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Investor Presentation Results for half year ended 31 December 2025 19 February 2026 Mick O’Brien, Managing Director Johanna Platt, Chief Financial Officer EQT HOLDINGS LIMITED (ASX: EQT) For personal use only
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1 Business Performance Update Mick O’Brien – Managing Director 2 Financial Review Johanna Platt – Chief Financial Officer 3 Strategy & Outlook Mick O’Brien – Managing Director 4 Questions Agenda 2 For personal use only
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Business Performance Update Mick O’Brien, Managing Director For personal use only
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Trust Services (Personal, Charitable, Health & Personal Injury, Community) FUMAS: $18b Revenue: $56m 4 About Equity Trustees Corporate Shared Services Trustee Wealth Services (TWS) Corporate & Superannuation Trustee Services (CSTS) FUMAS at 31 December 2025 Revenue for 1H26 Estate Planning Estate Management Philanthropy Wealth Management/Advice Asset Management Corporate Trustee Services Custody & Real Assets Debt & Securitisation Services Superannuation Trustee Services Company Secretariat Finance Marketing People Risk Management Technology FUMAS: $96b Revenue: $19m FUMAS: $170b Revenue: $25m For personal use only
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5 Business Strengths Market Structure & Demand Growth of super assets ($11.3tn by 2043) and expected intergenerational wealth transfers ($3.5tn over 20 years) EQT is actively involved in key growthmarket segments – e.g., Health & Personal Injury, Estate Management, Responsible Entity services The independent trustee model is in high demand and supported by Australian regulatory framework EQT is a recognised leader in key market segments and geographical locations across the market for trustee services Stable & Enduring Value Generation The EQT business has an enduring income profile EQT benefits from enduring revenue from long term appointments and positive correlation to market growth Diversified revenue streams & solid profit margins EQT provides services to a broad range of investment trusts and schemes at solid margins Strong balance sheet with low debt leverage & high cash generation Prudent approach to capital management Organisational Quality An experienced leadership team with proven M&A experience Proven execution of small and large M&A activity, including the integration of AET High employee engagement and enablement and a developing technology base Engaged team bring specialist expertise to meet clients' needs, supported by effective technology to enhance enablement For personal use only
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01 6 First half drivers and key activity Core business continues to deliver with revenue resilience and organic growth Intensifying regulatory oversight & engagement is driving increased resourcing and exposure to regulator action New business activity ongoing – year on year growth in Corporate Trustee Services and Health & Personal Injury clients Margin growth in TWS and CTS from managing client growth through productivity gains and one-off benefit from improved processes in Estate Management 02 03 04 For personal use only
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Key 1H26 Financial Metrics 7 Continued strength in the business financials offset by higher risks on shareholder value $284b FUMAS up 28% CSTS: 29.8% TWS: 6.8% 3-year CAGR: 22.2% $100m Revenue up 11.8% CSTS: 15.1% TWS: 9.8% 3-year CAGR: 17.8% $30.3m NPBT up 53.9% (Underlying NPBT up 24.5%) CSTS: 6.9% TWS: 39.8% 3-year CAGR: 25.8% 76.48 Statutory EPS up 66.6% Underlying EPS: 76.48 Underlying EPS up 24.4% 3-year CAGR: 34.8% -22.0%¹ 1-year TSR 3-year CAGR: 2.6% $20.5m NPAT up 67.0% (Underlying NPAT up 24.6%) ¹TSR includes declared dividend 56cps Dividends up 1.8% Payout ratio: 73.2% 3-year CAGR: 4.6% For personal use only
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• Consistent revenue growth across resilient and diverse service lines and client base • EBITDA margin excluding elevated spend on litigation defence and regulator reviews would be 35.1% (2.2% impact) • EBITDA margins impacted between 1H23 to 1H25 due to non-operating expenses relating to AET integration (5% to 10% impact) • EBITDA margin excludes the impact of ORFR financing 8 Group revenue and EBITDA margin Delivering revenue growth at resilient EBITDA margins $m 61.1 77.7 84 86.5 89.4 93.1 100.0 26.6% 33.7% 29.6% 25.4% 26.1% 34.9% 32.9% - 10% 20% 30% 40% 50% 60% 70% 30 40 50 60 70 80 90 100 110 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Revenue EBITDA Margin For personal use only
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• Revenue growth of 9.8% over pcp (9.1% over prior half) driven by strong Estate Management activity and growth in Health & personal injury appointments • Health & personal Injury business unit continues to win a high proportion of new business opportunities driving $1.7m or 18% revenue growth over pcp • Accelerated time to probate (one- off benefit) and a higher number of active estates at elevated average balances lead to $2.1m additional revenue in Estate Management in 1H26 over pcp (55% increase) • Growth in FUMAS driven by a combination of new appointments in Health & Personal Injury, Estate Management growth and general investment market conditions Trustee Wealth Services 9 Estate Management activity providing revenue upside $m $b ¹Prior periods restated to correctly allocate Asset Management AUM and changes post transition of data onto NavOne Revenue 3 Year CAGR 22.0% FUMAS 3 Year CAGR 7.2% 40.8 43.5 10.1 12.4 30.8 49.5 50.9 55.9 20 30 40 50 60 1H23 1H24 1H25 1H26 Market related Non-market related 16.1 16.8 1.0 1.4 14.7 16.6 17.1 18.2 10 14 18 22 1H23 1H24 1H25 1H26 Market related Non-market related For personal use only
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• Revenue growth of 15.1% over pcp (5.8% over prior half) • Business continues to see solid demand for new appointments with 77 schemes and custody appointments added during 1H26, including 5 listed schemes and adding $22bn to FUMAS • Growth from existing clients contributed $1.1m incremental revenue and $10.8bn FUMAS over pcp • New business contributed $3.4m revenue and $34bn FUMAS over pcp ($22bn FUMAS over prior half) • Pipeline for 2H26 provides ongoing and consistent growth expectations CSTS – Corporate 10 New funds & FUMAS driving revenue growth Revenue 3 Year CAGR 11.4% FUMAS1 3 Year CAGR 21.5% $m $b 15.4 16.8 7.0 8.4 18.2 19.6 22.4 25.2 10 20 30 1H23 1H24 1H25 1H26 Market related Non-market related 91.5 119.1 38.8 50.8 94.8 101.0 130.3 169.9 60 100 140 180 1H23 1H24 1H25 1H26 Market related Non-market related ¹FUMAS excludes CTS-EU for all periods For personal use only
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• Revenue growth of 18.6% over pcp (excluding ORFR income 7.6%) • Trustee revenue increased due to the benefit of 4 new funds onboarded in 2H25, contributing $6.7b of FUMAS and $1.9m of revenue growth in 1H26 • Investment markets and net inflows into client funds contributed $14.6bn in FUMAS growth from 31 December 2024 • 1H25 included project revenue of $0.6m that did not recur in 1H26 • Loss of SAF FUMAS reduced revenue by $0.7m over pcp • ORFR position will expand further in 2H26 with higher average balances expected during the period (revenue will be offset by ORFR expenses) CSTS – Super 11 Revenue growth driven by new appointments & ORFR capital funding Revenue 3 Year CAGR 16.3% FUMAS 3 Year CAGR 33.1% ¹Prior periods restated to correctly allocate Asset Management AUM $m $b 6.6 8.4 8.3 7.8 1.1 2.8 12.0 15.0 15.9 18.9 3 13 23 1H23 1H24 1H25 1H26 Market related Non-market related ORFR Income 52.5 78.7 21.8 16.9 40.6 60.5 74.3 95.6 20 40 60 80 100 1H23 1H24 1H25 1H26 Market related Non-market related For personal use only
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12 Shield litigation update • On August 26 2025, ASIC initiated Federal Courtproceedings against Equity Trustees Superannuation Limited (ETSL) regarding the Shield Master Fund and amended its statement of claim on 10 October 2025. ETSL is an RSE Licensee and subsidiary of EQT Holdings Limited (non-guaranteed by the parent) • ASIC’s claim alleged breaches of ETSL’s due diligence obligations when onboarding Shield onto 2 superannuation platforms where ETSL is trustee and increasing the investment limit • ASIC sought civil penalties, compensation for members, declarations of contraventions of the Corporations Act and SIS Act and costs • ETSL filed its Defence on 24 December 2025. A summary of the Defence is available on the EQT website • Previously disclosed potential ETSL exposure: Shield $73m (net) (based on the liquidator’s last estimate) • The Group has customary insurances in place with substantive coverage for compensation and limited coverage for civil penalties • ETSL reserves the right to make an application to the Financial Services Minister under Part 23 of the SIS Act 23 to claim recoveries for the superannuation fund, due to a fraud having be committed against the Funds and trustee • ASIC is continuing to undertake investigations in relation to the First Guardian Master Fund; to date it has not initiatedaction against ETSL. Member losses from First Guardian through Funds where ETSL is the trustee total $70m (net and gross) Quantifying Shield and First Guardian exposure For personal use only
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13 Superannuation Trustee Services (STS) business update Strategic review of STS Context STS business operates at lower margins than TWS and CTS Elevated pace of regulator led change and reviews, particularly for platform-based Superannuation funds creating uncertainty over cost base and risk Preference of larger scale super funds to utilise inhouse trustee model Board Decision & Next Steps EQT Holdings Limited Board decision to undertake a strategic review of the business Review focused on the optimal capital allocation for the group Review process expected to take 6 to 12 months to complete. We will update the market as the review progresses ETSL will continue to fulfil its responsibilities to act in members’ best interests throughout the process For personal use only
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Financial Review Johanna Platt, Chief Financial Officer For personal use only
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Revenue growth of 11.8%: • $5.8m CSTS – new business $4.0m, net flows & investment markets $1.0m, additional ORFR income $1.8m • $5.0m TWS – new business and market performance in Health & Personal Injury and increased activity in Estate Management Operating expenses growth of 7.1%: • Increase in people costs factoring in the impact of AET synergies and increased resourcing in CSTS • Higher transition and run-rate costs for upgraded technology services • Significant one-off activity in CSTS for the ASIC Shield matter ($1.0m) and other regulatory activity ($1.1m) • Offsetting ORFR interest costs $1.8m Non-operating expenses declined $4.6m due to the completion of AET Integration and Technology project activity and losses relating to discontinued operations of the UK business ceased in FY25 15 Group Financial Performance 1H26 v 1H25 1H26 $m 1H25 $m 1H26 v 1H25 % Revenue 100.0 89.4 11.8% Operating Expenses (69.7) (65.1) 7.1% Underlying NPBT 30.3 24.3 24.5% Underlying NPBT Margin (%) 30.3 27.2 3.1 Non-operating expenses ̶ (4.6) 100.0% Tax (9.8) (6.8) 44.0% Discontinued Operations net of NCI ̶̶̶ (0.6) 100.0% NPAT 20.5 12.3 67.0% FUMAS ($b) 283.7 221.7 28.0% ¹Prior period restated Note: Totals may be subject to rounding For personal use only
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16 Group Financial Performance 1H26 v 2H25 1H26 $m 2H25 $m 1H26 v 2H25 % Revenue 100.0 93.0 7.5% Operating Expenses (69.7) (63.6) 9.6% Underlying NPBT 30.3 29.4 2.8% Underlying NPBT Margin (%) 30.3 31.6 (1.4) Non-operating expenses ̶ (0.3) 100.0% Tax (9.8) (8.0) 21.8% Discontinued Operations net of NCI ̶ (0.1) 100.0% NPAT 20.5 21.0 (2.3%) FUMAS ($b) 283.7 253.6 11.9% Note: Totals may be subject to rounding Revenue growth of 7.5%: • $2.4m CSTS – new business $1.9m, net flows & investment markets $0.2m, additional ORFR income $1.9m offset by non-recurring project revenue of $0.6m and lost client revenue • $4.6m TWS – new business and market performance in Health & Personal Injury and increased activity in Estate Management Operating expenses growth of 9.6%: • Significant one-off activity in CSTS for the ASIC Shield matter ($1.0m) and other regulatory activity and strategic considerations ($1.1m) • People costs increased due to the annual rem review and average FTE • ORFR interest costs rose in line with ORFR revenue growth Underlying profit margins decreased by 1.4% half over half due to the regulatory / litigation costs and ORFR dilution NPAT decreased despite higher NPBT due to a non-recurring $3.2 million tax deduction in the prior half from CTS-EU operations For personal use only
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Total employees increased by 14 from 460 at 30 June 2025 to 474 at 31 December 2025, reflecting increased activity and investment in CSTS • CSTS: increased 9 employees, of which 7 are temporary roles, supporting revenue growth and uplift in compliance and investment governance • TWS: increased by 1 employee to cover new business in Health & Personal Injury • Corporate Functions: increased by 4 employees in the risk team as part of a planned uplift and replacement of vacant roles 31 December 2025 vacancy rate was 5.9%, up from 3.9% at 30 June 2025. 17 Strategic Workforce Alignment ¹Includes fixed term employees & contractors 2Prior periods adjusted for restructuring of the Fund & Taxation Accounting team from Corporate Functions to TWS in 1HY26 Aligning talent for growth & regulatory demand 229 113 111 233 125 102 234 134 106 - 50 100 150 200 250 TWS² CSTS Corporate Functions² Dec-24¹ Jun-25¹ Dec-25¹ For personal use only
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13.7 1.7 2.1 1.2 0.5 0.1 (0.2) 19.1 10 12 14 16 18 20 18 TWS Performance 1H26 v 1H25 1H26 $m 1H25 $m 1H26 v 1H25 Revenue 55.9 50.9 9.8% Operating Expenses (36.8) (37.2) (1.2%) NPBT 19.1 13.7 39.8% NPBT Margin (%) 34.2 26.9 7.3 FUMAS ($b)¹ 18.2 17.1 6.8% • Strong result with profit margins increasing by 7.3% due to combined benefit of topline growth and reduced cost base vs pcp • Estate Management efficiencies have assisted in accelerating the estate process for clients (one-off benefit) and the business has managed a higher number of active estates at higher average balances leading to 55% revenue growth of $2.1m in 1H26 • Health & Personal Injury business unit continues to win a high proportion of new business opportunities driving 18% revenue growth in 1H26 of $1.7m • People costs benefitted by $3.4m from the 1H25 redundancy of 45 people as part of the AET integration synergies, offset by $2.9m by the annual remuneration increases and the employment of one additional role to support the growth in Health & Personal Injury • Technology cost decreases related to the transition from legacy platforms to NavOne ¹Prior periods restated Note: Totals may be subject to rounding 1H25 Other revenue Other & corporate overhead 1H26People costs Health & personal injury revenue Net Profit Before Tax$m TechnologyEstate management revenue For personal use only
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10.4 4.1 1.7 (1.8) (1.6) (2.1) 0.6 11.2 8 10 12 14 16 18 19 CSTS Performance 1H26 v 1H25 1H26 $m 1H25 $m 1H26 v 1H25 Revenue 44.1 38.3 15.1% Operating Expenses (32.9) (27.9) 18.1% NPBT 11.2 10.4 6.9% NPBT Margin (%) 25.3 27.2 (1.9) Total FUMAS ($b) 265.5 204.6 29.8% Corporate FUMAS 169.9 130.3 30.4% Super FUS 95.6 74.3 28.7% Note: Totals may be subject to rounding • Strong topline growth through combined impact of new business and growth from existing clients, positive investment markets and increased ORFR levels • ORFR facilities increased $73m, which drove materially offsetting increases in income and financing costs • Revenue up $4.1m (ex-ORFR): $5.4m new business and $1.0m net flows/markets, partly offset by $0.8m prior-period one-offs and $1.4m lost from terminating clients • People costs up $1.6m due to remuneration review and additional staff for growth, compliance and regulatory oversight • Audit, consulting & legal cost increased $2.1m by the one-off activity for the ASIC Shield matter and other regulatory activity and strategic considerations • Cost increases were partially offset by smaller cost savings across other consultant activity and general expenses 1H25 ORFR income Revenue growth People costs Shield / regulatory costs Other Costs 1H26ORFR financing costs $m Net Profit Before Tax For personal use only
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48 49 51 55 56 20 30 40 50 60 1H22 1H23 1H24 1H25 1H26 20 EPS & Dividends 1H26 $m 1H25 $m 1H26 v 1H25 Underlying EPS (cents) 76.48 61.49 24.4% Statutory EPS (cents) 76.48 45.90 66.6% Dividend (cents per share) 56 55 1.8% Payout ratio (%) 73.2 119.8 (46.6) cps • Directors declared a 56-cent dividend for 1H26 based upon strong profit performance and capital stability of the Group • Payout ratio of 73.2% of NPAT is within the Board’s stated capital management strategy Dividends For personal use only
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• Cash and cash equivalents increased by $105.8 million over pcp, primarily due to increased ORFR capital • Operating cash flows increased by $12.7 million due to increased NPBT and the impact of AET related redundancy costs in FY25 • Net cash flow from investing activities increased by $73.7 million due to a corresponding increase in ORFR capital • Regulatory capital requirements at 31 Dec 2025 were $93 million and cash held as ORFR capital was $115m. 21 Cashflow analysis $m 1H26 1H25 Cashflows from operating activities Receipts from customers 102.1 90.6 Payments to suppliers and employees (73.8) (76.7) Income tax paid (8.9) (8.2) Net cash provided by operating activities 19.3 5.7 Net cash provided by / (used in) investing activities 2.5 1.7 Cash flows from financing activities Corporate movements (20.5) (21.9) Operational Risk Financial Requirement movements 72.6 0.3 Net cash flows used in investing activities 52.1 (21.6) Net increase in cash and cash equivalents 73.9 (14.2) Exchange fluctuations on foreign cash balances ̶ 0.1 Cash and cash equivalents at end of the financial year 220.4 114.6 Note: Totals may be subject to rounding For personal use only
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• During the half the corporate debt facility was successfully renegotiated, moving to a single $60 million facility with a term of 31 December 2027 • $117.3m of cash and liquid investments, $93m held as regulatory capital • Current liabilities reduced by $2.8 million due to reduction in employee liabilities • Borrowings held flat half over half • Gearing ratio remains low at 10.3%, highlighting strength of the balance sheet 22 Balance sheet 59.5 327.3 115.7 114.7 51.7 42.0 410.4 113.1 - 100 200 300 400 500 600 700 Assets Liabilities Receivables and other assets Goodwill and intangible assets Cash and Liquid investments ORFR Cash ORFR Borrowings Equity Borrowings Payables and other liabilities (NTA requirement of 93.2) For personal use only
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Strategy & Outlook Mick O’Brien, Managing Director For personal use only
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01 24 FY26 strategic priorities Continue uplift of CTS operating model for future scalability and sustainability Execute strategic review of STS business and address regulatory undertakings Deliver productivity gains from technology to underpin future growth Progress resolution of the ASIC Shield matter 02 03 04 For personal use only
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25 FY26 Outlook • We expect the continued resilience and momentum for TWS and CTS: ̶ CTS topline growth momentum expected to continue ̶ TWS topline growth rates to moderate in 2H given impact of higher value estates and larger scale Health & Personal Injury client onboarding in 1H ̶ Stable operating expenses • Expenses relating to litigation and regulatory responses expected to be consistent in 2H compared to 1H ̶ STS focused activity ̶ Based upon known body of work to be addressed • Continue to defend ASIC Shield matter ̶ Directions hearing in late February • The outlook for the Superannuation business will be conveyed to the market following the strategic review ̶ the strategic review will take into account the future cash flows and goodwill of the business • Results will continue to be impacted by investment markets For personal use only
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Questions For personal use only
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27 Glossary of Terms Term Definition AET Australian Executor Trustees (business acquired by EQT in November 2023) CAGR Compound annual growth rate CSTS Corporate and Superannuation Trustee Services CTS Corporate Trustee Services, a part of CSTS CTS-EU Former Corporate Trustee Services business segment (UK and Ireland) Discontinued Operations Operating loss of CTS-EU and associated costs to dispose of the segment EBITDA Earnings before Interest, Tax, Depreciation and Amortisation EPS Earnings per share ETSL Equity Trustees Superannuation Limited FUMAS Funds Under Management and Supervision M&A Mergers and Acquisitions Non-Operating Expenses Items not a part of normal operations of the business, includes the impact of the integration of AET and the three-year technology modernisation program NPAT Net Profit After Tax NPBT Net Profit Before Tax Payout Ratio Declared dividend / earnings per share SAF Small APRA Fund Statutory EPS Basic EPS from Continuing & Discontinued operations STS Superannuation Trustee Services, a part of CSTS TWS Trustee Wealth Services TSR Total shareholder return Underlying Financial measures for operations excluding the impact of the integration of AET, and the three-year technology modernisation program For personal use only
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28 EQT Holdings Limited ABN 22 607 797 615 Level 1, 575 Bourke Street Melbourne VIC 3000 1300 133 472 www.eqt.com.au DISCLAIMER Forward Looking Statements This Presentation contains forward-looking statements. Forward-looking statements include all statements other than statements of historical or present fact, and include statements regarding projected financial performance, expected business results, and future growth prospects of EQT Holdings Limited – EQT (the “Company”). These statements are based on the Company’s current expectations, estimates, assumptions and other information available as at the date of this Presentation, and are subject to various risks, uncertainties, and factors beyond the Company’s control. These statements do not represent guarantees or predictions of future financial or operational performance. Actual results may differ materially from those expressed or implied in this guidance due to a range of risks, uncertainties and other factors, including but not limited to changes in market conditions, economic factors, regulatory developments, competitive pressures, operational risks, and other factors described in the Company’s periodic filings with the Australian Securities Exchange (ASX). While the Company has taken reasonable care in preparing this guidance, it does not undertake any obligation to update or revise forward-looking statements to reflect new information, future events, or changes in circumstances, except as required by law. Investors are cautioned not to place undue reliance on this guidance when making investment decisions. Financial Data All financial amounts contained in this Presentation are expressed in Australian dollars. Certain financial information included in this Presentation is “non-IFRS financial information” under Regulatory Guide 230 “Disclosing non-IFRS financial information” published by ASCI. EQT believes this non-IFRS financial information provides useful information to users in measuring the financial performance and condition of EQT. The non-IFRS financial information does not have standardised meanings prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial information determined in accordance with Australian Accounting Standards. You are cautioned, therefore, not to place undue reliance on any non-IFRS financial information or ratio included in this Presentation. Past Performance Past performance and historical information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Information Reliance The information is supplied in summary form and is therefore not necessarily complete. The material contained in this Presentation may include information derived from publicly available sources that have not been independently verified. This Presentation should be read in conjunction with EQT’s other periodic and continuous disclosure announcements lodged with the ASX which are available at www.asx.com.au or the Company’s website (eqt.com.au). For personal use only