Slides
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FY26Results Presentation27 August2026
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Presenters Generation Development Group2 Grant Hackett OAMGroup Chief Executive OfficerAndrew MellorChief Financial Officer FY26 HighlightsStrategyFY26 Financial ResultsOutlookAppendix FY26 delivered record flows across the Group, reinforcing the market leadership positions of Generation Life, Evidentia and Lonsec through record sales and FUM, managed account growth and an expanded research and governance platform All financial metrics are presented on an underlying basis in A$, unless otherwise stated.Comparisons are to FY25 proforma results, unless otherwise stated.Certain figures, amounts, percentages and variances in this presentation are subject to the effect of rounding. Accordingly, totals may not reconcile exactly due to rounding.
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Generation Development Group3 ClarityWe 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 InnovationDefined 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 company, recognised for our performance, innovation and commitment to delivering exceptional outcomes for our customers
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Generation Development Group4 1.Plan for Life, Investment Bonds Market Report for period ended 30 March 20262.Based upon Adviser Ratings Financial Advice Landscape Report 20263.Includes mandates in Evidentia Group 4.PCP compared to FY25 reported comparable metrics 5.Includes Income Tax Rebate6.Underlying NPAT after annuity business costs #1 Investment Bond market share of FUM and inflows1 Redefining how Australians build and protect the wealth of each generation #1 Managed Account market share of FUM and inflowsManaged Accounts & Investment Portfolio Solutions for leading advice firms Recognised market leader2 Investment research, superannuation and fund ratings FUM growth driving revenue and earnings Group FUM$46.5bn37%4 PCP Group Net Inflow$9.7bn3 19%4 PCP $178.7m5 23% PCP $40.7m6 21% PCP Group structure is designed to drive high-performance, accountability and execution Total Revenue Underlying NPAT
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Generation Development Group5
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Generation Development Group6 Positioned to capture regulatory and demographic tailwinds across core markets Executing our StrategyDelivering the Next Stage of Growth Total group FUM of $46.5bn (up 37%) Record Group FY net inflows of $9.7bn $1.3bn Generation Life (up 61%)$8.4bn Evidentia Group (up 14%) Lonsec’s continued growth – researched products up 9% to 2,001 and iRate subscribers up 13% to 5,629 Continued market leadership positions across all three operating divisions Disciplined execution, sustained growth and targeted investment Generation Life: Record sales and FUM growth; strong demand for tax-effective wealth and retirement solutions Evidentia Group: Record inflows and FUM growth while completing the integration of Lonsec Investment Solutions Lonsec: Core business growth and expanded service offerings; leveraged strong brand into new product areas Leveraging leadership positions and scale to deliver industry leading growth Continued investment in talent, market leading products and technology to further increase scale and sustained market leadershipMaximising organic growth from structural market tailwinds in our core businesses and selective acquisitions aligned to strategyIncreasing our distribution capabilities with strategic alliances and partnerships such as BlackRock, Colonial First State and others in the distribution market 1.PCP comparisons are to FY25 reported metrics Financial Highlights1
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Generation Development Group7 1.PCP compared to FY25 reported comparable metrics2.Active Financial Adviser number defined as financial advisers who have written business within the last 12-months that remain active as at 30 June 20263.Up from 14.5 years reported in FY25. Average investment term = (1 / Average annual withdrawal rate over the preceding 3 years)4.2-year System CAGR derived from IMAP data and Company estimates, 2-year Evidentia Group Managed Accounts CAGR calculated from reported Evidentia FUM data5.Riskinfo, Largest AFSLs and Licensee Owners, November 2024 1 52%Investment Bonds gross inflows for 12-month period Average investment term across all active Investment Bonds as at 30 June 2026 years3 1 14%Managed Accounts net inflows for 12-month period 42yr CAGR vs Systemlicensees5Key Client Relationships 1 9%Products researched1 13%Total iRate subscribers1 9%Average spend per active SuperRatings client 2 10%Active financial advisers
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Generation Development Group8 1.PCP compared to FY25 reported comparable metrics2.Statutory NPAT compared to Statutory FY253.Excludes LifeIncome FUM of $76m4.Includes Income Tax Rebate5.Underlying earnings per share is calculated by dividing underlying NPAT by the annual weighted average number of ordinary shares on issue for the purposes of Basic EPS 37%Group FUM Highlights1 RevenueUnderlying EBITDA4 23% 35%Investment Bonds FUM4 34% 37%Managed Accounts FUM 9%Products researched 26% 7% 18% 57% 22% 15% Underlying NPAT 21% 2 Statutory NPAT 10% GroupFY26 Financial Highlights Full year dividend (fully franked)
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Generation Development Group91.CAGR calculated for the period 30 June 2022 – 30 June 2026. Per share basis calculated on the annual weighted average number of ordinary shares on issue for the purposes of Basic EPS 2.GDG completed the acquisition of Evidentia Group Holdings Pty Ltd on 18 Feb 2025. Evidentia combined with Lonsec Investment Solutions (LIS – managed accounts) and Implemented Portfolios Pty Ltd (IPL) to form Evidentia Group. Lonsec acquired IPL on 4 August 2022 3.FY22 – FY24 FUM excludes Lonsec Investment Solutions FUM as Lonsec Holdings was not consolidated until 1 Aug 2024 $7.8$9.4$10.9 $50.3$59.2 $0$10$20$30$40$50$60$70 FY22FY23FY24FY25FY26 Group Underlying EBITDA ($m) Underlying EBITDA growthc. 37% CAGR1on a per share basis $35.2$39.5$47.2 $144.8 $178.7 $0$20$40$60$80$100$120$140$160$180$200 FY22FY23FY24FY25FY26 Group Revenue ($m) Revenue growthc. 23% CAGR1 on a per share basis $2.2$2.6$3.3 $34.0 $46.5 $0$5$10$15$20$25$30$35$40$45$50 Ju n-22Ju n-23Ju n-24Ju n-25Ju n-26 Group FUM2,3 ($bn) FUM growthc. 77% CAGR1 on a per share basis
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Generation Development Group10
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Generation Development Group11 Leveraging structural and legislative tailwinds in retirement, advice and platform adoption 1.NMG Adviser Insights Programme, NMG Superannuation & Investments Market Model, NMG Managed Accounts Market Model, IMAP, NMG 2025 Estimates Capturing opportunities through targeted investment in core businesses and selective acquisitions aligned to strategy Deepen existing relationships to increase share of wallet, drive market share gains and long-term valueDrive market growth through new client acquisition and retention Continue to expand core ratings coverage, including SMA ratingsLaunch Lonsec Governance Solutions to meet market demand for governance support and increased investment oversight Capitalise on strong sector growth – managed account sector forecast to exceed $520bn by 2030 1 Leverage core franchise and relationships to expand operations in new markets and new services Capitalise on structural, demographic and legislative tailwinds to accelerate adoption of our solutions and extend our leadership in tax-effective wealth solutions Accelerate product and digital innovation to deliver differentiated solutions and simpler, faster experiences for advisers and clients Expand distribution through strategic partnerships and new channels, enabled by simpler digital experiences and scalable technology platform
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1.Company estimates2.Plan For Life Investment Bond Report Funds Under Management, March 2026 3.Plan For Life Investment Bond Report Funds Under Management, March 2026 market share change between 30 March 2025 and 30 March 20264.Deloitte, Dynamics of the Australian Superannuation System, June 20265.JB Were, The Bequest Report, July 2024 Generation Development Group12 Generation Life #1 – record 59% share of annual market inflows to March 20262 6.8% 2.4%0.3%0.1%-0.1%-0.1%-0.2%-0.6% -3.0%-5.7%-8%-6%-4%-2%0%2%4%6%8% GenerationLifeC7C2C6C8C5C4C1 12-month change in market share3 39.1%29.2% 7.9%7.1%6.9%3.4%3.4%2.4%0.6%0%10%20%30%40%50% GenerationLifeC1C2C3C4C5C6C7C8 Investment Bonds Market Shareat March 20262 Structural policy and demographic tailwinds support long-term growth in investment bonds and retirement solutions Division 296 super tax is expected to drive increased demand for structures outside superannuation Tax reforms, including changes to CGT and negative gearing, and the potential introduction of a minimum tax on discretionary trust distributions further strengthen the role of investment bonds and expand the addressable marketIncreased investment bond adoption and longer FUM duration, with average investment terms extending beyond 15 years, reinforcing the long-term, recurring and resilient nature of the business With superannuation assets projected to grow from $4.5 trillion to $12.4 trillion by 20454 increasing focus on decumulation, retirement outcomes and longevity risk is further driving demand for scalable retirement income solutions $5.4 trillion is expected to pass between generations over the next 20 years, with annual inheritances projected to grow from $150 billion to $500 billion by 20445, supporting continued use of investment bonds and lifetime annuities as estate planning solutions Competing peer companies Competing peer companies C3Others .$60bn 1
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Generation Development Group13 Investing to extend our leadership position Expand beyond product provider to trusted wealth solutions partner, leveraging digital innovation, automation and AI to enhance engagement, improve efficiency and scale adviser and client outcomesStrengthen our leadership position in tax-effective wealth solutions by delivering innovative, adviser and client focused solutions underpinned by operational excellence Medium-term strategy focus FY27+ priorities FY27+ deliverablesSimplify and enhance the adviser and client experience Modernise digital and self-service capabilitiesImprove scale and efficiency through automation and AI Lead through innovation in tax-effective wealth solutions Strengthen competitive advantage through service, technology and expertise CUSTOMER EXPERIENCEDIGITAL TRANSFORMATIONSCALABILITYPRODUCT INNOVATIONCOMPETITIVE DIFFERENTIATION
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1.2-year System CAGR derived from IMAP data and Company estimates, 2-year Evidentia Group Managed Accounts CAGR calculated from reported Evidentia FUM data 2.Company estimates; Jefferies SMAs - Competition vs Disruption 1 July 2026 (FUM dates vary from July 2025 to June 2026 and have been rolled forward to 30 June 2026)3.NMG Adviser Insights Programme, NMG Superannuation & Investments Market Model, NMG Managed Accounts Market Model, IMAP, NMG Estimates4.Tailored SMA - Separately Managed Account; MDA - Managed Discretionary Account; Ready-Made - off-the-shelf portfolios; Global Private Markets Fund Generation Development Group14 Market share gains continue c. 1.8x system growth1 Leading position in a large, growing market – #1 managed accounts provider by FUM in a market TAM forecast to exceed $520bn by 20303 Structural tailwinds support long-term growth – Adviser adoption continues to increase, driven by demand for efficiency, governance and scalable advice delivery Medium-term operating leverage through scale – Adviser relationships, investment platform capabilities and strategic partnerships Comprehensive product offering – Broad suite of Managed Account solutions4 serving diverse adviser and client needs Well positioned for regulatory change – Increasing governance requirements are expected to accelerate industry consolidation, reinforcing the advantage of scale and capability 12.9% 4.9%3.2%2.4%2.3%2.1%2.0%1.9%1.8%1.6%1.6%1.5%0%5%10%15%20% EvidentiaC1C2C3C4C5C6C7C8C9C10C11 Estimated market share by FUM of top 12 Managed Account providers2 3.66.47.58.28.89.19.810.410.611.712.7 26.829.632.634.434.840.5 Ju n-22Sep-22Dec-22Mar-23Ju n-23Sep-23Dec-23Mar-24Ju n-24Sep-24Dec-24Mar-25Ju n-25Sep-25Dec-25Mar-26Ju n-26 Strategic partnerships enhance distribution – Partnerships with leading investment managers expand product capability, innovation and market reach Competing peer companies Closing Funds Under Management ($bn)
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Generation Development Group15 Driving growth through stronger client relationships, distribution and operational excellence Post integration of Lonsec Investment Solutions and Implemented Portfolios, Evidentia Group is focused on scaling its platform to capitalise on the strong projected market growth to 2030 and beyond. The medium-term strategy leverages adviser relationships, investment platform capabilities and strategic partnerships to accelerate managed account adoption, strengthen competitive differentiation and drive operating leverage Medium-term strategy focus FY27+ priorities FY27+ deliverablesGrow Managed Account FUM and adoptionDeepen adviser relationshipsConvert partnerships into growthBuild on our high-performance culture Leverage market leading position FUM & MARKET SHAREADVICEDISTRIBUTIONPEOPLESCALE
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Generation Development Group16 One integrated platform: one scalable, differentiated wealth business Integration completed June 2026, delivered on time and within budget Expanded distribution, adviser reach and implementation capability Acquisition of Encore Advisory Services expands consulting and practice transformation capabilities, as well as delivering a holistic offering to advice firms Integrated platform better positioned to meet adviser demand for stronger governance, outsourced solutions and greater operational efficiency Unique, scaled offer across licensees, platforms, advisers and institutions 1.Generation Development Group acquired Evidentia on 18 February 2025. After 18 February 2025, Evidentia combined with Lonsec Investment Solutions (LIS – managed accounts) and Implemented Portfolios Pty Ltd (IPL) to form Evidentia Group. Lonsec acquired IPL on 4 August 2022
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Generation Development Group17 1,3571,4381,5561,7321,8362,001 FY21FY22FY23FY24FY25FY26 Lonsec Research and Ratings - Products Researched 8% CAGR Strong pipeline of ratings opportunities – Managed Funds, ETFs, SMAs1 and super fund options Broad demand across multiple asset classes – Alternatives seeing broadening of private markets and re-emergence of liquid alternatives; Global equities demand strong particularly in systematic capabilities; Fixed income sees demand from multi-sector income funds ETF market growth – ETFs continues to outpace growth in other investment products. Strong interest in Lonsec SMA1 rating capability Launch of Lonsec Governance Solutions – Growing demand for governance support and specialist investment oversight capabilities Momentum driven by adviser adoption and increasing demand for governance solutions 1.SMA - Separately Managed Account
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Generation Development Group18 Building a diversified financial services platform through brand, technology, expansion and innovation Drive sustainable growth through revenue diversification, technology-enabled scale, international expansion and the development of market-leading governance, retirement and analytics solutionsMedium-term strategy focus FY27+ priorities FY27+ deliverablesBuild on Lonsec's trusted position to expand services and growth opportunities Extend governance offerings to support adviser oversight and compliance Cross sell opportunities within existing client relationships Generate deeper insights, accelerate product innovation and enhance efficiency BRANDGOVERNANCESHARE OF WALLETNEXGEN PRODUCTS
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Generation Development Group19 Disciplined AI deploymentIntegrated into current workflows; prioritising high-impact use cases across research, portfolio analytics and reportingPhased rollout to drive productivity, governance, risk and compliance frameworks, with human oversight for client-facing outputs Financial impactProductivity-led earnings uplift over time; no reliance on AI for near-term revenue growthInvestment linked to measurable outcomes, including ROIC and risk management Partnership-led delivery Leveraging external partners to accelerate capability and access specialist expertiseCapital-light, iterative implementation avoiding significant upfront investment Competitive advantageEmbedded across Generation Life,Evidentia andLonsec core workflows to support consistent, risk-managed decision-makingEnhances scalability and operating leverage without increasing the fixed cost base
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Generation Development Group20 Progress since last half: Approved a Board-endorsed Group AI Governance Framework Created formal AI governance and accountability structures Embedding human oversight and risk controls Maintained a capital-light, partnership-led approach Deploying targeted AI initiatives across core workflows Focused investment on measurable productivity and scalability benefits
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Generation Development Group21 Strong distribution and platform economics drive sustainable earnings and shareholder returns Expand economic moatStrengthen Group’s competitive advantageBolt-ons or new verticals Sustainable 15%-20% earnings growthRegulatory tailwindsStructural tailwindsLeaders or disruptors Earnings accretive Potential for synergiesUnder-utilised assets with strong brand, good product STRATEGIC ACQUISITION FRAMEWORK GROWTH DRIVERS FINANCIAL OUTCOMESCAPITAL ALLOCATIONSHAREHOLDER OUTCOMESBUSINESS OUTCOMES Distribution & adviser relationships / products researched Product & platform capability Strategic acquisitions Net inflows FUM growth Revenue margin Revenue growth Operational leverage Cash generation Investment in product, platform & people Balance sheet management Strategic M&A EPS growth ROE expansion Shareholder value Strategic FitGrowth ProfileValue CreationFinancial DisciplineMaintain conservative balance sheet
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Generation Development Group22
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Generation Development Group23 Generation Development Group Consolidated (A$’000)•Excellent growth in revenue, EBITDA and NPAT driven by strong net inflows across Gen Life and Evidentia, solid operational leverage in Lonsec•Operating expense growth driven by FTE growth in Generation Life and Evidentia•Income Tax Expense; ETR of 17% declined over the prior year •FY27 Generation Life ETR expected to be broadly consistent with FY26•Evidentia, Lonsec and Corporate ETR expected to be in line with statutory corporate tax rate over the medium-term•FY26 marked GDG's first year of mandatory climate-related reporting under AASB S2•EPS underlying profit growth offset by growth in shares issued•A fully-franked final dividend of 1.0 cent per share has been declared ConsolidatedFY26ProformaFY25Change%Operating Revenue and Other Income165,205135,04822%Income Tax Rebate2 13,5129,77238%Total Revenue 178,716144,82023%Total Expenses (119,521)(94,551)26%Underlying EBITDA 59,19550,26818%Depreciation and Amortisation(6,300)(5,567)13%Underlying EBIT 52,89544,70118%Net Interest income/(expense)1,2871,497(14%)Profit before Tax 54,18346,19817%Income Tax Expense2 (9,122)(8,368)9%Underlying NPAT before annuity business costs45,06137,83019%Annuity business costs (net of tax)(4,350)(4,308)1%Underlying NPAT after annuity business costs40,71133,52221%Underlying Earnings Per Share (cents)3 10.210.20%Dividend Per Share (cents, fully franked)2.02.00% 1.Excludes benefit fund, refer to slide 32 for reconciliation of Underlying NPAT to Statutory NPAT2.Income Tax Rebate proforma impact: Due to a corporate and operational restructure on 1 July 2025, pro forma FY25 income tax rebate for Generation Life is $3.9m lower than on a comparable basis to FY25 if the restructure had not occurred. There is a corresponding $3.9m reduction in income tax expense in the corporate segment, with an overall nil tax impact on a consolidated basis3.Underlying earnings per share is calculated by dividing underlying NPAT by the annual weighted average number of ordinary shares on issue for the purposes of Basic EPS
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FY26FY25ProformaChange Change %Operating Revenue and Other Income60,38545,48214,90333%Income Tax Rebate3 13,5129,7723,74038%Total Revenue 73,89655,25418,64234% Total Expenses(50,573)(40,407)(10,166)25%Underlying EBITDA4 23,32314,8478,47657%Underlying EBITDA Margin32%27% 5pp Depreciation and Amortisation(1,334)(1,491)157(11%)Underlying EBIT21,98913,3568,63365%Underlying EBIT Margin30%24% 6pp Generation Development Group24 Generation Life (A$’000) •Revenue and earnings increased due to continued market leadership, growth in our distribution network and continued penetration of investment bonds•Excellent FUM growth and stable margins delivered strong revenue growth•Growth in operating expense reflects continued investment in people, technology capabilities and FUM related costs•Expense growth rate in FY27 is expected to bemodestly higher than the Group average FY27 expense growth rate •Improving operating leverage over the medium term 1.Excludes Benefit Funds 2.Following a corporate restructure on 1 July 2025, Corporate segment and Generation Life segment are reported separately from that date. FY25 financials above are based on an indicative proforma for comparable purposes only3.Income Tax Rebate proforma impact: Due to a corporate and operational restructure on 1 July 2025, proforma FY25 income tax rebate for Generation Life is $3.9m lower than on a comparable basis to FY25 if the restructure had not occurred. There is a corresponding $3.9m reduction in income tax expense in the corporate segment, with an overall nil tax impact on a consolidated basis4.Actual Income Tax Rebate in FY25 was higher than the proforma which would have resulted in an EBITDA growth rate of 24%
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Generation Development Group25 Evidentia Group (A$’000) •Revenue and earnings growth reflected the benefits of the merger and market leadership, broader distribution reach and increasing scale across the platform•Excellent FUM growth and stable margins delivered strong revenue growth•Operating expense growth driven by investment in people over the year•Expense growth rate in FY27 forEvidentia Group expected to be modestly higher than the Group average FY27 expense growth rate •Improving operating leverage over the medium term 1.On 18 February 2025, GDG completed the acquisition of Evidentia Group Holdings Pty Ltd. Following a corporate restructure on 1 July 2025, Evidentia Group now includes Lonsec Investment Solutions and Implemented Portfolios Pty Ltd. FY25 financials above are based on an indicative proforma for comparable purposes only FY26FY25ProformaChange Change %Total Revenue 58,80646,56812,23826% Total Expenses(33,720)(25,969)(7,751)30%Underlying EBITDA25,08620,5994,48722%Underlying EBITDA Margin43%44% (2pp) Depreciation and Amortisation(1,705)(1,088)(617)57%Underlying EBIT23,38119,5113,87020%Underlying EBIT Margin40%42% (2pp)
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Generation Development Group26 Lonsec Research and Ratings (A$’000) 1.Following a corporate restructure on 1 July 2025, Lonsec now only includes Research and Ratings. In prior periods it included Lonsec Investment Solutions (LIS – managed accounts) and Implemented Portfolios Pty Ltd (IPL). FY25 financials above are based on an indicative proforma for comparable purposes only •Revenue uplift in FY26 driven by growth in core business and expansion of services •Disciplined cost management drove high EBITDA margin •9% YoY increase in products researched and 13% growth in iRate subscribers •Lonsec continues to be a market leader with a strong brand, predictable earnings and high cashflow generation FY26FY25ProformaChange Change %Total Revenue 45,80242,8312,9717% Total Expenses(22,981)(22,955)(26)0%Underlying EBITDA22,82119,8762,94515%Underlying EBITDA Margin50%46% 3pp Depreciation and Amortisation(3,076)(2,861)(215)8%Underlying EBIT19,74517,0152,73016%Underlying EBIT Margin43%40% 3pp
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FY26FY25Cash and cash equivalents1 114,774105,804Trade Receivables 9,7398,082Income tax receivable 9,44610,504Right-of-use assets 3,9565,896Plant and equipment 1,5801,523Software & other Intangibles223,158238,996Goodwill 517,079515,765Other assets2 20,63412,623Total Assets 900,366899,193 Trade & Other Payables(21,074)(91,341)Lease Liabilities (4,982)(7,033)Provisions & other liabilities(102,394)(102,806)Borrowings (40,000)-Total Liabilities (168,450)(201,180) Net Assets 731,916698,013 Corporate net debt / (Corporate cash) position(57,520)(90,188) Generation Development Group271.As at 30 June 2026 Generation Life held $17.3m of unallocated client application and redemption funds in trust (FY25 $15.6m)2.Other assets includes deferred tax, financial assets and other assets •Cash and cash equivalents includes year-end unallocated client application and redemption funds held in trust as footnoted below •Trade and other payables in FY25 included $72.8m contingent consideration from acquisitions •During the financial year, the Group entered into a new debt facility with NAB, with total facility limit of $50m, of which $40m had been drawn at year end •The Group balance sheet remains in a strong net cash position
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Strong growth in FUM2 supported by ongoing adviser adoption and market penetration Across the Group, expect to continue to outperform system growth and expandmarket share in FY27 Across the Group, individual product revenue margins to remain broadly stable Generation Development Group29 Multiple Growth DriversImproving operating leverage over the medium-termDisciplined investment supporting long-term growthFY27 Group underlying operating expense growth rate expected to remain broadly in line with the growth rate in FY26 Disciplined investment in people, technology, product innovation and distribution capability Strong structural and legislative tailwinds across the Group Ongoing net cash position, providing balance sheet flexibility withdisciplined capital allocation Reflecting the significant TAM opportunity, Generation Life’s (GLL) capex in FY27 and FY28 is expected to be c.5%-15% per annum of FY27 GLL total revenue Disciplined investment in technology platform and user experience as well as implementation of strategic partnership initiatives Market leaders: three-to-five-year objectives remain on track1 1.GDG Investor Day pack page 84, November 2025 (https://gendevelopmentgroup.com.au/wp-content/uploads/2025/11/Generation-Development-Group-Investor-Day-Presentation-11112025.pdf)2.Subject to market conditions
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Generation Development Group32 1.FY25 Underlying profit after tax as stated in the FY25 Annual Report2.Includes costs associated with Generation Life's assessment and evaluation of strategic opportunities of $4.6 million (net of tax)3.The Group has adopted AASB 17 Insurance Contracts from 1 July 2023. This represents the AASB 17 adjustments for the period4.Measurement period adjustment of the amortisation of identified intangible assets associated with the Evidentia acquisition during FY25. Please refer to the Interim Financial Report 31 December 2025 for further detail FY26FY25Change Change %Underlying profit after tax (A$’000)1 40,71130,20510,50635%Other items (net of applicable tax) (A$’000):Gain on remeasurement of pre-existing interest in Lonsec -75,142(75,142)(100%)Remeasurement of contingent consideration18,655(48,028)66,683(139%)Amortisation of customer relationships and software(12,649)(10,293)(2,356)23%Transaction costs (Lonsec & Evidentia) (1,718)(11,202)9,484(85%)Integration costs2 (13,447)(1,493)(11,954)801%Investment in associates – Lonsec IPL acquisition and integration costs and impairment of software - - - -Deferred tax asset on carry-forward losses (utilised) / recognised - - - -Profit after tax (excluding AASB 17) 31,55234,331(2,779)(8%)AASB 17 adjustments3 3781,143(765)(67%)Restated statutory profit after tax -35,474(35,474)(100%)Post balance date adjustment4 -(2,773)2,773(100%)Statutory profit after tax 31,93038,247(6,317)(17%) Generation Development Group Consolidated
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Generation Development Group33 Generation Development Group Consolidated (A$’000) Current year disclosure formatFY25 ProformaEvidentia pre-acquisition1 Changes to income tax rebateFY25 ResultsTotal Revenue4 144,82010,833(3,946)137,934Total Expenses (94,551)(6,390)- (88,161)Underlying EBITDA 50,2684,442(3,946)49,773Depreciation and Amortisation(5,567)(47)- (5,520)Underlying EBIT44,7014,395(3,946)44,253Net Interest Income/(Expense)1,49742 1,455Profit before Tax46,1984,437(3,946)45,708Income Tax Expense(8,368)(1,119)3,946(11,195)Underlying NPAT before annuity business costs37,8303,317- 34,513Annuity business costs (net of tax)(4,308)- - (4,308)Underlying NPAT after annuity business costs33,5223,317- 30,205 Prior year disclosure formatFY25 ProformaEvidentia pre-acquisition1 Changes to income tax rebate2 FY25 ResultsRevenue 148,18310,833(3,946)141,297Expenses3 (101,984)(6,395)- (95,589)Underlying profit before tax46,1984,437(3,946)45,708Income tax expense(8,368)(1,119)3,946(11,195)Annuity business costs (net of tax)(4,308)- - (4,308)Underlying profit after tax33,5223,317- 30,205 1.Evidentia revenues and expenses between 1 July 2024 and 18 February 2025 2.Due to a corporate and operational restructure on 1 July 2025, pro forma FY25 income tax rebate for Generation Life is $3.946m lower than on a comparable basis to FY25 if the restructure had not occurred. There is a corresponding $3.946m reduction in income tax expense in the corporate segment, with an overall nil tax impact on a consolidated basis3.Includes interest expense and depreciation & amortisation4.Excludes interest income
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Generation Development Group34 Generation Development Group Consolidated (A$’000)CorporateGeneration LifeEvidentiaLonsecConsolidatedOperating Revenue60,38558,45145,802164,638Other Income 212 355 567Income Tax Rebate13,512 13,512Total Revenue21273,89658,80645,802178,716Personnel Expenses(9,544)(16,738)(25,714)(16,633)(68,629)Marketing and promotional(125)(1,885)(399)(841)(3,250)Other Expenses(2,578)(31,949)(7,607)(5,507)(47,641)Total Expenses(12,247)(50,573)(33,720)(22,981)(119,521)Underlying EBITDA(12,035)23,32325,08622,82159,195Depreciation and Amortisation(185)(1,334)(1,705)(3,076)(6,300)Underlying EBIT(12,220)21,98923,38119,74552,895Net Interest Income/(Expense)(418)1,1963521571,287Profit before Tax 54,183Income Tax Expense4,404(2,477)(6,658)(4,391)(9,122)Underlying NPAT before annuity business costs(8,234)20,70917,07515,51145,061Annuity business costs (net of tax)(4,350) (4,350)Underlying NPAT after annuity business costs40,711
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Generation Development Group35 Generation Development Group Consolidated (A$’000)CorporateGeneration LifeEvidentiaLonsecConsolidatedOperating Revenue28,83127,99723,00479,832Other Income 108 156 264Income Tax Rebate6,372 6,372Total Revenue 10835,20328,15323,00486,468Personnel Expenses(5,005)(7,975)(13,188)(8,132)(34,300)Marketing and promotional(23)(934)(196)(119)(1,272)Other Expenses(2,575)(14,456)(3,879)(2,719)(23,629)Total Expenses(7,603)(23,365)(17,263)(10,970)(59,201)Underlying EBITDA(7,495)11,83810,89012,03427,267Depreciation and Amortisation(794)- (752)(2,055)(3,601)Underlying EBIT(8,289)11,83810,1389,97923,666Net Interest Income/(Expense) 984Profit before Tax 24,650Income Tax Expense3,094(420)(3,115)(2,034)(2,475)Underlying NPAT before annuity business costs22,175Annuity business costs (net of tax)(2,058) (2,058)Underlying NPAT after annuity business costs20,117
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Generation Development Group36 Generation Development Group Consolidated (A$’000)CorporateGeneration LifeEvidentiaLonsecConsolidatedOperating Revenue31,55430,45422,79884,806Other Income 104 199 303Income Tax Rebate7,140 7,140Total Revenue1 10438,69330,65322,79892,248Personnel Expenses(4,539)(8,763)(12,526)(8,501)(34,329)Marketing and promotional(102)(951)(203)(722)(1,978)Other Expenses(3)(17,493)(3,728)(2,788)(24,012)Total Expenses(4,644)(27,208)(16,457)(12,011)(60,320)Underlying EBITDA(4,540)11,48514,19610,78731,928Depreciation and Amortisation609(1,334)(953)(1,021)(2,699)Underlying EBIT(3,931)10,15113,2439,76629,229Net Interest Income/(Expense) 303Profit before Tax 29,533Income Tax Expense1,310(2,057)(3,543)(2,357)(6,647)Underlying NPAT before annuity business costs22,886Annuity business costs (net of tax)(2,292) (2,292)Underlying NPAT after annuity business costs20,594
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Generation Development Group37 Generation Development Group Consolidated (A$’000)CorporateGeneration LifeEvidentiaLonsecConsolidatedOperating Revenue45,48245,24242,831133,555Other Income 167 1,325 1,492Income Tax Rebate9,772 9,772Total Revenue1 16755,25446,56842,831144,820 Total Expenses(5,221)(40,407)(25,969)(22,955)(94,551) Underlying EBITDA(5,054)14,84720,59919,87650,268 Depreciation and Amortisation(127)(1,491)(1,088)(2,861)(5,567)Underlying EBIT(5,181)13,35619,51117,01544,701Net Interest Income/(Expense)2,08381429(1,429)1,497Profit before Tax 46,198Income Tax Expense2,247(600)(5,954)(4,062)(8,368)Underlying NPAT before annuity business costs(851)13,57013,58711,52437,830Annuity business costs (net of tax)(4,308) (4,308)Underlying NPAT after annuity business costs33,522
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Generation Development Group38 Generation Development Group Consolidated (A$’000)CorporateGeneration LifeEvidentiaLonsecConsolidatedOperating Revenue21,99521,24821,37864,621Other Income 81 167 248Income Tax Rebate6,570 6,570Total Revenue1 8128,56521,41521,37871,439 Total Expenses(4,284)(17,004)(12,683)(11,682)(45,653) Underlying EBITDA(4,203)11,5618,7329,69625,786 Depreciation and Amortisation(823) (375)(1,973)(3,171)Underlying EBIT(5,026)11,5618,3577,72322,615Net Interest Income/(Expense) 682Profit before Tax 23,297Income Tax Expense(1,980)(309)(2,326)(1,858)(6,473)Underlying NPAT before annuity business costs16,824Annuity business costs (net of tax)(2,107) (2,107)Underlying NPAT after annuity business costs14,717
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Generation Development Group39 Generation Development Group Consolidated (A$’000)CorporateGeneration LifeEvidentiaLonsecConsolidatedOperating Revenue23,48723,99421,45368,934Other Income 86 1,158 1,244Income Tax Rebate3,202 3,202Total Revenue8626,68925,15321,45373,381 Total Expenses(937)(23,403)(13,286)(11,273)(48,898) Underlying EBITDA(851)3,28611,86710,18024,482 Depreciation and Amortisation696(1,491)(713)(888)(2,396)Underlying EBIT(155)1,79511,1549,29222,086Net Interest Income/(Expense) 815Profit before Tax 22,901Income Tax Expense4,227(291)(3,628)(2,204)(1,895)Underlying NPAT before annuity business costs21,006Annuity business costs (net of tax)(2,201) (2,201)Underlying NPAT after annuity business costs18,805
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Generation Development Group40 DisclaimerThis 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 nonfactual 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 recommendation 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 atwww.genlife.com.auand 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 entitlements. 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 insured. Investments carry risks.Certain information contained in this document is provided by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Generation Development Group 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.Certain 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 information 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 contrary to local law or regulation. If this document contains any performance data, then past performance is not a reliable indicator of future performance.This presentation has been approved by the Board of Generation Development Group.
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