Slide 1: FY25 Results Presentation
Perpetual Limited (ASX:PPT) FY25 Results Presentation For personal use only For the year ending 30 June 2025 Thursday 28 August 2025 Presented by: Bernard Reilly, CEO & Managing Director Suzanne Evans, Chief Financial Officer
Slide 2: Disclaimer
Disclaimer Important information This presentation is in summary form and is not necessarily complete. It should Perpetual does not warrant the accuracy or completeness of any information For personal use only be read together with Perpetual Limited’s (Perpetual) consolidated financial provided by a
Slide 3: FY25 overview
FY25 overview For personal use only Bernard Reilly CEO and Managing Director
Slide 4: FY25 Summary
FY25 Summary Key themes • New Group strategy to improve returns over time, focused on three areas: simplifying, driving operational excellence and investing for growth – Internal separation of divisions well progressed and FY25 Simplification Program cost savings delivered For personal use only • Th
Slide 5: Simplification Program update
Simplification Program1 update Cost efficiencies delivered ahead of year 1 target For personal use only Revised indicative phasing of program ($m) (annualised) • $44 million annualised cost savings delivered as at 30 June 2025, ahead of targeted $30 million in annualised savings by 30 June 2025 − Ri
Slide 6: Business updates
Business updates For personal use only Bernard Reilly CEO and Managing Director
Slide 7: Asset Management – key themes
Asset Management – key themes Barrow Hanley J O Hambro Pendal Perpetual Trillium TSW • US equities strategies • Outflows mainly in the • Net inflows (excl • Strong net inflows in credit • Flows impacted by • Outflows mainly due to For personal use only faced headwinds mainly International Select and
Slide 8: Restoring J O Hambro to its heritage strength
Restoring J O Hambro to its heritage strength For personal use only A specialist, high conviction boutique asset management business with a strong brand and global client footprint Where we are today Where we are going • Strong platform to add new investment capabilities • Strong brand with global r
Slide 9: Global distribution approach continues to be refined
Global distribution approach continues to be refined Americas Europe/UK Asia Pacific For personal use only AUM1: $115.6b AUM1: $26.1b AUM1: $85.1b • Dedicated institutional sales aligned to each • Team restructured to increase sales • Established distribution presence in Australia boutique resource
Slide 10: Key market trends that we want to tap into
Key market trends that we want to tap into Global AUM projected to grow ~44% by the end of 2029 Our activities US$184t • Over $226 billion in AUM5 diversified across major markets globally For personal use only • Global AUM is projected • Global distribution footprint providing a platform to add new
Slide 11: Corporate Trust
Corporate Trust Underlying asset and market activity supports continued growth • Funds Under Administration (FUA) increased 5% compared to FY24, with growth across both Debt Market Services (DMS) and Managed Funds For personal use only Services (MFS) • Continued delivery for clients - Australian Tru
Slide 12: Corporate Trust: Digital & Markets
Corporate Trust Digital & Markets segment opens up new opportunities for growth and client retention About Digital & Markets Activities in FY25 For personal use only A specialist debt markets business delivering SaaS platforms, data, and • Revenue up ~18% in FY25, driven by Assets Under Administrati
Slide 13: Wealth Management
Wealth Management Resilient performance despite corporate uncertainty For personal use only • Focused on retaining our employees and delivering high quality client services through a period of uncertainty with revenues impacted through the year • Funds under advice, up 9% on FY24 to $21.5 billion, m
Slide 14: FY25 Group financials
FY25 Group financials For personal use only Suzanne Evans Chief Financial Officer
Slide 15: FY25 financial results summary
FY25 financial results summary For personal use only FY25 FY24 FY25 v FY24 For the period $m $m (%) Summary points Operating revenue 1,373.0 1,335.0 3 • Revenue growth in all three business lines, primarily driven by AUM and FUA growth Total expenses (1,093.9) (1,051.4) (4) • Revenue included perfor
Slide 16: FY25 divisional results summary
FY25 divisional results summary Asset Management Wealth Management UPBT ($m) UPBT ($m) For personal use only 200.4 200.9 • UPBT1 impacted by 54.0 51.5 • Stable UPBT1 132.7 47.0 uncertainty supported by higher surrounding AUM and business sale, and performance fees increased expenses FY23 FY24 FY25 F
Slide 17: Asset Management
Asset Management Positive markets underpinned revenue growth and stable UPBT For personal use only FY25 FY24 FY25 v FY24 For the period $m $m (%) • Positive market movements and investment outperformance supported Revenue 903.9 887.6 2 revenue line, as well as higher performance fees of $34.3 millio
Slide 18: Corporate Trust
Corporate Trust Continued delivery of growth For personal use only FY25 FY24 FY25 v For the period $m $m FY24 (%) • Revenue growth across all business lines Debt Market Services revenue 86.1 78.4 10 ̶ Debt Market Services (DMS) revenue up 10% on FY24 supported by growth in the securitisation portfol
Slide 19: Wealth Management
Wealth Management Delivered revenue growth despite a period of corporate uncertainty For personal use only FY25 FY24 FY25 v FY24 For the period $m $m (%) • Revenue was supported by growth in both market and non-market Market related revenue 155.9 147.6 6 business lines, although uncertainty over bus
Slide 20: Group Support Services
Group Support Services FY25 v For personal use only For the period FY25 FY24 FY24 $m $m (%) • Revenue was 11% lower than FY24 due to the release of an earnout provision benefiting the FY24 Other Income line Interest Income 9.7 7.2 35 • Increase in expenses mainly due to: Other Income 19.6 25.7 (24)
Slide 21: UPAT to net loss reconciliation
UPAT to net loss reconciliation Significant items mainly attributable to KKR transaction in 1H25 and impairment For personal use only (3.2) (27.4) (39.7) (3.7) (12.8) (6.0) 204.1 22.9 (1.3) (56.5) (58.2) (134.6) FY25 Barrow Hanley Pendal Group Strategic Review Potential sale of Simplification Other
Slide 22: Expense analysis
Expense analysis Expense growth delivered in guidance range with controllable costs restrained For personal use only Controllable cost growth % 3% 1% 4% change 794.6 10.1 3.2 0.6 9.9 10.7 4.4 (1.9) 1,093.9 (11.5) 1,085.9 11.4 5.5 1,056.9 1,051.4 Movement in external factors FY24 FY24 Lease FY24 Inve
Slide 23: Cashflow analysis
Cashflow analysis Free cash flow driven by net receipts from operations For personal use only Key themes Free Cash Flow $135.8m2 • Positive free cashflow driven by net cash receipts in 257.2 course of operations partially offset by tax and interest (76.9) (23.8) 80.6 26.5 16.6 343.2 payments, lease
Slide 24: Balance sheet
Balance sheet Focused on reducing borrowings For personal use only 30 June 31 Dec 30 June 2H25 v FY25 v For the period 20252 20242 20242 • Cash balance underpinned by net cash from 1H25 (%) FY24 (%) $m $m $m operating activities and from seed recycling Cash 343.2 271.3 221.3 27 55 • Other financial
Slide 25: Debt position
Debt position 30 Jun 30 Jun 2H25 v FY25 v For personal use only 31 Dec 20243 For the period 20253 20243 1H25 FY24 $m $m $m (%) (%) • Gross debt reduced from $840.3 million in 1H25 to $738.5 Gross Debt1 738.5 840.3 685.5 (12) 8 million, below our target gross debt balance4 for 30 June 2025 • Syndicat
Slide 26: Dividends
Dividends Final dividend of 54 cents per share declared For personal use only Dividends (cps) and payout ratio (%) 70 60 • Final dividend of 54 cps declared, unfranked, to be paid on 3 75% October 2025 70% 50 60% • Total dividends were 115 cps, representing a FY25 UPAT 56% 40 payout ratio of 65%, wi
Slide 27: Strategy and FY26 key priorities
Strategy and FY26 key priorities For personal use only Bernard Reilly CEO and Managing Director
Slide 28: Refreshed Group strategy
Refreshed Group strategy Our strategy has three core focus areas For personal use only Our goal is for Perpetual to be a strong financial services group, with differentiated businesses, that operate with discipline, to deliver improved returns for our shareholders over time Simplify Deliver operatio
Slide 29: FY26 key priorities
FY26 key priorities A focused set of priorities for the financial year For personal use only • Continue to remove complexity and create a leaner, more efficient structure for the Group, while continuing to pursue a proposed sale of the Wealth Management business • Strengthen the balance sheet • Deli
Slide 30: Appendix: UPAT Analysis
Appendix For personal use only UPAT Analysis
Slide 31: FY25 UPAT analysis
FY25 UPAT analysis For personal use only 0.5 6.0 2.4 (2.5) (8.4) 760.9 98.2 206.1 67.0 204.1 298.3 275.3 FY24 Asset Management Wealth Management Corporate Trust Group Support Services YoY Tax Movement FY25 UPAT UPBT UPBT UPBT UPBT UPAT Additional earnings Impacted by uncertainty Continued growth Imp
Slide 32: Appendix: Asset Management strategy
Appendix For personal use only Asset Management strategy
Slide 33: Asset Management strategy
Asset Management strategy Transform and Grow For personal use only Strategic imperatives SIMPLIFICATION OPERATIONAL EXCELLENCE GROW • Refreshed operating model • Business performance targets for • Rebalance and extend distribution empowering the boutiques with each boutique toward growth markets ope
Slide 34: Assets Under Management – Investment Performance
Appendix For personal use only Assets Under Management – Investment Performance
Slide 35: Asset Management delivering strong investment outperformance
Asset Management delivering strong investment outperformance 59% of strategies ahead of benchmark over 3 years to 30 June 20251,2 For personal use only Proportion of strategies outperforming benchmark1,2 100% 96% 78% 83% 76% 77% 59% 56% 62% 58% 60% 57% 62% 62% 47% 0% 0% 14% 1 year 3 years 5 years 1
Slide 36: Asset Management investment performance across key strategies
Asset Management Investment performance1,2 across key3 strategies Annualised gross performance (%) Excess returns above benchmark (%) 1,4 30 June 20251,4 Period ending 30 June 2025 For personal use only 1. Investment performance presented gross of fees and includes reinvestment of distributions. Ret
Slide 37: Disclaimer notes to Slide
Asset Management Disclaimer notes to Slide 36 For personal use only Barrow Hanley Material presented is based on the respective GIPS® compliant composite and not an individual account. Performance is expressed in USD currency. J O Hambro Capital Management Gross performance is the unit price returns
Slide 38: Assets Under Management, Funds Under Advice and Funds Under Administration
Appendix For personal use only Assets Under Management, Funds Under Advice and Funds Under Administration
Slide 39: Asset Management: AUM and flows
Asset Management: AUM and flows AUM by asset class ($b) For personal use only Foreign 30 Jun 24 30 Jun 25 For the period Flows Other1 Exchange ($b) ($b) Impacts2 Equities Australia 29.4 2.0 3.5 - 34.9 Global/International 68.8 (8.7) 10.2 2.0 72.3 UK 6.3 (1.5) 0.8 0.6 6.2 US 54.9 (4.7) 5.2 1.0 56.5 E
Slide 40: Wealth Management FUA and AUM
Wealth Management FUA and AUM FUA by client segment and AUM For personal use only FUA ($b) (Inclusive of AUM) AUM ($b) FY25 v FY24 FY25 v FY24 FY25 FY24 FY25 FY24 (%) (%) Community and Social Investments (CSI) 7.3 6.8 7 Select Portfolios 3.2 2.8 14 High Net Worth 12.5 12.1 3 Implemented Portfolios 5
Slide 41: Corporate Trust: FUA by segment
Corporate Trust FUA by segment ($b) FY25 FY24 FY25 v FY24 For personal use only For the period ($b) ($b) (%) Public Market Securitisation RMBS - bank (ADI) 66.3 63.9 4 RMBS - non bank 104.8 89.5 17 ABS and CMBS 79.6 67.1 19 Balance Sheet Securitisation RMBS - repos 362.1 372.7 (3) Covered bonds 108.