Slides
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10 February 2026 1H26 Halfyear results Stuart Irving, Chief Executive Officer and President Nick Oldfield, Chief Financial Officer For personal use only
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Key messages Delivering growth in a lower interest rate environment 2 1H26 EBIT ex MI up 12.0%, margin expanded to 16.0%, up 70bps Margin Income resilient, down 5.4%. Computershare’s natural hedge mitigates lower rates 12.9% growth in Event and Transactional revenues, strong Employee Share Plans and IPO performance Debt leverage reduced to 0.3x. Interim dividend stepped up to AUD 55 cps, 22% increase on PCP FY26 guidance upgraded - Management EPS now expected to be around 144cps For personal use only
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1H26 Results Executing well, higher quality Computershare with earnings growth and increased returns 3 Management EPS1 Margin Income (MI) Interim Dividend (AUD)2Return on Invested Capital (ROIC) Management EBIT ex. MI Management Revenue $1.6bn Up 3.9% $190.8m Up 12.0% $372.9m Down 5.4% 36.1% Up 420bps 67.9 cps Up 3.9% 55 cps Up 22.2% Notes: All figures in this presentation are presented in USD millions and in constant currency, unless otherwise stated. 1 1H26 Management EPS is based on closing shares on issue as at 30 June 2025 of 578,387,070. 1H25 EPS is based on the reported weighted average number of shares (WANOS) of 587,867,266. 2 30% franked; Compared to FY25 interim dividend per share of AUD 45 cps. Up 14.6% compared to FY25 final dividend per share of AUD 48 cps. For personal use only
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Corporate Trust 4 Long term track record – business performance Employee Share Plans * 1H26 EBIT excludes stranded costs. Refer to appendix slides 28 to 34 for stranded cost disclosure. Revenue EBIT EBIT Revenue Issuer Services Revenue EBIT 1H26 revenue +5.5%, EBIT –4% v. PCP. Growth across all business lines with investment in Investor Relations platforms and technology 1H26 revenue +5%, EBIT +3.3%. Recovering market activity and growth in share offsets lower MI 1H26 revenue +4.5%, EBIT +1.2%. Strong trading performance reflecting increased issuance and growth in Assets under Administration CAGR 4.1% CAGR 35.6% CAGR 11.2% CAGR 23.9%CAGR 33.0%CAGR 3.9% For personal use only
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5 Computershare’s natural hedge – mitigating the impact of lower rates Net effect of lower interest rates in 1H26 was $8m, 1.5% of PBT Key factors • Interest costs on Group debt reducing as rates decline and balance sheet strengthens (all debt floating), average cost of debt down 173bps vs. PCP • Balances improve as lower interest rates stimulate increased business activity • 2/3rds of client balances unaffected by short term rate movements • Hedge yield increasing as some older swaps are replaced at higher yields • Hedge book has locked in $1.5bn of margin income over next 5 years In 1H26, US cash rates were 86bps lower than the pcp, reducing our exposed yield by almost 14%. Margin Income was resilient, down 5%. The total impact of lower interest rates across the group, was $8m; 1.5% of PBT, demonstrating Computershare’s natural hedge ($8m) Total Interest Rate Impact in 1H26 vs. PCP Impact of interest rate movements on MI ($117m) Impact of balances (value + mix) $90m Impact of hedge book contribution $6m ($22m) Change in Margin Income in 1H26 vs. PCP $14m Reduction in Interest Expense on Group debt in 1H26 vs. PCP+ = For personal use only
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6 1H26 Margin Income Margin Income resilient, down ~5%. Balances up ~2% and recapture rate increased to 95% 30.2 30.2 30.2 30.2 30.7 0.1 - 0.5 0.1 29.5 29.7 29.9 30.1 30.3 30.5 30.7 30.9 1H25 Avg Balances Corporate Trust Issuer Services Employee Share Plans 1H26 Average Balances at FY25 Rates 1H26 Average Balances Bridge ($bn) 394 277 277 321 367 373 44 46 6117 0 50 100 150 200 250 300 350 400 450 1H25 Group MI Impact of Interest rate movements Impact of growth in balances Impact of Balance Mix Impact of Hedge Book Contribution 1H26 Group MI at FY25 Rates 1H26 Margin Income Bridge ($m) • 14% reduction in weighted average rate • Recapture rate increased to 95% with higher share of US balances • Exposed Margin Income +$5m vs. PCP Exposed Margin Income Cash Rate by Jurisdiction 1H26 1H25 Australia 3.64% 4.35% Canada 2.52% 4.13% UK 4.00% 4.92% US 4.10% 4.96% Other 2.00% 2.00% Weighted average rate 3.65% 4.23% Recapture rate 95% 91% Exposed Average Balances ($bn) 10.3 9.0 Exposed Margin Income ($m) 178 173 Actual Avg Client Balances ($bn) MI ($m) Avg Weighted yield (%) Avg Client Balances ($bn) MI ($m) Avg Weighted Yield (%) Exposed 10.3 178 3.46% 9.0 173 3.86% Hedged 8.8 150 3.40% 9.9 155 3.15% Non-Exposed 11.6 45 0.78% 11.4 66 1.16% Total 30.7 373 2.42% 30.2 394 2.61% 1H26 1H25 MI Result For personal use only
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338.3 354.2 336.9 60% 59% 56% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 200.0 220.0 240.0 260.0 280.0 300.0 320.0 340.0 360.0 380.0 1H24 1H25 1H26 Operating cash flow Operating cash to EBITDA conversion ratio 15.3 22.2 12.2 0.9% 1.5% 0.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 0 5 10 15 20 25 1H24 1H25 1H26 Capex Capex as a % of revenue 155.5 167.6 183.0 48% 46% 53% 30% 35% 40% 45% 50% 55% 140.0 145.0 150.0 155.0 160.0 165.0 170.0 175.0 180.0 185.0 190.0 1H24 1H25 1H26 Dividends Payout ratio (%) 494.9 527.6 377.4 0.39 0.42 0.30 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.55 0.60 - 100.0 200.0 300.0 400.0 500.0 600.0 1H25 2H25 1H26 Net debt Net debt to EBITDA ratio 7 Capital light. Cash generative. Increasing dividends Balance sheet strength funds growth, investments and dividends Cash conversion rate set to rise as below the line cash costs reduce Capex Debt leverage Dividends Step up in payout ratio, interim dividend per share up 22% Capital light business requires low levels of ongoing capex to maintain performance levels. Majority of software development expensed, not capitalised Low leverage ratio provides substantial capacity to invest in business growth and reward shareholders 1H24 cash flow excludes US MS. Numbers are in USD M at Actual fx rates, leverage ratio (times X), conversion ratio (%). Cash flow For personal use only
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135.3 144 7 6 2.0 5 1 130 132 134 136 138 140 142 144 146 FY25 EPS Organic business growth and cost out Margin Income Interest Expense Tax Buyback accretion FY26 EPS US cps 8 FY26 Outlook – guidance upgraded Management EPS up around 6% - ongoing earnings growth in a lower interest rate environment Guidance Guidance compared to FY25 Group results ~ 144cps, up ~ 6% vs. PCP Initial guidance (August 2025) ~ 140cps Key assumptions EBIT ex MI Up ~ 10%, full year EBIT ex MI margin >18%. Excludes contribution from UK Mortgage Services from 1st February 2026 MI Around $730m with average client balances of $30.8bn. Interest expense Lower interest expense driven by lower gross debt, reduction in interest rates and repayment of $200m USPP debt. Group tax rate Between 24%-25% Management EPS calculation - FY26 number of shares on issue 578,387,070 which is the WANOS for 1HFY26. FY25 Management EPS is based on a WANOS of 586,791,638. Sensitivities MI MI sensitivity driven by size and mix of balances and changes in cash rates, guidance based on curves at 9th February 2026. Capital markets Debt and equity markets broadly in line with 1H26 market conditions. For constant currency comparisons, FY25 average exchange rates are used to translate the FY26 earnings to USD. Refer to slide 50 for constant currency conversion rates. ~ ~ ~ ~ ~ For personal use only
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FY25 Average Balances FY26 Average Balances Exposed 29% Hedged 33% Non- Exposed 38% 9 Margin Income, yields and average client balances FY26 MI upgraded to be ~$730m, as lower rates stimulate balance growth FY26 estimated rates assume rate curve as at 9th February 2026. For sensitivity and interest rate assumptions on FY26 guidance, please refer to slide 46. FY26 estimated rates column is the impact for the remaining six months of the fiscal year. All other rate columns represent assumed rate for a full year. Average balances exclude US Mortgage Servicing for 1H23-2H24 and Class Actions and Bankruptcy for 1H23-2H23. * = 1H26 and 2H26 are translated at the FY25 average FX rates. Numbers above are translated at the FY25 constant currency fx rates. Cash rates lower from August Disclosure as original guidance did not assume September and October CAD rate cuts and US October rate cut. August Disclosure Updated Outlook FY26 FY26 Avg Client Balances ($bn) MI ($m) Avg Weighted Yield (%) Avg Client Balances ($bn) MI ($m) Avg Weighted Yield (%) Exposed 9.8 330 3.33% 10.1 327 3.24% Hedged 9.0 304 3.38% 9.2 315 3.44% Non-Exposed 11.4 86 0.76% 11.5 88 0.76% Total 30.2 720 2.38% 30.8 730 2.37% FY26 MI sensitivity 2.00% 2.50% 3.00% FY26 estimated rates 3.50% 4.00% 4.50% +2b Balances 621 690 747 761 804 862 919 +1b Balances 602 666 719 745 771 824 876 FY26E Balances 583 642 690 730 738 786 834 -1b Balances 564 618 662 714 705 748 791 -2b Balances 545 595 633 699 671 710 748 Exposed 33% Hedged 30% Non- Exposed 37% 13.1 10.3 7.5 7.8 9.0 8.3 10.3 9.9 21.0 18.0 20.6 20.1 21.2 21.3 20.4 21.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 1H23 2H23 1H24 2H24 1H25 2H25 1H26* 2H26* $bn Continuing Business Average Balances by Rate Sensitivity ($bn) Subject to Interest Rate Exposure Interest Rate Protected For personal use only
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10 EBIT ex MI +12.0%, margin expansion continues, up 70bps 1H26 Management results summary 1 1H26 reported WANOS is 578,387,070. 1H25 reported WANOS is 587,867,266. 1H26 Actual (at CC) Total revenue ex Margin Income $1,193.0 $1,113.3 +7.2% $1,208.1 Margin Income $372.9 $394.2 -5.4% $375.5 Total revenue $1,565.9 $1,507.6 +3.9% $1,583.5 Operating costs $966.6 $908.9 +6.4% $978.7 Share of net profit/(loss) of associates and jv -$0.1 -$0.1 +15.3% -$0.1 EBITDA $599.3 $598.8 +0.1% $604.9 Depreciation $33.6 $32.2 +4.2% $34.0 Amortisation $2.0 $1.9 +3.2% $2.2 EBIT $563.7 $564.6 -0.2% $568.8 EBIT margin (%) 36.0% 37.5% -150bps 35.9% EBIT ex Margin Income $190.8 $170.4 +12.0% $193.3 EBIT ex MI margin (%) 16.0% 15.3% +70bps 16.0% Interest expense $45.5 $59.2 -23.2% $45.8 Profit Before Tax $518.2 $505.4 +2.5% $522.9 Income tax expense $125.5 $121.0 +3.8% $126.8 Management NPAT $392.6 $384.1 +2.2% $396.0 Management EPS (cents) - at reported WANOS 67.87 65.34 +3.9% 68.47 Management ETR 24.2% 23.9% +30bps 24.2% 1H26 Actual1H25 Actual Variance vs. 1H25 Actual 1 For personal use only
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65.3 67.9 1.1 3.6 2.4 3.7 0.8 63 64 65 66 67 68 69 70 71 1H25 EPS Buyback accretion Organic business growth and cost out Margin Income Interest Expense Tax 1H26 EPS US cps 11 1H26 Management EPS Management EPS up 3.9% For personal use only
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25.0 35.6 8.1 17.4 5.2 5.2 - 37.3 46.2 35.3 39.7 18.6 17.1 - 62.3 81.8 43.4 57.2 23.8 22.3 0 10 20 30 40 50 60 70 80 90 1H25 2H25 1H26 2H26 1H27 2H27 1H28 USD M Acquisition integration costs Major restructuring costs Total 746.9 746.9 766.4 766.4 792.1 16.5 36.0 25.7 0 200 400 600 800 1,000 1H25 operating expenses* Impact of inflation Cost out benefits Investment 1H26 operating expenses* USD M 12 Cost analysis BAU Opex +2.6% vs. PCP . Below the line costs -30% in 1H26 Investments: • Full six months of acquisition of Ingage IR Ltd, CMi2i Ltd and BNY Trust Company of Canada, acquired in January 2025 and March 2025 respectively. • Technology and Revenue Growth related investment across core businesses. BAU cost increase $19.5m +2.6% Operating expenses Below the line costs Highlights: • BAU Opex up 2.6%, below inflation. • Cost out benefits of $16.5m in 1H with additional $13.6m to come in 2H. • $18m of stranded costs reallocated to ongoing business lines in 1H26. $22m to be reallocated in 2H. • Below the line costs down 30% vs. PCP, trending to zero by the end of FY27. 30% 1H26 vs. PCP *) excluding Cost of Sales For personal use only
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69.9 763 4 0 1 2 66 68 70 72 74 76 78 2H25 EPS Organic business growth and cost out Margin Income Interest Expense Tax Buyback accretion 2H26 EPS US cps 13 2H26 Management EPS bridge Management EPS up 8.8% vs. PCP FY25 EPS is 135.28cps based on a WANOS of 586,791,638. 1H25 EPS was 65.34cps at a WANOS of 587,867,266, implying a 2H25 EPS of 69.94cps. 2H26 Management EPS is based on closing shares on issue as at 30 June 2025 of 578,387,070 Management EPS growth +8.8% ~ ~ ~ ~ For personal use only
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55 0 20 40 60 80 100 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 38.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Computershare investment case High quality, capital light business with long term growth track record 14 Track record – long term earnings growth, margins and dividends High quality, capital light business with recurring revenues and high client retention Leading positions in large markets with positive growth trends Robust, market critical proprietary technology and platforms. Well placed to benefit from evolving digital market structures Strong balance sheet and cash flow - funds growth investments and dividends Group Revenue (USD M) 35.9% 0% 5% 10% 15% 20% 25% 30% 35% 40% FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Average historical margin ~23% EBIT Margin (%) Average historical ROE ~28% Return on Equity (%) Dividends (AUD cps) US Mortgage Services (US MS), disposed on 1st May 2024 1,584 0 500 1,000 1,500 2,000 2,500 3,000 3,500 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 For personal use only
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Appendix 1 5 For personal use only
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16 Appendices Constant Currency Analysis 1H26 results Revenue, Margin Income, EBITDA and EBIT by Business Segment Computershare’s integrated business model Results highlights: Issuer Services, Corporate Trust and Employee Share Plans Analysis at actual fx rates Key Financial Indicators Computershare Profit and Loss Statutory results and management adjustments Business Segment Profit and Loss (incl. explanation for new divisional reporting) Revenue definitions Revenue by Country (USD and Local Currency) and Revenue, EBITDA and EBIT by Region Revenue excluding acquisitions and disposals Analysis at actual fx rates (continued) Cost out programs Other expenditure Margin Income and Client balances Hedged Margin Income FY26 MI and Balance outlook, including key sensitivities Debt Facilities Maturity Profile Balance Sheet Cash Flow Exchange Rates For personal use only
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17 1H26 Management results – constant currency and actual rates USD M At CC At Actual fx Total Revenue ex MI 1,193.0 1,208.1 Margin Income 372.9 375.5 Total Management Revenue 1,565.9 1,583.5 Operating expenditure 966.6 978.7 Share of net profit/(loss) of associates and jv (0.1) (0.1) Management EBITDA 599.3 604.9 Depreciation 33.6 34.0 Amortisation 2.0 2.2 Depreciation & Amortisation 35.6 36.2 Management EBIT 563.7 568.8 Management EBIT Margin 36.0% 35.9% Management EBIT ex MI 190.8 193.3 Management EBIT ex MI Margin 16.0% 16.0% Interest Expense 45.5 45.8 Management PBT 518.2 522.9 Management ITE 125.5 126.8 OEI 0.1 0.1 Management NPAT 392.6 396.0 Management EPS (cps) - per guidance 67.87 68.47 Management EPS (cps) - at reported WANOS 67.87 68.47 Revenue Margin Income At CC At Actual fx At CC At Actual fx Issuer Services 624.6 629.0 109.1 109.8 Corporate Trust 513.9 513.8 211.9 211.9 Employee Share Plans 246.1 256.3 22.7 23.6 Corporate & Other 181.3 184.4 29.1 30.2 Mortgage Services & Property Rental Services 83.6 86.7 29.1 30.2 Communication Services & Utilities 84.7 84.6 0.0 0.0 Voucher Services 0.8 0.8 0.0 0.0 Technology Services & Operations 12.2 12.3 0.0 0.0 Total 1,565.9 1,583.5 372.9 375.5 EBITDA EBIT At CC At Actual fx At CC At Actual fx Issuer Services 203.1 204.2 200.8 201.7 Corporate Trust 264.4 264.6 262.5 262.7 Employee Share Plans 96.7 101.0 93.9 98.0 Corporate & Other 35.0 35.2 6.5 6.4 Mortgage Services & Property Rental Services 19.2 19.9 19.1 19.9 Communication Services & Utilities 9.2 9.0 7.9 7.8 Voucher Services 1.9 1.9 1.9 1.9 Technology Services & Operations 4.8 4.3 -22.4 -23.2 Total 599.3 604.9 563.7 568.8 1H26 WANOS per guidance is 578,387,070. 1H26 reported WANOS is 578,387,070. For personal use only
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18 Revenue, Margin Income, EBITDA and EBIT – constant currency ANZ 8% Asia 5% UCIA 22% CEU 2% USA 56% Canada 7% Revenue $1,565.9m ANZ 4% Asia 7% UCIA 19% CEU 0%USA 59% Canada 11% EBIT $563.7m Revenue 1H25 1H26 1H26 vs. 25 EBITDA 1H25 1H26 1H26 vs. 25 Issuer Services 592.0 624.6 5.5% Issuer Services 217.5 203.1 -6.6% Corporate Trust 489.3 513.9 5.0% Corporate Trust 261.7 264.4 1.0% Employee Share Plans 235.5 246.1 4.5% Employee Share Plans 99.1 96.7 -2.4% Corporate & Other 190.8 181.3 -5.0% Corporate & Other 20.5 35.0 71.1% Mortgage Services & Property Rental Services 81.4 83.6 2.7% Mortgage Services & Property Rental Services 18.3 19.2 4.8% Communication Services & Utilities 91.9 84.7 -7.8% Communication Services & Utilities 7.7 9.2 19.2% Voucher Services 1.1 0.8 -28.7% Voucher Services 2.7 1.9 -30.9% Technology Services & Operations 16.4 12.2 -25.5% Technology Services & Operations -8.3 4.8 -158.0% Total Revenue 1,507.6 1,565.9 3.9% Total EBITDA 598.8 599.3 0.1% Margin Income 1H25 1H26 1H26 vs. 25 EBIT 1H25 1H26 1H26 vs. 25 Issuer Services 117.7 109.1 -7.3% Issuer Services 215.5 200.8 -6.8% Corporate Trust 220.2 211.9 -3.8% Corporate Trust 259.5 262.5 1.1% Employee Share Plans 26.8 22.7 -15.1% Employee Share Plans 96.4 93.9 -2.5% Corporate & Other 29.6 29.1 -1.5% Corporate & Other -6.8 6.5 -195.5% Mortgage Services & Property Rental Services 29.5 29.1 -1.3% Mortgage Services & Property Rental Services 18.2 19.1 -4.9% Communication Services & Utilities 0.0 0.0 0.0% Communication Services & Utilities 5.0 7.9 57.5% Voucher Services 0.1 0.0 -43.8% Voucher Services 2.7 1.9 -30.9% Technology Services & Operations 0.0 0.0 0.0% Technology Services & Operations -32.8 -22.4 31.6% Total Margin Income 394.2 372.9 -5.4% Total EBIT 564.6 563.7 -0.2% For personal use only
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19 Computershare’s integrated business model Improving mix of revenues to higher quality recurring client fees Refer to slide 35 for revenue definitions. Revenue Profile: Comparison against proforma results for 1H22 – 1H24 which exclude the disposal of KCC (1st May 2023) and US MS (1st May 2024). Numbers translated at actual fx rates with the exception of 1H26 which is translated at the CC rate (ie FY25 average fx rate). Revenue Profile 3.9% 12.9% 5.4% 4.7% 14.6% 9.7% 8.4% 1H22-26 CAGR 1H26 vs. PCP 59.7% 57 308 396 394 373259 225 273 333 375592 723 742 781 818 909 1,255 1,410 1,508 1,566 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 1H22 1H23 1H24 1H25 1H26 @ CC USD M Margin Income Event and Transactional fee revenue Client fee revenue For personal use only
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20 Issuer Services Growth across all business lines, with recovery in some Corporate Actions $207.0m Management EBIT 4.0% 33.1% Margin 330bps Corporate Actions fee revenue ($m) +5.5% vs. PCP +15.0% +3.2%-7.3% Registered Agents Units Administered (‘000) 43.4 46.2 36.2 47.9 51.8 49.9 25.6 9.2 7.5 4.7 7.7 17.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 1H21 1H22 1H23 1H24 1H25 1H26 @ CC Corp. Actions ex HK Corp. Actions HK Issuer Services revenue ($m) * 1H26 CC EBIT excludes stranded costs. Revenue breakdown 1H26 CC* 1H25 Actual CC Variance Register Maintenance $337.7 $324.1 +4.2% Corporate Actions $66.9 $59.5 +12.4% Stakeholder Relationship Management $50.7 $37.6 +34.9% Governance Services $60.2 $53.1 +13.2% Margin Income $109.1 $117.7 -7.3% Total revenue $624.6 $592.0 +5.5% Mgmt EBIT ex MI $97.9 $97.9 +0.0% Mgmt EBIT ex MI margin 19.0% 20.6% down 160 bps For personal use only
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12,529 12,866 803 604 10,201 13,551 569 869 MUM - Conv. Debt & Agency MUM - Structured Products Mandates Won - Conv. Debt & Agency Mandates Won - Structured Products 1H25 1H26 21 Corporate Trust Strong growth in fee revenues driven by increased issuance across all product lines $268.2m Management EBIT 3.3% 52.2% Margin 80bps Total revenue breakdown ($m) CCT Cost Synergy Plan – Cumulative Benefits ($m) Mandates under Management (MUM) vs. Mandates won 2.2% improvement in mandates won 1H26 vs. 1H25; 43.9% increase in Structured Products mandates won 10 17 30 53 65 7 16 29 52 77 80 8 Mths FY22 FY23 FY24 FY25 FY26 FY27 Actual Planned 338.7 382.4 395.6 118.4 106.9 118.4 457.1 489.3 513.9 1H24 1H25 1H26 @ CC Structured Products Conventional Debt and Agency Periodic benefits of $11.6m achieved in 1H26: $6.2m cost saves and $5.4m revenue synergies. $64.7m of cumulative benefits at 31st Dec 25. * 1H26 CC EBIT excludes stranded costs. Revenue breakdown 1H26 CC* 1H25 Actual CC Variance Trust Fee and Other Revenue $271.8 $242.3 +12.2% MMF Fee Revenue $30.3 $26.8 +13.1% Margin Income $211.9 $220.2 -3.8% Total revenue $513.9 $489.3 +5.0% Mgmt EBIT ex MI $56.3 $39.3 +43.2% Mgmt EBIT ex MI margin 18.6% 14.6% up 400 bps For personal use only
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Client fees ($m) 75.7 82.0 77.0 86.9 95.1 100.1 1H21 1H22 1H23 1H24 1H25 1H26 @ CC 58.7 74.6 59.3 84.3 113.6 123.3 1H21 1H22 1H23 1H24 1H25 1H26 @ CC 22 Employee Share Plans $97.5m Management EBIT 1.2% 39.6% Margin 130bps Transactional revenue ($m) Assets under administration ($bn) +16.0% CAGR +5.7% CAGR 233.9 240.2 210.1 230.0 231.6 289.2 1H21 1H22 1H23 1H24 1H25 1H26 +4.3% CAGR * 1H26 CC EBIT excludes stranded costs. Revenue breakdown 1H26 CC* 1H25 Actual CC Variance Fee Revenue $91.1 $88.0 +3.5% Transactional $123.3 $113.6 +8.5% Other $9.0 $7.1 +26.8% Margin Income $22.7 $26.8 -15.3% Total revenue $246.1 $235.5 +4.5% Mgmt EBIT ex MI $74.8 $69.6 +7.4% Mgmt EBIT ex MI margin 33.5% 33.3% up 20 bps Performance underpinned by tailwind of increased use of equity in renumeration For personal use only
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Actual FX rate analysis 2 3 For personal use only
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24 Key Financial Indicators 1 Weighted average number of ordinary shares used as a denominator in calculating basic earnings per share as at December (1H) or June (FY). The 2H EPS is the difference between FY and 1H EPS. 2 As at Dec (1H) and June (2H). 3 Ratio excluding non-recourse SLS advance debt and lease liabilities. Notable acquisitions: SunDoc Filings (1st Jun 23), Solium Capital UK (1st Dec 23), Ingage IR Limited (31st Dec 24), CMi2i Limited (31st Dec 24), BNY Trust Company of Canada (4th Mar 25). Notable divestments: Bankruptcy and Class Actions business (1st May 23), CMC Funding (3rd May 23), US Mortgage Services business (1st May 24), CCS Germany (29th Aug 25). 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Total Management Revenue 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 1,612.6 1,583.5 Operating expenditure 970.5 1,029.4 990.1 1,032.6 908.9 967.5 978.7 Management EBITDA 540.3 676.1 621.7 665.6 598.8 645.1 604.9 Management EBIT 440.7 591.8 546.0 602.7 564.6 609.7 568.8 Management EBIT ex Margin Income 96.5 160.6 115.2 196.9 170.4 242.7 193.3 EBIT Margin % 29.2% 34.7% 33.9% 35.5% 37.5% 37.8% 35.9% EBIT ex MI Margin % 8.3% 12.6% 9.8% 15.2% 15.3% 19.5% 16.0% Management Profit Before Tax 387.0 511.7 460.7 525.1 505.4 552.8 522.9 Management NPAT 268.9 383.1 331.1 377.2 384.1 409.7 396.0 Management EPS (US cps) 44.55 63.46 54.97 63.36 65.34 69.94 68.47 Management EPS (AU cps) 66.35 94.27 83.70 96.62 98.86 110.03 104.49 Statutory NPAT 177.1 267.7 105.2 247.41 287.77 319.23 280.4 Statutory EPS (US cps) 29.33 44.34 17.47 41.43 48.95 54.50 48.48 Revenue split - Recurring 83% 85% 85% 86% 84% 84% 82% Revenue split - Non Recurring 17% 15% 15% 14% 16% 16% 18% Weighted average number of shares1 603,729,336 603,729,336 602,390,548 598,649,609 587,867,266 586,791,638 578,387,070 Net operating cash flows excluding SLS advances 247.5 376.2 369.9 361.2 354.2 469.4 336.9 Operating cash to EBITDA conversion ratio 0.5 0.6 0.6 0.5 0.6 0.7 0.6 Days Sales Outstanding 53 39 45 45 45 38 39 Dividend (AU cents) 30 40 40 42 45 48 55 Franking (%) 0% 0% 20% 0% 0% 0% 30% Dividend payout ratio 45% 42% 48% 43% 46% 44% 53% ROE2 22.3% 30.1% 34.1% 34.7% 37.8% 38.7% 38.7% ROIC2 15.5% 22.7% 25.3% 30.2% 31.9% 35.8% 36.1% Net debt to EBITDA 3 1.33 0.85 0.85 0.36 0.39 0.42 0.30 For personal use only
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25 Computershare Profit & Loss 1 Refer to slide 27 for detail on management adjustments. USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Total Revenue ex MI 1,166.5 1,274.0 1,180.9 1,292.0 1,113.3 1,245.7 1,208.1 Margin Income 344.1 431.3 430.8 405.8 394.2 366.9 375.5 Total Management Revenue 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 1,612.6 1,583.5 Operating expenditure 970.5 1,029.4 990.103 1,032.561 908.871 967.471 978.7 Share of net profit/(loss) of associates and jv -0.1 -0.2 -0.1 -0.4 -0.1 0.0 -0.1 Management EBITDA 540.3 676.1 621.7 665.6 598.8 645.1 604.9 Depreciation 35.8 40.1 32.9 32.8 32.2 33.5 34.0 Amortisation 63.8 44.1 42.8 30.0 1.9 2.0 2.2 Depreciation & Amortisation 99.6 84.2 75.7 62.9 34.2 35.5 36.2 Management EBIT 440.7 591.8 546.0 602.7 564.6 609.7 568.8 Management EBIT Margin 29.2% 34.7% 33.9% 35.5% 37.5% 37.8% 35.9% Management EBIT ex MI 96.5 160.6 115.2 196.9 170.4 242.7 193.3 Management EBIT ex MI Margin 8.3% 12.6% 9.8% 15.2% 15.3% 19.5% 16.0% Interest Expense 53.7 80.2 85.4 77.6 59.2 56.8 45.8 Management PBT 387.0 511.7 460.7 525.1 505.4 552.8 522.9 Management ITE 117.8 128.9 129.4 147.7 121.0 142.8 126.8 OEI 0.3 -0.3 0.2 0.1 0.3 0.3 0.1 Management NPAT 268.9 383.1 331.1 377.2 384.1 409.7 396.0 Management Adjustments (after tax) 1 Amortisation -35.1 -35.6 -34.5 -36.0 -36.0 -34.7 -39.5 Acquisitions and Disposals -30.0 -55.6 -60.2 -178.3 -17.7 -17.9 -41.1 Other -26.8 -24.3 -131.2 84.4 -42.7 -38.0 -35.0 Total Management Adjustments -91.9 -115.5 -225.9 -129.8 -96.3 -90.5 -115.6 Statutory NPAT 177.1 267.7 105.2 247.4 287.8 319.2 280.4 Management EPS (cps) 44.55 63.46 54.97 63.36 65.34 69.94 68.47 Statutory EPS (cps) 29.33 44.34 17.47 41.43 48.95 54.50 48.48 Mgt ETR 30.4% 25.2% 28.1% 28.1% 23.9% 25.8% 24.2% Stat ETR 32.6% 24.6% 37.8% 24.2% 23.4% 23.4% 25.9% For personal use only
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26 Statutory results Management results are used, along with other measures, to assess operating business performance. The Company believes that exclusion of certain items permits better analysis of the Group’s performance on a comparative basis and provides a better measure of underlying operating performance. These items are typically non-recurring costs associated with significant restructuring programs and integration of acquisitions and profits and losses arising from the sale of businesses and investments. Management adjustments are made on the same basis as in prior years. Non-cash management adjustments include significant amortisation of identified intangible assets from businesses acquired in recent years, which will recur in subsequent years, asset disposals and other one-off charges. Cash adjustments are predominantly expenditure on acquisition- related and other restructures and will cease once the relevant acquisition integrations and restructures are complete. A description of the current financial year’s management adjustments is included on the next slide. The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards. 1 EPS in 1H25 is at 587,867,266 reported WANOS and 1H26 EPS is at 578,387,070 reported WANOS. Statutory results 1H25 1H26 1H26 v 25 Total revenue 1,498.8 1,579.4 5.4% Other income 16.8 5.4 -67.9% Total Revenue 1,515.6 1,584.8 4.6% Total Expenses 1,139.6 1,206.0 -5.8% Statutory Net Profit (post NCI) 287.8 280.4 -2.6% Earnings per share (post NCI)1 48.95 48.48 -1.0% Reconciliation of Statutory NPAT to Management Results 1H26 Net profit after tax per statutory results 280.4 Management Adjustments (after tax) Amortisation 39.5 Acquisitions and Disposals 41.1 Other 35.0 Total Management Adjustments 115.6 Net profit after tax per management results 396.0 Management Earnings per share (cps) 68.47 For personal use only
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27 Management adjustment items USD M (at actual rates) 1H23 FY23 1H24 FY24 1H25 FY25 1H26 Management adjustments items (net of tax) Amortisation 35.1 70.7 34.5 70.5 36.0 70.6 39.5 Amortisation of acquisition related intangible assets 35.1 70.7 34.5 70.5 36.0 70.6 39.5 Acquisitions and Disposals 30.0 85.6 60.2 238.5 17.7 35.5 41.1 Acquisition and disposal related expenses 3.6 3.4 Disposal related expenses - KCC Business 2.9 Disposal related expenses - UK Mortgage Services 34.2 Gain on the sale of Private Capital Solutions client accounts in Canada -0.1 Gain on the sale of CMC Funding in USA -1.3 Loss on sale of US Mortgage Services 129.4 -1.3 -9.2 Loss on sale of CCS Germany 0.9 Acquisition related integration expenses 31.9 89.9 53.7 85.2 18.9 44.7 6.0 Adjustment of contingent consideration receivable -1.9 -2.9 20.5 Other 26.8 51.1 131.2 46.8 42.7 80.7 35.0 Major restructuring costs 11.8 29.3 14.7 47.1 27.9 60.7 26.7 Marked to market adjustments - derivatives 2.7 -0.7 0.1 -0.3 -0.9 0.1 -1.0 Voucher Services impairment 9.9 UK Mortgage Services impairment 12.3 12.6 5.0 US Mortgage Services impairment 116.4 Margin income hedge modification 15.7 19.9 4.3 Total Management Adjustments 91.9 207.3 225.9 355.7 96.3 186.8 115.6 For personal use only
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28 Issuer Services profit and loss Issuer Services comprise register maintenance, corporate actions, stakeholder relationship management, corporate governance and related services. Note - UCIA includes United Kingdom, Channel Islands, Ireland and South Africa. Global managed shareholder accounts (m) TBU 1H26 Revenue by Region USD M (at actual rates) ANZ Asia UCIA CEU USA Canada Total Register Maintenance 52.6 28.4 61.0 17.5 217.6 28.5 405.5 Corporate Actions 11.7 18.0 16.7 0.0 46.3 18.8 111.6 SRM 1.0 1.5 8.1 3.2 37.5 0.0 51.3 Governance Services 0.5 1.1 6.5 1.7 50.2 0.6 60.5 Issuer Services 65.8 49.0 92.3 22.3 351.7 47.9 629.0 PCP 64.9 37.2 79.6 19.1 342.2 49.0 592.0 38.2 38.3 38.2 37.2 36.0 35.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 1H21 1H22 1H23 1H24 1H25 1H26 1 1H26 results excluding stranded costs. USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Register Maintenance 306.7 354.7 308.2 365.4 324.1 373.5 661.5 673.6 697.5 340.3 340.3 Corporate Actions 43.7 42.5 52.6 53.3 59.5 50.8 86.2 105.9 110.3 67.1 67.1 Stakeholder Relationship Management 23.6 29.4 28.9 43.1 37.6 54.2 53.0 72.0 91.8 51.3 51.3 Governance Services 50.5 40.7 51.1 58.3 53.1 65.8 91.3 109.5 119.0 60.5 60.5 Total Revenue ex MI 424.6 467.4 440.9 520.0 474.3 544.3 892.0 960.9 1,018.6 519.2 519.2 Margin Income 82.1 116.3 134.3 116.1 117.7 118.8 198.4 250.4 236.4 109.8 109.8 Total Management Revenue 506.7 583.7 575.2 636.1 592.0 663.1 1,090.4 1,211.3 1,255.1 629.0 629.0 Stranded costs 6.2 0.0 Operating expenditure 337.5 367.8 366.2 395.3 374.5 421.3 705.3 761.4 795.8 424.9 418.7 Share of net profit/(loss) of associates and jv 0.1 0.1 0.0 0.4 0.0 0.1 0.2 0.4 0.1 -0.1 -0.1 Management EBITDA 169.2 216.1 209.0 241.2 217.5 241.9 385.3 450.2 459.4 204.2 210.4 Depreciation 1.3 1.3 1.4 1.6 2.0 1.7 2.6 2.9 3.7 2.4 2.4 Amortisation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Management EBIT 168.0 214.7 207.6 239.7 215.5 240.2 382.7 447.2 455.7 201.7 207.9 EBIT Margin 33.2% 36.8% 36.1% 37.7% 36.4% 36.2% 35.1% 36.9% 36.3% 32.1% 33.1% Management EBIT ex MI 85.9 98.4 73.3 123.6 97.9 121.4 184.3 196.9 219.3 91.9 98.1 EBIT ex MI Margin 20.2% 21.1% 16.6% 23.8% 20.6% 22.3% 20.7% 20.5% 21.5% 17.7% 18.9% Register Maintenance revenue breakdown Issuer paid 208.8 251.2 201.6 244.4 202.4 249.4 460.0 446.0 451.9 205.4 205.4 Holder/Broker paid 97.9 103.5 106.6 121.0 121.6 124.1 201.5 227.6 245.7 134.8 134.8 Register Maintenance MI 41.8 63.8 67.8 70.9 70.0 71.5 105.6 138.6 141.5 65.3 65.3 Total Register Maintenance 348.5 418.5 376.0 436.2 394.0 445.0 767.0 812.2 839.0 405.5 405.5 For personal use only
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29 Corporate Trust comprises trust and agency services connected with the administration of debt and related securities and corporate financing arrangements in the US and Canada. Structured Products – Offers trustee and agency services supporting securitizations and lending arrangements for investment banks, hedge funds and asset managers, private equity firms and government agencies which are collateralized by a variety of assets, including residential and commercial mortgages, leveraged loans, auto and other consumer receivables. Conventional Debt and Agency - Offers trustee and agency services on bond and debt programs created by public and private corporations and government entities. In addition, offers services in connection with various corporate escrow arrangements as well as services supporting the insurance trust market. 1 1H26 results excluding stranded costs. Corporate Trust profit and loss 1H26 Revenue by Region USD M (at actual rates) USA Canada Total Corporate Trust 462.1 51.7 513.8 PCP 443.2 46.0 489.3 CCT USA Other USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 1H26 1H25 1H26 1H25 Total Revenue ex MI 251.5 278.0 252.1 264.3 269.0 291.1 529.5 516.4 560.2 302.0 302.0 271.4 242.5 30.5 26.6 Margin Income 198.6 229.7 205.0 215.0 220.2 195.5 428.3 419.9 415.7 211.9 211.9 187.1 194.8 24.8 25.4 Total Management Revenue 450.2 507.7 457.1 479.2 489.3 486.6 957.9 936.3 975.9 513.8 513.8 458.5 437.3 55.3 52.0 Stranded costs 5.7 0.0 5.4 0.0 0.3 0.0 Operating expenditure 200.3 225.2 214.2 227.6 227.6 232.1 425.4 441.8 459.7 249.2 243.5 233.0 213.0 16.2 14.6 Management EBITDA 249.9 282.5 242.9 251.7 261.7 254.5 532.4 494.5 516.2 264.6 270.3 225.5 224.3 39.1 37.4 Depreciation & Amortisation 4.2 6.4 6.9 8.2 2.2 2.1 10.6 15.1 4.2 1.9 1.9 1.9 2.2 0.0 0.0 Management EBIT 245.7 276.1 235.9 243.5 259.5 252.4 521.8 479.4 512.0 262.7 268.4 223.6 222.1 39.1 37.4 EBIT Margin 54.6% 54.4% 51.6% 50.8% 53.0% 51.9% 54.5% 51.2% 52.5% 51.1% 52.2% 48.8% 50.8% 70.6% 71.9% Management EBIT ex MI 47.1 46.4 31.0 28.6 39.3 57.0 93.4 59.5 96.3 50.8 56.5 36.6 27.3 14.3 12.0 EBIT ex MI Margin 18.7% 16.7% 12.3% 10.8% 14.6% 19.6% 17.6% 11.5% 17.2% 16.8% 18.7% 13.5% 11.3% 46.7% 45.1% Revenue breakdown Structured Products 314.9 369.9 338.7 362.9 382.4 380.9 684.8 701.6 763.3 395.3 395.3 371.3 351.6 24.0 30.8 Conventional Debt and Agency 135.2 137.8 118.4 116.3 106.9 105.7 273.0 234.7 212.5 118.5 118.5 87.2 85.7 31.3 21.2 Total Management Revenue 450.2 507.7 457.1 479.2 489.3 486.6 957.9 936.3 975.9 513.8 513.8 458.5 437.3 55.3 52.0 For personal use only
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26.4 27.8 28.3 27.4 22.7 22.8 1H21 1H22 1H23 1H24 1H25 1H26 Assets Under Administration Units (bn) 30 Employee Share Plans profit and loss Employee Share Plans comprise the provision of administration and related services for employee share and option plans. 1H26 Revenue by Region USD M (at actual rates) ANZ Asia UCIA CEU USA Canada Total Employee Share Plans 11.8 27.5 176.6 0.0 29.7 10.7 256.3 PCP 8.9 25.3 159.6 0.3 32.0 9.4 235.5 1 1H26 results excluding stranded costs. USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Fee revenue 71.4 75.9 79.0 87.4 88.0 87.6 147.3 166.5 175.6 94.8 94.8 Transactional revenue 59.3 96.2 84.3 135.8 113.6 153.7 155.5 220.0 267.3 128.7 128.7 Other revenue 5.6 9.3 7.9 10.1 7.1 7.6 14.9 18.0 14.7 9.3 9.3 Margin Income 9.3 19.6 27.6 25.8 26.8 23.5 28.9 53.4 50.2 23.6 23.6 Total Management Revenue 145.6 201.0 198.8 259.1 235.5 272.3 346.7 457.9 507.8 256.3 256.3 Stranded costs 3.5 0.0 Operating expenditure 116.9 127.6 128.0 144.4 136.4 156.1 244.5 272.3 292.5 155.3 151.7 Management EBITDA 28.7 73.4 70.8 114.7 99.1 116.2 102.2 185.5 215.3 101.0 104.5 Depreciation 0.8 0.6 0.6 1.0 0.8 0.8 1.4 1.7 1.6 0.9 0.9 Amortisation 1.9 1.7 1.9 1.9 1.9 2.0 3.6 3.8 3.9 2.1 2.1 Management EBIT 26.0 71.2 68.3 111.8 96.4 113.5 97.2 180.1 209.8 98.0 101.5 EBIT Margin 17.9% 35.4% 34.3% 43.2% 40.9% 41.7% 28.1% 39.3% 41.3% 38.2% 39.6% Management EBIT ex MI 16.7 51.6 40.7 86.0 69.6 90.0 68.3 126.7 159.6 74.4 77.9 EBIT ex MI Margin 12.3% 28.4% 23.8% 36.9% 33.3% 36.2% 21.5% 31.3% 34.9% 32.0% 33.5% For personal use only
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Corporate & Other profit and loss – new divisional reporting explained New changes; Voucher Services separated from Employee Share Plans, Voucher Services, Mortgage Services & Property Rental Services, Communications Services & Utilities and Technology Services & Operations all consolidated into Corporate & Other. No reduction in overall disclosure 31 With effect from FY27, disclosure will follow this new style. For FY26, reporting will be provided in both formats. 1H26 1H25 1H26 1H25 1H26 1H25 Previous Divisional Reporting Issuer Services 629.0 592.0 109.8 117.7 201.7 215.5 Corporate Trust 513.8 489.3 211.9 220.2 262.7 259.5 Employee Share Plans & Voucher Services 257.1 236.6 23.6 26.8 99.9 99.1 Mortgage Services & Property Rental Services 86.7 81.4 30.2 29.5 19.9 18.2 Communication Services & Utilities 84.6 91.9 0.0 0.0 7.8 5.0 Technology Services & Operations 12.3 16.4 0.0 0.0 -23.2 -32.8 Total 1,583.5 1,507.6 375.5 394.2 568.8 564.6 New Divisional Reporting Issuer Services 629.0 592.0 109.8 117.7 201.7 215.5 Corporate Trust 513.8 489.3 211.9 220.2 262.7 259.5 Employee Share Plans 256.3 235.5 23.6 26.8 98.0 96.4 Corporate & Other 184.4 190.8 30.2 29.5 6.4 -6.9 Mortgage Services & Property Rental Services 86.7 81.4 30.2 29.5 19.9 18.2 Communication Services & Utilities 84.6 91.9 0.0 0.0 7.8 5.0 Voucher Services 0.8 1.1 0.0 0.0 1.9 2.7 Technology Services & Operations 12.3 16.4 0.0 0.0 -23.2 -32.8 Total 1,583.5 1,507.6 375.5 394.2 568.8 564.6 Revenue Margin Income EBIT For personal use only
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32 Mortgage Services & Property Rental Services profit and loss Mortgage Services & Property Rental Services comprise mortgage servicing and related activities, together with tenancy deposit protection services in the UK. * Servicing performed on a contractual basis. UK includes bureau UPB value, however, excludes the number of bureau loans. 1H26 Revenue by Region USD M (at actual rates) ANZ Asia UCIA CEU USA Canada Total UK Mortgage Services & Property Rental Services 0.0 0.0 86.7 0.0 0.0 0.0 86.7 PCP 0.0 0.0 81.4 0.0 0.0 0.0 81.4 28.7 4.7 176.5 33.2 14.8 3.0 135.6 22.317.4 3.3 154.3 24.6 UPB £bn* - Performing UPB £bn* - Non- performing Loans no. (k)* - Performing Loans no. (k)* - Non-performing UK Mortgage Services 1H24 1H25 1H26 USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Total Revenue ex MI 226.3 227.6 219.6 167.3 51.9 49.7 453.9 386.9 101.6 56.5 56.5 Margin Income 39.9 55.0 63.9 48.9 29.5 29.2 94.9 112.8 58.7 30.2 30.2 Total Management Revenue 266.2 282.6 283.5 216.2 81.4 78.8 548.8 499.7 160.2 86.7 86.7 Stranded costs 1.7 0.0 Operating expenditure 214.0 205.5 210.6 166.4 63.1 60.7 419.5 376.9 123.8 66.8 65.1 Share of net profit/(loss) of associates and jv 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Management EBITDA 52.2 77.1 73.0 49.8 18.3 18.1 129.4 122.8 36.4 19.9 21.6 Depreciation 1.0 1.6 -0.1 0.4 0.1 0.2 2.6 0.3 0.3 0.1 0.1 Amortisation 60.8 42.0 40.8 28.1 0.0 0.0 102.8 69.0 0.0 0.0 0.0 Management EBIT -9.6 33.5 32.2 21.3 18.2 17.9 23.9 53.5 36.2 19.9 21.5 EBIT Margin -3.6% 11.9% 11.4% 9.9% 22.4% 22.7% 4.4% 10.7% 22.6% 22.9% 24.8% Management EBIT ex MI -49.5 -21.4 -31.7 -27.6 -11.2 -11.3 -71.0 -59.3 -22.5 -10.3 -8.7 EBIT ex MI Margin -21.9% -9.4% -14.4% -16.5% -21.7% -22.7% -15.6% -15.3% -22.2% -18.2% -15.3% Mortgage Services revenue breakdown US Mortgage Services Revenue 198.6 205.1 201.7 130.2 0.0 0.0 403.6 331.9 0.0 0.0 0.0 UK Mortgage Services Revenue 49.8 52.5 52.6 57.6 51.7 49.1 102.3 110.2 100.9 56.1 56.1 Fee revenue 0.4 0.3 0.4 0.3 0.2 0.5 0.7 0.7 0.7 0.4 0.4 UK Property Rental Services MI 17.5 24.8 28.8 28.1 29.5 29.2 42.3 56.9 58.7 30.2 30.2 UK Property Rental Services Revenue 17.8 25.1 29.2 28.4 29.6 29.7 43.0 57.6 59.3 30.6 30.6 1 1H26 results excluding stranded costs. UK Mortgage Services USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Total Management Revenue 49.8 52.5 52.6 57.6 51.7 49.1 102.3 110.2 100.9 56.1 56.1 Stranded costs 1.0 0.0 Operating expenditure 45.5 49.8 49.9 51.2 48.8 43.8 95.4 101.0 92.7 46.7 45.7 Management EBITDA 4.2 2.7 2.8 6.4 2.9 5.3 6.9 9.2 8.2 9.4 10.4 Depreciation -0.4 0.0 0.0 0.0 0.1 0.2 -0.4 0.0 0.3 0.1 0.1 Amortisation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Management EBIT 4.7 2.7 2.8 6.4 2.8 5.1 7.4 9.2 8.0 9.4 10.3 EBIT Margin 9.4% 5.2% 5.3% 11.1% 5.5% 10.5% 7.2% 8.3% 7.9% 16.7% 18.4% Note: This slide will not be provided after FY26. For personal use only
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33 Communication Services & Utilities profit and loss Communication Services and Utilities operations comprise document composition and printing, intelligent mailing, inbound process automation, scanning and electronic delivery. 1 1H26 results excluding stranded costs. Note: This slide will not be provided after FY26. USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Communication Services 77.2 81.7 83.8 92.1 87.1 95.8 158.9 175.8 182.9 78.7 78.7 Utilities 3.6 4.3 4.4 4.8 4.8 4.9 8.0 9.2 9.7 5.9 5.9 Total Management Revenue 80.9 86.0 88.2 96.8 91.9 100.7 166.9 185.0 192.5 84.6 84.6 Stranded costs 1.6 0.0 Operating expenditure 73.0 69.0 79.3 79.0 84.2 80.9 142.0 158.2 165.1 75.6 74.0 Management EBITDA 7.8 17.0 8.9 17.9 7.7 19.8 24.8 26.8 27.5 9.0 10.6 Depreciation 2.2 2.2 2.1 2.0 2.7 2.3 4.4 4.2 5.0 1.2 1.2 Management EBIT 5.6 14.8 6.8 15.8 5.0 17.4 20.4 22.6 22.5 7.8 9.4 EBIT Margin 6.9% 17.2% 7.7% 16.4% 5.5% 17.3% 12.2% 12.2% 11.7% 9.2% 11.1% Voucher Services profit and loss Voucher Services comprise the provision of Childcare Voucher administration in the UK. USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Fee revenue 3.1 1.8 -0.6 1.0 1.0 3.6 5.0 0.4 4.6 0.8 0.8 Margin Income 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.0 0.0 Total Management Revenue 3.2 1.9 -0.5 1.1 1.1 3.6 5.1 0.6 4.8 0.8 0.8 Stranded costs 0.0 0.0 Operating expenditure 0.3 -0.5 -1.4 -1.1 -1.6 -1.6 -0.2 -2.6 -3.2 -1.1 -1.1 Management EBITDA 2.9 2.4 0.9 2.2 2.7 5.3 5.3 3.2 8.0 1.9 1.9 Management EBIT 2.9 2.4 0.9 2.2 2.7 5.3 5.3 3.2 8.0 1.9 1.9 Management EBIT ex MI 2.9 2.3 0.9 2.1 2.6 5.2 5.2 3.0 7.9 1.9 1.9 1H26 Revenue by Region USD M (at actual rates) ANZ Asia UCIA CEU USA Canada Total Communication Services & Utilities 38.5 0.0 6.7 -0.0 34.0 5.4 84.6 PCP 38.2 0.0 5.8 11.5 29.4 6.9 91.9 1H26 Revenue by Region USD M (at actual rates) ANZ Asia UCIA CEU USA Canada Total Voucher Services 0.0 0.0 0.8 0.0 0.0 0.0 0.8 PCP 0.0 0.0 1.1 0.0 0.0 0.0 1.1 For personal use only
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34 T echnology Services & Operations profit and loss Technology Services & Operations includes operations and shared service functions including Risk, Internal Audit, People, Facilities, Global Information Security and Corporate. Computershare allocates out all corporate expenses to our business lines. The residual Corporate and Technology revenues reflect some third-party technology revenues, rental income, interest income and other corporate related transaction income (this includes the provision of the KCC and US Mortgage Services business transitional services agreement). 1H26 Revenue by Region USD M (at actual rates) ANZ Asia UCIA CEU USA Canada Total Technology Services & Operations 0.4 0.5 1.0 4.4 5.1 1.0 12.3 PCP 6.2 0.0 2.7 0.0 6.8 0.7 16.4 USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Total Revenue ex MI 1.3 3.9 9.5 9.3 16.4 7.4 5.3 18.7 23.8 12.3 12.3 Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Management Revenue 1.3 3.9 9.5 9.3 16.4 7.4 5.3 18.7 23.8 12.3 12.3 Stranded costs -18.7 0.0 Operating expenditure -21.1 1.3 -6.7 21.2 24.8 17.9 -19.8 14.5 42.7 8.0 26.7 Share of net profit/(loss) of associates and jv 0.0 0.1 0.1 0.0 -0.1 -0.1 0.1 0.1 -0.2 0.0 0.0 Management EBITDA 22.4 2.8 16.3 -11.9 -8.3 -10.6 25.2 4.3 -18.9 4.3 -14.4 Depreciation 26.3 27.9 21.9 19.7 24.6 26.4 54.2 41.6 51.0 27.5 27.5 Amortisation 0.4 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.0 Management EBIT -4.3 -25.2 -5.6 -31.7 -32.8 -37.0 -29.5 -37.3 -69.8 -23.2 -41.9 Management EBIT ex MI -4.3 -25.2 -5.6 -31.7 -32.8 -37.0 -29.5 -37.3 -69.8 -23.2 -41.9 1 1H26 results excluding stranded costs. Note: This slide will not be provided after FY26. For personal use only
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35 Revenue definitions Revenue definitions: Event based businesses include Corporate Actions and Stakeholder Relationship Management. Transactional revenue fees are inclusive of Register Maintenance (holder/broker paid), Plans transactional fees, and US Mortgage Servicing (servicing related fees and other fees). Client fee revenue is inclusive of Register Maintenance (Issuer paid), Governance Services, Corporate Trust, Plans (excluding Plans transactional), UK and US Mortgage Servicing (base servicing), CCS & Utilities, Vouchers, and Corporate and Technology Revenue. The group disposed off US Mortgage Services on the 1st May 2024. Classification USD M 1H24 1H25 1H26 1H26@ CC Issuer Services Client Fees Register Maintenance - Issuer Paid 201.6 202.3 205.4 203.6 Transactional Fees Register Maintenance - Holder/Broker Paid 106.6 121.7 134.8 134.1 Event Fees Corporate Actions 52.6 59.5 67.1 66.9 Event Fees Stakeholder Relationship Management 28.9 37.6 51.3 50.7 Client Fees Governance Services 51.1 53.1 60.5 60.2 Global Corporate Trust Client Fees Computershare Corporate Trust 225.7 242.5 271.4 271.4 Client Fees Corporate Trust 26.5 26.6 30.5 30.6 Employee Share Plans Client Fees Plans - Fee revenues 79.0 88.0 94.8 91.1 Transactional Fees Plans - Transactional revenues 84.3 113.6 128.7 123.3 Client Fees Plans - Other revenues 7.9 7.1 9.3 9.0 Mortgage Services & Property Rental Services Client Fees US Mortgage Services - Base 98.1 0.0 0.0 0.0 Transactional Fees US Mortgage Services - service 23.4 0.0 0.0 0.0 Transactional Fees US Mortgage Services - Other 45.0 0.0 0.0 0.0 Client Fees UK Mortgage Services 52.6 51.7 56.1 54.1 Transactional Fees Property Rental Services 0.4 0.2 0.4 0.4 Communication Services & Utilities Client Fees Communication Services 83.8 87.1 78.7 78.8 Client Fees Utilities 4.4 4.8 5.9 5.9 Client Fees Voucher Services -1.8 1.0 0.8 0.8 Client Fees Technology Services & Operations 10.7 16.4 12.3 12.2 Total Revenue excluding Margin Income 1,180.9 1,113.3 1,208.1 1,193.1 Margin Income 430.8 394.2 375.5 372.9 Total Revenue 1,611.7 1,507.6 1,583.5 1,565.9 Client Fees Total Revenue excluding Margin Income 839.7 780.7 825.7 817.7 Transactional Fees Total Revenue excluding Margin Income 259.7 235.5 263.9 257.8 Event Fees Total Revenue excluding Margin Income 81.5 97.1 118.4 117.6 1,180.9 1,113.3 1,208.1 1,193.1 For personal use only
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36 Revenue by Country (USD and Local Currency) Equatex Revenue of $71.0m has been split between Switzerland $68.7m, Norway $2.0m and Poland $0.3m. This revenue is classified as UCIA consistent with prior periods. In addition, Switzerland includes revenue for Register Maintenance $3.7m. USD M (at actual rates) Revenue 1H26 ANZ 116.4 Asia 77.0 UCIA 364.1 CEU 26.7 USA 882.6 Canada 116.7 Total Revenue 1,583.5 EBITDA 1H26 ANZ 23.8 Asia 40.3 UCIA 124.1 CEU 1.0 USA 351.0 Canada 64.6 Total EBITDA 604.9 EBIT 1H26 ANZ 19.0 Asia 38.7 UCIA 113.8 CEU -0.3 USA 334.3 Canada 63.3 Total EBIT 568.8 USD M (at actual rates) Australia Hong Kong UK & Offshore Switzerland South Africa Germany USA Canada Other Total Register Maintenance 48.0 28.4 44.9 3.7 6.3 4.7 217.6 28.5 23.4 405.5 Corporate Actions 10.7 18.0 12.9 0.0 2.5 0.0 46.3 18.8 2.3 111.6 Stakeholder Relationship Management 1.0 1.5 8.1 0.0 0.0 0.0 37.5 0.0 3.2 51.3 Governance Services 0.3 1.1 6.2 0.0 0.1 0.4 50.2 0.6 1.5 60.5 Issuer Services 60.0 49.0 72.1 3.7 9.0 5.1 351.7 47.9 30.5 629.0 Corporate Trust 0.0 0.0 0.0 0.0 0.0 0.0 462.1 51.7 0.0 513.8 Employee Share Plans 11.8 27.4 91.0 68.7 0.0 0.0 29.7 10.7 17.0 256.3 Corporate & Other 38.8 0.5 95.5 -0.3 0.1 4.4 39.1 6.4 -0.0 184.4 Mortgage Services & Property Rental Services 0.0 0.0 86.7 0.0 0.0 0.0 0.0 0.0 0.0 86.7 Communication Services & Utilities 38.5 0.0 6.7 0.0 0.0 0.0 34.0 5.4 -0.0 84.6 Vouchers 0.0 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.8 Technology Services & Operations 0.3 0.5 1.2 -0.3 0.1 4.4 5.1 1.0 0.0 12.3 Total Revenue 110.6 76.9 258.5 72.1 9.1 9.5 882.6 116.7 47.5 1,583.5 Australia Hong Kong UK & Offshore Switzerland South Africa Germany USA Canada Other AUD HKD GBP CHF ZAR EUR USD CAD USD Register Maintenance 73.2 221.5 33.5 3.0 109.9 4.0 217.6 39.5 23.4 Corporate Actions 16.4 140.4 9.6 0.0 44.1 0.0 46.3 26.1 2.3 Stakeholder Relationship Management 1.5 11.6 6.0 0.0 0.2 0.0 37.5 0.0 3.2 Governance Services 0.5 8.7 4.7 0.0 2.1 0.3 50.2 0.8 1.5 Issuer Services 91.6 382.2 53.9 3.0 156.3 4.4 351.7 66.4 30.5 Corporate Trust 0.0 0.0 0.0 0.0 0.0 0.0 462.1 71.7 0.0 Employee Share Plans 17.9 213.5 67.9 54.9 0.0 0.0 29.7 14.8 17.0 Corporate & Other 59.2 3.9 71.3 -0.3 1.8 3.8 39.1 8.9 -0.0 Mortgage Services & Property Rental Services 0.0 0.0 64.7 0.0 0.0 0.0 0.0 0.0 0.0 Communication Services & Utilities 58.7 0.0 5.0 0.0 0.0 0.0 34.0 7.5 -0.0 Vouchers 0.0 0.0 0.6 0.0 0.0 0.0 0.0 0.0 0.0 Technology Services & Operations 0.5 3.9 0.9 -0.3 1.8 3.8 5.1 1.3 0.0 Total Revenue 168.7 599.7 193.1 57.7 158.1 8.1 882.6 161.8 47.5 For personal use only
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37 Revenue excluding acquisitions and disposals 37 *Acquisitions: reflects first 12 months revenue contribution and disposals: reflects 12 months historical contribution prior to disposal. Acquisitions: Solium Capital UK (1st Dec 23), Ingage IR Limited (31st Dec 24), CMi2i Limited (31st Dec 24), BNY Trust Company of Canada (4th Mar 25). Disposals: Bankruptcy and Class Actions business (1st May 23), US Mortgage Services business (1st May 24), CCS Germany (29th Aug 25). USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 Management Revenue 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 1,612.6 3,215.9 3,309.5 3,120.2 1,583.5 Less acquisitions* 324.8 0.0 2.8 22.2 16.0 10.4 324.8 25.0 26.4 12.9 Less disposals* 70.7 132.2 236.9 150.9 7.5 13.8 203.0 387.8 21.3 4.0 Less Margin Income 243.2 408.7 395.7 385.0 394.2 364.3 651.9 780.7 758.5 371.7 Management Revenue excluding MI, acquisitions and disposals 872.0 1,164.4 976.4 1,139.6 1,089.8 1,224.1 2,036.3 2,116.0 2,313.9 1,195.0 For personal use only
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38 Cost out programs $21.8m cost out benefit achieved in 1H26 Cost saves of $21.8m in 1H26 of which $16.5m is opex and $5.3m revenue synergies. Cost out program for UK Mortgage Services is now complete. We expect ongoing reduction in costs to achieve for future periods, with initial FY27 targets estimated at $46.1m (gross), Post tax $34.7m. Notes: 1 Last disclosure at FY25 and includes cumulative benefits up to FY26. 2 Costs to achieve are cumulative. $M Activity Total cost savings estimates FY24A FY25A FY26E FY26 change vs. last disclosure1 Total change vs. last disclosure1 Stage 1 Total 25 - 30 28.1 28.1 28.1 ► 0.0 COMPLETE Stage 2 Total 60 - 70 66.2 66.2 66.2 ► 0.0 COMPLETE Stage 3 Total 40 - 80 61.1 61.1 61.1 ► 0.0 COMPLETE Stage 4 Total 40 - 55 43.1 43.1 43.1 ► 0.0 COMPLETE Stage 5 Total 45 - 65 0.0 39.0 58.6 ▼ (3.3) ▼ 3.3m Total estimate 210 - 300 198.5 237.5 257.0 ▼ (3.3) ▼ 3.3m Equatex synergies 40 27.5 40.0 40.0 ► 0.0 COMPLETE UK Mortgage Services 85-100 82.8 93.8 93.8 ▼ (3.0) COMPLETE CCT synergies 80 29.7 53.1 76.8 ▼ (0.1) ▼ 0.1m Total cost savings 415-520 338.5 424.5 467.6 ▼ (6.4) ▼ 6.4m Cost to achieve (post tax)2 441.0 537.0 611.9 ▲ (3.0) ▲ 3.0m For personal use only
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39 Other expenditure Note 1: Computer / external technology includes hardware, software licenses, network and voice costs, 3 rd party vendor fees and data centre costs. Note 2: Technology costs include personnel, occupancy and other direct costs to technology services. No internal development cost is capitalised. Operating costs 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 Cost of Sales 183.6 187.2 182.0 202.4 162.0 198.3 370.8 384.3 360.3 175.7 Personnel 652.9 678.3 653.2 671.5 601.3 620.5 1,331.1 1,324.6 1,221.8 649.9 Occupancy 15.9 18.3 19.7 17.8 18.6 16.9 34.2 37.5 35.5 14.6 Other Direct 66.4 92.1 78.2 78.7 69.1 72.8 158.5 156.9 141.9 75.2 Computer/External Technology 51.7 53.6 57.1 62.2 57.9 58.9 105.3 119.3 116.8 63.2 Total Controllable Costs 786.8 842.3 808.2 830.2 746.9 769.1 1,629.1 1,638.3 1,516.0 803.0 Total Operating Expenditure 970.5 1,029.4 990.1 1,032.6 908.9 967.4 1,999.9 2,022.7 1,876.3 978.7 Technology Costs 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 Development 63.0 79.2 64.5 72.4 48.3 61.4 142.2 136.9 109.7 59.9 Infrastructure 59.7 60.3 63.3 68.0 63.0 72.4 120.0 131.3 135.3 68.3 Maintenance 25.6 30.3 21.8 20.6 19.1 28.1 56.0 42.3 47.2 30.6 Admin 9.7 13.5 12.2 14.4 11.7 13.4 23.2 26.6 25.1 13.5 Total Technology Costs 158.1 183.3 161.8 175.3 142.1 175.2 341.4 337.1 317.3 172.3 Technology costs as a % of revenue 10.5% 10.8% 10.0% 10.3% 9.4% 10.9% 10.6% 10.2% 10.2% 10.9% Capex breakdown 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 Information Technology 11.3 24.9 12.0 7.1 14.2 15.6 36.3 19.1 29.8 7.4 Communication Services Facilities 0.0 1.1 0.0 4.0 0.6 1.2 1.2 4.0 1.8 0.2 Occupancy 5.5 6.6 2.4 6.1 2.1 6.5 12.1 8.5 8.6 3.3 Other 0.4 0.0 0.9 3.9 5.3 1.3 0.4 4.9 6.6 1.3 Total Capex 17.2 32.7 15.3 21.2 22.2 24.7 49.9 36.5 46.8 12.2 For personal use only
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40 Margin Income returns 1H26 Margin Income is $375.5 ($372.9m in constant currency) Margin Income and Balances translated at Actual fx rates. 1H26 Margin Income in constant currency is $372.9m. MI yield reflects the Margin Income generated from the cash balances only (exposed and non-exposed). Money market fund (MMF) fees are classified as fee revenue and included in EBIT excluding Margin Income. At Actual Rates 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 MI ($m) 79.6 99.9 125.2 121.2 116.0 83.4 55.5 51.5 62.1 125.0 344.1 431.3 430.8 405.8 394.2 366.9 375.5 Total Group 1H25 2H25 1H26 Margin Income $m 394.2 366.9 375.5 Avg balances - Total $bn 30.2 29.6 30.9 Total MI yield % 2.61% 2.48% 2.43% MMF fee revenue $m 26.8 29.1 30.3 MMF avg balances $bn 54.0 55.2 58.9 MMF yield % 0.10% 0.11% 0.10% Central Bank Rate Changes (July 2023 to December 2025)* US: 26 Jul 23 +0.25%, 19 Sep 24 -0.50%, 7 Nov 24 -0.25%, 18 Dec 24 -0.25%, 17 Sep 25 -0.25%, 29 Oct 25 -0.25%, 10 Dec 25 -0.25% UK: 3 Aug 23 +0.25%, 1 Aug 24 -0.25%, 7 Nov 24 -0.25%, 6 Feb 25 -0.25%, 8 May 25 -0.25%, 7 Aug 25 -0.25%, 18 Dec -0,25% CA: 12 Jul 23 +0.25%, 5 Jun 24 -0.25%, 24 Jul 24 -0.25%, 4 Sep 24 -0.25%, 23 Oct 24 -0.50%, 11 Dec 24 -0.50%, 29 Jan 25 -0.25%, 12 Mar 25 -0.25%, 17 Sep 25 -0.25%, 29 Oct 25 -0.25% AU: 7 Nov 23 +0.25%, 18 Feb 25 -0.25%, 20 May 25 -0.25%, 12 Aug 25 -0.25% * Source: Bloomberg 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Margin Income Average Balances and Yields Avg Balances ($bn) CPU Yield Fed Effective For personal use only
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Breakdown of average client balances 41 Other includes CHF, DKK, EUR, HKD, NOK, NZD, ZAR, SEK. Legacy CCT Total Legacy CCT Total Legacy CCT Total 1H25 Actual 2H25 Actual 1H26 Actual Total Balances ($bn) 14.3 15.9 30.2 13.7 15.9 29.6 14.7 16.2 30.9 Hedged Balances By Profile Fixed rate term deposits 2.8 1.6 4.3 2.6 1.5 4.1 1.2 1.5 2.7 Fixed rate swaps 1.8 3.8 5.5 1.8 4.0 5.8 1.8 4.3 6.1 By Currency AUD 0.1 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.0 CAD 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 GBP 1.8 0.0 1.8 1.8 0.0 1.8 0.4 0.0 0.4 USD 2.2 5.3 7.5 2.0 5.6 7.6 2.1 5.8 7.9 Total Hedged Balances 4.6 5.3 9.9 4.4 5.6 9.9 3.0 5.8 8.8 Exposed Balances AUD 0.3 0.0 0.3 0.2 0.0 0.2 0.4 0.0 0.4 CAD 1.8 0.0 1.8 1.5 0.0 1.5 1.6 0.0 1.6 GBP 0.3 0.0 0.3 0.4 0.1 0.5 1.7 0.2 1.9 USD 1.2 3.9 5.2 1.5 3.4 4.9 1.3 3.9 5.2 Other 0.7 0.7 1.4 0.7 0.5 1.2 0.8 0.4 1.2 Total Exposed Balances 4.3 4.6 9.0 4.3 4.0 8.3 5.9 4.5 10.4 Non-Exposed Balances 5.4 6.0 11.4 5.1 6.3 11.4 5.7 6.0 11.7 For personal use only
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Breakdown of Margin Income 42 Other includes CHF, EUR, HKD, NZD, and ZAR. Legacy CCT Total Legacy CCT Total Legacy CCT Total At actual rates 1H25 Actual 2H25 Actual 1H26 Actual Total Margin Income 197.8 196.4 394.2 192.1 174.8 366.9 188.4 187.1 375.5 Hedged Margin Income By Profile Fixed rate term deposits 39.4 25.3 64.7 36.7 27.4 64.1 20.9 27.9 48.8 Fixed rate swaps 29.0 61.6 90.6 30.1 65.6 95.7 31.4 70.5 101.9 By Currency Australia 1.1 0.0 1.1 0.9 0.0 0.9 0.6 0.0 0.6 Canada 9.5 0.0 9.5 9.3 0.0 9.3 9.7 0.0 9.7 UK 21.3 0.0 21.3 22.5 0.0 22.5 5.3 0.0 5.3 US 36.5 86.9 123.4 33.9 93.0 126.9 35.5 98.4 133.9 Total Hedged Margin Income 68.4 86.9 155.3 66.6 93.0 159.6 51.3 98.4 149.7 Exposed Margin Income Australia 4.8 0.0 4.8 5.3 0.0 5.3 7.1 0.0 7.1 Canada 29.6 0.0 29.6 21.8 0.0 21.8 24.8 0.0 24.8 UK 6.5 0.0 6.5 7.3 0.9 8.2 29.5 3.2 32.7 US 22.7 97.5 120.2 32.0 75.1 107.1 23.0 82.9 105.9 Other 3.1 8.9 12.0 11.2 4.8 16.0 6.7 2.0 8.7 Total Exposed Margin Income 66.7 106.4 173.1 77.6 80.8 158.4 91.1 88.1 179.2 Non-Exposed Margin Income 62.7 3.1 65.8 47.9 1.0 48.9 46.0 0.6 46.6 Average annualised yield 2.77% 2.46% 2.61% 2.80% 2.21% 2.48% 2.56% 2.31% 2.42% Hedged 3.02% 3.25% 3.15% 3.04% 3.35% 3.21% 3.28% 3.41% 3.40% Exposed 3.05% 4.62% 3.86% 3.68% 4.00% 3.81% 3.12% 3.88% 3.44% Non-exposed 2.34% 0.10% 1.16% 1.87% 0.03% 0.86% 1.60% 0.02% 0.78% For personal use only
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43 Exposed and non-exposed average balances by business 1H25 Balances Margin Income 2H25 Balances Margin Income 1H26 Balances Margin Income(USD bn) (USD bn) (USD bn) Exp + Hedge Non-Exp (USD m) Exp + Hedge Non-Exp (USD m) Exp + Hedge Non-Exp (USD m) Register Maintenance 3.5 0.8 70.0 3.6 0.8 71.4 4.0 0.4 65.3 Corporate Actions 2.3 0.5 47.7 2.1 0.1 47.2 2.3 0.5 44.5 Issuer Services 5.8 1.3 117.7 5.7 0.9 118.6 6.2 0.8 109.8 US Corporate Trust 9.9 6.0 196.4 9.6 6.3 174.9 10.3 6.0 187.1 Canada Corporate Trust 1.4 1.9 23.8 1.0 1.7 20.6 1.2 1.8 24.7 Corporate Trust 11.3 7.9 220.2 10.6 8.0 195.5 11.5 7.8 211.9 Employee Share Plans 0.8 0.8 26.7 0.9 1.1 23.5 1.4 0.8 23.6 Voucher Services 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 Mortgage Services & Property Rental Services 0.9 1.4 29.5 0.9 1.4 29.2 0.0 2.3 30.2 Corporate and Other 0.9 1.4 29.6 0.9 1.4 29.3 0.0 2.3 30.2 Totals 18.8bn 11.4bn 394.2m 18.2bn 11.4bn 366.9m 19.2bn 11.7bn 375.5m Total average balances 30.2bn 29.6bn 30.9bn 1H25 balances have been restated for business unit amendment. Total balances and total exposure are unchanged. For personal use only
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Protecting Margin Income across the interest rate cycle 46% of exposed balances hedged in 1H26; $2.1bn of Margin Income locked in irrespective of interest rate movements 44 $0.2bn $1.2bn • FY23 through FY25 translated at actual rates. FY26 and beyond are translated at the FY25 average FX rate. • Client balances: 2H23 includes 4 months for KCC and 2H24 includes 4 months for US Mortgage Services. • US Mortgage Services Balances: 1H23 $1.8bn, 2H23 $1.8bn, 1H24 $1.9bn, 2H24 $1.1bn. • Replacement of run off is for illustrative purposes only. Our strategy is to replace maturing trades with new hedges. New tr ades in FY26 were executed in January 2026. • WAL (Weighted Average Life) of the hedge book – 5.05 years at 31 December 2025 compared to 5.29 years at 30 June 2025. 19.4 15.2 14.7 14.3 14.2 13.7 14.6 17.7 15.7 14.1 15.2 16.0 15.9 16.3 44.1 42.7 47.1 53.4 54.0 55.2 58.9 81.2 73.6 75.9 82.9 84.2 84.7 89.8 0% 10% 20% 30% 40% 50% 60% 70% 0 10 20 30 40 50 60 70 80 90 100 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Total client balances ($bn) Average Client Balances - Legacy Average Client Balances - CCT Average MMF Hedge Book as a % of Avg Exposed Balances $1.7bn 298 287 258 233 199 $470m 17 52 52 52 52 5 30 63 3.10% 3.20% 3.30% 3.40% 3.50% 3.60% 3.70% 3.80% 0 100 200 300 400 500 600 Total Hedge MI FY26 - FY35 FY26 FY27 FY28 FY29 FY30 Total Hedged Margin Income ($m) MI - Existing hedge book at 30 June 25 MI - New trades executed YTD FY26 Notional replacement of run-off/planned activity Existing Hedge Book Yield 76% of total hedged Margin Income ($1.5bn) to be delivered in next 5 years. Replacement of run-off increases it to ($1.6bn) For personal use only
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45 Profile of our existing swap, fixed, and floating term book • Figures represent average notional balances for each half as at 31 December 2025. • CPU manages client balances in line with internal policies around counterparty credit risk, concentration of deposit risk and minimum levels of hedging. • Replacement/additional fixed rate deposits/swaps will continue to be implemented throughout FY26 and beyond. Hedged balances ($bn) 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 2H32 1H33 2H33 1H34 2H34 1H35 2H35 By Profile 8.8 8.7 8.3 7.7 7.5 7.1 6.6 6.2 5.7 4.9 4.2 3.8 3.6 2.4 2.2 1.5 0.8 0.5 0.1 Fixed rate term balances 2.8 2.9 2.6 2.3 2.2 2.1 1.8 1.6 1.4 1.2 0.5 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Fixed rate swaps 6.0 5.8 5.7 5.4 5.3 5.0 4.8 4.6 4.3 3.8 3.8 3.7 3.6 2.4 2.2 1.5 0.8 0.5 0.1 Split by Currency 8.8 8.7 8.3 7.7 7.5 7.1 6.6 6.2 5.7 4.9 4.2 3.8 3.6 2.4 2.2 1.5 0.8 0.5 0.1 AUD 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CAD 0.5 0.5 0.3 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 GBP 0.4 0.4 0.4 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 USD 7.8 7.8 7.6 7.4 7.3 7.0 6.5 6.1 5.7 4.9 4.2 3.8 3.6 2.4 2.2 1.5 0.8 0.5 0.1 Average Weighted Hedged Yield 3.37% 3.35% 3.37% 3.34% 3.32% 3.29% 3.29% 3.27% 3.23% 3.19% 3.20% 3.20% 3.21% 3.43% 3.50% 3.54% 3.72% 3.76% 3.85% Exposed balances ($bn) 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 2H32 1H33 2H33 1H34 2H34 1H35 2H35 By Profile 1.0 0.4 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Term balances 1.0 0.4 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Split by Currency 1.0 0.4 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AUD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CAD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 GBP 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 USD 0.8 0.4 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 For personal use only
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46 Interest rate assumptions and sensitivities on annualised MI A 3% interest rate environment is expected to generate $690m in annual MI, assuming FY26E client balance profile Quarterly average of daily market implied rates. Source: Bloomberg – World Interest Rate Probability at 9th February 2026. Cash rate assumptions for FY26 guidance FY26 Q1* FY26 Q2* FY26 Q3* FY26 Q4* Average USD 4.29% 3.90% 3.62% 3.52% 3.83% AUD 3.68% 3.60% 3.65% 3.77% 3.68% GBP 4.07% 3.93% 3.75% 3.57% 3.83% CAD 2.71% 2.33% 2.25% 2.26% 2.39% Weighted Avg 3.80% 3.49% 3.31% 3.22% 3.45% 88 88 88 88 88 88 88 88 77 315 315 315 315 315 315 315 315 315 327 526 478 430 383 335 287 239 191 730 929 881 834 786 738 690 642 583 - 100 200 300 400 500 600 700 800 900 1,000 FY26E 5.5% Rates 5% Rates 4.5% Rates 4% Rates 3.5% Rates 3% Rates 2.5% Rates 2.0% Rates Margin Income ($m) Rate Sensitivity on FY26E Balances Non Exposed Hedged Exposed For personal use only
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51% 22% 27% 350.0 425.9 550.0 224.1 216.8 584.3 0 100 200 300 400 500 600 700 800 900 1000 FY26 FY27 FY28 FY29 FY30 FY31 FY32 USD Million USPP Drawn Bank Debt Undrawn Bank Debt Debt Capital Markets Debt Facilities Maturity Profile and Composition – 31 December 2025 47 Composition of drawn debt facilitiesMaturity Profile • Diverse sources of debt now in the portfolio with public and private bonds combined with Bank facilities • Average debt facility maturity is 3.6 yrs. Drawn debt maturity is 4.2yrs • Total debt drawn – 0% fixed and 100% floating; The currency composition is 86% USD and 14% GBP • Average cost of debt for 1H26 is 5.51% (PCP 7.24%)* * New methodology adopted since 1H25. (1H26 interest expense / Total debt (average of open (Jun-25) and close position (Dec-25)). Undrawn Bank Facilities: $774m $1,576.9m For personal use only
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48 Balance sheet 1 Return on equity (ROE) = rolling 12 month Mgt NPAT / Equity* 2 Return on invested capital (ROIC) = (Mgt EBITDA less depreciation and amortization less income tax expense) / (net debt* + total equity*) *Includes the average of the opening and closing position. Cash classified as an “asset held for sale” is included in the net debt calculation in 1H26 ($27.6m), FY25 ($0.3m) and 1H24 ($104.4m). 1H26 net debt calculation of $377.4m is 100% floating rate debt (1H25: $494.9m). Non-recourse SLS advance debt disposed of as part of sale of US MS completed on 1 May 2024. At actual rates 1H23 FY23 1H24 FY24 1H25 FY25 1H26 Dec Jun Dec Jun Dec Jun Dec Current Assets USD M 2,081.0 2,173.4 2,955.7 1,987.2 1,938.9 2,066.4 1,964.8 Non Current Assets USD M 4,131.3 3,972.9 3,225.8 3,131.4 3,109.4 3,269.0 3,139.1 Total Assets USD M 6,212.4 6,146.4 6,181.5 5,118.6 5,048.3 5,335.4 5,103.9 Current Liabilities USD M 792.2 1,292.4 1,260.8 675.4 1,285.0 941.3 707.1 Non Current Liabilities USD M 3,344.2 2,713.0 2,808.1 2,494.7 1,842.5 2,240.1 2,149.8 Total Liabilities USD M 4,136.4 4,005.4 4,068.9 3,170.0 3,127.5 3,181.3 2,856.9 Total Equity USD M 2,075.9 2,141.0 2,112.6 1,948.6 1,920.8 2,154.1 2,247.0 Net debt including non-recourse SLS Advance debt USD M 1,465.6 1,216.2 1,310.7 461.4 494.9 527.6 377.4 Net debt to EBITDA ratio Times 1.55 1.00 1.01 0.36 0.39 0.42 0.30 Net debt excluding non-recourse SLS Advance debt USD M 1,258.2 1,029.9 1,105.1 461.4 494.9 527.6 377.4 Net debt to EBITDA ratio excluding non-recourse SLS Advance debt Times 1.33 0.85 0.85 0.36 0.39 0.42 0.30 EBITDA Interest Coverage ratio Times 10.1 9.1 7.3 7.9 10.1 10.7 11.3 ROE 1 % 22.3% 30.1% 34.1% 34.7% 37.8% 38.7% 38.7% ROIC 2 % 15.5% 22.7% 25.3% 30.2% 31.9% 35.8% 36.1% For personal use only
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49 Cash flow summary 1 Net operating and financing cash flows. *Net cash outlay on MSR purchases discontinued with the sale of US MS, completed on 1 May 2024. USD M (at actual rates) 1H23 FY23 1H24 FY24 1H25 FY25 1H26 Net operating receipts and payments 377.4 914.2 543.2 1,020.9 512.2 1,096.0 485.4 Net interest and dividends -49.1 -109.5 -65.2 -113.6 -40.4 -79.4 -33.8 Income taxes paid -80.8 -181.0 -108.1 -176.2 -117.6 -192.9 -114.7 Net operating cash flows excluding SLS advances 247.5 623.7 369.9 731.1 354.2 823.7 336.9 Cash outlay on business capital expenditure -17.2 -41.9 -17.2 -42.8 -25.2 -43.6 -15.6 Net cash outlay on MSR purchases* -102.0 -70.6 -56.5 -76.0 0.0 0.0 0.0 Free cash flow excluding SLS advances 128.3 511.1 296.3 612.3 329.1 780.1 321.3 SLS advance funding requirements1 -57.9 -27.7 -28.2 1.9 0.0 0.0 0.0 Cash flow post SLS advance funding1 70.4 483.5 268.1 614.2 329.1 780.1 321.3 Investing cash flows Acquisitions (net of cash acquired) -0.3 -9.6 -36.0 -37.1 -56.0 -120.9 0.5 Disposal of Kurtzman Carson Consultants 39.2 3.8 55.8 Disposal of US Mortgage Services and CMC Funding 4.2 577.8 26.8 Disposal of CCS Germany 5.6 Other 2.5 3.0 10.2 10.2 2.2 1.5 -2.5 Total investing cash flows 2.2 36.8 -25.8 550.9 -53.8 -88.8 59.3 Net operating and investing cash flows 72.6 520.3 242.3 1,165.1 275.2 691.3 380.6 For personal use only
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50 Exchange rates Currency 1H23 FY23 1H24 FY24 1H25 FY25 1H26 USD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 AUD 1.4895 1.4872 1.5309 1.5250 1.5130 1.5441 1.5260 HKD 7.8423 7.8386 7.8190 7.8190 7.7870 7.7897 7.7989 NZD 1.6506 1.6270 1.6539 1.6481 1.6635 1.6923 1.7149 INR 80.6575 81.4939 82.9649 83.0972 84.1159 85.0896 88.1827 CAD 1.3278 1.3408 1.3509 1.3545 1.3812 1.3948 1.3858 GBP 0.8502 0.8319 0.7974 0.7939 0.7746 0.7725 0.7468 EUR 0.9880 0.9571 0.9242 0.9246 0.9238 0.9191 0.8574 ZAR 17.1471 17.6191 18.6898 18.7048 17.9406 18.1584 17.3671 RUB 59.2694 67.8286 93.4421 92.1030 94.4223 90.2862 80.2080 DKK 7.3497 7.1225 6.8905 6.8945 6.8912 6.8568 6.4015 SEK 10.6446 10.5526 10.7236 10.6293 10.5964 10.3605 9.4594 CHF 0.9683 0.9423 0.8848 0.8870 0.8715 0.8661 0.7997 For personal use only
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51 › Summary information: This announcement contains summary information about Computershare and its activities current as at the date of this announce ment. › This announcement is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Computershare’s shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of a particular investor or a potential investor. Before making an investment decision, a prospective investor should consider the appropriateness of this information having regard to his or her own objectives, fi nancial situation and needs and seek specialist professional advice. › Financial data: Management results are used, along with other measures, to assess operating business performance. The company believes that exclusion of certain items permits better analysis of the Group’s performance on a comparative basis and provides a better measure of underlying operating performance. › Management adjustments are made on the same basis as in prior years. › The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards. › All amounts are in United States dollars, unless otherwise stated. › Past performance: Computershare’s past performance, including past share price performance and financial information given in this announcement is given for illustrative purposes only and does not give an indication or guarantee of future performance. › Future performance and forward-looking statements › This announcement may contain forward-looking statements regarding Computershare’s intent, belief or current expectations with r espect to Computershare’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices. › When used in this announcement, the words ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘co ntinue’, ‘should’, ‘could’, ‘objectives’, ‘outlook’, ‘guidance’ and similar expressions, are intended to identify forward-looking statements. Indications of, and guidance on, plans, strategies, management objectives, sales, future earnings and financial performance are also forward -looking statements. › Forward-looking statements are provided as a general guide only and should not be relied upon as a guarantee of future performan ce. They involve known and unknown risks, uncertainties, contingencies, assumptions and other important factors that are outside the control of Computershare. › Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. Computershare makes no representation or undertaking that it will update or revise such statements. › Disclaimer: No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Computershare or its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence. › Not intended for foreign recipients › No part of this announcement is intended for recipients outside Australia. Accordingly, recipients represent and warrant that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. Important notice For personal use only