Tower Limited · NZX:TWR
Tower — Shareholder Meeting (February 2026)
29 slides from Tower's shareholder meeting presentation, Feb 18, 2026
Slide 1: Tower Annual Shareholder Meeting 2026
Tower Annual Shareholder Meeting 2026 18 February 2026
Slide 2: Questions
Questions Shareholder & Proxyholder Q&A Participation Written Questions: Questions may be submitted ahead of the meeting. If you have a question to submit during the live meeting, please select the Q&A tab on the right half of your screen at anytime. Type your question into the field and press submi
Slide 3: Voting process
Voting process Shareholder & Proxyholder Voting Once the voting has been opened, the resolutions and voting options will allow voting. To vote, simply click on the Vote tab, and select your voting direction from the options shown on the screen. You can vote for all resolutions at once or by each res
Slide 4: Agenda
AGENDA Chairman’s address Michael Stiassny, Chairman CEO address Paul Johnston, Chief Executive Officer Shareholder resolutions Questions & general business Michael Stiassny, Chairman 4
Slide 5: Chairman's address
Chairman’s address Tower delivers record FY25 performance and positions for future growth Strong, resilient business delivering shareholder value • Capital return of $45m delivered • Final dividend declared 16.5 cents per share; full year dividends of 24.5 cents per share – fully imputed • Sharehold
Slide 6: CEO's address
CEO’s address Paul Johnston, Chief Executive Officer 6
Slide 7: Delivering the next phase of growth
Delivering the next phase of growth Foundations laid to deliver Horizons 2 and 3 Resilience and We are Transform and Expanded Growth and Efficiencies entering Innovate Leadership Horizon 2 of our strategic HORIZON 1 plan HORIZON 2 HORIZON 3 2024-2025 2026 - 2027 2028 - 2030 • Building foundational s
Slide 8: FY25 performance
FY25 performance Strong operational and business performance 1 GWP growth Customers BAU claims ratio MER (Gross written premium) (Business as usual) (Management expense ratio) 2% | $600m 318,000 41% 31.4% vs $595m in FY24 vs 305,000 at FY24 vs 48% in FY24 vs 31.4% in FY24 Large event costs2 Underlyi
Slide 9: FY25: External factors influencing financial result
FY25: External factors influencing financial result • Large event claims costs of $7.2m well TOWER EFFECTIVE AVERAGE PREMIUM below historical 10-year average of $15m (ANNUAL CHANGE) • Competitive environment improving customer affordability • Inflation now at historical averages • Motor theft freque
Slide 10: FY25: Policy growth in a competitive market
FY25: Policy growth in a competitive market NZ HOUSE MOVEMENT IN RISK COUNT (000’s) • +13k new customers to 318k • 6% growth in NZ policies (house 11%, motor 2%, contents 7%) • Strategic focus towards house is providing results • Improved risk quality - Tower's expected average annual loss from floo
Slide 11: FY25: Investing for future value
FY25: Investing for future value One core digital platform and simplified core product set enables technology enhancements: • Launched Amazon Connect - AI enabled contact centre platform, streamlining processes and reducing frontline effort • Integrated motor assessing system - reducing assessment t
Slide 12: FY25: Elevating customer experience
FY25: Elevating customer experience • Net promoter score improved to +44 (FY24: +38) • Sales and service abandonment rate reduced by 1% to 7% • Digital efficiency: New Zealand digital tasks¹ – 63% sales, 51% service; 70% claims lodgement • 59% of NZ customers registered for MyTower (FY24: 53%) • Suv
Slide 13: Sustained profitability improvement
Sustained profitability improvement • Through-the-cycle (FY21 – FY25) profitability has UNDERLYING NPAT increased through business improvements: EXCLUDING LARGE EVENTS¹ • Targeted growth enabling scale • Risk selection and risk-based pricing improvements (Flood, Sea Surge, Landslide) • Expense effic
Slide 14: Four-month trading update
Four-month trading update For the four months to January 31, 2026 14
Slide 15: FY26 four-month trading update
FY26 four-month trading update Strong operational and business performance GWP growth Customers BAU claims ratio (Gross written premium) (Business as usual) 2% | $204m 323,000 43% vs $200m in Jan 2025 vs 311,000 in Jan 2025 vs 38% in Jan 2025 Large event costs MER Solvency ratio (Management expense
Slide 16: FY26: Stabilised pricing and increased policy volumes underpin positive GWP growth
FY26: Stabilised pricing and increased policy volumes underpin positive GWP growth GWP GROWTH (4 MONTH ROLLING) • 5% growth in NZ policies (house 10%, contents 6%, motor 2%) • 2% GWP growth vs same period prior year • 12,000 new customers compared to 31 January 2025 • Rating environment has stabilis
Slide 17: FY26: BAU claims ratio remains below historical average
FY26: BAU claims ratio remains below historical average • BAU claims ratio increased to 43% but remains BAU CLAIMS RATIO well below historical average of 48%-50% • Premium rate decreases in FY25 will continue to increase the BAU claims ratio as new rates earn through • Claims transformation continui
Slide 18: FY26: Large event claims
FY26: Large event claims FY26 events • FY26 large event costs to date of $12.1m; 3 events • $45m large event allowance - $32.9m available for remaining 8 months Large event response • Tower's expected average annual loss from flood, landslide and sea surge reduced 20% on a per policy basis and 14% o
Slide 19: FY26: Investing to improve efficiency and customer experience
FY26: Investing to improve efficiency and customer experience NET PROMOTER SCORE • NPS improved to +52 • Amazon Connect (launched end of FY25) has significantly reduced average call time - down by 2 minutes • Two-way integration of motor assessing platform (launched end of FY25) reducing manual effo
Slide 20: FY26: Solvency remains strong
FY26: Solvency remains strong • Tower had an estimated¹ solvency ratio of 160% TOWER SOLVENCY as at 31 January 2026; an increase from 143% as NZ PARENT ($m) at 30 September 2025 • Adjusted solvency margin as at 31 January 2026 was $121.1m, an increase of $32.1m from 30 September 2025 • Tower has an
Slide 21: Looking forward
Looking forward 21
Slide 22: Strategic growth initiatives
Strategic growth initiatives • Targeting >$750m GWP in FY28 through organic growth • Digital enabled partnership agreement with Westpac NZ • Referral of Kiwibank back book • Investing further in Tower brand marketing • Sea surge and landslide risk ratings improve targeting of lower risk properties •
Slide 23: Customer experience and efficiency through innovation
Customer experience and efficiency through innovation • Targeting 80% of sales, service, and claims lodgement tasks to be through digital channels by FY28 • Customer data platform to enable hyper-personalised service in future • AI enablement roll out to streamline processes • Partnership with Amazo
Slide 24: FY26 guidance and future targets
FY26 guidance and future targets FY25 FY26 FY28 Actual Guidance Target $600m $630m - $660m >$750m GWP growth (2%) (5-10%) (>7.5% CAGR) Management expense ratio 31.4% 31% - 32% 28% - 30% Underlying NPAT $112m $87m - $97m (excluding large events) Large events $7m $45m Combined operating ratio 74% 86%
Slide 25: A journey of progress and transformation
A journey of progress and transformation 25
Slide 26: Shareholder resolutions
Shareholder resolutions Michael Stiassny, Chair 26
Slide 27: Shareholder resolutions
Shareholder resolutions Resolution 1 • That the Board be authorised to determine the auditor’s fees and expenses for the 2026 financial year. Resolution 2 • That Geraldine McBride, who retires by rotation in accordance with NZX Listing Rule 2.7.1, be re- elected as a Director of Tower. Resolution 3
Slide 28: Questions?
Questions? 28
Slide 29: Disclaimer
Disclaimer This presentation has been prepared by Tower Limited to provide shareholders with information on Tower’s business. This document is part of, and should be read in conjunction with an oral briefing to be given by Tower. A copy of this webcast of the briefing is available at http://www.towe