Slide 1: 1H26 Half year results
10 February 2026 1H26 Half year results Stuart Irving, Chief Executive Officer and President Nick Oldfield, Chief Financial Officer
Slide 2: Key messages
Key messages Delivering growth in a lower interest rate environment 1H26 EBIT ex MI up 12.0%, margin expanded to 16.0%, up 70bps Margin Income resilient, down 5.4%. Computershare’s natural hedge mitigates lower rates 12.9% growth in Event and Transactional revenues, strong Employee Share Plans and I
Slide 3: 1H26 Results
1H26 Results Executing well, higher quality Computershare with earnings growth and increased returns Management Revenue Management EPS1 Margin Income (MI) $1.6bn 67.9 cps $372.9m Up 3.9% Up 3.9% Down 5.4% Return on Invested Management EBIT ex. MI Interim Dividend (AUD)2 Capital (ROIC) 36.1% $190.8m
Slide 4: Long term track record – business performance
Long term track record – business performance Issuer Services Corporate Trust Employee Share Plans Revenue Revenue Revenue CAGR 4.1% CAGR 35.6% CAGR 11.2% EBIT EBIT EBIT CAGR 3.9% CAGR 33.0% CAGR 23.9% 1H26 revenue +5.5%, EBIT –4% v. PCP. Growth 1H26 revenue +5%, EBIT +3.3%. Recovering market
Slide 5: Computershare's natural hedge – mitigating the impact of lower rates
Computershare’s natural hedge – mitigating the impact of lower rates Net effect of lower interest rates in 1H26 was $8m, 1.5% of PBT Impact of interest rate movements on MI ($117m) + = Impact of balances $14m Reduction in ($8m) Total Interest Rate ($22m) Change in Margin Interest Expense on Group (v
Slide 6: 1H26 Margin Income
1H26 Margin Income Margin Income resilient, down ~5%. Balances up ~2% and recapture rate increased to 95% MI Result Exposed Margin Income Actual 1H26 1H25 Cash Rate by Jurisdiction 1H26 1H25 • 14% reduction in weighted Australia 3.64% 4.35% average rate Avg Client Avg Avg Client Avg Balances MI ($m)
Slide 7: Capital light. Cash generative. Increasing dividends
Capital light. Cash generative. Increasing dividends Balance sheet strength funds growth, investments and dividends Cash flow Capex Debt leverage Dividends Capital light business requires low levels of ongoing capex to Low leverage ratio provides Cash conversion rate set to rise maintain performance
Slide 8: FY26 Outlook – guidance upgraded
FY26 Outlook – guidance upgraded Management EPS up around 6% - ongoing earnings growth in a lower interest rate environment 146 Guidance Guidance compared to FY25 Group ~ 144cps, up ~ 6% vs. PCP 144 2.0 results Initial guidance (August 2025) ~ 140cps 142 ~1 Key assumptions 140 ~6 EBIT ex MI Up ~ 10%
Slide 9: Margin Income, yields and average client balances
Margin Income, yields and average client balances FY26 MI upgraded to be ~$730m, as lower rates stimulate balance growth August Disclosure Updated Outlook FY26 FY26 Continuing Business Average Balances by Rate Sensitivity ($bn) 35.0 Avg Client Avg Client Avg Weighted Avg Weighted 30.0 Balances MI ($
Slide 10: 1H26 Management results summary
1H26 Management results summary EBIT ex MI +12.0%, margin expansion continues, up 70bps 1H26 Actual 1H25 Variance vs. 1H26 Actual (at CC) Actual 1H25 Actual Total revenue ex Margin Income $1,193.0 $1,113.3 +7.2% $1,208.1 Margin Income $372.9 $394.2 -5.4% $375.5 Total revenue $1,565.9 $1,507.6 +3.9%
Slide 11: 1H26 Management EPS
1H26 Management EPS Management EPS up 3.9% 71 70 69 3.6 3.7 0.8 68 2.4 67 US cps 66 1.1 67.9 65 64 65.3 63 1H25 Buyback Organic business Margin Interest Tax 1H26 EPS accretion growth and Income Expense EPS cost out 11
Slide 12: Cost analysis
Cost analysis BAU Opex +2.6% vs. PCP. Below the line costs -30% in 1H26 Operating expenses Below the line costs BAU cost increase 1,000 $19.5m +2.6% 30% 1H26 vs. PCP 800 36.0 16.5 25.7 90 81.8 80 70 62.3 USD M 600 57.2 USD M 60 46.2 50 43.4 400 746.9 746.9 766.4 766.4 792.1 40 37.3 39.7 30 23.8 22
Slide 13: 2H26 Management EPS bridge
2H26 Management EPS bridge Management EPS up 8.8% vs. PCP Management EPS growth +8.8% 78 76 0 1 74 ~4 ~2 72 US cps ~3 ~ 76 70 68 69.9 66 2H25 Organic business Margin Interest Tax Buyback 2H26 EPS growth and Income Expense accretion EPS cost out FY25 EPS is 135.28cps based on a WANOS of 586,791,638.
Slide 14: Computershare investment case
Computershare investment case High quality, capital light business with long term growth track record Track record – long term earnings growth, margins Group Revenue (USD M) EBIT Margin (%) 3,500 and dividends 40% 35.9% 3,000 35% Average historical margin ~23% 2,500 30% 1,584 2,000 25% High quality,
Slide 15: Appendix
Appendix 1
Slide 16: Appendices
Appendices Constant Currency Analysis Analysis at actual fx rates Analysis at actual fx rates (continued) 1H26 results Key Financial Indicators Cost out programs Revenue, Margin Income, EBITDA and EBIT Computershare Profit and Loss Other expenditure by Business Segment Statutory results and manageme
Slide 17: 1H26 Management results – constant currency and actual rates
1H26 Management results – constant currency and actual rates USD M At CC At Actual fx Revenue Margin Income At CC At Actual fx At CC At Actual fx Total Revenue ex MI 1,193.0 1,208.1 Issuer Services 624.6 629.0 109.1 109.8 Margin Income 372.9 375.5 Corporate Trust 513.9 513.8 211.9 211.9 Total Manage
Slide 18: Revenue, Margin Income, EBITDA and EBIT – constant currency
Revenue, Margin Income, EBITDA and EBIT – constant currency Revenue 1H25 1H26 1H26 vs. 25 EBITDA 1H25 1H26 1H26 vs. 25 Issuer Services 592.0 624.6 5.5% Issuer Services 217.5 203.1 -6.6% Corporate Trust 489.3 513.9 5.0% Corporate Trust 261.7 264.4 1.0% Employee Share Plans 235.5 246.1 4.5% Employee S
Slide 19: Computershare's integrated business model
Computershare’s integrated business model Improving mix of revenues to higher quality recurring client fees 1H26 1H22-26 Revenue Profile vs. PCP CAGR 1,800 1,566 3.9% 14.6% 1,600 1,508 1,410 1,400 1,255 1,200 781 818 4.7% 8.4% 742 1,000 909 USD M 723 800 600 592 273 333 375 12.9% 9
Slide 20: Issuer Services
Issuer Services Growth across all business lines, with recovery in some Corporate Actions Revenue breakdown 1H26 CC* 1H25 Actual CC Variance Management EBIT Register Maintenance $337.7 $324.1 +4.2% $207.0m 4.0% Corporate Actions Stakeholder Relationship Management $66.9 $50.7 $59.5 $37.6 +12.4% +3
Slide 21: Corporate Trust
Corporate Trust Strong growth in fee revenues driven by increased issuance across all product lines Revenue breakdown 1H26 CC* 1H25 Actual CC Variance Management EBIT Trust Fee and Other Revenue $271.8 $242.3 +12.2% $268.2m 3.3% MMF Fee Revenue Margin Income $30.3 $211.9 $26.8 $220.2 +13.1% -3.8%
Slide 22: Employee Share Plans
Employee Share Plans Performance underpinned by tailwind of increased use of equity in renumeration Revenue breakdown 1H26 CC* 1H25 Actual CC Variance Management EBIT Fee Revenue $91.1 $88.0 +3.5% $97.5m 1.2% Transactional Other $123.3 $9.0 $113.6 $7.1 +8.5% +26.8% Margin Income $22.7 $26.8 -15.3%
Slide 23: Actual FX rate analysis
Actual FX rate analysis 2
Slide 24: Key Financial Indicators
Key Financial Indicators 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Total Management Revenue 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 1,612.6 1,583.5 Operating expenditure 970.5 1,029.4 990.1 1,032.6 908.9 967.5 978.7 Management EBITDA 540.3 676.1 621.7 665.6 598.8 645.1 604.9 Management EBIT 440.7 591.8 546
Slide 25: Computershare Profit & Loss
Computershare Profit & Loss USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Total Revenue ex MI 1,166.5 1,274.0 1,180.9 1,292.0 1,113.3 1,245.7 1,208.1 Margin Income 344.1 431.3 430.8 405.8 394.2 366.9 375.5 Total Management Revenue 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 1,612.6 1,583.5
Slide 26: Statutory results
Statutory results Statutory results 1H25 1H26 1H26 v 25 Total revenue 1,498.8 1,579.4 5.4% Management results are used, along with other measures, to assess Other income 16.8 5.4 -67.9% operating business performance. The Company believes that exclusion Total Revenue 1,515.6 1,584.8 4.6% of certain
Slide 27: Management adjustment items
Management adjustment items USD M (at actual rates) 1H23 FY23 1H24 FY24 1H25 FY25 1H26 Management adjustments items (net of tax) Amortisation 35.1 70.7 34.5 70.5 36.0 70.6 39.5 Amortisation of acquisition related intangible assets 35.1 70.7 34.5 70.5 36.0 70.6 39.5 Acquisitions and Disposals 30.0 85
Slide 28: Issuer Services profit and loss
Issuer Services profit and loss 1 USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H26 1H26 Revenue by Region ANZ Asia UCIA CEU USA Canada Total USD M (at actual rates) Register Maintenance 306.7 354.7 308.2 365.4 324.1 373.5 661.5 673.6 697.5 340.3 340.3 Register Maintenan
Slide 29: Corporate Trust profit and loss
Corporate Trust profit and loss CCT USA Other 1 USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H26 1H26 1H25 1H26 1H25 Total Revenue ex MI 251.5 278.0 252.1 264.3 269.0 291.1 529.5 516.4 560.2 302.0 302.0 271.4 242.5 30.5 26.6 Margin Income 198.6 229.7 205.0 215.0 220.2 1
Slide 30: Employee Share Plans profit and loss
Employee Share Plans profit and loss USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Fee revenue 71.4 75.9 79.0 87.4 88.0 87.6 147.3 166.5 175.6 94.8 94.8 Employee Share Plans Transactional revenue 59.3 96.2 84.3 135.8 113.6 153.7 155.5 220.0 267.3 128.7 128.7 compris
Slide 31: Corporate & Other profit and loss – new divisional reporting explained
Corporate & Other profit and loss – new divisional reporting explained New changes; Voucher Services separated from Employee Share Plans, Voucher Services, Mortgage Services & Property Rental Services, Communications Services & Utilities and Technology Services & Operations all consolidated into Cor
Slide 32: Mortgage Services & Property Rental Services profit and loss
Mortgage Services & Property Rental Services profit and loss 1 USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H26 1H26 Revenue by Region ANZ Asia UCIA CEU USA Canada Total USD M (at actual rates) Total Revenue ex MI 226.3 227.6 219.6 167.3 51.9 49.7 453.9 386.9 101.6 56.5
Slide 33: Communication Services & Utilities profit and loss; Voucher Services profit and loss
Communication Services & Utilities profit and loss USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Communication Services 77.2 81.7 83.8 92.1 87.1 95.8 158.9 175.8 182.9 78.7 78.7 Communication Services and Utilities 3.6 4.3 4.4 4.8 4.8 4.9 8.0 9.2 9.7 5.9 5.9 Utiliti
Slide 34: Technology Services & Operations profit and loss
Technology Services & Operations profit and loss USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 1H261 Total Revenue ex MI 1.3 3.9 9.5 9.3 16.4 7.4 5.3 18.7 23.8 12.3 12.3 Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Management Revenue 1.3 3.9 9.5 9.3 16.
Slide 35: Revenue definitions
Revenue definitions Classification USD M 1H24 1H25 1H26 1H26@ CC Issuer Services Client Fees Register Maintenance - Issuer Paid 201.6 202.3 205.4 203.6 Transactional Fees Register Maintenance - Holder/Broker Paid 106.6 121.7 134.8 134.1 Event Fees Corporate Actions 52.6 59.5 67.1 66.9 Event Fees Sta
Slide 36: Revenue by Country (USD and Local Currency)
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 USD M (at actual rates) Register Maintenance 48.0 28.4 44.9 3.7 6.3 4.7 217.6 28.5 23.4 405.5 Revenue 1H26 Corporate Actions 10.7 18.0 12.9 0.
Slide 37: Revenue excluding acquisitions and disposals
Revenue excluding acquisitions and disposals USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 Management Revenue 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 1,612.6 3,215.9 3,309.5 3,120.2 1,583.5 Less acquisitions* 324.8 0.0 2.8 22.2 16.0 10.4 324.8 25.0 26.4 12.9 Less disposal
Slide 38: Cost out programs
Cost out programs $21.8m cost out benefit achieved in 1H26 $M FY26 change Total cost Total change vs. last Activity FY24A FY25A FY26E vs. last savings estimates disclosure1 disclosure1 Stage 1 Total 25 - 30 28.1 28.1 28.1 ► 0.0 COMPLETE Stage 2 Total 60 - 70 66.2 66.2 66.2 ► 0.0 COMPLETE Stage 3 Tot
Slide 39: Other expenditure
Other expenditure Operating costs 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25 1H26 Cost of Sales 183.6 187.2 182.0 202.4 162.0 198.3 370.8 384.3 360.3 175.7 Personnel 652.9 678.3 653.2 671.5 601.3 620.5 1,331.1 1,324.6 1,221.8 649.9 Occupancy 15.9 18.3 19.7 17.8 18.6 16.9 34.2 37.5 35.5 14.6 Other
Slide 40: Margin Income returns
Margin Income returns 1H26 Margin Income is $375.5 ($372.9m in constant currency) Total Group Margin Income Average Balances and Yields 1H25 2H25 1H26 45.0 6.00% Margin Income $m 394.2 366.9 375.5 Avg balances - Total $bn 30.2 29.6 30.9 40.0 5.00% Total MI yield % 2.61% 2.48% 2.43% 35.0 30.0 4.00% M
Slide 41: Breakdown of average client balances
Breakdown of average client balances Legacy CCT Total Legacy CCT Total Legacy CCT Total 1H25 Actual 2H25 Actual 1H26 Actual Total Balances ($bn) 14.3 15.9 30.2 13.7 15.9 29.6 14.7 16.2 30.9 Hedged Balances By Profile Fixed rate term deposits 2.8 1.6 4.3 2.6 1.5 4.1 1.2 1.5 2.7 Fixed rate swaps 1.8 3
Slide 42: Breakdown of Margin Income
Breakdown of Margin Income Legacy CCT Total Legacy CCT Total Legacy CCT Total At actual rates 1H25 Actual 2H25 Actual 1H26 Actual Total Margin Income 197.8 196.4 394.2 192.1 174.8 366.9 188.4 187.1 375.5 Hedged Margin Income By Profile Fixed rate term deposits 39.4 25.3 64.7 36.7 27.4 64.1 20.9 27.9
Slide 43: Exposed and non-exposed average balances by business
Exposed and non-exposed average balances by business 1H25 Balances Margin 2H25 Balances Margin 1H26 Balances Margin (USD bn) Income (USD bn) Income (USD bn) Income Exp + Exp + Exp + Non-Exp (USD m) Non-Exp (USD m) Non-Exp (USD m) Hedge Hedge Hedge Register Maintenance 3.5 0.8 70.0 3.6 0.8 71.4 4.0 0
Slide 44: Protecting Margin Income across the interest rate cycle
Protecting Margin Income across the interest rate cycle 46% of exposed balances hedged in 1H26; $2.1bn of Margin Income locked in irrespective of interest rate movements Total Hedged Margin Income ($m) 600 3.80% Total client balances ($bn) 76% of total hedged Margin Income ($1.5bn) to be delivered i
Slide 45: Profile of our existing swap, fixed, and floating term book
Profile of our existing swap, fixed, and floating term book Hedged balances ($bn) 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 2H32 1H33 2H33 1H34 2H34 1H35 2H35 By Profile 8.8 8.7 8.3 7.7 7.5 7.1 6.6 6.2 5.7 4.9 4.2 3.8 3.6 2.4 2.2 1.5 0.8 0.5 0.1 Fixed rate term balances 2.8 2.9 2.6
Slide 46: Interest rate assumptions and sensitivities on annualised MI
Interest rate assumptions and sensitivities on annualised MI A 3% interest rate environment is expected to generate $690m in annual MI, assuming FY26E client balance profile Rate Sensitivity on FY26E Balances 1,000 929 881 900 834 786 800 730 738 690 642 Margin Income ($m) 700 526 583 Cash rate assu
Slide 47: Debt Facilities Maturity Profile and Composition – December 2025
Debt Facilities Maturity Profile and Composition – 31 December 2025 Maturity Profile Composition of drawn debt facilities • Diverse sources of debt now in the portfolio with public and private bonds combined with Bank facilities 27% • Average debt facility maturity is 3.6 1000 yrs. Drawn debt maturi
Slide 48: Balance sheet
Balance sheet At actual rates 1H23 FY23 1H24 FY24 1H25 FY25 1H26 Dec Jun Dec Jun Dec Jun Dec Current Assets USD M 2,081.0 2,173.4 2,955.7 1,987.2 1,938.9 2,066.4 1,964.8 Non Current Assets USD M 4,131.3 3,972.9 3,225.8 3,131.4 3,109.4 3,269.0 3,139.1 Total Assets USD M 6,212.4 6,146.4 6,181.5 5,118.
Slide 49: Cash flow summary
Cash flow summary USD M (at actual rates) 1H23 FY23 1H24 FY24 1H25 FY25 1H26 Net operating receipts and payments 377.4 914.2 543.2 1,020.9 512.2 1,096.0 485.4 Net interest and dividends -49.1 -109.5 -65.2 -113.6 -40.4 -79.4 -33.8 Income taxes paid -80.8 -181.0 -108.1 -176.2 -117.6 -192.9 -114.7 Net
Slide 50: Exchange rates
Exchange rates Currency 1H23 FY23 1H24 FY24 1H25 FY25 1H26 USD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 AUD 1.4895 1.4872 1.5309 1.5250 1.5130 1.5441 1.5260 HKD 7.8423 7.8386 7.8190 7.8190 7.7870 7.7897 7.7989 NZD 1.6506 1.6270 1.6539 1.6481 1.6635 1.6923 1.7149 INR 80.6575 81.4939 82.9649 8
Slide 51: 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 o