Slides
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25 August 2026 FY26 Full Year Results John McMurdo (Managing Director & CEO) Mark Simons (CFO) Australian Ethical Investment Ltd
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Australian Ethical acknowledges the Traditional Owners of the Country on which we meet, the Gadigal people of the Eora Nation. We pay our respects to Elders past and present and thank them for protecting Country – since time immemorial.
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Overview & FY26 highlights Contents 3 01 Financial Results 02 Business update 03 Appendices 04
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Overview & FY26 highlights 4 01.
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40 years as a ‘pure-play’ ethical investment management company… 5 Authentic, purpose- driven, ethical investment leader making money a force for good and having a positive impact. Successful, fast growing ASX listed company, delivering long term returns to shareholders and investors alike. Both purpose driven and commercially successful
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Enabled by a purpose driven & high performing culture …growing with a clear, disciplined strategy Growing superannuation scale with ethical investment leadership Extend our ethical investment capability to win beyond super Enabled by a modern operating platform built for scale, efficiency & resilience Maximise growth through our differentiated value proposition, brand resonance and data driven marketing to attract new customers. Delivering customer experiences, outcomes and confidence that reflect our ethical and financial impact, enabling us to retain and grow customers and FUM. Build, package and deliver an integrated investment management, product, and distribution proposition to scale a profitable ethical funds management business, creating real world impact. Accelerate growth and underpin operating leverage and resilience. Differentiated capabilities through deep use of data, insights, and technology. Modern, scalable operating platforms and processes, enabling agility in our customer experience, with growth conducive fee-scales from core partners. . Further enhance our unique, purpose driven and high performing culture, enabling our talent to achieve their potential and drive our business success. Culture of product leadership, continuous improvement, innovation, leadership, data-driven commercial decision-making, and customer centricity. 6 Our Purpose Investing for a Better World Our Vision Make money a force for good Our Values Action, authenticity, empathy, curiosity, connection + +
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7 … and effective execution year on year… * Clean Energy Finance Corporation ** Financial Newswire ^ Culture Amp Employee engagement survey June 2026. Top quartile for Financial Services Australia is 76% and above: cultureamp.com/science/insights/financial-services-Australia Growing superannuation scale with ethical investment leadership Digital marketing, website and onboarding enhancements lifted new member joins by 20% in H2 Completed insurance harmonisation, reducing member complexity Reduced admin fees, introduced new insurance admin fee Refreshed investment menus Launched new retirement calculator New member app design underway, on track for FY27 Extend our ethical investment capability to win beyond super Launched Private Markets Growth Opportunities Fund (with CEFC* cornerstone investment $125m) Fully integrated Altius Fixed Income products under Australian Ethical brand Strengthened Equities, Private Markets and Ethics teams including a dedicated Quantitative Strategies function Expanded our ethical universe to support further portfolio diversification, accelerated through AI augmentation Enabled by a modern operating platform built for scale, efficiency and resilience GROW Inc transition complete: improved efficiency and operating leverage Progressed Investment Platform uplift with final phase H1 FY27 – will deliver improved risk management and scalability, and underpin flows growth Governance uplift — modernising our frameworks including finalising an independent review with EY and working collaboratively with APRA to satisfy license conditions during the balance of FY27. Enabled by a purpose driven and high performing culture Top quartile employee engagement of 77%^ Natalie Tam, Head of Quant Strategies, awarded Investment Professional of the Year 2026, Women Empowering Wealth Awards** Strengthened approach to employee wellbeing - new EAP partner and new inclusive leave benefits AES and AEI Board renewal Appointment of Natalie Kooyman (CRO); Karen Hughes to lead Superannuation Trustee Office Building on the success of FY25, FY26 saw further execution of strategic initiatives
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… delivering a record result in FY26 8 Disciplined execution delivered record FUM, earnings growth and continued operating leverage * UPAT attributable to shareholders which does not include net profit attributable to The Foundation – refer to Appendix 1 for UPAT reconciliation | ** NPAT attributable to shareholders which does not include net profit attributable to The Foundation *** Underlying operating expenses of the consolidated group | **** Underlying CTI which excludes impact of profit attributab le to the Foundation and UPAT adjusted expenses as detailed in Appendix 1 All comparisons are to FY25 unless otherwise stated $90.4m Cost to income (CTI)**** improved from 71.4% in FY25 69.8% 10c 18c Operating expenses*** up 7% Final dividend Total annual dividends up 29% FY26 UPAT* up 15% $27 .3m $25.7m $129.5m FY26 NPAT** up 29% Revenue up 9% FUM at 30 June 26 up 4% YOY $14.5bn
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Strong offering across our diversified business… 9 Business platform investments are translating into improved customer experience and strengthened growth engines Super members * Top 10 growth fund by AUM. KPMG 2026 Super Insights Report, published May 2026, using statistics from APRA and ATO as at 30June 2025. https://assets.kpmg.com/content/dam/kpmg/au/pdf/2025/super-insights-2025.pdf ~ Investment Trends Super Member Engagement Report 2025 & 2026 ^ Based on member responses to post call surveys # Refer to disclaimer on slide 49. Please refer to our website for the specific awards we have won, including the specific categories. Improved customer engagement, retention and acquisition momentum support continued net flows, FUM growth and operating leverage Money Magazine Awards Best ESG Superannuation & ESG Pension Product 2026 2H member joins up 20% on first half Roy Morgan's Super Fund of the Year 2025 for Customer Satisfaction Most trusted retail fund, Top value retail fund and Legendary Service Award in 2026 Finder Customer Satisfaction Awards. Top 3 NPS Recommended ratings for all Multi-Asset funds - Lonsec and Zenith# Recommended ratings for four AE/Altius Fixed Income products - Zenith# Recommended ratings for Active Equities Funds – Lonsec# Advised investors Middle Market investors New customer wins Dedicated distribution capability Growing pipeline of customers Growth Opportunities Fund launch Institutional investors CEFC cornerstone investment in Growth Opportunities Fund Well progressed on investment platform upgrade Superannuation Customers 2nd year running~ Top 10 fund for Growth Year on year superannuation growth* 96% 90% call satisfaction^ complaint resolution at first contact
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10 For 40 years we’ve invested through changing market cycles, staying true to the principles of our Ethical Charter to deliver values-aligned long-term returns for a growing number of investors. During the year: With our unique expertise compelling for investors… Our stewardship team applied their distinctive capabilities: • Exercising shareholder rights : co-filed climate resolutions at NAB, QBE and Macquarie Bank AGMs • Mobilising investor influence on government policy : Successfully influenced investors to collectively and publicly call for government to set an ambitious climate target, complementing our own public letter to the PM • Creating new accountability mechanisms : Developed one of the first benchmarks of its kind, creating transparency and competitive pressure to improve university animal research practices Whilst ethical exclusions created a period of relative performance headwind, our portfolio managers took advantage of volatile markets to purchase high value stocks at discounted rates. Our expanded ethics team piloted AI augmentation in research workflows and assessed over 200 new investment opportunities, adding more than 190 to the investible universe to support further diversification. 01 02 03 …and are shortlisted for the 2026 global PRI* Award for Innovation in System Stewardship for our multi-year campaign to restrict the flow of finance to unsustainable fossil fuel expansion * Principles for Responsible Investment
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…and accentuated through the valued work of the Australian Ethical Foundation… 11 record donation to the Foundation in FY26 cumulatively allocated to charitable organisations * of AEI profits ** allocated to charitable organisations primarily through the Foundation $16m+$3.4m 10% Place-based nature solutions Empowering First Nations people and other communities to protect and restore nature and demonstrate new place-based economic models Unlocking capital for nature Supporting research, policy advocacy, and the development of market frameworks and mechanisms to incentivise the flow of capital to nature protection and restoration Climate justice and resilience Supporting advocacy, campaigns and programs which protect low- income and marginalised communities and nature To accelerate the transition to a regenerative economy that values and protects nature, ensuring a just and sustainable future for all. Protecting biodiversity goes hand in hand with strengthening the resilience of communities most impacted by climate change. Lasting environmental solutions must be just, inclusive, and community-led. Vision * Since 2010 ** Before deducting bonus and grant expense Image: Original Power/Andrew Quilty
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Investments Brand Mindful Money Awards Australian Ethical Emerging Companies Fund – Best Ethical or Impact Overseas Fund 2026 Lonsec Rated ”Recommended” Australian Ethical Multi-Asset Funds 2026 & Active Equities Funds 2025 # Zenith Rated ”Recommended” Australian Ethical Multi- Asset Funds 2025 # Australian Ethical Altius Green & Sustainable Bond Fund, Credit Income Fund & Short Duration Bond Fund 2026 # Superannuation KangaNews’ Australian Sustainability Fund Manager of the Year 2025 Roy Morgan NEO Brand Awards^^ Financial Partner of the Year 2026 Rainmaker ESG Leader Rating 2022-2025 Money Magazine Awards Best of the Best Best ESG Superannuation & ESG Pension Product 2026 Rainmaker AAA Quality Rating 2021-2025 SuperRatings GOLD For MySuper 2026 # Responsible investment leadership RIAA Responsible Investment Leader # Record B Corp score* Natalie Tam, Head of Quant Strategies Investment Professional of the Year 2026, Women Empowering Wealth Awards** Capability 12 Roy Morgan Customer Satisfaction Annual Awards 2025 Superannuation Fund of the Year & Retail Superannuation Fund of the Year # Refer to disclaimer on slide 49. Ratings or investment returns are only one factor you should consider when deciding how to invest. ## YouGov, Most persuasive brands 2025, Awareness advancers. * Highest scoring Certified B Corporation in Australia & NZ at date of last assessment – 13 July 2023 ^^ In Roy Morgan’s NEO Brand Awards 2026 with a score of 14 out of 15. https://www.roymorgan.com/findings/10197-neo-brand-awards-2026-webinar ** Financial Newswire Certified for Impact People’s Choice Award Finder’s Green Innovation Category for sustainably focused out-of- home advertising campaign RIAA Responsible Super Fund Leader # …while the business continues to receive awards and recognition across many dimensions YouGov Australia’s most persuasive superannuation brand – Awareness Advancers ## Finder Customer Satisfaction Awards 2026 Most Loved Retail Super Fund Top Value Retail Super Fund Most Trusted Retail Super Fund Legendary Service Retail Super Fund Most Recommended Retail Super Fund
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13 Over the past 6 years, we have grown FUM over 3.5X, enhanced and diversified the business platform, delivered strong returns for shareholders, received multiple awards and enhanced our customer offering. ASX 300 admittance 1 of only 6 fund managers globally in 2020 to be named a ‘leader’ for ESG commitment by Morningstar New Visionary Grants program launched to fund climate solutions through AE Foundation Australia’s fastest growing Superfund# & highest NPS^ Roy Morgan Top 3 Most trusted Super Brand* Record B Corp score** Christian Super SFT adding $1.93 billion FUM Australian Growth Company Awards Financial Services Growth Company of the Year 2023 and 2024 # KPMG 2022 Super Insights Report, published May 2022, using statistics from APRA and ATO as at 30 June 2021 ^ Number 1 NPS for super, customer advocacy and HNW managed funds investors. Investment Trends Super Member Engagement Report2022 – Independent research with 23 major super funds surveying over 7,500 Australians. Investment Trends High Net Worth Investor Report – November 2021 Please refer to our website for the specific awards we have won, including the specific categories. * 2023 Roy Morgan Trusted Brand Awards Report ** Highest scoring Certified B Corporation in Australia & NZ at date of last assessment – 13 July 2023 ^^ Based on UPAT attributable to shareholders ## Reflects new fund names which changed 1 Oct 25. Refer to disclaimer on slide 49 ***YouGov, Most persuasive brands 2025, Awareness advancers. ^^^ Investment Trends Super Member Engagement Report 2025 & 2026 ~ In 2026 Finder Customer Satisfaction Awards Altius acquisition adding $1.93 billion FUM & Fixed Income capability Custodian & investment administration transfer to State Street Transition of super administration to Grow Inc for members previously with Mercer Recommended ratings for Active Equities Funds from Lonsec and Recommended rating for all Multi-Asset Funds by Zenith## FUM $14.50bn Brand awareness up from 11% to 22%*** FUM $4.05bn 8.26 cents Diluted EPS^^ 2020 2021 2022 2023 2024 2025 23.89 cents Diluted EPS^^ 6-year CAGR 19% Transition of super administration to GROW Inc complete #3 NPS Super Customers^^^ Roy Morgan 2025 Customer Satisfaction Annual Awards Superannuation Fund of the Year & Retail Superannuation Fund of the Year YouGov Australia’s most persuasive superannuation brand – Awareness Advancers*** Finder Most trusted retail fund, Top value retail fund & Legendary Service Award~ #3 NPS Super Customers^^^ We are well placed for further growth with our high quality business 2026 Recommended ratings for Short Duration Bond Fund and Green & Sustainable Bond Fund by Zenith## and Recommended rating for the Multi-Asset Funds by Lonsec## KangaNews’ Australian Sustainability Fund Manager of the Year 2025
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Financial results 14 02.
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FY26 Financial Results 15 Strong FY26 profit growth and operating leverage improvement * excluding UPAT adjusted expenses detailed in Appendix 1 ** customer contracts and brand ^ Refer to Appendix 1 for detail FY26 operating revenue up 9% driven by average FUM growth, partially offset by marginally lower average blended revenue margin primarily as a result of full year impact of the Altius acquisition FY26 operating expenses* increased 7% driven predominantly by employee expenses and IT expenses Improvement in operating leverage, with FY26 underlying CTI* of 69.8% compared to 71.4% in FY25 UPAT up 15% with NPAT attributable to shareholders up 29% UPAT expense adjustments reflect • Integration and transformation costs of $2.2m^ relating to the transition of administration services from MUFG to GROW Inc and corporate governance uplift program • Amortisation of Altius intangibles of $144k** Final dividend of 10c payable on 18 September 2026. Total FY26 dividend 18c, up 29% Key themesKey financials ($'000) FY26 FY25 Movement % Operating Revenue 129,545 118,755 9% Other Revenue 1 629 Total Revenue 129,546 119,384 9% Operating expenses (90,403) (84,495) 7% Amortisation of Altius intangibles (144) (108) Integration and transformation costs ^ (2,156) (4,322) Due diligence and transaction costs (1,719) Total Expenses (92,703) (90,644) 2% Profit before income tax expense 36,843 28,740 28% Income tax expense (11,030) (8,544) 29% Net profit after tax 25,813 20,196 28% Add: Net (profit) / loss attributable to The Foundation (75) (258) Net profit after tax attributable to shareholders 25,738 19,938 29% UPAT adjustments (refer Appendix 1) 1,610 3,864 Underlying profit after tax (UPAT) attributable to shareholders 27,348 23,802 15% Diluted earnings per share on NPAT – attributable to shareholders 22.48 cents 17.51 cents Diluted earnings per share on UPAT – attributable to shareholders 23.89 cents 20.90 cents Dividend per share 18 cents 14 cents 29% Underlying cost to income ratio 69.8% 71.4%
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FUM ($bn) Record FUM of $14.50bn 16 4.23 7.21 8.25 9.52 10.401.78 2.00 2.19 2.61 2.42 1.81 1.69 6.20 9.20 10.44 13.94 14.50 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 30 Jun 22 30 Jun 23 30 Jun 24 30 Jun 25 30 Jun 26 Superannuation Investments* Institutional * Includes Investment funds (retail and wholesale) and SMA. Excludes Institutional ^ Net of distributions and fees Above may include variances due to rounding Funds under management ($bn) FY26 FY25 Change (YoY %) Opening FUM 13.94 10.44 Superannuation net flows 0.53 0.51 Investments* net flows (0.04) 0.06 Institutional net flows 0.17 0.01 Total organic net flows 0.66 0.59 13% Capital management fund movements (0.04) (0.07) Inorganic Altius Asset Management (0.25) 1.93 Investment performance^ 0.19 1.05 Closing FUM 14.50 13.94 4% Average FUM 14.05 12.71 11%
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Organic Net Flows ($m) Resilient net flows despite challenging markets 17 $664m of organic net flows, up 13% on FY25, comprising: • $491m retail and wholesale driven by superannuation and growing middle market channel • $173m institutional, supported by $125m from Clean Energy Finance Corporation into new Australian Ethical Growth Opportunities Fund. Superannuation net flows of $527m with record EOFY voluntary contributions and record super guarantee (SG) contributions Improving momentum as operational initiatives completed - super member acquisition 20% higher in 2H Retail and wholesale investments flows challenged due to volatile, cyclical markets Growing middle-market channel contributing $54m net flows Key themes – FY26 Note: chart excludes client capital management* movements and 1H26 inorganic outflow relating to AU Bank mandate termination of $246 million and excludes 1H25 $1.93bn Altius acquisition * Client capital management movements include net outflows of 1H25 ($58.2m), 2H25 ($9.9m), 1H26 ($41.3m), 2H26 ($2.6m) Above may include variances due to rounding The core superannuation business continues to generate recurring net flows whilst the second growth engine is now emerging – supporting resilience in net flows 269 332 194 320 231 296 (10) 16 75 (13) (4) (33) 14 37 137 (100) - 100 200 300 400 500 1H24 2H24 1H25 2H25 1H26 2H26 Retail & wholesale - super Retail & wholesale - investments Institutional
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Revenue margin FY26 average revenue margin stable 18 Average FY26 revenue margin of 0.91% down from 0.92% in FY25 The small FY26 average margin reduction primarily due to full year impact of lower margin fixed income Altius FUM and further superannuation fee reductions implemented during FY26, partially offset by commencement of the insurance administration fee Revenue margin as at 30 June 2026 of 0.89% Since 2017, revenue margin has reduced 59bps, and FUM has increased nearly 8X Remain committed to maintaining a competitive offering to position the business for continued FUM and net flows growth - ensuring positive outcomes for all stakeholders Key themes * Average revenue margin calculated on total revenue (FUM based and member-based fees), and insurance administration fees excluding performance fee, as a percentage of average monthly FUM for the period. Average FUM ($bn) 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Average FUM (LHS) Total average revenue margin (RHS)* Average revenue margin*
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Operating revenue up 9% to $129.5m Revenue increased 9% driven by: • Average FUM growth of 11%, underpinned by positive net flows and investment performance • Marginally offset by lower average revenue margin due to changes in product mix and fee reductions • New insurance administration fee Key themes $m Operating revenue ($m) 118.8 129.5 9.0 1.4 0.3 80.0 90.0 100.0 110.0 120.0 130.0 140.0 FY25 FUM & member - based fees Insurance admin fees Other income FY26 19Operating revenue excludes UPAT adjusted revenue in FY25
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Disciplined investment in growth and resilience, while improving CTI 20 Key themes 4.3 0.9 0.5 0.8 (0.3) (0.2) (0.1) 84.5 89.6 90.4 70.0 75.0 80.0 85.0 90.0 95.0 FY25 Employee Fund Related Marketing IT Expenses External services Other expenses FY26 (excl Foundation expenses) Foundation expenses FY26 $m FY25 CTI 71.4% FY26 CTI 69.8% * Operating expenses of the Group, excluding UPAT adjusted expenses detailed in Appendix 1 Operating expenses ($m) Operating expenses* increased 7%, reflecting continued investment in growth partly offset by efficiency initiatives. Operating leverage improved, with underlying CTI of 69.8% compared to 71.4% in FY25. Foundation expense equates to 2.6% of CTI. Employee expenses rose 11%, driven by enhancing capability in product, investments, ethics and governance, as well as the full-year impact of Altius acquisition, wage inflation and higher superannuation guarantee rates. Fund-related expenses decreased 1%, with higher volume-driven costs and investment platform enhancement activity more than offset by lower administration and custody fees following provider transitions. Marketing spend was broadly unchanged. This expense remains a key driver of continued positive organic net flows IT expenses increased 26%, reflecting investment in digital capabilities, including the Super App, AI investment, strengthened cyber security and enhanced data management. External services expenses increased 18%, primarily due to timing of internal audit costs and specialist consulting support for strategic initiatives.
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Continued focus on delivering operating leverage improvements Key themes * Based on underlying operating revenue and underlying operating expenses, excluding UPAT adjusted revenue and expenses Revenue and expense* jaws ($m) Underlying CTI has improved by 9.2 percentage points since FY22 Increasing scale, driven by FUM growth, transformation initiatives and disciplined cost management has supported this outcome This has been achieved whilst at the same time investing in the business platform to underpin further growth, and delivering benefits to our customers through fee reductions Further CTI improvements remains a continued focus - targeting CTI in mid-60’s over the medium term 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 FY22 FY23 FY24 FY25 FY26 Operating Expenses Operating Revenue FY22 CTI 79.0% FY26 CTI 69.8%
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Strong capital position with no debt 22 Strong Balance Sheet with no debt Strong Cash position Minimum regulatory capital requirement of $9.9 million at 30 June 2026 Parent holds a surplus above regulatory capital of $22.7 million (pre-dividend) Year-on-year increase in surplus driven primarily by repayment of intra- group loan by AES to AEI parent in December 2025*** Key themes * Relates to Australian Ethical Investment Ltd. which holds Australian Financial Services License (AFSL) ** Based on EBITDA excl performance fee *** For NTA calculation purposes, the intra-group loan was an excluded AEI parent asset With $22.7m surplus above regulatory capital Net Tangible Assets ($m)* Group capital position $m FY26 FY25 Cash & term deposits 50.8 38.8 Net cash from operating activities 32.6 19.9 Cashflow conversion %** >100% >100% Debt - - Net Assets 50.6 40.5 Regulatory requirement for AEI parent entity $m 30 Jun 26 30 Jun 25 Net tangible assets (NTA) 32.6 18.6 NTA requirement 9.9 8.5 Surplus above regulatory capital 22.7 10.1 9.9 8.5 22.7 10.1 30 Jun 26 30 Jun 25 NTA requirement Surplus above regulatory capital
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Strong growth across key shareholder metrics 23 Dividends (cps) 6.0 7.0 9.0 14.0 18.0 FY22 FY23 FY24 FY25 FY26 Interim dividend Final dividend UPAT attributable to shareholders Diluted earnings per share (cps) NPAT attributable to shareholders Diluted earnings per share (cps) 8.55 5.84 10.51 17.51 22.48 FY22 FY23 FY24 FY25 FY26 9.16 10.46 16.44 20.90 23.89 FY22 FY23 FY24 FY25 FY26 Delivering value to shareholders with steady growth reflecting a resilient business Record FY26 full year dividend of 18 cents, up 29% on FY25 Record final dividend of 10 cents, payable on 18 th September 2026 Diluted UPAT EPS attributable to shareholders of 23.89 cps, up 14% on FY25 Diluted NPAT EPS attributable to shareholders of 22.48 cps, up 28% on FY25
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Business Update 24 03.
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Enabled by a purpose driven & high performing culture Growing with a clear, consistent and disciplined strategy… Growing superannuation scale with ethical investment leadership Extend our ethical investment capability to win beyond super Enabled by a modern operating platform built for scale, efficiency & resilience Maximise growth through our differentiated value proposition, brand resonance and data driven marketing to attract new customers. Delivering customer experiences, outcomes and confidence that reflect our ethical and financial impact, enabling us to retain and grow customers and FUM. Build, package and deliver an integrated investment management, product, and distribution proposition to scale a profitable ethical funds management business, creating real world impact. Accelerate growth and underpin operating leverage and resilience. Differentiated capabilities through deep use of data, insights, and technology. Modern, scalable operating platforms and processes, enabling agility in our customer experience, with growth conducive fee-scales from core partners. . Further enhance our unique, purpose driven and high performing culture, enabling our talent to achieve their potential and drive our business success. Culture of product leadership, continuous improvement, innovation, leadership, data-driven commercial decision-making, and customer centricity. 25 Our Purpose Investing for a Better World Our Vision Make money a force for good Our Values Action, authenticity, empathy, curiosity, connection + +
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26 Enabled by a purpose driven & high performing culture …and the further build planned, will position our business for the next growth phase Growing superannuation scale with ethical investment leadership Enabled by a modern operating platform built for scale, efficiency & resilience Extend our ethical investment capability to win beyond super Further enhance user experience and improve acquisition & retention Completion of enhanced investment platform to underpin growth in newer channels Digital transformation opportunity assessment Development of member app to support acquisition and retention Strengthen help/guidance/advice for members in different cohorts Expanding employer channel – diversification of net flows Convert growing middle-market pipeline into sustainable FUM growth Continued product innovation Operating platform enhancements across technology, vendors, processes – to support long term sustainable growth and resilience One-off governance transformation to increase resilience and address APRA licence conditions Launch new impact fund for philanthropic values-aligned investors with commitments secured
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27 Outlook Well positioned for continued growth, supported by multiple growth engines, a stronger operating platform and a highly differentiated offering We are well-positioned with our high-quality capability, strong balance sheet, enhanced business platform, unique brand, and deep ethical pedigree Structural growth drivers remain • continued support from compulsory SG contributions • ongoing demand from investors seeking responsible investment solutions • strong member acquisition momentum Multiple growth engines • core superannuation to remain primary driver of net flows • continued expansion of middle-market channel • growth in private markets capability • product innovation to broaden customer reach and deepen relationships • exploration of active international equities capability • complemented by inorganic opportunities • As scale allows, delivering a more competitive proposition for customers via incremental fee reductions, whilst retaining premium market positioning • Targeting CTI in mid-60’s over the medium term • positive net flows expected to continue, supported by multiple growth engines • revenue margin in line with margin position as at 30 June 26 (0.89%)* • volatile market conditions expected to continue • strong cost discipline targeting expense growth below revenue growth (subject to market conditions), whilst prudently investing to underpin future expansion Continued investment: • focus remains on disciplined execution of strategy • delivery of member enhancements and investment platform upgrades to further strengthen customer acquisition, retention and scalability • continued focus on governance, cyber resilience and risk management • greater scale to support ongoing operating leverage improvement over time FY27 Medium term * Subject to changes in product mix.
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Q&A 28
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Appendices 04.
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UPAT and Cost to Income (CTI) reconciliation 30 Appendix 1:
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Appendix 1 : UPAT and CTI reconciliation 31 FY26 UPAT up 15% on FY25. FY26 NPAT attributable to shareholders is up 29% on FY25 FY26 UPAT expense adjustments reflect: • Integration and transformation costs primarily relate to: o $1.2m transition of administration services from MUFG to GROW Inc o $0.8m corporate governance uplift to address licence conditions • Amortisation of Altius intangibles** Key themes * Note Operating leverage calculation does not include net profit/(loss) attributable to The Foundation ** customer contracts and brand Key financials ($'000) FY26 FY25 Movement % Net profit after tax (NPAT) 25,813 20,196 28% Less: Net (profit)/loss after tax attributable to The Foundation (75) (258) Net profit after tax attributable to shareholders 25,738 19,938 29% Adjustments: Other income (insurance cost recovery linked to transformation) - (629) Expense adjustments: Integration and transformation costs 2,156 4,322 Due diligence and transaction costs - 1,719 Amortisation of Altius intangibles 144 108 Change in fair value of investment - - Tax on above adjustments (690) (1,656) Underlying profit after tax (UPAT) attributable to shareholders 27,348 23,802 15% Operating leverage (underlying cost to income) ($'000) FY26 FY25 Total expenses per statement of comprehensive income 92,703 90,644 Less: Integration and transformation costs (2,156) (4,322) Due diligence and transaction costs - (1,719) Amortisation of Altius intangibles (144) (108) Net profit/(loss) after tax attributable to The Foundation* 75 258 Total underlying operating expenses 90,478 84,753 Divided by: Total revenue per statement of comprehensive income 129,546 119,384 Less: Other income (insurance cost recovery linked to transformation) - (629) Total operating revenue (UPAT adjusted) 129,546 118,755 Underlying cost to income ratio 69.8% 71.4%
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Investment Performance 32 Appendix 2:
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Investment leadership 33 Long-term returns | Australian Shares Fund * Blended benchmark is composite S&P/ASX Small Industrials Accumulations Index until 12 August 2019, S&P/ASX 300 Accumulation Index until 30 September 2023, 65% S&P/ASX 100 / 35% S&P/ASX Small Ordinaries thereafter. Value of $1,000 invested since inception Risk/return over ten years to June 2026 * Source: Mercer. Comparison with the Wholesale-Equity - Australia - All Cap universe (quarterly calculations). Return and Std Deviation in $A (after fees) over 10 years ending June 2026 ^ Reference to ‘Wholesale’ funds indicate the class of pricing above a minimum investment threshold, which varies by fund. Past performance is not a reliable indicator of future performance. 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 Return (%pa) Std Dev (%pa) S&P/ASX 300Australian Shares Fund (Wholesale) ^ S&P/ASX Small Industrials 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Australian Share Fund (Retail) Australian Share Fund - Blended Benchmark
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Active Equities - Australian Shares Fund 34 Table reflects performance after fees for the Australian Shares Fund. Performance calculated in accordance with FSC Guidance note 46 and note 47, and is as at 30 June 2026 * Inception Date (Retail): 19/09/1994. ^ Inception Date (Wholesale): 23/01/2012 | ^^ Benchmark changed from S&P/ASX 300 Accum Index to 65% ASX 100 Total Return Index & 35% ASX Small Ordinaries Total Return Index from 30 Sep 2023. Previously, benchmark changed from S&P/ASX Small Industrials Index to S&P/ASX 300 Accum Index from 13 Aug 2019. The historical benchmark returns are calculated by linking these indices. | Past performance is not areliable indicator of future performance. References to ‘Wholesale’ funds indicate the class of pricing above a minimum investment threshold, which varies by fund FY26 Commentary Our limited investment in fossil fuels, defence and many of the carbon-intensive resource companies that were the strongest performers during the period, led to headwinds for relative returns. Meanwhile, the sectors where we've historically found our strongest opportunities, including in healthcare and technology, have faced a tougher year with consecutive interest rate rises and AI uncertainty weighing on growth-oriented companies. 1Y 3Y (%pa) 5Y (%pa) 7Y (%pa) 10Y (%pa) 20Y (%pa) Since inception (%pa) Retail* (9.7%) 3.8% 0.7% 6.0% 7.0% 8.1% 9.0% Benchmark^^ 6.9% 10.6% 7.6% 8.0% 8.8% 5.9% 7.5% Relative Performance (16.5%) (6.8%) (6.9%) (2.0%) (1.8%) 2.2% 1.5% Wholesale^ (9.1%) 4.4% 1.3% 6.7% 7.9% n/a 10.8% Benchmark^^ 6.9% 10.6% 7.6% 8.0% 8.8% n/a 9.8% Relative Performance (15.9%) (6.2%) (6.3%) (1.3%) (0.9%) n/a 1.0% We see considerable opportunity in the companies we hold, which is reflected in the fund's historically low cash levels. We've been deploying capital into quality businesses we believe are trading well below their intrinsic value in these future-focused areas.
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Quant strategies – International Shares Fund 35 Global markets were shaped by a narrow group of AI infrastructure beneficiaries including hardware, semiconductors and data centre-related companies, while energy price volatility and persistent inflation periodically unsettled broader sentiment and monetary policy expectations. Table reflects performance before fees for the International Share Fund (to align with the fund’s objective). Performance calculated in accordance with FSC Guidance note 46 and note 47, and is as at 30 June 2026 ^ Benchmark changed from MSCI Global Climate to MSCI World ex Australia from 1 July 2016. The historical benchmark returns are calculated by linking indices.| * Inception Date: 30/06/2015. The Retail fund closed in February with investors reclassified to Wholesale | Past performance is not a reliable indicator of future performance FY26 Commentary The International Shares Fund uses a quantitative approach to deliver benchmark-like market exposure through a portfolio of companies that meet our Ethical Criteria. The breadth of our ethical universe allows us to direct capital towards ethical leaders while maintaining close alignment with the broader market. With signs that market leadership is gradually broadening beyond a small number of companies, the Fund is well positioned to capture opportunities across a diverse range of sectors and regions. 1Y 3Y (%pa) 5Y (%pa) 7Y (%pa) 10Y (%pa) Since inception (%pa) Performance 15.4% 17.7% 12.7% 13.6% 13.7% 12.7% Benchmark^ 14.9% 17.8% 13.4% 14.1% 14.0% 12.7% Relative Performance 0.5% (0.1%) (0.7%) (0.5%) (0.3%) (0.0%) The Fund aims to track MSCI World ex Australia Index (AUD) Net, before taking into account fees and expenses over a 3 year period.
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Fixed Income - Credit Income Fund 36 Inflation climbed sharply over the period, first as energy rebates unwound, then as an oil shock from the Middle East added a second pulse. The RBA, after an initial cut, responded with consecutive rate rises. Table reflects performance after all fees for the Credit Income Fund. Performance calculated in accordance with FSC Guidance note 46 and note 47, and is as at 30 June 2026 ^ Benchmark is Bloomberg AusBond Bank Bill Index * Inception Date: 13/06/2017 (Wholesale), 28/06/2021 (Retail) | Past performance is not a reliable indicator of future performance References to ‘Wholesale’ funds indicate the class of pricing above a minimum investment threshold, which varies by fund FY26 Commentary High-grade credit performed strongly, underpinned by the hunt for yield, low realised defaults and spread compression across the market. Floating rate exposures were a particular beneficiary of the rising rate environment. The fund outperformed over the period, with security selection in residential mortgage-backed securities and regional bank paper adding value. Elevated yield levels and disciplined positioning continue to support a compelling case for credit as an asset class. 1Y 3Y (%pa) 5Y (%pa) 7Y (%pa) Since inception (%pa)* Retail* 5.0% 5.4% 3.8% n/a 3.8% Benchmark^ 3.9% 4.2% 3.1% n/a 3.1% Relative Performance 1.1% 1.2% 0.7% n/a 0.7% Wholesale* 5.1% 5.5% 3.9% 3.2% 3.0% Benchmark^ 3.9% 4.2% 3.1% 2.3% 2.2% Relative Performance 1.2% 1.3% 0.8% 0.8% 0.8%
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Private Markets - Growth Opportunities Fund 37 The Fund exceeded its long-term return target while building a diversified portfolio across five thematics: decarbonisation, circular economy, digitalisation, urbanisation and changing demographics. During the year it also opened to external investors and completed a landmark transaction with the CEFC. Table reflects performance before all fees for the Growth Opportunity Fund. Performance calculated in accordance with FSC Guidance note 46 and note 47, and is as at 30 June 2026 ^ Benchmark is 10% p.a. absolute return| * Inception Date: 31/12/2024 | Past performance is not a reliable indicator of future performance FY26 Commentary While inflation, rising rates and geopolitical instability made investors more cautious, portfolio assets remained resilient. Where public markets moved on sentiment, private markets let us stay focused on fundamentals, with our five thematics offering different return profiles across market conditions. During the year our first asset sale, Aligned Data Centres, delivered strong early returns. We expect to put those proceeds to work in new deals in the year ahead, with a healthy pipeline of opportunities already in view. 3M 1Y Since inception (%pa)* Growth Opportunity Fund 0.8% 21.2% 18.9% Benchmark^ 2.4% 10.0% 10.0% Relative Performance (1.6%) 11.2% 8.9% The Growth Opportunities Fund launched in December 2024, designed to give our superannuation options and multi-asset funds access to private markets and diversification beyond listed equities. It has delivered a strong contribution to returns over the period. The returns below are those of the internal fund. At the start of 2026, the Fund was opened to external investors. A landmark transaction with the Clean Energy Finance Corporation (CEFC) transferred five assets into the Fund, materially increasing its size and exposure to climate and sustainability-focused investments, with the CEFC committing $125 million.
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Balanced Accumulation Option (MySuper) 38 The fund delivered positive returns over the year, with relative performance impacted by our Australian equities allocation. This was a result of the stronger performing resource and energy companies that our Ethical Charter steers us away from, and weaker returns from local tech and healthcare sectors facing pressure from AI uncertainty and rising rates. ~ After all fees, assuming average $50k member balance. Performance calculated in accordance with FSC Guidance note 46 and note 47, and is as at 30 June 2026 | * Inception Date: 31/12/1998 # Benchmark (Objective) is CPI + 3.25%. CPI benchmarks are quarterly lagged, compounded monthly and reflect changes to the hurdle rates over time Past performance is not a reliable indicator of future performance FY26 Commentary AI has been a dominant market theme, with investment in semiconductors, data centres, power generation and supply chains rippling well beyond technology. We're focused on maintaining exposure to this structural growth driver without compromising valuation discipline. Looking ahead, the rates outlook remains a headwind. Our increasingly diversified exposure across asset classes, including CPI-linked infrastructure and private markets, positions the Fund to navigate different conditions while continuing to build exposure where we see opportunity. 1Y 3Y (%pa) 5Y (%pa) 7Y (%pa) 10Y (%pa) 20Y (%pa) Since inception* (%pa) Absolute Performance ~ 5.8% 7.7% 5.0% 6.4% 7.1% 5.4% 6.4% Benchmark# 7.0% 6.8% 7.6% 6.9% 6.4% 6.3% 6.3% Relative Performance (1.2%) 0.9% (2.6%) (0.5%) 0.8% (0.9%) 0.1%
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Additional FUM & Financial details 39 Appendix 3:
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Total FUM by product Total FUM by Asset Class & Strategy FUM overview 40 Superannuation FUM of $10.40 billion represents 72% of the total AEI Group FUM 32% 24% 10% 12% 4% 7% 11% Domestic Equities (incl NZ) International Equity Short-Term Income Fixed Income (domestic) Fixed Income (global) Real Assets (Property & Infrastructure) Alternatives (strategies)* All numbers as at 30 June 2026 *Alternatives include Private Equity, Venture Capital, Private Credit and Insurance Linked Securities 13% 2% 2% 11% 72% Investments - wholesale Investments - retail Values aligned Institutional Superannuation
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Super FUM by channel Investment Products FUM by channel FUM by channel 41All numbers as at 30 June 2026 84% 10% 6% Direct Advised Employer 31% 28% 41% Direct Advised Institutional
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FUM summary – Asset Class & Strategy 42 Externally managed international equities, property, alternative assets and global fixed income – 26.9% of total FUM Asset Class FUM at 31 Jun 26 ($bn) FUM at 30 Jun 25 ($bn) Domestic Equities (incl NZ) 4.55 4.98 International Equity 3.48 3.19 Short-Term Income 1.51 1.32 Fixed Income (domestic) 1.70 2.07 Fixed Income (global) 0.60 0.67 Real Assets (Property & Infrastructure) 0.99 0.65 Alternatives (strategies)* 1.68 1.06 Total 14.50 13.94 Asset Strategy FUM at 30 Jun 26 ($bn) FUM at 30 Jun 25 ($bn) Single 4.61 4.81 Multi-Asset 9.90 9.13 Total 14.50 13.94 *Alternatives include Private Equity, Venture Capital, Private Credit and Insurance Linked Securities
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FUM summary – Superannuation 43 Notes: Investment fees exclude Indirect cost ratios (ICRs) Market movement/Other Includes changes in asset value due to market movements, income, reinvestments and distributions, and other movements Balanced pension in FY25 reclassified to Conservative Balanced “The High Growth option was closed and transitioned into the Growth option in May 2026 In addition to the Investment fee, there is also an Administration fee of 0.25% (this decreased from 0.26% on 1 August 2025) and a fixed fee of $68 per member per annum, less ORFR funding (if required) andrebates. An insurance administration fee of 7.5% of insurance premiums also applies. Option Current Investment Fee FUM at 30 Jun 25 ($bn) FY26 Net flows ($bn) FY26 Market movement / Other ($bn) FUM at 30 Jun 26 ($bn) Superannuation Defensive 0.20% 0.24 (0.02) 0.06 0.28 Conservative 0.54% 0.40 0.00 0.05 0.45 Conservative Balanced 0.60% 0.34 (0.00) 0.06 0.39 Balanced 0.64% 5.44 0.36 (0.00) 5.80 International Shares 0.89% 0.29 0.03 0.10 0.42 Growth 0.77% 1.00 0.09 1.16 2.25 High Growth " n/a 0.94 0.04 (0.98) - Australian Shares 1.15% 0.88 0.02 (0.10) 0.80 Total Superannuation 9.52 0.53 0.35 10.40
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FUM summary – Investment Products 44 Note: • References to ‘Wholesale’ funds indicate the class of pricing above a minimum investment threshold, which varies by fund. • In addition to the management fee, Emerging Companies Fund & High Conviction Performance Fundalso receive a performance fee of 20% & 15% respectively (less unrecovered GST) of 1 year outperformance over its benchmark at end of financial year, subject to claw back of any underperformance • FUM represents external investments only ie excludes AE superannuation amounts invested in these funds. • FUM is calculated based on cum-div net market value (after fees) • Management fees exclude ICRs ^ Middle Market and Institutional mandate management fees vary according to separate agreements. Funds Retail Investment fee % Wholesale Investment fee % Retail ($m) Wholesale ($m) Middle Market^ ($m) Institutional^ ($m) Total ($m) Income Fund 0.20% 0.20% 13.1 - 1.3 - 14.4 Bond Fund 0.50% 0.30% - 23.2 0.2 65.1 88.5 Balanced Fund 1.42% 0.76% 78.7 299.8 185.7 - 564.3 International Shares 0.99% 0.59% - 147.1 2.6 - 149.7 Diversified Shares 1.39% 0.95% 13.0 286.3 3.0 - 302.2 High Growth 1.39% 0.90% - 108.8 28.4 - 137.2 Australian Shares 1.69% 1.10% 158.5 590.9 29.5 - 778.8 Emerging Companies 1.69% 1.20% 10.8 203.5 3.9 - 218.2 Infrastructure Debt Fund 0.85% - 42.8 5.8 - 48.6 High Conviction Fund 0.69% - 10.8 0.2 - 11.0 Conservative Fund 0.55% - 4.9 0.4 - 5.3 Moderate Fund 0.60% - 13.6 - - 13.6 Growth Opportunities Fund - Class B - - - 126.0 126.0 Growth Opportunities Fund - Ordinary 0.95% - 0.5 - - 0.5 Green and Sustainable Bond Fund 0.40% 0.30% 0.2 13.0 5.2 144.6 162.9 Short Duration Bond Fund 0.49% - 96.0 5.6 0.2 101.8 Credit Income Fund 0.30% 0.20% 2.7 4.3 - 323.2 330.3 Institutional Mandates - - - 1,031.3 1,031.3 SMA - 21.4 - - 21.4 Total Investments 276.9 1,866.9 271.8 1,690.3 4,105.9
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Growth metrics 45 Average age of current super members is 40 Average super account balance is $88k* Average rollover in of $49k# Additional metrics * Average of funded accounts at 30 June 2026 # Excluding rollovers from ATO Reference to ‘Wholesale’ funds indicate the class of pricing above a minimum investment threshold, which varies by fund ^ Inorganic FUM included in FUM total Growth metrics FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 FUM – accumulated super ($bn) 9.62 8.86 7.69 9.62 9.24 8.86 8.34 7.69 7.11 FUM – pension super ($bn) 0.77 0.66 0.56 0.77 0.74 0.66 0.62 0.56 0.52 FUM – total super ($bn) 10.40 9.52 8.25 10.40 9.98 9.52 8.96 8.25 7.63 FUM – investments – retail/wsale ($bn) 2.42 2.61 2.19 2.42 2.57 2.61 2.55 2.19 2.04 FUM – investments – insto ($bn) 1.69 1.81 0.00 1.69 1.53 1.81 1.74 0.00 0.00 FUM – total investments ($bn) 4.11 4.42 2.19 4.11 4.11 4.42 4.29 2.19 2.04 FUM - total ($bn) 14.50 13.94 10.44 14.50 14.08 13.94 13.26 10.44 9.67 Investor numbers 11,673 12,330 12,859 11,673 12,042 12,330 12,643 12,859 13,135 Member numbers (funded) 118,783 118,299 122,013 118,783 117,605 118,299 120,185 122,013 117,518 New member joins 15,201 14,341 21,422 8,280 6,921 7,004 7,337 11,130 10,292 Exits excl PYS exits (11,651) (13,059) (17,783) (5,106) (6,545) (4,778) (8,281) (7,481) (10,302) PYS exits (3,874) (5,862) (1,382) (1,816) (2,058) (3,562) (2,300) (1,233) (149) Total exits (15,525) (18,921) (19,165) (6,922) (8,603) (8,340) (10,581) (8,714) (10,451) Net new funded members 484 (3,714) 7,880 1,178 (694) (1,886) (1,828) 4,495 3,385 Net flows – investments - retail/wsale ($m) (36.7) 61.8 5.6 (32.7) (4.0) (13.3) 75.0 15.8 (10.3) Net flows – investments – insto - organic ($m) 173.1 14.4 - 136.6 36.6 14.5 (0.1) - - Net flows – super ($m) 527.5 513.8 601.5 296.3 231.1 319.8 194.0 332.1 269.4 Net flows - organic ($m) 663.9 590.0 607.1 400.2 263.7 321.1 268.9 348.0 259.1 Capital management - insto - ($m) (43.9) (68.1) - (2.6) (41.3) (9.9) (58.2) - - Inorganic movements ($bn)^ FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 Altius Asset Management (0.25) 1.93 - - (0.25) - 1.93 - - Investments flows drivers ($m) FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 Investments (excl insto) inflows 392.4 407.1 290.6 187.5 204.9 158.6 248.5 146.6 144.0 Investments (excl insto) outflows (429.1) (345.3) (285.0) (220.2) (208.9) (171.8) (173.5) (130.8) (154.3) Insto net flows - organic 173.1 14.4 - 136.5 36.6 14.5 (0.1) - - Insto net flows - inorganic (245.7) - - - (245.7) - - - - Insto capital management (43.9) (68.1) - (2.6) (41.3) (9.9) (58.2) - - Outflow % FUM annualised (excl insto) (17%) (15%) (14%) (18%) (16%) (14%) (15%) (12%) (15%) Super flows drivers ($m) FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 Rollovers in 261.5 239.2 307.8 123.3 138.2 127.8 111.4 143.0 164.8 SG contributions 723.4 661.5 596.0 381.0 342.4 343.4 318.1 316.3 279.7 Other contributions 254.9 218.8 177.7 161.4 93.5 141.9 76.9 122.0 55.8 Total super inflows 1,239.7 1,119.5 1,081.5 665.7 574.1 613.1 506.4 581.2 500.3 Total super outflows (712.3) (605.7) (480.0) (369.3) (343.0) (293.2) (312.5) (249.1) (230.9) Outflows % FUM annualised (7%) (7%) (6%) (7%) (7%) (6%) (7%) (6%) (6%)
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Financial Metrics 46 Note the above is attributable to shareholders and excludes profit/loss attributable to the Foundation ^ Net of rebates ^^ 2H24 high effective tax rate reflects impact of change in fair value of Sentient investment which is on capital account and not deductible (excluding this fair value impact, tax “Ordinary shares on issue exclude employee share plan # Payout ratio calculated on Diluted EPS based on NPAT (dilution includes employee shares). * Cost to income ratio is calculated using operating expenses adjusted for non-underlying items as a percentage of revenue excluding non- underlying items ~ This relates to the dividend cash payment timing and not the dividend declared Above may include variances due to rounding Financial metrics FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 FUM based revenue (ex performance fee) ($m) 120.4 111.7 92.9 59.1 61.3 57.0 54.7 48.1 44.8 Performance fee ($m) - - 0.2 - - - - 0.2 - Member based revenue ($m)^ 5.7 5.4 6.0 2.7 3.0 2.7 2.7 3.0 3.0 Insurance Admin fee 1.4 - - 0.8 0.7 - - - - Other ($m) 2.0 2.2 1.3 1.1 0.9 0.8 1.4 0.7 0.7 Total revenue ($m) 129.5 119.4 100.5 63.7 65.8 60.6 58.8 52.0 48.5 UPAT – pre performance fee ($m) 27.3 23.8 18.4 13.0 14.4 12.3 11.5 10.0 8.5 Performance fee (after tax & community grant impact) - - 0.1 - - - - 0.1 - UPAT – post performance fee ($m) 27.3 23.8 18.5 13.0 14.4 12.3 11.5 10.0 8.5 NPAT attributable to shareholders ($m) 25.7 19.9 11.8 12.5 13.3 10.6 9.3 5.6 6.2 Cost to income ratio – pre performance fee (%)* 69.8% 71.4% 73.7% 70.9% 68.8% 71.0% 71.8% 72.7% 75.0% Cost to income ratio – post performance fee (%)* 69.8% 71.4% 73.7% 70.9% 68.8% 71.0% 71.8% 72.4% 75.0% Effective tax rate (%)^^ 30% 30% 34% 30% 30% 30% 30% 37% 30% Earnings per share (cents) FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 Basic (NPAT attributable to shareholders) 22.95 17.85 10.61 11.12 11.84 9.49 8.36 5.05 5.57 Diluted (NPAT attributable to shareholders) 22.48 17.51 10.51 10.89 11.60 9.31 8.22 4.99 5.53 Basic (UPAT attributable to shareholders) 24.39 21.30 16.59 11.58 12.80 11.04 10.28 9.00 7.59 Diluted (UPAT attributable to shareholders) 23.89 20.90 16.44 11.35 12.54 10.83 10.11 8.90 7.54 Dividends FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 Ordinary Dividend (cents per share) 18 14 9 10 8 9 5 6 3 Dividend franking (%) 100% 100% 100% 100% 100% 100% 100% 100% 100% Dividend paid ($m)~ 19.31 12.44 9.02 9.11 10.21 5.67 6.77 3.38 5.64 NPAT annual payout ratio# 80% 80% 86% 92% 69% 97% 61% 120% 54% Capital Management FY26 FY25 FY24 2H26 1H26 2H25 1H25 2H24 1H24 Cash & term deposits ($m) 50.7 38.8 36.3 50.7 38.7 38.8 32.3 36.3 26.9 Net assets 50.2 40.1 30.0 50.2 45.7 40.1 34.7 30.0 26.8 Net assets per ordinary share ($)” 0.45 0.36 0.27 0.45 0.41 0.36 0.31 0.27 0.24
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Fees 47 Margins have reduced over time as we pass on benefits of scale to investors and members through fee reductions Average revenue margin across all products (including institutional) was 0.91% in FY26 Average revenue margin for Superannuation was 1.01% in FY26, in line with FY25, with reduction in administration fee to 0.25% from 0.26% on 1 August 2025, and reduction in Growth option to 0.77% from 0.83% on 1 May 2026. These reductions were offset by new insurance administration fees Average revenue margin for Investments was 0.66% in FY26, down from 0.71% in FY25, as a result of the full year impact of Altius Asset Management - primarily cash and fixed income funds 30 June 2026 revenue margin was 0.99% for Superannuation and 0.64% for Investments Looking ahead, as we scale further, we will balance profitable growth with delivering a more competitive offering for our current and future customers Additional information * Average revenue margin calculated on total revenue (both FUM-based and member-based fees) excluding performance fees, as a percentage of average annual FUM (12 months) ^ References to ‘Wholesale’ funds indicate the class of pricing above a minimum investment threshold, which varies by fund. ~ Investments includes SMA & ETF Superannuation average revenue margin Investments average revenue margin~ Includes retail, wholesale^ and institutional 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 FY22 FY23 FY24 FY25 FY26 Average Managed Funds FUM (LHS) Managed Funds average revenue margin (RHS) 0.90% 0.95% 1.00% 1.05% 1.10% 1.15% 1.20% 1.25% - 2.0 4.0 6.0 8.0 10.0 12.0 FY22 FY23 FY24 FY25 FY26 Average Superannuation FUM (LHS) Superannuation average revenue margin (RHS) $bn $bn Average Superannuation FUM ($bn) (LHS) Superannuation average revenue margin (RHS)* Average Investments FUM ($bn) (LHS) Investments average revenue margin (RHS)*
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Disclaimer The information contained in this presentation is general information only, and does not take into account your individual investment objectives, financial situation or needs. Before acting on it, you should consider seeking financial advice that is tailored to suit your personal circumstances and should refer to the Financial Services Guide, relevant Product Disclosure Statements and Target Market Determinations (TMD) available on our website (http://www.australianethical.com.au/Past performance is not a reliable indicator of future performance. Certain statements in this presentation relate to the future. Such statements involve known and unknown risks and uncertainties and other important factors that could cause the actual results, performance or achievements to be materially different from expected future results. Australian Ethical Investment Ltd does not give any representation, assurance or guarantee that the events expressed or implied in any forward looking statements in this update will actually occur and you are cautioned not to place undue reliance on such statements. The content of this presentation is intended to provide a summary and general overview concerning matters of interest and is correct as at the date of publication. This presentation contains information extracted from Australian Ethical Investment Limited's audited financial statements as well as other information that has not been subject to audit or review by the Company's external auditor. Australian Ethical Investment Ltd does not accept any liability, either directly or indirectly, arising from any person relying, either wholly or partially, upon any information shown in, or omitted from, this update. Under no circumstances will Australian Ethical Investment Ltd be liable for any loss or damage caused by your reliance on information obtained from this update. You should consider seeking advice from a legal or other professional adviser before acting in response to the content of this update. This document may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, the Australian Ethical accepts no responsibility for the accuracy or completeness of, nor does it endorse any such third party material. To the maximum extent permitted by law, we intend by this notice to exclude liability for this third party material. This presentation must not be used, copied or distributed without Australian Ethical Investment Ltd’s prior written approval. Australian Ethical Investment Ltd (ABN 47 003 188 930; Australian Financial Services Licence No. 229949) is the Responsible Entity and Investment Manager of the Australian Ethical Managed Investment Funds. Interests in the Australian Ethical Retail Superannuation Fund (ABN 49 633 667 743; Fund Registration No. R1004731) are offered by Australian Ethical Investment Ltd by arrangement with its subsidiary and trustee of the Super Fund, Australian Ethical Superannuation Pty Ltd (ABN 43 079 259 733, RSE L0001441, AFSL 526 055). Ethical investing limits the available investment universe, which may result in different performance and volatility outcomes compared to non-ethical portfolios. We apply restrictions and thresholds using qualitative and quantitative analysis and may include investments where we assess overall merits outweigh potential negatives. See our Ethical Guide for more detail. 48
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Disclaimer contd. 49 Zenith Recommended rating applies to our Multi-Asset Funds and the Australian Ethical Altius Fixed Income Funds (excluding Australian Ethical Altius Bond Fund) The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Australian Ethical Altius Credit Income Fund (Retail) Rating assigned on 30 Jun 2026 APIR: AUS1392AU, Australian Ethical Altius Green and Sustainable Bond Fund (Retail) Rating assigned on 30 Jun 2026 APIR: AUS9041AU, Australian Ethical Altius Short Duration Bond Fund Rating assigned on 30 Jun 2026 APIR: AUS0071AU, Conservative APIR: AUG6267AU Rating assigned on 30 September 2025, Moderate APIR: AUG7454AU Rating assigned on 30 September 2025, Balanced APIR: AUG0017AU Rating assigned on 30 September 2025, High Growth APIR: AUG0020AU Rating assigned on 30 September 2025 referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines. Lonsec - ‘Recommended’ rating applies to our Multi-Asset funds and Active Equities Funds The report that included the rating was published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec) on April 2026 (Multi-Asset) and October 2025 (Active Equities). Lonsec receives a fee from fund managers for the preparation of reports. The report / rating is general advice only. An investor should be aware that: a) the advice has been prepared without taking into account an investors’ objectives, financial situation or needs; b) an investor should consider the appropriateness of the advice having regard to their own objectives, financial situation or needs before acting on the advice; and c) an investor should obtain a PDS relating to the product, consider the PDS and seek independent financial advice before making any decision about whether to acquire the product. The rating is not a recommendation to purchase, sell or hold any product. Past performance is not a reliable indicator of future performance. Ratings are prepared based on information available at the time of preparation and may be subject to change by Lonsec without notice. Visit lonsec.com.au for important documents (FSG, Conflicts Statement). © 2026 Lonsec. All rights reserved. Australian Ethical was again recognised as a Responsible Investment Leader by the Responsible Investment Association Australasia (RIAA). This means we are placed in the top 20% of organisations assessed, demonstrating leading practice in our commitment to responsible investing; our explicit consideration of environmental, social and governance factors in investment decision making; our strong and collaborative stewardship; and our transparency in reporting activity, including the societal and environmental outcomes being achieved SuperRatings GOLD For MySuper 2026 The rating is issued by SuperRatings Pty Ltd ABN 95 100 192 283 (SuperRatings) a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, AFSL No. 421445. Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and SuperRatings assumes no obligation to update. SuperRatings use proprietary criteria to determine awards and ratings and may receive a fee for the use of its ratings and awards. Visit superratings.com.au for ratings information. © 2026 SuperRatings. All rights reserved. 49
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25 August 2026 FY26 Full Year Results John McMurdo (Managing Director & CEO) Mark Simons (CFO) Australian Ethical Investment Ltd