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Generation Development Group | 1 Proud owner of Investor Day 11 November 2025 For personal use only
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Generation Development Group | 2 Generation Development Group | 2 Contents Generation Development Group Our values 3 Leadership team 5 Key highlights 8 People, culture and leadership 14 GDG consolidated financials Generation Development Group Consolidated 20 Generation Life 21 Lonsec - Investment Solutions, Research and Ratings 23 Evidentia Group 28 Break Generation Life 33 Lonsec Research and Ratings 50 Evidentia Group 69 Break Capital allocation and outlook 82 Close and final Q&A Drinks For personal use only
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Generation Development Group | 3 Our vision Clarity We simplify complexity to create clarity and understanding — our commitment towards ensuring our customers, shareholders and people understand the why, the how, and the impact of everything we do. Innovation Defined by a mindset of curiosity, creativity, and disciplined execution — driving the next generation of financial solutions that deliver exceptional outcomes for our customers, people and shareholders. Integrity Is our foundation — we do what’s right, not what’s easy, building enduring trust with our customers, people and shareholders. To be Australia’s most admired financial services group - recognised for our performance, innovation, and commitment to delivering exceptional outcomes to our customers. Generation Development Group | 3 Our values For personal use only
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Generation Development Group | 4 Pillars and DNA Customer obsessed Generation Development Group | 4 High performance and supportive culture People – Talent hub for excellence Diversified yet synergistic model Entrepreneurial and owner’s mindset Owner’s mindset Capital discipline Every dollar is treated as if it’s their own – every dollar is spent with purpose to create long -term value and whilst balancing ambition with prudence Long-term thinking Decisions are made for enduring value creation, not short -term optics or quarterly targets Accountability We take ownership of outcomes and impact – never delegate responsibility or blame external factors Customer obsession Genuine understanding that sustainable shareholder value comes from exceptional client experiences and outcomes Continuous improvement Constant drive to optimise processes, enhance efficiency, and compound performance over time Alignment Incentives, communication, and culture all tie directly to shareholder outcomes (TSR, earnings growth, sales growth, FUM expansion) Agility and prudence Owners are both bold and careful - they take calculated risks and look to protect and mitigate the downside For personal use only
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Generation Development Group | 5 Generation Development Group leadership team Grant Hackett OAM Group Chief Executive Officer Generation Development Group Terence Wong Chief Financial Officer Generation Development Group Amanda Gawne Company Secretary Generation Development Group Robert Coombe Executive Chairman Generation Development Group Felipe Araujo Chief Executive Officer Generation Life Michael Wright Chief Executive Officer Evidentia Group Lorraine Robinson Chief Executive Officer Lonsec Research and Ratings Peter Smith Executive Director Generation Development Group Richard Bell Head of People and Culture Generation Development Group For personal use only
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Generation Development Group | 6 To redefine how Australians build and protect the wealth of each generation – through relentless innovation, market-leading products, and a bold commitment to shaping a more secure and prosperous financial future. To be Australia’s most trusted research partner by delivering clear, actionable insights and expertise to bring clarity to complexity across financial services. To be the undisputed leader in managed accounts — by delivering an exceptional experience trusted by advisers, valued by investors, and powered by a culture of excellence. Vision for our subsidiary businesses Our operating model: The Generation Development Group way… High performance | Accountability | Engagement and energy | Owner’s mindset For personal use only
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Generation Development Group | 7 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Generation Development Group timeline Austock Group founded in 1991 July 2017 Rob Coombe joins as executive chairman March 2018 Rebrand to GDG June 2018 Market cap $50.5m March 2019 Investment bonds FUM $1b December 2021 Investment bonds FUM $2b March 2024 Investment bonds FUM $3b June 2024 Investment bonds FUM $4b December 2020 Lonsec FUM $1b September 2022 Lonsec FUM $5b March 2024 Lonsec FUM $10b October 2020 37% investment in Lonsec July 2022 Lonsec acquisition of Implemented Portfolios Limited August 2024 100% Acquisition of Lonsec June 2023 Market cap $400m October 2024 Market cap $1b October 2025 Market cap $3b February 2025 Acquired Evidentia Group March 2025 ASX300 April 2025 ASX200 May 2025 BlackRock investment and strategic alliance with Generation Life June 2024 Relinquished Pooled Development Fund licence September 2018 Acquired Ascalon September 2021 Sale of investment Ascalon For personal use only
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Generation Development Group | 8 Key highlights Generation Development Group | 8 2cps Full year dividend (fully franked) $38.2m1 Statutory NPAT 555% 1. Includes Evidentia earnings contribution from 18 February 2025. 2. On 1 August 2024, GDG completed the acquisition of remaining shares in Lonsec, increasing its holdings to 100%. Following this acquisition, GDG gained full control of Lonsec, transitioning Lonsec from associate to subsidiary. GDG was eligible to receive full year earnings for FY25 under the terms of the Share and Options Sales Agreement. This is compared against Lonsec’s full year FY24 results. 3. On 18 February 2025, GDG completed the acquisition of Evidentia. This represents the full year comparison of Evidentia’s NPAT for FY25 and FY24. 2025 financial year highlights $141.3m FY25 full year Group revenue 191% $8.4m Generation Life Underlying NPAT $5.3m Evidentia Group Underlying NPAT 74% 97%3 Q1 2026 highlights $4.8bn Investment bonds funds under management $32.6bn Managed accounts funds under management 1,870 Products researched 34% pcp 46% pcp 7% pcp $1.1bn Investment bonds inflows for 12-month period $7.9bn Managed accounts net inflows for 12-month period 58% pcp 79% pcp $30.2m1 Underlying NPAT 170% $19.8m Lonsec Underlying NPAT 53%2 For personal use only
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Generation Development Group | 9 FUM growth over the past 5 years Generation Life FUM ($b) Evidentia Group FUM ($b)1 $0 $5 $10 $15 $20 $25 $30 $35 FY21 FY22 FY23 FY24 FY25 FY26 Q1 Lonsec Investment Solutions Evidentia Managed Accounts $0 $1 $2 $3 $4 $5 $6 FY21 FY22 FY23 FY24 FY25 FY26 Q1 25% CAGR 76% CAGR 1. Following the merger of Lonsec Investment Solutions and Evidentia Managed Accounts in February 2025, the combined business will be reported under Evidentia Group from the 2026 financial year. $4.8bn $32.6bn For personal use only
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Generation Development Group | 10 FY26 new operating structure and products Investment bonds Lifetime annuity Research Ratings Tailored Managed Accounts Off the Shelf Managed Accounts Managed Discretionary Accounts iRate Private Markets Solutions Funeral bonds Group operating structure Decentralised model with independent subsidiaries, each led by its own CEO, executive team, and supporting business unit Performance and capital discipline Capital allocation discipline, driving return on investor capital Optimise and accountability Long-term incentives aligned to each subsidiary’s performance Diversified earnings Providing flexibility and sustainable growth while maximising performance and optimising returns through innovation, efficiency, and disciplined management Generation Development Group | 10 For personal use only
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Generation Development Group | 11 Thematics and trends Tax reforms Potential tax and superannuation reforms, i.e. Division 296, Trust and CGT Wealth >1 million Australians to face top Marginal Tax Rate by 20301 with 37% share of income tax paid 2 Intergeneration wealth transfer Approximately $5.4 trillion to be transferred over the next 20 years 3 Reoccurring revenue and long duration products Annuity style products that are advice driven and self directed Legislative tailwinds • Potential tax reforms signalled by government • Retirement Income Covenant and Best Practice Principles Structural tailwinds • Demographic drivers such as ageing population and advisory reforms such as Delivering Better Financial Outcomes (DBFO) • Managed account adoptions • New product categories and markets Disruptors Financial services subsectors dominated by institutional investors driven by technology and innovation, create significant market share growth and scale High cashflow businesses High level of reinvestments for sustainable growth and shareholder creation 1. Kehoe, J. and Read, M. (2022a) One Million Australians face top tax rate by 2030, Australian Financial Review. Available at: https://www.afr.com/politics/one-million-australians-face-top-tax-rate-by-2030-20221005-p5bnao. 2. Australian Taxation Office, Taxation Statistics 2022-23 for individuals. Available at: https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/taxation-statistics/taxation-statistics-2022-23/statistics/individuals-statistics. Past performance is not a reliable indicator of future performance. 3. JBWere Australia, Family Advisory and Philanthropic Services, The Bequest Report - Reshaping Australia by passing on more than assets July 2024, accessed 20 March 2025 Source: https://www.afr.com/wealth/superannuation/gen-x-prepares-for-the-next-great-wealth- transfer-20230724p5dqr0 For personal use only
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Generation Development Group | 12 Strategic priorities Deepen our relationships that drive market share gains and lasting value Leverage BlackRock strategic alliance – through collaboration with superannuation funds through product innovations Investing in product and technology capability to deliver better customer experience Increased range of services – research and SuperRatings Continue to deliver product uplift Refined operating model and deepen competitive moat Continue to identify and acquire new assets that align to our merger and acquisition strategy Attract and retain top tier talent Maximising potential tax reforms and be Australia’s market leader in after tax investment returns Ongoing business transformational initiatives to drive operational leverage For personal use only
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Generation Development Group | 13 Mergers & Acquisitions What does GDG look for? Earnings accretive Financial services, adjacencies, and bolt -ons Earnings CAGR of 15-20% over the medium to long-term Revenue and/or cost synergies – primarily revenue synergies Generation Development Group | 13 Market Leader and/or industry disruptor – financial services with strong regulatory and structural tailwinds Investment bonds Tax reforms Caps to superannuation Division 296 Managed accounts Lifetime annuities – Shift from accumulation to decumulation Regulatory Tailwinds Structural Tailwinds Market leader #1 in Investment Bonds Research and Ratings Managed Accounts Categories and examples For personal use only
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Generation Development Group | 14 People, culture and leadership For personal use only
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Generation Development Group | 15 Workforce snapshot Driving sustainable value creation through a skilled, diverse, and engaged workforce ~ 97 ~ 99 ~ 98 Total Employees* ~301 60% 40% 85% engagement survey participation 74% favourable engagement score Leadership Team 6.5 Years Average Tenure Brisbane 27 Sydney 123 Melbourne 136 Perth 5 Adelaide 8 Generation Development Group | 15 * Includes Group employees For personal use only
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Generation Development Group | 16 Individual performance scorecards in place for all employees, aligned to business and Group strategy. Performance alignment Pay for performance STI outcomes directly linked to scorecard performance, enabling upside for outperformance, underpinned by values and risk gates. Demonstrated through strong employee alignment and confidence, evidenced in engagement survey results. Leadership accountability Values in action Recognition programs rewarding employees who live our values and deliver innovative solutions Clarity Innovation Integrity Our values No Complacency Ethos: Relentless focus on performance, accountability, and continuous improvement. Our values in action Powering a high-performance culture For personal use only
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Generation Development Group | 17 Remuneration alignment Aligning pay with long-term performance and shareholder value Performance outcomes adjusted for risk and conduct to protect long -term value Risk adjustment Independent Remuneration Committee oversight, with annual peer benchmarking against ASX200 Board oversight STI and LTI tied to financial, customer, and people metrics Balanced metrics Framework compliant with FAR and CPS 511, with malus and clawback provision Governance and compliance Pay Mix Philosophy Executive remuneration weighted to LTI to align with shareholder value creation. LTI – Retention and Shareholder Alignment 3.5 14.1 33.9 49.6 56.4 60.6 0 20 40 60 80 2025 2026 2027 2028 2029 2030 Cumulative Value ($m) of LTI Schemes • ~$61m outstanding value under LTI plans (~2% of market cap). • All performance conditions linked to shareholder value creation (EPS / TSR / EBITDA / FUM growth). For personal use only
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Generation Development Group | 18 Diversity, inclusion and engagement Building an inclusive organisation for sustainable growth Female % Nov 2025 Target GDG Board 50% => 40% Executive Team 26% => 40% Overall 40% => 45% Strengthening gender diversity – 3-year goal Ongoing commitment to narrowing the gender pay gap, underpinned by a dedicated strategy and measurable targets Flexible work, parental leave, and employee networks, supported by policies that foster an inclusive workplace Equal gender representation embedded in leadership development programs, supported by inclusive recruitment and talent pipeline Broad cultural diversity represented across the Group 74% Favourable overall engagement score 92% Proud to work for the Group 88% Recommend GDG Group as a great place to work 93% Know their work directly supports delivery of company strategy 89% Confidence in leaders & managers as role models 82% Feel they have the resources and tools needed to do their job well An engaged and aligned workforce, positioned to deliver sustained performance. For personal use only
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Generation Development Group | 19 Generation Development Group | 19 GDG consolidated financials For personal use only
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Generation Development Group | 20 FY25 Financial results summary Generation Development Group Consolidated 1. Includes income tax benefit. 2. Excludes Benefit Funds and non-recurring. 3. Includes term deposits, excludes cash attributable to Benefit Funds. 4. On 1 August 2024, GDG completed the acquisition of remaining shares in Lonsec, increasing its holdings to 100%. Following this acquisition, GDG has gained full control in Lonsec, transitioning Lonsec from associate to subsidiary. While completion occurred on 1 August 2024, under the acquisition terms, GDG was entitled to Lonsec’s earnings on a 100% basis from 1 July 2024. 5. On 18 February 2025, GDG completed the acquisition of Evidentia, and FY25 includes Evidentia’s earnings from completion date. Generation Development Group | 20 Consolidated FY254,5 Consolidated FY24 Change % Revenue 1,2 (A$'000) 141,297 48,510 191 Expenses 2 (A$'000) (95,589) (38,199) (150) Underlying profit after tax benefit (A$'000) 45,708 10,311 343 Income tax expense (A$’000) (11,195) (1,166) (860) Investment in associates – normalised share of profit (A$’000) - 6,355 nm Annuity business costs (net of tax) (A$’000) (4,308) (4,298) - Underlying profit after tax (A$'000) 30,205 11,202 170 DPS (A$) 0.02 0.02 - Investment Bonds FUM ( A$‘bn) 4.4 3.3 33 Managed Accounts FUM ( A$’bn) 29.6 10.6 178 Cash and cash equivalent 3 (A$'000) 106,980 169,952 (37) For personal use only
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Generation Development Group | 21 1. Includes income tax benefit. 2. Excludes Benefit Funds and non-recurring. 3. Excludes investment in associates share of profit in HY24. Generation Development Group | 21 FY25 FY24 Change Change % Revenue 1,2 (A$'000) 62,423 48,510 13,913 29 Expenses 2 (A$'000) (47,405) (38,199) (9,206) (24) Underlying profit after tax benefit (A$'000) 15,018 10,311 4,707 46 Income tax expense (A$’000) (2,298) (1,166) (1,132) (97) Annuity business costs (net of tax) (A$’000) (4,308) (4,298) (10) - Underlying profit after tax 3 (A$'000) 8,412 4,847 3,565 74 FY25 Financial results summary Life/Administration and annuity businessFor personal use only
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Generation Development Group | 22 Generation Development Group | 22 $0 $5,000 $10, 000 $15, 000 $20, 000 FY21 FY22 FY23 FY24 FY25 FUM growth and underlying financial results Generation Life Annual Sales & Net Inflows ($m) Underlying NPAT ($’000)1 39% CAGR $0 $200 $400 $600 $800 $1,000 FY21 FY22 FY23 FY24 FY25 Annual Sales Annual Net Sales 26% CAGR in annual net sales 26% CAGR in annual sales 1. Underlying NPAT excludes lifetime annuity and corporate tax expense. Revenue ($’000) $0 $10, 000 $20, 000 $30, 000 $40, 000 $50, 000 $60, 000 $70, 000 FY21 FY22 FY23 FY24 FY25 24% CAGR Revenue increases in line with FUM growth Revenue margins maintained over time Continue to drive operational efficiencies and capture operating leverage $0 $1,000 $2,000 $3,000 $4,000 $5,000 FY21 FY22 FY23 FY24 FY25 FUM ($m) 25% CAGR For personal use only
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Generation Development Group | 23 Generation Development Group | 23 1. Underlying earnings excludes abnormal items. 2. Based on 49.2% of holdings in Lonsec at 30 June 2024. Transactions between GDG and Lonsec have been eliminated on consolidation. 3. On 1 August 2024, GDG completed the acquisition of remaining shares in Lonsec, increasing its holdings to 100%. Following this acquisition, GDG gained full control of Lonsec, transitioning Lonsec from associate to subsidiary. GDG was eligible to receive full year earnings for FY25 under the terms of the Share and Options Sales Agreement. This is compared against Lonsec’s full year FY24 results for comparison purpose. FY25 FY242 FY24 based on 100% of Lonsec 3 Change %3 Revenue (A$'000) 72,134 - 61,267 18 Expenses (A$'000) (44,341) - (42,854) (3) Underlying profit before tax (A$’000) 27,793 - 18,413 51 Income tax expense (A$’000) (8,017) - (5,472) (47) Investment in associates – normalised share of profit (A$’000) - 6,355 - nm Underlying profit after tax 1 (A$'000) 19,776 - 12,941 53 FY25 Financial results summary Lonsec – Investment Solutions, Research and Ratings1 For personal use only
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Generation Development Group | 24 20,880 29,475 31,249 40,438 FY22 FY23 FY24 FY25 Gross profit 1 ($'000) 39,286 55,716 61,267 72,134 FY22 FY23 FY24 FY25 Revenue ($'000) 22% CAGR 25% CAGR 1. Commencing FY24, technology, risk and compliance costs were allocated to gross profit to better reflect cost attribution. Underlying Lonsec financial results Lonsec Group 10,972 17,217 23,547 33,032 FY22 FY23 FY24 FY25 6,177 8,350 12,941 19,776 FY22 FY23 FY24 FY25 NPAT ($'000) 47% CAGR EBITDA ($'000) 44% CAGR For personal use only
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Generation Development Group | 25 36,724 42,829 FY24 FY25 Research and Ratings Lonsec Group Lonsec Research is the market leader in investment research. Our core competencies are research, ratings, and data providing differentiated insights. Recognised as the best in the market 1. As a gatekeeper, Lonsec play a key role in distribution and quality control for financial advisers. SuperRatings ® provides superannuation product ratings and insights. iRate is an investment research platform providing financial professionals with access to our full range of financial product research, ratings and analytical tools. 1. Based on Adviser Ratings 2025 and Australian Wealth Management Awards 2024 Revenue ($'000) Gross profit ($'000) 20,268 26,430 FY24 FY25 Revenue spilt Gross profit spilt 66% 21% 13% Lonsec Research SuperRatings iRate 66% 21% 13% FY24 FY25 70% 19% 11% Lonsec Research SuperRatings iRate 69% 20% 11% FY24 FY25 17% 30% For personal use only
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Generation Development Group | 26 Generation Development Group | 26 Research and Ratings Lonsec Group Products Researched1 0 10,000 20,000 0 2, 500 5, 000 FY21 FY22 FY23 FY24 FY25 FY26 Q1 iRate Subscribers Registered Financial Planners SuperRatings – Average revenue per client2, 3 iRate Subscribers and Registered Financial Planners 1. The total number of products that are under contract for rating. 2. FY25 results have been annualised in the chart for comparison purposes. 2HY is normally impacted by seasonality. 3. SuperRatings revenue per client for FY25 (1 July to 30 June) is Total Revenue divided by the number of active clients (with live subscriptions or engagements during the period.) 1,357 1,438 1,556 1,732 1,836 1,870 FY21 FY22 FY23 FY24 FY25 FY26 Q1 $69,647 $75,553 $75,683 $92,422 $118,000 $132,000 0 40 80 120 $0 $20, 000 $40, 000 $60, 000 $80, 000 $100,000 $120,000 $140,000 FY21 FY22 FY23 FY24 FY25 FY26 Q1 Average Revenue per client SuperRatings - Number of active clients For personal use only
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Generation Development Group | 27 Generation Development Group | 27 Lonsec Investment Solutions 7,023 21,235 24,543 29,023 FY22 FY23 FY24 FY25 Lonsec Investment Solutions offers a broad range of investment offerings through Managed Account (IMAs & SMAs) 1 solutions. 1. Individually Managed Account (IMA) and Separately Managed Account (SMA) 2. Commencing FY24, technology, risk and compliance costs were allocated to gross profit to better reflect cost attribution. 1,933 9,582 10,981 14,008 FY22 FY23 FY24 FY25 94% CAGR Gross profit 2 ($'000)Revenue ($'000) 60% CAGR For personal use only
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Generation Development Group | 28 Generation Development Group | 28 1. Excludes intercompany transactions. Underlying earnings excludes abnormal items. 2. On 18 February 2025, GDG completed the acquisition of Evidentia. Table represents Evidentia’s earnings for full financial year 2025 and 2024 for comparative purposes only. FY25 Financial results summary Evidentia Group1,2 FY25 FY24 Change Change % Revenue (A$'000) 16,530 10,132 6,398 63 Expenses (A$'000) (9,231) (6,500) (2,731) (42) Underlying profit before tax (A$’000) 7,299 3,632 3,667 101 Income tax expense (A$’000) (1,991) (936) (1,055) (113) Underlying profit after tax (A$'000) 5,308 2,696 2,612 97 For personal use only
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Generation Development Group | 29 Overview of Evidentia One of Australia’s leading providers of investment management and tailored Managed Account solutions • Evidentia is one of Australia’s leading providers of investment management and tailored Managed Account solutions, with offices across Sydney, Brisbane, Melbourne and Perth • Founded by a highly experienced team with over 23 years average industry experience Business Overview 35 Employees 4 Offices Source: Evidentia 1. As at Jun-25. 2. On 18 February 2025, GDG completed the acquisition of Evidentia. FY25 represents Evidentia’s earnings for comparative purposes only. Financial Snapshot2 ($m) 5.1 10.1 16.5 FY23 FY24 FY25 1.2 3.6 7.8 FY23 FY24 FY25 Revenue Underlying EBITDA Evidentia Snapshot 0.9 2.5 5.3 9.3 14.8 FUM Snapshot ($bn) Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 $14.8bn FUM1 For personal use only
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Generation Development Group | 30 0.7 0.8 1.3 1.6 2.0 2.3 2.8 3.1 3.6 6.4 7.5 8.2 8.8 9.1 9.8 10.4 10.6 11.7 12.7 13.3 14.8 13.5 14.8 Ju n-20 Sep-20 Dec-20 Mar-21 Ju n-21 Sep-21 Dec-21 Mar-22 Ju n-22 Sep-22 Dec-22 Mar-23 Ju n-23 Sep-23 Dec-23 Mar-24 Ju n-24 Sep-24 Dec-24 Mar-25 Ju n-25 Lonsec Investment Solutions Evidentia Group Managed Accounts FUM Lonsec Investment Solutions and Evidentia Group $29.6bn FUM as at June 2025 Lonsec acquired Implemented Portfolios Limited (IPL) on 4 August 2022. Closing FUM in $bn For personal use only
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Generation Development Group | 31 Pro Forma FY26 financial reporting Generation Development Group Consolidated Generation Development Group | 31 Corporate Generation Life Lonsec Evidentia Consolidated Fees - - - - - Other Income - - - - - Total Revenue - - - - - Personnel Expenses - - - - - Marketing and promotional - - - - - Other Expenses - - - - - Total Expenses - - - - - EBITDA - - - - - Depreciation and Amortisation - - - - - EBIT - - - - - Net Interest - - Profit before Tax - - Tax Rebate - - Tax Expense - - NPAT - - For personal use only
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Generation Development Group | 32 Generation Development Group | 32 Australia’s market leader in investment bonds and lifetime annuities Australia’s market-leading investment research house Australia’s leading companies in the Managed Account sector Felipe Araujo Chief Executive Officer Generation Life Michael Wright Chief Executive Officer Evidentia Group Lorraine Robinson Chief Executive Officer Lonsec Research and Ratings For personal use only
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Felipe Araujo Chief Executive Officer Generation Life For personal use only
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Generation Life is the market leader and innovator in tax- aware investing, intergenerational wealth transfer, succession planning, and retirement income solutions. 1. As at 30 September 2025 2. Plan for Life, Investment Bonds Market Report for period ended 30 June 2025. 34 | Generation Life >$4.8bn in FUM1 #1 provider of investment bonds 60% market share of annual investment bond inflows 2 Innovating retirement landscape with estate planning and lifetime income solutions Trusted and APRA regulated Discover Generation Life For personal use only
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Our market-leading and innovative solutions 35 | Generation Life Investment Bonds FuneralBond LifeIncome A powerful yet highly tax -effective wealth accumulation structure that complements superannuation, with unrivalled estate planning features to facilitate simple, tax -free wealth transfers. A simple and tax -effective investment designed to help Australians meet future funeral costs, helping to ease financial burden on loved ones, and help improve age pension benefits. A first-of-its-kind investment -linked lifetime annuity that harnesses market performance to give retirees the confidence to enjoy retirement and peace of mind, with a regular income guaranteed for life. For personal use only
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Testimonial by Les McGuire Managing Director, Future Proof Wealth 36 | Generation Life Refer to page 85 of this presentation for a transcript of the video recording shown at the GDG Investor Day. For personal use only
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Our vision To redefine how Australians build and protect the wealth of each generation – through relentless innovation, market-leading products, and a bold commitment to shaping a more secure and prosperous financial future. 37 | Generation Life Continue to be the most tax- effective wealth solution outside superannuation Lead in providing longevity and intergenerational wealth solutions Continue to expand footprint For personal use only
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FY26 Q1 movements for the quarter and year 38 | Generation Life $639 $515 $657 $1,015 $330 $529 $308 $454 $780 $275 FY22 FY23 FY24 FY25 FY26 Annual Sales Annual Net Sales June to Sept Sales June to Sept Net Sales 1,954 2,229 2,696 3,586 4,816 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 25% CAGR Annual Sales & Net Inflows $m (as at 30 September 2025) Funds Under Management $m (September) Note: Excludes LifeIncome sales and funds under management. $330m Sales inflows June 2025 to September 2025 58% up on PCP $4.8b FUM as at September 2025 34% up on PCP $413m FUM growth July 2025 to September 2025 $1,136m Sales inflows September 2024 to September 2025 For personal use only
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Generation Life #1 in market share and annual inflows 39 | Generation Life Plan for Life as at 30 June 2025 Annual market share inflows as at 30 June 2025 $1,015m$273m $197m $91m $40m Generation Life Australian Unity Group Futurity Investment Group Centuria Capital Foresters Financial Market share by FUM as at 30 June 2025 $4,392m $3,747m $998m $899m $868m Generation Life Australian Unity Group Futurity Investment Group Centuria Capital Resolution Life Australasia For personal use only
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40 | Generation Life 77,400 Balances above $3m and under $10m 100 Balances above $50m 5,600 Balances above $10m and under $50m Source: Treasury, Impact Analysis, Better Targeted Superannuation Concessions 2023 Division 296 Riding the next wave of investment opportunity $425bn Total value of balances impacted For personal use only
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41 | Generation Life Over 1 million Australians could face top Marginal Tax Rateby 20301 1. Kehoe, J. and Read, M. (2022a) One Million Australians face top tax rate by 2030, Australian Financial Review. Available at: https://www.afr.com/politics/one-million-australians-face-top-tax-rate-by-2030-20221005-p5bnao. 2. Australian Taxation Office, Taxation Statistics 2022-23 for individuals. Available at: https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/taxation-statistics/taxation-statistics-2022-23/statistics/individuals-statistics. Past performance is not a reliable indicator of future performance. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2021-23 Share of tax paying population Net tax paid by workers on the top MTR2 5.3% Share of tax paying population For personal use only
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42 | Generation Life Performance comparison of Generation Life Tax Effective Australian Share Fund As at 30 September 2025 *Headline and individual after-tax returns for the comparative fund are based on the performance of an equivalent S&P/ASX 200 In dex ETF. Past performance is no indicator of future performance. For assumptions, please refer to the Tax Optimised brochure: https://genlife.com.au/tax-optimised-brochure Our track record on delivering tax alpha… Headline investment return Tax Optimised gross after-tax return 47% individual MTR after-tax return 39% individual MTR after-tax return Company investor after-tax return Tax Optimised after-tax return (after fees) 1 Year 10.60% 11.30% 5.18% 5.98% 6.89% 10.80% 3 Year p.a. 15.05% 13.55% 11.08% 11.91% 11.38% 13.05% 5 Year p.a. 12.91% 11.67% 8.80% 9.50% 9.39% 11.17% For personal use only
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43 | Generation Life 1. https://www.jbwere.com.au/content/dam/jbwere/documents/campaigns/JBWere-Bequest-Report.pdf 2. Vickovich, A, 2021, “Baby Boomers to pass on $224b a year by 2050”, published in The Australian Financial Review on 7 December 2021, accessed 4 July 2024 3. UNSW Law Journal, Estate Contestation In Australia: An Empirical Study Of A Year Of Case Law, 2015 4. Based on past reviews described in Grattan analysis of probate files, Victoria, 2016. By Grattan Institute. The great wealth transfer opportunity $5.4 trillion Approximate amount of assets held by Baby Boomers 1 $224 billion Estimated to be passed on as inheritances each year by 2050 2 74% Of estate claims are successful 3 80% Of wealth passed on to those aged 50 or higher 4 As a nation, we are on the cusp of the largest intergenerational wealth transfer we have ever seen. Australians are now thinking about the footprint they’ll leave on the world when they pass away, their legacy. For personal use only
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44 | Generation Life Investment bond estate planning benefits Life insurance contract A type of life insurance policy which is investment -based governed by the Life Insurance Act Non-estate asset Investment bonds can be structured as a non-estate asset Tax-free proceeds Proceeds on death are paid tax -free even to non -dependants Automatic transfer Automatic transfer at specific ages, dates or on death can be selected No tax reporting No tax reporting if no withdrawal made in the first 10 years Avoids conflict Avoids potential for conflict and solves complex wills For personal use only
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45 | Generation Life Australians aged 65+ (% of population) The ageing population – The silver tsunami… Sources: ABS Population Projections 2022-base; Treasury IGR 2023. 17.2% 2023 23.4% 2063 For personal use only
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46 | Generation Life 2025 2043 Estimated Pre retirement superannuation assets ($ trillion) Post retirement superannuation assets ($ trillion) The rise of superannuation assets in accumulation and decumulation in Australia Australia’s total superannuation system 2 Total assets $4.33 trillion APRA regulated $3.04 trillion SMSFs $1.05 trillion Other $0.24 trillion It’s estimated that total superannuation assets will rise from $4.3 trillion today to around $11.2 trillion by 20431, with retirement-phase (decumulation) assets projected to make up around 33% of total superannuation assets. 1. Dynamics of the Australian Superannuation System The next 20 years to 2043 Deloitte Actuaries & Consultants March 2024 2. APRA - Quarterly superannuation performance statistics highlights - June 2025 $3.3t $1.0t $7.5t $3.7t For personal use only
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47 | Generation Life Revenue growth Revenue growth Revenue growth Scalability Experience Enhance investment bonds value proposition and new features. This includes private assets & geared strategies. Generation Life BlackRock strategic alliance – holistic retirement solutions. Superannuation white label solutions and new product line. Invest in our technology stack to cater for continued growth, creating efficiencies, scalability, and enhanced risk management. Technology experience – building the right experiences to remove friction and enhance client experience. FY26 Priorities For personal use only
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Generation Development Group | 48 Australia’s market-leading investment research house Lonsec Research and Ratings Generation Development Group | 48 Australia’s market leader in investment bonds and lifetime annuities Australia’s market-leading investment research house Australia’s leading companies in the Managed Account sector Felipe Araujo Chief Executive Officer Generation Life Michael Wright Chief Executive Officer Evidentia Group Lorraine Robinson Chief Executive Officer Lonsec Research and Ratings For personal use only
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Lonsec Research and Ratings Lorraine Robinson Chief Executive Officer Lonsec Research and Ratings For personal use only
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Lonsec Research is the market leader in investment research. Our core competencies are managed fund research, ratings, and data providing differentiated insights. SuperRatings® provides superannuation product ratings and insights. Research reports & product ratings ETF, LIC/LIT & ASX200 research On-demand research SMART Research Tool RateMySuper Net Benefit Comparison Tool SuperRatings Logos and Awards iRate is an investment research platform providing financial professionals with access to our full range of financial product research, ratings and analytical tools. Research Libraries - Managed Funds - Listed Products - Super Funds Extensive analysis and portfolio tools For personal use only
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A$4.3tn super assets3 1. Australian Bureau of Statistics - December 2023 2. ASX Investment Product Summary - September 2025 ~15,467 registered financial advisers4 A$4.8tn managed funds FUM1 A$300bn ETP FUM2 Super Funds Service Providers Regulators Fund Managers Advisers Market Size Target Client 3.APRA Superannuation Statistics - June 2025 4.ASIC Financial Advisers Dataset - October 2025 For personal use only
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Lonsec Research – Market Leader For personal use only
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Lonsec Research and Ratings Why we are the Market Leader Market Leader Brand & Trust Research Breadth Research Excellence Unparallelled Distribution Page 53 For personal use only
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Lonsec Research and Ratings Comprehensive research coverage New products rated in FY25: 187 - On-demand: 64% (up from 46% in FY24) - In cycle: 36% Fund Managers rated: 340 - New Fund Managers added in FY25: 23 Page 54 • The total number of products that are under contract for rating. • Competitor numbers sourced from their respective websites. • Competitor 2 also has automated quantitative ratings, resulting in ~2000 total. 0 200 400 600 800 1000 1200 1400 1600 1800 2000 FY21 FY22 FY23 FY24 FY25 Lonsec Research: Rated Products Lonsec Competitor 1 Competitor 2 Competitor 3 8% CAGR For personal use only
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Lonsec Research and Ratings Research excellence underpinned by quality Page 55 Named Best Research House by Adviser Ratings in the 2025 Financial Advice Landscape Report Lonsec led other categories including Breadth of Research, Timeliness of Research, Competence of Personnel and Adviser Support Highest Net Promoter Score (NPS) of all research houses in 2025 (increase from 19 to 28 between 2020–2025) 19 15 15 21 25 28 0 5 10 15 20 25 30 Lonsec Research and Ratings Net Promoter Score 2020 2021 2022 2023 2024 2025 Source: Adviser Ratings Financial Advice Landscape Report, 2025 For personal use only
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Lonsec Research and Ratings Unparalleled distribution reach Page 56 Highest Research House Penetration of all research houses in 2025 (increase from 25% to 45% between 2020–2025) Growth in iRate users, despite reduction in registered financial adviser numbers 25% 29% 40% 43% 44% 45% 0% 10% 20% 30% 40% 50% Lonsec Research and Ratings Research House Penetration1 2020 2021 2022 2023 2024 2025 1. Source: Adviser Ratings Financial Advice Landscape Report, 2025 2. ASIC Financial Adviser Datasets and Lonsec records 22% 28% 30% 30% 32% - 5,000 10,000 15,000 20,000 25,000 FY21 FY22 FY23 FY24 FY25 Financial Planners and iRate Subscription2 iRate subscribers Registered Financial Planners iRate market penetration For personal use only
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Financials For personal use only
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Lonsec Research and Ratings 62% 65% 66% 66% 24% 21% 21% 21% 14% 14% 13% 13% FY22 FY23 FY24 FY25 Revenue by Business Lonsec Research SuperRatings iRate 32.5 34.2 36.7 42.8 FY22 FY23 FY24 FY25 Revenue (A$m) Page 58 79% Contracted 21% Subscription 1% Consulting Highly Recurring Revenue Model Contracted Subscription Consulting ~96% Recurring Revenue $42.8m Lonsec Research and Ratings business is the best in the market and has a highly resilient revenue model. Excellent recognition and reputation across all brands has led to a market leading position demonstrated by strong revenue growth. 9.6% CAGR RevenueFor personal use only
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Lonsec Research and Ratings Strong industry and regulatory tailwinds are driving demand for high-quality research and ratings. Margin improvement driven by increased investment in technology and continuous process optimisation. 14.6 16.8 20.3 26.445% 49% 55% 62% FY22 FY23 FY24 FY25 Gross Profit (A$m1) Gross Profit Margin Page 59 Gross Profit Split 65% 20% 15% FY23 70% 19% 11% FY24 69% 20% 11% FY25 61% 25% 14% FY22 22% CAGR 1. Prior year figures have been adjusted to provide a like for like comparative for Lonsec Research and Ratings. Gross ProfitFor personal use only
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Industry Landscape For personal use only
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Lonsec Research and Ratings Page 61 Addressable Market 60% market penetration Managed Fund Research Market Exchange Traded Product Listed Investment Vehicle Managed Fund Super/Pension Separately Managed Account 1,836 rated products 3,059 products Addressable market • Sources: APIR / ASX data, Lonsec estimates • Rated products total is the number of products that are under contract for rating. Strong reputation and position in market. Good opportunity for further penetration within the addressable managed fund research market. For personal use only
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Lonsec Research and Ratings Page 62 Sources: APIR / ASX data, Lonsec estimates 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2022 2023 2024 2025 Growth in Number of Managed Funds Market Lonsec Lonsec outstripping market growth in managed fund registrations (market share gains, expected to continue). FY25: Over 50% of new fund registrations were alternatives, not all suitable for a Lonsec rating. Lonsec growth rates are broadly in line with market in ETPs, as market penetration >90%. 3% 6% Market Lonsec 3 Year CAGR Managed Funds 200 240 280 320 360 400 F2021 F2022 F2023 F2024 F2025 Exchange Traded Product Registrations 15% CAGR Market Growth: Managed Funds & ETPsFor personal use only
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Lonsec Research and Ratings Market Growth: Superannuation $75,000 $76,000 $92,000 $118,000 0 50 100 150 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 FY22 FY23 FY24 FY25 SuperRatings – Average Revenue per Client2 Average revenue per client Number of active clients APRA regulated Super Funds 1. APRA superannuation statistics for June 2025 2. APRA superannuation statistics for June 2025, Lonsec records 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $0 $1,000 $2,000 $3,000 $4,000 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Superannuation Fund Assets & Super Guarantee Rate1 Assets ($b) SG Rate 8.5% 5 Yr CAGR Funds are growing (8.5% 5 yr p.a.) and their needs are increasing. This has been accelerated by account stapling, which is re-rating the value of acquisition and retention. Our solutions are being targeted to help funds during accumulation, transitioning to retirement and through retirement. Increasing services helps drive further uplift in average revenue per client. Page 63 For personal use only
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Opportunities and where we will win For personal use only
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Lonsec Research and Ratings Opportunities Core Market Growth Outperform System Growth Expand Managed Account Coverage Enhance Adviser Services Extending the Lonsec Franchise UK Market for SuperRatings Governance Services Adjacent Wealth Channels Expanding Client Value Sponsorship & Marketing Content Creation Analytics & Insights Leveraging AI Deeper Insights & Analytics New Product Development Operational Efficiencies Page 65 For personal use only
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Lonsec Research and Ratings FY26 Priorities Ongoing growth from core ratings and research activities to be complemented by initiatives to reach new clients, offer new services to existing clients and deliver further efficiencies. AI enablement Investment governance solution Enhance service offering to existing clients Launch a solution to platforms, dealer groups and advice practices to enable APL monitoring Deploy AI to uncover new insights, accelerate new product development and transform operations Program to deliver education sponsorship opportunities Page 66 For personal use only
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Generation Development Group | 67 Generation Development Group | 67 Australia’s market leader in investment bonds and lifetime annuities Australia’s market-leading investment research house Australia’s leading companies in the Managed Account sector Felipe Araujo Chief Executive Officer Generation Life Michael Wright Chief Executive Officer Evidentia Group Lorraine Robinson Chief Executive Officer Lonsec Research and Ratings For personal use only
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Michael Wright Chief Executive Officer Evidentia Group For personal use only
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Page 69 Supply gap vs soaring demand • 1.5m Australians due to retire 2025–34 1 • 41% need complex retirement advice 2 • Addressable adviser base ↓ to ~12k — intensifying capacity crunch 3 • Ageing population drives structural growth in advice and managed accounts 4 2 Consolidation and legacy book migration • PE-backed roll-ups driving advice M&A • Legacy books shifting to managed accounts • Both organic flows and M&A activity expected to contribute ~17% SMA CAGR through 2030 5 4 Platform scale and technology enablement • Platforms are expanding SMA/MDA tech • $12m+ FY25 software development spend (HUB24) 6 • $10m+ 1H25 platform, data, AI enhancements, 40%+ YoY (NWL) 7 • Broader platform access accelerates licensee-led adoption and adviser uptake 3 Adviser adoption & efficiency gains8 • 59% of advisers use managed accounts (up 3pts) • Save ~24 hrs/week (Investment Trends 2025) • 48% of Adviser redirected time savings to growth & clients • Advisers report improved client experience (54%) since adopting managed accounts 5 Regulation and governance • FOFA reforms introduced best- interests duty, strengthening consumer protection 9 • Post-Royal Commission, banks and majors exited advice and wealth management • ASIC tightening oversight — RG 179 (suitability/disclosure) & RG 779 (performance) • Compliance costs rising, driving adviser consolidation and managed- account adoption 1 6HUB24 Limited. Analyst and Investor Pack FY25 7 Netwealth Group Ltd, 1H FY25 Results Announcement, ASX release, 21 Feb 2025 8 Investment Trends, 2025 Managed Accounts Report 9 Future of Financial Advice (FOFA) reforms, Act 2012 Key Forces Fueling Managed Account Growth 1ABS, Retirement and Retirement Intentions, Australia, 2022–23 2 ASIC, REP 627: Financial advice – what consumers really think (2019) 3, 5 NMG Consulting 2024 4 Australian Treasury, 2023 Intergenerational Report: Australia’s future to 2063 For personal use only
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Page 70 Big Pools, Big Growth: Managed Accounts Just Getting Started 1Excludes monies managed by Family Offices given insto-like status/management 2SMA Category made up of Tailored, off the shelf + internal SMA Source: NMG Adviser Insights Programme, NMG Superannuation & Investments Market Model, NMG Managed Accounts Market Model, IMAP, NMG Estimates Managed accounts comprise 16% of Total Assets Under Advice, doubling since 2020 — with significant headroom to go Total Investible Wealth ($t, Jun-20 – 25) 0.7 0.6 0.9 1.9 2020 1.4 1.1 1.6 2.4 2025 UHNW HNW Affluent Mass 4.2 6.6 +10% Advice Market AUA ($t, Jun-20 – 25)1 0.1 0.4 0.5 2020 0.2 0.6 0.7 2025 Other HNW Affluent Advice 1.1 1.6 +9% Managed Accounts AUA ($t, Jun-20 – 30) Platforms Market AUA ($t, Jun-20 – 25) 0.1 0.4 0.2 2020 0.2 0.6 0.2 2025 On-Platform SMSF Wrap (exc. SMSF) Retail Master Trusts 0.6 1.0 +10% 0.03 0.040.02 2020 0.17 0.06 0.03 2025 0.37 0.11 0.03 2030F SMA2 MDA Other 0.08 0.26 0.52 16% (from 8%) +26% +15% For personal use only
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Page 71 10%13% 43%15% 61%21% 520Bn 110 147 181 2030F CAGR(20-25)CAGR(25-30)26%15% MDA Ready-made SMA Tailored SMA 27 55 10%2% 37%15%Internalised SMA Other Seizing the Opportunity – Three Leaders, One Market Force Size1 Market PositionCore Capabilities $9.7Bn#1 ready-made managed account providerReady-Made (off the shelf)SMA & MDA Ready-Made Managed Accounts Individually Managed Accounts$2.5BnLeading MDA and IMA providerCustomise portfolios @ individual client level $20.4Bn#1 tailored managed account providerTailored SMA & MDA Tailored Managed Accounts Client NPS2 +19 +33 +72 1Evidentia Group Managed Accounts, June 2025 share of Target Addressable Market (TAM)2As calculated in Evidentia Group’s Client Survey Sept, 2025 Our Key Strengths Across two decades and multiple market cycles, including the GFC and COVID Proven Performance One of the largest multidisciplinary investment and asset consulting teams Size of the team Unmatched in the market — profitable, well-capitalised, and backed by GDG Financial Strength End-to-end oversight, committees, boards Investment Governance Unmatched — SMA, MDA, IMA, off the shelf or tailored - we deliver whatever our clients needs Breadth of offer $32.6bn FUM (16% TAM share1) — leveraging scale to drive efficiency and value for clients Market Leader Advisory-led collaborations, empowering firms to perform and grow Consulting Services For personal use only
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Evidentia Group Strategy Accelerated Growth Plan (AGP) 3-year strategy FY26 to FY28 For personal use only
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Page 73 evidentiagroup.com Our Purpose and Vision Purpose: We exist to grow through trusted relationships — so our clients and people can thrive in business and life. Vision: To be the undisputed leader in managed accounts — by delivering an exceptional experience trusted by advisers, valued by investors, and powered by a culture of excellence. Anchored in growth, trust, and human impact Speaks to both clients and team members Reflects our values: client obsession, excellence, agility & enjoyment Strategically aligned with our purpose — both aim to help clients & people thrive Reinforces our commitment to adviser trust, investor value, and cultural excellence Boldly positions Evidentia Group as the market leader For personal use only
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Page 74 Tailored Consulting Client PodTailored Consulting Client PodTailored Consulting Client PodTailored Consulting Client PodTailored Consulting Client PodTailored Consulting Client Pod SINGLE INVESTMENT ENGINEEconomics•Manages c$32.6B Sep25•Highly scalable •Marginal cost•Outstanding people•Leading technology Private Wealth Boutiques BUSINESS SERVICES -High calibre firms focused on value add and growth-Bespoke, Private SMA or MDA and Private Markets Fund MULTIPLE CLIENT DINING ROOMS•Right client, right solution at the right price•Disciplined distribution model and client segmentation. Investment Specialist / General Practice Our Business Model – One investment kitchen, multiple client dining rooms -Seeking efficiency-OTS SMA with some shifting to tailored with scale Large Licensees -Being remunerated for the value added / cost recovery-Internalised Tailored SMA-Offer OTS SMA as well + + For personal use only
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Page 75 Our Strategic Pillars (and associated 2028 KPIs) 1. Advice 2. Managed Accounts 3. Distribution 4. Pe o p l e 5. Scalability The go-to partner to help Advice AFSLs to grow & provide efficient advice Composite NPS 3yr CAGR 10% to 551 Disciplined approach to distribution - right client, right solution, right price — unlocking scalable growth Net Inflows 3yr total $28-$33bn Build a talent factory, with people who love to win and pursue excellence. Founded on respect, trust and growth Key Staff retention above 90% Experts, providing solutions for Advice AFSLs at every stage of their life cycle FUM exceeds $65 -$75bn Drive scalability through tech, process, and discipline to improve business outcomes EBITDA Margin 50%+ 1Evidentia Group NPS 30 June 2025 @ 41.3, as calculated in Evidentia Group’s Client Survey Sept, 2025 For personal use only
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Key Proof Points For personal use only
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Page 77 Our Edge: Advice-Led, Growth driven collaborations Our Approach: Our Service: Your Advice Strategy Your Investment Vehicle SMA, IMA, MDA Your Portfolio Preference Ready-made, tailored, white label Investment Committee Services & Input Implementation Support Your Bespoke Investment Solution Current Reality • Business • Client • Personal Desired Reality • Business • Client • Personal Advice Strategies More meaningful client conversations Investment Choice Choose from tailored SMAs, MDAs or ready- made SMAs Communications Richer client contact to reinforce CVP & support pricing - 43 touchpoints via an extensive data-backed communication program Business Growth Increased profit & shareholder value Community Australia’s leading advice firms gathering to share best practice thinking. M&A opportunities Investment Program What’s next? Expand Business Consulting Scale the offer - grow from 4 to 7 business consultants, adding new services, and extend broader across all client segments We build around advice — empowering firms to grow, perform, and deliver better client outcomes. Supported by: Investment Professionals Asset (and Business) Consultants23 22 64 Highly Engaged Firms For personal use only
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Page 78 Client Case Study: Advice-Led, Growth driven collaboration Outcome of moving to SMAs How? Revenue $300,000 uplift in 18 months Re-set the value chain and increased client fees by 10 bps This value chain reset also ensured clients were at least 20bps (more in many cases) better off in terms of reduced investment costs. Business Structure Self-Licensed (previously licensed through a large licensee) The revenue reset and efficiency gained by moving to SMAs covered the cost of self-licensing Client Enhanced client outcomes • All clients went ahead with the move to SMAs from models • Improved client reporting and communications • Better Investment outcomes • Lower Fees High quality communications program provided by Evidentia Portfolio changes occur across all clients at once, no lag time Client benefits from access to Evidentia’s scale and ability to negotiate fund manager rebates Business Efficiency Increased capacity - advisers have more time for new business and high-quality client interactions One investment philosophy and process across all advisers Significant reduction in ROAs/ compliance documents Business Growth Business is now scalable and actively looking for an acquisition With the increased capacity and efficient investment engine there is an opportunity to plug in another book of clients For personal use only
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Page 79 Unrivalled Reach Across Managed Accounts — Product Agnostic Off-the-shelf (OTS) In-house portfolios via Netwealth, IP Direct & BT Panorama — enabling customisation for advisers and clients. ##1 In market Separately Managed Accounts (SMA) Managed portfolio of assets via managed investment scheme (MIS) requiring RE & PDS. Managed Discretionary Account (MDA) Portfolio investment model with formal agreement between client & MDA provider – set up as a financial service (not product & therefore no RE). Individually Managed Account (IMA) Bespoke form of MDAs designed by consultant / manager to reflect individual client needs and outcomes. Leadership across Managed Accounts — innovating to drive adviser success and client outcomes Vanguard Partnership Launch of The Vanguard Core- Satellite Model Portfolios with LIS. Off-the-shelf (OTS) Standardised portfolios accessible to all advisers on most platforms. ##1 In market BlackRock Collaboration Drive Tailored Portfolios @ Scale for Large AFSLs. Tailored Third-party managed non-standard SMAs, customised to AFSL or practice specifications. ##1 In market Tailored External model managers appointed on the IPL AFSL (directly or via Evidentia Private) to customisable private portfolios. ##1 In market HUB24 / Xplore Wealth $1bn+ FUM into IPL — strengthening mandates and reinforcing our position as leading MDA provider. For personal use only
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Page 80 Unmatched Distribution Power – Reaching More Advisers What’s next? Empowering Advice Supporting clients in Private Markets via education, optimal allocations and investment management solutions, whilst simultaneously alleviating risk and complexity for Advice businesses. Drive our Distinct Offerings Providing two specialised private market solutions designed to give clients efficient, high-quality, and professionally managed access to Private Markets. Capitalising on increasing investor interest in Private Markets 1Evidentia Group Managed Accounts, June 2025 2IMAP Census Report June 30, 2025 and Dec 30 2024 3Wealth Data Financial Adviser Market Insights, March 2025 : Adviser TAM 11,818 4Riskinfo, Largest AFSLs and Licensee Owners, November 2024 5MAP Census Reports; GDG ASX announcements – Investor Pack Feb25 & Sept25 Qtrly 1.7X System Growth 44.9% 25.9% Market 2Year CAGR Jun255 Direct access to 4,400 advisers — 37% of our Adviser TAM. Strategic collaborations with market leaders (Vanguard, BlackRock, Wilshire, iCapital) driving innovation and extending reach. Strategic Initiatives Strong penetration, with 87% of our Adviser TAM still to capture. ~1,577 Advisers (13% of our Adviser TAM)1,3 9 of Top 10 Licensees4 $7.36bn net inflows vs estimated market flows of $31bn in FY25 — a material slice of growth. 23.5% Net flow Share2 The most resourced sales & marketing team in the MA market — driving growth, winning opportunities, and strengthening client relationships. 29 Team Members The most comprehensive suite of MA solutions in market — designed to match the right strategy to every client. Breadth of Solutions Institutions choosing Evidentia Group — delivering immediate, large-scale FUM wins. $1.75bn Mandates FY251 In play from client wins $22.5Bn For personal use only
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Generation Development Group | 81 Capital allocation and outlook For personal use only
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Generation Development Group | 82 Accretive acquisitions Invest in businesses where GDG is the best owner of the asset and are best placed to grow it or maximise synergies to deliver best return to shareholders 2. Organic growth and expansion of economic moat Most value accretive and best use of capital by reinvesting back in business given growth rates and opportunities (Division 296, industry growth in managed accounts) 1. Return of capital - dividends Only if we cannot find investments that generates a higher return than our cost of capital Nonetheless, given growth rates, we would expect to increase our dividend payout ratio in the future 3. Capital Cash and Earnings Debt Equity Markets Capital Allocation Generation Development Group | 82 For personal use only
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Generation Development Group | 83 Generation Development Group | 83 Generation Development Group outlook Continue to build upon current sales momentum for Generation Life – capitalising on legislative tailwinds that superannuation is not intended for the purpose of a bequest and likely tax reform including Division 296. Fully leverage our strategic alliance with BlackRock with several product and distribution initiatives already underway. Capitalise on the structural changes in wealth management and the increasing needs of sophisticated investors – resulting in continued growth in the managed account sector that is expected to grow from $206bn to $520bn by 2030. 1 Actively review the market for high growth opportunities that align with GDG's strategic objectives , with a disciplined approach to evaluating acquisitions that can enhance our capabilities, expand our client reach, and drive long -term shareholder value. Lonsec Research will continue to expand product coverage, launch new initiatives and extend its investment reach. 1. Source: NMG Adviser Insights Programme, NMG Superannuation & Investments Market Model, NMG Managed Accounts Market Model, IMAP, NMG 2025 Estimates For personal use only
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Generation Development Group | 84 Where we are today Investment bonds $4.8bn FUM Lifetime annuities $65m FUM Products research or rated 1,870 Managed accounts $32.6bn FUM Where we want to be Investment bonds $10bn FUM Lifetime annuities $1bn FUM Products research or rated 2,500+ Managed accounts $75bn+ FUM Next 3-5 years For personal use only
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Generation Development Group | 85 Transcript of Client Testimonial by Les McGuire on page 36 “Hi, I'm Les McGuire, Managing Director and Financial Adviser at Future Proof Wealth.” “With an ever-changing environment, it is important as financial advisers that we partner with the right providers.” “Generation Life is our chosen investment bond provider as it provides an incredible team, diversified suite of products, and a trustee which allows for the right amount of flexibility to assist our clients achieve the best outcomes. In an ever-changing world of tax and structural reforms in superannuation and the tax marketplace we need to have the right solutions and strategies to provide our clients to get the best financial outcomes at all times.” “With superannuation with over $4 trillion within it and tax rates that are being applied and changed and updated at all times, it is critical that we actually have solutions to be able to provide a better or another succession planning tool where it can be multi-succession plan through generations, tax-free. We have the ability after 10 years, even before the age of 65, to actually set up tax-free ability to access pensions or monies from an incredible environment, and also a protected asset class.” “Investment bonds have become an incredible market diversifier and one that provides great strategies to our clients, and have been able to assist our clients with multiple different strategies including aged care where we have custodial bond trust within Generation Life where they're not income tested, where we have the ability to after 10 years be able to succession plan through multi-generations or be able to on death have those assets outside of probate and estate planning, and no risk of contestation succession to our family or the beneficiaries listed. We've had multiple success with being able to make sure that partnering with Generation Life has provided our clients and our business with the ability to help more clients and provide better outcomes, which has been great for us, great for them, and great for the industry." “Thank you.” - Les McGuire For personal use only
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Generation Development Group | 86 Disclaimer This presentation has been approved by the CEO of Generation Development Group. This presentation has been prepared by Generation Development Group Limited ABN 90 087 334 370 (GDG). GDG believes that the information in this presentation is accurate and reliable, but no warranties of accuracy, reliability or completeness are given (except insofar as liability under any statute cannot be excluded). GDG does not accept responsibility for any errors, omissions or negligence. Statements that are non-factual in nature, including projections and estimates, assume certain economic conditions and industry developments and constitute only current opinions, all of which are subject to change. Past performance is not an indicator of future performance. The information in this presentation is for information purposes only and does not constitute an offer of, or a recommendatio n to buy, securities or financial products in any jurisdiction. The investment objectives, financial situation or needs of any particular person have not been taken into account in preparing this presentation. Generation Life Limited AFSL 225408 ABN 68 092 843 902 (Generation Life) is the product issuer, provides general financial product advice and other services related to investment life insurance products and life risk insurance products. Any superannuation general financial product advice provided is by Generation Development Services Pty Limited ABN 14 093 660 523 (GDS) as Corporate Authorised Representative, No. 001317211 of Evidentia Financial Services Pty Ltd AFSL 546217 ABN 97 664 546 525 (Evidentia). The information provided is general in nature and does not consider the investment objectives, financial situation or needs of any person and is not intended to constitute personal financial advice. The product’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) are available at www.genlife.com.au and should be considered in deciding whether to acquire, hold or dispose of the product. Superannuation products’ PDSs, offer documents and TMDs are available via the websites of their product issuers. Professional financial advice is recommended. Generation Life, GDS and Evidentia exclude, to the maximum extent permitted by law, any liability (including negligence) that might arise from this information or any reliance on it. Statements that are non-factual in nature, including projections and estimates, assume certain economic conditions and industry developments and constitute only current opinions, all of which are subject to change. Generation Life, GDS and Evidentia do not make any guarantee or representation as to any particular level of investment returns, payback periods or government e ntitlements. Past performance is not an indication of future performance. Government entitlements and benefits may not apply to all individuals and may vary depending on an individual’s (or couple’s) personal circumstances which may change over time. All scenarios have been prepared in good faith based on Generation Life’s and GDS’s understanding of laws, taxes, fees, social security and aged care assessment, rates and thresholds and product features known as at 1 July 2025 unless specified otherwise. Generation Life does not accept any responsibility or liability for superannuation general financial product advice provided by GDS. Generation Life’s investment bonds can provide certainty as they are governed by legislation that has changed infrequently and can be appropriately structured to bypass an estate and be protected in case of bankruptcy of the life insure d. Investments carry risks. This content is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Generation Development Group Limited ABN 90 087 334 370 is the parent company of Lonsec Research. This presentation is intended for a specific audience and may not be suitable for everyone. Lonsec Research has prepared this content for the exclusively for its clients, to whom it is presented and should not be used, circulated and/or relied upon by any other person unless express permission is obtained from us. It is not intended for a retail and /or wholesale investor or a member of the public and should not be used or relied upon by any other person. This presentation may also contain third party material that is subject to copyright. Lonsec Research assumes no obligation to update the content following presentation. Except for any liability which cannot be excluded, Lonsec Research, its directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from this presentation or any loss or damage suffered by the reader or any other person because of relying upon it. The information contained in this document is provided by Evidentia. Evidentia means Evidentia Group Holdings Pty Ltd ACN 665 634 382 and its related entities. All financial services included in this communication are authorised by Evidentia Financial Services Pty Ltd ACN 664 546 525 AFSL 546217. It is general information only and does not constitute financial product advice. If any statements made (either alone or together) constitute advice, then the advice is general advice only and does not take into account anyone’s objectives, financial situation or needs. Before making an investment decision based on this material you should consider whether it is appropriate to your particular circumstances. Where the material relates to the acquisition or possible acquisition of a financial product, you should obtain a disclosure document relating to the product and consider the content before making any decision about whether to acquire the product. Please refer to your financial adviser for further details and any disclosure documents relevant to you. This document is based on information considered to be reliable. It is based on our judgement at the time of issue and is subject to change. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the inf ormation presented in this document. Except for liability which cannot be excluded, Evidentia, its directors, employees, agents, and related bodies corporate disclaim all liability in respect of any error or inaccuracy in, or omission from, this document and any person’s reliance on it. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contr ary to local law or regulation. If this document contains any performance data, then past performance is not a reliable indicator of future performance. Neither GDG nor its subsidiaries are affiliated with Les McGuire and the views and opinions expressed by him are his own. Thank you For personal use only