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Acknowledgement of country Challenger acknowledges the Traditional Owners of Country throughout Australia and we pay our respects to Elders past and present. We recognise the continuing connection that Aboriginal and Torres Strait Islander peoples have to this land and acknowledge their unique and rich contribution to society. For personal use only
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Duncan West Independent Non-Executive Director and Chair For personal use only
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Governance Highly capable and experienced Board 4 Duncan West INDEPENDENT NON- EXECUTIVE DIRECTOR AND CHAIR Appointed: 10 September 2018 Nick Hamilton MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Appointed: 1 January 2022 Lisa Gray INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 9 November 2023 Melanie Willis INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 6 December 2017 John Somerville INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 17 June 2025 John M. Green INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 6 December 2017 Heather Smith INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 20 January 2021 David Whittle INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 17 June 2025 For personal use only
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Executive team Delivering value for customers, employees and shareholders 5 Nick Hamilton MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Years at Challenger: 10 Alex Bell CHIEF FINANCIAL OFFICER Years at Challenger: 9 Louise Roche CHIEF HUMAN RESOURCES OFFICER Years at Challenger: 6 Victor Rodriguez CHIEF EXECUTIVE, FUND MANAGEMENT Years at Challenger: 8 Mandy Mannix CHIEF EXECUTIVE, CUSTOMER Years at Challenger: 3 Chris Plater CHIEF RISK OFFICER Years at Challenger: 22 Peter Schliebs CHIEF IINVESTMENT OFFICER, CHALLENGER LIFE Years at Challenger: 22 Anton Kapel CHIEF EXECUTIVE, INSURANCE Years at Challenger: 7 For personal use only
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Duncan West Independent Non-Executive Director and Chair For personal use only
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Participating in the AGM 7 Asking a question online Written • Select the Q & A icon on your screen • Type your question into the chat box at the bottom of the screen and press ‘Send’ Verbally • Follow the instructions on the virtual meeting platform For personal use only
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Participating in the AGM • in person - scan the QR code on the blue attendance card and accept the terms and conditions • online - select the vote icon • To vote, tap one of the voting options for each item of business: FOR, AGAINST or ABSTAIN and your vote will be highlighted • To change your vote, tap a different voting option (this will override your initial vote) 8 TO ACCESS VOTING Casting your vote For personal use only
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The retirement opportunity World class accumulation system with significant retirement savings Challenge to turn retirement savings into secure regular income 9 1. APRA June 2025 data. 2. Deloitte Superannuation Market Projections Report 2024. 3. Based on Australians aged 60+ years in Challenger’s Happiness Index research, February 2025. 4. Research undertaken by YouGov in February 2024, surveying a nationally representative sample of 1,049 Australians aged 60 and above. Current as at 12 March 2024. WORLD CLASS SUPERANNAUTION SYSTEM $4.3tn $11.4tn 2025 2044 Projected Australian superannuation assets1,2 $1.0tn $3.6tn 2024 2044 Projected assets in retirement2 GROWING RETIREMENT MARKET DEMAND FOR FINANCIAL SECURITY 65% Australian retirees say cost of living has impacted their financial security 4 85% Pre-retirees seeking greater certainty about their financial future 3 For personal use only
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Retirement reform Industry focused on introducing greater income security and peace of mind 10 GOVERNMENT OBJECTIVES Enhancing retirement outcomes Retirement Income Covenant Delivering Better Financial Outcomes Best practice principles for retirement income solutions REGULATORY OBJECTIVES Increasing availability of retirement income products APRA changes to capital framework for income products INDUSTRY OBJECTIVES Promoting innovation and competition in retirement income New Lifetime options Digital to provide advice at scale Improving customer retirement outcomes For personal use only
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Normalised NPAT Full year dividendStatutory NPAT PROFITABILITY RETURNS $ 456million $192million 29.5cps FY25 financial performance Delivering strong growth and shareholder returns 11 9% 48% 11% Normalised ROE1 11.8% 110bps All growth rates compare the year ended 30 June 2025 against the year ended 30 June 2024 (the prior corresponding period or pcp) , unless otherwise stated. 1. Normalised Return On Equity post-tax. For personal use only
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Election of Directors Strengthening the Board’s capability 12 David Whittle INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 17 June 2025 John Somerville INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 17 June 2025 For personal use only
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Sustainability Progressing our ESG journey 13 COMMUNITY PARTNERSHIPS Partnered with Women Up North and FoodLab Sydney GENDER DIVERSITY Achieved gender diversity targets across management, the Board and broader business POLICY ADVOCACY Advocated for reforms that contribute to a stronger retirement income system Established program to align with mandatory climate disclosure regime CLIMATE RISK WORK PROGRAM For personal use only
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Looking ahead Creating long-term value for shareholders, customers, employees and the community 14 Deepen partnerships across retirement market Improve customer experience Invest in core business and opportunities to scale Continue to engage with government and participate in reform agenda For personal use only
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Duncan West Independent Non-Executive Director and Chair For personal use only
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Nick Hamilton Managing Director and Chief Executive Officer For personal use only
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Retirement is not a single life event - it evolves over time Australians are living longer driving need for financial security 17 Starting out Working Paying off debt Accumulating wealth Starting retirement Travelling Downsizing Aged care • Range of income options • Highly regarded and rated strategies FUNDS MANAGEMENT • Guaranteed income via annuities (fixed term and lifetime) • Addresses key financial risks in retirement, including inflation LIFE Leading origination capability Trusted and recognised brand Leading multi- affiliate platform Highly capable and engaged team Exceptional distribution footprint Reinsurance partnership COMPETITIVE ADVANTAGES SAVING FOR RETIREMENT SPENDING IN RETIREMENT One of Australia’s largest active fund managers1 #1 Australian retirement income business 2 1. Calculated from Rainmaker Roundup, March 2025 data. 2. Plan for Life – March 2025. 17 For personal use only
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FY25 achievements Successfully executing our strategy 18 Retirement leader Delivered retirement partnerships Enhanced brand sponsorship strategy 235 Adviser roadshows, workshops and webinars on how Challenger can help their clients in retirement 88% % of advisers that consider Challenger as a leader in retirement incomes1 Investment excellence Talented team and capability 1. Marketing Pulse Adviser Study June 2025 based on (% agree/strongly agree). 20years Investment excellence in private credit markets LiFTs Challenger IM LiFTs – Launched an ASX listed income platform Expanded alternatives offerings Invested in private credit origination Expanding Whole loan and mortgage servicing platform Re-platfoming customer technology Migrating investment administration operations 140+ Employee learning and development sessions for staff Gender diversity across the business, Board and management For personal use only
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Supporting women, children and young people in Northern NSW experiencing domestic and family violence Hosted fundraising gala in October 2025 raising over $100,000 Funds helping support complex needs of clients Supporting food entrepreneurs from marginalised communities Financial contribution for outdoor garden initiatives helping support local businesses Kitchen space now home to ~20 entrepreneurs Supporting our communities Strengthening local community partnerships 19 For personal use only
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The material in this presentation is general background information about Challenger Limited group’s activities and is current at the date of this presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered with professional advice when deciding if an investment is appropriate. Challenger also provides statutory reporting as prescribed under the Corporations Act 2001. The 2025 Annual Report is available from Challenger’s website at www.challenger.com.au/about-us/shareholder-centre. This presentation is not audited. The statutory net profit after tax has been prepared in accordance with Australian Accounting Standards and the Corporations Act 2001. Challenger’s external auditors, Ernst & Young, have reviewed the statutory net profit after tax. Normalised net profit after tax has been prepared in accordance with a normalised profit framework. The normalised profit framework is disclosed in Note 5 Segment Information of Challenger Limited 2025 Annual Report. The normalised profit after tax has been subject to a review performed by Ernst & Young. Any additional financial information in this presentation which is not included in Challenger Limited 2025 Annual Report was not subject to independent review by Ernst & Young. This document may contain certain ‘forward-looking statements’. The words ‘forecast’, ‘expect’, ‘guidance’, ‘intend’, ‘will’ and other similar expressions are intended to identify forward-looking statements. Forecasts or indications of, and guidance on, future earnings and financial position and performance are also forward- looking statements. You are cautioned not to place undue reliance on forward looking statements. While due care and attention has been used in the preparation of forward-looking statements, forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and may involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Challenger. Actual results, performance or achievements may vary materially from any forward-looking statements and the assumptions on which statements are based. Challenger disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Past performance is not an indication of future performance. While Challenger has sought to ensure that information is accurate by undertaking a review process, it makes no representation or warranty and (to the maximum extent permitted by law) accepts no liability as to the accuracy or completeness of any information or statement in this document. Unless otherwise indicated, all numerical comparisons are to the prior corresponding period. IMPORTANT NOTE For personal use only