Iress Limited · ASX:IRE
Iress — H1 2025 Earnings Presentation
34 slides from Iress's earnings presentation, Aug 11, 2025
Slide 1: Half year results
2025 Half year results 11 August 2025 iress.com 1
Slide 2: Agenda
Agenda 1. 1H25 Overview 2. 1H25 Financial Results 3. Strategy & Outlook 2 2
Slide 3: Iress is now a more streamlined business leveraging its core competencies to drive growth
Iress is now a more streamlined business leveraging its core competencies to drive growth Wealth tech leader1 Trading tech leader2 Strong client High recurring #1 AU #1 AU sell side relationships revenues #2 UK #1 UK RSP trading • 90% of Top 20 94% RR Leader South Africa Leader in Canada & Clients >
Slide 4: Continuing business 1H25 results: Strong performance in core businesses
Continuing business 1H25 results: Strong performance in core businesses Underlying EPS up 19.2% Revenue Adjusted EBITDA Earnings growth Iress’ continuing business has delivered a significant improvement $249.4m $60.2m in earnings with Underlying EPS up 19.2% vs pcp +6.8% +8.7% Strong balance sheet Ad
Slide 5: 1H25 operational highlights: Core business strengthened, focus on driving growth
1H25 operational highlights: Core business strengthened, focus on driving growth Performance Execution Business Development UK: Strong momentum continues Successfully delivered Progressed new wealth tech ● Revenue +12.1% vs pcp ASX Single Open1 offering for the unadvised ● Growing RFP pipeline vs pc
Slide 6: Iress' continuing business delivering strong and improving financial results
Iress’ continuing business delivering strong and improving financial results Revenue Adjusted $m EBITDA $m Recurring revenue Non-Recurring revenue UPAT Underlying $m EPS c 1 Continuing business - APAC Wealth, GTMD (including South Africa and Canada) and UK Wealth & Sourcing. 6
Slide 7: Financial Results
Financial Results Cameron Williamson 7 7
Slide 8: CFO Overview
CFO Overview ● 1H25 Group headline results includes contribution from divested businesses ● Strong 1H25 performance from continuing business - Wealth and Trading ● Completed sale of Superannuation business; QuantHouse sale expected to complete in Q325 ● Further strengthened balance sheet - leverage
Slide 9: 1H25 Group headline results summary
1H25 Group headline results summary Key points A$m 1H24 1H25 $ vs PCP % vs PCP Recurring Revenue 282.5 277.6 (4.9) (1.7%) ● Statutory NPAT $17.3m in line with 1H24 Non-Recurring Revenue 26.5 21.9 (4.6) (17.4%) ● Adjusted EBITDA -3.9% impacted by Total Revenue 309.0 299.5 (9.5) (3.1%) asset sales Sta
Slide 10: 1H25 results summary - continuing business
1H25 results summary - continuing business Key points $Am 1H24 1H25 $ vs PCP % vs PCP Recurring Revenue 225.1 235.2 10.1 4.5% ● Transformation now complete Non-Recurring Revenue 8.5 14.2 5.7 67.1% ● Significant revenue growth of +6.8% Total Revenue 233.6 249.4 15.8 6.8% driven by GTMD & UK Staff cost
Slide 11: Revenue +6.8% from Iress' continuing business
Revenue +6.8% from Iress’ continuing business1 A$m Revenue +4.4% (Constant currency) 1H25 1H24 Global Trading & UK Wealth APAC Continuing 1H25 Continuing Other FX Market Data & Sourcing Wealth business1 Revenue business1 (ex FX) % vs pcp (ex FX) +5.9% +5.5% (1.7%) n/a 1 Continuing business - APAC We
Slide 12: Core costs contained, creating capacity to invest for growth
Core costs contained, creating capacity to invest for growth A$m Core costs1 R&D opex - new +1.0% products1 1H25 1H24 Non 1H25 Staff Cost of R&D - new Continuing Continuing wage FX Operating costs sales products business2 business2 expenses costs (ex FX) % vs pcp (2.8%) 8.1% 6.0% n/a (ex FX) 1 Total
Slide 13: Adjusted EBITDA +8.7% driven by strong GTMD & UK performance
Adjusted EBITDA +8.7% driven by strong GTMD & UK performance A$m Adjusted EBITDA +5.1% (Constant currency) 1H25 1H24 1H25 Global Trading & UK Wealth APAC Continuing Continuing FX Continuing Market Data & Sourcing Wealth business1 business1 business1 (ex FX) % vs pcp +6.8% +33.7% (6.6)% (ex FX) 1 Con
Slide 14: Stronger balance sheet supporting re-investment and shareholder returns
Stronger balance sheet supporting re-investment and shareholder returns Net debt & Leverage1 R&D Capex Dividend & Underlying EPS A$m A$m cps ● Net debt declined $192m over the ● R&D capex has increased to 5.1% ● 1H25 dividend of 11.0cps, represents past 12 months of total revenue 62% payout ratio ●
Slide 15: Program to reduce annualised corporate cost base by ~$12-16m by FY27
Program to reduce annualised corporate corporate cost cost base by base by by ~$12-16m ~$12-16m FY27 over next 2 years DRAFT ● A ‘Stranded cost’ program is underway to align its cost base with continuing business requirements ● By 30 June 2027 Iress is seeking to reduce its corporate cost base by ~$
Slide 16: Strategically investing stranded cost savings to enhance growth
DRAFT - Design pending Strategically investing stranded cost savings to enhance growth Current run rate Investment period - Next three years Target Target FY28 FY28 Core revenue growth to be maintained at c. 4-5% Revenue 6% and increasing 4-5% New growth initiatives driving further uplift of 1-2% ex
Slide 17: Strategy & Outlook
Strategy & Outlook Marcus Price 17 17
Slide 18: Iress well positioned to take advantage of significant tailwinds in wealth & trading tech
Iress well positioned to take advantage of significant tailwinds in wealth & trading tech To respond to market tailwinds …Iress is leveraging its core competencies and assets Demand for data & AI driven advice and trading solutions Trust Distribution Data Wealth tech leader: Regulatory tailwinds in A
Slide 19: Expanding Iress' trading suite; increasing connectivity and interoperability
Expanding Iress’ trading suite; increasing connectivity and interoperability Iress’ Current Trading Suite Expanding Iress’ Trading Suite Trading Applications Next Generation Trading Tech Iress Fix Cloud Native Enhanced Interop.io IressPro IOS+ Hub EMS APIs Partnership RSP Market Data Quoting ViewPoi
Slide 20: Expanding Iress' wealth suite; providing access to advice for millions
Expanding Iress’ wealth suite; providing access to advice for millions Iress’ Current Wealth Suite Expanding Iress’ Wealth Suite Wealth Applications Next Generation Wealth Tech Client Digital Super AI Supported Self Directed Xplan IressNet Portal Advice Guidance Advice Tools Iress Risk CommPay Portf
Slide 21: Summary & Outlook
Summary & Outlook Summary Outlook Improving revenue momentum FY25 Guidance reaffirmed Strong performance in the core performance Further strengthened balance sheet making up for contribution from divested following asset sales businesses & investment in new products for growth. Stranded cost program s
Slide 22: Questions
Questions 22 22
Slide 23: Disclaimer
Disclaimer Important information for investors This presentation has been prepared by Iress Limited ACN 060 313 359 (Iress). While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accur
Slide 24: Appendix
Appendix 24 24
Slide 25: Group P&L - Headline Adjusted EBITDA Reconciliation to Statutory NPAT
Group P&L - Headline Adjusted EBITDA Reconciliation to Statutory NPAT A$m 1H24 1H25 % vs PCP Adjusted EBITDA 67.0 64.4 (3.9%) ● Excluded 1H25 items1: Excluded items1 (20.2) (15.6) (22.8%) ○ M&A related costs related to sale M&A related items (7.4) (5.2) (29.7%) of Superannuation and Quanthouse busin
Slide 26: UPAT Reconciliation
UPAT Reconciliation A$m 1H24 1H25 Statutory NPAT 17.3 17.3 Adjustments: Add: M&A related activity 7.4 5.2 Costs associated with disposed business - 6.6 Transformation related costs 12.8 3.8 Amortisation of acquired intangibles 7.8 1.2 Deduct: (Gains)/Loss on disposal of subsidiary (1.3) (1.9) Net ta
Slide 27: Group P&L
Group P&L Group headline Continuing business1 1H25 v 1H25 v A$m 1H23 2H23 1H24 2H24 1H25 1H24 A$m 1H23 2H23 1H24 2H24 1H25 1H24 Recurring revenue 288.9 288.4 282.5 271.2 277.6 (1.7%) Recurring revenue 217.0 223.1 225.1 225.5 235.2 4.5% Non-recurring revenue 22.7 26.1 26.5 24.4 21.9 (17.4%) Non-recur
Slide 28: Group P&L - 1H25 Adjusted EBITDA by segment
Group P&L - 1H25 Adjusted EBITDA by segment Global Trading & Group South Market APAC UK Wealth Corporate Continuing Super- Divested Group $Am Canada Africa TMD Data Wealth & Sourcing & Other business annuation QuantHouse Other1 business Headline Recurring Revenue 12.6 22.6 85.6 120.8 63.6 50.7 0.1 2
Slide 29: Group P&L - 1H24 Adjusted EBITDA by segment
Group P&L - 1H24 Adjusted EBITDA by segment Global Trading & UK Wealth Group South Market APAC & Corporate Continuing Super- Divested Group $Am Canada Africa TMD Data Wealth Sourcing & Other business annuation QuantHouse Other1 business Headline Recurring Revenue 12.4 20.8 79.3 112.5 65.4 47.2 - 225
Slide 30: GTMD (continuing) and APAC Wealth (continuing) - 1H23 to 1H25
GTMD1 (continuing) - 1H23→1H25 APAC Wealth (continuing) - 1H23→1H25 1H25 v 1H25 v A$m 1H23 2H23 1H24 2H24 1H25 1H24 A$m 1H23 2H23 1H24 2H24 1H25 1H24 Recurring revenue 110.0 112.2 112.5 114.4 120.8 7.4% Recurring revenue 64.2 64.8 65.4 62.7 63.6 (2.8%) Non-recurring revenue 2.6 3.4 3.3 4.7 4.0 21.2%
Slide 31: UK (continuing) and Corporate & Other - 1H23 to 1H25
UK (continuing) - 1H23→1H25 Corporate & Other - 1H23→1H25 1H25 v 1H25 v A$m 1H23 2H23 1H24 2H24 1H25 1H24 A$m 1H23 2H23 1H24 2H24 1H25 1H24 Recurring revenue 42.8 46.1 47.2 48.4 50.7 7.4% Recurring revenue - - - - 0.1 n/m Non-recurring revenue 3.3 3.8 4.0 7.7 6.7 67.5% Non-recurring revenue - - - 0.
Slide 32: Underlying EPS Reconciliation
Underlying EPS Reconciliation Group Headline A$m 1H24 1H25 1H25 v 1H24 Total Revenue 309.0 299.5 (3.1%) Total Operating Costs (242.0) (235.1) (2.9%) Adjusted EBITDA 67.0 64.4 (3.9%) UPAT 33.0 32.9 (0.3%) Weighted average shares (m) 186.3 186.8 0.3% Underlying EPS (c) 17.7 17.6 (0.5%) Group Continuin
Slide 33: Divestments with TSAs continuing into late 2026
Divestments with TSAs continuing into late 2026 TSA TSA Divestment Announced Consideration Completed Period Completion MFA Aug-23 $52.0m Oct-23 24m Oct-25 Platform Feb-24 $1.0m April-24 18m Oct-25 MSO - UK Mar-24 $147.0m Aug-24 12m Aug-25 Pulse - UK May-24 NA June-24 NA Completed Superannuation Jan-
Slide 34: Foreign exchange rates
Foreign exchange rates 1H24 Avg 2H24 Avg FY24 Avg 1H25 Avg AUD / GBP 0.52 0.51 0.52 0.49 AUD / CAD 0.90 0.91 0.90 0.89 AUD / ZAR 12.28 11.83 12.06 11.78 AUD / EUR 0.61 0.61 0.61 0.58 34 34