Perpetual Limited · ASX:PPT
Perpetual — 1H26 Earnings Presentation
38 slides from Perpetual's earnings presentation, Feb 26, 2026
Slide 1: Perpetual Half Year Financial Results
Perpetual Limited ABN 86 000 431 827 Angel Place, For personal use only Level 14, 123 Pitt Street Sydney NSW 2000 26 February 2026 Australia Phone +61 9229 9000 ASX Limited www.perpetual.com.au ASX Market Announcements Office Level 27, 39 Martin Place Sydney NSW 2000 Via electronic lodgement Perpetu
Slide 2: 1H26 Results Presentation
Perpetual Limited (ASX:PPT) 1H26 Results Presentation rsonal use only For the half year ending 31 December 2025 Thursday 26 February 2026 Presented by: Bernard Reilly, CEO and Managing Director Suzanne Evans, Chief Financial Officer
Slide 3: Disclaimer
Disclaimer Important information The Product Disclosure Statements (PDS) for the Perpetual Asset Management This presentation is in summary form and is not necessarily complete. It should rsonal use only Australia funds are issued by Perpetual Investment Management Limited ABN 18 be read together wi
Slide 4: 1H26 highlights
1H26 highlights rsonal use only Bernard Reilly CEO and Managing Director half year ending 31 December 2021
Slide 5: 1H26 summary
1H26 summary Key themes • Group continued to deliver solid performance during a period of corporate uncertainty, executing in line with strategic objectives rsonal use only • Negotiations with Bain Capital Private Equity, LP (Bain Capital) regarding the potential sale of Wealth Management continue •
Slide 6: Asset Management – market key themes
Asset Management – market key themes • Active management incorporates cyclical trends – history shows that active managers outperform in down markets v passive funds1 • Investors increasingly gravitate toward more cost-effective investment options, particularly Exchange Traded Funds (ETFs), as rsona
Slide 7: Asset Management – key themes across boutiques for 1H26
Asset Management – key themes across boutiques for 1H26 Barrow Hanley J O Hambro Pendal % of strategies outperforming2 by boutique (1, 3 and 5 years to 31 Dec 2025) • Resilient investment • Strong investment • Solid investment 95 performance1,2 in UK 86 rsonal use only performance1,2 and performance
Slide 8: Australian distribution
Australian distribution Integration of Australian distribution capabilities has materially strengthened our local platform Australia Intermediary and Retail • Large distribution footprint and capability across all channels1 • $1.4 billion in net asset inflows in 1H263 rsonal use only – $32 billion o
Slide 9: Product development within Asset Management
Product development within Asset Management Enhancing our products Future initiatives • Launched the Perpetual Diversified Income Active ETF (ASX:DIFF) in • We expect the convergence between traditional and rsonal use only August 2025, Perpetual’s third Active Exchange Traded Fund, DIFF alternative
Slide 10: Restoring J O Hambro to its heritage strength
Restoring J O Hambro to its heritage strength Strategic focus on 4 priority areas Competitive requirements Critical success factors J O Hambro actions rsonal use only • Scalable and relevant product range Continue to build a scalable active range resilient to passive while remaining grounded 1. Diff
Slide 11: Corporate Trust
Corporate Trust • Corporate Trust experienced another strong half, driven by growth from all three business segments – 2025 was another strong year for the Australian securitisation market 1 supporting growth in Debt Market Services’ (DMS) Funds Under rsonal use only Administration (FUA) – Managed F
Slide 12: Corporate Trust
Corporate Trust • Corporate Trust is a resilient earnings business, supported by growth across debt markets, managed funds, and digital offerings, underpinned by high client retention rsonal use only – DMS revenue is primarily tied to securitisation (RMBS1 mortgage lending and ABS2 auto lending), co
Slide 13: Wealth Management
Wealth Management • Wealth Management was resilient, with the business focused on delivering client outcomes as the sale process continued rsonal use only – UPBT was $23.7 million, $5.6 million lower on 1H25, reflecting an increase in expenses – FUA remained resilient and was driven by institutional
Slide 14: Simplification Program
Simplification Program1 On track to deliver Year 2 target in efficiencies Indicative phasing of program ($m) (annualised) rsonal use only • Annualised savings of $60 million delivered as at 31 December 2025 – Majority of savings arising from reduced employee expenses Year 1 target – $26.9 million of
Slide 15: 1H26 group financials
1H26 group financials rsonal use only Suzanne Evans Chief Financial Officer year ending 31 December 2021
Slide 16: 1H26 financial results summary
1H26 financial results summary 1H26 1H25 1H26 v 1H25 $m For the period $m (%) Summary points: rsonal use only • Revenue uplift driven by AUM and FUA growth Operating revenue 697.9 686.2 2 • Revenue included performance fees of $10.0 Operating expenses (492.4) (479.6) (3) million (compared to $15.9 m
Slide 17: 1H26 divisional results summary
1H26 divisional results summary rsonal use only Asset Management Wealth Management Corporate Trust Group Support Services 106.9 102.6 98.3 46.9 49.0 44.0 29.2 22.3 23.7 1H25 2H25 1H26 1H25 2H25 1H26 1H25 2H25 1H26 1H25 2H25 1H26 UPBT ($m)1 UPBT ($m)1 UPBT ($m)1 (31.5) (29.5) (32.7) ULBT ($m)2 1. UPB
Slide 18: Asset Management
Asset Management • 1H26 UPBT up 4% on prior corresponding period, stable 1H26 1H25 1H26 v 1H25 rsonal use only For the period $m $m (%) EBITDA margin • Stable management fee revenue Management fee revenue1 441.1 439.1 – – Higher average AUM over the period Performance fee revenue 10.0 15.9 (37) – Lo
Slide 19: Corporate Trust
Corporate Trust For the period 1H26 1H25 1H26 v 1H25 • Strong revenue, EBITDA and UPBT momentum rsonal use only $m $m (%) supported by all three business segments Debt Market Services (DMS) revenue 46.9 42.6 10 • 1H26 DMS revenue was 10% higher than in 1H25 Managed Funds Services (MFS) revenue 46.6
Slide 20: Wealth Management
Wealth Management 1H26 1H25 1H26 v 1H25 • Overall performance was lower in the half, while the sale rsonal use only For the period $m $m (%) of the business progressed Market related revenue 79.6 78.5 1 • Revenue was resilient in 1H26 Non-market related revenue 39.3 40.3 (2) – Market related revenue
Slide 21: Group Support Services
Group Support Services 1H26 1H25 1H26 v 1H25 • 1H26 revenue of $19.2 million, 44% higher than 1H25 For the period rsonal use only $m $m (%) – Increase in total revenue was driven by higher Interest Income 5.6 4.4 27 income from seed funds, as well as interest income and foreign currency revaluation
Slide 22: UPAT to NPAT reconciliation
UPAT to NPAT reconciliation $58.8 million of significant items, predominantly driven by non-cash items rsonal use only Significant Items Review • Review undertaken of significant items (4.7) resulted in aged projects and programs (9.7) closing or, where appropriate, moving (3.1) above the line • Unl
Slide 23: Expense analysis
Expense analysis 1H26 expense growth1 of 1% Controllable cost growth % 1% flat 1% rsonal use only change 794.6 5.7 3.0 1.9 10.6 2.8 5.1 4.7 (23.0) (6.1) 543.1 837.0 548.8 547.8 1H25 Investment in growth Wealth Management Variable Barrow Hanley Inflation related Simplification Program Other Total Exp
Slide 24: Cashflow analysis
Cashflow analysis rsonal use only Key themes • Positive free cashflow driven by 82.9 net cash receipts in course of (27.3) (12.9) (8.9) 343.2 operations 10.0 3.6 325.6 316.7 (4.7) • Borrowings reflects (60.3) net drawdown of debt during the period due to timing differences on the working capital fac
Slide 25: Balance sheet
Balance sheet 31 Dec 20253 30 Jun 20253 1H26 v 2H25 For the period $m $m (%) rsonal use only Cash 325.6 343.2 (5) • Seed capital of $182.8 million includes investments in Barrow Hanley Collateralised Seed capital 182.8 175.7 4 Loan Obligations (CLOs) Investing in Product (IIP)1 161.6 149.9 8 • $150
Slide 26: Seed capital
Seed capital Incubating and supporting investment opportunities to support organic growth • $182.8 million of seed capital currently deployed globally across the boutiques (includes investments in CLOs) rsonal use only • Average time of Perpetual ownership is 3 years • Commitment to seed recycling w
Slide 27: Dividends
Dividends Interim dividend of 59.0 cents per share declared rsonal use only Dividends (cps) and payout ratio (%) 78 0.9 68 0.8 70% 58 0.7 • Interim dividend of 59.0 cps declared, unfranked, to 60% 60% 48 be paid on 7 April 2026 0.6 56% 38 • 1H26 UPAT payout ratio of 60%, within the Board’s 61 59 sta
Slide 28: FY26 key priorities
FY26 key priorities rsonal use only Bernard Reilly CEO and Managing Director half year ending 31 December 2021
Slide 29: Progress on Group strategy
Progress on Group strategy Progress has been made in 1H26 rsonal 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 operational excellenc
Slide 30: FY26 key priorities
FY26 key priorities A focused set of priorities for the financial year rsonal use only Deliver cost reduction commitments Retain market leadership position in Corporate Trust and invest in expanding capability Targeted investment in new products and capabilities across Asset Management Continue to r
Slide 31: Appendices
Appendices ersonal use only Perpetual GROUP
Slide 32: 1H26 UPAT analysis
1H26 UPAT analysis rsonal use only 5.3 4.3 3.2 5.0 (5.6) 760.9 98.2 67.0 100.5 112.7 298.3 275.3 1H25 Asset Management Wealth Management Corporate Trust Group Support Services Tax Movement 1H26 UPAT UPBT UPBT UPBT ULBT UPAT Higher average AUM over the Impacted by the ongoing Continued growth in all
Slide 33: Asset Management investment outperformance
Asset Management investment outperformance 54% of strategies outperformed their benchmark over 3 years to 31 December 2025 rsonal use only Proportion of strategies outperforming benchmark1,2 95% 86% 72% 69% 62% 56% 55% 56% 53% 54% 54% 50% 50% 41% 43% 13% 0% 0% 1 year 3 years 5 years 1 year 3 years 5
Slide 34: Asset Management
Asset Management Investment performance1,2 across key3 strategies Annualised gross performance (%) 31 December 20251,4 Excess returns above benchmark (% pa) 1,4 Period ending 31 December 2025 rsonal use only 1. Investment performance presented gross of fees and includes reinvestment of distributions
Slide 35: Asset Management: AUM and flows
Asset Management: AUM and flows AUM by asset class ($b) Foreign Base management fee (bps) – margin map as at 31 December 2025 For the period 30 Jun 2025 Flows Other1 31 Dec 2025 Exhange rsonal use only ($b) Impacts2 ($b) Australian equities UK equities Equities Global/International equities European
Slide 36: Wealth Management FUA and AUM
Wealth Management FUA and AUM FUA by client segment and AUM rsonal use only FUA ($b) (Inclusive of AUM) AUM ($b) 1H26 v 1H25 1H26 v 1H25 1H26 1H25 1H26 1H25 (%) (%) Community and Social Investments (CSI) 7.4 7.1 4 Select Portfolios 3.2 3.3 (3) High Net Worth 12.4 12.6 (2) Implemented Portfolios 5.3
Slide 37: Corporate Trust
Corporate Trust FUA by segment ($b) 1H26 1H25 1H26 v 1H25 For the period ($b) ($b) (%) rsonal use only Public Market Securitisation RMBS - bank (ADI) 61.7 69.4 (11) RMBS - non-bank 116.2 97.5 19 ABS and CMBS 78.6 70.8 11 Balance Sheet Securitisation RMBS - repos 351.8 366.8 (4) Covered bonds 111.4 1
Slide 38: Asset Management
Asset Management Disclaimer notes to Slide 33 Barrow Hanley rsonal use only Material presented is based on the respective GIPS® compliant composite and not an individual account. Performance is expressed in USD currency. J O Hambro Gross performance is the unit price returns grossed up by fees. For