Slide 1: 1H25 Half Year Results Presentation
1H25 HALF YEAR RESULTS PRESENTATION 11 February 2025 Stuart Irving, Chief Executive Officer and President Nick Oldfield, Chief Financial Officer 1
Slide 2: Computershare Investment Case
Computershare Investment Case High quality, capital light business with long term growth track record Group Revenue (USD M) EBIT Margin (%) Track record – long term earnings growth, margins and returns to shareholders 37.5% 1,508 High quality, capital light business with recurring Average historical
Slide 3: 1H25 – Strong results. Increased returns. Guidance upgraded.
1H25 – Strong results. Increased returns. Guidance upgraded. FY25 1H Management EPS 65.3 cps, up 18.7% Growth in recurring fees and transaction revenues drives earnings growth Margin Income resilient with higher client balances offsetting lower yields Balance Sheet strength provides flexibility to f
Slide 4: 1H25 Results
1H25 Results Management EPS +18.7% vs. pcp Management Revenue Management EPS1 Margin Income (MI) $1.5bn 65.3 cps $392.7m Down 6.9% Up 18.7% Down 8.9% Return on Invested Management EBIT ex. MI Interim dividend per share (AUD) Capital (ROIC)2 31.9% $171.2m 45 cps3 Up 660bps Up 48.6% Up 12.5%3 Notes: A
Slide 5: 1H25 Results vs. 1H24 Results excluding US MS (Proforma)
1H25 Results vs. 1H24 Results excluding US MS (Proforma) Management EPS +20.1%. All comparisons vs. proforma pcp Management Revenue Management EPS1 Margin Income (MI) $1.5bn 65.3 cps $392.7m 6.4% higher 20.1% higher 0.8% lower Return on Invested Management EBIT ex. MI Free cash flow Capital (ROIC)2
Slide 6: 1H25 Revenue profile
1H25 Revenue profile +6.4% - Growth in high quality recurring fees and market sensitive transaction revenues, MI resilient Revenue profile 1,800 1,600 1,500 +6.4% 1,410 1,400 1,255 1,200 777 +4.7% 742 1,000 USD M 723 800 600 273 331 +21.2% 400 225 200 396 393 -0.8% 308 0 1H23 1H24 1H25 @ CC Margin I
Slide 7: 1H25 Business performance
1H25 Business performance Revenue growth drives earnings improvement and margin expansion Issuer Services Corporate Trust Employee Share Plans Including Margin Income Including Margin Income Including Margin Income 700 37% 600 54% 250 42% 600 500 200 232.0 40% 500 36% 490.4 53% 400 457.1 198.8 38% 1
Slide 8: 1H25 Margin Income
1H25 Margin Income Margin Income resilient with growing client balances Margin Income Bridge Average Client Balances Bridge ~ -$3m vs. proforma pcp +$3.3b vs. proforma pcp 35 0.5 0.1 25 0.8 11 98 81 431 1.9 1.9 30.2 396 393 28.8 26.9 1H24 Disposal of 1H24 Impact of Impact of Impact of Impact of 1H25
Slide 9: Capital light. Cash generative. Strong shareholder returns
Capital light. Cash generative. Strong shareholder returns Balance Sheet strength provides flexibility to fund innovation, pursue acquisitions and reward shareholders Shareholder Cash flow Capex Debt leverage returns ~ Cash conversion rate reflects Capital light business requires low Historically lo
Slide 10: Positive FY25 Outlook
Positive FY25 Outlook Guidance upgraded - Management EPS around 135cps, +15% vs pcp Prior – disclosure at Updated – disclosure at 140 New EPS Bridge August 2024 February 2025 guidance (US cps) Guidance compared to 135 ~126cps, +7.5% vs pcp ~135cps, +15% vs pcp 1.2 FY24 Group results 3.5 Key assumpti
Slide 11: Margin Income, yields and average client balances
Margin Income, yields and average client balances FY25 MI upgraded to be ~ $760m. 2H25 MI expected to be lower than 1H25 given interest rate cuts August Disclosure Updated Outlook FY25E Avg FY25E Avg Client FY25E MI FY25E Avg Client FY25E MI FY25E Avg Margin Income by half year 2H25E is expected to
Slide 12: 1H25 Management results summary
1H25 Management results summary EBIT ex MI +27.9% vs. proforma pcp GROUP PROFORMA 1H25 Actual 1H24 Actual Variance vs. 1H25 Actual 1H24 Actual Variance vs. (at CC) 1H25 (at CC) 1H25 (at CC) Total revenue ex Margin Income $1,107.2 $1,180.9 -6.2% $1,113.3 $1,014.4 +9.2% Margin Income $392.7 $430.8 -8.
Slide 13: 1H25 Management EPS
1H25 Management EPS Fee revenue drives earnings growth, EPS up 18.7% Management EPS growth +18.7% 80 70 0.5 9.8 9.4 0.4 1.1 2.6 60 5.9 1.1 0.6 US cps 50 40 64.9 65.3 30 55.0 55.4 20 10 0 1H24 EPS Buyback 1H24 1H24 Client fee Event and Margin Increase Interest Tax 1H25 EPS 1H25 1H25 EPS at 1H24 accre
Slide 14: 1H25 costs analysis
1H25 costs analysis Opex supports higher business volumes, up 4.6% vs. proforma pcp 1,200 1,000 124.0 Proforma Opex +4.6% 800 161.0 157.3 37.3 32.1 27.2 600 USD M Investments: 990.1 • 5 months of ownership of Solium 902.1 UK Capital 400 708.7 • Technology and 741.1 personnel investment to support gr
Slide 15: 2H25 Management EPS bridge
2H25 Management EPS bridge Business performance, cost out and seasonality exceeds tax and MI headwinds, EPS to be up 7.2% v. 1H 78 76 74 4.3 72 0.9 2.4 70 10.0 0.5 US cps 68 66 69 70 64 65.3 62 60 1H25 EPS Business Margin Interest Tax 2H25 EPS Buyback 2H25 EPS performance, Income Expense at 1H25 acc
Slide 16: Building a higher quality Computershare
Building a higher quality Computershare A business built on trust, technology, longstanding client relationships and execution capability High quality, Leading positions Longstanding Strong free cash Successful Ambition, capital light in large markets client relationships flow and balance execution
Slide 17: Appendices
Appendices 1. Constant currency analysis • Management results • Revenue, Margin Income, EBITDA and EBIT by Business Segment • Results highlights: Issuer Services, Corporate Trust and Employee Share Plans 2. Analysis at actual fx rates • Proforma Income Statement (excluding KCC and Mortgage Services)
Slide 18: 1H25 Management results – constant currency and actual rates
1H25 Management results – constant currency and actual rates USD M At CC At Actual fx Total Revenue ex MI 1,107.2 1,113.3 Margin Income 392.7 394.2 Total Management Revenue 1,499.9 1,507.6 Operating expenditure 902.1 908.9 Revenue Margin Income At CC At Actual fx At CC At Actual fx Share of net prof
Slide 19: Revenue, Margin Income, EBITDA and EBIT – constant currency
Revenue, Margin Income, EBITDA and EBIT – constant currency Revenue 1H24 2H24 1H25 1H25 vs 24 Margin Income 1H24 2H24 1H25 1H25 vs 24 Issuer Services 575.2 636.1 589.8 2.5% Issuer Services 134.3 116.1 117.2 -12.7% Corporate Trust 457.1 479.2 490.4 7.3% Corporate Trust 205.0 215.0 220.7 7.7% Employee
Slide 20: Issuer Services
Issuer Services Revenue breakdown 1H25 CC 1H24 Actual CC Variance Management EBIT Register Maintenance $322.6 $308.2 +4.7% Corporate Actions $59.5 $52.6 +13.0% $215.2m Up 3.6% Stakeholder Relationship Management Governance Services $37.5 $53.0 $28.9 $51.1 +29.7% +3.6% Margin Margin Income $117.2 $13
Slide 21: Corporate Trust
Corporate Trust Revenue breakdown 1H25 CC 1H24 Actual CC Variance Management EBIT Trust Fee and Other Revenue $242.9 $228.9 +6.1% $166.2m $260.4m Up 42.4% Up 10.4% MMF Fee Revenue Margin Income $26.8 $220.7 $23.2 $205.0 +15.3% +7.7% Margin Total revenue $490.4 $457.1 +7.3% Margin 31.5% 53.1% Up 630b
Slide 22: Employee Share Plans
Employee Share Plans Revenue breakdown 1H25 CC 1H24 Actual* CC Variance Management EBIT Fee revenue $86.9 $79.0 +9.9% Transactional $112.1 $84.3 +33.0% $166.2m $94.9m Up39.1% Up 42.4% Other $7.0 $7.9 -11.2% Margin Income $26.0 $27.6 -5.5% Margin Margin Total revenue $232.0 $198.8 +16.7% 31.5% 40.9%
Slide 23: Actual FX Rate Analysis
ACTUAL FX RATE ANALYSIS omputershare
Slide 24: Proforma Income Statement (excluding KCC and US Mortgage Services)
Proforma Income Statement (excluding KCC and US Mortgage Services) 1H23 Actual 1H24 Actual FY23 Actual FY24 Actual Total revenue ex Margin Income $948.0 $1,014.4 $2,019.3 $2,196.9 Margin Income $307.5 $395.7 $698.0 $780.7 Total revenue $1,255.4 $1,410.0 $2,717.3 $2,977.6 Operating costs $764.1 $845.
Slide 25: Key Financial Indicators
Key Financial Indicators 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Total Management Revenue 1,102.5 1,220.3 1,171.5 1,425.8 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 Operating expenditure 825.1 869.9 857.4 1,020.3 970.5 1,029.4 990.1 1,032.6 908.9 Management EBITDA 277.7 350.5 314.4 405.9 540.3 676
Slide 26: Computershare Profit & Loss
Computershare Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Total Revenue ex MI 1,109.4 1,300.9 1,166.5 1,274.0 1,180.9 1,292.0 1,113.3 Margin Income 62.1 125.0 344.1 431.3 430.8 405.8 394.2 Total Management Revenue 1,171.5 1,425.8 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 O
Slide 27: Statutory results
Statutory results USD M (at actual rates) Statutory results 1H24 1H25 1H25 v 24 › Management results are used, along with other measures, to assess Total revenue 1,606.4 1,498.8 -6.7% operating business performance. The Company believes that exclusion Other income 5.3 16.8 217.7% of certain items pe
Slide 28: Management adjustment items
Management adjustment items USD M (at actual rates) 1H22 FY22 1H23 FY23 1H24 FY24 1H25 Management adjustments items (net of tax) Amortisation 20.4 63.4 35.1 70.7 34.5 70.5 36.0 $166.2m Amortisation of acquisition related intangible assets Acquisitions and Disposals Up 42.4% 20.4 20.4 63.4 45.1 35.1
Slide 29: Issuer Services Profit & Loss
Issuer Services Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Issuer Services comprise register Register Maintenance 322.1 352.9 306.7 354.7 308.2 365.4 675.0 661.5 673.6 324.1 maintenance, corporate actions, Corporate Actions 55.4 55.7 43.7 42.5 52.6 53.3 1
Slide 30: Corporate Trust Profit & Loss
Corporate Trust Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Total Revenue ex MI 97.0 236.8 251.5 278.0 252.1 264.3 333.8 529.5 516.4 269.0 Margin Income 15.9 61.8 198.6 229.7 205.0 215.0 77.7 428.3 419.9 220.2 Canada Total Management Revenue 112.9 298.6 45
Slide 31: Employee Share Plans & Voucher Services Profit & Loss
Employee Share Plans & Voucher Services Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Employee Share Plans & Employee Share Plans 156.6 167.3 136.3 181.4 171.2 233.3 323.9 317.7 404.5 208.7 Voucher Services comprise the Vouchers 5.6 6.4 3.1 1.8 -0.6 1.0 12.0
Slide 32: Mortgage Services & Property Rental Services Profit & Loss
Mortgage Services & Property Rental Services Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Total Revenue ex MI 271.3 267.5 226.3 227.6 219.6 167.3 538.8 453.9 386.9 51.9 Margin Income 23.1 25.3 39.9 55.0 63.9 48.9 48.4 94.9 112.8 29.5 Total Management Revenu
Slide 33: Communication Services & Utilities Profit & Loss
Communication Services & Utilities Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Canada 7% Communication Services 80.1 91.9 77.2 81.7 83.8 92.1 172.0 158.9 175.8 87.1 Utilities 4.3 4.2 3.6 4.3 4.4 4.8 8.5 8.0 9.2 4.8 Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Slide 34: Technology Services & Operations Profit & Loss
Technology Services & Operations Profit & Loss Canada 4.4% USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Total Revenue ex MI 4.6 0.2 1.3 3.9 9.5 9.3 4.8 5.3 18.7 16.4 Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Management Revenue 4.6 0.2 1.3 3.9 9.5 9.3 4.
Slide 35: Employee Share Plans Profit & Loss
Employee Share Plans Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Fee revenue 75.0 76.5 71.4 75.9 79.0 87.4 151.5 147.3 166.5 88.0 Transactional revenue 74.6 84.9 59.3 96.2 84.3 135.8 159.5 155.5 220.0 113.6 Other revenue 7.0 5.9 5.6 9.3 7.9 10.1 12.9 14.9
Slide 36: Corporate Trust USA (CCT) Profit & Loss
Corporate Trust USA (CCT) Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Total Revenue ex MI 69.3 211.2 226.0 249.5 225.7 233.7 280.4 475.5 459.4 242.5 Margin Income 7.5 48.0 163.4 208.9 180.9 191.8 55.5 372.4 372.6 194.8 Total Management Revenue 76.7 259.2 3
Slide 37: UK Mortgage Services Profit & Loss
UK Mortgage Services Profit & Loss USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Fee revenue 58.2 57.2 49.8 52.5 52.6 57.6 115.4 102.3 110.2 51.7 Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Management Revenue 58.2 57.2 49.8 52.5 52.6 57.6 115.4 102.3 110.2
Slide 38: Revenue definitions
Revenue definitions Classification USD M 1H20 1H21 1H22 1H23 1H24 1H25 1H25@ CC Revenue definitions Issuer Services Client Fees Register Maintenance - Issuer Paid 205 219 219 209 202 202 201 › Event based businesses include Transactional Fees Register Maintenance - Holder/Broker Paid 96 87 103 98 10
Slide 39: 1H25 Revenue by Country (USD and Local Currency)
1H25 Revenue by Country (USD and Local Currency) USD M (at actual rates) Australia Hong Kong UK & Offshore Switzerland South Africa Germany USA Canada Other Total Register Maintenance 46.5 26.2 42.8 3.4 3.6 4.4 216.8 29.8 20.6 394.0 Corporate Actions 10.7 8.1 14.3 0.0 1.6 0.0 51.0 18.7 2.8 107.2 Sta
Slide 40: Revenue, EBITDA and EBIT by Region
Revenue, EBITDA and EBIT by Region Revenue 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 ANZ 116.9 103.2 109.9 96.1 107.1 98.0 220.1 206.0 205.1 118.3 Asia 61.2 55.7 57.9 61.0 57.3 57.0 116.9 118.9 114.4 62.5 UCIA 234.8 256.8 218.1 287.6 281.3 357.2 491.6 505.7 638.5 330.2 CEU 37.5 58.1 31.0 59.
Slide 41: Revenue excluding acquisitions and disposals
Revenue excluding acquisitions and disposals USD M (at actual rates) 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Management Revenue 1,171.5 1,425.8 1,510.6 1,705.3 1,611.7 1,697.8 2,597.4 3,215.9 3,309.5 1,507.6 Less acquisitions* 84.2 307.2 324.8 0.0 2.8 22.2 391.5 324.8 25.0 16.0 Less dispos
Slide 42: Cost out programs
Cost out programs $32.1m cost out benefit achieved in 1H25 $M Benefit realisation (cumulative) Total cost FY25 Total change vs. last Activity savings FY24A FY25E change vs. last FY26E disclosure1 $166.2m estimates Up 42.4% disclosure1 Stage 1 Total 25 - 30 28.1 28.1 ► 0.0 28.1 COMPLETE Margin Stage
Slide 43: Other expenditure
Other expenditure USD M (at actual rates) Operating costs 1H22 2H22 1H23 2H23 1H24 2H24 FY22 FY23 FY24 1H25 Cost of Sales 191.3 207.6 183.6 187.2 182.0 202.4 398.9 370.8 384.3 162.0 Personnel 553.8 674.2 652.9 678.3 653.2 671.5 1,228.1 1,331.1 1,324.6 601.3 Occupancy 13.9 15.8 15.9 18.3 19.7 17.8 29
Slide 44: Margin Income Returns
Margin Income Returns 1H25 Margin Income is $394.2 ($393.0m in constant currency) Margin Income Average Balances and Yields 45.0 6.00% Total Group 40.0 5.00% 1H24 2H24 1H25 35.0 Margin Income $m 430.8 405.8 394.2 30.0 4.00% Avg balances - Total $bn 28.8 29.5 30.2 25.0 Total MI yield % 2.99% 2.75% 2.
Slide 45: Breakdown of average client balances
Breakdown of average client balances Legacy CCT Total Legacy CCT Total Legacy CCT Total 1H24 Actual 2H24 Actual 1H25 Actual Total Balances ($bn) 14.7 14.1 28.8 14.4 15.2 29.5 14.3 15.9 30.2 Exposed Balances 9.7 8.8 18.5 8.8 9.5 18.3 8.9 9.9 18.8 Exposed: Hedged balances 4.3 4.9 9.1 4.3 5.1 9.4 4.6 5
Slide 46: Breakdown of Margin Income
Breakdown of Margin Income Legacy CCT Total Legacy CCT Total Legacy CCT Total At actual rates 1H24 Actual 2H24 Actual 1H25 Actual Total Margin Income 249.9 180.9 430.8 214.0 191.8 405.8 197.8 196.4 394.2 Exposed 188.5 178.8 367.3 157.1 188.6 345.7 135.1 193.3 328.4 Exposed: Hedged 56.9 73.1 130.0 61
Slide 47: Exposed and non-exposed average balances by business
Exposed and non-exposed average balances by business 1H24 Balances Margin 2H24 Balances Margin 1H25 Balances Margin (USD bn) Income (USD bn) Income (USD bn) Income (USD m) (USD m) (USD m) Exp Non-Exp Exp Non-Exp Exp Non-Exp Register Maintenance 3.2 0.3 67.8 3.6 0.3 70.9 4.0 0.3 70.0 Corporate Action
Slide 48: Protecting margin income across the interest rate cycle
Protecting margin income across the interest rate cycle 55% of exposed balances hedged; $1.8bn of Margin Income locked in irrespective of interest rate movements Total client balances ($bn) Total Hedged Margin Income ($m) 450 3.80% 100 70% 400 72% of total hedged margin income ($1.28bn) to be 86.6 3
Slide 49: Profile of our existing swap and fixed rate deposit book and floating rate deposits
Profile of our existing swap and fixed rate deposit book and floating rate deposits 2H25 1H26 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 2H32 1H33 2H33 1H34 2H34 Exposed: Hedged balances ($bn) By Profile 9.9 9.7 8.9 8.2 7.6 6.9 6.6 6.3 5.8 5.5 5.2 4.6 3.9 3.5 3.3 2.1 1.9 1.2 0.5 Fix
Slide 50: Key sensitivities on 2H25 Margin Income
Key sensitivities on 2H25 Margin Income $1bn change in exposed non-hedged balances translates to around $19.0m PBT impact for 2H 3.00% 3.50% 4.00% FY25E 4.50% 5.00% 5.50% • If balances move by $1bn (+/-) in FY25, the delta to Rates Margin Income is around $19m1 to the second half +2b Balances 738 76
Slide 51: Balance and interest rate sensitivities on annualised Margin Income
Balance and interest rate sensitivities on annualised Margin Income 3% interest rate environment should generate $663m in annual MI, assuming FY25E client balance profile Rate Sensitivity on FY25E Balances 850 900 812 760 775 738 800 700 663 • The Rate Sensitivity chart shows total Margin Income at
Slide 52: Debt Facilities Maturity Profile and Composition – December 2024
Debt Facilities Maturity Profile and Composition – 31 December 2024 Maturity Profile Composition of drawn debt facilities • Diverse sources of debt now in the portfolio with public and private Undrawn Bank bonds combined with Bank facilities Facilities: $633.1m • Average debt facility maturity is 3.
Slide 53: Balance Sheet
Balance Sheet At actual rates 1H22 FY22 1H23 FY23 1H24 FY24 1H25 Dec Jun Dec Jun Dec Jun Dec Current Assets USD M 1,946.7 2,007.9 2,081.0 2,173.4 2,955.7 1,987.2 1,938.9 Non Current Assets USD M 4,149.5 4,050.4 4,131.3 3,972.9 3,225.8 3,131.4 3,109.4 $166.2m Total Assets Up 42.4% USD M 6,096.2 6,058
Slide 54: Cash flow summary
Cash flow summary USD M (at actual rates) 1H22 FY22 1H23 FY23 1H24 FY24 1H25 Net operating receipts and payments 277.7 592.8 377.4 914.2 543.2 1,020.9 512.2 Net interest and dividends -38.8 -78.2 -49.1 -109.5 -65.2 -113.6 -40.4 Income taxes paid -35.6 -76.2 -80.8 -181.0 -108.1 -176.2 -117.6 Net oper
Slide 55: Exchange Rates
Exchange Rates Currency 1H23 FY23 1H24 FY24 1H25 USD 1.0000 1.0000 1.0000 1.0000 1.0000 AUD 1.4895 1.4872 1.5309 1.5250 1.5130 HKD 7.8423 7.8386 7.8190 7.8190 7.7870 NZD 1.6506 1.6270 1.6539 1.6481 1.6635 INR 80.6575 81.4939 82.9649 83.0972 84.1159 CAD 1.3278 1.3408 1.3509 1.3545 1.3812 GBP 0.8502 0
Slide 56: Important notice
Important notice Summary information • This announcement contains summary information about Computershare and its activities current as at the date of this announcement. • This announcement is for information purposes only and is not a prospectus or product disclosure statement, financial product or