GQG (GQG.AX): 1H26 First Take: NPAT beat driven by better tax rate

Research evidence excerpt

Equity Research

21 August 2026 | 9:30AM AEST

GQG (GQG.AX): 1H26 First Take: NPAT beat driven by better tax rate

Overall comment on the result: NPAT was a beat v GS and consensus driven by a

better tax rate. Compositionaly, revenues were slightly weaker than GS driven by

what appears to be a slight lower revenue margin v GS. Average AUM was in line.

Offsetting the revenue miss was better expenses (albeit the CTI ratio increased

slightly to 23.8% from 23.6% at pcp). Tax rate was meaningfully better at 25.3% v

consensus of 26.9%.

Julian Braganza, FIAA

+61(2)9321-8487 |

Goldman Sachs Australia Pty Ltd

Chris Matthews, FIAA

+61(2)9321-8370 |

Goldman Sachs Australia Pty Ltd

Key numbers: 1) Net profit after tax (NPAT) a beat: 1H26 result of $228.4m vs GSe

of $222.4m (VA consensus of $224.7m). 2) Management fees were weaker: 1H26

was $396.6m vs GSe of $402.1m (VA consensus of $398.2m). 3) Performance fees

were $0.6m: GSe at nil with VA consensus of $5.4m. 4) Total expenses were better:

1H26 expenses were $95.4m vs GSe of $100.3m (VA consensus of $97.4m). 5)

Dividend (declared on earnings) - in line: 1H26 was 7.2cps vs GSe at 7.0cps and VA

consensus at 7.1cps.

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Management fee margin over 1H26 improved to 48.6bps vs 48.2bps in pcp see Exhibit 2: The increase was due to a shift in strategy and vehicle mix.

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Total expenses were better than expected over 1H26 at $95.4m v GSe / VA

consensus of $100.3m / $97.4m: Compensation and benefits increased on pcp

slightly with higher salaries / share based long term compensation. General and

administrative fees decreased vs pcp driven by lower legal fees and third-party

commissions decreased following a one-off platform fee paid in 2025. IT costs

increased vs pcp due to an expansion of GQG’s technology platform. CTI

increased slightly to 23.8% over 1H26 from 23.6% in pcp - see Exhibit 8.

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Dividend (declared on earnings) - in line: 1H26 was 7.16cps vs GSe at 7.0cps

and VA consensus at 7.1cps - in line with a payout ratio of ~90%. GQG maintains

a broad 50-95% payout ratio target.

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FUM / flows update: GQG’s FUM at Jul-26 was $156.4bn (vs $156.0bn in

Jun-26) driven by $4.5bn of net outflows for the month and $5.0bn in market

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