active management can drive income, occupancy, and long-term value. In office, we are focused on selective high-quality opportunities and value creation through leasing, repositioning, and disciplined capital management. In healthcare, the portfolio remains supported by defensive sector characteristics and important out-of-hospital healthcare infrastructure. In hotels and leisure, the focus is on improving operating performance, optimizing asset value, and supporting the ongoing realization strategy within the Elanor Hotel Accommodation Fund. We acknowledge that the performance in a number of our funds has been below expectation. I commit to you that the management team and I will continue to focus on driving fund performance and investor returns.

Speaker #3: In retail, the focus remains on resilient, everyday-needs assets, where active management can drive income, occupancy, and long-term value. In office, we're focused on selective, high-quality opportunities and value creation through leasing, repositioning, and disciplined capital management.

Speaker #3: In healthcare, the portfolio remains supported by defensive sector characteristics and important out-of-hospital healthcare infrastructure. In hotels and leisure, the focus is on improving operating performance, optimizing asset value, and supporting the ongoing realization strategy within the hotel accommodation fund.

Speaker #3: We acknowledge that the performance in a number of our funds has been below expectations, but I want to assure you that the management team and I will continue to focus on driving fund performance and investor returns.

Speaker #3: Slide seven talks to our governance. Our growth ambition is capital-led. We are re-engaging with domestic investors and global partners, while expanding our pan-Asian capital partnerships alongside Rockworth.

David McNamara: Slide 7 talks to our governance. Our growth ambition is capital-led. We are re-engaging with domestic investors and global partners while expanding our Pan-Asian capital partnerships alongside Rockworth. The opportunity ahead is to use Kyron's sector expertise, active management capability, and strengthened governance platform to originate disciplined investment opportunities and grow assets under management over time. Our priority is not growth for growth's sake. It is measured, disciplined growth that improves platform profitability, strengthens recurring income, and creates long-term value for security holders and capital partners. The opportunity is supported by the expanded Rockworth alliance and the group's developing Pan-Asian capital relationships. The timing and conversion of potential opportunities will depend on capital alignment, asset selection, and disciplined execution. Turning to slide 15. During 2026, the group continued to execute an orderly asset realization program across managed funds and mandates.

Speaker #3: The opportunity ahead is to use Kyron's sector expertise, active management capability, and strengthened governance platform to originate disciplined investment opportunities and grow assets under management over time.

Speaker #3: Our priority is not growth for growth's sake. It is measured, disciplined growth that improves platform profitability, strengthens recurring income, and creates long-term value for security holders and capital partners.

Speaker #3: The opportunity is supported by the expanded Rockworth alliance and the Group’s developing pan-Asian capital relationships. The timing and conversion of potential opportunities will depend on capital alignment, asset selection, and disciplined execution.

Speaker #3: Turning to slide 15, during 2026, the group continued to execute an orderly asset realization program across managed funds and mandates. The divestment of the Attic Mandate assets, thanks to a central Paradise Centre and Novotel Surfers Paradise, represented approximately $675 million of transactions.

David McNamara: The divestment of the Attic mandate assets, Bankstown Central, Paradise Centre, and Novotel Surfers Paradise, represented approximately AUD 675 million of transactions. Together with further realizations across the office, retail, and hotel portfolios, total asset realizations during FY26 were approximately AUD 1.115 billion. The realization program simplified the platform and supported capital management across the relevant funds. Where the group held balance sheet exposure, realizations also released capital and supported debt reduction. As a result, Kyron's assets under management reduced from AUD 5.5 billion at 30 June 2025 to approximately AUD 1.8 billion at 30 June 2026. This reflected the orderly unwinding of the Challenger mandate, the sale and transition of the management of the Elanor Commercial Property Fund, the divestment of the Attic mandate assets, and other planned managed fund realizations.

Speaker #3: Together with further realizations across the office, retail, and hotel portfolios, total asset realizations during FY26 were approximately $1.115 billion. The realization program simplified the platform and supported capital management across the relevant funds.

Speaker #3: Where the Group held balance sheet exposure, realizations also released capital and supported debt reduction. As a result, Kyron's assets under management reduced from $5.5 billion at 30 June 2025 to approximately $1.8 billion at 30 June 2026.

Speaker #3: This reflected the orderly unwinding of the Challenger mandate, the sale and transition of the management of the Illinois Commercial Property Fund, the divestment of the Attic mandate assets, and other planned managed fund realizations.

Speaker #3: The change was driven by the deliberate unwinding of legacy mandates, termination of management rights, and planned managed fund realizations, rather than a loss of strategic direction.

David McNamara: The change was driven by the deliberate unwinding of legacy mandates, termination of management rights, and planned managed fund realizations, rather than a loss of strategic direction. Importantly, the remaining platform is smaller but more focused and better aligned to core sectors where Kyron has demonstrated capabilities. I will now hand over to Symon to take you through the FY26 financial results and capital management position.

Speaker #3: Importantly, the remaining platform is smaller, but more focused and better aligned to core sectors where Kyron has demonstrated capabilities. I'll now hand over to Simon to take you through the FY26 financial results and capital management position.

Speaker #2: Thank you, David. I'll now take you through the FY26 results, the balance sheet, and the group's capital management position, starting on slide 21 of the presentation pack.

Symon Simmons: Thank you, David. I will now take you through the FY26 results, the balance sheet, and the group's capital management position, starting on slide 21 of the presentation pack. As David touched on earlier, FY26 was a transition year focused on stabilizing the business through the balance sheet recapitalization and the execution of planned managed fund asset realizations. As such, the group's financial results for FY26 should be understood in that context. The recapitalization was fundamental to stabilizing the group. This has simplified the funding structure and provides greater financial flexibility as we continue to execute the group's capital management strategy. Funds management income for the year was AUD 27.1 million, including AUD 1 million of transaction-related earnings. Recurring funds management income, excluding transaction fees, was AUD 26.1 million.

Speaker #2: As David touched on earlier, FY26 was a transition year, focused on stabilizing the business through the balance sheet recapitalization and the execution of planned managed fund asset realizations.

Speaker #2: As such, the group's financial results for FY26 should be understood in that context. The recapitalization was fundamental to stabilizing the group, which has simplified the funding structure and provides greater financial flexibility as we continue to execute the group's capital management strategy.

Speaker #2: Funds management income for the year was $27.1 million, including $1 million of transaction-related earnings. Recurring funds management income, excluding transaction fees, was $26.1 million.

Speaker #2: The reduction in funds management earnings from FY25 reflects the reduced AOM from mandate unwinding, asset realizations, and the termination of ECF management rights in February this year.

Symon Simmons: The reduction in funds management earnings from FY25 reflects the reduced AUM for mandate unwinding asset realizations and the termination of ECF management rights in February this year. We have worked hard to reduce the group's corporate costs by 33%, from AUD 37.1 million in FY25 to AUD 25 million, reflecting cost management initiatives implemented during the year. While meaningful progress has been made, further work is ongoing to improve operating leverage and return the recurring funds management business to sustainable profitability. Core earnings for FY26 was a loss of AUD 30.3 million. This result was significantly impacted by one-off strategic reset costs, provisions and impairments related to managed fund loans and receivables, and legacy financing costs associated with the group's bridging finance structure prior to the Rockworth recapitalization. As a result, and consistent with our capital management strategy, the group did not make a security holder distribution for FY26.

Speaker #2: We have worked hard to reduce the group's corporate costs by 33%, from $37.1 million in FY25 to $25 million, reflecting cost management initiatives implemented during the year.

Speaker #2: While meaningful progress has been made, further work is ongoing to improve operating leverage and return the recurring funds management business to sustainable profitability. Core earnings for FY26 were a loss of $30.3 million.

Speaker #2: This result was significantly impacted by one-off strategic reset costs, provisions and impairments related to managed fund loans and receivables, and legacy financing costs associated with the group's bridging finance structure prior to the Rockworth recapitalization.

Speaker #2: As a result, and consistent with our capital management strategy, the group did not make a security holder distribution for FY26. Driving profitability in our funds management platform is our priority.

Symon Simmons: Driving profitability in our funds management platform is our priority. It will require continued cost discipline and stabilization of our recurring funds management income as the asset realization program progresses and the platform pursues targeted growth while benefiting from a stronger balance sheet with a materially lower cost of capital. Turning to slide 24 of the pack, the group's capital management initiatives are a critical element of our broader business stabilization and growth strategy. During the second half of FY26, working capital was impacted by material one-off costs relating to the recapitalization and costs associated with the establishment of the group's enhanced governance arrangements and leadership transition. Critically, during FY26, approximately AUD 39 million of balance sheet capital was released from planned managed fund asset realizations.

Speaker #2: It will require continued cost discipline, and stabilization of our recurring funds management income as the asset realization program progresses, and the platform pursues targeted growth while benefiting from a stronger balance sheet and a materially lower cost of capital.

Speaker #2: Turning to slide 24 of the pack, the group's capital management initiatives are a critical element of our broader business stabilization and growth strategy. During the second half of FY26, working capital was impacted by material one-off costs relating to the recapitalization and costs associated with the establishment of the group's enhanced governance arrangements and leadership transition.

Speaker #2: Critically, during FY26, approximately $39 million of balance sheet capital was released from planned managed fund asset realizations. This included capital release from co-investments, the repayment of historical fees and other realized amounts, and was used to repay debt and other liabilities, as well as to support working capital.

Symon Simmons: This included capital release from co-investments, the repayment of historical fees, and other realized amounts, and was used to repay debt and other liabilities and support working capital. In May this year, the group made a voluntary AUD 4 million repayment of the loan notes. That amount remains available for redraw under the facility, preserving financial flexibility to support the group's capital management and appropriately assess growth initiatives. Looking ahead, our capital management strategy is focused on strengthening the balance sheet, growing assets under management, and improving profitability. We expect to release further capital through planned managed fund asset realizations, recovery of historical management fees, improved distributions from co-investments through active asset management, and retaining access to the loan note redraw capacity. Alongside this, targeted growth in AUM should support future revenue, while the normalization of business operations and further sustainable cost reductions are expected to improve profitability.

Speaker #2: In May this year, the group made a voluntary $4 million repayment of the loan notes. That amount remains available for redraw under the facility, preserving financial flexibility to support the group's capital management and appropriately assessed growth initiatives.

Speaker #2: Looking ahead, our capital management strategy is focused on strengthening the balance sheet, growing assets under management, and improving profitability. We expect to release further capital through planned managed fund asset realizations, recovery of historical management fees, improved distributions from co-investments through active asset management, and by retaining access to the loan note redraw capacity.

Speaker #2: Alongside this, targeted growth in assets under management should support future revenue, while the normalization of business operations and further sustainable cost reductions are expected to improve profitability.

Speaker #2: Turning to the balance sheet on slide 27, at 30 June 2026, NTA per security was 26 cents, including the $55 million in perpetual notes.

Symon Simmons: Turning to the balance sheet on slide 27. At 30 June 2026, NTA per security was AUD 0.26, including the AUD 55 million in perpetual notes. NTA per security to ordinary equity was negative AUD 0.17 after deducting the perpetual notes, which rank ahead of ordinary stapled security holders with respect to distributions and capital returns. This is why the perpetual notes are deducted in calculating NTAs to ordinary equity. Gearing reduced to 54.2% at 30 June 2026, compared to 72.4% at 30 June 2025, reflecting the balance sheet recapitalization, asset realizations, and debt repayment activity through the year. While gearing remains elevated, the group's capital structure now provides a clearer pathway for reduction over time through further planned asset realizations, recovery of receivables, and disciplined capital management. The group continues to focus on the recovery of all managed fund receivables, including from the Elanor Hotel Accommodation Fund, or EHF.

Speaker #2: NTA per security to ordinary equity was negative 17 cents, after deducting the perpetual notes, which rank ahead of ordinary stapled security holders with respect to distributions and capital returns.

Speaker #2: This is why the perpetual notes are deducted in calculating NTA to ordinary equity. Gearing reduced to 54.3% at 30 June 2026, compared to 72.4% at 30 June 2025, reflecting the balance sheet recapitalization, asset realizations, and debt repayment activity throughout the year.

Speaker #2: While gearing remains elevated, the group's capital structure now provides a clearer pathway for reduction over time through further planned asset realizations, recovery of receivables, and disciplined capital management.

Speaker #2: The group continues to focus on the recovery of all managed fund receivables, including from the hotel accommodation fund, or EHAC. The expected recovery pathway is through planned asset realizations and the improving performance across the core hotel portfolio, noting that the timing and amount recovered will depend on asset sale outcomes and fund performance.

Symon Simmons: Expected recovery pathway is through planned asset realizations and the improving performance across the core hotel portfolio, noting that the timing and amount recovered will depend on asset sale outcomes and fund performance. As a 32.5% investor in EHF, the group is aligned with fund investors in continuing to drive improved performance of the hotel portfolio, growing the fund's distribution to our investors, and growing the capital value of our investment in the fund to further strengthen the group's balance sheet. In time, we expect to realize our investment alongside the other investors in the fund. Other managed fund receivables are expected to be recovered through the ordinary course of business or asset realization activity.

Speaker #2: As a 32.5% investor in EHAC, the group is aligned with fund investors in continuing to drive improved performance of the hotel portfolio and growing the fund’s distribution to investors, as well as increasing the capital value of our investment in the fund to further strengthen the group’s balance sheet.

Speaker #2: In time, we expect to realize our investment alongside the other investors in the fund. Other managed fund receivables are expected to be recovered through the ordinary course of business or asset realization activity.

Speaker #2: Supporting execution of the Group's capital management and growth initiatives—and with the acquisition of the firm as business no longer proceeding—the loan note facility covenants have also been amended, with the first effective date for financial covenants set to 30 June 2027, with the gearing covenant set at 70%, and the ICR set at 1.1 times.

Symon Simmons: Supporting execution of the group's capital management and growth initiatives, and with the acquisition of the Firmus business no longer proceeding, the loan note facility covenants have also been amended with the first effective date for financial covenants set to 30 June 2027, with the gearing covenant set at 70% and the ICR set at 1.1 times. This variation reflects the strength of the alignment between the capital structure of the group and our strategic growth objectives as we reset and focus on growing the platform. Looking forward, the group's financial priorities are clear. Further strengthen the balance sheet through continued disciplined capital management. Release further balance sheet capital and managed fund receivables to reduce debt and the capital notes. Restore platform profitability through stabilized recurring income and continued cost discipline. Together, these financial priorities provide a solid foundation to support the strategy that David McNamara has outlined.

Speaker #2: This variation reflects the strength of the alignment between the capital structure of the Group and our strategic growth objectives, as we reset and focus on growing the platform.

Speaker #2: Looking forward, the group's financial priorities are clear: further strengthen the balance sheet through continued disciplined capital management; release further balance sheet capital and managed fund receivables to reduce debt and the capital notes; and restore platform profitability through stabilized recurring income and continued cost discipline.

Speaker #2: Together, these financial priorities provide a solid foundation to support the strategy that David has outlined. I'll now hand back to David.

Symon Simmons: I'll now hand back to David.

Speaker #1: Thank you, Simon. Kyron, it says FY27 with a stronger platform, a clearer strategy, and a more disciplined operating model. Slide 30 talks to our environmental, social, and governance credentials.

David McNamara: Thank you, Symon. Kyron enters FY27 with a stronger platform, a clearer strategy, and a more disciplined operating model. Slide 30 talks to our environmental, social, and governance credentials. Responsible investment remains embedded in how we operate. During FY26, the ESG management committee continued to support implementation of environmental, social, and governance initiatives across the business with oversight from the board's sustainability committee. We also completed an independently assured controls report under guidance statement GS 007 for our investment management services. Our focus is now on sharpening the ESG strategy around the sectors and communities where Kyron can have a meaningful and measurable impact while integrating climate-related risks and opportunities into investment and asset management decisions. I'll now turn to slide 34. Kyron enters FY27 with a more stable capital structure, strengthened governance, and a clearer strategic direction. The foundations have been strengthened, but the work is not finished.

Speaker #1: Responsible investment remains embedded in how we operate. During fiscal year 2026, the ESG Management Committee continued to support the implementation of environmental, social, and governance initiatives across the business.

Speaker #1: With oversight from the board's Sustainability Committee, we also completed an independently assured controls report under Guidance Statement GS007 for our investment management services. The focus is now on sharpening the ESG strategy around the sectors and communities where Kyron can have a meaningful and measurable impact, while integrating climate-related risks and opportunities into investment and asset management decisions.

Speaker #1: I'll now turn to slide 34. Kyron enters FY27 with a more stable capital structure, strengthened governance, and a clearer strategic direction. The foundations have been strengthened, but the work is not finished.

Speaker #1: We recognize that confidence is earned over time. Our priorities are to improve profitability, maintain disciplined capital management, and pursue targeted growth alongside aligned capital partners.

David McNamara: We recognize that confidence is earned over time. Our priorities are to improve profitability, maintain disciplined capital management, and pursue targeted growth alongside aligned capital partners. We will remain selective in how we grow, transparent in how we communicate, and disciplined in how we allocate capital. On behalf of Ian, Symon, and the broader Kyron team, thank you for joining today's briefing and for your continued engagement with the group. We will now open up the line for questions.

Speaker #1: We will remain selective in how we grow, transparent in how we communicate, and disciplined in how we allocate capital. On behalf of Ian, Simon, and the broader Kyron team, thank you for joining today's briefing and for your continued engagement with the group.

Speaker #1: We will now open up the line for questions.

Speaker #3: Thank you, David. And as mentioned, we will now begin the Q&A session. For those listening by phone who would like to ask a question, please press star, followed by 1, on your telephone keypad to raise your hand and join the queue.

Operator: Thank you, David. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Today we kindly ask that you limit your questions to one and one follow-up per person. Again, that is star one to raise your hand and join the queue, and we'll pause briefly for any questions. A final call-out, if you would like to join the queue, to please press star one now. We'll pause for any questions. There are no questions on the line.

Speaker #3: And to withdraw your question, simply press star 1 again. When called upon, please use your handset to ensure your line is unmuted, and be ready to ask your question.

Speaker #3: And today, we kindly ask that you limit your questions to one, with one follow-up per person. Again, that is star one to raise your hand and join the queue.

Speaker #3: And we'll pause briefly for any questions. And a final call-out: if you would like to join the queue, please press Star 1 now.

Speaker #3: And we'll pause for any questions. There are no questions on the line. I would like to turn the call back over to David for closing remarks.

Operator: I would like to turn the call back over to David for closing remarks.

Speaker #1: Thank you, operator. And thank you to our investors who've joined today's call. We greatly appreciate the opportunity to present our strategy and our results to you.

David McNamara: Thank you, operator. Thank you to our investors who joined today's call. We genuinely appreciate the opportunity to present our strategy and our results to you for FY26. I would say if anyone does have any questions, please feel free to reach out to either myself or Symon Simmons, and we would be happy to take that call, take that question, or indeed meet you for a follow-up meeting. With that, we will end the meeting. Thank you, operator.

Speaker #1: For FY26, I would say if anyone does have any questions, please feel free to reach out to either myself or Simon Simmons, and we'd be happy to take that call, take that question, or indeed meet you for a follow-up meeting.

Speaker #1: With that, we'll end the meeting. Thank you, operator.

Operator: This concludes today's conference call. Thank you all for joining us. You may now disconnect.

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Q4 2026 Kyron Capital Group Earnings Call

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