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2025 FULL YEAR RESULTS February 2026 Bell Financial Group Ltd (ASX:BFG) A diversifiedfinancial services and wealth management business, with stronggrowth potentialdriven by an ongoing focus on clients, technology and products. For personal use only
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Contents 1 2025 at a Glance 3 2 Strategy: Positioned for Growth 7 3 2025 Group Results 11 4 2025 Performance by Division 16 5 Bell Financial Group 25 6 Outlook 28 7 Appendices 30 2 For personal use only
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2025 at a Glance 1 For personal use only
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4 1 Strong financial performance with growth across all business divisions 2 Continuing growth in recurring revenue streams 3 Sustained client growth underpinned by onboarding of new clients 4 Efficiency and productivity improvements continue to underpin margin growth 5 Delivered shareholder value with EPS and DPS growth Key messagesFor personal use only
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5 2025 highlights Consistent delivery of sustainable and profitable growth Revenue Net profit after tax $299.2m $36.0m 8% increase on 2024 17% increase on 2024 Funds under advice NPAT margin expansion $92.1b +90bps 7% increase on 2024 2025: 12.0% vs 2024: 11.1% Earnings per share Dividend per share 11.3¢ per share 9.5¢ per share 18% increase on 2024 19% increase on 2024 Return on equity 20.3% 200bps increase on 2024 Balance sheet Cash $146.0m Net assets $254.8m Net tangible assets $106.8m For personal use only
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6 Strong financial performance with growth across all business divisions Continuing growth in recurring revenue streams Sustained client growth underpinned by onboarding of new clients Efficiency and productivity improvements continue to underpin margin growth Delivered shareholder value with EPS and DPS growth 2025 gross dividend yield1 10.3% 2025 dividend per share 9.5 cps Markets clients 5.0% Platforms clients 4.1% NPAT 17.1% Statutory revenue 8.2% Platforms NPAT 20.5% Platforms NPAT margin 150 bps Markets NPAT margin 10 bps Platforms revenue 13.3% 2025 highlights Strong financial performance underpinned by client growth, efficiency-led margin improvement, and EPS and DPS uplift 1. Based on the 31 December 2025 share price of $1.315 We now view the business as two complementary divisions serving distinct market needs, leveraging core financial services and technology strengths Retail and institutional broking, equity capital markets and foreign exchangeMarkets Platforms Online broking and third party clearing, Bell Potter Private Wealth, portfolio lending and Bell Financial Trust For personal use only
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Strategy: Positioned for Growth 2 For personal use only
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8 1. CoreData research 2024 2. Investment Trends Research 2024 The changing market landscape Structural shifts in wealth, technology and advice are reshaping how Australians invest and engage with managing their wealth • Ageing demographics are accelerating the transfer of wealth to the next generation, the largest capital shift in accumulated wealth history. • Two primary segments will be the key beneficiaries – women (65%) and millennials. • These two significant segments are more financially engaged, looking for improved transparency, digital engagement and a more flexible advice relationship. $3.5 trillion1 wealth transfer • Advances in technology have improved market access for clients and there has been a 9.8% increase in the number of online self- directed investors over the last 12 months. • AI has fast tracked ‘on-demand’ advice as investors use mainstream AI tooling to prompt guidance on their investment ideas and personal situation. • Clients expect personalised content, real-time research, and engagement models that adapt to their preferences. AI is changing advice engagement • The adviser landscape is consolidating. • Registered financial advisers declined from 24,000 in 2019 to 15,000 in 20242, while there has been a corresponding decrease in the number of active advised clients. • There is a growing pool of clients who are neither advised nor self-directed. These Australians are seeking a more holistic and hybrid approach to wealth management. Wealth management evolution For personal use only
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Core strategies Five core strategies to drive growth and to create a more diversified, resilient business while responding to changing market conditions 9 For personal use only
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Strong momentum built across 2025 Considerable progress was made in 2025, with approximately $7.0m invested across key strategic initiatives that are now well advanced and gaining early momentum 10 , For personal use only
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2025 Group Results 3 For personal use only
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12 Financial performance Momentum in the second half across equity and capital markets, supported by increased trading volumes, underpinned a strong year $M 2025 2024 Variance Revenue 299.2 276.4 8% EBITDA 56.0 47.6 18% NPAT 36.0 30.7 17% NPAT margin (%) 12.0% 11.1% Earnings per share (cents)1 11.3 9.6 18% Interim dividend per share (cents) 3.0 4.0 -25% Final dividend per share (cents) 6.5 4.0 63% Total dividend per share (cents) 9.5 8.0 19% Payout ratio (%)1 84.6% 83.6% Dividend yield (%)1 10.3% 8.5% Return on equity (%)1 20.3% 18.3% 1. Refer to Appendix A REVENUE ($M) NPAT ($M) 1st half 2nd half For personal use only
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13 • Platforms continues to gain momentum, contributing 34% of adjusted revenue¹ and 72% of NPAT. This performance reinforces our strategic objective to invest in, grow and further develop this business segment. • Earnings growth has translated into strong dividend growth, with a high yield, and a high payout ratio which increased to 84.6% in 2025. REVENUE ($M)1 NET PROFIT AFTER TAX ($M) EARNINGS PER SHARE (CENTS) Note. In 2021, as a response to the on-going COVID-19 pandemic, ECM revenue was assisted by Central Bank fiscal stimulus, rate cuts and quantitative easing resulting in a spike in IPO and capital raises. 1. Refer to Appendix C 2. Based on the 31 December 2025 share price of $1.315 Historical financial performance Revenue and earnings growth underpinned by Platforms recurring revenues and earnings DIVIDEND PAID ($M) AND GROSS DIVIDEND YIELD2 (%) For personal use only
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14 Balance sheet Strong balance sheet with no core debt, $146m in company held cash CASH – BELL FINANCIAL GROUP ($M) Of the Group’s cash balance of $146.0m, approximately $80.0m is required to meet regulatory and working capital requirements. $M 31 December 2025 31 December 2024 Cash – Bell Financial Group 146.0 130.1 Cash – Client funds 88.2 47.3 Trade and other receivables 82.1 87.5 Loans and advances (margin lending) 584.2 587.1 Goodwill and intangibles 148.0 145.9 Right of use assets 50.7 33.7 Other assets 22.4 22.4 Total assets 1,121.7 1,054.0 Settlement obligations 104.5 92.6 Other payables 39.8 31.4 Bell Potter client funds (Bell Financial Trust) 580.9 559.5 Cash advance facility 27.0 42.5 Lease liability 59.1 42.1 Other liabilities 55.5 45.0 Total liabilities 866.8 813.1 Net assets 254.8 240.9 For personal use only
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15 Funds under advice (FUA) Strong increase in FUA driven by net inflows, client acquisitions and retention FUNDS UNDER ADVICE ($B) • Funds under advice (FUA)1 increased to $92.1b at December 2025, up 7.3% on pcp, while funds under management (FUM)1 rose to $9.5b, an increase of 7.5% on the pcp. • Conversion of sponsored holdings into FUM remains a key strategic priority going forward, as this will drive growth in recurring revenues. 1. Refer to Appendix A For personal use only
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2025 Performance by Division 4 For personal use only
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17 Our divisions We have simplified the way we look at the business into two complementary divisions serving distinct market needs and leveraging core financial services and technology strengths 1. Markets comprises the Retail & Institutional broking segment. 2. Platforms comprises the Technology & Platforms and Products & Services segments. 1 2 For personal use only
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Markets – summary Rebounding investor confidence in the second half delivered a 10% uplift in 2025 NPAT Core services • Broking – traditional retail broking (retail client focus) and traditional wholesale broking (institutional and wholesale client focus). • Equity capital markets – provides corporate clients with advisory and execution services for equity capital raisings including initial public offers and secondary capital market raisings. • Foreign exchange – provides clients with foreign currency execution and risk management solutions to support international equities investing, and wholesale clients import/export settlement activities. FY25 Revenue 18 Broking $99.5m, 6% Equity capital markets $74.4m, 5% Foreign exchange $8.6m, 5% Other Income $10.2m, 96% $M 2025 Variance Revenue $192.7m 8% EBITDA $16.5m 9% NPAT $10.1m 10% NPAT margin (%) 5.2% 10bps 2nd half REVENUE ($M) NPAT ($M) For personal use only
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19 Markets – historical performance Equity markets remain buoyant, supported by positive investor sentiment and risk appetite • Broking revenue increased 6.4% in 2025 to $99.5m, supported by strong trading conditions in the second half. • Equity capital markets had another excellent year with revenues up 4.9% to $74.4m. • Foreign exchange revenue increased to $8.6m, up 4.9% on the prior year. Other revenue rose to $10.2m, driven primarily by house stock revaluations. REVENUE ($M) NET PROFIT AFTER TAX ($M) For personal use only
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20 Markets – equity capital markets Over $1.6 billion raised across 82 transactions, eighth in the 2025 Australian LSEG1 league tables 1. Global Equity Capital Markets, Full Year 2025, LSEG Data Analytics $8.8m Industrials May 2025 $10.0m Resources June 2025 $30.0m Resources July 2025 $48.0m Industrials November 2025 $8.5m Resources October 2025 $230.8m Healthcare November 2025 Select IPO transactions Select Secondary raising transactions $20.0m Convertible Note Introducer January 2025 $260.0m Placement Lead Manager January 2025 $220.0m Placement Joint Lead Manager April 2025 $17.3m Placement Joint Lead Manager June 2025 $21.0m Placement Joint Lead Manager May 2025 $37.5m Placement & SPP Joint Lead Manager July 2025 $50.0m Placement Joint Lead Manager July 2025 $15.6m Placement Joint Lead Manager July 2025 $60.0m Placement Lead Manager July 2025 $27.5m Placement & SPP Lead Manager July 2025 $203.6m Placement Lead Manager July 2025 $336.1m Placement & SPP Joint Lead Manager August 2025 $72.2m Block Trade Lead Manager August 2025 $30.0m Placement Lead Manager August 2025 $20.0m Placement Joint Lead Manager August 2025 $46.0m Placement Joint Lead Manager September 2025 $17.6m Placement & SPP Joint Lead Manager October 2025 $15.0m Placement Joint Lead Manager August 2025 $90.0m Placement & SPP Joint Lead Manager October 2025 $40.0m Placement Joint Lead Manager October 2025 $34.0m Placement & SPP Lead Manager November 2025 $25.0m Placement & ANREO Lead Manager October 2025 $15.0m Placement Lead Manager October 2025 $15.8m DRP Underwrite Joint Lead Manager October 2025 $40.0m Placement &SPP Lead Manager October 2025 $30.0m Placement Joint Lead Manager December 2025 $19.5m Placement & SPP Joint Lead Manager December 2025 $35.0m Placement & SPP Joint Lead Manager December 2025 For personal use only
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Platforms – summary Sustained growth and strong margins validate the effectiveness of our recurring revenue investment strategy Core services • Online broking and third party clearing – online equities broking and third-party clearing services utilising proprietary technology and platforms. • Bell Potter Private Wealth – comprehensive investment, superannuation, administrative and reporting solutions to retail, wholesale and institutional clients. • Portfolio lending and Bell Financial Trust – margin lending solution that allows clients who want to use gearing to build a portfolio of investments and to gain greater market exposure. Bell Financial Trust operates as an at-call account and as an at-call interest bearing investment account for clients. $M 2025 Variance Revenue $97.2m 13% EBITDA $39.5m 22% NPAT $25.9m 20% NPAT margin (%) 26.6% 150bps 21 Third party clearing $13.8m, 18% Bell Potter Private Wealth $26.9m, 7% Portfolio lending income $23.9m, 12% Other income $0.9m, -% Online broking $31.7m, 47% FY25 Revenue For personal use only
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22 Platforms – online broking and third party clearing Revenue and NPAT continue to deliver consistent growth, with NPAT margins benefiting from ongoing investment in the underlying platforms • Revenue increased by 18.2% in 2025 to $45.5m, with NPAT increasing 25.6% to $10.3m. • The increase in 2025 was assisted by the successful acquisition and migration of approximately 75,000 accounts from Macquarie online trading from a Bell Potter white label product to full service offering under Bell Direct, with around 65% of migrated clients active post-transition (and growing). • The acquisition resulted in reclassification of revenue from Third Party Clearing (white label) to Bell Direct and Desktop Broker. REVENUE ($M) NET PROFIT AFTER TAX ($M) AND MARGIN (%) SPONSORED HOLDINGS ($B) For personal use only
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23 Platforms – Bell Potter Private Wealth Record inflows driving asset growth to $6.1b, Praemium strategic wealth management relationship established • Bell Potter Private Wealth comprises the portfolio administration services and superannuation solutions. • Revenue increased 7.2% in 2025 to $26.9m, with NPAT increasing 1.4% to $7.1m. • Minimal margin compression in 2025 was due to one-off costs incurred to establish the new Praemium platform and commence migration of existing clients. • Migration of remaining clients to the new platform is expected to occur progressively throughout the first quarter of 2026. REVENUE ($M) NET PROFIT AFTER TAX ($M) AND MARGIN (%) BELL POTTER PRIVATE WEALTH ASSETS ($B) BELL POTTER PRIVATE WEALTH INFLOWS ($B) For personal use only
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24 Platforms – portfolio lending and Bell Financial Trust Net revenue expansion through optimal financing and cost control resulted in an NPAT uplift of 37% • Revenue increased by 12.2% in 2025 to $23.9m, with NPAT increasing 36.7% to $8.2m. • The average margin loan book size across 2025 was $587m (December 2025: 584m), a 2.7% increase on prior year, while the Bell Financial Trust book which assists with funding the margin loan book, grew to an average of $566m (December 2025 $581m), an increase of 18.1%. • This meant less reliance on the cash advance facility and a higher net interest margin. REVENUE ($M) NET PROFIT AFTER TAX ($M) AND MARGIN (%) MARGIN LOAN BOOK ($M) BELL FINANCIAL TRUST ($M) CLIENT FUNDS AT CALL For personal use only
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Bell Financial Group 5 For personal use only
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26 A diversified financial services business An Australian-owned business with global reach and a history of growth and innovation offices across Australia plus offices in London, New York, New Zealand, Hong Kong and Kuala Lumpur 11 2023 New leadership Completed transition to one internal clearing platform 2022 First third- party clearing client, Macquarie Equities Limited, onboarded 2019 Acquired two structured products – Equity Lever & Geared Equity Investments from Macquarie Bank 2018 New York office opened Acquisition of 100% in TPP completed Acquired 100% of the Macquarie Retail Futures business 2012 Hong Kong office opened 2009 London office opened 2008 Acquired Southern Cross Equities 2007 Listing of Bell Financial Group on ASX Launched Bell Direct online broking business Kuala Lumpur office opened 2006 Established Bell Potter Capital – margin lending and cash management business 2003 Acquired Challenger First Pacific 2002 Acquired Falkiners Stockbroking business 2001 Acquired Johnson Taylor Potter 1988 Established Bell Securities equities broking business 1970 Bell Commodities business established 2025 Inaugural CIO employed Entered into strategic relationship with Praemium to create a market leading wealth platform For personal use only
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Highly experienced management team and Board We have a highly experienced board and management team with deep industry expertise with significant shareholdings in the business 27 Business Leaders Dean Davenport Co-Chief Executive Officer +30 years’ industry experience Arnie Selvarajah Co-Chief Executive Officer +30 years’ industry experience Nick Hamilton CFO & COO +20 years’ industry experience James Unger Head of Wholesale Broking +30 years’ industry experience Dean Surkitt Managing Director Retail Equities +35 years’ industry experience Lee Muco Chief Executive Officer Third Party Platform +25 years’ industry experience Chris Fox Managing Director Bell Potter Capital +20 years’ industry experience Kate Ingwersen Group Head of Product +25 years’ industry experience Cindy-Jane Lee Group General Counsel and Company Secretary +20 years’ industry experience Joe Tillig Chief Technology Officer +25 years’ industry experience Bell Financial Group Board Brian Wilson AO Independent Chairman +40 years’ industry experience Alastair Provan Non-Executive Director +35 years’ industry experience Christine Feldmanis Independent Director +30 years’ industry experience Andrew Bell Non-Executive Director +40 years’ industry experience For personal use only
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Outlook 6 For personal use only
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29 Outlook 2026 market conditions • Market conditions remain positive and we have had a strong start to 2026. • Geopolitical challenges continue to influence market conditions. • Inflation and interest rate pressures both domestic and global persist, shaping market sentiment. Operations and business • Complete the migration of our clients to the new Praemium based Bell Potter Private Wealth platform in Q1 2026. • Launch new digital applications (websites and mobile) across brands and segments to enhance client engagement. • Launch model portfolios and separately managed accounts to broaden our wealth offering and grow recurring revenue and earnings. • Continue to explore external growth opportunities that add shareholder value and complement existing business and strategic objectives. For personal use only
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Appendices 7 For personal use only
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31 Appendix A – definitions Dividend payout ratio is calculated as the total dividend for the financial year divided by the NPAT for the financial year. Dividend yield is based on the interim dividend paid for the financial year and the final dividend payable for the financial year, dividend by the BFG share price at the end of the financial year. Earnings per share (EPS) is calculated Net Profit After Tax divided by weighted average number of ordinary shares (net of treasury shares). Funds under advice (FUA) represents the total value of client assets advised by the firm. Funds under management (FUM) represents the total value of client assets managed on a discretionary basis by the firm, representing assets for which we have direct investment decision-making responsibility. PCP is prior corresponding period. Return on equity (ROE) is calculated Net Profit Before Tax divided by total equity attributable to equity holders of the company. For personal use only
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32 Appendix B – segment financials Division Markets Platforms Group Segment Broking - Retail & Institutional segment Products & Services segment Technology & Platforms segment $M 2025 2024 Variance 2025 2024 Variance 2025 2024 Variance 2025 2024 Variance Brokerage - retail and online 82.7 79.0 5% - - - 45.5 38.5 18% 128.2 117.5 9% Brokerage - institutional equities 16.8 14.5 16% - - - - - - 16.8 14.5 16% Equity capital markets income 74.4 70.9 5% - - - - - - 74.4 70.9 5% Foreign exchange 8.6 8.2 5% - - - - - - 8.6 8.2 5% PAS income (wealth management platform) - - - 26.9 25.1 7% - - - 26.9 25.1 7% Portfolio lending income - - - 23.9 21.3 12% - - - 23.9 21.3 12% Othe income 10.2 5.2 96% 0.9 0.9 0% - - - 11.1 6.1 82% Revenue 192.7 177.8 8% 51.7 47.3 9% 45.5 38.5 18% 289.9 263.6 10% Expenses 176.2 162.7 8% 29.3 28.3 4% 28.4 25.1 13% 233.9 216.0 8% EBITDA 16.5 15.1 9% 22.4 19.0 17% 17.1 13.4 27% 56.0 47.6 18% EBITDA margin (%) 8.6% 8.5% 43.3% 40.2% 37.6% 34.8% 19.3% 18.1% NPAT 10.1 9.2 10% 15.6 13.3 17% 10.3 8.2 26% 36.0 30.7 17% NPAT margin (%) 5.2% 5.1% 30.2% 28.1% 22.6% 21.3% 12.4% 11.6% For personal use only
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33 Appendix C – reconciliation between statutory and adjusted revenue The adjustments have been made to statutory revenue to present revenue on a management basis, reflecting management’s view of underlying operating performance and providing additional investor insight. Net interest – Adjusted to present BPC net interest on a net basis by offsetting finance income and finance expense, rather than presenting these amounts gross. Clearing fees – Adjustment to record an arm’s-length fee for services provided by Third Party Platform (Platforms segment) to Bell Potter Securities (Markets segment) in relation to third-party clearing services. Product fee income – Adjustment to record the product fee paid by Bell Potter Capital (Platforms segment) to Third Party Platform (Platforms segment) for cash held by Third Party Platform clients within the Bell Financial Trust. Note: • Adjustments 2-4 eliminate on consolidation • All adjustments have no impact on EBITDA or NPAT $M 2025 2024 Statutory revenue 299.2 276.4 Net interest (18.7) (21.8) Clearing fees 3.9 3.8 Product fee income 5.3 5.0 Other 0.2 0.2 Adjusted revenue 289.9 263.6 For personal use only
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34 Appendix D – key dates Results release Wednesday, 18 February 2026 Ex-dividend Tuesday, 3 March 2026 Record date Wednesday, 4 March 2026 Payment date Thursday, 19 March 2026 For personal use only
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Important Disclaimer The material contained in this presentation has been prepared by Bell Financial Group Limited ABN 59 083 194 763 (Bell Financial Group) and is general background information about the businesses, operations and activities of Bell Financial Group and its subsidiaries, current as at the date of this presentation. The information is provided in summary form only and does not purport to be complete or comprehensive. Certain information has been derived from publicly available sources that have not been independently verified. The information in this presentation should not be considered as advice or a recommendation for investment purposes, as it does not take into account your particular investment objectives, financial position or needs. These factors should be considered, with or without independent professional advice, when deciding if an investment is appropriate. This presentation may contain forward-looking statements with respect to the operations and businesses of the Bell Financial Group. The assumptions underlying these forward-looking statements involve circumstances and events that have not yet taken place, and which are subject to uncertainty and contingencies outside Bell Financial Group’s control. Readers are cautioned not to place undue reliance on any forward-looking statements. Bell Financial Group does not undertake any obligation to publicly release the result of any revisions to forward-looking statements in this presentation or to otherwise update forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this presentation. Past performance is not a reliable indication of future performance. To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of the material contained in this presentation is accepted by the Bell Financial Group.For personal use only
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